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TheWallStreetJournal-16.08.2024

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India Throws Itself a Blockbuster Birthday Bash
What’s
News
Business & Finance
 U.S. consumers are shrugging off recession fears, flocking to Walmart stores for lowcost groceries and splurging
on electronics and new cars. A1
 U.S. stocks rallied after
fresh data showed that retail
spending grew last month,
with the S&P 500, Nasdaq
and Dow gaining 1.6%, 2,3%
and 1.4%, respectively. B9
 Orsted’s second-quarter
net loss unexpectedly widened after it booked hefty
impairments on wind and
synthetic fuel projects. B3
 Chinese consumers showed
flickers of life in July, though
slowing investment growth
and property-sector woes continued to cloud the outlook. A16
 The U.K. economy expanded
more rapidly than expected in
the first half, putting it on
course for a soft landing from
high levels of inflation. A16
 Carrier signed a deal to
sell its commercial and residential fire business to Lone
Star Funds for $3 billion. B3
World-Wide
 The U.S. government negotiated lower prices for medicines for the first time, releasing the new prices it will pay
for 10 prescription drugs in a
turning point for efforts to rein
in heavy healthcare costs. A1
 Universities are rewriting
campus rules to outmaneuver protesters, hoping to
head off another semester of
explosive demonstrations. A1
 Kamala Harris will call for
the construction of three million new housing units in her
first four years in office and a
new tax incentive for builders
of properties for first-time
home buyers, according to
Harris campaign officials. A5
 Harris’s performance has
raised Democrats’ hopes that
the party can win the White
House and keep its precarious majority in the Senate,
which it controls 51-49. A5
 Republicans and Democrats
clashed over Tim Walz’s response as governor of Minnesota to the unrest that followed George Floyd’s death
in Minneapolis in 2020. A4
 Five people, including Matthew Perry’s assistant and
two doctors, were charged
in connection with the death
of the “Friends” actor last
year, authorities said. A3
 Authorities in London bolstered security measures
ahead of Taylor Swift’s fivenight run at Wembley Stadium following a foiled terror
plot in Vienna last week. A16
 A Russian court sentenced dual U.S.-Russian national Ksenia Karelina to 12
years imprisonment after
finding her guilty of treason
for donating funds to aid
the Ukrainian army. A6
CONTENTS
Arts in Review. A10-11
Business News....... B3
Capital Account..... A2
Crossword................. A11
Equities......................... B5
Heard on Street.. B10
Mansion............... M1-12
Markets & Finance B9
Opinion................ A13-15
Sports.......................... A12
Technology................ B4
U.S. News.............. A2-5
World News....... A6,16
>
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
YEN 149.30
Robust
Retail
Sales
Propel
Stocks
JAGADEESH NV/EPA/SHUTTERSTOCK
BY SARAH NASSAUER
AND HARRIET TORRY
HISTORICAL CYCLE: A member of the Indian Army daredevil motorcycle team, the ASC Tornadoes, rode through a brick
barrier for the former British colony’s 78th Independence Day celebration in Bangalore on Thursday.
Falling Mortgage Rates Offer
No Quick Fix for Home Buyers
BY GINA HEEB
Mortgage rates in the U.S.
are at the lowest level in more
than a year. For millions of
people, it will take a lot more
than that to make homeownership affordable.
Despite the recent drop,
mortgage rates are unlikely to
return to anywhere near the
levels they were at before the
Federal Reserve started to
raise interest rates in early
2022. They might not move
enough to make a huge difference soon, leaving home buyers
to contend with record housing
prices, limited inventory and
renewed fears of a recession.
“These things take time,”
said Peter Federico, chief executive of AGNC Investment, a
real-estate investment trust.
“Rates need to go down and
stay down.”
Signs of a cooling economy
have prompted more bets that
the Fed will start to cut its
benchmark interest rate as
soon as next month. That has
put downward pressure on the
government-bond yields that
mortgage rates tend to follow.
The average rate on the
standard 30-year fixed mortgage was essentially flat this
week, around 6.5%, after logging its sharpest decline of
the year last week. That rate
is more than a percentage
point lower than its peak last
year of nearly 8%.
Mortgage bankers have
pinned hopes on lower rates
to bring home buyers and sellers back to the market after
U.S. home sales last year
plummeted to the lowest level
in decades. Millions of people
have been priced out of the
market, where it has become
less affordable than just about
ever to buy a home.
Many homeowners locked
Please turn to page A2
Medicare
How a Drunken Evening Led
Releases
To the Nord Stream Sabotage
Its Newly
Negotiated Privately funded mission was overseen by Ukrainian general
Drug Costs
BY BOJAN PANCEVSKI
BY JARED S. HOPKINS
The U.S. government negotiated lower prices for medicines for the first time, a turning point in efforts to rein in
heavy healthcare costs.
After talks with pharmaceutical companies, the federal government released the
new prices it will pay for 10
prescription drugs. The drugs,
for serious conditions including cancer and diabetes, cost
the government more than
$50 billion a year in all.
The lower prices should
save Medicare, the government’s health insurance program for older people, billions
of dollars. Yet they might not
translate into much savings
for many seniors.
Drugmakers involved in the
negotiations have described
the new prices as manageable,
suggesting that the government didn’t cut as much as
the industry had feared.
Lowering
drug
prices
through negotiations is a milestone in years of efforts to give
Medicare, the country’s biggest
purchaser of prescription medicines, a power that private
health plans have long deployed
to keep a lid on drug costs.
“It’s a relief for the millions
of seniors that take these
drugs,” President Biden said
on Thursday. “And it’s a relief
for American taxpayers.”
Among the medicines now
set to cost less are Bristol-Myers Squibb’s blood thinner Eliquis, which will be priced at
61% less than its list price for a
month’s supply, and Merck &
Co.’s diabetes drug Januvia, at
80% less. The others are Enbrel,
an arthritis drug from Amgen;
Entresto, a cardiovascular drug
from Novartis; Farxiga, a diabePlease turn to page A4
It was the kind of outlandish scheme that
might bubble up in a bar around closing time.
In May of 2022, a handful of senior Ukrainian military officers and businessmen had
gathered to toast their country’s remarkable
success in halting the Russian invasion. Buoyed
by alcohol and patriotic fervor, somebody suggested a radical next step: destroying Nord
Stream.
After all, the twin natural-gas pipelines that
carried Russian gas to Europe were providing
billions to the Kremlin war machine. What better way to make Vladimir Putin pay for his aggression?
Just over four months later, in the small
hours of Sept. 26, Scandinavian seismologists
picked up signals indicating an underwater
earthquake or volcanic eruption hundreds of
miles away, near the Danish island of Bornholm. They were caused by three powerful explosions and the largest-ever recorded release
Please turn to page A7
INSIDE
ERIC THAYER/BLOOMBERG NEWS
 Lenovo’s profit rose for a
second-straight quarter as
the PC maker emerges from a
yearslong downturn in the industry and captures opportunities in AI to drive growth. B4
EURO $1.0971
Walmart raises
forecasts for year,
sector’s July report
gets lift from autos
 Deere & Co. is aggressively
shedding expenses, including laying off workers, and
bracing for a hard landing in
the U.S. farm economy. B1
 Alibaba reported weakerthan-expected quarterly
profit and revenue despite
the e-commerce company’s
efforts to refire growth. B1
 JD.com’s quarterly profit
nearly doubled, while revenue grew slightly amid fierce
competition from Alibaba and
e-commerce peer PDD. B4
HHHH $5.00
WSJ.com
MANSION
Sorority houses are
spending big on
luxurious digs for their
members. M1
Brazil Nude Beaches Have
A Problem: Not Enough Nudists
i
i
i
As some say country is getting too prudish,
naturists want more skin in the game
BY SAMANTHA PEARSON
RIO DE JANEIRO—In Brazil,
home to sensual carnival parades and the world’s skimpiest bikinis, the country’s nudists are facing an unexpected
predicament: Brazilians won’t
take their clothes off in public.
With social conservatism
prevalent across parts of Brazil, the country’s naturist federation has hired naked
guards to try to keep clothed
bathers off Abricó beach, a secluded stretch of sand in Rio
de Janeiro and one of the naPlease turn to page A6
Retail sales, change from a
month earlier
July
+1.0%
1.0%
0.8
0.6
0.4
0.2
0
–0.2
–0.4
–0.6
–0.8
–1.0
–1.2
July 2023
’24
Note: Seasonally adjusted
Source: U.S. Census Bureau via St. Louis Fed
 Heard on the Street: Walmart
is on winning streak..... B10
 Investors still face
uncertainty on Fed......... B10
New College Rules Aim
To Outflank Activists,
Bring Calm to Campus
BY MELISSA KORN
BUSINESS & FINANCE
Edgar Bronfman Jr. is
preparing a bid for
Paramount in saga’s
latest twist. B1
U.S. consumers are shrugging off recession fears, flocking to Walmart stores for lowcost groceries and even
splurging on electronics and
new cars.
The country’s largest retailer posted on Thursday
strong quarterly sales and its
executives said they don’t see
signs of fraying demand.
Meanwhile, the latest government readout on U.S. retail
spending—which includes purchases at restaurants and car
dealers—showed the strongest
gain since January 2023.
Two weeks ago, a rise in
unemployment, a sudden drop
in the stock market and warnings from some big companies
stoked fears the U.S. was sliding into recession. The results
on Thursday mollified those
concerns—and the stock market is rapidly making back its
lost ground.
The S&P 500 gained 1.6% on
Thursday, led by a 6.6% jump
in Walmart’s shares, which
closed at an all-time high.
“We have not seen any incremental fraying of consumer
health,” said John David
Rainey, Walmart chief financial officer.
Walmart executives said
Please turn to page A4
University presidents are
taking a stricter approach to
the rules of daily life for students, hoping to tamp down
protests and return campus
life to a state of normalcy.
The University of Denver is
banning protest tents. Indiana
University wants people to
stop writing on the walls or
holding late-night rallies. At
Harvard University, students
and others will need advance
approval to use bullhorns or
sidewalk chalk.
University administrators
hope such moves will head off
another semester of explosive
demonstrations that spread
across campuses last school
year, sparked by the war in
Gaza and ire over schools’ investments in companies with
ties to Israel.
University presidents are
also under pressure from
alumni and trustees to act,
with some presidents feeling
their jobs are on the line. The
leaders of five Ivy League colleges have stepped down in the
past year, including Columbia
University’s Minouche Shafik,
who resigned Wednesday amid
anger over her handling of
campus protests.
They are aiming to keep tensions at a simmer, avoid police
involvement and limit damage
to their schools’ reputations.
Activists have other plans.
Some students who have
spent the summer at internships, traveling to see family or
working campus jobs have attended demonstrations at
school or in their hometowns.
Some said they are logging on
to virtual protest training,
where they are told to write a
lawyer’s number in permanent
marker on their body.
They are rallying peers to
flood administrators with
calls and emails about the humanitarian crisis in Gaza and
their colleges’ financial ties to
weapons manufacturers. Some
are planning to protest at
next week’s Democratic National Convention.
“Anyone who’s a president
or a chancellor who doesn’t say
Please turn to page A5
A2 | Friday, August 16, 2024
THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
onald Trump really
needs to find a
new supermarket.
In a speech in
North Carolina on
Wednesday, the former president complained that bacon
costs four or five times as
much as it did a few years
ago. “I don’t order bacon anymore. It’s gotten too expensive.”
Clearly, whoever is selling
him bacon is ripping him off:
Bacon prices are up 18% nationally since President Biden
took office.
Trump isn’t just getting
gouged on bacon. He has
claimed grocery prices are up
70% when they’re up 21% nationally since January 2021.
He said last week that gasoline was $5 a gallon and rising when the average national price was $3.46 and
falling.
Whatever the origin of
Trump’s numbers, it’s plainly
in his interest to keep the
conversation on prices: If
this election is a referendum
on Biden’s inflation record,
Trump will win in a landslide.
And yet inflation might no
longer be the election winner
Trump has counted on.
For one thing, it’s getting
better. In July, consumer
prices were up 2.9% from a
year earlier, the lowest inflation rate since early 2021,
and down sharply from 9.1%
in mid-2022.
Markets have largely concluded that inflation is simply
no longer an issue. Inflationlinked bonds project inflation
in the coming year to be
2.2%, down from 2.6% just a
month ago, according to Barclays.
To be sure, inflation is still
an issue with voters; polls
show they think it’s getting
worse. Trump pays no penalty for exaggerating prices
because his claims resonate
with how people feel. Moreover, one reason inflation is
likely to keep easing is that
unemployment recently rose,
which, if it continues, is bad
news for Vice President Kamala Harris, now the Democratic nominee.
B
ut the retreat in inflation and softer jobs
data have had one immediate, tangible benefit,
both to consumers and Harris: lower interest rates. The
Federal Reserve is almost
certain to cut rates in September, and in anticipation,
other borrowing rates have
dropped. Mortgage rates have
hit a 15-month low, so buying
a house might be getting
cheaper, though not by
much.
In addition to the actual
news on inflation improving,
Harris is suffering less from
public anger than Biden.
Public attitudes are driven
less by prices rising more
slowly (i.e., a lower inflation
rate) than by their 19% cumulative change since Biden
took office. Jared Bernstein,
chairman of Biden’s Council
of Economic Advisers,
pointed out in a recent
speech, “A central banker
wants inflation to get back to
target. A shopper wants his
or her old price back.”
Harris has internalized this
lesson. Her stump speech
doesn’t mention falling inflation, but rather promises to
reduce the cost of living and
individual prices.
And a small, crucial slice
of voters seems willing to
give her a chance. Several
surveys find voters trust her
more on the economy than
they trust Biden, though less
than they trust Trump. In a
poll of seven swing states,
asked who they trusted more
to bring the cost of living under control, 42% of respondents said Harris, while 48%
said Trump—a small margin
given economic pessimism,
said Amy Walter, editor of
the Cook Political Report,
which sponsored the poll.
“Harris is benefiting from the
fact that she’s not getting the
blame for a bad economy the
way Biden was.”
If voters are willing to
blame Biden for inflation in
the past, they still want to
know, what will Trump or
Harris do about it in the future? Presidents can’t do
much to influence economic
growth or inflation, but are
expected to try.
In her stump speech, Harris promises to “take on big
corporations that engage in
illegal price gouging, corporate landlords that unfairly
raise rents on working families and…Big Pharma.” Friday,
she will propose a federal ban
on price-gouging in the food
industry, her campaign said.
It’s a natural message for a
former prosecutor, but it
won’t make a discernible difference. Companies certainly
did profit from higher prices
in recent years, but there’s
little evidence it was illegal
or fixable with federal action.
Trump has no concrete solution, either. In his view, inflation under Biden is due
primarily to “a very stupid
energy policy.” On Wednesday, he promised to slash en-
CHARLIE NEIBERGALL/ASSOCIATED PRESS
Continued from Page One
in much lower rates before the
Fed started its rate-hike campaign, making them reluctant
to move. That dynamic has
locked up the market and
driven prices even higher.
“Any movement downward
will be helpful,” said Selma
Hepp, chief economist at
CoreLogic.
Rates add up quickly when
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OBITUARY
Donald Trump is asking
the judge in his New York
hush-money criminal case to
delay his sentencing until after the November presidential election.
In a letter made public
Thursday, lawyers for the former president and current Republican nominee suggested
that sentencing Trump as
scheduled on Sept. 18—about
seven weeks before Election
Day—would amount to election interference.
Trump’s lawyers wrote
that a delay would also allow
Trump time to weigh next
steps after the trial judge,
Juan M. Merchan, is expected
to rule Sept. 16 on the defense’s request to overturn
the verdict and dismiss the
case because of the U.S. Supreme Court’s July presidential immunity ruling. “There is
no basis for continuing to
rush,” Trump lawyers Todd
Blanche and Emil Bove wrote.
Merchan didn’t immediately rule on the delay request. The Manhattan district
attorney’s office, which prosecuted Trump’s case, declined
to comment.
—Associated Press
Peter Marshall, the actor
and singer turned game show
host who played straight man
to the stars for 16 years on
“The Hollywood Squares,” has
died. He was 98.
He died Thursday of kidney
failure at his home in the Encino neighborhood of Los Angeles, publicist Harlan Boll said.
Marshall helped define the
form of the smooth, professional, but never-too-serious
game show host on more than
5,000 episodes of the series
that ran on NBC from 1966 to
1981. “It was the easiest thing
I’ve ever done in show business,” Marshall said in a 2010
interview for the Archive of
American Television. “I walked
in, said, ‘Hello stars,’ I read
questions and laughed.”
Born Ralph Pierre LaCock in
Clarksburg, W.Va., Marshall
would move around the state
as a child, living in Wheeling
and Huntington.
After “The Hollywood
Squares,” Marshall would host
a few other game shows, but
mostly resumed his career as a
singing actor, starring in more
than 800 performances of “La
Cage aux Folles” on Broadway.
—Associated Press
graduated. Eight months into
his first job as a corporate attorney, he and his expecting
wife have abandoned that plan
and decided to rent. He hopes
to buy one day, but the recent
decline in rates hasn’t cut it.
“The math still doesn’t
work,” Schwartz said.
Fannie Mae and Freddie
Mac forecast last month that
mortgage rates would decline
to below 6.5% by the end of
next year. The Mortgage Bankers Association predicted they
would fall slightly further to
around 6%.
Those could shift lower,
now that rate expectations
are for the Fed to cut around
a full percentage point by
year’s end.
Average rate on a 30-year
fixed mortgage, weekly
to move the needle on home
affordability.
There hasn’t been nearly
enough homes for sale in recent years, which has kept
prices around record levels.
Supply has risen some recently, but it remains well below historic averages. Other
costs of homeownership, from
insurance to taxes to maintenance, have risen significantly
in recent years.
Stuart Cohen, 62, sold his
home in upstate New York last
year to be closer to his parents outside Philadelphia. A
real-estate agent himself, Cohen thought he would always
be a homeowner. But high
rates and prices have forced
him to give up on plans for
now to buy a home in Bryn
Mawr, Pa., and rent instead.
“I thought it was ironic
that I couldn’t afford to buy
my own house again,” Cohen
said. “It always made sense to
me to own and now it
doesn’t.”
Other market forces could
offer some reprieve for borrowers. The differential between mortgage rates and the
yield on the 10-year Treasury
note has started to narrow,
though it is still above historic
norms. If that spread continues to contract, it could lead
to lower rates for homeowners.
CORRECTIONS 
AMPLIFICATIONS
Mars said Wednesday that
it would pay $83.50 a share
for Kellanova in an all-cash
deal. In some editions Thursday, a Page One article about
the deal incorrectly said Kellanova was paying $83.50 a
share.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
ergy costs, including electricity, by half in 12 to 18 months.
H
Trump Seeks Delay Peter Marshall, 98,
In His Sentencing
Host of ‘Squares’
JOINING IN: Iowa State Fair queen Elli Blackford took part in a bubble-gum blowing contest Thursday in Des Moines.
it comes to mortgages: A difference of a few percentage
points can translate to hundreds of thousands of dollars
in interest over the life of a
30-year loan.
A borrower who puts 20%
down on a $500,000 home,
for example, would pay about
half a million dollars in interest over the life of a standard
mortgage at current rates of
about 6.5%, according to a
Bankrate calculator. With an
8% mortgage rate, they would
pay more than $650,000 in
interest.
Jordan Schwartz, 30 years
old, started law school in 2020
with the hope that he would
be able to buy a house in the
Chicago suburbs when he
NEW YORK
Consumer prices rose 2.9% in July from a year earlier, the lowest inflation rate since early 2021.
U.S.WATCH
Housing
Recovery Is
Still Fragile
e didn’t explain how.
Presidents have no direct control over electricity prices. Generation and
transmission infrastructure
take years to build. As for oil,
he promises to “Drill, baby,
drill.” But even if more onshore or offshore federal
leases were offered for drilling, the increase in supply
would be marginal and years
away, said Jim Burkhard,
head of oil research for S&P
Global Commodity Insights.
U.S. oil production is driven
primarily by the global price,
he said, which is why domestic output hit a record last
year despite Biden favoring
renewables over fossil fuels.
In the next two years, the
primary drivers of global supply will be OPEC and Russia,
which are boosting production because of pressure from
members who need the revenue, he said.
While the candidates’ policies aren’t likely to lower inflation, some might raise it.
Specifically, economists think
Trump’s plans to raise tariffs
and deport migrants will put
upward pressure on import
costs and wages and thus inflation. Deutsche Bank estimates his proposed 60% tariff
on imports from China and
10% from everywhere else
would raise consumer prices
by 1.4% to 1.7%. On Wednesday, Trump suggested he
would go even further, hitting
all imports with a tariff of
“10% to 20%.”
Trump has also promised
to extend all of his 2017 tax
cuts, and end taxes on tips
and Social Security benefits.
His running mate, JD Vance,
has proposed a $5,000 tax
credit per child, more than
double the current maximum
credit. Even when offset by
tariff revenue, that’s a lot of
potential fiscal stimulus.
In a recession, stimulus
might help. Otherwise, it
would add to inflation pressure. Ordinarily, the Fed
would lean against the inflationary threat of tariffs and
bigger deficits with higher interest rates. But whereas past
presidents have left the Fed
alone—a tradition Harris said
she would honor—Trump also
wants a say in Fed rate decisions.
Fed independence doesn’t
matter enough to voters to
determine the outcome of the
election. But it might determine the outcome on inflation—and that ought to matter to voters a lot.
TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS
D
Trump Risks Misfire in Inflation Rhetoric
But much of the movement
driven by expectations for a
September rate cut might
have already happened.
Markets have started to
price in the potential for
lower rates. The yield on the
10-year Treasury note fell this
month after data showed a
slowdown in job growth.
Mortgage rates tend to follow
that yield.
“We already saw the
trailer” for lower interest
rates, said Phil Crescenzo Jr.,
vice president of the Southeast division at Nation One
Mortgage. “It’s already factored in. Adjustments will be
minimal.”
Concerns about an unsteady economy have made a
potential housing recovery
even more fragile. The Fed is
expected to lower interest
rates by as much as a half percentage point next month. But
more rapid cuts would likely
signal a downturn that would
leave fewer people in the market to buy and sell homes.
Recession fears are already
starting to spook some mortgage lenders. At Western
Springs, Ill.-based United
Home Loans, mortgage volumes have risen some 20%
this year from the same period in 2023, though they are
still down “substantially”
from 2021.
8%
6
Thursday
6.49%
4
2
0
2019 ’20
’21
’22
’23
’24
Source: Freddie Mac via St. Louis Fed
United Home Loans President Mike Dulla said he
thinks the worst of the housing market slowdown “is behind us,” and the company
started to hire some people
after a freeze of more than
two years. But it hasn’t fully
ramped up given the possibility of a downturn in the
economy.
“A potential recession has
dampened some of that enthusiasm,” Dulla said. “People
have been so burned over the
last 2½ years that they’re
cautiously optimistic.”
Even if these fears prove
overblown, it would take significant shifts in the market
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | A3
* * * * *
U.S. NEWS
WILLY SANJUAN/INVISION/ASSOCIATED PRESS
Five people, including Matthew Perry’s assistant and two
doctors, were charged in connection with the death of the
“Friends” actor last year, authorities said Thursday.
Perry, who struggled with
addiction for much of his life,
got hooked on ketamine last
fall and died after taking some
obtained from a drug dealer,
authorities said at a news
briefing. The 54-year-old
Perry was found unresponsive
in a pool at his Los Angeles
home in October.
The five people face various
charges, including ketamine
distribution and falsifying records related to the investigation into Perry’s death, according to federal prosecutors
in California’s central district.
One of the doctors, 42-yearold Salvador Plasencia, and
the drug dealer, 41-year-old
Jasveen Sangha, were arrested
on Thursday. Sangha is known
as the “ketamine queen,”
prosecutors said.
The other three charged—
who helped prescribe, sell or
inject the ketamine that killed
Perry—have signed plea
agreements.
Sangha and Plasencia
pleaded not guilty, authorities
said.
“They knew what they were
doing was risking great danger to Mr. Perry but they did
it anyway,” said Martin Estrada, the U.S. attorney in California’s central district.
Perry’s death shocked fans
of the popular sitcom
Matthew Perry died at 54.
“Friends” and came a year after he had gone back into the
public eye to promote his
memoir about substanceabuse issues. He had gone to a
clinic to treat his depression
and anxiety and had received
intravenous ketamine, according to Anne Milgram, administrator of the U.S. Drug Enforcement
Administration.
After clinic doctors refused to
increase his dosage, he spent
tens of thousands of dollars
obtaining vials of the powerful
anesthetic from drug dealers.
Perry’s death brought fresh
attention to the debate over
ketamine, which is increasingly used for recreational
purposes. Ketamine is a mindaltering anesthetic approved
by the U.S. Food and Drug Administration to anesthetize
people and animals.
Some doctors prescribe ketamine off-label to treat patients with conditions including severe depression and
post-traumatic stress disorder.
Generic ketamine isn’t approved for those uses. There is
a booming business of startups prescribing ketamine.
Perry, who was open about
his substance-abuse struggles,
said in his 2022 memoir that
he spent $7 million trying to
get help and stayed in rehab
15 times.
Two doctors, Plasencia of
Santa Monica and 54-year-old
Mark Chavez of San Diego,
worked to obtain ketamine for
Perry, prosecutors said. In text
messages discussing how much
to charge the actor, Plasencia
told Chavez, “I wonder how
much this moron will pay.”
Plasencia taught Perry’s
live-in assistant, Kenneth Iwamasa, 59, how to inject ketamine into Perry, prosecutors
said. Another man, Erik Fleming, 54, helped distribute the
ketamine and gave vials to
Iwamasa four days before the
actor died.
After the actor’s death, a
foundation was set up in his
name to help others struggling with addiction.
—Sadie Gurman
contributed to this article.
HSI played big role in
capturing drug lord
‘El Mayo’ and two
sons of ‘El Chapo’
MEXICO CITY—In a spectacular high-wire takedown in
late July, U.S. authorities arrested Mexico’s notorious
drug lord Ismael “El Mayo”
By Steve Fisher,
Santiago Pérez and
José de Córdoba
Zambada at a tiny airport
near El Paso, Texas, after he
had evaded capture for more
than four decades.
The operation was hailed as
one of the most important
captures in the history of the
war on drugs. It also shed
light on a little-known U.S.
law-enforcement agency with
an outsize global reach involved in the arrest: Homeland Security Investigations.
Created under the U.S. Department of Homeland Security after the 9/11 terrorist attacks, HSI has built a large
presence around the world in
recent years. With more than
7,000 field agents, it is the
second-largest federal law-enforcement agency in the U.S.
after the Federal Bureau of Investigation. It has offices in
more than 50 countries, and
its biggest international outpost in Mexico.
“HSI has become absolutely
mammoth,”
said
Vanda
Felbab-Brown, a counternarcotics expert at the Brookings
Institution.
President George W. Bush
gave HSI a wide remit at the
time of its creation: from sex
trafficking to financial crime,
terrorism, human smuggling
and art theft. Agents have
customs authority to inspect
computers and search cargo
without warrants. They have
access to U.S. banking records
and Treasury data on international
money-laundering
schemes and the ability to issue U.S. visas to informants
facing danger abroad.
In 2018, the U.S. banned
imports of cotton from Turkmenistan after HSI and other
agencies found forced labor
practices there. Earlier this
year, HSI helped Colombian
authorities crack down on sextrafficking rings. In June, it
helped repatriate stolen preHispanic artifacts to Mexico.
Its role in fighting organized crime in Mexico expanded significantly under the
Trump and Biden administrations. A surge in illegal migration prompted the U.S. government to target criminal
groups that run human-smuggling rings and traffic drugs
such as fentanyl.
HSI has quietly helped take
down some of the biggest U.S.
security targets in Mexico in
recent years, U.S. and Mexican
U.S. IMMIGRATION AND CUSTOMS ENFORCEMENT/REUTERS
BY ALYSSA LUKPAT
Little-Known U.S. Agency Is Big in Mexico
With more than 7,000 field agents, HSI is the second-largest federal law-enforcement agency in the U.S. after the FBI.
officials say. HSI strengthened
its relationships with its Mexican counterparts by sharing
intelligence on criminals important to Mexican authorities, even when they were of
limited interest to the U.S.,
Mexican officials said.
HSI now works with the
largest vetted unit of Mexican
security officials of any U.S.
law enforcement agency in the
country, U.S. and Mexican officials say. Members of Mexican
units are screened for cartel
ties via polygraph and trained
in the U.S. Bilateral security
cooperation remains strong, officials from both countries say.
“It’s a lesser-known agency
with a bigger punch,” said Oscar Hagelsieb, former deputy
director of organized crime at
HSI. The agency’s low profile
abroad is intentional. “It
works when you are in Mexico,” said Hagelsieb, now a
private investigator.
Early signals from Mexico’s
President-elect Claudia Sheinbaum suggest that the collaboration with HSI is likely to
expand, according to Mexican
and U.S. officials. The agency
worked with senior members
of Sheinbaum’s security team
when she was mayor of Mexico City. In 2022, HSI provided
intelligence that resulted in
the city’s largest cocaine bust.
In 2023, HSI provided intelligence to Mexican law-enforcement officials that led to
the capture of Néstor Isidro “El
Nini” Pérez Salas, the top hit
man for the sons of Joaquín
“El Chapo” Guzmán, collectively known as “Los Chapitos.”
They inherited their father’s
drug-trafficking empire—a faction of the Sinaloa cartel—after
he was captured in 2016.
HSI Stepped In as DEA Lost Ground
The emergence of HSI
as a major player in Mexico comes as the Drug Enforcement Administration, once the leading
agency fighting the war on
drugs, has been hobbled by
leftist President Andrés
Manuel López Obrador. He
has called the DEA agents
rogue actors in Mexico
who don’t respect the
country’s sovereignty.
The DEA’s greatest reversal of fortunes came after it detained a former
Mexican defense minister
at the Los Angeles airport
on drug trafficking charges
in 2020. The surprise arrest infuriated López Obrador and Mexico’s armed
forces. In an unprecedented move, the Trump
administration released
Gen. Salvador Cienfuegos
after López Obrador
threatened to stop security
cooperation with the U.S.
Still, he revoked diplomatic
immunity for foreign
agents and slow-walked
visa applications for new
DEA agents.
Federal authorities had already raided ranches belonging to Pérez Salas, confiscating tank-piercing weapons and
white tigers that he occasionally fed with informants, Mexican and U.S. authorities said.
Mexican law-enforcement
agents engaged in covert operations that pressured Pérez
Salas into thinking that he was
being betrayed by his inner
circle. On edge, Pérez Salas ordered his gunmen to stay
blocks away. Mexican special
forces captured him alone.
President Biden thanked the
Mexican government for the
high-profile detention.
More recently, Biden highlighted the importance of the
capture of Zambada. The DEA
filed the indictments against
Zambada and Guzmán López,
but didn’t take part in their
capture, U.S. officials said.
Zambada had never set foot
inside a prison and kept a low
profile, evading capture numerous times. But El Chapo’s
second-youngest son, Joaquín
Guzmán López, turned to the
FBI and HSI offering to surrender, according to U.S. officials familiar with the case.
Conversations lasted for
months. Along the way,
Guzmán López offered to
bring in Zambada, the officials
said. In a letter released by his
lawyer, Zambada said he was
betrayed and kidnapped by the
son of his longtime associate.
One of HSI’s biggest drugtrafficking targets in Mexico
was Ovidio Guzmán López, another son of El Chapo. In 2019,
Mexican army special forces,
using HSI intelligence, captured Ovidio in Culiacán, the
Sinaloa state capital and cartel stronghold. But hundreds
of gunmen mobilized by his
brothers besieged the city.
Within a few hours, López Obrador was forced to release
Ovidio to prevent a “blood
bath,” the president said.
In 2023, also with HSI intelligence, the Mexican military
struck again. Hundreds of special forces using Black Hawk
helicopters attacked Ovidio’s
holiday compound in a town
close to Culiacán. About 100
cartel gunmen and 10 Mexican
soldiers were killed in the battle, according to people familiar with the operation.
HSI is also tackling another
major concern for both countries: illegal migration. It has
provided intelligence that has
helped Mexico disrupt smuggling networks, leading to the
arrest of several top smugglers working with the Sinaloa
cartel in border states, according to Mexican officials.
In 2023, HSI was involved
in the capture of Ofelia “Doña
Lupe” Hernández Salas, a migrant smuggler on a U.S.
most-wanted list who charged
people from as far away as India and Egypt between
$10,000 and $70,000 to get
across the Southwest border.
To increase security cooperation under Sheinbaum, U.S.
law enforcement agencies will
need to maintain a low profile,
said Andrew Selee, director of
the Migration Policy Institute. Sheinbaum is expected to
be sworn in as president Oct. 1.
U.S. reliance on Mexico to
stem migration across the
southern border has given
Mexico leverage.
“Public security in Mexico
will be one of Sheinbaum’s
biggest priorities,” Selee said.
“And she will expect support
from the U.S. in reducing violence in Mexico if she is to
crack down on migrant smuggling and the fentanyl trade.”
Political Merch Gets Boost With Biden’s Departure
BY KATY STECH FEREK
It was looking like a bad
political swag season. And
then President Biden had a
terrible debate.
Unionwear owner Mitch
Cahn, feeling down about the
state of his political sales this
election cycle, first had a
sense that his fortunes might
turn as he watched Biden falter during the June 27
matchup against Republican
Donald Trump. The president
was hoarse and stumbled over
his words. “I thought, ‘He’s
out,’ ” Cahn said.
Cahn saw an opportunity.
The next morning in the office, he looked up what Kamala Harris’s campaign ordered from him during her
brief presidential campaign in
2020. He decided to make
$50,000 worth of navy-andwhite hats that could be
quickly stamped with a logo—
just in case—and stocked up
on raw materials.
Three weeks later, Biden
was out, and Harris was in—
and the hats Cahn prepared
sold out on the first day of the
new campaign, he said.
The change at the top of
the ticket has breathed new
life into Democratic voters. It
has also reinvigorated the
market for political merchandise. And it has been great for
business for Unionwear: Cahn
said he has taken orders for
more than 100,000 hats for
the Harris campaign since Bi-
BRYAN ANSELM FOR WSJ (2)
Charges
Filed in
Death of
‘Friends’
Actor
Mitch Cahn of Unionwear was able to pounce with campaign
hats for sale when the Democrats switched candidates.
den announced that he would
drop out of the race.
“I don’t think I could even
imagine we would do this
amount of sales in such a
short period of time for any
client, let alone a presidential
candidate,” Cahn said.
The New Jersey-based com-
pany has made hats for many
presidential candidates’ campaigns over the past three decades,
including
Barack
Obama, John McCain and Al
Gore. It made red “Make
America Great Again” hats for
Trump in 2016, but Cahn said
he hadn’t done any official
Trump hats since then.
One of the newest hot
items on the Harris campaign’s official merchandise
site is a camouflage hat with
the campaign’s logo emblazoned in orange, inspired by
the hat that Minnesota Gov.
Tim Walz was wearing when
Harris called to ask him to
team up. The hats, which are
made by Unionwear, also resemble a hat fancied by musician Chappell Roan, who sells
a camo trucker hat. The Harris
hats quickly sold out.
The frontman of indie folk
band Bon Iver wore the hat
when performing at a recent
Harris-Walz rally. Walz’s
daughter, Hope, was pictured
wearing one in a photo she
took with the group.
The boom for Unionwear is
a shift from earlier this year,
when political-merchandise
sales were lousy, Cahn said.
There was little of the competition in the Republican and
Democratic primary races that
typically leads to orders, with
both Trump and Biden easily
winning the nominations.
Sucharita Kodali, a retail
analyst at research company
Forrester, said it was common
for retailers to see their fortunes change overnight—as
when a celebrity puts a spotlight on an item or a team
wins a championship.
“There are bursts in demand for 150 different reasons
in retail, and a lot of it is not
predictable,” she said.
While most fast-fashion
items are made overseas, official political merchandise has
largely remained on U.S. soil
because campaigns want to
sell things that are made by
union workers and labeled
“Made in USA.” Candidates
risk criticism from opponents
if they source from overseas.
Unionwear, founded by
Cahn in 1992, generally doesn’t
sell to the public or to campaigns directly but takes orders from third parties including merchandising companies,
advertising agencies and packing-and-shipping companies.
Cahn said it would be easy
for him to spot Unionwearmade hats at the Democratic
National Convention in Chicago next week because he
recognizes their special stitching and seams. “It’s a proud
moment for us,” he said of political conventions.
A4 | Friday, August 16, 2024
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**
U.S. NEWS
Republicans and
Democrats clash over
candidate’s handling
of Minneapolis unrest
BY DOUGLAS BELKIN
AND JOE BARRETT
Tim Walz has served six
years as governor of Minnesota, but the most consequential 24 hours occurred when
protests over the murder of
George Floyd escalated on the
streets of Minneapolis. Walz’s
response has become the topic
of heated debate as he runs for
vice president.
Republicans seek to portray
the new Democratic candidate
as indecisive and unfit to lead
in a crisis, while Democrats
have voiced support for what
they say is the governor’s measured response to historic unrest.
The protests resulted in at
least two deaths and damage
to more than 1,500 properties
statewide. Republicans cast
blame on Walz for the damage,
arguing it could have been prevented by acting more swiftly
to bring in the National Guard.
But people familiar with National Guard deployments say
those expectations are unrealistic, given the challenge of
pulling up part-time soldiers
and the unpredictability of the
unfolding crisis.
“There was this real thought
that these riots would peter
out,” said Brian Higgins, a former police chief and veteran of
the Air National Guard, who
now lectures on emergency
planning at John Jay College of
Criminal Justice.
Walz, a National Guard veteran, has recently defended his
actions as making the best of a
bad situation.
In 2020, Democrats leaned
into protecting the rights of
demonstrators to express their
views during a period of intense frustration. Republicans
were more eager to protect
businesses and property from
lawbreakers.
The Minneapolis events
kicked off on May 25, 2020,
when a convenience-store employee called the police, claiming that Floyd, a 46-year-old
Black man, tried to pay for cigarettes with a counterfeit $20
bill.
White police officer Derek
Chauvin responded and knelt
on Floyd’s back and neck for
more than nine minutes, killing
him. Chauvin was found guilty
of murder in April 2021.
The murder was captured
by pedestrians on cellphones,
and video quickly spread.
Within hours, protesters began
to fill the streets. Protests grew
increasingly violent, and scores
of buildings were set ablaze
and damage tilted toward an
estimated $500 million.
Two days after Floyd’s
death, Minneapolis Mayor Jacob Frey realized city police
wouldn’t be able to control the
crowds. He asked Walz to activate the Minnesota National
Guard, according to a report
prepared by the Republican-
JOHN MINCHILLO/ASSOCIATED PRESS
Walz Faces Scrutiny Over Riots Response
Demonstrators gathered near members of the Minnesota National Guard in Minneapolis in 2020.
controlled Minnesota Senate in
October 2020.
Later that night, Minnesota
Police Chief Medaria Arradondo sent a written request
to state officials for 600
troops.
More than 24 hours passed
between the time Minneapolis
leaders asked Walz to send in
the National Guard and the
moment the first troops arrived on the ground. It would
be another 24 hours before
they arrived in significant
numbers. “It seems like Gov.
Walz froze,” said state Sen.
Warren Limmer, a Republican,
who co-wrote the Minnesota
Senate report.
City and state officials have
disagreed about their communications about calling in the
Guard. Walz at first said he
didn’t initially have a request
for troops and later said he
needed more information.
An assessment by Hillard
Heintze, a security risk-management firm, said the cause of
the delay to get National
Guardsmen on the ground included Frey’s failure to include
an operations plan providing
specific details regarding the
reason and objective of the deployment.
A separate report, undertaken for the Minnesota Department of Public Safety by
a different outside firm, anonymously quotes state and local
officials who say the city asked
for help but failed to include
enough specifics. The state delayed their response until it received better information.
City leaders said they
weren’t asked for more detail,
according to the state Senate
report.
Walz was quick to blame the
city’s response as “an abject
failure.” But he also accepted
responsibility for criticisms of
his own performance. “If the
issue was that the state should
have moved faster, that is on
me,” he told reporters, according to media accounts.
Community activists say the
speed with which the governor
called in the National Guard
EDUARDO MUNOZ ALVAREZ/AP
Medicare
Negotiates
Price Cuts
Walmart executives said shoppers are gravitating to deals, which helped the retailer see customer gains.
Walmart,
Data Show
Strength
Stock-price and index
performance, year to date
Comparable store sales,
change from a year earlier
40%
10%
Continued from Page One
shoppers are gravitating to
deals as well as the convenience of online order pickup
and delivery, which led to
customer gains, especially
among higher-income shoppers. In a sign of confidence,
they raised their sales and
profit targets for the remainder of the fiscal year.
Market-share gains at Walmart—known for its mammoth
stores and low prices—add
fuel to the idea that while
shoppers are weary about inflation, they are still spending
and some are willing to pay
for premium services such as
grocery delivery. Walmart
even saw a slight pickup in its
general merchandise category—discretionary items such
as electronics and home
goods—which has been in decline for 11 quarters.
10
Strong July sales
The government report on
retail spending Thursday suggested consumers started the
third quarter on a solid footing.
Retail sales rose a seasonally adjusted 1% in July from
the month before, the Commerce Department said. Much
of the gain was due to a rebound in spending on vehicles,
after a drop in June when
dealerships were hit by a cyberattack at software firm
30
Walmart
8
20
6
4
S&P 500
0
2
0
–10
Jan. 2024
Note: Lastest fiscal quarter ended July 26
Aug.
FY2023
'24
'25
Sources: FactSet (performance); the company (sales)
CDK Global, disrupting their
ability to sell or repair cars.
Excluding vehicle sales, overall
retail sales rose a more modest
0.4% last month.
Joseph LaVorgna, chief
economist at SMBC Nikko Securities, said, “You’re looking
at a U.S. consumer that is still
spending but is very downbeat,” according to measures
of consumer sentiment.
The University of Michigan’s
consumer-confidence survey
was little changed in July, with
respondents feeling guarded
about still-high prices.
“There is no denying that
particularly for lower and
lower-middle income households, the cumulative price increases we’ve seen in the last
few years have definitely
taken a toll,” said Richard
Moody, chief economist at Regions Financial.
Other government data out
Thursday pointed to an economy that remains relatively resilient. Initial jobless claims, a
proxy for layoffs, slid by 7,000
to 227,000 in the week ended
Aug. 10—the lowest level since
early July, according to the Labor Department.
At Walmart, sales were consistent month to month in the
quarter, Rainey said. Through
a long inflationary period,
shoppers continue to gravitate
to deals, such as buying more
store brands, he said, but not
more than in recent quarters.
Consumers are showing, “I
wouldn’t say strength, but lack
of weakness,” he said, which is
part of why Walmart is raising
its estimates for the year.
Mixed picture
Walmart’s strong results
add to a mixed economic picture. Some U.S. giants, such as
Home Depot, McDonald’s and
Disney, have sounded warnings about flagging consumer
spending after years of pentup pandemic demand. Rival
Amazon.com said customers
have been more likely to look
for deals and lower-price essential items after it reported
that year-over-year growth in
its online stores segment
slowed from the first quarter.
This week, Home Depot executives said they expected
demand to stay tight through
the rest of the year as homeowners wait for lower interest
rates before pursuing big projects. The retailer cut its outlook for comparable-store
sales, saying it now expects a
3% to 4% decline, instead of a
1% drop. The company also
lowered its earnings targets.
However, Walmart lifted its
profit and sales expectations
for the full year. It now expects
net sales to increase 3.75% to
4.75%, up from a previous estimate of a 3% to 4% increase.
Adjusted earnings per share are
expected to increase to $2.35 to
$2.43, up from a previous expectation of $2.23 to $2.37.
Flat grocery prices
While overall pricing continues to rise slightly, Walmart has held its grocery
prices flat, which has attracted shoppers, executives
said. Walmart has also seen
some of its product suppliers
lower prices, a boon to gross
profits, said Rainey, the CFO.
The company logged strong
sales in its superstores and
Sam’s Club warehouses as well
as online. Its global e-commerce sales increased by 21%
in the July quarter, helped by
online orders fulfilled through
stores and third-party marketplace growth.
Overall, for the July quarter, Walmart reported operating income rose 8.5% to $7.9
billion on revenue of $169.3
billion, up 4.8%. Its net income
fell from a year ago when it
booked large investment gains.
Continued from Page One
tes drug from AstraZeneca;
Fiasp and NovoLog, versions of
a diabetes treatment from Novo
Nordisk; Imbruvica, a bloodcancer drug from Johnson &
Johnson and AbbVie; Jardiance,
a diabetes drug from Eli Lilly
and Boehringer Ingelheim; Stelara, a psoriasis drug from J&J;
and Xarelto, a blood thinner
from J&J.
Bristol said the negotiated
price for Eliquis “does not reflect the substantial clinical
and economic value of this essential medicine.” Novartis accepted the price for Entresto
to avoid federal penalties and
ensure access to its drugs in
the government programs, a
spokeswoman said. J&J said
the effect of the price negotiations “will be higher costs,
and as seen in other countries
with government dictated
prices, restricted access and
fewer medicines.”
Medicare will pay the
prices starting in 2026. The
negotiations will save nearly
$100 billion by 2031, the Congressional Budget Office estimated. Some seniors could see
lower out-of-pocket costs as a
result. Medicare plans to use
savings to install a $2,000 annual cap on what members
pay out of pocket for drugs
starting next year.
The lower prices could help
keep seniors’ monthly premiums from increasing and
lower out-of-pocket costs for
the negotiated drugs. For example, seniors could pay less
out of pocket if they pay coinsurance, which is a percentage
of the regular price of a certain expensive drug.
J&J, AstraZeneca and other
drugmakers involved in the
negotiations have said the
lower prices shouldn’t hurt
wasn’t what caused the violence to spin out of control.
“I think what would have
stopped the riot is arresting
Derek Chauvin right away,”
said Trahern Crews, founder of
Black Lives Matter Minnesota.
Walz had a strong, calm
presence at news conferences
during the protests.
“The situation in Minneapolis is no longer in any way
about the murder of George
Floyd,” Walz said at one. “It is
about attacking civil society,
instilling fear and disrupting
our great cities.”
Linea Palmisano, a moderate
on the city’s left-leaning council, said it is easy to forget how
much chaos was playing out at
the time, including tweets from
former President Donald
Trump saying things like
“when the looting starts the
shooting starts.”
Michael Doubler, a military
historian, said the part-time
troops train annually on dealing with civil unrest. But calling them up and getting them
into the field on short notice
can be complicated.
Then-President
Trump
praised Walz’s response after
the protests were under control, according to a report.
“I know Gov. Walz is on the
phone, and we spoke, and I
fully agree with the way he
handled it the last couple of
days,” Trump said in June
2020, adding in an aside to the
governor: “You called up big
numbers and the big numbers
knocked them out so fast it
was like bowling pins.”
their financial performances.
“We’re increasingly confident in our ability to navigate
the impact of IRA on Eliquis,”
Bristol-Myers Squibb Chief Executive Chris Boerner recently
said on an earnings call. Bristol, which sells Eliquis with
partner Pfizer, reported the
drug had $12.2 billion in sales
in 2023.
Eliquis and the drugs subject to negotiations are nearing the end of the patent protection that insulated them
from competition, and contributing less to companies’
sales than in the past.
Drug prices have soared in
recent decades. Some lifesaving
cancer and gene therapies can
cost a million dollars or more,
while many game-changing
treatments for conditions such
as multiple sclerosis, HIV/AIDS
and rheumatoid arthritis list
for tens of thousands of dollars.
To control the costs, concerned lawmakers, patients
and doctors had spent years
trying to authorize government negotiations. The Inflation Reduction Act empowered Medicare to negotiate on
certain expensive therapies.
The new prices will save
Medicare an estimated $6 billion in its first year, while
beneficiaries will save $1.5 billion in out-of-pocket costs on
top of the $2,000 cap, according to the administration.
Drugmakers and trade
groups went to court to try to
neuter the negotiating powers,
but the challenges have failed.
Companies are expected to
keep challenging and lobbying,
for fear the process could lead
to bigger financial hits as Medicare targets more medicines.
The Centers for Medicare
and Medicaid Services settled
on the prices after several
months of talks with drug companies and assessing factors,
such as what companies spent
on research and a drug’s patent protection. Under the law,
15 more drugs would be subject
to negotiations next year.
—Joseph Walker
and Peter Loftus
contributed to this article.
Newly negotiated drug prices* and change to 2024 list price
Januvia ($113),
–80.3%
diabetes
–78.7
–11.4
Fiasp and NovoLog ($119)†,
diabetes
–69.3
Farxiga ($178.50),
–68.2
Enbrel ($2,355),
–67.8
Jardiance ($197),
diabetes
arthritis
diabetes
–63.7
Xarelto ($197),
–63.2
Stelara ($4,695),
–61.1
Eliquis ($231),
blood thinner
psoriasis
blood thinner
Entresto ($295),
–57.1
cardiovascular
–43.1
Imbruvica ($9,319),
blood cancer
*For a one-month supply †List prices vary, so decrease is a range.
Sources: Centers for Medicare & Medicaid Services; staff reports
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | A5
* * * *
U.S. NEWS
Democrats Hope to Expand Harris Will Seek
Tax Incentive
Their Slim Senate Majority To Build Housing
Senate Outlook
MOST COMPETITIVE
Likely Lean Tossup Likely
DEMOCRATS
Safe 42
1
BY LINDSAY WISE
WASHINGTON—Heading
into the Democratic National
Convention next week, Senate
Majority
Leader
Chuck
Schumer is making a bold prediction: Not only will Democrats hold on to their slim
Senate majority, they might
even expand it.
Schumer’s buoyant mood
reflects the renewed hopes of
his party after Vice President
Kamala Harris succeeded President Biden as the party’s
2024 nominee to face off
against Republican Donald
Trump. Harris has improved
the Democratic ticket’s numbers in national polls and surveys of battleground states,
bolstering hopes that the party
can win not only the White
House but also keep its precarious majority in the Senate,
which it controls 51-49.
“We’re feeling great about
our Senate races and about
keeping the Senate—and even
gaining a seat or two,”
Schumer said in an interview
before traveling to the Chicago party gathering. The
Democratic ticket “is so
strong, you’re feeling it in every part of the Democratic
Party and every part of the
country,” Schumer said.
Republicans scoff at the
New York Democrat’s optimism, and election analysts
see it as an uphill climb. Republicans are targeting more
than a half-dozen competitive
seats to move to their column,
while Democrats are only eyeing two long shots, giving the
GOP a clear advantage. Which
party controls the Senate will
be critical to the next president’s agenda, including the
White House’s ability to pass
legislation and confirm cabinet
officials and other nominees.
GOP lawmakers already are
counting on at least one flip.
With the retirement of independent Sen. Joe Manchin,
who caucuses with Democrats,
New Rules
Aim to Calm
Campuses
Continued from Page One
they’re a little nervous is, I
think, misguided,” said Jeremy
Haefner, chancellor at the University of Denver.
For the new school year,
Denver is barring encampments entirely. It is a shift
from the administration’s
stance in the spring, when it let
students camp out as a form of
protest, with prior approval
from the chancellor.
An encampment there lasted
nearly three weeks in May before being dismantled without
police involvement.
After the tents were removed, DU For Palestine posted
on Instagram calling the university administration “cowards who continue to support
genocide,” and warning, “The
fight isn’t over.”
The rule changes, intended
to minimize this disruption, are
reinvigorating some activists.
