* * * * * DJIA 40563.06 À 554.67 1.39% NASDAQ 17594.50 À 2.3% FRIDAY, AUGUST 16, 2024 ~ VOL. CCLXXXIV NO. 40 STOXX 600 509.88 À 1.1% 10-YR. TREAS. g 27/32 , yield 3.924% OIL $78.16 À $1.18 GOLD $2,453.10 À $13.70 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 THE WALL STREET JOURNAL (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com Need assistance with your subscription? By web: customercenter.wsj.com; By email: support@wsj.com By phone: 1-800-JOURNAL (1-800-568-7625) Reprints & licensing: By email: customreprints@dowjones.com | By phone: 1-800-843-0008 WSJ back issues and framed pages: wsjshop.com Our newspapers are 100% sourced from sustainably certified mills. GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS 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 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL. ** U.S. NEWS 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 1 2 3 4 5 13 14 16 17 6 7 8 9 10 15 11 12 PUZZLE CONTEST 18 20 Groundbreaking tool 22 23 24 25 23 Neeson of “Taken” 26 27 28 24 Goes out of business 29 30 31 32 25 Fingerprint feature 33 34 35 27 It might come 36 37 38 39 40 41 42 from Mars 30 Impairs 43 44 45 46 47 31 Deeply sincere 48 49 50 34 Agonized sound 51 52 53 35 Truffle finders 54 55 56 57 36 Bygone VW 58 59 60 delivery vehicle 61 62 63 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 something parents stories samaras out? WSW should do. 27 Urban park 54 Arraignment 44 Brand of 9 Title sound option power tools Across priestess 28 Genesis 57 Intro to in a Bellini 46 Merlin Olsen, 1 Compulsion creator drawing, opera memorably 5 Like some maybe 29 Merak or durable 47 Wearer of a 10 Meanings Mizar 58 Mined over furniture white winter often missed matter 30 Bright circles coat 10 Rapa ___ 11 Eclipse 59 Ready for the (Easter Island, 32 “Didn’t I tell 49 Lay to rest 12 She voices afterlife, say you?” to natives) 50 Dressy shoes Spider33 Initial owners 60 Start the 13 Look to be Woman in 52 Commotion bidding of many a 14 Pacific Ocean “Spider-Man: 55 Singer small store 61 Neighbor of phenomenon Across the Sumac Marge and 36 Geese Spider-Verse” 56 “Nature” 15 Periods of Homer formation prosperity 14 Idyllic areas network 62 Scratchy 39 Angry talk 16 Regarding 18 Foxborough 57 Rep. from the voices 40 Avoids 17 Where the gridders Bronx 63 Give over honesty Central Pacific Previous Puzzle’s Solution Down 43 Octopus Railroad S A C E MM Y S S R A octad 1 Customs crossed the C C R E A S E O U T AWL Sierra Nevada 45 Youngest of 2 Sports page E T A T U R T L E S MA I range Alcott’s listings N I N O S P A O K O O N S March sisters T I E D Y E E S T A D O 19 Fireman on 3 Puts on S I S I N A I A D I N A N “Leave It to 46 Pea or peanut pounds C H E S T N U T S Beaver” 48 Laptop 4 Offshoot of B C C A R D E N C Y T U B 20 Mount accessories? punk A L A R M OM I S E R T A N A P A R I S E S D U E S Olympus 50 Runner in a 5 Prayer A P O G E E P R E E N S matriarch wheel opening, T E E T H I N G R I N G S 21 Skate’s cousin 51 Sean who perhaps M R I R A D I O E D R I O E A R E B O N I E S I L L 22 Realm of the played 6 Magnani of G P A S L A T S T S E sprites Samwise movies 19 20 21 ▶ Email your answer—in the subject line—to crosswordcontest@wsj.com by 11:59 p.m. Eastern Time Sunday, August 18. A solver selected at random will win a WSJ mug. Last week’s winner: Rachel Knapp, Blacksburg, VA. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S. residents 18 and over only.) 