***** THURSDAY, JANUARY 5, 2023 ~ VOL. CCLXXXI NO. 3 WSJ.com U.S.

Edition

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Ringleader of College Admissions Scheme Is Sentenced U.S. Cars

What’s
News Hit Worst
Business & Finance
Sales Year
In Over
T he U.S. auto industry
posted its worst sales
year in more than a decade
for 2022, as supply-chain
A Decade
snarls and poorly stocked
dealerships dented results GM bucks the trend
for many car companies. in declines and regains
GM on Wednesday was one
of the few to report an in- crown from Toyota
crease in annual sales. A1 as the top U.S. seller
 A top EU privacy regula-
tor ruled that Meta can’t
BY SEAN MCLAIN
use its contracts with
Facebook and Instagram
The U.S. auto industry
users to justify sending them
posted its worst sales year in
ads based on their online
more than a decade in 2022, as
activity. The company was
supply-chain snarls and poorly
BRIAN SNYDER/REUTERS

fined $414 million. A1

stocked dealerships dented re-
 A thaw across the North- sults for many car companies.
ern Hemisphere has melted With few exceptions, auto
down natural-gas prices, makers reported on Wednesday
upending dire forecasts of sales declines for the year. Gen-
energy shortages and ham- eral Motors Co. was one of the
stringing Putin’s plan to JUDGMENT: William ‘Rick’ Singer, leaving federal court in Boston on Wednesday, was sentenced to 42 months for his role few to report an increase, after
squeeze Europe this winter. A1 as the mastermind of a college-admissions cheating scheme that ultimately led to criminal charges against 57 people. A3 recovering from factory shut-
downs earlier in the year that
 Fed minutes showed offi-
were due to parts shortages.
cials offering blunt words of
The Detroit auto maker also
warning about investors un-

GOP Holdouts Block McCarthy

retook its U.S. sales crown
derestimating the central
from Toyota Motor Corp. after
bank’s determination to
losing its top spot in 2021 for
hold rates at higher levels
the first time in decades, an
to bring down inflation. A2
upending of the traditional
 Major U.S. stock indexes
ended higher, with the
S&P 500, Nasdaq and Dow
advancing 0.8%, 0.7% and
As He Pushes for Speaker Deal pecking order that largely oc-
curred because of supply con-
straints.
Industrywide, U.S. auto sales
0.4%, respectively. B1, B11 totaled 13.7 million vehicles in
BY NATALIE ANDREWS ries of votes Tuesday, nor an- A flurry of meetings were Mr. McCarthy. 2022, the lowest figure since
 Amazon’s layoffs will af-
AND SIOBHAN HUGHES other three Wednesday, which taking place in the early eve- The discussions appeared to 2011, and an 8% decrease from
fect more than 18,000 em-
served to deepen doubts about ning, with Republicans shut- revive hopes of a deal, with the prior year, according to re-
ployees, the highest reduction
WAS H I N G T O N — K e v i n his prospects and fuel talk of tling between offices. Republican lawmakers cutting search firm Wards Intelligence.
tally revealed in the last year
McCarthy and his allies alternative GOP candidates. “I think it’s probably best short a planned late-night ses- Sales had topped 17 million ve-
at a major tech company as
launched a new round of talks Twenty GOP lawmakers re- that people work through sion and immediately moving hicles for five straight years
the industry pares back amid
late Wednesday with a small mained opposed, along with some more,” said Mr. McCar- to adjourn until Thursday before the pandemic hit in
economic uncertainty. B1
but stubborn group of conser- all Democrats, blocking the thy, who added that he didn’t rather than take a seventh 2020, unleashing supply-chain
 Federal authorities are vative holdouts who have California Republican from think further votes Wednes- vote. The motion to adjourn problems that have bogged
moving to seize hundreds of blocked his bid for House getting the necessary majority day would be productive. “No passed 216 to 214, mostly down deliveries ever since.
millions of dollars in assets speaker, reviving hopes of a of the full House. After the deal yet, but a lot of prog- along party lines, in a chaotic Several car executives said
in the U.S. tied to FTX, a sign possible deal following a sec- sixth vote, the House ad- ress,” he said. scene refereed by House Clerk they were encouraged by rela-
that the battle over control ond day without a winner. journed amid efforts by in- “It could go into the week- Cheryl Johnson, who has pre- Please turn to page A2
of the company’s remain- The discussions heated up creasingly frustrated Republi- end,” said Rep. Scott Perry (R., sided over votes. All Demo-
ing funds is escalating. B2 after Mr. McCarthy didn’t cans to stake out a path Pa.), the leader of the House crats and four Republican de-  Stellantis sets deal to build
reach the majority in three se- forward. Freedom Caucus and critic of Please turn to page A4 flying taxis................................... B3
World-Wide

 McCarthy and his allies

launched a new round of
talks late Wednesday with
EU Regulator Fines Price of Natural Gas Plunges
a small but stubborn
group of conservative
holdouts who have blocked
Meta $414 Million On Warmer Weather Forecast
his bid for House speaker,
reviving hopes of a possi-
ble deal following a second
Over Targeted Ads BY RYAN DEZEMBER $9 per million British thermal unit

day without a winner. A1 BY SAM SCHECHNER plans to appeal the ruling and A thaw across the Northern 8
Natural-gas futures price,
 Russia blamed the use of the fines. Hemisphere has melted down
7 front month contract
A top European Union pri- If the decisions are upheld, natural-gas prices, upending
banned mobile phones by
vacy regulator ruled that Meta they could mean Meta will dire forecasts of energy short- 6
its soldiers for the deadliest
Platforms Inc. can’t use its con- have to allow users to opt out ages and hamstringing Russian
known assault on Russian
tracts with Facebook and Insta- of ads that are based on how President Vladimir Putin’s plan 5
forces during its war with
Ukraine, as Zelensky warned gram users to justify sending individual users interact with to squeeze Europe this winter.
them ads based on their online its own apps—something that It isn’t expected to remain 4 Wednesday
that the Kremlin is prepar-
ing for a new offensive. A6
activity, delivering one of the could hurt its core business. as balmy as it was on Wednes-
3 $4.172
 Russian troops have bloc’s biggest blows yet to the Ireland’s two decisions—one day, when temperatures hit 66
digital-advertising industry. for Facebook and one for Insta- degrees Fahrenheit in New 2
tempered their assault on
The ruling, made public on gram—give the company three York, but the forecasts that en-
the eastern Ukrainian city
of Bakhmut amid stiff re- Wednesday by Ireland’s Data months to stop relying on their ergy traders monitor call for 1
Protection Commission, also contracts with users to justify abnormally warm weather ex-
sistance, according to 0
imposed fines of 390 million its use of so-called behavioral tending into February, sapping
Ukrainian commanders. A6
euros, or $414 million, on ads, which are targeted based demand for the heating fuel. Feb. 2021 ’22 ’23
 The WHO urged Beijing Meta, saying the company vio- on a user’s online activity. U.S. natural-gas futures for Source: FactSet
to be more transparent lated EU privacy laws by say- Meta could, however, seek a February delivery ended
about its Omicron out- ing such ads are necessary to stay on implementing the deci- Wednesday at $4.172 per mil- ing a 4.6% gain on Wednesday The price is now about the
break, with some officials execute contracts with users. sions pending its appeal. lion British thermal units. Fu- that snapped a four-session same as it was a year ago,
in a briefing Wednesday Meta, the parent of Insta- Ireland’s privacy regulator tures are down 57% from their losing streak, which included when temperatures also were
questioning the accuracy gram and Facebook, said it Please turn to page A7 summer highs, notwithstand- an 11% drop on Tuesday. Please turn to page A6
of China’s Covid-19 data. A8
 EU member states
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.

agreed to controls on peo-

ple entering the bloc from INSIDE A Trendy Dessert Stirs Up Protests, Pleas Got Xi
China, with countries en-
couraged to require a pre-
A Sticky Debate
To Reverse Zero-Covid
ANNEGRET HILSE/REUTERS

travel negative Covid test for i i i

those flying to Europe. A8
 Biden said he intended to Fans bicker over where to find the best
visit the U.S.-Mexico border
during his trip next week knafeh—Jerusalem, Nablus or Gaza Evidence built for months that Chinese
to Mexico City. The visit
would be his first to the
BY DION NISSENBAUM les. Trader Joe’s created a fro- leader’s signature policy was failing
AND FATIMA ABDULKARIM zen knafeh sold for a time in
border as president. A4
U.S. NEWS America. BY LINGLING WEI ting sharply into the nation’s
 A powerful storm be- Benched soccer star’s NABLUS, West Bank—Al- Innovative chefs around the AND JONATHAN CHENG exports and retail sales, drain-
gan to drench California most anywhere you go here, world have created knafeh ing local finances and driving
on Wednesday, prompting
mother made pastry aficionados are at odds: macarons, knafeh cheesecakes, BEIJING—By the end of an parts of the population to a
evacuation orders in sev- allegation against Who makes the best knafeh? mango knafeh tarts and vari- otherwise triumphant Com- near-breaking point.
eral places days after an- World Cup coach. A3 Knafeh is a warm, salty- ous kinds of deconstructed munist Party Congress for Xi But Mr. Xi wasn’t ready to
other system brought re- sweet dessert usu- knafeh treats. Jinping in October, it was reverse his stance. As late as
cord-setting rain. A3 ally made from Here, the ancient dessert is growing harder for China’s mid-November, he was waver-
melted cheese and deeply baked into Middle leader to argue that his zero- ing on whether and how to
CONTENTS Markets..................... B11 pastry dough, with a Eastern culture. Covid policy was working. unwind a policy with which
Arts in Review.... A11 Opinion.............. A13-15
Business & Finance B2,10 Personal Journal A9-10 sugary syrup poured over Knafeh rivalries have Reports were flowing into he had so closely associated
Business News...... B3 Sports........................ A12 the top and a sprinkle of stretched on for gen- central government headquar- himself, according to the offi-
Crossword.............. A12 Technology............... B4 chopped pistachios. It is a erations. People ar- ters of rising infections na- cials and advisers.
Equities....................... B7 U.S. News............. A2-5
Heard on Street. B12 World News. A6-8,16
cultural touchstone for Pal- gue for hours tionwide, a surge taking place A rare wave of protests in
estinian identity and a How about a about what ingre- despite the strict lockdowns China’s largest cities in late
calorie bomb for Tel Aviv bake-off? dients are essen- that had kept Covid-19 at bay November, coupled with ur-
> BUSINESS & FINANCE hipsters with late-night tial and which city for most of the prior three gent pleas from many corners
Salesforce is laying off munchies. makes it best. People even years, according to officials of the government, finally
Once known as a working- bicker over how to pronounce and government advisers prodded Mr. Xi to shift, ac-
10% of its staff and man’s breakfast, knafeh is now the word—koo-NAH-fah, keh- close to Beijing’s decision- Please turn to page A8
reducing office space a trendy treat served at up- NAH-fay, or che-NAH-fah. making.
s 2023 Dow Jones & Company, Inc.
All Rights Reserved in some markets. B1 scale restaurants in Tel Aviv, “We have knafeh wars over The containment measures  WHO presses China to give
London, Dubai and Los Ange- Please turn to page A5 had come at a high cost, cut- reliable coronavirus data..... A8
A2 | Thursday, January 5, 2023 ** THE WALL STREET JOURNAL.

U.S. NEWS
Fed Officials Warn on Their Resolve November
Openings
Minutes of December or holding them at higher lev- last month. Some 17 of 19 offi-
Kashkari Sees Rates
meeting show fear that
market rallies would
els for longer, increasing the
risk of a deeper or longer eco-
nomic downturn. Climbing to 5.4%
raise rates to around 5.4% over
the next few months.
After that, he said, he ex-
cials penciled in plans to raise
the rate to a level above 5% in
2023 and hold it there until
For Jobs
pressure rates upward
“An unwarranted easing in
financial conditions, especially
if driven by a misperception by Minneapolis Fed President
pected policy makers would
need to hold rates at that level
to determine whether the Fed
some time in 2024. No offi-
cials projected rate cuts next
year, the minutes said.
Stay High
BY NICK TIMIRAOS the public of” how the Fed will Neel Kashkari said he expects had done enough to slow the While the December rate
react to economic develop- the Federal Reserve will need economy and bring inflation rise was widely expected, BY SARAH CHANEY CAMBON
WASHINGTON—Federal Re- ments “would complicate the to raise interest rates by an- down to its 2% goal. some analysts were perplexed AND BRYAN MENA
serve officials offered unchar- committee’s effort to restore other percentage point over “Wherever that end point by how officials had revised
acteristically blunt words of price stability,” said minutes of the next few months, despite is, we won’t immediately know higher their inflation projec- Job openings held nearly
warning to investors that cau- the Fed’s Dec. 13-14 meeting. signs that inflation is deceler- if it is high enough to bring in- tions for the coming year after steady at historically high lev-
tioned against underestimat- “It was a very direct state- ating. flation back down to 2% in a some evidence that inflation els in November, adding to ev-
ing the central bank’s determi- ment,” said Tim Duy, chief U.S. “While I believe it is too reasonable period of time,” said might have peaked. Because idence that the labor market
nation to hold interest rates at economist at research firm soon to definitively declare that Mr. Kashkari. “Any sign of slow central bankers believe infla- remained strong heading into
higher levels to bring inflation SGH Macro Advisors. “The Fed inflation has peaked, we are progress that keeps inflation tion-adjusted or “real” policy 2023 despite rising interest
down. is saying it is committed to a seeing increasing evidence that elevated for longer will war- rates are what matter for rates and concerns about an
Minutes of the Fed’s policy particular outcome, which is it may have,” Mr. Kashkari said rant, in my view, taking the slowing the economy, a slower economic slowdown.
meeting last month, released higher unemployment and a in an essay published online policy rate potentially much decline in inflation would re- About 10.5 million jobs
Wednesday, highlighted the weaker labor market. The key Wednesday morning. “In my higher.” quire higher interest rates to were available in Novem-
tricky communications task issue for investors is whether view, however, it will be appro- Mr. Kashkari’s essay fo- achieve the same degree of ber, essentially unchanged
that has vexed the central the Fed will really stick with priate to continue to raise rates cused on why the central bank economic restrictiveness. from October and well above
bank over the past six months. that plan if inflation is moder- at least at the next few meet- and many other forecasters Several officials are shifting prepandemic openings levels,
The Fed’s rapid rate in- ating.” ings until we are confident in- misjudged the strength and their focus from broad infla- the Labor Department said
creases last year have fanned Despite some signs that in- flation has peaked,” he said. persistence of inflation in 2021 tion readings to the labor mar- Wednesday. The report also
investors’ hopes that inflation flation may have peaked last The Fed raised rates ag- and 2022. ket amid concerns that high showed layoffs stayed low and
will slow quickly over the summer, officials indicated at gressively last year to a range “Even if we had been able inflation could persist if it a larger share of workers quit
coming year. In the run-up to last month’s meeting that they of between 4.25% and 4.5% in to identify all the shocks in ad- leads workers to bid up wages. their jobs in November than a
the December meeting, longer- would continue raising inter- December, up from a level near vance, I don’t think our work- Wage growth hasn’t shown month earlier, a sign Ameri-
term bond yields tumbled, re- est rates in case price pres- zero in early March. Mr. Kash- horse models would have come meaningful signs of slowing, cans were still confident in
flecting both optimism about a sures prove more persistent kari said he anticipated the anywhere close to forecasting particularly as companies of- their employment prospects.
speedy decline in inflation and this year. central bank would need to 7% inflation,” said Mr. Kashkari. fer higher pay to attract new The data point to a solid
fears of a recession this year. Evidence has mounted that workers than they provide overall labor market as some
But many Fed officials are prices of goods could slow their current workers. Job well-known companies are an-
anxious they won’t be able to rapidly as supply-chain bottle- more evidence of progress to 0.5-percentage-point increase openings held nearly steady at nouncing layoffs. Salesforce
defeat inflation unless they necks abate and that rents and be confident that inflation was in their benchmark federal- historically high levels in No- Inc. said in a filing Wednesday
can slow the economy by other housing costs are also on a sustained downward funds rate last month. The in- vember, adding to evidence that it is laying off 10% of its
tightening financial condi- slowing. Fed officials are con- path,” the minutes said. crease followed four larger in- the labor market remained workforce as many of its cus-
tions, such as by raising bor- cerned, however, that labor Officials indicated they saw creases of 0.75 point and strong heading into 2023, ac- tomers are taking a more cau-
rowing costs or lowering stock markets are too tight, which the risk of inflation staying brought the rate to a range be- cording to a Labor Department tious approach to spending.
prices. could sustain strong wage higher than many forecasters tween 4.25% and 4.5%, a 15- report released Wednesday. “The labor market is strong,
Any market rallies that ease growth that keeps inflation anticipate as “a key factor year high. The minutes offered no in- and the key fundamental factors
financial conditions threaten well above their 2% target. shaping the outlook for pol- While markets expect the sight about the debate over show that it will continue to be
to hinder officials’ effort to While inflation moderated icy,” the minutes said. Fed to raise the rate to around whether to raise rates by 0.5 strong for at least the next sev-
cool hiring and wage growth. in October and November, offi- The Fed raised rates ag- 5% by the spring, officials pro- point or a smaller 0.25 point eral months,” said Robert Frick,
That, in turn, could prompt cials last month “stressed that gressively last year, including jected somewhat higher rates at their next meeting, Jan. 31- corporate economist at Navy
them to continue lifting rates it would take substantially by unanimously approving a in new projections released Feb 1. Federal Credit Union. “There is
this basic need to staff in cer-
tain businesses.”

Auto Sales plier of auto parts, added to

the supply-chain troubles.
“When we started the year
U.S. vehicle sales in 2022

CHANGE
FROM 2021
weighed on December sales,
making it hard to see the im-
pact of higher prices, JPMor-
sales target for 2023 because
of a slower-than-expected in-
crease of battery production.
Healthcare and government
organizations are still trying
to fill roles so they can func-

Set for Dent off, the whole industry had gan analysts wrote in a note to The semiconductor short- tion properly, Mr. Frick said.
GM
projections all above 16 mil- 2,274,088 s2.5% clients. Still, there are early age, while easing for some Bars and restaurants are seek-
lion,” said Jack Hollis, Toyota’s signs that demand might be other sectors, such as smart- ing to add workers, he said.
Toyota

For Year North American sales chief.

Companies quickly ditched
their projections as factories Stellantis
2,108,458 t9.6
slowing, even for the hottest
car makers.
Tesla Inc. reported Monday
phones and personal comput-
ers, remains a challenge for au-
tos, in part because car
Employers added an average
of 392,000 jobs a month in
2022 through November, ac-
were forced to shut down or 1,547,076 t13 that it fell short of its growth companies typically use inex- cording to the Labor Depart-
Continued from Page One slow production. projections last year, in part pensive, commodity silicon for ment. The pace of job growth
tively strong sales in the fourth “It’s not all doom and Honda because of Covid-related shut- vehicles. Toyota, citing a lack was more than double that of
quarter, as factory work accel- gloom,” Mr. Hollis said. There 983,507 t33 downs at its Shanghai factory of chips, cut its production out- 2019, the year before Covid-19
erated amid improved parts are early signs that the short- and changes in the way it man- look for the current fiscal year hit the U.S. economy.
Nissan
supply. Now, though, some ages and rising raw material ufactures and distributes vehi- through March.
worry that the supply prob- prices are easing. Many car 729,350 t25 cles. Analysts have pointed to Declining used-car prices U.S. labor market
lems of the past few years makers reported an improve- Hyundai decreased wait times for Tesla are also driving down the value Nov. 2022
could morph into a demand ment in their sales near the 724,265 t2.0 vehicles as a sign of softening of trade-ins, a development 12 million Job openings
problem, with rising interest end of the year as computer- demand. Tesla offered a rare that is discouraging to poten- 10.5M
rates and inflationary pres- chip supplies began to improve. Kia discount on some of its vehi- tial buyers who intend to use
sures weighing on consumers’ Mr. Hollis said Toyota expected 693,549 t1.0 cles if buyers agreed to take the equity in their existing ve- 10
ability to afford new wheels. the industry to sell 15 million delivery before the end of hicles to offset the higher cost
“It’s going to make things a vehicles this year. Source: the companies 2022. of purchasing a new one. That
8
lot more challenging in 2023,” Nissan Motor Co.’s U.S. sales Electric-vehicle sales ac- bodes poorly for sales this Hires
Hyundai U.S. chief Randy dropped by about a quarter in lar for the rides they could se- counted for nearly 6% of the year, as retailers worry that 6.1M
Parker said, referring to rising 2022, but fell only 2% in the cure, pushing the average price retail market in the U.S. in buyers who were unable to buy 6
rates, after his company posted fourth quarter amid enhanced paid for a vehicle in December 2022, up from about 3% in the a car as a result of shortages Quits
a slight sales decline for 2022. semiconductor availability. “It’s to a near record high of prior year, according to J.D. will now be priced out of the 4.2M
“There’s still a lot of pent up definitely improved,” said Judy $46,382, according to J.D. Power. market, according to a survey 4
demand.” Wheeler, who oversees Ameri- Power. Executives have been invest- of dealers conducted by Cox
Layoffs and discharges
The drop in 2022 vehicle can sales for Nissan. I’m hop- The strong pricing buoyed ing billions of dollars on new Automotive. 2 1.4M
sales marks a reversal for a ing it won’t be an issue as we auto maker profits last year de- models and factories, in the be- The research site Edmunds
sector that started the year move forward.” spite shrinking sales volume lief that sales will continue to expects new-car sales to hit
hoping historically low interest A prolonged shortage of and insulated the industry expand rapidly over the next 14.8 million in 2023, a marginal 0
rates and an easing of parts semiconductors created pent- from a broader decline in con- decade. But rising prices for increase from last year but well 2021 '22
shortages would fuel a rebound up demand for new vehicles, sumer spending. raw materials used in lithium- below prepandemic levels. A
Note: Seasonally adjusted. November 2022
in sales. Instead, vehicles con- which meant that cars and Some analysts caution that ion batteries pushed up EV combination of rising rates, in- data are preliminary.
tinued to be in short supply as trucks went to waiting buyers it is still too early to tell if ris- prices throughout 2022, and flation and economic turmoil Source: Labor Department
car makers mostly waited for almost as soon as they hit the ing prices are pushing buyers some executives warned of a could push vehicles out of
scarce computer chips. Russia’s dealer lot. The lack of availabil- away. Heavy snowfall in large looming battery shortage. reach for many buyers, Ed-  Heard on the Street:
invasion of Ukraine, a key sup- ity left buyers paying top dol- parts of the northern U.S. General Motors cut its EV munds said. Companies keep hiring....... B12

U.S. WATCH CORRECTIONS  AMPLIFICATIONS

HEALTH Eighty-one percent of The Money Rates table in
small-business owners reported Friday’s Business & Finance
Exercise Helps Ease raising wages in response to la- section incorrectly gave all
Children’s Depression bor-market challenges, accord- values as zero for the Freddie
ing to a survey conducted by Mac weekly survey of mort-
Regular exercise can alleviate Vistage Worldwide Inc. A U.S. gage rates. The 30-year fixed-
symptoms of depression in chil- News article on Saturday about rate mortgage was 6.42% on
dren, a new analysis showed. small businesses incorrectly Dec. 29, compared with 6.27%
International researchers who said 84%. Also, 24% of those a week earlier and 3.11% a year
published their analysis this week surveyed said it was easier to earlier. The 15-year fixed-rate
in JAMA Pediatrics reviewed 21 fill job openings now than at mortgage was 5.68%, com-
studies to determine whether the start of 2022, and 20% said pared with 5.69% a week ear-
physical activity was associated it was harder to fill open posi- lier and 2.33% a year earlier.
with a decline in depressive tions. In some editions, a chart Freddie Mac didn’t report val-
symptoms in children. In the accompanying the article ues for the five-year adjust-
studies, which included data from showed the opposite. able-rate mortgage.
JULIO CORTEZ/ASSOCIATED PRESS

more than 2,400 young children

and adolescents, exercise ses- Readers can alert The Wall Street Journal to any errors in news articles by
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THE WALL STREET JOURNAL. ***** Thursday, January 5, 2023 | A3

U.S. NEWS

Varsity Blues Ringleader Gets 3½ Years

Court orders Singer,
who orchestrated
admissions scheme, to
pay nearly $20 million
BY MELISSA KORN

BOSTON—William “Rick”
Singer, the mastermind behind
a nationwide college-admis-
sions cheating scheme that en-
snared top universities, busi-
ness executives and Hollywood
celebrities, was sentenced to

STEVEN SENNE/ASSOCIATED PRESS

42 months in prison.
He will also have to pay

KATHERINE TAYLOR/REUTERS
nearly $20 million in restitu-

BRIAN SNYDER/REUTERS
tion and forfeitures of ill-got-
ten gains.
The hearing in U.S. District
Court here Wednesday marked
the end to a lengthy drama for
Mr. Singer that exposed the
ease with which the high-stakes Operation Varsity Blues snagged former Georgetown University tennis coach Gordon Ernst, left, who was sentenced to 2½ years in prison; television star Lori Loughlin,
college-admissions process sentenced to two months incarceration; and Douglas Hodge, the ex-chief executive of bond giant Pacific Investment Management Co., who received a nine-month sentence.
could be corrupted. The scan-
dal, made public in March 2019 Though he was at the head Frank summarized the scheme. “Despite my passion to help complete. Mr. Singer’s lawyer to the teens or correct their
after a yearlong investigation of a conspiracy that prosecu- Mr. Frank said that while others, I lost my ethical values also died last year, leading to test responses afterward.
by the FBI, IRS and federal tors say brought in $25 million there were dozens of conspira- and have so much regret. To an additional delay. For his scheme related to
prosecutors, captivated the and tainted an admissions pro- tors, “Without Rick Singer be frank, I’m ashamed of my- Judge Zobel on Wednesday athletics, Mr. Singer exploited
country and inspired books and cess that was intended to be coming up with the scheme, self,” Mr. Singer said. said Mr. Singer needed to face the fact that coaches of low-
a Netflix documentary. It also based on merit, Mr. Singer also masterminding the scheme, Prosecutors called Mr. prison time, given how com- profile sports like sailing and
raised fundamental questions served as a key cooperator in orchestrating the scheme, it Singer’s scheme “staggering in plex and lucrative the scheme women’s soccer were often
about who deserves to get into the federal case. The probe, would never have happened.” scope” and “breathtaking in was, and how long it went on. poorly paid and under pres-
the nation’s most exclusive in- dubbed Operation Varsity “I am responsible for my its audacity.” They said his co- Still, she awarded him signifi- sure to raise money for their
stitutions of higher education. Blues by investigators, started actions and my crimes,” Mr. operation with the investiga- cant credit for his cooperation. programs.
Mr. Singer, 62 years old, with a tip from an investor in- Singer told U.S. District Judge tion was valuable, while also “It was a sobering day in Mr. Singer’s sentencing
pleaded guilty in 2019 to four volved in a stock-fraud scheme Rya W. Zobel. “The fraudulent beset with missteps. court,” said Candice Fields, an isn’t the final chapter of the
felonies, admitting to running a and ultimately led to criminal testing scheme, bribing of uni- In addition to the prison attorney for Mr. Singer. “He Varsity Blues saga. In Septem-
complex operation that ar- charges against 57 individuals. versity officials, lying on stu- term, Mr. Singer was sentenced hopes to continue making ber, a federal judge said for-
ranged for parents to fraudu- Most of those charged dents’ applications and pro- to three years of supervised re- amends for mistakes of the mer USC water-polo coach Jo-
lently boost their teens’ ACT pleaded guilty, with sentences files, I did all of it.” lease, and ordered to pay $10.7 past.” van Vavic could seek a new
and SAT scores and to bribe col- ranging from probation to 2½ Mr. Singer apologized to million in restitution to the In- Prosecutors say Mr. Singer trial after determining some
lege coaches to flag the clients years in prison. All but one per- the students he worked with, ternal Revenue Service, forfeit ran the test-cheating scheme trial statements by prosecu-
as recruited athletes, all but son who took their cases to saying they were “deserving of more than $5.3 million in as- on about 30 separate occasions. tors were misleading and po-
guaranteeing their admission to trial were found guilty; one more integrity than I showed sets and pay a $3.4 million for- He encouraged families to have tentially prejudicial.
schools including Georgetown parent also was pardoned by them,” and expressed regret feiture money judgment. their children tested for learn- Donna Heinel, a USC athlet-
University and the University of then-President Donald Trump for tarnishing the reputations The delay in sentencing Mr. ing differences, securing extra ics administrator who admit-
Southern California. Payments and one coach entered a de- of universities, tainting the ex- Singer is partly because of his time to take college-entrance ted to conspiring with Mr.
were often funneled through ferred prosecution agreement. periences of families who agreement with the govern- exams. Enough extra time and Singer, is scheduled to be sen-
Mr. Singer’s sham charity, al- Mr. Singer sat in the court- worked with him legitimately ment; cooperators typically they could sit for the tests at tenced Friday. And two par-
lowing parents to take tax room Wednesday afternoon as and embarrassing his family aren’t sentenced until after locations where Mr. Singer had ents have appealed their 2021
write-offs for the bribes. Assistant U.S. Attorney Stephen and friends. their work with authorities is a proctor either feed answers trial convictions.

Benched Star’s Mother

Made Berhalter Allegation
BY JOSHUA ROBINSON dent investigation into the Leadership in New York pub-
matter after receiving a com- lished comments that Mr. Ber-
A 31-year-old abuse allega- plaint from an unnamed per- halter had made at a speaking
tion against U.S. men’s na- son. Mr. Berhalter, meanwhile, engagement there the previ-
tional team coach Gregg Berh- released a lengthy statement ous week. Mr. Behalter had de-
alter was made by Danielle volunteering the details of the scribed a situation with a
ESTEBAN BIBA/EFE/ZUMA PRESS

Reyna, the mother of U.S. probe. He revealed that, in player who showed the wrong
men’s soccer star Gio Reyna, 1991, he had kicked his then- attitude in practice and
after she and Gio’s father, girlfriend (and now his wife of around the team in Qatar.
Claudio, took issue with Mr. 25 years) Rosalind Berhalter in “In this last World Cup, we
Berhalter’s public description the legs during an altercation had a player that was clearly
of benching their son during outside a bar. Mr. Berhalter not meeting expectations on
the Qatar World Cup. wrote that the allegation came and off the field,” Mr. Berhal-
Claudio and Danielle Reyna with a threat that the informa- ter said, under the assumption
confirmed in separate state- tion could “take me down.” that his comments wouldn’t be U.S. national team soccer coach Gregg Berhalter talks with player Gio Reyna in Qatar on Dec. 3.
ments on Wednesday that they The incident resurfaced on circulated outside the room.
had brought the allegation to Dec. 11 when, U.S. Soccer says, “One of 26 players, so it stood the World Cup. Ms. Reyna, in tion when he responded to Mr. Claudio Reyna wrote. “I too
the attention of U.S. Soccer, it was contacted with the alle- out. As a staff, we sat together her statement, said that she Berhalter’s comments in a Dec. was upset by Gregg’s com-
the sport’s national governing gation against Mr. Berhalter. for hours deliberating what we then contacted U.S. Soccer 12 post on Instagram. ments about Gio after the U.S.
body. The allegations repre- That person, who wasn’t named were going to do with this about the 1991 incident. “I fully acknowledge that I was out of the World Cup, and
sent a confrontation between by the federation, turned out to player. We were ready to book “But I want to be very clear let my emotions get the best I also appealed to [U.S. Soccer
two families that had been be Danielle Reyna, Gio’s a plane ticket home, that’s that I did not ask for Gregg to of me and affect my training sporting director] Earnie
friends for decades, dating mother, a former member of how extreme it was.” be fired, I did not make any and behavior for a few days Stewart on Dec. 11 asking him
back to the days when three of the U.S. women’s national team, Gio Reyna’s parents sur- threats, and I don’t know any- after learning about my lim- to prevent any additional com-
them were students at the and the current wife of former mised that the player in ques- thing about any blackmail at- ited role,” he wrote. “I apolo- ments.”
University of North Carolina. U.S. men’s national team player tion was their 20-year-old son, tempts,” Ms. Reyna said in the gized to my teammates and “However,” he added, “at no
News of the Reynas’ involve- Claudio Reyna. a highly regarded attacking statement reported by Fox coach for this, and I was told I time did I ever threaten any-
ment was reported by ESPN. Also on Dec. 11, a newslet- midfielder with Borussia Dort- Sports. was forgiven.” one, nor would I ever do so.”
The federation said Tuesday ter for the HOW Institute for mund who didn’t start any of Gio Reyna later confirmed “I support my wife, Dan- Mr. Berhalter couldn’t be
that it had opened an indepen- Society’s Summit on Moral the Americans’ four matches at that he was the player in ques- ielle, and her statement,” reached to comment.

California Suffers Flooding, Outages ‘Romeo and Juliet’

As Third Major Storm Hits the State Actors Sue Paramount
BY JOSEPH DE AVILA The underage actors were
A powerful storm began to 26, according to the National misled and were filmed in the
drench California late Wednes- Weather Service. The latest The two stars of the 1968 nude without their knowledge
day, flooding roads, downing forecast predicts up to 3 to 6 version of “Romeo and Juliet,” in violation of state and fed-
power lines and trees and inches of rainfall over the directed by Franco Zeffirelli, eral laws, the lawsuit said.
prompting evacuation orders in coastal hills of central and have sued Paramount Pictures “Defendants were dishonest
northern California, and higher for more than $500 million, and secretly filmed the nude or
By Jennifer Calfas, totals in isolated regions, alleging they were sexually partially nude minor children
Alicia A. Caldwell through Thursday. exploited during a nude scene without their knowledge,” the
and Talal Ansari State officials warned that in the film when they were suit said. “The knowing and re-
JUSTIN SULLIVAN/GETTY IMAGES

this storm is just one of a series teenagers. peated use of sexual images of
several places just days after expected to hit California Olivia Hussey, who played minor children is the worst of
another system brought record- through next week. The storms Juliet, was 15 years old when behaviors in our society and
setting rain. are being fueled by an atmo- the movie was filmed and must be eradicated.”
Gov. Gavin Newsom declared spheric river—a flowing column Leonard Whiting, who played Paramount was “repackag-
a state of emergency, readying of condensed water vapor in the Romeo, was 16. Both are now ing what is essentially pornog-
state resources to assist with atmosphere that produces sig- in their 70s and allege that raphy,” the complaint said.
response and recovery efforts. nificant levels of rain and snow. Paramount engaged in fraud, Paramount Global didn’t
Evacuations were ordered Gov. Gavin Newsom has declared a state of emergency. A car is “This may be one of the sexual abuse and sexual ha- respond to a request for com-
ahead of the storm for portions towed out of a flooded intersection in Mill Valley, Calif. most challenging and impact- rassment, according to a com- ment. The Franco Zeffirelli
of Santa Barbara County in the ful series of storms to touch plaint filed Friday in state Su- Foundation, an organization
southern part of the state and of those regions, reported warned of wind as strong as 50 down in California in the last perior Court in Los Angeles dedicated to the legacy of the
Santa Cruz County in northern widespread outages around mph in other parts of the San five years,” said Nancy Ward, County. director, didn’t respond to a
California. Emergency officials coastal areas in the north of Francisco Bay Area and issued director of the state’s Office of Mr. Zeffirelli, who died in request for comment.
in cities and towns across the the state. About 140,000 Cali- flash-flood warnings for com- Emergency Services. 2019, told the actors they Ms. Hussey and Mr. Whiting
Golden State warned residents fornia customers were without munities including Big Sur. Officials in Santa Barbara would appear in flesh-colored were previously barred from
to prepare for a variety of haz- power Wednesday evening, ac- San Francisco Mayor London County issued an evacuation clothing in a bedroom scene, suing because the statute of
ards, including flooding, mud- cording to tracking site Pow- Breed said the city was being order for those in the Alisal, according to the complaint. But limitations had expired. But in
slides and damaging winds. erOutage.US. inundated with 911 calls related Thomas and Cave Fire burn on the day of the shoot, Mr. 2019, California passed a law
The strongest effects of the In Marin County, north of to the storm and urged resi- scars. In northern California, Zeffirelli told the actors they that lifted the statute of limi-
storm were felt in northern San Francisco, wind gusts were dents to use the number only the Santa Cruz County Sher- would wear body makeup with tations for childhood sex
and central California. Early as strong as 85 miles an hour, for life-or-death emergencies. iff’s Office issued evacuation the camera positioned in a way abuse for a three-year period.
Wednesday evening, PG&E according to the National The storm is the third sys- orders and warnings for sev- that wouldn’t show their nude That three-year window ex-
Corp., a utility serving much Weather Service. The agency tem to hit the region since Dec. eral communities. bodies, the lawsuit said. pired at the end of 2022.
A4 | Thursday, January 5, 2023 HK JP TU ML SI IN UK FR MN PR **** THE WALL STREET JOURNAL.

U.S. NEWS

President Biden, McConnell Hail Bipartisan Funding of Bridge Project

To Visit
Border
On Trip
To Mexico
BY TARINI PARTI
AND ANNIE LINSKEY

WASHINGTON—President
Biden said he intended to visit
the U.S.-Mexico border during
his trip to Mexico City next
week.
“We’re working out the de-
tails now,” Mr. Biden said
Wednesday.
The president’s comments
came after The Wall Street

JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

Journal reported the White
House was strongly consider-
ing adding a visit to the bor-
der to the Mexico trip, accord-
ing to people familiar with the
discussions.
Mr. Biden is expected to
meet Mexican President Andrés
Manuel López Obrador and Ca-
nadian Prime Minister Justin
Trudeau in Mexico City for the
North American Leaders’ Sum-
mit on Monday and Tuesday.
The trip would be Mr. Bi-
den’s first visit to the border
as president. One of the peo- President Biden and Senate ington, Ky., where the White have happened without your hand.” Mr. McConnell was one of 19 ing a new bridge dedicated to
ple said there would be no Minority Leader Mitch McConnell House announced funding to up- In joining Mr. Biden, Mr. McCon- Senate Republicans who backed interstate drivers, the White
new policy announcement at touted a bridge project made grade the Brent Spence Bridge be- nell was implicitly endorsing both the bill. On Wednesday, he de- House said. The current bridge
the event if it occurs. The possible under the 2021 infra- tween Ohio and Kentucky, as well bipartisanship and certain kinds of scribed the bridge funding as a along a major commercial corri-
president later said he would structure bill during a trip to Ken- as investments in other spans. government spending, both of “legislative miracle.” He said: “It’s dor lacks a safety shoulder and
give a speech on border secu- tucky on Wednesday, offering a Mr. Biden cited the bipartisan which have fallen out of favor the government working to- frequently is backed up. The
rity Thursday. show of bipartisanship as Wash- infrastructure law as an example among a rising breed of Republi- gether to solve a major problem Transportation Department has
The administration has faced ington lurches into a contentious of elected officials in Washington cans. Only 13 House Republicans at a time when the country announced $1.64 billion for the
bipartisan criticism for its han- era of divided government. working together. “It wasn’t easy voted for the bipartisan infrastruc- needs to see examples like this.” Brent Spence Bridge project.
dling of the border for the past The former Senate colleagues to get this done,” he said, address- ture bill; of those, more than half The funds will go to upgrad- —Catherine Lucey
two years. There were a record appeared together, above, in Cov- ing Mr. McConnell. “It wouldn’t didn’t return to Congress. ing the existing bridge and build- —and Siobhan Hughes
2.2 million arrests last year by
the U.S. Border Patrol of people
caught crossing the southern
border illegally, according to
data released by U.S. Customs
and Border Protection.
Holdouts
Parts of the southern bor-
der saw an influx of asylum
seekers crossing the border il-
Block
legally last month in anticipa-
tion of what was expected to
be the end of the govern-
McCarthy
ment’s use of a public-health
measure called Title 42, which Continued from Page One
allows the U.S. to expel mi- tractors of Mr. McCarthy
grants before they have a opposed adjourning.
chance to ask for asylum. In one major concession, a
The Supreme Court, how- McCarthy-aligned super PAC,
ever, ordered the government the Congressional Leadership
to keep that pandemic-era Fund, agreed to stop picking
border policy in place beyond candidates in primaries where
its scheduled December expi- the seat is expected to stay in
ration while justices consider Republican hands, in an effort
whether Republican-led states to win over critics who said
can intervene in a lawsuit over the spending was sometimes
the restrictions. unfair to conservative candi-
dates. The group and the in-
fluential Club for Growth an-
nounced the deal Wednesday
Biden is expected to
ANNA MONEYMAKER/GETTY IMAGES

night, with the Club for

travel to Mexico Growth agreeing to drop its
opposition to Mr. McCarthy.
next week for North For Wednesday’s votes, the
American summit. conservative holdouts threw
their support behind Rep. By-
ron Donalds of Florida, who
dropped his support for Mr.
Some immigration advisers McCarthy a day earlier, saying
inside and outside the admin- he saw no way for him to win. Rep. Matt Gaetz (R., Fla.) gestures during balloting on Wednesday for House speaker, which failed to produce a winner after six ballots.
istration have been wary of a Meanwhile, Democrats re-
presidential visit to the bor- mained aligned behind their “The smart thing to do is to them to back Mr. McCarthy members of the House Free- A super PAC aligned with Mr.
der, arguing that the photo-op leader, Rep. Hakeem Jeffries of get together, have a conversa- and asking what they wanted dom Caucus and who see Mr. McCarthy has been willing to
would legitimize GOP attacks New York. One lawmaker who tion, choose somebody and to gain that support, according McCarthy as not sufficiently support specific candidates in
and that Democrats should be was previously a McCarthy let’s move forward,” said Rep. to a person familiar with the conservative and too eager to primaries they believe have a
crafting their immigration supporter, Rep. Victoria Spartz Ken Buck (R., Colo.) on CNN. discussions. make deals with Democrats. better chance of winning.
messaging on their terms. of Indiana, voted present in all On the House floor after Mr. McCarthy said under no He acceded to their demands In a party meeting Monday
Republicans have said that of Wednesday’s tallies, saying Mr. McCarthy had failed to se- circumstance would he leave to change House rules to make morning, the group also listed
a lack of a visit to the border talks were needed. cure enough votes on a fifth the race for the speakership. it easier to oust a speaker, but the committees they wanted
shows the administration Because Republicans have ballot, lawmakers talked to- He said he spoke to Mr. Trump refused other changes. He re- members to be placed on,
hasn’t been focused enough on such a narrow majority over gether in small groups. Among Tuesday, and that Mr. Trump sisted the last-minute calls by which they said Mr. McCarthy
the issue. Democrats—222 to 212, with them: Mr. Perry, the leader of told him to stay in the contest. some members for subcom- had asked for. Mr. McCarthy
House GOP Leader Kevin one vacancy—Mr. McCarthy the House Freedom Caucus, The 20 Republican House mittee gavels and more places didn’t agree to the full pack-
McCarthy (R., Calif.) told re- needs almost unanimous sup- and Rep. Matt Gaetz (R., members who voted on Tues- on top committees. age, and he and allies accused
porters that he had invited the port from his party. Securing Fla.)—both opponents of Mr. day to deny the speaker’s Rep. Chip Roy of Texas said the members of giving priority
president to visit the southern the speakership requires a ma- McCarthy—were talking to Mr. gavel to Mr. McCarthy nearly Wednesday that progress had to their own self-interest over
border with him during a jority of lawmakers who vote Scalise. all come from heavily Republi- been made, but not enough to the party and the country.
meeting in the Oval Office for a candidate. Ms. Spartz’s Nerves started to fray. In can districts. Some said after truly change how the House Nancy Pelosi, the departing
with Mr. Biden and other con- vote of “present” lowered Mr. nominating Mr. McCarthy for Mr. Trump’s endorsement they operates. House speaker, dismissed the
gressional leaders after the McCarthy’s vote count to 201 the sixth round, Rep. Kat Cam- were still unmoved in their idea that fellow Democrats
November election. “I ex- from 202, while lowering the mack (R., Fla.) provoked out- opposition to the California might vote present or leave
plained to the president what overall pool to 433 and the raged yells and jeers from Republican. Hard bargaining the chamber during future bal-
I saw…the control of our bor- needed majority to 217. Democrats when she suggested Rep. Lauren Boebert (R., On Monday night, ahead of lots, thereby lowering the
der is lost right now,” he said, Mr. McCarthy, who has pur- they had been drinking. “They Colo.) said instead of cajoling the first speaker vote Tuesday, threshold needed for a Repub-
adding the House GOP major- sued the speakership for want us to fight each other,” lawmakers, Mr. Trump “needs Ms. Boebert, Mr. Perry and Mr. lican speaker. “That may be a
ity planned to launch investi- nearly as long as he has been Ms. Cammack said. “That has to tell Kevin McCarthy that Gaetz went to Mr. McCarthy Republican rumor that has no
gations into Mr. Biden’s han- in the House, is the party’s been made clear by the pop- you do not have the votes and with a list of requests, which currency among the Demo-
dling of the issue. nominee for the post but has corn, and blankets and alcohol it’s time to withdraw.” they said could get him to 218 crats,” she said.
When asked about a poten- failed now in a half-dozen vote that is coming over there.” The failure to elect a votes if he committed to all of A failure of Mr. McCarthy’s
tial visit to the region, White series to get the majority “She should apologize!” a speaker has delayed the them. bid would be unprecedented in
House press secretary Karine needed to win the position. It Democrat shouted. swearing-in of all of the House That package included de- modern history and under-
Jean-Pierre said repeatedly in marked the first time since members, meaning the House mands that Mr. McCarthy score the shaky state of the
a recent press briefing: “The 1923 that a speaker wasn’t isn’t technically formed. House promise to hold a vote on a Republican majority and the
president’s focus right now is elected on the first ballot. Trump endorsement rules call for the speaker to be proposal to secure the border raucous nature of its conser-
to come up with solutions, is The votes also showed the Mr. McCarthy got welcome elected first, then for lawmak- put forward by Texas Republi- vative wing, which has caused
focused on making sure that depth of the opposition, with news in the morning when for- ers to be sworn in. After that, cans, a vote to place congres- trouble for party leaders in
we have the resources to man- holdouts making various de- mer President Donald Trump they were set to vote on a sional term limits, and a bill the past decade. In 2015, then-
age what—the challenges that mands related to committee issued a statement imploring rules package that governs that would replace income, Speaker John Boehner re-
we’re seeing at the border.” assignments, chamber rules holdout Republicans to get on them in the 118th session of payroll and other taxes with a signed in the face of conserva-
“If congressional Republi- and desired issue votes, but board. In a post on his social- Congress. The lack of a consumption tax. The group tive pressure.
cans are serious about dealing also harboring grudges against media platform Truth Social, speaker also delayed a also asked for any earmark The House speaker dictates
with the challenges that we’re Mr. McCarthy and leadership. Mr. Trump warned Republicans planned vote on cutting fund- that gets tacked on to legisla- which bills make it to the
seeing at the border, they will Names floated as potential not to turn the triumph of win- ing for the Internal Revenue tion to be approved with a floor, and is responsible for
assist,” she said. candidates if Mr. McCarthy ning the majority in the mid- Service and other measures two-thirds vote, and that any- shepherding must-pass legisla-
Mr. Biden’s visit to the bor- were to drop out include Rep. term elections into an embar- that the party has made a pri- time an amendment to cut tion, such as spending bills.
der follows an earlier one by Steve Scalise (R., La.), another rassing defeat. “VOTE FOR ority. spending is proposed it be Democrats continue to control
Vice President Kamala Harris, member of leadership, as well KEVIN, CLOSE THE DEAL, Mr. McCarthy has spent brought to the floor. the Senate.
who toured a border patrol fa- as Rep. Patrick McHenry (R., TAKE THE VICTORY,” he wrote. weeks negotiating with the Finally, the group requested —Lindsay Wise,
cility and a port of entry in El N.C.). Both have backed Mr. Mr. Trump has been making most conservative members of that Mr. McCarthy not support Eliza Collins and Alex Leary
Paso, Texas, in June 2021. McCarthy. calls to lawmakers urging his party, many of whom are specific members in primaries. contributed to this article.
 THE WALL STREET JOURNAL. Thursday, January 5, 2023 | A5

U.S. NEWS

Crime, Housing Top

Hochul’s Priorities
New York governor is tions and egos—almost all of prove [that] they’re all
whom were men. In a recent wrong,” she told The Wall
set to outline agenda interview, Ms. Hochul re- Street Journal, sitting in her
for her first full term flected on her closer-than-ex- Capitol office decorated with
pected election victory over artifacts of the women’s suf-
in speech next week then GOP Rep. Lee Zeldin and frage movement.
said she would heed lessons “There’s an inner confidence

RICHARD BEAVEN FOR THE WALL STREET JOURNAL

BY JIMMY VIELKIND from years of work on the lo- that allows me to go into situa-
cal political stage, much of tions where I don’t have to be
ALBANY, N.Y.—New York which was out of the spotlight the loudest voice in the room,”
Gov. Kathy Hochul enters her in the suburbs of Buffalo. Ms. Hochul said. “I can bring
first full-term facing an uncer- Mr. Zeldin focused on crime people together…and let them
tain economy, elevated crime and the state’s cash-bail laws, know I’m listening, but I also
and a dire housing crunch. She which he blamed for the 20% have strong opinions.”
said she wants to tackle all increase in major crimes in The governor is expected to
those things while also chang- New York City between 2021 outline her agenda in a speech
ing the culture in the state cap- and 2022. The governor was next week. She said in the in-
ital, which has long been slow during the campaign to terview that she would con-
known for rough-and-tumble address the attacks, said Dem- tinue to focus on public safety
politics and high-profile clashes ocratic political strategist and rising housing costs—the
that she and other leaders say Bradley Honan, and her 6.4- median monthly rent for a ‘I can bring people together,’ say Gov. Kathy Hochul, who won election to a full term in November.
stifled collaboration. percentage-point margin of Manhattan apartment now ex-
Ms. Hochul, a Democrat, victory was the closest in de- ceeds $4,000—and promised men fought over everything neighborhoods for the postpan- Ms. Hochul successfully
was inaugurated Sunday as the cades in a race few analysts to stem population loss in her from whether to keep schools demic world. Business execu- pushed lawmakers last year to
first woman elected governor thought would be competitive. inauguration speech. New York open during the pandemic to tives including Goldman Sachs partially roll back a law that
of the Empire State. The for- Democrats have a greater than lost 220,000 residents in the the fate of a stray deer that Chief Executive David Solomon prohibited cash bail for most
mer lieutenant governor first two-to-one advantage among year that ended July 1, the made its way into Harlem. helped draft the report. misdemeanor and nonviolent
assumed the office in 2021 fol- registered voters in the state. Census Bureau said, which is In December, Ms. Hochul Governors and mayors have felony charges. She secured
lowing former Gov. Andrew Ms. Hochul, 64 years old, more than any other state. shared the stage with Mr. Ad- feuded for decades and the $600 million of state funding
Cuomo’s resignation, which said that she had long focused Ms. Hochul said she has ams to discuss a plan for reviv- conflict often let problems fes- for a new Buffalo Bills football
came amid a sexual-harass- on public safety, including made it a priority—working ing the city’s business districts ter, ABNY chairman Steven stadium. Progressives in the leg-
ment scandal. stricter gun control laws. But with New York City Mayor Eric at a breakfast convened by the Rubenstein said. Ms. Hochul islature objected to both moves.
Even as she responded she said even some fellow Adams—to revive New York Association for a Better New and Mr. Adams were the first Looking toward her first
to new waves of Covid-19 and Democrats expected her to fail City business districts that were York civic group. The pair con- governmental leaders to make elected term, she has prom-
a damaging hurricane, Ms. and that she met voters who hollowed out by the pandemic. vened a group that recom- a joint appearance at the ised to create 800,000 housing
Hochul said from the outset said they wouldn’t support her The Hochul-Adams relationship mended a series of parks and group in 50 years. units over the next decade but
that she wanted to show that because “they weren’t sure a is notably warmer than that be- promenades throughout some “She believes there can be a hasn’t detailed specific steps
a collaborative approach could woman had the toughness that tween their predecessors, Mr. of the busiest parts of Manhat- win-win,” Mr. Rubenstein said. to achieve the goal. She also
work in a state characterized it takes to do this job.” Cuomo and former New York tan, suggesting major changes “It used to be like professional plans to propose additional
by politicians with big ambi- “I knew I had to set out and City Mayor Bill de Blasio. The to reposition office-centric wrestling.” funding for mass transit.