At Indiana University last
spring, state police were called
in to end an encampment at
the Bloomington campus’s
Dunn Meadow. The conflict resulted in physical skirmishes
and 57 arrests, though the
prosecutor didn’t pursue
charges against most.
BY TARINI PARTI
AND ANDREW RESTUCCIA
7
5
2
2
REPUBLICANS
48 Safe
MAJORITY
No seat up for election
Wash.
Montana
N.D.
Maine
Minn.
Vt.
Wis.
Nev.
Calif.
N.Y.
Mich.
Wyoming
Pa.
Nebraska
Utah
Ind.
Ohio
W.Va.
Mo.
Va.
Tenn.
Ariz.
N.M.
Miss.
Texas
Vt.
Mass.
R.I.
Conn.
N.J
Del.
Md.
Fla.
Hawaii
Note: Last updated June 13. Three independents caucus with the Democrats.
Sources: Aggregated race ratings from the Cook Political Report with Amy Walter, Inside Elections with Nathan L. Gonzales and Larry Sabato's Crystal
Ball at the University of Virginia Center for Politics
Republican Gov. Jim Justice is
on track to coast to victory in
West Virginia.
The next most likely pickups for Republicans are Montana, where Trump defeated
Biden by 16 percentage points
in 2020, and Ohio, where
Trump won by eight.
“Senate Democrats need to
pitch a perfect game to hold
their majority, including in
ruby red Montana and Ohio,”
said Steve Daines (R., Mont.),
chairman of Senate Republicans’ campaign arm. “We like
our odds.”
In Montana, Democratic Sen.
Jon Tester is trying to hold off
political newcomer Tim Sheehy,
a retired Navy SEAL. In Ohio,
Republican car dealership
owner Bernie Moreno is hoping
to unseat Democratic Sen.
Sherrod Brown. Both races are
considered too close to call.
Brown has endorsed Harris,
but Tester hasn’t.
Republicans see inflation
and immigration policy as weak
spots for Democrats, while
Democrats have leaned on their
legislative record and abortion
rights as top selling points.
If Trump wins the presidency in November, Republicans only need to gain one
Senate seat to win a majority,
thanks to the vice president’s
tiebreaking vote. If Harris
wins, Republicans need to
gain two seats.
There are 34 Senate races in
2024. Democrats and their independent allies occupy 23 of
the seats, eight of which are
rated competitive or vulnerable by Inside Elections, a nonpartisan publication. Republicans are defending only 11
seats, all of them in states won
by Trump in 2020. Of those,
election analysts only consider
seats held by Sen. Ted Cruz
(R., Texas) and Sen. Rick Scott
(R., Fla.) to be competitive,
and they are rated as likely to
remain in the GOP column.
Republicans, meanwhile, are
targeting Democratic seats in
the battleground states of Arizona, Michigan, Nevada, Pennsylvania and Wisconsin. Democrats are also defending a seat
in solidly blue Maryland,
where former Republican Gov.
Larry Hogan faces Prince
George’s County Executive Angela Alsobrooks, a Democrat.
Since Harris stepped into the
headline role, Democratic polling averages have gone up. Vulnerable Democrats always were
going to have to outperform the
top of their party’s ticket to
win, by persuading some Republican presidential voters to
vote for a Democrat for Senate.
If Harris can reach or exceed
Biden’s 2020 performance,
Democratic Senate candidates
could reduce the number of
ticket-splitters they need.
“The map hasn’t changed,
but the math is better for
Democrats,” said Nathan Gonzales, editor and publisher of
Inside Elections.
—Anthony DeBarros
contributed to this article.
tions can take place and where
they may be held.
The school said the changes
are intended to ensure that it
can continue with standard operations, such as teaching
classes and conducting research, while still supporting
free speech. An Indiana University spokeswoman said the administration got feedback from
groups representing students,
staff and faculty in crafting the
new policies.
Three of nine university
trustees opposed the policies.
Pro-Palestinian
student
groups, as well as graduate-student workers and faculty, have
worked to maintain steady
pressure on the administration
throughout the summer. Dozens
rallied outside a trustee meeting in June, calling to remove
the president and provost, then
held a news conference and
lined the room at a meeting late
last month when the new
speech rules were approved.
The group chat for encampment participants lit up late
last month after the university
released a report from the law
firm Cooley that largely supported the administration’s
actions, including calling in
state police.
“People are still up in arms
over what happened,” said
Sarah Alhaddad, a rising sophomore
who
serves on the
executive committee of the
school’s Palestine Solidarity
Committee.
“We’re
definitely expecting
an influx of activity as soon
as people get
back.”
Until the beginning of this
month, Dunn Meadow still had
a clutch of tents, with Palestinian flags poked into the grass
and painted on sidewalks close
by. On Aug. 2, university workers ripped up a flower and vegetable garden that students
had planted earlier in the sum-
mer, began power-washing the
sidewalks and erected a metal
fence around Dunn Meadow.
“Free, free Palestine!” a
small group of protesters
chanted from a nearby sidewalk. “Disclose. Divest. We will
not stop, we will not rest.”
Next steps are still uncertain
at some schools,
just weeks before the new
term begins.
Columbia’s
Shafik, in resigning Wednesday, said she
was distressed
“to find myself,
colleagues, and
students
the
subject
of
threats and abuse.” The school
named Katrina Armstrong, who
currently runs its medical center, as interim president.
The Wall Street Journal reported last week that Columbia
administrators were weighing
a proposal to grant arrest powers to campus security forces,
‘We’re definitely
expecting an
influx of activity
as soon as
people get back.’
WASHINGTON—Vice President Kamala Harris will call for
the construction of three million new housing units in her
first four years in office, as
well as a new tax incentive for
companies that build homes
for first-time buyers, according
to Harris campaign officials.
The housing initiatives are
part of Harris’s emerging economic plan, which she is expected to outline in a speech
in Raleigh, N.C., on Friday. In
addition to housing, the Friday
speech will focus on alleged
corporate price gouging and
lowering costs for families,
aides said. Rising prices have
become a point of intense debate between Harris and former President Donald Trump.
Housing is one of the thorniest economic issues facing
Harris, with voters across the
country naming the cost of
rent and high mortgage rates
as an increasing concern.
Harris’s new housing proposals build on a series of
plans outlined by the Biden
administration in recent years.
President Biden has previously
called for the construction of
two million new homes.
Biden and Harris, like presidents and vice presidents before them, are limited in their
ability to significantly lower
housing prices, which are influenced by interest rates and
the supply of and demand for
homes. Both factors are largely
out of their direct control.
Harris’s plan aims to pro-
Vice President Harris will focus on economic policy on Friday.
though faculty are divided over
how hard a line the school
should take against protesters.
Pro-Palestinian activists at
Columbia were arrested by
New York City police after setting up an encampment in
April, and then again after taking over an administrative
building. The school said recently it was reviewing its conduct rules and developing orientation programming and
antidiscrimination training.
Matthew Waxman, a lawschool professor and member
of Columbia’s antisemitism
task force, said he was nervous
about what the fall will bring,
in terms of campus disruptions
and specifically safety for Jewish students. He said the latest
proposals are a good sign, but
not concrete enough.
“I’m disturbed at, what
seems to me, is a lack of urgency,” Waxman said. “Do I
have confidence that the campus situation and experience in
the fall won’t look just like the
past spring? No, not at all.”
KAITI SULLIVAN FOR WSJ
Permission required
Under the university’s new
rules, Indiana must give permission to hang signs from
buildings and flagpoles and
demonstrators can’t use
semi-permanent or permanent materials, like some
paint, markers and stickers,
on signs, lampposts, or other
campus surfaces.
Free-speech advocates, including faculty and some national organizations, said the
new rules will sharply curtail
expressive activity by limiting
the hours in which demonstra-
vide economic incentives to
expand housing supply, especially for buyers entering the
market for the first time.
Tighter-than-normal inventory
has helped push home prices
to record highs.
The campaign offered few
details on its tax incentive for
builders, which would require
congressional approval. It
echoes a proposal put forward
by economist Mark Zandi and
housing-finance analyst Jim
Parrott, who are advising the
campaign on the issue.
“The basic principle is,
lower the tax liability of home
builders to build affordable
homes, and they will build
more affordable homes,” said
Zandi, chief economist of
Moody’s Analytics. Zandi said
a tax credit would be the
“most logical way” to give
builders an incentive.
Harris will propose a $40
billion fund to help local governments develop innovative
solutions to the lack of housing. It is an expansion of a similar $20 billion fund proposed
by the Biden administration.
In addition, Harris’s economic plan will tout the Biden
administration’s budget proposal to expand the low-income housing tax credit,
which gives tax incentives to
developers who build low-income housing.
She will also endorse legislation that would crack down
on the use of property-management software that has allegedly been used by landlords
to fix apartment rent prices at
buildings across the U.S.
AARON SCHWARTZ/BLOOMBERG NEWS
Republicans scoff at
such optimism, and
election analysts
warn of uphill climb
As the fall semester approaches, Indiana University wants people to stop writing on the walls and holding late-night rallies.
Student activists from Columbia held events throughout
the summer with peer groups,
including from the City University of New York.
Resignation cheered
The
activists
cheered
Shafik’s
resignation,
but
warned her departure wasn’t
going to quell their efforts.
“Any future president who
does not pay heed to the Columbia student body’s overwhelming demand for divestment will end up exactly as
President Shafik did,” Columbia
Students for Justice in Palestine posted on Instagram
Wednesday night.
Throughout the summer,
many students in New York
and elsewhere have taken part
in protest training run by national advocacy and campus organizations. Among the tips:
Mask up, bring water and write
a lawyer’s contact details on
your arm or leg.
Prosecutors around the
country have largely dropped
the most serious charges
against students, faculty and
others arrested last spring. Still,
the decision by some schools to
pursue disciplinary proceedings
has opened another front in the
battle between administrators
and protesters.
Members of New York University’s Faculty and Staff for
Justice in Palestine are pushing for the school to remove
city police from campus, grant
amnesty to those already disciplined for pro-Palestinian
protests, and commit to protecting free speech rights on
campus, including protests
critical of Israel.
Meanwhile, some protesters
find themselves emboldened
by schools’ decisions to ease
up on punishments. Last
month, Harvard University
awarded degrees to some students whose diplomas had
previously been withheld.
“Harvard walks back. The
movement marches forward.
Long live the student intifada,”
Harvard Out of Occupied Palestine and other student groups
posted on Instagram.
A6 | Friday, August 16, 2024
THE WALL STREET JOURNAL.
WORLD NEWS
Leaders frustrate
mediators, people in
their own camps with
hardened positions
BY SUMMER SAID
AND ANAT PELED
U.S. hopes of closing a
cease-fire deal for Gaza that
could help calm tensions in a
region on the brink of a wider
war are running into a basic
snag—everyone seems to agree
it is time to stop the fighting,
except for the two people who
will have to sign off on it.
Israeli Prime Minister Benjamin Netanyahu and Hamas
leader Yahya Sinwar have resisted an agreement for
months, say negotiators and
officials in their own camps,
even as pressures to strike a
deal have been growing.
The death toll in the Gaza
Strip edged above 40,000 people Thursday, according to
Palestinian health officials,
whose numbers don’t say how
many are combatants. Israel’s
security establishment says it
has decimated Hamas and that
the time is right to cut a deal
to bring home the more than
100 hostages still held in Gaza.
The Biden administration,
meanwhile, is hoping a deal
would give Iran and allied militias such as Hezbollah a reason to back down from their
threat to retaliate against Israel for a pair of killings in
Beirut and Tehran.
Yet, the mood among the negotiators is worse than ever. Israel’s own security establishment is openly questioning
Netanyahu’s willingness to do a
deal. Hamas under Sinwar’s
newly anointed leadership is refusing to participate in the talks.
President Biden said Tuesday,
when asked about the odds of a
deal, “It’s getting harder.”
The hard-line positioning
could be an attempt by Netanyahu and Sinwar to skew the
terms of a deal their way as it
grows closer. But as the weeks
drag on without progress, the
standoff is frustrating not
only the battered Gaza civilians and the families of Israeli
hostages, but the Egyptian
and Qatari interlocutors trying to reach a deal.
The tension got so bad during the last round of talks, in
July, that when Israel’s negotiating team brought up Netanyahu’s new demands for securing strategic corridors in Gaza,
Egyptian intelligence chief Abbas Kamel lost his temper. A
visibly angry Kamel told his
BASHAR TALEB/AFP/GETTY IMAGES
Netanyahu, Sinwar Are Hurdles to Deal
Palestinian children sit inside a damaged car in Khan Younis in the southern Gaza Strip.
team that Netanyahu was
wasting his time, said people
familiar with the matter.
Netanyahu has said he is
working to achieve Israel’s
war goals of defeating Hamas
and returning the hostages.
Hamas official Sami Abu Zuhri
rejected the allegations that
the group has resisted an
agreement, saying that it is
committed to the negotiation
path, but rejects the new conditions Israel has put forward.
An Israeli delegation including spy chief David
Barnea met Thursday in Qatar
with Central Intelligence
Agency Chief William Burns,
White House Middle East coordinator Brett McGurk and
Qatari Prime Minister Mohammed bin Abdulrahman alThani as part of the two-day
U.S.-led summit to try to
bridge the gaps to a deal.
Hamas officials didn’t attend.
Sticking points remain for a
deal that would see a cease-fire
and the exchange of Palestinian prisoners held by Israel for
the release of hostages held by
Hamas. They include whether a
halt to fighting would be temporary or become permanent,
how to secure the border be-
tween Gaza and Egypt and
which Palestinian prisoners
would be approved for release.
Thursday evening, a senior
Egyptian official said: “The
gaps between the parties remain wide.”
Netanyahu for months has
faced accusations from mediators and his own negotiators
that he has frustrated efforts to
reach an agreement by introducing new demands, leaking
details to the media and limiting
his team’s room to negotiate.
“The chances of reaching a
deal would be much higher if
he wasn’t there,” said a former
negotiator, referring to Netanyahu, who has denied accusations of hindering the talks.
On Wednesday, ahead of the
summit, an Israeli official said
Netanyahu insisted that Israeli
troops must remain in the Philadelphi corridor, the 9-mile
border zone between Egypt and
Gaza. That position is anathema
to Hamas and goes against the
recommendations of Israel’s security establishment, which has
said it isn’t necessary. Sinwar,
who as Hamas’s Gaza chief is
believed to have engineered the
Oct. 7 attack on Israel that left
1,200 people dead, is showing
signs of hardening his stance.
—Saleh al-Batati
contributed to this article.
U.S.-Russian Citizen Gets 12 Years Navalny’s Widow Rejects
Beaches
Seek More
Nudists
Continued from Page One
tion’s last remaining nudist
beaches.
“Hey man, take ‘em off!”
shouts Anderson de Oliveira,
a 46-year-old Uber driver who
moonlights as one of Abricó’s
watchmen
every
weekend. Technically, bathers have
a constitutional right to wear
whatever they want, but the
nudists strive to maintain a
certain vibe.
Dressed in nothing but a
baseball cap, a walkie-talkie
dangling from his neck, he
gestures energetically at a
new arrival and the offending
trunks. “What’s the problem?”
says de Oliveira, known as Jesus because of the expansive
Jesus tattoo across his chest.
“God made us this way!”
Getting naked in Brazil is
harder than it looks. Topless
sunbathing
is
generally
banned (though allowed at
Abricó, the nude beach) and
punishable with up to a year
in jail under a 1940s law prohibiting “acts of public obscenity.” Police enforcement
varies wildly.
Danish gymnasts made
headlines in 2013 when they
Ksenia Karelina was sentenced Thursday in a Russian court.
ecution asked the court for a
15-year sentence, according to
the Sverdlovsk Regional Court.
On Thursday, the court said it
found Karelina guilty of high
treason, adding an extra 18
months of restrictions on her
movements to a 12-year term.
Since launching its war on
Ukraine, Russia has expanded
various laws, including for
treason, and has sought to stifle opposition to the conflict
by introducing harsh fines and
the threat of imprisonment for
what it deems to be crimes,
such as discrediting the Russian military’s actions.
Mikhail Mushailov, Karelina’s attorney, told the Journal on Thursday that his client
would appeal. Karelina, he
said, was prepared for the penalty based on the prosecutor’s
request and similar cases.
In a post on his Instagram
account Thursday, Mushailov
published a letter from Karelina
in which she thanked well-wishers for their support and letters,
which she said were evidence of
“kindness, love and humanity”
and provided “a ray of light.”
U.S. officials have accused
Moscow of detaining Americans
for use as political pawns, a
went topless on Rio’s Copacabana beach, unaware that a
common European practice
was outlawed in Brazil. They
got away with an apology.
But when a 36-year-old
woman went topless in Santa
Catarina last year while walking her dogs on the beach, police handcuffed and arrested
her.
In 2010, a university was
ordered to pay $7,200 in compensation after expelling a
student for wearing a dress it
deemed too short.
“Brazil can be utterly contradictory—on one hand,
seemingly liberal but also totally conservative,” said Pedro
Ribeiro, 66, a schoolteacher
and naturist who battled protesters and the courts for decades to establish Abricó as a
nudist beach.
His students now fondly refer to him as Mr. Big Naked
Guy, he explained, perched on
a rock overlooking the paradisal enclave.
City Hall in Rio first gave
naturists the right to use
Abricó in 1994 but an injunction two weeks later banned
the practice until 2003. Police
detained Ribeiro several
times.
Despite a 2014 law permanently establishing Abricó as
a nudist beach, Ribeiro said
members of the naturist federation show up every weekend to keep away protesters
and “curious onlookers.”
“Some people treat it like a
zoo, they come in to get a
good look,” said Ribeiro.
The sight of Abricó’s naked
guards is often enough to
prompt clothed sunbathers to
retreat hastily past giant
boulders to the neighboring
beach. Others venture forth,
stripping down before joining
the naturists frolicking in the
waves.
The beach lies relatively
empty these days. It is winter
in the Southern Hemisphere,
and Brazilians consider 75-degrees Fahrenheit too cold to
venture into the water.
But during peak summer—
December and January—up to
350 naturists pack the 250meter-long stretch of silky
white sand.
Douglas Coimbra, 38, a
construction worker, said
nude sunbathing helped him
accept his fuller figure.
“It doesn’t matter what
your body looks like here—
you can be fat, thin, attractive
or not. It is just a body,” said
Coimbra, vacationing from
São Paulo with his wife.
Others said they found it
liberating to be communing
with nature without worrying
about tan lines.
Ribeiro noted it is also
among Rio’s safest beaches, as
concealing a weapon or stolen
item proves nearly impossible
when naked.
Brazil has thousands of
beaches along its 4,600 miles
of coastline, yet only eight are
reserved for naturists.
charge Russian officials denied.
Following her detention in
February, Karelina’s friends
and associates called for her
immediate release and return
to the U.S. Her boyfriend, Chris
Van Heerden, told the Journal
in February that Karelina
never discussed the war or expressed support for Ukraine.
“She’s Russian and very
proud,” he said at the time.
An appeals-court website
said Karelina initially was detained for “hooliganism” on
Jan. 27, allegedly for swearing
and disobeying law-enforcement officers outside a cinema
in Yekaterinburg. On Feb. 7, a
criminal case for treason was
brought against her, state media reported.
Karelina moved to the U.S.
more than a decade ago through
a work-and-travel student program, her former mother-inlaw, Eleonora Srebroski, told the
Journal in February.
A passionate amateur
dancer, Karelina met the man
she married in 2012 while selling produce at a fruit stand in
a Baltimore suburb, Srebroski
said. They broke up after a few
years of marriage, she said,
and Karelina moved to California around 2016. Srebroski,
who kept in contact with Karelina, said her ex-daughter-inlaw “is not a criminal.”
A State Department spokesperson said the U.S. has “no
higher priority than the safety
and security of U.S. citizens
overseas.”
Kremlin Report on Death
BY ANN M. SIMMONS
Alexei Navalny’s widow
said a Russian investigation
found that her husband died
of a combination of diseases
and that resuscitation efforts
failed, in the most detailed official version yet of the death
of the Kremlin critic in an
Arctic prison camp this year.
Yulia Navalnaya, who has
accused Russian President
Vladimir Putin of being behind her husband’s death, denounced the findings as “a lie”
and encouraged prison guards
to contact her confidentially
about what they saw.
“I know that this is not
true…that they are hiding what
really happened that day,” she
said in a video posted on YouTube on Thursday.
The Kremlin didn’t respond
to a request for comment. A
spokesman for Putin has denied
that the president was involved
in harming Navalny. U.S. intelligence agencies have determined the Russian leader likely
didn’t order Navalny’s killing at
the prison in February.
President Biden and other
world leaders have held Putin
ultimately at fault based on
years of the Kremlin targeting
Navalny, including by allegedly attempting to assassinate
him in 2020.
Navalny, a prominent opposition politician and nemesis
of Putin, died while on a walk
in the Arctic Circle penitentiary, according to Russian officials. The day before he appeared at a hearing looking fit
and well, his widow said.
Navalnaya, who lives outside Russia, said in the video
that she received a three-page
document last week from the
Investigative Committee in the
Yamalo-Nenets Autonomous
Okrug, the Arctic region where
he husband was imprisoned,
which said that his death was
the result not of a crime but of
a dozen different diseases
“from cholecystitis to intervertebral hernia and Staphylococcus aureus,” which caused arrhythmia, commonly described
as an irregular heartbeat.
Navalnaya challenged this
conclusion. “Heart-rhythm
disturbances cannot be determined posthumously, and
Alexei had no heart diseases
during his life,” she said.
The Investigative Committee didn’t respond to a request
for comment. The document
posted by Navalnaya couldn’t
be independently verified.
Navalny was serving sentences amounting to more than
30 years on various charges.
Until his death at 47, he was
one of the few remaining voices
in Russia who gave Putin cause
for alarm, breathing life into
Russia’s beleaguered opposition movement and, even while
behind bars, exposing the flaws
of Putin’s decadeslong rule.
MARÍA MAGDALENA ARRÉLLAGA FOR WSJ
A Russian court sentenced
a dual U.S.-Russian national to
12 years in a penal colony, after finding her guilty of treason for donating funds to aid
the Ukrainian army.
Ksenia Karelina’s sentencing
came two weeks after wrongfully convicted Wall Street Journal reporter Evan Gershkovich
and more than a dozen others
in Russian prisons were freed in
the largest East-West prisoner
exchange since the Cold War.
Karelina, 32 years old, who
lived in Los Angeles and
worked as an aesthetician at a
Beverly Hills spa, was detained
in February while visiting
family in Yekaterinburg, some
900 miles east of Moscow.
Russia’s Federal Security Service alleged she participated
in unspecified “public actions”
in the U.S. in support of Kyiv,
and separately accused her of
collecting funds for a Ukrainian organization that were
used to buy military supplies.
A website set up by Karelina’s supporters calling for
her release says she made a
$51.80 donation “to a USbased nonprofit that helps
children and elderly who have
been impacted by the war in
Ukraine. It has nothing to do
with supporting the military.”
Within weeks of the start of
her closed-door trial in June,
Karelina’s lawyer said she
pleaded guilty, said state news
agency RIA Novosti. The pros-
DMITRY CHASOVITIN/REUTERS
ANN M. SIMMONS
Beachgoers walk to the nudist side of Abricó beach in Rio de Janeiro.
The Catholic Church has
long championed socially conservative values in Brazil, and
the recent rise of evangelical
Christians has further hardened views on many social issues, said Laura Carneiro, a
congresswoman who supports
socially liberal policies.
For six years, Carneiro has
pushed for a national law
granting local governments
more say over designating
nude beaches, though she’s
had little luck in a Congress
where evangelicals now make
up almost 40% of members,
she said.
“Most of the time I have to
explain what naturism is as
people don’t even know,” she
said.
As sunset approaches at
Abricó, the naturists don their
clothes and head to the parking lot, often facing disdainful
looks from beachgoers on the
other side. “Our private parts
should remain private,” said
Antonia Cassia, 68, sitting on
the sand. On warmer days,
she happily strips down to a
string bikini, but would never
consider naturism. “Sure, it’s
a tiny bit of fabric, but it’s a
very important bit of fabric!”
Jonatan de Souza uniquely
straddles both worlds. An ice
cream seller, he enjoys a monopoly over Abricó as the
only person willing to get naked to peddle Popsicles to
nudists, he said. “I was a bit
nervous at first but then I
checked out the other guys
and I realized I had nothing to
worry about,” he added,
chuckling.
“My wife nearly broke up
with me, but business has
been great.”
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | A7
FROM PAGE ONE
CLOCKWISE FROM TOP: SWEDISH COAST GUARD/AP; UKRAINIAN PRESIDENTIAL PRESS OFFICE/AP; SEAN GALLUP/GETTY IMAGES
The Plot
To Destroy
A Pipeline
Continued from Page One
of natural gas, equivalent to
the annual CO2 emissions of
Denmark.
One of the most audacious
acts of sabotage in modern
history, the operation worsened an energy crisis in Europe—an assault on critical infrastructure that could be
considered an act of war under international law. Theories swirled about who was
responsible. Was it the CIA?
Could Putin himself have set
the plan in motion?
Now, for the first time, the
outlines of the real story can
be told. The Ukrainian operation cost around $300,000, according to people who participated in it. It involved a small
rented yacht with a six-member crew, including trained civilian divers. One was a
woman, whose presence
helped create the illusion they
were a group of friends on a
pleasure cruise.
Zelensky’s blessing
“I always laugh when I read
media speculation about some
huge operation involving secret services, submarines,
drones and satellites,” one officer who was involved said.
“The whole thing was born
out of a night of heavy boozing and the iron determination of a handful of people
who had the guts to risk their
lives for their country.”
Ukrainian President Volodymyr Zelensky initially approved the plan, according to
one officer who participated
and three people familiar with
it. But later, when the CIA
learned of it and asked the
Ukrainian president to pull the
plug, he ordered a halt, those
people said.
Zelensky’s commander in
chief, Valeriy Zaluzhniy, who
was leading the effort, nonetheless forged ahead.
The Journal spoke to four
senior Ukrainian defense and
security officials who either
participated in or had direct
knowledge of the plot. All of
them said the pipelines were a
legitimate target in Ukraine’s
war of defense against Russia.
Portions of their account
were corroborated by a nearly
two-year German police investigation into the attack, which
has obtained evidence including email, mobile and satellite
phones communications, as
well as fingerprints and DNA
samples from the alleged sabotage team. The Germany inquiry hasn’t directly linked
President Zelensky to the
clandestine operation.
Official denials
Gen.
Zaluzhniy,
now
Ukraine’s ambassador to the
United Kingdom, said in a text
exchange that he knows nothing of any such operation and
that any suggestion to the
contrary is a “mere provocation.” Ukraine’s armed forces,
he added, weren’t authorized
to conduct overseas missions,
and he therefore wouldn’t
have been involved.
A senior official of the main
Ukrainian intelligence service,
SBU, denied his government
had anything to do with the
sabotage, and said that Zelensky in particular “did not
approve the implementation
of any such actions on the territory of third countries and
did not issue relevant orders.”
Putin has publicly blamed
the U.S. for the attacks. A senior Russian diplomat in Berlin echoed that claim, and said
the German investigation findings were “fairy tales worthy
of the Brothers Grimm.”
In June, Germany’s federal
prosecutor quietly issued the
first arrest warrant in the
case for a Ukrainian professional diving instructor. The
German investigation is now
focusing on Zaluzhniy and his
aides, people familiar with the
probe say, although they have
no evidence that could be presented in court.
The findings could upend
relations between Kyiv and
Berlin, which has provided
much of the financing and
military equipment to Ukraine,
second only to the U.S. Some
German political leaders may
have been willing to overlook
evidence pointing to Ukraine
for fear of undermining domestic support for the war effort. But German police are
politically independent and
Gen. Valeriy Zaluzhniy,
above, oversaw the mission
of the Andromeda, left,
leading to a record release of
natural gas, top.
their investigation took on a
life of its own.
“An attack of this scale is a
sufficient reason to trigger the
collective defense clause of
NATO, but our critical infrastructure was blown up by a
country that we support with
massive weapons shipments
and billions in cash,” said a
senior German official familiar
with the probe.
Following the May 2022
pact between the businessmen
and the military officers, it was
agreed that the former would
finance and help execute the
project, because the army had
no funds and was increasingly
relying on foreign financing as
it pushed back against the onslaught of its gargantuan
neighbor. A sitting general
with experience in special operations would oversee the
mission, which one participant
described as a “public-private
partnership.” He would report
directly to the head of
Ukraine’s armed forces, the
four-star Gen. Zaluzhniy.
Within days, Zelensky approved the plan, according to
the four people familiar with
the plot. All arrangements
were made verbally, leaving
no paper trail.
But the next month, the
Dutch military intelligence
agency MIVD learned of the
plot and warned the CIA, according to several people familiar with the Dutch report.
U.S. officials then promptly informed Germany, according to
U.S. and German officials.
CIA warning
The CIA warned Zelensky’s
office to stop the operation,
U.S. officials said. The Ukrainian president then ordered
Zaluzhniy to halt it, according
to Ukrainian officers and officials familiar with the conversation as well as Western intelligence officials. But the
general ignored the order, and
his team modified the original
plan, these people said.
The general tasked with
commanding the operation enlisted some of Ukraine’s top
special-operations
officers
with experience in orchestrating high-risk clandestine missions against Russia to help
coordinate the attack.
One of them was Roman
Chervinsky, a decorated colonel who previously served in
Ukraine’s main security and
intelligence service, the SBU.
Chervinsky is currently on
trial in Ukraine for unrelated
charges. In July, he was released on bail after over a
year in detention. Reached after his release, he declined to
comment on the Nord Stream
case, saying he wasn’t authorized to speak about it.
In a subsequent broadcast
interview, he said that the
sabotage had two positive effects for Ukraine: It helped
loosen Russia’s grip on the European countries supporting
Kyiv, and it left Moscow with
only one main avenue for
channeling gas to Europe,
pipelines traversing Ukraine.
Despite the war, Ukraine collects lucrative transit fees for
Russian oil and gas estimated
to be worth hundreds of millions of dollars a year.
Chervinsky and the sabotage team initially studied an
older, elaborate plan to blow
up the pipeline drafted by
Ukrainian intelligence and
Western experts after Russia
first invaded Ukraine in 2014,
according to people familiar
with the plot.
After dismissing that idea
due to its cost
and complexity,
the
planners
settled on using
a small sailing
boat and a
team of six—a
mix of seasoned
active
duty soldiers
and civilians
with maritime
expertise—to
blow up the 700-mile-long
pipelines that sat more than
260 feet below the sea’s surface.
In September 2022, the
plotters rented a 50-foot leisure yacht called Andromeda
in Germany’s Baltic port town
of Rostock. The boat was
leased with the help of a Polish travel agency that was set
up by Ukrainian intelligence
as a cover for financial transactions nearly a decade ago,
according to Ukrainian officers and people familiar with
the investigation.
One crew member, a military officer on active duty
who was fighting in the war,
was a seasoned skipper, and
four were experienced deepsea divers, people familiar
with the German investigation
said. The crew included civilians, one of whom was a
woman in her 30s who had
trained privately as a diver.
She was handpicked for her
skills but also to lend more
plausibility to the crew’s disguise as friends on holiday,
according to one person familiar with the planning.
The skipper took a short
leave from his unit, which had
been fighting on the front in
the southeast of Ukraine, and
his commander was kept in
the dark.
Ukraine has a long history
of training top civilian and
military divers.
A naval base on
the
Crimean
Peninsula
in
the past trained
deep-sea divers
for the purposes of sabotage and demining. It also
kept
combat
d o l p h i n s
trained to attack enemy divers and blow
up ships, according to two senior Ukrainian officers. The
base was taken over by Russia
after it occupied Crimea, and
some of its staff moved elsewhere in Ukraine.
Armed only with diving
equipment, satellite navigation, a portable sonar and
open-source maps of the seabed charting the position of
the pipelines, the crew set out.
The four divers worked in
pairs, according to people familiar with the German investigation. Operating in pitchdark, icy waters, they handled
a powerful explosive known as
HMX that was wired to timercontrolled detonators. A small
Operating in
pitch-dark, icy
waters, divers
planted the
explosives.
amount of the light explosive
would be sufficient to rip open
the high-pressure pipes.
Spending 20 minutes at
that depth requires around
three hours of decompression,
and the person must then refrain from diving for at least
24 hours or risk serious injury.
Inclement weather forced
the crew to make an unplanned stop in the Swedish
port of Sandhamn. One diver
accidentally dropped an explosive device to the bottom of
the sea. The crew briefly discussed whether to abort the
operation due to the bad
weather but the storm soon
subsided, two people familiar
with the operation said.
Witnesses on other yachts
moored in Sandhamn noted
that the Andromeda was the
only boat with a small Ukrainian flag hoisted on its mast.
In the wake of the attack,
which took out three of the
four conduits forming the
pipelines,
energy
prices
surged. Germany and other
nations scrambled to nationalize energy companies that
handled Russian gas but collapsed after the pipelines
were destroyed.
‘Like a torpedo’
Germany, Denmark, Sweden
and the U.S., among others,
sent out warships, divers, underwater drones and aircraft
to investigate the area around
the gas leaks.
Zelensky took Zaluzhniy to
task, but the general shrugged
off his criticism, according to
three people familiar with the
exchange. Zaluzhniy told Zelensky that the sabotage team,
once dispatched, went incommunicado and couldn’t be
called off because any contact
with them could compromise
the operation.
“He was told it’s like a torpedo—once you fire it at the
enemy, you can’t pull it back
again, it just keeps going until
it goes ‘boom,’ ” a senior officer familiar with the conver-
The Andromeda’s voyage
SWEDEN
Nord Stream 1
4 Sept. 13
Sandhamn,
Sweden
DENMARK
Nord Stream 2
3 Sept. 11
Christianso,
Denmark
Copenhagen
Baltic Sea
Blast sites
(Sept. 26)
2 Sept. 8
Wiek,
Germany
1 Sept. 7
Sets sail
from Rostock,
Germany
Hamburg
6 Sept. 22
Wiek
Source: European Space Agency (blast locations)
Kolobrzeg, Poland
7 Sept. 23
Returns
to Rostock
GERMANY
5 Sept. 19
Berlin
POLAND
sation said.
Days after the attack, in
October 2022, Germany’s foreign secret service received a
second tipoff about the Ukrainian plot from the CIA, which
again passed on a report by
the Dutch military intelligence
agency MIVD. It offered a detailed account of the attack,
including the type of boat
used and the possible route
taken by the crew, according
to German and Dutch officials.
German investigators questioned dozens of potential witnesses, scanned the bottom of
the sea around the blasts and
sifted through masses of data
including digital communication, travel records and financial transactions.
They had one lucky break.
In rushing to leave Germany,
the sabotage crew neglected
to wash the Andromeda, allowing German detectives to
find traces of explosives, fingerprints and DNA samples of
the crew.
Investigators later identified their mobile phone numbers and their Iridium satellite
phone. That data allowed
them to reconstruct the entire
journey of the boat.
Investigators then analyzed
all mobile phone traffic in the
areas where the boat was located, trawling through thousands of connections to distill
the relevant data.
At one point they were
startled to find out that thousands of German mobile
phones were active in the tiny
Swedish port of Sandhamn,
which was nearly empty at the
time the boat was sheltering
there from a storm.
It later emerged that a vast
cruise ship belonging to a
tourist operator passed by and
the phones of German passengers briefly linked up with the
local cellular mast.
By November 2022, German
investigators believed Ukrainians were behind the explosion.
General ousted
Earlier this year, Zelensky
ousted Zaluzhniy from his military post, saying a shakeup
was needed to reboot the war
effort. Zaluzhniy, who has
been viewed domestically as a
potential political rival, was
later appointed Ukraine’s ambassador to the U.K., a position that grants him immunity
from prosecution.
In June, German officials
issued a confidential arrest
warrant for a Ukrainian citizen who the Germans believe
was one of the crew members.
According to people familiar
with the investigation, a van
driving the Ukrainian sabotage
team from Poland into Germany in 2022 was snapped by
a German speed camera, and
the man, a diving instructor
living with his family near
Warsaw, was in the photo.
Authorities in Poland didn’t
act on the warrant. The instructor is believed to have
since returned to Ukraine. Poland’s failure to arrest him is a
major blow to the German
probe, because he and other
suspects have now been
tipped off and will avoid travelling outside Ukraine, people
familiar with the investigation
said. Ukraine doesn’t extradite
its own citizens.
Ukrainian officials who participated in or are familiar
with the plot believe it would
be impossible to put any of
the commanding officers on
trial, because no evidence exists beyond conversations
among top officials who were,
at least initially, all in agreement about wanting to blow
up the pipelines.
—Drew Hinshaw contributed
to this article.
THE WALL STREET JOURNAL.
A8 | Friday, August 16, 2024
Damian Eales
Chief Executive Officer
Nathan Long
Chief Executive Officer
Gabe Ewing Del Rio, CMB, AMP
President & CEO
Nora Aguirre
2024 National President
Ryan A. H. Weyandt
Chief Executive Officer
Hope Atuel
CEO, Executive Director
Dr. Courtney Johnson Rose
National President of NAREB
David M. Dworkin
President & CEO
P2JW22
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | A9
A10 | Friday, August 16, 2024
ARTS IN REVIEW
THE WALL STREET JOURNAL.
Elizabeth Banks as Hope Goldman
in the movie, directed and cowritten by Austin Peters.
FILM REVIEW | KYLE SMITH
‘Skincare’: Rage Before Beauty
This sly comic thriller follows a Los Angeles cosmetologist caught in a bitter professional rivalry
A
has ever been less than stellar in a
movie, I missed it.
Hope is an “aesthetician” selling greasy goo in a jar to aging ladies who mainly seek coddling and
compliments. Despite her products
being semi-well-known (we see
her hawking her gunk on a morning chat show whose strenuously
affable host is played by Nathan
Fillion), her alleged success is
skin-deep. When she isn’t posing
as the town’s most celebrated epidermal engineer, she is dodging
rent requests from her landlord
(John Billingsley), accumulating
an alarmingly large inventory she
stashes at a local garage, and hoping for a career boost.
Instead, she seethingly notices,
a rival facialist named Angel (Luis
Gerardo Méndez) opens up a shop
a few yards from hers—at an out-
door mall with the absurdly grandiose title “Crossroads of the
World”—poised to steal her customers, her glory, and possibly her
sanity. In alliance with a charismatic new friend—an actor turned
martial artist and life coach named
Jordan (Lewis Pullman of “Top
Gun: Maverick”)—she starts to keep
Ms. Banks and Lewis Pullman,
below, and Luis Gerardo Méndez,
right.
IFC FILMS (3)
h, Los Angeles: fun,
sun, dreams, schemes.
“Everyone is so nice!”
exclaims a character in
“Skincare.” “And
they’re living their
dreams and they’re really doing
it.” Spend even a week in L.A. and
this level of vapidity will come to
seem completely normal.
A winking eye for the city and
its strivers is among the many impressive aspects of this comic
thriller, “inspired by true events,”
about a very L.A. lady who calls
herself the “skin-care queen of
Hollywood.” Hope Goldman is
played by the priceless and ageless
Elizabeth Banks, and if Ms. Banks
close tabs on her new neighbor.
Austin Peters, who directed the
film and wrote its script with two
others, has crafted a loopy Coen
Brothers-style story (“Blood Simple” comes to mind, and “Fargo”)
in which each bad decision jolts
things in an increasingly odd new
direction toward the inevitable
pileup of bleeding bodies. The
tone is dry farce that never strays
into camp, with a mildly sardonic
appreciation of oddballs recalling
such Robert Altman films as “The
Long Goodbye.” A creepily discordant musical score by Fatima Al
Qadiri adds immensely to the feeling that everyone is hiding something and no good will come of it.
Perhaps L.A. defenders may
find this tableau of the Land of LaLa a tad harsh, but to an occasional visitor it seems like a keenly
observed black comedy. So many
young people (plus those who erroneously still think of themselves
as young) seem to have a worlddomination plan that not infrequently gets launched from a grim
little two-bedroom ranch house.
An interlude in which two consecutive scenes reveal the surprising
home habits of major characters is
particularly astute.
Yet Mr. Peters makes every
point of view understandable. People like Hope are far from brainless, but it’s easy to be self-deluding in a place where make-believe
is the norm. Even her landlord is
portrayed sympathetically, which
at the movies is as rare as seeing a
benevolent oil-company executive.
The always-superb Ms. Banks
doesn’t get enough opportunities
to play lead roles, so it’s a treat to
watch her get so much screen time
to dig into this complicated character, who balances naiveté with
duplicity, pettiness with grandiosity. She’s the avenging empress of
her shopping center. Too bad her
new enemy is generating so many
frowns: Wrinkles are unbecoming.
TELEVISION REVIEW | JOHN ANDERSON
Tonia Haddix, left; the chimpanzee
Tonka and Ms. Haddix, the subjects
of a new series, below.
C
inematic qualities aside,
“Chimp Crazy” is going to set
some viewers’ teeth on edge
from the very beginning and for
very good reason. On the one hand,
it is about interspecies devotion, affection and cute, hairy animals. On
the other, it is a little like watching
two drunks play catch with a
loaded handgun. Something is going to go wrong.
Plenty does—and has, as director
Eric Goode informs us while telling
his principal story,
about Tonia Haddix,
her movie-star-cumfugitive chimpanzee
Tonka and their court
battle with PETA
(People for the Ethical Treatment of Animals). The horror
stories about fullgrown “pets” gone
rogue are not for the
squeamish. But there
are also ethical questions involved
in Mr. Goode’s project—although, to
his credit, he confronts them
throughout.
Having made the 2020 series
“Tiger King,” an unflattering look at
big-cat collectors, he was not likely
to win over infamous Missouri
chimp breeder Connie Casey, or Ms.
Haddix, who started at Ms. Casey’s
Missouri Primate Foundation as a
volunteer and is now its public face.
So he enlists Dwayne Cunningham,
a graduate of clown school and an
ex-circus performer with wild-animal experience, to become his
“proxy director.” Already the integrity of “Chimp Crazy” is on wobbly
footing.
But at the same time, the situation is unique, the dangers seem
very real, and the laws governing
wild animals in Missouri, as we are
informed by journalist Peter Laufer,
are essentially nonexistent. Which
was how Ms. Casey was able to
make her fortune
with a company
called Chimparty,
which provided baby
chimps for birthday
parties. Babies grow
up, however, into
what can be 200
pounds of muscle, requiring both a breeding system for new
talent and permanent
cages for the old; per
Mr. Goode’s gift for understatement,
we see Ms. Casey’s husband, Mike,
in an archival TV interview, claiming
that they’ve never had trouble with
their animals, while also displaying
the half-healed surgery on his new
nose, the old one having been bitten
off by an ape named Bo.
For all the audacious claims
made by the chimp people (“Monkey love is totally different from
what you have from your own
child,” says Ms. Haddix), the adult
Something
seems bound
to go wrong
in this tale of
pet primates.
apes never run free;
Ms. Haddix conducts
all her affectionate
exchanges with
Tonka through the
bars of a cage. When
PETA wins court case
after court case, she
presents an elaborate
story—or scheme, or
ruse—about his
whereabouts, and still
the story gets
weirder as it goes
along.
It also gets more
involving and coherent, having taken a
few digressive side
trips before swinging into forward
motion. Pam Rosaire, the first person we meet in the series, had a
long-running circus act and refers to
her chimpanzees, as do many of
their owners, as their “kids,” “children” and “babies,” and not in some
flippant fashion. (Ms. Rosaire had a
moment of National Enquirer-style
infamy years ago when she wetnursed a premature chimp alongside
her own newborn.) But she is the
link to the smartly camera-shy Ms.
Casey, the marketing of exotic spe-
cies in general (which is where Ms.
Haddix, too, admits she gets her
money) and, as we progress, a number of obsessed-seeming people apt
to side with Ms. Haddix. The actor
Alan Cumming, who co-starred with
Tonka in a movie called “Buddy,”
weighs in regularly, as a supporter
of PETA, but also as someone who
sympathizes with Ms. Haddix’s emotions. (He says he bonded with
Tonka himself.)
At a point, Mr. Goode—and Mr.
Cunningham—are faced with the torturous question of whether keeping
the confidence of their sources will
actually cause calamity. They are not
priests. “I love these
chimps more than my
own kids,” Ms. Haddix
says, and she is not
the only one who
makes that kind of
comment. (Those who
do should watch the
interviews with their
children.) But one of
the haunting things
about “Chimp Crazy”—
aside from the mayhem some have
caused—is the animals’ genuine kinship
with humans, the intelligence they obviously possess and the
horrifying boredom of
their caged existence.
It’s no wonder they go ape.
Chimp Crazy
Begins Sunday, 10 p.m., HBO
Mr. Anderson is the Journal’s TV
critic.
HBO (2)
HBO’s Documentary
On Going Ape
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | A11
ARTS IN REVIEW
I
New York
f the Olympics decides
to expand the evermultiplying universe of
events to include medals for musical-comedy
performance—and why
not, now that break-dancing
has entered the picture?—
Sutton Foster would be an
almost unbeatable bet for
the gold. Playing a gawky
princess in the immensely
winning Broadway revival
of “Once Upon a Mattress,”
Ms. Foster gives a performance of dizzying intensity
matched with brash humor.
She belts her songs with
breezy aplomb, as if she
had a megaphone in her
throat. She goofs, pratfalls
and wisecracks so plentifully she’s like a one-woman
clown car. She makes like a
marathon dancer at one
point, and a Greek wrestler
at another. She deadlifts a
(fake) barbell repeatedly.
And she performs a gymnastic routine atop a pile of
mattresses that is as flatout hilarious as it is physically dazzling. In short, she
tears up the stage and simultaneously brings down
the house.
The production, directed
with a frolicsome touch by
Lear deBessonet, was originally seen at New York City
Center’s Encores! series
earlier in the year, and has
made a smooth transfer to
Broadway’s Hudson Theatre, with a mostly new and
terrific cast supporting Ms.
Foster’s ebullient turn.
This is not an incidental
matter. For while its score,
with music by Mary Rodgers (the daughter of Richard Rodgers, and mother of
the gifted composer-lyricist
Adam Guettel) and lyrics by
Marshall Barer, offers ample pleasures, there’s no denying the slimness of the
plot, based as it is on the
fairy tale “The Princess and
the Pea.” When it was first
produced, in 1958 at the
summer resort Tamiment
in the Poconos, the show
was just one act. When it
moved to Broadway, it was
taffy-stretched to fill two,
and some of the stretch
marks still show now and
again—there are songs and
passages of shtick that do
nothing to advance the
plot, perhaps because it is
pea-sized.
But the boundless energies and talents of the performers, aided by a cleverly
spruced-up book by Amy
Sherman-Palladino (“The
Marvelous Mrs. Maisel”),
revising the original by Jay
Thompson, Marshall Barer
and Dean Fuller, mostly
keeps the production moving at a romping pace—although it remains a minor
flaw that we do not meet
THEATER REVIEW | CHARLES ISHERWOOD
A Princess With Panache
Sutton Foster gives an ebullient lead performance in ‘Once Upon a Mattress’ on Broadway
the heroine, Ms. Foster’s
Princess Winnifred, the role
that brought Carol Burnett
to instant stardom, until
about a half-hour into the
show.
Once she arrives, however, clambering over a castle wall after swimming a
moat in her delirious excite-
The cast
brings boundless
energy to this
frothy musical
fairy tale.
ment at possibly marrying a
prince, the show finds a rollicking rhythm that rarely
lets up. Despite her mudcovered, bedraggled appearance, Winnifred instantly
wins the glassy-eyed adoration of Prince Dauntless
(Michael Urie), whose desperate hope that he will
find a mate is continually
quashed by his scheming
mother, Queen Aggravain
(Ana Gasteyer), who is ingenious at concocting tests
of a princess’s true regality
that all comers are destined
to fail, leaving poor, pining
Dauntless with little hope.
Nor do the queen’s
machinations please court
and country, since she has
decreed that until her son
weds, none of her subjects
can. (Perhaps not the wisest policy, in terms of population growth.) This dire caveat is particularly
dismaying to the show’s
secondary romantic couple,
the preeningly handsome
Sir Harry (Will Chase), who
is obsessed with the spurs
he has just earned, and has
an IQ probably slightly
lower than they do, and his
beloved, Lady Larken (Nikki
Renée Daniels), who must
gently inform him—with
some difficulty given his
dimness—that she is pregnant. (Their beautifully
sung second-act duet, “Yesterday I Loved You,” is a
highlight of the score and
the evening.)
Also rooting for Winnifred to pass the princesspurity test are the Jester,
played with dry humor by
Daniel Breaker (a Tony
nominee for “Passing
Strange”), and King Sextimus the Silent (a very
funny, manically pantomiming David Patrick Kelly),
languishing under a witch’s
curse that has rendered
him mute—much to his
rather logorrheic wife’s secret pleasure. Allied somewhat uneasily with the
Queen is the Wizard, played
with laid-back élan by
Brooks Ashmanskas.
All are terrific. Mr. Urie
in particular shines as the
sweet-natured but cowedby-mama Dauntless, whose
name could not be more inappropriate; one of the
freshest bits of physical
comedy finds Mr. Urie’s
Dauntless flummoxed at the
JOAN MARCUS (3)
David Patrick Kelly, Michael
Urie and Ana Gasteyer, left;
Ms. Foster as Princess
Winnifred, below.
But it is Ms. Foster who
brightens the stage at every
turn. Part hoyden, part
tomboy, her Winnifred is so
effortlessly, or perhaps
effortfully, endearing that
while we know well how
this cockeyed fairy tale will
end, we still find ourselves
cheering her on. Her lyric
manifesto, “Shy,” is the
show’s most famous song—
despite the fact that the
character is manifestly not
the retiring sort—and Ms.
Foster delivers it with
exhilarating power and
Ms. Foster and company in
the production, directed by
Lear deBessonet.
prospect of climbing a staircase—or rather a few stairs.
He also sings one of the
show’s lyrically wittiest
songs, lamenting his singleness thus: “Alas! A lass is
what I lack. I lack a lass;
alas! Alack!” And Ms.
Gasteyer, of “Saturday
Night Live” fame, is wonderfully sour and waspish
as Queen Aggravain.
brash humor.
“A genuine princess is
exceedingly rare,” as a recurring lyric has it. A musical-theater performance of
genuine perfection, such as
Ms. Foster provides, is likewise a true anomaly.
Once Upon a Mattress
Hudson Theatre,
141 W. 44th St., New York,
$57-$175, 855-801-5876,
closes Nov. 30
Mr. Isherwood is the
Journal’s theater critic.
The WSJ Daily Crossword | Edited by Mike Shenk
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PUZZLE
CONTEST
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20 Groundbreaking
tool
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23 Neeson of
“Taken”
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24 Goes out of
business
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27 It might come
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from Mars
30 Impairs
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31 Deeply
sincere
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sound
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finders
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36 Bygone VW
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delivery
vehicle
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37 Sign of
fallibility
38 Poured out,
FAMILY MEETING | By Mike Shenk
perhaps
The answer to
24 Freight train
52 Popular office 7 Relatives
41 Muse of
this week’s contest
component
plant
music
8 Direction
crossword is
26 Connectors of 53 Tree with
42 Got the lead
opposite
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stories
samaras
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27 Urban park
54 Arraignment
44 Brand of
9 Title
sound
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power tools
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priestess
28 Genesis
57 Intro to
in a Bellini
46 Merlin Olsen,
1 Compulsion
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memorably
5 Like some
maybe
29 Merak or
durable
47 Wearer of a
10 Meanings
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58 Mined over
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15 Periods of
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14 Idyllic areas
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40 Avoids
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A12 | Friday, August 16, 2024
THE WALL STREET JOURNAL.
