For personal, non-commercial use only. Do not edit, alter or reproduce.

For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

* * * * * TUESDAY, FEBRUARY 28, 2023 ~ VOL. CCLXXXI NO. 47 [Link] HHHH $5.00
DJIA 32889.09 À 72.17 0.2% NASDAQ 11466.98 À 0.6% STOXX 600 462.58 À 1.1% 10-YR. TREAS. À 7/32 , yield 3.921% OIL $75.68 g $0.64 GOLD $1,817.00 À $7.80 EURO $1.0611 YEN 136.23

What’s Buybacks Set Pace for Record U.K., EU

Agree on
News Repurchases among for repurchases are picking up
pace: As of Feb. 17, they totaled
trimmed its year-to-date gains
to 3.7% as hot economic data re-
Bank of America equity
client net flows, 2023*
S&P 500 companies
are projected to top
more than $220 billion, a re-
cord for that point in the year,
according to a Goldman Sachs
cently have forced some inves-
tors to reconsider their expecta-
tions for the Federal Reserve’s
Northern
Business & Finance Corporates

Ireland
$13.5 billion
$1 trillion for first time analysis of S&P 500 and Rus- interest-rate trajectory. Hopes
sell 3000 companies. that the Fed could soon cut
tock buybacks by com- BY HANNAH MIAO Among the biggest share re- rates helped boost U.S. stocks at
S panies in the S&P 500
are projected to exceed $1 U.S. stocks have received
purchase announcements have
been Chevron Corp.’s $75 bil-
the start of the year, but the en-
thusiasm has quickly lost steam.
Hedge funds 0.5
Trade Pact
trillion in 2023 for the support from a key source dur- lion buyback program, the $40 Although share-repurchase
first time in a calendar ing 2023’s shaky market envi- billion plan of Facebook parent programs are typically executed Compromise aims to
–2.7 Retail
year, according to S&P ronment: companies repur- Meta Platforms Inc. and Gold- at the company’s discretion and end post-Brexit divide,
Dow Jones Indices. A1 chasing their own shares. man Sachs Group Inc.’s $30 bil- over several years, they are
Stock buybacks by compa- lion authorization. viewed as a vote of confidence but faces tests among
 Apartment rents fell in
every major U.S. metropolitan
nies in the S&P 500 are pro- The S&P 500 rose 0.3% Mon- by management. And the buy-
–6.8 Institutional Tories and unionists
jected to top $1 trillion in 2023 day but is set to record a decline Please turn to page A4
area over the past six months
for the first time in a calendar for February after dropping for
through January, a trend
year, according to S&P Dow three consecutive weeks.  Heard on the Street: Buffett BY MAX COLCHESTER
*As of Feb. 17
that is poised to continue
Jones Indices. Authorizations The broad stock index has slap rings true......................... B12 Source: BofA Securities
AND LAURENCE NORMAN
amid a wave of new units. A1
 Altria is in advanced talks WINDSOR, England—The
to buy e-cigarette startup U.K. and the European Union
NJOY for at least $2.75 billion agreed on a new trading ar-
and plans to divest its Juul rangement for Northern Ire-
stake, according to people land, a move aimed at ending
familiar with the matter. B1 years of friction caused by
Brexit and allowing greater co-
 U.S. stocks rose, helped
operation at a time of mount-
by a rebound in shares of
ing geopolitical risk to Europe
fast-growing tech firms,
from Russia’s war in Ukraine.
with the S&P 500, Nasdaq
Under its Brexit divorce deal,
and Dow gaining 0.3%, 0.6%
Britain agreed to place a cus-
and 0.2%, respectively. B1
toms border within its own
 The lack of AM radio in country to avoid creating a hard

.
some new electric vehicles border between Ireland, an EU
could cut off drivers from member, and the British prov-

ly
important safety alerts, a ince of Northern Ireland. Both
group of former emer- sides feared doing so would in-
gency officials warned. B1 flame sectarian tensions in the
 Rupert Murdoch said
some Fox News hosts and
commentators endorsed the
on region between unionists, who
favor continued British rule, and
republicans, who want political
union with the rest of Ireland.
false narrative that the
The U.S., which helped bro-
us ,

2020 election was stolen,

ker the 1998 Good Friday
l

according to testimony in a
Agreement, had also been urg-
e
defamation lawsuit. B2
al a

ing the U.K. and EU to reach a

MUHAMMAD FADLI FOR THE WALL STREET JOURNAL

 Meta Platforms and Snap deal to avoid jeopardizing the

are embracing the much pact, which brought peace to
ci on

talked-about artificial-in- Northern Ireland after years of

telligence technology pop- conflict.
ularized by OpenAI’s viral The U.K. has spent years
ChatGPT chatbot. B4 trying to unwind the deal, ar-
guing it alienated unionist
er s

 China Evergrande is
communities and stopped the
struggling to reach a deal
free flow of trade within its
with foreign bondholders,
m er

own country.
raising the possibility that a
Monday’s compromise saw
court will tell the property
U.K. Prime Minister Rishi Sunak
developer to wind down. B10
and European Commission Pres-
Workers harvest palm fruit at a plantation in Borneo. A large part of the area has remained rainforest. ident Ursula von der Leyen meet
m rp

World-Wide in Windsor, near the royal castle

here, to shake hands on a new

 The U.K. and the EU

agreed on a new trading ar-
Indonesia Tames Rainforest Destruction agreement that allows British
goods destined for Northern Ire-
land to enter without customs
co Fo

rangement for Northern Ire- checks, while creating a sepa-

land, a move aimed at end- rate process for goods going to
ing years of friction caused A blend of government crackdowns, boycotts and activism curbs palm oil firms’ encroachment Ireland through the province.
by Brexit and allowing The deal also gives the
greater cooperation at a BY JON EMONT Now, forest destruction in Indonesia pronged and overlapping approach. Northern Ireland assembly the
time of mounting geopoliti- is at its lowest pace in two decades. Strict directives prohibiting wholesale power to ask the U.K. govern-
cal risk to Europe from Rus- KUBU RAYA, Indonesia—A decade The rate of forest loss fell by more than forest clearance flowed from the top ment to veto new EU regula-
sia’s war in Ukraine. A1 ago, Indonesia was destroying its trop- half in Indonesia from 2015 through rungs of government starting about tions or laws that would apply
 Russia launched a new ical rainforest at a faster rate than al- 2021, while it worsened in Brazil and five years ago. Multinational consumer- to the province.
wave of Iranian-made drones most any other country. the Democratic Republic of the Congo, product companies pledged to avoid “The United Kingdom and
against Ukrainian cities, Virgin forest five times the area of homes to two other vast rainforests. It palm oil that involved forest destruc- European Union may have had
breaking a weekslong lull in Los Angeles was vanishing every year is a turnaround with lessons for policy tion, blacklisted forest-slashing planta- our differences in the past, but
such attacks, as its forces in one of the earth’s most biologically makers, businesses and environmental- tions and tracked their activities with we are allies, trading partners
n-

continued to tighten their diverse places, in large part to make ists around the world who are con- satellites. And environmental nonprof- and friends, something that
grip around the embattled way for plantations producing palm oil cerned about the effects of rainforest its exposed murky supply chains that we’ve seen clearly in the past
eastern city of Bakhmut. A6 for consumer goods such as lipstick, loss. long made it hard to know whether year as we joined with others
pizza dough and shampoo. Indonesia’s success owes to a three- Please turn to page A8 Please turn to page A7
no

 The White House said

there is no consensus within
the administration over the
origins of the Covid-19 virus,
a day after the disclosure of
iPhone INSIDE Apartment Rents
an Energy Department as-
sessment that the pandemic Gains Fall as Market Sees
CHARLIE RIEDEL/ASSOCIATED PRESS

likely originated with a leak

from a Chinese lab. A4
Ground Wave of New Supply
COURTESY OF SOTHEBY’S

 A government watchdog’s
report points to U.S. missteps
it says contributed to the col-
lapse of the Western-backed
government in Afghanistan
Globally BY WILL PARKER exploded in the months after
and the Taliban takeover of
the country soon after Ameri-
can forces departed. A7
With Gen Z Apartment rents fell in ev-
ery major metropolitan area in
the introduction of Covid-19
vaccines in late 2020 and a
surge in people searching for
PERSONAL JOURNAL JASON GAY the U.S. over the past six apartments lifted rents 25%
 Early results from Nige- BY JIYOUNG SOHN Sotheby’s is offering Major League Baseball months through January, a over two years.
ria’s presidential election trend that is poised to con- Now, recent declines are a
showed a sizable lead for SEOUL—Consumers around
an elite collection of games are on the clock tinue as the biggest delivery of sign that many tenants have
the ruling party’s Tinubu, the world are increasingly Michael Jordan’s now. Hang on to your new apartments in nearly four maxed out on how much of
while international observ- choosing Apple Inc.’s iPhones sneakers. A9 caps. A12 decades is slated for this year. their income they can devote
ers cited factors they said over high-end Android smart- Renters with new leases in to rent, while the specter of
had marred the vote. A16 phones, with younger users January paid a median rent layoffs has created new con-
seen as pushing the company that was 3.5% lower than they cerns for some. Other would-
 Hong Kong said it would
scrap its mask mandate
toward the level of dominance
in the market globally that it
Surf’s Up, in Duluth, in February: would have paid last August,
according to estimates from
be renters, living with family
or friends, remain sidelined by
starting March 1, removing
one of the longest-running
has enjoyed in the U.S.
From Europe to Asia, Ap-
‘It’s Liquid Ice, Dude’ listing website Apartment
List. It was the first time in
prices that are still far too
high for their budgets.
pandemic restrictions world-
ple’s market lead in the pre- i i i five years that rent fell every While some seasonal stall-
wide as the city tries to re-
mium bracket is growing, and month over a six-month pe- ing in rents is normal, the
build its image as an inter-
national financial center. A16
polls show people in their The Minnesota port on Lake Superior riod, according to the same es- market faces a significant
teens and early 20s, known as timates. headwind in the biggest deliv-
CONTENTS Markets..................... B11
Gen Z, increasingly see the has big waves, especially in a blizzard Four other market mea- ery of new supply since 1986,
iPhone as a must-have. Con- sures by housing-data compa- according to projections from
Arts in Review.... A11 Opinion.............. A13-15
Banking & Finance B10 Personal Journal A9-10 verts said they are drawn by its BY ROBERT MCMILLAN the U.S.—especially during Min- nies also show that new-lease CoStar Group. Nearly half a
Business News.. B3,6 Sports........................ A12 design, cameras and AirDrop nesota’s punishing winters. Mr. rents either fell or remained million new apartments are
Crossword............... A11 Technology............... B4 features for sharing photos. DULUTH, Minn.—With local Carlson is one of a growing flat in January compared with coming on line this year as de-
Equities....................... B7 U.S. News............. A2-5
Heard on Street. B12 World News. A6-7,16
The trend is putting Apple’s residents stocking up on emer- tribe of thrill seekers who scan the previous month, extending velopers seek to cash in on the
chief rival, Samsung Electron- gency supplies and the National the weather and wax up their a streak of monthly rent de- high rents that tenants have
ics Co., under pressure and Weather Service warning of boards when they hear that clines that began at the end of been paying. Many renters are
> threatening the South Korean blizzardy gale-force winds most enticing of forecasts: a the summer. unable to afford to buy a home
company’s lead in the overall last Thursday, Randy Carl- big arctic storm blowing The softening rental market because of higher mortgage
global smartphone market. son found himself looking down from Canada. follows an unprecedented run rates and steep prices, so rent-
Samsung has been promoting for the perfect wave. It takes a special kind for the apartment and home- als have been in high demand.
s 2023 Dow Jones & Company, Inc.
its splashy foldable phones Duluth is perhaps of wind to kick up the rental industry that was put Rents have retreated along-
All Rights Reserved and 100x zoom cameras on the the most unexpected surf in Duluth, a port into motion by the pandemic. side recent declines in home-
Please turn to page A5 big-wave surf spot in Surfer on ice Please turn to page A8 Pent-up demand for housing Please turn to page A2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

A2 | Tuesday, February 28, 2023 * *** THE WALL STREET JOURNAL.

U.S. NEWS
Loan Forgiveness Case Hinges on ‘Harm’
Central issues can’t be the program. In legal terms, in addition to requesting that
considered until high
the question is over whether Consumer Bureau’s court rulings and placed a cloud stance from Congress. Under the court block the plan, the
the plaintiffs have standing. over the regulator’s activities. the law, the CFPB director sets borrowers said they wanted a
court decides whether If the court finds the par- Funding Weighed Conservatives have chal- a budget he or she determines chance to weigh in on a future
ties don’t have standing, the lenged the agency’s legitimacy is necessary to fund the debt-cancellation program
plaintiffs have standing challenge would be dismissed on various grounds, and in 2020 agency’s mission and the fund- through a regulatory process.
without a ruling on the merits. WASHINGTON—The Su- the Supreme Court struck down ing comes from the Federal Re- “The question for purposes
BY GABRIEL T. RUBIN That would allow the plan to preme Court said it would re- a provision preventing the presi- serve, subject to certain caps. of standing is whether the sec-
proceed, but could allow for view an appeals court decision dent from removing the CFPB Last October, the Fifth U.S. retary could reconsider his de-
Challengers to President Bi- future challenges from differ- striking down the independent director without cause. Circuit Court of Appeals found cision to withhold debt for-
den’s mass student-debt cancel- ent petitioners. funding system Congress de- Like that for-cause provision, that structure violated the consti- giveness” from the borrowers
lation plan must clear a hurdle The Biden administration is signed for the Consumer Finan- the CFPB’s funding structure is tutional provision giving Congress if the Education Department
before the Supreme Court can likely to press hard on the cial Protection Bureau, a ruling intended to insulate it from po- authority over appropriations. went through the usual rule-
move on to the merits of the standing argument. that conflicted with other lower- litical interference—in this in- —Jess Bravin making procedures, said Karen
case: Showing that they would “The plan confers benefits Harned, chief legal officer for
suffer harm from the program. on third parties, but it does Job Creators Network Founda-
The high court will hear ar- not require respondents to do and Workforce Committee. nouncements, and only should through the usual regulatory tion, which is backing the bor-
guments Tuesday related to anything,…or harm them in “Why you haven’t seen more decide disputes where the process. The administration rowers’ suit.
Mr. Biden’s plan to cancel up any other way,” Solicitor Gen- lawsuits brought is because of plaintiff alleges “concrete” and first appealed to the Fifth Cir- It joins another case in
to $10,000 in debt for borrow- eral Elizabeth Prelogar, who the lack of standing.” “particularized” harm, rather cuit Court of Appeals, which re- which Republican officials from
ers making less than $125,000 represents the federal govern- Still, the fact that the court than what the late Justice An- fused to put the ruling on hold, six states sued, many of which
annually, with extra relief go- ment at the Supreme Court, agreed to take up two related tonin Scalia called “purely psy- and later to the Supreme Court. claimed their tax revenues
ing to people who received wrote in a legal filing. On the lawsuits suggests that stand- chological displeasure.” Some legal scholars have would be affected. A federal-
Pell Grants. Individuals and merits, people familiar with ing could be less of an issue In one of the lawsuits, two taken issue with the standing district court judge had initially
Republican state officials sued the White House’s legal strat- than it was in lower courts, borrowers say they were argument accepted by the Fifth denied the states’ motion be-
the administration last year egy say they plan to argue Mrs. Foxx and other oppo- harmed by the plan because Circuit, noting that part of cause he said they lacked stand-
seeking to block the plan from that they have unambiguous nents say. They say they feel they couldn’t access some of standing is the ability for the ing. But the states succeeded
going into effect. authority to cancel debts. confident in the merits of its benefits. One plaintiff had court to provide a remedy for when the Eighth U.S. Circuit
The central issue of the Some opponents of debt re- their position that the pro- private student loans that the harm, something that could Court of Appeals granted a pre-
case—whether Mr. Biden and lief say standing is a significant gram is unconstitutional. weren’t eligible for forgive- prove impossible in this case. liminary injunction.
the Education Department hurdle to overcome before get- The idea of standing is a ness; the other wasn’t the re- The individual borrowers’
overstepped their legal au- ting to the constitutional is- concept in constitutional law cipient of a Pell Grant, mean- claim “is essentially that they
thority in using the pandemic sues, where the conservative- that grants federal courts juris- ing he didn’t qualify for an should get something that Watch a Video
emergency to cancel debt en leaning court might be more diction over “cases” or “con- extra $10,000 in forgiveness. someone else got, or if they Scan this code
masse—can’t be considered sympathetic to their arguments. troversies.” The Supreme Court A Texas federal district court can’t get it, then no one else for a video on
until the court decides “It’s a concern,” said Rep. has interpreted this to mean judge ruled the borrowers had should get it either,” said Tem- how repaying
whether plaintiffs bringing the Virginia Foxx (R., N.C.), the courts can’t give advisory been deprived of their right to ple University law professor student loans is
lawsuits would be harmed by chair of the House Education opinions or make policy pro- voice their disagreement Mark Rahdert. In legal filings, changing.

U.S. WATCH

.
ly
MICHIGAN

Rep. Elissa Slotkin

To Run for Senate
Michigan Rep. Elissa Slotkin
said she plans to run for the
on
Senate in 2024 to succeed the
us ,

retiring Sen. Debbie Stabenow,

l

the first big-name candidate to

e
al a

enter the contest as Democrats

try to hang on to the seat in a
competitive state.
ci on

“There are certain things that

should be really simple—like living
a middle-class life in the state
that invented the middle class,”
she said in a statement and video.
er s

Other potential Democratic

contenders include fellow Demo-
m er

cratic Rep. Debbie Dingell. On the

Republican side, Rep. John James
said he won’t run for the Senate
seat. Potential GOP entrants in-
clude former Rep. Peter Meijer.
m rp

Ms. Slotkin is a former CIA

analyst and Pentagon official
GODOFREDO A. VÁSQUEZ/ASSOCIATED PRESS

who has carved out a space as

one of the House “frontliners”—
moderates from swing districts
co Fo

who were key to Democrats

winning back the majority in
2018 before losing it in 2022.
—Siobhan Hughes

WHITE HOUSE
Biden Picks Ex-Mayor
As a Top Adviser WINTER WONDERLAND: Mount Diablo State Park in Walnut Creek, Calif., was coated in snow Monday. Forecasters said more rounds of storms would move into the state.