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 PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Lachlan Murdoch Executive Chairman, News Corp Rupert Murdoch Chairman Emeritus, News Corp Robert Thomson Chief Executive Officer, News Corp Emma Tucker Editor in Chief Liz Harris, Managing Editor Charles Forelle, Deputy Editor in Chief Elena Cherney, Senior Editor; David Crow, Executive Editor; Chip Cummins, Newswires; Taneth Evans, Associate Editor; Brent Jones, Culture, Training & Outreach; Alex Martin, Print & Writing; Michael W. Miller, Features & Weekend; Prabha Natarajan, Professional Products; Bruce Orwall, Enterprise; Philana Patterson, Audio; Amanda Wills, Video Almar Latour Chief Executive Officer and Publisher DOW JONES MANAGEMENT: Mae M. Cheng, EVP, General Manager, Leadership; David Cho, Barron’s Editor in Chief; Jason P. Conti, General Counsel, Chief Compliance Officer; Dianne DeSevo, Chief People Officer; Jared DiPalma, Chief Financial Officer; Artem Fishman, Chief Technology Officer; David Martin, Chief Revenue Officer, Business Intelligence; Dan Shar, EVP, General Manager, Wealth & Investing; Ashok Sinha, SVP, Head of Communications; Josh Stinchcomb, EVP & Chief Revenue Officer, WSJ | Barron’s Group; Sherry Weiss, Chief Marketing Officer Paul A. Gigot Editor of the Editorial Page Gerard Baker, Editor at Large AMIR COHEN/REUTERS Black Voters Demand Educational Choice EDITORIAL AND CORPORATE HEADQUARTERS: 1211 Avenue of the Americas, New York, N.Y., 10036 Telephone 1-800-DOWJONES 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 © 2024 Dow Jones & Company. All Rights Reserved. S&P 5543.22 À 1.61% S&P FIN À 0.92% THE WALL STREET JOURNAL. * ** * * S&P IT À 2.54% DJ TRANS À 1.21% WSJ $ IDX À 0.43% Friday, August 16, 2024 | B1 2–YR. TREAS. yield 4.099% NIKKEI (Midday) 37765.77 À 2.83% See more at WSJ.com/Markets 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. Watch a Video: The U.S. Power Grid Is Failing. Here Are Three Ways to Fix It. ALEXANDRA LARKIN These indexes cite notable references to most parent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. Apollo Global Management THE WALL STREET JOURNAL. * * The U.S. power grid is aging, and with extreme weather and greater demand taxing the system, that is leading to more energy shortages. Scan this code for a video on three changes that could help. THE WALL STREET JOURNAL. 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. A Marvelous Outfit Maker SVEN HOPPE/DPA/ZUMA PRESS UPLIFT YOUR FAVORITE LOOKS WITH OUR 56 CARAT GEMSTONE STUNNER 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. $ 495 Compare at $695 Crafted in bright sterling silver, our exclusive 7" cuff bracelet assembles a color-rich cluster of 56.00 ct. t.w. multi-shaped emerald, sapphire, lapis, malachite, turquoise and white topaz gems that span the wrist in a bold statement. Available in 8" $565 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. ORDER TODAY! To receive this special price and free shipping use offer code: CHEERFUL2 1.800.556.7376 or visit ross-simons.com/cheerful 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 ADVERTISEMENT The Marketplace To advertise: 800-366-3975 or WSJ.com/classifieds CAREERS + General Surgeon + Needed for Etowah County, Alabama. Competitive compensation and benefits package. Please send resumes to: Rhonda DeHaven, Physician Recruiter Gadsden Regional Physician Group Practice, LLC 1007 Goodyear Ave Administration Gadsden, AL 35903 THEMARKETPLACE ADVERTISE TODAY (800) 366-3975 For more information visit: wsj.com/classifieds © 2024 Dow Jones & Company, Inc. 