SPORTS
JASON GAY
The Happiest
Golfer Is the
Summer Golfer
The game is more enjoyable when you limit
your playing time to the most casual season
Over the years, I have
made a series of attempts to play and enjoy golf, a sport invented by dedicated
sociopaths to make
otherwise well-adjusted people
miserable.
After years of despair and research, it is my belief that the recreational golfer experiences six
stages:
1. I love golf.
2. I hate golf.
3. I quit golf.
4. I’m playing golf again and, wow,
do I like it!
5. I’m never playing golf for the
rest of my life.
6. I only play golf in the summer.
I have reached the sixth stage. I
used to think the secret to golf
happiness was playing only once a year,
but I believe summer
golfer is the optimal
stage of golf.
Summer golf
means you only play
golf from late June
to late August. If you
find yourself playing
golf on a crisp, autumn morning in October, or you figure
out how to escape your family
during February vacation to sneak
in nine, congrats, but you’re not a
summer golfer.
A summer golfer skips at least
10 months of the year. During this
time, he or she enjoys other hobbies, which do not make them sad.
They fish, they play tennis, they
paint, they take up the trumpet,
they drive past the pickleball
courts and chuckle at the people
playing pickleball. They spend time
with their families, concentrate on
their jobs, and do not waste precious hours trying to hit a little
ball into a cup while wearing a
$40 visor they bought in the pro
shop and will never wear again.
The summer golfer begins the
season unprepared. This is critical.
The summer golfer doesn’t “train”
for the summer season—when he
or she plays for the first time, it is
the first time they have picked up
a golf club since the prior August.
Their bag is dusty. In the side
pocket is a long receipt from CVS,
a couple of tees, a $5 bill, and oh
my Lord, is that a turkey wrap?
Throw that disgusting moldy turkey wrap in the trash, that is a
biohazard, and you probably need
to buy a new bag.
It is important for the summer
golfer to inform everyone in the
group they are a summer only
golfer. This takes the pressure off
of you, and it annoys everyone
else. It is protective armor you’re
putting on: I don’t take this game
seriously, but if I did, you would
all be in trouble. This is a lie, of
course. You could play 12 months
of the year, five times a week, and
you would be just as terrible as
you are now. Honestly, you might
even be a little worse.
The summer golfer doesn’t play
fancy courses with names like
Whispering Canyon. The summer
golfer plays at public
tracks with names
like The Tired Duck.
Whispering Canyon
is a members-only
paradise and you
need a letter from a
Rockefeller just to
use the parking lot.
The Tired Duck costs
$17 for nine holes
($9 on Wednesdays),
$32 for 18, and if you
want a cart that’s an extra fiver.
There’s a fridge on the porch with
$3 beers and $4 turkey wraps.
There’s a 9,000 year old dog in the
pro shop named Arnold who is either asleep or dead. OK: I just petted Arnold. He’s asleep. I think.
The summer golfer dresses casually. To be clear: This doesn’t mean
“slob.” Their shirt may have pineapples, margarita glasses and toucans
on it, but it also has a collar. They
show up in linen shorts and their
absolute best flip-flops. They wear
a hat from a highway bar called
BUSTER’S CAVE and if they don’t
have a hat, they can buy a $40 visor
from the pro shop, they’re in a rack
right next to Arnold.
The summer golfer always starts
strong. Don’t ask me why—maybe
you should ask the Journal’s Ben
Cohen, who wrote a book about the
strange science of streaks—but the
summer golfer tends to go right out
and score par-birdie-par. Maybe
birdie-birdie-par.
It’s a beautiful thing. You don’t
quite understand it. Maybe you
THERE ISN’T ONE single moment
that captures just how crazy Scottie Scheffler’s year has been.
He’s gone from wearing a green
jacket to an orange prison jumpsuit to a gold Olympic medal. He
enjoyed a five-tournament stretch
when his worst finish was coming
second—by a single stroke. He’s
broken his own record for the
most prize money ever earned in a
single PGA Tour season.
All of that makes Scheffler the
favorite to cash in on the $25 million jackpot that rounds off the
calendar. He heads into the first
event of the FedEx Cup, the Tour’s
three-week playoff that begins
Thursday, with a large enough
lead in the standings that he
might still win it even if he were
still in handcuffs.
But if there’s anyone who can
stop him, it might just be the
other golfer having a year for the
ages. Xander Schauffele is the lone
player who can say he won multiple majors this season, after taking the PGA Championship and
British Open.
And it turns out both of these
golfers can also point to the same
reason for their incredible success:
There’s something they’re doing
right now that is even better than
peak Tiger Woods.
It’s easy to notice when Scheffler skyrockets up a leaderboard.
What’s truly remarkable, though,
is how rarely he slides down one.
This season, he has carded a bogey on just 9.2% of his holes.
That’s not just the lowest on Tour
this season. It’s also the best bogey avoidance rate on record in recent decades. The second best
ever just happens to belong to
Schauffele at 9.5%.
That number makes both of
them complete outliers. Englishman Aaron Rai, who just won last
weekend’s Wyndham Championship, ranks third at 12%. The falloff
between Schauffele at No. 2 and
Rodney Dangerfield as Al Czervik in ‘Caddyshack’ (1980). The summer golfer dresses casually.
lost all your bad habits over the
winter. Maybe you’re secretly a
fabulous golfer and the game is finally rewarding you. Maybe The
Tired Duck is really easy, or possibly a miniature golf course.
But then…on the very next
hole, you quadruple-bogey a par 4,
then quintuple-bogey a par 3, and
you’re back to your rotten golfing
self, even as you quietly score
yourself a four on each, because
it’s just summer golf, who cares.
Which is entirely the point.
This wicked game is best when
played in the most casual season.
You play among vacationing
friends and relatives, kids and
adults, scratch players and wanton
cheaters, too many of them in bare
feet. You deal with humidity, poison ivy, poison oak, mosquitoes,
horse flies and people who want to
talk about their fantasy football
draft. You can keep score, or not.
You do not care if you win or lose.
Let me rephrase that: You do
not care if you lose. If you win,
you are going to tell everyone on
earth, several times. You’re going
to be insufferable about it. You’re
going to buy beers and turkey
wraps for everyone. Throw Arnold
a tennis ball! Come on, Arnold!
Summer golf is summer golf, but a
win is a win.
These PGA Tour Stars
Are Great at Avoiding Bogeys
Scottie Scheffler, left, has carded a bogey on just 9.2% of his holes. Xander Schauffele, right, is second best at
9.5%. Scheffler won Olympic gold after leader Jon Rahm, top right, went four-over during a four-hole stretch.
Rai is bigger than the gap between
No. 3 and No. 53 on the list. The
PGA Tour average for the statistic
this season is 16.1%, meaning that
Scheffler and Schauffele bogey
holes nearly half as often as the
other best golfers in the world.
Not even all-time greats can
compare with how rarely this duo
give away strokes. Before this season, Woods held the record over
the last few decades at 9.8%. Nobody else has cracked 10%.
For Schauffele, it’s the metric
that explains his breakout sea-
son—he went from ranking 21st on
Tour last season at 13.7% to
closely trailing Scheffler for the
lowest mark on record. For Scheffler, it explains why he’s been the
No. 1 player on the planet since
last May. Even last year, when he
came up winless for a long stretch
while he struggled with his putter,
nobody avoided bogeys better
than him.
Scheffler has only gotten better
at it this season, and what truly
separates him is that he doesn’t
just bogey holes the least often.
He birdies them the most often.
He averages 4.9 per round, which
is half a birdie more than anyone
else—including Schauffele, who’s
sixth at 4.3. It’s a subtle difference, but also a gap big enough
that Scheffler has won seven
times this season, including his
gold this month at the Olympics,
while the two majors are
Schauffele’s lone triumphs.
Being the best at both carding
birdies and avoiding bogeys explains two things at Scheffler. It’s
why he rarely coughs up a lead.
And it’s why he can overcome deficits that look completely insurmountable.
That much was clear at Le Golf
National outside Paris, where it
looked as though Jon Rahm was
going to run away with the gold
medal when he held a four-shot
lead on the back-nine—six strokes
ahead of Scheffler.
At that point, the analytics
website Data Golf gave Scheffler a
0.4% chance at winning. All Rahm
had to do was par his way out, but
the Spaniard showed that he isn’t
nearly as good as Scheffler at
playing clean golf. He went fourover during a four-hole stretch on
the back nine. Meanwhile, Scheffler birdied six of the last nine
holes to go in at 29. And crucially,
there wasn’t a single square on his
scorecard that Sunday.
If that looked relatively familiar, that’s because Scheffler had
done something nearly identical
earlier this year. At the Players
Championship, the unofficial fifth
major, he went into the final
round five shots off the lead. Then
he holed out from 92 yards for an
eagle and birdied six more holes
to win the tournament for the second consecutive year.
Once again, Scheffler didn’t
have a bogey on the final day. And
the 54-hole leader who Scheffler
chased down that day was none
other than Schauffele.
L-R: GEORGE WALKER IV/ASSOCIATED PRESS; ANDREW REDINGTON/GETTY IMAGES
BY ANDREW BEATON
ORION PICTURES/EVERETT COLLECTION
Summer golf
means you only
play golf from
late June to late
August.
Friday, August 16, 2024 | A13
THE WALL STREET JOURNAL.
OPINION
Democrats vs. the Enraged Left
Minouche
Shafik is this
week’s casualty of activist protesters,
although her
POTOMAC resignation as
Columbia
WATCH
University’s
By Kimberley
president resA. Strassel
urrects
a
pressing
question for Democratic leaders: How long do they think
they can duck their own confrontation with their angry
left? The collision may now
end up happening at a time
the party least wants it—at
next week’s Democratic National Convention in Chicago.
The Shafik resignation is
a microcosm of the left’s
broad refusal to confront its
insurgents—a naive belief
that this divide can be ignored, bridged or papered
over. The University of Pennsylvania’s Liz Magill and
Harvard’s Claudine Gay were
the first to lose their jobs
when they failed to condemn
or police the anti-semitism
rife on their campuses. They
hid behind the “right to protest,” rather than provide
leadership on rules and
moral clarity.
Ms. Shafik tried to have it
all ways. When anti-Israel agitators first set up their
“Gaza Solidarity Camp,” she
quickly called the police. So
far, so good; the camp was
unauthorized, the protesters
mulishly refused to disperse.
But when the clearing caused
a backlash among students
and left-wing faculty, and the
camp was reestablished, Ms.
Shafik sat by as masked agitators blocked areas of campus, harassed Jewish students,
and
disrupted
academic activities. She dialogued and discussed, negotiated and sent missives carefully designed to offend no
one.
Her thanks: The mob occupied and vandalized Hamilton
Hall, requiring another call to
the police, more arrests, more
condemnation from the ivory
towers, and more donors
questioning a lack of leadership. Ms. Shafik limped along,
leading the university to a
canceled graduation and summer dispersal. She survived,
but nothing was resolved.
Eventually she or the university decided she wasn’t the
right person to face the
fight’s sure resumption this
fall.
Democrats are pursuing
the same strategy on a national scale. They encouraged
and coddled the protest
movement in the wake of
George Floyd’s death, which
complemented their theme of
racism and disorder under
President Trump. Even as the
movement grew more organized and militant and came
to encompass a dizzying array of unpopular progressive
demands—“climate justice,”
divestment from Israel, transgenderism, migrant legalization—Democrats still claimed
it in its fold.
Now that public opinion
has soured on the left’s street
blockades, crime and campus
takeovers, the Biden administration wants it both ways. It
was inexcusably slow to condemn this spring’s spring
campus and city protests—
initially hoping it could stay
above the fray. And when
President Biden finally did
condemn “violent” protests—
even as he claims he still
steadfastly supports Israel—
his team kept working to pacify those shouting “Genocide
Joe” and taking over campus
property. It halted certain
weapons to Israel, leveled
sanctions on Israeli groups
and individuals, and pressured Jerusalem for a ceasefire. The summer drama over
Mr. Biden’s age and the party
nominee did at least divert
attention away from this split
in the party.
But enraged leftists haven’t
gone anywhere, as evidenced
by their meltdown over Kamala Harris’s consideration of
Minouche Shafik’s
resignation is a
foretaste of next
week’s confrontation.
Pennsylvania Gov. Josh Shapiro as a running mate. She
ducked that confrontation by
going with Minnesota Gov.
Tim Walz, yet what Democrats continue to fail to appreciate is that this crowd
won’t be appeased by anything less than full capitulation. That includes an end to
any support for Israel. For a
sense of the “unity” in the
party, see the chaotic videos
from a Wednesday night rally
by New York Democrats in
advance of next week’s convention. Its afterparty was
besieged by an anti-Israel
mob intent on mayhem. Many
carried placards reading:
“Kamala = Genocide.”
The Coalition to March on
the DNC boasts 150 groups,
including Black Lives Matter
and Students for Justice in
Palestine. It is already coordinating buses of protesters
into Chicago. It’s asking for
donations for “medical kits”
and other supplies to “ensure
that the March on DNC coalition” can “withstand the repression” of the Chicago police. Among other groups
coming are outfits like Samidoun and Behind Enemy Lines,
which agitate for “direct action” that goes well beyond
marching. A recent Behind
Enemy Lines post reads:
“Now that the butchers of
Gaza are coming to Chicago,
it’s time to take this political
battle into high gear,” which
involves “getting in the
streets to actually shut down
Genocide Joe and Killer Kamala.” One protest is planned
for outside the Israeli consulate, and its poster reads:
“Make It Great, like ’68!”—a
reference to the violence outside that year’s Democratic
convention in Chicago.
The political risk for Democrats is that the protests become the overriding theme of
the week, swamping their
goal of projecting unity and
rolling out Ms. Harris. If the
disorder is great enough, Republicans may be able to reenergize some potent election
themes: that Democrats are
the party of disorder, soft on
crime, antipolice, tolerant of
antisemitism. The GOP is already reminding voters of Mr.
Walz’s sluggish reaction to
the Floyd chaos that left Minneapolis smoking.
What will be Ms. Harris’s
response to any chaos next
week? Equivocation won’t
look good. Yet in some ways,
the opportunity to break with
radicals and lay down moral
markers has already passed
them by. Ask Minouche
Shafik.
Write to kim@wsj.com.
‘The Most Unfindable Place in the Galaxy’
HOUSES OF
WORSHIP
Skellig
Michael,
By John J.
Ireland
Miller
Near the top
of the island,
the feeling
breezed through me: solitude.
It didn’t last long, as my wife,
daughter and son were nearby
but out of sight on our journey
to the ruins of a remote medieval monastery. For a moment,
though, it felt as if I were
standing alone at the edge of
the world.
Skellig Michael is a jagged
rock that rises from the ocean
about 8 miles off the coast of
County Kerry, in southwest
Ireland. Its 54 acres are mostly
steep and uninhabitable, except for the thousands of seabirds that roost here in the
spring and summer, when the
puffins are as plentiful as pigeons in a city park.
More than 1,000 years ago,
a handful of monks dared to
make this place their home.
Visiting today reminds modern
pilgrims of the lengths to
which people will go to find a
liminal space between earth
and God.
“Skellig” comes from an old
Gaelic word for crag—a rugged
cliff or rock—and “Michael”
refers to the archangel. The
name is a fitting description
for an island whose sharp
peaks and precipitous slopes
resemble a Gothic cathedral.
When the monks first arrived
is a matter of conjecture; they
left no written records. One
tradition credits the monastery’s founding to St. Finnian
(470-549). Other sources, as
well as archaeological evidence, suggest a human presence no later than the 800s.
In a feat of engineering, the
monks built a small terrace almost 600 feet above sea level
for their beehive-shaped shelters and oratories made of
stone. Reaching the monastery
requires climbing hundreds of
rough-hewn steps, which can
call to mind a stairway to
heaven.
The founders’ goal was isolation. In Christian devotion,
they renounced the comforts
of civilization and embraced
the rigors of asceticism. For
food, they fished, hunted birds
and cultivated gardens. With
few distractions, they would
have had plenty of time to
pray and fast.
Today we might say they
wanted to “get off the grid.”
That’s increasingly hard. On
our voyage from the village of
Portmagee, our ship’s captain
pointed to the spot where the
first trans-Atlantic telegraph
cable came ashore in 1858, a
reminder that technology ties
us together. At the monastery,
my cellphone showed a couple
of bars. The grid is everywhere
and always growing.
Many who trek here are secular tourists seeking to enjoy
the island’s raw beauty, avian
life and sense of adventure.
Others come because scenes
from “Star Wars” movies released in 2015 and 2017 were
filmed here. In one, Luke Skywalker utters a line the monks
would have appreciated. He
calls his location “the most unfindable place in the galaxy.”
Skellig Michael, a
medieval monastery,
amazes believers and
secular tourists alike.
Skelligs,” the poet Paddy
Bushe quotes the playwright
George Bernard Shaw, a religious skeptic who went to
Skellig Michael in 1910: “The
thing does not belong to any
world that you and I have lived
and worked in: it is part of our
dream world.”
Getting to the island is easier nowadays than it was for
the monks, who relied on curraghs with wooden frames and
leather hulls rather than boats
with motors and life jackets.
Yet it still poses challenges.
Fewer than 200 tourists on
any given day can disembark
on the island. They must buy
tickets months in advance and
hope for good weather. This is
no guarantee of a pleasure
cruise: On our hourlong return
to Portmagee, violent waves
splashed across the deck. The
captain had given us slickers
and warned us about what was
to come, and still we were
drenched.
The most hazardous part of
the trip, however, was moving
from the boat to the island, in
a cove where the waters were
only a little less rough than on
the open sea. We learned that
what it takes to make landfall
on Skellig Michael is the same
today as it was centuries ago:
a leap of faith.
Just as the Resistance found
Skywalker, the Vikings found
Skellig Michael: They raided
the monastery more than once.
Even without these attacks,
life on the island would have
been a constant battle to survive in a harsh environment.
What eventually caused the
monks to leave is a mystery,
though it may be connected to
climate change. They departed
by the 1400s, a time of regional cooling in the North Atlantic known as the “Little Ice
Age.”
With the monks gone, the
monastery became a place of
pilgrimage, a sacred destination for Christian travelers in
search of penance. Even nonMr. Miller is director of the
believers have revered it. In an Dow Journalism Program at
essay for “The Book of the Hillsdale College.
A Political Movement—Literally
By Matthew O. Skrod
M
illions of Americans
have relocated from
blue to red states
since 2020. As Californians
flee their state in record
numbers, often bound for Nevada, Arizona or Texas, the
slogan “Don’t California My
Texas” has become common.
It expresses the fear that
transplants will vote as they
did in their original liberal
enclaves, inflicting the same
damaging policies on the conservative areas to which
they’ve moved.
It’s unknown what partisan
effect, if any, America’s transplants will have on November’s election. But a left-wing
nonprofit called MoveIndigo is
trying to ensure that some
transplants bring their California-type politics with them.
MoveIndigo
encourages
Democratic flight to swing
districts with Republican congressmen, often in swing
states. Its goal is to “reset the
balance in our country” and
elect a more “representative”
government. That’s doublespeak, but the group has also
put it plainly: “It only takes a
few Democrats moving to crucial toss-up districts . . . to
take control of the House”—
even to have “a profound impact on the Presidential race.”
MoveIndigo gives detailed
A nonprofit urges
liberals to relocate to
swing districts or vote
from vacation homes.
recommendations on homeownership, advising where
liberals should move to influence politics and help defeat
Republicans. It functions like
a realty company, providing
an interactive online guide to
30 “wonderful toss-up districts” across the country and
their amenities. It also offers
“move consultation” calls and
conducts individualized research for clients.
The group’s material some-
times reads like a vacationhome advertisement. All 30
districts “maximize your impact as a voter” while affording “amazing lifestyles,” the
group promises. Wealthy liberals could purchase a second
home in a swing district and
attempt residence hopping:
registering to vote there while
continuing to live in their current home. They don’t even
have to leave the state.
The group makes this idea
explicit in its special attention
to New York state, which
fueled Republicans’ House majority in 2022. MoveIndigo’s
“New York Campaign” urges
wealthy New York Democrats,
including through mailed leaflets, to exploit the state’s lenient residency requirements
by registering to vote at their
second homes if they’re in
swing districts.
Politicians
regularly
switch districts to be more
easily elected elsewhere, as
Rep. Lauren Boebert (R.,
Colo.) did this year. Why, the
logic goes, shouldn’t activist
voters with the financial
means do the same?
This is a new variation on
an old theme. It recalls the
Vermont counterculture movement of the late 1960s through
early 1970s, in which thousands of young hippies, including Bernie Sanders, poured
into the Green Mountain State,
in many cases to experiment
in communal living.
Their presence transformed the state’s politics.
What had long been a Republican bastion—the birthplace
of conservative stalwart Calvin Coolidge and one of only
two states never to vote for
Franklin Delano Roosevelt—
became in a few decades one
of the most left-wing states
in the nation.
MoveIndigo wants to convert a wider spread of districts not with hippies but
with wealthy liberals. It’s a
calculated effort to rewrite
electoral math that, should it
catch on, will add a new dimension to partisan politics.
Mr. Skrod is a Robert L.
Bartley Fellow at the Journal.
BOOKSHELF | By Benjamin Shull
Is There a Better
Way to Travel?
The New Tourist: Waking Up
to the Power and Perils of Travel
By Paige McClanahan
Scribner, 288 pages, $30
T
he term “tourist trap” seems to have been coined by
Graham Greene in “The Lawless Roads,” a Mexican
travelogue published in 1939. Greene, a man who
knew his way around foreign locales, was referring to
cheap souvenirs, but the phrase would soon denote the sort
of crowded places that visitors flock to and locals avoid.
The world today is covered in tourist traps—and tourists. In Barcelona, thousands of residents recently took to
the streets to protest the number of visitors to the city, a
longstanding source of frustration for those who have
witnessed rude tourist behavior and seen housing prices
skyrocket, a development they attribute to the city’s
proliferation of short-term rentals on services like
Airbnb. Barcelona plans to ban short-term rentals by
2028. Yet tourism accounts for 15% of the city’s economy.
Crowded as La Rambla may
be, what would the alternative look like?
Travelers in the modern
age are constantly encountering such contradictions.
“Tourism shapes our world,”
Paige McClanahan writes in
“The New Tourist.” “It alters
our economies and cultures, as
well as our physical environments.” Tourism also “intensifies the commodification of our
cultures, even as it sometimes
helps to sustain them.” In this
thought-provoking book, Ms.
McClanahan, a journalist, surveys
travel trends while presenting insights gleaned from her
own travels and interviews with tourism-industry professionals around the world.
Ms. McClanahan recounts the rise of Lonely Planet, the
guidebook publisher that helped shape modern wanderlust.
The company was built by Tony and Maureen Wheeler, who
landed in Australia in 1972 after journeying from Britain
through continental Europe en route to India and Southeast
Asia. “They hadn’t set out to write a guidebook,” Ms. McClanahan observes, “but soon after they made it to Sydney,
they found there was a huge interest in the notes and anecdotes they’d gathered along their route.”
Their first title, “Across Asia on the Cheap,” seemed to
establish the template for a new kind of guidebook aimed
at travelers who didn’t want to rely on agents or packagetour companies and instead craved off-the-beaten-path
experiences. The Wheelers, Ms. McClanahan writes, “were
at the forefront of a small group of restless young adults
who would collectively help to open up whole swathes of
the planet to adventure-seeking, budget-minded Western
travelers.”
In 1996, the author writes, Lonely Planet published 216
titles in 11 languages. Since then, platforms like Tripadvisor, Expedia and Airbnb have made it possible to plan and
book a trip with a few taps on a smartphone. Social
media, meanwhile, gives us the ability to share updates
from our journeys in real time. And like-minded friends,
who see those updates, can start dreaming about their
own adventures.
No wonder places like Iceland contend with overtourism.
A 2015 Justin Bieber music video filmed in an Icelandic
canyon led to such an influx of visitors over the next few
years that it caused environmental damage and forced officials to close the area temporarily. Yet, as Ms. McClanahan
acknowledges, tourism had been a lifeline for Iceland in the
wake of the 2008 financial crisis and a 2010 volcanic eruption that shut down European air traffic.
Protestors blame tourism for making
cities unaffordable, but in many places, like
Barcelona, the economy depends on it.
The Icelandic króna had become severely devalued
against the dollar, making the island nation a very attractive place for American travelers. To spur growth, the Icelandic government sought to entice visitors by asking residents to create social-media content highlighting the
country’s wonders. The campaign was a great success and
helped pull Iceland out of recession.
To write “The New Tourist,” Ms. McClanahan traveled
not only to Iceland but to other destinations in Cambodia,
the Netherlands, India, France, Hawaii and elsewhere. In
2019, she notes, Hawaii saw “a record-breaking 10.4 million
tourists [come] to the state. The same year, resident sentiment toward tourism hit a new low, with only 58 percent of
respondents agreeing with the statement that tourism had
‘brought more benefits than problems.’ ” The author speaks
with a Native Hawaiian state land-use commissioner who
says that indigenous Hawaiians have been impoverished,
not helped, by the tourist economy.
Ms. McClanahan considers potential policy solutions that
could be implemented around the world: restricting shortterm rentals, building infrastructure to accommodate visitors better, crafting tourist activities that economically
benefit locals. But her chief suggestion is a change of heart.
At the outset of her book, she argues for a shift in the
traveler’s mindset, contrasting what she calls the “old”
tourist with the “new.” The old tourist “is a pure consumer
who sees the people and places he encounters when he
travels as nothing more than a means to some self-serving
end: an item crossed off a bucket list, a fun shot for his
Instagram grid.” The new tourist, on the other hand, is
“humbled by her travels,” “embraces the chance to encounter people whose backgrounds are very different from her
own,” and thinks through the effect that her travel decisions have on the places she visits.
Travel, despite its challenges, remains one of life’s most
enjoyable, fulfilling and educational activities, and plenty of
people are willing to put aside the time and funds for it. But
there’s the rub: We want travel to change us for the better
but not to change the world for the worse.
Mr. Shull is a books editor at the Journal.
Coming in BOOKS this weekend
The Eastern Front of World War I • Why the Pentagon
turned to Silicon Valley • Robert Louis Stevenson’s
American wife • 2-Tone Records and ska music • The
formidable Catherine de’ Medici • & much more
THE WALL STREET JOURNAL.
A14 | Friday, August 16, 2024
OPINION
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
The Real Biden-Harris Economic Record
A ‘Prisoner of Putin’ Writes From Captivity
K
amala Harris plans to roll out her ecoMagnifying market misallocations, the Adnomic priorities in a speech on Friday, ministration conditioned subsidies on busithough leaks to the press say not to ex- nesses advancing its priorities such as paying
pect much different than the
union-level wages and providlast four years. That’s bad
A government spending ing child care to workers. It
news because the Biden-Harris
boosted food stamps, exboom fueled inflation also
economic record has left most
panded eligibility for ObamaAmericans worse off than they
Care subsidies and waved
that has crushed real
were four years ago. The eviaway hundreds of billions of
average incomes.
dence is indisputable.
dollars in student debt. The
President Biden claims that
result: $5.8 trillion in deficits
he inherited the worst econduring Mr. Biden’s first three
omy since the Great Depression, but this isn’t years—about twice as much as during Donald
close to true. The economy in January 2021 was Trump’s—and the highest inflation in four defast recovering from the pandemic as vaccines cades.
rolled out and state lockdowns eased. GDP grew
Prices have increased by nearly 20% since
34.8% in the third quarter of 2020, 4.2% in the January 2021, compared to 7.8% during the
fourth, and 5.2% in the first quarter of 2021. By Trump Presidency. Inflation-adjusted average
the end of that first quarter, real GDP had re- weekly earnings are down 3.9% since Mr. Biden
turned to its pre-pandemic high. All Mr. Biden entered office, compared to an increase of 2.6%
had to do was let the recovery unfold.
during Mr. Trump’s first three years. (Real
i
i
i
wages increased much more in 2020, but partly
Instead, Democrats in March 2021 used owing to statistical artifacts.)
Covid relief as a pretext to pass $1.9 trillion in
Higher interest rates are finally bringing innew spending. This was more than double Ba- flation under control, which is allowing real
rack Obama’s 2009 spending bonanza. State wages to rise again. But the Federal Reserve
and local governments were the biggest benefi- had to raise rates higher than it otherwise
ciaries, receiving $350 billion in direct aid, would have to offset the monetary and fiscal
$122 billion for K-12 schools and $30 billion for gusher. The higher rates have pushed up mortmass transit. Insolvent union pension funds re- gage costs for new home buyers.
ceived a $86 billion
Three years of inConsumer Price Index, Jan. 2017-July 2024
rescue.
flation and higher inThe
rest
was 320 (1982-84=100)
terest
rates
are
mostly transfer pay- 310
stretching American
ments to individuals, 300
pocketbooks, espeincluding a five-month 290
cially for lower income
extension of enhanced 280
workers. Seriously deunemployment bene- 270
linquent auto loans
fits, a $3,600 fully re- 260
and credit cards are
fundable child tax 250
higher than any time
credit, $1,400 stimulus 240
since the immediate
2017 '18
'19
'20
'21
'22
'23
'24
payments per person,
aftermath of the
sweetened Affordable Change in Jobs, Jan. 2020-July 2024
2008-09 recession.
Care Act subsidies, an
Ms. Harris boasts
-1% 0 1 2 3 4 5 6 7 8 9
increased earned in- Health Care/Social
that the economy has
come tax credit in- Assistance
added nearly 16 milcluding for folks who Information
lion jobs during the Bididn’t work, housing Government
den Presidency—comsubsidies and so much
pared to about 6.4
Manufacturing
more.
million during Mr.
The handouts dis- Retail
Trump’s first three
couraged the unem- Accomodation
years. But most of
ployed from returning & Food Services
these “new” jobs are
to work and fueled Source: Bureau of Labor Statistics
backfilling losses from
consumer spending,
the pandemic lockwhich was already primed to surge owing to downs. The U.S. has fewer jobs than it was on
pent-up savings from the Covid lockdowns and track to add before the pandemic.
spending under Donald Trump. By mid-2021,
What’s more, all the Biden-Harris spending
Americans had $2.3 trillion in “excess savings” has yielded little economic bang for the taxrelative to pre-pandemic levels—equivalent to payer buck. Washington has borrowed more
roughly 12.5% of disposable income.
than $400,000 for every additional job added
So much money chasing too few goods under Mr. Biden compared to Mr. Trump’s first
fueled inflation, which was supercharged by three years. Most new jobs are concentrated in
the Federal Reserve’s accommodative policy. government, healthcare and social assisHistorically low mortgage rates drove up hous- tance—60% of new jobs in the last year.
ing prices. The White House blamed “corporate
Administrative agencies are also creating
greed” for inflation that peaked at 9.1% in June uncertainty by blitzing businesses with costly
2022, even as the spending party in Washing- regulations—for instance, expanding overtime
ton continued.
pay, restricting independent contractors, setIn November 2021, Congress passed a $1 tril- ting stricter emissions limits on power plants
lion bill full of green pork and more money for and factories, micro-managing broadband
states. Then came the $280 billion Chips Act buildout and requiring CO2 emissions calculaand Mr. Biden’s Green New Deal—aka the Infla- tions in environmental reviews.
i
i
i
tion Reduction Act—which Goldman Sachs estiThe economy is still expanding, but business
mates will cost $1.2 trillion over a decade. Such
heaps of government spending have distorted investment has slowed. And although the affluent are doing relatively well because of buoyant
private investment.
While investment in new factories has asset prices, surveys show that most Amerigrown, spending on research and development cans feel financially insecure. Thus another poand new equipment has slowed. Overall private litical paradox of the Biden-Harris years: Sociofixed investment has grown at roughly half the economic disparities have increased.
Ms. Harris is promising the same economic
rate under Mr. Biden as it did under Mr. Trump.
Manufacturing output remains lower than be- policies with a shinier countenance. Don’t expect better results.
fore the pandemic.
Still Paying for Anti-Israel Campus Chaos
A
s colleges consider how to handle new a Catholic University law professor, says the inanti-Israel protests when students return junction will be felt far beyond UCLA. “Every pubin the fall, note that this spring’s bedlam lic institution in America,” he says, “is now on notice that allowing or assisting
is still being cleaned up. On
Columbia’s president this kind of mistreatment of
Tuesday students at the UniJews violates the Constitution.”
versity of California, Los Angeresigns, as UCLA is hit It’s
the first court ruling
les, won an injunction after suwith a court injunction. against a university with regard
ing over what they called a
to the encampments, but it
campus “Jew Exclusion Zone.”
might not be the last.
A day later Columbia UniverThen on Wednesday evening Ms. Shafik ansity President Minouche Shafik quit.
The order by federal Judge Mark Scarsi is nounced she would step down, effective immewithering. “Jewish students were excluded from diately, saying in a letter that after “a period of
portions of the UCLA campus because they re- turmoil,” she’d decided that moving on “would
fused to denounce their faith,” he writes. “This best enable Columbia to traverse the challenges
fact is so unimaginable and so abhorrent to our ahead.” Ms. Shafik presided over one of the bigconstitutional guarantee of religious freedom gest university derelictions this spring, waiting
that it bears repeating.” UCLA doesn’t dispute until agitators seized Hamilton Hall before fithis, he adds. Instead, the school argues it has nally calling in New York police.
Too little, too late. Ms. Shafik’s mistake was
no responsibility “because the exclusion was
to coddle radicals who fomented disorder and
engineered by third-party protesters.”
But under the constitution, the judge ruled, crossed the line between free speech and anti“UCLA may not allow services to some students semitic intimidation. Students who chanted “Ziwhen UCLA knows that other students are ex- onist” at Jewish classmates were tolerated and
cluded on religious grounds.” In other words, even emboldened by faculty who agree with efthe university must ensure that Jewish students forts to “recontextualize” the Oct. 7 Hamas
have equal access to facilities, such as the li- massacre as Palestinian “resistance.” This summer three Columbia deans resigned after a text
brary, or it must close them to all.
That means UCLA can’t cede its campus to thread in which they mocked panelists discussprotesters who set up barricades and check- ing campus antisemitism.
The deans and Ms. Shafik are gone now, but
points. “At these checkpoints, students were
frequently asked if they were a ‘Zionist,’” said others like them will return to campus. Columthe lawsuit filed in June by three Jewish UCLA bia professor Joseph Massad wrote last year
students, who are represented by the nonprofit that Oct. 7 involved a “stunning victory of the
Becket Fund religious-liberty law firm. “Others Palestinian resistance over the Israeli military.”
were denied passage simply for wearing a Star Applicants to replace Ms. Shafik should be
asked what they think the university ought to
of David necklace.”
Mark Rienzi, the Becket Fund’s president and do about that.
I learned of the recent historic
prisoner swap between Russia and
the West from the confines of my cell
in Tbilisi. It filled me with joy to
know that my friend Vladimir KaraMurza, a British citizen, was among
those released. Which is not to say
there wasn’t a bittersweet quality to
it all (“Evan Gershkovich and the
Hostage Takers,” Review & Outlook,
Aug. 2).
Resisting Russian influence, as we
know, is more often than not a perilous endeavor. My pen pal, Alexei Navalny, will have no homecoming parade, no tearful reunion with his
family. For he did not live long
enough to see the day.
I, too, have been on the receiving
end of Russian reprisals, sentenced to
six years in prison on fabricated
charges, with further trials looming
that threaten me with an additional
11 years of incarceration. Like Mr.
Kara-Murza, I have been poisoned by
my captors and will likely endure
symptoms for the rest of my life.
Ukraine’s Volodymyr Zelensky is
among those working toward my release. But there are others working
just as hard to prevent it. Georgia’s
2003 Rose Revolution had many admirers, but it also had its enemies.
Our subsequent government implemented the most remarkable economic and anticorruption reforms in
the post-Soviet era. The achievement
captivated the imaginations of millions world-wide and inspired the
color revolutions witnessed later in
Ukraine and Kyrgyzstan.
Russia despised our successes.
Vladimir Putin’s initial invasion of
Georgia in 2008 aimed to dismantle
our government. When that failed, he
threw his substantial support behind
a pro-Russian oligarch, Bidzina Ivanishvili, who today controls the levers
of Georgia’s government from the
shadows.
Mr. Ivanishvili’s determination to
snuff out democracy and suppress the
will of the people sparked a wave of
protests in the spring that quickly became global news. He is on record
saying that I am an instrument of
Western interests. For that reason, I
remain behind bars, described by Amnesty International as a victim of a
“political vendetta” while the Council
of Europe refers to me as a “prisoner
of Putin.”
New parliamentary elections are
set for October. The opposition coalition, led by the United National
Movement party that I once led,
holds a significant lead in the polls
over Mr. Ivanishvili’s Georgian Dream
party. Polls also indicate that a considerable majority of Georgians support my freedom.
The Aug. 1 prisoner swap revived
my hopes that someday it will be my
turn to taste freedom. I live in hope,
for without it I have nothing.
MIKHEIL SAAKASHVILI
Tbilisi, Georgia
Mr. Saakashvili was president of
Georgia, 2004-13, and governor of
Ukraine’s Odesa Oblast, 2015-16. He
has been imprisoned in Georgia since
2021.
Is Disparaging Service What We Do Now?
I was pleased to see Marine Lt.
Col. Paul Steketee (Ret.) lend an informed military opinion to the issue
of Sen. J.D. Vance’s Marine Corps service in Iraq (“Moulton, Vance and
‘Marine Values,’” op-ed, Aug. 12). I
can only assume that Rep. Seth
Moulton’s airy dismissal of Mr.
Vance’s service based on his specialty,
combat correspondent, was due to
base political instincts. They seem to
have overtaken his military values.
Having served as a Marine in the
Iraq war, Mr. Moulton should know
that even those who “didn’t do much
fighting”—his words—died via roadside bombs, ambushes, helicopter and
vehicle crashes and myriad other
dangers of warfare. Americans fight
and win as a team.
Mr. Moulton’s attitude is a puzzling disservice to those, like him and
Mr. Vance, who stayed on the team,
who served when and where they
were most needed, who answered our
country’s call and went to war.
COL. JACK LICHTENSTEIN, USA (RET.)
Alexandria, Va.
Mr. Steketee is quick to jump to
the defense of Mr. Vance’s Marine
service but devotes only one sentence
to the far more egregious attacks on
the 24-year Army National Guard service of Gov. Tim Walz. Mr. Walz has
been attacked by Mr. Vance, who has
the audacity to stretch the term “stolen valor” to include Mr. Walz’s retirement from the Guard months before his unit deployed to Iraq.
No one who served honorably in
defense of this nation should have his
service disparaged, least of all someone who did so for 24 years.
WILLIAM CIESLA
Northport, N.Y.
Could Josh Shapiro Be a Republican Veep?
In “Echoes of Casey in Josh Shapiro’s Shunning” (Houses of Worship,
Aug. 9), Matthew Schmitz writes that
Pennsylvania Gov. Bob Casey Sr. was
too Catholic and pro-life for the Democrats of 1992. In 2024 Democrats
find Pennsylvania Gov. Josh Shapiro
too Jewish and too pro-Israel.
This isn’t surprising. As Pew Research points out, the Democratic
Party has increasingly become a
home for atheists, agnostics and people who don’t affiliate with any reli-
Hidden Costs of Healthcare,
Insurance vs. Government
Dwight Oxley’s letter (Aug. 14)
challenges the claim that “80% of
Americans rated their employer
health insurance excellent or good.”
He suggests that employees may not
realize that an average $23,968 a
year is deducted from paychecks for
family coverage. Possibly, but the average annual cost of Medicare per
beneficiary in 2022 (the latest data)
was $15,727. For a retired couple,
that’s $31,454 a year, or 30% more
than private coverage for a whole
family. Maybe those satisfied employees understand the relative costs.
PETER COFFEY
Madison, Conn.
With employer-provided insurance,
at least the precise cost shows on every pay stub. With single-payer, good
luck seeing what you pay as your
taxes wind through the system.
FRED REINHART
Plymouth, Mich.
A National Enjoyment Czar
The Kamala Harris-Tim Walz campaign understands “joy” (Notable &
Quotable, Aug. 13). Watching the way
they both dance convinces me to
trust them with joy. What I don’t
trust them with is global stability, national security, the economy, my tax
dollars, the border and parental
rights. Other than that, we’re cool.
PATRICK J. HERRERO
Marin Country, Calif.
Letters intended for publication should
be emailed to wsj.ltrs@wsj.com. Please
include your city, state and telephone
number. All letters are subject to
editing, and unpublished letters cannot
be acknowledged.
gious faith. Religious believers, meanwhile, have increasingly migrated to
the Republican Party.
For this reason, Mr. Shapiro’s political future lies with the GOP. A future Republican presidential nominee
could well select Mr. Shapiro as her
vice-presidential nominee. John McCain reportedly wanted to pick another observant Jew, Sen. Joe Lieberman (D., Conn.), as his vicepresidential nominee in 2008. In 1976
Ronald Reagan selected another maverick Pennsylvanian, liberal Republican Sen. Richard Schweiker, as his
vice-presidential nominee.
The Republican Party may not be
a perfect fit for Mr. Shapiro. But it
may become a much better fit than
the Democratic Party, which has
grown increasingly hostile to observant Jews, traditional Catholics, religious Christians and other people of
faith.
JOHN R. GUARDIANO
Arlington, Va.
You Get What You Vote for
I read with interest the letters on
Chicago citizens’ concern about
crime (Aug. 12). But for whom did
they vote—over and over and over
again? For whom will they vote next
time? There’s an old saying about the
definition of insanity, but I’m sure
you’ve heard it, so I’ll rest my case
right here.
TOM SNELLING
Bonita Springs, Fla.
Pepper ...
And Salt
THE WALL STREET JOURNAL
“Jenkins, you nailed the dismount . . .
but not the report.”
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | A15
OPINION
By Joshua C. Robertson
T
he days when black voters
were subjected to racist “literacy tests” before casting a
vote—like being quizzed on arcane
state history or required to guess
the number of marbles in a glass
jar—are, thankfully, gone. Yet we
now encounter new disenfranchisement in the form of politicians
who expect our support but deny
our overwhelming desire for education freedom for our children.
Black voters have repeatedly expressed support for school choice,
with nearly 80% endorsing policies
like education savings accounts
and vouchers, according to Morning Consult. Polling by RealClear
Opinion Research also shows that
black voters support school choice
more than any other race. Clearly,
our communities want our children to have the same opportunities as others, regardless of race,
geography or socioeconomic status. We need courageous leadership that will equip our students
to thrive.
If Donald Trump and
Kamala Harris want our
votes, let them prove they
respect our values.
Kamala Harris and her running
mate, Tim Walz, are widely courting black voters. They hear, firsthand, from the same people we as
pastors and community leaders
hear from. But do they listen to
these constituents when it comes
to education freedom?
The answer has been a resounding no. The Minnesota governor
has refused opportunities to work
with the Legislature to pass education savings accounts or vouchers.
He said in his defense: “We are
not going to defund our public
schools.” This is a gross misinterpretation of ESAs and vouchers.
Black families don’t want to harm
our public schools financially. We
want properly funded public
schools and education freedom at
the same time. It’s possible if our
leaders don’t play politics.
Mr. Walz said in Philadelphia
last week that Ms. Harris wants
“education to be that ticket to the
middle class.” But she’s never indicated any support for school
choice in any of her previous roles.
Voters of both parties have
spoken in favor of school choice.
Why aren’t the leaders who want
our support listening? This presidential election is tremendously
important to black Americans. We
need to elect leaders who have
the compassion, as well as the
courage, to enact the wishes of
the people. We need to elect leaders who give our votes meaning
by hearing our voices and respecting our values. We need to
force political leaders to earn our
votes. Without backing school
choice, how are we going to accomplish the great American task
of equality?
We want our tax dollars to work
for us, not for the systems that
surround us. School-choice laws
create the opportunity for communities of color to start, sustain,
and scale educational opportunities for our children.
If Donald Trump and Kamala
Harris want our votes, let them
prove they hear our voices, respect
our values, and are determined to
secure our future. Are we respecting the legacy of those who fought
for our civil rights if we put up
with lawmakers who receive our
votes but refuse to guarantee our
children the educational freedom
they need to rise and thrive?
Mr. Robertson is senior pastor
of the Rock Church in Harrisburg,
Pa., and founder and CEO of Black
Pastors United for Education.
Trump’s Reaganite ‘Iron Dome’ Idea
By Shay Khatiri
D
onald Trump told Elon
Musk this week that he’d
like to build an Iron
Dome for the U.S. “We
need it,” Mr. Trump said,
“because it just takes one maniac to
start something.” That system, used
by the Israel Defense Forces, is designed to intercept short-range
rockets. America doesn’t face the
same threats as the Jewish state,
but the proposal could help address
a related issue: The U.S. needs to
build its nuclear missile defense.
Our present strategy was born
decades ago. In the early years of
the Cold War the U.S. faced a choice
between pursuing missile defense
and nuclear deterrence. Policymakers chose the latter, and the strategy held that a large enough arsenal
would defer any adversary from
striking first.
The approach is known as the
second-strike strategy or, as historian Keith Payne has called it, “the
great American gamble.” The theory
assumes that our foes won’t misjudge or misunderstand us. It has
worked—but sometimes precariously. In 1983, Soviet officer Stanislav Petrov’s judgment alone helped
prevent nuclear escalation. When
Oko, the Soviets’ early-warning detection system, identified what appeared to be five incoming American missiles, Petrov judged that
such a small strike was illogical and
likely a false alarm. He was correct.
A man of poorer judgment might
have immediately reported the alert
to his superiors, who would have
had only minutes to decide whether
to retaliate.
Deterring an attack relies on an
adversary’s lack of confidence in
victory as well as its concern for civilians. Yet not all foes judge human
life the same. America’s chief adversary today is the People’s Republic
of China. Its founder, Mao Zedong,
said that if half of the world perished in nuclear war, “it would not
be that bad”: “The other half will
Israel’s Iron Dome intercepts rockets launched from Gaza, Oct. 9, 2023.
still remain, but imperialism will be
destroyed completely, and there will
just be socialism in the entire
world.”
Our second-strike strategy faces
other challenges too. The U.S. no
longer contends with only one adversary. It must deter two nucleararmed powers: Russia and China.
The world has also assumed a dif-
Relying on the threat of a
second strike makes even
less sense today than it did
during the Cold War.
ferent character. The Cold War began immediately after World War
II and featured two war-weary superpowers uninterested in more
fighting. The Soviet Union and the
U.S. each believed the contradictions in its counterpart’s system
would cause its eventual collapse,
leading Washington and Moscow to
adopt a policy of containment.
Both sides were unlikely to initiate
conflict, which kept the war cold.
Today Russia and China have both
abandoned containment and are
more aggressive and accepting of
war.
Perhaps the status quo’s biggest
flaw, however, is moral. The government’s first duty is to protect its citizens. Our nuclear strategy, by contrast, leaves the American people
vulnerable to nuclear annihilation.
Ronald Reagan abhorred this
threat. In a visit to a North American Aerospace Defense Command
base in 1979, he asked the commander, Gen. James E. Hill, what
would happen if the Soviets
launched a missile against an American city. Hill replied that “by the
time the officials of the city could
be alerted that a nuclear bomb
would hit them, there would be only
10 or 15 minutes left.” “We couldn’t
stop it,” Hill added. Reagan took issue that the nation was so helpless.
“The only option a president would
have would be to press the button
or do nothing,” he confided in his
aide on the way back to California.
“They’re both bad.”
Reagan thus sought to fix the dynamic. In 1983 he introduced the
Strategic Defense Initiative, or SDI,
a system that would track and destroy nuclear missiles before they
reached their targets. The president
intended to replace the secondstrike strategy with a one that
made the protection of American
citizens its foremost objective. The
Soviets feared it would work, which
was integral to their eventually accepting defeat. Unfortunately, policymakers abandoned the program
not long after the Cold War had
ended.
The return of great-power politics requires us to revisit this policy.
Beijing is rapidly building its arsenal of intercontinental ballistic missiles, and Moscow has suspended
participation in the New Start
treaty, which sought to limit America’s and Russia’s nuclear arsenal.
SDI would serve the same function
today as it did decades ago: saving
American lives and Western civilization. This task is more essential
now that the U.S. faces two rivals.
Nuclear deterrence, we must remember, is mutual. During the Biden administration, the Russians
have successfully limited aid to
Ukraine by using nuclear blackmail.
As China increasingly menaces Taiwan, the U.S. will face a similar
challenge.
Pursuing a modern SDI by employing interceptors and sharing
such technology with allies and
partners would make the U.S. immune to continued blackmail by
Russia, China and, possibly, Iran.
Doing so would strengthen America’s hand to coerce these adversaries into submission and ultimately
call their bluffs.
America was lucky not to lose a
major city to a Soviet nuclear attack. There is no guarantee that
luck would hold today. Rather than
dismiss Mr. Trump’s proposal, we
should take it as an opportunity to
revisit the critical issue of nuclear
defense. He’d be doing the country,
and the world, a service by raising
it during the presidential race.
Mr. Khatiri is a vice president
and senior fellow of the Yorktown
Institute.
Interest Rate Cuts Are Coming but Won’t Do Much
Wall Street believes this week’s
consumer-price
inflation data all
but seal the deal
on a Federal RePOLITICAL serve interest-rate
ECONOMICS cut in September.
Huzzah. Now for
By Joseph C.
the awkward quesSternberg
tion: What will
such a cut actually
accomplish?
Quite a lot, if you take the financial press or the Wall Street pundit
class seriously. The chief argument
is that Fed Chairman Jerome Powell
raised interest rates dramatically to
tame inflation. Now inflation is
drifting down, but unemployment is
drifting up as borrowing costs weigh
on consumer spending and business
investment. Mr. Powell needs to cut
to forestall a recession.
The technical version of this argument concerns real interest rates.
The Fed, this line runs, has been
tightening financial conditions continuously even though it last raised
its short-term federal-funds rate in
July 2023. This is because as inflation slows (as it has, more or less,
since June 2022), the real rate of interest implied by a given nominal
rate increases. Not to cut now—
holding nominal rates steady as inflation falls, such that real rates increase—would be to tighten policy
as the economy is softening.
As concerns the Main Street
economy, this may be true but isn’t
necessarily relevant. American consumers appear to be paring back
their spending after the blowouts of
recent years. But this probably has
more to do with the spending down
of pandemic-era excess savings or
some deeper shift toward pessimism
that, with the exception of housing,
is unlikely to respond directly to
modest interest-rate cuts.
Growth in business investment
has been sporadic at best, but interest rates aren’t high by historical
standards. Ask yourself whether the
bigger barrier to investment today is
an interest rate around the average
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of the 1990s or the looming threat
of President Harris’s tax increases
and energy policies or President
Trump’s 10% across-the-board tariff.
The Fed’s concern is more likely
to be Wall Street—meaning the financial system broadly construed.
Here the effects of the anticipated
rate cuts will be more visible, especially in soaring asset values, although again the longer-term benefits may be vastly overstated.
This policy adjustment isn’t going
to address one of the big market
risks exposed by recent gyrations:
the medium-term repricing of global
risk in line with policy normalization everywhere. This complex and
messy rebalancing of portfolios is
proceeding already, despite the
widespread investor assumption that
Mr. Powell will deliver the three rate
cuts after all. Whether or not those
rate cuts arrive, we will still see a
lightning-fast unwinding of the yencarry trade, to cite one example of
many turbulent adjustments on their
way.
Nor will rate cuts fully fix lurking
financial risks to banks and to commercial real estate.