President Biden announced from former Atlanta Mayor Monday’s appointment comes MICHIGAN of customers who have been in last week’s storm seemed near.
the appointment of former Co- Keisha Lance Bottoms, who had at a time when Mr. Benjamin’s the dark since ice snapped lines Meanwhile, blizzard warnings
lumbia, S.C., Mayor Steve Benja- assumed the role in June. home state is becoming even New Storm Hampers days ago. went into effect in the Sierra
n-

min as a top adviser, filling a key Mr. Benjamin will oversee more critical to Democrats as Bid to Get Power Back The state’s largest utilities, Nevada range as more rounds of
White House role from a state White House efforts “to ensure they face the 2024 presidential Consumers Energy and DTE En- rain and snow moved into Cali-
that has become crucial to the community leaders, diverse per- campaign. Earlier this year, the A new storm teeming with ergy, together said more than fornia and Nevada. Tornadoes
Democratic Party ahead of the spectives, and new voices have Democratic National Committee freezing rain and strong winds 140,000 customers lacked and other powerful winds swept
no

2024 election cycle. the opportunity to inform the voted to hold their first nomi- socked Michigan on Monday, power by midafternoon. Con- through parts of the Southern
Mr. Benjamin will become di- work of the president in an in- nating contest of the next cycle presenting a fresh challenge for sumers added roughly 50,000 to Plains, killing at least one person
rector of the White House Office clusive, transparent and respon- in South Carolina. crews that have been trying to its outage map hours after re- in Oklahoma.
of Engagement. He takes over sible way,” the White House said. —Associated Press restore electricity to thousands porting that the finish line from —Associated Press

Apartment
THE WALL STREET JOURNAL
National median rent Multi-family housing units cantly from the pace of growth population from an influx of
in early 2022. As more leases remote workers—such as (USPS 664-880)
delivered (Eastern Edition ISSN 0099-9660)
expire, analysts expect CPI fig- Boise, Idaho, or Phoenix com-

Rent Prices
(Central Edition ISSN 1092-0935)
$1,500 a month 2023* 500,000 ures to better reflect the lower pared with earlier in the pan- (Western Edition ISSN 0193-2241)
488,000
January costs of new leases. demic, a recent report from Editorial and publication
$1,338 In the months since August, listing website Zumper notes. headquarters: 1211 Avenue of the

Decline
1,400 400,000 Americas, New York, N.Y. 10036
new-lease rents have fallen Even after a 3.5% decline in
most sharply in some of the new-lease rents since last sum- Published daily except Sundays
nation’s biggest metro areas. mer, rents in many cities re- and general legal holidays. Periodicals
1,300 300,000 postage paid at New York, N.Y.,
Seattle rents have declined 8%, main 20% or 30% higher than
and other mailing offices.
Continued from Page One while rents in Boston and Las they were when the pandemic
sale prices, which fell 3.6% be- Vegas have fallen 6%, accord- began. Rents in the Tucson, Postmaster: Send address changes to
1,200 200,000 The Wall Street Journal, 200 Burnett
tween June and November, ing to Apartment List. The Se- Ariz., Tampa, Fla., and Miami Rd., Chicopee, MA 01020.
according to the S&P CoreLogic attle metro area’s median rent metro areas are all 35% higher All Advertising published in The Wall
Case-Shiller National Home was $1,706 in January, while in than in March 2020, according Street Journal is subject to the
1,100 100,000
Price Index. Higher mortgage the Boston metro area it was to an Apartment List report. applicable rate card, copies of which
rates and softening buyer de- $1,879. Other measurements of “Renters are still having a are available from the Advertising
mand have been weighing on rent with different sample cri- tougher time than they were Services Department, Dow Jones & Co.
1,000 0 Inc., 1211 Avenue of the Americas, New
home prices, despite a period teria show much higher rent even a year-and-a-half ago,” York, N.Y. 10036. The Journal reserves
this year when lower rates 2021 ’22 ’23 2010 ’15 ’20 prices, but similar long-term said Chris Salviati, economist the right not to accept an advertiser’s
sparked an uptick in buyer in- *2022 and 2023 are estimates trends in price movement. at Apartment List. order. Only publication of an
terest. Sources: Apartment List median rent estimates for new leases (rent); CoStar (units) Notably, none of the 52- advertisement shall constitute final
acceptance of the advertiser’s order.
But where housing inven- largest metro areas tracked by
tory remains unusually low—to
the benefit of home sellers—
“Renters facing lease re-
newals suddenly have a lot
the rising cost of rent reflected
in the CPI shows annual price
Apartment List experienced
positive rent growth over the
CORRECTIONS  Letters to the Editor:
Fax: 212-416-2891; email:
the crush of new apartment more options,” RealPage econ- growth that is still higher than period. AMPLIFICATIONS [Link]@[Link]
Need assistance with your
supply will give renters more omist Jay Parsons said in a re- market measures, which track Rents for single-family subscription?
choices, making it more diffi- port. Landlords are likely to new leases. homes, which had also in- By web: [Link];
cult for landlords to raise rents start dropping their renewal Measured annually, rent creased sharply before last The European Union sanc- By email: wsjsupport@[Link]
at rates seen early in 2022, rents to prevent tenants from growth remains positive, ac- summer, now are stalling, too. tioned Sun Ship Management By phone: 1-800-JOURNAL
when rent growth was at a leaving, he said. cording to most data sources. The average national asking for contributing financially to (1-800-568-7625)
near-20% annual clip. Shelter costs were up 7.9% But the pace of growth is de- rent for a house rose just one the Russian state as a subsid- Reprints & licensing:
The new supply might al- in January compared with the celerating, and if it continues buck in January, compared iary of Russian government- By email:
customreprints@[Link];
ready be having an impact. The same month a year earlier, ac- to slow beyond winter, it with December, to reach controlled shipping company By phone: 1-800-843-0008
share of apartment tenants cording to the consumer-price would help pull down headline $2,070, according to data pro- Sovcomflot. A World News arti-
WSJ back issues and framed pages:
who renewed leases declined index computed by the U.S. Bu- inflation figures, of which vider Yardi Matrix. cle on Monday about the sanc- [Link]
in January to 52%, the lowest reau of Labor Statistics. But housing costs are a major Apartment vacancies have tions incorrectly said Sun Ship
Our newspapers are 100% sourced
level for that month since the impact of rent declines component. risen since last fall, several re- was targeted for helping Russia from sustainably certified mills.
2018, according to property- tends to lag behind what is ex- New-lease rent growth ports show, due to weaker de- circumvent earlier sanctions.
management software com- pressed in the CPI. Many rent- ranged from about 2% to 6% in mand from potential renters.
pany RealPage. The data sug- ers are in the middle of leases January compared with one Fewer people are flocking to Readers can alert The Wall Street
Journal to any errors in news articles GOT A TIP FOR US?
gest some tenants are finding signed before recent price year prior, according to most Zoomtowns—communities by emailing wsjcontact@[Link] or SUBMIT IT AT [Link]/TIPS
better deals at other buildings. drops. That is one reason why market reports, down signifi- that experienced a surge in by calling 888-410-2667.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. * * Tuesday, February 28, 2023 | A3

U.S. NEWS

Colorado Tornadoes Leave a Path of Destruction in Oklahoma

College
Pulls Out
Of Ranking
BY MELISSA KORN

Colorado College will no

longer cooperate with U.S.
News & World Report’s rank-
ing of the nation’s best col-
leges, making it the highest-
ranked college to pull out of
the undergraduate rankings in
decades.
“We have a very strong vi-
sion for where we want to go
in the future. Those metrics
that U.S. News measures are
just inconsistent with who we
are,” said Colorado College
President L. Song Richardson.
The school has consistently
ranked among the nation’s top
30 liberal-arts colleges by U.S.

ALONZO ADAMS/ASSOCIATED PRESS

News & World Report’s mea-
sure, landing at No. 27 on the
latest list.
Colorado’s withdrawal fol-
lows a string of defections by
top-ranked law and medical
schools since November, sig-
naling that dissatisfaction
with the rankings’ methodol-
ogy and power is continuing AFTERMATH: Severe storms and tornadoes moved through Oklahoma on Sunday night, destroying homes in the city of Norman, above. The winds toppled trees and
to spread. U.S. News has said closed roads around Norman. In far western Oklahoma, at least one person was killed and three others injured after a tornado touched down Sunday night.
it would continue to rank
schools even if they don’t pro-

Alzheimer’s Theory Gains Converts

vide survey responses, relying
instead on publicly available

.
information. Chief Executive
Eric Gertler said the publica-

ly
tion provides prospective stu-
dents with valuable data, and
the rankings should be just BY JOSEPH WALKER tical of anti-amyloid drugs be-
one component of their deci-
sion-making process.
Ms. Richardson said U.S.
News’ practice of looking at
The success of Eisai Co.’s
new Alzheimer’s drug has
helped quiet a decadeslong dis-
on cause of research showing that
the protein accumulates in the
brain decades before someone
receives an Alzheimer’s diag-
admitted students’ rank in pute over a leading theory of nosis, by which point it might
us ,

their high-school class goes what causes the disease and be too late.
l

against Colorado College’s fo- how to treat it, with proponents “Because the whole amyloid
e
al a

cus on creative students who declaring victory and some for- cascade starts about 20 years
may not have the highest mer skeptics switching sides. before the symptoms ever be-
grades. The peer academic- Since the early 1990s, many gin, it wasn’t clear to me
ci on

reputation survey that counts scientists have thought that re- whether it would be too late
for 20% of the total ranking is moving clumps of a sticky pro- to remove the amyloid so far
little more than a beauty con- tein called amyloid from the into the course of the pro-
test that some presidents try brains of Alzheimer’s patients cess,” said Dr. Holtzman. “But
to game by currying favor with could help slow the disease, if it does look such as there
er s

others who cast votes or by not stall or reverse it. The clearly are effects.”
giving competitors low marks theory was an outgrowth of the David Knopman, a Mayo
m er

to boost themselves, she said. “amyloid hypothesis,” which Clinic neurologist, said he be-
held that an abnormal accumu- gan to change his mind in
ZEPHYR/SCIENCE PHOTO LIBRARY

lation of brain amyloid was the early 2021, when Eli Lilly &
central trigger in a complex Co. reported that its anti-amy-
The withdrawal neurodegenerative process loid drug donanemab dramati-
m rp

follows defections by leading to Alzheimer’s. cally lowered brain amyloid in

The pharmaceutical indus- Alzheimer’s patients and
top-ranked law and try seized on the idea and be- slowed their clinical decline.
medical schools. gan developing drugs to attack Eisai’s Phase 3 Leqembi
amyloid. Until recently, they study and, ironically, the failure
co Fo

all failed. Between 2004 and MRI scans of an Alzheimer’s patient’s brain showing the atrophy that has occurred. of a Roche Holding AG drug
2021, nearly two dozen drugs study late last year, confirmed
She also said that while U.S. flopped in clinical trials. Critics remain. They say pulled back from Alzheimer’s Medicare took the unprece- that removing amyloid could
News & World Report had a Late last year, Eisai’s that scientists still aren’t sure research following study fail- dented step of issuing a blan- help treat Alzheimer’s, Dr.
noble intention by taking into Leqembi became the first medi- how amyloid removal slows ures. Some scientists say the ket denial of routine coverage Knopman said. “Together, the
account graduates’ debt loads, cine to clearly show that reduc- down the disease, and that it field has focused too singularly for anti-amyloid drugs, citing studies gave a much clear pic-
the ranking created a perverse ing amyloid could slow down might be because of secondary on amyloid and needs to reas- in part continuing controversy ture of the degree of amyloid
incentive for schools to admit Alzheimer’s, a progressive form effects such as reducing tan- sess its basic assumptions over the amyloid hypothesis. lowering needed to get into a
a wealthier group of students of dementia that affects six gled strands of a protein about how to treat the disease. But the Leqembi data have successful zone,” he said.
who wouldn’t need to borrow million people in the U.S. called tau that is also com- The amyloid debate intensi- made some skeptics rethink He said Leqembi’s success is
money to attend. The drug’s effectiveness is monly found in Alzheimer’s fied following the Food and their position on anti-amyloid only a partial vindication of the
In November, Yale Law modest, but undeniable, doc- patients. Drug Administration approval drugs, said Sam Gandy, a neu- amyloid hypothesis, which in
School said it would no longer tors say. Patients with early- Newer drugs such as in 2021 of Aduhelm, an anti- rologist at Mount Sinai in New the minds of many doctors
n-

provide data to U.S. News & stage symptoms who were Leqembi are highly effective at amyloid drug developed by York who was critical of the promised to stop Alzheimer’s in
World Report to help the pub- given Leqembi over 18 months reducing amyloid and yet still Biogen, in partnership with Ei- FDA’s approval of Aduhelm. its tracks or even reverse cer-
lication compile its law-school had cognitive decline that was produce only a minor slowing sai. In two large studies, “There are skeptics who have tain symptoms. “The hope was
rankings. The perennial No. 1- 27% less than those who re- of Alzheimer’s, said Lon Aduhelm was effective at re- come closer to believing, who that amyloid removal would
no

ranked school was followed in ceived placebos, a delay equal Schneider, an Alzheimer’s re- ducing brain amyloid, but pro- are convinced enough that have the same therapeutic bene-
quick succession by 11 of the to about five months, accord- searcher at the University of duced mixed overall results. they will use the drug,” said fits that vitamin C has for
other top 14 law schools. U.S. ing to Eisai, which co-devel- Southern California. “The clin- The approval was criticized Dr. Gandy. scurvy—you introduce a treat-
News & World Report adjusted oped the drug with Biogen Inc. ical change is so small as to be by some doctors and scien- The agency overseeing ment and you get a cure.”
its methodology for law-school “The amyloid hypothesis irrelevant as to whether bust- tists, including the American Medicare officials has said “We may have reached the
rankings after the exodus. has essentially been proven— ing [amyloid] plaques changes Academy of Neurology, for go- that it is open to reconsider- limit of what amyloid lowering
Last month, the medical it isn’t really a hypothesis any- the course of the disease,” ing beyond scientific consen- ing the coverage policy if it re- can do,” said Dr. Knopman.
schools at Harvard University, more,” said Dennis Selkoe, a said Dr. Schneider. “If the idea sus that amyloid lowering ceives additional data to an- “We therefore need to be
Stanford University, Columbia professor of neurologic dis- was to bust plaque and im- would help patients. Several swer outstanding questions thinking about alternatives,
University, Duke University and eases at Harvard Medical prove function, then you really external experts who had rec- about anti-amyloid drugs. such as treating people earlier,
other prestigious programs School. “The debate now drifts haven’t demonstrated that.” ommended against approval David Holtzman, a neurolo- looking at combination thera-
said they, too, would no longer toward whether [Leqembi] is In the past, big drugmakers resigned from an FDA advisory gist at Washington University pies and really looking at al-
respond to data requests. effective enough.” including Pfizer Inc. have committee in protest. in St. Louis, said he was skep- ternative targets.”

DeSantis Takes Over Disney District, Appoints Allies

BY ARIAN CAMPO-FLORES Sasso, an attorney in Winter Under the new law, Disney
Park who previously was remains liable for nearly $1 bil-
Florida Gov. Ron DeSantis named by Mr. DeSantis to a ju- lion in municipal debt issued
signed into law legislation end- dicial nominating commission; by the district to pay for roads,
ing Walt Disney Co.’s control Brian Aungst Jr., a lawyer in sewers and other infrastruc-
of a special-tax district near Clearwater who previously was ture, rather than shifting that
Orlando and named new mem- named by the governor to an- burden to the taxpayers of
bers to the state-controlled other judicial nominating com- nearby Orange and Osceola
ZACK WITTMAN FOR THE WALL STREET JOURNAL

board that now governs it. mission; and Ron Peri, chief ex- counties.
“The corporate kingdom fi- ecutive of The Gathering USA, Under the original Reedy
nally comes to an end,” Mr. De- a ministry. Creek structure, its board of
Santis, a Republican, said at a The newly constituted board supervisors was elected by the
bill-signing event at a fire sta- will meet for the first time district’s property owners.
tion in Lake Buena Vista. next week, Mr. DeSantis said. Since Disney owns nearly all
“There’s a new sheriff in town Among its priorities, the gover- the land in the district, it ef-
and accountability will be the nor said, will be to ensure Dis- fectively decided the makeup
order of the day.” ney pays its fair share of taxes of the board. That unique
The new law renames the to fund infrastructure projects structure allowed Disney to
Reedy Creek Improvement Dis- in the region that he said have avoid bureaucratic red tape
trict—which houses Walt Dis- benefited the company. when expanding its theme
ney World Resort and other Crowds under the Spaceship Earth orb at the Epcot theme park in Walt Disney World in Florida. A spokesman for Disney parks or building new hotels
parks and has existed since the didn’t respond to a request to or attractions.
1960s—the Central Florida The move is the culmination Gay.” That measure prohibits ney, head of a private invest- comment. This month, when Mr. DeSantis highlighted
Tourism Oversight District. It of GOP efforts to rein in Dis- classroom instruction on gen- ment firm and a Republican do- the Florida Senate approved other provisions, including
gives Mr. DeSantis the author- ney’s special privileges after der and sexuality for elemen- nor. He also appointed Bridget the bill Mr. DeSantis signed on ending Disney’s exemption
ity to appoint members to its Mr. DeSantis clashed publicly tary school students through Ziegler, co-founder of the con- Monday, Jeff Vahle, president from the Florida Building Code
governing body, the five-mem- with the company over its op- third grade. servative group Moms for Lib- of Walt Disney World Resort, and its exemption from state
ber board of supervisors, which position to Florida’s Parental On Monday, Mr. DeSantis erty and a member of the Sara- said, “We are focused on the regulatory reviews and approv-
under previous law was essen- Rights in Education law, known named as chairman of the board sota County school board. future and are ready to work als that other companies must
tially handpicked by Disney. by opponents as “Don’t Say Martin Garcia, a Tampa attor- Also tapped were Michael within this new framework.” go through.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

A4 | Tuesday, February 28, 2023 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

No Covid-Origin Consensus, White House Says

Remarks address new be broad uncertainty within the likely to have leaked from a publicans floating the possibil-
administration about its ori- lab, which she characterized ity that Covid was the result of
Energy Department gins. He declined to comment as “an authoritative scientific a lab leak, which critics cast as
view that tied outbreak on the Journal article. conclusion.” a conspiracy theory.
“There is not a consensus The origin of Covid-19 has Republican lawmakers on
to leak in Chinese lab right now in the U.S. govern- been the subject of intense de- Monday noted the initial resis-
ment about exactly how Covid bate among epidemiologists, tance to the lab-leak idea and
The White House said there started,” Mr. Kirby said at a intelligence experts and law- said the developments showed
is no consensus within the Bi- briefing Monday. “We’re just makers since the virus began the need for more disclosure.
den administration over the not there yet,” he said. “If we circulating widely in the central Rep. Michael McCaul (R.,
origins of the Covid-19 virus, a have something that is ready to Chinese city of Wuhan in early Texas), the chairman of the
day after the disclosure of an be briefed to the American 2020. The head of the WHO-led House Foreign Affairs Commit-
people and the Congress, we
LEAH MILLIS/REUTERS
investigative team later ques- tee, said the Energy Depart-
By Josh Chin, will do that.” tioned the certainty of the ment finding was in line with a
Lindsay Wise The Energy Department “highly unlikely” wording, report he issued in 2021, and he
and Annie Linskey made its judgment based on which he said came after two said he had requested a brief-
new intelligence, albeit with days of intense negotiations ing from the administration on
Energy Department assess- “low confidence,” according to with Chinese counterparts. the finding. The White House
ment that the pandemic most the Journal’s reporting. Four White House National Security Council spokesman John Kirby said Division over the question was noncommittal on releasing
likely originated with a leak other U.S. government agen- Monday there is still broad uncertainty about where the virus began. extends to U.S. government any information to lawmakers.
from a Chinese lab. cies, along with a national in- agencies tasked by President “We have conflicting re-
The Energy Department, telligence panel, still believe called for the Biden administra- jected the assessment and ac- Biden with discerning as much sults,” said Senate Foreign Rela-
which had previously been un- the pandemic was likely the re- tion to declassify Covid infor- cused the agency of engaging as possible about where the vi- tions Committee Chairman Bob
decided on the origins of the sult of a natural transmission mation. He said he is seeking to in a political smear. “The ori- rus originated. Menendez (D., N.J.). “But we
pandemic, recently joined the from an infected animal, while pass legislation to impose sanc- gin of the novel coronavirus is U.S. national-security ad- know one of two things hap-
Federal Bureau of Investigation two others are undecided. tions and other restrictions on a scientific issue and should viser Jake Sullivan in an ap- pened: It either came from a lab
in saying the virus likely spread Republican lawmakers said China-affiliated scientists until not be politicized,” Chinese pearance Sunday on CNN said or from animal transmission. In
via a mishap at a Chinese labo- the Energy Department assess- there is a full investigation into Foreign Ministry spokes- the Energy Department was either case, we should be fo-
ratory, The Wall Street Journal ment backed up their long-held the Chinese lab. woman Mao Ning said at a brought into the effort because cused on preventing either pos-
reported Sunday. suspicions, and they urged the “As evidence clearly mounts press briefing Monday. it manages national labs, which sibility for the future,” he said.
National Security Council declassification of more evi- in favor of the lab-leak hypoth- She pointed to a World Mr. Biden wanted to tap for the An Energy Department
spokesman John Kirby said dence related to the outbreak. esis, the American people de- Health Organization investi- assessment. spokesman declined to discuss
President Biden is determined Rep. Mike Gallagher (R., serve complete transparency,” gative team that visited China The origins of Covid turned details of its assessment.
to nail down where Covid Wis.), chairman of the House Mr. Gallagher said. in early 2021 and concluded political in the U.S. after the —Siobhan Hughes
started but there continues to select committee on China, China’s government re- that Covid-19 was highly un- outbreak began, with some Re- contributed to this article.