Times Square Suspect Says He Sought to Kill Police

BY CORINNE RAMEY saw the officer and waited un- Mr. Bickford, who law-en- “He indicated that he had The Legal Aid Society, was arraigned from Bellevue
til he was alone. “I said Allahu forcement officials said was initially wanted to travel inter- which represents Mr. Bick- Hospital after languishing in
The man charged with at- akbar”—Arabic for “God is motivated by Islamic extrem- nationally but then decided to ford, asked the public in a NYPD custody for nearly four
tacking police near Times great”—Mr. Bickford said, add- ism, made his first appearance come to New York first in or- statement to refrain from days despite a well-established
Square on New Year’s Eve told ing that he used a kukri, or in New York state court der to kill people and carry drawing hasty conclusions court requirement that an ar-
a detective after being ar- type of short sword, to hit the Wednesday, where he was out jihad,” the prosecutor and to respect the privacy of raignment take place within
rested that he wanted to kill officer over the head, accord- charged with attempted mur- said. his family. 24 hours of arrest.”
an officer in uniform, accord- ing to the complaint. “I der and other offenses. In ask- She said he had traveled to “Trevor Bickford, who is The New York Police De-
ing to a complaint made public charged another officer but ing that he be held without New York from Maine to mur- just a teenager, has no prior partment didn’t respond to a
Wednesday. dropped the knife and I tried bail, a prosecutor said that Mr. der government officials. contact with the criminal legal request to comment.
Trevor Bickford, 19 years to get the police officer’s gun Bickford was a significant The judge ordered him system,” his lawyers said. —Sadie Gurman
old, told the detective that he but I couldn’t.” flight risk. jailed while awaiting trial. “Earlier today, Mr. Bickford contributed to this article.

FROM PAGE ONE

ANAS BABA/THE WALL STREET JOURNAL

Customers at a sweets shop in Gaza city

ians also bashed the pizza.) ing else,” said Amal Abu
A Dessert Pizza Hut Israel said the
company wanted to honor
Hamid, a Ramallah resident.
When Yaffa Knafeh opened
knafeh and tap into its popu- its doors in 2019, Tel Aviv cus-
Debate larity by creating the new
pizza, which sells for as much
tomers sometimes had to wait
up to 90 minutes in a line

Simmers as $23. “We noted that this is

a Middle Eastern dish in order
to give it the proper cultural
snaking down the street for
single servings of knafeh with
goat milk ice cream that cost
respect,” the company said in $8—more than four times the
Continued from Page One a written statement. price at the most popular
everything,” said Joudie Kalla, Beyond the political back- West Bank shops.
a Palestinian-British chef and drop, the appeal of knafeh Knafeh was a staple of the
author of “Palestine on a drives even kin and co-work- late Palestinian leader Yasser
Plate: Memories from My ers to tangle over it. In the Old Arafat’s marathon midnight
Mother’s Kitchen.” City of Jerusalem, Jafar peace talks with diplomats at
“Knafeh, for Palestinians, Sweets claims to have a secret his presidential compounds in
runs through our veins,” she recipe that keeps customers Gaza City and Ramallah, U.S.
added. returning, but one of its young officials said.
Like its culinary cousins workers broke away and set Aaron David Miller, a vet-
falafel, shawarma, and hum- up a competing knafeh shop eran American diplomat who
mus, knafeh inevitably has be- with a confusingly similar met with Mr. Arafat countless
come ensnared in the broader name. times, said the Palestinian
Israeli-Palestinian conflict. Is- The owner of the Old City leader bragged about knafeh
raelis and their Arab neigh- shop, Adnan Jafar, refuses to and insisted on hand-feeding
bors feud over the origins of try his former employee’s of- him the sweet while they car-
various kinds of Middle East- ferings. “I only eat my own,” ried out intense negotiations.
ern food. he said. In 2009, Nablus sought to
While the iconic dessert’s Gaza City knafeh maker create the world’s largest
culinary roots stretch back Mahmoud Saqallah says Gaza knafeh. The 240-foot, two-ton
centuries across the Middle pastry chefs are the true mas- behemoth was set in the mid-
East, many historians view the ters, even though some rivals dle of the city, where hundreds
West Bank city of Nablus as say their version barely quali- of people tore into it.
the modern-day capital of the fies as authentic. Gaza knafeh In 2018, two young Ameri-
treat. Palestinian pastry chefs is unique because it doesn’t can diplomats set out to find
in Nablus use special, locally contain cheese. Gazans use the best knafeh in Nablus and
produced, cheese to give their bulgur wheat instead of pastry produced a video documenting
knafeh a unique taste that’s dough and then add cinnamon, their quest. In true diplomatic
hard to replicate. nutmeg and walnuts. “If you fashion, the pair avoided tak-
Pizza Hut Israel landed un- want to learn how to make Ar- ing sides, concluding that “all
der the heat lamp last month abic knafeh, you have to learn of the knafeh in Nablus is deli-
after it unveiled a new knafeh- from Gaza chefs to master the cious.”
style pizza. “Bad taste and cu- art,” he said. —Omar Abdel-Baqui
linary appropriation,” French- In the West Bank, many dis- in Nablus, Aaron
Palestinian chef Fadi Kattan agree. “Gaza’s Arabic knafeh is Boxerman in Jerusalem
wrote on Instagram. “Shame a totally different dessert, and Anas Baba in Gaza City
on you Pizza Hut!” (Some Ital- they share the name, but noth- contributed to this article.
 A6 | Thursday, January 5, 2023 THE WALL STREET JOURNAL.

WORLD NEWS
Russia Says Cellphone Use Led to Attack
BY ANN M. SIMMONS Day. The regiment’s deputy military-political directorate of use unencrypted, unsecure and everyone they can muster French President Emmanuel
AND JARED MALSIN commander was killed in the Russia’s armed forces, said an communications equipment or to try to turn the tide of the Macron on Wednesday. France
attack, the ministry said. investigation was under way social media while on duty, war and at least postpone their will send light AMX-10 RC ar-
Russia blamed the use of “It is already obvious that in which “the guilty officials and increasingly to be wary defeat,” he said late Tuesday. mored combat vehicles to help
banned mobile phones by its the main reason for what hap- will be brought to justice.” about all kinds of electronic The commander in chief of in the war, Mr. Macron told
soldiers for the deadliest pened was the inclusion and The move to attribute blame communications. Ukraine’s armed forces, Val- his Ukrainian counterpart dur-
known assault on Russian massive use, contrary to the for the attack on the soldiers Ukrainian President Volod- eriy Zaluzhny, said the battle ing the phone call, according
forces during its war with ban, by personnel of mobile themselves came after some of ymyr Zelensky, meanwhile, around Bakhmut in eastern to French officials.
Ukraine, and raised the death phones in the reach of enemy the war’s staunchest supporters warned that Russia is prepar- Ukraine is “the most challeng- President Biden, when
toll from the attack to 89, as weapons,” the Defense Ministry criticized Russian military lead- ing a new offensive in an at- ing situation” faced by Ukrai- asked Wednesday whether the
Ukraine’s president warned said on its Telegram messenger ers for concentrating troops in tempt to reverse Moscow’s for- nian forces. U.S. would send Bradley Fight-
that the Kremlin is preparing channel Wednesday. The use of an unsecure location next to tunes in a war in which “There, the enemy is virtu- ing Vehicles to Ukraine, said
for a new offensive in the war. cellphones allowed opposing stockpiles of ammunition and Russian forces have lost swaths ally attempting to advance the combat vehicles are under
The Russian Defense Minis- forces to pinpoint the location other military equipment. of Ukrainian territory they oc- over their corpses,” said Gen. consideration.
try said the strike on a facility of Russian forces, it said. The U.S. and other mem- cupied early in the conflict. Zaluzhny in a call with the U.S. Washington is expected to
that housed its newly mobi- The statement, attributed bers of the North Atlantic “We have no doubt that the chairman of the Joint Chiefs of announce its next Ukraine aid
lized soldiers occurred at 12:01 to Lt. Gen. Sergei Sevryukov, Treaty Organization have long current masters of Russia will Staff, Gen. Mark Milley. package as early as Friday,
a.m. local time on New Year’s first deputy chief of the main warned their soldiers not to throw everything they have left Mr. Zelensky spoke with U.S. officials said.

Ukraine Sees Signs

Moscow Is Shifting
From Bakhmut
BY ALISTAIR MACDONALD Since the autumn, Bakhmut
and its surrounding area have
BAKHMUT, Ukraine—Rus- emerged as one of the most
sian troops have tempered hotly contested front lines of
their assault on the eastern the war, with both sides pour-
Ukrainian city of Bakhmut, ing a large number of troops
Ukrainian commanders say, as and hardware into the front.
stiff resistance forces Russian Ukraine’s top military com-
JOSEPH SYWENKYJ FOR THE WALL STREET JOURNAL

units to shift some of their fire- mander, Valeriy Zaluzhny, re-

power to surrounding areas. cently said the fighting in the
Some Ukrainian officers and Bakhmut area was “the most
British military intelligence challenging situation” faced by
say that Russia is no longer his forces.
hitting Bakhmut—a city that While it has little strategic
has assumed outsize impor- significance, Bakhmut has ac-
tance to both sides—with the quired great importance for
same ferocity as it was last Wagner, the Russian paramili-
month. The Ukrainian com- tary force that has sought to
manders say Russia instead storm the city, as well as for
has repositioned armored ve- Gen. Sergei Surovikin, who
hicles and artillery fire toward was appointed Russia’s mili-
the nearby town of Soledar. tary commander in Ukraine in Ukrainian soldiers wait as an artillery battle takes place on the outskirts of Soledar in eastern Ukraine’s Donbas region.
Bakhmut and Soledar are part October. Russian and Ukrai-
of the same front, and fighting nian forces have been fighting significant reinforcements to artillery strikes at Bakhmut or Andriy Zholob, the com- said Tuesday. Russian tanks
has ebbed and flowed around for Bakhmut, a city of 70,000 Bakhmut, blunting Russian at- a redirection of fire. mander of the 46th Brigade’s and artillery fired at 20 settle-
both cities before. An easing in people, for about six months. tacks at great cost for both Earlier this week, incoming medical unit, said Monday he ments in the area, it said.
clashes in one area doesn’t sug- Taking Bakhmut would have sides. Russia is unlikely to explosions from Russian fire was conducting six or seven Despite the respite, Ukrai-
gest the Russians have given up great psychological signifi- achieve a breakthrough in the sounded every two minutes operations a day between Dec. nian soldiers remain on alert
on taking Bakhmut entirely, but cance for Russia after a string coming weeks, British intelli- around Bakhmut, with Ukrai- 17 and 19, but hadn’t carried for a renewed Russian push on
rather indicates that Ukraine’s of battlefield setbacks. gence said Tuesday. nian forces firing about once a out one for the past two days. Bakhmut. “We are expecting a
resistance has forced a rethink. At a Ukrainian artillery posi- At an antiaircraft position minute. On Monday, smoke rose counterattack at any time,” a
Several Ukrainian officers tion on the outskirts of Soledar, close to Bakhmut, the platoon “They are looking for the from Soledar. In the surround- Ukrainian army captain said.
say they believe that Russia, at Russian ordnance has pum- commander said Russian fire weakest points in the Ukrai- ing fields, fires and smoke rose
least for now, has redirected meled the surrounding area in had roughly halved in recent nian system,” said one officer, from at least five craters, while
fire from Bakhmut after strug- recent days. Ukrainian howit- days and appeared to be redi- who had ZU-23, the name of a artillery fire from both sides Watch a Video
gling for months to take the zers hit back at what an artil- rected at Soledar. Serhii Soviet antiaircraft gun, tat- continued at regular intervals. Scan this code
city. Instead, Russia might lery officer said were Russian Cherevatyi, a spokesman for tooed on his knuckles. Russia is still concentrating for a video on
seek to test Ukrainian defenses positions outside the city. the Ukrainian forces in the The flow of Ukrainian casu- its efforts on conducting of- the role of
around Soledar and claw out a British military intelligence east, said he hasn’t noticed a alties from Bakhmut has fensive actions in the Bakhmut mercenaries
victory there, they say. said Ukraine has committed significant falloff in Russian slowed at one local hospital. area, Ukrainian armed forces aiding Russia.

Natural market is how low prices will

go. They were already falling
when the late December storm
gas-trading firm EBW Analyt-
ics-Group.
The firm estimates that

Gas Prices brought snow to northern cities

and stranded travelers. Frigid
temperatures prompted a big
warmer weather over the first
half of January will reduce gas
demand by about 100 billion

Plunge draw from U.S. natural-gas

stockpiles and froze wells in
North Dakota and Oklahoma. At
cubic feet over that stretch.
That is about the volume of
gas that the U.S. produces each
its peak, the storm took nearly day. The Energy Information
Continued from Page One 21% of U.S. gas supply offline, Administration estimates daily
warmer than normal and be- according to East Daley Analyt- U.S. output hit a record in
fore Russia’s invasion of ics, a gas consulting firm. 2022.
Ukraine jolted energy markets. The demand surge and the Analysts anticipate similarly
The plunge is a bad omen supply disruptions were fleet- strong production in 2023.
for drillers, whose shares were ing and failed to counteract They expect the year to pass
among the stock market’s few forecasts for balmy January without new LNG export ca-
DENIS BALIBOUSE/REUTERS

winners last year. Cheaper gas weather. Prices also were pacity coming online for the
is good news for households first time since 2016.
and manufacturers whose bud- “The market is moving from
gets have been busted and a mind-set of winter scarcity to
profit margins pinched by high
Lower prices for looking ahead to exiting winter
fuel prices. Though shocks of natural gas should with more in storage, adding
cold and problems with pipe- production and not adding any
Skiers glide down a ribbon of artificial snow in the Swiss Alps amid warmer-than-usual temperatures. lines could still spike regional
help cool inflation in new LNG exports,” Mr. Rubin
prices, less-expensive natural the months ahead. said. “If anything, the market

Record Heat Wave Hits Europe gas should help to cool infla-
tion in the months ahead.
Mild weather is driving gas
looks oversupplied.”
Analysts have been reducing
their gas-price assumptions as
BY ALYSSA LUKPAT ing a predicted energy crisis as rologists said. Parts of Den- prices lower in Europe, too, pushed lower by another delay well as their outlooks for pro-
people shut off their heaters. mark, France, Germany, Po- spelling relief for the region in the restart of a Texas export ducers as the first weeks of
An unseasonable heat wave The continent was whip- land, Spain, Switzerland and that coming into the winter facility. It has been offline winter pass without sustained
in Europe shattered January sawed late last year by frigid other countries recorded their faced the possibility of rolling since a June fire. periods of cold weather.
temperature records in multi- temperatures and soaring gas warmest January days on re- blackouts and factory shut- Temperatures above 60 de- Gabriele Sorbara, an analyst
ple countries, thawing business prices, only to begin 2023 with cord. Temperatures reached downs. grees Fahrenheit are forecast at Siebert Williams Shank, told
at ski resorts but likely avert- unprecedented warmth, meteo- nearly 70 degrees Fahrenheit The drop is a welcome sur- this week around the Great clients this week that he ex-
in certain areas on Jan. 1. prise for European govern- Lakes and along the Ohio Val- pected natural gas to average
On a typical January day, ments that committed hun- ley, while highs in the South- $4.25 in 2023, down from a
national weather offices have dreds of billions of dollars to east might reach into the 80s. forecast of $5.50 before the
recorded average tempera- shield consumers and compa- As measured in heating-de- warm spell. As a result, he
tures about 15 degrees lower. nies from high energy prices. gree days, a population- downgraded shares of EQT

Relaxing...
Maximiliano Herrera, a cli- Moscow cut supplies of gas to weighted measure of tempera- Corp., the biggest U.S. pro-
matologist who tracks extreme Europe last year. tures below 65 degrees ducer and one of the top-per-
weather, said on Twitter this So far, Russia’s strategy Fahrenheit, this week will be forming stocks in the S&P 500
week that this heat wave was isn’t working. Warm weather is twice as warm relative to nor- last year, from “buy” to
“the mother of all extreme limiting demand, as is a Euro- mal as the last week of Decem- “hold.”
Luxury Barge events ever seen in Europe.”
Parts of the continent were
pean Union-led effort to curb
consumption. But analysts said
ber was cold, said Eli Rubin,
senior energy analyst at the
—Joe Wallace
contributed to this article.
Cruises forecast to get rain and wind
in the coming days that could
prices in Europe could shoot
up again when the continent 10% U.S. natural-gas inventories versus
offer a reprieve from the heat. tries to refill stores for the five-year rolling average, weekly
In the Alps, the warm tem- 2023-24 winter. 5
peratures thawed snow and Last year’s high gas prices
kept people off the slopes. in the U.S. were a big driver of
0
Several ski resorts in France the steepest inflation in four
and Switzerland said they decades. When prices peaked
were closed this week because in August, the question was –5
most of the snow had melted. whether there would be
The closures came during the enough gas to get through the –10
peak ski season, when resorts winter, given record consump-
depend on business to sustain tion by domestic power pro- –15
P.O. Box 2195, Duxbury, MA 02331 them for the rest of the year. ducers with few alternatives,
800-222-1236 781-934-2454 The warm front arrived on as well as demand in Europe,
www.fcwl.com the continent around Dec. 30, where the race is on to replace –20
said Switzerland’s Federal Office Russian gas. 2021 ’22
of Meteorology and Climatology. Now the question in the Source: Energy Information Administration
THE WALL STREET JOURNAL. Thursday, January 5, 2023 | A7

WORLD NEWS

Sunak Vows to Cut Inflation, Boost Economy

BY MAX COLCHESTER polls, according to pollster rail workers among those walk- the first half of 2024. Econo- Conservative lawmakers last reach. The Bank of England
Redfield & Wilton Strategies. ing out this month over pay mists expect that the U.K.’s re- fall after his predecessor, Liz forecasts that inflation would
LONDON—British Prime In addition to reducing gov- disputes. The NHS, meanwhile, cession will be deeper and lon- Truss, spooked the markets ease rapidly from the middle of
Minister Rishi Sunak pledged ernment debt, cutting inflation is struggling with a backlog of ger than in most other major with a plan to borrow to fund 2023 on the back of decreasing
to halve inflation and boost the and returning the economy to more than seven million people Western economies, as Britain tax cuts. He succeeded in stabi- energy costs, the falling cost of
economy this year as he seeks growth, Mr. Sunak said he waiting for treatment after it struggles with a combination lizing government borrowing imported goods and muted do-
to overturn a hefty deficit in would shrink the record wait- of energy-price increases costs, announcing a plan to cut mestic demand as households
the polls and shore up a nation ing lists in the National Health caused by the war in Ukraine government spending and raise tighten their purse strings. The
beleaguered by rising prices, a Service and do more to tackle and a tight labor market. taxes to their highest levels Office for Budget Responsibil-
struggling nationalized health illegal immigration.
‘We need to address Amid a bleak economic out- since just after World War II. ity, a government-funded think
system and rolling strikes. “People don’t want politi- these problems, not look, with real wages set to “I think people do accept tank, projects inflation at 3.75%
Mr. Sunak, who has been cians who promise the earth fall over two years, the opposi- that many of these challenges by the last quarter of the year.
the U.K.’s prime minister since and then fail to deliver,” Mr.
just talk about them,’ tion Labour Party is repeatedly are at least, in part, the legacy Mr. Sunak hinted that there
October, used his first big do- Sunak said Wednesday. “They the U.K. leader says. hammering home the message of Covid and impacted by the might be a resolution to the
mestic-policy speech to prom- want government to focus less that the Tories aren’t effective war in Ukraine,” he said. “But continuing industrial disputes
ise action on five priorities, on politics and more on the managers of the economy. that’s not an excuse; we need paralyzing the nation. He said
pitching himself as a manage- things they care about.” Mr. Sunak said he would of- to address these problems, not more details would be an-
rial leader who can start to fix Britain is in a difficult place. paused many non-urgent oper- fer voters “peace of mind for just talk about them.” nounced shortly. He pledged
the country ahead of a national Inflation is running at 10.7%, ations during the pandemic. the months to come” in a One bright spot for the gov- to tackle illegal migration, say-
election expected next year. close to a 40-year high. The The Bank of England fore- break from the hectic politics ernment is that economists ex- ing he intends to pass new
Mr. Sunak’s Conservative Party nation is gripped by the big- casts that the economy would that saw 2022 deliver three pect inflation to fall quickly this laws to rapidly detain those
trails the main opposition La- gest wave of strikes in decades, shrink by 1.5% this year and Conservative prime ministers. year, leaving Mr. Sunak’s target who arrive on small boats
bour Party by 20 points in the with nurses, bus drivers and might continue to contract in Mr. Sunak was brought in by of halving inflation within from France.

French Unions to Battle

Increase in Retirement Age

CHARLY TRIBALLEAU/AGENCE FRANCE-PRESSE/GETTY IMAGES

BY NOEMIE BISSERBE ability to enact his political panel. But the system will
agenda during his second term start incurring losses after
PARIS—France’s unions in office. 2022, and could eventually
have pledged to dig in for a Unions say raising the threaten the government defi-
prolonged fight against Presi- country’s retirement age is un- cit-reduction targets, the re-
dent Emmanuel Macron’s plan necessary and would penalize port added. Mr. Macron’s gov-
to overhaul the country’s pen- people who started working at ernment aims to reduce the
sion system, a new threat to a young age. public-sector budget deficit to
his pro-business agenda. “We are determined to pre- below a European Union ceil-
Mr. Macron’s government is vent this reform—which will ing of 3% of economic output
meeting with unions this primarily hit workers of mod- in 2027 from 5% in 2022.
week, putting an explosive is- est means—from going The pension overhaul “aims
sue back on the table as the through,” said Laurent Berger, to ensure the balance of our
country navigates the eco- the general secretary of the system for the years and de-
nomic fallout of the war in CFDT, France’s largest union, cades to come,” Mr. Macron said Medical students in Toulouse in November protested a plan to add an extra year to their studies.
Ukraine. The government said after meeting with Prime Min- last week. “We need to work
it would detail the proposed ister Élisabeth Borne on Tues- longer,” he added. The new sance, and its allies still con- ing social unrest in a country transport strike in France’s
measures next week. day, ahead of more meetings rules, he said, would take effect trol the most seats in the Na- reeling from high inflation. history, paralyzing the country
Revamping the country’s on Wednesday. by the end of this summer. tional Assembly, but not Tens of thousands of protest- for weeks.
pension system was one the “That means strikes, and The French president is enough to retain the majority ers have taken to the streets in Mr. Macron had proposed
main planks of Mr. Macron’s protests,” said Frédéric Souil- also set to struggle to gather that allowed the French leader recent months to demand to consolidate France’s 42
election platform when he was lot, the general secretary of support for the measure to steamroll the opposition higher wages to cope with ris- pension plans, which vary
re-elected in April. The French Force Ouvrière, another among lawmakers. Mr. Macron during his first term. Far-right ing food and energy prices. widely in retirement age and
leader plans to increase the French union. lost his majority in the Na- and left-leaning lawmakers About two in three French peo- income, into one universal sys-
retirement age by two or three France’s pension system re- tional Assembly, France’s have vowed to oppose Mr. Ma- ple are against an increase in tem, and introduce bonuses
years from 62, saying it is the corded a profit of 900 million lower house of parliament, in cron’s plans, while conserva- the retirement age from 62 to and penalties to encourage
only way to preserve France’s euros, equivalent to $955 mil- June, as the war in Ukraine tive lawmakers want French 65, according to recent polls. people to work until age 64.
social model without raising lion, in 2021 and is expected and its impact on fuel and workers to retire at 63 with a In 2019, when Mr. Macron But he was forced to shelve
taxes or increasing the coun- to post a €3.2 billion profit in food prices took a political toll minimum pension of €1,200. last attempted to overhaul the his plans when the country
try’s debt. The fight throws 2022, according to a recent re- on the French leader. Mr. Macron’s push to raise country’s pension system, his went into lockdown because of
into question Mr. Macron’s port by a pension advisory Mr. Macron’s party, Renais- the retirement age risks spark- move triggered the longest the Covid-19 pandemic.

Meta Fined
In EU Over
Online Ads
Continued from Page One
said it issued its decisions after
a board representing all privacy
regulators in the bloc in De-
cember ordered the Irish regu-
BENOIT TESSIER/REUTERS

lator to do so, over the Irish

regulator’s objections, The Wall
Street Journal earlier reported.
Ireland leads the enforcement
of the EU’s General Data Pro-
tection Regulation for Meta be-
cause the company’s European Mark Zuckerberg spoke virtually at a conference in Paris in June.
headquarters are in Dublin.
The Irish decisions are sig- nine months ended Sept. 30, nearly $1.4 billion in five sepa-
nificant because they could end nearly a quarter of which rate decisions over the past
up restraining Meta’s ability to came from Europe. year and a half.
use some of the data it collects If a significant number of Wednesday’s decision also
on its own apps. The decisions people opt out of ads powered showcases divisions within Eu-
don’t specifically order Meta to with that behavioral data, rope about how to enforce the
seek users’ consent to use their prices for Meta’s advertising GDPR when it comes to adver-
activity data to target their could fall as much as 10% to tising.
ads, but they eliminate the 20% in a worst-case scenario, Ireland initially recom-
contractual legal justification wiping 12% to 25% from the mended a much lower fine for
Meta currently uses to do so. company’s valuation, wrote Ali more minor infringements,
That leaves the company few Mogharabi, an analyst at Morn- finding that nothing in the
other options under EU law to ingstar Research Services, after GDPR stopped Meta from mak-
justify such ads, privacy law- the Journal’s article about the ing behavioral ads a necessary
yers and activists said.
Meta said Wednesday that
pending decision in December.
Meta took a revenue hit in
part of its contract with users,
as part of the bargain struck
SILVER LININGS
the decisions don’t prevent
personalized advertising on its
2021 when Apple Inc. required
iPhone app developers to ask
for a given service. But a num-
ber of other EU privacy regula-
SIR WINSTON CHURCHILL
platforms and said that it is users whether they want their tors disagreed, arguing that
evaluating options to continue usage to be tracked. Many behavioral ads aren’t necessary
Revered statesman. Artistic mastery. Rare subject.
offering users personalized iPhone users declined that to provide a social network. A Winston Churchill’s original oil on
services. The company said it tracking, cutting off Meta from board of all EU privacy regula-
canvas Still Life, Silver at Chartwell is
rejects the idea that it would a significant source of data it tors, the European Data Protec-
have to seek users’ consent as used to target ads. The com- tion Board, in December over- an exceptional composition and a
a legal justification under EU pany said the change reduced ruled Ireland as part of a rare still life. Painted at his estate
law, and cited “a lack of regu- its revenue by 8% in 2021. dispute-resolution system built at Chartwell, the artist imbues
latory certainty in this area.” Wednesday’s decision repre- into the GDPR. the work with a sense of peaceful
“We strongly believe our sents a warning shot for the On Wednesday, Ireland’s tranquility through a poignant use
approach respects GDPR, and digital advertising industry. Data Protection Commission of light and shadow. Also bearing
we’re therefore disappointed Many companies rely on be- said it has changed its decision
by these decisions,” a spokes- havioral ads. But some EU pri- to incorporate the European significant provenance, Churchill
man said. vacy regulators have been in- data board’s decision last gifted the painting to Sir Anthony Eden, the Earl of Avon. Circa 1930.
Meta has long allowed users sisting that such ads require month about behavioral adver- Signed “W.S.C.” Canvas: 133/4”h x 197/ 8”w. Frame: 211/ 8”h x 265/ 8”w. #31-6199
to opt out of personalizing ads user consent in a way that tising. But the Irish regulator
based on data it gleans from makes it easy to say no—even also said it plans in the coming
users’ activity on other web- when dealing with data that a weeks to seek an annulment of
sites and apps. But it doesn’t company collects itself. a separate part of the EU pri-
give users any such option for In France, for instance, pri- vacy board’s decisions last
opting out of ads based on vacy regulator CNIL fined Ap- month, in which Ireland says it
data about activity on its own ple €8 million on Wednesday was ordered to open new in-
platforms—such as what posts for allegedly not seeking suffi- vestigations into all of Face-
a user comments on or videos cient prior consent before its book’s and Instagram’s data-
an Instagram user watches. App Store read user informa- processing operations. The
622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
That in-house data is one of tion from iPhones and used it Irish regulator said ordering
Meta’s main tools for building to target ads. The regulator such investigations “may in- Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
customized audiences for the said the company’s new oper- volve an overreach on the Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
personalized ads it sells as ating system, iOS 15, now asks EDPB” beyond its powers un-
part of its core advertising for such consent. Apple said it der the GDPR.
business, some analysts said. will appeal. EDPB representatives didn’t
Meta brought in $83 billion in In Ireland, the privacy regu- immediately have any com-
advertising revenue for the lator has now fined Meta ment.
A8 | Thursday, January 5, 2023 ***** THE WALL STREET JOURNAL.

WORLD NEWS

WHO Presses China to Give EU Urges Members

To Require Tests for
Reliable Coronavirus Data Chinese Travelers
BY JOYU WANG tional Health Commission meet- approach where the state be- which a patient dies within 28
AND LIYAN QI ing on Dec. 21 seen by The Wall lieves that it knows what is days of first testing positive for BY LAURENCE NORMAN China prepares this weekend to
Street Journal and confirmed as best for people, Dr. Ryan said. the virus, even if the ultimate lift most remaining quarantine
The World Health Organiza- authentic by officials familiar “People need credible accurate cause of death isn’t directly re- European Union member and Covid-testing restrictions
tion urged Beijing to be more with the matter showed the information on which to base lated to Covid-19. states agreed to controls on for inbound travelers to the
transparent about its Omicron commission citing nearly 250 their own risk management A spokesman for the Chi- people entering the bloc from country. That move has sparked
outbreak, with some officials million Covid-19 infections be- and manage their own risks to nese Embassy in Washington China, with member states en- a surge in demand for plane
in a briefing Wednesday ques- tween Dec. 1 and Dec. 20. their own health,” he said. said in a statement that couraged to require a pre- tickets in and out of China.
tioning the accuracy of the The WHO said that during a Chinese health authorities China’s recent scrapping of travel negative Covid-19 test The Chinese decision fol-
country’s Covid-19 data. meeting Tuesday, scientists said last month that it classi- widespread nucleic acid test- for those flying to Europe, al- lows a sharp reversal by Bei-
WHO Director-General from the Chinese Center for fies Covid-related deaths as fa- ing made gathering accurate though the decision will be jing on its three-year-old zero-
Tedros Adhanom Ghebreyesus Disease Control and Prevention tal cases of pneumonia or re- case data difficult, but the left to national authorities. Covid policy.
said the agency is concerned shared genomic data from De- spiratory failure linked directly country is now collecting data After lengthy discussions at a Several EU member states
about the surge in Covid-19 in- cember that showed a predom- to the coronavirus, excluding through surveys “and will con- crisis-response meeting in Brus- including France, Spain and It-
fections in China, and again inance of Omicron lineages tinue to disclose information sels on Wednesday, at which aly have announced indepen-
urged the Chinese government BA.5.2 and BF.7 in its recent on deaths and severe cases in some bloc members voiced cau- dent controls on arrivals from
to deliver rapid and reliable data outbreak—known variants that accordance with the principle tion about demanding pre-travel China, but others, including
on hospitalizations and deaths. have been circulating in other
The numbers of truth, openness and trans- tests, the EU issued a statement Germany, have been cautious
“WHO is concerned about the countries. There was concern ‘underrepresent the parency.” saying states are “strongly en- about demanding a negative
risk to life in China,” he said. that a new subvariant of Omi- The spokesman, Liu Pengyu, couraged to” demand a Covid-19 pre-travel Covid test. German
The testing requirements ad- cron, XBB, which is rapidly
true impact of the also repeated Beijing’s criti- test result taken within 48 officials have suggested an ap-
opted by some countries for spreading across the Northeast disease,’ agency says. cism of testing requirements hours of departure. proach that would monitor
people who travel from China U.S., would spread to China. for Chinese travelers, saying Decisions on border controls variants across the bloc.
are understandable, he added. Several officials of the any travel restrictions should are the prerogative of national In addition to the pre-travel
China’s top health authority, United Nations agency said be based on science and “not authorities, but Brussels was controls, member states agreed
the National Health Commis- Wednesday that China needs deaths involving other ill- be used for political manipula- pushing for all countries to to recommend all passengers on
sion, no longer publishes daily to improve the transparency nesses and underlying causes. tion.” agree on one set of measures. flights to and from China wear
case tallies, and has reported and accuracy of its Covid-19 That definition is unusually Liang Wannian, head of the Chinese officials have op- medical masks. Member states
fewer than a dozen Covid-19 reporting. “We believe that the narrow by global standards. The Covid-response expert panel posed foreign governments also will be encouraged to ran-
deaths since early December. It current numbers being pub- U.S. Centers for Disease Control under China’s National Health imposing travel controls in re- domly test passengers arriving
has relegated the tally of cases lished from China underrepre- and Prevention distinguishes Commission, told state media cent days and have threatened from China and to test waste-
to the Chinese Center for Dis- sent the true impact of the dis- deaths depending on whether last week that it was difficult retaliation against countries water from airports and aircraft
ease Control and Prevention, ease…particularly in terms of Covid-19 is an underlying or a to accurately judge fatality imposing restrictions. Beijing with planes arriving from China
which in the past week has been deaths,” said Michael Ryan, ex- contributing cause, though both rates while infections were itself continues to require ev- to check for new variants.
reporting daily new local cases ecutive director of the WHO’s are included in the nation’s pan- spreading so rapidly. Accurate eryone entering China to have The bloc said it would reas-
of about 5,000 and between one health-emergencies program. demic toll. The Beijing-ruled estimates might not be possi- a negative Covid test within sess the situation by mid-Jan-
and five deaths a day. Authorities worldwide territory of Hong Kong defines ble until after the current out- two days of departure. uary and take into account the
Meanwhile, notes of a Na- shouldn’t adopt a nanny-state a Covid-related death as one in break wanes, he said. The EU move comes as level of data shared by China.

Why Xi An exhibition highlighting President Xi

Jinping’s achievements in Beijing in October.
cials even tightened restric-
tions.
Reports began to reach the

Scrapped Below, medics delivered a patient to a

hospital in Beijing on Dec. 9.
leader of housing complexes
across the country banding to-
gether to stage small revolts

Zero-Covid FROM TOP: ANDY WONG/ASSOCIATED PRESS; THOMAS PETER/REUTERS

against rules confining resi-
dents to their homes, according
to the officials and advisers
close to decision-making.
Continued from Page One
cording to the people. The pol-
icy was largely scrapped in Protests erupt
early December. On Nov. 26 and 27, protests
That abrupt reversal thrust erupted across some of China’s
China into a new public-health biggest and wealthiest cities.
emergency. The rare display of public an-
Doctors and nurses across ger, with some protesters di-
the country’s hospitals, as well rectly criticizing Mr. Xi and the
as officials at local branches of Communist Party, alarmed Mr.
China’s Center for Disease Con- Xi and his inner circle, the offi-
trol and Prevention, were given cials and advisers said.
no advance warning of the As the battle to keep the vi-
shift, leaving them to face a rus from spreading appeared
spike in patients with no stock- increasingly futile, with the so-
piles of medical essentials. cial and economic costs mount-
China’s top health authority ing, Mr. Xi decided to all but
no longer publishes daily case abandon zero-Covid, the people
tallies and has reported fewer gress ended on Oct. 22. But lit- said.
than a dozen Covid deaths tle changed even after Mr. Xi In a closed-door meeting
since the beginning of Decem- secured his third term in power. with European Council Presi-
ber. When German Chancellor Olaf dent Charles Michel in Beijing
But nearly 250 million peo- Scholz visited Beijing on Nov. 4, on Dec. 1, Mr. Xi described the
ple were infected with the coro- Mr. Xi didn’t signal any shift on protests as reflecting frustra-
navirus between Dec. 1 and Dec. Covid, even as cases were surg- tion, mainly among students,
20, according to notes of a Na- ing and businesspeople urged and also acknowledged that the
tional Health Commission Premier Li Keqiang to relax the pandemic had entered a less
meeting on Dec. 21 seen by The country’s Covid policies. deadly stage, according to Eu-
Wall Street Journal and con- In the days that followed, ropean officials familiar with
firmed as authentic by officials Mr. Xi was flooded with signals the situation, signaling a shift
familiar with the matter. The that his zero-Covid policy was in Beijing’s thinking.
notes said half of Beijing’s 22 becoming a source of social in- On Dec. 7, China removed the
million residents had already stability and economic turbu- last major pieces of the zero-
been infected. lence. Covid regime. On Dec. 14, the
Amid the surge, Mr. Xi, who At the world’s biggest National Health Commission
has embarked on his third term iPhone assembly plant, in the stopped reporting daily asymp-
as the country’s most formida- central city of Zhengzhou, thou- tomatic totals, and, on Dec. 25,
ble leader since Mao Zedong, sands of Foxconn Technology it stopped publishing daily in-
has increasingly curtailed pol- Group workers clashed with po- fection totals altogether.
icy debate and sidelined anyone lice in violent demonstrations Finally, on Dec. 26, Beijing
raising public doubts about the aimed in part at pandemic re- announced the lifting of inter-
zero-Covid strategy. strictions. Foxconn founder national travel restrictions, es-
China has also shunned for- the minutes of the December Since the initial lockdown of The priority for Mr. Xi at the Terry Gou warned that zero- sentially ending the country’s
eign advice, a shift from the meeting. “I want to emphasize Wuhan and surrounding Hubei time, said the officials and ad- Covid controls were threaten- self-imposed three-year isola-
global financial crisis in 2008, that deaths are inevitable,” the province in the early weeks of visers close to decision-making, ing China’s position in global tion.
when senior Chinese officials notes recorded him saying. 2020, China had adhered to a was to make the Party Congress supply chains. In the party’s version of
sought out American experts, The National Health Com- regimen of mass testing, home in October in Beijing a smash- Exports, which had been events, the decision to end
including ones at the World mission declined to comment. confinement and quarantines to ing political success for himself. China’s main pandemic-era zero-Covid measures was opti-
Bank, for consultation. When Emergency rooms and inten- snuff out even small outbreaks That required muffling any growth engine, dropped for the mally timed.
the World Health Organiza- sive-care units, from prosper- of Covid. challenge to his authority, in- first time in 2½ years in Octo- “The timing is right and the
tion’s director general said in ous cities to villages, have been The measures allowed China cluding over the health policy. ber, while retail sales, which basic conditions are met,” Li
May that China’s zero-Covid swamped with patients unable to quickly reboot the economy On May 5, the Politburo, in a had been rising in the months Qiang, the Shanghai party chief
policy was unsustainable, China to get a hospital bed or even early in the pandemic as the meeting presided over by Mr. after Shanghai’s spring lock- who left his post after the Party
fired back, saying he should basic fever medication. Many of rest of the world was engulfed Xi, pledged to “resolutely fight down, also turned south. The Congress and who is set to be-
“get more knowledge about the the patients were elderly by waves of Covid variants and against all words and deeds data spooked China’s leader- come China’s premier in March,
facts and refrain from making and had insufficient or no vac- deaths. that distort, doubt, or deny” ship, according to the officials said at a Dec. 25 nationwide
irresponsible remarks.” cine protection after an inocu- the zero-Covid policy, according and advisers close to decision- teleconference, according to a
While in past decades deci- lation campaign had stalled to an official account of the making. written summary of the meet-
sions were made by a small months earlier. Comparing to West meeting. Even then, Mr. Xi wasn’t ing reviewed by the Journal
number of Chinese leaders Crematoria have been filling Even though the lockdowns Omicron outbreaks contin- ready to give up on zero-Covid and confirmed as authentic by
reaching consensus after up with dead bodies, forcing hurt livelihoods and stoked dis- ued to simmer across China and altogether. Instead, he settled the officials and advisers.
rounds of internal delibera- some desperate families to satisfaction as they were ex- then began to creep up in the on a gradual approach to relax- According to the meeting
tions, today Mr. Xi has been plead with emergency workers tended into a third year, Mr. fall. Rather than secure and ad- ing the measures, with no clear summary, Mr. Li urged senior
dubbed the “Chairman of Ev- to pick up corpses at home, or Xi’s Covid approach came to minister more vaccine doses, exit timeline. officials overseeing healthcare,
erything,” for his control over to take bodies hundreds of underpin his belief in the supe- stockpile antivirals and other On Nov. 11, as China’s official transportation and other sec-
every lever of power from the miles away for cremation. riority of the Chinese system Covid treatments, or expand daily Covid infection tally tors of the economy to affirm
military to the economy. Spokespeople for China’s over that of the Western world. and upgrade hospitals and surged above 10,000 for the that message—as well as what
“As with other man-made di- cabinet, known as the State When the highly transmissi- emergency wards, Beijing chose first time in months, China an- he described as the “great
sasters in China’s history,” said Council, didn’t respond to re- ble Omicron variant arrived in to plow more resources into nounced 20 measures that achievements” of Mr. Xi’s zero-
Mary Gallagher, a professor of quests for comment. Beijing has Shanghai in the spring of 2022, building temporary quarantine eased restrictions, including Covid policy.
Chinese politics at the Univer- defended its policy shift as be- Mr. Xi initially tried to give the facilities, enforcing strict lock- shorter quarantines for inbound The timing, however, has
sity of Michigan, “political loy- ing the right move at the right country’s wealthiest and most downs and mass testing its citi- travelers and those identified been questioned even by some
alty to the core leader now time, pointing to the lower fa- cosmopolitan city leeway to use zens. as close contacts of infected pa- top government health officials.
means no dissent, no collective tality rates associated with the targeted, rather than blanket, As a result, as recently as tients. “If we look at it purely from
decision-making and a lack of Omicron variant. lockdowns, hoping it could of- late November, some 40% of While the measures sparked the perspective of public
debate and discussion within In a televised speech Satur- fer a template for coexisting Chinese citizens aged 80 or a stock-market rally and raised health, we would rather delay
the party on critical policy day to mark the New Year, Mr. with the virus in the years older weren’t fully vaccinated, hopes of a broader reopening, the time [for reopening],” Zeng
shifts.” Xi appeared to acknowledge ahead. and China counted fewer than the People’s Daily, the Commu- Guang, a Chinese epidemiolo-
that his U-turn on zero-Covid But as cases surged and four ICU beds per 100,000 peo- nist Party mouthpiece, gist and senior adviser to the
has dented public trust in his other localities complained ple, compared with 7.1 in Hong squelched the optimism by de- National Health Commission,
Deluge of patients leadership. “We have entered a about Shanghai’s outbreak Kong and 11.4 in Singapore. scribing the measures as “fine- said at a public health forum in
The director of the National new phase of Covid response spreading to them, Mr. Xi or- Many economists and citi- tuning” of the Covid-contain- Beijing on Dec. 16, while urging
Health Commission, Ma Xiao- where tough challenges re- dered the city’s party chief, Li zens across China had come to ment strategy rather than a more vaccination of the elderly.
wei, said the outbreak was main,” he said. “It has not been Qiang, a close ally, to reinstate expect a loosening of Covid re- loosening. Without a clear sig- Mr. Zeng didn’t respond to a re-
growing rapidly, according to an easy journey for anyone.” the broad lockdown playbook. strictions after the Party Con- nal from Mr. Xi, some local offi- quest for comment.
 PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, January 5, 2023 | A9

PHOTO ILLUSTRATION BY MARK HARRIS; ISTOCK (4)

Schools Test
feeling pandemic burnout. among students in the last couple It felt like the school actually
In addition, the new approaches of years, encompassing everything cared,” Parker said.
are more labor-intensive and re- from children not being prepared New approaches to discipline
quire sufficient mental-health staff for class to physical fights and are happening outside schools, too.

Mental-Health
and training and support for drug use. Besides the loss and dis- At Boys & Girls Clubs of the Fox
teachers, says Olivia Carter, a ruption teens experienced in the Valley in Wisconsin, behavior-sup-
school counselor at Terry W. pandemic, Ms. Fulp also blames port staffers created cards for
Kitchen Central Junior High in social media, including TikTok each child that detail information

Approaches
Cape Girardeau, Mo. At Ms. challenges that encourage children including “Least Favorite Activi-
Carter’s school, counselors are to vandalize bathrooms. ties” and “Things That Help the
coming in more often to help stu- She found, however, that out- Youth Calm Down.” “Some young
dents calm down after misbehav- of-school suspensions weren’t people may prefer to be left alone.
ing, she says. Counselors will take changing behavior. “Kids would Some look for connection” after an

To Discipline
children for a walk, play soothing come back angrier,” she says. outburst, says Carlyn Andrew, the
music or distract them with a chat So this school year, Ms. Fulp clubs’ senior director of counseling
about their favorite things before added a day of in-school suspen- and training.
they meet with the principal. sion, where students do their work The cards started as a pilot for
The recent discipline changes in a separate room. She also cut the “high-needs” children in 2020 and
are an acceleration of a shift over length of out-of-school suspensions. expanded to all children in 2022.

M
BY ANDREA PETERSEN tion, family stress and loss. the past decade or so, partly to ad- And all suspended students now Club employees also received
Principals and counselors say dress concerns about racial ineq- complete a “restorative assign- training on techniques to encour-
ore schools and they believe that working with uity in how punishments are lev- age good behavior. Instead of say-
community groups children to address deeper prob- ied, says Dr. Hoover. Government ing, “Stop yelling,” for example,
are taking a less lems is more effective. In the past, data has shown that Black stu- employees are coached to say,
punitive, more col- they say, penalizing children by dents are much more likely to be Steps include “Use your talking voice,” Ms. An-
laborative ap- sending them home or delivering expelled or suspended from school asking students to drew says.
proach to disci- other punishments didn’t typically than white children. Also these Aleshia Wiggs sends her two
pline as behavior problems rise lead to better behavior. Still, new punishments can lead to higher reflect on their sons, ages 8 and 10, to the clubs in
among children and teens. approaches can be harder for dropout rates and lower academic behavior. the summer and after school. She
Some schools are reducing out- schools to implement, requiring achievement, scientific studies, in- says her older son, Bradley, has
of-school suspensions in favor of more training and staff. cluding an analysis published in sometimes yelled or pushed chairs
in-school suspension days, adding “For a lot of students, depres- 2015 in the journal School Psychol- when he feels like he’s not being
sit-down talks with the principal sion can look more like irritability, ogy Review, have shown. ment” where they answer questions treated fairly.
and introducing written assign- and students who have experi- Instead of changing the prob- like “What is one thing uniquely Now, when Bradley gets upset,
ments reflecting how to change enced post-traumatic stress are lematic behavior, suspensions and wonderful about you?” and “What club staff encourage him to walk
behavior. Other schools are bring- more likely to act out,” says being sent to the principal’s office are you committed to doing as you away from the situation and take
ing in counselors prior to meetings Sharon Hoover, co-director of the can make acting out more likely, go back to class after today?” some time by himself to calm down.
with the principal to help children National Center for School Mental says Jill Sharkey, a professor in the After Ethan Robins, a 16-year- Then he can go back to the group,
calm down. Health at the University of Mary- department of counseling, clinical old junior who goes by the name talk out any issues, apologize if he
The moves partly stem from a land School of Medicine. and school psychology at the Uni- Parker, hit another student who he needs to and move on. Bradley has
growing consensus among many Discipline changes like limiting versity of California, Santa Barbara. said was making fun of him and also started therapy for anxiety.
who work in education that disrup- suspensions and not sending dis- If misbehavior gets children out of his friends, he was given a day of Ms. Wiggs says Bradley is hav-
tive behavior often reflects under- ruptive children out of the class- doing work or gives them extra at- in-school suspension. Parker said ing fewer anger outbursts and is
lying issues such as anxiety, de- room are seeing pushback from tention, kicking them out of class that talking to Ms. Fulp about better able to talk about how he is
pression and trauma. Mental-health some teachers, says Dr. Hoover. rewards that behavior, she says. what happened and then doing the feeling. In October, Bradley re-
problems among children and teens It’s challenging to teach with a dis- Mary Fulp, a high-school princi- restorative assignment made him ceived the clubs’ “Youth of the
surged during the pandemic, the ruptive child in the classroom and, pal in Palmer, Alaska, says she has reflect on his behavior. Month” award for good behavior
result, psychologists say, of isola- she says, many teachers are also seen a rise in behavior issues “It definitely helped me learn. and other positive qualities.