It would be nice to believe banks
will survive this tightening cycle
mostly unscathed, since the March
2023 implosion of Silicon Valley
Bank wasn’t repeated on a similar
scale elsewhere. Yet banks still carry
as assets on their balance sheets an
enormous pile of bonds (chiefly U.S.
Treasurys), which have lost value as
rates have increased. Banks accumulated those assets during a prolonged period when the benchmark
Wall Street seems hopeful
that Powell will secure a
soft landing, but the
tightening won’t end here.
10-year Treasury rate was around
2%. The rate is now around 3.8%,
and Mr. Powell isn’t likely to drag it
to its old lows.
The total unrealized losses on investment securities for U.S. banks
stood at $517 billion in the first
quarter, according to the Federal Deposit Insurance Corp. That’s down
from a peak of $690 billion two
years ago, but still almost four times
as large as the previous, pre-tightening-cycle high of $130 billion in
2020. Taking a broader look at bank
assets, including loans and other
items, even after impending rate
cuts U.S. banks may be sitting on
unrealized losses of $800 billion to
$1.2 trillion, Amit Seru of Stanford
University estimates.
One can say the same of commercial real estate, widely understood to
be the other potential financial
apocalypse. Some $323 billion in securitized commercial real-estate
loans mature between now and the
end of 2025, according to data provider Trepp, with 40% of that carrying an existing interest rate of 5% or
less. Nearly 50% of securitized loans
for office buildings carry an existing
rate below 5%. No matter what Mr.
Powell does this autumn, that debt
almost certainly will need to be refinanced at much higher rates.
None of this is to criticize either
Mr. Powell’s decision to hold shortterm rates steady for most of this
year or whatever choice he makes
about cutting them next month and
beyond. Rather, it’s an observation:
Wall Street is mistakenly hoping
that the tightening cycle will end
when the rate cuts begin.
In normal times this might be
true, but not when the Fed is reversing nearly 15 years of abnormal policies. That unwinding remains the
economic challenge of the day.
Higher Education’s Leadership Crisis
By Eric J. Gertler
W
ill the resignation of Columbia University President Minouche Shafik be a turning
point for higher education? Her tenure, as well as those of Penn’s Liz
Magill and Harvard’s Claudine Gay,
suggests that some of these elite universities are selecting the wrong people for the top job.
Some have shown promise in dealing with the immediate challenges.
Vanderbilt’s Daniel Diermeier and
Dartmouth’s Sian Beilock have been
proactive in understanding the need
to provide students with clear guidelines balancing the need for free
speech and safety.
But the job of a university president has dimensions that go far beyond dealing with this sort of crisis.
Most college presidents have résumés that stand out in the academic
world of scholarship, theory and ceremony. That background isn’t always
suited for a role that requires one to
juggle the competing interests of students, donors, alumni, faculty, trustees and community members.
Today’s universities are multibillion-dollar enterprises that are far
more complex than they were a generation ago. Harvard now charges incoming students $85,000 in tuition
and living expenses. It has more than
25,000 students and almost 20,000
employees, including some 2,500 faculty members. It operates more than
a dozen graduate schools, manages
an endowment of more than $50 billion, and has a large and growing
real-estate footprint in Cambridge,
Mass. It is making massive investments in world-class research facilities in emerging and complex scientific disciplines.
Columbia and New York University
are two of their city’s largest landowners. Many state schools are the
centers of regional development
hubs, and smaller schools, even community colleges, have become engines of growth in every state.
Columbia’s Minouche
Shafik is the latest Ivy
League resignation. Will
it prove a turning point?
Oversight of such complex organizations requires the skills akin to a
Fortune 1000 CEO. The academic
mission is crucial, but university
presidents spend much of their time
on nonacademic matters—fundraising, budget management, real-estate
development, hiring and firing, public-relations crises, managing boards,
and sensitive community relations—
for which they have had little previous experience.
While some provosts and deans
have the skills to excel as university
presidents, others don’t. Trustees
have a responsibility to expand the re-
cruiting pool for university presidents.
Successful CEOs have experience in
running a playbook for different situations and are “battle tested.” When
dealing with crisis, they can rely on
previous experiences that many current university leaders lack.
Trustees should also consider
leaders from the military, political
and nonprofit worlds. When Gen.
Dwight Eisenhower became president
of Columbia in 1948, he lacked the academic credentials of a typical university president. But he had the
foresight and skills to handle a university environment and its concomitant challenges.
More recently, former Indiana Gov.
Mitch Daniels reenergized Purdue University with innovative thinking and
confident leadership. Michael Crow,
an academic innovator, has taken advantage of his unconventional experience as an adviser to government
agencies and a designer of knowledge
enterprises to remake Arizona State
University. Shirley Jackson’s experience at Bell Labs and as a White
House adviser enhanced her tenure at
Rensselaer Polytechnic.
Trustees must recognize that their
roles are no longer simply titular,
broaden their search for leaders, and
be bold enough to make tough decisions when they realize they have selected the wrong person for the job.
Mr. Gertler is executive chairman and CEO of U.S. News & World
Report.
A16 | Friday, August 16, 2024
* ***
THE WALL STREET JOURNAL.
WORLD NEWS
China’s Economy Is Stuck in the Doldrums
Moves to address
housing woes, boost
consumer spending
haven’t taken hold
BY REBECCA FENG
HONG KONG—Chinese consumers showed flickers of life in
July, though slowing investment
growth and property-sector
woes continue to cloud the outlook for the world’s secondlargest economy.
A panoply of official data
released Thursday showed
China’s economy struggling to
pick up momentum, despite
broad measures laid out by top
officials last month in a bid to
head off a worsening economic
picture. Beijing’s moves included more aggressive steps
to boost household income
and consumer spending.
Data released by China’s
National Bureau of Statistics
showed fixed-asset investment
expanded 3.6% in the Januaryto-July period when compared
with the year-earlier period,
slowing from the 3.9% rise seen
in the first half of 2024. Property investment fell 10.2% on
year over the same stretch.
One bright spot was consumption. Retail sales, a key
metric of consumer spending,
rose 2.7% in July from a year
earlier, topping economists’
estimates and improving on
June’s 2% year-over-year increase, the data showed.
“The effect of China’s proinvestment policies is fading,
but that of pro-consumption
policies is rising gradually,”
said Bruce Pang, a China econ-
omist at Jones Lang LaSalle.
He said he would be watching
to see if the acceleration in retail sales growth can offset
declines in investment growth.
Others were less sanguine,
noting the increase in consumers’ willingness to spend on
dining out and
entertainment,
while pulling
back on biggerticket
items
such as cars and
jewelry.
“Households
appear to be
cutting back on discretionary
consumption, and a general
environment of cost-cutting is
likely impacting spending decisions,” said Lynn Song, chief
China economist at ING.
However, the persistent
pain point of China’s economy—its ailing property sector—remains a concern. Home
prices are falling at an accelerating rate. Fresh data on
Thursday
showed newhome prices in
70 major cities
falling 5.3% in
July compared
with a year earlier—faster
than the 4.9%
decline in June.
The price slump
eased slightly
when measured
on a month-over-month basis.
New-home sales by value
kept plunging, dropping 25.9%
in July from a year earlier, recovering marginally from June.
Haibin Zhu, chief China
One bright
spot: Retail
sales rose 2.7%
in July from a
year earlier.
economist at J.P. Morgan, said
he doesn’t expect the decline
in property investment to bottom out until 2026.
As a result, he said, his team
has lowered its forecast for
China’s gross domestic product
this year to 4.7%, from an earlier estimate of 5.2%, after seeing disappointing numbers for
June. Other investment banks,
including Goldman Sachs and
Barclays, have made similar
downgrades.
China’s leadership said in
March that it is targeting an official growth rate this year of
about 5%. In recent months,
they have taken steps to clear
out the country’s housing backlog, which remains elevated in
the millions of completed but
unsold units, and which many
economists regard as a key obstacle to economic recovery.
In May, authorities announced a rescue package that
included a so-called relending
program under the auspices of
the central bank that will provide up to $42 billion in funding to Chinese banks to lend
to state-owned firms, which
would then buy finished but
unsold units and persuade
wary prospective home buyers
to re-enter the market.
But by the end of June,
only 4% of that quota had
been used. Economists say
that banks lack incentive to
tap the funding and lend to
the state-owned companies.
Beijing, meanwhile, has signaled little appetite for a bazooka-style fiscal stimulus to
energize the economy.
 Heard on the Street: Weak
demand hits e-commerce B10
Security on Alert Ahead of Swift’s London Concerts
LONDON—Security officials
ramped up preparations ahead
of Taylor Swift’s five-night
run at Wembley Stadium
starting Thursday, with a ban
on fans outside the venue and
a heightened threat level following the foiled terror plot in
Vienna last week.
Increased security measures at the 90,000-capacity
venue were being readied after authorities in Austria arrested three teenage suspects
over plans to drive a bombfilled car into crowds outside
the Ernst Happel Stadium. The
plot forced the cancellation of
three Swift shows scheduled
at the venue.
“A foiled terrorist plot absolutely heightens the threat
and the risk of something happening,” said Noah Price, a director at G4S, the company responsible
for
delivering
security for the London 2012
Olympic Games. As a result,
organizers are re-evaluating
security protocol and procedures, he said.
Wembley had a more visible security presence as the
gates opened for the latest leg
of Swift’s global “Eras Tour.”
JUSTIN TALLIS/AFP/GETTY IMAGES
BY GARETH VIPERS
AND PRIYA BHARADIA
Security guards line the steps outside Wembley Stadium as Taylor Swift fans arrive for show.
Police and ticket officers patrolled the perimeter as
throngs of fans covered in sequins and rhinestones traded
friendship bracelets. Private
security guards were stationed around the stadium.
A challenge for officials involves the thousands of Swift
fans who travel to her shows
without tickets, to celebrate
outside venues, sing and ex-
change gifts, known as “Taygating.”
“Tay-gating adds a whole
new dynamic, so they’re having to extend their security
perimeter beyond the stadium,” Price said.
Wembley told Swifties not
to travel to the stadium without a ticket, warning that fans
weren’t allowed to stand or
gather outside the venue.
The increased security
didn’t deter Jessica Johns
from making the journey from
Nevada for Friday’s show.
“We’ve been planning this
for so long, there was nothing
stopping us,” said Johns, a 37year-old bartender from Las
Vegas. “They’re clearly beefing up security after Vienna,
so it will be fine,” she said.
Swift, who played three
WORLD WATCH
VIRGINIA MAYO/ASSOCIATED PRESS
SOUTH AFRICA
INDIA
THAILAND
Opposition Mocks Charges Dropped
Unrest Follows
Election-Rerun Idea Against 95 Libyans Med-School Killing
Thaksin’s Daughter
To Be Nominated
Venezuelan opposition
leader María Corina Machado
on Thursday rejected a proposal from Brazilian President Luiz Inácio Lula da Silva
that Venezuela hold a new
presidential election following
last month’s contested result.
Lula had said he doesn’t
recognize Nicolás Maduro as
the winner of that election,
and that Maduro could call for
a new vote “if he has good
sense.”
Lula said Maduro still owes
an explanation to the world.
During a virtual news conference, Machado said redoing the election would be “an
insult” to the people. If Maduro didn’t like a second election’s results, she asked, “Do
we go for a third one?”
—Associated Press
Paetongtarn Shinawatra,
the daughter of former Thai
Prime Minister Thaksin Shinawatra, will be nominated
as prime minister, her party
and its coalition partners said
Thursday. Leaders of the 11
party-coalition led by Paetongtarn’s populist Pheu Thai
Party declared their support.
If Paetongtarn is approved
in Parliament’s vote, scheduled for Friday, she will become Thailand’s second female prime minister and the
third from the Shinawatra
family, after her father and
her aunt Yingluck Shinawatra.
Former Prime Minister
Srettha Thavisin was ousted
by court order over an ethical
violation Wednesday, after
less than a year in office.
—Associated Press
South African prosecutors
withdrew immigration-related
charges against 95 Libyan
nationals arrested last month
at what police called an illegal military training camp, officials said Thursday.
Police had said the men—
in the country on study visas—were receiving military
training at the camp, where
firearms and ammunition
were found during a raid. In
court, the men said they
were receiving security training from a private company.
Prosecutors brought
charges relating to breaching
immigration laws but there
was insufficient evidence to
prosecute, said the National
Prosecuting Authority. The
men will be deported.
—Associated Press
Scores of people went on
a rampage at a Kolkata medical school, attacking vehicles
and ransacking patient
wards, police said Thursday.
The unrest began when police said a 31-year-old trainee
doctor there was found raped
and killed Friday. A police volunteer was arrested in connection with the crime, and
police handed the case to
federal investigators following a court order.
Media reports said several
officers were injured and tear
gas was fired in the Wednesday night clash.
Government hospitals in
several cities suspended
medical services except for
emergency departments as
protesters demanded justice.
—Associated Press
but that she still plans to go
to the Tuesday show. “I feel
like if it wasn’t safe, it
wouldn’t go ahead,” she said.
She has, however, canceled
plans to sit outside Wembley
the night before to listen to the
music from the stadium. “I
don’t want to make it more
difficult for security,” she said.
John Meadows and his 16year-old daughter, Ruby, who
traveled down from Stratfordupon-Avon Wednesday, were
worried Swift might cancel
the London shows.
“It was probably 48 hours
of panic, of ‘Oh my God, we’re
not going to see it,’ ” Meadows said. “But we’re pretty
confident about security.”
London’s Metropolitan Police moved to assure fans that
the Swift concerts would be
safe. “London plays host to a
significant number of very
high-profile events each year
with millions of visitors having a safe and enjoyable experience,” a spokesperson said.
Watch a Video
Scan for a video
on the security
for Taylor
Swift’s London
concerts.
U.K. Growth Increases
Hopes for Soft Landing
CARPET WEAVERS: Volunteers arranged Belgian-grown begonias to create an art nouveau design in Brussels on Thursday.
VENEZUELA
sold-out shows at Wembley in
June, didn’t comment on the
Vienna plot but has in the past
talked about her fears of an attack at one of her concerts.
“I was completely terrified
to go on tour,” she said in a
2019 Elle magazine article,
referencing two 2017 incidents: the bombing at an Ariana Grande concert that killed
22 people in Manchester,
northern England, and the
shooting at a Las Vegas music
festival where dozens died.
Security discussions usually
involve the artist because they
want to safeguard their brand
and avoid liabilities, said Don
Erickson, chief executive of
the U.S.-based Security Industry Association.
“They’re not in the dark,”
Erickson said. “They may not
have all the threat intelligence
but are going to understand
what security protocols look
like on site.”
The Manchester bombing,
which Islamic State claimed
responsibility for, resulted in a
sea change for large-scale
events in the U.K., with counterterrorism advice now
sought as a matter of course.
Ella Percy, a 21-year-old
from Manchester, said the
foiled Vienna attack was scary
BY ED FRANKL
U.K. GDP, change from
previous quarter
The U.K. economy expanded
more than expected in the
first half, putting it on course
for a soft landing—and helping a new government seeking
to end a long period of meager
growth.
Gross domestic product in
the three months through
June was up 0.6% from the
previous quarter, the Office
for National Statistics reported Thursday. Though
slower than the first quarter’s
0.7%, it still means first-half
growth was faster than most
economists—including at the
Bank of England—expected at
the start of the year.
The British economy is still
running behind the U.S., which
delivered annualized 2.8%
growth, compared with the
U.K.’s 2.3%. But it outpaced
the eurozone, which grew by
0.3% on a quarterly basis.
Household consumption
drove the U.K. expansion,
helped by a buoyant services
sector and rising wages,
alongside inflation that in May
and June slowed to the Bank
of England’s 2% target.
“A second successive quarter of above-trend growth suggests the U.K. economy has finally shaken off its slumber of
recent years,” said Ben Jones,
lead economist at the Confederation of British Industry.
Still, industrial production
contracted in the quarter.
The global economy has offered a mixed midyear picture.
While the U.S. accelerated and
Japan returned to growth in
April-June, European growth
was steady and China slowed
sharply. Business surveys suggest global growth cooled as the
third quarter got under way.
The government of recently
elected Prime Minister Keir
Starmer has vowed to revive
the British economy, which
has grown slowly since the
2008 global financial crisis.
But it inherited high levels of
0.8%
2Q 2024
+0.6%
0.6
0.4
0.2
0
–0.2
–0.4
2022
'23
'24
Source: Office for National Statistics
debt, much of it accumulated
during the Covid-19 pandemic
and during the surge in energy prices that followed Russia’s invasion of Ukraine.
“The new government is
under no illusion as to the
scale of the challenge we have
inherited after more than a
decade of low economic
growth,” Treasury chief Rachel Reeves said Thursday.
But earlier this month, the
BOE raised its 2024 growth
forecast to 1.25% from 0.5%,
having already raised it from
0.25%. Inflation has continued
to cool, putting the BOE on
course to loosen monetary policy again later this year, after it
cut its key policy rate this
month for the first time since
2020. That should help private
consumption and the investment climate, although centralbank policymakers have been
wary of suggesting cuts are inevitable.
That mix of stronger
growth, cooling inflation and
a still-strong jobs market suggests the U.K. is on a path toward a soft landing from the
inflation surge that rocked
households in 2022 and 2023.
Typically, taming such a jump
in prices involves a large fall
in output and a rise in unemployment—a hard landing.
BUSINESS & FINANCE
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Bronfman Weighs Paramount Bid
Possible offer could
come ahead of the
end of a ‘go-shop
period’ on Aug. 21
BY LAUREN THOMAS
AND JESSICA TOONKEL
Media executive Edgar
Bronfman Jr. is preparing a
bid for Paramount Global and
National Amusements, Shari
Redstone’s family company
that controls the entertainment giant, in what would
mark the latest twist in one of
the messiest media mergers in
recent history.
Bronfman, who formerly
ran Warner Music and liquor
giant Seagram, has held discussions to team up with a
number of individuals and
companies to back his bid, according to people familiar
with the matter. They include
Fortress Investment Group,
streaming-device maker Roku
and Hollywood producer Steven Paul, who previously had
expressed interest in making a
bid for National Amusements.
A bid could be made in
coming days, the people said.
Discussions are continuing,
and it remains possible that
no formal bid comes out of the
effort.
Paramount’s shares closed
7.1% higher on Thursday.
If a bid is made, it would
come more than a month after
Redstone agreed to sell her
media empire to David Ellison’s Skydance Media, in a
complex deal that saw many
fits and turns.
That deal is subject to a
“go-shop period,” when other
potential buyers can make offers, which ends Aug. 21. And
if Paramount chooses to go
with another offer, it will owe
Skydance a breakup fee of
$400 million, according to a
securities filing.
Bronfman earlier this year
also expressed interest in buying National Amusements but
didn’t make a bid, joining a
remarkably long list of suitors
for the company.
Since Redstone began
speaking to Ellison late last
year about a possible deal, a
number of individuals and
companies including Warner
Bros. Discovery and IAC
Chairman Barry Diller have
expressed interest in buying
Paramount, which owns MTV,
Comedy Central, CBS and the
renowned movie studio. Buyout firm Apollo Global Management and Sony Pictures
submitted a joint bid for the
company.
Skydance had to revise its
offer to buy National Amusements and merge with Paramount after an initial bid
prompted a shareholder revolt
because it was seen by many
as a sweetheart deal for Redstone. Amid the back and forth
between the parties, Paramount parted ways with its
CEO Bob Bakish, who had
voiced concerns about the deal,
as well as four of its directors.
In June, when it looked like
a deal with Skydance was just
days away, Redstone abruptly
changed her mind, ending discussions to sell her stake. Yet
the parties kept talking, and
Skydance once again sweetened its deal for shareholders
and offered Redstone more
protection against shareholder
lawsuits—leading to a deal announcement early last month.
Please turn to page B4
Battery Rush Spurs Plan for U.S. Mega-Plant
BY AMRITH RAMKUMAR
A startup developing a
high-tech battery that is seen
as a potential game-changer
in the booming industry said
it would invest $1.4 billion to
build its first big plant in
North Carolina.
Natron Energy is one of
the few U.S. companies focusing on sodium, an abundant
mineral that can produce batteries that are cheaper and
safer than the lithium-based
batteries that power electric
vehicles.
Investors
have
poured roughly $300 million
into the company. Natron also
has gotten backing from
Washington.
Businesses have pledged
to build more than $100 billion in EV and battery factories in the U.S. in the two
years since a climate law
passed and introduced tax
credits for domestic manufacturing. Natron’s technology is seen as one way the
U.S. can build its own battery
industry and reduce dependence on China for batteries
and raw materials.
Subsidies and tariffs on
Chinese imports are part of a
global race to develop and
control next-generation technologies, critical to making
electric cars go farther and
charge faster. Better batteries
are also needed to store intermittent wind and solar power
and stabilize power grids.
Natron’s batteries are coveted because they use sodium
instead of lithium, which is
expensive to produce and notoriously volatile in price.
They also avoid troublesome
metals such as cobalt and rare
earths that pose supply-chain
and human-rights risks to big
battery users. The technology
is less fire-prone and can operate in colder climates, proponents say.
Natron’s factory in North
Carolina’s eastern Edgecombe
County follows an initial plant
in Michigan that began making batteries for customers in
April. The new facility will increase the company’s production capacity by about 40
times.
Natron, which counts Chevron and United Airlines
among its backers, hopes to
raise roughly $500 million
from the private sector in the
next six months to help get
the plant built. The company
has gotten funding from the
Energy Department since it
started and is in talks with the
agency about further support.
“We are sprinting to get a
second plant built as fast as
we can,” Colin Wessells, cochief executive of Natron, said
Please turn to page B4
A planned sodium-ion plant adds to a U.S. battery factory boom
but comes during tough times for many battery startups.
150 gigawatt hours
Projected annual
global supply of
sodium-ion batteries
125
$14 billion
U.S. battery manufacturing
investment, quarterly*
12
100
10
75
Inflation
Reduction Act
passed
50
25
8
6
0
2022
’24
’26
’28
4
’30
2
0
2018
’19
’20
’21
’22
’23
’24
Share-price performance of publicly traded battery startups over the past three years, weekly
100%
QuantumScape
Freyr
Battery
50
Amprius †
Solid Power
0
–50
–100
2022
’23
’24
2022
’23
’24
2022
’23
’24
2022
’23
’24
*Adjusted for inflation †Data start in September 2022
Sources: Benchmark Mineral Intelligence (global supply); Rhodium Group-MIT/CEEPR Clean Investment Monitor (investment); FactSet (performance)
New CEO
Brings a
Strong
Record to
Starbucks
BY HEATHER HADDON
Adding Doritos-flavored tacos to Taco Bell’s menu helped
put Brian Niccol on the map.
Transforming Chipotle Mexican Grill from a cautionary
food-safety tale into an inflation-proof burrito powerhouse
made him a bona fide restaurant-industry superstar.
And it has landed him one
of the biggest, and toughest,
jobs in the business: fixing
Starbucks.
Over the course of his
nearly three-decade career,
Niccol, 50 years old, has run
into challenges at every stop.
He persuaded consumers to
reconsider Pringles. He beat
back accusations that Taco
Bell used filler in its beef and
figured out a way to buttress
Chipotle’s food-supply chain
without losing customers
drawn to its fresh ingredients.
Niccol now moves to Starbucks as the company’s next
chief executive and chairman,
bringing a mix of creative
marketing and operational
acumen that colleagues say
sets him apart from C-suite
peers. He also has found ways
to work with the restaurant
industry’s famously outsize
personalities—a potential asset at Starbucks, where longtime
leader
Howard
Schultz keeps close tabs on
the brand he built.
Starbucks announced Niccol’s hire this week as the
world’s largest coffee chain
abruptly
parted
ways
with Laxman Narasimhan,
who had assumed the CEO
role about a year and a half
ago. Since then, Starbucks’s
challenges have grown deeper
and more complex, ranging
from baristas inundated with
complicated orders to criticism related to the IsraelHamas war. Some customers
say they can face long waits
Please turn to page B2
Alibaba’s Sales, Profit
Fall Short of Estimates
NATHAN LAINE/BLOOMBERG NEWS
BY TRACY QU
Demand for Deere’s farming equipment has plunged after years of generating record profits from robust sales.
Deere Slashes Jobs, Slows Production
To Navigate Farm-Economy Downturn
BY BOB TITA
Deere & Co., the world’s
largest tractor manufacturer,
is racing to shrink as it contends with a slowing farm
economy.
Demand for Deere’s tractors, crop harvesters and
other farming equipment has
plunged after years of generating record profits from robust sales. As a result, the
company has slowed activity
at assembly plants, laid off
more than 2,000 production
workers and trimmed hundreds of salaried employees.
Deere has reacted to past
downturns by trying to wring
revenue out of a softening
market with sales incentives
or equipment leases. But this
time around, the company is
aggressively shedding expenses and bracing for a hard
landing in a U.S. farm economy that had been buoyed in
recent years by high prices for
farm commodities and federal
payments to farmers.
“We are acting more
quickly,” Chief Executive John
May said during a Thursday
conference call with analysts.
“It’s all about taking out excess
costs and restructuring the
business. In the past, that might
have taken us two years to two
and a half years to react.”
Deere reported that its
profit fell 42% in the latest
quarter from the prior year to
$1.7 billion. Overall equipment
sales decreased by 20%. The
results were better than analysts expected and Deere
maintained its outlook on fullyear profit, helping send the
company’s shares up more
than 7% in regular trading.
The company has shed
about 15% of its hourly workforce since November. Deere’s
layoffs of salaried workers are
a departure from previous
downturns, when it had typically relied on voluntary resignations to reduce head count.
Some Deere employees said
the company sacrificed loyal
employees for short-term cost
reductions by aggressively cutting payrolls. Deere didn’t respond to requests for comment.
Deere’s global workforce
grew 24% from 2013 to 2023,
but its employment growth in
the U.S. and Canada was
roughly flat. It reported about
34,000 employees in the U.S.
and Canada as of Oct. 31.
The company bulked up
staffing starting around 2021
to expedite orders when shortages of parts and materials after the pandemic created long
wait times for equipment.
Deere employees said two or
three factory workers were assigned to some jobs that had
been handled by a single
worker before the pandemic.
Job cuts haven’t been the
only thing rattling some employees. The company has said
it plans to move production of
Please turn to page B2
Alibaba Group reported
weaker-than-expected profit
and revenue in the latest quarter, despite the e-commerce titan’s efforts to get growth back
on track amid fierce domestic
competition, a weakened Chinese economy and changing
consumer behaviors.
The Chinese company said
Thursday that net profit for the
three months ended June fell
29% from a year earlier to 24.27
billion yuan, equivalent to $3.40
billion. The result missed expectations of 28.175 billion yuan
in a FactSet poll of analysts.
The bottom line was hurt by
higher expenses for marketing,
product development and general and administrative costs,
as well as a jump in taxes. Alibaba said the higher marketing
expenses were mainly due to
increased investments in its ecommerce businesses.
First-quarter revenue rose
3.9% to 243.24 billion yuan but
undershot analysts’ estimates
of 246.36 billion yuan. Revenue
growth also slowed from the
6.6% expansion in the preceding
quarter. “Our focus on enhancing user experience by offering
quality products at attractive
prices with great service led to
stabilizing market share of [domestic e-commerce unit] Taobao and Tmall Group as we returned the business on the
growth trajectory,” Chief Executive Eddie Wu said.
The company has been grappling with sluggish growth as it
faces a cooling Chinese economy and rising competition
from the likes of PDD’s Pinduoduo e-commerce platform
and ByteDance’s short-video
app Douyin. Alibaba has shifted
its strategy to give priority to
long-term growth over substantial near-term profits to regain
its past market dominance.
Adjusted net profit, which
excludes the effects of sharebased compensation expenses,
Please turn to page B4
INSIDE
TECHNOLOGY
Boosted by AI,
Lenovo emerges from
a downturn to post
another profit rise. B4
HEARD ON
THE STREET
Walmart’s winning
streak defies the retail
environment. B10
B2 | Friday, August 16, 2024
BUSINESS & FINANCE
INDEX TO BUSINESSES
F
Alibaba...................................B1,B10
Fortress Investment.............B1
R
Ameriprise Financial...........B9
Fubo...................................................B4
Raymond James &
Associates................................B9
................................................................ B1
B
Procter & Gamble..................B2
H
HistoSonics..................................B3
Roku....................................................B1
S
Honeywell International...B3
Bavarian Nordic.......................B3
Skydance Media.......................B1
J
Bank of America....................B9
JD.com...................................B4,B10
BYD....................................................B4
L
ByteDance...........................B1,B10
Sony Pictures.............................B1
Starbucks................................B1,B2
Super Micro Computer...B10
Lenovo.............................................B4
C
TD Bank.........................................B9
Mars..................................................A2
Truist Financial........................B9
Carrier Global............................B3
Chevron............................................B1
Chipotle Mexican Grill B1,B2
T
M
Microsoft.......................................B4
U
Cisco Systems........................B10
N
United Airlines..........................B1
Citigroup.........................................B9
National Amusements.......B1
Universal Music.......................B4
Costco............................................B10
Natron Energy...........................B1
D
W
O
Walmart................................A1,B10
Deere..................................................B1
Orsted...............................................B3
Warner Bros. Discovery....B1
Dell Technologies................B10
P
Warner Music............................B1
E
Paramount Global..................B1
Y
Edward D. Jones.....................B9
PDD..........................................B4,B10
Yum Brands................................B2
INDEX TO PEOPLE
A
Fraleigh, CJ..................................B9
P
Ader, Jason...............................B10
G
Pang, Bruce...............................A16
B
Gates, Bill......................................B4
R
Bakish, Bob..................................B1
H
Rainey, John David................A1
Bergren, Scott...........................B2
Helman, Mitch..........................B2
Redstone, Shari........................B1
Blue, Mike.....................................B3
Hepp, Selma...............................A2
S
Boerner, Chris...........................A4
Herren, Scott...........................B10
Bronfman, Edgar Jr...............B1
L
Burgett, Mark............................B9
Burkhard, Jim............................A2
D
Diller, Barry..................................B1
Dulla, Mike...................................A2
E
Ellison, David..............................B1
Ellison, Larry..............................B4
F
Federico, Peter...........................A1
Schultz, Howard.......................B1
Song, Lynn.................................A16
LaVorgna, Joseph..................A4
W
M
Wessells, Colin...........................B1
May, John......................................B1
Wu, Eddie......................................B1
McMillon, Doug.....................B10
Moody, Richard........................A4
N
Narasimhan, Laxman...........B1
Niccol, Brian.........................B1,B2
X
Xu, Sandy......................................B4
Y
Yuanqing, Yang........................B4
Nipper, Mads..............................B3
Z
Novak, David..............................B2
Zhu, Haibin................................A16
Las Vegas Strip
Casino Accused of
Hosting Criminals
BY KATHERINE SAYRE
Executives at the Resorts
World casino on the Las Vegas
Strip have been accused of allowing illegal sports-betting
bookies and others with ties to
organized crime to gamble at
the property.
Investigators with the Nevada Gaming Control Board
said in a complaint filed
Thursday that Resorts World
executives ignored signs that
some of its high-rolling customers were gambling with
proceeds from illegal activities
in violation of anti-moneylaundering regulations.
The accusations coincide
with a federal investigation
into illegal sports-betting operations that recently ensnared baseball star Shohei
Ohtani’s longtime interpreter
Ippei Mizuhara.
The casino’s alleged practice of allowing gamblers who
had criminal ties to spend
money there created “the perception and/or reality that Resorts World is an avenue to
launder funds derived from illegal activity,” damaging the
reputation of the state’s gambling industry, investigators
said.
“We are committed to doing
business with the utmost integrity and in compliance with
Deere Cuts
Jobs and
Production
Continued from page B1
some models of compact construction machinery from
Iowa to Mexico.
Deere said the move isn’t
related to weakening market
conditions. The company
spent $2.5 billion on its U.S.
plants over the past 4½ years
and considers the U.S. its primary manufacturing location,
a Deere executive said in a recent interview with Farm
Journal. Some employees interpreted the decision as a
sign of the company’s waning
commitment to building machinery in America.
The slowdown in production comes amid expectations
that falling prices for corn,
soybeans and other farm commodities will reduce demand
applicable laws and industry
guidelines,” Resorts World Las
Vegas said Thursday. The company said it has been “actively
communicating” with the
Gaming Control Board to resolve the matter. The $4.3 billion casino is part of Malaysia’s Genting Berhad.
The complaint points to
Mathew Bowyer, an illegal
bookmaker who gambled away
more than $7.9 million at Resorts World between February
2022 and October 2023.
One of Bowyer’s clients was
Mizuhara. Prosecutors allege
that Mizuhara stole nearly $17
million from Ohtani to pay off
gambling debts. He agreed to
plead guilty in federal court to
bank fraud and subscribing to
a false tax return.
Resorts World hosts showered Bowyer with private jet
flights, gifts and promotional
chips to keep him spending at
the casino, despite knowledge
that he was involved in illegal
sports betting, according to
the complaint. The executives
failed to verify the source of
Bowyer’s funds, as required
under its own anti-money
laundering policies.
Bowyer has since pleaded
guilty in federal court to operating an illegal gambling business, money laundering and
filing a false tax return.
Niccol Has
A Strong
Record
Continued from page B1
for drinks that seem too expensive.
The company’s sales have
fallen, and its stock has, too.
Shares had declined nearly
20% this year until the news
of Niccol’s hire sent the stock
surging 25% on Tuesday. It
was the biggest single-day
percentage increase since
Starbucks’s stock made its
market debut in 1992.
“The challenges at Starbucks are not going to be new
to Brian,” said Scott Bergren,
a former Yum Brands executive who promoted Niccol to
become Pizza Hut’s marketing
chief in 2007.
Niccol, who Chipotle said
wasn’t available for comment,
has been Chipotle’s CEO for
more than six years and its
chairman since 2020. When
he joined, the board wanted a
turnaround leader to help fix
the brand’s sales and image
following food-safety problems that had sickened customers, drawn scrutiny from
public health officials and
sent the company’s stock
tumbling.
After taking over, Niccol
further tightened food-safety
procedures and ramped up
marketing to rectify brand
perceptions. When another
food-safety incident sickened
hundreds of customers early
in his term, Chipotle closed
the Ohio restaurant tied to
the outbreak and retrained its
workers nationwide in safehandling procedures.
Customers came back and
Chipotle’s sales grew, rising
to $9.9 billion in 2023 from
$4.9 billion in Niccol’s first
year as CEO, while net income
was roughly seven times as
high. Colleagues, other executives and analysts credited
him with speeding up service
and growing online ordering.
Niccol’s employment agreement enables him to work remotely instead of relocating
from his home in California to
Starbucks’s base in Seattle.
The company also agreed to
set up a remote office for him.
Starbucks said Thursday
that Niccol’s hybrid working
arrangement will have his primary office in its Seattle
headquarters, while he spends
time with employees and cus-
ROZETTE RAGO FOR WSJ
A
Brian Niccol is credited with engineering a turnaround at Chipotle before he joined Starbucks.
Total number of locations
Starbucks
Chipotle
40 thousand
30
20
10
0
FY2019 ’20
’21
’22
’23
Note: Starbucks's fiscal year ends in late
September or early October.
Source: the companies
tomers in its stores, facilities
and offices around the world.
Bigger stage
Niccol steps onto a much
bigger stage at Starbucks,
which operates in more than
80 countries, compared with
six for Chipotle. The coffee giant has more than 39,000 locations, 11 times what Chipotle runs, and Starbucks
plans to add thousands more
in the coming years. Starbucks
employs roughly 460,000 people around the world, and
once estimated it had 170,000-
plus ways its baristas could
customize beverages.
A native of Philadelphia who
grew up mowing lawns as a kid,
Niccol in 1995 landed a college
internship at Procter & Gamble
and later got hired there.
As an assistant brand manager for Scope mouthwash, he
was challenged to help find a
way to get consumers to use
Scope on the go, and the team
experimented with a gum-like
product that squirted the
mouthwash when chewed.
It freshened breath but left a
residue in the mouth, Niccol
said on a podcast released earlier this year with one of his
previous bosses, former Yum
CEO David Novak. Niccol took it
as an early lesson. “You can’t
just market past what the product experience is,” he said.
Rising through Taco Bell’s
ranks at Yum in the early
2010s, Niccol said he approached his work at the
brand as a turnaround, with
room to be more than a lowcost value option.
To get there, Niccol
launched the “Live Más” marketing campaign, which the
company continues to use, and
introduced the Doritos Locos
Tacos, which sold hundreds of
millions of crispy folded shells
in their first year.
Starbucks’s New CEO to Receive a Big Payday
The market certainly values incoming Starbucks
boss Brian Niccol highly—
and so does his new employer.
A filing late Wednesday
showed the coffee company
expects to award him a pay
package of more than $110
million, including at least
$98 million in equity
awards expected to vest, or
become fully the executive’s, over four years.
Some of Niccol’s compensation package is supposed to make up for compensation he is walking
away from at Chipotle,
such as a $10 million cash
award for signing on, paid
out during his first six
months or so, and a onetime stock award worth
for its equipment. The U.S. a glut in used equipment
government forecasts farm in- when farmers returned the
come will decline by about machines to dealers after the
25% this year from 2023. leases expired.
Higher interest rates are furSelling the used tractors and
ther diminishing farmers’ pur- combines now parked on dealers’ lots is likely to be more
chasing power.
Deere accounts for about challenging than in the past,
two-thirds of the high-horse- dealers and industry analysts
said. Newer mapower tractors
chines are often
sold annually in
more powerful
the U.S. and
and more exCanada. Higher
pensive than in
equipment dethe past. Deere
mand in the afother
termath of the Decline in the tractor and
equipment makpandemic fueled
manufacturer's
ers raised new
a sharp increase
in Deere’s an- quarterly profit from m a c h i n e r y
prices repeatnual
profits
a year earlier
edly in recent
from 2019 to
years to cover
2023 with revehigher producnue increasing
tion costs caused by inflation
by 56% during that time.
Putting less new equipment and supply-chain bottlenecks.
Farmers who typically
into the market helps Deere’s
dealers whittle elevated sup- bought used high-horsepower
plies of used gear. Deere at- tractors and combines during a
tempted to spur demand dur- downturn for $100,000 to
ing the last market slump by $200,000 are likely to find those
offering farmers short-term models now priced at $300,000
leases on new equipment, to $450,000, dealers said.
“We’ve got a lot of bigger
which ultimately exacerbated
42%
$75 million to $80 million in
early September, when the
securities are expected to
be granted.
Some of his compensation is standard for bigcompany CEOs: a salary of
$1.6 million a year, plus an
annual bonus of up to $7.2
million. Additionally, Niccol
will receive annual $23 million stock award, starting
next financial year.
Sixty percent of the
stock awards are tied to
Starbucks’s shareholder return relative to the S&P
500, and vest over three
years, while 40% are shares
he will receive in annual
tranches over four years if
he stays on the job.
Niccol’s sign-on equity
award is capped at $80 mil-
machinery that costs a lot
more,” said Mitch Helman,
sales manager for Sandhills
Global, a Nebraska data service
for used equipment markets.
An extended slump in equipment sales is likely to test
Deere’s strategy of offering
software subscriptions to improve the performance of older
equipment. Deere has been
rolling out technology for selfdriving tractors that can plow
fields without a driver and
sprayers that can distinguish
weeds from crops when applying herbicide. CEO May has
said he wants the company to
generate 10% of its annual revenue from software fees by the
end of the decade.
One hope for increasing
sales: a bumper corn crop and
record soybean harvest in the
Midwest this year. Dealers said
a big harvest will likely convince some farmers to invest in
equipment even if the harvest
holds down commodity prices.
“More bushels will help sell
equipment,” said Tom Sloan,
chairman of Illinois-based
Sloan Implement.
lion, and can’t fall below $75
million, even if performance
targets are missed, his offer
letter says. The value could
rise or fall after the grant,
with Starbucks’s share price.
The former Chipotle
leader was already one of
the industry’s best-paid chief
executives, earning $22.5
million at the burrito chain
last year. The median CEO
pay for S&P 500 companies
in 2023 was $15.7 million.
Niccol also gets several
perks, including use of the
company aircraft to commute to Seattle from his
home and up to $50,000 a
year in personal flights, plus
up to $50,000 in legal fees
for negotiating the agreement.
—Theo Francis
Speed of service has been
one of Starbucks’s thorniest
challenges, with the chain at
times caught between efforts to
simplify store operations and
offer customers the freedom to
design their own drinks. Orders
flow into cafes via drivethrough windows, mobile apps
and the cash register, sometimes leaving baristas scrambling to keep up.
The burrito fixer
At Chipotle, Niccol is credited with helping to make the
most of the chain’s second
kitchen production line to
speed to-go orders and building more online-order-only
drive-thrus. Known as “Chipotlanes,” the digital pickup locations deliver some of the highest returns for Chipotle, and
the company is focused on
building as many as possible.
On investor calls and in
board meetings, Niccol has
stressed the need to avoid gumming up operations with new
products. When Chipotle
started selling quesadillas nationwide in 2021, Niccol restricted them to online orders
only so they could be made
ahead of time, because they
tended to take too long when
made to order on the spot.
Niccol has had to respond to
suspicious customers convinced
the chain had begun shorting
them on scoops of beans and
meat. He initially played down
the theory before finding some
evidence of a subset of workers
that the company said needed
retraining on portion sizes.
Niccol developed a ritual to
keep the burrito maker relevant. In meetings with other senior executives, he peppered
them with questions about their
past week: What were their
children talking about? What
were their children’s friends interested in? In other words,
what did Chipotle need to know
about pop culture?
“It started out as a little bit
of a joke,” Niccol said on the
podcast with Novak. But it
proved helpful. “It gives us
some insight into what are the
things we can do to keep Chipotle fresh, to keep Chipotle
connected.”
—Victor Stefanescu
and Chip Cutter
contributed to this article.
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Here Are Three Ways to Fix It.
ALEXANDRA LARKIN
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Apollo Global Management
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Friday, August 16, 2024 | B3
BUSINESS NEWS
Orsted’s Loss Widens After Impairments
Company walks
away from Swedish
synthetic-fuels
project; shares slide
Orsted share price
BY DOMINIC CHOPPING
410
420
400
390
380
Aug. 9 12
13
14
15
Note: 100 Danish kroner = $14.76
Source: FactSet
NICOLAS MAETERLINCK/BELGA/ZUMA PRESS
Orsted’s second-quarter
net loss unexpectedly widened after it booked hefty impairments on wind and synthetic fuel projects.
The Danish renewable-energy company said Thursday
that it booked impairments
totaling 3.91 billion Danish
kroner, or about $577.1 million, in the quarter, mainly
due to delays in the construction of an onshore substation
for its U.S. Revolution Wind
offshore project and as it has
decided to walk away from its
FlagshipONE synthetic fuels
project in Sweden.
Orsted’s FlagshipONE project was being built to produce e-methanol, a liquid fuel
made using green hydrogen
and carbon dioxide to power
shipping and heavy industries.
Denmark-listed shares of
Orsted fell over 7% Thursday.
“The liquid e-fuel market
in Europe is developing
slower than expected, and we
have taken the strategic deci-
430 Danish kroner
The Danish renewable-energy company’s net loss for the second quarter came as a surprise; analysts had forecast a profit.
sion to deprioritize our efforts within the market and
cease the development of
FlagshipONE,” Orsted Chief
Executive Mads Nipper said.
The company will now focus its synthetic fuel develop-
ment efforts on green hydrogen, a fuel produced by using
electricity from renewable
sources to separate hydrogen
from oxygen in water.
Orsted launched a comprehensive restructuring earlier
this year to right itself from
the costly move into the U.S.
offshore wind market that includes cost cuts, paused dividend payments over several
years, asset sales and a refocus of business priorities.
The company reported second-quarter earnings before
interest, taxes, depreciation
and amortization excluding
new partnerships—the company’s preferred metric—of
5.27 billion kroner, up from
3.32 billion kroner a year earlier and beating a FactSet
consensus of 4.75 billion kroner.
The net loss attributable to
shareholders came in at 1.72
billion kroner versus a loss of
596 million kroner a year earlier, as revenue rose 3.1% to
15.02 billion kroner.
A FactSet consensus had
seen net profit at 1.33 billion
kroner on revenue of 16.57
billion kroner.
The company still expects
2024 Ebitda excluding new
partnership agreements and
provisions of between 23 billion and 26 billion kroner.
Carrier’s Commercial and Residential
Fire Business to Be Sold for $3 Billion
Carrier Global has signed a
deal to sell its commercial and
residential fire business to
private-equity manager Lone
Star Funds for $3 billion, as
the provider of heating, ventilation and air conditioning
equipment continues to overhaul its portfolio.
Carrier on Thursday said
the deal wraps up its planned
business exits and brings its
divestiture program to a combined value topping $10 billion.
The Palm Beach Gardens,
Fla., company said it expects
to complete the sale by the
end of the year, adding that it
plans to use the estimated
$2.2 billion in net proceeds to
buy back stock.
Carrier last year initiated a
program to reshape its portfolio with the aim of transforming the company into a pureplay climate and energy
solutions provider.
As part of the plan, Carrier
bought Viessmann Climate Solutions from Germany’s Viessmann Group in a deal worth
more than $10 billion and
agreed to sell its Global Access
Solutions business to Honeywell for nearly $5 billion and
its industrial fire business to
private-equity firm Sentinel
Capital Partners for more than
$1.4 billion.
Dallas-based Lone Star has
organized 24 funds with aggregate capital commitments
totaling around $92 billion
since establishing its first
fund in 1995.
GEORGE FREY/BLOOMBERG NEWS
BY COLIN KELLAHER
The company plans to focus on climate and energy solutions.
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The Danish vaccine maker has the only Mpox vaccine approved by U.S. and European regulators.
Bavarian Nordic’s Stock Price
Jumps on Outbreak of Mpox
BY ENES MORINA
Shares in vaccine maker Bavarian Nordic surged on
Thursday after the World
Health Organization said that
the rapid spread of Mpox in Africa constituted a global health
emergency.
Bavarian Nordic’s shares
rose 8%, building on gains earlier this week.
The Danish vaccine manufacturer, which has the only
Mpox vaccine approved by regulators in the U.S. and Europe,
recently received an order from
Europe’s public health body for
175,420 doses to be donated to
the Africa Centres for Disease
Control and Prevention. The
company said it will donate an
additional 40,000 doses.
The move comes after Mpox
spread in East and Central Africa. There have been more
than 17,000 suspected Mpox infections across 13 African countries in 2024—up from 14,957
infections in 2023 and 7,146 in
2022—and at least 517 confirmed deaths, according to the
Africa Centres for Disease Control and Prevention.
Investors anticipate more
vaccine orders in the near future, with shares in Bavarian
Nordic up more than 28% in
the past week.
Jean Kaseya, the directorgeneral of the Africa CDC, said
that at least 10 million vaccine
doses are needed to control the
outbreak.
The
Copenhagen-based
pharmaceutical company said
it could increase production of
its Mpox vaccine by another 2
million doses this year, and by
10 million doses in 2025. That
would be on top of the doses
that the company is already
contracted to deliver.
A company spokesperson
said that the firm is already in
dialogue with multiple governments.
Bavarian Nordic earlier this
month said it received a $156.8
million contract from the U.S.
government to produce more
doses of its vaccine for smallpox and Mpox.
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HistoSonics Gets Cancer Funding
BY BRIAN GORMLEY
With investor interest in
later-stage medical-technology
companies accelerating, venture capitalists have supplied
$102 million in new funding to
HistoSonics, allowing the
company to expand the rollout
of its noninvasive treatment
for liver tumors.
Venture investors have
been making large investments in commercial-stage
medtechs, hoping to speed
their growth and position
them for a strong initial public offering or an acquisition.
Plymouth, Minn.-based HistoSonics launched its treatment
in late December and has
raised more than $300 million
in venture capital, said Chief
Executive Mike Blue.
HistoSonics says its treatment, called histotripsy, uses
high-intensity sound waves to
destroy liver tumors. The
waves create a “bubble cloud”
from the rapid expansion and
collapse of gases within tissue, the company says, which
mechanically destroys and liquefies tumors.
Founded in 2009, HistoSonics received Food and Drug Administration clearance in October 2023 for histotripsy’s use in
treating liver tumors. Doctors
are now using it on tumors that
originate in the liver or have
spread to the organ, said Blue,
adding that more than 300 cancer patients have been treated
since histotripsy’s launch.
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Shown larger for detail. Item #996570
B4 | Friday, August 16, 2024
* ***
THE WALL STREET JOURNAL.
TECHNOLOGY
WSJ.com/Tech
JD.com
Earnings
Soar Amid
Tougher
Rivalries
CFOTO/DDP/ZUMA PRESS
BY TRACY QU
The computer maker expects artificial-intelligence demand to lead the global PC market to a long-term recovery. A Lenovo exhibit in China.
AI Gives PC Maker Lenovo a Boost
BY SHERRY QIN
Lenovo’s profits rose for a
second-straight quarter as the
world’s largest PC maker
emerges from a yearslong
downturn in the industry and
captures opportunities in artificial intelligence to drive
growth.
Net profit for the three
months ended June rose 38%
from a year earlier to $243
million, Lenovo said Thursday,
beating analysts expectations.
Revenue climbed 20% to
$15.45 billion, driven by an acceleration in growth across its
computing, infrastructure and
services segments.
Lenovo in May unveiled its
AI PCs, equipped with Microsoft’s Copilot tool and Qualcomm’s Snapdragon X Elite
processor.
The company, which called
the rise of the AI PC “an inflection point” for the industry, expects its adoption to
lead the global PC market to a
long-term recovery, with sales
surpassing prepandemic levels.
The adoption of AI is helping its intelligent devices segment, which includes PCs,
smartphones and tablets, “deliver
premium-to-market
growth, strong average selling
prices and sustainable profitability,” Lenovo said.
Lenovo has been also diversifying its revenue streams beyond its PC business, with
non-PC revenue increasing 5%
to a historically high of 47% of
overall sales.
Its infrastructure solution
business, which comprises its
server, storage and networking businesses in data centers,
saw sales surge 65% thanks to
the launch of AI infrastructure
products and an improved
supply of AI graphics processing units.
Lenovo raised $2 billion
from a unit of Saudi Arabia’s
sovereign-wealth fund and
signed a deal to build a manu-
Alibaba
Startup
Falls Short Sets Battery
Of Views Mega-Plant
300 billion yuan
250
200
150
100
50
0
2022
’23
’24
Note: Latest fiscal quarter ended June 30;
1 billion yuan = $140.1 million
Source: S&P Capital IQ
Another
Paramount
Bid Possible
Continued from page B1
If Bronfman does get the financing to make a bid, he still
will have to contend with the
deep pockets of Ellison and
his father, Larry Ellison, the
billionaire co-founder of Oracle, who have the right to
counter any incoming bids.
While Bronfman might not
be able to put the same
amount of money into Paramount as Skydance, he is
planning to offer something
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All Rights Reserved.
those markets.
An advantage is that Prussian blue particles have empty
spaces that neatly fit sodium
ions. Natron’s batteries last
longer because they don’t expand and contract like lithium-ion batteries do during
charging and discharging, the
company says.
The company is researching how it could reduce the
size of its batteries so they
could power EVs. Other battery makers are developing
their own sodium-ion capabilities. Chinese auto and battery
giants such as BYD and CATL
are already ramping up capacity. In Europe, a startup called
else to Paramount’s shareholders: the option to own more of
the company than they would
under the Skydance deal,
some of the people said.
Bronfman, who has served
as executive chairman of
sports-centric streaming service Fubo since 2020, has discussed bringing in new partners from tech and other
industries for possible strategic
partnerships, should he take
over Paramount, they said.