Foreign Farm Deals

Worry Lawmakers

.
ly
BY KRISTINA PETERSON nual report to Congress on
foreign ownership of U.S.
WASHINGTON—A biparti- farmland was accurate.
on san group of lawmakers criti-
cized the Agriculture Depart-
ment for lax oversight of U.S.
farmland purchases by foreign
Lawmakers have become in-
creasingly concerned about
China’s ability to buy U.S. farm-
land and have introduced bills
buyers, an issue that has been seeking to increase scrutiny
us ,

spotlighted by rising concern and restrict such acquisitions.

l

over Chinese acquisitions. Plans by a U.S. unit of

e
al a

The 28 lawmakers, includ- China’s Fufeng Group Ltd. to

ing House GOP Conference buy farmland near an Air
Chairwoman Elise Stefanik of Force base in North Dakota
ci on

New York and Rep. Mark were scuttled by local officials

Pocan (D., Wis.) expressed after the Air Force said Chi-
“deep concern” in a letter sent nese ownership of the land
to Agriculture Secretary posed a security risk. Politi-
Thomas Vilsack on Monday cians and others say they want
er s
JOE RAEDLE/GETTY IMAGES

over the department’s decision to make sure the U.S. food-

not to assess any penalties be- supply chain is protected and
m er

tween 2015 and 2018 over any that China and other foreign
lapses in reporting foreigners’ adversaries aren’t able to use
purchases of U.S. farmland. U.S. land as a perch for spying.
The penalties later resumed. Foreigners buying U.S.
“As the foreign acquisition of farmland are required to re-
m rp

A technical issue forced the postponement of the launch Monday of the SpaceX Falcon 9 rocket with the Crew Dragon spacecraft. farmland increases, it is evident port to the Agriculture De-
more oversight is needed to partment when the land is

Flight to Space Station Is Scrubbed

protect local farmers, rural purchased or if they change
communities and our national how the land is being used.
security,” the lawmakers wrote. According to the latest an-
co Fo

A spokeswoman for the Ag- nual Agriculture Department

BY MICAH MAIDENBERG istration at 1:45 a.m. ET from challenge marked an interrup- sue related to a fluid that is riculture Department said that report, China owns slightly
the Kennedy Space Center in tion in the company’s smooth used to ignite engines during the agency was reviewing the less than 1% of all U.S. farm-
SpaceX and NASA post- Florida. work on human missions for launches. letter and would respond ac- land held by foreigners, who
poned the company’s planned SpaceX has emerged as the the agency. Bill Nelson, NASA’s NASA said mission teams cordingly. in total owned around 3% of
launch of crew to the Interna- world’s busiest rocket administrator, said he was will investigate the problem, The department has previ- all privately held agricultural
tional Space Station early launcher and counts NASA as proud that teams at the which it described as prevent- ously said that limited staffing land at the end of 2021.
Monday because of an issue an important customer. The agency and SpaceX remained ing data from confirming there and other priorities were the Some lawmakers have wor-
related to an ignition fluid, the flight that was set for Monday focused on safely conducting was a full load of the fluid reasons that no penalties were ried that the rhetoric used to
agency said. would have been the seventh launches. available for part of the flight. assessed between 2015 and decry Chinese ownership of
The Elon Musk-led company time the company transported SpaceX didn’t respond to The next potential launch at- 2018, according to a recent de- U.S. farmland has become xe-
had been scheduled to send a crew to the space station for requests for comment. The tempt is March 2, at 12:34 a.m. partment memo reviewed by nophobic and that China has
four people to the research the agency since 2020. company said in a tweet that ET, but teams will need to first The Wall Street Journal. become the latest scapegoat
n-

laboratory for the National The decision to postpone it was standing down on flying resolve the problem that The agency said its priority as Americans wrestle with a
Aeronautics and Space Admin- the flight due to a technical because of a ground-system is- cropped up Monday, NASA said. then was making sure the an- more globalized economy.
no

Buybacks Spending reported by S&P 500 companies, fourth quarter 2022 spending ahead of the 1% federal
tax on buybacks that took effect

Can your team Set Pace

Quarter-over-quarter change
Year-over-year change
Capital expenditures*
9.5%
Jan. 1, so the excise tax likely
won’t deter companies from re-
purchasing shares this year, they

do better... For Record Dividends

4.1
9.1
18.1 said. “Companies were not con-
cerned about the buyback tax,”
said Mr. Silverman of Verity-

somewhere else Continued from Page One Buybacks*

–18.2
2.0
Data. “There was not frontload-
ing” of stock repurchases.
Companies continue to draw
back spree has supported stocks ire over their share-repurchase
Those who execute on opportunities while dueling views about the *Based on reported results as of Feb. 25 Source: S&P Dow Jones Indices programs. President Biden in his
path of monetary policy play State of the Union address this
are called lucky (by those who don’t) out in the market. Funds. “When you stack up the about stocks this year and is month criticized big oil compa-
“Buybacks continue to be ro- alternatives, the buyback is, in weighting portfolios toward in- nies that used record profits to
SI Capital has opportunities for you to join us, bust and provide a buoy for in- my mind, the most efficient ternational stocks, value shares buy back stock. He proposed a
or become a partner in a newly formed independent dividual stocks and the market use of capital.” and small-caps, he said. quadrupling of the current 1%
firm. You provide a talented team, ambition, and broadly,” said Ben Silverman, di- The fewer shares outstand- Based on fourth-quarter re- federal tax on buybacks.
niche opportunities in financial services (investments, rector of research at the invest- ing on the market as a result of sults from roughly 90% of the Although few market watch-
ment-research firm VerityData. buybacks also have the effect companies in the S&P 500, ers believe a 4% buyback tax
trading, raising capital, etc). We provide capital,
Hot economic data recently of lifting a company’s per- share repurchases from report- could make it through a divided
regulatory (FINOPS, etc), class A office space have forced some investors to share earnings. As profit mar- ing corporations have Congress, some investors and
(above Grand Central Station), IT, legal and more. reconsider their Fed policy ex- gins are squeezed, some inves- fallen about 18% from the prior analysts said they are continu-
pectations. tors expect firms to continue year to $189 billion, according ing to monitor the political situ-
SI Capital is an investment/trading firm with When a company buys back doing buybacks to maintain to S&P Dow Jones Indices data ation regarding buybacks.
5+ billion dollars AUM owned by the founder its own stock, the increased de- earnings-per-share growth. as of Saturday. Capital expen- “What would change things
of 5-hour ENERGY. We don’t make decisions mand typically raises share With about 94% of compa- ditures have risen around is political pressure,” said
prices. Buybacks don’t accrue nies in the S&P 500 having re- 18% year over year to $220 Mark Hackett, chief of invest-
by committee. We don’t participate in ESG
additional taxes for taxable in- ported fourth-quarter earnings, billion among reported results. ment research at Nationwide.
or other irrational fashions. We don’t vestors until they sell shares about 68% have topped Wall Dividend payouts in the fourth “The political pressure will be
“adjust” compensation plans on the fly. And we and realize capital gains, unlike Street’s expectations, a weaker quarter increased about 9% to nonzero. But it’s very difficult
move fast. No retirement age–we like people with dividend payouts, which beat rate than usual, according $146 billion. right now to predict.”
who know what they are doing. are taxed as income. to FactSet. Megacap technology compa- Warren Buffett defended the
Corporate clients at Bank of Companies can more easily nies were among those spend- practice of stock buybacks in
If you’re really good at what you do, and really America Corp. have repur- adjust share buybacks to re- ing the most on buybacks in the his annual letter to investors
chased about $13.5 billion of spond to bumps in the markets last three months of 2022. Ap- on Saturday. Mr. Buffett said
enjoy the work (but not the decision making process)
shares on a net basis this year, and economy, compared with ple Inc. spent about $19.5 billion they can benefit shareholders
this may be a good fit. If you enjoy the safety of according to the lender’s eq- dividends and capital expendi- on stock repurchases, Meta if they are executed when a
bureaucracy… this may not fit. uity-flows data. That is track- tures, which are more set in Platforms bought back about company’s share price is trad-
ing roughly in line with last stone once initiated, according $6.9 billion of its shares, and ing below its value.
If you’re interested contact: year’s record levels and com- to investors and analysts. Microsoft Corp. repurchased “When you are told that all
pares with about $9 billion of “The dividend yield is much about $5.5 billion of its stock. repurchases are harmful to
Chris Fowler net outflows from hedge funds, more sacrosanct in investors’ To some investors and ana- shareholders or to the country,
C: 248-826-4306 institutional investors and in- minds,” said David Waddell, lysts, the slowdown in stock re- or particularly beneficial to
dividual clients, the data show. chief executive at Waddell & As- purchases in the fourth quarter CEOs, you are listening to ei-
cfowler@[Link] [Link] “I’ll take a buyback all day sociates. Mr. Waddell said he actually signals good news for ther an economic illiterate or a
long,” said L. Joshua Wein, a likes buybacks for their tax effi- fans of buybacks. There wasn’t a silver-tongued demagogue,” he
portfolio manager at Hennessy ciency. His firm is optimistic clear pull-forward in buyback said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. * * * * * * Tuesday, February 28, 2023 | A5

U.S. NEWS

Publisher Scraps Book

From ‘Dilbert’ Creator
BY JEFFREY A. TRACHTENBERG ams, a 65-year-old former fi- newspapers, Cleveland’s Plain
nancial manager turned Dealer, the San Antonio Ex-
A Penguin Random House cartoonist, that moved to cut press-News, the Washington
imprint said it won’t publish ties with him since he reacted Post and other publications all
“Dilbert” creator Scott Ad- last week to a Rasmussen Poll said they would stop publish-
ams’s coming book “Reframe that said a small majority of ing “Dilbert.”
Your Brain,” previously ex- Black Americans agreed with Andrews McMeel Universal,
pected to be published this the statement “It’s OK to be which syndicated the “Dilbert”
coming September. white.” comic strip and published
Mr. Adams made racist re- Mr. Adams, in one of his some of Mr. Adams’s books,
marks last week, leading many regular talks he records and also cut ties with the author.

MARCIO JOSE SANCHEZ/ASSOCIATED PRESS

newspapers to drop his “Dil- posts online, said, among “The process of this termina-
bert” comic strip after he re- other things, that white people tion will extend to all areas of
ferred to Black Americans as a should stay away from Black our business with Adams and
“hate group” in a rant online. Americans. the Dilbert comic strip,” the
A spokesman for Portfolio, “If nearly half of all Blacks company’s Chairman Hugh An-
the business imprint of Pen- are not OK with white peo- drews and Chief Executive
guin Random House that was ple…that’s a hate group,” Mr. Andy Sareyan said.
to publish Mr. Adams’s book, Adams said at one point in the “Recent comments by Scott
declined to comment further. video. “I don’t want to have Adams regarding race and race
Portfolio earlier published anything to do with them. And relations do not align with our
such books by Mr. Adams as I would say, based on the cur- core values as a company,” the
“Loserthink: How Untrained rent way things are going, the statement said. ‘Dilbert’ creator Scott Adams working on his comic strip in his California studio in 2006.
Brains Are Ruining America” best advice I would give to Kansas City, Mo.-based An-
and “How to Fail at Almost white people is to get the hell drews McMeel Universal syn- Universal has cut ties with anny of Big Tech,” a book by SCA’s Hachette Book Group
Everything and Still Win Big.” away from Black people…be- dicates Mr. Adams’s work and him. Missouri Sen. Josh Hawley. said it had canceled Woody Al-
Mr. Adams’s books are known cause there is no fixing this.” through its Andrews McMeel Book publishers in recent Sen. Hawley, who was the len’s memoir after an esti-
for their semi-humorous ad- Soon after, newspapers be- Publishing unit, also publishes years have been fast to cut first senator to announce he mated 75 to 100 Hachette em-
vice. gan announcing they were books by Mr. Adams such as ties with authors at the center would formally object to cer- ployees walked out of their
Mr. Adams declined to com- dropping “Dilbert,” a comic “Eagerly Awaiting Your Irra- of a controversy. tifying the election results, offices in protest of the com-
ment via text, but confirmed strip that has poked fun at tional Response.” One day after the Jan. 6, weeks later found a new pub- ing title. Mr. Allen found a
that Portfolio won’t be pub- corporate drudgery for de- Mr. Sareyan declined to 2021, insurrection, Para- lisher for his book, signing a new publisher weeks later in
lishing “Reframe Your Brain.” cades. comment when reached by mount Global’s Simon & deal with conservative book Arcade Publishing, an imprint
Portfolio is the latest busi- The USA Today Network, phone. Mr. Adams confirmed Schuster said it would cancel publisher Regnery Publishing. of closely held Skyhorse Pub-
ness associated with Mr. Ad- which includes hundreds of via text that Andrews McMeel the publication of “The Tyr- In March 2020, Lagardère lishing Inc.

Conservatives Go After ESG Investing in ‘Woke’ Battle

.
ly
BY JULIE BYKOWICZ
AND ANGEL AU-YEUNG

WASHINGTON—Conserva-
handle never consented to
having their money tied up in
what they consider to be lib-
eral causes. Investments, they
on
Leonard Leo, a longtime leader
at the Federalist Society, a net-
work of lawyers that grooms
conservative scholars, officials
BlackRock’s spending
on federal lobbying
$4 million
Chief Executive Larry Fink
have promoted ESG investing,
saying it is good business to
consider these factors when
this year, according to conser-
vative groups tracking the
states’ efforts. State bills this
year would prohibit state
tive activists are coordinating say, should be based solely on and judges. putting money to work. “Cli- agencies and managers of
us ,

a multimillion-dollar national returns. Marble Freedom Trust has 3 mate risk is investment risk,” state funds from considering
l

campaign to make ESG the received $1.6 billion in funding Mr. Fink said in his 2020 an- ESG factors in their invest-
e
al a

next CRT. House plans hearings from Chicago billionaire and 2 nual letter to CEOs. ments, and bar state agencies
Their goal: Transform the Opposition to ESG is about former manufacturer Barre Republican officials in Flor- from awarding contracts to
acronym for environmental, to get more national attention. Seid. Since then, it has distrib- ida, Texas, Louisiana and South companies that have ESG poli-
ci on

1
social and corporate-gover- The Republican-led House uted money to groups fighting Carolina pulled more than $4 cies that the state views as pe-
nance investing into a rallying plans hearings to highlight some of the top conservative billion in pension and invest- nalizing fossil fuels, mining,
cry against “woke capitalism,” what the conservative groups causes, including limits on 0 ment funds from BlackRock firearms and other industries.
much the way critical race and some GOP members view abortion and opposition to crit- 2018 ’19 ’20 ’21 ’22 starting last year. BlackRock GOP House committee lead-
theory became shorthand for as the politicization of invest- ical race theory, according to Source: Federal lobbying, brought in $230 billion from ers are planning hearings that
er s

broader criticisms about how ments. Potential GOP presi- tax records, advertisements and campaign finance records U.S. clients in 2022. they say will probe the extent
race is taught in schools. The dential candidates, including interviews. Also on that list is to which federal regulators
BlackRock fights back
m er

same conservative money is former Vice President Mike pushing back on ESG. ings. Those groups are distrib- such as the Securities and Ex-
behind both efforts, docu- Pence and Florida Gov. Ron “The ESG movement is pol- uting model legislation in state BlackRock spent $3.5 mil- change Commission are pres-
ments and interviews show. DeSantis, are talking about luting our culture and assault- capitals and providing talking lion on federal lobbying last suring the private sector to
ESG investments consider a how Democrats have forced ing the dignity and worth of points to state and federal law- year, more than in any previ- adopt ESG principles.
company’s climate-change ini- their agenda on companies people,” Mr. Leo said. makers. They are funding ads ous year, lobbying records Rep. Sean Casten (D., Ill.), a
m rp

tiatives, diversity and corpo- through ESG requirements. attacking companies that sup- show. Its political-action com- member of the financial ser-
rate transparency as financial A conservative nonprofit Model legislation pitched port ESG principles. mittee made more contribu- vices committee who recently
factors. Some of the largest called Marble Freedom Trust Some of the major voices in Some investment managers tions to candidates ahead of helped start a congressional
asset managers, including and its consulting firm, CRC Ad- the debate—including Consum- who had embraced ESG say last year’s midterms than in caucus on sustainable invest-
BlackRock Inc., have said tak- visors, are leading the anti-ESG ers’ Research, the Heritage they still believe it is a good any previous cycle, including ment, said Republican opposi-
co Fo

ing such things under consid- push and have spent more than Foundation, the State Financial idea in theory but that it has presidential-election years. tion to ESG is rooted in fear of
eration is good business. $10 million on the effort so far, Officers Foundation and the failed to live up to its promises. The contributions were to both a world less dependent on oil
A growing collection of mostly through the group Con- American Accountability Foun- BlackRock, the world’s larg- Republicans and Democrats. and gas producers. “When
conservatives disagree. They sumers’ Research, people famil- dation—all received grants from est asset manager, is a promi- A dozen states considered you’re not happy with how
argue that the people whose iar with the spending said. entities related to Marble Free- nent target of the anti-ESG anti-ESG legislation last year, capitalism is working, you
retirement plans the big firms The trust is overseen by dom Trust, according to tax fil- movement. The company and and at least 16 are doing so tend to call it ‘woke,’ ” he said.

iPhone droid users under the age of 25

were almost three times more
likely to prefer Apple for their
Jill Biden
Gains next smartphone than older
age groups, according to a poll Is ‘All for’
n-

last year by Canalys of 4,000

Ground individuals from the U.K., Ger-

many, Spain and Italy. Apple
users under 25 were more than
Husband
no

Continued from Page One

twice as likely as Android us-
ers of the same age to stick Running
YONHAP/EPA/SHUTTERSTOCK

latest Galaxy S23 Ultra that with their respective operating

brought a “wow” from Elon systems, the poll showed.
Musk on Twitter. Apps on an iPhone feel BY KEN THOMAS
In Samsung’s backyard, faster and more glitch-free,
where the brand’s Android even if the specs are similar to WASHINGTON—First lady
smartphones have held sway, an Android device, said Nicho- Jill Biden is suggesting that
Apple’s clout has been grow- las Leonzi, a 26-year-old retail President Biden is closing in
ing since the company opened Customers lined up in a Seoul Apple store in October as the iPhone 14 was released in South Korea. worker in London. He tried on a 2024 re-election cam-
its first store in South Korea out a Samsung Galaxy S21 Ul- paign, saying in interviews
in 2018. Apple has four stores growth for Apple after U.S. Share of worldwide premium world said they are attracted tra in 2021, which had “cool” there are few things that
in the country, where its mo- sanctions crippled another ri- smartphone shipments by by Apple-exclusive features features. A regular phone up- would prevent the 80-year-old
bile-payment system Apple val, Huawei Technologies Co. country in 2022 such as AirDrop, which en- grader, he reverted back to president from seeking a sec-
Pay will soon become available Samsung remains the ables easy sharing between Apple after a year. ond term.
for the first time. world’s largest smartphone U.S. 33% iPhones between friends, and Apple has grown by build- The first lady was asked in
Around 52% of people ages maker by overall shipments, a China 24
preferences for Apple’s pho- ing its products based on the an interview with CNN that
18 to 29 in South Korea were title it has held since 2012. tography and design. same operating system, help- aired Monday if there was any
using an Apple phone as of Even here, Apple is closing in U.K. 7 For years, Apple’s market- ing strengthen user retention chance her husband wouldn’t
2022, up from 44% two years on its rival. Samsung’s market ing has focused on taking cin- and brand loyalty. Android seek re-election in 2024. “Not
South Korea 4
earlier, according to polls by share has held about steady at ematic photos and videos. phones have far more players in my book,” she said in the in-
Gallup Korea. Samsung’s share around 21% for the past five Germany 4 Today’s top-end iPhone and in the mix because it isn’t a terview taped Saturday during
of this age group slipped to years, according to Canalys, Samsung Galaxy smartphone closed system like Apple’s. her trip to Africa, which in-
Japan 4
44% from 45% in that time, while Apple’s share climbed to have similar camera compo- “As younger consumers cluded stops in Namibia and
the polls showed. For all older 19% in 2022 from 15% in 2018. Others 24 nents and excel at capturing grow stickier to the Apple eco- Kenya. “I’m all for it, of course.”
age groups, Samsung phones High-end phones are critical quality high-resolution photos, system, it’ll become harder for In an interview with the As-
Note: Premium refers to smartphones
remain most prevalent. for phone makers as they bring priced at $800 and above said Choi Kab-soo, a travel Samsung to compete with Ap- sociated Press last week, Dr.
Chung Kyung-rim, a 22- in the biggest profits and Source: Counterpoint Research photographer in Seoul. ple,” said Nicole Peng, a Biden said there was “pretty
year-old student in Seoul, said showcase technological capa- Some differences in the Canalys senior vice president. much” nothing left to do but
nearly all of her peers use an bilities and leadership, said Apple didn’t respond to a color expression of the photos Samsung, which leads the figure out the time and place
iPhone. Apple’s reputation for Tom Kang, a Seoul-based direc- request to comment. might make people feel that Android segment, is working for the announcement.
prettier designs and good pho- tor at Counterpoint Research. In the U.S., where Apple ac- Apple’s phones take better pho- to catch up by focusing efforts She also noted in the AP in-
tos has stuck through the The pricier phone segment counted for 77% of the premium tos in everyday settings, said on making its products from terview Mr. Biden’s frequent
years, she said, though she represents a pocket of resil- smartphone market last year Mr. Choi, who uses an iPhone. phones to TVs to appliances, comments that he intends to
thinks Samsung’s devices have ience in an industry that has according to Canalys, one rea- Sarah Carrivale, a 24-year- and those of partner brands, pursue re-election.
improved in looks, she said. been sliding. Last year, global son for the popularity of old graduate student in Paris, work together in the most “How many times does he
Apple’s rise among young shipments of smartphones iPhones among young people has noticed more people hassle-free manner possible. have to say it for you to be-
people will likely help the U.S. priced above $800 grew 1%, has been the prevalence of around her age are using One bright spot for Sam- lieve it?” she told the AP in
firm’s position in the high-end while overall shipments of iMessage, Apple’s messaging iPhones—around 7 in 10, she sung is it is leading the fold- Nairobi, adding: “He says he’s
phone business that it has led. smartphones fell 12%, accord- app that is widely used and estimated. She switched to an able-phones category it helped not done. He’s not finished
Apple’s share of worldwide ing to Canalys. designates different colors for iPhone 12 two years ago, after pioneer. Sales of foldable what he’s started. And that’s
shipments of smartphones A Samsung spokesman iPhone users and Android users. using a string of Android de- phones represent less than 1% what’s important.”
priced at $800 and above noted preorder volumes for Elsewhere in the world that vices. She said she is satisfied of the smartphones shipped Mr. Biden is the nation’s
grew to 76% last year from the recently launched Galaxy is seen as less of an edge be- with the iPhone’s durability, worldwide, but their increased oldest president and would be
65% in 2018, while Samsung’s S23 smartphone series were cause third-party mobile mes- ease of navigation and cameras. popularity could boost Sam- 86 at the end of a second
declined to 17% from 27%, ac- higher than for the prior sengers are more mainstream, “Once you get an iPhone, in a sung’s future position in the term. People close to the pres-
cording to Canalys, a tech- year’s models, with 60% of from WhatsApp in Europe to way there’s no turning back,” premium category, analysts ident have said an announce-
market researcher. China has consumers choosing the most- KakaoTalk in South Korea. she said. said. Apple has yet to announce ment is expected in March or
been one major driver of expensive Galaxy S23 Ultra. Young people around the Across Western Europe, An- any plans for foldable phones. April.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

A6 | Tuesday, February 28, 2023 * **** THE WALL STREET JOURNAL.