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 ... 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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. 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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 GRANDEUR ON 5TH NYC.BHHSNYPROPERTIES.COM 870 Fifth Avenue, 11D | $3,200,000 305 East 40th Street, 19CD | $2,675,000 120 East 87th Street, R26D | $3,495,000 2 Beds | 2.5 Baths | Cooperative | #7798323054571 Anne Ellington | M: 646.408.7477 | Aellington@bhhsnyp.com 3 Beds | 3 Baths | Cooperative | #798323026877 Robert S. McCabe | M: 347.392.0224 | robertmccabe@bhhsnyp.com Tom Ring | M: 646.298.0935 | tomring@bhhsnyp.com 3 Beds | 3.5 Baths | Condominium | #798322833848 Cynthia J. 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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 Previews by Daily Appt · Brokers Protected Now Selling... W I T HO U T RESERVE In cooperation with 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. CHATHAM $13,950,000 Grand beachfront estate on Shore Road featuring a sevenbedroom residence with sweeping views on 2.86 acres, 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 on Oyster Pond. ROBERT B. KINLIN | 508.648.2739 ROBERT B. KINLIN JR. | 508.292.9449 PAUL E. GROVER | 508.364.3500 PAUL E. GROVER | 508.364.3500 POCASSET $11,500,000 World-class estate in Wings Neck featuring a main residence, guest house, swimming pool and poolhouse, tennis court, and carriage house on 9.45 acres. WEST FALMOUTH $9,500,000 This custom built residence encapsulates coastal living at its finest, with panoramic water views, 900’ of private beach and spectacular sunsets over Buzzards Bay. MARION $8,500,000 Exceptional new price for this turn-key 8 BD, 11 BA waterfront compound with dock, mooring and beach access on the shore of Buzzards Bay. PAUL E. GROVER | 508.364.3500 ROBERT B. KINLIN | 508.648.2739 ANNE BRAMHALL | 508.762.2236 OSTERVILLE $7,995,000 Classic waterfront home on Sea View Avenue with six bedrooms, a swimming pool, and a picture-perfect sandy beach overlooking Nantucket Sound. OSTERVILLE $5,850,000 Stunning private, waterfront estate on 2+ acres in historic Osterville neighborhood with infinity pool and rolling lawns leading to water’s edge. NEW SEABURY $4,295,000 Enjoy panoramic water views throughout the light filled interior of this beautiful waterfront home with 5-bedrooms, spacious decking, landscaped grounds and a private deep water dock. PAUL E. GROVER | 508.364.3500 TONY GUTHRIE & ALFRED SCHOFIELD | 508.246.3236 ROBERT B. KINLIN | 508.648.2739 COTUIT $3,500,000 Four-bedroom waterfront home overlooking Shoestring Bay with a private dock, located minutes from the village, Willowbend, and more. SOUTH YARMOUTH $2,995,000 Fabulous waterfront home on Bass River with panoramic water views throughout. Turn-key condition with a waterside porch and expansive patio with hot tub. COTUIT $2,995,000 Lovely four bedroom Provence-style villa in the heart of Cotuit Village. PAUL E. GROVER | 508.364.3500 ROBERT B. KINLIN | 508.648.2739 OSTERVILLE $2,695,000 Magnificent five-bedroom home on Starboard Lane with a first-floor primary suite, gourmet kitchen, and spacious backyard minutes from everything Osterville has to offer. HYANNIS $2,250,000 Magnificent Views of Hyannis Harbor & Nantucket Sound from this stunning and renovated 6BR/3BA home with room for all! Beautiful primary suite, third floor deck. Great for summer use, investment and year round. PAUL E. GROVER | 508.364.3500 SUSIE MELE | 857.389.3812 EASTHAM $2,195,000 Gorgeous renovated beachfront home: views from every room and private beach. CHRISTINE ALTNEU | 774.722.0119 PAUL GROVER | 508.364.3500 KATHY CRAIG | 508.958.6708 OSTERVILLE $1,595,000 This beautiful Osterville residence, meticulously renovated and in turn-key condition, features stunning landscaping and a private setting. 