Paramount last week said
its streaming business—which
beyond Paramount+ also includes Pluto TV—reported its
first-ever quarterly profit. But
it also wrote down the value
of its cable-TV networks by $6
billion, a sign of the significant challenges facing legacy
TV conglomerates. A day earlier, rival Warner Bros. Discovery revised the worth of its
own cable business lower by
$9.1 billion.
Were Bronfman to make a
bid, it would then be up to the
special committee of directors
at Paramount to decide
whether Bronfman’s offer
warrants extending the goshop period. Under the terms
of the go-shop period, the special committee can extend the
go-shop period if it is in advanced discussions with another potential buyer, according to people familiar with the
situation. Ellison also has the
right to improve the terms of
the Skydance deal.
Bronfman has years of experience in media. He has held
high-profile roles in the music
industry since 1995, when he
sought to diversify his family’s
Seagram business into the
world of media and entertainment. That year, he led Seagram in its acquisition of
MCA, whose record division it
renamed as Universal Music
Group. Bronfman subsequently oversaw Universal’s
acquisition of PolyGram to
create the world’s largest recorded-music company.
The Bronfman family sold
Seagram to French conglomerate Vivendi in 2000. Bronfman
later resigned as executive
vice chairman of Vivendi Universal in 2001. He returned to
the music industry three years
later, when he led an investor
group that bought Warner
Natron began making sodium batteries in Michigan in April.
JD.com quarterly net profit
12 billion yuan
10
8
6
4
2
0
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2023
2024
Note: 1 billion yuan = $140.1 million
Source: S&P Capital IQ
Music from Time Warner. In
2011, Bronfman stepped down
as CEO of Warner Music.
Paramount, which is currently being run by three coCEOs, is on a cost-cutting mission. Earlier this week, the
company began a shake-up
that will result in about 15% of
its U.S. workforce being eliminated, or a cut of approximately 2,000 jobs.
—Greg Zuckerman
contributed to this article.
MICHAEL KOVAC/GETTY IMAGES
Alibaba’s quarterly revenue
Continued from page B1
in an interview. “It’s really a
market demand signal that’s
stimulating us to invest more
and more.”
He founded Natron a dozen
years ago in his garage after
researching sodium batteries
at Stanford.
The company targets industrial customers such as data
centers and oil drillers that
need quick bursts of energy
and rapid charging to level
out peaks in their electricity
usage or provide backup
power. Natron says its design
using iron and manganese in a
chemical compound called
Prussian blue offers better
performance than lithium-ion
and lead-acid batteries for
Northvolt that is backed by
Volkswagen and BMW said
late last year it has developed
an advanced sodium-ion battery.
Battery and EV plants are
part of a resurgence of U.S.
manufacturing. State and local governments are competing to get a piece of the
growth. Natron is expected to
get more than $50 million in
state and local grants for the
project.
Santa Clara, Calif.-based
Natron adds to the list of unproven startups making investment promises that will
test their ability to raise
money in a difficult fundraising environment. High interest rates and supply-chain
disruptions have battered battery startups lately.
Ambri, a Bill Gates-backed
privately held startup working
on batteries that could store
energy for longer periods, recently filed for bankruptcy after failing to raise the money
it needed for its first major
manufacturing plant.
NATRON
Continued from page B1
investment gains and losses,
some impairments and other
items, fell 9.4% to 40.69 billion
yuan, topping analysts’ expectations of 37.88 billion yuan.
Sales at Alibaba’s core domestic e-commerce business,
Taobao and Tmall Group, fell
0.9% from a year earlier to
113.37 billion yuan. Alibaba said
it achieved high-single-digit online gross merchandise value
growth, driven by a rise in customer numbers and purchase
frequency. Its cloud-computing
unit posted a 5.9% increase in
sales to 26.55 billion yuan. The
company’s fast-expanding overseas e-commerce unit reported
a 32% rise in revenue to 29.29
billion yuan, slower than the
45% growth in the preceding
quarter.
facturing hub serving the region in May. It said the two
deals would help it speed up
an “ongoing global strategic
transformation” as it aspires
to grow services revenue
alongside its bread-and-butter
PC business.
“The combination of our
solid performance and continued progress in hybrid AI will
keep enabling us to achieve
sustainable growth and profitability increases,” Lenovo chief
executive Yang Yuanqing said.
Chinese e-commerce giant
JD.com’s quarterly profit
nearly doubled, while revenue
grew slightly amid fierce competition from Alibaba Group
and PDD Holdings.
The Beijing-based company
said Thursday that net profit
for the second quarter rose
92% from a year earlier to
12.64 billion yuan, equivalent
to $1.77 billion. The bottom
line beat consensus estimates
of 7.93 billion yuan in a FactSet poll of analysts.
Adjusted net profit, which
excludes share-based compensation and fair-value changes
of long-term investments,
among other items, rose 69%
to 14.46 billion yuan, exceeding analysts’ estimates.
Revenue for the period increased 1.2% to 291.40 billion
yuan, higher than a FactSet
estimate of 286.77 billion
yuan.
The company’s operating
margin was 3.6% for the second quarter, compared with
2.9% a year earlier.
Retail sales, which make up
the bulk of the company’s revenue, rose 1.5%, while logistics
sales increased 7.7%.
“We remained committed
to the sustainable and highquality growth of our business in the second quarter,”
Chief Executive Sandy Xu
said.
JD.com continues to face
stiff competition in its home
market from the likes of Alibaba and PDD.
That contributed to a
“highly promotional” event
known as the 618 shopping
festival in China this year as
e-commerce rivals got more
aggressive with price cuts to
attract Chinese consumers,
Deutsche Bank analysts said
in a recent note.
The company’s shares in
Hong Kong have slumped
about 12% so far this year, underperforming the benchmark
Hang Seng Index, which is
flat.
JD.com stock fell 1.4% in
Hong Kong on Thursday.
Edgar Bronfman Jr. formerly ran Warner Music and liquor giant Seagram.
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | B5
* *
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average
S&P 500 Index
Last Year ago
40563.06 s 554.67, or 1.39%
High, low, open and close for each
trading day of the past three months.
Nasdaq Composite Index
5543.22 s 88.01, or 1.61%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 25.17 25.11
P/E estimate *
19.34 19.18
Dividend yield
2.08
2.08
All-time high 41198.08, 07/17/24
Last
Year ago
Trailing P/E ratio * 23.15 22.43
P/E estimate *
21.92 20.41
Dividend yield *
1.38
1.56
All-time high 5667.20, 07/16/24
Last
17594.50 s 401.89, or 2.34%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio *† 29.65
30.25
P/E estimate *†
27.35
27.55
Dividend yield *†
0.85
0.85
All-time high: 18647.45, 07/10/24
Current divisor 0.15221633137872
41200
5600
18500
40500
5500
18000
39800
5400
17500
39100
5300
17000
5200
16500
Session high
t
DOWN
Session open
t
Close
UP
Close
Open
Session low
38400
65-day moving average
65-day moving average
65-day moving average
37700
16000
5100
Bars measure the point change from session's open
37000
May
June
July
15500
5000
Aug.
May
June
July
May
Aug.
June
July
Aug.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
Major U.S. Stock-Market Indexes
Late Trading
Trading Diary
Volume, Advancers, Decliners
40590.51 40295.74 40563.06 554.67
1.39
41198.08 32417.59
17.7
7.6
4.5
Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer.
and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic
trading services, securities dealers and regional exchanges. Minimum
share price of $2 and minimum after-hours volume of 50,000 shares.
Transportation Avg 15824.83 15562.74 15600.02 186.21
1.21
16298.98 13556.07
-0.3
-1.9
1.5
Most-active issues in late trading
1018.46
783.08
14.4
13.5
2.2
Company
Symbol
Ambev ADR
ABEV 33,009.8
NVIDIA
NVDA
High
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
YTD
% chg
% chg
3-yr. ann.
Dow Jones
Industrial Average
Utility Average
1004.26
Total Stock Market
54863.13 54434.10 54825.64 909.07
1.69
56206.02 40847.04
25.8
14.7
5.8
Barron's 400
1176.71
1.96
1212.12
907.97
19.7
9.4
4.3
Nasdaq Stock Market
Nasdaq Composite 17602.72 17375.41 17594.50 401.89
2.34 18647.45 12595.61
32.1
17.2
5.9
19502.92 19239.94 19490.15 467.47
2.46 20675.38 14109.57
32.4
15.8
8.8
Nasdaq-100
991.72
1000.92
1150.55
1173.14
-1.06
-0.11
22.58
S&P
500 Index
5546.23
5501.13
5543.22
88.01
1.61
5667.20
4117.37
26.8
16.2
7.5
MidCap 400
3019.25
2985.94
3009.12
55.60
1.88
3115.02
2326.82
17.0
8.2
3.3
SmallCap 600
1374.83
1356.00
1367.02
30.61
2.29 1435.83
1068.80
14.3
3.7
0.4
Other Indexes
Russell 2000
2145.26
2117.56
2135.47
51.15
2.45 2263.67
1636.94
15.4
5.3
-1.3
18728.96 18498.09 18706.52 208.43
18.9
11.0
3.5
Value Line
597.21
592.23
595.83
11.83
2.03
620.59
498.09
6.8
0.3
-3.6
NYSE Arca Biotech
5789.31
5692.29
5787.98
95.69
1.68
5788.17
4544.40
12.0
6.8
-0.1
NYSE Composite
1.13
18781.22 14675.78
Volume
(000)
NYSE NYSE Amer.
After Hours
% chg
High
Last
Net chg
2.41
-0.01
-0.21
2.42
Low
2.35
9,302.1 122.16
-0.70
-0.57 122.90
77.72
SPDR S&P 500 ETF Trust SPY
6,944.3 552.95
-0.13
-0.02 553.24 451.04
iShares MSCI Brazil ETF EWZ
4,955.1
30.10
-0.01
-0.03
30.17
30.01
ProSh UltraPro Shrt QQQ SQQQ
4,365.3
8.29
0.03
0.36
8.30
8.26
Grab Holdings
GRAB
4,323.8
3.14
0.02
0.63
3.15
3.08
Micron Technology
MU
3,961.2 106.76
-0.19
-0.18 113.63 101.24
Exelon
EXC
3,285.0
37.50
…
unch.
37.55
37.50
Sunlands Technology ADR STG
131.0
12.80
2.80
28.00
15.00
10.00
Triumph Group
TGI
678.3
15.54
1.90
13.93
15.54
13.64
H&R Block
HRB
279.3
63.00
5.51
9.59
63.25
56.36
Planet Labs PBC
PL
1,344.3
2.35
0.18
8.29
2.94
2.17
Despegar.com
DESP
153.2
11.49
0.52
4.74
11.85
9.60
3.34
1.90
Percentage gainers…
NYSE Arca Pharma
1107.55
1098.40
1105.80
6.07
0.55
1105.80
845.32
21.0
21.5
11.6
...And losers
KBW Bank
110.41
109.29
1.38
1.28
115.45
71.71
33.3
14.0
PHLX§ Gold/Silver
109.47
-5.5
Shimmick
SHIM
88.8
2.14
-1.14
-34.76
150.53
147.12
149.81
1.33
0.90
157.70
102.94
33.3
19.2
3.5
Axcelis Technologies
ACLS
88.7 110.00
-6.97
-5.96 118.00 110.00
83.35
1.63
2.00
98.76
76.90
-8.5
-0.6
16.2
Semtech
SMTC
57.0
34.17
-1.79
-4.98
35.97
34.17
5173.38 240.03
4.87
5904.54
3185.18
50.1
23.9
15.8
AST SpaceMobile
ASTS
1,067.3
30.17
-1.19
-3.79
31.77
29.41
11.86
-14.9
22.3
-0.5
Kenvue
KVUE
290.5
20.85
-0.72
-3.33
21.57
20.85
PHLX§ Oil Service
83.77
82.72
PHLX§ Semiconductor
5190.17
5022.03
16.68
14.77
Cboe Volatility
15.23
-0.96 -5.93
38.57
Nasdaq PHLX
Sources: FactSet; Dow Jones Market Data
International Stock Indexes
Region/Country Index
World
Americas
Canada
Latin Amer.
Brazil
Chile
Mexico
Percentage Gainers...
Close
Net chg
MSCI ACWI
812.78
MSCI ACWI ex-USA
332.61
MSCI World
3568.10
MSCI Emerging Markets 1076.00
9.32
0.91
45.68
–0.57
MSCI AC Americas
2085.43
S&P/TSX Comp
23032.72
MSCI EM Latin America 2321.62
Bovespa
134153.42
S&P IPSA
3471.26
S&P/BMV IPC
54264.92
33.16
272.71
14.94
835.76
…
545.97
Latest
% chg
YTD
% chg
1.16
0.28
1.30
–0.05
11.8
5.1
12.6
5.1
1.62 15.0
1.20
9.9
0.65
–12.8
0.63
–0.02
Closed
0.1
1.02
–5.4
1.15
1.41
1.18
1.61
1.23
1.66
1.63
EMEA
STOXX Europe 600
509.88
Eurozone
Euro STOXX
495.23
Belgium
Bel-20
4081.66
Denmark
OMX Copenhagen 20 2760.36
France
CAC 40
7423.37
Germany
DAX
18183.24
Israel
Tel Aviv
2055.12
Italy
FTSE MIB
32328.03
Netherlands AEX
905.86
Norway
Oslo Bors All-Share 1664.24
South Africa FTSE/JSE All-Share 82226.43
Spain
IBEX 35
10885.60
Sweden
OMX Stockholm
973.30
Switzerland Swiss Market
12150.22
Turkey
BIST 100
9982.98
U.K.
FTSE 100
8347.35
U.K.
FTSE 250
21094.16
5.78
6.87
47.43
43.83
90.01
297.64
32.92
…
15.62
–0.08
824.11
132.60
10.57
78.39
152.04
66.30
141.87
6.4
4.4
10.1
20.9
–1.6
8.5
10.2
Closed
6.5
1.75 15.1
9.5
–0.005
1.01
6.9
1.23
7.8
1.10
7.8
0.65
9.1
1.55 33.6
0.80
7.9
0.68
7.1
Asia-Pacific MSCI AC Asia Pacific 178.43
Australia
S&P/ASX 200
7865.50
China
Shanghai Composite 2877.36
Hong Kong Hang Seng
17109.14
India
BSE Sensex
79105.88
Japan
NIKKEI 225
36726.64
Singapore Straits Times
3315.73
South Korea KOSPI
2644.50
Taiwan
TAIEX
21895.17
Thailand
SET
1289.84
–0.60
14.80
26.70
–4.22
…
284.21
29.45
…
–132.08
–2.85
–0.33
0.19
0.94
–0.02
Closed
0.78
0.90
Closed
–0.60
–0.22
5.3
3.6
–3.3
0.4
9.5
9.7
2.3
–0.4
22.1
–8.9
Company
Symbol
Portage Biotech
AST SpaceMobile
U-BX Technology
Sidus Space
Solowin Holdings
PRTG
ReWalk Robotics
Telos
Flexible Solutions
Perpetua Resources
Gambling.com
LFWD
SeaStar Medical Holding
Seritage Growth Prop A
Cassava Sciences
Sunlands Technology ADR
Cadiz
ICU
ASTS
UBXG
SIDU
SWIN
TLS
FSI
PPTA
GAMB
SRG
SAVA
STG
CDZI
High
52-Week
Low
% chg
3.50 1.35
31.36 10.55
19.79 6.14
3.30 0.90
2.83 0.70
62.79
50.70
44.98
37.50
32.86
61.99
33.58
20.58
25.50
72.55
2.10
1.97
3.92
2.02
1.84
4.07
2.77
2.65
8.19
10.90
0.96
0.58
0.51
1.57
2.07
30.66
26.20
23.83
23.72
23.44
9.10
5.03
2.92
8.34
14.83
6.18
4.48
28.39
10.00
3.47
1.17
0.78
4.69
1.62
0.56
23.35
21.08
19.79
19.33
19.24
42.92
9.87
42.20
12.55
4.30
Company
Symbol
-93.0
704.1
...
-75.2
...
Turnstone Biologics
Sow Good
Spire Global
Earlyworks ADR
Raytech Holding
TSBX
3.00
1.87
1.36
2.64
7.52
-6.2
36.5
1.5
199.5
-25.7
B. Riley Financial
Quantum Biopharma
Greenlane Holdings
Bolt Projects Holdings
Indonesia Energy
RILY
3.25
3.63
8.79
4.51
2.12
-14.8
-42.3
63.3
56.7
-8.0
SIGA Technologies
KORE Group Holdings
Bitdeer Techs
Quipt Home Medical
FAT Brands Cl B
SIGA
5-year CDs
t
Federal-funds target rate
4.00
3.00
101,794
ABEV
92,192
TSLA
89,494
GRAB
85,317
INTC
84,458
8567.3 1.55 30.25
344.1 2.41 3.88
-5.1 214.14 6.34
331.3 3.12 -7.42
48.1 20.69 3.87
9.77
0.17
3.00
2.01
278.98 138.80
3.88
2.90
51.28 18.84
t
Five-year CD yields
2.00
Scan this code
Get real-time U.S. stock quotes and
track most-active stocks,
new highs/lows, mutual funds and
ETFs.
1.00
S ON D J FMA M J J A
2023
2024
Interest rate
First Internet Bank of Indiana
4.35%
Indianapolis, IN
888-873-3424
Yield/Rate (%)
Last (l)Week ago
Federal-funds rate target
5.25-5.50 5.25-5.50
Prime rate*
8.50
8.50
SOFR
5.33
5.33
Money market, annual yield
0.48
0.48
Five-year CD, annual yield
2.83
2.83
30-year mortgage, fixed†
7.08
7.03
15-year mortgage, fixed†
6.44
6.38
Jumbo mortgages, $766,550-plus† 7.12
7.18
Five-year adj mortgage (ARM)† 6.26
6.29
New-car loan, 48-month
7.84
7.84
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
l
5.25
5.50
l 8.50
8.50
l
5.30
5.40
0.64
0.46 l
l
2.88
2.77
l 8.28
7.01
l
7.42
6.34
l 8.33
7.07
l
7.16
6.26
l 7.94
7.31
5.25
5.25
5.28
0.40
2.39
3.95
4.03
4.01
3.40
3.78
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com
0.80
4.75
3.27
1.04
1.17
-90.0
164.2
27.8
-66.4
...
5.04
4.27
13.04
5.74
3.17
-1.93
-1.57
-3.76
-1.55
-0.79
-27.69
-26.93
-22.38
-21.26
-19.95
52.74
108.62
21.80
17.02
6.65
4.51
4.16
2.05
5.25
2.03
-89.9
-95.1
46.4
-45.4
-10.7
9.62
2.74
6.33
2.74
4.76
-2.35
-0.65
-1.40
-0.60
-0.85
-19.63
-19.17
-18.11
-17.96
-15.15
12.83
6.45
14.65
6.02
8.70
4.22
1.30
2.77
2.72
4.57
109.1
-27.3
-53.9
-49.2
-39.3
Ranked by change from 65-day average*
Volume % chg from Latest Session
(000) 65-day avg Close % chg
t
TUGN
2616
2244
2009
1518
1498
23.19 -0.64
10.00 19.33
9.62 -19.63
46.96 -0.37
22.91 1.48
23.57 21.32
12.55 4.51
12.83 4.22
47.25 44.83
25.46 20.12
FRTY
Alger Mid Cap 40 ETF
ATMC
AlphaTime Acquisition
BSLK
Bolt Projects Holdings
GAMB
Gambling.com
Neuberger Berman Shrt Dur NBSD
247
100
96
2,065
83
1243
1210
1031
1030
884
16.19 2.49
11.15
...
5.74 -21.26
10.90 23.44
50.75 -0.06
17.85 11.30
11.86 10.45
17.02 5.25
14.83 7.52
50.95 49.97
STG
SIGA
JSCP
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
Tradeweb FTSE
Thursday Close
Argentina peso
Brazil real
Canada dollar
Chile peso
Colombiapeso
Ecuador US dollar
Mexico peso
Uruguay peso
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
14%
US$vs,
YTDchg
Thurs
in US$ per US$ (%)
0
3.00
s
2.00
–7
1.00
–14
1 2 3 5 7 10 20 30
years
maturity
Euro
s
Yen
2023
2024
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data
Corporate Borrowing Rates and Yields
Bond total return index
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
2230.820
4.030
4.050
5.120
3.860
6.652 –2.565
U.S. Treasury Long, Bloomberg 3280.310
4.250
4.350
5.280
4.060
7.314 –9.634
U.S. Treasury, Bloomberg
2120.450
4.490
4.540
5.740
4.350
8.051 –2.184
Fixed-Rate MBS, Bloomberg 2095.950
4.740
4.790
6.050
4.580
8.256 –1.862
High Yield 100, ICE BofA
3713.467
6.748
6.942
9.101
6.671
12.798 2.691
Muni Master, ICE BofA
593.212
3.275
3.289
4.311
3.038
5.261 –0.521
n.a.
n.a.
Aggregate, Bloomberg
EMBI Global, J.P. Morgan
n.a.
8.842
7.205
n.a.
n.a.
Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Australiadollar
.6609 1.5131 3.1
China yuan
.1395 7.1663 0.7
Hong Kong dollar
.1283 7.7972 –0.2
India rupee
.01191 83.956 0.9
Indonesia rupiah .0000634 15763 2.4
Japan yen
.006698 149.30 5.9
Kazakhstan tenge .002087 479.06 5.2
Macau pataca
.1245 8.0330 –0.3
Malaysia ringgit
.2255 4.4350 –3.5
New Zealand dollar
.5984 1.6711 5.6
Pakistan rupee
.00359 278.650 –0.9
Philippines peso
.0175 57.207 3.3
Singapore dollar
.7562 1.3224 0.2
South Korea won .0007325 1365.25 5.5
Sri Lanka rupee
.0033454 298.92 –7.7
Taiwan dollar
.03085 32.414 5.6
Thailand baht
.02848 35.110 2.1
US$vs,
YTDchg
Thurs
in US$ per US$ (%)
Country/currency
Vietnam dong
.0011942.1339 16.5
.1824 5.4835 13.0
.7281 1.3734 3.7
.001072 932.68 6.6
.000250 4008.00 3.4
1
1 unch
.0536 18.6458 9.9
.02482 40.2850 3.1
Asia-Pacific
7 WSJ Dollar Index
4.00
52-Week
High
Low
CURRENCIES & COMMODITIES
Forex Race
One year ago 5.00
1
3 6
month(s)
12.16
24.83
19.40
13.00
6.04
Americas
4.06%
801-545-6000
4.30%
800-908-6600
-61.93
-34.77
-33.56
-32.71
-29.09
792
182
16,589
781
288
All are available free at WSJMarkets.com
6.00%
Quontic Bank
New York, NY
-1.35
-7.04
-3.41
-1.39
-0.64
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
* Volumes of 100,000 shares or more are rounded to the nearest thousand
First National Bank of America
4.17%
East Lansing, MI
800-968-3626
0.83
13.21
6.75
2.86
1.56
FATBB
TPST
39.23
7.14
0.04
14.01
1.80
52-Week
Low
% chg
QIPT
Tempest Therapeutics
Ambev ADR
Tesla
Grab Holdings
Intel
CING
* Primary market NYSE, NYSE American NYSE Arca only.
†(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Arms of less than 1 indicates buying demand; above 1
indicates selling pressure.
High
BTDR
IBTM
SOXL
NYSE Arca
Latest Session
Close Net chg % chg
KORE
iSh iBds Dec 2032 Trea
Sunlands Technology ADR
SIGA Technologies
JPM Sh Duration Core Pls
STF Tactical Grw & Incm
2.83%
4.20%
801-627-0900
INDO
140.76
23.34
66.00
70.08
187.20
-16.4 122.86 4.05
5.6 8.26 -7.50
-43.8 0.13 -24.48
116,690
50.7 39.92 13.89
106,006
102,247 156027.9 4.80 160.16
Benchmark
Yields
Treasury yield
curve
andtoRates
Yield
maturity of current bills,
America First FCU
Riverdale, UT
BSLK
NVDA 313,055
SQQQ 157,811
t
5.00%
FinWise Bank
Murray, UT
GNLN
NVIDIA
ProSh UltraPro Shrt QQQ
Faraday Future
Direxion Dly SCOND 3 BL
Cingulate
notes and bonds
Bankrate.com avg†:
QNTM
Symbol
s
A consumer rate against its
benchmark over the past year
RAY
Company
CREDIT MARKETS
Selected rates
ELWS
Volume Movers
Country/currency
Consumer Rates and Returns to Investor
SPIR
52-Week
High
Low
Sources: FactSet; Dow Jones Market Data
U.S. consumer rates
SOWG
Volume % chg from Latest Session
Symbol (000) 65-day avg Close % chg
FFIE
Nasdaq
Total volume*5,478,174,094 267,344,576
Adv. volume*4,140,175,648 184,888,096
Decl. volume*1,289,966,584 81,701,094
Issues traded
4,355
1,975
Advances
3,063
1,528
Declines
1,159
432
Unchanged
133
15
New highs
109
138
New lows
105
8
Closing Arms†
0.82
1.85
Block trades*
34,579
1,274
Percentage Losers
Latest Session
Close Net chg % chg
Most Active Stocks
Company
Total volume* 881,377,604 11,331,459
Adv. volume* 746,157,537 7,481,175
Decl. volume* 131,766,607 3,799,461
Issues traded
2,876
309
Advances
2,179
181
Declines
639
118
Unchanged
58
10
New highs
146
10
New lows
15
2
Closing Arms†
0.58
0.82
Block trades*
4,293
124
.00003993
25045
3.2
Europe
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
.04347 23.002 2.8
.1471 6.8002 0.4
1.0971 .9115 0.6
.002773 360.63 3.9
.007195 138.99 2.2
.0931 10.7422 5.6
.2558 3.9091 –0.7
.0949 10.5406 4.3
1.1459 .8727 3.7
.0297 33.6396 14.1
.0243 41.1500 7.9
1.2854 .7780 –0.9
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6532 .3769 –0.01
.0204 48.9460 58.3
.2712 3.6868 2.3
3.2650 .3063 –0.3
2.5975 .3850 unch
.2742 3.648 0.1
.2665 3.7527 0.1
.0556 17.9953 –1.7
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 98.10
0.42 0.43
2.36
Sources: Tullett Prebon, Dow Jones Market Data
Commodities
Thursday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
% Chg
YTD
% chg
DJ Commodity
975.38
7.16
0.74 1079.94
934.97
-0.64
1.84
FTSE/CC CRB Index
277.34
1.86
0.68
300.23
258.09
1.07
5.12
Crude oil, $ per barrel
78.16
1.18
1.53
93.68
68.61
-2.77
9.09
Natural gas, $/MMBtu
2.197
-0.022
-0.99
3.575
1.575
-16.18 -12.61
2453.10
13.70
0.56 2466.70
1816.60
Gold, $ per troy oz.
30.20
18.94
THE WALL STREET JOURNAL.
B6 | Friday, August 16, 2024
OUR SINCERE THANKS TO EVERY CHILD WHO JOINED US:
Sanjay Revanth Josyula
Simone Lilly Balancio
Emilia Torres
Vansh Kapoor
Akshaya Anand Kasyap
Louis James Balancio III
Alex Bailey-McWeeney
Sophie Costantino
Natarajan Anand Kasyap
Teagan Grocer
Siddharth Pradeep
Georgiana Reklaitis
Isaya Yung
Smith Grocer
Sheshanth Sankar
Patrick Reklaitis
Selah Yung
Sabie Tucker
Vishanth Sankar
Anabella Ali
Rehema Yung
Chaya Konikov
Ethan Keeler
Dean Ali
Manvitha Magaji Shashidhar
Ainsley Rae Herndon
Aayan Makwana
Mia de Sousa
Sloane Coen
Ovadya Konikov
Ethan Brown
Chloe de Sousa
Liam Greene
Avrohom Yeshaya Konikov
Katie Levine & Ella Levine
Scarlett Huamani
Ava Greene
Samanvi Dodda
Karim Ali Morgan Jr
Arianna Huamani
Adrienne G. D’Esmond
Lishita Dodda
Graham Burton
Amya Gracial
Luca Cicero
Abigail Paturi
Mila Pratolongo
Evelyn L. Saefong
Eliana, Maya
Antonia Aurora Gullo
Evy Jones
Finn Laoghaire Richardson
Evlyn Vinod
Zidan Khan
Myles Worland
Hope Elizabeth Richardson
Delia Snyder
Aliza Khan
Zoe Worland
Ryan Garrity
Angelise DeJesus
Ekisha Sanwal
Kennadi Diggs
Colin Garrity
Samina Rao
Finn Herndon
Divyesh Purohit
Agatha Goun
Aanya Modi
Rosemarie Thomas
Tej Singh-McGroarty
Alex K
Antonio Figueiredo
Arnet Thomas
Chloe Chambers
Natalie Rose Nikprelevic
Ayanna Reshma Saha
Luke Potosky
Iris Wagner-Goldstein
Harrison Sean Millsfield
Briar Szczur
Damian Reynolds
Sylvie Wagner-Goldstein
Rock3t
Tripp Szczur
Robert F Franklin III
Mari Vázquez-Price
Ivy Nelson
Aayansh Aggarwal
Dhiya Surendar
Emma Power
Sarah Rahner
Saanvi Aggarwal
Victoria Gonzalez
Lily Power
Mackenzie Rahner
Oskar Baker
Noah Gonzalez
Lara Ata
Michelina Wright
Jayan DeCambre
Nicolas Gonzalez
Yousuf Ata
Adeline Westmoreland
Aanya Modi
Gianna Fantozzi
Camila Carr
Aarshi Sahrawat
Alexander Iaskevich
Jailyn A. Cook
Neymar Carr
Rohan Arun
Emmanuel Arkus-Duntov
Sharanya Maharana
Kamryn Washington
Arya Patel
Thomas Kornelis
Julia Gelormino
London Washington
Riva R Bhattarai
Walker Waldele
Anna Gelormino
Vincent Washington III
Alec Edouard Pierre
Boone Waldele
Emma Gelormino
Sanai Washington
Clarisse Amaleah Pierre
Lucy Kornelis
E Daly
Quinn Miner
Khoraly Sasha France
QiQi Ma
Liam Prata
Nicholas Guerriero
Arya Patel
Declan Wilberding
Aiden Prata
William Timothy Sloane
Aarav Pradhan
Bryce Potosky
Raphael Moy
Grant Johnston
Lucia Calabrese
Connor Potosky
Sahitya Mokkapati
Carter Parziale
Charles Cramer
Srabon Barua
Venkat Mokkapati
Lucas Brown
Oliver Cramer
Teagan Nunez
Aanya Sharma
Hayden Kelly Sliwa
Nathaniel Walls
Crosby Campanelli
Ibraheem Muhammad Hussain
Angelina Grossmann
Astrid Walls
Varenya Borah
Ava Ratajczik
Grayson Payton
Austin DePalma
Declan McElhatton
Aliza Melani
Jayden Ogui Cabrera Duran
Harrison Campanelli
Inara Melani
Jayden Lin
Lola Slade
Dayna Chafetz
Adelyn Carpena
Richie Slade
Olivia Torres
Marcos Carpena
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | B7
* * *
COMMODITIES
Futures Contracts
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Aug
4.0285
4.1440
4.0285
4.1390 0.1140
Dec
4.0700
4.1860
4.0590
4.1760 0.1025
Gold (CMX)-100 troy oz.; $ per troy oz.
Aug
2451.80 2467.70
2431.20 2453.10 13.70
Sept
2452.00 2472.00
2437.10 2458.60 12.40
Oct
2463.00 2484.40
2446.50 2469.40 12.30
Dec
2486.20 2508.00
2469.20 2492.40 12.70
Feb'25
2506.60 2528.40
2492.00 2514.50 13.20
April
2527.70 2546.00
2511.10 2532.70 13.20
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Aug
836.00
846.00
t 836.00
935.60 15.80
Sept
920.00
941.50
914.00
936.90 14.20
Platinum (NYM)-50 troy oz.; $ per troy oz.
Aug
928.30
928.30
928.30
960.00 32.40
Oct
932.00
969.90
928.30
965.10 35.50
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Aug
28.145
28.145
28.145
28.342 1.088
Dec
27.990
28.985
27.925
28.828 1.094
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Sept
77.52
78.60
76.93
78.16
1.18
Oct
76.07
77.38
75.70
76.99
1.15
Nov
75.40
76.44
74.84
76.09
1.09
Dec
74.73
75.71
74.16
75.41
1.06
June'25
72.18
73.15
71.83
72.91
0.84
Dec
70.43
71.26
70.08
70.98
0.67
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Sept
2.3685
2.3976
2.3619
2.3779 .0097
Oct
2.3870
2.4168
2.3832
2.3969 .0092
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Sept
2.3350
2.3723
2.3133
2.3580 .0369
Oct
2.1760
2.1993
2.1485
2.1859 .0303
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Sept
2.228
2.301
2.189
2.197 –.022
Oct
2.345
2.421
2.317
2.332 –.011
Nov
2.758
2.817
2.721
2.732 –.017
Dec
3.304
3.343
3.260
3.273 –.026
Jan'25
3.569
3.610
3.531
3.544 –.024
March
3.075
3.106
3.047
3.060 –.008
1,744
96,547
3,639
5,499
51,818
396,109
20,518
14,115
2
20,377
2
72,793
76
72,847
115,524
339,886
182,207
255,077
125,181
127,963
86,118
84,947
80,472
113,374
161,669
221,437
199,095
100,580
152,218
122,520
Agriculture Futures
383.50
403.75
374.50
396.25
375.00
397.00
–6.00 368,456
–3.75 755,455
323.50
306.00
324.25
308.25
316.75
303.50
318.25
305.00
–2.50
–.25
951.75
968.50
961.00
978.25
951.50
968.50
–.75 55,739
… 418,925
307.90
307.70
2.80 71,162
4.00 248,066
950.50
967.50
305.60
304.00
310.40
310.20
103-112 103-120
103-281 103-289
5,766
3,171
Aug
Oct
94.6750
95.0150
94.6750
95.0300
t 94.6725
94.9750
94.6725 –.0025 494,766
94.9850 –.0300 445,468
115,097
181,710
May
June
94.6300
94.6300
94.6300
94.6325
94.6300
94.6275
94.6300
94.6300
68,951
124,322
5,353
18,313
4,482
120,673
107,658
60,739
6,921
2,340
3,101
4,575
305.20
303.80
Sept
Dec
124-140 124-170
124-170 124-220
17,981
95,026
324,412
211,550
1,295
2,177
348
152,493
4,177
3,969
131-180 –1-22.0 1,643,554
132-160 –1-20.0 51,860
Sept
Dec
113-220 113-230
114-080 114-095
Sept
Dec
109-067 109-075
109-242 109-250
122-210
122-270
123-090 –1-10.0 1,692,362
123-140 –1-10.0 50,516
112-255
113-115
112-305
113-160
–26.0 4,996,950
–26.5 97,932
108-207
109-060
–20.0 6,720,900
–20.7 96,581
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Cash Prices | wsj.com/market-data/commodities
108-187
109-042
Thursday, August 15, 2024
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Thursday
Thursday
75.000
13.950
Aluminum, LME, $ per metric ton
*2299.0
Copper,Comex spot
4.1390
Iron Ore, 62% Fe CFR China-s
*95.3
Steel, HRC USA, FOB Midwest Mill-s *680.0
Energy
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Metals
Gold, per troy oz
2440.00
2446.65
2715.78
*2472.00
*2456.70
2539.89
2564.31
2564.31
2952.56
2396.84
2564.31
Engelhard industrial
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
Silver, troy oz.
28.0500
28.4810
35.6010
*£21.7600
*27.9450
21881
Engelhard industrial
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Other metals
*937.0
*949.0
945.0
944.0
LBMA Platinum Price PM
LBMA Palladium Price PM
Platinum,Engelhard industrial
Palladium,Engelhard industrial
Battery/EV metals
10875
10750
3920
3726
485
BMI Lithium Carbonate, EXW China, =99.2%-v,w
BMI Lithium Hydroxide, EXW China, =56.5% -v,w
BMI Cobalt sulphate, EXW China, >20.5% -v,w
BMI Nickel Sulphate, EXW China, >22%-v,m
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m
Fibers and Textiles
0.8250
0.6184
*79.45
n.a.
n.a.
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
Grains and Feeds
80
3.4900
108.0
427.8
n.a.
104
335
3.9825
36.25
335.20
9.6000
7.5625
Bran,wheat middlings, KC-u,w
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
Rice, Long Grain Milled, No. 2 AR-u,w
SoybeanMeal,Cent IL,rail,ton48%-u,w
Soybeans,No.1 yllw IL-bp,u
Wheat,Spring14%-pro Mnpls-u
Thursday
5.1025
5.6200
5.8000
Wheat,No.2 soft red,St.Louis-u
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
Food
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
select 1-3,600-900 lbs.-u
Broilers, National comp wtd. avg.-u,w
Butter,AA Chicago-d
Cheddar cheese,bbl,Chicago-d
Cheddar cheese,blk,Chicago-d
Milk,Nonfat dry,Chicago lb.-d
Coffee,Brazilian,Comp-y
Coffee,Colombian, NY-y
Eggs,large white,Chicago-u
Flour,hard winter KC-p
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u
Steers,Tex.-Okla. Choice-u
Steers,feeder,Okla. City-u,w
296.47
279.98
1.2544
3.1450
225.00
210.00
124.50
2.3889
2.5776
3.5750
16.15
n.a.
88.28
n.a.
1.2610
n.a.
294.50
Fats and Oils
n.a.
0.4500
n.a.
0.4317
0.4763
n.a.
Degummed corn oil, crude wtd. avg.-u,w
Grease,choice white,Chicago-h
Lard,Chicago-u
Soybean oil,crude;Centl IL-u,w
Tallow,bleach;Chicago-h
Tallow,edible,Chicago-u
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs
Thursday, August 15, 2024
Closing Chg YTD
Symbol Price (%) (%)
ETF
CommSvsSPDR
XLC
86.00
CnsmrDiscSel
XLY 182.70
DimenUSCoreEq2
DFAC 33.03
EnSelSectorSPDR
XLE
90.57
FinSelSectorSPDR
XLF
43.45
HealthCrSelSect
XLV 152.71
IndSelSectorSPDR
XLI 127.15
InvscNasd100
QQQM 195.27
InvscQQQI
QQQ 474.42
InvscS&P500EW
RSP 170.37
iShBitcoin
IBIT
32.50
iShCoreDivGrowth
DGRO 60.37
iShCoreMSCIEAFE
IEFA 74.32
iShCoreMSCIEM
IEMG 53.77
iShCoreMSCITotInt
IXUS 68.78
iShCoreS&P500
IVV 556.17
iShCoreS&P MC
IJH
60.21
iShCoreS&P SC
IJR 112.66
iShCoreS&PTotUS
ITOT 121.00
iShCoreS&PUSGrw
IUSG 127.49
iShCoreS&PUSVal
IUSV 91.76
iShCoreTotUSDBd
IUSB 46.45
iShCoreUSAggBd
AGG 99.88
iShEdgeMSCIMinUSA USMV 88.60
iShEdgeMSCIUSAQual QUAL 174.53
iShGoldTr
IAU
46.37
iShiBoxx$IGCpBd
LQD 110.86
iShMBS
MBB 94.63
iShMSCI EAFE
EFA 79.89
iSh MSCI EM
EEM 42.91
iShNatlMuniBd
MUB 107.72
iSh1-5YIGCpBd
IGSB 52.00
0.90
3.19
1.88
1.20
0.93
0.63
1.35
2.53
2.53
1.36
–3.16
1.09
1.20
1.07
1.15
1.71
1.98
2.35
1.75
2.31
1.14
–0.32
–0.42
0.70
1.78
0.30
–0.31
–0.30
1.22
1.11
–0.32
–0.23
18.4
2.2
13.0
8.0
15.6
12.0
11.5
15.9
15.8
8.0
...
12.2
5.6
6.3
5.9
16.4
8.6
4.1
15.0
22.5
8.8
0.8
0.6
13.5
18.6
18.8
0.2
0.6
6.0
6.7
–0.6
1.4
Closing Chg YTD
Symbol Price (%) (%)
ETF
iSh1-3YTreaBd
iShRussMC
iShRuss1000
iShRuss1000Grw
iShRuss1000Val
iShRuss2000
iShS&P500Grw
iShS&P500Value
iShSelectDiv
iSh7-10YTreaBd
iShShortTreaBd
iShTIPSBond
iSh20+YTreaBd
iShUSTech
iShUSTreasuryBd
iSh0-3MTreaBd
JPM EqPrem
JPM UltShIncm
PacerUSCashCows
ProShUltPrQQQ
SPDRBbg1-3MTB
SPDR DJIA Tr
SPDR Gold
SPDRPtfDevxUS
SPDRS&P500Value
SPDRPtfS&P500
SPDRS&P500Growth
SPDR S&P 500
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS Div
SchwabUS LC
SchwabUS LC Grw
SHY 82.45
IWR 84.09
IWB 303.25
IWF 363.22
IWD 181.81
IWM 212.04
IVW 92.57
IVE 189.50
DVY 128.57
IEF
96.88
SHV 110.32
TIP 108.43
TLT
97.10
IYW 147.71
GOVT 23.18
SGOV 100.51
JEPI 57.56
JPST 50.51
COWZ 55.92
TQQQ 68.46
BIL
91.60
DIA 405.88
GLD 226.91
SPDW 35.86
SPYV 50.77
SPLG 65.05
SPYG 80.15
SPY 553.07
SCHF 39.28
SCHB 64.04
SCHD 81.59
SCHX 65.37
SCHG 100.94
–0.24
1.51
1.80
2.11
1.25
2.59
2.11
1.12
0.73
–0.63
0.01
–0.21
–0.81
2.52
–0.52
0.01
0.88
–0.04
1.78
7.52
0.01
1.45
0.31
1.30
1.03
1.70
2.15
1.71
1.18
1.83
1.05
1.73
2.19
0.5
8.2
15.6
19.8
10.0
5.6
23.3
9.0
9.7
0.5
0.2
0.9
–1.8
20.3
0.6
0.2
4.7
0.6
7.6
35.0
0.2
7.7
18.7
5.4
8.9
16.4
23.2
16.4
6.3
15.0
7.2
15.9
21.7
ETF
Closing Chg YTD
Symbol Price (%) (%)
SPDR S&PMdCpTr
SPDR S&P Div
TechSelectSector
VanEckSemicon
VangdSC Val
VangdExtMkt
VangdDivApp
VangdFTSEAWxUS
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdGrowth
VangdHiDiv
VangdInfoTech
VangdIntermBd
VangdIntrCorpBd
VangdIntermTrea
VangdLC
VangdMegaGrwth
VangdMC
VangdMBS
VangdRealEst
VangdRuss1000Grw
VangdS&P500ETF
VangdST Bond
VangdSTCpBd
VangdShortTrea
VangdSC
VangdTaxExemptBd
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotWrldStk
VangdValue
MDY 550.15
SDY 135.15
XLK 221.03
SMH 246.37
VBR 191.50
VXF 174.01
VIG 190.64
VEU 59.93
VEA 50.52
VWO 44.27
VGK 68.45
VUG 372.34
VYM 123.30
VGT 571.39
BIV
77.20
VCIT 82.28
VGIT 59.72
VV 253.87
MGK 312.53
VO 250.36
VMBS 46.61
VNQ 91.38
VONG 93.48
VOO 508.38
BSV 77.87
VCSH 78.41
VGSH 58.52
VB
226.15
VTEB 50.64
BND 74.09
BNDX 49.80
VXUS 61.53
VTI 272.52
VT
114.72
VTV 167.19
1.96
0.83
2.88
4.22
1.94
2.30
1.32
1.22
1.22
1.10
1.02
1.99
1.29
2.69
–0.46
–0.33
–0.52
1.77
2.12
1.40
–0.41
–0.08
2.22
1.72
–0.28
–0.23
–0.24
2.08
–0.31
–0.42
–0.28
1.23
1.73
1.48
1.17
8.4
8.1
14.8
40.9
6.4
5.8
11.9
6.8
5.5
7.7
6.2
19.8
10.5
18.1
1.1
1.2
0.7
16.4
20.4
7.6
0.5
3.4
19.8
16.4
1.1
1.3
0.3
6.0
–0.8
0.7
0.9
6.2
14.9
11.5
11.8
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Money Rates
August 15, 2024
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Week
Latest ago
Inflation
July index
level
Chg From (%)
June '24 July '23
U.S. consumer price index
314.540
319.214
All items
Core
0.12
0.07
2.9
3.2
International rates
Latest
Week
ago
52-Week
High
Low
Prime rates
U.S.
Canada
Japan
8.50 8.50 8.50 8.50
6.70 6.70 7.20 6.70
1.475 1.475 1.475 1.475
Policy Rates
Euro zone
Switzerland
Britain
Australia
4.25
1.75
5.00
4.35
4.25
1.75
5.00
4.35
4.50
2.25
5.25
4.35
4.25
1.75
5.00
4.10
5.41
5.43
5.48
5.50
Federal funds
Commercial paper (AA financial)
Effective rate 5.3300 5.3300 5.3500 5.3100
High
5.5500 5.3400 5.6500 5.3400
Low
5.3200 5.3300 5.3300 5.3000
Bid
5.3300 5.3200 5.3300 5.3100
Offer
5.3600 5.3500 5.3600 5.3300
90 days
5.260
5.070
4.795
4 weeks
13 weeks
26 weeks
5.285 5.325 5.230
5.075 5.345 5.070
4.700 5.350 4.700
Other short-term rates
Latest
Week
ago
7.25 7.25
5.33 5.40
5.33
5.30
Value
52-Week
Traded High
Low
DTCC GCF Repo Index
5.407
5.424
Treasury
MBS
35.940 5.504 5.142
44.690 5.689 5.322
Weekly survey
52-Week
high
low
Call money
7.25
5.11
Secured Overnight Financing Rate
Latest
Treasury bill auction
n.a. 5.53
n.a.
7.25
Latest
Freddie Mac
30-year fixed
15-year fixed
6.49
5.66
–9.5 4,401,723
–10.5 53,440
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
.0000
5,673
.0000 1,131,783
Settle
.05296
.05342
.05282
.05341 .00057 178,493
1.1015
1.1030
1.1016
1.1031
1.0952
1.0965
1.0979 –.0040
1,080
1.0994 –.0040 664,289
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Sept
Dec
40161
40525
40721
41091
40113
40484
40683
41061
Sept
Dec
5481.25
5538.00
5571.75
5630.75
5471.75
5529.75
5567.50
5627.00
90.50 1,987,000
92.75 37,019
Sept
Dec
2964.20
2960.10
3031.30
3057.00
2952.90
2989.00
3022.00
3050.40
58.70
59.00
Sept
Dec
19142.50 19603.25
19348.00 19835.75
19100.50 19581.25 466.25 237,431
19323.50 19814.00 476.00
5,912
Sept
Dec
2092.60
2110.70
2156.50
2176.90
2080.70
2101.00
2145.60
2166.50
53.80 424,706
54.90
1,986
Sept
3018.00
3038.50
2990.10
3035.60
47.50
6,239
Sept
Dec
102.44
102.15
103.07
102.70
102.38
102.04
102.81
102.47
.42
.42
45,181
628
.6800
.6831
.6699
.6724
.6713 –.0083
341
.6741 –.0084 308,661
Aug
Sept
.7292
.7298
.7303
.7310
.7280
.7286
.7287 –.0007
187
.7294 –.0007 314,198
Mini Nasdaq 100 (CME)-$20 x index
Mini Russell 2000 (CME)-$50 x index
Aug
Sept
1.2821
1.2833
1.2871
1.2876
1.2800
1.2804
1.2863
1.2867
Sept
Dec
1.1602
1.1714
1.1606
1.1728
1.1472
1.1595
1.1507 –.0100
1.1629 –.0101
Aug
Sept
.6596
.6601
.6635
.6641
.6572
.6556
.6616
.6621
Aug
.05314
.05357
.05306
.05362 .00056
Swiss Franc (CME)-CHF 125,000; $ per CHF
.0032
1,047
.0032 191,802
65,837
931
Australian Dollar (CME)-AUD 100,000; $ per AUD
.0010
411
.0011 182,256
Mexican Peso (CME)-MXN 500,000; $ per MXN
564
575
Mini S&P Midcap 400 (CME)-$100 x index
.6790
.6821
British Pound (CME)-£62,500; $ per £
Open
interest
Aug
Sept
Euro (CME)-€125,000; $ per €
Aug
Sept
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Chg
Sept
Mini S&P 500 (CME)-$50 x index
Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Mini Russell 1000 (CME)-$50 x index
U.S. Dollar Index (ICE-US)-$1,000 x index
22
82,959
1,073
33,561
6
Source: FactSet
Bonds | wsj.com/market-data/bonds/benchmarks
Tracking Bond Benchmarks
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
highs and lows for different types of bonds
Total
return
close
YTD total
return (%)
Yield (%)
Latest Low High
Index
2.7
2120.45
4.490 4.350 5.740
U.S. Aggregate
Total
return
close
YTD total
return (%)
Yield (%)
Latest Low High
Index
Mortgage-Backed Bloomberg Fixed Income Indices
Broad Market Bloomberg Fixed Income Indices
2095.95
2.7
Mortgage-Backed
2.2
Ginnie Mae (GNMA) 4.840 4.640 6.020
6.47
5.63
7.09
6.46
5.50
4.740 4.580 6.050
U.S. Corporate Indexes Bloomberg Fixed Income Indices
2059.06
3221.21
3.1 U.S. Corporate
5.010 4.940 6.430
1236.64
2.9 Fannie mae (FNMA) 4.710 4.560 6.050
3109.98
3.8 Intermediate
4.830 4.740 6.350
1904.04
3.1 Freddie Mac (FHLMC) 4.560 4.430 6.190
4294.54
1.8
Long term
5.340 5.160 6.600
593.21
616.46
2.2
Double-A-rated
4.630 4.540 5.760
418.44
872.84
3.5 Triple-B-rated
5.210 5.140 6.700
480.47
457.66
High Yield Bonds ICE BofA
5.2
552.95
High Yield Constrained 7.507 7.507 9.560
0.8
Muni Master
3.275 3.038 4.311
7-12 year
3.074 2.721 4.097
1.0
12-22 year
3.628 3.388 4.742
1.9
22-plus year
4.130 3.989 5.274
-0.02
Global Government J.P. Morgan†
13.178 12.616 15.455
550.17
1.2
Global Government
3.210 2.950 3.810
6.748 6.671 9.101
822.61
2.5
Canada
3.110 3.040 4.260
5.7
Global High Yield Constrained 7.331 7.331 9.440
358.55
EMU§
2.995 2.669 3.790
4.7
Europe High Yield Constrained 6.248 6.172 8.022
654.08
-0.9
France
3.060 2.540 3.630
467.30
-0.1
Germany
2.350 2.020 3.030
7.3 Triple-C-rated
544.17
3713.47
4.8
High Yield 100
482.33
362.42
U.S Agency Bloomberg Fixed Income Indices
0.6
1836.33
3.0 U.S Agency
4.430 4.250 5.390
274.27
-1.7
Japan
1.300 0.960 1.490
1622.59
2.9 10-20 years
4.420 4.240 5.370
508.00
-0.2
Netherlands
2.600 2.260 3.320
3569.78
3.3 20-plus years
4.550 4.420 5.740
810.50
-0.2
U.K.
4.190 3.790 4.880
2819.77
3.3 Yankee
4.780 4.670 6.110
n.a.