Beer Lovers 102,000 residents and over 30

breweries.
Denver Beer Co. plans to
open its fourth taproom in
“It used to be you could hit early 2023.
Feel Awash all the breweries in a day or
two. Try that now and you
In Breweries need a week,” Mr. Dunlop says.
He sees breweries looking
Going after a niche customer
base didn’t make it easier,
to stand out now with experi- co-founder Rich Bloomfield
BY MIKE JORDAN mental flavors and techniques says. The brewery hired fo-
that often miss their mark. cus groups to test early

C
raft beer’s popularity has risen He recalls recently having beers like Hip-Hops and
nationwide for more than a tried one hazy IPA from near R&Brew, which is now a
decade. About 9,500 breweries Portland with notes of coffee flagship.
operate in the U.S. now, leading to and coconut juice. “We learned to keep bit-
the question of how much anyone “It was so weird, just a bi- terness and acidity low from
wants yet another take on the IPA. zarre assault on your palate,” those study groups,” Mr.
Highland Brewing Co. of Asheville, he says. Bloomfield says. Funkytown
N.C., opened in 1994. It advertises it- Geoi Bachoua, owner and has released 11 beers since
self as the first legal brewery to operator of Bine & Vine Bottle opening, and is now sold at
launch since Prohibition in the Appa- Shop in San Diego’s Normal local Whole Foods grocery
lachian city of 94,000 residents. Now Heights neighborhood, likes to stores and the United Cen-
it’s one of over 50 in the area. keep his 1,800-square-foot ter, home to Chicago’s NBA
The business has gone from a store’s selection of more than and NHL teams. Having ex-
basement brewery to a hilltop 40- 500 beers varied. He says he isn’t Monday Night Brewing, Best End beer culture, is home to over 428 panded the brewery’s footprint into
acre destination that produces more impressed with most of the 30 to 40 Brewing and Hop City Beer & Wine, craft breweries, according to the Milwaukee, he expects to sell 6,800
than 40,000 barrels annually and new beers he samples each week be- respectively—occupy the Lee + White Brewers Association, a trade group barrels this year at $4 million in
generates around $15 million in rev- fore deciding what gets stocked. retail development. Locals have nick- based in the state. There were 126 revenue, with almost $1 million in
enue, according to Leah Wong Ash- “The vast majority of what I named the complex Malt Disney. in 2011. net profits.
burn, president and chief executive taste is garbage,” he says. But Eric Johnson, Wild Heaven’s Charlie Berger, co-founder of the Funkytown’s strategy to distin-
of Highland. She says she worries Mr. Bachoua says that craft beer co-founder and brewmaster, says Denver Beer Co., welcomes the guish itself also includes eye-catch-
for the industry and how crowded has reached an oversaturation point breweries like his have benefited crowded field. The company plans ing label art that prominently fea-
the field has become. in the San Diego area, home to na- from the increased competition. to open its fourth taproom in early tures Black people. Community
“The competition is now such tionally known breweries like Stone “I don’t view any of that as even 2023. It also has a separate produc- support from breweries like Revolu-
that I think it’s overwhelming for Brewing. He says upstart breweries remotely problematic,” he says. Wild tion facility. tion Brewing and Half Acre Beer Co.
KEVIN J. BEATY/COLORADO PUBLIC RADIO/AP

consumers who haven’t been into need to take a hard look at the fi- Heaven arrived at Lee + White in “There’s a ton of room for helped the brewery gain footing.
craft beer,” Mrs. Ashburn says. “If nancial realities: “It’s not just growth July 2019, two years after the de- smaller, medium and even regional Customers ultimately determine
they walk by the cooler and see anymore. Seven years ago it was velopment opened. “We looked at breweries,” he says. “As you get to whether there’s too much beer in
1,000 choices, they have no idea nothing but growth.” this space because Monday Night the national level, there’s less. We’re their town.
what to do.” Now he sees “a lot” of breweries [Brewing] was already here. Creat- not playing at that level.” “There’s an old phrase in the
Pete Dunlop, a 34-year Portland, closing and consumers turning to ing a critical mass of folks doing Newbie breweries, like Chicago’s wine industry that I feel like I’ve
Ore., resident and beer aficionado, wine or nonalcoholic beverages like something exciting is important,” he Funkytown Brewery, have to work heard more in beer recently,” says
says that as the volume of breweries kombucha. says. hard to get noticed, their executives Bart Watson, chief economist at
has ballooned, the quality has plum- In Atlanta’s West End neighbor- Many others in the industry also say. The Black-owned brewery the Brewers Association. “How do
meted. He points to the microbrew hood, three craft breweries and a see plenty of room for growth. launched in 2021 with an eye on you make a small fortune in beer?
mecca of Bend, Ore., a town with beer-heavy bar—Wild Heaven Beer, Colorado, another hub of U.S. Black consumers new to craft beer. You start with a large fortune.”
A10 | Thursday, January 5, 2023 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
ON THE
CLOCK
CALLUM
BORCHERS

M
aybe your office
building has a gym
where you can
Power Gets Generally, it
takes some
squeeze in a few
bicep curls on your
lunch break. Or
Flexed in seniority to
block your
perhaps you’re still working from
home and could go for a run be-
tween Zoom calls.
Working out in the middle of the
Workday calendar for
fitness during
workday makes perfect sense…in
theory. In reality, a certain type of
Workouts business hours

PHOTO ILLUSTRATION BY GABRIEL ZIMMER, ISTOCK(3)|, PIXELSQUID(2)

person has a distinct advantage in
pulling it off routinely.
“I’m the boss,” says Jessica
Vibberts, founder and chief execu-
tive of Full Potential Ventures, a
consulting firm for nonprofits.
Ms. Vibberts, 45, often works
early in the morning and late at
night but breaks around midday
for a barre class, Pilates or high-
intensity interval training. She
says pausing work to exercise
makes her a better leader by keep-
ing her mind fresh. Her clothes are
another story after a sweaty ses-
sion, but she works remotely, hav-
ing moved from San Francisco to
Portugal a couple of years ago. Not
that she worried about showing up
to meetings in yoga pants before.
As a nonprofit executive before cult for people with hybrid arrange- colleagues and not get in trouble. tion, says his seniority and experi- middle of a set,” says the 36-year-
starting her own business in 2017, ments and malleable schedules that “It gives me a level of comfort ence help him temporarily discon- old, who served in the Marines
she used to make time for muscle should lend themselves to workout to know that I can be a little bit nect in the middle of the workday and who works out of his garage-
toning by inviting colleagues to sessions in the 9-to-5 window. More late or I can push a meeting, and and not worry that he will miss office-gym in Atlanta.
chat in her office while holding air employers are installing productiv- no one’s going to be able to say something. He works remotely Sometimes the only way to have
squats or planks. “That’s part of the ity software on work laptops to much,” says Jim Webb, CEO of the from a 5-acre Kentucky property a word with a busy, fitness-con-
privilege of having some authority,” monitor every keystroke and take Goodman Corp., a professional-ser- that is a fitness buff’s dream, with scious executive is to join the work-
she says. screenshots every few minutes, so it vices firm in Houston. space for him to run with a out. Two or three times a week,
Committing to workouts during might not be possible to slip into a Mr. Webb, 36, takes a jiu jitsu weighted backpack, flip tractor employees of data-science startup
the workday may be less about midday spin class undetected. class at noon a couple of times a tires, climb ropes and hoist bar- Ascend jog around San Francisco
willpower than, well, power. You week. Including the drive and a bells in a two-car garage that dou- with CEO Sean Knapp in a ritual
need not be the CEO (though that post-grappling shower, he’s out of bles as a home gym. that the boss calls a “run-on-one”
helps), but it generally takes some pocket for about an hour and a You can call or email while he’s meeting. He says the company’s
seniority to block your calendar
One CEO says he feels half on those occasions. pumping iron, but he won’t answer. chief business officer is his most
for fitness during business hours less self-conscious about Who’s available to spar with “I’m not checking my phone,” consistent partner and about a half
or take meetings while exercising him in the middle of the day? Of- he says. “I’ve got my music and for dozen others join him sporadically.
at the same time. Being very good
his midday regimen as ten, he says, it’s other executives 30 or 45 minutes, I’m locked off.” Mr. Knapp, 42, says he’s con-
at your job helps, too. the person in charge. or police officers for whom physi- Call Thomas Van Kempen III, on tent to run at anyone’s pace, but
The demands of certain roles cal fitness is part of the job. the other hand, and the chief reve- bear in mind that he competed in
make exercise breaks impractical, He adds that he promotes a flex- nue officer at software startup track and cross-country at Stan-
of course. Please save the push- ible work culture in his business of CloudShape will pick up at any ford, once placing seventh at the
ups for the end of your shifts, air- A brief burn might be achiev- about two dozen employees and time. Just don’t be surprised to conference championship in the
traffic controllers. (And if you able, and a few sit-ups here or ket- wouldn’t object to others taking hear him breathing hard through 3,000-meter steeplechase.
work in any capacity for South- tlebell swings there are certainly time out to work out. Still, he feels bench presses or lat pulls during Keeping up with him is hard
west Airlines, the flying public better than nothing. But the mas- less self-conscious about his midday the conversation. enough. Then try saving enough
would like you to concentrate ex- ters of full-blown workday work- regimen as the person in charge. “People know if they call be- breath to hold a conversation.
clusively on your job for now.) outs are those with enough clout Daniel Carey, a top lobbyist at tween 11 and 2, there’s a good “That’s the challenge,” he says.
Stepping away can even be diffi- to be temporarily unreachable by the American Optometric Associa- chance that they’ll catch me in the “That takes some practice.”

Snag Referrals to Help Land a Job

JOURNALISTS DON’T Asking someone to put in a good word takes strategizing
‘JUST WRITE STORIES.’ BY RAY A. SMITH If the person you are ask- connection to your target
ing knows you socially, not employer, advises Faye Liu,

M
any workers who professionally, explain that who says she sometimes
have been laid off in just vouching for your char- uses the tactic to make con-
THEY RECORD HISTORY. tech and elsewhere
are landing jobs at new em-
acter would go a long way,
but say you understand if
nections with potential
new business leads for her
ployers with an effective they feel they can’t. Ac- chemical-fingerprinting tech-
tactic—getting a company knowledge that you are ask- nology firm, RevoChem LLC.
insider to vouch for them. ing for a favor, she says. “It has to be a client I’ve
In the age of automated “Sometimes you just need known for a long time and a
hiring systems, having the to lean into the awkward,” person that’s very willing to
endorsement of someone on she says. help,” she says.
the inside can help candi- If the person declines, Some professionals say
dates stand out from the know that they might have they have had success mak-
dozens, if not hundreds, of good reasons for their deci- ing referral contacts on the
applicants for the same job. sion. Professionals tend to fly. When Deekshit Bonthala
Many people who have ad- make connections that make Nagendra looked for a prod-
vertised their layoffs on sense and will enhance their uct manager job in 2022, he
LinkedIn and other online net- own reputation, says Alisa says he researched the
working forums say it can Cohn, an executive coach and teams he was applying to
quickly lead to job referrals author. They might know join, then messaged those
from recruiters and employ-
ees at other companies and,
soon, actual offers. In a study
of recruiting practices at more
than 1,000 mid- and large-
size companies by talent-
management software firm
SilkRoad Technology Inc., em-
ployee referrals accounted for
more than 30% of all hires.
Yet asking for a referral of-
ten takes strategizing and the
willingness to accept potential
rejection, veteran job seekers
and career coaches say.
Whether asking someone
ISTOCK

to put in a good word for

you with a hiring manager,
forward your résumé to a An endorsement can help you stand out as an applicant.
recruiter or endorse you on
LinkedIn, lean on someone team members on LinkedIn.
who is at the company—or He cited his internships and
has ties to people who do.
Always give your referrer an
out in case they don’t feel
comfortable.
30%
or more of hires stemmed
graduate engineering studies
at Duke and said he wanted
to learn what it was like to
work at their company.
“You need to give the from employee referrals Once he made contact, he
other person a lot of space says he asked for advice on
and make them not feel like scoring an interview and
you are pressuring them,” whether they could connect
says Dorie Clark, who more about the position you him with the hiring manager.
teaches executive education are applying for, and why you If he got a no, he would ask
at Duke University’s Fuqua aren’t the right fit. They if they could refer him to a
School of Business and Co- might also feel they don’t recruiter for the team or an-
lumbia Business School. know you well enough to re- other team member who
Learn more about the impact your If it is someone you know fer you, and some will say so. might give advice.
professionally but aren’t close If your referrer agrees to Mr. Nagendra says the
journalism career can have on the world. to, tell them at the outset help, be proactive and send approach helped him land a
Wall Street Journal reporter Erin Ailworth that you are sending your ap- along a paragraph of your job at a San Francisco tech-
plication to their employer, accomplishments they can nology company where he is
and others share career advice at she says. Then be direct and simply forward, other career starting this month.
dowjonesnewsfund.org/careers. say, “‘I don’t know if it would advisers say. “People are always willing
be appropriate for you to put A strong professional net- to help as long as they see
in a word for me, but if you work is helpful in these situ- there’s effort from the other
feel comfortable doing that, ations. Check your LinkedIn person that they really want
I’d really appreciate it.” network for anyone with a this job,” he says.
 THE WALL STREET JOURNAL. Thursday, January 5, 2023 | A11

ARTS IN REVIEW
CULTURAL COMMENTARY

The Boss’s Boardwalk Outcasts

The now-iconic soulful rock ’n’ roller made his debut half a century ago with an album of New Jersey noir

A
BY MARC MYERS niversary reissue and hybrid Super
Audio CD. But in 1973, Mr. Spring-
t age 19, in 1969, Bruce steen’s brand of machine-gun sto-
Springsteen was a rytelling peppered with unmoored
homeless, self-described characters and seedy imagery was
“faux hippie” cast adrift radical. The album was mischarac-
in blue-collar Freehold, terized by critics as a cheap, bar-
N.J., an hour and a half band distillation of Bob Dylan,
south of New York. In his 2016 even though his nine songs today
memoir, “Born to Run,” he wrote seem more aligned with Jack Ker-
that he didn’t identify with the ouac’s Beat observations.
counterculture or conservatives, Mr. Springsteen’s rock ’n’ soul
and as a musician he wasn’t dis- style also didn’t fit an existing mu-
tracted by “drugs, booze or girls.” sic genre. War and Stevie Wonder
Rock, for Mr. Springsteen, was dominated the album chart on the
manual labor, and he believed that soul side while progressive-rock
a shot at success was possible only bands such as Jethro Tull and the
if he outworked everyone else. Moody Blues and folk-pop ballad-
What kept Mr. Springsteen eers James Taylor, Carly Simon,
grounded after his parents left Carole King and Neil Diamond
New Jersey for a better life in Cal- made up the balance.
ifornia was a guitar, dreams fed by Reviewing “Greetings” in Creem
Asbury Park gigs and the cast- magazine, Dave Marsh questioned
aways enshrined in his songs. Mr. Springsteen’s aesthetic: “His en-
Within three years, he would sign tire career is based upon a total dis-
with Columbia Records and pay regard for taste and control on the
tribute to the beach town on his most fundamental level.” Dan
first studio album. Nooger in the Village Voice piled
“Greetings From Asbury Park, on: “Much of the album seems to
N.J.,” released 50 years ago this stumble under the weight of its
month, initially did poorly. It did own supposed significance and ob-
not enter the Billboard album chart scures the fact that he has a strong
until two years later and peaked at innate feel for singing hard rock.”
No. 60, riding the coattails of his hit In Mr. Springsteen’s favor, how-
third LP, “Born to Run.” Two singles ever, was a sizable East Coast de-
were issued from “Greetings”— mographic of club-hoppers who
“Blinded by the Light” and “Spirit loved do-it-yourself rockers and
in the Night”—but neither charted. saw themselves in his songs. The
One of the album’s liabilities working-class blues that hung
was the absence of electric-guitar over coastal, suburban towns back

FROM TOP: MICHAEL OCHS ARCHIVES/GETTY IMAGES; ALAMY

solos. Instead, songs featured tor- then between New Jersey and Vir-
ginia was melancholy
but hopeful, buoyed by
the promise of sandy
summers, boardwalk
neon and the Atlantic
Ocean’s horizon.
Mr. Springsteen lived
those blues. Many of his
“Greetings” songs were
written on a piano in an
abandoned second-floor
beauty salon in Asbury
Park. Several of them, in-
cluding “Growin’ Up” and
“It’s Hard to Be a Saint
Bruce Springsteen circa 1973, above; his album ‘Greetings From Asbury Park, N.J.’ was released 50 years ago.
in the City,” won over
Columbia talent scout
John Hammond and label in the Flood” and “The Angel”— like that (sure it is).” is the surface treatment of song
president Clive Davis. are anguished, while the surging “For You” relates the story of a characters. We’re never given a
What’s most fasci- “Growin’ Up” addresses the strug- guy in love with a suicidal girl reason to root for nightcrawlers
nating about “Greet- gle to be oneself: “I was open to whose “life was one long emer- such as Crazy Janey, Wild Billy,
rents of lyrics and soul-inspired ings” is its earnest compassion for pain and crossed by the rain and I gency”: “Princess cards she sends Hazy Davy or Killer Joe, so they
lead vocals that many listeners free-wheeling losers. “Blinded by walked on a crooked crutch / I me with her regards / Barroom wind up as sideshow cutouts.
found hard to grasp and sing along the Light” celebrates the chrome- strolled all alone through a fallout eyes shine vacancy, to see her you Mr. Springsteen’s future was
to. Now, these once-perceived crazed energy of Jersey Shore zone and came out with my soul gotta look hard.” still uncertain on “Greetings,” al-
drawbacks give the Jersey-noir al- nights and aimless outcasts such untouched.” The album’s other uptempo lowing us to feel both his opti-
bum a nocturnal intimacy. as “little Early-Pearly,” “go-cart In one of two songs set in New songs best conjure the hair-in-the- mism and his vulnerability. In this
Over time, the hometown por- Mozart,” “some bloodshot forget- York, “Does This Bus Stop at 82nd wind spirit of the early 1970s. regard, the LP plays like a post-
traiture of “Greetings” has in- me-not” and “some silicone sister Street?” we see the city through “Blinded,” “Bus,” “Spirit in the card from his unsteady self.
spired artists such as John Mellen- with her manager’s mister.” There Mr. Springsteen’s eyes: “Wizard Night” and “Saint” all ring with
camp, Jon Bon Jovi and Melissa are no villains, only lost souls. imps and sweat sock pimps, inter- the sound of high-school hopes Mr. Myers is the author of
Etheridge. Later this year, Mobile The album’s three ballads— stellar mongrel nymphs / Rex said and the promise of Saturday “Anatomy of 55 More Songs”
Fidelity plans a 180-gram vinyl an- “Mary Queen of Arkansas,” “Lost that lady left him limp / Love’s nights. The LP’s only shortcoming (Grove Press).

OPERA REVIEW Sonya Yoncheva in mountain in Switzerland that faded

the title role of the into blackness for the denouement.

Hailing the New new production.

singers imbued their

spotlight moments
Ms. Reiffenstuel’s costumes were
always perfectly apt to the mo-
ment, be it somber or silly, from the
coachman’s huge fur coat and hat

Year at the Met with élan.

The party also fea-
tures a Chopin-esque
to Olga’s blue silk lounging pajamas
and the bloomers in which she sets
off on a bicycling adventure.
piano solo (performed “Fedora” was last staged at the
BY HEIDI WALESON by Bryan Wagorn, re- Met in the 1996-97 season as a ve-
to haunt the lovers in splendent in a long hicle for soprano Mirella Freni. It is
New York Act 3, in which they blond wig, as Olga’s symbolic of another age of opera

U
mberto Giordano’s “Fedora” have decamped to current paramour), production and attendance, when
(1898) proved to be perfect Switzerland. Things which cleverly accom- an unfamiliar title, featuring many
New Year’s Eve fare at the don’t end well. panies the Fedora-Lo- of the favorite musical and dra-
Metropolitan Opera on Saturday Ms. Yoncheva, ele- ris seduction. Other matic hallmarks of better-known
night. It’s relatively short; the creaky gantly swathed in notable soloists were turn-of-the-century Italian operas,
plot is melodrama rather than trag- sumptuous period Jeongcheol Cha, as could be slotted into the subscrip-
edy; there’s a party scene; and it’s a gowns by Brigitte Vladimir’s coachman tion season and please the audi-
splendid verismo showcase for the Reiffenstuel, managed Cirillo, offering halting, ence. Today, this production, even
right soprano—in this case, Sonya to make Fedora’s poignant testimony with its splendid cast and staging,
Yoncheva. David McVicar’s hand- questionable choices about the shooting, seems like something of a dinosaur.
some new production offered plenty persuasive. In Act I, and Luka Zylik, as a The Met recently announced that
of eye candy and kept the enter- she was every inch peasant boy, who sang it will increase the percentage of
tainment level high without cheesy the imperious aristo- a hauntingly dissonant contemporary titles in future sea-
overreach. With the early (6:30 crat, her imposing so- folk tune, accompanied sons, since new works like “Fire Shut
p.m.) curtain, the crowd could head prano declaring rap- by concertina, making Up in My Bones” and “The Hours”
out at 9 for their own festive din- turous adoration of a a striking contrast to have actually been outselling war-
ners and Champagne toasts after man who, it is clear, the volcanic emotional horses. Novelty matters, particularly
the heroine expired. she barely knows. explosions of Act 3. now that the company depends
Arturo Colautti’s libretto is based (We’ve already heard Mr. McVicar skill- heavily on single-ticket sales—sub-
on a play by Victorien Sardou, who his servants briskly fully balanced playful- scriptions have dropped to less than
also provided the source material for discussing his unsa- ness and histrionics. half of what they were two decades
Puccini’s “Tosca.” “Fedora” makes vory habits.) The se- Charles Edwards’s de- ago. The Met’s brand has always
less sense. The title character is a duction scene of Act 2 tailed set designs been grand traditional operatic enter-
Russian princess. In Act 1, which was perfectly manipulative, and her combined grandeur with sleight-of- tainment, performed for an audience
takes place in St. Petersburg, her fi- headlong tumble into passion, vigor- hand: Elements of each act’s set re- that returned every year to see many
ancé, Vladimir, is murdered, suppos- ously and idiomatically paced by
Umberto Giordano’s mained in the subsequent ones, re- of the same spectacles or related
edly by Nihilists (a violent political conductor Marco Armiliato, made 1898 ‘Fedora’ has minders that the past is never gone. ones, and willingly paid premium
group of the period), and she swears for a complete—and exciting—rever- The ghost of Vladimir also haunted prices. With that business model un-
to avenge him. In Act 2, at a grand sal. In Act 3, her voice turned lush
a creaky plot but an the production, both in his portrait, der heavy pressure, a pure diversion
party in Paris, she seduces the ac- and imploring as she begged for engaging score. hanging on a wall at stage left, and like this “Fedora”—if revived when it
cused killer, Count Loris Ipanoff, into forgiveness, a convincing prelude to in person. That physical ghost made is no longer New Year’s Eve and with
a confession. While Loris is off get- her inevitable suicide. for an effective staging of the a less starry cast—might well show
ting proof of justifiable homicide, Fe- As Loris, tenor Piotr Beczała had dreamy Act 2 Intermezzo, giving Fe- its C-list cracks. And in a repertory
dora dispatches a letter to St. Pe- less to do—he doesn’t even appear novelty. The Act 2 party took off dora and Vladimir—whom we never house that needs a lot of titles—23
tersburg condemning him. Loris until Act 2. His delivery was more with a merry waltz; later, the French see together alive—a mimed love this season—it’s hard to predict what
returns with a different letter (the stentorian than lyrical, which was diplomat Giovanni De Siriex (Lucas scene; Fedora’s subsequent switch to might take its place.
KEN HOWARD / MET OPERA

opera has quite a few) that proves particularly noticeable in the opera’s Meachem) and Fedora’s flirtatious Loris was thus all the more startling.
that Vladimir was having an affair brief hit tune, “Amor ti vieta,” but he cousin Olga (Rosa Feola) traded Adam Silverman’s atmospheric Ms. Waleson writes on opera for
with Loris’s wife and was marrying made a fine dramatic foil for Ms. teasing arias—he describes Russian lighting emphasized the different the Journal and is the author of
Fedora for her money. Shocked at Yoncheva. There were numerous women as tough Cossacks; she de- tones of the acts: The gloomy, “Mad Scenes and Exit Arias: The
these revelations, Fedora transfers other engaging musical moments as clares that French men are as heavy reds of Vladimir’s sitting Death of the New York City Opera
her affections to Loris. Alas, that well, since Giordano and Colautti ephemeral and headache-inducing as room in Russia; the breezy white and the Future of Opera in Amer-
letter to St. Petersburg will return laced the melodrama with fun and Veuve Clicquot Champagne. Both curtains in Paris; the bleached-out ica” (Metropolitan).
A12 | Thursday, January 5, 2023 THE WALL STREET JOURNAL.

SPORTS
The Mental Trauma Facing the NFL
BY ANDREW BEATON
AND LOUISE RADNOFSKY

A
s the NFL grapples with
the terrifying midgame
collapse and hospital- After Damar Hamlin’s collapse, the league must reckon with the impact on shaken players
ization of Buffalo Bills
safety Damar Hamlin,
it’s also confronting a rapidly evolv- The only time in modern history
ing sports landscape in which ath- that the NFL has nixed an entire
letes’ mental health has emerged as weekend of games was after the
a crucial issue. Sept. 11, 2001, terrorist attacks,
The 24-year-old Hamlin was when the league shuttered the fol-
showing “signs of improvement,” lowing weekend.
the team said Wednesday, but was In the day after Hamlin’s col-
still in critical condition in the in- lapse, the NFL Players Association
tensive care of a Cincinnati hospital and the league were already draw-
on Wednesday after making a ing attention to mental-health op-
tackle, standing up and then crum- tions available to players. The union
bling to the ground during Buffalo’s tweeted: “ALL players: please reach
marquee game against the Cincin- out if you need someone to talk to.
nati Bengals on Monday. Medical There are several resources avail-
personnel appeared to perform CPR able to you,” with a link to counsel-
before he was taken to the hospital ing options.
in an ambulance. He was in cardiac In a memo sent to teams Tues-
arrest and his heartbeat was re- day, commissioner Roger Goodell
stored on-site. said that each club had received in-
League officials on Wednesday formation about mental health and
declined to pin down a specific support resources available to play-
cause of the incident, but Dr. Allen ers and staff.
Sills, the league’s chief medical offi- One recent study, from 2019 in
cer, said a condition called commo- the British Journal of Sports Medi-
tio cordis—in which a sudden blunt cine, found that elite athletes may
force trauma to the chest affects suffer from higher rates of trauma-
the electrical system of the heart, related mental disorders, such as
causing an arrhythmia and cardiac post-traumatic stress disorder, than
arrest—“certainly is possible.” the general population. Recognizing
The dramatic scene involving these can be made more difficult by
Hamlin played out not just on na- athletes’ tendencies to mask symp-
tional television, but also directly in toms, the study said.
front of players from both teams Tre’Davious White, left, and Mitch Morse of the Buffalo Bills reacted after Damar Hamlin collapsed on Monday night. These topics, once virtually non-
who watched a peer receive emer- existent in sports, have been ush-
gency treatment in a life-or-death tions have been raised about when to perform, as well as the impact of tions to navigate and the league to ered to the front burner in recent
situation, seconds after he had been players—not just on the Bills and performing on their mental health. navigate,” said Goldman, who has years. Biles, the 2016 Olympic all-
doing what every one of them also Bengals, but all around the league— As a result, sports officials are been an embedded psychologist around champion, withdrew from
does for a living. Those on the field might feel comfortable proceeding increasingly being asked to treat with two NFL teams in the past. the team final mid-competition at
were visibly shaken by what they with the season. Some were on the athletes’ mental health on a par “This is not a simple solution of the Tokyo Games, citing a state of
saw, with some in tears. Players on field and witnessed what happened with their physical well-being. Troy suspend the season or force re-en- mind that prevented her from com-
opposing teams embraced and Bills first hand. Others could have seen it Vincent, the NFL’s executive vice gagement.” peting safely or effectively.
players gathered, kneeling in a on television and imagined them- president of football operations, de- Dr. Angel Brutus, a licensed pro- Biles then sat out defending her
prayer circle. selves in their colleague’s shoes. scribed what happened Monday as fessional counselor with the U.S. all-around title, and three other
The NFL said that the Bills-Ben- Talks about whether or not some “traumatic.” Olympic & Paralympic Committee, event finals for which she had qual-
gals game, which was stopped after NFL players will feel ready to play Dr. Scott Goldman, a psychologist said that letting athletes collec- ified, before eventually returning
the incident, will not be played by this weekend have started, and who works with professional sports tively make a decision of when to with a scaled-down performance to
“this week,” while league officials some have expressed a desire to teams, said the problem is particu- return—and respecting individuals win bronze on the balance beam.
added that there were various pos- have the games delayed. “That’s larly tricky because different people who didn’t want to—is one way to Such situations are less and less
sibilities for handling it. The league been a real conversation since last cope with trauma in different fash- address varied responses. unusual. Osaka withdrew from the
did not announce any changes to night and again this morning and ions. What’s best for one player “One of the tenets when it comes 2021 French Open, after citing her
the schedule for Week 18, which is now into tonight,” said NFL agent might not be optimal for another. to trauma response is, ‘Where is my distress in conducting news confer-
slated to begin Saturday. The Bills David Canter on Tuesday. Some, he said, might not be able sense of control?’” she said. “If ences that she said contributed to
have begun inching back to nor- Such concerns have rapidly risen to fathom playing when a fellow there is an opportunity to cultivate her anxiety. Philadelphia Eagles

DYLAN BUELL/GETTY IMAGES

malcy, saying on Wednesday that in the consciousness of both the player is in a dire situation. To oth- a sense of control…that in itself has tackle Lane Johnson sat out three
they would hold meetings and con- public and athletes in the past two ers, though, football may be a sanc- implications for the ability to de- games last season as he battled de-
duct a walk-through but not hold years. Superstars including gymnast tuary and a distraction they can crease angst.” pression. On Tuesday, the Univer-
media availability. Simone Biles and tennis player Na- turn to. Delaying or suspending this sity of Iowa’s men’s basketball team
The NFL must now reckon with omi Osaka have spoken frankly “I think this is going to be a re- weekend’s games in respect of said one of its starters and leading
the impact of this incident not just about the ways in which their men- ally complicated thing for the indi- Hamlin and players’ mental health scorers would be taking an indefi-
on Hamlin, but also his peers. Ques- tal health has affected their ability viduals to navigate, the organiza- would be an extraordinary measure. nite leave to address anxiety.

The WSJ Daily Crossword | Edited by Mike Shenk

1

14
2 3 4 5

15
6 7 8 9

16
10 11 12 13 12 Region of
northern
Israel
The Forces That Shaped
17 18 19
13 Spread
apart
Donovan Mitchell’s 71-Point Night
20 21 22 23 21 Mo. with a BY ROBERT O'CONNELL mances is notable. Through pointers in a game (which he
solstice 560 games, there have been did Monday night, making
24 25 26 27 22 Promote IN ONE SENSE, what Dono- 87 games in which a player seven).
van Mitchell accomplished scored 40 points or more, ac- Then, in 2018, the league
28 29 30 31 32 25 An arm and Monday night was truly rare. cording to Stats Perform. The emphasized rules to allow of-
a leg, say The Cleveland Cavaliers guard previous high through the fensive players greater “free-
33 34 35 36 37 29 Cheyenne scored 71 points in an over- same stretch of the season in dom of movement,” cutting
allies time win over the Chicago the era since the NBA’s down on the grabs and
38 39 40 Bulls, the most in one game merger with the ABA in 1976? nudges that had long made
30 NYSE since Kobe Bryant scored 81 61, set two years ago. up the dark arts of defenses.
41 42 43 44 45 46 47 48 watcher in 2006 and tied for the Basketball’s general scoring All of a sudden, players were
35 Reggae eighth-most in NBA history. boom began by way of both taking more valuable shots
49 50 51 52 53 precursor The list of players who scored inspiration and legislation. In while restrained by less con-
70 points in a game features the mid-2010s, the NBA fol- tact than ever.
54 55 56 57 37 “It’s Gonna just seven people, one of lowed the lead of Golden As offenses have accli-
Be Me” band whom—Wilt Chamberlain, State Warriors superstar Ste- mated themselves to the new
58 59 60 61 62 39 Afternoon still basketball’s statistical co- phen Curry and then-Houston scoring paradise, efficiency
affair lossus—did so six times. Rockets general manager has climbed almost annually.
63 64 65 66 “We were treated tonight Daryl Morey. The former This year, NBA teams’ 113.5
40 Red Cross to one of the greatest perfor- proved that the 3-pointer was points per 100 possessions—
67 68 69 class, briefly mances in the history of the as viable a superstar’s calling through Monday’s games—is
41 Crop for NBA,” Mitchell’s coach, J.B. card as the driving dunk, the the highest mark since pos-
70 71 72 cattle Bickerstaff, said after the latter demonstrated its use as session totals have been
game. a franchise-defining strategy. tracked.
42 Bucks In another sense, though, The resulting explosion It isn’t just stars who are
CROSSWALKS | By Jesse Goldberg 43 Short outing Mitchell’s outburst was sim- changed the game forever. contributing. The influx of op-
Across 28 Quartz and 55 Oscar Down ply the latest in a season of Mitchell, who was a senior at timized scorers includes role
46 Overdid it at
opal, e.g. winner buffed-up box scores. Six days Brewster Academy in New players, whose shooting skill
1 Viola range 1 Infomercial the buffet
with four before, the Dallas Mavericks’ Hampshire the year Curry can keep defenses from fixat-
5 “Peacemaker” 31 Cotton from #1 Billboard
urging 47 Nutty Luka Doncic had tallied a tri- won his first title, has never ing on drive-first scorers like
star John Arkansas, 2 NBC western confection ple-double of 60 points, 21 re- known a professional atmo- Antetokounmpo.
e.g.: Abbr. hits
of the early 48 Gap crossed bounds, 10 assists—a stat line sphere that frowned upon his In another era, a 50- or 60-
9 Hookah 57 Current 1960s without precedent. Three hoisting, say, 15 3- point night often suggested
cousins 32 Spot by impulses
setting 3 Betray fear days prior, the Milwaukee that a player had overruled
14 Outmoded 33 Become 51 Puzzle Bucks’ Giannis Antetokoun- Donovan his coaching staff or demoted
filled to 58 PC key 4 Laudatory
library 53 Dawn mpo had registered his sec- Mitchell his teammates, taking matters
overflowing 59 Shows of lines ond straight game with at scored 71 into his own hands. Now such
fixture goddess
34 In medias ___ respect 5 Military garb least 40 points and 20 re- points on performances get spoken of
15 Slept like ___ 56 Follower of bounds, becoming the first Jan. 2. in terms of optimization, not
36 Got 62 Copying 6 Zeal
16 Scads Jah player since 1982 to accom- ego. “It wasn’t just about him
something 63 Star of 7 Drifter
60 Equipment plish the feat. Just after scoring,” Bickerstaff said of
17 Timberland off one’s 1947’s “Law 8 Colorful Mitchell made his last two Mitchell after his 71-point
logo feature chest of the Lash” marbles 61 Brownie field-goal attempts on night. “He played the
18 2013 Jessica 9 Place for a Brick Road Monday night, a pair of complete game.”
38 Unlucky 65 Played for a
Chastain new delivery? brand 27-foot 3-pointers, Golden Mitchell’s game was
symbols, sucker
horror film four of 10 Physicist 64 Apache State’s Klay Thompson a montage of canny
66 Pace set to work on what new-age basketball. He
19 Drink order which can Georg allies
be found in 67 Curvy, would become his own capitalized on the space
20 Sibs and 11 Like the exit 66 Subject of 54-point total, in a in Chicago’s defense to
this puzzle crunchy
’rents, one should Tim Weiner’s double overtime win muscle in for layups,
chip
collectively 41 Makes leave through “Legacy of against the Atlanta drew enough fouls to
sense 68 They’re in a fire drill Ashes” Hawks. The next make 20 free-throws
21 Gives away not going night, Antetokounmpo and, when defenders
44 Germane places Previous Puzzle’s Solution
23 Narrow inlet S L O S H Y I E L D B A R
scored 55 in a win overcommitted to him,
45 Runs one’s 69 Charge O U N C E A C T O R A G E against the Washington Wiz- tossed alley-oops to his
24 Saunter mouth ards. teammates. Scoring wasn’t
carriers F L Y I N GW E D G E R U N
26 How 49 Long, in T U X N U N S A S B A D The NBA’s golden age of the only category in which
sensitive 70 Resort T E N S M A MM A scoring has lately stretched Mitchell led the Cavaliers; he
Hawaiian
KEN BLAZE/USA TODAY SPORTS

along the L A S E R S C A S T I R O N
subjects A L MA Y T A S K D I V A into an epoch; the league’s also handed out 11 assists.
should be 50 Seize Roaring Fork L I AM P O S T S G A I T collective offensive rating has Afterward, Mitchell joked
handled 52 Touchdown River A B L E O D E S H E N N A registered its seven highest that he’d previously pulled off
W I L DWO O D H A N S E L marks over the last seven a stat line like that only in
27 English preceder 71 Holders of P U R R S R O D S
spectacles C A R P E C A R A F B I
seasons. Even in that point- NBA 2K, the videogame se-
cathedral 54 Kingbird, for piling context, though, this ries. Then he mentioned one
A L I S A I L I N G C L U B
city one 72 Suit to ___ S S N T A L O N A D O R E season’s stretch of break- difference: “I don’t think I
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. H O T S A L T S S C E N T through individual perfor- did it this efficiently.”
THE WALL STREET JOURNAL. Thursday, January 5, 2023 | A13

OPINION
Putin, Xi and One Dead Pope BOOKSHELF | By Mark G. Spencer

A big story
the past year
has been the
Russia. Pope Benedict’s
immediate predecessor
and good friend, Pope
characterized him repeat-
edly as a “conservative,”
which at best consigns him
At the Start
firming alli-
ance between
the world’s
John Paul II, had Ronald
Reagan, Margaret
Thatcher and a small army
to just another voice in the
political tumult. This is a
disservice to Benedict’s
Of the Spread

FRANK HOERMANN/SVEN SIMON/ZUMA PRESS

two leading of pro-Western intellectu- own intentions.
WONDER
autocrats, als as allies in his battle As a German cardinal,
LAND
Russia’s Vladi- with the ideology of So- Joseph Ratzinger argued
The Contagion of Liberty
By Daniel
mir Putin and viet communism. Their that by itself secularism, By Andrew M. Wehrman
Henninger
China’s Xi Jin- only like today is Ukraine’s or reason, was inadequate (Johns Hopkins, 401 pages, $32)

I
ping, predi- Volodymyr Zelensky. to sustain intact social
cated on their conclusion that Moreover, the challenge structures. He summa- n November 1736, Francis Franklin—Benjamin Franklin’s
the West is in terminal decline. from China and Russia is rized these views as pope beloved 4-year-old son—fell ill with smallpox and soon
Fortuitously, the world has just discussed mostly in mili- in his 2009 encyclical let- died. Philadelphia at the time was in the midst of an
lost its most relevant analyst tary and economic terms. ter, “Caritas in Veritate” epidemic, and the Franklins’ painful ordeal was one of an
of the presumption that the Ukraine’s defense against (Love in Truth). Secular- estimated 100,000 similar tragedies that played out in 18th-
West is finished—Pope Emeri- the Putin invasion is about ism, he argued, will fail century America. In “The Contagion of Liberty,” Andrew
tus Benedict XVI. transfers of military hard- Pope Benedict XVI without the ballast of reli- Wehrman weaves together dozens of individual stories and
Benedict’s funeral is Thurs- ware and economic sanc- gion, or faith: their layered historical contexts to provide a fascinating
day, and what we should not tions on Russia. Despite a new and devotion to one’s mother- “Reason and faith can come account of smallpox in America, from colonial times through
do is let him pass into history. consensus that Mr. Xi has land.” Mr. Putin’s traditional- to each other’s assistance. the early republic.
He was a man for our season. made China an aggressor na- ism, of course, is meretricious. Only together will they save Smallpox was one of the 18th century’s most feared
It would be insulting to the tion, most thinking is about It’s about power. man. Entranced by an exclu- diseases, affecting cities around the world and ravaging early
seriousness of Benedict’s criti- economic disentanglement and At the Communist Party’s sive reliance on technology, American urban centers in recurring waves. Those who were
cism of Western culture to say funding a long-delayed defense 20th National Congress in Oc- reason without faith is infected developed high fevers, body aches and painful pocks
he shared the views of Messrs. in the Pacific region. tober, Mr. Xi asserted that doomed to flounder in an illu- filled, Mr. Wehrman writes, “with a viscous milk-white
Putin and Xi, whose ideas But this underestimates the “scientific socialism is brim- sion of its own omnipotence. pustular fluid that could soak clothing and bedsheets with
about the West’s moral decline stakes as Messrs. Putin and Xi ming with renewed vitality in Faith without reason risks be- infectious material.” Forming beneath the skin, the pocks
see them. For them, this proj- 21st-century China. Chinese ing cut off from everyday could number in the thousands, often concentrating on the
ect isn’t only about specialists modernization offers humanity life.” face, hands and feet, inflaming nerve endings before erupting
Russia and China analyzing military and eco- a new choice for achieving Messrs. Putin and Xi want through the skin’s surface. The disease, highly contagious
nomic capacities. It’s about modernization.” That new to wear us down from the out- before and after the onset of visible signs of infection, was
want to replace the fundamental belief systems. As choice, evident from Chinese side in. But one may also ask, also deadly. Mortality rates
West. Benedict such, this is likely to be a long- daily life, includes each per- Why should we do it to our- ranged from 10% to 30%.
term struggle that runs be- son’s willingness to surrender selves? Look at the internal How best to control the
wanted to save it. yond the battles over Ukraine to the state an array of long- destabilization under way disease was an urgent
or Taiwan. assumed freedoms—of opin- from social pathologies and question. If first-level defenses
Their conclusion is that the ion, speech and privacy. disconnectedness. Secularism —targeted quarantines and
merely support strategies of West’s populations have be- Whether Russia and China by itself provides no brake on mobility restrictions—didn’t
cynical opportunism. Russian come morally soft and politi- will “win” this competition is bad choices. work, entire towns and cities
bots feed destructive garbage cally disconnected from any debatable. What’s not disput- This writer’s longstanding were locked down, disrupting
into the West’s social-media firm belief in the liberal demo- able is their belief that they solution to reducing the coun- daily life and devastating
ecosystem, which is also the cratic values that won two have the will to displace the try’s problems has been: Go to commerce. It was known that
reason U.S. national-security world wars and helped the West’s values with their own. church on the weekend. Learn smallpox survivors gained
specialists—like many par- West rise to economic and cul- As pope, Benedict was that in fact, you’re not No. 1 lifelong immunity; in 17th-
ents—believe the TikTok plat- tural dominance. Messrs. Putin acutely aware of China’s and not alone. century Europe, a procedure of
form is being used by China’s and Xi think the Western belief threat to these values. Speak- It has become unfashion- inoculation had emerged that
leadership as a force multiplier system is vulnerable now and ing on Christmas Eve 2010 able, if not forbidden, to talk involved taking a small amount
of cultural erosion. replaceable. from his window on St. Peter’s about religious belief in the of pus from an infected person
Benedict, by contrast, des- “The moral, historical truth Square, Benedict urged the context of public life. The “reli- and injecting it into a healthy person’s arm. If successful, the
perately wanted to save the is on our side,” Mr. Putin said “faithful of the church in gious right” and all that. But procedure would produce a mild case of the disease from
West and the Judeo-Christian in his New Year’s address. mainland China” not to “lose perhaps the moment is right to which the patient would survive, immunity intact. But things
tradition to which he had de- “This is the year,” he said, that heart through the limitations revive Benedict’s argument for could and did go wrong. The freshly inoculated were them-
voted his life. “showed that there is no higher imposed on their freedom of religion’s proper role in orga- selves contagious and posed a grave danger to the community.
It may seem quixotic to en- power than love for one’s fam- religion and conscience.” nizing a coherent, self-confi- Some patients died. Was inoculation advisable? Was it a
list a deceased pope for the ily and friends, loyalty to Obituaries of Benedict, while dent society, or nation. private affair? A civic responsibility? Hot-tempered debates
competition with China and friends and comrades-in-arms, respectful, have nonetheless Write henninger@wsj.com. raged in town meetings and newspapers. Some considered
inoculation insufficiently justified by the scientific evidence.
Others believed that surviving smallpox was best left to

I Got 2022 Mostly Right. Now on to 2023! God’s will.

Many assumed that Franklin’s son had died from inocu-
lation. Days before Christmas 1736, Franklin—an inoculation
By Karl Rove Dog,” and “Succession” won its World Cup. Norway—not the in college admissions. The S&P supporter—explained in a short note, printed at the foot of

T
second Outstanding Drama Se- U.S.—won the most Winter 500 rises in 2023. The House his own Pennsylvania Gazette’s last page, that Francis’s death
ime for the annual re- ries Emmy. Olympic medals. inquiry into Hunter Biden was not evidence against inoculation. The truth was that
view of my 2022 predic- I was right on three of four What do I think 2023 holds? damages him but not his fa- the boy had contracted the disease naturally. Franklin had
tions, followed by Jan. 6 items. Hundreds of de- Ukraine keeps making gains ther. Oversight hearings on the intended to have his son inoculated but had not done so in
prophecies for 2023. Here are fendants charged for the Capi- on the battlefield, but doesn’t border, Afghan withdrawal and time. Later, in his autobiography, he wrote: “I long regretted
the 23 correct and eight wrong tol assault pleaded guilty or restore its Feb. 23, 2022, bor- Covid prove big problems for bitterly, and still regret that I had not given [smallpox] to
picks that gave me a 74.2% were convicted; few were ac- ders. The West provides criti- the White House. Homeland him by inoculation.”
success rate for last year. quitted. The Supreme Court al- cal military and economic aid, Security Secretary Alejandro Americans developed their own techniques of inoculation.
First, things I got right. Re- lowed the release of President though with growing domestic Mayorkas departs this year. Dr. Adam Thomson of Philadelphia and Dr. George Muirson
publicans took the House with Trump’s Jan. 6 documents. The controversy. Vladimir Putin The House passes most of of New York, for instance, each claimed separately to have
fewer seats than the post- House investigating committee throws in more men and re- the 12 required appropriations invented the American method of including mercury in the
World War II average (way found that groups planned vio- sources, inflicting more vio- bills before the next fiscal year. inoculation process. John Adams complained of his 1764
less). Democrats gained gover- lence for that day. But it lence on the outnumbered The debt ceiling gets raised, inoculation that the mercury levels were so high it loosened
norships, but the Republican wasn’t established that the but it’s ugly. The U.S. avoids a his teeth. The new procedure had another side-effect: Its
advantage in state legislative Willard Hotel Trump command recession but has at least one higher cost made it too expensive for many.
seats grew. GOP secretary of post knew that. I missed on Roe v. negative quarter. By December, Communities struggled with how best to deal with all of
state candidates in Arizona, My really, really bad call nearly two-thirds of Americans this. In Boston, there were government-led efforts to provide
Michigan and Nevada (all was Roe v. Wade. The Supreme Wade but correctly believe the country is on the universal inoculation. In Norfolk, Va., an “informed citizenry”
Trump-endorsed election de- Court didn’t weaken the rul- called the NBA and wrong track. Prices rise faster reacted violently to elective private inoculations, favoring a
niers) lost. President Biden’s ing; it overturned it. Yet while than wages. Abortion becomes system that would require community approval. In Marble-
approval rating at year’s end abortion rights dominated the House majority. a bigger Republican headache head and Salem, Mass., debates about inoculation hospitals
was under 45%. Democratic messaging, it re- as demands from the base grow intertwined with discussions of freedom in a nascent
I was right on inflation ris- mained a minor advantage. Ev- for no abortions, no exceptions. revolutionary movement.
ing faster than wages. Growth ery GOP governor who re- Ukrainians. Despite the imbal- My heart screams TCU but
softened from 2021’s 5.9% to cently signed strong pro-life ance of forces, Russia doesn’t my head says Georgia. The
an estimated 1.9%. Unemploy- bills won re-election—in Flor- prevail. China suffers an explo- Bruins take the Stanley Cup. The march toward revolution in America
ment was 3.7% in November, ida, Georgia, Ohio and Texas. sion of Covid cases and deaths. Tom Brady plays his last game coincided with a smallpox epidemic. True freedom
the last data released from the Meanwhile, the only Demo- Beijing also steps up pressure for Tampa as the Buccaneers
year, lower than last Novem- cratic governor who lost, Ne- on Taiwan but doesn’t invade. exit the playoffs. Luka Dončić now meant freedom from disease as well.
ber’s 4.2%. Covid persists but, vada’s Steve Sisolak, based his Europe becomes more friendly wins NBA MVP. Before the All-
even with more variants, is a campaign on abortion rights. to nuclear and hydrocarbon Star break, LeBron passes Kar-
less significant issue. Public- But Democrats were helped in energy. eem to become all-time scor- The contest over smallpox didn’t end with the onset of the
school enrollment remains be- states with abortion referen- Mr. Biden declares that he’s ing leader. Steven Spielberg, Revolutionary War. George Washington—who had contracted
low pre-pandemic levels. dums, like Michigan. running for re-election. A sig- Colin Farrell and Cate Blanch- smallpox while traveling in Barbados as a 19-year-old—was
Russia failed to subjugate There were other predictions nificant Democrat realizes the ett win Academy Awards. Tay- at first “an inoculation skeptic,” Mr. Wehrman tells us. He re-
Ukraine. China and North Ko- that didn’t pan out. Hobbled by danger this represents and, à lor Swift grabs the Grammy for sisted wide-scale inoculation of his army, fearing “an uncon-
rea increased hostile actions: bad candidates, Republicans la Ted Kennedy 1980, runs. The Album of the Year. trollable epidemic.” But by February 1777, having come to see
China against Taiwan and Kim didn’t flip the Senate. The per- Republican field is a fraction of We’ll see in 12 months how things differently, he issued an inoculation order. That about-
Jong Un against everyone. Lula centage of Americans saying 2016’s 17 candidates—no more accurately I’ve described Mil- face, submits Mr. Wehrman, came only after Washington’s
was elected Brazil’s president the country is on the right track than six significant GOP candi- ton’s “never-ending flight of soldiers, officers and doctors demanded it. Still, “once
again. didn’t improve; it remained at dates are standing by year’s future days.” Washington fully committed to inoculation, he never again
Mike Tirico replaced Al Mi- 30% at year’s end. Inflation end. Mr. Trump’s numbers de- wavered.” His actions “signaled that the leadership of this
chaels on “Sunday Night Foot- didn’t decline from last year’s cline through the year. Mr. Bi- Mr. Rove helped organize new country would answer to its people.”
ball.” Mr. Michaels then landed 6.8% annual rate in November, den’s approval number ends the political-action committee The American Revolution’s historians, Mr. Wehrman writes,
at “Thursday Night Football.” but instead rose to 7.1%. Geor- 2023 below 45%. American Crossroads and is “have generally preferred to see the Revolution without its
Golden State became NBA gia beat Alabama to become Nancy Pelosi leaves Con- author of “The Triumph of Wil- smallpox scars.” A fuller picture shows that “widespread
champions. Jane Campion won college football champs. Argen- gress this year. The Supreme liam McKinley” (Simon & acceptance of inoculation had been forged in the same fire as
best director for “Power of the tina—not Brazil—took the Court ends racial preferences Schuster, 2015). the Revolution, steeped in its language, and animated by the
same popular political participation.” It also shows that for
African-Americans, who were by and large denied access to

God and Math at Dinner inoculation, “their pursuit of freedom required them to brave
fast-spreading natural smallpox.” They died by the thousands
in what Mr. Wehrman labels “the most ghastly tragedy of
By Mike Kerrigan counterintuitive to his old “I suppose,” Joe answered, a shotgun shack in heaven’s the American Revolution.”