WORLD NEWS
Fresh Drone Attacks Hit Ukraine U.S. Aims
To Court
Saudi foreign minister
goes to Kyiv as military
cooperation between
Ex-Soviet
Tehran, Moscow grows Republics
BY YAROSLAV TROFIMOV BY VIVIAN SALAMA

KYIV, Ukraine—Russia ASTANA, Kazakhstan—The

launched a new wave of Ira- Biden administration is wooing
nian-made drones against former Soviet republics in Cen-
Ukrainian cities, breaking a tral Asia, expanding its efforts
weekslong lull in such attacks, to prevent Russia from circum-
as its forces continued to venting Western sanctions
tighten their grip around the while providing an opportunity
embattled eastern city of for those countries to ease
Bakhmut. their reliance on Moscow.
Ukraine’s military said it Antony Blinken will make his
shot down 11 out of 14 Iranian- first visit to the region as secre-
made Shahed drones late Sun- tary of state on Tuesday, with
day and early Monday, includ- stops in Kazakhstan and Uzbeki-
ing all nine that were aimed at stan. He will meet officials from
the capital city of Kyiv. The re- Kazakhstan, Kyrgyzstan, Tajiki-
maining three drones, however, stan, Turkmenistan, and Uzbeki-
hit targets in the central city of stan, a bloc that together with
Khmelnytskyi, with explosions the U.S. is known as the C5+1.
there killing two rescue work- The C5+1 summit comes
GLEB GARANICH/REUTERS

ers and injuring three other against the backdrop of the

people, according to the local anniversary of the Russian war
government. Russia also fired in Ukraine, which has dealt a
S-300 missiles at the southern blow to economies around the
city of Zaporizhzhia overnight, world. Central Asian states are
hitting an infrastructure site desperately looking to ease
but causing no casualties, the The Ukrainian military used a searchlight to spot drones in the sky over Kyiv early Monday during a Russian strike on the capital city. their reliance on Moscow for
local government said. trade, security and more.
Hours earlier, a drone attack “Our main goal is to show
on a military airfield near the Yellen Visits Kyiv, top Ukrainian officials, including lion tranche of economic aid. the IMF to establish a funding that the United States is a reli-
Belarusian capital of Minsk President Volodymyr Zelensky, Mr. Zelensky’s government, program for Ukraine. IMF Man- able partner, and we see the
knocked out a Russian A-50 air- Offers More Funds and discussed the rollout of unable to borrow on international aging Director Kristalina Geor- difficulties that these econo-
borne early warning and con- about $10 billion in financial as- bond markets, estimates that it gieva traveled to Ukraine on mies are facing—high food

.
trol plane, one of a handful in sistance, part of a $45 billion would need about $38 billion in Feb. 21, and officials are hoping prices, high fuel prices, high
Russia’s arsenal, Belarus’s op- KYIV, Ukraine—Treasury Sec- package of measures to sup- financing this year from foreign unemployment, difficulty in ex-

ly
to have a program in place by
position said. The strike on Ma- retary Janet Yellen visited Kyiv, port Ukraine’s defense and U.S. supporters to keep functioning. the end of March. porting their goods, slow post-
chulishchy airfield was carried the latest high-profile trip aimed allies that Congress approved in Kyiv is in talks with the In- “We are committed to pro- Covid recovery, and a large in-
out by two Belarusian parti- at sending a message of U.S. December. ternational Monetary Fund viding you with the security as- flux of migrants from Russia,”
sans, said Franak Viacorka, an
adviser to the country’s exiled
opposition leader, Sviatlana
Tsikhanouskaya. While Moscow
commitment to supporting the
country’s defense against Rus-
sia’s invasion, including with fi-
nancial aid.
on “The United States has your
back—and we will stand with
you for as long as it takes,” Ms.
Yellen said, announcing the dis-
about a loan program that it
hopes would bolster trust in its
economic management and en-
courage other financial contribu-
sistance you need to defend your
country,” Ms. Yellen said during a
meeting with Mr. Zelensky.
—Marcus Walker
Assistant Secretary of State
Donald Lu told reporters ahead
of the trip. “We are working to
support people in the region.”
hasn’t commented on the at- Ms. Yellen met Monday with bursement of the first $1.2 bil- tions. Ms. Yellen is pushing for and Andrew Duehren Russia’s invasion of Ukraine
us ,

tack, Russian military officers has unnerved leaders in this

l

and analysts on social media region, given Moscow’s sub-

e
al a

confirmed that a serious inci- cruise missile and drone at- While beefed-up Ukrainian The growing military coop- Prince Faisal bin Farhan visited stantial influence, U.S. officials
dent occurred at the airfield. tacks on Ukrainian cities has air defenses in Kyiv and a hand- eration between Russia and Kyiv on Sunday, meeting Presi- said.
Airfields deep inside Russia declined significantly this ful of other major cities have Iran has alarmed Tehran’s ri- dent Volodymyr Zelensky and Countries in the region
ci on

repeatedly have been targeted year. Western and Ukrainian become efficient against the vals, Saudi Arabia and Israel. signing an agreement to pro- have been wary of endorsing
by suspected Ukrainian drones intelligence officials say Rus- drone threat, smaller cities in While refusing to join Western vide $100 million in humanitar- Russian President Vladimir
in recent months, with some sia’s reserves of cruise mis- the country’s interior represent sanctions on Russia or to sup- ian assistance and a grant of Putin’s aggression, but their
of the strikes hitting strategic siles are running low—one of a more vulnerable target. ply weapons to Ukraine, both $300 million in oil derivatives. geographic isolation and de-
bombers used to launch cruise the reasons why Moscow in- Ukraine is due to receive a sig- countries in recent weeks have Israeli Foreign Minister Eli Co- pendence on Russia has pre-
er s

missiles into Ukraine. creasingly is relying on much nificant boost in its air defenses signaled increasing support for hen also traveled to Kyiv to vented them from fully turn-
The frequency of Russian cheaper Iranian drones. in coming months. Kyiv. Saudi Foreign Minister meet Mr. Zelensky this month. ing their backs on Moscow.
m er
m rp
co Fo

P O D C A ST

Expert Insights to Work Smarter

and Advance Your Career
n-

If one word defines the landscape of work right now, it’s “uncertain.”
From mass layoffs to office politics, how should you navigate the modern
workplace? In Season 5 of As We Work from The Wall Street Journal,
no

host Erin Delmore interviews experts with actionable advice for working
smarter and advancing your career. Listen to a new episode each week,
wherever you get your podcasts.

LISTEN NOW
©2023 Dow Jones & Co, Inc. All rights reserved. 6DJ9285
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. NY / NE Tuesday, February 28, 2023 | A6A

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp

UCLA Health Jonsson Comprehensive

Cancer Center has a long history of
leadership in breast cancer research.
co Fo

In just the past several years, four

new breast cancer treatments tested
at UCLA earned approvals from the
U.S. Food and Drug Administration and
more than 20 clinical trials are ongoing.
n-

In the 1980s, Dr. Dennis Slamon, Director

of Clinical/Translational Research, found a
no

mutation in the HER2 gene common to a

very aggressive form of breast cancer. This
research and subsequent clinical trials led
by UCLA resulted in the development of a
drug called Herceptin, now the standard
treatment for HER2-positive breast cancer,
which accounts for about 20% of cases.

Dennis J. Slamon, MD, PhD

Revolutionizing Breast Cancer
Research and Treatment

[Link]
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

A6B | Tuesday, February 28, 2023 NY / NE THE WALL STREET JOURNAL.

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. * * * * Tuesday, February 28, 2023 | A7

WORLD NEWS

Watchdog Report Criticizes Swift Afghan Departure

BY BEN KESLING tributed to the military col- DoD has contributed to and fa- antees from the Taliban. said. But Mr. Biden made an months after the rapid col-
lapse there, said the report by cilitated their work—a fact the Afghan officials, who the even more-abrupt exit than lapse of the Western-backed
A government watchdog the Special Inspector General report echoes in its opening inspectors said bear a large anticipated by Afghan allies, government in Kabul, which
said an abrupt, uncoordinated for Afghanistan Reconstruc- pages,” said Pentagon spokes- share of blame for the Afghan according to the report. led to bipartisan criticism of
withdrawal from Afghanistan tion. The document also calls man Lt. Col. Rob Lodewick in a National Defense and Security The Pentagon disagreed how the Biden administration
and years of problems with out the Department of Defense statement. He added that DoD Forces collapse and Taliban with some of the report’s key handled the withdrawal.
planning and oversight of U.S. for delaying answering official takes exception to SIGAR’s as- takeover of the country, be- findings, including that the The Afghan forces were de-
assistance contributed to the inquiries, missing deadlines sertions of noncooperation. lieved the Biden administra- U.S. forces abruptly quit the pendent on U.S. contractors for
collapse of the Western- and providing incomplete an- The inspector general laid tion wouldn’t hew to the country and cut off assistance support, including supply and
backed government in Kabul swers to questions. blame on U.S. administrations agreement, because they con- to Afghan allies. In its re- maintenance, and when the U.S.
and the Taliban takeover of The Defense Department going back to George W. Bush, sidered it a poorly negotiated sponse it said U.S. officials pulled those personnel from
the country soon after Ameri- said in a written response in- but the report cites as a piv- deal, according to the report. were in touch with Afghan the country in June 2021, the
can forces departed, according cluded in the report that it co- otal turning point the 2020 “The character of the with- leadership during the period Afghans abruptly lost those ca-
to a report released Monday. operated with the probe, and Doha Agreement, when the drawal left many Afghans with before withdrawal, assuring pabilities, according to the in-
Poor accountability of disputed the characterization, Trump administration pledged the impression that the U.S. them it would continue to pro- spector general. “Even the U.S.
weapons and equipment pro- saying it provided written re- to withdraw American troops was simply handing Afghani- vide security assistance. military underestimated the
vided to Afghanistan, and a sponses to the questions. and contractors from the stan over to a Taliban govern- The congressionally man- significance of pulling contrac-
lack of systemic planning con- “Since SIGAR’s inception, country in exchange for guar- ment-in-waiting,” the report dated report comes about 18 tor support,” the report said.

ing from scientific research, Good Friday Agreement that

U.K., EU security and controls on illegal
immigration, officials say.
brought peace to the region
was being put at risk if the as-
“It doesn’t mean it will all be sembly wasn’t functioning.
Agree on sweetness and light,” said Rory
O’Donnell, a former U.K. gov-
Monday’s agreement was
widely seen as an attempt to
ernment negotiator and partner soften the protocol without
Trade Deal at investment group Penta.
“But it does mean you can have
undoing it altogether. The deal
confirms that Brexit has forced
a serious conversation without Britain to cede some sover-
Continued from Page One this issue in the background.” eignty over Northern Ireland.
to support Ukraine,” Mr. Sunak First, though, Mr. Sunak The question is how much and
said. “This is the beginning of a must persuade his own law- whether Mr. Sunak can push
new chapter in our relation- makers and pro-U.K. unionists all sides to accept the terms.
ship.” in Northern Ireland. The North- On Monday, the U.K. and the
President Biden hailed the ern Ireland issue goes to the EU said goods going from Brit-
deal as “an essential step to heart of what Brexit was about ain to be sold in Northern Ire-
ensuring that the hard-earned for many of its supporters: land wouldn’t require customs
peace and progress of the Bel- Britain regaining control over checks. Goods going onward to
fast/Good Friday Agreement is its own laws and regulations. the EU would need to be
preserved and strengthened.” Former Prime Minister Boris checked. Mr. Sunak also said the
The British pound rose 0.7% Johnson signed the protocol U.K. government would have the
to $1.2030 on Monday. deal to avoid a disorderly power to block new EU laws
DAN KITWOOD/PRESS POOL

.
Mr. Sunak now will have to Brexit divorce from the EU. with which the Belfast Assembly
sell the agreement to his Con- The deal effectively left didn’t agree. Britain will also get

ly
servative Party and pro-U.K. Northern Ireland in the EU’s the power to set rules around
unionists in Northern Ireland. customs union and subject to state subsidies and value-added
They have complained that a some of the bloc’s laws and tax in Northern Ireland, which it
2019 Brexit divorce deal left
Northern Ireland cut off from
the rest of Britain. If Mr. Su-
nak, who took over as prime
on
Rishi Sunak, left, and Ursula von der Leyen represented the U.K. and EU in Windsor, England, on Monday.
rules over which the people of
Northern Ireland had no say. It
also meant goods traveling
within two parts of the U.K.
previously didn’t have.
Some analysts said these are
meaningful concessions by the
EU, but they might not appease
minister in October, meets Charles III met on Monday with significant progress has been se- neighbors. The Biden adminis- would be subject to EU cus- the DUP. Under this agreement,
us ,

with success, his leadership Ms. von der Leyen to discuss a cured,” but that it needed time trationhas expressed concern toms checks and different tax EU courts would continue to
l

will be given a big boost. If he range of issues. Some Conser- to evaluate the agreement. In a about the EU and U.K. remain- regimes. Polls show the deal is have the ultimate say over
e
al a

fails, he will be only the latest vative lawmakers and Northern sign of potential problems, some ing at loggerheads as the West popular with most people in some rules in the province.
Conservative prime minister Ireland unionist politicians crit- DUP members said the changes looks to present a united front Northern Ireland. EU officials said changes to
to be undone by Brexit. icized the timing of the meet- didn’t go far enough. against Russia’s attack on But it infuriated the DUP, the text of the protocol will be
ci on

Mr. Sunak said that the U.K. ing, saying it wasn’t appropri- The debate over the status Ukraine. Washington spent which pulled out of a power- agreed upon by the U.K.-EU
Parliament would get to vote ate for the king to be seen as of Northern Ireland has stood months pressuring the two sharing agreement last year Joint Committee, which over-
on the deal at the appropriate getting involved in politics. for years as a symbol of both sides to find a resolution. aimed at giving the province a sees the implementation of the
time and that the outcome of The pro-U.K. Democratic the political upheaval caused The deal, if successfully im- degree of self-rule and easing Brexit agreement and ap-
the vote would be respected. Unionist Party in Northern Ire- by Brexit and the complicated plemented, could lead to a re- political tensions. The U.K. and proved by EU member states.
er s

As a sign of the political land, which has led the protest state of relations between newed cooperation between some EU member states have A decision is expected in the
stakes for Mr. Sunak, King against the protocol, said “that Britain and its European the two sides on issues rang- voiced concern that the 1998 next few weeks.
m er
m rp

THE BRAVEST HEARTS

DESERVE THE HELP OF THE
co Fo

BRIGHTEST MINDS.
n-
no

The Quality of Life Plus Program brings together America’s brightest students at leading
universities to create life-transforming, assistive technology for our country’s wounded heroes.

Please help support us so we can continue to help them. [Link]

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

A8 | Tuesday, February 28, 2023 THE WALL STREET JOURNAL.

FROM PAGE ONE

neoprene gloves—to his home
Surf’s Up, and the car wash-style three-
nozzled shower he uses to de-
ice himself.
In Duluth, Mr. Carlson, who teaches
surfing and other sports at the

In Winter University of Minnesota, Duluth,

proclaimed the day a success
but pointed out blizzard surfing
isn’t for everyone. “A day like
Continued from Page One this would absolutely horrify my
city on the shores of Lake Supe- students,” he said.
rior. It happens a few dozen On the day before the bliz-
times a year, mainly from Sep- zard, Greg Isaacson dropped by
tember to April, surfers said. The Back Alley. Mr. Isaacson

TIM GRUBER FOR THE WALL STREET JOURNAL

Epic snowstorms like the one started surfing Duluth’s best
last week bring glee to the un- known surf spot, Stoney Point,
usual breed known as Midwest- back in the mid-1970s.
ern surfers. He had spent some time in
On Wednesday, the day be- California and Hawaii, but
fore the big blizzard, Jerome hadn’t really realized how big
Fischer was giddy with anticipa- the waves on Lake Superior
tion of the next day’s swells. could be until the epic Novem-
The owner of Duluth’s first and ber 1975 storm that produced
only surf shop didn’t expect waves so big they sank the Ed-
much business the following mund Fitzgerald, a Great Lakes
day—he said customers knew he Surfers crossed the road to surf in Lake Superior in Two Harbors, Minn., on Thursday, during a blizzard that kicked up waves. freighter that became the sub-
would be out surfing. “If there’s ject of a Gordon Lightfoot song.
good surf, shop’s closed,” he According to water wave drift, that was a given. And with hard to get consensus.” up paddleboard, this time, Within a year, he had purchased
said. physics, Mr. Downing said, Du- the air temperature at 5 de- After a brief hike through a steering clear of floating snow a thick wetsuit and was surfing
Located just down the road luth is “one of the places that grees, he wondered if he’d be snowy forest, the four surfers and ice and scoring ride after “perfect waves” on the lake.
from a brewery and a fireplace has the highest potential for slowed down by floating snow spent an hour in some rough ride on waves that got as big as Overall growth in the sport
store, Mr. Fischer’s shop, named major waves” on the Great or ice chunks in the water, or water but caught only a few 8 feet during the day, the surf- and advances in wetsuit tech-
The Back Alley, is the cultural Lakes, because it sits at the end even possibly slipping and ding- good waves. The winds and cur- ers estimated. When he nology have helped surfing in
center of Duluth’s surf scene. of a 300-mile-long deep stretch ing his surfboard on the icy rent and relentless, smashing emerged from the water, he had the frigid waters—official tem-
The largest recorded wave on of Lake Superior that receives rocks of the beach. But most im- waves made it difficult to get a full-on ivory white ice beard peratures were around 33 de-
the Great Lakes was a 28.8-foot mighty blasts of cold arctic air. portant, he worried where the into position. and his black wetsuit was en- grees in recent days—take off in
monster picked up in 2017 by a These conditions are ideal for best break would be that day. The surfers then decided to cased in ice. “I look like a Mar- the past decade. “I always say,
measurement buoy on Lake Su- whipping up waves that rise as After a 16-minute call with dust the snow off their wind- vel cartoon character,” he said, ‘what’s the water temperature?
perior about 250 miles east of they hit the coastal shore. another surfer to discuss the shields and drive to a more-pop- not inaccurately. It’s liquid ice, dude,’ ” Mr. Isaac-
Duluth, near Marquette, Ahead of Mr. Carlson’s bliz- best location, the two decided ular break, near an old fish After de-icing his surfboard son said.
Mich., according to John Down- zardy surf day, the National to meet up with another pair of hatchery with a basement con- leash with some warm water, Surfers can be found in
ing, director of the Minnesota Weather Service was calling for surfers at a little-known break verted into a surf shack, at the placing a plastic sheet on his Grand Haven, Mich., Marquette,
branch of Sea Grant, a govern- waves as big as 16 feet, but he about 25 miles northeast of the mouth of the Lester River. seat and a towel to protect his and Sheboygan, Wis. “Sheboy-
ment-funded water science or- had a few concerns. The risk of city. “These guys,” he said, There, Mr. Carlson put in an- floorboard, Mr. Carlson drove— gan is the Malibu of the Mid-
ganization. getting his SUV stuck in a snow- “Their brains are spinning. It’s other two-hour set on his stand- still wearing his wetsuit and west,” Mr. Isaacson said.