** EMBI Global Index
n.a.
Emerging Markets **
n.a. 7.205 8.842
† In local currency § Euro-zone bonds
Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/
Coupon (%) Maturity, in years
4.375
3.875
Latest(l) 0
1
2
Month ago
Year ago
l
3.948
3.821
4.453
4.231
4.952
4.220
l
3.668
4.161
4.004
-46.6
-29.8
l
3.940
4.338
4.267
-4.0
9.9
4.9
-143.2
-139.1
-159.9
4
U.S. 2 4.099 s
10 3.924 s
4.250
Australia 2
3.750
10
2.500
France 2
3.000
10
2.700
Germany 2
2.600
10
3.100
Italy 2
3.850
10
0.400
Japan 2
1.100
10
2.800
Spain 2
3.450
10
0.125
U.K. 2
4.250
10
l
3.642 t
3.887 t
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
Yield (%)
5 6 Previous
3
-95.7
2.676 s
2.991 s
l
2.575
2.954
3.361
l
2.916
3.114
3.220
-92.4
-99.8
2.454 s
2.266 s
l
2.359
2.808
3.115
-165.4
-160.7
-184.6
-166.1
-165.5
-154.2
-41.3
-116.4
0.320 s
0.838 s
2.762 s
3.094 s
2.185
2.476
2.676
3.553
3.264
3.797
-46.2
l
3.566
3.755
4.354
-29.2
-27.4
13.6
0.299
0.328
-366.7
-493.6
0.814
1.050
0.025 -378.8
0.632
-308.9
-302.7
-358.6
2.685
3.016
3.501
-128.1
-145.9
-50.8
l
l
l
-134.6
3.021
3.232
3.710
-83.3
-82.0
l
3.546
4.061
5.127
-44.0
-42.0
16.6
l
3.828
4.104
4.591
-0.4
-1.2
37.3
l
3.668 s
3.923 s
-93.7
l
l
3.647 s
3.635 s
Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
Investment-grade spreads that tightened the most…
Issuer
Symbol
Coupon (%)
Yield (%)
Maturity
Spread*, in basis points
Current One-day change Last week
Skandinaviska Enskilda Banken
…
5.125
4.29
March 5, ’27
39
–20
n.a.
Banco Santander
…
3.800
4.82
Feb. 23, ’28
102
–18
n.a.
Sumitomo Mitsui Financial
…
5.836
5.31
July 9, ’44
104
–13
117
Toyota Motor Credit
…
4.550
4.42
Aug. 9, ’29
63
–13
n.a.
UnitedHealth
UNH
3.850
4.27
June 15, ’28
47
–13
59
General Motors
GM
6.250
5.86
Oct. 2, ’43
158
–11
174
Hyundai Capital Services
…
5.125
4.84
Feb. 5, ’27
94
–11
n.a.
International Business Machines
IBM
4.250
5.33
May 15, ’49
115
–11
127
…And spreads that widened the most
Metropolitan Life Global Funding I
…
4.300
4.65
Aug. 25, ’29
84
12
n.a.
Amgen
AMGN
5.750
5.33
March 15, ’40
111
6
n.a.
Morgan Stanley
MS
4.300
5.25
Jan. 27, ’45
96
6
93
98
4
110
n.a.
83
4.375
5.10
Nov. 23, ’26
HSBC Holdings
HSBC
Northwestern University
…
4.643
4.90
Dec. 1, ’44
60
4
Swedbank*
…
5.337
4.71
Sept. 20, ’27
81
3
High-yield issues with the biggest price increases…
Coupon (%) Yield (%)
Maturity
Bond Price as % of face value
Current One-day change Last week
Issuer
Symbol
Lumen Technologies
LUMN
7.650
17.03
March 15, ’42
48.000
3.50
49.500
Toledo Hospital*
…
6.015
6.81
Nov. 15, ’48
90.659
1.24
88.819
Teva Pharmaceutical Finance
…
6.150
5.70
Feb. 1, ’36
103.750
0.88
n.a.
Transocean
RIG
7.500
8.09
April 15, ’31
97.000
0.82
96.184
Hughes Satellite Systems
…
6.625
51.29
Aug. 1, ’26
48.637
0.64
n.a.
Bombardier
…
7.450
6.32
May 1, ’34
108.102
0.63
107.178
DISH DBS
…
5.125
26.52
June 1, ’29
43.750
0.48
n.a.
Paramount Global
PARA
4.375
7.19
March 15, ’43
71.373
0.28
n.a.
6.52
Oct. 1, ’26
93.400
–1.92
94.750
106.839
…And with the biggest price decreases
Teva Pharmaceutical Finance Netherlands III …
Week ago Year ago
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Tullett Prebon Information, Ltd.
Discount
5.50
—52-WEEK—
High Low
5.25
U.S. government rates
5.50
Week
Latest ago
Notes on data:
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective July 27, 2023. Other prime rates aren’t directly comparable; lending practices vary
widely by location; Discount rate is effective July 27, 2023. Secured Overnight Financing Rate is as
of August 14, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average
for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates
are Tullett Prebon rates as of 5:30 p.m. ET.
Overnight repurchase
U.S.
—52-WEEK—
High Low
103-026
103-186
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 8/14
Source: Dow Jones Market Data
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET
103-016
103-175
Contract
High hilo
Low
Open
9,726
66,290
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Soybean Meal (CBT)-100 tons; $ per ton.
Sept
Dec
130-190
131-190
Open
interest
Chg
Sept
Dec
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
377
4,605
Soybeans (CBT)-5,000 bu.; cents per bu.
Sept
Nov
132-270 133-040
133-220 133-300
Settle
77,637
247,688
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Sept
Dec
Contract
High hilo
Low
Open
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
40.50
39.53
Interest Rate Futures
Oats (CBT)-5,000 bu.; cents per bu.
Sept
Dec
Open
interest
Chg
t
39.42
39.47
–.54
t
38.45
38.51
–.37
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
14.95
14.98
14.65
14.71
–.28
Sept
Nov
15.07
15.08
14.81
14.85
–.26
Wheat (CBT)-5,000 bu.; cents per bu.
535.75
547.75
527.00
528.25 –6.50
Sept
Dec
557.50
568.00
548.50
550.25 –6.00
Wheat (KC)-5,000 bu.; cents per bu.
547.25
557.75
t 535.50
537.00 –9.25
Sept
Dec
561.50
572.75
t 551.00
552.75 –8.50
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
248.125 248.950
246.375 246.725 –1.175
Aug
Oct
242.500 243.450
240.300 240.900 –1.200
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Aug
184.600 184.950
183.975 184.050 –.550
Oct
182.025 182.525
180.375 180.750 –1.375
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
75.400
76.875
74.825
76.500
.575
Oct
Dec
66.975
68.375
66.475
68.225
.975
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft.
523.50
530.50
523.50
529.50
4.00
Sept
Nov
538.00
541.00
536.50
540.00
2.00
Milk (CME)-200,000 lbs., cents per lb.
20.52
20.60
20.52
20.58
.07
Aug
21.22
22.05
.75
Sept
21.24
22.05 s
Cocoa (ICE-US)-10 metric tons; $ per ton.
8,809
9,021
8,357
8,485
–348
Sept
Dec
6,967
7,214
6,849
6,948
–19
Coffee (ICE-US)-37,500 lbs.; cents per lb.
236.80
240.35
234.30
239.90
2.90
Sept
Dec
234.40
238.50
232.55
238.05
3.40
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
17.98
18.09
17.81
17.88
–.09
Oct
March'25
18.30
18.38
18.10
18.19
–.07
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
35.50
35.50
t
35.50
35.50
…
Nov
March'25
35.00
35.00
t
35.00
35.01
–.50
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Oct
66.60
66.75
66.45
66.34
.16
Dec
67.14
67.94
67.05
67.15
.10
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
443.10
460.15
438.00
459.65 15.40
Sept
Nov
432.90
450.65
429.50
449.80 13.80
40.05
38.86
Sept
Dec
Open
interest
Corn (CBT)-5,000 bu.; cents per bu.
380.75
400.75
Settle
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Metal & Petroleum Futures
Sept
Dec
Contract
High hilo
Low
Open
wsj.com/market-data/commodities
3.150
Occidental Petroleum
OXY
6.450
5.51
Sept. 15, ’36
108.211
–0.93
Optics Bidco*
…
6.000
6.62
Sept. 30, ’34
95.483
–0.77
94.060
DISH DBS
…
7.750
34.34
July 1, ’26
65.250
–0.55
64.250
Rakuten
…
11.250
7.25
Feb. 15, ’27
109.000
–0.20
107.802
Venture Global Calcasieu Pass
…
4.125
5.45
Aug. 15, ’31
92.370
–0.11
92.400
Paramount Global
PARA
6.875
7.03
April 30, ’36
98.795
97.680
*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: MarketAxess
B8 | Friday, August 16, 2024
THE WALL STREET JOURNAL.
* **
BIGGEST 1,000 STOCKS
How to Read the Stock Tables
Stock
Net
Sym Close Chg
Stock
Net
Sym Close Chg
Stock
Net
Sym Close Chg
Stock
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq
Stock Market listed securities. Prices are consolidated from trades reported by various
market centers, including securities exchanges, Finra, electronic communications
networks and other broker-dealers. The list comprises the 1,000 largest companies
based on market capitalization.
Underlined quotations are those stocks with large changes in volume compared
with the issue’s average trading volume.
Boldfaced quotations highlight those issues whose price changed by 5% or more if
their previous closing price was $2 or higher.
Footnotes:
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four
quarters.
Stock tables reflect composite regular trading as of 4 p.m. ET and
changes in the official closing prices from 4 p.m. ET the previous day.
Net
Sym Close Chg
Net
Sym Close Chg
Stock
Stock
Net
Sym Close Chg
s Equifax
UDR 41.62 -0.16
EFX 293.54 -2.84 IdexxLab
IDXX 485.52 10.58 McDonald's MCD 274.87 3.72 Prologis
SOLV 58.84 1.06 UDR
PLD 124.77 1.35 Solventum
UHAL 68.93 1.85
Equinix
EQIX 830.08 -11.41 ING Groep
ING 17.24 0.33 McKesson
SONY 88.46 -0.53 U-Haul
MCK 545.41 -7.42 PrudentialFinl PRU 113.56 2.16 Sony
UHAL/B 65.15 1.87
Equinor
EQNR 27.83 0.13 Invesco
IVZ
SO
16.85 0.37 Medpace
87.01 -0.18 U-Haul N
MEDP 384.31 -0.89 Prudential
PUK 16.92 0.35 Southern
Equitable
EQH 39.98 0.74 IQVIA
IQV 240.91 4.70 Medtronic
SCCO 105.79 4.32 UL Solutions ULS 51.84 0.53
MDT 83.65 1.91 PublicServiceEnt PEG 80.40 -0.11 SoCopper
s
USFD 57.01 1.10
EquityLife
ELS 70.33 -1.12 ITT
ITT 136.35 2.24 s MercadoLibre MELI 1996.44 97.87 PublicStorage PSA 317.23 -3.65 SouthwestAir LUV 26.54 1.16 US Foods
UWMC 8.94 -0.35
EquityResdntl EQR 71.24 0.05 IcahnEnterprises IEP
16.79 -0.06 Merck
SPOT 335.59 1.24 s UWM
MRK 113.31 -0.27 PulteGroup PHM 122.52 0.65 Spotify
s ErieIndemnity ERIE 467.34 1.93 Icon
UBER 72.73 0.80
ICLR 321.53 4.11 MetaPlatforms META 537.33 10.57 PureStorage PSTG 62.54 2.24 SproutsFarmers SFM 98.40 2.82 Uber
UI
177.63 2.98
EssentialUtil WTRG 39.65 0.18 IDEX
IEX 195.24 1.93 MetLife
QGEN 46.43 0.38 StanleyBlackDck SWK 96.79 1.39 Ubiquiti
MET 71.73 0.55 Qiagen
EssexProp
ESS 285.00 -1.16 IllinoisToolWks ITW 240.26 1.60 Mettler-Toledo MTD 1434.78 32.23 Qorvo
STN 82.43 1.18 UltaBeauty ULTA 365.80 36.75
QRVO 112.38 3.86 Stantec
UL
61.35 0.49
EsteeLauder EL
95.14 3.51 Illumina
SBUX 94.88 0.98 Unilever
QCOM 173.34 6.19 Starbucks
ILMN 128.80 6.52 MicrochipTech MCHP 81.30 3.20 Qualcomm
EvercoreA
EVR 241.79 4.82 s ImperialOil
IMO 76.63 0.82 MicronTech MU 106.95 6.54 QuantaServices PWR 267.94 4.47 StateStreet STT 80.55 1.60 UnionPacific UNP 243.71 2.49
UnitedAirlines
UAL
42.66
2.42
Everest
EG 373.46 3.92 Incyte
DGX 149.69 -0.16 SteelDynamics STLD 118.05 3.00
INCY 61.68 0.50 Microsoft
MSFT 421.03 4.92 QuestDiag
Evergy
EVRG 58.60 -0.53 Informatica INFA 23.87 0.29 MicroStrategy MSTR 131.93 1.56
Stellantis
STLA 15.84 0.27 UnitedMicro UMC 8.77 0.05
UPS 128.55 2.13
EversourceEner ES
64.85 -1.60 Infosys
Steris
STE 230.32 -2.47 UPS B
INFY 21.83 0.08 s MidAmApt MAA 153.35 0.02
ExactSciences EXAS 58.47 2.11 IngersollRand IR
StifelFinancial SF
85.00 1.45 UnitedRentals URI 720.64 18.45
92.22 1.21 Middleby
MIDD 139.10 1.93
RBC Bearings RBC 289.39 5.39 STMicroelec STM 30.72 1.11 US Bancorp USB 42.81 0.47
Exelixis
EXEL 26.31 0.01 s Ingredion
INGR 130.77 -0.11 MitsubishiUFJ MUFG 10.39 0.48
RB Global
RBA 81.70 1.67 Stryker
X
41.73 -0.55
Exelon
EXC 37.50 0.47 Insmed
SYK 334.17 1.49 US Steel
INSM 74.14 -0.73 MizuhoFin MFG 4.27
0.25 RELX
RELX 45.62 -0.08 SumitomoMits SMFG 13.57 0.81 UnitedTherap UTHR 323.08 -0.79
Thursday, August 15, 2024
Net
Net Expedia
EXPE 132.22 3.19 Insulet
PODD 195.03 3.49 t Mobileye
MBLY 14.27 0.35 RPM
RPM 117.31 1.89
UnitedHealth
UNH
579.61
-0.06
Stock
Sym
Close
Chg
Stock
Sym
Close
Chg
ExpeditorsIntl
EXPD
119.44
0.11
Intel
INTC
20.69
0.77
SummitTherap SMMT 11.87 0.75
Net
Moderna
MRNA 86.62 4.37
RTX 118.36 0.71
ExtraSpaceSt EXR 166.17 -0.51 InteractiveBrkrs IBKR 120.26 2.20 MohawkInds MHK 146.71 2.68 s RTX
SunComms SUI 130.52 -1.38 UnivDisplay OLED 187.62 9.21
Stock
Sym Close Chg
RalphLauren RL 164.27 5.74
BancoBradesco BBDO 2.48 0.03 CirrusLogic CRUS 141.76 4.68 ExxonMobil XOM 118.73 0.73 s ICE
UniversalHealthB
UHS
223.27
1.42
ICE 155.50 -0.62 MolinaHealthcare MOH 345.94 6.72
SunLifeFinancial SLF 51.58 0.61
s BancodeChile BCH 24.91 0.31 CiscoSystems CSCO 48.53 3.09 F5
FFIV 195.57 4.21 InterContHtls IHG 96.53 2.32 MolsonCoorsB TAP 53.57 1.14 RaymondJames RJF 115.27 0.36 s SuncorEnergy SU
41.60 0.46 UnumGroup UNM 54.41 0.21
RealtyIncome
O
59.71
-0.45
BancSanBrasil BSBR 5.50 -0.04 Citigroup
C
60.52 1.24 FMC
VICI
Prop
VICI
31.76
0.15
FMC 62.38 0.96 IBM
IBM 193.95 1.63 monday.com MNDY 260.79 1.43
Sunoco
SUN 52.10 1.65
Reddit
RDDT 55.55 0.60
VALE 10.21 0.05
IFF
99.08 2.37 Mondelez
AECOM
ACM 96.43 0.99 BcoSantChile BSAC 20.42 0.32 CitizensFin CFG 40.59 0.48 FTAI Aviation FTAI 106.44 1.93 IntlFlavors
MDLZ 70.28 -0.92 RegalRexnord RRX 157.79 2.89 SuperMicroComp SMCI 626.69 49.60 Vale
CleanHarbors
CLH
237.83
1.44
BancoSantander
SAN
4.64
0.09
FTI Consulting FCN 222.86 2.22 IntlPaper
IP
46.88 1.22 MongoDB
AES
AES 17.27 0.33
SUZ
9.85 -0.18 ValeroEnergy VLO 149.30 1.48
MDB 249.05 5.61 RegencyCtrs REG 70.01 -0.25 Suzano
CLX 145.93 1.41 Fabrinet
34.30 0.44 Clorox
PCVX 78.44 1.49
FN
230.47 12.70 Interpublic
IPG
31.07 0.54 s MonolithicPower MPWR 920.69 58.07
Aflac
AFL 102.54 0.17 BanColombia CIB
Symbotic
SYM 21.39 -0.01 Vaxcyte
NET 82.16 0.70 FactSet
FDS 408.72 4.39 Intra-Cellular ITCI 75.27 -0.35 MonsterBev MNST 46.99 0.75 s RegenPharm REGN 1175.33 18.47 SynchronyFinl SYF 45.89 -0.43 VeevaSystems VEEV 192.86 4.66
AGNC Invt
AGNC 10.04 0.04 BankofAmerica BAC 39.03 0.22 Cloudflare
RegionsFinl
RF
21.13 0.24
Coca-Cola
KO
68.65
0.07
BankMontreal
BMO
84.71
1.37
Ventas
VTR
58.04 -0.48
s
FairIsaac
FICO
1733.79
-75.96
Intuit
INTU 652.14 15.40 s Moody's
Ansys
ANSS 325.00 5.87
Synopsys
SNPS 548.28 17.48
MCO 467.12 0.97
RGA 206.38 1.93
64.98 0.87 CocaColaCon COKE 1270.17 12.00 Fastenal
VLTO 108.97 0.46
FAST 66.63 0.36 s IntuitiveSurgical ISRG 480.17 8.96 MorganStanley MS 100.64 1.20 ReinsGrp
APA
APA 29.48 0.53 BankNY Mellon BK
Sysco
SYY 75.76 -0.25 s Veralto
Reliance
RS
283.50
3.36
s
Coca-ColaEuro
CCEP
76.78
1.13
BankNovaScotia
BNS
46.44
0.47
VeriSign
VRSN
177.77
2.84
FederalRealty FRT 113.13 0.51 InvitatHomes INVH 35.26 0.14 Morningstar MORN 313.59 2.59
ASE Tech
ASX 10.01 0.21
RenaissanceRe RNR 239.10 2.67
BCS 11.86 0.40 CognizantTech CTSH 75.47 1.09 FedEx
VeriskAnalytics VRSK 266.14 -2.45
FDX 284.18 0.85 IronMountain IRM 108.58 -0.11 Mosaic
ASML
ASML 928.25 48.67 Barclays
MOS 27.70 0.06 RentokilInit RTO 31.58 0.81
Coherent
COHR
71.28
4.29
BarrickGold
GOLD
19.05
-0.11
Verizon
VZ
40.04
-0.86
FergusonEnts FERG 209.97 5.86 ItauUnibanco ITUB 6.77 0.06 s MotorolaSol MSI 421.94 3.35
AT&T
T
19.09 -0.54
Repligen
RGEN 162.61 2.31 TC Energy
TRP 43.81 0.14 VertexPharm VRTX 472.00 0.56
BAX 35.73 0.20 CoinbaseGlbl COIN 197.12 1.16 s Ferrari
RACE 454.13 1.23
ATI
ATI
64.28 0.82 BaxterIntl
MuellerIndustries MLI 68.45 1.03 RepublicSvcs RSG 202.88 0.43 TD Synnex SNX 117.07 3.26
Vertiv
VRT 82.96 2.80
FER 40.22 0.04
AbbottLabs ABT 110.94 1.05 BectonDicknsn BDX 234.02 -0.06 ColgatePalm CL 101.44 -0.74 Ferrovial
MurphyUSA MUSA 504.12 4.99 s ResMed
RMD 227.22 5.54 TE Connectivity TEL 149.04 3.91 Viatris
Comcast
A
CMCSA
39.52
0.51
VTRS 11.67 0.27
BeiGene
BGNE
190.89
4.19
FidNatlFinl
FNF
56.45
0.54
s AbbVie
ABBV 193.40 0.40
NICE
NICE
174.37 7.59 RestaurantBrands QSR 71.27 0.67 Telus
JD.com
JD
27.00
1.10
TU
15.95
-0.05
CMA 54.81 -0.03 s FidNatlInfo FIS
Viking
VIK 35.63 1.42
78.48 0.39
Abercrombie&Fitch ANF 162.05 8.97 BentleySystems BSY 49.92 0.28 Comerica
NIO
3.83 0.11 Revvity
RVTY 119.98 2.54 TFI Intl
TFII 147.90 2.32 VinFastAuto VFS
ComfortSystems
FIX
337.44 7.81 FifthThirdBncp FITB 39.99 0.28 JPMorganChase JPM 211.55 1.31 NIO
3.78 0.11
Berkley
WRB
57.58
0.27
Accenture
ACN 325.13 5.30
NNN 45.30 -0.57 RexfordIndlRealty REXR 50.31 0.69 TIM
Jabil
JBL 107.08 3.89 NNN REIT
TIMB 16.40 -0.17 Visa
V
266.80 5.66
Adobe
ADBE 554.16 14.37 BerkHathwy B BRK.B 440.84 2.37 CommerceBcshrs CBSH 61.09 0.89 FirstCitizBcshA FCNCA 2048.43 48.82 JackHenry
JKHY 164.77 -0.02 NRG Energy NRG 82.75 0.37 RioTinto
RIO 62.75 0.31 TJX
TJX 111.48 2.78 Vistra
VST
81.45 2.20
SABESP
SBS
18.03 -0.21 FirstHorizon FHN 15.57 0.37
BerkHathwy
A
BRK.A
6611454023.00
AdvDrainageSys WMS 149.06 3.79
NVR 8601.04 29.56 Rivian
146.63 1.64 NVR
RIVN 13.76 0.51 TKO
TKO 117.11 -1.62 Vodafone
VOD
9.56 0.02
54.43 0.45 JacobsSolns J
AdvMicroDevices AMD 147.36 6.61 BerryGlobal BERY 64.83 1.34 ConagraBrands CAG 30.17 -0.65 FirstIndRlty FR
NXP Semicon NXPI 253.25 9.61 Robinhood
HOOD 19.55 0.90 T-MobileUS TMUS 194.63 -1.86 VulcanMatls VMC 246.57 4.53
BBY 84.06 1.15 ConocoPhillips COP 111.23 1.90 FirstSolar
FSLR 229.58 4.04 JamesHardie JHX 32.76 0.76 Nasdaq
Aegon
AEG
6.28 0.07 BestBuy
NDAQ 69.78 0.48 Roblox
JefferiesFinl JEF 57.12 0.11
RBLX 40.50 1.41 TPG
TPG 49.13 1.13
ConEd
ED
99.23 -1.63 FirstEnergy FE
Bio-Techne
TECH
74.91
2.16
42.32
0.04
AerCap
AER 94.10 1.06
NTRA 122.25 3.75 s RocketCos. RKT 18.49 -0.57 T.RowePrice TROW 108.24 2.31
JNJ 159.09 0.61 s Natera
ConstBrands A STZ 245.24 4.16 FirstService FSV 171.51 1.16 J&J
AffirmA
AFRM 28.37 1.79 Bio-RadLab A BIO 325.62 5.17
69.76 1.26 NationalGrid NGG 64.35 -0.20 Rockwell
ROK 263.82 2.65 TaiwanSemi TSM 173.96 3.99
BIIB 201.63 1.04 ConstellationEner CEG 190.39 4.24 s Fiserv
FI
165.72 1.69 JohnsonControls JCI
AgilentTechs A
139.89 3.86 Biogen
WEC Energy WEC 89.29 -0.35
NatWest
NWG 9.04 0.17 RogersComm B RCI
JonesLang
JLL
244.32
3.39
39.47 -0.34 TakeTwoSoftware TTWO 146.38 1.47
COO 92.00 0.58 Flex
FLEX 31.65 1.19
s AgnicoEagleMines AEM 78.08 0.44 BioMarinPharm BMRN 89.18 -0.43 Cooper
WPC 56.90 0.02
NTAP 131.43 4.32 RoivantSciences ROIV 11.31 -0.12 TakedaPharm TAK 14.44 0.14 W.P.Carey
Copart
CPRT 51.60 0.61 Floor&Decor FND 105.52 2.40 JuniperNetworks JNPR 38.81 0.02 NetApp
BioNTech
BNTX
87.25
2.40
WPP
WPP 45.61 1.47
AirProducts APD 273.88 -2.61
NetEase
NTES
90.07
2.37
KB
Financial
KB
62.74
0.27
TPR 39.20 1.24
Roku
ROKU 59.27 3.05 Tapestry
Core&Main CNM 51.37 1.59 Fluor
s
FLR 49.20 0.37
Wabtec
WAB 158.28 2.20
Airbnb
ABNB 118.88 2.64 Birkenstock BIRK 62.38 2.82
NFLX 663.22 1.54 Rollins
KBR 65.99 1.16 Netflix
ROL 49.05 0.55 s TargaResources TRGP 142.83 2.67
BLK 872.06 14.54 CorebridgeFin CRBG 27.92 0.91 FlutterEnt
FLUT 207.74 0.86 KBR
WalgreensBoots
WBA 10.82 0.39
AkamaiTech AKAM 100.86 1.13 BlackRock
Neurocrine
NBIX
147.77
1.08
TGT 141.66 5.90
RoperTech
ROP 546.57 18.57 Target
Corning
GLW 40.26 0.67 FomentoEconMex FMX 112.92 0.47 KE Holdings BEKE 15.17 0.22
Blackstone
BX
136.27
0.11
s
Walmart
WMT 73.18 4.52
AlamosGold AGI 18.44 -0.03
KKR 120.22 1.84 NewOrientalEduc EDU 69.70 0.96 RossStores ROST 147.80 6.46 TechnipFMC FTI
26.97 0.79
CPAY 292.75 4.75 FordMotor
HRB 57.49 0.57 Corpay
F
10.46 0.28 KKR
WarnerBrosA
WBD
7.24 0.28
Albemarle
ALB 79.14 6.29 BlockHR
NYTimes
A
NYT
54.65
0.09
KLA
KLAC 836.19 43.75
RoyalBkCanada RY 110.71 0.34 TeckResourcesB TECK 49.01 2.19
Corteva
CTVA 52.76 0.77 Fortinet
Block
SQ
64.25
2.05
FTNT
73.40
0.61
Albertsons
ACI
20.47 0.21
NEM 49.31 0.17 RoyalCaribbean RCL 160.26 7.55 TeledyneTech TDY 413.36 4.83 WarnerMusic WMG 28.29 0.32
KSPI 126.40 0.21 Newmont
CoStar
CSGP 74.55 1.01 Fortis
FTS 43.61 0.19 Kaspi.kz
s WasteConnections WCN 183.02 1.46
Alcoa
AA
32.09 0.99 BlueOwlCapital OWL 18.03 0.32
NewsCorp
B
NWS
28.52
0.19
K
80.28
...
TFX 237.70 5.39
RoyalGold
RGLD 132.76 1.22 Teleflex
COST 877.35 14.64 Fortive
BA 176.41 7.91 Costco
FTV 69.79 1.06 Kellanova
WasteMgt
WM 206.91 0.56
Alcon
ALC 93.84 0.23 Boeing
KVUE 21.57 0.39 NewsCorp A NWSA 27.58 0.26 RoyaltyPharma RPRX 27.41 0.76 s Ericsson
ERIC 7.00 0.13
BKNG 3634.67 62.09 CoterraEnergy CTRA 24.19 0.46 FortuneBrands FBIN 77.47 2.17 Kenvue
Waters
WAT 340.68 4.19
AlexandriaRlEst ARE 115.04 1.80 Booking
KeurigDrPepper KDP 35.33 0.02 NextEraEnergy NEE 77.41 -0.60 RyanSpecialty RYAN 64.48 -0.51 TelefonicaBras VIV
9.28 -0.14
Coty
COTY 9.42 0.37 FoxA
BoozAllen
BAH
147.95
-0.03
FOXA
38.99
-0.07
Watsco
WSO 477.69 2.62
Alibaba
BABA 79.54 0.07
Nike
NKE
82.50
3.98
KeyCorp
KEY 16.20 0.56
TEF
4.45 -0.03
CPNG 22.40 0.25 FoxB
Ryanair
RYAAY 102.67 1.58 Telefonica
BostonSci
BSX 77.58 1.16 Coupang
FOX
36.30
-0.03
WeatherfordIntl
WFRD 108.65 2.63
AlignTech
ALGN 235.33 15.30
NI
31.73 -0.11 s SAP
CR 151.14 1.86 Franco-Nevada FNV 119.89 2.94 KeysightTech KEYS 132.67 5.40 NiSource
SAP 214.94 2.39 TelekmIndonesia TLK 18.40 0.12 WebsterFin WBS 45.37 1.22
s BrightHorizons BFAM 136.30 0.27 Crane
Allegion
ALLE 132.95 1.86
s
Nokia
NOK
4.07
0.09
BAP 167.85 1.86 FranklinRscs BEN 22.43 0.41 KimberlyClark KMB 141.78 0.96
S&P Global SPGI 492.93 0.28 TempurSealy TPX 51.60 1.49 WellsFargo WFC 54.57 0.91
BristolMyers BMY 49.11 0.70 Credicorp
AlliantEnergy LNT 56.94 0.46
NMR 5.65 0.25 SBA Comm SBAC 214.77 -3.10 Tenaris
TS
28.35 0.39
CROX 137.18 5.79 FreeportMcM FCX 43.58 1.67 KimcoRealty KIM 22.27 0.25 Nomura
BritishAmTob BTI
36.00 -0.18 Crocs
WELL 116.34 -1.17
AllisonTransm ALSN 86.47 2.40
NDSN 240.42 3.93 SEI Investments SEIC 66.75 1.21 TencentMusic TME 10.97 -0.16 Welltower
BrixmorProp BRX 25.87 0.46 CrowdStrike CRWD 260.49 4.27 FreseniusMedCare FMS 18.68 -0.10 KinderMorgan KMI 21.11 0.15 Nordson
WCC 159.34 3.28
s Allstate
ALL 178.11 -2.84
NorfolkSouthern NSC 241.15 -0.82 SK Telecom SKM 22.56 -0.05 TenetHealthcare THC 155.15 1.15 WescoIntl
KinrossGold
KGC
8.91
-0.09
CrownCastle
CCI
109.17
-1.04
FullTruck
YMM 7.52 -0.06
AVGO 166.13 8.44
WestPharmSvcs
WST 292.60 0.39
AllyFinancial ALLY 41.61 0.55 Broadcom
KinsaleCapital KNSL 482.88 3.01 NorthernTrust NTRS 86.23 1.42 SS&C Tech SSNC 72.40 1.00 Teradyne
Crown Holdings CCK 87.88 1.41
TER 131.73 6.48 WestAllianceBcp WAL 77.03 2.41
AlnylamPharm ALNY 262.70 -0.19 BroadridgeFinl BR 208.99 -0.66 CubeSmart CUBE 48.63 -0.30
Klaviyo
KVYO 31.83 1.58 NorthropGrum NOC 503.70 -1.30 STAG Indl
STAG 39.62 0.15 Tesla
TSLA 214.14 12.76 WesternDigital WDC 63.50 1.99
Alphabet A GOOGL 161.30 0.93 BrookfieldAsset BAM 41.00 0.19 Cummins
NVS 113.31 -0.22 Saia
Knight-Swift KNX 53.64 1.54 Novartis
CMI 299.80 7.81
SAIA 386.63 11.33 TetraTech
TTEK 228.40 1.77 WesternMidstrm WES 38.27 0.51
BN
46.50 0.18
Alphabet C GOOG 163.17 1.14 Brookfield
GE Aerospace GE 169.94 1.99 Philips
PHG 28.87 0.21 NovoNordisk NVO 137.57 3.15 Salesforce
CRM 262.79 7.47 s TevaPharm TEVA 18.33 0.32 Westlake
30.96 0.48 s Curtiss-Wright CW 302.23 2.94
WLK 147.09 2.41
AltairEngg
ALTR 91.35 1.64 BrookfieldInfr BIP
s NuHoldings NU
GE HealthCare GEHC 85.30 1.83 KoreaElecPwr KEP
13.78 0.40 Samsara
7.22
-0.09
CyberArkSoftware
CYBR
276.40
0.85
IOT
39.28
-0.46
TexasInstruments
TXN 201.93 6.32 Weyerhaeuser WY 30.09 0.07
Altria
MO 50.74 -0.45 BrookfieldRenew BEPC 28.79 0.55
s GE Vernova GEV 188.82 4.66 KraftHeinz
NUE 145.22 3.96 Sanofi
KHC 34.19 -0.30 Nucor
SNY 54.02 0.49 TexasPacLand TPL 828.82 9.52 WheatonPrecMtls WPM 57.77 0.14
Brown&Brown
BRO
101.19
-0.11
Amazon.com AMZN 177.59 7.49
s GFLEnvironmental GFL 41.17 0.41 Kroger
NTNX 51.89 0.63 SareptaTherap SRPT 133.34 0.26 TexasRoadhouse TXRH 170.00 2.31
KR
52.89 0.51 Nutanix
Williams
WMB 43.88 0.49
Ambev
ABEV 2.41 0.09 Brown-Forman A BF.A 45.30 0.43
GSK
GSK 41.40 0.18 LatamAirlines LTM 24.00
NTR 46.34 0.45 Schlumberger SLB 45.04 1.26 Textron
... Nutrien
TXT 87.81 1.82 Williams-Sonoma WSM 141.03 2.41
s Amcor
AMCR 10.85 0.19 Brown-Forman B BF.B 44.99 0.48 DTE Energy DTE 121.98 -0.05 Gallagher
AJG 284.40 -0.30 LKQ
nVentElectric NVT 66.92 2.39 SchwabC
LKQ
39.99
0.90
SCHW 65.23 -0.13 ThermoFisher TMO 603.69 1.59 WillisTowers WTW 279.88 -0.10
BRKR 63.23 1.76 Danaher
DHR 269.33 1.25 GameStop
Amdocs
DOX 83.61 1.06 Bruker
GME 22.53 0.54 LPL Financial LPLA 219.66 3.09 NVIDIA
NVDA 122.86 4.78 s Sea
SE
79.29 2.49 ThomsonReuters TRI 164.16 -1.06 Wingstop
WING 388.90 11.90
DRI 144.25 3.43 Gaming&Leisure GLPI 49.26 -0.32
Ameren
AEE 81.34 0.08 BuildersFirst BLDR 164.65 4.05 Darden
L3HarrisTech LHX 226.49 0.43
Seagate
STX 99.61 2.55 3M
MMM 127.16 0.99 Wipro
96.01 0.25 Datadog
WIT
5.92 0.07
DDOG 116.33 2.18 Gap
AmericaMovil AMX 17.21 0.11 BungeGlobal BG
GPS 24.22 1.51 Labcorp
LH
224.56
3.23
Sempra
SRE
79.68
0.97
Toast
TOST
24.81
0.03
s
Wix.com
WIX 163.05 4.00
DVA 149.96 1.08 Garmin
AEP
AEP 96.56 -0.68 BurlingtonStrs BURL 264.98 9.53 s DaVita
GRMN 170.82 0.82 LamResearch LRCX 890.10 44.77
ServiceIntl
SCI
75.92 0.87 TollBros
TOL 128.96 2.18 WoodsideEnergy WDS 17.13 0.35
CACI
Intl
CACI
464.00
2.14
OGE
Energy
OGE
38.98
-0.30
Dayforce
DAY
55.50
1.44
AmerExpress AXP 249.50 5.74
Gartner
IT
484.11 5.44 LamarAdv
LAMR 119.01 0.88 s ONEOK
BLD 377.75 7.60 Woodward WWD 156.13 1.72
CAVA 97.24 1.48 DeckersOutdoor DECK 947.55 28.18
OKE 86.97 0.63 ServiceNow NOW 832.11 13.09 TopBuild
AmericanFin AFG 128.12 0.40 CAVA
GenDigital
GEN 24.88 -0.06 LambWeston LW
61.09 1.96
SN
91.40 2.25 Toro
TTC 89.00 0.66 WooriFinl
WF
34.29 0.10
ON
75.88 4.80 SharkNinja
DE
373.26 21.98 Generac
AmHomes4Rent AMH 38.42 0.12 CBRE Group CBRE 110.57 0.08 Deere
GNRC 149.04 4.58 LasVegasSands LVS 40.13 0.63 ON Semi
Shell
SHEL
73.17
0.25
TorontoDomBk
TD
58.52 0.61 Workday
WDAY 231.56 8.72
CDW 221.87 5.19 DellTechC
DELL 110.21 7.26 GeneralDynamics GD 295.95 2.22 LegendBiotech LEGN 55.75 1.07 O'ReillyAuto ORLY 1115.89 -13.33 s
AIG
AIG 73.42 0.51 CDW
SherwinWilliams
SHW
356.47
4.32
TotalEnergies
TTE
68.37
0.43
WynnResorts
WYNN
76.14 2.10
CF
Industries
CF
79.78
-0.27
OccidentalPetrol OXY 57.81 0.87
DeltaAir
DAL 40.18 1.49 GeneralMills GIS
AmerTowerREIT AMT 218.06 -5.12
68.75 -1.65 Leidos
LDOS 147.95 0.61 Okta
XP
19.80 0.22
GIB 108.87 1.13 DescartesSystems DSGX 99.24 1.79
OKTA 95.51 0.43 ShinhanFin SHG 41.23 0.34 ToyotaMotor TM 181.79 4.78 XP
AmerWaterWorks AWK 142.03 0.36 CGI A
GeneralMotors GM
44.86 1.25 Lennar B
LEN.B 158.28 1.49 OldDomFreight ODFL 197.14 4.14 Shopify
SHOP 74.85 3.26 TractorSupply TSCO 263.00 0.71 XPO
XPO
123.15
6.34
CH
Robinson
CHRW
97.84
0.05
DeutscheBank DB
15.15 0.36 Genmab
AmericoldRealty COLD 28.20 -0.19
GMAB 27.21 0.41 Lennar A
LEN 170.61 1.49 OldRepublic ORI 34.51 0.28 s SimonProperty SPG 157.86 1.04 TradeDesk
TTD 100.50 1.81 XcelEnergy XEL 58.90 -0.06
CME
Group
CME
205.29
-2.56
DevonEnergy DVN 45.44 0.95 GenuineParts GPC 138.56 1.37 LennoxIntl
Ameriprise AMP 424.07 4.20
LII
585.00
7.90
s
SimpsonMfg
SSD
176.24
1.66
Tradeweb
TW
114.83
-2.06
Xylem
XYL 133.19 1.70
DXCM 72.36 2.31 GileadSciences GILD 74.34 0.20 LeonardoDRS DRS 27.80 0.01 OmegaHealthcare OHI 37.58 -0.32
Ametek
AME 163.15 1.67 CMS Energy CMS 65.96 -0.36 DexCom
SIRI
3.02 0.11 TraneTech
TT 347.85 2.13 YPF
YPF 21.78 0.18
CNA 48.80 0.20 Diageo
Omnicom
OMC 96.20 1.75 SiriusXM
DEO 130.35 2.21 GlobalPayments GPN 108.78 3.70 LiAuto
Amgen
AMGN 325.39 2.66 CNA Fin
LI
19.20 0.40
SkechersUSA SKX 64.99 2.27 TransDigm
TDG 1272.34 23.98 Yum!Brands YUM 137.81 0.55
CNH 10.02 0.35 DiamondbkEner FANG 196.58 2.47
AmkorTech AMKR 32.87 1.04 CNH Indl
GlobalFoundries GFS 45.43 1.87 LibertyBroadbandA LBRDA 62.03 0.82 OnHolding ONON 42.73 2.17 Skyworks
SWKS
108.77 3.89 s TransUnion TRU 93.37 2.00 YumChina
YUMC 34.28 1.08
CRH
CRH
85.62
2.27
Dick's
DKS 224.12 10.30 Globant
Amphenol
APH 66.05 1.24
GLOB 194.37 3.21 LibertyBroadbandC LBRDK 63.20 0.84 OntoInnovation ONTO 210.88 11.77 SmithAO
AOS 80.25 0.49 Travelers
TRV 216.43 2.34 ZTO Express ZTO 19.70 0.23
CSX 33.63 0.27 DigitalRealty DLR 149.86 -1.32
OTEX 31.78 0.67
AnalogDevices ADI 223.67 8.35 CSX
GlobeLife
GL
95.96 1.99 LibertyFormOne C FWONK 77.02 -0.19 OpenText
TRMB
Smith&Nephew
SNN
54.04 0.87 ZebraTech
30.09 0.24 Trimble
ZBRA 343.21 9.97
CVS
Health
CVS
57.56
1.57
ORCL 136.93 1.33
DiscoverFinSvcs DFS 130.69 2.94 GlobusMedical GMED 68.79 1.71 LibertyLiveA LLYVA 38.56 0.66 Oracle
AngloGoldAsh AU
30.40 -0.50
TCOM 42.01 0.60 Zillow C
SJM 119.49 -0.22 Trip.com
Z
53.33 -0.29
ORAN 11.21 -0.08 Smucker
DIS
88.79 2.49 s GoDaddy
AB InBev
BUD 60.62 0.24 CadenceDesign CDNS 280.12 8.34 Disney
GDDY 162.45 1.62 LibertyLiveC LLYVK 39.38 0.77 Orange
TruistFinl
TFC
42.37
0.47
SmurfitWestRock
SW
42.74
1.83
Zillow
A
ZG
51.50 -0.34
IX
116.66 0.32
DOCU 56.46 0.87 GoldFields
AnnalyCap
NLY 19.96 0.08 CaesarsEnt CZR 37.24 2.46 DocuSign
GFI
16.14 0.17 LibertyFormOne A FWONA 69.85 -0.23 Orix
TWLO 60.70 0.09 ZimmerBiomet ZBH 109.90 1.27
Snap
SNAP 9.30 0.27 Twilio
CamdenProperty
CPT
119.81
-0.01
OtisWorldwide
OTIS
93.21
1.10
DollarGeneral DG 120.54 4.00 GoldmanSachs GS 499.02 0.32
AnteroResources AR
27.84 0.44
LibertySirius A LSXMA 21.95 0.64
TYL 582.01 0.83 Zoetis
SNA 276.13 2.90 TylerTech
ZTS 184.08 0.70
CCJ 40.78 0.93 DollarTree
OVV 43.84 1.35 Snap-On
DLTR 97.19 4.82 Grab
Aon
AON 331.46 0.46 Cameco
GRAB 3.12 -0.25 LibertySirius C LSXMK 21.93 0.63 Ovintiv
Snowflake
SNOW 127.05 -0.25 TysonFoods TSN 62.04 0.01 ZoomVideo ZM
57.85 0.85
55.29 -0.22 Graco
APi Group
APG 34.50 0.56 CampbellSoup CPB 48.94 -0.69 DominionEner D
GGG 81.35 0.78 LibertySirius B LSXMB 22.00 0.10 OwensCorning OC 161.83 3.29 SOQUIMICH SQM 36.97 1.31 UBS Group
UBS
30.15
-0.74
Zscaler
ZS
190.34 6.36
CM
51.51 0.05 Domino's
PDD 145.08 3.10
DPZ 444.58 2.34 Grainger
ApolloGlblMgmt APO 110.83 4.85 s CIBC
GWW 958.84 6.14 Light&Wonder LNW 101.64 -0.37 PDD
CanNtlRlwy
CNI
113.09
1.95
PG&E
PCG 18.41 0.02
Donaldson
DCI
72.61 0.67 GraphicPkg GPK 28.49 0.31 EliLilly
AppFolio
APPF 221.22 4.40
LLY 931.58 1.20
PNC 171.82 3.45
DASH 130.29 3.36 GpoAeroportuar PAC 163.61 1.87 LincolnElectric LECO 192.28 3.12 PNC Finl
Apple
AAPL 224.72 3.00 CanadianNatRscs CNQ 36.73 0.60 DoorDash
CP
79.39 1.36 Dover
POSCO
PKX 61.51 0.62
DOV 178.97 2.15 GpoAeroportSur ASR 280.37 0.62 Linde
AppliedIndlTechs AIT 200.03 1.48 CdnPacKC
LIN 456.14 4.96
CapitalOne
COF
137.11
1.16
PPG
Ind
PPG
122.07 2.20
Dow
DOW
53.87
1.11
ApplMaterials AMAT 211.83 10.20
Guidewire
GWRE 147.33 1.05 Lineage
LINE 84.32 0.20
PPL 30.98 -0.07
AppLovin
APP 85.58 0.94 CardinalHealth CAH 107.91 1.55 DrReddy'sLab RDY 81.53 0.10 s HCA Healthcare HCA 371.89 0.31 LithiaMotors LAD 292.55 11.97 PPL
Carlisle
CSL
406.51
10.03
PTC
PTC
173.36 0.94
DraftKings DKNG 34.14 2.08 HDFC Bank HDB 59.84 1.00 LiveNationEnt LYV 94.43 0.94
Aptargroup ATR 147.01 3.11
CG
42.03 1.24 Dropbox
Amount
Payable /
Paccar
PCAR 95.01 1.62
DBX 22.80 0.34 HF Sinclair
Aptiv
APTV 68.69 1.71 Carlyle
DINO 48.44 0.96 LloydsBanking LYG
2.97 0.06
CarMax
KMX
79.84
2.39
Symbol
Yld %
New/Old Frq
Record
s Aramark
DukeEnergy DUK 113.11 -0.35 HP
ARMK 35.56 -0.41
HPQ 35.49 0.74 LockheedMartin LMT 560.29 -2.93 PackagingCpAm PKG 195.77 1.43 Company
CCL 15.74 0.98 Duolingo
s PalantirTech PLTR 31.22 0.22
DUOL 202.34 5.27 HSBC
ArcelorMittal MT
22.10 0.23 Carnival
HSBC 42.83 0.65 Loews
L
78.37 0.71
CUK 14.35 0.81 DuPont
DD
80.28 1.53 H World
ArchCapital ACGL 101.65 0.75 Carnival
HTHT 28.58 0.38 LogitechIntl LOGI 89.16 0.90 PaloAltoNtwks PANW 343.27 3.36 Increased
ParamountA PARAA 23.41 0.54 CNB Financial PA
DT
48.93 1.05 s Haleon
CCNE
ADM
ADM 58.86 0.48 CarrierGlobal CARR 68.40 2.72 Dynatrace
Q
HLN
9.80 0.03 Lowe's
3.1
.18 /.175
Sep13 /Aug30
LOW 240.06 2.42
CVNA 151.56 9.56 elfBeauty
ParamountB PARA 10.96 0.73 Mach Natural Resources
ELF 155.54 10.11 Halliburton HAL 31.28 0.41 lululemon
AresMgmt
ARES 145.60 1.77 Carvana
MNR
Q
17.5
.90 /.75
Sep10 /Aug27
LULU 256.55 16.06
CaseysGenStores
CASY
378.42
12.11
s
ParkerHannifin
PH
590.84 12.45
EMCOR
EME 372.19 6.84 HamiltonLane HLNE 142.03 2.21 LyondellBasell LYB 97.44 1.25
argenx
ARGX 524.90 2.54
NDSN
Q
1.3
.78
/.68
Sep10
/Aug27
Nordson
CTLT 59.81 0.41 ENI
Parsons
PSN 93.09 -0.25
E
31.71 0.12 HartfordFinl HIG 110.13 0.52
AristaNetworks ANET 356.60 7.95 Catalent
CAT 345.64 8.05 EOG Rscs
Paychex
PAYX 125.82 0.72
EOG 128.12 1.58 Hasbro
Arm
ARM 130.44 4.52 Caterpillar
HAS 66.04 1.42
Stocks
CE 129.33 3.59 EPAM Systems EPAM 200.00 0.04 HealthpeakProp DOC 21.58 -0.21
PaycomSoftware PAYC 159.69 4.52
AscendisPharma ASND 139.50 -0.15 Celanese
OCTO
1:5
/Aug16
PCTY 155.95 4.52 Eightco Holdings
EQT 31.78 0.30 s Heico
AspenTech AZPN 212.91 -0.38 CelsiusHldg CELH 41.59 2.36 EQT
HEI 239.39 2.50 Macom Tech MTSI 106.00 3.34 Paylocity
MTB 161.55 1.39 PayPal
PYPL 67.94 1.80
CX
6.84
0.45 EagleMaterials EXP 251.18 7.24 s Heico A
HEI.A 186.64 1.88 M&T Bank
Assurant
AIZ 184.06 -1.92 Cemex
Foreign
PSO 13.41 0.17
s AstraZeneca AZN 84.90 1.14 Cencora
COR 236.67 -1.08 EastWestBncp EWBC 80.15 1.90 HenrySchein HSIC 69.78 1.27 MGM Resorts MGM 39.20 1.12 Pearson
ASTL
Q
2.0
.05
Sep27 /Aug23
EGP 183.05 0.57 Hershey
HSY 196.66 -3.95 MKS Instrum MKSI 120.23 6.32 PembinaPipeline PBA 38.35 0.19 Algoma Steel Group
Atlassian
TEAM 146.83 3.33 CenovusEnergy CVE 19.87 0.60 EastGroup
MPLX 41.85 0.44 PenskeAuto PAG 165.84 4.70 Dole
CNC 78.51 1.48 EastmanChem EMN 98.40 2.79 Hess
DOLE
HES 136.34 2.20 MPLX
AtmosEnergy ATO 129.03 0.37 Centene
Q
2.1
.08
Oct03 /Sep11
PNR 84.74 1.61 Elbit Systems
MSCI 563.14 8.81 Pentair
ETN 302.46 4.16 HessMidstream HESM 35.85 0.32 MSCI
Autodesk
ADSK 250.21 3.99 t CenterPointEner CNP 25.87 0.30 Eaton
ESLT
Q
1.0
.50
Oct28 /Oct15
PEP 172.52 -1.19
MGA 40.79 1.32 PepsiCo
EBAY 55.83 0.07 HewlettPackard HPE 18.76 0.98 MagnaIntl
7.43 0.05 eBay
Autoliv
ALV 99.65 2.51 CentraisElBras EBR
FIHL
Q
2.2
.10
Sep30 /Sep16
Fidelis Insurance Hldgs
ECL 239.94 0.47 Hilton
ADP
ADP 263.66 0.84 CharlesRiverLabs CRL 202.09 3.54 Ecolab
HLT 210.59 2.80 MakeMyTrip MMYT 96.56 1.63 PerformanceFood PFGC 73.12 0.87
FLNG
Q
11.2
.75
Sep12 /Aug29
15.10 0.43 Flex LNG
EC
10.34 0.18 Hologic
AutoZone
AZO 3168.94 -27.48 CharterComms CHTR 352.01 0.79 Ecopetrol
HOLX 80.55 -0.44 ManhattanAssoc MANH 255.06 5.25 PermianRscs PR
FNV
Q
1.2
.36
Sep26 /Sep12
EIX
83.16 0.02 HomeDepot HD 360.07 4.41 ManulifeFinl MFC 26.00 0.13 PetroleoBrasil PBR 15.05 0.19 Franco-Nevada
Avalonbay
AVB 214.68 1.16 CheckPoint CHKP 185.68 1.75 EdisonIntl
CART 32.35 0.51 PetroleoBrasilA PBR.A 13.95 0.21 GeoPark
GPRK
CHE 573.00 4.04 EdwardsLife EW 68.12 1.62 HondaMotor HMC 31.67 1.07 Maplebear
Q
Avangrid
AGR 35.83 -0.03 Chemed
6.5
.147
Sep12 /Aug29
ESTC 108.79 3.22 Honeywell
PFE 28.71 -0.17 HUYA ADR
Avantor
AVTR 25.53 0.46 s CheniereEnergy LNG 184.64 0.52 Elastic
HON 198.46 0.86 MarathonOil MRO 28.16 0.51 Pfizer
HUYA
...