I
man. checking my catechism outermost borough was good In 1799, news of Edward Jenner’s cowpox vaccination for
n “Orthodoxy,” his master- He said that between inte- against his set theory. Then he enough for a sinner like me. smallpox arrived in America. Jenner’s method eliminated the
piece of Christian apolo- gers—say, 1 and 2—there are said something even trippier. Joe concurred, and when he need for isolating the vaccinated, since they were not con-
getics, G.K. Chesterton ob- infinitely many real numbers, Although whole numbers can did, I was relieved. To Ches- tagious. Silencing many of the objections associated with
served something interesting like 1.1 and 1.265. Such think- be listed out to infinity, the terton, the madman “is not inoculation, vaccination spread in postrevolutionary America
about bards and rationalists: ing scared me straight into law hypothetical list of real num- the man who has lost his rea- “as a private salvation sold by physicians to individuals
“The poet only asks to get his bers is necessarily larger than son” but “the man who has willing to pay for it.” But, Mr. Wehrman writes, those 19th-
head into the heavens. It is the hypothetical list of whole lost everything except his rea- century developments ought not obscure the fact that “the
the logician who seeks to get My son explains why numbers. Not all infinities are son.” Our conversation as- Revolutionary War was won only by conquering smallpox
the heavens into his head. And some infinities are equal. sured me that Joe had ample first” and that doing so was a communal effort.
it is his head that splits.” Infinity and infinity-plus? stores of wonder. He was sim- Mr. Wehrman, an associate professor of history at Central
I shared this observation greater than others. Had that notion entered my ply seeing God in the math, as Michigan University, has produced a deeply researched and
with my eldest son, Joe, early mind in college, I’d have re- I see the math in God. gracefully written volume. The title of his book plays on the
in his college career, when he clined in darkness with a cold It was a delightful dinner phrase by the historian Bernard Bailyn, who wrote that the
told me he’d declared math as school at his age, yet somehow compress on my head. I didn’t between a father and his son. Revolution originated in, and then thrived on, the “contagion
a major. Chesterton’s warning I grasped it now, if only con- get the underlying math but, And when the check came, of liberty.” For Mr. Wehrman, there remains unfinished busi-
wasn’t against using logic, ceptually. “Like the Incarna- thinking I understood the perhaps proud of the numeri- ness. “The American Revolution,” he writes, “will only be
only embracing it to the exclu- tion,” I offered. An instance of broader concept, parried with cal proficiency I’d shown, Joe achieved with equality in health, and that requires an ongoing,
sion of all else. The topic the Creator, while remaining another analogy: “Like higher graciously let me pay. all-in public effort to spread the contagion of liberty.”
came up again recently over fully God and fully man, enter- and lower degrees of heavenly
dinner when Joe, now a se- ing into his creation: the infi- perfection.” Mr. Kerrigan is an attorney Mr. Spencer, a professor of history at Brock University, is the
nior, explained something nite bounded by the finite. Long ago I’d accepted how in Charlotte, N.C. author of “David Hume and Eighteenth-Century America.”
A14 | Thursday, January 5, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Who’s Crazy Enough to Be Speaker? George Santos and All That Is Wrong in D.C.

W
e were taught to believe that all jobs chance to win, but he does now have a higher Regarding Peggy Noonan’s column be arrogant, condescending and
have dignity, but on second thought name ID. “Why George Santos’s Lies Matter” largely unapologetic. Mr. Santos
(Declarations, Dec. 31): Where do you rightly claims that other politicians
there is serving as Speaker of a Re- At this point all of this isn’t so much about Mr.
draw the line—Mr. Santos must go lie, most egregiously Mr. Biden, but a
publican-controlled House of McCarthy as about whether he but Elizabeth Warren and Richard line must be drawn somewhere, and
Representatives. After two You can’t lead a majority or anyone else could lead a co- Blumenthal can stay? Is it because Mr. Santos’s behavior is too offensive
days of intra-GOP stalemate that would rather herent majority for the next Sens. Warren and Blumenthal each to be excused.
over electing Kevin McCarthy, two years. Mr. McCarthy has al- told one big lie, whereas Rep.-elect Mr. Santos is the poster child for
our main question is why the be in the minority. ready conceded that a mere Santos told 15? Well, President Biden what is wrong with our politics. He
California Congressman still five Members will be able to told 300, but I guess his didn’t in- should be stripped of his office and
wants the job? move to vacate the Chair and clude claiming he was Jewish. Let’s sent to political purgatory as an ex-
For that matter, why would anyone want it? put his Speakership in jeopardy. Any small faction also not forget all the government of- ample to current and future candi-
It’s true the Speaker is third in line to be Presi- could hold him hostage at any time. ficials who lied about or covered up dates of both parties. As for the “big
dent, you get your name in the history books If Mr. McCarthy bows out, there are other information on Russiagate and guy”? Perhaps his lies will catch up
Hunter Biden’s laptop. with him in 2024.
and your portrait hung in the Capitol, and you Republicans who might be able to get 218
I think what Mr. Santos has said is PETER DODGE
can sit and applaud uncomfortably behind Pres- votes for Speaker, but why would they want disgraceful, but integrity has one St. Augustine, Fla.
ident Biden during his next two State of the the job? Does Steve Scalise, the No. 2 House meaning, and you don’t have it if you
Union addresses. Other than that, there’s not Republican, want to spend two years listening tell one lie or 300. Many people who voted for Mr.
much to recommend the job. to ultimatums from Colorado Rep. Lauren Boe- GLENDA STEPHENS Santos want him removed from of-
That was true for John Boehner, who became bert? Wisconsin Rep. Michael Gallagher gave Burke, Va. fice. The people who should be fired,
Speaker in 2011 but was ousted in 2015 by a a spirited nominating speech for Mr. McCar- however, are the opposition research-
rump GOP faction after he failed to show thy on Wednesday and is widely respected, Mr. Santos is kryptonite to the Re- ers for Democratic candidate Robert
enough enthusiasm for futile political gestures. but he can accomplish much more leading the publican Party. Allowing his assault Zimmerman, who lost to Mr. Santos
Paul Ryan took over and was able to push Select Committee on China that Republicans on truth will harm the entire party’s in November.
credibility. His interview with Tulsi HELMUTH W. TRIESHMANN JR.
through the 2017 tax reform, among other are setting up.
Gabbard on Fox News showed him to Newport News, Va.
things, but he left after 2018 rather than have The problem any GOP leader faces today is
to deal with the growing Crank Caucus. that too many Republicans don’t really want to
Mr. McCarthy lost three more floor votes on hold and keep political power. They’re much
Wednesday, as 20 Republicans refused to budge more comfortable in opposition in the minority,
despite being outvoted 10 to 1 by their col- which is easier because no hard decisions or
Misdiagnosis Meets Overdiagnosis in the ER
leagues. The rebels without a plausible alterna- compromises are necessary. You can rage against In a criticizing a recent peer-re- mated in primary care (0.1%) and
tive candidate first nominated Arizona Rep. “the swamp” without having to do anything to viewed government report that sum- inpatient care (0.4%), as expected.
Andy Biggs, who had received only 31 votes in change it. This is the fundamental and sorry marizes 279 studies on emergency- PROF. DAVID NEWMAN-TOKER, M.D.
November in the contest with Mr. McCarthy to truth behind the Speaker spectacle and the per- room misdiagnosis (“A Study Sounds PROF. KAREN ROBINSON
become GOP leader. He’d lose a race against a formative GOP politics of recent years. a False Alarm About America’s Emer- Johns Hopkins University
gency Rooms,” op-ed, Dec. 30), Dr. Baltimore
Capitol parking-lot attendant. It’s sorrier still because the country desper-
Kristen Panthagani focuses on only
The rebels then nominated Ohio Rep. Jim ately needs an effective check on the excesses one of the report’s findings: the esti- The basic flaw isn’t misdiagnosis
Jordan, who doesn’t want the job and endorsed of the progressive left that dominates today’s mate of 250,000 U.S. deaths a year but overdiagnosis. Until recently, the
Mr. McCarthy. Then they nominated Florida Democratic Party. That’s what voters said when from ER diagnostic errors. She as- ER was a place to rule out life-threat-
Rep. Byron Donalds, a second-termer who voted they gave Republicans the House majority, serts that “the estimate was derived ening situations, then discharge pa-
for Mr. McCarthy on the initial vote. He has no which they seem intent on squandering. from a single study” in which “one tients to the appropriate provider. In
person unexpectedly died related to a the age of Big Medicine, this is no
delay in diagnosis” in 2004. She longer the rule. Further, Medicare and
Biden Snookers Joe Manchin Again claims the report “misused this single
death to estimate a death rate.”
Medicaid penalize hospitals for read-
mitting patients within 30 days of

D
id President Biden take Joe Manchin luxury cars claimed they were jilted. As the report’s lead authors, we can discharge. This motivates ERs to think
attest that this misrepresents our twice before releasing anyone.
for another ride? The West Virginia Enter Treasury, which last week issued guid-
methods. We triangulated data from Fear of misdiagnosis causes many
Senator insisted on numerous condi- ance that would help automakers circumvent multiple sources to validate the 0.2% ER physicians to defer making any di-
tions for the $7,500 electric the restrictions by letting EVs death rate before extrapolating nation- agnosis at all and admit patients who
vehicle tax credit in the Infla- Treasury’s guidance on leased to consumers qualify as ally. We analyzed two high-quality can be served better as outpatients.
tion Reduction Act (IRA). Now EV subsidies ignores the “commercial clean vehicles,” studies that corroborate a 0.2% to 0.3% Instead, these physicians do work-up
the Treasury Department is which don’t include North death rate. We showed that the 0.2% to rule out many possible, although
doing an end-run to let more Senator’s policy limits. American manufacturing, ma- rate corresponds to 6.7% of ER-associ- unlikely, conditions, until something
Americans and EVs qualify. terial sourcing, income or ated deaths being due to diagnostic er- abnormal is found. Then even more
Mr. Manchin last spring ar- price restrictions. ror, which matches findings from au- tests and consultations follow.
gued that the government shouldn’t subsidize The IRA’s commercial EV tax credit was in- topsy studies. We also confirmed that During hospitalization, patients are
the estimated serious-harm rate of denied their usual routine and often
Americans to buy EVs, especially since some tended for the likes of Amazon, UPS and con-
0.3% is compatible with disease-spe- become weaker and sicker. So, even
models have waiting lists. But he later surren- tractors. But under Treasury’s interpretation, cific misdiagnosis-related harm rates when nothing significant is found after
dered and cut a deal with Senate Majority a BMW i7 (retail price: $119,300) leased to a synthesized in the report (0.2% to 0.5% weeks, the elderly patient may require
Leader Chuck Schumer to prevent the well-to- consumer would qualify for the commercial ve- for the most common symptoms, more time in rehabilitation. All this
do from pocketing the tax credit and boost U.S. hicle credit whether or not it is used by a busi- based on millions of U.S. ER visits). defensive medicine costs billions and
auto manufacturing. ness. Ditto other EVs no matter their cost or Diagnostic errors aren’t unique to results in overdiagnoses even as misdi-
The IRA’s modified $7,500 tax credit, which where they’re made. the ER setting. The ER serious-misdi- agnoses appear to have become rarer.
takes effect this year, includes new price limits An Experian report last February estimated agnosis-related harm rate we esti- JONATHAN L. FOX, M.D.
($80,000 for vans, SUVs and pickups and that about 28% of new EVs are leased. Many EV mated, 0.3%, lies between rates esti- Northfield, N.J.
$55,000 for sedans) and income caps ($150,000 drivers prefer leases because they expect bat-
for singles and $300,000 for married couples). tery technology to improve and their resale
It is also restricted to EVs assembled in North value to fall quickly. Treasury’s guidance will Can We Still Teach Southwest in B-School?
America. encourage dealers to lease EVs instead of sell- For decades, business schools have west resiliency. That Southwest’s op-
Half of the credit ($3,750) is tied to an in- ing them, and customers may find lease financ- used Southwest Airlines as a case erations collapsed during the Christ-
creasing share of EV battery components being ing more attractive. study in corporate-strategy classes mas storm when other airlines
made in North America, and the other half to All of this is a bait-and-switch on Mr. Man- (“Pete Buttigieg, Air Traffic Control- recovered quickly is shocking. The
its minerals being extracted or processed in the chin. Treasury’s guidance “bends to the desires ler,” Review & Outlook, Dec. 29). The company has none of the complexity
U.S. or countries with which the U.S. has a free- of the companies looking for loopholes and is company’s use of a single aircraft, the of its major competitors in fleet, crew
trade agreement. Under the law as written, few clearly inconsistent with the intent of the law,” Boeing 737, and its point-to-point net- or route. Perhaps we should teach the
EV models are expected to qualify for even half Mr. Manchin said last Thursday, adding that he work structure gave it cost and opera- case of Southwest in leadership
of the credit in coming years. plans to introduce legislation that “clarifies the tional advantages that drove growth classes instead, because surely this is
Cue the screams from the auto industry. original intent of the law and prevents this dan- and profitability. Southwest also es- a leadership failure of the first order.
chewed complicated network alliances PROF. MICHAEL WEEKS
Foreign auto makers and governments com- gerous interpretation from Treasury from mov-
and, until recently, international The Citadel, Baker School of Business
plained the law discriminated against them. ing forward.” routes. In principle, any Southwest Charleston, S.C.
European leaders have threatened to file a Good luck rounding up Democratic votes. As crew member should be able to oper-
complaint with the World Trade Organization. much as Mr. Manchin doesn’t want to admit it, ate any aircraft on any route.
U.S. auto makers warned the restrictions he bought a lemon when he voted for the IRA This structure should give South- Putin’s War in Ukraine and
would dampen demand. EV start-ups selling and now Americans are stuck with it.
The ‘Conversion of Russia’
This Slope Really Is Slippery Regarding Tunku Varadarajan’s
The Quest to Re-Educate Jordan Peterson In “MAID in Canada: What’s Be-
“The Patriarch Behind Vladimir Putin”
(Houses of Worship, Dec. 30): In my

Y
hind the Euthanasia Scandal?” (op-
ou would think Canadians had learned to a Sports Illustrated swimsuit cover of a plus- youth in the 1950s, I was often an al-
ed, Dec. 31), Chris Selley writes,
tar boy at a Roman Catholic Mass.
by now not to tell Jordan Peterson what size model: “Sorry. Not Beautiful. And no amount “There is no telling where it might
When the priest would announce that
to say. The psychology professor be- of authoritarian tolerance is going to change end.” In the U.S., we know where it
the last prayer was for the “conver-
came an internet sensation in that.” In Canada even offenses ends. It goes from “safe, legal and
sion of Russia,” I thought there was
2016 after arguing that Cana- For speaking his mind, begin with “sorry.” rare” to “anyone, anytime and for any
no way it would ever happen. It was
dian legislation amounted to “The impact risk in this case reason,” paid for by taxpayers and in-
the psychologist could is significant,” way too big an ask, even for God.
volving physicians irrespective of
“compelled speech” on gender the panel found, Lo and behold, it happened, ac-
their ethical or religious beliefs.
pronouns. Now the College of lose his license. because the comments “may KURT NEUMANN, M.D.
cording to Cyril Hovorun, an Ortho-
Psychologists of Ontario is de- cause harm.” It counseled Mr. dox monk and former private secre-
Bloomfield, Mich.
manding that Mr. Peterson ac- Peterson that coaching would tary and theological counselor to
knowledge he “lacked professionalism” in pub- help “mitigate any risks to the public.” The Col- Patriarch Kirill, head of the Russian
Orthodox Church. Mr. Hovorun claims
lic statements and undergo a “coaching lege of Psychologists declined to comment on
program” of remedial education. the case, citing confidentiality.
Taxes and Our Patriotic Duty that Mr. Putin and his ilk now “have
the mentality of crusaders, for whom
Maybe the new commissars missed Mr. Pe- Mr. Peterson responded sensibly: “Who ex- Politicians should recall the ruling
Ukraine is their Jerusalem.”
terson’s videos praising Aleksandr Solzheni- actly was harmed, how, when, to what degree, of Justice Learned Hand (“How Con-
I suppose God heard our prayers
tsyn, the man who said: “Live not by lies.” Mr. and how was that harm measured”? He says gress Cut Trump’s Taxes” by Jay Stark-
from 70 years ago. But I also now see
man, op-ed, Dec. 29): “Any one may so
Peterson won’t comply, and he says he’ll now there have been about a dozen formal com- how God acts in strange ways.
arrange his affairs that his taxes shall
face a disciplinary committee that could revoke plaints since 2017, each one demanding a formal be as low as possible; he is not bound
LAWRENCE G. KARCH
his license to practice. reply. One complainant cited Mr. Peterson’s Gainesville, Va.
to choose that pattern which will best
The College of Psychologists, the profession’s Twitter response to a critic worried about over- pay the Treasury; there is not even a
governing body in Ontario, appointed an investi- population: “You’re free to leave at any point.” patriotic duty to increase one’s taxes.”
gator in March to examine complaints about Mr. Mr. Peterson thinks the investigations aren’t NAFTALI REICH
Pepper ...
Peterson’s comments on Twitter and the popular about mitigating harm but preventing free ex- Lakewood, N.J. And Salt
Joe Rogan podcast. On Nov. 22, the College’s pression, and that “the process is the punish- THE WALL STREET JOURNAL
panel released a decision. Per images provided ment,” giving online detractors an effective way
by Mr. Peterson, the panel ruled: “The comments to badger him. CORRECTION
at issue appear to undermine the public trust in Professional bodies are supposed to ensure
the profession as a whole, and raise questions that practitioners are competent, not enforce The Centers for Disease Control
about your ability to carry out your responsibili- political orthodoxies or act as language police and Prevention estimates that three-
ties as a psychologist.” outside the office. But that’s the trend in West- quarters of Covid virus circulating in
What are these comments? Calling Elliot ern medical associations and beyond. The Law Northeastern states is the XBB strain.
Page, the transgender actor, by his former Society of Ontario had pushed a mandatory di- This statistic was mischaracterized in
the Jan. 3 Life Science column.
name, “Ellen,” and the pronoun “her,” on Twit- versity pledge for all lawyers until a members’
ter. Calling an adviser to Prime Minister Justin revolt took over the board and nixed the pledge
Letters intended for publication should
Trudeau a “prik.” A sarcastic crack at anti- in 2019. At the time, an Ontario lawyer objected be emailed to wsj.ltrs@wsj.com. Please
growth environmentalists for not caring that to the “ever-expanding mission to socially engi- include your city, state and telephone
their energy policies lead to more deaths of neer the profession.” number. All letters are subject to
poor Third World children. Sounds like an issue of id, ego and superego. editing, and unpublished letters cannot
be acknowledged.
Calling a former client “vindictive.” Objecting You could ask a psychologist about it. “Ready for the meeting?”
THE WALL STREET JOURNAL. Thursday, January 5, 2023 | A15

OPINION

The Tragedy How to Take the Twitter Files to Court

Of Kevin By Jed Rubenfeld violated the First Amendment

E
rights of listeners as well as
McCarthy lon Musk says the
Twitter Files prove a
speakers regardless of whether
the government was involved
profound and sys- in a particular individual’s be-
By Will Hurd tematic violation of ing censored.

I
the First Amend- If Twitter is no longer act-
t’s hard not to see the predica- ment. Commentators on the ing as a federal censorship
ment of Rep. Kevin McCarthy as left insist they’re a “nothing- field office, why wouldn’t such
a tragedy. A man who was her- burger.” This dispute ought to a class action by social-media
alded 15 years ago as a new brand be resolved in court. But how? users be moot like an individ-
of conservative leader, who set re- The wrong way would be ual lawsuit against the com-
cords for fundraising, and who more First Amendment law- pany? Because of Facebook,
helped get candidates elected all suits against Twitter by targets Google and other internet
over the country now has had to of censorship such as journal- companies. As Matt Taibbi re-
suffer through successive failures to ist Alex Berenson. Mr. Beren- ported, “the government was
become speaker of the House. son was suspended in 2021 for in constant contact not just
Mr. McCarthy was a co-author, disputing public-health ortho- with Twitter, but with every
with future Speaker Paul Ryan and doxy about Covid vaccines. Al- major tech firm.” There’s no
Majority Leader Eric Cantor, of though Twitter reinstated Mr. reason to think that has
“Young Guns: A New Generation of Berenson’s account before Mr. stopped. A class action against

MARTIN KOZLOWSKI
Conservative Leaders” (2010), which Musk took over the company, a federal defendants would seek
criticized earlier Republicans, par- judge dismissed the First to halt all government efforts
ticularly on matters of the federal Amendment claim without to use social-media companies
budget. They wrote that Republi- even allowing discovery, de- to achieve the censorship the
cans were “arrogant and out of claring it “implausible” that Constitution forbids.
touch” and suffered “failures from the federal government was The attorneys general of
high-profile ethics lapses to the in- heavily involved in the company’s have standing to bring suit. Agency, the Department of Home- Missouri and Louisiana have already
ability to rein in spending or even censorship decisions. That assump- Suing federal agents would pre- land Security and other federal jointly brought a similar lawsuit,
slow the growth of government.” tion was wrong. We now know that empt the claim that there was no agencies doing—inducing and en- and preliminary discovery has
federal agencies were deeply en- “state action.” The nub of the “noth- couraging Twitter to censor consti- added more evidence of federal in-
meshed in Twitter’s censorship, ingburger” argument is that the tutionally protected speech. volvement in censorship at all major
He’s very good at winning from high-level policy making to Twitter Files fail to show govern- The plaintiffs wouldn’t have to social-media companies. But a mo-
targeting specific posts. ment “coercion” and Twitter there- prove Twitter was a state actor. It tion to dismiss is pending in that
elections but doesn’t have But because of two recent devel- fore never became a state actor. wouldn’t even matter if Twitter had case, and it remains to be seen
what it takes to be a great opments, there are no real remedies That argument is wrong: A private rebuffed all the government’s cen- whether courts will find that state
available to a plaintiff in such a party can become a state actor sorship requests (which it didn’t). attorneys general have standing to
legislative leader. case. First, a Supreme Court deci- through voluntary joint action with Judge Richard Posner of the Seventh press these claims. A user class ac-
sion, Egbert v. Boule (2022), virtu- the government, which the Twitter U.S. Circuit Court of Appeals made tion would overcome this difficulty
ally guarantees that a plaintiff in Files richly detail. But a class action this point in Backpage.com v. Dart too.
Yet as a lawmaker, and in four these circumstances couldn’t re- against federal defendants would (2015): When a government official That no monetary damages lie
years as minority leader, Mr. McCar- cover monetary damages. Second, avoid the entire question. They’re unconstitutionally attempts to in- waiting explains why plaintiff class-
thy showed no particular legislative Mr. Musk’s takeover of Twitter pre- obviously state actors. duce a private company not to carry action firms aren’t lining up to
interests and had no signature cludes injunctive relief. If the com- someone else’s speech, the official’s bring this litigation. But that
achievements. He would have been pany no longer works with federal conduct “is actionable and can be shouldn’t deter intrepid public-in-
the perfect Republican National agents to censor speech and is wel- File a class action against enjoined” even if the company “ig- terest lawyers who still believe in
Committee chairman, a job that’s coming back the past targets of nores it.” the First Amendment, few though
concerned only with building the such censorship, there’s nothing to federal agents seeking an A class action would eliminate they may be. (And if the plaintiffs
party and winning elections. As a enjoin. injunction against social- another roadblock. Some free- prevail in a civil-rights case, their
leader in Congress, he needed to Instead, Twitter users—including speech cases against social-media lawyers are entitled to attorney fees
demonstrate that he could effec- but not limited to those targeted for media censorship efforts. companies have been dismissed on at market rates.)
tively legislate and govern as well. censorship—should bring a class ac- the ground that the individual plain- Let’s hope that proves incentive
Winning elections is the first step tion against the government agents tiffs couldn’t show that the govern- enough. The internet, as the Su-
to good governance. Effective policy involved in the censorship. And as the Supreme Court held in ment had targeted them or their preme Court has said, is the modern
and legislation is the next. Too The First Amendment protects Norwood v. Harrison (1973), it is an posts in particular. A class action public square. The freedom of
many politicians have forgotten not only speakers but also consum- “axiomatic” principle of constitu- escapes this difficulty. It might tar- speech can’t survive in this country
over the past decade that good pol- ers, listeners and viewers. As the tional law that the government get the CDC’s successful effort to if the government is free to work
icy is good politics. An effective high court held in Virginia Board “may not induce, encourage or pro- get Twitter to adopt policies ban- with tech companies to control what
lawmaker or statesman has to focus of Pharmacy v. Virginia Citizens mote private persons to accomplish ning posts arguing that children can be said or seen in that square.
on more than the X’s and O’s of Consumer Council (1976), when what it is constitutionally forbidden didn’t need Covid-19 vaccines or ob-
elections. speakers are muzzled, their in- to accomplish.” That’s exactly what serving that the government’s own Mr. Rubenfeld is a professor at
Mr. McCarthy repeatedly tried to tended audience suffers a First the Twitter Files show officials from data show the shots don’t prevent Yale Law School and a First Amend-
placate bomb throwers in his own Amendment violation too. Twitter the Federal Bureau of Investigation, infection or transmission. These pol- ment lawyer. He has advised numer-
party, who were never going to be users, even those who weren’t cen- the Centers for Disease Control and icies denied all users important in- ous clients who have been censored
happy with anything less than com- sored themselves, would therefore Prevention, the Central Intelligence formation and opinions and thereby online.
plete capitulation. He bent over
backward to please a vocal minority
while taking for granted that the
reasonable majority of his party
would remain loyal. He even exhib-
Will Climate Change Really Put New York Underwater?
ited such on the eve of the speaker- By Steven E. Koonin Goodbye New York? Despite this, the recent NASA re-
30-year Battery sea level rise, December 1922-October 2022

A
ship vote. Instead of staying firm port echoes a February National
and backing the wishes of the ratio- recent National Aeronautics 13 inches
NASA
? Oceanic and Atmospheric Adminis-
12
nal wing of the party, he caved in to and Space Administration re- 11
prediction tration report predicting more than
the demands of his opposition on is- port yet again raises alarm 10 1 foot of rise at the Battery by
sues like making it easier to “vacate that New Yorkers are about to be in- 9 2050. Such a rise during the com-
the chair”—the legislative process undated by rapidly rising seas. But a 8 ing 30 years would be more than
to remove the speaker. He was will- review of the data suggests that 7 double the rise over the past 30
ing to weaken the speakership to such warnings need to be taken with 6 years and more than triple the past
win it. If he’d spent more time more than a few grains of sea salt. 5
century’s average. Even more re-
4
working with rational lawmakers to The record of sea level measured Oct markably, the NOAA report says
3
get like-minded candidates elected, at the southern tip of Manhattan, 2
2022 this rise will happen regardless of
he wouldn’t have ended up in this known as the Battery, begins in 1
Dec future greenhouse-gas emissions.
1922
position. 1856. It shows that today’s waters 0 There is no way of knowing if this
The most glaring example of his are 19 inches higher than they were 1920 ‘30 ‘40 ‘50 ‘60 ‘70 ‘80 ‘90 2000 ‘10 ‘20
Source: National Oceanic and Atmospheric Administration, National Aeronautics and Space Administration
‘30 ‘40 ‘50 prediction is correct.
appeasement: On the afternoon of 166 years ago, rising an average of So while New Yorkers should
Jan. 6, 2021, Mr. McCarthy report- 3.5 inches every 30 years. The geo- much sea level rose during the 30 through the Earth’s climate system. watch the waters around them,
edly spoke honestly to President logic record shows that this rise be- years prior to each year since 1920. The 30-year rises in the latter half there is no need to dash to higher
Trump about the rioters in the Capi- gan some 20,000 years ago as the That rise has varied between 1.5 and of the 20th century were diminished ground. The Battery’s sea level
tol: “They’re trying to f— kill me!” A 6 inches. The 5-inch rise over the by about an inch due to the filling of hasn’t done anything in recent de-
few weeks later, to get back into Mr. most recent 30 years is higher than reservoirs behind dams and changes cades that it hasn’t done over the
Trump’s good graces, he changed NOAA says the city’s sea the centurylong average but isn’t in groundwater around the world. past century. And although we’ll
his tune and went to Mar-a-Lago “to unprecedented and shows no sign of The Battery’s sea level also de- have to wait three decades to test
make peace with the ex-president,” level will rise a foot by increasing. pends on local changes in the sea the predicted 1-foot rise, measure-
as he told his colleagues. 2050, but there are too As the Earth warms, changes in and the sinking of the land. Most ments over the next decade should
Mr. McCarthy was only one of sea level at the Battery will depend important is the natural variability tell us how quickly we’ll need to
many Republicans who hitched their many variables to know. in part on global changes. These in- of winds, currents such as the Gulf raise the seawalls.
wagons to Mr. Trump. But the for- clude the loss of ice from mountain Stream, salinity and temperatures of
mer president has repeatedly shown glaciers, Greenland and Antarctica the North Atlantic, which cause Mr. Koonin is a professor at New
that he is a loser with a base that last great glaciers melted, causing as well as the ocean’s expansion as variations in sea level along the en- York University, a senior fellow at
never grows, and that trusting him the New York coastline to move in- it warms. It’s very difficult to pre- tire U.S. Northeast coast. Because of Stanford’s Hoover Institution, and
is a fool’s errand. By following him, land more than 50 miles. dict these changes—many factors in- these many variables, climate mod- author of “Unsettled: What Climate
Republicans lost the House in 2018, There is no question that sea fluence ice loss, and the oceans ab- els can’t account for the ups and Science Tells Us, What It Doesn’t,
the White House in 2020, and the level at the Battery will continue to sorb only 0.25% of the heat flowing downs so evident in the graph. and Why It Matters.”
Senate in 2020 and again in 2022. rise in coming decades, if only be-
He was a major contributing factor cause the land has been steadily
in preventing a red wave last year. sinking about 2 inches every 30
The result was a House majority so
slender that a few extremists had
years because of factors including
tectonic motion, rebound from the
Notable & Quotable: Gov. Ron DeSantis
the power to deny the speakership mass of the glaciers, and local subsi- Florida Gov. Ron DeSantis, in his parents to partisan interest groups. dom and stunted commerce.
to the man Mr. Trump once called dence. Rather, the question is second-term inaugural address, They have imposed medical author- It has recklessly facilitated open
“my Kevin.” whether growing human influences Jan. 3: itarianism in the guise of pandemic borders: making a mockery of the
on the climate will cause sea level to mandates and restrictions that lack rule of law, allowing massive
Mr. Hurd, a Republican, repre- rise more rapidly. To judge that, we It is often said that our federalist a scientific basis. amounts of narcotics to infest our
sented Texas’ 23rd Congressional can compare recent rates of rise constitutional system—with 50 This bizarre, but prevalent, ideol- states, importing criminal aliens,
District, 2017-21. He is author of with those in the past, when human states able to pursue their own ogy that permeates these policy mea- and green-lighting the flow of mil-
“American Reboot: An Idealist’s influences were much smaller. unique policies—represents a labo- sures purports to act in the name of lions of illegal aliens into our coun-
Guide to Getting Big Things Done.” The nearby chart shows how ratory of democracy. Well, these justice for the marginalized, but it try, burdening communities and tax-
last few years have witnessed a frowns upon American institutions, it payers throughout the land.
great test of governing philosophies rejects merit and achievement, and it It has imposed an energy policy
as many jurisdictions pursued a advocates identity essentialism. that has crippled our nation’s domes-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY much different path than we have We reject this woke ideology. We tic production, causing energy to cost
Rupert Murdoch Robert Thomson pursued here in the state of Florida. seek normalcy, not philosophical lu- more for our citizens and eroding our
Executive Chairman, News Corp Chief Executive Officer, News Corp The policies pursued by these nacy! We will not allow reality, nation’s energy security, and, in the
Matt Murray Almar Latour states have sparked a mass exodus facts, and truth to become optional. process, our national security.
Editor in Chief Chief Executive Officer and Publisher
of productive Americans from these We will never surrender to the It wields its authority through a
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: jurisdictions—with Florida serving woke mob. Florida is where woke sprawling, unaccountable and out-of-
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; as the most desired destination, a goes to die! touch bureaucracy that does not act
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
promised land of sanity. Now Florida’s success has been on behalf of us, but instead looms
Thorold Barker, Europe; Elena Cherney, News; Many of these cities and states made more difficult by the flounder- over us and imposes its will upon us.
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business have embraced faddish ideology at ing federal establishment in Wash- The results of this have been pre-
Writing; Michael W. Miller, Features & Weekend; Information & Services, Operations; Robert Hayes, the expense of enduring principles. ington, D.C. dictably dismal. This has caused
Emma Moody, Standards; Shazna Nessa, Visuals; Chief Business Officer, New Ventures; They have harmed public safety by The federal government has many to be pessimistic about the
Elizabeth O’Melia, Chief Financial Officer;
Matthew Rose, Enterprise; Michael Siconolfi,
Josh Stinchcomb, EVP & Chief Revenue Officer,
coddling criminals and attacking gone on an inflationary spending country’s future. Some say that fail-
Investigations; Amanda Wills, Video
WSJ | Barron’s Group; Jennifer Thurman, Chief law enforcement. They have im- binge that has left our nation ure is inevitable.
Paul A. Gigot Communications Officer; Sherry Weiss, Chief posed unreasonable burdens on weaker and our citizens poorer, it Florida is proof positive that We
Editor of the Editorial Page Marketing Officer taxpayers to finance unfathomable has enacted pandemic restrictions the People are not destined for fail-
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
levels of public spending. They and mandates—based more on ide- ure. Decline is a choice. Success is
1211 Avenue of the Americas, New York, N.Y., 10036 have harmed education by subordi- ology and politics than on sound attainable. And freedom is worth
Telephone 1-800-DOWJONES nating the interests of students and science—and this has eroded free- fighting for.
A16 | Thursday, January 5, 2023 ***** THE WALL STREET JOURNAL.

WORLD NEWS

Israel Official Aims to Bolster Settlements

Far-right finance
minister says he will Palestinians Kept two sides has remained dead-
locked since 2014.
In State of Limbo
move to ‘strengthen Israel has neither annexed
the territory—which could
grip’ on West Bank mean taking responsibility for
Israel conquered the West its Palestinian residents—nor
BY DOV LIEBER Bank during the 1967 Mideast withdrawn. Instead, Israel ad-
AND AARON BOXERMAN war. The territory is considered ministers a military occupation
the heart of the ancient Jew- under whose auspices around
JERUSALEM—Israel’s new ish presence in the Holy Land 500,000 Israeli settlers now
finance minister—the leader of and has deep spiritual signifi- live. Much of the international
the country’s far-right Religious cance for religious Jews. community considers all Israeli
Zionism party and an advocate The West Bank is also settlements to be illegal.
of outright annexation of at home to millions of Palestin- For Israeli settlers, Israel’s
least parts of the West Bank— ians who have lived under Is- military still handles some cru-
said he plans to spend billions raeli military rule for decades. cial planning decisions, such as
of dollars building infrastruc- Most live in areas administered building new housing units in

RONEN ZVULUN/REUTERS
ture and investing in Jewish by the Palestinian Authority, the settlements, but they are
settlements in the territory. which was created in the subject to Israeli civil law and
“We will lead the develop- 1990s as part of a peace pro- can vote in national elections.
ment, formalization and cess aimed at solving the Is- For Palestinians, the Israeli army
strengthening of our grip in raeli-Palestinian conflict. The administers everything. They
these areas of our homeland, peace process between the can’t vote in Israeli elections.
Judea and Samaria,” Beza- New Finance Minister Bezalel Smotrich wants Israel to formally annex the occupied territories.
lel Smotrich said as the new
government was sworn in last tinian Authority’s ambassador panding normalization to opposed, including the U.S. the United States, we must through the military process.
week, using the biblical name to the U.K. “This is a stab in the Saudi Arabia. Mr. Netanyahu called the promote sovereignty de facto,” “The army isn’t meant to han-
for the West Bank. heart of the whole idea of a Blurring the distinction be- decision “despicable” and a vi- the party’s 2021 platform said. dle civil affairs, so citizens re-
Members of the Religious two-state negotiated solution tween Israel and the West olation of the Jewish people’s As part of a coalition agree- ceive far-worse services.”
Zionism party—many hailing sponsored by the United States.” Bank could make it increas- right to the territory. ment with Mr. Netanyahu, Mr. Mr. Tal didn’t respond to
from Israel’s West Bank settle- Mr. Smotrich’s vision for the ingly difficult for Israeli lead- Mr. Smotrich, who declined Smotrich was given control of questions about which body
ments—form a critical bloc in West Bank underscores the ers to argue that Israel’s occu- interview requests, advocates an Israeli military body that would respond to similar Pal-
Prime Minister Benjamin Ne- challenges Mr. Netanyahu will pation is temporary, said for Israel to one day formally regulates planning for both estinian requests.
tanyahu’s new government face as he tries to hold to- Pnina Sharvit-Baruch, who for- annex the occupied territory settlements and Palestinian Israeli settlers say even
and now control posts that gether a solidly right-wing gov- merly led the Israeli army’s in- without giving its 2.6 million construction in parts of the though they pay taxes like
oversee key elements of Is- ernment and maintain good re- ternational law department. Palestinian residents full polit- West Bank where Israel main- other Israeli citizens, they re-
rael’s presence there. lations with the U.S., Europe “Even if there’s no de jure ical rights, which left-wing Is- tains civilian control. Mr. Ne- ceive spotty cellular access,
Their aim is to pave the and Arab allies, all of whom op- annexation, merely a de facto raeli critics say would mean tanyahu said he has veto drive on poorer roads and face
way for a million more Jewish pose annexation. The Biden ad- one, it will become harder and the end of Israeli democracy. power over any changes Mr. additional bureaucracy be-
settlers and to gradually elimi- ministration has said it would harder to expect support even Religious Zionism said in its Smotrich plans to make. cause of the geopolitical sensi-
nate any differences between fight any attempt at annexation from our allies in this,” Col. platform that the process of A key move will be to grad- tivities of the West Bank.
life in the settlements and under the new government. Sharvit-Baruch said. slowly changing the reality in ually transfer authority cur- “We want to be treated like
within Israel’s internationally Mr. Netanyahu has pledged The United Nations General the West Bank is meant to skirt rently held by the military other citizens, with the same
recognized borders. Their ulti- not to annex the West Bank, Assembly voted on Friday for U.S. opposition to the formal body, which is led by an Israeli rights, just like anyone in
mate goal, they say, is to fore- but his new government’s ef- the International Court of Jus- Israeli annexation of the sensi- general, to civilian ministries, Ra’anana or Herzliya, and
close the possibility of a fu- forts to expand Israeli author- tice to issue an advisory opin- tive territory, which Washing- Religious Zionism lawmaker that’s not the situation today,”
ture Palestinian state. ity over the territory is likely ion on whether Israeli policies ton hopes will be the heart of a Ohad Tal said. said Hananel Dorani, an Israeli
“The difference now is the to test his relationship with on the ground have changed future Palestinian state. For example, Mr. Tal said if settler leader from Kedumim,
absolute clarity of this Israeli the U.S. It could also harm one the legal status of its occupa- “Since declaring sover- a settler wants a permit to naming wealthy cities within
government’s public policy,” of Mr. Netanyahu’s most-ambi- tion. Some 87 countries voted eignty over the entire area close off their porch, they Israel’s internationally recog-
said Husam Zomlot, the Pales- tious foreign-policy goals: ex- for the resolution and 26 were will encounter opposition from must submit an application nized borders.

Predecessor’s Death Removes Constraint on Pope Francis

BY FRANCIS X. ROCCA clerical sexual abuse and inter- Zen wrote on his personal name,” Father Reese said. Catholic newspaper Die Tages-
faith dialogue. Pope Francis, website on Tuesday. “In cru- Benedict consistently re- post in an interview released
FILIPPO MONTEFORTE/AGENCE FRANCE-PRESSE/GETTY IMAGES

ROME—Pope Francis has who stressed his esteem for his cial moments, even Pope Fran- frained from criticizing his on Saturday, the day of the re-
been the leader of the Catholic predecessor, had an interest in cis accepted this contribution successor in public, which may tired pope’s death, though re-
Church for almost 10 years, but avoiding explicit disagreement. of his predecessor, as when he have exerted a restraining in- corded months earlier.
he has been the only pope in According to Cardinal Jo- defended the priestly celibacy fluence on some of his conser- Although Benedict is gone,
the Vatican just since Saturday. seph Zen, a former bishop of of the Roman Church.” vative followers, an influence he could still pose a challenge
The death of Pope Benedict Hong Kong who has been criti- Pope Francis is now also now lifted with his death. to Pope Francis and his allies
XVI after a decade in retire- cal of the current pope’s rap- freer to establish a protocol for Already, one of the late in the realm of ideas. Bene-
ment has ended an extraordi- prochement with China, Bene- retired popes, to make it pope’s closest confidants has dict’s death and the commem-
nary arrangement that helped dict was a restraining influence clearer that there is only one confirmed that Benedict pri- orations around it could be
define the current pontificate. on Pope Francis on more than pontiff at a time, according to vately disapproved of Pope the occasion for renewed pub-
While Pope Francis has taken one occasion. In particular, he the Rev. Thomas Reese, author Francis’ 2021 decision to im- lic interest in his teaching,
a markedly different tack than cites the decision by Pope of the book “Inside the Vati- pose restrictions on the use of some of which is notably at
his predecessor, he may feel Francis in 2020 not to make it can.” Critics on both left and the traditional Latin Mass, variance with that of Pope
even freer to do so now. easier to ordain married men right have said clearer rules are which largely undid Benedict’s Francis, said Sandro Magister,
Benedict’s presence was a as priests, after Benedict de- necessary to avoid confusion lifting of restrictions in 2007. who writes about the Vatican
reassuring sign to many con- fended the tradition of clerical about the church’s leadership. “It hit him pretty hard. Pope for Italy’s L’Espresso maga-
servatives of continuity in celibacy in his contribution to Pope Francis at the Vatican “He could not do it while Benedict read [Francis’ decree] zine.
church leadership, and hence a book on the subject. Benedict was alive, because it with pain in his heart, because “Francis can’t free himself
of support for Pope Francis. “Someone said that Pope Church, a Pope Emeritus, like would have been seen as a his intention had been to help from the legacy of his prede-
That made Benedict’s occa- Benedict, after his resignation, every bishop and cardinal as criticism of Benedict and those who simply found a cessor, even if now his prede-
sional public statements all the should have kept quiet and not long as he has breath and is of would have been seen as de- home in the old Mass to find cessor is no longer alive, be-
more influential, especially created confusion in the sound mind, must fulfill his meaning if the retired pope inner peace,” Archbishop cause this legacy remains
when they indicated diver- Church. It seems to me quite duty as Successor of the Apos- had been told to stop wearing Georg Gänswein, Benedict’s alive, insofar as his heirs know
gence with the current pope’s the opposite: precisely be- tles to defend the sound tradi- white, not call himself pope private secretary, told a web- how to interpret and apply it,”
approach on matters including cause there is confusion in the tion of the Church,” Cardinal and return to his baptismal site affiliated with the German Mr. Magister said.