.
Indonesia ers to trace. entities controlled by relatives

ly
Indonesia’s virgin forest loss has sharply declined due to government and corporate actions.
Key to the family’s success and joint-venture partners un-
was a trading firm Mr. Sitorus BRUNEI der one corporate group,

Safeguards co-founded in Singapore in

1991 called Wilmar Interna-
tional Ltd. Now the world’s
on MALAYSIA

MALAYSIA
which in 2019 it branded as
KPN Corp.
After Greenpeace’s report,

Rainforests largest trader of palm oil, Wil-

mar bought the commodity
from Indonesian plantations
“the need to consolidate the
family business under a single
corporate holding, subject to
us ,

and sold it to companies such an ambitious and viable sus-

l

Continued from Page One as the makers of Oreo cookies, EO

tainability policy became pain-
e
BORN
al a

palm oil came from a company Dove cleansing products and Area of detail
fully clear,” Gama said in 2018.
that was clearing forest. KitKat chocolate bars. Mr. Sitorus and Mr. Ganda
SU

Indonesian palm oil compa- In 2015, fires ripped didn’t respond to requests for
ci on
M

nies were opposed at first. through Indonesian forests, comment sent to KPN.
AT

IN
RA

They pursued lawsuits against the worst fires Indonesia had D

KPN declined to comment
government actions, lobbied seen in more than a decade. Forest cover O on the pressures that led to its
NE
politicians and masked their They began as forest fires in Forest loss 2001-16 S I A overhaul. In 2019, the com-
dealings with opaque corpo- Indonesia often do, with plan- Loss 2017-21 pany said that intervention by
er s

Jakarta
rate structures. In the end, it tation businesses and farm- 200 miles the Indonesian government,
became clear to many they ers using the dry season to JAVA 200 km nongovernmental organiza-
m er

had to either overhaul their burn trees and expand crop- In 2017 deforestation began declining, tions and palm oil buyers had
businesses or risk losing them. land, although clearing by that following a government crackdown. put an end to its developing of
The shift in Indonesian means had long been illegal. forestland into new planta-
Primary Forest Loss
rainforests’ fortunes is evident At the fires’ peak, the rain- tions.
on the western edge of Bor- forests were emitting more A KPN spokeswoman said
m rp

4 thousand square miles Loss from fire

neo, the big island shared carbon per day than the U.S., Total by email that since 2018, its
mostly by Indonesia and Ma- according to the World Re- 3 plantations have “made tre-
laysia. For years, a Borneo op- sources Institute, a global en- mendous progress on our
2
eration that is part of a fam- vironmental research organi- evolving sustainability journey
ily’s palm-oil empire drained zation with offices in the U.S. 1 despite facing many chal-
co Fo

and cleared vast stretches of and Indonesia. Indonesian lenges.” She provided a com-
swampy rainforest to plant President Joko Widodo cut 0 pany sustainability report that
palm trees. short a visit to the U.S., evi- 2002 ’05 ’10 ’15 ’20
described headway on envi-
In a large section of that dence that the disaster had ronmental goals such as pro-
operation’s 50,000-acre Bor- disrupted his investment Sources: Google, Hansen, NASA, UMD, USGS (forest cover map); Global Forest Watch (forest loss) Marcus Peabody/The Wall Street Journal tecting orangutans and dam-
neo concession, cleared of for- agenda. ming peatland canals.
ests in the years up to 2017, Over the next four years, The environmental group of an Oreo cookie appeared, deforestation and to map and After the sprawling business
rows of oil-palm trees blanket his administration imposed Greenpeace dug into Messrs. labeled “Forest Destruction monitor all palm oil planta- adopted new policies, Wilmar
the area. On a recent day, new restrictions on forest- Sitorus and Ganda’s loosely Flavor” and featuring an illus- tions,” the spokeswoman said. started buying from it again.
workers were using metal- clearance permits, beefed up organized network, then tration of a bulldozer destroy- Nestlé SA deployed a satel-
tipped poles to pick palm fruit firefighting resources and cre- known as Gama, and deter- ing forest. An animatronic lite-based monitoring system
to be sent to a processing mill. ated an agency to reinfuse mined in 2018 that some of orangutan prowled a replica of to track palm oil suppliers. No certainty
The other side of the con- once-swampy forestland with the plantations connected with burning forest outside one of Unilever published a list of Environmentalists caution
n-

cession, once also marked for water. State prosecutors sued the group had recently razed Mondelez’s U.K. offices in No- hundreds of companies in In- that for Indonesia’s break-
deforestation, remains lush companies accused of setting forests. vember 2018. donesia and elsewhere it through to endure, its govern-
rainforest. Canals built to or ignoring fires, and although The investigation led to a Wilmar soon put out a wouldn’t buy from, listing ment must keep up the mo-
drain the land for palm-tree many such cases languished, shake-up in which Wilmar an- statement, co-signed by Mon- their longitudes and latitudes. mentum. Some worry that a
no

planting have now been some ended in stiff penalties. nounced that it would stop delez and Unilever, saying that “It’s a bit like Russia now, recent investor-friendly law
dammed. The operators are One palm-oil producer ar- buying palm oil from compa- the trading firm’s commitment [Gama network members] could hurt conservation and
replanting native trees along gued in court that fire data nies that were associated with to stop buying from deforest- were being boycotted by ev- that future administrations
riverbanks to fight erosion. from satellites was error- the Gama network. Wilmar ing suppliers had been ham- erybody,” said Eric Wakker, may overlook forest protec-
They work with conserva- prone and misinterpreted, but sought to show it was sepa- pered by “opaque ownership a Dutch environmental consul- tion.
tion authorities to protect re- lost the case and was assessed rate from Gama, and said that structures some companies tant Gama hired to help it Others note that deforesta-
maining orangutans and are a $30 million penalty. When despite positions held at Wil- have in place.” To resolve that, build a clean network. tion, while sharply reduced,
trying to help locals find work the producer then sought mil- mar by Mr. Sitorus and some Wilmar said it was in the pro- “The first thing we had to remains significant, in part be-
alternatives to palm oil, such lions of dollars in damages relatives, Wilmar didn’t exer- cess of requiring all suppliers do,” Mr. Wakker said, “was go cause some farmers and plan-
as raising chickens. A road from a forest-fire expert who cise management control over to provide details of through a long list of compa- tations are able to skirt envi-
guard watches for trucks used had testified against it, the Gama or vice versa. Mr. Sito- their groups’ entire holdings. nies we believed were associ- ronmental commitments by
by illegal loggers. tactic caused a public outcry rus stepped down from Wil- A Mondelez spokeswoman ated with them. But to their selling palm oil and other
“What you see here is the and forced the firm to back- mar’s board the next month. said that the company has credit, they completely opened commodities domestically or
system starting to work,” said track. Greenpeace pressured worked for years to make sure up the books.” to less-scrupulous interna-
Paul Polman, who from 2009 palm-oil buyers to drop Wil- palm oil it uses is produced At Gama, he said, “their tional traders. The extraction
to 2019 was the chief execu- mar until the trading firm sustainably, and that it was only question at the time was: of other commodities such as
tive of British consumer-goods Protecting peat could prove its supply wasn’t the first multinational con- ‘Really, how do we get back nickel and coal also contrib-
giant Unilever PLC, a major The Indonesian government tainted by deforestation. Out- sumer-goods company to re- into the supply chain?’” utes to forest loss.
user of palm oil. was especially serious about side the headquarters of one quire suppliers to trace all the Gama issued orders to all of The largely successful push
In Indonesia, which is home peatlands—swampy forest buyer, the Mondelez Interna- palm oil they sell. “Since 2018, the plantations linked to it to to reduce deforestation for
to much of the world’s third- with underground reservoirs tional Inc. snack-food com- we have called for our suppli- stop clearing forests. In 2018, palm oil in Indonesia means
largest tropical rainforest af- of carbon-rich and highly pany, a 5-foot representation ers to act faster to eliminate it brought 25 palm-oil-related that buyers such as snacks and
ter those in Brazil and central flammable peat. Authorities cosmetics makers can no lon-
Africa, industrial agriculture not only sought to end peat- ger count on seemingly end-
expanded aggressively starting land deforestation but en- less new supplies. Global oil
in the 1980s. By 2015, 6% of forced regulations that re- palm fruit output rose 22%
Indonesia’s land area was cov- quired companies to raise from 2015 to 2018 but slowed
ered by palm-oil plantations, peatland water levels to to just 1% growth from 2018 to
as domestic and regional in- within 16 inches of the sur- 2021, according to United Na-
vestors took advantage of in- face, partly to reduce the se- tions data.
expensive land and labor to verity of any fires. Unilever said in 2021 that
mint fortunes. The Wilmar trading firm the reduced palm oil expan-
Among them was entrepre- co-founded by Mr. Sitorus had sion could lock in higher
neur Martua Sitorus. He, along said as early as 2013 that it prices for years. The company
with his brother Ganda and a wouldn’t buy palm oil from is part of a venture with a bio-
MUHAMMAD FADLI FOR THE WALL STREET JOURNAL

network of relatives and busi- producers that destroyed rain- tech firm seeking to develop
ness associates, amassed land forests. Parts of the loosely an alternative.
in Indonesia to grow palm structured Sitorus/Ganda KPN now controls half a
trees and export oil obtained palm-oil network honored in- million acres of plantations, an
from crushing its fruit. dustry no-deforestation rules. area that is equal to 34 times
The network had links of The concession in western the size of Manhattan, yet is
varying types to at least two Borneo, which sits on a large much smaller than the net-
dozen plantation companies, peat dome, was ordered by the work once was aiming to
including the Borneo conces- government to stop clear-cut- amass.
sion that is partially cleared ting. Some plantations in “Market demand forces a
and about half still rainforest. places where enforcement was company to fall into line with
The connections to plantations weaker, such as far-eastern In- a common approach to sus-
dispersed across Indonesia donesian Papua, continued tainability,” said Mr. Wakker,
long were difficult for outsid- razing forests. One palm oil plantation grows plants in a nursery to help in restoring local vegetation to certain areas. the environmental consultant.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, February 28, 2023 | A9

What you can do

While much of the screen-time re-

Larger Issues
search thus far has resulted in no-
duh findings, those findings have
helped us come up with some ba-
sic rules for screen-time manage-
ment. While every family must

Distort Debate
adapt the rules to its own situa-
tion, they can provide a helpful
road map.
Based on all the research I’ve

On Screen Time
read, here are the five screen-time
commandments:

 No screens at the dinner table.

Many families already struggle to
eat dinner together regularly due
to busy schedules, so when they
do have a chance to gather, it’s im-
portant that screens aren’t pres-
ent. Family meals, involving at
least some members of the family
just two to three times a week,
confer numerous protective bene-
fits for kids’ mental and physical
health.

 No screens in the bedroom. Late

at night when kids are unsuper-
vised is often when they get into
trouble on their phones. Late-night
scrolling also detracts from sleep.
Google and Apple have made it
easier for parents to set up paren-
tal controls on Android and Apple
devices.

 No screens for babies. Babies

don’t understand what they are
seeing on a screen, according to
Dr. Law. That’s why the American
Academy of Pediatrics recom-
mends that, for the first 18 months

.
of life, babies’ screen time should
be limited to video chatting with

ly
ILLUSTRATION BY EGLE PLYTNIKAITE

Grandma. When you do introduce

screens to young children, join
them in watching, doctors say, to
on help kids make sense of what they
are seeing.

 Stick to smart, positive content.

The types of videos kids watch or
us ,

the posts they see can make all the

l

difference in their mental health.

e
al a

Watching some amount of junk

FAMILY when it comes to screen time. play videogames for hours and be isn’t likely to result in harm. It’s
& TECH Researchers from Harvard’s just fine, while others might suffer when kids venture down danger-
ci on

Affluent children have

JULIE Graduate School of Education in school or face mental-health ous rabbit holes that screens can
JARGON found no relationship between the better outcomes when it problems after too much time on- do damage.

T
amount of time 4- and 5-year-old line. The economic realities of
children spend on mobile devices
comes to the question of child care make supervising kids’  Take regular breaks. Kids don’t
his is my final column and their language development— whether screens are bad. screen use difficult for many fami- have to do a month-long digital
er s

on kids’ screen time. At when also taking into account lies, whose kids suffer unfairly as detox to derive benefits from a
least for a while. household income, parent educa- a result. Screens aren’t ciga- break. You can set aside time each
m er

Why? By now, screen tion and reading in the home. rettes—they may be addictive, but day when your kids don’t use
dangers are well estab- Whether it’s with a television, on in kids’ homes. they don’t inherently cause harm. screens at all, or designate a week-
lished. Numerous stud- tablet or phone, no singular as- Screens, it turns out, are a Some research has already end day as being screen free.
ies have shown that kids shouldn’t pect of screen use is going to ruin proxy for family dynamics. shown that kids in homes with When teens and young adults cut
watch hours of brainless garbage your child’s development—just “We need to look at the qual- lower incomes, lower parental edu- their social-media use in half for
m rp

on their iPads. A new study found like eating a candy bar from time ity of parent-child interactions cation levels and poor maternal just a few weeks, they felt signifi-
that 1-year-olds who watched a lot to time likely won’t derail your and at the whole context of mental health spend more time on cantly better about their weight
of TV had a harder time paying at- health. And, perhaps unsurpris- what’s going on in the home,” screens, watching more entertain- and appearance, compared with a
tention by the time they were 9. ingly, we’ve come to realize the says Evelyn Law, an assistant ment than educational content, group who didn’t.
(My five screen commandments impacts screens have on kids are professor of pediatrics at the Na- compared with kids from wealthier Yep, that’s from yet another
co Fo

come later in this column.) nuanced and individualized. When tional University of Singapore, families. The Harvard researchers new study.
In the midst of the “screens are I asked researchers involved in who helped conduct the study in- said future studies should measure With that, I will spare you any
bad” deluge, one study stands out. It some of the studies above what volving TV-watching babies. the home literacy environment of further kids-and-screen-time col-
shows a simple but profound reality: comes next, they said they want That could explain why some young kids and capture the com- umns…at least, until some revela-
Affluent kids have better outcomes to probe deeper into what’s going kids can watch a lot of YouTube or plexities of daily family routines. tory new research comes out.

Sotheby’s to Auction all things MJ.

In 2021, Sotheby’s sold a pair of
Nikes from his rookie year for
n-

$1.472 million, shattering a previous

Michael Jordan Kicks record for Jordan’s sneakers set just

a year before. Also in 2021, a jersey
from his days at the University of
no

North Carolina fetched $1.38 million

ON TREND the Chicago Bulls, Mr. Hallam re- at Heritage Auctions in New York.
ceived the individual shoes directly The next year, Sotheby’s sold a Jor-
JACOB from Mr. Jordan after the final dan-worn jersey from the opening
GALLAGHER buzzer in the Hall of Famer’s cham- game of the 1998 NBA finals for
pionship games, according to So- $10.1 million

S
theby’s. There are many humorous These six Air Jordans are being
otheby’s auction house will un- photos of Mr. Jordan hobbling offered for sale in 2023, which fans
veil on Tuesday in Dubai what around the locker room with only have dubbed “the Jordan year” in
many sneaker collectors con- one shoe on after these games. (Mr. reference to his jersey number. The
sider to be the holy grail: the “Dy- Hallam did not respond to an in- start of the sale also comes just be-
nasty Collection,” or six Nike Air Jor- quiry as to whether he paid Mr. Jor- fore the release of “Air,” the Ben Af-
dan sneakers that Michael Jordan, dan for the shoes.) fleck-directed movie about Nike se-
His Airness himself, wore during the Mr. Hallam, who no longer owns curing Mr. Jordan’s endorsement.
six NBA championship games the the shoes, but who does still work Sotheby’s believes the six sneak-
Chicago Bulls won in the for the Bulls franchise, de- ers “might demand a higher price”
1990s. clined to speak about their than the $10.1 million jersey sale,
The price for the resale. “I really don’t according to Brahm Wachter, head
collection, on offer in have much to say of streetwear and collectibles at the
a private sale? So- other than I’m happy auction house.
theby’s won’t dis- that the shoes are The surge of sneakers and jer-
close it. But to being seen by so seys arriving at high-end auction
sneaker collectors, many people,” he houses reflects how the resale
it’s close to priceless: said. The set had pre- world has tipped younger in recent
These shoes are like viously been on dis- years. Sneakers “have reached the
the Mona Lisa, the Da- play, though not for sale, level of art,” said Ms. Dunbar, “They
vid and a few of Monet’s in July 2022. have become items in portfolios as
Water Lilies rolled into Six distinct Air Jor- well as cherished keepsakes.” The
one. Memorabilia experts The sneakers were dan models, all de- along its white panel, while the Jor- “I would think at least $20 mil- current sneaker record-holder is a
place their value well into worn by Michael signed by Tinker Hat- dan VI from 1991 is crackled and yel- lion…maybe $100 million” for the col- Nike Air Yeezy 1 Prototype model,
the millions, which would Jordan during the field, comprise the lowed, reflecting its advanced age. lection’s potential sale price, said Jor- which sold in 2021 for $1.8 million.
FROM TOP: SOTHEBY’S; ANDREW D. BERNSTEIN/NBAE/GETTY IMAGES

make the collection the six championship collection, beginning When explaining his incipient col- dan Geller, a collector who at one The Dubai premiere also reflects
most expensive set of games the Bulls with 1991’s black-and- lection to sports columnist Bryan point held the Guinness World Re- Sotheby’s plans to reach broader
shoes ever sold. won in the 1990s. red Air Jordan VI and Bloodworth in 1997, Mr. Hallam said, cord for the world’s largest sneaker markets. “It’s certainly possible” the
“Because of the histori- ending with the sleek “I don’t play; I don’t score; I don’t re- collection. “It’s as rare as rare gets.” buyer could be a Dubai local, said
cal and cultural impact that Air Jordan XIV from bound, so the [championship] rings Driving up this potentially eye-wa- Mr. Wachter, noting that Sotheby’s
they represent, as a group 1998. (Mr. Jordan don’t mean quite as much to me as tering sum is a broader sports-mem- is also sending the sneakers on tour
they are among the most important signed with Nike in 1984 and con- they do the players…I wanted some- orabilia marketplace that has ex- in Hong Kong and Singapore. If a
basketball shoes a collector could tinues to work with the sportswear thing that was an actual part of the ploded in recent years. buyer purchases the sneakers early
own,” said Leila Dunbar, an experi- behemoth today.) game, so I asked Michael for one of But the marketplace has also on their world tour, say in Dubai, it
enced memorabilia appraiser and The shoes have some compelling his shoes.” been infected by a more specific will be at that buyer’s discretion if
consultant. “They have everything quirks. The Air Jordan VIII from At some point, Mr. Hallam sold Jordan-fueled mania, which experts the shoes continue to be displayed.
that collectors want: championship 1993 is signed “ ‘Our’ LAST F—ing the sextet of sneakers to the buyer tie back to the serialized 2020 doc- The buyer though, is likely not to
history, Hall of Famer association— Game” and has the final score of who is now selling them. Neither umentary “The Last Dance.” The be your standard Dunk-head. In the
and style, style, style,” she said. the Bulls’ win against the Suns Sotheby’s nor Mr. Hallam disclosed documentary covers Mr. Jordan’s fi- words of Mr. Geller, “the average
The high-top Nikes, showing written along the toe. who the mystery seller is, how nal season with the Bulls (a pair of sneakerhead doesn’t have $20 to a
clear signs of hardwood wear, were The Air Jordan XII from 1997—a fi- much they originally paid or when shoes from that final season’s game $100 million” to splash around.
collected by Tim Hallam, Sotheby’s nal where Mr. Jordan notched 39 the shoes were purchased. is included in this sale) and reig- To get the Mona Lisa of sneak-
said. A communications director for points—is autographed big and bold The owner may profit enormously. nited a nostalgia-steeped frenzy for ers, you need Mona Lisa money.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

A10 | Tuesday, February 28, 2023 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

What to Know About

BY VERONICA DAGHER

I
with a seller who remodeled their
home with dark-color materials
f you are serious about selling including wood and stone. The
your home now, don’t get seller, who was from the North-

Selling Your Home Now

greedy with the asking price. east, thought the Florida prop-
This is still a seller’s home erty was worth more than compa-
market as there simply aren’t rable homes. The only problem:
enough affordable homes for Many Florida buyers prefer a
sale in many parts of the country. light and bright home, said
But with average 30-year mort- Ms. Christenson. Darker homes
gage rates above 6%, buyers are often sit on the market longer
much more price-sensitive than and ones with a coastal look sell
they were a year ago. Agents and for $200,000 to $300,000 more,
brokers say price is the most im- she said.
portant thing for sellers to worry
about right now. Pricing it too When overpricing backfires
high a year ago often didn’t back- Setting a high price for your home
fire as prices were surging and waiting for buyers to negoti-
broadly. Doing that now could ate is a mistake some sellers are
scare off many buyers in a vastly making now, especially those with
different market. waterfront properties, Ms. Chris-
Agents and housing economists tenson said.
say homeowners trying to sell now Starting high and waiting for
need to accept they are probably an offer often doesn’t work today,
not going to get the same price as buyers are often frustrated with
their neighbor did early last year their postpandemic home search
when mortgage rates were hover- and working with smaller budgets.
ing around 3%. They typically don’t want to spend
About 25% of homes sold above time trying to gauge how negotia-
list price in December 2022 com- ble a seller is, she said.
pared with 44% of homes during It is important to price a home
the pandemic frenzy the year be- correctly when it first lists as the
fore in December 2021, according longer a home stays on the mar-
to Zillow. Sellers can take heart ket, the steeper the price cuts typ-
that more homes are going for ically become, real-estate agents
above asking than this time of said. Of all homes sold within 30
year in 2018 and 2019. days so far in 2023, the average
“It’s not the same type of discount was 7%, said Lawrence
seller’s market we saw in 2020 and Yun, NAR’s chief economist.
2021 where home sellers could list Homes on the market over 120
their home at almost any price and days sold with 16% off list price.
count on a bidding war,” said Jeff Pricing at or below market is
Tucker, Zillow senior economist. key, said Maria Daou, a real-estate
Another reason to be more agent in New York City.
measured with asking prices is “There’s not a lot of inventory,
that more homes are going on the so if priced right, you’ll create
market. There were 980,000 flat in seven. Six-month-old buzz and potentially a couple of