1.06
Oct25 /Oct09
AveryDennison AVY 212.51 3.56 CheniereEnerPtrs CQP 49.21 0.57 ElbitSystems ESLT 199.37 2.93 HormelFoods HRL 32.02 -0.24 MarathonPetrol MPC 180.75 1.70 PhilipMorris PM 117.89 0.69 ICL Group
ICL
Q
3.6
.04884
Sep18 /Sep04
PSX 138.68 0.98
MKL 1544.49 7.83 Phillips66
AxaltaCoating AXTA 34.60 0.85 ChesapeakeEner CHK 73.06 1.46 ElectronicArts EA 147.04 0.58 DR Horton
DHI 175.29 1.08 Markel
MRX
2.3
.14
Sep16 /Aug30
s AxonEnterprise AXON 373.69 3.12 Chevron
CVX 146.80 2.13 ElevanceHealth ELV 541.72 2.50 HostHotels HST 16.43 0.27 MarketAxess MKTX 233.90 -7.05 Pilgrim'sPride PPC 44.19 -1.50 Marex Group
PBR
Q
15.4
.04177
Nov29 /Aug23
MAR 221.90 4.80 PinnacleWest PNW 85.95 0.25 Petroleo Brasileiro ADR
CHWY 26.48 0.92 EmersonElec EMR 104.29 0.80 HoulihanLokey HLI 151.22 1.08 Marriott
BCE
BCE 34.31 0.05 Chewy
ENB 38.57 -0.30 HowmetAerospace HWM 95.58 1.70 Marsh&McLen MMC 221.25 0.20 Pinterest
PBR.A
PINS 30.67 1.39 Petroleo Brasileiro ADR A
CMG 53.97 2.32 Enbridge
BHP Group BHP 52.65 0.40 Chipotle
16.6
.20439
Nov29 /Aug23
BJ'sWholesale BJ
85.53 3.06 ChordEnergy CHRD 154.40 1.61 EncompassHealth EHC 89.30 2.32 Hubbell
HUBB 380.97 1.29 MartinMarietta MLM 539.80 14.35 PlainsAllAmPipe PAA 17.36 0.06 PLDT ADR
PHI
SA
4.4
.8721
Sep25 /Aug26
EDR 27.49 0.01 HubSpot
PAGP 18.66 0.20 SFL
CB 272.64 0.27 Endeavor
BP
BP
34.12 0.42 Chubb
HUBS 489.51 5.25 MarvellTech MRVL 69.33 5.54 PlainsGP
SFL
Q
9.1
.27
Sep27 /Sep11
15.99 0.02 Humana
POOL 347.09 4.25
MAS 76.54 1.05 Pool
BWX Tech
BWXT 98.20 1.13 ChunghwaTel CHT 37.88 0.06 EnergyTransfer ET
HUM 357.23 0.85 Masco
PRI 258.25 1.74 Note: Dividend yields as of 3:30 p.m. ET
MTZ 110.78 2.05 s Primerica
BXP
BXP 69.63 1.10 Church&Dwight CHD 99.99 -0.21 EnphaseEnergy ENPH 117.12 5.97 JBHunt
JBHT 167.26 3.63 MasTec
Baidu
BIDU 86.18 2.19 ChurchillDowns CHDN 137.84 2.25 EnsignGroup ENSG 141.37 1.19 HuntingtonBcshs HBAN 13.77 0.29 Mastercard MA 468.71 8.55 PrincipalFinl PFG 76.92 1.02
Sources: FactSet; Dow Jones Market Data
CI
336.70 1.80 Entegris
BakerHughes BKR 35.08 0.33 Cigna
ENTG 113.35 5.66 HuntingIngalls HII 269.63 3.00 MatchGroup MTCH 35.64 1.47 ProcoreTech PCOR 56.51 0.78
Ball
BALL 63.00 0.80 CincinnatiFinl CINF 129.87 -0.20 Entergy
142.36 3.57 McCormickVtg MKC.V 76.16 -2.04 Procter&Gamble PG 167.92 -0.88 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
ETR 117.10 -0.89 HyattHotels H
IBN 27.84 0.26 McCormick MKC 76.84 -1.12 s Progressive PGR 236.77 2.43 spin-off.
CTAS 767.74 6.14 EnterpriseProd EPD 29.02 0.13 ICICI Bank
BBVA
BBVA 10.06 0.17 Cintas
R S
A B C
T U V
J K L
W X Y Z
G H I
D E F
O P Q
Dividend Changes
M N
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
260.41 0.7 Travelzoo
PRI
38.37 1.8 Lionheart
Genpact
TZOO 12.00 2.3 B.RileyNts2025 RILYM
G
CUBWU 10.05 ... Primerica
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
PGR 238.45 1.0 Trupanion
TRUP 44.06 5.5 B.RileyPfdB
42.36 0.8 LionheartA
10.00 0.1 Progressive
Gildan
GIL
CUB
RILYL
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Glaukos
23.99 ... TyraBiosciences TYRA 24.25 2.0 B.RileyNts2028 RILYT
GKOS 127.51 2.7 Loar
LOAR 76.94 2.6 QifuTechnology QFIN
in the latest session. % CHG-Daily percentage change from the previous trading session.
UBXG 20.58 45.0 B.RileyNts2026 RILYK
7.12 2.0 M&T Bk Pfd J MTBpJ 26.73 -0.2 RLJLodgingPfdA RLJpA 25.45 0.6 U-BX Tech
GlblBusTravel GBTG
RTX 118.99 0.6 US Foods
USFD 57.59 2.0 BRileyFinlNt2026 RILYG
24.82 -0.6 RTX
GlobalLightsAcqn GLAC 10.44 0.4 Marex
MRX
6.23 2.5 UWM
UWMC 9.35 -3.8 B.RileyNts2028 RILYZ
19.67 3.2 RealBrokerage REAX
GoDaddy
GDDY 162.96 1.0 MayvilleEngg MEC
Thursday, August 15, 2024
UWMC.WS 0.72 -12.7 BRileyFin6.50%SrNt RILYN
HCA Healthcare HCA 375.64 0.1 MercadoLibre MELI 1998.68 5.2 RegenPharm REGN 1177.95 1.6 UWM Wt
52-Wk %
52-Wk %
52-Wk %
RMD 228.02 2.5 US Antimony UAMY
0.50 23.6 BiomX
9.87 0.3 MidAmApt
Haleon
HLN
MAA 154.75 ... ResMed
PHGE
Stock
Sym Hi/Lo Chg Stock
Sym Hi/Lo Chg Stock
Sym Hi/Lo Chg
RVLV 24.20 8.1 UTime
1.70 9.6 BloomZ
WTO
HalozymeTherap HALO 59.15 2.9 MonolithicPower MPWR 925.90 6.7 Revolve
BLMZ
23.72 6.8 BlueStarFoods BSFC
VHI
63.00 4.7 Coca-ColaEuro CCEP
77.01 1.5 HamiltonBeach HBB
Birkenstock
BIRK
27.71 5.5 Moody's
MCO 469.78 0.2 RithmCapPfdD RITMpD 25.25 -0.1 Valhi
19.15 -3.0 ValleyNatlPfdA VLYPP 23.83 0.7 bluebirdbio
RKT
4.22 12.6 Criteo
BlendLabs
BLND
CRTO 49.18 0.5 HamiltonIns
19.34 1.2 MorganStanleyPfdQ MSpQ 26.91 0.4 RocketCos.
HG
BLUE
2.62 8.5 VectorGroup
13.88 0.7 BoltProjects
VGR
303.01 1.0 Hanesbrands
BootBarn
BOOT 141.87 5.4 Curtiss-Wright CW
6.47 6.3 Morphic
HBI
MORF 57.00 ... RockwellMedical RMTI
BSLK
AFC Gamma AFCG 10.00 -0.5
SAP 215.52 1.1 Veracyte
VCYT 33.06 4.7 Boxlight
BrightHorizons BFAM 138.25 0.2 Daktronics
DAKT 15.72 2.1 Harrow
HROW 39.55 5.0 MotorolaSol
MSI 424.55 0.8 SAP
BOXL
ARS Pharm
SPRY 13.69 4.2
VLTO 109.52 0.4 CNS Pharm
25.50 -0.1 DaVita
BrookfieldNts2084 BIPJ
DVA 151.55 0.7 HawaiianHoldings HA
16.46 10.3 Natera
NTRA 122.48 3.2 SCETrVIIIPfdN SCEpN 26.00 0.5 Veralto
CNSP
AST Space
ASTS 33.58 50.7
SachemNts2024 SACC 24.98 -0.2 VeronaPharma VRNA 28.83 -0.2 CantorEqPtrs CEP
BrookfdRenewPfdA17 BEPpA 20.16 3.6 Dole
DOLE 15.47 3.2 Heico
258.84 1.1 NatlCineMedia NCMI
6.75 4.6
HEI
AST Space Wt ASTSW 21.95 97.3
8.59 -1.1 ViomiTech
ScullyRoyalty SRL
1.34 11.9 CenterPointEner CNP
VIOT
BurlingtonStrs BURL 267.58 3.7 DouYuIntl
DOYU 19.00 -1.3 Heico A
77.25 0.7
HEI.A 200.00 1.0 NE Realty
NEN
AbbVie
ABBV 194.99 0.2
Sea
79.91 3.2 ViperEnergy
SE
VNOM 47.69 3.2 ChesapeakeWtC CHKEL
29.50 -1.0 DycomInds
194.27 2.9 HeritageInsurance HRTG 14.28 8.9 Nokia
COPTDefenseProp CDP
DY
4.10 2.3
NOK
ActuateTherap ACTU 10.16 -2.8
SherwinWilliams SHW 357.64 1.2 VistaEnergy
50.50 0.7 CitiusOncology CTOR
VIST
52.08 0.1 DyneTherap
46.00 4.2 HighwoodsProp HIW
CIBC
CM
DYN
32.15 2.2 NorthwestPipe NWPX 42.40 2.9
AddusHomeCare ADUS 131.60 2.0
ShoeCarnival SCVL 43.94 5.1 VoyaFinlPfdB VOYApB 25.48 0.2
CapitalOnePfdK
COFpK 20.03 0.7 EaglePointNts31 ECCW 24.88 0.6 ICU Medical
158.38
6.8
14.01
3.0
NuHoldings
ClearOne
ICUI
NU
CLRO
78.57 0.6
AgnicoEagleMines AEM
SimonProperty SPG 161.30 0.7 Walmart
74.44 6.6 CollectiveAudience CAUD
WMT
LOCO 13.14 5.1 IamGold
4.95 0.6 ONEOK
87.14 0.7
IAG
OKE
AgreeRealtyPfdA ADCpA 19.49 1.3 CapitalOnePfdN COFpN 18.23 0.1 ElPolloLoco
7.75 2.3 WasteConnections WCN 183.24 0.8
SkeenaRscs
SKE
19.06
0.6
17.48
1.0
CapitalOnePfdL
EldoradoGold
COFpL
EGO
77.32
1.1
10.99
0.1
ImperialOil
OakWoodsAcqnA
CueBiopharma
IMO
OAKU
CUE
184.31 -1.6
Allstate
ALL
Squarespace
SQSP 45.14 1.1 Zumiez
ZUMZ 27.62 5.2 CyclacelPharm CYCC
298.58 -1.0 InceptionGrowth IGTAU 13.08 7.5 OneStream
CDNA 28.75 0.8 Equifax
EFX
29.36 2.5
OS
AlphaStarAcqn ALSAU 14.69 -2.7 CareDx
StepStone
STEP 53.71 2.9
19.08
-0.7
19.98
3.5
CatalystPharm
EquitablePfdC
CPRX
EQHpC
131.52
-0.1
40.21
4.5
Ingredion
PACS
Group
DigitalBridge
INGR
PACS
DBRG
Amcor
AMCR 10.91 1.8
Strattec
STRT 39.88 1.6
16.42 7.3 ErieIndemnity ERIE 470.70 0.4 Inogen
CLBT
DyadicInt
INGN 12.86 3.5 PacGE pfG
PCGpG 19.22 2.0 Stride
DYAI
18.70 3.6 CellebriteDI
AmerHlthcrREIT AHR
83.84 -0.6
LRN
5.18
17.9
35.81
3.5
CellebriteDIWt
ExlService
CLBTW
EXLS
7.34
0.8
31.50
0.7
Inter
PalantirTech
E-HomeHousehold
INTR
PLTR
EJH
1.20 1.5
AMTD
Aramark
ARMK 36.55 -1.1
41.81 1.1 AMTD IDEA
SuncorEnergy SU
75.15 -0.4 FairIsaac
CSR
FICO 1818.02 -4.2 ICE
157.18 -0.4 PampaEnergia PAM
53.27 1.8 Sweetgreen
ICE
GWH
1.11 -2.5 ESSTech
ABVE
AresAcqnII A AACT 10.77 0.1 Centerspace
36.96 8.5 AboveFood
SG
CentessaPharm
13.56
3.9
463.00
0.3
Ferrari
CNTA
RACE
480.54
1.9
593.28
2.2
IntuitiveSurgical
ParkerHannifin
EaglePointPfdD
ISRG
PH
ECCpD
0.74 -2.7
85.30 1.4
AstraZeneca
AZN
Sylvamo
SLVM 78.99 0.7 AchillesTherap ACHL
90.35 3.5 FidNatlInfo
79.25 0.5 InvscBS32HYCpBd BSJW 25.79 0.1 Paysafe
FIS
21.95 4.9 TalenEnergy
PSFE
ELAB
7.33 -2.8 ElevaiLabs
AtlasNts2027 ATCOL 25.35 -0.8 ChampionHomes SKY
TLN 139.99 4.5 ActuateTherap ACTU
5.69 -0.2 InvescoMtgPfdC IVRpC 24.72 0.4 Pennant
FINV
PNTG 31.77 3.6 TargaResources TRGP 142.91 1.9 AdvantageSolnsWt ADVWW 0.02 -16.3 EveHolding
EVEX
AtmusFiltration ATMU 33.97 3.5 CheniereEnergy LNG 185.81 0.3 FinVolution
17.60 1.6 InvestorsTitle ITIC
220.87 2.7 PerellaWeinberg PWP
19.60 ... Tecnoglass
AxonEnterprise AXON 378.25 0.8 ChimeraPfdC CIMpC 22.90 0.8 FirstAdvantage FA
TGLS 61.04 3.8 Agric&NatWt ANSCW 0.14 -20.8 FibroBiologics FBLG
9.49 0.6 IronHorseAcqnsWt IROHW 0.05 9.6 PerpetuaRscs PPTA
CVEO 28.66 -0.8 FirstSeacoastBncp FSEA
8.34 23.7 Ericsson
FBRX
0.65 -0.6 ForteBiosci
ALLK
BBB Foods
TBBB 28.98 1.5 Civeo
7.01 1.9 Allakos
ERIC
28.72 3.9 Fiserv
165.98 1.0 Iteris
YOU
FI
7.10 ... Personalis
5.10 13.7 TempusAI
ITI
PSNL
GENE
1.10 -7.9 GeneticTech
4.55 1.9 ClearSecure
BRF
BRFS
47.81 10.0 AquaBountyTech AQB
TEM
10.92 10.3 FlagShipAcqn FSHPU 10.20 -0.1 KeyCorpPfdF
9.08 1.0 TevaPharm
KEYpJ 22.33 0.6 PiedmontOfficeA PDM
GNPX
6.43 -1.4 Genprex
25.13 1.3 ClearPtNeuro CLPT
BancodeChile BCH
ARRY
TEVA 18.58 1.8 ArrayTech
1.23 -10.5 GinkgoBioworksWt DNA.WS
BayviewAcqnA BAYA 10.34 ... ClearwaterAnalytic CWAN 23.93 0.8 GDL Fd PfdC GDLpC 49.90 ... KeyCorpPfdH KEYpL 23.84 1.0 PlanetFitness PLNT 81.64 0.1 Tradeweb
BKYI
118.07 -1.8 Bio-key
TW
9.18 10.2 PonceFinl
GEV 190.80 2.5 Kingstone
KINS
PDLB 10.73 3.7 TransMedics
4.51 -27.7 GlycoMimetics GLYC
bioAffinityTechWt BIAFW 1.60 3.2 ClearwayEnergyC CWEN 29.20 -0.2 GE Vernova
RILY
TMDX 172.31 4.2 B RileyFin
2.72 6.0 GFLEnvironmental GFL
41.67 1.0 Latham
6.15 6.8 PrimeEnergy
CLOV
3.81 -36.8 Gogoro
SWIM
PNRG 128.45 7.5 TransUnion
GGR
8.55 3.5 CloverHealth
Bioventus
94.67 2.2 BRileyFinlPfdA RILYP
BVS
TRU
Highs
Lows
Mutual Funds
Data provided by
Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
0.76 0.9
PXLW
11.70 -24.6 GoldenHeaven GDHG
0.08 -11.7 Pixelworks
4.11 -41.8 GranitePointPfdA GPMTpA 15.38 -1.7 PlaystudiosWt MYPSW 0.01 29.3
1.30 -3.0
6.19 -21.9 GreenidgeGen GREE
1.65 -7.7 ProcessaPharm PCSA
2.04 -9.6
9.00 -26.2 GromSocialEnts GROM 0.13 -27.9 ProPhaseLabs PRPH
0.50 -15.5
6.87 -23.1 GuardforceAI GFAI
1.32 -8.2 ProtagenicTherap PTIX
4.16 -26.9
6.16 -20.6 HCW Biologics HCWB 0.50 -13.6 QuantumBiopharma QNTM
0.51 -1.7
6.81 -27.1 HelportAI
3.07 8.6 QuinceTherap QNCX
HPAI
2.72 -18.0
0.15 -11.6 Ibotta
41.87 5.7 QuiptHomeMed QIPT
IBTA
1.17 -29.1
RAY
1.17 -2.4 IconEnergy
2.10 -10.6 Raytech
ICON
1.01 -9.6 Inno
0.35 -20.9 RedwoodNts29 RWTN 24.45 0.4
INHD
1.26 -7.9
0.69 -13.4 InnovizTechWt INVZW 0.11 32.4 RekorSystems REKR
0.10 -6.2
SOBR
5.25 -21.3 Inspirato
3.11 -5.4 SOBR Safe
ISPO
20.48 -4.3
0.45 0.3 Intchains
5.39 5.7 SachemNts2027 SCCE
ICG
0.03 -23.0
SatellogicWt
SATLW
0.13 1.8 IntelligentBio
1.04 -4.9
INBS
0.91 -7.4
ShiftPixy
PIXY
9.99 -0.2 KwesstMicroSys KWE
0.13 -2.1
2.04 5.8
SiyataMobile
SYTA
25.41 1.2 LionElectricWt LEV.WS.A 0.04 -62.1
0.31 -4.4
SolidionTech
STI
54.59 9.9 LixiangEduc
0.23 -1.5
LXEH
2.55 -0.7
StrataSkinSci SSKN
2.04 -8.9 Lottery.com
0.80 1.8
LTRY
0.09 -5.5
SunPower
SPWR
0.54 -5.7 LotusTechWt LOTWW 0.25 -0.2
1.80 -4.5
SurgePays
SURG
0.13 -52.3 LuxUrban
0.07 -3.8
LUXH
1.48 -5.3
SyrosPharm
SYRS
0.58 -4.2 MaxeonSolar
MAXN 0.13 -8.8
TerranOrbitalWt LLAP.WS 0.01 -66.9
6.59 -2.3
1.23 -9.0 MesaRoyalty
MTR
0.23 -39.4
TerranOrbital LLAP
12.09 -0.2 MicroAlgo
0.52 -9.3 TitanMachinery TITN
MLGO
12.30 -10.5
1.13 -2.9 MicroCloudHologram HOLO
0.28 ... TreasureGlobal TGL
0.64 -6.2
0.08 -0.6 MingZhuLogistics YGMZ
0.91 3.9 Trevena
3.35 -0.8
TRVN
0.56 -13.1 Mobileye
MBLY 13.83 2.5 TurnstoneBiologics TSBX
0.80 -61.9
18.98 -0.6 MobixLabs
0.93 -6.9 23andMe
MOBX
0.33 -1.0
ME
0.28 -3.7 MotorsportGames MSGM 1.21 -6.1 TwinVee
0.37 -6.0
VEEE
2.33 5.8 MullenAuto
0.34 -9.1 VastaPlatform VSTA
MULN
2.72 1.4
1.18 -30.2 NLS Pharm Wt NLSPW 0.01 -40.7 Velo3D
1.23 -12.2
VLD
0.28 -20.5 NRX Pharm
1.73 -6.5 VerricaPharm VRCA
NRXP
2.72 -6.7
0.69 7.5 NuvveHolding NVVE
0.45 -11.2 ViractaTherap VIRX
0.34 -8.3
0.56 -10.7 OcuphirePharma OCUP
1.16 -0.8 Volcon
1.45 -6.3
VLCN
0.01 5.0 OncologyInst
0.32 -20.4 Vuzix
TOI
0.83 -9.6
VUZI
0.17 2.6 OncternalTherap ONCT
3.80 -6.2 WearableDevWt WLDSW 0.02 ...
1.16 -1.6 OutsetMedical OM
0.81 -1.5 XIAO-I
0.24 -11.5
AIXI
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
10.41 -0.05 3.4 LgCapGow I
80.02 +1.49 21.6 MuLTAdml
13.57 +0.03 NA
IntlIdxInstPrem 50.90 +0.62 7.9 SAIUSMinVolIndFd 21.40 +0.15 14.6 CoreBond
10.96 -0.04 1.8 TgtRetInc
24.95 +0.25 9.7 MidCap
106.03 +1.86 6.0 MuLtdAdml
45.34 +0.42 10.8
LgCpGwId InstPre 35.47 +0.72 20.2 SAIUSQtyIdx 23.31 +0.36 20.4 EqInc
10.88 -0.01 1.9 Welltn
74.28
+1.43
23.5
19.32
+0.48
23.7
LgCpGwth
SrsBlChGroRetail
NA
...
NA
R2030
47.67 +0.66 12.1
32.58
+0.47
8.8
WndsrII
MidCpInxInstPrem
15.80
-0.01
2.2
MuShtAdml
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s
Putnam Funds Class A
SAIUSLgCpIndxFd 23.12 +0.37 17.2 SrsEmrgMkt 18.84 +0.25 8.7 JPMorgan R Class
PrmcpAdml r 177.63 +3.32 13.6 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r10.43
-0.04
3.6
CoreBond
SrsGlobal
14.95
+0.18
7.9
35.93
+0.41
17.0
PutLargCap
p
325.53
+7.06 6.4
ExtndIstPl
9.12
-0.04
2.8
SeriesBondFd
RealEstatAdml 129.49 -0.14 5.6
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes
7.34 -0.03 4.0 Putnam Funds Class Y
19.76 +0.23 7.3
SeriesOverseas 14.46 +0.22 11.5 SrsGroCoRetail 24.31 +0.58 24.9 CorePlusBd
SmCapAdml 108.31 +2.16 6.7 IdxIntl
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete
18.59 +0.21 8.5 Lord Abbett I
35.94 +0.40 17.2 SmGthAdml 89.56 +1.97 5.7 MdCpGrAdml 100.06 +1.68 6.2
PutLargCap
SerLTTreBdIdx 5.80 -0.05 1.1 SrsIntlGrw
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not
3.87 -0.01 3.8 Schwab Funds
12.98 +0.18 11.2 ShtDurInc p
SmCpIdxInstPrem 26.58 +0.64 6.3 SrsIntlVal
STBondAdml 10.20 -0.03 3.0 MdCpVlAdml 81.95 +0.85 10.3
tracked. NS-Fund didn’t exist at start of period.
9.66 -0.04 3.5 Metropolitan West
119.08 +1.97 16.3 STIGradeAdml 10.35 -0.03 3.8 SmValAdml
1000 Inv r
82.23 +1.51 7.5
TMktIdxInstPrem 152.16 +2.56 15.7 TotalBond
Fidelity
SAI
TotRetBdI
9.21
-0.05
2.9
85.67
+1.39
17.2
S&P
Sel
9.63 -0.04 2.7
TotalMarketIndex 19.25 +0.33 15.8
STIPSIxAdm 24.38 -0.04 3.4 TotBd2
8.64 -0.04 3.0 TSM Sel r
9.15 -0.04 3.7 TRBdPlan
93.68 +1.58 15.7 TotBdAdml
132.19
+1.53 7.4
TotIntlInstIdx
r
TtlIntIdxInstPr 14.14 +0.16 7.5 TotalBd
Thursday, August 15, 2024
9.75 -0.04 2.7
TIAA/CREF Funds
8.90 -0.04 2.5 MFS Funds
Net YTD
Net YTD
Net YTD USBdIdxInstPrem 10.50 -0.04 2.8 U.S.TreBdIdx
TotIntBdIdxAdm 19.92 -0.06 2.3 TotItlInstPlId r 132.22 +1.53 7.4
Fidelity
Selects
35.43
+0.32
7.6
IIE
Fidelity
Advisor
I
38.94
+0.65
15.7
EqIdxInst
132.63
+2.22 15.6
TotSt
Fund
NAV Chg % Ret Fund
NAV Chg % Ret Fund
NAV Chg % Ret
TotIntlAdmIdx r 33.05 +0.38 7.4
IntlEqIdxInst 23.58 +0.28 7.9 TotStAdml
9.65 -0.04 3.5 Semiconductors r 33.74 +1.58 39.1 MFS Funds Class I
Total Bd
132.66 +2.22 15.7 VANGUARD INSTL FDS
AB Funds
WshA
62.40 +0.81 14.9 US CoreEq2
36.87 +0.63 14.3 Fidelity Freedom
211.00 +3.80 22.8 LrgCpGrIdxInst 62.34 +1.27 20.3
Softwr
26.70 +0.45 -1.7 GrowthI
48.55 +0.42 10.5
TxMCapAdml 284.85 +4.73 15.9 BalInst
46.75 +1.06 6.0 FF2030
US Small
MuniIncmShares 11.33 -0.04 4.6 Artisan Funds
52.72 +0.52 11.8 VANGUARD ADMIRAL
35.29 +1.03 23.8 ValueI
17.97 +0.14 9.0 Tech
16.22 +0.20 6.9 DevMktsIndInst 16.24 +0.19 6.9
TxMIn r
AB Funds - ADV
IntlVal Inst
50.57 +0.23 10.0 US SmCpVal 46.96 +1.02 5.3 FF2040
Natixis Funds
500Adml
512.18 +8.28 17.2
25.38 +0.30 6.9
DevMktsInxInst
11.67 +0.14 11.7 First Eagle Funds
USGroAdml 174.79 +4.11 19.2
32.92 +0.72 4.0 Freedom2030 K 17.96 +0.14 9.0 GlbA
US TgdVal
LgCpGrAdv 108.76 +2.14 17.2 Baird Funds
27.23 +0.65 17.2 BalAdml
70.92 +0.62 12.4 LSGrowthY
48.54 +0.42 10.5
131.91 +2.86 6.4
ExtndInst
65.22 +0.74 13.3
ValAdml
American Century Inv
AggBdInst
9.96 -0.04 3.2 USLgVa
48.92 +0.62 10.9 Freedom2035 K 15.93 +0.16 10.3 Franklin A1
Northern Funds
11.43 -0.02 1.4
CAITAdml
191.76 +3.81 20.2
GrwthInst
84.55 +1.16 12.1
WdsrllAdml
10.29 -0.04 3.5 Dodge & Cox
56.81 +1.20 17.0 CorBdInst
Grwth
57.03 +0.93 17.2 CapOpAdml r 199.00 +3.87 11.0
2.40 +0.01 7.0 StkIdx
9.53 -0.02 3.1
InPrSeIn
Freedom2040 K 11.68 +0.14 11.8 IncomeA1
62.59 +0.11 5.5
Balanced
106.44 +0.51 7.9 Idx2030InsPre 20.47 +0.15 8.4 FrankTemp/Frank Adv
88.85 +1.90 19.2 BlackRock Funds
Ultra
Old Westbury Fds
DivAppIdxAdm 51.72 +0.65 12.9 WellsIAdml
456.75 +7.39 17.2
InstIdx
78.29 +0.72 10.9
American Funds Cl A
HiYldBd Inst
7.13 +0.01 5.8 Income
12.84 -0.05 3.9 Idx2035InsPre 23.49 +0.21 9.5 IncomeAdv
20.02 +0.27 15.3 EMAdmr
2.37 +0.01 6.7 LrgCpStr
36.99 +0.40 8.7 WelltnAdml
456.74 +7.38 17.2
InstPlus
77.26 +0.99 7.8 InstTStPlus
Intl Stk
52.18 +0.68 6.1 Idx2040InsPre 24.59 +0.29 10.9 FrankTemp/Franklin A
42.89 +0.79 14.7 BlackRock Funds III
AmcpA
Parnassus Fds
EqIncAdml
91.90 +1.07 10.6 WndsrAdml
94.47 +1.58 15.7
265.03 +2.79 NA Idx2045InsPre 25.80 +0.33 11.5 DynaTech A 162.80 +4.16 21.7 ParnEqFd
57.10 +0.54 12.9 iShS&P500IdxK 650.22+10.50 17.2 Stock
AMutlA
62.82 +0.82 14.2 ExplrAdml
110.35 +2.27 6.9 VANGUARD FDS
68.48 +0.91 8.4
MidCpInst
39.88 +0.37 9.2 MidCpIstPl
DivdGro
DoubleLine Funds
35.37 +0.32 11.3 BlackRock Funds Inst
BalA
141.73 +2.52 15.6 PGIM Funds Cl Z
ExtndAdml 131.92 +2.86 6.4
337.72 +4.48 8.5
Idx2050InsPre 25.84 +0.33 11.4 Growth A
42.31 +0.45 4.8 SmCapInst
8.94 -0.05 4.1 Fidelity Invest
11.49 -0.05 2.7 StratIncOpptyIns 9.53 -0.02 4.1 TotRetBdI
BondA
95.53 +1.27 8.5 TotalReturnBond 12.14 -0.05 NA GroIncAdml 105.67 +1.88 17.7 IntlVal
RisDv A
108.31 +2.16 6.7
45.28 +0.50 NA SmCapIstPl 312.62 +6.23 6.7
10.08 -0.04 NA Edgewood Growth Instituti
CapIBA
71.59 +0.57 9.6 TotRet
PIMCO Fds Instl
GrwthAdml 191.75 +3.81 20.1 LifeGro
Balanc
29.95 +0.29 12.2 Guggenheim Funds Tru
32.64 +0.24 NA STIGradeInst 10.35 -0.03 3.8
EdgewoodGrInst 50.34 +0.95 15.1 BluCh
CapWGrA
66.39 +1.04 11.4 Calamos Funds
NA
... NA HlthCareAdml r 97.41 +0.91 13.7 LifeMod
215.15 +5.40 24.2 TotRtnBdFdClInst 24.00 -0.10 3.7 AllAsset
35.70 +0.65 12.5 STIPSIxins
14.76 +0.03 4.6 Federated Hermes Int
EupacA
58.12 +0.87 8.7 MktNeutI
NA
... NA HYCorAdml r
TotRt
5.44
... 4.3 PrmcpCor
24.40 -0.03 3.4
BluChpGr K6 33.15 +0.83 23.5 Harbor Funds
28.76 +0.28 NA TotBdInst
9.61 -0.04 3.1 Contra
TtlRtnBdI
FdInvA
82.64 +1.51 16.8 Columbia Class I
115.35 +2.70 19.5 PIMCO Funds A
InfProAd
23.39 -0.05 3.0 STAR
9.75 -0.04 2.7
20.39 +0.35 26.8 CapApInst
28.62
+0.10
NA
TgtRe2020
33.67 +0.39 11.7 Fidelity
74.42 +1.50 17.8 DivIncom I
GwthA
Harding
Loevner
10.68
-0.02
4.3
IncomeFd
292.59
+7.68
18.5
InfTechIdx
TotBdInst2
9.63 -0.04 2.7
20.47 +0.36 26.9
ContraK
19.80 +0.12 NA TotBdInstPl
500IdxInstPrem 192.76 +3.12 17.2 CpInc
9.72 +0.02 6.4 Dimensional Fds
HI TrA
27.08 +0.33 4.4 PIMCO Funds I2
IntlGrAdml 112.30 +2.52 10.3 TgtRe2025
9.75 -0.04 2.7
9.96 +0.05 6.4 IntlEq
31.50
+0.29
8.0
EmgMktVa
38.55
+0.30
NA
TgtRe2030
Contrafund K6 29.17 +0.50 26.7 GroCo
58.58 +0.93 17.4
ICAA
10.68 -0.02 4.5 ITBondAdml 10.45 -0.05 3.2
Income
TotIntBdIdxInst 29.89 -0.09 2.3
39.71 +0.96 24.4 Invesco Funds Y
24.21 +0.22 NA TotStInst
25.13 +0.16 8.7 EmMktCorEq 24.06 +0.25 8.2 ExtMktIdxInstPre 83.09 +1.79 6.4 InvGrBd
IncoA
40.31 +0.52 4.4 PIMCO Funds Instl
ITIGradeAdml 8.77 -0.03 4.0 TgtRe2035
132.69 +2.23 15.7
10.18 -0.04 3.5 DevMktY
16.10 +0.17 6.7 FidSer5
7.79 -0.02 2.8 LowP
43.28 +0.45 NA ValueInst
10.68 -0.02 4.5 LarCapAd
IncomeFd
63.40 +1.04 13.4 IntlCoreEq
N PerA
128.11 +2.08 17.0 TgtRe2040
65.22 +0.74 13.3
47.79 +0.72 8.4 JHF III DispVal
20.27 +0.16 6.1 FidSerInt
8.77 -0.03 1.9 Magin
29.55 +0.34 NA WCM Focus Funds
29.39 +0.39 7.4 Price Funds
63.49 +1.33 17.6 IntSmCo
NEcoA
LTGradeAdml 8.03 -0.03 1.9 TgtRe2045
14.69 +0.25 23.0 DispValMCI
22.99 +0.22 9.6 FidSerToMarket 18.12 +0.31 15.7 NASDAQ
BlChip
185.56 +3.90 24.3 MidCpAdml 309.98 +4.11 8.4 TgtRe2050
80.73 +1.09 7.6 IntSmVa
NwWrldA
49.48 +0.63 NA WCMFocIntlGrwIns 25.79 +0.51 13.3
223.85 +5.17 17.7 John Hancock
36.82 +0.60 17.2 GlexUSIdxInstPre 15.20 +0.18 8.0 OTC
79.94 +0.92 13.5 MuHYAdml
13.74 -0.05 3.7 DivGro
10.78 -0.04 3.1 TgtRe2060
67.43 +1.17 1.8 LgCo
SmCpA
50.88 +0.66 NA Western Asset
22.20 +0.45 21.4 BondR6
41.23 +0.70 15.0 GrowthCompanyK6 28.12 +0.70 25.3 Puritn
Growth
103.64 +1.98 19.7 MuIntAdml
13.69 -0.03 1.5 TgtRet2055
12.50 -0.03 2.0 US CoreEq1
TxExA
NA
... NA
55.22 +0.71 NA CorePlusBdI
26.16 +0.29 13.2 JPMorgan I Class
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | B9
* * * * *
MARKETS & FINANCE
E2P Co-Founder
Resigns Amid
Criminal Charges
DAVID PAUL MORRIS/BLOOMBERG NEWS
BY ROD JAMES
A trio of fresh data points reassured investors that consumer spending, the backbone of the U.S. economy, is holding up.
S&P Adds to Its Winning Streak
BY CAITLIN OSTROFF
U.S. stock indexes rallied after fresh data showed that retail spending grew last month,
assuaging some investor fears
about an economic slowdown.
The S&P 500 climbed 1.6%
Thursday, rising for a sixth
consecutive session. The techheavy Nasdaq Composite added
2.3%, while the
THURSDAY’S Dow Jones Industrial AverMARKETS
age rose 1.4%.
Retail sales—a measure of
spending at stores, online and
in restaurants—rose a seasonally adjusted 1% in July from
the month before, more than
expected. Weekly jobless claims
came in slightly below consensus forecasts, and Walmart reported strong sales for its latest
quarter, with executives saying
they don’t see signs of fraying
demand. Its shares rose 6.6%.
Investors have worried that
the economy would slow after
data showed job growth slowed
sharply in July and U.S. retail
the Cboe Volatility Index, fell
to 15.23, its lowest close since
late July.
Asian markets were off to a
strong start at midday Friday.
Japan’s Nikkei had gained 2.8%,
the Hang Seng of Hong Kong
was up 1.2% and South Korea’s
Kospi had advanced 1.8%
Index performance on Thursday
2.5%
Nasdaq Composite
2.0
S&P 500
1.5
AUCTION RESULTS
1.0
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the marketclearing yield. Rates are determined by the difference
between that price and the face value.
Dow Jones Industrial Average
0.5
Five-minute intervals
0
10 a.m.
11
noon
1 p.m.
2
3
4
Source: FactSet
giants sounded warnings about
flagging consumer spending.
The data released Thursday
strengthened expectations for
the Federal Reserve to lower
interest rates by a quarter-per-
centage point at its September
meeting. Traders in interestrate futures were placing a 77%
chance, up from 64% Wednesday, according to CME data.
Wall Street’s “fear gauge,”
FOUR-WEEK BILLS
$275,537,679,100
Applications
$95,301,199,100
Accepted bids
$6,309,873,000
" noncompetitively
$0
" foreign noncompetitively
99.590889
Auction price (rate)
(5.260%)
5.355%
Coupon equivalent
95.70%
Bids at clearing yield accepted
912797LH8
Cusip number
The bills, dated Aug. 20, 2024, mature on Sept. 17,
2024.
EIGHT-WEEK BILLS
$249,552,417,100
Applications
$90,285,821,800
Accepted bids
$1,587,539,400
" noncompetitively
$0
" foreign noncompetitively
99.195000
Auction price (rate)
(5.175%)
5.289%
Coupon equivalent
44.66%
Bids at clearing yield accepted
912797LT2
Cusip number
The bills, dated Aug. 20, 2024, mature on Oct. 15, 2024.
Firms Hit With More Than $475 Million
In Fines for Failing to Monitor Trader Texts
BY DYLAN TOKAR
AND VICTOR SWEZEY
Truist, TD Bank and a host
of other financial firms agreed
to pay a total of more than
$475 million in fines to regulators, the latest in a yearslong
sweep focusing on traders’ use
of so-called off-channel communication platforms such as
WhatsApp and iMessage.
In an enforcement action,
the Securities and Exchange
Commission said it was charging 26 firms for failing to monitor and preserve certain elec-
tronic communications. The
Commodity Futures Trading
Commission imposed penalties
against three of the firms over
similar violations.
Regulators said unmonitored use of texting apps by
traders violates firms’ recordkeeping obligations and undermines their oversight abilities.
The firms involved in Wednesday’s action failed to oversee
the use of messaging apps by
personnel at all levels, and to
design policies that governed
the use of such apps, according
to the SEC. Wednesday’s action
follows more than $1.8 billion
in fines that regulators levied
against the brokerage units of
Bank of America, Citigroup
and other banks.
Ameriprise, Edward D.
Jones and Raymond James &
Associates were among firms
paying the largest fines, each
agreeing to pay $50 million to
settle the SEC’s claims. Three
firms—Truist, Cetera Advisor
Networks and Hilltop Securities—self-reported violations
and thus incurred smaller fines,
the SEC said. Several TD Bank
entities agreed to a $30 million
penalty to the agency. In total,
the agency said it imposed a
cumulative of $392.75 million
in penalties on the firms.
The CFTC said it was fining
TD Bank $75 million and Cowen and Co. $3 million for record-keeping failures and the
use of unapproved communication methods. TD Bank acquired Cowen last year.
Representatives for TD Bank
and Edward D. Jones said their
firms cooperated with regulators and had taken steps to enhance their electronic-communications policies.
A private-equity firm with
a blue-chip roster of fund investors faces an uncertain future as its co-founder and major shareholder resigned in
the wake of a domestic violence charge.
Mark Burgett, who cofounded Chicago-based Entrepreneurial Equity Partners in
2018, pleaded guilty in July to
a felony injury charge and a
misdemeanor for violating a
protective order, San Diego
Superior Court records show.
The charges stem from incidents earlier in the year.
The 51-year-old was sentenced Wednesday to three
years of probation, with one
year of GPS monitoring, and
must complete a 52-week domestic-violence program, a
spokeswoman for the San Diego County District Attorney’s
Office said. Burgett also faces a
protective order preventing
him from contacting his wife
and child. A lawyer for Burgett
didn’t respond
to a request for
comment.
The
firm,
also known as
E2P, sent a letter
Tuesday
evening to its
investors saying
Burgett
stepped down
to focus on personal matters.
The letter was viewed by The
Wall Street Journal.
“We are now working expeditiously through the details
of his departure from the
firm,” E2P said in a statement
to the Journal, adding it remained focused on generating
value for its investors.
In another letter obtained
by the Journal, Burgett addressed his colleagues. He said
a change in his medication for
Crohn’s disease, diagnosed
five years ago, led him to become a person “unrecognizable” to close friends and family, culminating in “a reckless
incident” involving his wife.
A filing with the Securities
and Exchange Commission
dated May 13 says Burgett was
charged with assaulting his
wife after his vehicle collided
with one that she was driving.
Before he started E2P, Burgett spent nearly 14 years with
Chicago-based buyout shop
Wind Point Partners. E2P, with
a strategy of taking majority
stakes in food and consumer
packaged goods companies,
amassed more than $1.7 billion
in assets under management
as of the end of last year, a
regulatory filing shows.
The firm completed raising
its debut investment pool, Entrepreneurial Equity Partners
Fund I, in May 2021, collecting
$423 million from investors
that included an arm of insurer Allstate, Abu Dhabi sovereign
wealth
manager
Mubadala Capital and privateequity investor Siguler Guff,
according to public documents
and a person familiar with the
firm.
E2P announced the close of
a follow-up vehicle, Entrepreneurial Equity Partners Fund
II, in late May with investor
commitments of $546 million,
after the firm had disclosed
the charges against Burgett in
the filing with the SEC. A
spokesman for the firm said
the fund closed on March 27.
Burgett’s resignation triggers a key-person provision in
its funds, allowing investors to
hold a vote that would force
E2P to halt new investments,
according to a person familiar
with the matter. The firm is
banking on investors’ continued willingness to support the
remaining 20-member team,
led by Managing Partner CJ
Fraleigh, the person said.
E2P has done 23 deals so
far, including
smaller add-on
a c q u i s i t i o n s,
according
to
the letter sent
by the firm to
its investors.
Fund I had increased
in
value by 2.3
times as of
March 31, excluding
fees.
The gross multiple of Fund II
was marked at 2.1 times as of
the same date.
Most limited partnership
agreements—the contracts
that govern how private funds
are managed—let the investors force a halt to new investments or remove the general partner, which is the firm
managing the fund, in the
event of wrongdoing by the
general partner. These agreements also contain key-person
provisions, which prevent the
fund manager from drawing
down funds if certain individuals leave the firm or fail to
devote sufficient time and attention to day-to-day operations.
The advisory committees
for investors in the two E2P
funds, which advise and oversee the general partner, “have
zero tolerance” for the kind of
behavior outlined in the court
documents,
said
James
Deeken, a lawyer with Akin
Gump Strauss Hauer & Feld, in
a written statement. He represents the advisory committees
for both E2P funds.
Burgett owns 50% of E2P,
with Fraleigh holding the remaining 50%, according to a
person familiar with the matter. The ownership of the
business will be worked out in
the coming months, the person added.
A letter to
investors said
Burgett stepped
down to focus on
personal matters.
BY MARK MAURER
PricewaterhouseCoopers
and Deloitte experienced
greater deficiencies in their audits of public companies’ 2022
financial statements compared
with the previous year, while
the overall rate of Big Four accounting firms’ shortcomings
stabilized, according to the latest annual inspection reports.
The Public Company Accounting Oversight Board last
year inspected 230 audits conducted by the Big Four firms in
the U.S.—Deloitte, Ernst &
Young, KPMG and PricewaterhouseCoopers—up from 215 a
year earlier.
The firms collectively had an
average deficiency rate of
about 26%, the same as a year
earlier. PCAOB Chair Erica Williams said the findings from
the inspections released Thursday, which covered audits of
2022 financials, were still unacceptable.
The Big Four averaged a rate
of 20% over the previous five
years, reports show.
The regulator inspects portions of selected U.S. publiccompany audits to evaluate
firms’ state of compliance and
assess the controls they use to
test the quality of their work. A
deficiency means the audit firm
failed to obtain sufficient evidence to back up its opinion.
Deloitte’s and PwC’s U.S.
units had rates of 21% and 18%,
respectively, both up from 17%
and 9% a year earlier. EY continued to have the highest deficiency rate among the Big Four
in the U.S., at 37%, down from
46% the year prior, which
marked a surge from 21% the
year before that. KPMG’s rate
fell to 26% from 30%.
KPMG said it is proud of its
efforts to enhance audit quality. “Our focus remains on investing in our system of quality
control, people and technology
to support the capital markets,” a KPMG spokesman said.
Some of Deloitte’s deficiencies involved the identifying of
controls related to a significant
account. Certain PwC deficiencies pertained to the testing of
data or reports used in substantive testing.
Deloitte continues to make
substantial investments to
boost audit quality and meet
investors’ evolving needs, a
spokesman said.
PwC is continuously seeking
to improve its “culture of quality, transparency, integrity and
independence,” a spokeswoman
said.
EY’s audit shortcomings
largely related to how the firm
addresses the risk of a material
misstatement and tests controls
over the accuracy and completeness of data or reports used in
the operation of controls.
Following the 2022 inspection finding that EY’s deficiency rate rose sharply, the
firm has said it revamped its
audit practice by simplifying
and standardizing its approach
and building centralized teams
to provide audit support on
various topics.
“While we have seen improvement in our inspection
findings in the 2023 report, the
majority of our transformation
initiatives occurred during the
2023 audit cycle,” an EY
spokeswoman said, adding that
the firm expects its inspection
results to show continued
progress in part due to related
investments.
Grant Thornton and BDO,
two global accounting and consulting networks outside of the
Big Four, saw their U.S. deficiencies climb to an even greater degree, an average of 70% based
on a combined 57 audits. Grant
Thornton’s rate rose to 54%
from 31%, and BDO’s climbed to
86% from 66%.
BDO has made numerous in-
CHRIS JUNG/NURPHOTO/ZUMA PRESS
Big Four Auditing Deficiencies
Level Off in Latest Inspections
Deloitte’s U.S. unit logged a 21% deficiency rate in its audits of public firms’ 2022 statements.
vestments to strengthen the
quality of its audits over the
past two years, a spokeswoman
said. Grant Thornton said it remains dedicated to its qualityrelated initiatives.
Traditionally, Grant Thornton, which in May sold a stake
to a group led by private-equity
firm New Mountain Capital,
and BDO have had higher deficiency rates than that of the
Big Four, based on a smaller
pool of audits selected for review. The firms averaged 39%
over the previous five years.
BF Borgers, which was
banned from public-company
work by the Securities and Exchange Commission in May for
alleged fraud, received a 100%
deficiency rate for the third
straight year. The firm’s biggest client was Trump Media &
Technology Group until the
Truth Social owner fired it following the SEC claims.
“These inspection results
point to some small signs of
movement in the right direction,” PCAOB’s Williams said in
a statement, referring to the
reports for the Big Four and 10
other firms. “Still, overall deficiency rates are unacceptable,
and firms must do better. Now
is the time to double down on
efforts to improve and deliver
the audit quality investors deserve.”
The reports arrive just six
months after the previous
batch as the PCAOB works to
release the findings closer to
when the inspections occurred.
BF Borgers didn’t immediately respond to a request for
comment.
THE WALL STREET JOURNAL.
B10 | Friday, August 16, 2024
HEARD STREET
ON
THE
FINANCIAL ANALYSIS & COMMENTARY
EDUARDO MUNOZ ALVAREZ/AP
Investors
Still Face
Uncertainty
On Fed,
Economy
The big-box retailer said comparable sales at Walmart U.S. rose 4.2% in the latest quarter, beating analyst expectations as well as the sector average.
Walmart Is on a Winning Streak
It is now the S&P 500’s best-performing retail stock in 2024, and with good reason
Everyday-low-price retailer
Walmart is one of the few companies in its sector that can be
counted on to thrive in this lukewarm economic environment.
The market seemed to be pricing that in, with Walmart up
roughly 31% year to date before its
latest earnings call, making it the
second-best-performing retailer in
the S&P 500 after Costco. Walmart shares jumped another 6.5%
in Thursday’s trading, putting it in
first place.
Investors had reason to applaud: The company on Thursday
said comparable sales at Walmart
U.S. rose 4.2% in the three-month
period ended July 26 compared
with a year earlier—better than
the 3.5% growth analysts polled by
Visible Alpha were expecting. This
marks nearly a decade of an unbroken streak of comparable-sales
growth at the unit—quite the feat
given that the company is America’s largest retailer.
That is notably stronger than
the 2.8% growth that all American
general-merchandise stores logged
over the comparable period, according to the latest retail-sales
figures also released on Thursday.
Excluding the effects of losses
from investments, Walmart’s earn-
ings were 67 cents a share, higher
than the 65 cents a share analysts
anticipated.
The company raised its full-year
guidance again and now expects
net sales on a constant-currency
basis to grow 3.75% to 4.75%, up
from its prior expectation of 3% to
4%. It also raised the midpoint of
its guidance for adjusted earnings
per share by 4% to $2.39.
“So far, we aren’t experiencing
a weaker consumer overall,” Walmart Chief Executive Doug McMillon said on the company’s earnings call. Consumers are loading
up on groceries, particularly produce and meats, but aren’t skimping as much on discretionary
items either. Comparable sales of
groceries at Walmart U.S. rose by
a mid-single-digit percentage,
while general-merchandise sales
were flat—a notable improvement
from declines in its prior quarters.
Strong demand for weight-loss
drugs such as Ozempic helped its
health-and-wellness business grow
by a low double-digit percentage.
Meanwhile, Walmart’s effort to
woo higher-income consumers—
through spruced-up stores, a premium private-label launch and
better delivery execution—still
seem to be working. Delivery accu-
racy and speed have improved,
and the company said higher-income households accounted for
most of its market-share gains. At
the same time, it is still gaining
share with middle- and low-income households by undercutting
competition on prices. The company said its prices were slightly
lower during the quarter at Walmart U.S. compared with a year
earlier, with rollbacks on more
than 7,200 items. Rollbacks tend
to be funded by manufacturers.
The retailer’s so-called flywheel
model is working as it should.