WORLD WATCH
AUSTRALIA MYANMAR

Country to Boost General Pardons

Defense With Himars 7,000 Prisoners
Australia said it will acquire a Myanmar’s ruling military
highly mobile, U.S.-built rocket leader pardoned more than
system that can strike targets 7,000 prisoners, including some
from far behind the front lines, political detainees, and detailed
the latest step by the U.S. ally plans for an election this year
to beef up its military amid in- during a ceremony Wednesday
creased competition with China marking the 75th anniversary of
in the region. independence from Britain.
The High Mobility Artillery Senior Gen. Min Aung Hlaing
Rocket System, or Himars, has urged other nations and interna-
gained prominence after being tional organizations, as well as
used effectively by Ukrainian his country’s own people, to sup-
forces against Russia. The system port “the genuine, discipline-
involves trucks that can carry sat- flourishing multiparty democratic
ellite-guided rockets and strike system,” a concept the ruling
targets up to about 185 miles military has defined as its goal
away with high precision. since it ousted the elected gov-
“In the current strategic envi- ernment of Aung San Suu Kyi in
NYEIN CHAN NAING/EPA/SHUTTERSTOCK

ronment, it’s important the Aus- February 2021.

tralian Defence Force is equipped The army’s takeover reversed
with high-end, targeted military nearly a decade of progress to-
capabilities,” said Richard Marles, ward democracy after 50 years
Australia’s defense minister. of military rule.
Australia said the Himars will The plan for a general elec-
include a weapon-locating radar tion is widely seen as an at-
to detect and respond to land, tempt to normalize the mili-
air and sea threats. It didn’t say tary’s seizure of power through
how many Himars it would pur- the ballot box and to deliver a
chase, but U.S. officials last year Friends and relatives gathered around a bus carrying inmates upon their release from the Insein Prison in Yangon, Myanmar, on result that ensures the generals
approved the sale of 20 Himars Wednesday after the military pardoned 7,012 prisoners, including some political detainees, to mark Independence Day. retain control. The military will
and related equipment to Aus- control the entire process and
tralia, for an estimated $385 mil- long-closed legal pathway on detained on the U.S. southern Arzuaga, a 59-year-old technician pacity in May. Now the U.S. could has spent the past two years
lion, from contractors including Wednesday by resuming all visa border is now second only to once deported from Panama, one give at least 20,000 visas a year. enfeebling any credible opposi-
Lockheed Martin Corp. services at its embassy in Havana. the number of Mexicans, accord- of the Central American jumping- In late December, U.S. authori- tion.
—Mike Cherney Hundreds of thousands of ing to Customs and Border Pro- off points to U.S.-bound migrants. ties reported stopping Cubans There was no sign the par-
Cubans desperate to leave the tection figures. Visa services were fully re- 34,675 times along the Mexico doning of 7,012 prisoners, along
CUBA island’s flailing economy and re- Hundreds of people gathered starting Wednesday for the first border in November, up from with a partial commutation of
unite with family in the U.S. but outside the embassy for visa ap- time since a virtual shutdown 28,848 times in October. The the sentences of other inmates
U.S. Resumes Visa unable to get visas in their own pointments Wednesday, or prompted by health incidents growing migration is because of not convicted of serious crimes,
Services at Embassy country have been forced to fly waited outside for loved ones. among staff slashed the Ameri- economic problems, discontent included Ms. Suu Kyi. She has
to Central America and make “This could help reduce illegal can presence in Havana in 2017. among Cubans and the relative been held virtually incommuni-
Grappling with the biggest tortuous journeys north, or navi- immigration, and make it so peo- The embassy gradually began ease with which Cuban migrants cado by the military since it
flood of Cuban migrants in de- gate the Florida Straits in rickety ple can go to the United States in to expand such services and dip- can obtain legal status in the U.S. seized power.
cades, the U.S. reopened their vessels. The number of Cubans a safer way,” said applicant Ariel lomatic staffing in a limited ca- —Associated Press —Associated Press
 TECHNOLOGY: TIKTOK WINS VOTE AGAINST BAN IN SOUTH DAKOTA CITY B4

BUSINESS & FINANCE

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Salesforce to Cut Jobs and Offices Amazon

Layoffs
Layoffs of 10% of spending, a trend that more recurring message in recent roughly 50%. company releases.
software companies said they months at tech companies as Vimeo Inc., a video-sharing Most of the layoffs at
workforce, reduction
in space come amid
have been facing lately.
“The environment remains
challenging and our custom-
executives realized that some
of the hiring they undertook
to keep pace with soaring de-
platform based in New York,
said Wednesday that it had
decided to trim its ranks by
Salesforce are expected to oc-
cur over the coming weeks,
Mr. Benioff said.
To Exceed
customer pullback
BY WILL FEUER
ers are taking a more mea-
sured approach to their pur-
chasing decisions,” Mr.
mand for all things digital
early in the pandemic left
them overstaffed as the busi-
11% after cutting 6% of its
staff in July. CEO Anjali Sud
said that, in addition to a fur-
Salesforce had nearly
80,000 global employees as of
Oct. 31, up from more than
Initial
Salesforce Inc. is laying off
10% of its workforce and re-
ducing its office space in cer-
Benioff said in a letter to em-
ployees.
Mr. Benioff, who also
serves as chairman of the
ness environment soured.
Meta Platforms Inc. CEO
Mark Zuckerberg last year
apologized for hiring excesses
ther worsening of economic
conditions, “we also have a
better understanding of where
postpandemic demand is set-
49,000 employees as of Jan.
31, 2020, according to com-
pany filings.
The company disclosed the
Reports
tain markets, extending a bru- company, said the business- as the company said it would tling” and how that affects restructuring plan on Wednes- BY DANA MATTIOLI
tal period for technology job software provider hired too cut 13% of its staff days after near-term growth. day in a filing with the Securi- AND JESSICA TOONKEL
cuts into the new year. many people as revenue Twitter Inc. co-founder Jack Collectively, tech employers ties and Exchange Commis-
Salesforce Co-Chief Execu- surged earlier in the Covid-19 Dorsey, who ran the company cut more than 150,000 jobs in sion. It said it will incur about Amazon.com Inc.’s layoffs
tive Marc Benioff said the cuts pandemic. “I take responsibil- until late 2021, offered contri- 2022, based on estimates Please turn to page B2 will affect more than 18,000
come as many of the com- ity for that,” he said. tion after the social-media from Layoffs.fyi, a website employees, the highest reduc-
pany’s customers are taking a The corporate mea culpa platform’s new owner, Elon that tracks the events as they  Heard on the Street: tion tally revealed in the last
more cautious approach to for overhiring has become a Musk, cut head count by surface in media reports and Salesforce under a cloud.. B12 year at a major technology
company as the industry pares
back amid economic uncer-

Stock Market Ekes Out

S&P 500 return during Santa Claus rally period* tainty.
The layoffs are concentrated
8% in the company’s corporate
ranks and represent roughly 5%

Its 7th Santa Rally in Row

6 2022–23 of that element of its workforce
+0.8% and 1.2% of its overall tally of
4 1.5 million employees as of Sep-
tember.
2 The Seattle-based company
in November said that it was
beginning layoffs, with cuts
0
concentrated on its devices
business, recruiting and retail
–2 operations. The Wall Street
Journal reported cuts could to-
–4 tal around 10,000 people. Thou-
1950 ’60 ’70 ’80 ’90 2000 ’10 ’20 sands of those cuts began last
year.
The rest of the cuts will
S&P 500 performance during the 2022–23 rally period bring the total number of lay-
1.0% offs to more than 18,000 and
will be made over the coming
0.5 weeks.
On Wednesday, Chief Execu-
0 tive Andy Jassy addressed the
ANDREW KELLY/REUTERS

cuts in a blog post. “Amazon

–0.5
has weathered uncertain and
–1.0 10-minute intervals difficult economies in the past,
and we will continue to do so,”
Dec. 23 27 28 29 30 Jan. 3 4
said Mr. Jassy. He added that
*Last five trading days of the year and first two trading days of the new year the majority of the cuts are on
Strategists often use the Santa Claus rally to gauge market performance in the coming year. Sources: Dow Jones Market Data (return); FactSet (2022-23 rally performance) the retail and recruiting areas
of Amazon. The blog post said
BY HANNAH MIAO “It’s a delayed Santa Claus portfolios and look ahead with slowdown complicate the anticipates continued near- the company would alert af-
rally here, but we’ll take it be- optimism. New money often market trend. Investors are term turbulence in the stock fected employees later this
Santa Claus made it to Wall cause it was not a December comes into the market at the still contending with the Fed- market as investors reel from month.
Street in the nick of time. to remember,” said Ken Ma- start of the year. Typically eral Reserve’s aggressive rate- the volatility of 2022, during As of September, Amazon
At the start of every new honey, chief executive of Ma- light trading volume around raising campaign aimed at which the S&P 500 recorded employed 1.5 million people,
year, market buffs watch honey Asset Management. the winter holidays can also bringing down persistently its worst year since the 2008 Please turn to page B2
stocks to see if they notch Since 1950, the S&P 500 exacerbate stock moves. hot inflation. Many are brac- financial crisis. He said he is
what is known as a Santa has traded higher 78% of the Strategists also often use ing for a potential recession “cautiously optimistic” about
Claus rally. The trend refers to
the tendency for U.S. stocks to
rise during the period com-
time during the Santa-rally
period for an average gain of
1.3%, according to Dow Jones
the Santa Claus rally to gauge
market performance in the
coming year. When the S&P
on the horizon. Stocks face
competition from safer assets
like bonds now offering
the rest of the year as the
worst of market headwinds
get priced in and isn’t taking
Samsung
prising the last five trading
sessions of a year and first
two of the next year.
Market Data. If the index fails
to clinch a Santa rally, it
would be the first time since
500 experiences a Santa rally,
the index posts a greater av-
erage gain in the new year
higher yields.
“The actions of the central
bank take precedence over
the Santa rally too seriously
in such a historic environ-
ment.
Is Grim
The S&P 500 rose 0.8% dur-
ing the Santa rally period—
with most of the gains se-
the 2015-2016 period.
Market watchers say the
Santa-rally phenomenon can
than the overall typical re-
turn, according to a CFRA Re-
search analysis.
what would be a normal
rally,” said Quincy Krosby,
chief global strategist for LPL
“We may need to discount
the Santa Claus rally indicator
based on the historic diges-
On Gadget
cured in the final day. That
marks the S&P 500’s seventh
consecutive Santa rally.
be explained by seasonal
strength around the year-end
as investors tend to rebalance
But this time around, tight-
ening monetary policy and
worries about an economic
Financial.
Jeff Kilburg, founder and
CEO of KKM Financial, said he
tion of interest-rate increases.
We’ve never seen a year like
we saw in 2022,” he said.
Demand
BY JIYOUNG SOHN

STREETWISE | By James Mackintosh

Cineworld Battles Weakness SUWON, South Korea—Sam-
sung Electronics Co.’s con-
sumer-products chief expects
Blackstone Concession At Box Office as It Seeks Sale demand for tech gadgets to re-
main sluggish through this year
as high inflation, rising interest
Is Warning to Investors BY AKIKO MATSUDA
AND ALEXANDER GLADSTONE
rates and a strong dollar weigh
on sales.
Han Jong-hee, vice chairman
If you are The good news is that the and co-chief executive of the
trying to get University of California’s en- Bankrupt British movie-the- South Korean technology com-
your money dowment, known as UC In- ater chain Cineworld Group pany, said he hoped the current
out of Black- vestments, decided to put PLC said it continues to miss industry downturn, which has
stone Inc.’s $4 billion into the fund, its box-office projections due pulled Samsung back from a run
giant private- known as BREIT, locked up to challenging market condi- of record profits, will begin to
property fund, the new year for five years with a two- tions as it gears up to sell it- improve in the second half of
brought some bad news and year limited withdrawal pe- self out of chapter 11. the year.
SCOTT OLSON/GETTY IMAGES

some potentially very good riod afterward, for an aver- Joshua Sussberg, a lawyer While the demand slump
news. age of six years. That is a for Cineworld, owner of Regal poses challenges for the com-
The bad news was that, huge investment, especially Cinemas, told Judge Marvin pany, Mr. Han said Samsung
no, you can’t have all your into a fund with fees—1.25% Isgur of the U.S. Bankruptcy planned to overcome current
money back right now. So a year and 12.5% of profit— Court in Houston on Wednes- market challenges by fortifying
many other people tried to set for small private inves- day that the company’s re- its integration of connected de-
withdraw in December that tors, not major institutions. structuring effort since its vices and related software, an
the 5% quarterly cap will But it isn’t a pure vote of bankruptcy filing in Septem- Cineworld’s Regal Cinema in Chicago. area in which it has previously
limit the amount that comes confidence: Blackstone will ber is hindered by the lacklus- lagged behind rivals such as Ap-
out until March, assuming use as much as $1 billion to ter box-office performance. on the dollar as of December, As it entered the fifth ple Inc.
everyone renews their with- pay UC Investments if it In addition, there haven’t Mr. Sussberg said. month in bankruptcy, Cin- “A crisis usually creates a
drawal requests. Please turn to page B11 been many blockbusters be- Cineworld attributed the eworld is boosting its efforts new opportunity. When every-
cause the pandemic disrupted difficult restructuring process for a swift exit from chapter thing’s stable, it’s hard to shake
film production. to an industry transition as 11, including selling itself to a up the market order,” Mr. Han

INSIDE “The box office receipts

have significantly and consis-
tently underperformed expec-
streaming services keep movie
fans away from theaters.
Robert Feinstein, a lawyer
third party, an option the com-
pany had initially resisted ear-
lier in the process.
said in his first media interview
since taking up the positions 14
months ago.
tations during these cases,” representing unsecured credi- Cineworld said Tuesday Macroeconomic challenges
Mr. Sussberg said. tors, said industry revenue that it plans to run a market- have hit Samsung hard in the
Cineworld’s average num- could return to 80% of the ing process for its assets, fo- past year, as companies and
ber of admissions from Sep- 2019 levels, but “it’s an opti- cused on a sale of the entire consumers curb spending on
tember to December was 37% mistic guess.” company. It denied it was in electronics after a purchase
less than expected, he said. In “I think the consensus is talks with AMC Entertainment boom during the early stages of
December, the admission num- that these are uncertain Holdings Inc. regarding the the pandemic. This led to a
ber was 44% less than what times,” Mr. Feinstein said. sale of any of its cinema as- sharp drop-off in demand for
the company projected when it Cineworld managed to sets. AMC in December said it goods made by Samsung, the
entered chapter 11, he said. make more money per person had held talks with Cin- world’s largest maker of smart-
AVIATION HEARD ON THE Cineworld was forced to by 15% because of increased eworld’s lenders about a po- phones, TVs and semiconduc-
Jeep maker Stellantis STREET push back its scheduled mile- concession sales and moviego- tential transaction. But a mar- tors.
stones in the chapter 11 pro- ers’ preference for premium ket-driven decline in AMC’s Samsung’s operating profit
reaches a deal to help A cash infusion eases cess because of the hesitancy seats. Its market share has im- equity led the company to for the quarter ended Dec. 31 is
manufacture an the pressure on among its investors. Prices of proved slightly, to 17.3% as of back away because such a deal forecast to have nearly halved
electric flying taxi. B3 Blackstone’s REIT. B12 the company’s prebankruptcy December from 16.8% as of had become uneconomical for from a year earlier, according to
loans traded down to 18 cents January 2022. the buyer. Please turn to page B2
B2 | Thursday, January 5, 2023 ***** 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
AES..............................B3
Alphabet......................B3
H
Hamilton Lane..........B11
Hong Kong Exchanges
ReNew Energy Global
.....................................B3
Robinhood ................... B2
GE HealthCare Ends First Day
Amazon.com
............. B1,B2,B3,B4,B12
AMC Entertainment...B1
Apple....................A7,B11
and Clearing............B11
HP................................B2
Hyundai.......................A2
I
Roku ............................ B3
S
Salesforce.......A2,B1,B12
Samsung Electronics..B1
Of Trading With $27.5 Billion Value
Archer Aviation .......... B3
International Business Siemens Gamesa BY THOMAS GRYTA sions: jet engines, natural-gas- trade on the New York Stock months of 2022, GE Health-
B Machines...................B4 Renewable Energy....B3 powered turbines and wind Exchange, rose 5.9% to $70.20, Care reported revenue of $13.4
BlackRock..................B12 Silvergate Capital.......B2 General Electric Co. com- turbines. The gas and wind giving it a market capitaliza- billion, up 3% from the previ-
K Solv Energy.................B3
Blackstone...........B1,B12
Kohler..........................B4 pleted the spinoff of its turbines are expected to be tion of roughly $76.7 billion. ous year. Earnings fell to $1.4
ByteDance...................B4 Stellantis.....................B3
L healthcare business, which be- combined with other GE en- The stock had closed Tuesday billion from $1.7 billion as ex-
C T
gan trading Wednesday as GE ergy businesses into a new near $85 a share before ad- penses increased.
Lyft..............................B2 Tesla.....................A2,B11
Cineworld....................B1 HealthCare Technologies Inc. company called GE Vernova justing for the split, with a After the GE HealthCare
Coinbase Global..........B2 M Toyota Motor..............A1
Twitter ...................... B12 GE HealthCare, which that will split off in early market cap of about $91 bil- split, most investor attention
Comcast.......................B3 Meta Platforms
.................. A1,B1,B2,B12 U makes MRI machines and 2024. The three-way split, lion. will remain on Aerospace, said
F other hospital equipment, now first announced in the fall of GE Chief Executive Larry David Giroux, chief investment
Microsoft ............... B2,B3 UBS............................B12
Ford Motor..................A1 trades on Nasdaq under the 2021, follows years of restruc- Culp says the spinoffs will officer of T. Rowe Price Invest-
Fox.............................B10 N United Airlines............B3
Freddie Mac................A2 Netflix.......................B12 V ticker symbol “GEHC.” The turing. bring more focus and account- ment Management Inc., which
G News Corp.................B10 Verizon Communications stock ended its first day of “Once they are separate ability to the business he has held 2.1% of the GE shares out-
Nissan Motor..............A2 ...................................B12 trading Wednesday at $60.49 they will get a new set of in- revamped since 2018. Mr. Culp standing at the end of Septem-
GE HealthCare
Technologies.............B2 P-R Vimeo..........................B1 a share, giving the newly pub- vestors,” said Scott Davis, an plans to stay on as CEO of GE ber.
General Electric .......... B2 Paramount Global.......A3 W lic company a market capital- industrial analyst and CEO of Aerospace, the biggest and “Whatever is left, more
General Motors...........A1 PG&E...........................A3 Wells Fargo.................B4 ization of around $27.5 billion, Melius Research. He said over- most profitable unit. than 80% of the enterprise
according to Nasdaq’s website. all investor interest in GE has GE issued GE HealthCare value is going to be aero-
The separation is a key step been low going into the shares to existing sharehold- space,” he said. “There is a
INDEX TO PEOPLE in the breakup of the indus-
trial giant, which leaves the
breakup, but the spinoffs may
change that.
ers and will retain about 20%
equity in the spinoff.
very powerful recovery story
in the core aerospace business
conglomerate with three divi- GE’s own shares, which Through the first nine over the next five years.”
A Giroux, David .............. B2 N
Aguzin, Nicolas.........B11 Hollis, Jack..................A2 Naidoo, Shamla...........B4
Huth, Mandy...............B4
B P
Bankman-Fried, Sam..B2
Benioff, Marc.......B1,B12
Bojar, Grzegorz...........B4
I
Ielpo, Florian.............B11
J
Parker, Randy ............. A2
Patel, Dylan.................B2
R
Amazon
Butterfield, Stewart...B2
C
Culp, Larry...................B2
Jassy, Andy...............B11
Jong-hee, Han.............B1
K
Ray, John III................B2
S
Schmidt, Stephen.......B4
To Lay Off
D
Davis, Scott ................ B2
Dorsey, Jack................B1
Kilburg, Jeff................B1
Krosby, Quincy............B1
Kye-hyun, Kyung.........B2
Seshadri, Sunil............B4
Sidberry, Demetrius
...................................B11
18,000
Duy, Tim......................A2 L Sinha, Sumant............B3
Sud, Anjali .................. B1
E Li, Charles.................B11 Continued from page B1
M T
Espinasse, Philippe...B11 with a large percentage of them
Tavares, Carlos ........... B3
F Mahoney, Ken.............B1
Taylor, Bret..........B2,B12 in its warehouses. The layoffs
Mawston, Neil ............ B2
Frick, Robert...............A2
Moreno, Leonardo.......B3 W-Z are concentrated in the com-
G-H Murdoch, Rupert.......B10 Wheeler, Judy.............A2 pany’s corporate ranks, some of
Gallagher, Donny ........ B4 Musk, Elon..................B1 Zuckerberg, Mark ....... B1 the people said.
Amazon was one of the big-
gest beneficiaries of the

Authorities Move to Covid-19 pandemic as custom-

ers flocked to online shopping.

DAVID RYDER/GETTY IMAGES

The rush to Amazon’s various

Seize Funds Tied to FTX businesses, from e-commerce

to grocery and cloud-comput-
ing, pushed forward years of
growth for the company. To
Federal authorities are mov- funds as their probe of FTX and keep up with demand, Amazon
ing to seize hundreds of mil- Mr. Bankman-Fried widened. doubled its logistics network
lions of dollars in assets in the FTX lawyer James Bromley and added hundreds of thou- The exterior of the Spheres, comprising part of Amazon.com’s headquarters in Seattle
U.S. tied to the bankrupt cryp- said during Wednesday’s hear- sands of employees.
tocurrency exchange FTX, a ing that the seizures were or- When demand started to cuts to bring down costs, than 18,000 employees would companies like Amazon and
dered by the court in connection wane with customers moving shutting physical stores and represent the highest number others that have acknowl-
By Alexander Saeedy, with the criminal case in the back to shopping in stores, business units such as Ama- of people let go by a tech edged they grew too quickly
Becky Yerak Southern District of New York Amazon initiated a broad zon Care. Amazon later an- company in the past few in many cases.
and Peter Rudegeair involving Mr. Bankman-Fried. cost-cutting review to pare nounced a companywide hir- months, according to tallies Facebook parent Meta
“The question as to the own- back on units that were un- ing freeze before deciding to released on Layoffs.fyi, a web- Platforms Inc. said it would
sign that the battle over con- ership of those Robinhood profitable, the Journal re- let employees go. site that tracks the events as cut more than 11,000 workers,
trol of the company’s remain- shares was an open question be- ported. Many tech companies have they surface in media reports or 13% of staff, adding to lay-
ing funds is escalating. fore the seizure took place,” Mr. In the spring and summer, cut jobs as the economy sours. and company releases. offs at Lyft Inc., HP Inc. and
Seth Shapiro, a Justice De- Bromley said. “We wanted to the company made targeted Amazon’s layoffs of more The trend has affected other tech companies.
partment official, said at an FTX make sure that it was clear the
bankruptcy court hearing on Robinhood shares that were be-
Wednesday that the federal gov-
ernment has seized or is in the
process of seizing Robinhood
ing seized were being seized
from accounts” that aren’t cur-
rently under the direct control
Salesforce past 12 months.
Salesforce hired aggres-
sively during the first two
cerns.
Amazon.com Inc. and Mi-
crosoft Corp., the world’s two
he was elevated to co-CEO,
and Mr. Benioff during the
months leading up to the
shares whose ownership is dis-
puted by FTX and BlockFi, a
crypto lender that collapsed in
of the bankrupt FTX.
Silvergate on Wednesday
filed a copy of Judge Parker’s
To Cut years of the Covid-19 pan-
demic, as companies turned to
Salesforce’s software offerings
largest cloud-computing pro-
viders, have said demand for
those offerings has slowed as
company’s announcement that
Mr. Taylor would depart.
The company said it ex-
late November. The dispute in-
volves 56 million shares. “We ei-
ther believe these assets aren’t
warrant that led to the seizure
of FTX’s funds at the bank. The
bank made the filing to a federal
Jobs, Space to keep operations humming
despite remote workforces.
Also during the pandemic,
customers look to cut bills.
Both companies have also
announced belt tightening.
pects to be mostly done with
the employee restructuring
plan by the end of fiscal 2024,
property of the bankruptcy es- bankruptcy court in Delaware the company bought work- In recent months, Sales- and to finish its real-estate re-
tate,” or fall under some bank- handling the insolvency of FTX Continued from page B1 place-messaging app Slack force has been hit by several structuring in fiscal 2026.
ruptcy-code exception, Mr. Sha- Digital Markets, a Bahamian- $1.4 billion to $2.1 billion in Technologies. executive departures, includ-
piro told Judge John Dorsey in subsidiary of FTX that housed charges from the plan, with as More recently, though, ing co-CEO Bret Taylor and
the U.S. Bankruptcy Court in its international exchange. much as $1 billion in the com- Salesforce and other cloud- Stewart Butterfield, the chief Watch a Video
Wilmington, Del. Bahamian regulators placed pany’s current quarter. services companies have executive and co-founder of Scan this code
Separately, Katharine FTX Digital Markets into liqui- Shares in Salesforce closed warned of slowing sales, cit- Slack Technologies. for a video on
Parker, a federal magistrate dation in November, just before up 3.6% to $139.59 on ing pressure on customers to Tensions had been growing why tech layoffs
judge in New York, in Decem- FTX’s new Chief Executive John Wednesday. The stock had pull back spending amid infla- between Mr. Taylor, who is don’t reflect the
ber ordered the seizure of J. Ray III placed about 100 FTX fallen almost 46% over the tion and other economic con- leaving just over a year after job market.
money that an FTX unit was subsidiaries under chapter 11
keeping in accounts at Silver- protection in the U.S.
gate Capital Corp., according
to a court filing Wednesday.
An earlier filing put the
FTX Digital Markets’ liquida-
tors, appointed by the Supreme
Court of the Bahamas, previ-
Gadget vice features and high specifica-
tions alone is increasingly diffi-
cult, raising the value of
amount at about $93 million.
The Justice Department has
accused FTX co-founder Sam
ously asked to transfer $93 mil-
lion out of Silvergate and an-
other roughly $50 million held
Slump integrating multiple devices and
service offerings that expand
user experience.
Bankman-Fried of stealing bil-
lions of dollars of customer
money. The U.S. attorney for
at Moonstone Bank in Washing-
ton state into accounts they
control. “It would be irresponsi-
To Persist This is an area Samsung has
wrestled with in the past, ac-
cording to former and current
the Southern District of New ble to leave significant U.S. as- executives. The company rose to
York said Tuesday that his of- sets (more than $140 million) in Continued from page B1 prominence through its
fice formed an FTX task force the hands of two small crypto analysts polled by data provider strengths in hardware but has
and one of its goals is to re- banks,” the liquidators wrote FactSet. The company reports struggled in past efforts to de-
cover victim assets. The Fed- last month. They pointed to Sil- preliminary earnings on Friday. velop robust services and soft-
ETHAN MILLER/GETTY IMAGES

eral Bureau of Investigation vergate being the subject of at Prices of memory chips, Sam- ware capabilities to augment the
also filed an affidavit with a least four class-action lawsuits sung’s main source of income, use of its products, they said.
New York federal court in or- brought by FTX creditors and have plunged due to a supply In recent years, Samsung has
der to seize FTX funds. Silvergate shareholders. glut and as worldwide ship- struggled against rival Apple to
Meanwhile, court-appointed Silvergate said the liquida- ments of smartphones and other defend its share of the market
liquidators in the Bahamas have tors could aI have asked for con- electronic goods have con- for premium smartphones,
been attempting to recover re- sensual access instead of at- tracted. where a majority of the indus-
maining funds inside bank ac- tempting to obtain it through a Mr. Han, a veteran of Sam- try’s profits are generated. Ap-
counts in the U.S., some of court order. “Silvergate, having sung’s television business, took The executive hopes the downturn will ease in the second half. ple has built up an exclusive
which were frozen after the ex- repeatedly confirmed that the the helm of the company’s ecosystem of connected prod-
change’s collapse. However, fed- accounts had been frozen, vigor- newly combined smartphone each product unit to work on the item according to the in- ucts and services that helps at-
eral authorities pre-empted ously disputes the implications and consumer-electronics divi- improving users’ experiences on structions. tract new consumers and ad-
some of that dispute and seized that the funds are, in any way, sion in a shake-up in December multiple devices, said Mr. Han. Mr. Han’s bet, if successful, vance customer retention.
at least some of the disputed at risk of loss,” the bank wrote. 2021. He has made a series of The team’s office includes rooms would help increase consumer Should Samsung successfully
changes. Samsung’s other co- mimicking real homes and other demand and brand loyalty for develop an Apple-like ecosystem
CEO, Kyung Kye-hyun, heads its spaces where connected devices Samsung’s lineup of phones, TVs of well-connected devices and
Coinbase to Pay duct, including possible money semiconductors and compo- are tested and developed across and appliances as it looks to services, it could double the
laundering. “It is critical that all nents division. many scenarios. profit margin of Samsung’s con-
$50 Million Penalty financial institutions safeguard For years, Samsung staffers Mr. Han said the goal is to sumer tech businesses in the
their systems from bad actors,” from different units of the con- make devices of Samsung and long run, said Neil Mawston, ex-
Superintendent of Financial Ser- sumer tech business largely its partnered brands operate in
‘A crisis usually ecutive director for global wire-
Cryptocurrency exchange vices Adrienne Harris said. worked in silos and were moti- the most hassle-free manner creates a new less practice at TechInsights Inc.
Coinbase agreed to pay a $50 Paul Grewal, chief legal offi- vated to give priority to the in- possible, with the enabling tech Today, Samsung leads the
million penalty to New York cer at Coinbase, said in a state- terests of their own business running quietly in the back-
opportunity,’ says global smartphone market by
state’s Department of Financial ment that Coinbase “has taken units—a process that motivated ground, something he calls Han Jong-hee. overall shipments, but Apple
Services to settle accusations substantial measures to address internal competition but hin- “calm technology.” dominates the premium smart-
that it allowed customers to these historical shortcomings.” dered efforts to develop prod- For now, Samsung smart- phone market. Over the past
open accounts without conduct- The company “remains commit- ucts that could seamlessly work phone users can time a washer two years, Apple’s share of the
ing sufficient background checks. ted to being a leader and role with each other. Now, Mr. Han to finish its cycle for when they ward off growing competition market for premium smart-
The settlement also will re- model in the crypto space, in- said, they are aligned under the return home and turn on the from rivals, said Dylan Patel, phones priced over $600 has
quire Coinbase to invest $50 cluding partnering with regula- singular goal of “what’s the best music on a Samsung TV, with chief analyst at SemiAnalysis, a risen by roughly 10 percentage
million into its compliance pro- tors when it comes to compli- device and method to enable a the stereos automatically light- tech-industry consulting firm. points to 77% as of 2022, while
gram over the next two years. ance,” he added. certain connected feature in the ing up in sync with the beat. A Samsung sells nearly half a bil- Samsung’s share has fallen by
The DFS said Coinbase had Coinbase shares added 12% most effortless, user-friendly user can also scan the bar code lion devices around the world about 5 percentage points to
made itself vulnerable to being Wednesday. way?” on a packet of frozen hot dogs annually. 16%, according to Counterpoint
used for serious criminal con- —Vicky Ge Huang Samsung created an umbrella using a smartphone, and Sam- Analysts say differentiating Research, a tech-market re-
team staffed with workers from sung’s microwave will heat up smartphones through new de- searcher.
 THE WALL STREET JOURNAL. ** Thursday, January 5, 2023 | B3

BUSINESS NEWS

Stellantis Sets Deal to Build Flying Taxis

Auto maker to help Stellantis Chief Executive of dollars during its manufac-
Carlos Tavares said its deci- turing ramp-up phase.
Archer Aviation sion aligns with the auto The auto maker, which be-
produce model at maker’s broader strategy of came a strategic partner for Ar-
providing other transit ser- cher in 2020, said it plans to
factory in Georgia vices to customers, outside its buy more shares in the com-
traditional business of selling pany on the open market, after
BY RYAN FELTON them individual cars and first investing in it in 2021.
trucks. Stellantis is cutting back in
Stellantis NV, the global In recent years, Stellantis other areas as it tries to re-
auto maker that owns Jeep, has also invested in a car- structure its business to invest
Ram and other well-known car sharing rental firm, similar to in costly new technologies,
brands, is getting into the air- Zipcar, and, like other car such as electric vehicles.
craft-manufacturing business, companies, is trying to diver- In December, the auto
striking a deal with Archer sify its business model, partic- maker said it would indefi-
Aviation Inc. to help it build ularly in urban areas where nitely stop operations at a
an electric flying taxi. many people don’t own a car. 1,350-employee assembly plant
The two companies said on Archer, a San Jose, Calif.- in Illinois, citing the need to
Wednesday that Stellantis based company that special- generate savings to fund its
would help Archer, a publicly izes in small, electric-powered transition to EVs.
traded air-mobility company aircraft, was among a number Stellantis, which was
established in 2018, manufac- of flying-taxi startups that formed through the merger of
ture its Midnight model at a pursued stock-market listings France’s PSA Group and Fiat

ARCHER AVIATION
factory the aviation company over the past two years Chrysler Automobiles NV in
plans to build in Georgia. through special-purpose ac- January 2021, said it intends
The Netherlands-based auto quisition companies, or SPACs. to spend $35 billion in the
maker also plans to provide up Archer has said its goal is to coming years on new battery-
to $150 million in equity capi- deploy 6,000 aircraft by 2030. Stellantis aims to be the exclusive maker of Archer Aviation’s Midnight, an electric-flying taxi. powered models and manufac-
tal to Archer and aims to be The aviation company’s turing capabilities.
the company’s exclusive con- first model, the Midnight, is nies have been developing and Archer expects to gain cer- shares closed up 9.3%. The car company said it
tract manufacturer for the designed to carry up to five testing vehicles but need to tification by the end of 2024 Stellantis aims to provide aims to have electric vehicles
forthcoming aircraft, which passengers, including the pi- secure approval from regula- and start commercial opera- Archer with the personnel, represent half of its sales in
can take off and land vertically lot, and take short-distance tors before they or customers tions afterward, the company’s manufacturing expertise and North America by 2030. At the
like a helicopter. trips of about 20 miles with a that purchase the aircraft CEO has said. capital to support production at same time, Stellantis has
The move is an unusual one 10-minute charging time in be- launch commercial service. In Archer’s stock has struggled the factory in Georgia, which is scaled back manufacturing
for the auto industry, which tween, Archer has said. United the U.S., the Federal Aviation since going public in September scheduled to open in 2024. ambitions in China, having
has largely stuck with ven- Airlines Holdings Inc. has Administration has been ex- 2021, with shares down roughly The two companies said the faced stiff domestic competi-
tures that involve ground backed Archer, agreeing last amining aircraft, working on 80% through Tuesday’s partnership would help Archer tion and complications with a
transportation and vehicles fall to pay a $10 million de- pilot requirements and looking close. Following the announce- meet its plans to commercial- local partner that built and
with wheels, rather than pro- posit on a 100-aircraft order. into how to integrate planned ment of the manufacturing ize its aircraft and avoid distributed Jeep SUVs in the
pellers. Electric-flying-taxi compa- vehicles into the airspace. plans Wednesday, Archer’s spending hundreds of millions country.

Roku Adds Its Own

Brand of Smart TVs
To Boost Streaming
BY PATIENCE HAGGIN ners have launched co-
branded TVs with Roku’s oper-
Roku Inc. launched its own ating-system rivals. TCL, a
branded smart TVs, joining longtime Roku manufacturing
other large streaming-industry partner, launched TVs using
players as they seek to control Google’s smart TV operating
the way users access other system in 2020. Walmart Inc.,
streaming apps. which has partnered with
PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES

Roku serves as the main Roku on a co-branded smart

streaming hub for many Amer- TV under the Walmart brand
icans, as a dominant maker of Onn, will launch smart TVs
streaming boxes and dongles. based on Comcast’s operating
Its operating system also pow- system this year.
ers many smart TVs manufac- Roku declined to identify
tured by other companies. the manufacturer of its new
The company has faced smart TVs, but said the rela-
growing competition in recent tionship would give it more
years from companies in the control over the final product.
streaming industry. Ama- In the past, Roku has had
zon.com Inc., another major ownership over its software,
maker of streaming boxes and but had to negotiate new
dongles, has its own branded hardware features and other
smart TVs. In 2021, Comcast hardware design alterations
Battery storage is especially important in states like California, which rely in part on solar power that can’t be generated at night. Corp. launched the XClass TV, with the original equipment
which gave it a chance to pro- manufacturer, according to

Renewable Energy Companies

mote its own streaming ser- people familiar with the mat-
vice, NBCUniversal’s Peacock ter.
app. For Roku’s own branded
Having many people rely on TVs, Roku will control the de-

Strive to Offer 24-Hour Power

its platform is crucial to sign entirely by itself.
Roku’s business, since the Roku announced the two
company derives most of its new TV lines at the Consumer
revenue from advertising, not Electronics Show in Las Vegas
hardware sales. Roku sells all on Wednesday: the lower-
BY PHRED DVORAK sell extra electricity it gener- wind, solar and energy stor- quarter of the state’s power ads viewed on its own stream- priced Roku Select (starting at
ates on India’s spot market, age, in different locations, to generation, with wind contrib- ing service, the Roku Channel, $119) and the higher-end Roku
Wind and solar developers where prices tend to be rela- match the times and amounts uting 8%, according to the U.S. and sells some ads that appear Plus Series (as high as $999).
are concocting elaborate plans tively high, using computer of electricity Google wanted, Energy Information Adminis- on other streaming services Roku will sell the TVs both via
to provide round-the-clock re- models to predict the best says Mr. Moreno. Similar to tration. The rush of power viewed on Roku devices. retail partners and on its own
newable power, the industry’s times to do that. ReNew, AES ultimately built from all those solar panels Roku’s manufacturing part- website.
holy grail as countries around Even so, the project can’t more than three times the ca- around midday means there is
the world shift to green en- guarantee it will deliver power pacity that Google’s data cen- often more electricity than
ergy. on demand 100% of the time— ters would have needed from needed, and the state’s grid
Renewable energy is notori- something developers say is an energy source that was gen- operator is unable to take it,
ously unreliable, generating still too tough and costly to do erating at full power all the says Mr. Gallagher.
electricity only when the wind with renewable sources and time. “It’s almost impossible to
is blowing and the sun is shin- batteries alone. AES later signed a similar find a project now in Califor-
ing. Project developers, utili- Companies around the deal with Microsoft Corp. and nia without batteries,” he says.
ties and grid operators are try- world are wrestling with simi- is now talking to the Defense Spain-based Siemens
ing a mix of options to lar challenges as countries Department to discuss Gamesa Renewable Energy
overcome that challenge, in- shift away from climate-warm- whether something like that SA, a wind-farm developer and
cluding building huge amounts ing fossil fuels, raising the would be feasible for its power turbine maker, is similarly
of renewable capacity, storing procurement, Mr. Moreno says. working on how best to com-
excess power on batteries and Building such large amounts bine its projects with batteries
using algorithms to make proj- of renewable capacity has its as well as systems that can
ect economics work.
Renewable project limitations. In addition to the store energy in hydrogen, says
A few years ago, ReNew En- developers hope to expense, it takes up vast Poul Skjærbæk, the company’s
ergy Global PLC decided it amounts of land and isn’t pos- head of innovation and prod-
could supply India’s grid with
overcome challenges sible in some parts of the ucts.
a steady stream of electricity around reliability. world. Getting to 100% renew- In India, the country’s elec-
ROKU

by building wind and solar able energy all the time would tric distribution companies are
farms capable of producing as require so much battery stor- struggling to handle mis- Roku said it will have increased control over its branded TVs.
much as three times the age that it isn’t economically matches between power de-
amount of power it had con- amount of solar- and wind- feasible at this time, says Mr. mand and supply as the
tracted to deliver—all in dif- generation in the power mix. Moreno. amount of wind and solar has
ferent parts of the country and In the U.S., for instance, Vir- Many renewables develop- grown to around 12% of the
knit together with sophisti- ginia-based power company ers are combining batteries country’s generation. When
cated software. AES Corp. is selling 24-hour with solar farms to let them the sun and wind are strong,
The project, which is sched- renewable-power contracts to store some energy during the those projects can produce a
uled to come online early this big corporations that are try- day, when the sun is shining, lot of electricity, but over the
year, is expected to perform ing to slash the amount of car- power production is at its peak course of the year, they might
more like coal or gas plants, bon emissions associated with and electricity prices tend to generate only 30% or less of
which utilities count on to de- their electricity use, says Leo- be lower. They discharge that their full capacity.
liver a reliable amount of nardo Moreno, president of power in the evening, when In 2019, the government
power when consumers need the company’s clean-energy solar supply falls but demand tried solving that problem by
it, says Sumant Sinha, ReNew’s business unit. for electricity, along with requesting bids for as much as
CEO. For the first such deal, prices, is high, says Donny Gal- 400 megawatts in renewable
“That is making it easier for signed in 2021 with Google, lagher, vice president of engi- energy that would produce at
[Indian utilities] to absorb AES pledged to build enough neering at Solv Energy LLC, least 80% of its full capacity
more renewable energy,” he new renewable-energy genera- one of the biggest builders of annually and 70% monthly—
says. tion to power the Alphabet large-scale solar installations the closest India had come to
Building the additional ca- Inc. unit’s Virginia data centers in the U.S. round-the-clock power from
pacity is expensive, with the for 90% of the hours con- That kind of strategy is es- sources such as wind and so-
total project cost at around tracted. To do that, AES pecially important in states lar. The government also in-
$1.2 billion. To help pull in crunched numbers on thou- such as California, where solar cluded steep penalties for
more revenue, ReNew plans to sands of configurations of in 2021 comprised around one- missing those targets.
B4 | Thursday, January 5, 2023 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Cyber Chiefs Face Scrutiny, Tests in ’23

Security heads must dent of cybersecurity at bath- the digital experience to effec- referring to cybersecurity inflationary conditions, we all Retail giant Amazon.com
room-fixtures manufacturer tively gauge its return on in- measures. The war in Ukraine have to look inward and ask, Inc. hopes to grow its security
balance costs and Kohler Co. vestment. increased cyber threats to Eu- ‘What would I do differently if team, said Chief Security Offi-
responsibilities, likely Even if security budgets With tighter budgets, closer ropean utilities, in particular, I were building this from cer Stephen Schmidt, despite a
stay intact or remain flat, in- scrutiny is likely, she said. he added. scratch again?’” Ms. Naidoo companywide hiring freeze
with fewer resources flationary pressures have “Nobody’s asking us to cut, Pressure may come from said. and layoffs for up to 10,000
forced some suppliers to raise but there’s certainly I think other avenues. Inflation is Cuts in staff and budget in workers elsewhere in the com-
BY JAMES RUNDLE prices. That leaves security going to be a conversation pushing wage demands higher areas such as marketing, sales pany.
AND CATHERINE STUPP teams, in real terms, working about efficiency,” said Ms. Nai- and the scarcity of cyber pro- and general technology can Mr. Schmidt expects to be
with fewer resources, Ms. doo, now head of cloud strat- fessionals—particularly within put even more pressure on se- able to hire for critical roles at
Security chiefs will likely be Huth said. egy and innovation at cyberse- highly technical industries curity as cash-strapped bosses first, and possibly for more
told to do more with less in At banking giant Wells curity vendor Netskope Inc. such as power—means secu- turn to outsourcing or quick roles in later months.
2023, as economic uncertainty Fargo & Co., Chief Information Senior leaders at Wells rity staff are in demand, Mr. fixes. Cyber staffs will need to “Is the team going to grow
batters budgets and compa- Security Officer Sunil Seshadri Fargo know it is important to Bojar said. vet third-party services while this year? I expect that we
nies brace for a potential re- works to negotiate contracts spend wisely on security, Mr. “For us, of course, the limit installing safeguards against will, it is our plan. Of course,
cession. with security providers that Seshadri said. Still, the com- is the money. The salaries rise new avenues hackers could ex- given the way the economy is
CYBERSECURITY While cy- tie prices to performance. pany isn’t “shy about investing very, very dramatically. That is ploit, Kohler’s Ms. Huth said. right now, who the heck
ber vendors “Then you have predictability in cybersecurity,” he said. “It’s a problem,” he said. “If we can’t do head count knows what’s going to happen
have seen their funding of costs,” he said. not a space we want to Ms. Naidoo said security [increases], then when busi- in the future,” he said.
squeezed and have cut staff, Worsening economic condi- penny-pinch.” chiefs may want to consider ness demand comes in, or —Kim S. Nash
security functions at major tions may also pressure chief In critical-infrastructure zero-base budgeting exercises you’re bringing in contract la- and Belle Lin
companies have mostly been information security officers sectors, cybersecurity projects to test accounting in which all bor, it absolutely increases contributed to this article.
spared the worst belt-tighten- to be more careful with their will likely be spared spending expenses are approved and your risk, because those are

WSJ PRO
ing moves so far, chief infor- resources and technology. cuts, said Grzegorz Bojar, chief justified in each budgetary pe- additional resources that you
mation security officers say. Shamla Naidoo, global chief information officer at Polskie riod. That would force security have to manage,” she said.
“Security is a function information security officer at Sieci Elektroenergetyczne departments to look where Even large, established
that’s nonnegotiable in many International Business Ma- SA, the operator of Poland’s they most effectively deploy companies with the financial
places. At least to some ex-
tent, the business understands
chines Corp. until July 2021,
said there wasn’t much over-
electricity-transmission sys-
tem.
resources.
“The reality is that when
muscle to expand security
teams, and which plan to do
CYBERSECURITY
that you can’t take that out,” sight of security spending in “Nobody is so brave to save you’re facing recessionary so in 2023, say they face un- wsj.com/pro/cybersecurity
said Mandy Huth, vice presi- recent years, as boards lacked money on that now,” he said, type threats, and you’re facing certainty.

TikTok Wins Vote Against Ban in South Dakota City

BY STU WOO Americans, not just public ser- Armstrong, a declared mayoral
vants with government devices. candidate. She received an
While the federal govern- The officials pushing for a analysis from cybersecurity re-
ment and at least 18 states forced sale or ban say the Chi- searchers from the Internet
have restricted access to Tik- nese government could order Governance Project, part of the
Tok on government-owned de- TikTok to collect data on Amer- Georgia Institute of Technol-
vices in recent weeks, South icans or to influence what vid- ogy’s public-policy school.
STANISLAV KOGIKU/SOPA IMAGES/ZUMA PRESS

Dakota’s second-largest city has eos Americans watch on the The group describes itself as
gone the other way. app. TikTok says it would re- independent. The report con-
Rapid City’s city council fuse such an order. cluded that TikTok didn’t pose
voted 8-1 earlier this week to In Rapid City, Councilman a serious security threat. Other
kill a proposal that would have Jason Salamun said he intro- researchers have reached the
banned access to TikTok on city duced the proposal for the city- opposite conclusion.
devices and networks. The ban government ban after watching Ms. Armstrong shared the
also would have prohibited city federal leaders and the South report with fellow council
agencies from using the app. Dakota governor take similar members, including Ritchie
The vote gives TikTok an action. “If you know about a Nordstrom. He said he spent
early, albeit small, legislative threat, and you don’t bring it hours researching the topic and
victory as politicians and gov- forward, it would be negligent,” reached the same conclusion.
ernors move to enact restric- The app owned by China-based ByteDance has been scrutinized over national-security concerns. Mr. Salamun, a potential candi- “We just kept coming back
tions—or threaten to do so— date in the city’s mayoral elec- to: ‘There’s no evidence on
across the country. TikTok has national security concerns that matter at Tuesday’s city-council force TikTok’s owner, Beijing- tion in June, said Wednesday. this,’ ” Ms. Armstrong said.
roughly 100 million American many American officials have meeting. based ByteDance Ltd., to sell Mr. Salamun was the sole coun- “I’m not a huge fan of the Chi-
users, many of them young. raised about the Chinese- TikTok still faces much big- the app to a U.S. company. And cil member who voted in sup- nese government, but to get
That popularity threatens to owned app. ger challenges in Washington. a bipartisan group of Congress port of the ban. sucked into what I deem as me-
expand the public debate over Rapid City, population Some officials in the Biden ad- members has introduced a bill Among those opposing the dia McCarthyism is not the
moves to restrict it beyond the 76,000, took up the TikTok ministration want to try to that would ban TikTok for all ban was Councilwoman Laura right thing.”

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B6 | Thursday, January 5, 2023 THE WALL STREET JOURNAL.