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 Walk to the beach from this 1.49 acre lot with ability to build a substantial home. 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 MAKE ROOM FOR ALL OF YOU 130 Sunrise Avenue 212, Palm Beach, Florida Gorgeously remodeled 2BR/2.1BA Condominium in the sought-after Sun and Surf. Spacious living areas, fantastic open floorplan, and stunning finishes throughout. Large, gourmet kitchen with top-of-the-line appliances. The Sun and Surf is a fabulous, fullservice building with valet, pool, exercise room, full-time management & beach access. Exclusive Offering - Christian J. Angle 561-629-3015 CALL , VIS IT A S HOWR OO M, O R G O O N L I N E TO S CHE D U L E YOUR COMPLIMENTARY DESIGN CONSULTATION 8 4 4 . 2 9 5 .14 0 2 www.AngleRealEstate.com C 561.629.3015 E cjangle@anglerealestate.com 179 Bradley Place Palm Beach, Florida 33480 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. New York City 26 Varick St | 1629 York Ave Nassau 25 Northern Blvd, Greenvale Westchester 16 Saw Mill River Rd, Hawthorne Rockland 83 S Main St, New City Connecticut 565 Westport Ave, Norwalk Miami 900 Park Centre Blvd, Miami Gardens 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 hi l l i ps L a ke M Moo os o s ehe e h e aad d L ake Detail 95 MAINE Bar Harbor MA INE Waterville B el ggrade rad e L ake akess P eenobscot n o b scot B ay M t D e ser sert Na rrows Narrows Augusta Lewiston Ple P l e aass aant n t L aake ke 295 Muscongus M u s co n g u s B ay ATL A N T I C O C E A N S eb a g 202 o L ake Jo r dan B ay Jor Portland 25 miles CCasco a s co B ay 25 km 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. From shelter dog to search dog, help us write the next underdog story. Your donation helps us train dogs like Chester to strengthen America’s disaster response system. Donate Now. Call (888) 4K9-HERO or visit SearchDogFoundation.org. UNDERDOGS OVERCOME. Not a real disaster site. 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.” ADVERTISEMENT PAADS SAD BAHA AS P STAT W HP PSY AA MARKLEEVILLE, CAIFORNIA The Bahamas’ iconic Ocean Club Four Seasons Resort’s first-ever luxury Residences merge the best of Paradise Island’s beaches, The Ocean Club’s elegance and Four Seasons’ unparallelled service. The oceanfront Beach Villa is a 5 BR, 7,459 sf (plus 6,604 sf of private terraces and pool) family enclave, offering the best of The Ocean Club - and a legacy of your own. Seven Pines Farm is one of New Hope’s finest properties. A sprawling family compound on 30 rolling acres. 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ANNIE DAVID RICHARD STEPHANIE CHARLOTTE TIM JENNIFER JONATHAN ANN ANN JENNIFER JON AMORY BAISDEN BAKER BEDSOLE BENTON BIRD CACACE CALDERON CASKILL CHANDLER COCHRAN COOL DAHL DAVIS DAVIS DAWN DECKER 757-332-0991 757-404-6020 757-814-9440 757-434-6748 757-544-0303 757-403-8553 757-675-5923 757-897-9299 757-335-1202 757-262-7721 757-286-6600 757-739-5859 804-801-6661 757-450-2655 757-773-8955 757-524-0417 757-560-1676 L. ELLEN MARY ROSS AMANDA PAM JACKIE JULIE HOLLY PATTI PAUL JENNIFER MARY MILLER MONA KATHY B BECKY MANDY FRED MATT DRAMES ELLSWORTH EMANUEL EVANS FEAGIN FISH FISHER FRANKENFIELD FUQUA GARTRELL