Walmart’s scale and vast store
base is helping the company grow
quickly in e-commerce, which in
turn helps generate high-margin
profit streams. E-commerce sales
rose 21% globally, the same pace
as in the prior quarter, and are
coming closer to achieving standalone profitability.
Growth in the global advertising business accelerated to 26% in
the latest quarter from 24% in the
previous quarter. Walmart+ membership income rose by a doubledigit percentage, following similarly rapid growth in the previous
quarter.
Advertising and membership
accounted for more than half of
Walmart’s operating-income
growth in the latest quarter.
All of this has meant that Walmart has delivered on its promise
of growing its bottom line faster
than its top line: In the latest
quarter, total revenue was up
4.8%, while operating income rose
8.5%. Over the past six quarters,
Walmart’s revenue growth has averaged 5.9%, while operating income has risen 11% on average.
Of course, there is still a risk
that consumer health could
weaken in the months ahead. Walmart’s management pointed to a
more-uncertain economic and geopolitical environment. But with
the cushion from some of its highmargin profit streams and the bargaining power that comes with
scale, Walmart has room to cut
prices even further if competition
intensifies.
Much of that competitive advantage is now baked into Walmart’s share price, which fetches
about 28 times forward-12-month
earnings, 22% higher than its fiveyear average. It is still 43%
cheaper than Costco on that measure. That seems to be a reasonable price to pay for such a shelfstable retailer.
—Jinjoo Lee
China’s Onetime E-Commerce King Alibaba
Struggles With Weak Demand
Alibaba’s forward
price/earnings ratio
50 times
40
30
20
10
0
2015
’20
’24
Source: S&P Global Market Intelligence
Alibaba shares are trading at
rock-bottom prices, but investors
may need clarity on the outlook
for China’s e-commerce industry
before snapping up the stock.
China’s consumption remains
sluggish, as evidenced by the latest results from e-commerce companies. Alibaba’s quarterly revenue grew only 4% year over year,
and a big part of that was driven
by international expansion.
Sales for its core domestic business on its Tmall and Taobao platforms actually dropped. Alibaba’s
rival, JD.com, saw quarterly revenue grow only 1.2% on the year.
One challenge for Chinese ecommerce players is intensifying
competition leading to a price war.
PDD, the parent of Temu, has been
growing at a stellar rate with its
low-price strategy, at the expense
of Alibaba and JD.com.
Douyin, the local Chinese app
owned by TikTok parent ByteDance, also has taken market
share from traditional e-commerce
platforms due to influencers selling goods on live-streaming.
It is questionable, though, how
sustainable such competition will
prove to be, especially as merchants on e-commerce platforms
start to feel the pinch from lower
prices.
Alibaba’s international business
is a relative bright spot: Revenue
there grew 32% year over year in
the latest quarter, as the company
expands overseas to offset weakness at home. But the segment is
still losing money and could be a
long way from becoming a profit
driver.
Alibaba’s U.S.-listed depositary
receipts have gained only 2.5% this
year—and the stock is still down
around three-quarters from its
peak in 2020. It is trading at 9.4
times forward earnings, compared
with an average of nearly 23 times
since its initial public offering in
2014, according to S&P Global
Market Intelligence.
But investors may need to see a
broader Chinese economic recovery before being lured by a cheap
deal.
—Jacky Wong
Investors’ nerves have been
soothed recently by reassuring
economic data. But the outlook for
the economy and for monetary
policy both remain unusually uncertain, meaning more volatility
could be in store.
The prospects for a soft landing
got a boost this week, as data
showed consumer-price inflation
continuing to slow, in line with expectations, even as retail sales
logged a surprising surge in July.
Yet Thursday’s retail sales report wasn’t quite as good as it
looked. The headline figure
jumped 1% from a month earlier,
Commerce Department figures
showed, crushing economist estimates of a 0.3% gain. But that was
largely because of a rebound in
auto sales, which took a hit in
June from a widespread cyberattack on dealerships. Excluding motor vehicles and parts, retail sales
rose just 0.4% in July.
Meanwhile, industrial production figures from the Federal Reserve, also released on Thursday,
came in weak, showing a 0.6% decline in July from June. The Federal Reserve said disruptions from
Hurricane Beryl dragged on that
figure by around 0.3 percentage
point. Even stripping that out,
though, the decline was worse
than expectations for a 0.1% fall.
And June’s reading was revised
lower.
The truth is that while a hard
landing isn’t at all imminent, the
extent to which economic momentum is actually slowing remains
unclear at the moment. This
makes the market’s apparent high
degree of confidence in the Federal Reserve look odd.
Everyone now seems to agree
that a rate cut is coming in September. But there remains active
debate about how much the Fed
will do at that meeting, and how
quickly it will proceed thereafter
to keep bringing rates down.
Markets are currently pricing in
a 27.5% chance of a half-point cut,
which would be bigger than the
usual quarter-point move, according to the CME FedWatch tool. But
a week ago markets were implying
a 55% chance of a half-point cut.
The uncertainty naturally grows
the further out one tries to forecast Fed actions. Because the central bank is effectively in transition between policy stances, it
hasn’t given Fed watchers much to
go on in terms of how it will proceed.
No one can say with any degree
of confidence where rates will be a
year from now, except that they
will likely be lower.
This means that markets could
be prone to more disruptions like
the one they have just been
through. Recent experience shows
just how sharp those disruptions
can be: It was hawkish rhetoric
from the Bank of Japan that
prompted a surge in the yen, an
unwind in the carry trade and the
most volatile week for stocks in
years. That is a reminder of how
changes in monetary-policy expectations can have huge ripple effects.
It also means the updated “dot
plot”—which shows Fed polic
makers’ consensus forecasts for
the economy and rates—will be
under even more scrutiny than
usual in September.
On Thursday, the S&P 500 recorded its sixth straight day of
gains and was only around 2% shy
of the all-time high it reached in
mid July. Investors should brace
for a bit more turbulence.
—Aaron Back
Index performance, past month
Cisco Was Primed for an AI Bounce
Cisco Systems has been missing the AI party. Its latest results
finally gave the network-equipment company an entry ticket.
Shares of Cisco surged Thursday after its quarterly report, giving the stock its best one-day percentage gain since late 2020.
But the good news wasn’t in
the obvious headlines: Cisco reported its second-worst revenue
decline in more than a decade,
and said it plans to lay off 7% of
staff.
Such layoff announcements
have become commonplace in recent years, as Cisco looks to keep
its legacy IT-equipment business
relevant during major shifts to
cloud computing and—lately—generative artificial intelligence.
Scott Herren, the company’s financial chief, even told analysts
Wednesday that the layoffs aren’t
“about cost savings.” And indeed,
a 7% cutback would merely take
Cisco’s full-time workforce roughly
back to where it was in mid-2021.
Instead, analysts pointed to order growth as the main positive
surprise. Product orders jumped
14% from a year earlier.
Meanwhile, orders linked to artificial intelligence crossed the $1
billion mark in the latest quarter,
and Cisco expects another $1 billion of such orders in the new fiscal year.
Order growth and an improving
AI business “support the thesis
that networking demand has
troughed, setting the stage for a
recovery” in the financial year
that has just gotten under way,
said William Blair’s Jason Ader.
It also helps that Cisco has
been conspicuously absent from
the AI rally that has boosted rival
server makers like Dell and Super
Micro. Before Thursday, Cisco’s
shares were down nearly 15% for
the past 12 months, seriously
trailing peers and the S&P 500.
Better times were overdue for the
network-equipment heavyweight.
—Dan Gallagher
5%
0
S&P 500
–5
–10
–15
Nikkei 225
–20
–25
July 19
Source: FactSet
Aug.
Ellen DeGeneres
sells a blufftop
property in Santa
Barbara, Calif. M3
HOMES | MARKETS | PEOPLE | REDOS | SALES
MANSION
Ashley Park
A Make A Wish
trip led the ‘Emily
in Paris’ actress
to acting. M8
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | M1
Lakes Become
The Maine Attraction
Once under the radar, Maine’s lakes are seeing an infusion of wealth as
affluent homeowners replace modest ‘camps’ with large estates
BY E.B. SOLOMONT
O
n a clear day, you can see the top of
Mount Washington,” says Joanne Ricciardiello, peering through a curtain of
towering oak and pine trees that surrounds her newly built, roughly 4,300square-foot home on Maine’s Sebago Lake.
She walks down a gravel path to the dock, where a
25-foot Sea Hunt and a sailboat named “Jazzy” are
moored. Two ducks bob nearby, and waves lap the
craggy beach as a motorboat passes, leaving white
froth in its wake.
Four years ago, when she and her husband, Phil
Ricciardiello, traded their Massachusetts beach house
for a lake home in Maine, Joanne was hesitant. “I
came here somewhat reluctantly,” said Joanne, who
grew up in Salem, Mass. “But living on the lake, it’s
Please turn to page M6
Pat Maley, above, and his wife, Jodi Maley, own 150 acres on Maine’s Moosehead Lake, where they spent several million dollars to
build a new lodge and guesthouse. Construction required flying in supplies by float plane.
Blow-Dry Bars and Chandeliers:
Sorority Houses Go GL M
Greek groups are spending big on luxurious digs for their members
GRACE PHOTOGRAPHY STUDIO (3)
Construction cost:
$17 million
Members of Delta Zeta at the University of Alabama live in a home with a grand staircase.
BY SARAH PAYNTER
AT THE UNIVERSITY of Alabama,
members of the Delta Zeta sorority live in a $17 million, 40,000square-foot home with a grand
staircase, a crystal chandelier and
a custom leaded-glass window
displaying the group’s logo.
Delta Zeta isn’t the only sorority to provide high-end accommodations for its members. Top-tier
sorority houses, which are usually
owned by Greek organizations and
not by universities, are getting
features such as blow-dry bars,
gold-leaf molding and craft rooms
for making banners and pompoms. An enrollment spike in the
2010s led to larger, betterequipped facilities, and Greek organizations across the country
have been spending more to build
houses with upgraded amenities.
The Delta Zeta
house has six
columns for
the group’s six
founders.
The University
of Alabama, which
extends loans to
sororities for
home construction, got its first
$10 million sorority house in
2012-2013 school
year, and by 2016,
almost all the
school’s sororities
had spent at least
that much on their
houses, according to university
documents. In 2020, Kappa Delta
at the University of Mississippi
got a new $13.3 million house, and
Please turn to page M4
FROM TOP: NORTH WOODS AERIAL AND RACHEL SIEBEN FOR WSJ; RACHEL SIEBEN FOR WSJ (2)
$96 Million
M2 | Friday, August 16, 2024
THE WALL STREET JOURNAL.
NY
PRIVATE PROPERTIES
Clint Eastwood’s Former Home Lists
In the 1980s, the famed
actor and director Clint
Eastwood spent two years
as mayor of Carmel-by-theSea, a small California vacation community. Now the
century-old home where he
lived during that stint is
coming on the market for
$21 million.
The Hollywood legend—
best known for movies like
“Dirty Harry” and “Million
Dollar Baby”—lived in the
house in the 1980s and
1990s, according to the 2016
book “Historic Homes and
Inns of Carmel-by-the-Sea.”
The seller is Frederick
O’Such, a retired investor in
his 80s, who bought the
house overlooking the
ocean from a trust tied to
Eastwood in 1996, property
records show. O’Such said
he paid about $2.25 million
for the home, and then
spent another two years
and $2.5 million more renovating the property.
Carmel, located about
125 miles south of San
Francisco, is a coastal enclave popular with tourists
house until after he had
the typical lot size for the
seen it. He only met Eastneighborhood, Allen said. A
wood once, at an event at
free-standing stone garage
the Teháma Golf Club.
for two cars was built in
Originally built
the 1930s.
around 1924, the
O’Such said he
FOR SALE
Spanish Revivaladded a wine cellar
style house is loin the home’s basecated a block from
and remodMILLION ment
the ocean, said listeled the interior in
4,400 sq. ft.,
ing agent Tim Allen
the Arts and Crafts
4 bedrooms,
of Coldwell Banker
style.
ocean views
Realty. It spans
He said he plans
about 4,400 square
to move to a cotfeet with four bedrooms and
tage at a nearby retirement
an interior courtyard with
community. “I’ll make the
arched windows, Allen said.
transition when the house
The gated property is
is sold,” he said.
about ¼ acre, three times
—E.B. Solomont
$21
and second-home owners. Eastwood, who was
born in San Francisco, has
deep ties to the area, serving as mayor of Carmel
from 1986 to 1988. He
chose to run because the
incumbent mayor was “too
distant” from locals he told
The Wall Street Journal in
2020.
Eastwood only served
one term, but his mayoral
moves included removing a
prohibition on public ice
cream sales. In the 1980s,
Eastwood also bought the
historic Mission Ranch to
save it from development.
He has since developed Teháma, residential community that includes the Teháma Golf Club. Eastwood
didn’t respond to a request
for comment.
O’Such said he didn’t
find out who owned the
1996 purchase price: $2.25 million
style, limestone house was
built for Henry Haven Windsor Jr., a publisher of Popular Mechanics magazine, according to the Winnetka
Historical Society. The
house maintains original details including stained-glass
windows, ornate ceilings
and parquet floors, said
Radnay. Windsor, who also
had a home in Palm Springs,
Fla., decided to bring a
touch of Florida to his Winnetka parties by adding a
“Palm Room” with tropical
murals and bright-blue tile.
A subsequent owner added
a hidden, walnut-paneled
wet bar with remote-controlled pocket doors to the
Palm Room, said Radnay.
The house also has a wine
cellar, a media room and
several office and library
spaces.
Satter, 63, retired from
Goldman Sachs as global cohead of the principal debt
group and global
current size of
head of mezzanine
FOR SALE
roughly 2.3 acres.
in 2012, and now
The grounds conworks in private
tain a pool, a
equity. In an email,
MILLION Satter said he and
boardwalk on the
20,000 sq. ft.,
lake, a boathouse
his wife are down7 bedrooms, pool
and two changing
sizing to a smaller
rooms built into
house in the area
the bluff descending to the
because most of their
water, she said. The roughly
daughters are grown. They
20,000-square-foot house
eventually plan to move to
has seven bedrooms.
Florida, he said.
The French Normandy—Sarah Paynter
After an extensive renovation, a 1920s home outside Chicago is going on the
market for $35 million,
making it the state’s most
expensive home for sale.
Located in Winnetka, an
affluent suburb about 16
miles north of downtown
Chicago, the house has
about 220 feet of sandy
beach on Lake Michigan,
said listing agent Jena Rad-
nay of @properties Christie’s International Real Estate.
The sellers, financier
Muneer Satter and his wife,
Kristen Hertel, purchased
the home for $9.5 million in
2002 as a place to raise
their five daughters, according to Radnay. They
spent about $35 million restoring the home and expanding the property to its
$35
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FROM TOP: SHERMAN CHU (2); MILLER + MILLER
F
An Estate on Lake Michigan
Could Set an Illinois Record
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | M3
PRIVATE PROPERTIES
Ellen DeGeneres and mining
magnate Robert Friedland have
swapped California properties.
DeGeneres, the TV personality
known for her lucrative real-estate trades, has sold a blufftop
home near Santa Barbara, Calif.,
for $96 million, less than two
years after she purchased it for
about $70 million, property records show. The buyer of the
Rossi didn’t respond to
Carpinteria property is an
SOLD
requests for comment.
entity tied to Friedland,
Carpinteria is a coastal
according to property retown near Santa Barbara
cords. And in June, DeGeMILLION and Montecito that has
neres and her wife, Portia
10 acres, pool,
de Rossi, paid Friedland
attracted celebrities incabana
cluding filmmaker George
$32 million to buy back a
Lucas and actor Kevin
Santa Barbara home they
Costner. The property DeGeneres
sold him earlier this year for the
sold comprises two parcels totalsame amount, records show.
ing about 10 acres, with a roughly
Friedland, DeGeneres and de
$96
8,000-square-foot house with exposed wood beams, a pool, a cabana and a guest cottage, records
show. DeGeneres and de Rossi
bought the home from retired
hedge-fund manager Bruce Kovner
in 2022. Kovner, who founded
Caxton Associates, had spent
years assembling a 22-acre compound before listing it for $160
million in 2021. He still owns
Ohio Estate Comes With
A Pub, Schoolhouse
And Alpacas
The main house is about 11,000 square feet.
full outdoor kitchen. On the lower
level, they created a pub room inspired by a trip to Dublin, Ireland.
It has stone floors and a 200year-old bar that Vadas found at a
salvage yard.
Young Vadas said her focus was
on the grounds, where she
planted an organic garden and
fruit trees and raised alpacas. “I
LUXURY
REAL ESTATE
DESERVES A
LUXURY AUCTION
®
R
E
A GI
D S
L T
IN R
E AT
A IO
U
G N
2
2
other structures on the property,
including a farmhouse, barn,
greenhouse and chicken coop. A
one-room schoolhouse from the
early 1900s had been moved to
the site by a prior owner, Vadas
said; they turned it into an office
with a loft.
In 2022, the Vadases built a
one-bedroom guesthouse with a
E
$14
D
Outside Cleveland, a castle-like
Arbor Rehabilitation & Healthhome with alpacas, a pub and a
care; his wife does finances for
one-room schoolhouse is going on
the company.
the market for $14 million.
The home is located in Hunting
The 24-acre estate is
Valley, about 20 minutes
the home of healthcare
from downtown Cleveland.
FOR SALE
entrepreneur Rob Vadas
The property was in disreand his wife, Bonny
pair when the couple purYoung Vadas, who
it, said Vadas. They
MILLION chased
bought it for $3.15 milgutted the main residence,
24 acres, pool,
lion in 2000 as a place
a five-bedroom, roughly
tennis, barn
to raise their two young
11,000-square-foot house
schoolhouse
sons. Since then, they
originally built around
have spent about $12
1940, with copper gutters,
million overhauling the property,
a turret, and 6-foot chimney caps.
which also has an indoor pool,
“It looks like a castle,” Vadas said.
three ponds, tennis and pickleball
The indoor pool area has a firecourts, and even an illuminated
place and doors to the outside;
sledding hill.
there are full men’s and women’s
“Our kids did not sit in front of
locker rooms.
the TV,” said Vadas, the CEO of
The Vadases renovated multiple
grew up on a small hobby farm
[in Ohio],” she said. “I wanted the
boys to experience that.”
She chose alpacas, she said, because they are more intelligent
than sheep, while horses can be
hard to work with. At one point,
the family had about 40 to 50 alpacas; they now have two females
living out their days on the property, as well as four Tunisian
sheep. The animals will be sold
with the property.
The family hosted many parties
at the fire pit by the sledding hill,
Young Vadas said. In warm
weather the hill was used for a
waterslide. Another family tradition is a yearly Wiffle Ball contest
at their property, with rented
lights and professional umpires.
“That’s the thing about having a
lot of land,” Vadas said. “You can
do a lot of stuff with it.”
Now in their 60s, the Vadases
said the estate is too big for the
two of them, so they plan to build
something smaller in the area.
They also have a home in Florida.
—E.B. Solomont
AU G 23
AUG
Previously...
$10 MILLION
Golf Course Estate
Raleigh, NC
Sited on nearly 2 acres overlooking the 18th
green at the North Ridge Country Club, this
residence offers 8 beds, 8 full and 6 half
baths throughout 3 living levels. Amenities
include multiple kitchens, a wine cellar,
sauna, safe room, two elevators, saltwater
pool, and 2,900 sf of covered terraces.
800.683. 3789
NorthCarolinaLuxuryAuction.com
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Now Selling...
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Property listed and offered for sale by
Engel & Völkers Raleigh (Lic#C33932).
Listing agent Elena Sergeevna Stoyanova
(Lic#336221). Platinum Luxury Auctions
LLC (“Platinum”) is a Licensed Auction Firm
in the state of North Carolina (Lic#9502),
performing auction and auction-marketing
services for this transaction. Real estate
brokerage services not performed where
prohibited. Bid calling by licensed North
Carolina Auctioneer.
FROM TOP: MACDUFF EVERTON; KELLY SULLIVAN/GETTY IMAGES; REDDOG REAL ESTATE
Ellen DeGeneres Swaps
Santa Barbara-Area Homes
about 12 acres with a roughly
8,000-square-foot house, which is
listed for $75 million, according to
Zillow.
The property is located on Padaro Lane, one of the area’s premier streets, said real-estate
agent Sean Matthews of Compass,
who wasn’t involved in the deal
but listed a ranch property nearby
for $109 million a few years ago.
The Santa Barbara estate is a
circa-1919 home on about 8 acres.
DeGeneres and de Rossi also paid
$6 million to buy a vacant,
roughly 3-acre property next door
from another seller, according to
property records.
Friedland is founder and chairman of Ivanhoe Capital, which invests in the mineral and energy
sectors. He recently sold another
Carpinteria property for about
$49.6 million after buying it for
roughly $46.9 million in 2023, records show.
DeGeneres and de Rossi
are known to be prolific
real-estate investors. In
2020, they paid $49
million to buy a Montecito estate from comedian and political
commentator Dennis
Miller and his wife,
former model Carolyn
Espley-Miller.
Prices and sales volume for
single-family homes in Santa Barbara, Montecito and Carpinteria
rose during the first five months
of 2024 compared with the same
period last year, according to realestate brokerage Village Properties. The number of single-family
home sales in South Santa Barbara County rose 19% year-overyear, while the median sale price
was $2.265 million, up 8% yearover-year.
—E.B. Solomont
and Katherine Clarke
THE WALL STREET JOURNAL.
M4 | Friday, August 16, 2024
MANSION
Renovation cost:
$14 million
Continued from page M1
Texas A&M’s Delta Delta Delta, or
Tri Delta, is planning to replace
its 1984 home in 2026 at a cost of
$15 million, according to Caroline
Jernigan, the chapter’s vice president of operations.
In part, these hefty budgets are
due to rising construction costs
across the country. Moreover, sorority houses—large residences
where members can live instead
of university dormitories—are
usually required to be ADA-compliant and meet commercial-building standards, contributing heavily to the cost, said Charles
Watson of Mississippi-based architecture firm Pryor Morrow. Most also serve as dining
halls, adding to the expense, he
said. Sorority houses now cost
about $450 to $550 per square
foot to build, up from $300 to
$375 per square foot a few years
ago, he said. The groups, which
take out loans and solicit alumni
donations to pay for the work, are
willing to foot the bill in part because spiffy accommodations are
an important tool for recruitment
week, or rush.
“The house is the largest way
of telling people about our sorority,” said Melissa Hall Simmons,
an alumna of Tri Delta at the University of Arkansas and an interior designer who worked on the
chapter’s newly renovated,
43,000-square-foot house.
Since the late 1800s, sororities
have built or purchased houses
couch looked like—I didn’t care
where their members can live,
about any of that. Now they just
said historian Fran Becque. Today
do.” When a sorority house is unsorority houses are often used for
renovated, she said, “it is a commeals, chapter meetings, “The
petitive disadvantage if other
Bachelor” watch parties and
houses have beautiful facilities.”
dance-practice sessions to prepare
In 2017, the University of Alafor perforbama’s Delta Zeta
mances. Sorority
chapter tore
houses often apdown its longpear on YouTube
time home to
Sorority-house building costs
and TikTok,
make way for a
per square foot
where house
new, roughly
tours can garner millions of
40,000-square-foot house, said
views. Last year at the University
alumna Virginia Loftin. The larger
of Alabama’s roughly $15 million
house, completed in 2018, was
Pi Beta Phi house, women in fanny
necessary due to a boost in enrollpacks and leg warmers performed
ment, she said. The classical brick
a choreographed dance to “The
house, with six columns for its six
Fresh Prince of Bel-Air” theme
founders, has a large front porch
song. The video was one of many
with room for 10 rocking chairs,
around the country designed to
each named by an alumni donor,
kick off rush.
said Loftin.
“We’re all trying to recruit the
Inside, under the foyer’s grand
best, the brightest, most amazing
staircase, a backpack room has
women,” said Jennifer Keeling,
dozens of hooks to keep the entry
the facility corporation board
looking tidy, she said. A white
president for the University of
oak-paneled library has a limeOklahoma’s Kappa Alpha Theta
stone fireplace mantel from the
chapter, which is spending about
original, circa-1925 house. The
$14 million to renovate and add
commercial kitchen serves hun10,000 square feet to its
dreds of meals a day in a serving
circa-1932 house.
room that displays the sorority’s
Thanks to social media, she
silver plates in a dedicated cabisaid, “young women are a lot
net. The room has soda, juice and
more in tune and interested in
coffee machines, and it is stocked
what their living space is like.
with Doritos, ice cream and other
When I lived at the Theta house, I
snacks, alumna Hannah Duffy said
couldn’t have told you what the
in a 2021 YouTube house tour.
$450-$550
The Tri Delta house at the
University of Arkansas
“You feel like you live in a mansion, which I guess you do,” she
said in the video.
The roughly 300-seat chapter
room, which doubles as a space
for dance practice and watching
movies, has a large T-shirt closet
with cubbies and a Dutch door so
the T-shirt chair can organize and
distribute shirts for events, said
architect Les Cole of Cole & Cole
Architects, which designed the
house. Elsewhere in the house, a
craft closet stores banner-making
supplies and has an industrial
sink for washing paint brushes.
One of several study rooms has
built-in videoconferencing equipment for job interviews and virtual meetings, Cole said.
In 2018, the University of Arkansas’s Tri Delta chapter gave its
1930s Tudor home a $14 million
renovation and addition, said the
architect, Jim Yeary of Yeary
Lindsey Architects. The new dining room, which has blue floral
accents and drapes trimmed with
faux pearls, was the site of
Chicken Finger Fridays, where the
sorority served chicken fingers,
cookie dough and biscuits, said
alumna Courtney Kardaras, who
lived in the house from 2019 to
2021. On Friday nights, Kardaras said she and her friends liked
to bring speakers into the “Pansy
Powder Room” bathroom—decorated with pansies, Tri Delta’s
flower—and dance to Taylor Swift
while getting ready for a night
out.
Before the renovation, Simmons said, the house had low ceilings and a dark interior. But raising money for the renovation took
time, so in 2013, she gave the
house new furnishings and paint
to keep the sorority competitive
for recruitment in the meantime.
Now completed, the home’s decor
is designed to communicate that
the women are fun, “Southern and
feminine,” she said.
“We want people to come in
and see themselves there,” Simmons said.
The home’s amenities include a
courtyard with a fountain and a
chapter room also used for aerobics and crafts, said Yeary. Builtin, lighted shelves display Tri
Delta artifacts, said Simmons.
Christina Harris is an alumna
of University of Oklahoma’s Kappa
Alpha Theta and an interior designer at GH2 Architects, the firm
renovating the group’s brick Tudor house. She recalled how the
house’s original wood floors,
crown molding and wood paneling—which they plan to keep—
helped her feel comfortable during rush. “It felt great walking
into the space,” she said. “You
don’t know any of the girls yet, so
really that’s your first impression.”
When it is completed, the
37,000-square-foot house will
have an art room and bathrooms
with blow-dry bars and makeup
counters, Keeling said.
Still, rising costs have caused
some sororities to postpone plans
to renovate their houses. Earlier
this year, Alabama’s Sigma Kappa
chapter paused its plans for a
new, roughly $24.7 million house,
according to university documents. The price tag would have
set a record for the nation, but a
university spokesperson said the
project was paused because inflation had made it too pricey.
Renovation cost:
$14 million
RETT PEEK (3); GH2 ARCHITECTS, LLC (OKLAHOMA)
Sorority
Houses
University of Oklahoma’s Kappa Alpha Theta chapter is renovating its circa-1932 brick Tudor. When completed,
the 37,000-square-foot house will have an art room and bathrooms with blow-dry bars and makeup counters.
THE WALL STREET JOURNAL.
NY
Friday, August 16, 2024 | M4A
M4B | Friday, August 16, 2024
THE WALL STREET JOURNAL.
NY
EDGARTOWN $25,000,000
Unique opportunity to own on Edgartown Harbor! Private
marina featuring more than 500 feet of deep-water dockage,
a refined residence and water’s edge clubhouse.
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located minutes from the village center.
CHATHAM $12,500,000
Extraordinary waterfront estate in Chatham Village featuring
a five-bedroom residence, swimming pool, and private dock
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ROBERT B. KINLIN | 508.648.2739
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PAUL E. GROVER | 508.364.3500
PAUL E. GROVER | 508.364.3500
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WEST FALMOUTH $9,500,000
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ANNE BRAMHALL | 508.762.2236
OSTERVILLE $7,995,000
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TONY GUTHRIE & ALFRED SCHOFIELD | 508.246.3236
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Four-bedroom waterfront home overlooking Shoestring
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SOUTH YARMOUTH $2,995,000
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PAUL E. GROVER | 508.364.3500
ROBERT B. KINLIN | 508.648.2739
OSTERVILLE $2,695,000
Magnificent five-bedroom home on Starboard Lane with
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HYANNIS $2,250,000
Magnificent Views of Hyannis Harbor & Nantucket Sound from
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SUSIE MELE | 857.389.3812
EASTHAM $2,195,000
Gorgeous renovated beachfront home: views from every room
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PAUL GROVER | 508.364.3500
KATHY CRAIG | 508.958.6708
OSTERVILLE $1,595,000
This beautiful Osterville residence, meticulously renovated
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ROBERT B. KINLIN | 508.648.2739
WILLIAM SALAS | 508.237.2851
HARWICH $1,450,000
Spectacular home neat Red River Beach.
MARK MIKLAVIC | 508.237.7160
BREWSTER $1,150,000
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CHRISTINE ALTNEU | 774.722.0119
ROBERTPAUL.COM • GREATER BOSTON, 617.262.1414 • CAPE COD, 508.648.6861 • COASTAL MA, 508.748.2400
©2024 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices
and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity.
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | M5
NY
PRIVATE PROPERTIES
With 16 soaring Corinthian columns, an imposing Greco-Roman
villa looks like it belongs in Italy
rather than in the hills of Berkeley, Calif.
Known as Temple of Wings, the
home overlooking San Francisco
Bay was built in the early 1910s
and owned for decades by billionaire Gordon Getty and his wife,
Ann Getty. A designated Berkeley
landmark, it is coming on the
market for $5 million following
Ann’s death in 2020, according to
Joel Goodrich of Coldwell Banker
Realty, who is listing the property
with Adrienne Krumins and Anian
Tunney of the Grubb Co.
“Although it is time to move
on, the Temple of Wings will always represent a quiet place
where beauty has time to rest before blooming,” Gordon, the 90year-old son of oil tycoon J. Paul
Getty, said in a statement.
The three-bedroom house,
which the Gettys used for occasional events and hosting guests,
is about 4,000 square feet. The
entryway to the property has a
double stone staircase leading to
a grand semicircular entertaining
pavilion and lawns.
The house was designed for attorney Charles C. Boynton and his
wife, Florence Treadwell Boynton,
according to the Berkeley Architectural Heritage Association. The
open-air structure had canvas in
lieu of walls; Florence was a pro-
OPEN HOMES (2)
Roman Villa, or Billionaire’s California Home?
ponent of a parenting movement
dubbed “open-air motherhood,”
which touted the benefits of outdoor time for children. It was also
The property was empty at the
designed to be a venue for modtime, with the dance studio havern and contemporary dance.
ing closed in the 1980s, according
Florence, a childhood friend of
to a spokesperson for Gordon.
famed choreographer Isadora
The Gettys were first drawn to
Duncan, was a dance teacher and
the property because of
taught movement classes
its association with Mayat the Temple, according
FOR SALE
beck, the spokesperson
to the association.
said. Ann, an interior deThe house was initially
was interested in
designed by prominent
MILLION signer,
reviving the Greco-Roarchitect Bernard May4,000 sq. ft.,
man structure. Gordon, a
beck and completed by A.
3 bedrooms,
composer, also has an inRandolph Monroe, acpavilion
terest in the classical
cording to the city of
arts. The couple did a
Berkeley. It was subsemajor restoration and enclosed
quently remodeled after it was
the house, according to the
partially destroyed by a fire in
agents. Interior stairways were in1923.
stalled, and much of the stone and
The property passed through
woodwork was restored.
several generations of the BoynThe Temple served as a “perton family before it was pursonal oasis” for the Gettys, and
chased in the 1990s by the Gettys.
$5
Once an open-air structure,
the house is now enclosed.
Ann in particular, the spokesperson said. Family members sometimes lived in the home. Several
Getty family members attended
the University of California,
Berkeley, and some visiting professors at the university lived at
the Temple with their families.
The house has an original
beamed ceiling with frescoes, as
well as a wood-burning fireplace
with marble and wrought-iron detailing. The primary bedroom has
three balconies with views of the
bay.
Krumins said she hopes that
prospective buyers will see the
Temple as a “piece of artwork,”
noting that the Berkeley area is
known for its architectural history.
—Katherine Clarke
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Though information is assumed to be correct, offerings are subject to verification, errors, omissions, prior sale, and withdrawal
without notice. All material herein is intended for informational purposes only and has been compiled from sources deemed
reliable. Equal Housing Opportunity. Outlines for illustraltion purposes only- consult a survey.
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CALIFORNIACLOSETS.COM
THE WALL STREET JOURNAL.
M6 | Friday, August 16, 2024
MANSION
Continued from page M1
the most peaceful place I’ve ever
been.”
Big money is floating into
Maine’s lakes. Drawn to crystalclear water and rugged terrain,
generations of vacationers from
across the Northeast have flocked
to lakes north of Portland, building
modest lake homes known as
“camps.” Now, with remote work
more common, lakefront homes increasingly appeal to wealthy buyers who want to be close to nature
with easy access to swimming,
boating and fishing, real-estate
agents said. Affluent homeowners
are replacing rustic cabins with
luxurious lodges and family compounds, and lakefront homes are
selling at a premium in areas that
previously flew under the radar.
“We’ve seen a ton more $2 million to $4 million sales [of Maine
lake homes] over the last five
years than most of us ever
dreamed we would see,” said
southern Maine real-estate agent
John Scribner of LandVest.
In 2023, the median sale price
for a Maine single-family home
with lake or pond frontage was
$415,000, shooting up 72.9% from
2019, according to Maine Listings,
the state’s multiple listing service.
So far this year, the median price
is $430,000.
In 2021, an estate on Sebago
Lake sold for $8.5 million, according to property records, and last
year a 29-acre property on Jordan
Bay, which is part of Sebago, also
sold for $8.5 million.
At times, the influx of new
money has led to clashes with oldtimers. Maine retailer Randal Coulton, who has a 3,600-square-foot
log house on an island in Moosehead Lake, said he’s watched large
homes replace small camps over
the past 20 years. He bemoaned
new owners in the area who have
cleared trees to construct “ungodly” lodges. Still, he said he understands the draw.
“Maine has been the bargain
for a long time and it’s now being
discovered and everyone wants a
part of it,” he said. “You can’t
blame them.”
Maine has roughly 6,000 lakes
and ponds, with many of the most
populated ones within an hour of
Portland. Now, however, homes in
the Belgrade Lakes area further
north and on Rangeley, Pleasant
and Phillips lakes are pricier than
in the past, agents said. Moosehead Lake—one of the largest
mountain lakes in the U.S.—is increasingly home to ultrahigh networth individuals including John
Malone, chairman of the telecommunications company Liberty
Global, and investment banker
Robert Greenhill, who owns about
FROM TOP: RACHEL SIEBEN FOR WSJ (4); FRANÇOIS GAGNÉ (2)
Maine Lakes
Go Upscale
The Maleys, below, spent several million dollars to build a home on Moosehead Lake. The main house has a large stone fireplace, above.
3,200 acres with its own airstrip,
property and town records show.
Maine has a rich history of recreation on its lakes, from summer
camps to the resorts that opened
when railroads first passed
through in the 1800s. Resorts fell
out of favor after the Great Depression and World War II as
more people had cars and wanted
their own cottages, said historian
and author Dale Potter-Clark.
Generations of summer residents
have since enjoyed their own seasonal camps in Maine—typically
small, uninsulated cabins used a
few months of the year.
Many of the newer homes are
designed for year-round use but
harken back to the area’s history;
often, they are built in the footprint of their rustic predecessors.
Portland-based architect Will
Winkelman said he frequently designs compounds with several
cabins that evoke a camp-like
feeling in size and scale.
While raising their three children, James and Catherine Ritter
took the family to Maine each
summer, renting a place on the
site of an old girls’ camp. The Ritters, who are in their 60s and now
This home on Sebago Lake in Raymond sold for $8.5 million in 2021.
Phill
P
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CAMILLE BRESSANGE/WSJ
split their time between Maine
and the Boston area, moved frequently when their children were
young, but “one constant was going to Maine for two weeks each
summer,” said Catherine.
After James retired from a job
in financial management, they
started looking to buy a place in
Maine, and liked the idea of recreating a similar camp-like experience. “We wanted to reproduce
that for our children,” Catherine
said. They paid $800,000 in 2011
for a 40-acre property on Hancock
Pond. Previously part of a YWCA
camp, it came with a lodge, three
rustic cabins and an infirmary.
When they built a new home on
the site in 2019, they made a conscious decision to keep multiple
structures, Catherine said. They
replaced the lodge with a 1,700square-foot main house and turned
the infirmary into a workshop. In
all, the Ritters invested about $2
million, including updates to the
cabins where their adult children
and grandchildren stay. The family
shares meals on the porch near a
large stone fireplace.
Lakes are also seen as a laidback alternative to the ocean’s
rough waves and erosion. The Ricciardiellos, who are in their 70s,
sold their Gloucester, Mass., beach
house in 2020 because they were
concerned about long-term climate change and erosion in the
area. The same year, they paid
$1.8 million for a 6.75-acre parcel
property on Jordan Bay.
They have since built a four-bedroom lodge with a porch facing the
water and views for miles. One of
their sons built himself a farmhouse-style home on the property,
Joanne said, and a second son
eventually plans to add his own
home, too.
As Sebago and other lakes near
Portland have become more built
up, however, some wealthy homeowners are branching out to other
lakes in search of available land—
and privacy. Retirees Pat and Jodi
Maley bought 150 acres on
Moosehead Lake for $2.675 million
between 2015 and 2017. At the
time, the property contained a
simple 1920s house with a leaky
roof, said Pat, 62, who worked in
the paper industry. He and Jodi,
63, who also have homes in Texas
and the Bahamas, lived there for
several years—with some resident
mice. Then they spent several million dollars to build a new lodge
and guesthouse. The three-bedroom main house, which spans
about 4,300 square feet, sits on
the footprint of the original house.
Having grown up near Lake Superior, the couple said they have
always been lake people. “It’s just
a different vibe than being on the
ocean,” Pat said. They ended up
on Moosehead because they
wanted more space than was
available elsewhere. Both said the
home’s privacy is their favorite
part. “It is that house at the end
of the road on a lake,” Pat said.
Pete DeWitt and his wife, Catherine Fallona, recently spent $2.5
million to build a four-bedroom
house on land Pete inherited overlooking Woodbury Pond in Litchfield.
DeWitt, 57, who works for a
software company, said his grandfather bought the 40-acre parcel
years ago, and as a child he lived
in a house his parents built on the
property. “I always knew someday
I’d come back here,” he said.
In 2020 he and Fallona, 55, a
professor of education and public
policy, took down his parents’
home as well as a “dilapidated old
farmhouse” on the property, Pete
said, and began building a roughly
3,500-square-foot house, where
they now live full time. Set a couple hundred feet back from the
water, the house has a great room
with a two-sided stone fireplace
and panoramic views of the pond
and surrounding forest. The couple also added 2 miles of walking
and bike trails to the property.
“This land is so important to
us, we hope it becomes a legacy,”
said DeWitt.
Building on Maine’s lakes isn’t
easy. The location of the Maleys’
property on Moosehead, with
8,300 feet of lake frontage, was
inherently challenging. “It’s 5
miles in on a dirt road,” Pat said.
“There were times [workers] had
to go across the lake on snowmobiles.” Other times, their contractor—who is a pilot—brought in
supplies via float plane. “He’d
park at the dock,” Pat said.
Moreover, building within 250
feet of the state’s rivers and lakes is
heavily regulated. The penalties for
not adhering to zoning rules can be
severe and cause friction between
home builders and local authorities.
In 2008, Greenhill was fined by
the Environmental Protection
Agency for filling in freshwater
wetlands on his Moosehead Lake
property. A few months ago, Donald Buteau—a Maine businessman
who owns roughly 11 acres on Sebago Lake—and his contractors
were fined $640,000 by the town
of Raymond over a series of
shoreline zoning violations from
2021, including constructing a
beach without a permit and building a hot tub too close to the lake.
“It was one of the most egregious violations I’ve seen in Maine
in 20 years,” said Raymond code
enforcement officer Chris Hanson.
For his part, Buteau said his contractor failed to pull the appropriate permits to shore up erosion
on his property, and he is replacing rocks, trees and native plants
as part of a settlement with the
Buyers in Maine are paying top
dollar for lakefront properties in
areas that once flew under the radar.
Median sale price
$450,000
400,000
350,000
300,000
250,000
200,000
2017 ’18 ’19 ’20 ’21 ’22 ’23 ’24
Note: 2024 data is from Jan. 1 to July 26.
Source: Maine Real Estate Information System, Inc.
THE WALL STREET JOURNAL.
Friday, August 16, 2024 | M7
MANSION
Catherine Fallona and Pete DeWitt, with daughter Mary DeWitt, moved full-time to their new home on
Woodbury Pond in Litchfield. They took down older structures and built a roughly 3,500-square-foot residence.
since 1958. Located on Main
Street, the shop is housed in a
building dating back to the 1800s.
Today, Day’s sells everything from
tackle to pizza and the store is a
hub for fourth- and fifth-genera-
tion homeowners in the area, said
Oliver, greeting several customers
by name from behind the deli
counter on a recent afternoon.
Oliver said Long Pond and
nearby Great Pond haven’t yet
been built up like other Maine
lakes, where houses crowd the
shoreline. “They’re both still very
quiet,” she said. But other proprietors in the area lamented the fact
that they longer know other retailers, who used to feel like members
of a close-knit family.
Coulton, who splits his time between southern Maine and his
home on Moosehead Lake, is part
of a community of self-described
“islanders,” who meet for raft-ups
in the middle of the lake. Of the
new, large houses, he said, “It’s
like, ‘Here I am. Here’s my money.
Here’s my trophy.’ ”
The influx of money shows no
sign of slowing. The Maleys said
they recently turned down a substantial unsolicited offer for their
lake home because they didn’t want
to move. The sale would have been
one of Maine’s priciest transactions. “We kept saying ‘No, we’re
not sellers,’ ” Pat said, “because we
aren’t.”
RACHEL SIEBEN FOR WSJ (6)
town. “The town acted like vigilantes and wanted to make me
the poster child of bad shoreline
behavior,” he said. The contractor
involved has since filed for bankruptcy.
Price jumps and the influx of
wealthy homeowners have
changed the feel of some lake
towns, locals said. Higher taxes
and cost of living have become
too much to bear for some oldtimers. “All of a sudden the taxes
become too high and they have to
sell out,” said LandVest’s Scribner.
Around the Belgrade Lakes—a
chain of seven lakes and ponds
north of Augusta—there has been
a noticeable increase in foot traffic since Covid, said Diane Oliver,
whose family has owned Day’s
Store in the town of Belgrade
Phil and Joanne Ricciardiello traded a beach house in Massachusetts for a four-bedroom, 4,300-square-foot home on Sebago Lake’s Jordan Bay. The 6.75-acre parcel has a dock on the bay.
UNDER
HIS HANDLER’S GUIDANCE,
HE WILL SCOUR THE DEBRIS
IN SEARCH OF SURVIVORS.
NE VER UNDERESTIM ATE
THE TENACITY OF A STRAY
DOG
Chester
Found as
a stray in
Burbank, CA.
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THE WALL STREET JOURNAL.
M8 | Friday, August 16, 2024
MANSION
HOUSE CALL | ASHLEY PARK
Her Path to Acting Began
With a Personal Ordeal
The ’Emily in Paris’ actress on her childhood hospital stay,
four game-changing musicals and playing Mindy on TV
year, I was drawn even more to
theater. In plays, I could wear a
wig, play a character and be
someone else, not the sick girl.
I was born in Glendale, Calif.
Before my sister, Audrey, was
born, we lived in Temple City near
Pasadena. When I was 2, we
moved to San Diego right before
Audrey arrived and lived in a
white house in a small gated community with a neighborhood pool.
Two years later, we moved to
Ann Arbor, Mich. We were only
supposed to be there for six
months, but my parents felt at
home and knew it was where they
wanted to raise their girls.
First, we lived in a multilevel
townhome with a walkout basement and a path that led to a
pond in the back. When I was 9,
we moved into a yellow house in a
cul-de-sac of new homes. This is
the home I remember most.
My parents let me start taking
dance lessons when I was 3. There
also were formal piano lessons.
My earliest theatrical performance
was in second grade, in a Thanksgiving play. Everyone was cast as
a turkey, but my teacher insisted I play the lead—Betsy.
I had to sing “Help!” by the
Beatles as turkeys chased
me around.
I was always self-motivated to overcome obstacles
and do well. After I was released from the hospital,
doctors wanted me to stay
home for a year. I said, “No
way.” The school wanted me
to take my sophomore year
over. I said, “I’ll catch up,”
and I did.
A year after I was home,
the Make-A-Wish Foundation
reached out. They not only consider kids who have fatal diseases
but also celebrate those who struggle to make it through and do.
My wish was to go to New York
and see Broadway musicals. Over
the summer before my senior year,
they sent my parents, Audrey and
me there for several days.
We saw four shows—“The Lion
King,” “Wicked,” “A Chorus Line”
and “Spring Awakening.” Up until
then, I had no idea you could
make a career out of what I enjoyed doing most.
Our high school brought in Su-
ASHLEY’S BASIL
“Emily in Paris”? With my
character, I’m trying to find a
true version of myself. I’ve
learned from her, and she
has grown from me.
FROM LEFT: ANDREW PARK; BERTRAND-HILLION MARIE-PAOLA/ABACA/ZUMA PRESS
I
n the middle of my sophomore
year in high school, I was diagnosed with leukemia. I had
to undergo six rounds of chemotherapy and was hospitalized for
eight months.
A Broviac tube was in me the
entire time, and my compromised
immune system made it impossible to see visitors. Alone, I had
lots of time to think and dream of
things I couldn’t do. Dying wasn’t
an option. After the cancer went
into remission, I was released.
Back at school, in my junior
Inspiration? I don’t usually
base characters on people. I
take attributes, but I have to
find a personality that feels
honest on my spine.
Downtime? Gardening. I
planted every vegetable you
can think of. But I think I
planted the seeds too close.
Goal? To eat what grows in
my garden.
Anything yet? I put basil
and scallions on everything.
That’s all I’ve grown.
san Hurwitz, a drama instructor,
to produce musicals, which our
school took seriously. She was a
major believer in me.
I attended the University of
Michigan, where I was a musical
theater major. I wanted to be
close to home in case the cancer
returned. I’d never been in an acting class, and I was the only
woman of color in there with my
major. I grew familiar with the
pressure of having to be the best
to even be considered for roles
when I didn’t look the part.
After graduation, we did a
showcase in New York for agents.
I never imagined I’d say a line or
sing a note on a Broadway stage.
And then it happened.
Ashley Park in Paris in 2023; left, Park, right, after dance class, with sister,
Audrey, and their mother, Sara, in San Diego in 1996.
My Broadway debut in 2001
was as an ensemble understudy in
“Mama Mia.” That led to a revival
of “The King and I” and “Sunday
in the Park with George.”
Then came the “Mean Girls”
Broadway musical in 2017. I was
cast as Gretchen Wieners, a beloved role from the 2004 film. In
2019, I didn’t reup. That summer,
I was in “Grand Horizons” in Williamstown, Mass., which wound
up on Broadway.
While performing in “Grand Horizons,” I auditioned for “Emily in
Paris.” Creator Darren Star named
my character Mindy after a close
Asian friend of his in Paris.
Today, I live in Los Angeles. I
bought my first house in 2022—a
two-bedroom ranch. I just moved
in, now that it’s furnished.
One of my first acting jobs
when I lived in New York was at a
hospital that hired performers.
We acted out medical conditions
so doctors could practice how to
talk to patients.
I thought I could help doctors
navigate how to deliver hard news.
Those kinds of conversations are
ones I’ve always remembered.
—As told to Marc Myers
Ashley Park, 33, is an actress who
appeared in Broadway’s “Mean
Girls,” the film “Joy Ride” and
TV’s “Beef” and “Only Murders in
the Building.” She co-stars in season 4 of Netflix’s “Emily in Paris.”
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THE WALL STREET JOURNAL.
Friday, August 16, 2024 | M9
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THE WALL STREET JOURNAL.
M10 | Friday, August 16, 2024
PRIVATE PROPERTIES
A Senator’s Longtime Getaway in Jackson Hole
For decades Herb Kohl, the
longtime Wisconsin senator and
heir to the Kohl’s departmentstore chain, retreated to his Wyoming ranch for rest and relax-
ation, according to his longtime
friend Charles Pruitt.
“Wyoming was always the
place he went to recharge his batteries,” Pruitt said.
Now, after Kohl’s death in 2023
at the age 88, the roughly 190acre Jackson Hole ranch is going
on the market for $65 million.
Known as Red Hills Ranch, the
property is located about 25 miles
Pruitt. He also converted another
from downtown Jackson near the
barn he built into a bunkhouse for
rural community of Kelly, accordstaff.
ing to listing agent Latham JenKohl bred American paint
kins of Live Water Properties.
horses on the property, according
Kohl’s father founded the Kohl’s
to Jenkins. Pruitt said Kohl often
grocery store chain, which was
showed him notes and letters
sold in the 1970s, as well as Kohl’s
from ranch visitors who had expedepartment stores. Kohl
rienced their first horsespent several years workback ride in the hills
FOR SALE
ing alongside his brothers
above the property. There
to expand the Wisconsinare about 50 horses on
based family enterprise
the property, and they
MILLION can
before going on to serve
be included in the
190 acres, main sale if the buyer wants
four terms as a Demohouse, 3 guest them, he said.
cratic Senator. He also
cabins, lodge
owned the Milwaukee
The ranch has roughly
Bucks basketball team
1.5 miles of frontage on
from 1985 to 2014.
the Wild and Scenic Gros Ventre
Kohl lived full-time in WisconRiver, which is filled with native
sin, but bought the undeveloped
cutthroat trout and can be used
ranch in the 1970s, using it as a
for fly fishing and rafting, accordgetaway and a place to host
ing to Jenkins. The trails that run
friends, family and business assothrough the ranch can be used for
ciates, said Pruitt, a trustee of the
hiking, mountain biking, snowmoproperty.
biling and cross-country skiing.
Kohl built all structures on the
There are also trails in the adjaproperty including the main
cent national forest.
house, three guest cabins, a lodge
The proceeds of the sale will go
where the ranch manager stays, a
to charities Kohl founded.
pool and a tack barn, according to
—Libertina Brandt
LATHAM JENKINS/LIVE WATER JACKSON HOLE
$65
 See more photos of notable homes at WSJ.com/RealEstate.
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NY NEW YORK STATE
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Source: Ipsos Affluent Survey USA Spring 2022 Adults 18 or older, HHI $125,000+.
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“The Dream House”
View 1-4pm Sunday
Aug 18 & 25 and Sept 8
SARATOGA SPRINGS, NY
• 139 Burke Road
5BR 4BA 4,268+/-sf home on
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NY BANG REALTY - NEW YORK, INC., BRIAN
BROCKMAN, LIC. NO. 10311208985.
BUYER’S PREMIUM MAY APPLY.
M12 | Friday, August 16, 2024
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