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. Domino's DPZ 344.39 5.12 GitLab GTLB 42.57 -1.36 KimcoRealty KIM 21.65 0.41 Nasdaq NDAQ 61.65 -0.11 RentokilInit RTO 31.82 0.61 TexasInstruments TXN 169.17 5.96
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Donaldson DCI 59.22 0.22 GlobalPayments GPN 103.48 3.28 KinderMorgan KMI 18.23 0.22 NationalGrid NGG 62.05 1.56 Repligen RGEN 171.04 9.04 TexasPacLand TPL 2057.11 -45.50
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four DoorDash DASH 48.93 0.57 GlobalFoundries GFS 52.91 1.21 Knight-Swift KNX 54.35 1.30 NatlRetailProp NNN 46.56 0.54 RepublicSvcs RSG 128.25 -0.43 TexasRoadhouse TXRH 93.70 0.50
that include primary market trades as well as quarters. Dover DOV 136.17 1.10 Globant GLOB 170.38 1.43 Philips PHG 16.26 0.62 NatWest NWG 6.67 0.15 ResMed RMD 210.90 1.79 Textron TXT 71.06 0.80
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Dow DOW 52.33 1.29 GlobeLife GL 120.01 0.42 KoreaElcPwr KEP 7.77 0.01 NetApp NTAP 61.93 1.14 RestaurantBrands QSR 64.93 0.43 ThermoFisher TMO 561.92 8.74
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Doximity DOCS 33.48 0.63 GlobusMedical GMED 73.93 0.77 KraftHeinz KHC 41.24 0.46 NetEase NTES 82.57 6.12 RexfordIndlRealty REXR 56.48 2.17 s ThomsonReuters TRI 117.99 2.68
Nasdaq ISE. standards DrReddy'sLab RDY 52.04 0.31 GoDaddy GDDY 74.86 0.60 Kroger KR 44.97 0.50 Netflix NFLX 309.41 14.46 ReynoldsCnsmr REYN 29.90 -0.03 3M MMM 125.15 2.68
The list comprises the 1,000 largest companies lf-Late filing DraftKings DKNG 11.71 0.66 GoldFields GFI 11.57 0.75 LKQ LKQ 54.59 0.73 Neurocrine NBIX 120.88 0.80 RioTinto RIO 71.54 0.48 Toast TOST 18.42 0.87
based on market capitalization. q-Temporary exemption from Nasdaq Dropbox DBX 22.81 0.13 GoldmanSachs GS 347.70 1.48 LPL Financial LPLA 213.40 -3.81 NewFortressEner NFE 36.39 0.22 RitchieBros RBA 58.06 0.29 Toro TTC 113.25 0.06
Underlined quotations are those stocks with requirements. DukeEnergy DUK 104.81 1.11 Grab GRAB 3.50 0.04 L3HarrisTech LHX 206.93 ... Newmont NEM 51.51 1.93 t Rivian RIVN 17.71 0.37 TorontoDomBk TD 65.86 1.71
large changes in volume compared with the t-NYSE bankruptcy DuPont DD 70.53 1.67 Graco GGG 68.44 0.54 LabCorp.ofAmerica LH 239.70 1.92 NewsCorp B NWS 19.24 0.75 RobertHalf RHI 75.50 1.91 TotalEnergies TTE 61.08 -0.36
issue’s average trading volume. v-Trading halted on primary market. Dynatrace DT 38.59 0.24 Grainger GWW 554.03 -1.90 LamResearch LRCX 422.46 8.16 NewsCorp A NWSA 18.98 0.68 Robinhood HOOD 8.36 0.28 ToyotaMotor TM 137.19 -1.09
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being EMCOR EME 145.44 -2.87 GraphicPkg GPK 21.93 0.20 LamarAdv LAMR 93.84 2.03 NexstarMedia NXST 179.02 4.78 Roblox RBLX 29.04 1.19 TractorSupply TSCO 221.49 -1.69
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ENI E 28.80 0.03 Grifols GRFS 9.20 0.46 LambWeston LW 87.48 0.23 NextEraEnergy NEE 84.49 0.66 RocketCos. RKT 7.44 0.35 TradeDesk TTD 44.31 0.29
previous closing price was $2 or higher. or securities assumed by such companies. EOG Rscs EOG 124.36 -0.09 GpoAeroportuar PAC 152.62 4.94 s LasVegasSands LVS 51.89 2.56 Nike NKE 121.21 2.46 Rockwell ROK 260.53 -0.89 Tradeweb TW 63.94 -1.40
EPAM Systems EPAM 335.22 3.80 GpoAeroportSur ASR 244.30 0.36 LatticeSemi LSCC 65.47 1.36 NiSource NI 27.78 0.34 RogersComm B RCI 47.74 0.88 TraneTech TT 174.31 2.78
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and EQT EQT 33.21 1.39 HCA Healthcare HCA 248.88 5.67 Lear LEA 129.45 3.58 Nokia NOK 4.73 0.04 Rollins ROL 36.94 0.39 TransDigm TDG 633.56 7.79
changes in the closing prices from 4 p.m. the previous day. EastWestBncp EWBC 66.55 0.54 HDFC Bank HDB 67.84 -0.56 LegendBiotech LEGN 49.67 0.97 NomuraHoldings NMR 3.82 0.05 RoperTech ROP 442.74 8.28 TransUnion TRU 61.84 2.83
EastGroup EGP 152.00 5.25 HF Sinclair DINO 50.20 0.55 Leidos LDOS 104.37 -0.34 Nordson NDSN 237.75 -0.28 RossStores ROST 117.97 2.14 Travelers TRV 187.23 0.11
EastmanChem EMN 86.02 3.89 HP HPQ 27.22 0.47 Lennar B LEN.B 77.74 1.61 NorfolkSouthern NSC 250.90 3.20 RoyalBkCanada RY 95.81 2.14 Trimble TRMB 50.80 0.20
Wednesday, January 4, 2023 Net Net Eaton ETN 158.82 1.07 HSBC HSBC 32.68 1.05 Lennar A LEN 93.61 1.63 NorthernTrust NTRS 91.68 1.90 RoyalCaribbean RCL 52.64 3.93 s Trip.com TCOM 38.13 2.44
Net Stock Sym Close Chg Stock Sym Close Chg eBay EBAY 43.09 0.94 H World HTHT 45.60 2.70 LennoxIntl LII 242.31 0.99 NorthropGrum NOC 526.45 -13.88 RoyalGold RGLD 119.22 2.39 TruistFinl TFC 44.85 1.22
Stock Sym Close Chg AvisBudget CAR 169.16 4.41 CelsiusHldg CELH 100.91 0.44 Ecolab ECL 149.76 2.55 Haleon HLN 7.84 -0.09 LiAuto LI 22.98 2.00 Novartis NVS 91.84 -0.37 RoyaltyPharma RPRX 39.15 -0.25 Twilio TWLO 52.12 1.70
Ecopetrol EC 9.82 -0.08 Halliburton HAL 38.43 0.77 LibertyBroadbandC LBRDK 80.32 3.53 s NovoNordisk NVO 136.77 -0.19 RyanSpecialty RYAN 41.64 -0.12 TylerTech TYL 320.68 1.35
AxonEnterprise AXON 168.76 0.52 Cemex CX 4.38 0.26 EdisonInt
A B C BCE
EIX 66.39 2.11 HalozymeTherap HALO 53.90 -1.23 LibertyBroadbandA LBRDA 80.25 3.39 Novocure
BCE 44.93 0.87 CenovusEnergy CVE 18.13 -0.12 EdwardsLife EW 76.47 2.20 s HartfordFinl HIG 76.82 1.47 LibertyGlobal C LBTYK 20.95 0.51 NuHoldings NU
NVCR 70.53 2.59 Ryanair
3.52 -0.04 SAP
RYAAY 82.24 7.72 TysonFoods TSN 64.51 0.91
SAP 106.89 2.91 UBS Group UBS 19.69 0.73
ABB ABB 32.07 1.29 BHP Group BHP 62.77 1.37 Centene CNC 79.46 -0.28 ElbitSystems ESLT 170.31 2.33 Hasbro HAS 62.11 0.16 LibertyGlobal B LBTYB 20.78 1.78 Nucor NUE 137.00 5.94 S&P Global SPGI 341.62 6.45 UDR UDR 39.25 0.66
ADT ADT 9.00 0.05 BJ'sWholesale BJ 67.54 -0.35 CenterPointEner CNP 29.65 0.09 ElectronicArts EA 125.01 2.21 HealthcareRealty HR 20.21 0.54 LibertyGlobal A LBTYA 20.26 0.44 Nutrien NTR 71.98 0.36 SBA Comm SBAC 292.63 10.89 UGI UGI 38.63 0.58
AECOM ACM 84.09 0.38 BOK Fin BOKF 99.46 0.52 CentraisElBras EBR 7.52 0.25 ElevanceHealth ELV 485.44 -16.76 HealthpeakProp PEAK 26.39 0.95 LibertyFormOne C FWONK 61.32 1.81 nVentElectric NVT 38.50 0.42 SEI Investments SEIC 59.88 0.80 U-Haul UHAL 60.42 0.85
AES AES 27.28 -0.83 BP BP 33.78 -0.54 CeridianHCM CDAY 63.06 1.49 EmersonElec EMR 95.42 -0.69 Heico HEI 151.52 -0.41 LibertyFormOne A FWONA 54.81 1.66 NVIDIA NVDA 147.49 4.34 SK Telecom SKM 20.81 0.19 U-HaulDeCo.SeriesN UHAL/B 55.21 0.21
Aflac AFL 71.92 0.34 Baidu BIDU 131.76 12.63 CharlesRiverLabs CRL 221.93 3.53 Enbridge ENB 39.77 0.74 Heico A HEI.A 117.99 -0.69 LibertyBraves A BATRA 32.86 0.02 SS&C Tech SSNC 53.38 0.92 US Foods USFD 34.78 0.66
AGCO AGCO 136.40 -0.87 BakerHughes BKR 27.89 -0.86 CharterComms CHTR 354.00 12.42 Endeavor EDR 21.86 0.66 HenrySchein HSIC 82.39 2.79 LibertyBraves C BATRK 32.30 0.01 O P Q StoreCapital STOR 32.08 -0.01 Uber UBER 25.91 0.55
Ansys ANSS 242.94 4.30 Ball BALL 52.49 0.52 CheckPoint CHKP 127.20 0.37 EnergyTransfer ET 11.66 0.04 Hershey HSY 223.27 -3.66 LibertySirius C LSXMK 40.14 0.69 SVB Fin SIVB 240.06 14.84 Ubiquiti UI 269.22 -1.15
BancoBilbaoViz BBVA 6.47 0.30 Chemed CHE 509.43 2.52 EnphaseEnergy ENPH 251.64 -1.67 Hess OGE Energy OGE 39.56 0.05
APA APA 42.15 -1.47 HES 136.57 2.05 LibertySirius A LSXMA 40.23 0.62 Salesforce CRM 139.59 4.81 UiPath PATH 12.45 0.16
ONEOK OKE 64.44 0.50
ASETech ASX 6.42 0.16 BancoBradesco BBDO 2.34 -0.01 CheniereEnergy LNG 144.69 4.16 Entegris ENTG 67.28 3.15 HessMidstream HESM 30.02 0.35 LifeStorage LSI 96.60 0.38 Samsara IOT 12.11 0.19 UltaBeauty ULTA 483.52 11.89
ASML ASML 570.83 21.26 BancodeChile BCH 19.72 -0.06 CheniereEnerPtrs CQP 54.92 0.34 Entergy ETR 109.21 0.08 HewlettPackard HPE 16.42 0.36 EliLilly LLY 363.10 -1.89 OReillyAuto ORLY 826.74 -13.98 Sanofi SNY 48.74 -0.26 Unilever UL 50.81 0.34
BancSanBrasil BSBR 5.24 0.20 ChesapeakeEner CHK 89.28 3.15 EnterpriseProd EPD 24.34 0.11 LincolnElectric LECO 148.86 2.68
OccidentalPetrol OXY 61.11 0.06
AT&T T 19.14 0.40 Hilton HLT 127.84 2.81 UnionPacific UNP 209.24 1.66
BcoSantChile BSAC 15.46 0.13 Chevron CVX 172.14 -1.85 Okta OKTA 70.18 0.63 SareptaTherap SRPT 124.98 0.14
AbbottLabs ABT 111.21 1.63 Equifax EFX 204.61 6.30 Hologic HOLX 78.23 2.68 Linde LIN 316.77 -1.58 Sasol SSL 15.43 -0.21 UnitedAirlines UAL 39.72 2.51
AbbVie ABBV 163.69 1.31 BancoSantander SAN 3.12 0.12 ChewyA CHWY 35.47 0.01 Equinix EQIX 680.15 17.64 HomeDepot HD 319.73 3.82 LiveNationEnt LYV 71.01 2.15 OldDomFreight ODFL 288.79 6.27 Schlumberger SLB 51.70 0.20 UnitedMicro UMC 6.75 0.14
OldRepublic ORI 24.18 0.01
AcadiaHealthcare ACHC 82.75 1.27 BanColombia CIB 27.90 0.74 ChinaEastrnAir CEA 21.32 0.53 Equinor EQNR 31.86 -0.74 HondaMotor HMC 23.49 0.22 LloydsBanking LYG 2.29 0.05 UPS B UPS 177.11 1.83
Olin OLN 53.29 0.92 SchwabC SCHW 83.35 1.41
Accenture ACN 269.34 -0.92 BankofAmerica BAC 34.14 0.63 s ChinaSoAirlines ZNH 35.21 1.39 Equitable EQH 29.67 1.07 Honeywell HON 210.04 -4.26 LockheedMartin LMT 476.50 -1.03 55.67 2.69 UnitedRentals URI 366.01 9.30
OmegaHealthcare OHI 28.28 0.32 Sea SE
ActivisionBliz ATVI 76.84 -0.04 BankofMontreal BMO 93.63 2.59 Chipotle CMG 1376.05 4.92 EquityLife ELS 65.85 1.66 HorizonTherap HZNP 113.48 -0.02 Loews L 59.27 0.68 Seagate STX 52.49 0.61 US Bancorp USB 46.03 1.39
BankNY Mellon BK 47.44 1.14 s Chubb CB 224.40 3.63 EquityResdntl EQR 59.85 1.01 HormelFoods HRL 45.89 0.14 LogitechIntl LOGI 63.66 0.85 Omnicom OMC 84.44 1.91
Adobe ADBE 341.41 4.49 UnitedTherap UTHR 272.83 -0.49
LOW 201.39 2.35 ON Semi ON 62.20 0.59 Seagen SGEN 134.90 6.20
AdvanceAuto AAP 151.89 0.35 BankNovaScotia BNS 49.24 1.57 ChunghwaTel CHT 37.09 -0.19 ErieIndemnity A ERIE 242.23 -1.03 DR Horton DHI 91.64 0.96 Lowe's SealedAir SEE 51.07 0.80 UnitedHealth UNH 504.50 -14.14
OpenText OTEX 31.10 1.02
AdvDrainageSys WMS 83.23 1.95 Barclays BCS 8.29 0.32 Church&Dwight CHD 82.79 0.77 EssentialUtil WTRG 48.76 0.60 HostHotels HST 16.17 0.24 Lucid LCID 6.48 0.31 UnitySoftware U 28.33 1.41
Oracle ORCL 84.48 0.76 Sempra SRE 155.04 1.33
AdvMicroDevices AMD 64.66 0.64 BarrickGold GOLD 18.88 1.05 ChurchillDowns CHDN 215.76 5.51 EssexProp ESS 215.25 3.94 HowmetAerospace HWM 39.55 0.49 lululemon LULU 320.98 -2.40 UniversalHealthB UHS 145.77 3.16
Bath&BodyWks BBWI 47.73 4.54 Ciena CIEN 49.42 -1.32 EsteeLauder EL Orange ORAN 10.37 0.26 SensataTechs ST 41.51 0.90
Aegon AEG 5.14 0.09 261.91 8.00 Hubbell HUBB 229.30 -5.19 LyondellBasell LYB 85.90 1.91 UnumGroup UNM 40.59 0.34
Organon OGN 28.94 0.87 ServiceCorp SCI 68.16 0.44
AerCap AER 59.48 1.53 BaxterIntl BAX 52.33 1.29 Cigna CI 310.30 -11.18 Etsy ETSY 117.11 3.55 HubSpot HUBS 294.79 4.90 VFC 29.52 1.78
M N Orix IX 80.57 -0.46 ServiceNow NOW 393.85 8.35 VF
AgilentTechs A 151.67 1.63 BectonDicknsn BDX 258.09 1.91 CincinnatiFin CINF 106.35 2.34 s EverestRe RE 341.09 7.71 Humana HUM 492.12 -8.37 ShawComm B SJR 28.71 0.45 VICI Prop VICI 31.95 0.20
BGNE 242.90 16.27 Cintas OtisWorldwide OTIS 80.77 1.65
agilon health AGL 16.12 0.08 BeiGene CTAS 443.83 -5.16 Evergy EVRG 63.89 0.96 JBHunt JBHT 174.98 2.38 Shell SHEL 55.43 -0.55 VailResorts MTN 245.96 5.91
AgnicoEagle AEM 55.48 1.92 BentleySystems BSY 36.82 0.09 CiscoSystems CSCO 47.55 -0.01 EversourceEner ES 85.33 1.11 HuntingtonBcshs HBAN 14.36 0.26 M&T Bank MTB 146.59 1.62 Ovintiv OVV 46.71 -0.29
Berkley WRB 72.34 -0.24 Citigroup C 46.96 1.18 MDU Rscs MDU 30.66 0.16 OwensCorning OC 89.25 2.97 SherwinWilliams SHW 244.18 4.81 Vale VALE 16.55 0.20
AgreeRealty ADC 70.65 0.07 ExactSciences EXAS 48.93 0.73 HuntingIngalls HII 228.16 -0.19 ShinhanFin SHG 28.83 1.35 ValeroEnergy VLO 119.62 -0.42
MGM Resorts MGM 35.54 2.26 PG&E PCG 15.88 0.20
AirProducts APD 306.59 0.02 BerkHathwy B BRK.B 314.55 4.64 CitizensFin CFG 40.65 1.12 Exelon EXC 43.73 0.57 HyattHotels H 91.65 2.85
MPLX 32.82 0.24 PNC Fin PNC 163.73 4.21 ShockwaveMed SWAV 204.50 12.46 ValmontInds VMI 321.49 -2.71
Airbnb ABNB 88.72 3.82 BerkHathwy A BRK.A 4762596734.90 CleanHarbors CLH 113.29 -0.45 Expedia EXPE 90.99 3.31 ICICI Bank IBN 21.95 0.01 MPLX SHOP 37.54 1.86 VeevaSystems VEEV 166.43 6.81
MSCI 474.12 12.96 POSCO PKX 54.88 1.44 Shopify
AkamaiTech AKAM 85.86 0.89 BerryGlobal BERY 61.52 1.06 ClearwayEnergyC CWEN 32.03 ... ExpeditorsIntl EXPD 106.18 1.20 ICL Group ICL 7.17 -0.11 MSCI Ventas VTR 47.03 1.66
PPG Ind PPG 129.97 3.13 Sibanye-Stillwater SBSW 11.34 0.50
Albemarle ALB 223.57 9.07 BestBuy BBY 81.94 1.53 ClearwayEnergyA CWEN.A 30.16 -0.10 ExtraSpaceSt EXR 144.47 0.18 IdexxLab IDXX 422.43 16.42 MagellanMid MMP 50.54 0.36 VeriSign VRSN 205.56 3.64
Bilibili BILI 28.32 1.32 Cleveland-Cliffs CLF 17.20 0.41 MagnaIntl MGA 59.46 1.94 PPL PPL 29.93 0.73 SignatureBank SBNY 117.94 4.77
Albertsons ACI 20.90 0.20 ExxonMobil XOM 106.82 0.31 ING Groep ING 12.95 0.41 VeriskAnalytics VRSK 180.25 2.91
PTC PTC 121.97 2.32 SignifyHealth SGFY 28.55 ...
Alcoa AA 45.13 0.55 Bill.com BILL 107.24 -2.02 Clorox CLX 143.72 1.46 F5 FFIV 145.28 0.43 Invesco IVZ 18.98 0.76 ManhattanAssoc MANH 120.57 -0.43 Verizon VZ 41.13 1.01
Paccar PCAR 98.21 -0.22 SimonProperty SPG 121.16 3.62
Alcon ALC 70.27 1.29 Bio-Techne TECH 84.39 1.86 Cloudflare NET 43.05 0.03 FMC FMC 122.94 -1.98 IQVIA IQV 207.78 3.92 ManulifeFin MFC 18.27 0.45 VertexPharm VRTX 286.83 0.81
PackagingCpAm PKG 130.80 1.74 SiriusXM SIRI 5.86 0.07
AlexandriaRlEst ARE 146.89 2.78 Bio-RadLab A BIO 433.70 11.27 Coca-Cola KO 62.92 -0.03 FactSet FDS 407.79 1.83 ITT ITT 83.00 1.06 MarathonOil MRO 25.32 -0.32 Viatris VTRS 11.75 0.37
PalantirTech PLTR 6.58 0.19 SkechersUSA SKX 43.45 1.62
Alibaba BABA 103.92 11.94 Biogen BIIB 270.81 -1.82 Coca-ColaEuro CCEP 55.66 1.30 FairIsaac FICO 609.04 17.85 IcahnEnterprises IEP 52.83 1.19 MarathonPetrol MPC 110.58 -0.34 s Vipshop VIPS 15.06 0.69
AlignTech ALGN 224.63 12.35 BioMarinPharm BMRN 106.92 6.31 Cognex CGNX 49.28 1.36 Fastenal FAST 47.97 0.57 Icon ICLR 199.35 5.76 Markel MKL 1348.00 26.03 PaloAltoNtwks PANW 138.54 0.09 Skyworks SWKS 93.48 2.98
SmithAO AOS 60.66 1.74 Visa V 212.61 5.22
Allegion ALLE 109.24 1.54 BioNTech BNTX 146.13 -2.52 CognizantTech CTSH 58.06 0.47 FederalRealty FRT 105.06 2.40 IDEX IEX 229.27 -0.22 MarketAxess MKTX 286.77 1.90 ParamountB PARA 18.50 1.43 Smith&Nephew SNN 28.06 0.77 Vistra VST 22.75 0.48
AlliantEnergy LNT 55.79 0.42 BlackKnight BKI 61.83 -0.17 CoinbaseGlbl COIN 37.70 4.10 FedEx FDX 181.45 4.18 IllinoisToolWks ITW 220.82 0.50 Marriott MAR 149.86 2.11 ParamountA PARAA 21.52 1.69
Smucker SJM 158.19 -0.80 VMware VMW 122.92 0.60
Allstate ALL 138.96 2.30 BlackRock BLK 721.90 9.86 ColgatePalm CL 79.64 0.51 Ferguson FERG 132.00 3.39 Illumina ILMN 202.61 1.74 Marsh&McLen MMC 169.21 3.23 ParkerHannifin PH 296.89 5.13 Snap SNAP 9.30 0.45 Vodafone VOD 10.60 0.24
AllyFinancial ALLY 25.24 0.82 Blackstone BX 78.01 1.88 Comcast A CMCSA 36.59 1.02 Ferrari RACE 219.67 4.30 ImperialOil IMO 46.10 -0.15 MartinMarietta MLM 347.74 9.55 Paychex PAYX 117.07 1.26
SnapOn SNA 232.32 2.94 VulcanMatls VMC 179.57 3.47
AlnylamPharm ALNY 232.86 -0.73 Block SQ 66.30 1.66 Comerica CMA 66.90 0.85 FidNatlFin FNF 38.55 0.74 Incyte INCY 79.08 -0.47 MarvellTech MRVL 36.61 0.62 PaycomSoftware PAYC 303.90 -0.73 Snowflake SNOW 130.44 -5.06
Masco MAS 48.73 1.31 Paylocity PCTY 196.89 4.36
Alphabet A GOOGL 88.08 -1.04 BlueOwlCapital OWL 10.42 0.33 CommerceBcshrs CBSH 67.84 0.23 FidNatlInfo FIS 69.27 0.73 Infosys INFY 18.10 -0.13
MASI 151.36 5.33 PayPal SOQUIMICH SQM 78.19 1.42 W X Y Z
Alphabet C GOOG 88.71 -0.99 Boeing BA 203.64 8.25 SABESP SBS 9.76 0.08 FifthThirdBncp FITB 33.46 0.82 IngersollRand IR 53.65 0.65 Masimo PYPL 77.69 3.11
Altria MO 45.41 -0.11 BookingHldgs BKNG 2110.44 78.23 ConagraBrands CAG 38.65 -0.18 FirstCitizBcshA FCNCA 755.75 4.33 Ingredion INGR 98.04 0.64 MasTec MTZ 87.23 0.96 Pearson PSO 11.49 0.24 SolarEdgeTech SEDG 290.56 5.13 WEC Energy WEC 94.78 0.62
BoozAllen BAH 103.88 -0.70 Mastercard MA 355.15 8.35 PembinaPipeline PBA 33.37 0.35 Sony SONY 77.80 1.15
Amazon.com AMZN 85.14 -0.68 Concentrix CNXC 136.22 3.28 FirstHorizon FHN 24.50 0.04 InspireMedical INSP 251.21 -1.78 WEX WEX 163.02 1.08
Southern SO 72.51 0.61
Ambev ABEV 2.61 0.02 BorgWarner BWA 41.61 1.34 ConocoPhillips COP 113.34 0.22 FirstIndRlty FR 49.57 1.57 Insulet PODD 279.72 -6.66 MatadorRscs MTDR 53.78 0.62 PenskeAuto PAG 115.62 1.92 SoCopper SCCO 63.22 1.59
W.P.Carey WPC 79.13 0.86
Amcor AMCR 12.03 0.11 BostonProps BXP 66.71 0.09 ConEd ED 96.59 0.83 FirstRepBank FRC 123.79 2.25 Intel INTC 27.68 0.95 MatchGroup MTCH 42.26 1.20 Pentair PNR 46.70 1.50 WPP WPP 51.59 1.50
s Amdocs DOX 92.04 0.32 BostonSci BSX 46.50 0.49 ConstBrands A STZ 231.16 3.56 FirstSolar FSLR 146.78 0.84 InteractiveBrkrs IBKR 72.12 0.74 Mattel MAT 18.40 0.51 Penumbra PEN 224.65 3.45 SouthwestAir LUV 33.62 1.02 Wabtec WAB 101.23 1.47
Ameren AEE 88.96 0.47 BristolMyers BMY 72.62 0.36 ConstellationEner CEG 83.41 1.50 FirstEnergy FE 42.34 0.31 ICE ICE 103.93 0.70 McCormickVtg MKC.V 83.69 0.72 PepsiCo PEP 178.97 -0.44 Splunk SPLK 89.65 2.83
WalgreensBoots WBA 37.49 0.30
Spotify SPOT 81.33 -0.57
AmericaMovil A AMOV 18.33 0.18 BritishAmTob BTI 40.41 -0.03 Cooper COO 341.57 8.89 Fiserv FISV 102.06 0.85 InterContinentl IHG 60.35 1.81 McCormick MKC 84.96 1.49 PerformanceFood PFGC 57.18 0.29 StanleyBlackDck SWK 78.60 2.41 Walmart WMT 143.76 0.16
AmericaMovil AMX 18.59 0.29 BrixmorProp BRX 23.22 0.64 Copart CPRT 61.98 0.52 FiveBelow FIVE 173.57 1.69 IBM IBM 142.60 1.05 McDonald's MCD 264.39 0.06 PerkinElmer PKI 142.31 1.17 Starbucks SBUX 104.46 3.63 WarnerBrosA WBD 10.38 0.84
AmerAirlines AAL 13.59 0.85 Broadcom AVGO 560.24 6.76 CorebridgeFin CRBG 20.68 0.54 FleetCorTech FLT 184.68 1.49 IntlFlavors IFF 108.16 2.52 McKesson MCK 374.01 -0.32 PetroleoBrasil PBR 9.71 0.21
StateStreet STT 79.48 1.08 WarnerMusic WMG 36.51 1.16
AEP AEP 95.52 0.65 BroadridgeFinl BR 136.67 2.11 Corning GLW 34.11 1.57 Flex FLEX 21.58 0.02 IntlPaper IP 36.83 1.42 MedicalProp MPW 12.09 0.56 PetroleoBrasilA PBR.A 8.49 0.26 SteelDynamics STLD 98.71 3.54 WasteConnections WCN 132.43 0.72
AmerExpress AXP 150.54 3.42 Brookfield BN 32.90 1.34 Corteva CTVA 59.69 0.76 Floor&Decor FND 75.50 3.15 Interpublic IPG 34.70 0.91 Medpace MEDP 209.15 0.87 Pfizer PFE 50.13 -1.13 WasteMgt WM 156.91 -0.12
AmericanFin AFG 139.57 2.69 BrookfieldInfr BIP 32.27 0.95 CoStar CSGP 78.00 0.35 FomentoEconMex FMX 78.14 0.35 Intuit INTU 391.57 0.39 Medtronic MDT 80.97 2.71 PhilipMorris PM 101.23 -0.07 Stellantis STLA 15.06 0.47
Waters WAT 349.77 4.18
AmHomes4Rent AMH 30.51 0.75 BrookfieldRenew BEPC 28.85 0.58 Costco COST 456.56 3.28 FordMotor F 12.01 0.33 IntuitiveSurgical ISRG 270.00 4.37 MercadoLibre MELI 837.44 11.33 Phillips66 PSX 100.68 -0.35 Steris STE 191.32 5.74
Watsco WSO 260.54 5.16
AIG AIG 63.86 0.93 Brown&Brown BRO 57.60 0.95 CoterraEnergy CTRA 23.98 0.77 Fortinet FTNT 48.30 -0.22 InvitatHomes INVH 29.72 0.46 Merck MRK 112.08 0.94 Pinduoduo PDD 91.06 6.53 StifelFinancial SF 58.04 -1.43
WebsterFin WBS 46.83 -0.01
STMicroelec STM 36.50 1.15
AmerTowerREIT AMT 219.00 4.33 Brown-Forman A BF.A 65.56 0.45 Coty COTY 9.04 0.27 Fortis FTS 40.95 0.45 IridiumComm IRDM 53.17 0.37 MetaPlatforms META 127.37 2.63 PinnacleWest PNW 75.39 0.76 Stryker SYK 252.49 6.46
WellsFargo WFC 42.65 0.86
AmerWaterWorks AWK 157.17 3.07 Brown-Forman B BF.B 65.53 0.54 Coupang CPNG 15.63 0.71 Fortive FTV 65.22 0.95 IronMountain IRM 50.88 1.21 MetLife MET 73.19 1.04 Pinterest PINS 23.78 0.89 Welltower WELL 68.84 1.89
s SumitomoMits SMFG 8.25 0.16
AmericoldRealty COLD 29.18 0.68 Bruker BRKR 70.19 1.12 Credicorp BAP 140.14 2.02 FortuneBrandsInnov FBIN 60.43 2.45 ItauUnibanco ITUB 4.37 0.03 MettlerToledo MTD 1491.57 29.70 PioneerNatRscs PXD 223.05 2.80 SunComms SUI 143.32 3.40 WescoIntl WCC 128.03 3.30
Ameriprise AMP 312.88 2.22 BuildersFirst BLDR 66.67 1.32 CreditSuisse CS MicrochipTech MCHP 70.79 1.69 PlainsAllAmPipe PAA 11.55 ... WestFraserTimber WFG 75.23
3.28 0.16 FoxA FOXA 31.28 1.01 1.68
AmerisourceBrgn ABC 162.87 -1.42 Bunge BG 95.00 -0.57 Crocs CROX 108.53 1.72 FoxB FOX 29.37 1.03 J K L MicronTech MU 54.20 3.83 PlainsGP PAGP 12.24 0.05 SunLifeFinancial SLF 47.53 1.13 WestPharmSvcs WST 241.14 6.73
Ametek AME 140.85 0.33 BurlingtonStrs BURL 216.27 10.11 CrowdStrike CRWD 104.37 1.08 Franco-Nevada FNV 141.97 3.82 Microsoft MSFT 229.10 -10.48 PlanetFitness PLNT 77.98 -0.17 SuncorEnergy SU 29.82 -0.39
WestAllianceBcp WAL 60.68 2.16
Amgen AMGN 264.39 2.74 CACI Intl CACI 308.00 0.01 CrownCastle CCI 143.35 5.04 FranklinRscs BEN 27.83 0.71 JD.com JD 66.10 8.46 MidAmApt MAA 157.74 2.32 PlugPower PLUG 13.00 0.82 Suzano SUZ 9.23 0.10
WesternDigital WDC 33.05 1.64
AmkorTech AMKR 25.67 0.20 CBRE Group CBRE 79.72 1.28 CrownHoldings CCK 83.13 0.64 FreeportMcM FCX 39.00 1.08 JPMorganChase JPM 136.38 1.26 Middleby MIDD 137.94 4.29 PolestarAuto PSNY 5.49 0.17 SynchronyFin SYF 33.10 0.71 WesternMidstrm WES 25.89 0.13
Amphenol APH 77.53 1.13 CDW CDW 181.15 1.64 CubeSmart CUBE 39.45 0.11 FreseniusMed FMS 16.85 0.74 Jabil s
JBL 66.00 -1.18 MitsubishiUFJ MUFG 7.17 0.36 Pool POOL 304.43 3.60 Synopsys SNPS 320.93 1.25
Westlake WLK 100.16 1.13
AnalogDevices ADI 165.91 3.46 CF Industries CF 82.41 0.46 Cullen/Frost CFR 131.03 0.79 FrontierComms FYBR 26.01 0.79 JackHenry JKHY 177.19 1.09 s MizuhoFin MFG 2.93 0.08 PrincipalFin PFG 85.01 1.24 Sysco SYY 76.68 0.69
WestRock WRK 36.38 0.90
21.37 1.21 CGI GIB 86.48 0.38 Cummins JacobsSolns J 126.01 4.72 Mobileye MBLY 31.13 -1.58 ProcoreTech PCOR 47.13 0.30
AngloGoldAsh AU
AB InBev BUD 61.30 1.70 CH Robinson CHRW 90.80 0.52 Curtiss-Wright CW 165.06 0.02
CMI 240.46 -0.58 FullTruck YMM 9.34 0.57
JamesHardie JHX 18.67 0.72 Moderna MRNA 177.36 -1.63 Procter&Gamble PG 152.23 0.66 T U V Weyerhaeuser WY 31.23
WheatonPrecMet WPM 41.95
0.37
1.38
AnnalyCap NLY 21.69 0.25 CME Group CME 170.08 1.13 G H I JazzPharm JAZZ 160.47 4.11 MohawkInds MHK 113.30 6.44 Progressive PGR 131.24 1.10
JefferiesFin JEF 38.68 4.46 MolinaHealthcare MOH 313.53 -5.39 Prologis
TC Energy TRP 39.37 0.36 Whirlpool WHR 148.23 4.50
AnteroResources AR 29.35 0.93 CMS Energy CMS 64.63 0.90 D E F GFLEnvironmental GFL 30.38 1.02 J&J JNJ 180.13 1.94 MolsonCoorsB TAP 51.36 1.92 ProsperityBcshs PB
PLD 116.96 4.27 TD Synnex SNX 96.04 -0.57
72.61 0.47 TE Connectivity TEL 117.62 2.96
Williams WMB 32.35 0.20
Aon AON 302.72 3.30 CNA Fin CNA 43.10 0.72 Williams-Sonoma WSM 118.17 4.10
ApolloGlbMgmt APO 64.36 1.55 CNH Indl CNHI 16.17 0.06 DCP Midstream DCP 38.59 0.09 GSK GSK 35.03 -0.26 JohnsonControls JCI 65.80 1.06 Mondelez MDLZ 66.73 0.48 PrudentialFin PRU 101.18 1.70 Telus TU 19.77 0.50 WillisTowers WTW 246.49 1.31
Apple AAPL 126.36 1.29 CRH CRH 43.00 1.97 DISH Network DISH 14.82 0.72 Gallagher AJG 189.74 2.48 JonesLang JLL 165.21 2.71 MongoDB MDB 187.21 -3.54 Prudential PUK 29.98 1.83 TFI Intl TFII 101.98 1.85 WillScotMobile WSC 44.53 -0.30
ApplMaterials AMAT 99.31 2.58 CSX CSX 31.28 0.40 DTE Energy DTE 119.56 1.70 Gaming&Leisure GLPI 50.94 -0.25 JuniperNetworks JNPR 31.83 -0.70 MonolithicPower MPWR 357.83 14.88 PublicServiceEnt PEG 62.51 0.46 TJX TJX 79.86 0.85 Wipro WIT 4.69 -0.02
Aptargroup ATR 111.23 0.97 CVS Health CVS 91.98 -0.93 DXC Tech DXC 28.18 0.51 Garmin GRMN 95.54 1.97 KB Financial KB 40.35 1.53 MonsterBev MNST 102.15 0.83 PublicStorage PSA 278.11 3.93
T-MobileUS TMUS 139.96 0.92 Wolfspeed WOLF 70.14 2.92
Aptiv APTV 95.88 2.93 CadenceDesign CDNS 159.23 -0.41 Danaher DHR 266.37 4.10 Gartner IT 334.15 -3.34 KBR KBR 51.54 -0.72 Moody's MCO 284.11 7.64 PulteGroup PHM 47.41 1.21 WoodsideEnergy WDS 23.13
TPG TPG 29.79 1.43 -0.11
Aramark ARMK 41.94 0.54 CAE CAE 19.95 0.49 Darden DRI 143.03 3.07 GenDigital GEN 21.87 0.25 KE Holdings BEKE 16.26 1.45 MorganStanley MS 86.65 0.93 PureStorage PSTG 26.89 -0.26 WooriFin WF 28.43 1.26
TRowePrice TROW 111.36 2.21
ArcelorMittal MT 27.48 0.85 CaesarsEnt CZR 45.39 3.13 DarlingIngred DAR 61.40 0.39 Generac GNRC 101.92 4.21 KKR KKR 48.10 1.42 Morningstar MORN 220.16 2.03 Qiagen QGEN 50.35 0.42 TaiwanSemi TSM 76.32 2.29 Workday WDAY 171.22 1.87
ArchCapital ACGL 62.77 0.31 CamdenProperty CPT 112.75 2.07 Datadog DDOG 68.96 -3.13 GeneralDynamics GD 245.22 -3.38 KLA KLAC 380.23 3.68 Mosaic MOS 43.27 0.64 Qorvo QRVO 91.00 1.86 TakeTwoSoftware TTWO 106.77 3.66 WyndhamHtls WH 71.04 1.12
ArcherDaniels ADM 86.39 -3.26 Cameco CCJ 22.52 -0.42 DaVita DVA 77.15 2.31 GeneralElec GE 70.20 3.89 KT KT 13.30 ... MotorolaSol MSI 258.02 0.62 Qualcomm QCOM 111.53 4.33 TakedaPharm TAK 15.60 -0.16 WynnResorts WYNN 90.90 5.29
AresMgmt ARES 69.40 1.05 CampbellSoup CPB 55.76 -0.07 DeckersOutdoor DECK 389.94 0.71 GeneralMills GIS 83.89 0.67 Kanzhun BZ 23.57 2.15 MurphyOil MUR 40.68 0.08 QuantaServices PWR 138.55 -2.06
Tapestry TPR 39.65 0.82 XP XP 14.23 0.41
arGEN-X ARGX 376.46 2.66 CIBC CM 41.52 1.00 Deere DE 423.48 -0.81 GeneralMotors GM 34.69 0.87 KarunaTherap KRTX 198.46 5.27 MurphyUSA MUSA 268.70 -4.11 QuestDiag DGX 154.58 -1.19 TargaResources TRGP 71.03 0.38 XcelEnergy XEL 70.67 0.60
AristaNetworks ANET 113.84 -7.07 CanNtlRlwy CNI 120.98 1.81 DellTechC DELL 40.94 0.04 Genmab GMAB 42.51 -0.52 Kellogg K 70.73 -0.54 NICE NICE 191.33 0.28
Target TGT 152.72 0.99 XPeng XPEV 11.56 1.38
ArrowElec ARW 107.04 0.90 CanNaturalRes CNQ 52.28 0.12 DeltaAir DAL 34.39 1.78 Genpact G 46.72 -0.47 KeurigDrPepper KDP 35.84 0.29 NIO NIO 10.63 1.00 R S TataMotors TTM 23.16 -0.42 Xylem XYL 110.59 -0.17
AscendisPharma ASND 122.08 1.36 CanPacRlwy CP 76.69 1.81 DentsplySirona XRAY 33.78 1.09 Gentex GNTX 28.21 0.52 KeyCorp KEY 18.08 0.47 NOV NOV 20.16 0.31
RELX RELX 28.48 0.70 TeckRscsB TECK 36.14 -0.46 YPF YPF 8.71 ...
AspenTech AZPN 206.02 -0.24 Canon CAJ 21.37 -0.38 DeutscheBank DB 12.48 0.77 GenuineParts GPC 171.94 2.13 KeysightTechs KEYS 170.49 -0.45 NRG Energy NRG 32.09 0.16 RPM RPM 98.02 0.17 TeledyneTech TDY 408.48 7.71 YumBrands YUM 128.68 1.72
Assurant AIZ 129.09 1.77 CapitalOne COF 95.80 2.83 DevonEnergy DVN 58.90 0.78 Gerdau GGB 5.43 -0.01 KilroyRealty KRC 38.98 0.71 NVR NVR 4674.22 84.90
RalphLauren RL 113.16 4.05 Teleflex TFX 257.50 7.65 s YumChina YUMC 58.65 2.23
AstraZeneca AZN 69.50 0.17 Capri CPRI 60.07 2.30 DexCom DXCM 114.33 -0.40 GileadSciences GILD 85.50 0.11 KimberlyClark KMB 136.81 -0.30 NXP Semi NXPI 157.96 2.91
RaymondJames RJF 105.54 -0.57 Ericsson ERIC 6.01 0.07 ZTO Express ZTO 28.40 0.83
Atlassian TEAM 126.40 -0.10 CardinalHealth CAH 77.00 0.27 Diageo DEO 179.76 3.81 RaytheonTech RTX 100.84 0.03 TelefonicaBras VIV 6.68 0.19 ZebraTech ZBRA 262.99 2.79
AtmosEnergy ATO 111.94 0.74 Carlisle CSL 238.24 3.95 DiamondbkEner FANG 130.62 -0.76
RealtyIncome O 64.61 0.81 Telefonica TEF 3.71 0.08 Zillow A ZG 34.74 1.92
Autodesk ADSK 187.96 2.81 Carlyle CG 30.86 0.87 Dick's DKS 123.87 3.30 RegalRexnord RRX 124.09 3.37 TelekmIndonesia TLK 24.35 -0.05 Zillow C Z 35.61 1.93
Autoliv
ADP
ALV 77.78 0.23 CarMax
ADP 238.78 1.12 Carnival
KMX 65.12
CCL 8.74
4.48 DigitalRealty DLR 103.65 0.82
0.77 DiscoverFinSvcs DFS 101.27 4.28 Dividend Changes RegencyCtrs REG 63.69 0.86 Tenaris
RegenPharm REGN 726.49 6.02 s TencentMusic TME 9.18
TS 32.04 -1.50
0.58
ZimmerBiomet ZBH 128.46
ZionsBancorp ZION 50.23
1.18
1.77
AutoNation AN 110.64 3.42 Carnival CUK 7.80 0.71 Disney DIS 91.98 3.01 RegionsFin RF 21.91 0.44 Teradyne TER 87.42 1.49 Zoetis ZTS 148.96 2.11
AutoZone AZO 2445.46 14.40 CarrierGlobal CARR 42.03 0.42 DocuSign DOCU 56.27 -0.48 Amount Payable / ReinsGrp RGA 142.03 0.70 Tesla TSLA 113.64 5.54 ZoomVideo ZM 67.65 0.99
Avalonbay AVB 164.32 2.82 CaseysGenStores CASY 219.57 -1.38 DolbyLab DLB 71.71 0.66 RelianceSteel RS 205.19 3.80 TetraTech TTEK 141.79 -1.34 ZoomInfoTech ZI 27.77 -1.67
Avangrid AGR 43.72 0.58 Catalent CTLT 46.45 1.00 DollarGeneral DG 243.50 -3.22 Company Symbol Yld % New/Old Frq Record
RenaissanceRe RNR 186.72 0.90 TevaPharm TEVA 10.02 0.49 Zscaler ZS 111.59 1.40
Avantor AVTR 21.39 0.22 Caterpillar CAT 241.36 2.48 DollarTree DLTR 140.52 0.26
AveryDennison AVY 186.79 3.58 Celanese CE 109.15 6.88 DominionEner D 63.21 0.24
Increased
Alpine Summit Energy Ptrs ALPS 7.0 .0315 /.03 M Jan31 /Jan17
Watsco WSO 3.8 2.45 /2.20 Q Jan31 /Jan17 IPO Scorecard
Watsco B WSOB 3.9 2.45 /2.20 Q Jan31 /Jan17 Performance of IPOs, most-recent listed first
New Highs and Lows Stocks % Chg From % Chg From
Company SYMBOL Wed. Offer 1st-day Company SYMBOL Wed. Offer 1st-day
Can-Fite Biopharma ADR CANF 1:10 /Jan09
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Oblong OBLG 1:15 /Jan04
session. % CHG-Daily percentage change from the previous trading session. AlphaTime Acquisition 10.11 1.1 ... Erayak Power Solution Grp 2.08 –48.0 –38.3
Foreign ATMCU Dec. 30/$10.00 RAYA Dec. 14/$4.00
Wednesday, January 4, 2023 Costamare CMRE 5.1 .115 Q Feb07 /Jan20 Coya Thera 4.62 –7.6 1.1 Adamas One 2.64 –41.3 –41.3
Costamare 8.875% Pfd. E CMREpE 8.7 .55469 Q Jan17 /Jan13 COYA Dec. 29/$5.00 JEWL Dec. 7/$4.50
52-Wk % 52-Wk % 52-Wk %
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Costamare Pfd. B CMREpB 8.1 .47656 Q Jan17 /Jan13
Horizon Space Acquisition I 10.08 0.8 0.1 Acrivon Thera 12.03 –3.8 –27.7
Costamare Pfd. C CMREpC 8.5 .53125 Q Jan17 /Jan13 HSPOU Dec. 22/$10.00 ACRV Nov. 15/$12.50
AultDisruptive ADRT 10.29 0.2 ColombierAcqnUn CLBR.U 10.18 0.6
Highs AuroraAcqnA
BK Tech
AURC
BKTI
10.11 0.1 ConstellationI CSTA.U 10.15 0.4
3.49 -10.0 ConstellationI A CSTA 10.14
Costamare Pfd. D
... Diana Ship 8.875 Pfd B
CMREpD
DSXpB
8.6
8.8
.54688
.55469
Q
Q
Jan17 /Jan13
Jan17 /Jan13 Alphavest Acquisition 10.12 1.2 0.9 ASP Isotopes 1.67 –58.3 –37.5
AryaSciencesIV ARYD 10.13 0.2 B.RileyPrin250A BRIV 10.01 0.4 DPCapAcqnI DPCSU 10.30 0.7 ATMVU Dec. 20/$10.00 ASPI Nov. 10/$4.00
10.30 0.4 Pyxis Tankers Pfd. A 8.3 .1615 Jan20 /Jan13
AxiosSustGrwA AXAC 10.35 0.5 BFC Cap Pfd BANFP 37.43 1.2 DPCapAcqnIA DPCS
PXSAP M
AceGlblBus ACBA 11.77 0.5 BilanderAcqn TWCBU 10.10 2.0 DecarbPlusIV A DCRD 10.23 ... Shaw Communications B SJR 3.1 .0729 M Jan30 /Jan13 Lipella Pharmaceuticals 3.20 –44.3 –32.1 Plutonian Acquisition 10.09 0.9 0.6
AcropolisInfr ACRO.U 10.01 0.4 BilanderAcqnA TWCB 10.46 -0.2 DiamondHead DHHCU 10.35 0.6 LIPO Dec. 20/$5.75 PLTNU Nov. 10/$10.00
AdaraAcqnA ADRA 10.22 0.3 BlueRiverAcqn BLUA.U 10.13 0.1 DiamondHeadA DHHC 10.99 0.1 Special
AetheriumAcqn GMFIU 10.17 0.1 Buckle BKE 47.45 3.8 DigitalTransform DTOCU 10.05 0.1
AirspanNtwksWtB MIMO.WS.B 23.70 93.1 CCNeubergerIII A PRPC 10.14 0.1 DirectSellingA DSAQ 10.31 0.2 WR Berkley WRB 0.6 .50 Jan24 /Jan13 Sources: Dow Jones Market Data; FactSet
AlamosGold AGI 10.95 4.7 CPI Card PMTS 40.83 7.2 Disruptive I A DISA 10.45 0.1
AltC Acqn ALCC 9.97 0.1 CabalettaBio CABA 10.70 12.4 dMYTechVI A DMYS 10.09 ... Sources: FactSet; Dow Jones Market Data
AltEnergyA AEAE 10.24 0.7 CarneyTechII CTAQU 10.95 -1.4 elfBeauty ELF 57.00 1.1
AltimarAcqnIIIA ATAQ 10.10 0.3 CarneyTechII A EsgenAcqn ESACU 10.37 0.3
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
CTAQ 10.64 -0.9
Amdocs DOX
AnzuSpecialI A ANZU
92.80 0.3 CassInfoSys
10.07 0.5 CatchaInvt
CASS 46.60 1.8
CHAA.U 10.08 0.2
EmpresaDisCom
EnphysAcqnA
EDN
NFYS
8.87
10.54
1.6
...
spin-off. Cash Prices Wednesday, January 4, 2023
MNTN
ApeironCapital APN.U
ArborRaphaCapBioI ARCK
10.34 -0.5 ChainBridgeIA
12.59 4.1 ChartIndsPfdConvB
CBRG 10.31 0.2
GTLSpB 51.64 2.5
EverestConsolA
EverestRe RE
10.25
341.38
...
2.3
These prices reflect buying and selling of a variety of actual or “physical”
AriszAcqnA ARIZ
AthenaConsumer ACAQ.U
10.19 0.7 ChengheAcqn
10.82 5.5 ChinaSoAirlines
CHEAU 10.32
ZNH
...
35.25 4.1
FTACEmeraldA
FtacHeraAcqn
EMLD 10.04
HERAU 10.11
0.3
0.2 Borrowing Benchmarks commodities in the marketplace—separate from the futures price on an
AtlCoastalA ACAH 10.03 ... Chubb CB 225.26 1.6 FennecPharm FENC 10.45 2.2
wsj.com/market-data/bonds/benchmarks exchange, which reflects what the commodity might be worth in future
AtourLifestyle ATAT 20.00 0.1 CollegiumPharm COLL 27.08 14.4 Continued on Page B10
months.
Money Rates January 4, 2023 Wednesday Wednesday

Energy Grains and Feeds

ADVERTISEMENT Key annual interest rates paid to borrow or lend money in U.S. and
international markets. Rates below are a guide to general levels but Coal,C.Aplc.,12500Btu,1.2SO2-r,w 205.550 Barley,top-quality Mnpls-u n.a.
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.550 Bran,wheat middlings, KC-u,w n.a.

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
don’t always represent actual transactions.