.
homes for sale or under contract Sellers are faring sales are likely out- offers,” she said.
across the country at the end of best in the middle
16% 15.3% dated, with prices in

ly
January, up 2.1% from December and lower-priced some neighborhoods It might pay to wait
and up 15.3% from January 2022, slices of the housing Average sale Increase in the up dramatically in a Regardless of location, sellers
the National Association of Real- market, according to discount for homes number of homes short period, and might want to wait until later in
tors said.
There are steps sellers can take
to improve their chances this
Rob Barber, chief ex-
ecutive of real-estate
analytics firm Attom
on on the market
over 120 days.
for sale in January
from a year earlier
some neighborhoods
experiencing notable
price drops, said
the selling season to list.
The five days when sellers
around the country received the
SAM KELLY/THE WALL STREET JOURNAL|, ISTOCK (3)

spring, in addition to the standard Data Solutions. Russell Brazil, a Re- best premium over their asking
advice to clean, declutter and In areas with homes priced be- Global Real-Estate Finance at New altor in Washington, D.C. Comps prices were during the third and
us ,

make certain repairs. When it low $350,000, prices declined 1% York University. Highlight in your that show sale-price data for fourth weeks of May, according to
l

comes to price, there is a fair bit to 6% during the second half of listing what is in easy reach of your homes that are similar in square a 2022 Attom study that analyzed
e
al a

of homework to do. Here is how to last year. For areas with median home, he said. footage, age, condition and ZIP home-sales data from 2011 to
get started: prices above $400,000, prices Code are typically the most useful, 2021. May 23 is the most profit-
dropped 4% to 10%, Attom found. Check the comps, realize real-estate agents said. able date, commanding 18.3%
ci on

All asking prices are local Buyers place an even higher pre- what buyers value Don’t assume you can price above market price.
The key factor in home prices is mium on homes’ nearby amenities, The comparable sales that owners your house at a premium because The months with the greatest
location. In January, most of the such as quick access to public trans- and agents use to set asking prices of improvements, said Carla Chris- seller premiums are May (12.6%),
150 metro areas [Link] tracks portation, public spaces and retail need to be as recent as possible due tenson, a Realtor in Jupiter, Fla. June (10.7%), July (10%), April
had yearly price increases, while stores, said Sam Chandan, founding to the volatility in mortgage rates Ms. Christenson recently (9.2%) and March (8.9%), Attom
er s

22 had declines, and prices were director of the Chen Institute for and inventory levels, agents said. went on a listing appointment found.
m er

Lost Pounds Return which said it is working to

m rp

expand coverage.
Physicians prescribe long-
With End of Ozempic term semaglutide use for di-
abetics and recommend the
same for obese patients to
co Fo

BY ALEX JANIN mal appetite returns. avoid weight cycling, or re-

H
Some patients say they peated weight loss and gain,
undreds of thousands weren’t initially aware that which can be harmful to
of people take We- they might need to take physical and mental health.
govy or Ozempic to weight-loss drugs long-term. (Ozempic isn’t approved to
lose weight or manage dia- Jenny Woods, a bartender treat obesity in non-diabet-
betes. For some, going off in Nashville, Tenn., received a ics, but some doctors pre-
the semaglutide drugs is free five-month trial for We- scribe it off-label.)
leading to unexpected out- govy last July. When the trial Doctors tell patients not to
comes. ended, Mrs. Woods, who has go off the drugs without talk-
Sales of Wegovy, the PCOS, had lost roughly 17% ing to a physician. Dr. Sowa
brand of semaglutide ap- of her starting weight. says tapering, rather than go-
proved for weight loss in Her insurance didn’t cover ing cold turkey, can help curb
n-

2021, reached nearly $900 the medication, so she rapid regain, as can supple-
million in 2022, according to stopped taking it. Over the menting with other weight-
Novo Nordisk, which manu- next two months, her PCOS- management medications,
factures both brands. driven sugar cravings re- such as Qsymia.
no

Supply-chain snags and turned, as did about half the Christine Gal, a radiologist
high demand have resulted in
shortages of Wegovy. And
the cost, as much as $1,349 a
month out of pocket for the
injection pens, as well as un-
NEETA SATAM FOR THE WALL STREET JOURNAL

pleasant side effects, have

prompted some patients to
halt their use. When these
patients stop, doctors say the
cravings and pounds return.
People who stopped tak-
ing semaglutide gained back,
on average, two-thirds of
the weight they lost within
a year, according to a study
published in August 2022 in
the journal Diabetes, Obe-
sity, and Metabolism. Novo The diabetes drug Ozempic helps patients lose weight.
Nordisk funded the trial.
“Some people don’t have
an awareness that this in Honolulu, quit Wegovy in
might have to be a medica- the summer of 2022. She
tion that will be lifelong,”
‘This might said the drug left her re-
said Alexandra Sowa, an have to be a pulsed by most food and
obesity medicine physician vomiting near-daily. Gastroin-
in New York.
medication that testinal symptoms such as
Frustratingly, even those will be lifelong.’ nausea, constipation and diar-
who maintain a healthy diet rhea are common side ef-
and exercise regimen after fects, doctors say, but are rel-
Wegovy or Ozempic can ex- atively mild for the majority
pect to gain some weight weight she had lost. She has of patients.
back, said Gregory Dodell, an since restarted the medica- “I told my husband at one
endocrinologist in New York. tion, working extra shifts to point, ‘I would rather starve
He said he rarely prescribes cover her $750 monthly out- than feel this way,’ ” Dr. Gal,
Wegovy except for patients of-pocket cost. 52, recalled. “I wanted to en-
with polycystic ovary syn- “I don’t think other people joy my food again.”
drome, or PCOS, a condition are aware that this is a for- After gaining roughly 5
associated with an increased ever thing,” she said. “This pounds back and struggling
risk of Type 2 diabetes. isn’t something you’re going to manage cravings, she
Semaglutide spurs weight to take for 10 to 15 vanity went back on. She hopes to
loss by stimulating the re- pounds because it’s going to taper off the drug eventu-
lease of insulin and lowering come right back.” ally, citing a lack of research
blood sugar. It also delays Of roughly 110 million on long-term Wegovy use
stomach emptying, which Americans with obesity, 40 for weight management. She
causes people to feel full million have access to We- knows the odds are stacked
quickly and stay sated for lon- govy through commercial against her when it comes
ger stretches. When a patient coverage or Medicaid, ac- to maintaining weight, but
comes off the drug, their nor- cording to Novo Nordisk, hopes to beat them anyway.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. Tuesday, February 28, 2023 | A11

ARTS IN REVIEW
THEATER REVIEW | CHARLES ISHERWOOD

A Drama
Of Tattered
Dreams
Oscar Isaac and Rachel Brosnahan star
in Lorraine Hansberry’s little-seen play

I
Brooklyn, N.Y. timately familiar with its
t is rare for an artist to denizens; she lived for much
cement a place in his- of her adult life in the heart
tory with a single work. of the Village.
But such was the case As the play begins, the
with Lorraine Hansberry, title character (Mr. Isaac) is
the first black woman to pulling himself together af-
have a play produced on ter his latest failed venture:
Broadway with “A Raisin in a nightclub he hoped would
the Sun” in 1959. The drama become a place of social and
is a landmark of American artistic ferment. He and his
theater, its luster undimmed. friend Alton (Julian De Niro)
Hansberry’s death at age have salvaged from its de-
34 is the prime cause of the mise only some glasses—
slender body of work she which will come in handy,
left behind. But she did have given the characters’ gen-
another play produced on eral predilection for drink.
Broadway, “The Sign in Sid- But as soon as Sidney has
ney Brustein’s Window,” abandoned one tattered
which opened in 1964 to a dream, he is on to the next,
tepid reception that, in ret- having acquired a failing
rospect, seems all the more small newspaper that he
painful because as it was be- hopes to turn around. absolutely terrific as Iris, In Alton, played with a The other notable charac- Rachel Brosnahan and Oscar
ing rehearsed and during its Sidney’s wife, Iris (Ms. who can’t quite bring herself quiet gravity by Mr. De Niro, ter is Wally O’Hara, a would- Isaac in ‘The Sign in Sidney
short run Hansberry was dy- Brosnahan), greets this news to call it quits with Sidney Hansberry created a charac- be politician played with Brustein’s Window’

.
ing of cancer. with a raspberry; an aspiring but begins to feel the gravita- ter rarely seen in popular vigor by Andy Grotelueschen,
The play hasn’t been alto- tional pull of Mavis’s more culture: a light-skinned black who convinces Sidney to

ly
gether neglected; there have established and compara- man who can pass for white. back his throw-the-bums-out one point: “I am 29 and I
been intermittent regional tively plush life—with a pos- When Mavis learns that Al- campaign but later reveals want to begin to know that
revivals, and a quick-to-fold
A struggling couple sible man among her mo- ton has proposed to Gloria, himself to be less honorable when I die more than ten or
Broadway revival in 1972.
But the new production at
the Brooklyn Academy of
Music, which features the
moves about
a varied milieu in
Greenwich Village.
on
tives. What Hansberry
sensitively captures, through
most of the characters, is
that troubling period in many
she is initially thrilled until
she learns the truth; among
the play’s subtly ironic com-
mentaries on the climate of
than he advertises.
The sign of the title is
one of support for O’Hara,
which Sidney will come to
a hundred people will know
the difference. I want to
make it, Sid. Whatever that
means and however it means
television and movie names people’s lives when the ideals the times is Mavis’s implicit regret. Although this minor it: that’s what I want.”
us ,

Oscar Isaac and Rachel Bros- of youth begin to seem chi- opinion that Gloria is better prop might seem a small de-
l

nahan, has returned the play merical, and getting a firm off as a prostitute than she tail to provide the play’s ti- The Sign in Sidney Brustein’s
e
al a

to the spotlight. actress, she earns a living foothold on more practical would be as the wife of a tle, it is an astute symbol Window
And a welcome return it working in a diner and has kinds of success suddenly black man. Also painfully with layered meanings, at- Brooklyn Academy of Music
is, in director Anne Kauff- grown tired of her husband’s seems alluring. ironic: Alton’s own dismay testing to Sidney’s idealism
ci on

Harvey Theater, 651 Fulton

man’s incisive production, quixotic fecklessness. The ro- Sidney, played with a mul- when he learns the truth as well as his naivete, but St., Brooklyn, N.Y., $35-$250,
even if Hansberry’s expan- mance of their pinched lives titextured charisma by Mr. about Gloria’s profession. more broadly the universal 718-636-4100, closes March
sive if decidedly prolix play has begun to grow stale. She Isaac, senses and under- Even in the supposedly wel- human need to establish a 24
will never achieve the re- doesn’t exactly envy the set- stands Iris’s frustration, but coming world of the Village, secure place in the world, to
nown of “Raisin.” The criti- tled, upper-middle-class he remains a committed opti- there are castes within stand for something, to be Mr. Isherwood is the
er s

cal puzzlement with which comfort of her older sister, mist, sure that this latest castes. someone. Or, as Iris says at Journal’s theater critic.
it was received may in part Mavis (a superb, sharp Mir- venture will flourish and
m er

be explained by its drasti- iam Silverman), much less equally sure that their mar-
cally different subject mat- the disorderly if profitable riage can weather whatever
ter: Instead of writing about life of her other sister, Gloria storms may come.
a black family, Hansberry (a vivid Gus Birney), who is a Among the play’s other The WSJ Daily Crossword | Edited by Mike Shenk
trained her lens here, with a high-class prostitute. Yet Iris characters are a neighbor, 1 2 3 4 5 6 7 8 9 10 11 12 23 Use the track
m rp

sly satiric edge, on the cannot ignore the feeling David (Glenn Fitzgerald), an
24 Skilled
mostly white, then-bohe- that her marriage to Sidney aspiring playwright whose 13 14 15
mian enclave of Greenwich has flattened into an emo- abstruse work Sidney gently 26 Mets’ div.
Village. And yet she was in- tionally deadening routine, chides, but who suddenly 16 17 18
which Ms. Brosnahan makes finds himself with a hit on 28 Wyo.
neighbor
co Fo

palpably clear through the his hands. Mr. Fitzgerald re- 19 20

Julian De Niro and Miriam tense exasperation that runs veals in his delicate perfor- 30 First or
Silverman, below; Mr. Isaac through her performance. mance David’s diffidence 21 22 23 24 25 26 second, e.g.
and Glenn Fitzgerald, bottom Ms. Brosnahan is, in fact, about his success.
27 28 29 30 32 Eliciting a
“meh”
31 32 33 34 35
33 Stereo
36 37 38 39 setting
37 Black-tie
40 41 42 43 44 45 46 47 48 event
49 50 51 52 39 Snooze
n-

40 Lennon’s love
53 54 55 56 57
41 Odd sign at a
58 59 60 61 counselor’s
no

office?
62 63 64
42 Letter from
65 66 67 Paul, say
44 “The Rise of
68 69 70
Skywalker”
heroine
ODD SIGNS | By Baris Ragip Mutlu 46 Word with
Across 31 Most in 60 Showed up 5 “Lumos” or adding or
need of a without an “Expecto time
1 “Over here!”
massage invitation Patronum,” 47 Pasta
5 Commotion in the Harry preference
34 Elation 62 Finishes a
Potter world
9 Crooked hole 48 Tiny amount
35 GPS
6 Pay attention
13 Smart suggestion 63 Odd sign at 50 Recharge, in a
speaker with a comedy 7 Re-election way
36 Tennis great
Dot and Flex club? seekers
Björn 51 Taunted
versions
65 “It’s all ___” 8 Deli choice
38 Panache 55 Painter Kahlo
14 Pathetically (“I can’t really
small 40 Lunchtime, remember”) 9 Forbidden
56 Short-lived
for some 10 Kindle, e.g. craze
15 Quarterback 66 Pebbles’s
Rodgers 43 Grilling pop 11 Odd sign at 59 Leb. neighbor
direction a sauna?
16 Odd sign on a 67 Poker 61 Wyo.
football field? 45 Offerings payment 12 Explosive neighbor
of PBS’s stuff
18 Feature of a 68 Choreography 62 68-Across, in
“Masterpiece”
cardinal or bit 15 Join the cast France
blue jay 49 Odd sign in a
69 Mother of 17 Disgusted 63 Vikings’ org.
math class?
19 Facebook Castor and cry
creation 52 Site of the Pollux 64 Refiner’s
heart line and 20 UPS logo, e.g. supply
20 Shake need 70 Eager
life line Previous Puzzle’s Solution
21 Fitting Down W E I R D P E E R MOW
53 Dog
22 Wood of tormented 1 Childhood E L D E R S E L L A OWE
A C I D I C C OM B O V E R
Middle-earth? by Garfield friends who N A N N A D A B R I N E
may never S P A R K L I N GW I N E
25 First place 54 “Cut it out!” U S E D A N T E S U P
meet
S P E N T O R B T R I
27 Legal claim 57 401, in old P E R S O N A L B A G G A G E
2 Autumn sign
JULIETA CERVANTES (3)

Rome C R U I C E A I R E D
29 Odd sign at A P P O I N T MA S S
3 Person at the
the World 58 Davis of T I M E I N A B O T T L E
craps table
Series of “Do the A K I N D E V I L S A M
Poker? Right Thing” 4 Stylish bloke B O O K E N D S D I S A R M
B O N A R U T E N E R G Y
▶ Solve this puzzle online and discuss it at [Link]/Puzzles. A L S D A D S E A S E S
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

A12 | Tuesday, February 28, 2023 THE WALL STREET JOURNAL.

SPORTS
JASON GAY Major League Baseball has

Baseball Games Are on the Clock

introduced a pitch clock to speed
up the pace of play.

like an oblivious customer in an

airport Starbucks—a tall is the
Hang onto your caps—the fading pastime is accelerating its tortoise-like pace of play small one, right—as your flight an-
nounces its final boarding?
If the time check means a game
occasionally ends with a contro-
versial call, so be it. We will live.
Yes: I know the purists hate
this. The old ballgame won’t play
as it did in 1909. They’ll argue that
this is another sad cave to technol-
ogy and our culture of vapid hur-
rying, that the lack of a clock was
part of what makes baseball great,
that it ended when it ended, un-
tethered to time.
I don’t disagree. This is a sad
cave to technology and our culture
of vapid hurrying. But baseball
needs to try. We can’t complain
that games take too long and then
complain about efforts to shorten
them.
Besides, I think Shohei Ohtani is
what makes baseball great. Mookie
Betts is what makes baseball
great. Sipping a $12 beer on a
summer afternoon is what makes
baseball great. Sipping a $2 beer
you sneaked into the stadium in
your shirt sleeve is even greater.
A baseball game that takes lon-
ger than The Godfather Part II?
Not so great.
Baseball doesn’t get the luxury
of a gentle expiration. It is up
against it. If you haven’t been fol-
lowing the business story involv-
ing baseball and its imperiled re-
gional sports networks, wake up.
Basically, a number of the local
networks that carry major-league

.
games are saying they can no lon-
ger afford the sport. That local TV

ly
money has been critical to the fi-
nances of ball clubs. Losing it will
Let me get this mock. tion’s decline, further evidence of going the way of the Betamax disrupt the economic model of the
straight: Baseball
games now end…too
quickly?
There I was, trying
on
That’s when Conley got busted
for the time violation. Baseball has
installed a pitch clock for the 2023
season, hoping to accelerate its
our slide toward doom?
A walk-off alarm clock?
Honestly, I think it’s great. And
very overdue.
rental.
Now it’s doing something. The
pitch clock/batter clock is a revela-
tion. According to the Journal’s
sport, far worse than losing $12
beer.
This is no time to shed eyeballs.
Hence, the belated push to speed
to have a quiet Satur- leisurely pace of play. Pitchers now In acrimonious, divided times, baseball writer Lindsey Adler, 11 things up. There’s also the auto-
us ,

day, hiding in the basement, ne- have 20 seconds to throw their it’s a topic most reasonable people out of 16 day spring training matic runner deployed to second
l

glecting my family, watching col- next pitch when there are runners can agree on: baseball games take games heading into Sunday’s play base in extra innings, another
e
al a

lege basketball games I didn’t care on base—15 seconds when the far too long. Until recently, you ended in around 2 hours and 30 tweak the old school hates, but has
about, when a fury erupted across bases are empty. A catcher needs could walk from downtown Fort minutes. That’s not a time cut— come to be beloved by teams and
social media: to be ready to catch with nine sec- Lauderdale to New Hampshire in that’s a radical makeover, a half- players.
ci on

A Red Sox-Braves spring train- onds left. If either the pitcher or the time it took an average major- hour off the recent regular season The pitch clock is the most ag-
ing game had ended in a very bi- the catcher fails to comply, the league game to finish. pace. (One Sunday game ended in gressive move yet. It’s sitting
zarre way. umpire calls an automatic ball. It’s grown utterly out of sync a thrillingly brisk 2 hours and 7 there like a shot clock off to the
On a time clock violation. And batters? They need to be in with our high-speed, Prime deliv- minutes.) side of home plate, ticking down.
HUH? WHAT. IN. THE. WHAT? the batter’s box, ready to swing, ery, skip intro, double drive-thru- It’s going to get to the point It adds an edgy vibe, like some-
er s

Fans howled in disbelief. It was with eight seconds left. If they line modern lives. Baseball was you’ll be taking up new hobbies one’s trying to deactivate dyna-
as if Babe Ruth had risen from the aren’t, the umpire calls a strike. turning into a melancholy relic, with all your free time from accel- mite on a CBS drama.
m er

afterlife and told everyone he was That’s the rule Conley appar- like a railroad museum, or a erated baseball. Over the course of a game, you
now a vegan pole vaulter. ently violated. And it’s why the crabby sports column published in Wow, how did you find time to get used to it. So will major-league
KIM KLEMENT/USA TODAY SPORTS

Here’s what happened: The Red umpire signaled the third strike— a newspaper. learn French and build that pot- players. Hitters will learn. Pitchers
Sox and Braves were tied 6-6 with and third out. Game over! Atlanta To be clear: I appreciate life’s tery studio in the backyard? will learn. This past weekend’s
two outs in the bottom of the and Boston would finish tied 6-6, stillness. I don’t think everything Baseball installed a clock. “controversy” feels like something
m rp

ninth. Atlanta’s Cal Conley was at bitterly unresolved. needs to be rushed. I occasionally This is how it should be, and we’ll look back upon and laugh
the plate. Bases loaded. 3-2 count. Players were confused. Fans go five minutes without looking at how baseball once was. Have about. Remember when everyone
It was as dramatic a scenario as veered from amusement to theatri- my phone and I can eat half a bowl pitchers pitch. Have batters bat. went nuts about the Boston-At-
you get in spring training—which cal rage. A major-league ballgame of cereal while looking out a win- How much of your existence have lanta spring training game?
is to say, as dramatic as a Labra- ending abruptly on a time issue? dow. But if baseball doesn’t do you already surrendered to this This is worth a shot. I applaud
co Fo

dor retriever snoozing in a ham- Was it another sign of civiliza- something to speed itself up, it’s maddening game, which dawdles baseball’s experiment. It’s…time.