GENTRY GHOBRIAL GOOD GORDON GRAY HELM HERRICK 757-335-3400 757-288-8822 757-869-9337 757-408-8114 757-535-4451 757-305-8007 757-404-5387 757-650-6255 757-449-7463 757-438-2750 757-328-5412 757-717-3954 757-435-1406 757-470-9400 757-510-6199 757-404-8188 757-639-8725 KELLY HOLLOWELL 757-717-5022 TAMI KIM ROBIN DIANE JENNIFER GRADY JOHN BILL KARL BOBBY JULIE LIZLIVERNOIS& JUDY CAROLINE MARGO LIN IMRICH JOHNSON KASSIR TUXILL KEELEY KEENAN KENNER KING KOLOVANI KONRADSON LAWRENCE LIEBLER BARBARATERRANOVA MARSH MCCARTNEY MCFARLAND MILLER 757-761-7912 757-639-4968 757-472-1706 757-477-8577 757-272-4199 757-374-6364 757-270-3994 757-377-2069 757-621-4304 757-287-7399 757-478-5688 757-348-0032 757-459-3683 757-681-1681 757-971-1621 757-288-6516 SIOBHAN MATT EDGAR MILLER MONACO MONGE 757-406-3473 757-286-9530 757-739-3474 CHERI EMIL EMILY JENNIFER SARA JOSH CHRISTINE SUSAN MULHARE NAZARYAN NIED NOPPER OUBRE PARNELL PARRISH PENDER 757-719-4112 757-749-6042 757-338-0508 757-478-6223 225-993-1157 757-469-5674 757-816-7000 757-286-3832 RAQUEL DANA DEBBIE PIXIE OLYVIA ANNA MARIE GAYLE HELEN SHERRI LAURIN KATHY RICCI ROBBINS ROUNTREE RUSSELL SALYER STAYLOR UPCHURCH VAN ORDEN VISSER WATSON WORTHEN 757-679-2456 757-268-6675 757-648-0999 757-617-9941 757-254-3313 757-754-2442 757-377-6689 757-897-9670 254-702-9041 757-353-0322 757-536-9513 757-379-2900 • LUXURYCOLLECTIONHOMES.COM ©2024 BHH Affiliates, LLC. An independently owned and operated 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. Berkshire Hathaway HomeServices RW Towne Realty is an affiliate of TowneBank and licensed in the states of Virginia and North Carolina. 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. ADVERTISEMENT Distinctive Properties To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds VIRGINIA DISTINCTIVE PROPERTIES SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION LIST YOUR PROPERTY TODAY (800) 366-3975 | sales.realestate@wsj.com For more information visit: wsj.com/classifieds © 2024 Dow Jones & Company, Inc. All Rights Reserved. THE WALL STREET JOURNAL. Friday, August 16, 2024 | M11 ADVERTISEMENT Distinctive Properties To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds DISTRICT OF COLUMBIA FLORIDA US BANKRUPTCY ONLINE AUCTION INSPIRE SEPTEMBER 19 •11AM ET 3.35 MILLION AFFLUENT WSJ READERS 100-Unit Quality Inn Motel with Restaurant & 4.28± Acre Proposed Site for a 122-Unit Hotel • PENSACOLA, FL HAVE PLANS TO BUILD/BUY A HOME IN NEXT 12 MONTHS FRANCIS D. SANTOS FisherAuction.com 754.220.4116 FL LIC #AB106, AU93 • 3% BROKER PARTICIPATION • AUCTION SUBJECT TO TERMS OF SALE YOUR PROPERTY HAS A HOME IN MANSION. For more information on advertising opportunities, please contact: sales.realestate@wsj.com NY NEW YORK STATE NOTABLE COmmErCiAL prOpErTiEs EVERy WEdNESdAy LIST yOUR PROPERTy TOdAy (800) 366-3975 sales.realestate@wsj.com For more information visit: wsj.com/classifieds Source: Ipsos Affluent Survey USA Spring 2022 Adults 18 or older, HHI $125,000+. © 2024Dow Jones & Company, Inc. All Rights Reserved. “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 9.66+/-ac, designed by Robert A.M. Stern. Panoramic vistas await from multiple points on the property. A delightful mix of classic mid-century and contemporary design. Bid Online Sept 16 - 18 at auctionnetwork.com 800.801.8003 LuxuryGroupAuctions.com © 2024 Dow Jones & Company, Inc. All Rights Reserved. NY BANG REALTY - NEW YORK, INC., BRIAN BROCKMAN, LIC. NO. 10311208985. BUYER’S PREMIUM MAY APPLY. M12 | Friday, August 16, 2024 THE WALL STREET JOURNAL.