Inflation Week
Latest ago
—52-WEEK—
High Low Gold, per troy oz
Metals Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
6.3800
n.a.
n.a.
Nov. index Chg From (%) Engelhard industrial 1865.00 Cottonseed meal-u,w n.a.
level Oct. '22 Nov. '21 Federal funds Handy & Harman base 1857.30 Hominy feed,Cent IL-u,w n.a.
Handy & Harman fabricated 2061.60 Meat-bonemeal,50% pro Mnpls-u,w n.a.
BANKRUPTCIES Effective rate 4.3400 n.a. 4.3400 0.0800 4.0275
U.S. consumer price index LBMA Gold Price AM *1835.05 Oats,No.2 milling,Mnpls-u
High 4.6500 4.6500 4.6500 0.0900 LBMA Gold Price PM *1843.25 Rice, Long Grain Milled, No. 2 AR-u,w n.a.
All items 297.711 –0.10 7.1 Low 4.3100 4.3000 4.3100 0.0500 Krugerrand,wholesale-e 1936.80 Sorghum,(Milo) No.2 Gulf-u n.a.
United states bankrUptcy coUrt, soUthern district of new york Core 299.600 0.10 6.0 Bid 4.3200 4.3300 4.3300 0.0600
I re: GTT CommunICaTIons, InC., et al.,1 ) Chpter 11, Ce n. 21-11880 (mEW) Maple Leaf-e 1983.14 SoybeanMeal,Cent IL,rail,ton48%-u,w n.a.
Debtr. ) (Jitly adiitered) Offer 4.3400 4.3400 4.3700 0.0800 American Eagle-e 1983.14 Soybeans,No.1 yllw IL-bp,u 14.6200
International rates
Notice of (A) eNtry of coNfirmAtioN order (i) coNfirmiNg the SecoNd AmeNded Mexican peso-e 2391.07 Wheat,Spring14%-pro Mnpls-u 11.0850
third modified JoiNt PrePAckAged chAPter 11 PlAN of reorgANizAtioN of gtt Treasury bill auction 1819.70
commuNicAtioNS, iNc. ANd itS debtor AffiliAteS ANd (ii) grANtiNg relAted relief Week 52-Week Austria crown-e Wheat,No.2 soft red,St.Louis-u 7.4550
ANd (b) occurreNce of effective dAte Latest High Low
4 weeks 3.830 3.610 3.970 0.020 Austria phil-e 1946.07 Wheat - Hard - KC (USDA) $ per bu-u 9.0075
ago
pLease take notice that tht  Deceber 28, 2022 the uited stte Bkrptcy Crt fr 13 weeks 4.410 4.350 4.410 0.090 Silver, troy oz. Wheat,No.1soft white,Portld,OR-u 8.4750
the sther Ditrict f new Yrk (the “Crt”), etered  rder [Dcket n. 821] (the “Cfirti
Prime rates 26 weeks 4.635 4.600 4.635 0.220 Engelhard industrial 24.5000
order”) cfirig the Second Amended Third Modified Joint Prepackaged Chapter 11 Plan of
Reorganization of GTT Communications, Inc. and its Debtors Affiliates [Dcket n. 729] (with ll Handy & Harman base 24.1450
Food
U.S. 7.50 7.50 7.50 3.25 Secondary market
ppleet d exhibit theret, the “aeded Pl”).
Canada 6.45 6.45 6.45 2.45
Handy & Harman fabricated 30.1810 Beef,carcass equiv. index
pLease take fUrther notice tht the Effective Dte f the aeded Pl ccrred 
Fannie Mae LBMA spot price *£20.3600 choice 1-3,600-900 lbs.-u 252.27
Deceber 30, 2022. Japan 1.475 1.475 1.475 1.475
pLease take fUrther notice tht prt t secti 5.2 f the aeded Pl, Prf f Cli (U.S.$ equivalent) *24.2950 select 1-3,600-900 lbs.-u 226.37
30-year mortgage yields
with repect t Cli riig fr the rejecti f Exectry Ctrct r uexpired Lee prt
Policy Rates Coins,wholesale $1,000 face-a 21840 Broilers, National comp wtd. avg.-u,w 1.2172
t the aeded Pl sppleet, if y, t be filed with the Crt withi thirty (30) dy fter the 30 days 5.897 5.958 6.812 2.751
dte f etry f  rder f the Crt (icldig the Cfirti order) pprvig ch rejecti. a Euro zone 2.50 2.50 2.50 0.00 Other metals Butter,AA Chicago-d 2.3800
clm g  m
 j
    ex u
 c 

 Ux L uu


 60 days 5.916 5.980 6.988 2.812 LBMA Platinum Price PM *1082.0 Cheddar cheese,bbl,Chicago-d 171.50
Switzerland 1.50 1.50 1.50 0.00
am pl sulm

fl 
 u 
m ll  ll  u    
 c u
, Platinum,Engelhard industrial 1088.0 Cheddar cheese,blk,Chicago-d 197.25
 v   m 
   ll 
   l g
,  l l,
 d
,
 Britain 3.50 3.50 3.50 0.25 Other short-term rates Palladium,Engelhard industrial 1754.0 Milk,Nonfat dry,Chicago lb.-d 131.00
r gz d
,
 e

   
 
  g g 
, 
 u

     Australia 3.10 3.10 3.10 0.10
j
  
 d
 
 r gz d
,  l l,  u
 
 
,  
 , Aluminum, LME, $ per metric ton *2337.5 Coffee,Brazilian,Comp-y 1.7058
   vl 
 c u
 
 e

,   clm g u

 j
  
 Week 52-Week Copper,Comex spot 3.7395 Coffee,Colombian, NY-y 2.2452
ex u
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 Ux L uu


 am pl sulm
ll  m Overnight repurchase Latest high low
ago Iron Ore, 62% Fe CFR China-s 117.0 Eggs,large white,Chicago-u 5.1650
ull 
fi, l   g, 


g   p   clm

 
. U.S. 4.31 4.25 4.36 0.01
pLease take fUrther notice tht, le therwie rdered by the Crt, ll fil reqet fr Shredded Scrap, US Midwest-s,m n.a. Flour,hard winter KC-p 21.10
pyet f Prfeil Fee Cli t be Filed with the Crt  lter th Febrry 13, 2023, Call money Steel, HRC USA, FOB Midwest Mill-s 720 Hams,17-20 lbs,Mid-US fob-u 0.84
which i the firt Bie Dy tht i frty-five (45) dy fter the Effective Dte. U.S. government rates 6.25 6.25 6.25 2.00 79.33
pLease take fUrther notice tht the ter f the aeded Pl, the Pl sppleet, the Battery/EV metals Hogs,Iowa-So. Minnesota-u
aeded Pl sppleet d the Cfirti order hll be ieditely effective d efrceble Discount BMI Lithium Carbonate, EXW China, =99.2%-v,w n.a. Pork bellies,12-14 lb MidUS-u n.a.
d deeed bidig p the Debtr r the Rergized Debtr,  pplicble, d y d ll Commercial paper (AA financial) BMI Lithium Hydroxide, EXW China, =56.5% -v,w n.a. Pork loins,13-19 lb MidUS-u 1.0839
Hlder f Cli r Iteret (regrdle f whether ch Cli r Iteret re deeed t hve 4.50 4.50 4.50 0.25
ccepted r rejected the aeded Pl), ll etitie tht re prtie t r re bject t the ettleet, 90 days 4.57 n.a. 4.71 0.16 BMI Cobalt sulphate, EXW China, >20.5% -v,m 7488 Steers,Tex.-Okla. Choice-u n.a.
cprie, relee (icldig the Debtr Relee, Third-Prty Relee d I sqred Relee) Notes on data: BMI Nickel Sulphate, EXW China, >22%-v,m 5688 Steers,feeder,Okla. City-u,w n.a.
d ijcti decribed i the aeded Pl, ech etity cqirig prperty der the aeded Libor BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 813
Pl d y d ll -Debtr prtie t Exectry Ctrct d uexpired Lee with the Debtr. U.S. prime rate is the base rate on corporate
One month 4.38429 4.38357 4.40129 0.10200 Fats and Oils
pLease take fUrther notice tht the aeded Pl, the Pl sppleet, the aeded Pl loans posted by at least 70% of the 10 largest Fibers and Textiles
sppleet, the origil Cfirti order, the Cfirti order d cpie f ll dcet filed U.S. banks, and is effective December 15, 2022. Three month 4.78843 4.72986 4.78843 0.22557 Degummed corn oil, crude wtd. avg.-u,w n.a.
i thee chpter 11 ce re vilble free f chrge by viitig the webite f Krll Retrctrig Other prime rates aren’t directly comparable; Six month 5.13314 5.15114 5.22529 0.34000 Burlap,10-oz,40-inch NY yd-n,w 0.7350 Grease,choice white,Chicago-h 0.6600
adiitrti LLC t http://ce.r.krll.c/gtt. Y y l bti cpie f y pledig lending practices vary widely by location;
filed with the Crt by viitig the Crt’ webite t http://www.yb.crt.gv d fllwig the One year 5.45500 5.47029 5.66643 0.59629 Cotton,1 1/16 std lw-mdMphs-u 0.8144 Lard,Chicago-u n.a.
Discount rate is effective December 15, 2022.
prcedre d pyig y fee et frth therei.
Secured Overnight Financing Rate is as of
Cotlook 'A' Index-t *100.00 Soybean oil,crude;Centl IL-u,w n.a.
Dted: Deceber 30, 2022, new Yrk, new Yrk, akin GUMp straUss haUer & feLd LLp, Secured Overnight Financing Rate Hides,hvy native steers piece fob-u n.a. Tallow,bleach;Chicago-h 0.6750
By: /s/ Philip C. Dublin , Ir s. Dizegff, Philip C. Dbli, Dvid H. Btter, ni m, oe Bryt January 3, 2023. DTCC GCF Repo Index is
Prk, new Yrk, new Yrk 10036, Telephe: (212) 872-1000, Fciile: (212) 872-1002, idizegff@ Depository Trust & Clearing Corp.'s weighted 4.31 4.30 4.32 0.04 Wool,64s,staple,Terr del-u,w n.a. Tallow,edible,Chicago-u n.a.
kigp.c, pdbli@kigp.c, dbtter@kigp.c, @kigp.c, Counsel average for overnight trades in applicable
to the Debtors and Debtors in Possession CUSIPs. Value traded is in billions of U.S. dollars. Value 52-Week
1
The Debtr i thee ce, lg with the lt fr digit f ech Debtr’ federl tx idetificti Latest Traded High Low KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella &
Federal-funds rates are Tullett Prebon rates as Brookes; H=American Commodities Brokerage Co;
ber, re: GTT Cicti, Ic. (6338); Cicti Decii - snVC, LLC (6338); of 5:30 p.m. ET.
Cre180, LLC (6338); Electr Ltd. (6338); GC Pivtl, LLC (6227); GTT aeric, LLC (1133); GTT DTCC GCF Repo Index K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy;
Glbl Telec Gveret service, LLC (6338); GTT ReiC, LLC (0472); GTT apll Hldig, Sources: Federal Reserve; Bureau of Labor S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International
LLC (2300); d GTT apll, LLC (8127). The ervice ddre fr the Debtr i 7900 Ty oe Statistics; DTCC; FactSet; Treasury 4.313 68.978 4.365 0.023 Coffee Organization; Z=not quoted. *Data as of 1/3
Plce, site 1450, mcLe, Va 22102. Tullett Prebon Information, Ltd. MBS 4.370 49.024 4.403 0.032 Source: Dow Jones Market Data
THE WALL STREET JOURNAL. Thursday, January 5, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33269.77 s 133.40, or 0.40% Trailing P/E ratio 20.70 22.65 3852.97 s 28.83, or 0.75% Trailing P/E ratio * 18.59 29.33 10458.76 s 71.78, or 0.69% Trailing P/E ratio *† 23.81 39.63
High, low, open and close for each P/E estimate * 18.28 18.76 High, low, open and close for each P/E estimate * 17.52 22.82 High, low, open and close for each P/E estimate *† 21.96 30.25
trading day of the past three months. Dividend yield 2.07 1.90 trading day of the past three months. Dividend yield * 1.77 1.26 trading day of the past three months. Dividend yield *† 1.00 0.63
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

65-day moving average

Current divisor 0.15172752595384
34100 4150 11800

33050 65-day moving average 4025 11500

32000 3900 11200

Session high 30950 3775 10900

65-day
DOWN UP
moving average
t

Session open Close

29900 3650 10600
Close Open
t

Session low 28850 3525 10300

Bars measure the point change from session's open

27800 3400 10000
Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.
*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* 970,472,632 9,570,489
Industrial Average 33409.10 33033.48 33269.77 133.40 0.40 36407.11 28725.51 -8.6 0.4 5.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 833,688,496 7,386,033
Transportation Avg 13673.04 13383.44 13628.09 230.06 1.72 16718.54 11999.40 -16.6 1.8 7.7 Most-active issues in late trading Decl. volume* 133,843,784 1,788,311
Utility Average 988.34 974.09 980.42 9.74 1.00 1071.75 838.99 1.2 1.3 4.2 Volume After Hours Issues traded 3,230 304
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 38877.23 38307.19 38685.09 332.41 0.87 48002.87 36056.21 -19.0 0.4 5.4 Advances 2,534 217
Vornado Realty Trust VNO 29,905.8 21.34 0.11 0.52 21.37 20.73
Barron's 400 925.69 910.20 921.26 11.06 1.21 1093.51 825.73 -15.2 0.1 7.9 Declines 611 70
RXO RXO 14,963.2 17.10 0.10 0.59 17.10 17.00
Unchanged 85 17
Nasdaq Stock Market SPDR S&P 500 SPY 8,940.2 383.71 -0.05 -0.01 407.24 371.54 New highs 65 6
Nasdaq Composite 10515.22 10337.64 10458.76 71.78 0.69 15188.39 10213.29 -30.7 -0.1 5.1 GE HealthCare Techs GEHC 8,359.2 60.11 -0.38 -0.63 60.76 60.02 New lows 19 4
Nasdaq-100 10981.46 10785.53 10914.80 52.16 0.48 15905.10 10679.34 -30.8 -0.2 7.5 Vanguard High Div Yld VYM 4,813.0 109.89 0.95 0.87 109.89 108.11 Closing Arms† 0.64 0.66
iSh MSCI Emerging Mkts EEM 4,631.9 39.40 0.03 0.08 39.41 39.23 Block trades* 4,632 99
S&P
0.75
UDR UDR 4,219.0 39.10 -0.15 -0.38 39.25 38.55
500 Index 3873.16 3815.77 3852.97 28.83 4726.35 3577.03 -18.0 0.4 6.0 Nasdaq NYSE Arca
Zillow Group Cl C Z 3,877.6 35.62 0.01 0.03 35.91 34.98
MidCap 400 2466.17 2429.55 2455.72 36.95 1.53 2814.81 2200.75 -12.3 1.0 6.1 Total volume*5,085,380,920 358,792,649
SmallCap 600 1177.55 1159.99 1169.43 13.90 1.20 1400.02 1064.45 -15.9 1.0 4.6 Percentage gainers… Adv. volume*4,108,494,476 297,645,371
Relativity Acqn Cl A RACY 102.6 33.45 11.45 52.05 46.93 20.58 Decl. volume* 915,205,080 61,047,308
Other Indexes
Syndax Pharmaceuticals SNDX 180.4 26.15 1.25 5.02 26.15 24.90 Issues traded 4,802 1,758
Russell 2000 1781.97 1761.33 1772.54 21.81 1.25 2206.37 1649.84 -19.2 0.6 2.2
Advances 3,369 1,514
NYSE Composite 15407.60 15154.45 15350.30 195.85 1.29 17353.76 13472.18 -10.3 1.1 3.3 CenterPoint Energy CNP 156.4 30.96 1.31 4.42 30.96 29.00
Declines 1,234 236
Value Line 546.74 535.66 544.72 9.06 1.69 669.31 491.56 -18.2 1.6 -0.4 Enel Chile ADR ENIC 80.1 2.12 0.08 3.92 2.12 2.04
Unchanged 199 8
NYSE Arca Biotech 5337.21 5253.58 5332.64 79.07 1.51 5434.06 4208.43 1.5 1.0 2.3
Fate Therapeutics FATE 149.9 11.55 0.43 3.87 11.66 11.12
New highs 102 5
NYSE Arca Pharma 879.39 870.57 874.83 1.48 0.17 887.27 737.84 8.4 0.8 10.4 ...And losers New lows 57 16
KBW Bank 104.92 102.44 103.81 2.34 2.31 147.56 94.66 -25.2 2.9 -2.6 Geron GERN 2,699.2 2.83 -0.36 -11.29 3.19 2.80 Closing Arms† 0.61 1.76
PHLX§ Gold/Silver 130.12 126.27 129.69 5.50 4.43 167.76 91.40 1.6 7.3 7.2 BioCryst Pharm BCRX 756.3 11.26 -0.58 -4.90 11.84 11.25 Block trades* 31,797 1,470
PHLX§ Oil Service 81.66 78.62 81.03 0.82 1.02 88.37 56.08 39.7 -3.4 0.5 FIGS FIGS 54.6 7.65 -0.36 -4.49 8.10 7.65 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2582.27 2523.39 2569.46 68.47 2.74 3909.03 2162.32 -33.8 1.5 11.5 AvidXchange AVDX 1,134.3 9.05 -0.41 -4.33 9.46 9.05 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 23.27 21.94 22.01 -0.89 -3.89 36.45 17.62 11.6 1.6 16.2 PagSeguro Digital PAGS 65.9 8.21 -0.32 -3.75 8.54 8.21 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 611.12 5.66 0.94 0.9 Relativity Acqn Cl A RACY 22.00 7.10 47.65 22.44 9.76 ... Vera Therapeutics VERA 6.46 -11.84 -64.70 26.87 6.21 -71.1
MSCI ACWI ex-USA 286.52 3.27 1.15 1.9 Theseus Pharmaceuticals THRX 7.10 1.89 36.28 15.21 4.01 -29.6 ReShape Lifesciences RSLS 8.90 -6.76 -43.17 89.94 5.40 -89.7
MSCI World 2624.35 23.44 0.90 0.8 Geron GERN 3.19 0.79 32.92 3.84 0.99 172.6 Enovix ENVX 7.15 -4.97 -41.01 26.30 6.50 -66.5
MSCI Emerging Markets 974.22 11.65 1.21 1.9 Kala Pharmaceuticals KALA 42.09 10.14 31.74 97.00 3.54 -26.8 Phathom Pharmaceuticals PHAT 8.26 -3.73 -31.11 19.95 6.10 -54.5
Americas MSCI AC Americas n.a. n.a. n.a. n.a. I-Mab ADR IMAB 5.55 1.31 30.90 43.46 3.19 -85.8 Moolec Science MLEC 6.53 -2.58 -28.30 42.25 5.94 -33.8
Canada S&P/TSX Comp 19588.83 145.06 0.75 1.1 Durect DRRX 4.66 1.06 29.44 9.71 3.17 -46.3 Seer Cl A SEER 4.56 -1.29 -22.05 21.49 4.51 -76.9
Latin Amer. MSCI EM Latin America 2056.88 12.80 0.63 –3.4 Silvergate Capital SI 21.95 4.68 27.10 162.65 15.35 -83.9 Jasper Therapeutics JSPR 2.14 -0.60 -21.90 8.00 0.39 -72.2
Brazil BOVESPA 105334.46 1168.72 1.12 –4.0 Generation Bio GBIO 5.08 1.07 26.68 9.59 3.55 -23.8 SAI.TECH Global SAI 1.77 -0.46 -20.63 12.60 1.65 -82.0
Chile S&P IPSA 3069.81 –27.17 –0.88 –3.2 Sunlands Technology ADR STG 9.65 2.01 26.30 9.88 2.16 73.0 Aileron Therapeutics ALRN 2.55 -0.65 -20.31 15.00 1.79 -77.2
Mexico S&P/BMV IPC 50161.27 1110.81 2.26 3.5 Arcimoto FUV 4.25 0.87 25.74 158.20 2.55 -97.1 Direxion China Bear 3X YANG 8.62 -2.06 -19.29 48.44 8.61 -62.2
EMEA STOXX Europe 600 440.19 6.01 1.38 3.6 OneConnect Finl Tech ADR OCFT 5.81 1.17 25.22 26.70 4.50 -75.0 Smart Powerr CREG 2.13 -0.48 -18.39 7.90 2.03 -64.0
Eurozone Euro STOXX 427.79 8.58 2.05 4.3 Burning Rock Biotech ADR BNR 2.70 0.54 25.00 11.27 1.70 -71.1 180 Life Sciences ATNF 4.38 -0.92 -17.36 80.72 1.18 -93.9
Belgium Bel-20 3820.39 31.33 0.83 3.2 Marathon Digital MARA 4.22 0.82 24.12 33.90 3.11 -85.8 ECARX Holdings ECX 6.63 -1.39 -17.33 11.32 6.35 -32.1
Denmark OMX Copenhagen 20 1870.37 –15.42 –0.82 1.9 Deciphera Pharm DCPH 19.76 3.82 23.96 20.88 6.51 104.1 OMNIQ OMQS 3.85 -0.67 -14.84 8.75 3.80 -39.8
France CAC 40 6776.43 2.30 4.7 GrShr 1.75x Long BABA Dly BABX 31.92 5.90 22.67 31.92 22.88 ... PIMCO California Muni PCQ 13.12 -2.20 -14.36 18.99 12.88 -30.4
152.54
Germany DAX 14490.78 309.11 2.18 4.1
Israel Tel Aviv 1794.69 6.49 0.36 –0.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 24860.56 424.09 1.74 4.9 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 717.51 9.88 1.40 4.1
Oslo Bors All-Share 1324.93 ProShares UltraPro QQQ TQQQ 215,873 -3.6 17.17 1.54 81.86 16.10 ARYA Sciences Acqn IV ARYD 939 5852 10.12 0.20 10.13 9.70
Norway –25.47 –1.89 –2.8
0.18 Mullen Automotive MULN 201,510 3.1 0.34 4.35 5.62 0.18 Vera Therapeutics VERA 8,281 4601 6.46 -64.70 26.87 6.21
South Africa FTSE/JSE All-Share 74567.61 131.13 2.1
Spain IBEX 35 8559.80 162.40 1.93 4.0 Tesla TSLA 179,588 70.1 113.64 5.12 390.11 104.64 Finnovate Acqn Cl A FNVT 1,577 4486 10.29 0.29 10.67 9.81
Sweden OMX Stockholm 810.32 1.07 3.6 Geron GERN 120,858 2965.3 3.19 32.92 3.84 0.99 Broad Capital Acqn BRAC 512 4397 10.28 -0.87 10.60 9.82
8.54
ProSh UltraPro Shrt QQQ SQQQ 117,101 -8.5 54.41 -1.34 69.55 29.96 DP Cap Acquisition I A DPCS 1,527 4111 10.30 0.39 10.30 9.80
Switzerland Swiss Market 11140.27 161.63 1.47 3.8
Turkey BIST 100 5523.49 –103.08 –1.83 0.3 Direxion Dly SCOND 3 BL SOXL 113,687 -6.6 10.07 7.59 71.42 6.21 GE HealthCare Techs GEHC 33,291 3706 60.49 8.02 66.28 53.00
U.K. FTSE 100 7585.19 31.10 0.41 1.8 Vivos Therapeutics VVOS 112,811 108799.4 1.88 154.05 3.69 0.34 Twin Ridge Cap Acqn Cl A TRCA 1,448 3644 10.11 0.10 10.15 9.67
U.K. FTSE 250 19391.07 256.73 1.34 2.9 Apple AAPL 88,492 4.5 126.36 1.03 180.17 124.17 KraneSh European Carbon KEUA 403 2815 28.50 -6.44 38.08 21.01
SPDR S&P 500 SPY 85,372 -3.2 383.76 0.77 477.98 348.11 Fed Hermes US Strat Div FDV 808 2732 25.85 1.07 26.87 24.80
Asia-Pacific MSCI AC Asia Pacific 157.60 0.88 0.56 1.2
Crown Electrokinetics CRKN 74,996 1401.3 0.30 60.22 3.85 0.05 NuZee NUZE 443 2663 11.80 11.85 137.90 7.70
Australia S&P/ASX 200 7059.20 113.01 1.63 0.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3123.52 7.00 0.22 1.1 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20793.11 647.82 3.22 5.1
India S&P BSE Sensex 60657.45 –1.04 –0.3
Scan this code
–636.75
Japan NIKKEI 225 25716.86 –377.64 –1.45 –1.4 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3242.46 –3.34 –0.10 –0.3 and track most-active stocks,
South Korea KOSPI 2255.98 37.30 1.68 0.9 new highs/lows, mutual funds Currencies
Taiwan TAIEX 14199.13 –24.99 –0.18 0.4 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1673.25 –5.72 –0.34 0.3
All are available free at WSJMarkets.com US$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 .00004251 23525 –0.4
CREDIT MARKETS Argentina peso .0056178.5632 1.0 Europe
Brazil real .1841 5.4313 2.8 Czech Rep. koruna .04421 22.617 0.2
Canada dollar .7418 1.3481 –0.5 Denmark krone .1426 7.0133 1.0
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Chile peso .001169 855.41 0.8 Euro area euro 1.0606 .9429 0.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000203 4929.89 1.68 Hungary forint .002680 373.20 –0.05
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .006990 143.07 1.1
A consumer rate against its 5-year CDs Mexico peso .0516 19.3712 –0.6 Norway krone .0991 10.0862 2.8
benchmark over the past year 5.00% Uruguay peso .02516 39.7450 –0.6 Poland zloty .2272 4.4012 0.5
Bankrate.com avg†: 2.77% 28% Asia-Pacific Russia ruble .01375 72.750 –1.4
t
Colorado Federal Savings Bank 4.35% 4.00 WSJ Dollar Index Sweden krona .0952 10.5081 0.7
s Australian dollar .6839 1.4622 –0.4
Federal-funds 3.75% Greenwood Village, CO 877-484-2372 Tradeweb ICE 14 Switzerland franc 1.0755 .9298 0.5
China yuan .1452 6.8886 –0.1
target rate Wednesday Close 3.00 .0534 18.7431 0.3
t

Turkey lira
First Internet Bank of Indiana 4.39% Hong Kong dollar .1279 7.8169 0.1
2.50 0 Ukraine hryvnia .0271 36.8500 unch
2.00 India rupee .01210 82.667 –0.1
t Indianapolis, IN 888-873-3424 Euro UK pound 1.2054 .8296 0.4
s Indonesia rupiah .0000642 15588 0.1
Five-year 4.45% One year ago Middle East/Africa
t

1.25 Quontic Bank –14 Japan yen .007540 132.63 1.2

1.00
CD yields New York, NY 800-908-6600 Kazakhstan tenge .002147 465.77 0.6 Bahrain dinar 2.6522 .3771 unch
s
0.00 GTE Financial Credit Union 4.54% 0.00 –28 Yen Macau pataca .1241 8.0575 0.1 Egypt pound .0378 26.4477 6.8
1 3 6 1 2 3 5 7 10 20 30 Malaysia ringgit .2272 4.4005 –0.1 Israel shekel .2835 3.5269 0.04
Tampa, FL 888-871-2690 2022
–1.25 New Zealand dollar .6292 1.5893 0.9 Kuwait dinar 3.2622 .3065 0.2
CFG Community Bank 4.60% month(s) years
J FMAM J J A S ON D J Pakistan rupee .00441 226.915 0.1 Oman sul rial 2.5974 .3850 unch
Baltimore, MD 888-205-8388 maturity Philippines peso .0179 55.938 0.5 Qatar rial .2728 3.665 –0.1
2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7460 1.3405 –0.03 Saudi Arabia riyal .2660 3.7592 0.03
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007866 1271.33 0.7 South Africa rand .0593 16.8768 –0.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027360 365.50 –0.5
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.25-4.50 4.25-4.50 0.00 l 4.50 2.75 Taiwan dollar .03259 30.681 0.1
Yield (%) 52-Week Total Return (%) Thailand baht .02947 33.930 –2.0 WSJ Dollar Index 97.06 –0.34–0.35 0.52
Prime rate* 7.50 7.50 3.25 l 7.50 2.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.79 4.73 0.23 l 4.79 2.91 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2106.510 4.070 4.180 4.560 1.390 –10.856 –2.584
Money market, annual yield 0.35 0.33 0.07 l 0.35 -0.22
Five-year CD, annual yield 2.77 2.76 0.42 l 2.77 1.36 U.S. Treasury Long, Bloomberg 3232.970 3.940 4.120 4.570 2.070 –25.150 –7.363 Commodities
30-year mortgage, fixed† 6.83 6.78 3.37 l 7.41 3.13 Aggregate, Bloomberg 1966.610 4.590 4.690 5.210 1.910 –11.495 –2.605 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 5.93 5.85 2.66 l 6.53 2.63 Fixed-Rate MBS, Bloomberg 1955.550 4.650 4.710 5.380 2.120 –10.529 –2.939
Jumbo mortgages, $726,200-plus† 6.88 6.85 3.39 l 7.44 2.71 DJ Commodity 1006.04 -20.09 -1.96 1264.48 961.29 4.24 -4.07
High Yield 100, ICE BofA 3155.576 7.957 8.215 8.753 3.895 –8.801 –0.467 Refinitiv/CC CRB Index 264.17 -6.01 -2.22 329.59 236.64 11.60 -4.89
Five-year adj mortgage (ARM)† 5.50 5.44 2.82 l 5.60 1.28
Muni Master, ICE BofA 560.189 3.185 3.283 3.936 0.938 –6.853 –0.456 Crude oil, $ per barrel 72.84 -4.09 -5.32 123.70 71.02 -6.44 -9.24
New-car loan, 48-month 6.54 6.53 3.41 l 6.69 2.08
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 773.650 7.684 7.736 9.159 5.040 –15.207 –4.309 Natural gas, $/MMBtu 4.172 0.184 4.61 9.680 3.802 7.47 -6.77
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. 1852.80 13.10 0.71 2040.10 1623.30 1.55 1.82
B8 | Thursday, January 5, 2023 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Jan'24 4.979 5.060 s 4.932 5.018 .064 49,381 May 2,575 2,617 s 2,572 2,607 31 60,819 Currency Futures
Contract Open
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Agriculture Futures March 167.25 t 159.25
167.95 161.30 –5.00 93,824
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Open High hi lo Low Settle Chg interest Jan .7635 .7708 t .7547 .7552 –.0108 611
May 167.05 t 159.45
167.75 161.35 –4.95 44,187
Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. March .7706 .7768 t .7604 .7610 –.0109 170,330
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Jan 3.7360 3.7520 t 3.7275 3.7395 –0.0265 1,906 March 670.75 t 652.50
671.75 653.75 –16.75 548,581
March 19.70 19.71 t 19.51 19.54 –.16 386,847 Jan .7322 .7421 s .7311 .7417 .0099 238
March 3.7710 3.8070 t 3.7085 3.7405 –0.0260 105,953 July 664.50 t 648.00
665.25 649.25 –15.50 215,827
Oats (CBT)-5,000 bu.; cents per bu. May 18.43 18.45 t 18.30 18.35 –.09 216,108 March .7320 .7425 s .7313 .7421 .0099 134,653
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
March 364.00 364.75 t 354.25 357.75 –5.75 3,064 British Pound (CME)-£62,500; $ per £
Jan 1845.60 1859.10 s 1845.60 1852.80 13.10 69
May 362.00 362.00 t 354.25 356.50 –5.75 412 March 36.35 … 1,923 Jan 1.1989 1.2091 s 1.1963 1.2063 .0075 1,461
Feb 1845.20 1871.30 s 1842.00 1859.00 12.90 365,908 May 36.50 … 2,860 March 1.1989 1.2108 s 1.1977 1.2079 .0075 201,436
1852.00 1876.70 s 1852.00 1866.50 13.00
Soybeans (CBT)-5,000 bu.; cents per bu.
March 218
Jan 1491.75 1500.00 t 1477.25 1478.25 –9.00 4,922 Cotton (ICE-US)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
April 1861.40 1887.00 s 1858.30 1875.00 12.90 51,935 March 83.17 84.25 t 80.37 80.44 –2.70 97,048 March 1.0761 1.0886 1.0754 1.0839 .0066 32,836
March 1496.50 1506.50 t 1480.75 1483.50 –8.75 294,046
June 1876.00 1902.70 s 1874.00 1891.10 13.40 15,811 June 1.0968 1.0996 1.0877 1.0949 .0067 376
Soybean Meal (CBT)-100 tons; $ per ton. May 83.35 83.96 t 80.46 80.52 –2.58 36,460
Aug 1903.00 1917.00 s 1891.20 1907.30 13.80 5,906 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Jan 478.70 483.50 s 474.90 482.50 5.70 4,438
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan .6733 .6890 s .6721 .6843 .0104 468
March 465.40 472.60 t 459.60 462.70 –2.40 209,125 Jan 205.45 1.75 21
March .6749 .6906 s .6735 .6859 .0105 132,015
Jan … … … 1788.00 103.80 Soybean Oil (CBT)-60,000 lbs.; cents per lb. March 203.05 204.35 201.20 203.40 1.25 9,920 Mexican Peso (CME)-MXN 500,000; $ per MXN
March 1705.00 1806.50 1705.00 1796.70 103.80 8,208 Jan 63.63 63.63 t 62.91 63.11 –.05 201 Jan .05149 –.00003 141
Platinum (NYM)-50 troy oz.; $ per troy oz. March 63.44 63.75 t 62.50 62.85 –.35 159,092 Interest Rate Futures March .05092 .05129 s .05085 .05093 –.00003 244,764
Jan 1100.00 1100.50 s 1084.40 1080.70 –1.30 410 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per €
Jan 17.55 17.55 t 17.50 17.50 –.57 90 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
April 1095.70 1112.10 s 1086.90 1092.30 –1.00 68,124 Jan 1.0561 1.0645 1.0553 1.0615 .0039 2,730
March 18.34 18.35 t 17.75 17.77 –.62 6,291 March 136-120 138-190 135-300 137-080 1-23.0 1,416,621
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 1.0600 1.0686 1.0591 1.0656 .0039 697,843
Wheat (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Jan 24.085 24.105 t 23.750 23.792 –0.267 155 March 126-240 128-040 126-170 127-160 1-09.0 1,198,206
March 780.50 780.50 t 744.25 745.50 –30.00 158,496 Index Futures
March 24.175 24.640 t 23.745 23.964 –0.272 116,898 June 128-290 128-290 127-030 128-120 1-09.0 219
July 790.00 790.50 t 757.25 758.00 –28.50 70,734
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
Wheat (KC)-5,000 bu.; cents per bu.
Feb 77.25 77.42 t 72.73 72.84 –4.09 238,487 March 112-285 113-155 112-265 113-060 17.5 3,850,882 March 33238 33564 33171 33416 138 79,412
March 872.00 872.75 t 836.50 840.75 –28.50 84,137
March 77.41 77.62 t 73.01 73.10 –4.02 182,448 June 113-190 114-000 113-090 113-240 18.0 209 June 33510 33810 33421 33666 139 312
May 863.00 867.00 t 832.75 836.50 –28.00 27,262
April 77.45 77.72 t 73.25 73.33 –3.94 77,466 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
June 77.25 77.76 t 73.48 73.56 –3.67 153,315 March 108-067 108-185 108-047 108-100 9.5 4,213,262 March 3842.75 3896.25 3836.50 3874.50 28.50 1,999,096
Jan 182.800 185.650 s 182.675 185.225 2.525 7,080
t 72.28 –2.69
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 3873.50 3929.25 3870.25 3908.00 28.75 7,668
Dec 75.11 75.51 72.16 180,770 March 185.025 188.750 s 184.875 188.225 3.450 21,142
March 102-191 102-239 102-189 102-192 1.5 2,219,799 Mini S&P Midcap 400 (CME)-$100 x index
Dec'24 70.89 70.98 t 68.90 69.12 –1.43 71,301 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 103-000 103-041 102-237 102-272 3.5 13 March 2435.00 2482.30 s 2427.30 2468.10 36.30 43,142
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb 157.025 157.850 156.925 157.275 .425 141,027 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 2487.60 36.30 n.a.
Feb 3.0682 3.0912 t 2.9215 2.9719 –.1146 72,346 April 161.000 161.775 160.950 161.425 .550 90,610 Jan 95.6700 95.6700 s t 95.6675 95.6675 430,804 Mini Nasdaq 100 (CME)-$20 x index
March 2.9968 3.0044 t 2.8539 2.8918 –.1064 46,863 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Feb 95.3500 95.3600 s t 95.3450 95.3450 319,436 March 10941.25 11068.50 10863.50 10999.25 53.75 243,399
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb 84.875 86.025 t 83.475 84.075 –1.000 69,587 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 11042.50 11184.50 10981.50 11115.75 54.50 879
Feb 2.3501 2.3757 t 2.2433 2.2592 –.1020 81,357 April 93.650 95.025 t 92.500 92.900 –.900 48,722 March 103-120 103-155 102-150 103-025 19.5 16,077 Mini Russell 2000 (CME)-$50 x index
March 2.3553 2.3797 t 2.2507 2.2637 –.1022 47,568
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. March 1758.60 1794.80 1757.20 1783.10 23.10 433,633
Jan 366.00 370.00 t 360.00 360.50 –3.00 413 Dec 95.5025 95.5050 s t 95.4975 95.5000 802,011 Mini Russell 1000 (CME)-$50 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 389.50 s 374.40
March 375.00 373.10 –2.90 2,402 March'23 95.0950 95.1200 s 95.0800 95.0850 1,217,019 March 2120.00 2137.60 2106.00 2127.70 17.60 6,923
Feb 4.008 4.219 3.900 4.172 .184 100,614
Milk (CME)-200,000 lbs., cents per lb. Eurodollar (CME)-$1,000,000; pts of 100% U.S. Dollar Index (ICE-US)-$1,000 x index
March 3.658 3.810 t 3.595 3.780 .139 182,323 Dec 20.46 20.49 s 20.46 20.49 .03 4,115 March 104.38 104.39 103.60 104.02 –.29 41,277
Jan 95.2000 95.2025 t 95.1875 95.1875 –.0100 149,985
April 3.570 3.701 t 3.511 3.678 .128 99,193 Feb'23 18.18 18.32 t 17.95 18.16 –.08 5,071 March 94.9250 94.9500 t 94.9100 94.9150 –.0050 879,577 June 104.00 104.00 103.37 103.66 –.26 571
May 3.600 3.723 t 3.540 3.702 .127 114,097 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 94.9400 95.0050 s 94.9200 94.9250 –.0150 686,174
Oct 3.912 4.014 t 3.845 3.996 .123 53,478 March 2,574 2,614 s 2,566 2,603 31 119,623 Dec 95.2500 95.3200 s t 95.2100 95.2200 –.0100 720,901 Source: FactSet

Exchange-Traded Portfolios | WSJ.com/ETFresearch

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

Closing Chg YTD iShMSCIACWI ACWI 85.98 1.27 1.3 iShUSTreasuryBd GOVT 22.95 0.48 1.0 SPDR S&P 500 SPY 383.76 0.77 0.3 VangdLC VV 174.79 0.77 0.3
Wednesday, January 4, 2023
ETF Symbol Price (%) (%) iShMSCI EAFE EFA 67.10 1.33 2.2 JPMEquityPrem JEPI 54.74 0.50 0.5 SPDR S&P Div SDY 126.82 1.09 1.4 VangdMC VO 205.83 1.46 1.0
Closing Chg YTD
ETF Symbol Price (%) (%) iSh MSCI EM EEM 39.37 3.01 3.9 JPM UltShIncm JPST 50.14 0.04 0.02 TechSelectSector XLK 123.58 0.26 –0.7 VangdMC Val VOE 137.12 1.53 1.4
iShCoreS&P500 IVV 385.51 0.78 0.3
iShMSCIEAFEValue EFV 46.76 1.10 1.9 SPDRBlm1-3MTB BIL 91.47 –0.01 ... UtilitiesSelSector XLU 71.14 0.91 0.9 VangdMBS VMBS 46.08 0.48 1.2
CnsStapleSelSector XLP 74.56 0.39 0.01 iShCoreS&P MC IJH 244.36 1.50 1.0
iShNatlMuniBd MUB 106.25 0.32 0.7 SPDR Gold GLD 172.67 0.94 1.8 VangdInfoTech VGT 317.72 0.43 –0.5 VangdRealEst VNQ 84.43 2.27 2.4
DimenUSCoreEq2 DFAC 24.39 0.87 0.5 iShCoreS&P SC IJR 95.64 1.21 1.1
iSh1-5YIGCorpBd IGSB 49.96 0.14 0.3 SPDRPtfDevxUS SPDW 30.28 1.51 2.0 VangdSC Val VBR 160.67 1.48 1.2 VangdS&P500ETF VOO 352.51 0.72 0.3
EnSelSectorSPDR XLE 84.39 –0.01 –3.5 iShCoreS&PTotUS ITOT 85.13 0.84 0.4
iShRussell1000Gwth IWF 213.37 0.35 –0.4 SPDRS&P500Value SPYV 39.57 1.23 1.7 VangdST Bond BSV 75.50 0.17 0.3
FinSelSectorSPDR XLF 34.87 1.60 2.0 iShCoreTotalUSDBd IUSB 45.40 0.51 1.0 VangdExtMkt VXF 134.10 1.51 0.9
iShRussell1000Val IWD 153.38 1.17 1.1 SPDRPtfS&P500 SPLG 45.13 0.78 0.3 VangdSTCpBd VCSH 75.40 0.17 0.3
HealthCareSelSect XLV 135.82 0.27 –0.02 iShCoreUSAggBd AGG 98.10 0.55 1.1 VangdDivApp VIG 152.75 0.64 0.6
iShRussell2000 IWM 175.56 1.25 0.7 SPDRS&P500Growth SPYG 50.19 0.26 –0.9 VangdShtTmInfltn VTIP 46.65 –0.11 –0.1
IndSelSectorSPDR XLI 99.29 0.88 1.1 iShSelectDividend DVY 121.85 1.09 1.0 VangdFTSEDevMk VEA 42.83 1.49 2.0
iShRussellMid-Cap IWR 68.19 1.53 1.1 SchwabIntEquity SCHF 32.89 1.45 2.1 VangdShortTrea VGSH 57.93 0.12 0.2
InvscQQQI QQQ 265.74 0.48 –0.2 iShESGAwareUSA ESGU 85.03 0.70 0.3 VangdFTSE EM VWO 40.42 2.59 3.7
iShRussell1000 IWB 211.27 0.85 0.4 SchwabUS BrdMkt SCHB 44.99 0.87 0.4 VangdSC VB 185.28 1.52 0.9
InvscS&P500EW RSP 143.32 1.56 1.5 iShEdgeMSCIMinUSA USMV 72.57 0.55 0.7 VangdFTSE Europe VGK 57.21 1.91 3.2
iShS&P500Growth IVW 57.93 0.28 –1.0 SchwabUS Div SCHD 76.19 0.99 0.9 VangdTaxExemptBd VTEB 49.84 0.44 0.7
iSh0-5YTIPSBd STIP 96.88 –0.12 –0.1 iShEdgeMSCIUSAQual QUAL 114.56 0.81 0.5 iShS&P500Value IVE 147.60 1.28 1.7 SchwabUS LC SCHX 45.32 0.85 0.4 VangdFTSEAWxUS VEU 51.37 1.72 2.5 VangdTotalBd BND 72.63 0.57 1.1
iShCoreDivGrowth DGRO 50.20 0.68 0.4 iShGoldTr IAU 35.21 0.95 1.8 iShShortTreaBd SHV 109.95 0.01 0.03 SchwabUS LC Grw SCHG 55.19 0.24 –0.7 VangdGrowth VUG 213.07 0.69 –0.02 VangdTotIntlBd BNDX 48.05 0.42 1.3
iShCoreHiDividend HDV 104.43 0.79 0.2 iShiBoxx$HYCpBd HYG 74.62 1.15 1.3 iShTIPSBondETF TIP 106.89 0.07 0.4 SchwabUS SC SCHA 40.85 1.42 0.8 VangdHlthCr VHT 248.11 0.44 0.02 VangdTotIntlStk VXUS 52.96 1.71 2.4
iShCoreMSCIEAFE IEFA 62.97 1.29 2.2 iShiBoxx$InvGrCpBd LQD 106.93 0.73 1.4 iSh1-3YTreasuryBd SHY 81.32 0.10 0.2 Schwab US TIPs SCHP 51.97 0.08 0.3 VangdHiDiv VYM 108.94 0.85 0.7 VangdTotalStk VTI 192.10 0.89 0.5
iShCoreMSCIEM IEMG 48.44 2.91 3.7 iShJPMUSDEmgBd EMB 86.00 1.22 1.7 iSh7-10YTreaBd IEF 97.27 0.77 1.6 SPDR DJIA Tr DIA 332.56 0.40 0.4 VangdIntrCorpBd VCIT 78.39 0.65 1.1 VangdTotWrldStk VT 87.30 1.23 1.3
iShCoreMSCITotInt IXUS 59.34 1.78 2.5 iShMBSETF MBB 93.81 0.67 1.1 iSh20+YTreaBd TLT 102.85 1.37 3.3 SPDR S&PMdCpTr MDY 447.45 1.53 1.1 VangdIntermTrea VGIT 58.97 0.44 0.8 VangdValue VTV 141.35 0.87 0.7

Bonds | wsj.com/market-data/bonds/benchmarks
Tracking Bond Benchmarks Corporate Debt
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
highs and lows for different types of bonds expectations
Total Total Investment-grade spreads that tightened the most…
return YTD total Yield (%) return YTD total Yield (%) Spread*, in basis points
close return (%) Index Latest Low High close return (%) Index Latest Low High Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices –11
Oracle ORCL 5.800 4.94 Nov. 10, ’25 59 75
1966.61 0.9 U.S. Aggregate 4.590 1.910 5.210 1955.55 1.0 Mortgage-Backed 4.650 2.120 5.380
Target TGT 4.000 4.72 July 1, ’42 76 –11 81
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1924.21 1.0 Ginnie Mae (GNMA) 4.750 2.170 5.370
HSBC Holdings HSBC 6.800 6.76 June 1, ’38 306 –10 n.a.
2894.07 0.9 U.S. Corporate 5.330 2.490 6.130 1150.83 1.0 Fannie mae (FNMA) 4.620 2.110 5.390
Toronto–Dominion Bank TD 3.766 5.00 June 6, ’25 64 –9 73
2796.05 0.5 Intermediate 5.250 1.970 6.050 1760.17 0.8 Freddie Mac (FHLMC) 4.690 2.110 5.370
3857.89 1.7 Long term 5.480 3.290 6.370 560.19 0.7 Muni Master 3.185 0.938 3.936 Philip Morris International PM 5.000 4.72 Nov. 17, ’25 37 –8 64
561.68 1.0 Double-A-rated 4.700 2.190 5.320 400.39 0.6 7-12 year 2.880 0.971 3.794 Banco Santander SANTAN 5.294 5.81 Aug. 18, ’27 195 –8 188
765.94 0.9 Triple-B-rated 5.600 2.710 6.440 446.13 0.8 12-22 year 3.725 1.221 4.428 –8
Warner Bros. Discovery WBD 3.638 5.85 March 15, ’25 150 176
High Yield Bonds ICE BofA 418.04 1.4 22-plus year 4.398 1.733 5.131
Ally Financial ALLY 8.000 7.42 Nov. 1, ’31 371 –6 359
468.84 1.2 High Yield Constrained 8.743 4.462 9.623 Global Government J.P. Morgan†
425.30 1.2 Triple-C-rated 15.566 7.895 16.916 526.93 1.0 Global Government 2.970 1.080 3.250 …And spreads that widened the most
3155.58 1.4 High Yield 100 7.957 3.895 8.753 770.14 0.8 Canada 3.260 1.640 3.780 18
General Motors Financial … 6.050 5.50 Oct. 10, ’25 115 115
410.01 1.1 Global High Yield Constrained 8.770 4.676 9.945 340.05 2.1 EMU§ 3.014 0.522 3.308 16
Societe Generale SOCGEN 4.250 6.21 April 14, ’25 185 n.a.
311.54 0.8 Europe High Yield Constrained 7.439 2.822 8.508 633.51 2.2 France 2.820 0.400 3.110
Canadian Imperial Bank of Commerce CM 3.945 4.94 Aug. 4, ’25 58 13 64
U.S Agency Bloomberg Fixed Income Indices 452.07 1.9 Germany 2.260 -0.140 2.540
Sumitomo Mitsui Financial SUMIBK 1.710 5.33 Jan. 12, ’31 165 12 n.a.
1696.56 0.4 U.S Agency 4.510 1.270 4.910 277.07 -0.3 Japan 1.020 0.350 1.020
1500.53 0.3 10-20 years 4.500 1.180 4.890 490.16 2.2 Netherlands 2.530 0.050 2.800 Toyota Motor Credit TOYOTA 0.800 4.76 Oct. 16, ’25 41 8 n.a.
3251.52 2.0 20-plus years 4.660 2.330 5.240 792.32 1.2 U.K. 3.700 1.120 4.690 BPCE BPCEGP 2.700 5.47 Oct. 1, ’29 162 7 168
2544.79 0.5 Yankee 5.150 2.140 5.840 773.65 0.7 Emerging Markets ** 7.684 5.040 9.159 Caterpillar Financial Services … 1.700 4.28 Jan. 8, ’27 42 7 n.a.
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
PACCAR Financial … 4.950 4.79 Oct. 3, ’25 40 7 n.a.
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