Before Russia’s Sports Ban, There Was South Africa

BY LOUISE RADNOFSKY These U.N. sanctions applied to all along the same apartheid lines as
walks of life. The IOC followed the the country was. He said that Rus-
THERE WAS ONCE A COUNTRY United Nations with this decision.” sia’s state-sponsored doping
made a pariah by much of the However, historians of the scheme might be seen as just as
n-

world. It was shunned through South African ban, contacted by much of a mirror of the invasion.
economic, military and cultural The Wall Street Journal, gave a “I’d argue there is a similar
sanctions. It was also banished by very different account—and the thing we could say against Putin’s
global sports. IOC’s reference to its ban being Russia,” Skinner said. “That sense
no

That country was South Africa. initiated in response to the United of not playing by the rules, abso-
Long before the debate over Nations struck some as particu- lutely ignoring, mocking, being
Russia’s ouster from international larly inexact. contemptuous of any kind of inter-
competition, a tiny band of activ- Instead, they said, South Afri- national order, including the rules
ists forced international sports can sports sanctions were driven and regulations of sport and the
bodies to yield to their calls not to by the insistence of other coun- rules and regulations of how coun-
play with the apartheid state. tries, who in turn had been influ- tries behave towards each other.”
South Africa sat out major events, enced by campaigns akin to the Political leaders from 34 coun-
including the Olympics, over three one being mounted against Russia tries are also now tying together
decades. Countries that invited today by the Ukrainian govern- Russian sports and the war, saying
South Africa to compete found ment. in a collective statement issued
themselves surrounding cricket “It takes a huge amount for the last week that “the strong links
grounds with barbed wire and IOC to ban anyone, and normally and affiliations between Russian
contending with flour bombs rain- when they do the external pres- athletes and the Russian military
ing down on rugby sure is so great are also of clear concern.”
players. they have no The short answer to “how did
The South Afri- choice,” said Toby the ban end?” for South Africa is:
can example has
come up regularly 1964-1988 Rider, an associate
professor at Cali-
“not easily.”
The historians’ accounts show
in the last year as Olympic Games in which fornia State Uni- that the boycott hardened with
global sports South Africa was banned from versity, Fullerton, time—and was also harder to sus-
scrambles to navi- participating who specializes in tain. Breaches were often ugly and
gate the lockout of the history of messy.
Russia and ally Be- sports in the Cold Some countries changed their
larus that began War era. position when new governments
over the invasion of Ukraine in The main forces in the IOC came in—like New Zealand. And in
late February 2022. didn’t want to ban South Africa in turn, African countries pulled out
In the early weeks of the ban, the 1960s, Rider said. Powerful of the 1976 Olympic Games in
Russians highlighted the compari- countries and individual grandees Montreal because New Zealand
son. The online sports page of the were regularly seeking ways to hadn’t been banned over playing
Russian news website [Link] keep South Africa in the Games, with South Africa.
included a lengthy description of including conducting a fact-find- Flour bombs were dropped as part of a protest against a rugby tour in 1981. In the end, South Africa found
historical sports sanctions on the ing mission ahead of the 1968 its way back to sports invitations
Soviet Union, South Africa, and Summer Olympics that concluded 1968 from the Soviet Union and But Hain also said that while he in tandem with political changes—
Yugoslavia—and what it took for that South Africa had made prog- Black American star athletes. supported Russian sports sanc- and ultimately, the unraveling of
each country to get out of them. ress to conform to the Olympic “The U.N. only became a factor tions, the logic behind them apartheid.
The International Olympic Com- charter. in the 1970s,” Rider said. seemed flimsier than it had been The country’s return was subse-
mittee has also been pummeled South Africa was ejected from Activists for the South African with South Africa, where apart- quently paved by a free Nelson
with the analogy as it now seeks the Summer 1964 and 1968 Olym- ban are adamant it was effective— heid had effectively closed off the Mandela, who wrote letters to Ca-
to lift restrictions on Russian and pics, and expelled from the Olym- among them Peter Hain, a former participation in sports of non- ribbean leaders asking them to
Belarusian athletes in time for the pic movement entirely in 1970, as U.K. cabinet minister who led the white athletes. “The connection to support South Africa’s 1991 read-
2024 Olympic Games in Paris. a result of pressure from African “Stop the Seventy Tour” to block the sport is at best tangential. In mission to the International
It has tried to argue that the nations and antiapartheid activ- South African rugby and cricket South Africa’s case it was abso- Cricket Council; he also worked to
Russian situation is different, say- ists. Ultimately, the IOC couldn’t tours of England. lutely intrinsic,” he said. get South Africa back into the
ASSOCIATED PRESS

ing in an online statement: “The contend with the likes of an exiled “You talk to anybody living un- Others do see a clear link. Rob Olympics the following year.
exclusion of South Africa was poet named Dennis Brutus who der apartheid or supporting apart- Skinner, a history lecturer at the Ukrainian campaigners have of-
based on U.N. sanctions and the survived being shot in the back heid,” said Hain. “They recognize University of Bristol, said the logic fered a similar answer today for
fact that apartheid was also prac- and imprisoned on Robben Island, the profound impact it had. It hit behind boycotting South African what it should take to let Russia
ticed in South African sport. or the support activists secured in them in the soft underbelly.” sports was that they were run return: an end to the war.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. Tuesday, February 28, 2023 | A13

OPINION
The Gaslighting of East Palestine BOOKSHELF | By Dominic Green

Ever since a
N o r f o l k
Southern
comparable to alcohol and
chloroform, both of which are
also carcinogens. And when
duces when it burns—such as
hydrogen chloride and phos-
gene. Phosgene is a deadly
public-health authorities’ re-
sponse to Covid. So many
things experts claimed in the
For Lack
train loaded
with chemi-
cals went off
the rails in
tested in lab rats it is far less
toxic than everyday drugs like
aspirin, caffeine and Tylenol.”
“The cancer scare,” he says,
nerve gas that was used as a
chemical weapon in World
War I.
The good news is that these
name of science—from the ef-
ficacy of masks to the short-
comings of natural immunity—
turned out not to be true. The
Of Knowledge
MAIN
STREET Ohio, resi-
dents of East
“has also been exaggerated.
Vinyl chloride is an occupa-
chemicals aren’t in East Pales-
tine’s air. Symptoms would
result is East Palestine, where
many ask why they should
Ignorance: A Global History
By William
Palestine have tional carcinogen—dangerous show up shortly after expo- now believe authorities who By Peter Burke
McGurn
wondered if to people who work with it assure them the air and water (Yale, 310 pages, $30)

‘I
their home and are exposed for years. The are safe.
will ever be safe to live in chances of anyone developing Who is telling the The press, alas, stokes am conscious that I am not wise either much or
again. liver cancer from a single ex- rather than soothes anxieties, little,” Socrates says in Plato’s “Apology.” Between
On the one hand, the Envi- posure or two are very low.” truth about the risks while politicians from both knowledge and ignorance lies an epistemological no
ronmental Protection Agency, Nor is it likely to be a per- from the spilled and parties sense opportunity. man’s land, a murk of half-knowing that we describe in
the Ohio EPA and a private sistent environmental hazard. During his visit last week, the imagery of weather (“the fog of war”) and the theology
contractor hired by the rail- An EPA report estimates that burned chemicals? Donald Trump chided Joe Bi- of darkness (“brought to light”).
road say the air and water are because of its volatility, most den for going to Ukraine to de- Socrates first seeks wisdom among the experts, the
safe. On the other, residents residual vinyl chloride will liver aid. Mr. Trump said he “public men.” Peter Burke, an emeritus professor at the
are experiencing symptoms evaporate from standing water sure, and they would be seri- hopes there will be “some University of Cambridge, is one of them. In “Ignorance:
such as skin rashes and nau- or soil within about a day. ous. Anyone who had signifi- money left over” for East Pal- A Global History,” he offers an essayistic “general study.”
sea, and there are thousands Which speaks to the miss- cant exposure to phosgene, Mr. estine. A White House spokes- This is wise, for a comprehensive treatment of ignorance
of dead fish in local streams. ing element in all the discus- Bloom says, would probably be man responded in kind, saying would resemble Casaubon’s ill-fated search for a “key to
On top of this, some activists sions about East Palestine: in the emergency room or the Mr. Trump and Republicans all mythologies” in George Eliot’s “Middlemarch.”
claim that authorities who say some perspective about the in- intensive care unit by now. “owe East Palestine an apology Petrarch wondered if
it is safe are covering up. dividual chemicals involved. Unfortunately, this isn’t the for selling them out to railroad there could be “a wider
Chemical risks are real, says Mr. Bloom suggests that a message East Palestine is lobbyists.” Now environmental field” than a “treatise on
Josh Bloom, but in this case place to start is with the “haz- hearing, and it’s creating fear. litigant Erin Brockovich has ignorance.” Mr. Burke pro-
likely exaggerated. Mr. Bloom, ard diamond.” This is a color- There have been no deaths. also made a well-publicized ceeds from philosophical
who holds a doctorate in coded standard maintained by But it might have been a very visit, telling town residents to definitions to practical appli-
chemistry from the University the National Fire Protection different story if the vinyl be careful of officials trying to cations in history, religion,
of Virginia and is director of Association that gives an ap- chloride had exploded. gaslight them into believing science and geography, and
chemical and pharmaceutical proximate risk for each chemi- It would also be different if the town is safe. from there to the “Conse-
science for the American cal compound—its health dan- the spill had been of a much “The take-home lesson is quences of Ignorance” in war,
Council on Science and Health, ger, flammability and stability more toxic chemical, or one that not all chemicals are business, politics and media.
says there are two broad con- as well as the specific kind of that doesn’t evaporate quickly. equal,” Mr. Bloom says. “Some Augustine criticized
cerns from the main chemical hazard it represents (whether, For example, polychlorinated are deadly, and some are rela- curiosity as vain. Early
involved, vinyl chloride. for example, it’s radioactive). biphenyls—the PCBs that were tively benign. Some can per- modern clergy, Catholic and
There’s the danger from expo- The safety diamond is general dumped into the Hudson River sist in the environment while Protestant, called curiosity a
sure to vinyl chloride itself, and simplified but provides by General Electric between some do not. sin, usually venial but some-
and the more severe dangers useful guidance. 1947 and 1977—linger in the “Only when we take the times mortal. Montaigne, Mr.

.
from the chemical reactions Take vinyl chloride. It’s environment for decades. The time to consider the physical, Burke writes, suggested that ignorance was “a better
that occurred while it was be- rated 2 on the NFPA hazard di- 1984 release of highly toxic chemical and toxicological recipe for happiness.” The representation of Justice as

ly
ing burned. amond for health, which methyl isocyanate from a pes- properties of the particular blind shows the merits of donning what John Rawls called
“Vinyl chloride, despite ev- means it’s a moderate threat. ticide plant in Bhopal, India, chemicals involved can we get the “veil of ignorance.”
erything you see in the press, The more serious health dan- killed thousands. a real sense of the magnitude Immanuel Kant’s motto, Sapere aude (“Dare to know”),
is actually not especially
toxic,” Mr. Bloom says. “It is
gers come from the nasty by-
products vinyl chloride pro-
on Today’s fear is the price
Americans are paying for the
of the risk.”
Write to mcgurn@[Link].
rejected such belief in the virtue of ignorance. No philos-
opher has summarized the resulting confusions better
than Secretary of Defense Donald Rumsfeld when parsing
the evidence for Iraqi WMDs in February 2002. There are

Mideast War Is Closer Than You Think “known knowns,” Rumsfeld observed, the things “we know
us ,

we know.” There are “known unknowns,” the things we

l

know we do not know. And there are “unknown un-

e
al a

Tel Aviv the severity of the threat and available weapons between hawkish Middle East posture knowns—the ones we don’t know we don’t know.” The
I was here misunderstood its causes. To Ukraine and Middle East al- that many Democrats—in- Marxist know-all Slavoj Žižek added a fourth category,
last week to its credit, Team Biden saw the lies. The balance in the Tai- cluding senior Biden offi- the “unknown knowns” of the unconscious mind. Not that
ci on

interview China challenge clearly from wan Strait would signifi- cials—viscerally loathe. The this helped the Bush administration.
Prime Minis- day one, but failed to under- cantly shift in China’s favor. American approach to Saudi Greek philosophy attacked ignorance with skepticism,
ter Benjamin stand how weak the founda- Spiking energy prices would Arabia will have to move but Christian authority attacked it with faith. The manage-
Netanyahu at tions of American power had boost inflation in the U.S. from a fist bump to whole- ment of society obliged the control of information, creat-
GLOBAL
the Tikvah Is- become or how far the revi- just as Mr. Biden tries to hearted embrace. Drone at- ing a kind of ignorance economy that withheld knowledge
VIEW
er s

rael Security sionist powers—China, Russia, persuade antiwar Democrats tacks and other provocations from the poor and women. The modern era recapitulated
By Walter
Conclave. The Iran and hangers-on such as to support another American by Iran and its allies against these strategies. For philosophers such as Berkeley and
Russell Mead
m er

interview, Venezuela and Syria—were military venture in the Mid- the Saudis, Emiratis and their Hume, ignorance was a challenge. For Carlyle and Marx,
available on willing to cooperate to weaken dle East. neighbors will have to be met it was a social problem. For Freud, it was both. Rumsfeld
the Journal’s website, com- an American hegemony they And while in a perfect world with the kind of American was thinking like an earlier detective, Sherlock Holmes,
bined a tour d’horizon of Mr. both resented and despised. Russia might oppose an Iranian military response that leaves and looking for what Mr. Burke calls “eloquent absences,”
Netanyahu’s view of world Two years later, the Biden nuclear weapon, under current no doubt of our determina- such as the dog that did not bark.
m rp

politics with some candid re- administration is struggling to circumstances—in which Mr. tion to prevail. In medieval Christendom, Mr. Burke writes, “many
flections on the history of Zi- manage the failure of its orig- Putin desperately needs Iran to The best way to avoid war, believed but few knew very much.” The period 1500-1900
onism. As for the rest of the inal design. Its aggressive and to minimize direct Ameri- was an age of evangelization and education, but religious
conference, I came away rhetoric and policy toward can engagement should war knowledge now has “low priority.” Not that scientific knowl-
thinking that the U.S. is much China have intensified China’s Russia isn’t parked, break out, is to ensure that edge has high priority. Robert Proctor, a historian of
co Fo

closer to getting involved in hostility, but instead of facing our Middle East allies have science, calls our time a “golden age of ignorance.”
another Middle East war than an isolated China in an other- Iran isn’t pacified, and the power to defend them-
most in Washington under- wise calm world, the adminis- both are coordinating selves. We must make it un-
stand, and that minimizing tration faces simultaneous mistakably clear that we will Though we know much that earlier
this danger requires rapid and confrontations in Europe and strategies with China. ensure our allies win should
sweeping policy change from the Far East. Russia isn’t hostilities break out. Nothing
generations did not, we are also unaware
an administration still strug- parked, Iran isn’t pacified, and else will do. of how much they knew that we do not.
gling to comprehend the most the three revisionists are co- help disrupt American strat- The administration seems
serious international crisis ordinating their strategy and egy—Mr. Putin might well de- to be moving, slowly, in the
since the late 1930s. messaging to an unprece- cide to help Iran cross the nu- right direction in the Middle Mr. Burke waxes Rumsfeldian: “Although we are well
The Biden administration dented degree. clear threshold. East, but time is not on its aware that we know much that earlier generations did not,
came to office with an elegant Worse, Iran’s inexorable But the Russian dictator side. Wishful thinking and we are much less conscious of what they knew that we
and cohesive geopolitical strat- march toward nuclear weap- doesn’t need to go that far. strategic incompetence led do not.” He is especially troubled by our impressive igno-
n-

egy. It would address the China ons, combined with its deep- Simply by increasing Iranian the bipartisan foreign-policy rance of geography, history, religion (our own and others’)
challenge by driving wedges ening partnership with Russia, military capabilities that limit establishment first to ignore and the Greek and Roman classics. Among the experts, this
between China and its fellow is driving the Middle East Israel’s ability to attack Iran’s and then to appease rising takes the form that Karl Popper called “active ignorance,”
revisionist powers. It would steadily closer to a war that is nuclear facilities, Mr. Putin challengers to the post-Cold resistance to new information. The rest of us, Mr. Burke
no

park Russia by accommodating likely to engage the U.S.—one could force Israel into a pre- War world order. believes, subscribe to “lay ignorance,” a kind of passive
Vladimir Putin and stabilize that the Biden administration emptive strike that would set Now the Biden administra- resistance to intellectual labor of any kind.
the Middle East by reviving desperately wants to avoid. off a regional war. tion faces the consequences of As Rumsfeld discovered, the no man’s land metaphor of
the nuclear deal with Iran even For Mr. Putin, a major mil- The U.S. can’t compel Iran a generational failure in knowledge becomes a reality on the battlefield. At Jena,
as it pursued aggressive trade itary confrontation in the and Russia to avoid actions American foreign policy. We Napoleon misjudged the position of most of the Prussian
and security policies to limit Middle East would be an un- that trigger a new Middle must wish Team Biden suc- forces. At Austerlitz, he benefited from the fog of war, as
China’s rise. mitigated blessing. Oil prices East war, but strong policy on cess as it struggles to cope the Austro-Russian army, working on incomplete informa-
From the outset, the admin- would spike, filling Moscow’s our part still might deter with a world that it, along tion, misjudged the strength and intention of the French
istration knew that the Ameri- coffers and intensifying pres- them. Unfortunately for the with the American foreign- forces. Stendhal and Tolstoy, both of whom saw action,
can-led world system was in sures on Europe. The Penta- Biden administration, that in- policy community as a whole, describe battle, in Mr. Burke’s words, as “sheer chaos in
trouble, but it underestimated gon would have to split volves precisely the kind of largely failed to foresee. which everyone is equally ignorant of what is happening
more than a few yards away.”
Mr. Burke detects full-spectrum ignorance in the

Why My Grandmother Helped a Nazi’s Boy Vietnam War: civilian policymakers, military commanders,
the public, the press, even the soldiers who could not
speak the language of their allies and enemies. Much of
By Pauline Steinhorn feared she would be killed Bronia to care for. divide you, but there is this ignorance, though, owed more to selection bias,

I
that night. When I first read this story, something deeper that con- especially at the strategic level. The information was
srael said it received a re- Instead, the guard told her I wondered if I would have nects you: the covenant of available, but it was ignored by choice. Similar patterns of
quest for earthquake re- that his infant son was sick been as forgiving. At that human solidarity.” “strategic ignorance” occur in business and politics by
lief from Syria and will and no doctor was nearby to point in the war, Bronia’s hus- Surely that’s what Israel accident or design.
send aid. Bashar al-Assad’s help. Could he trust her to band and their two youngest had in mind when it carried Popular ignorance is an asset to autocracies, but a
government, which maintains help his child? Under the daughters had been trans- out Operation Good Neighbor threat to democracies. Thomas Jefferson warned that a
a state of war with Israel, de- guard’s gruff manner, my ported to the death camp at during Syria’s civil war. The civilized nation could not be “ignorant & free” at the
nies having made the request. grandmother perceived the Treblinka. She knew there was humanitarian-aid program same time, and James Madison believed in the need for
Israel’s willingness to help plea of a frightened father. little chance of seeing all of sent hundreds of tons of “popular information,” since “knowledge will forever
care for enemy civilians re- them alive again. food and clothing and estab- govern ignorance.” Mr. Burke sometimes shows a selective
minds me of a story I discov- Yet she continued to nurse lished three medical facilities bias common among his type of public man, the academic.
ered in the journal of my ma- He was innocent, like those who needed help at the border that treated He describes Americans as dim religious fanatics. He
ternal grandmother, Bronia the Syrian civilians whether they were fellow in- thousands. equates “denial of climate change” with “denial of
Feldman Rubinstein. mates or the children of Nazis. In the wake of Syria’s de- genocide,” though the issue is not whether the climate
A Polish Jew, Bronia was Israel offers to aid. My grandmother survived structive earthquake, Sacks’s changes, but why, and what, if anything, can or should be
imprisoned during much of the war, immigrated to the words are relevant once done about it. He especially dislikes Donald Trump, and
World War II in several Nazi U.S. with her only surviving again. A decent society, he seems to endorse the Russia-collusion narrative of the
concentration camps, includ- Refusing wasn’t an option; daughter, my mother, and observed, is one in which 2016 election.
ing Bergen-Belsen, and worked the child was innocent. The continued her nursing career “enemies do not allow their In the “Apology,” Socrates finds that the public men are
as a nurse in the camp infir- boy bore no responsibility in Baltimore. She died in 1994 rancour or animosity to pre- not as wise as they think, so he approaches the poets.
mary. In that capacity, she for the sins of his father. at 85. vent them from coming to They are not much use, either. Their art depends on
made a habit of deceiving the Bronia showed the child’s The trust my grandmother one another’s assistance inspiration: on gnosis, intuitive knowing. Mr. Burke does
Nazis by reporting that her mother how to reduce his earned by nursing her ene- when they need help.” It not ask whether gnosis is a shortcut to knowledge or
patients had the flu instead of temperature with cold baths mies’ children allowed her to shouldn’t take a natural di- ignorance. He does, however, disapprove of the “popular
typhus—if it was typhus, the and how to use steam to save more of her fellow in- saster for the rest of us to re- information” of Socrates’s final source, the “hand-
patients would have been shot. ease his coughs. The next mates. She had broken down member that. workers” and “good artisans.” Yet Socrates found that
One evening in the sum- night when the guard came barriers to touch a shared those of “less repute” seemed to be “superior men in the
mer of 1943, Bronia was star- back for her, she brought a humanity. Ms. Steinhorn is a writer matter of being sensible.” As Mark Twain said, “We are all
tled when a guard ushered tincture to lower the boy’s The late Jonathan Sacks, and filmmaker. She is writing ignorant, just about different things.”
her out of the camp. She fever. He recovered. Soon, chief rabbi of England, a book based on her mother’s
wondered if her deception there were more sick chil- wrote: “Your enemy is also a and grandmother’s stories of Mr. Green is a Journal contributor and a fellow of the
had been discovered and dren of other Nazi guards for human being. Hostility may survival in Nazi Germany. Royal Historical Society.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