High-yield issues with the biggest price increases…

Global Government Bonds: Mapping Yields Bond Price as % of face value
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session CSC Holdings CSCHLD 5.250 9.32 June 1, ’24 94.750 1.63 92.074
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points 0.94
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
OneMain Finance OMF 6.875 8.07 March 15, ’25 97.625 95.148
4.250 U.S. 2 4.387 t l 4.403 4.278 0.764 Telecom Italia TITIM 5.303 8.38 May 30, ’24 96.000 0.80 93.637
4.125 10 3.709 t l 3.791 3.502 1.666
Netflix NFLX 5.875 5.45 Nov. 15, ’28 102.125 0.79 101.000
0.250 Australia 2 3.346 t l 3.383 3.009 0.658 -102.8 -99.1 -10.0
1.750 10 3.916 t l 4.017 3.399 1.740 20.2 27.2 8.7 Dish DBS … 7.750 14.51 July 1, ’26 82.000 0.75 80.715
0.000 France 2 2.774 t l 2.863 2.117 -0.667 -160.1 -151.1 -142.5 Occidental Petroleum OXY 7.500 6.22 May 1, ’31 108.177 0.68 n.a.
2.000 10 2.790 t l 2.907 2.306 0.230 -92.4 -83.9 -142.3 0.65
Bath & Body Works BBWI 6.875 8.04 Nov. 1, ’35 90.750 88.920
2.200 Germany 2 2.571 t l 2.675 2.103 -0.615 -180.3 -169.9 -137.3
1.700 10 2.271 t l 2.387 1.854 -0.119 -144.3 -135.9 -177.1 …And with the biggest price decreases
2.500 Italy 2 3.004 t l 3.151 2.592 -0.071 -137.0 -122.3 -82.9 –0.48
Embarq … 7.995 19.43 June 1, ’36 46.022 46.000
2.500 10 4.289 t l 4.487 3.772 1.219 57.6 74.1 -43.3
Ford Motor Credit … 4.389 6.67 Jan. 8, ’26 93.875 –0.38 92.568
0.005 Japan 2 0.034 t l 0.035 -0.029 -0.085 -434.1 -433.9 -84.3
0.200 10 0.464 s l 0.416 0.252 0.089 -333.0 -156.4 Occidental Petroleum OXY 6.950 5.27 July 1, ’24 102.375 –0.13 101.569
-324.9
0.000 Spain 2 2.808 t l 2.876 2.329 -0.582 -156.6 -149.8 -134.0 Sprint S 7.875 5.51 Sept. 15, ’23 101.570 –0.06 101.459
2.550 10 3.321 t l 3.450 2.876 0.576 -39.3 -29.5 -107.7
Teva Pharmaceutical Finance Netherlands ... 2.800 6.38 July 21, ’23 98.120 –0.01 98.063
0.125 U.K. 2 3.445 t l 3.573 3.309 0.764 -92.9 -80.1 0.6
4.250 10 3.493 t l 3.654 3.153 1.087 -22.0 -9.1 -56.6 *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: Data are for the most active issue of bonds with maturities of two years or more
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close 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
Income 12.32 +0.07 1.1 Idx2040InsPre 19.19 +0.22 1.2 CapApInst 62.81 +0.50 0.1 LrgCpStr 14.66 +0.11 0.5 IntlEqIdxInst 19.47 +0.25 1.9 TotIntBdIdxAdm 19.20 +0.09 1.4 IdxIntl 17.00 +0.26 2.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Intl Stk 44.23 +0.87 2.6 Fidelity Invest Harding Loevner Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 28.43 +0.43 2.0 MdCpGrAdml 77.79 +1.09 0.5
Stock 217.99 +2.34 1.1 Balanc 23.05 +0.15 0.6 IntlEq 23.89 +0.42 NA ParnEqFd 47.27 +0.38 0.7 500Adml 355.38 +2.67 0.4 TotStAdml 93.50 +0.80 0.4 MdCpVlAdml 71.06 +1.09 1.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds BluCh 112.49 +1.14 ... Invesco Funds A PGIM Funds Cl Z BalAdml 39.91 +0.28 0.7 TxMCapAdml198.61 +1.64 0.4 SmValAdml 69.04 +1.01 1.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EqIncA
TotRetBdI 8.87 +0.05 1.1 Contra 12.10 +0.05 0.1 9.92 +0.10 1.0 TotalReturnBond 11.83 +0.06 0.9 CAITAdml 11.19 +0.04 0.6 TxMIn r 13.75 +0.19 1.7 TotBd2 9.46 +0.05 1.0
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti CpInc 9.10 +0.06 0.9 Invesco Funds Y CapOpAdml r148.43 +2.76 1.6 USGroAdml 101.24 +0.74 TotIntlInstIdx r113.69 +1.73 2.0
PIMCO Fds Instl -0.1
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EdgewoodGrInst 31.91 +0.56 1.9 GroCo DevMktY
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
22.44 +0.16 -0.3 36.02 +0.75 3.0 AllAsset 10.60 +0.08 NA DivAppIdxAdm 41.45 +0.26 0.6 ValAdml 55.15 +0.48 0.7 TotItlInstPlId r113.71 +1.72 2.0
Fidelity InvGrBd 9.95 +0.05 1.0 JHF III DispVal TotRt 8.54 +0.04 NA EMAdmr 33.38 +0.67 3.0 WdsrllAdml 66.75 +0.63 0.9 TotSt 93.48 +0.80 0.4
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 500IdxInstPrem133.60 +1.01 0.4 LowP 46.10 +0.27 -0.2 DispValMCI 24.69 +0.35 1.1 PIMCO Funds A EqIncAdml 85.15 +0.75 0.6 WellsIAdml 59.78 +0.38 VANGUARD INSTL FDS
0.9
Contrafund K6 16.85 +0.10 0.1 Magin 10.72 +0.07 0.3 John Hancock IncomeFd NA ... NA ExplrAdml 87.60 +1.29 0.8 WelltnAdml 66.53 +0.20 0.3 BalInst 39.92 +0.28 0.7
Wednesday, January 4, 2023 ExtMktIdxInstPre 63.57 +0.94 0.9 NASDAQ 131.81 +0.91 -0.1 BondR6 13.48 +0.08 1.2 PIMCO Funds I2 ExtndAdml 101.71 +1.50 0.9 WndsrAdml 69.31 +1.07 1.5 DevMktsIndInst 13.77 +0.19 1.8
Net YTD Net YTD Net YTD FidSerToMarket 12.69 +0.11 0.5 OTC 12.83 +0.06 ... JPMorgan I Class Income NA ... NA GNMAAdml 9.25 +0.04 0.7 VANGUARD FDS DevMktsInxInst 21.52 +0.29 1.7
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret GrowthCompanyK6 15.37 +0.14 -0.1 Puritn 20.63 +0.14 0.6 CoreBond 10.20 +0.05 NA PIMCO Funds Instl GrwthAdml 109.66 +0.70 -0.1 DivdGro 35.36 +0.20 0.4 ExtndInst 101.70 +1.49 0.9
InflPrBdIndInsPr 9.05 +0.01 0.3 SAIUSQtyIdx 15.33 +0.08 0.1 EqInc 22.69 +0.17 NA IncomeFd NA ... NA HlthCareAdml r 89.30 -0.30 -0.6 IntlVal 36.82 +0.80 3.0 GrwthInst 109.66 +0.69 -0.1
American Century Inv Artisan Funds Calamos Funds IntlIdxInstPrem 41.98 +0.56 1.9 SrsEmrgMkt 16.17 +0.43 3.5 LgCpGwth 44.61 +0.19 NA Price Funds HYCorAdml r 5.20 +0.03 1.0 InPrSeIn 9.48 +0.01 0.5
Ultra 54.97 +0.33 -0.3 IntlVal Inst 39.72 +0.81 NA MktNeutI 13.79 +0.04 0.2 LifeCon 19.29 +0.14 1.1
LgCpGwId InstPre 20.74 +0.09 -0.4 SrsGlobal 12.62 +0.21 2.2 JPMorgan R Class
BlChip 103.21 +0.21 -0.3 InfProAd 23.27 +0.03 0.5 InstIdx 322.79 +2.43 0.4
American Funds Cl A Baird Funds Columbia Class I LifeGro 36.42 +0.37 1.1
MidCpInxInstPrem 26.20 +0.40 1.1 SrsGroCoRetail 13.76 +0.12 CoreBond 10.22 +0.06 NA
0.5 IntlGrAdml InstPlus
-0.1 93.15 +2.14 3.0 322.78 +2.43 0.4
AmcpA 30.31 +0.31 0.8 AggBdInst 9.68 +0.05 0.8 DivIncom I 29.03 +0.16 0.3 DivGro 64.43 +0.46 LifeMod 27.74 +0.25 1.1
SAIUSLgCpIndxFd 16.87 +0.13 0.4 SrsIntlGrw 14.55 +0.23 2.0 CorePlusBd 7.20 +0.04 NA ITBondAdml 10.19 +0.06 1.1 InstTStPlus 67.32 +0.58 0.4
AMutlA 48.59 +0.28 0.3 CorBdInst 9.95 +0.05 0.8 Dimensional Fds Growth 61.62 +0.24 ... PrmcpCor 27.52 +0.35 1.3
SeriesBondFd 8.96 +0.05 1.0 SrsIntlVal 10.14 +0.09 1.1 Lord Abbett A ITIGradeAdml 8.40 +0.04 1.0 MidCpInst 56.33 +0.83 1.0
BalA 28.87 +0.14 0.4 BlackRock Funds 5GlbFxdInc 9.85 +0.01 0.2 HelSci 89.38 +0.34 -0.5 STAR 24.48 +0.28 1.3
SeriesOverseas 11.11 +0.20 2.3 TotalBond 9.43 +0.05 1.1 ShtDurIncmA p 3.84 ... ... LarCapAd 88.29 +0.67 0.4 MidCpIstPl 277.81 +4.08 1.0
LgCapGow I 45.71 -0.04 -0.5
BondA 11.47 +0.05 0.8 HiYldBd Inst 6.67 ... 0.5 EmgMktVa 26.94 +0.42 1.9 SerLTTreBdIdx 6.03 +0.07 2.9 Fidelity SAI Lord Abbett I LTGradeAdml 7.96 +0.08 2.1 TgtRe2020 25.60 +0.18 0.9 RealEstaInstl 18.52 +0.41 2.4
CapIBA 63.49 +0.51 0.8 BlackRock Funds A EmMktCorEq 20.60 +0.37 2.3 SmCpIdxInstPrem 21.84 +0.27 0.6 TotalBd 8.92 +0.04 1.1 ShtDurInc p 3.84 ... 0.3 MidCap 89.97 +1.42 1.4
MidCpAdml 254.99 +3.74 1.0 TgtRe2025 16.85 +0.14 1.0 SmCapInst 88.81 +1.37 1.0
CapWGrA 51.97 +0.45 0.8 GlblAlloc 16.55 +0.11 -0.1 IntlCoreEq 13.71 +0.15 1.5 TMktIdxInstPrem106.45 +0.92 0.4 U.S.TreBdIdx 8.74 +0.04 1.1 Metropolitan West NHoriz 46.64 +0.72 0.7
MuHYAdml 10.35 +0.06 1.0 TgtRe2030 31.72 +0.29 1.1 SmCapIstPl 256.33 +3.95 1.0
EupacA 49.73 +0.58 1.4 BlackRock Funds III IntSmCo 17.63 +0.17 1.2 TotalMarketIndex 13.41 +0.12 0.4 First Eagle Funds TotRetBdI 9.14 +0.05 NA R2020 16.88 +0.11 0.8 MuIntAdml 13.43 +0.04 0.5 TgtRe2035 19.56 +0.18 1.1 STIGradeInst 9.98 +0.02 0.3
FdInvA 60.57 +0.53 0.5 iShS&P500IdxK451.57 +3.40 0.4 IntSmVa 19.03 +0.18 1.2 USBdIdxInstPrem 10.28 +0.05 1.0 GlbA 58.83 +0.65 1.5 TRBdPlan 8.57 +0.05 NA R2025 14.75 +0.11 0.9 MuLTAdml 10.65 +0.06 0.9 TgtRe2040 34.37 +0.35 1.1 STIPSIxins 23.41 -0.01 -0.1
GwthA 49.79 +0.54 0.6 BlackRock Funds Inst LgCo 26.24 +0.19 0.3 Fidelity Freedom Franklin A1 MFS Funds R2030 22.08 +0.20 1.0 MuLtdAdml 10.70 +0.02 0.3 TgtRe2045 23.07 +0.25 1.1 TotBdInst 9.57 +0.05 1.0
HI TrA 9.14 +0.04 1.0 EqtyDivd 18.50 +0.17 1.2 US CoreEq1 29.93 +0.27 0.5 FF2020 12.91 +0.12 1.2 IncomeA1 2.28 ... 0.9 IIE 28.81 +0.51 2.4 R2040 24.68 +0.26 1.1 MuShtAdml 15.59 +0.01 0.1 TgtRe2050 38.21 +0.41 1.1 TotBdInst2 9.46 +0.05 1.0
ICAA 41.51 +0.33 0.6 StratIncOpptyIns 9.22 ... 0.2 US CoreEq2 27.28 +0.24 0.5 FF2025 11.86 +0.12 1.2 FrankTemp/Frank Adv MFS Funds Class I Putnam Funds Class A PrmcpAdml r132.96 +2.18 1.6 TgtRe2060 39.26 +0.42 1.1 TotBdInstPl 9.57 +0.05 1.0
IncoA 22.76 +0.15 0.6 Bridge Builder Trust US Small 38.95 +0.39 0.6 FF2030 14.81 +0.15 1.2 IncomeAdv 2.26 ... 0.9 GrowthI 132.94 +0.54 0.3 PutLargCap p 28.37 +0.18 0.6 RealEstatAdml119.66 +2.65 2.4 TgtRet2055 42.63 +0.46 1.1 TotIntBdIdxInst 28.82 +0.14 1.4
N PerA 47.84 +0.55 1.1 CoreBond 8.90 +0.04 0.9 US SmCpVal 39.54 +0.41 0.6 FF2035 12.74 +0.15 1.3 FrankTemp/Franklin A ValueI 48.21 +0.42 0.9 Schwab Funds SmCapAdml 88.81 +1.37 1.0 TgtRetInc 12.35 +0.07 0.9 TotStInst 93.51 +0.80 0.4
NEcoA 43.71 +0.38 0.5 CorePlusBond 8.78 +0.05 0.9 US TgdVal 27.59 +0.34 0.7 FF2040 9.01 +0.12 1.3 Growth A 102.76 +0.87 0.6 Neuberger Berman Fds 1000 Inv r NA ... NA SmGthAdml 71.04 +1.17 0.8 WellsI 24.68 +0.16 0.9 ValueInst 55.15 +0.48 0.7
NwWrldA 67.23 +0.79 1.2 Intl Eq 10.98 +0.16 2.4 USLgVa 41.81 +0.46 0.7 Freedom2030 K 14.80 +0.15 1.2 RisDv A 82.78 +0.32 0.2 LCVal Inst 43.40 +0.39 0.8 S&P Sel NA ... NA STBondAdml 9.90 +0.02 0.3 Welltn 38.53 +0.11 0.3 WCM Focus Funds
SmCpA 56.66 +0.71 1.0 LargeCapGrowth 17.20 +0.13 0.6 Dodge & Cox Freedom2040 K 9.01 +0.11 1.2 Guggenheim Funds Tru Northern Funds TSM Sel r NA ... NA STIGradeAdml 9.98 +0.02 0.3 WndsrII 37.63 +0.35 0.9 WCMFocIntlGrwIns 20.12 +0.38 2.3
TxExA 12.13 +0.06 0.8 LargeCapValue 15.17 +0.18 1.1 Balanced 94.58 +0.98 1.3 Idx2030InsPre 17.01 +0.17 1.2 TotRtnBdFdClInst 23.47 +0.13 1.2 StkIdx 40.97 +0.31 0.3 TIAA/CREF Funds STIPSIxAdm 23.39 -0.02 -0.1 VANGUARD INDEX FDS Western Asset
WshA 51.99 +0.18 ... MunicipalBond 9.75 +0.04 0.6 GblStock 12.90 +0.25 2.3 Idx2035InsPre 18.95 +0.20 1.2 Harbor Funds Old Westbury Fds EqIdxInst 27.26 +0.23 0.4 TotBdAdml 9.57 +0.05 1.0 ExtndIstPl 250.99 +3.70 0.9 CorePlusBdI 9.49 +0.07 NA
THE WALL STREET JOURNAL. Thursday, January 5, 2023 | B9

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B10 | Thursday, January 5, 2023 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Fox, News Corp Sign Leases Bankrupt Celsius

Wins Rights to
For Midtown Manhattan Crypto Deposits
BY KATE KING transportation hubs, renova-
tions some landlords made
Rupert Murdoch’s media years before the pandemic and BY SOMA BISWAS vent platforms.
empire is recommitting to rents that are much cheaper Many customers have clam-
Manhattan office space, after on average than at new office A bankruptcy judge ruled ored for the quick return of
News Corp and Fox Corp. each towers like Hudson Yards and that digital coins deposited in their crypto, arguing that the
signed long-term leases that One Vanderbilt. Celsius Network LLC’s inter- funds aren’t property of the
will keep the two companies in “Avenue of the Americas for est-bearing accounts belong to Celsius bankruptcy estate. The

SARAH BLESENER FOR THE WALL STREET JOURNAL

Midtown for another 20 years. much of the last several quar- the firm, ruling against thou- firm’s lawyers, however, ar-
The two separate leases ters, if not several years, has sands of customers and decid- gued the terms of use—ap-
span more than 1.1 million been one of the strong per- ing a key legal issue in crypto- proved by users with the click
square feet, or roughly equiva- formers in the Midtown ave- related insolvencies. of a button on their mobile de-
lent to the company’s current nues corridor,” Mr. Wallach Judge Martin Glenn said vices—granted the ownership
footprint, according to Ivan- said. Wednesday that $4.2 billion in rights to Celsius so it could
hoe Cambridge, the Canadian News Corp and Fox occupy cryptocurrency deposits are lend, sell, pledge and use the
real-estate firm that owns the more than half of the 2 million the property of Celsius, clear- assets for investment pur-
building at 1211 Ave. of the square feet in the 44-story of- ing the way for the company poses.
Americas. The agreement in- fice tower at 1211 Ave. of the to use its digital assets as it Wednesday’s decision af-
cludes renovations to the ex- Americas, which opened in sees fit, while also dealing a fects 600,000 holders of high-
terior and interior of the 1973. The new leases run blow to the hopes of thou- interest Earn accounts at Cel-
building. through 2042 and include ren- sands of customers by declar- sius, holding cryptocurrency
Mr. Murdoch, whose family The leases include renovations to the lobby and outdoor plaza. ovations to the lobby and the ing them unsecured creditors. worth $4.2 billion as of its
has large stakes in both News outdoor plaza where Fox News The question of who has bankruptcy filing in July.
Corp and Fox Corp., in October ing technology companies, law Still, Avenue of the Ameri- hosts holiday events, election ownership rights over crypto There isn’t enough value
proposed a deal that would firms and financial firms, con- cas—known as “corporate row” coverage and other broadcasts, assets at bankrupt digital ex- available in Celsius to repay
merge the media companies af- tinued to add Manhattan office for its long stretch of skyscrap- according to Ivanhoe Cam- changes, trading firms and all account holders in full,
ter nearly a decade of separa- space even during the pan- ers housing corporate head- bridge. There will also be inte- other platforms is central to and declaring that some cus-
tion. Each company’s board has demic, often paying premium quarters—has held up better rior upgrades, including to the the chapter 11 cases of Celsius tomers’ assets belong to them
set up a special committee to rents for floors in state-of-art than many of the other avenues building’s electrical system. and other firms that went alone would decrease recov-
consider the deal. buildings located near trans- in Midtown, said Frank Wal- News Corp is the parent bankrupt last year, including eries for other users, the
The lease renewals are an portation hubs. Older buildings lach, an executive managing di- company of Dow Jones, pub- FTX and BlockFi Inc. judge said.
encouraging sign for Manhat- in Midtown have had less suc- rector of research and business lisher of The Wall Street Jour- Each firm’s rights to its The immediate impact of
tan’s office market, where va- cess and many are struggling development at Colliers. nal, as well as HarperCollins customers’ digital assets are the decision is to allow the
cancy shot up during the to attract tenants. Many of the office towers Publishers and news organiza- spelled out in their terms of company to sell $18 million in
Covid-19 pandemic and nearly Corporate tenants are va- were built in the years follow- tions in the U.K. and Australia. use, and Celsius’ contract with stablecoins to fund the ex-
17% of space is now available cating hundreds of thousands ing World War II and are Fox Corp. owns Fox News and its users is “unambiguous” penses for a longer stay in
for rent, according to real-es- of square feet on the Avenue starting to show their age, but the Fox broadcast network, about the firm’s ownership chapter 11. Celsius executives
tate firm Colliers. of the Americas as a number the office corridor’s availabil- along with local TV stations rights, Judge Glenn said in his have testified in bankruptcy
Office leasing in the borough of firms decamp to newer of- ity increased only slightly to and the Tubi streaming service. ruling. Bankruptcy courts have court the firm will run out of
last year was down 12% com- fice buildings that often fea- 11% during the pandemic from The transaction was bro- only begun to unravel what money by March, and will
pared with the 10-year rolling ture more amenities and out- 9.2% in early 2020, Mr. Wal- kered by real-estate firm CBRE, those terms of use mean for need to raise funds to cover
average of annual leasing vol- door space and fewer carbon lach said. The area offers a which represented Fox and the billions of dollars in cryp- expenses of staying in chapter
ume. Some businesses, includ- emissions. central location near major News Corp. tocurrencies trapped on insol- 11 beyond that point.

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
Continued From Page B6 52-Wk % 52-Wk % NorthernStrIII A NSTC 10.55 ... RelativityAcqnA RACY 22.44 47.7 Trip.com TCOM 38.22 6.8 CanFiteBiopharm CANF 0.54 -7.0 HealthcareAI Wt HAIAW 0.01 49.8 OMNIQ OMQS 3.80 -14.8
NorthernStarIII NSTC.U 10.20 1.8 RelativityAcqn RACYU 21.72 34.5 TwelveSeasII A TWLV 10.07 0.1 Carecloud MTBC 2.63 -3.3 IMAC Wt OrientalCulture OCG
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
NorthernStarIV NSTD.U 10.06 0.2 RocketInternetA RKTA 10.11 0.3 VahannaTechI VHNAU 10.26 0.1 CemtrexPfd CETXP 0.23 -16.5 IndependentBank
IMACW
IBTX
0.01
57.10
-87.5
-1.2 Overstock OSTK
0.45
17.05
-16.1
-2.2
Stock Sym Hi/Lo Chg GreenVisorI GVCIU 10.36 0.2 JawsMustangA JWSM 10.13 ... NorthViewAcqn NVAC 10.19 0.4 RoivantSciencesWt ROIVW 1.99 10.3 Vipshop VIPS 15.30 4.8 Citizens&Northern CZNC 22.54 -1.0 Innovid CTV 1.05 -15.6 Procaps PROC 4.10 -3.4
GreenlightCapRe GLRE 8.70 5.9 JupiterAcqn JAQC 9.98 0.7 NovoNordisk NVO 138.67 -0.1 7GC VIIAU 10.14 0.2 VisionSensingA VSAC 10.34 0.2 CreditAcceptance CACC 391.22 -11.6 InterlinkElec LINK 7.26 -2.6 RamacoRscs METC 8.12 2.1
FinTechEvolA FTEV 10.14 0.3
Greif B GEF.B 80.71 0.6 KhoslaVentures KVSA 10.03 0.4 NubiaBrandA NUBI 10.23 0.1 SlamA SLAM 10.13 0.1 VisionSensingUn VSACU 10.35 1.9 D-WaveQuantum QBTS 1.23 -10.4 IntrepidPotash IPI 27.53 -1.6 RingEnergy REI 2.14 2.2
FinVolution FINV 5.40 6.0
GrupoSimec SIM 36.96 5.6 KhoslaVenturesIII KVSC 9.99 0.3 O-I Glass OI 18.09 7.6 SocCapSuvrettaII DNAB 10.08 0.3 WaverleyCap1 A WAVC 10.06 0.2 DatChatWt DATSW 0.05 -4.9 JackCreekInvt Rivian RIVN 16.56 2.1
FirstReserveA FRSG 10.06 0.2 HNR Acqn JCICU 9.60 0.2
HNRA 10.28 0.4 LasVegasSands LVS 52.00 5.2 OakValleyBncp OVLY 23.67 3.4 SocCapSuvrettaIV DNAD 10.08 0.4 WelsbachTech WTMA 10.21 0.1 DeepLakeCapWt DLCAW 0.00 -86.7 KukeMusic Sai.TechGlobal SAI 1.65 -20.6
ForestRoadII A FRXB 10.07 0.1 HainanManaslu HMAC KUKE 0.33 2.1
10.22 ... LazardGrowthI LGACU 10.13 0.3 OsirisAcqn OSI 10.20 0.5 SocialLvgI A SLAC 10.50 0.2 WorldQuantumA WQGA 10.25 0.3 Enovix ENVX 6.50 -41.0 SES AI Wt SES.WS 0.48 3.6
FortressCap FCAX.U 10.10 1.8 HartfordFinl LaredoPetrol LPI 46.70 -0.8
HIG 77.02 2.0 LunaInnov LUNA 10.38 8.3 ProofAcqnIA PACI 10.20 0.3 SpringValleyII A SVII 10.65 -0.2 YumChina YUMC 58.67 4.0 EucratesBio EUCRU 9.76 -1.6 SafeguardSci SFE 2.90 -2.0
FusionAcqnIIA FSNB 10.08 -0.1 HealthcareAIAcqn HAIAU LithiumAmericas LAC 17.58 6.3
10.33 0.6 MSG Sports MSGS 186.49 2.9 PanaceaAcqnII PANA 10.09 0.3 SumitomoMits SMFG 8.28 2.0 Euroseas ESEA 18.00 -3.2 SCWorx WORX 0.37 26.6
GXII LuminarTech LAZR 4.54 -0.6
GX Acqn II A
GarrettMotionPfdA GTXAP
10.02
8.98
0.1 Hibbett HIBB
-0.7 HudsonAcqnIUn HUDAU
71.69 4.5 MedicusSciA
12.25 -1.3 MelcoResorts
MSAC
MLCO
10.09
13.39 9.3
... PlumAcqnI
PonoCapitalA
PLMIU
PONO
10.28 0.2 SummitTherap
10.95 -0.2 SunlandsTech
SMMT
STG
5.78 8.2
9.88 26.3
Lows FaZeWt FAZEW
FirstSavingsFin FSFG
0.11 14.7
19.76 -0.9 LutherBurbank LBC 10.88 -1.1
SeaStarMedical ICU
Seer SEER
3.53
4.51
-1.5
-22.1
GenesisUnicornA GENQ 10.19 0.2 IG Acqn A IGAC 10.10 0.5 MercatoPtrsAcqn MPRAU 10.23 0.2 PortageFintechA PFTA 10.06 0.3 SupernusPharms SUPN 38.63 3.0 AMTD Digital HKD 9.31 1.6 FirstSeacoastBncp FSEA 9.31 -0.4 MediromHlthcr MRM 4.01 1.0 SignalHillWt SGHLW 0.00 -51.0
Geron GERN 3.84 32.9 IberePharmA IBER 10.11 0.1 MitsubishiUFJ MUFG 7.22 5.3 PowerSchool PWSC 23.92 1.1 TargetGlbl I A TGAA 10.26 0.2 AdamasOne JEWL 2.25 -7.0 ForwardIndustries FORD 1.01 0.5 MVB Financial MVBF 21.35 0.9 SmartPowerr CREG 2.03 -18.4
GigCapital5 GIA 10.42 2.0 IndlTechII A ITAQ 10.22 0.4 MizuhoFin MFG 2.95 2.8 PrestigeCnsHlth PBH 65.26 2.1 TaylorDevices TAYD 14.50 1.5 AlvariumTiedA ALTI 5.54 -10.8 FoxWayneEnts FOXWU 9.83 -0.2 ModelPerform MPACU 7.04 -20.6 TIM TIMB 10.66 2.1
GlbPtrII A GPAC 10.14 0.2 InFinTAcqnA IFIN 10.42 0.2 ModelPerform MPACU 13.05 -20.6 PriveterraAcqn PMGMU 10.13 0.1 TencentMusic TME 9.29 6.7 Amyris AMRS 1.30 -4.8 FutureTechIIWt FTIIW 0.01 -69.5 MoolecScience MLEC 5.94 -28.3 TristarAcqnIWt TRIS.WS 0.01 -60.5
GlblTechAcqnI GTAC 10.32 ... Instructure INST 26.32 -3.0 ModelPerformRt MPACR 0.70 42.3 PriveterraAcqnA PMGM 10.09 0.3 TenXKeaneAcqnRt TENKR 0.22 10.0 AquaronAcqn AQUNU 9.99 ... GameStop GME 16.90 0.7 MountRainier RNER 9.80 4.4 Upexi UPXI 2.53 -2.9
GlblTechAcqnI GTACU 12.20 -2.1 IntlGeneralIns IGIC 8.60 2.7 Moog A MOG.A 91.05 -0.6 Qomolangma QOMOU 10.37 2.2 ThomsonReuters TRI 118.66 2.3 ArqitQuantum ARQQ 2.87 4.7 GinkgoBioworksWt DNA.WS 0.17 8.1 Movano MOVE 1.24 12.2 VeraTherap VERA 6.21 -64.7
GlobalinkInvt GLLI 10.23 0.1 InterPrivateII A IPVF 10.67 0.1 NaborsEnerA NETC 10.29 ... QuantumFin QFTA 10.07 0.2 360DigiTech QFIN 23.37 11.5 BiomXUn PHGE.U 0.16 13.6 GinkgoBioworks DNA 1.45 0.6 MultiPlan MPLN 1.01 4.8 ViaRenewablesPfdA VIASP 21.60 -0.9
GoodWorksII A GWII 10.61 2.0 iQIYI IQ 6.40 5.6 NewcourtAcqnA NCAC 10.70 0.3 ROC Energy ROC 11.24 ... TioTechA A TIOA 10.09 0.1 Braskem BAK 8.24 -0.1 GreenBrickPfdA GRBKpA 19.31 -0.4 NetSolTech NTWK 2.70 -3.2 XerisBiopharma XERS 1.02 -7.1
GrafAcqnIV GFOR 10.03 0.2 ItiquiraAcqnA ITQ 10.13 0.3 NewcourtAcqn NCACU 11.80 1.4 RayonierAdvMatls RYAM 9.84 3.1 TrajectoryAlphaA TCOA 10.16 1.0 CamberEnergy CEI 1.80 ... GreenwaveTech GWAV 0.78 -1.6 NovoIntSci NVOS 0.16 -8.3 Zenvia ZENV 1.01 -0.9

Let’s walk together.

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And their communities. And their countries. And you.

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THE WALL STREET JOURNAL. **** Thursday, January 5, 2023 | B11

MARKETS

Stocks Advance Despite Recession Fears

Government bonds Index performance Wednesday

rally after unexpected 1.25%

slowdown in French
1.00
inflation
BY CHELSEY DULANEY 0.75
AND CORRIE DRIEBUSCH
0.50
Stocks rose as traders
weighed fresh economic data
that fanned fears of a looming 0.25

KRISZTIAN BOCSI/BLOOMBERG NEWS

S&P 500
recession.
The S&P 500 rose 28.83 Nasdaq
0
points, or 0.8%, to 3852.97 by Composite
the end of the trading day, Dow Jones
while the Dow Jones Industrial –0.25 Industrial
Average in- Average
WEDNESDAY’S creased 133.40 –0.50
MARKETS points, or
10 a.m. 11 noon 1 p.m. 2 3 4
0.4%, to
33269.77. The tech-focused Source: FactSet Popular stocks such as Apple and Tesla rebounded from sharp losses on Tuesday.
Nasdaq Composite Index
climbed 71.78 points, or 0.7%, cated officials are committed banks to continue lifting bor- something could go wrong and ported an unexpected decline Kong’s Hang Seng Index was
to 10458.76. to higher interest rates—but rowing costs to contain infla- that something could have a in the annual pace of inflation up 1.8%, the Shanghai Compos-
All three opened in the the indexes had climbed higher tion that appears to have very detrimental impact on in December, a day after Ger- ite was up 0.8% and South Ko-
green before briefly turning again by closing time. peaked but that remains above our portfolio. Cautiousness re- many said consumer-price rea’s Kospi was up 0.3%. S&P
negative in midmorning trad- Stocks are coming off a tu- targets. mains the key word going into growth slowed last month. 500 futures fell 0.3%.
ing after manufacturing activ- multuous year that saw the Meanwhile, China’s moves this year.” U.S. 10-year Treasury yields
ity dropped to its lowest level S&P 500 log its largest decline to ease strict Covid-19 rules Mr. Ielpo pointed to this fell to 3.709% from 3.791% a
since May 2020. The Labor De- since 2008. Investor nervous- could help cushion the global week’s slide in oil prices as a day earlier. Yields fall as prices AUCTION RESULTS
partment also said Wednesday ness continued into the first economy from a deeper slow- sign that investors remain rise. Here are the results of Wednesday's Treasury
auction. All bids are awarded at a single price at the
morning that job openings trading session of 2023 on down, investors say, but it is concerned about the global Overseas, the pan-continen- market-clearing yield. Rates are determined by the
difference between that price and the face value.
topped estimates in November, Tuesday, as popular stocks unclear by how much. growth outlook. Brent crude, tal Stoxx Europe 600 climbed
17-WEEK BILLS
a sign that demand for labor such as Apple and electric-car “The equity rally is built on the global benchmark, has 1.4%. Sentiment was lifted by Applications $103,255,615,600
remained strong in the final maker Tesla dropped. Both the idea that central banks can fallen about 9% this week to France’s inflation report and Accepted bids $33,833,775,100
months of 2022. rose Wednesday. create something they’ve $77.84 a barrel. separate data showing Euro- " noncompetitively $459,285,600
" foreign noncompetitively $255,000,000
After spending most of the Investors remain on edge as never done in the past: a soft Meanwhile, global bonds pean services activity held up Auction price (rate) 98.489361
afternoon climbing, stocks policy makers balance infla- landing,” said Florian Ielpo, continued to rally, buoyed by better than expected in De- (4.570%)
Coupon equivalent 4.705%
pared gains once the Federal tion-fighting goals against re- head of macro at Lombard fresh signs that inflation is cember. Bids at clearing yield accepted 65.29%
Reserve released minutes from cession risks. Odier Investment Managers. easing in some large econo- Early Thursday, Japan’s Cusip number 912797FD4
its latest meeting—which indi- Traders expect central “It still makes us worried that mies. France on Wednesday re- Nikkei 225 was up 0.3%, Hong The bills, dated Jan. 10, 2023, mature on May 9, 2023.

Hong Kong Exchange Seeks Funds raised in the largest

Hong Kong IPOs by
foreign companies
China companies’ share of
Hong Kong’s stock market
capitalization†

To Lure Global Companies

Glencore (2011)* 80%
$10 billion

Prada (2011) 60
BY JING YANG exchange’s pitch to interna- panies. In the early 2010s, the 2.5
tional companies is that mone- exchange secured the listings Rusal (2010) 40
Hong Kong is making a tary conditions in China are of marquee western brands in-
2.2
pitch to multinational compa- dramatically different to those cluding Prada SpA, L’Occitane
PAUL YEUNG/BLOOMBERG NEWS

nies to list on its stock market, elsewhere. While central banks International SA. and Sam- Samsonite (2011)
20
despite heightened tensions in the U.S., the U.K. and the sonite International SA., as 1.3
between China and the West. eurozone are increasing inter- well as metals and mining gi-
The city’s stock exchange est rates to fight inflation, ants like Glencore PLC and L’Occitane (2010)
0
hopes a new initiative that al- China has cut rates this year Vale SA. At the time, those 0.8
lows mainland Chinese inves- and is only now coming out of companies saw Asia—and par- 2011 ’15 ’20 ’22
tors to trade shares of interna- a prolonged zero-Covid policy ticularly China—as their big- *Glencore withdrew its Hong Kong listing in 2018 due to low liquidity. †Includes companies from
tional companies will present that has hurt economic gest growth drivers and listing mainland China or controlled by people or entities in the country. 2022 data as of the end of November
a compelling case for some of growth. That means domestic their shares in Hong Kong was Nicolas Aguzin, exchange CEO Sources: Dealogic (funds raised); Hong Kong Exchanges & Clearing (share)
the world’s largest businesses a way to capitalize on that
to raise funds in the Asian fi- potential. IPOs, said Philippe Espinasse, total market capitalization. investors, brokers and compa-
nancial hub. A decade on, the results a consultant and former equity That has led to some criticism nies, Mr. Aguzin said.
“Hong Kong will become
the only market in the world
where companies have the
ability to capture the demand
19
Foreign companies listed in
have been underwhelming.
Glencore, whose $10 billion
secondary listing in May 2011
remains the largest initial
capital markets banker who is
the author of several books on
IPOs.
“L’Occitane and Prada relied
that the exchange is overly re-
liant on China.
Mr. Aguzin, who joined the
company from JPMorgan
Under the leadership of
Charles Li, Mr. Aguzin’s prede-
cessor, the HKEX pursued
some high-profile expansions.
from two gigantic pools of in- Hong Kong at end of November public offering by a foreign materially on Chinese demand Chase & Co in May 2021, is the That included the $2 billion
vestors that are uncorrelated,” company in Hong Kong to for their products and growth first CEO of the exchange who acquisition of the London
said Nicolas Aguzin, chief ex- date, withdrew its shares from at the time of their IPOs. doesn’t speak Chinese. The 54- Metal Exchange in 2012 and a
ecutive of Hong Kong Ex- the exchange in 2018, citing a Things are now very different year-old Argentine said he has failed bid to buy the London
changes and Clearing Ltd., in bonds offer limited returns for lack of liquidity. Only 0.3% of post-Covid and, of course, geo- no qualms about aligning Stock Exchange in 2019.
an interview. “You could have Chinese investors. It could its shares were traded on the political considerations may Hong Kong’s future with that Global investors have been
the best of both worlds,” he also make international shares HKEX, the Swiss company said make listing in Hong Kong dif- of China. cautious about Chinese stocks
added. more attractive. at the time. Glencore was also ficult for some,” he said. “What do I say to people over the past year in light of
In December, securities reg- Mr. Aguzin is also pitching listed in London and Johan- At the end of November, saying you’re too focused on Beijing’s long-running zero-
ulators said foreign companies international companies on nesburg and still trades in there were 196 foreign compa- China? Of course, that’s my Covid policy and its regulatory
with primary listings in Hong the value of making their both of those cities. nies listed in Hong Kong with strength. I want to use that, clampdowns on private com-
Kong could—for the first shares available in China—a Shares of Prada, which a combined market value of build that strength to do panies. The government has
time—be eligible for inclusion huge consumer market for listed in Hong Kong in June $297 billion, or 7% of total something great internation- performed a U-turn on both
in the eight-year-old Stock multinationals. 2011 after raising $2.1 billion, market capitalization, accord- ally,” he said. measures—scrapping its com-
Connect trading link with “If they are companies that had an average daily trading ing to data from the HKEX. The expansion of the Stock mitment to zero-Covid, and
mainland China. The plan have some sales revenues, turnover of around $4 million The HKEX has been ranked Connect link is only part of moving to support private
would give these companies manufacturing or whatever over the past year, according as the world’s top IPO venue the exchange’s pitch to inter- companies, including those in
direct access to China’s active from the mainland, that would to FactSet data. for seven of the past 13 years, national companies. On Dec. the property sector. That has
individual investor base if be a plus,” he said. A key reason for the light thanks in large part to a long 20, the HKEX opened a New made some investors and ana-
their stocks meet market-capi- This isn’t the first time the trading in companies like parade of Chinese listings. York office. It is also scouting lysts more bullish on China,
talization criteria and other exchange operator, also known Prada is because they failed to Mainland Chinese companies locations for a European of- but has also raised concerns
requirements. as HKEX, has attempted to at- secure significant local de- now account for more than fice. These offices could help about the capriciousness of
A big part of the Hong Kong tract more international com- mand at the time of their three quarters of the HKEX’s bring the exchange closer to Chinese policy.

Blackstone centers fall out of favor.

Blackstone also gets a
higher fee if BREIT beats
Total return since
the start of 2017
100%
that withdrawal limits stay
in place for many months. Hamilton Lane Closes
Concession I Fund With $2.1 Billion
the 11.25%. nvestors happy to keep
The university’s invest- BREIT their money in BREIT
ment should provide some 80 for years alongside the
FTSE NAREIT
BY CHRIS CUMMING
Is Warning reassurance against two of
the recent worries about
BREIT: that it is choosing to 60
All Equity REITS university won’t worry
about the withdrawal limits,
although they won’t get the Hamilton Lane Inc. has
midmarket buyout and growth
investments, said Mr. Sid-
berry. It invests about $35
value its properties at more university’s privilege of raised its largest pool of capi- million to $45 million per deal
Continued from page B1 than they are really worth, Blackstone part-underwrit- tal yet to give investors a and intends to make 50 to 60
fails to earn 11.25% a year or that it might be subject 40 ing an 11.25% return. But lower-cost way to commit to a investments total from the
after fees. That is a fabulous to the equivalent of a run on anyone who thinks they range of buyout deals. vehicle.
return, comparable with the the bank. might want their money this The Conshohocken, Pa.- The goal is to offer limited
20
10% annual dividend and op- year—or just wants to have based private-markets fund partners a diversified portfo-

B
tion to buy discounted lackstone said that the it available in case the manager said Wednesday it lio of deals through a single
shares secured by Warren university team did 0 looming recession hits their closed the vehicle, Hamilton vehicle with a lower fee struc-
Buffett when he put $5 bil- due diligence on the income—would be right to Lane Equity Opportunities ture than typical buyout
2017 ’18 ’19 ’20 ’21 ’22
lion into Goldman Sachs at portfolio, including meeting worry that they may well Fund V, with $2.1 billion. The funds, Mr. Sidberry said. He
the height of the 2008 fi- the heads of each BREIT Sources: Blackstone (BREIT); Refinitiv (FTSE) not be able to get it back sum exceeds both the firm’s said the fees involved are
nancial crisis. unit. That doesn’t guarantee quickly. $2 billion fundraising target about half those of a typical
In fact, BREIT has re- that values aren’t marked and is now even more un- At a time of rising inter- and the $1.7 billion it raised buyout fund.
turned more than that since up too high or that rents likely. est rates, liquidity is at a for a predecessor vehicle that The firm has backed more
launching in 2017, as it and housing will withstand The trouble for BREIT’s premium. The University of closed in 2019. than two dozen deals so far
chose to focus on Sunbelt the recession widely ex- other investors is that none California just put a price Hamilton Lane began collect- through the new vehicle and
housing, warehouses and pected later this year. But it of this solves the original on that premium: $1 billion ing the new fund, which is part has invested roughly half of
data centers, which have is an additional check by problem of too many people to underwrite 11.25% was of its direct-equity series, in the fund, according to Mr. Sid-
been in strong demand. But smart people who put seri- wanting their money back. their demand in return for a 2020 and has raised a total of berry. Focus sectors for the
the fund lost value in No- ous money on the line. A In December, investors six-year lockup. That is ex- $3.7 billion for such deals dur- new vehicle include health-
vember, and a recession spokesperson for the univer- asked for 5.44% of the fund pensive. It suggests that pri- ing that time, with the remain- care, cybersecurity and busi-
would hit rents. sity declined to comment. back, but only 0.23% was vate funds without the re- der of the capital going into ness-process outsourcing, he
Still, the investment The extra $4 billion available because of with- cord of BREIT, or the separately managed accounts said.
shows the university has means BREIT is even further drawals in the two prior financial resources of Black- and other types of investment “The good news about rais-
faith in BREIT. The $1 billion away from running out of months. The money from UC stone, are going to find it structures pursuing the same ing [capital] during the pan-
of possible support, held in cash to finance withdrawals. Investments won’t be used hard to keep attracting the strategy, said Demetrius Sid- demic is that we went in with
BREIT shares by Blackstone A run on the bank was al- to lift the cap on withdraw- money that flowed in so berry, a managing director in eyes wide open about risks,”
already, provides some pro- ready far off—thanks to als, so the cap will almost easily during their decade- the firm’s direct-equity group. Mr. Sidberry said.
tection if the fund underper- monthly and quarterly limits certainly limit withdrawals long boom. Like the other commingled With $824 billion under
forms but is far too little to on overall withdrawals and again this quarter. If the Bear that in mind when funds in the direct-equity se- management and supervision,
guarantee the 11.25% return more than $20 billion of outlook for BREIT’s returns you consider investments ries, the new vehicle will co- Hamilton Lane is one of the
if Sunbelt rental apart- cash, easy-to-sell invest- worsens, more will want to where it is hard to get your invest alongside other fund largest private-markets asset
ments, warehouses and data ments and loan facilities— get out, so the danger is money back. managers, typically looking at managers in the world.
 B12 | Thursday, January 5, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Investors Need an Inner Philosopher

Economic trends were upended in 2022, sparking questions whether we are permanently in a new portfolio regime

After the global financial crisis, longer term has rarely been harder World exports as a volves the disciplining effect of glob- long-maturity bonds and “growth”
tectonic shifts in the global economy than it is right now. percentage of GDP alization on labor demands and the stocks like technology giant Netflix.
meant that almost every asset class Last year was a year of rapid shift prices of tradable goods and ser- UBS economists underscore that
32%
mostly went up. Then last year, the from boom to bust, volatile prices vices. The world is reverting back to globalization is found to have com-
portfolio playbook was the simple and central bankers aggressively 30 economic and financial blocs, which pressed inflation by only around 0.16
opposite: Sell everything. In 2023, tightening monetary policy. This is the war in Ukraine could accelerate. percentage point a year and that
for the first time in a decade and a the polar opposite of the period that 28 If true, then bonds are far less based on corporate announcements
half, investors need to make big as- started in 2008—perhaps even in 26 attractive for long-term investors. so far, reshoring of production will
sumptions about the world. the 1990s—which involved subdued Worse, they may no longer act as happen at only a small scale.
Though the S&P 500 index ended but stable growth and inflation, and 24 cushions during equity selloffs, Also, the data doesn’t bear out
2022 with a 19% fall, it traded side- ultralow interest rates. Was last year spelling the continuing demise of the alleged link between aging and
22
ways during the second half. During just a brief interruption, or the start the ubiquitous “60/40 portfolio.” higher inflation—many theorists
this period, most analysts came to of a new secular trend that rewrites 20 Investors should opt for inflation- even believe aging should lower it.
agree that inflation has likely the investment playbook? linked paper and commodities, and More straightforward is that declin-
peaked, but that there will be a re- Here, Wall Street professionals 18 choose stocks in cheap or “value” ing unionization rates across West-
cession in rich nations during the are far less in agreement, as sug- 16 sectors with predictable earnings. ern nations have weakened workers’
first two quarters of 2023—albeit a gested by an analysis of more than A representative firm would be bargaining power, and that this dis-
1983 ’90 2000 ’10 ’20
mild one. It isn’t a cheerful consen- 40 annual outlooks sent by bro- telecommunications conglomerate inflationary force remains in place.
sus, but it does offer a clear invest- kers and asset managers to clients Source: World Bank Verizon Communications. In the U.S., 12% of workers are
ment strategy. If a central-bank by year-end. Take long-term infla- Though annual outlooks explicitly unionized, compared with 21% in
pivot in the face of a downturn is tion, a measure at the nub of the There are two big arguments sup- predicting a full return to pre-2020 1983. But even this is complicated
nigh, then buying bonds makes debate: Those who think it will be porting this worldview. The first, en- trends are the least common, this because pay rises are a poor expla-
sense. Most big brokers believe 10- hard to bring back to prepandemic dorsed by British economist Charles view has proponents too—perhaps nation for inflation: The correlation
year Treasury yields will end 2023 levels are in the majority, but by a Goodhart, is that a progressively ag- more than sell-side recommenda- is strong only in periods when infla-
below their current 3.9% level. Eq- narrow 56%. ing population shrinks workforces, tions suggest: Market measures of tion is high, for reasons such as the
uities can be added as the economy BlackRock, the world’s largest increasing labor’s bargaining power. long-term inflation expectations commodity shock in 2022.
rebounds later in the year. investment manager, believes the The integration of Chinese workers have remained contained. Investors can choose where they
Arguably, savers should care less world is in a new regime. It into the global economy paused this Swiss bank UBS, for example, is stand in the big philosophical de-
about the next 12 months than the warned that “we expect inflation trend, but one-child policies have advising clients to bet on disinflation bates affecting markets. They just
next 12 years. This is where it gets to cool but stay persistently higher now precipitated a demographic re- and put money on the winners of can’t ignore them anymore.
tough: Making guesses about the than central bank targets of 2%.” versal there as well. The second in- the past two decades, including —Jon Sindreu

Companies Keep Hiring

Despite Their Fears That
A Downturn Is Coming
A lot of businesses are feeling dication that people are finding job
morose about where the economy opportunities elsewhere.
is heading. And yet they still are Contrast the job openings report
KELLY VOHS/STUYVESANT TOWN

looking to hire more workers. with the Institute for Supply Man-
The Labor Department on agement’s monthly manufacturing
Wednesday reported that there report, which also came out
were a seasonally adjusted 10.5 Wednesday. The ISM’s index of
million unfilled job openings in the manufacturing activity came in at
U.S. as of the last day of Novem- 48.4 for December, down from No-
ber, about equal to the upwardly vember’s 49. Anything below 50 in-
revised count for October. That dicates factory output is contract-
The price Blackstone is putting on the fund’s real estate, roughly half of which is housing, has come under scrutiny. was down from the extremes hit ing. But an employment subindex
earlier last year, but still far above within the report rose to 51.4 last

Blackstone’s Leaky Property

anything seen during the prepan- month from 48.4—an indication
demic period. that even as manufacturers became
As for the job cuts announced in gloomier, they stepped up hiring.
November by big companies such It isn’t just manufacturers who

Fund Pays for a Thumbs-Up as Amazon.com, Twitter and Face-

book parent Meta Platforms, they
still aren’t making much of a dent
in the overall job market.
are feeling pessimistic. The Busi-
ness Roundtable’s index of opti-
mism among chief executives reg-
istered continued deterioration in
There were a seasonally ad- the fourth quarter. A quarterly sur-
Blackstone’s flagship property California could have gotten a debt to boost returns, but this justed 1.4 million layoffs and dis- vey conducted by Duke University,
fund got a boost that bosses hope slightly better deal in the public comes with its own risks. BREIT charges in November. That was the Federal Reserve Bank of At-
will deter investors from asking market, where residential property wasn’t under serious pressure for about even with October and up lanta and the Federal Reserve Bank
for their money back. There is a stocks have a cap rate of around money to meet redemptions as it just a bit from November 2021’s 1.3 of Richmond showed that chief fi-
catch, though: It had to agree to 5.9%, according to estimates by re- has several billion dollars’ worth of million. In the year before the pan- nancial officers were similarly
sweeter terms than normal. search company Green Street. How- cash on hand. But the backing of a demic, when the job market was downbeat.
The New York private-equity ever, BREIT also owns industrial big institutional investor might plenty strong, there was an aver- Perhaps it is just a matter of
firm said Tuesday that the Univer- real estate, such as e-commerce calm clients’ nerves and stop the age of about 1.8 million layoffs a time before the job market catches
sity of California will buy shares warehouses, which are valued more situation from getting out of hand. month. Moreover, Wednesday’s re- up with the dour predictions ema-
worth $4 billion in BREIT. The highly. A more reassuring sign It also means the Blackstone fund port showed that the number of nating from corner offices—and
nontraded real-estate fund has would have been for the University has more money to buy new proper- workers quitting their jobs in No- clearly the more the Fed raises
been receiving more applications of California to buy in at NAV on ties. Management says the next few vember remained elevated—an in- rates this year, the harder it will be
from clients asking to take their precisely the same terms as other years will be ripe for snapping up for the economy to keep generat-
cash out than it can contractually shareholders. Instead, in return for real estate. If that is so, BREIT will Job openings at employers with ing jobs.
pay. In December, investors put in keeping its money locked up for six have to explain how it thinks other fewer than 250 workers as a share of But it could also be that the big
redemption requests equivalent to years, the university has been guar- property owners will be forced to overall private-sector job openings companies that tend to dominate
5.44% of the fund’s total net asset anteed an annual return of at least offer bargains without an impact on surveys are providing an incom-
78%
value, above both BREIT’s 2% 11.25%. If BREIT doesn’t hit this its own valuations. It could be that plete picture of the job market.
monthly and 5% quarterly limits. hurdle, Blackstone will make up the some landlords need to sell real es- Public companies are more geared
The university has bought in at difference to a certain limit. The tate at less than ideal prices as refi- 76 toward producing and selling
BREIT’s current net asset value, or firm has provided BREIT shares nancing becomes more expensive, goods than the economy at large,
NAV, which rose last year and val- worth $1 billion as collateral. but if this becomes a broad trend it which is more service-oriented,
ues the underlying property at an Factoring in this collateral to- will hit the whole market. 74 and additionally have watched
exit capitalization or cap rate—a gether with its fees, Blackstone However the property market their share prices slide sharply
measure of yield—of 5.6%. The needs to hit a minimum annual re- fares in 2023, a fresh chunk of cash over the past year. Jefferies econo-
price Blackstone is putting on the turn of 8.7% between now and means Blackstone won’t be under 72 mists point out that businesses
fund’s real estate, roughly half of 2028 to make money on the deal. pressure to sell. Having to accept with fewer than 250 employees ac-
which is housing, has come under This would be a slowdown for the discounts on its own real estate counted for a record 78.4% of pri-
scrutiny. As interest rates rise, a fund, which has delivered 12.7% an- would make it tough to justify 70 vate-sector job openings in Novem-
gap is opening up between the val- nually since it was set up six years BREIT’s current valuation. While the ber.
uations used by private landlords ago. Its best bet for keeping this University of California hasn’t given Regardless of the reason, for
68 Monthly
and the sharper property-price record on track is further rent as exuberant an endorsement as the now at least the job market looks
falls implied by the shares of listed growth in warehouses and residen- fund’s bosses might like, it is still a 2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22 strong. A recession might be com-
real-estate investment trusts. tial housing. In its absence, the good result for Blackstone. Note: Seasonally adjusted. Data through November 2022. ing in 2023, but it sure hasn’t
That means the University of fund might be able to take on more —Carol Ryan Source: Labor Department started yet. —Justin Lahart

Salesforce Is Under Its Biggest Cloud Yet as Pandemic Boom Ebbs

Salesforce is hardly the only landmark among nearly empty of- mote work capabilities. vacuum following the recent depar- nies that have to do more with less.
tech company to have overshot in fice spaces in San Francisco’s main But the prospect of a global re- ture of co-CEO Bret Taylor and The increasingly cautious spending
its postpandemic planning. But the business district. cession now has corporate IT man- other high-level executives. It also environment is challenging growth
correction still comes at an espe- In an email to employees, co- agers watching their spending happens at a time when the com- prospects across the board, necessi-
cially painful time for the cloud founder Marc Benioff admitted: “As closely. That will particularly affect pany will have a harder time turn- tating a greater focus on the bot-
software pioneer. our revenue accelerated through the the types of large contracts neces- ing to the M&A playbook it has tom line even for smaller, fast-
Salesforce announced in a regu- pandemic, we hired too many peo- sary to move the needle for a soft- used frequently in the past to help growth companies still running
latory filing Wednesday morning ple leading into this economic ware company now generating $30 propel growth. Smaller cloud peers losses. In a report Tuesday, Gold-
that it will be laying off about 10% downturn we’re now facing, and I billion a year in revenue. Salesforce are much cheaper now—the BVP man Sachs’s software team noted
of its employees, which amounts to take responsibility for that.” posted its first-ever quarter of sin- Nasdaq Emerging Cloud Index lost there is “significant room for sales
around 8,000 workers based on the For Salesforce, the cuts are the gle-digit billings growth for the fis- nearly half its value in 2022. But and marketing (S&M) optimization
company’s most recently reported latest mark of an unprecedented cal period ended in October. Ana- sharply rising interest rates have at the majority of software compa-
head count. The company also says slowdown at the company that pio- lysts now expect Salesforce revenue still chilled the M&A market, and nies,” adding that investors should
it is working to reduce its real-es- neered the software-as-a-service to grow 10.5% in the fiscal year end- Salesforce has already promised in- be “selective in filtering for willing-
tate footprint, though it shared no business model in 1999 and has ing in January 2024—less than half vestors to keep its operating mar- ness and ability to improve margins
other details on the latter. Sales- grown at a breakneck pace ever the annual growth the company has gins rising and deal hunting to a into 2023.”
force’s 61-story headquarters, com- since. The pandemic accelerated averaged over the last five years. minimum. Cloud companies no longer have
pleted in 2018 for more than $1 bil- that growth even further, as large That slump comes as Salesforce At the very least, Salesforce a license to make it rain.
lion, has turned into a gleaming businesses had to boost their re- faces something of a leadership won’t be alone among cloud compa- —Dan Gallagher*