A14 | Tuesday, February 28, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden’s Regulatory Deluge Ramaswamy for President? Readers Respond

I
f you thought the GOP takeover of the Register to go with 247 laws passed by Con- Vivek Ramaswamy’s run (“Why I’m My knee-jerk reaction is that it
House means gridlock in Washington pre- gress. That’s 13 rules from unelected agencies Running for President,” op-ed, Feb. 22) sounds like a John Galt candidacy.
is a refreshing expression by a smart That’s not entirely bad—merit and
vails, think again. Rule by regulation is ac- for every one law from elected legislators.
and successful young entrepreneur. capitalism desperately need some
celerating and the only check In his first days in office, His ability to point out defects in our cheerleaders today. But considering
will be the courts. Gridlock in D.C.? Mr. Biden revoked Trump Ad- society and government is exemplary, the fiscal miasma in which recent
President Biden is leading Nope, the administrative ministration executive orders as is his ability to offer sensible presidencies have engulfed America,
an unprecedented expansion designed to temper the regu- solutions. As such, his probability my vote is reserved for someone with
of the administrative state. In state is at full throttle. latory state. One Trump order of getting elected is extremely low. governing experience, a current or
two years his Administration to reduce regulation (nick- JOE BOCCUZZI former governor at whose desk the
has imposed 517 regulatory named “one in, two out”) re- Tomball, Texas buck of an entire state’s economy
actions with some $318 billion in total costs. By quired that for every new regulation from the stopped. It appears we will have
the same point in his Administration, President executive branch, two were eliminated. Mr. Bi- I read with delight Mr. Ramas- some from which to choose, so the
Obama had imposed 740 comparable rules with den repealed it. wamy’s op-ed. Left unsaid is whether voting public will have the luxury of
he has hopes of winning the presi- considering policy goals and electing
a cost of $208 billion. Across four years Presi- Also axed was a Trump executive order re-
dency or if Mr. Ramaswamy is using someone who is capable of serving
dent Trump imposed 1,340 rules at a cost of quiring agencies to make “guidance” docu- his run to highlight a few issues. and strengthening our great nation.
$64.7 billion. ments available to taxpayers on public portals. Either way, if he wants to have an BEVERLY LOWRY
These figures come from the American Ac- The hope was for a little sunlight on the effect, he should detail his thoughts Dallas
tion Forum, which says that in 2022 alone fed- opaque actions of regulators. In 2019 then Cali- on how to make the changes for
eral agencies finalized 264 regulations with fornia Sen. Kamala Harris co-sponsored the which he calls, most of which will Mr. Ramaswamy is brilliant, articu-
economic impact, totting up $117.1 billion in net Guidance Out of Darkness Act to require agen- require congressional support. late and passionate, with ideas to
regulatory costs. Another 311 proposed rules cies to have portals that would let taxpayers Mr. Ramaswamy, a lot of people on move this country forward. But his
are in the pipeline and would cost $191.2 billion see what they are up to. both sides will agree with many of time has not yet come. It will. Run
when final. Twenty-three of those rules will These days bureaucratic secrecy is in. The your ideas. Providing more details, for some other public office first,
rather than avoiding them like build your ties with the party, be-
cost $1 billion each. White House Office of Information and Regula-
experienced politicians do, might help. come a successful governor and then
Regulatory costs to the economy are now tory Affairs is supposed to review new pro- Otherwise, you’re another guy with run for president. He would be sea-
reckoned to be at least $2 trillion, or roughly posed rules and examine costs and benefits. an opinion, even if I agree with you. soned by then and hard to defeat.
8% of U.S. gross domestic product in 2021, ac- Even the Obama regulatory shop reined in the DAVID LOCKER MARK CASTELINO
cording to Wayne Crews at the Competitive En- bureaucracy on occasion. In the Biden White Raleigh, N.C. Mahwah, N.J.
terprise Institute. If you think of regulation as House it’s largely a rubber stamp.
a tax, Mr. Crews notes, it would be larger than The nearby chart compares the estimated cost
the federal income tax Estimated regulatory costs by year of regulations across
and come out to -$50 billion $0 $50 $100 $150 $200 $250 each year of recent Warning Label for the New Roald Dahl Books
around $14,684 per 2023 presidencies. Note the
family. If the cost of 2022 explosions in particular As a former child, I couldn’t agree If a reader is free at all times to
more that “Woke Roald Dahl Will Put turn away from a book that offends
U.S. regulation were a 2021 under Mr. Obama and
2020 Kids to Sleep” (op-ed, Feb. 22). But him, why is it necessary to rewrite
country, it would rank 2019 especially now under Meghan Cox Gurdon’s lament that the book? There is a gorgeously
a little behind France’s 2018 Mr. Biden. The Biden

.
children’s literature is getting “more illustrated Caldecott Award winner
GDP. 2017 onslaught is moving didactic and more boring,” because it that I won’t buy because it is less

ly
Regulators are now 2016 fast as agencies try to aims to “deliver a lesson rather than than truthful about a controversial
2015
in high gear as they 2014 issue rules well before risk telling a story,” overlooks the environmental issue. I don’t expect
write rules to imple- 2013 the end of the current lessons that infested children’s books the book to be changed or removed
ment the gusher of 2012
legislation from the 2011
last Democratic Con- 2009
2010
on Congress so they
wouldn’t be subject to
the scrutiny of the Con-
in the past.
In my 1950s childhood, these
lessons were about obedience. Now
the lessons are about “social justice.”
from library shelves. My right is to
refuse to read it, not prevent others
from reading it themselves.
Will the publisher attribute author-
gress. But they are 2008 gressional Review Act
They are still as obtrusive as lumps ship of its doctored version to Dahl,
us ,

also hard at work im- 2007 if Republicans control

in gravy. The more things change, the or will it have to say that the stories
posing new rules by 2006
l

the White House and more they stay the same. were “conceived” by Dahl and re-
2005
e
rewriting old statutes Congress in 2025. Un-
al a

Source: American Action Forum Moralistic kiddie lit worked by its team of “sensitivity
to impose policies der the CRA, Congress Always put me in a snit. readers”? At the least, it should place
they can’t get through Congress. has 60 legislative days to repeal a rule. Funny, lively, calm or gory, a warning on the cover: “May cause
ci on

A glance at the regulation tracker by the Congress could use the power of the purse, All I wanted was a story. drowsiness. Do not read while operat-
Brookings Institution is bracing. Rule-makings but that’s difficult given that Democrats still PROF. FELICIA NIMUE ACKERMAN ing a motor vehicle or machinery.”
in various stages of the pipeline cover every- run the Senate. That means the only real check Brown University MARGARET MCGIRR
thing from “phasedown of hydrofluorocarbons” is through lawsuits and the courts. The Su- Providence, R.I. Greenwich, Conn.
(EPA) to “climate-related disclosures for public preme Court’s West Virginia v. EPA decision
er s

companies” (SEC), “rule to reduce robocalls” last year means agencies can’t rewrite rules on
(FCC), “lowering the cost of federal student “major questions” without a clear command Ukraine Fights Russia With One Hand Tied
m er

loan payments” (Education), “menthol cigarette from Congress. That should save the day on sev- Gerard Baker views the possibility favor of Ukraine. Russia shouldn’t be
ban” (FDA, HHS) and “sex discrimination in eral of the worst new rules, such as the Federal of a “protracted stalemate” between the only combatant to use them.
schools” (Education). And much more. Trade Commission’s new ban on non-compete Russia and Ukraine based on the pos- Western countries should give
Looking at the overall rule count is even clauses for 30 million workers. sibility of China providing arms to minimal warning to Russia that if it
m rp

worse. The Constitution grants the power to But that still leaves considerable running Russia (“Will the Ukraine War Push doesn’t withdraw from Ukrainian ter-
make laws to Congress, not agencies. But in cal- room for rules that cost less than $100 million, the West Toward a New Realism?” ritory, Russian entities such as air-
endar 2021, Mr. Crews notes, agencies issued and the Biden bureaucracy will test the limits Free Expression, Feb. 21). His view of fields, weapons factories, troop con-
3,257 rules, including 105 last-minute Trump of the law. The burden of rule by regulators will a stalemate, or a war of attrition, centrations and Black Sea missile
rules, while Congress passed 143 laws. Last year slow economic growth and show up in nearly omits an essential element of modern cruisers will be attacked. This escala-
co Fo

warfare: use of strategic weapons. tion perspective is shared by a num-

they added another 3,168 rules in the Federal everything you pay for.
The Ukrainians have essentially ber of retired U.S. generals.
been denied strategic weapons, those If Russia were to withdraw without

The Justices Take On the CFPB that can destroy targets deep inside
Russia. While Ukrainian infrastructure
any damage to its military infrastruc-
ture, the outcome would be a hollow

T
is pulverized, Russia goes unscathed. victory for Ukraine. The amount of
he Supreme Court is doing vital constitu- erty is founded, and would furnish one body Ukrainian use of strategic weapons money and resources needed to re-
tional cleanup work, and on Monday it with all the means of tyranny.” The CFPB “is the would have a good probability of build are phenomenal, and Ukraine
gained another opportunity when it epitome of the unification of the purse and the shortening the length of the war in can never be compensated for the
agreed to hear a challenge to the Consumer Fi- sword in the executive,” Judge Cory Wilson mayhem—refugees, rape, torture and
nancial Protection Bureau’s funding scheme wrote for the Fifth Circuit panel. assassinations.
(CFPB v. Community Financial Services Assn.) This means Congress can’t use annual appro- D.C. Wants Representation. COL. MARK J. BOWER, USAFR (RET.)
Arcadia, Calif.
Before she became a Senator, Elizabeth War- priations to limit regulatory overreach. The Why Not Join Maryland?
n-

ren designed the CFPB to be insulated from the Dodd-Frank Act even specifies that “funds de- Mayor Muriel Bowser of Washing- Mr. Baker proposes to give Russia
political branches. Most regulatory agencies de- rived” from the Fed “shall not be subject to re- ton refers to Alaska and Hawaii in some of the Russian-speaking parts
pend on annual Congressional appropriations. view by the Committees on Appropriations of her case for D.C. statehood (Letters, of Ukraine. This should work as it did
But the CFPB gets its funding on demand from the House of Representatives and the Senate.”
no

Feb. 23). If she wishes to take a his- when the U.K. gave the Sudeten Ger-
the Federal Reserve, which also isn’t subject to The Biden Administration says the Fifth Cir- torical perspective, however, Ms. man-speaking areas of Czechoslo-
appropriations since it funds itself with income cuit’s ruling “threatens to inflict immense legal Bowser should acknowledge the his- vakia to Germany. We then had peace
from its portfolio. and practical harms on the CFPB, consumers, torical precedent for returning the in our time.
A Fifth Circuit Court of Appeals panel held and the Nation’s financial sector.” Ms. Warren District of Columbia to Maryland. Vir- BEN SHWACHMAN
in October that “this double insulation from warned Monday that upholding the Fifth Circuit ginia’s originally ceded portion of Dana Point, Calif.
D.C. was returned in 1846, and Alex-
Congress’s purse strings” violates the Constitu- decision would throw “our financial markets
andria residents now have congres-
tion’s Article I spending power that rests with and economy into chaos.”
Congress. As Alexander Hamilton warned, unit- That’s scare-mongering. What she really fears
sional representation through Vir- Buybacks for Employees?
ginia. Proposals to return the
ing Congress’s power of the purse with the ex- is a political check on unconstrained regulatory Jason Zweig argues that stock buy-
Maryland portion of Washington date
ecutive’s enforcement power would “destroy power. The Court has a chance to put a rogue backs are neither good nor bad (“It’s
to this same era.
that division of powers on which political lib- agency in its proper constitutional lane. Time to Stop Demonizing Buybacks,”
The mayor ought to explain why
Exchange, Feb. 18). In considering
her residents prefer statehood to ret-
stakeholders, he misses employees. A
rocession, rather than defending the
The GOP’s 2024 Debate Pledge statehood proposal as if it were the
only morally acceptable solution. It
business with excess cash that con-
siders buybacks to reward sharehold-

R
ers and executives should consider
epublican party chair Ronna McDaniel swer I gave in 2016,” he said recently. “It would would be even better if she explained
distributing a percentage of the in-
why D.C. residents have preferred no
said this weekend that to get access to have to depend on who the nominee was.” This tended buyback to its employees as a
voting representation over represen-
the GOP’s 2024 debate stage, presiden- attitude from the former President, who retains tation through Maryland.
bonus. Employees contributed to gen-
tial contenders will likely have to pledge to sup- a significant following, is a clear and present erating that excess cash and should
PETER HANSSEN
port the eventual primary winner. This is a good danger for the party. share in the largess. Such a gesture
Arlington, Va.
move, even if it’s unenforceable. That’s especially true given that Mr. Trump’s could reinforce employee loyalty and
Donald Trump signed a similar oath in late encourage long-term employment.
2024 campaign looks at least partly motivated
MARK ROCHKIND
2015. Months later he was asked if he stood by by his personal legal trouble. Last week a grand Reporters Against Objectivity Morristown, N.J.
his promise to back the GOP nominee. “No. I juror in Georgia hinted that she and her col- While we try to “Bring Back Objec-
don’t anymore,” he said. “We’ll see who it is.” leagues might have recommended indicting Mr. tive Journalism,” as Walter Hussman
Perhaps Mr. Trump will do the same bait and Trump for trying to reverse his 2020 loss. Maybe Jr., urges (op-ed, Feb. 16), can we also
switch this year. Maybe he will refuse to sign, cooler heads will prevail in the DA’s office. But do away with the anecdotal lead?
Pepper ...
point to his polling, and pressure the party to let if a charge is coming his way, Mr. Trump would VICKY MCCARGAR And Salt
him debate anyway. In any case, Ms. McDaniel rather face it as a presidential candidate, so he Encino, Calif.
THE WALL STREET JOURNAL
is putting down a useful marker. can call it a political prosecution.
A correlation that’s difficult not to notice is If primary voters pick somebody else, it’s not Journalists who don’t understand
that politics has become more dysfunctional as hard to imagine Mr. Trump soldiering on as an the need for accuracy, nonpartisan-
ship and truth are like teachers who
traditional party power has withered, partially independent candidate. He might go to war
don’t know how to educate or politi-
due to campaign-finance laws that shift money against a GOP nominee he doesn’t like, or he cians who don’t know how to govern.
to outside players like Super Pacs. A case in might torch the party’s 2024 chances to show Wait! Could there be a connection?
point was the Republican Party’s impotent re- he is the only Republican who could win. Who NICK ENGLAND
sponse to Mr. Trump’s takeover in 2016. Demo- knows how many voters would stick with him? Plano, Texas
crats barely fended off a hostile takeover by so- Throwing the election wouldn’t take much in
cialist Bernie Sanders. this closely divided electorate.
Letters intended for publication should
Political parties have ideological and institu- The Republican Party is more than a brand la- be emailed to [Link]@[Link]. Please
tional interests that are worth defending. For the bel for political merchandise. If Mr. Trump won’t include your city, state and telephone
GOP, there’s also a potential 2024 disaster to be take Ms. McDaniel’s pledge to back the party in- number. All letters are subject to
averted. Will Mr. Trump support the Republican stitution, or if he does and breaks it, at least vot- editing, and unpublished letters cannot
be acknowledged.
ticket next year? “I would give you the same an- ers will know where his loyalties lie. “Nope, I still only have one bar.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. * * * * Tuesday, February 28, 2023 | A15

OPINION

A Domestic Agenda for the China Committee

By Adam J. White United States or in partnership with Two other areas deserving atten-

T
like-minded allies.” Winning “the new tion are financial regulation and edu-
he new House select com- Cold War,” they added, will require cation. The committee might consider
mittee on China faces an “tough policies to strengthen our the role of the Treasury Department,
enormous task that will re- economy, rebuild our supply chains” the Securities and Exchange Commis-
quire grappling with funda- and much more. sion and other financial regulators in
mental questions of na- The committee can’t and shouldn’t identifying, disclosing, and perhaps
tional security, international order dig into everything; it was created even regulating American companies’
and geopolitical strategy. In addition for a particular mission. But some financial relationships with China. On
to examining China and its place in China-relevant aspects of domestic education, the committee should con-
the world, the committee will also policy deserve particular attention. sider if U.S. regulation needs to be

ELIZABETH FRANTZ/REUTERS
have to understand the U.S. and its By raising issues and highlighting modified or new laws written to make
own global standing. That means crucial opportunities or vulnerabili- American universities’ relationships
wrestling with American domestic ties, the committee can assist other with Chinese institutions more trans-
policy too. House and Senate committees in parent. The select committee should
To understand why, consider the their own investigations and legisla- also consider, more broadly, the need
panel’s full, formal name: the Select tion. Some relevant areas of domes- for universities to commit them-
Committee on the Strategic Compe- tic regulation are obvious, such as selves, first and foremost, to serious
tition Between the United States and trade, export controls and immigra- Wisconsin Rep. and Chairman Michael Gallagher research and education in the scien-
the Chinese Communist Party. The tion. For the select committee, the tific and other technical fields most
key word is “competition.” The U.S. challenge will be to broaden its scope should include finding and eliminat- expand copper output in the United needed for strategic competition with
can’t know how to beat China with- to the subtler but crucial competitive ing redundancies between state and States would yield significant in- China. Such priorities animated uni-
out understanding its own assets aspects of domestic policy. federal permitting regulations for creases in domestic supply within versities during the Cold War.
and liabilities. First among these is domestic reg- high-tech facilities by streamlining the decade. The prospects for any The select committee should also
ulation of crucial supply chains, espe- environmental, health, and safety expansions are higher on state and consider whether the executive
cially for semiconductors. Congress regulations.” private lands.” branch’s internal administration is up
To promote competition, recognized their strategic importance So, too, with the natural resources Given China’s strategy of subsidiz- to the challenge. While national secu-
in the Chips Act. But its billions of for semiconductors. The U.S. must ing its tech companies and taking ad- rity and geopolitical competition are
the panel should look at dollars in federal subsidies will be challenge China’s dominance in pro- vantage of them to gain an economic entwined with domestic policy, the
education, antitrust, squandered if lawmakers don’t do ducing the refined rare-earth miner- and geopolitical edge, the select com- White House makes policy through a
something about the host of regula- als that go into both chips and green mittee should study the competitive panoply of councils and single-issue
mining and chip policies. tions that currently block or deter the energy. But extracting, refining and position of our own tech sector. policy “czars.” Do they collaborate as
construction of chip fabrication plants using our domestic resources—such These firms currently face an erratic much as they should and avoid work-
and the broader ecosystem of facili- as the newly discovered 7-square-mile and often aggressive regulatory envi- ing at cross-purposes?
Chairman Mike Gallagher has un- ties and companies a domestic semi- store of rare earths at Sheep Creek, ronment, owing to the Federal Trade The House charged the committee
derstood this from the start. In De- conductor industry requires for long- Mont.—will require regulatory cer- Commission’s current leadership, to “investigate and submit policy
cember, he told the Dispatch that the term success. tainty and clarity, not the current mo- whose partisan agenda and proce- recommendations on the status of
committee might conduct field hear- This was made painfully clear by rass that fosters litigation and deters dural irregularities create immense the Chinese Communist Party’s eco-
ings in New York to “tease out the fi- an October 2021 report from George- development. As these pages noted uncertainty and litigation risk. nomic, technological, and security
nancial and economic implications of town’s Center for Security and last month, America suffers from a In 2021 former defense officials, progress and its competition with
a kinetic confrontation over Taiwan” Emerging Technology, which showed “green-energy mineral lockup.” To including former Defense Secretary the United States.” It can’t begin to
or hold a joint hearing with the Agri- that the construction of new chip compete with China, Congress must Leon Panetta and Director of Na- understand this competition without

.
culture Committee to study “Chinese fabrication plants is governed by unlock them. tional Intelligence Dan Coats, understanding America’s own
purchases of agricultural land.” myriad intersecting federal and state Reform is also necessary for less warned against antitrust reforms strengths and weaknesses—espe-

ly
In a December op-ed for Fox News, environmental regulatory frame- exotic yet no less essential commod- that would regulate “the U.S.’s larg- cially the self-imposed ones.
he and now-Speaker Kevin McCarthy works, whose uncertain timelines ities. As S&P Global urged last year est technology companies” at “the
cast the issues even more fully: “The and requirements present major in a report on copper and the green- expense of U.S. economic and na- Mr. White is a senior fellow at the
Select Committee will expose our dan-
gerous dependence on China and ad-
vance policies to build secure sources
for critical supply chains, either in the
on
roadblocks. The center reiterated in
June 2022 that regulatory modern-
ization is a “first step” toward semi-
conductor competitiveness: “Efforts
energy transition, America’s “nexus
between a politicized regulatory
process and the ubiquity of litiga-
tion makes it unlikely that efforts to
tional security” vis-à-vis China. The
FTC’s subsequent efforts, at the be-
hest of Chairwoman Lina Khan, have
sowed more risk.
American Enterprise Institute and a
co-director of the Antonin Scalia
Law School’s Gray Center for the
Study of the Administrative State.
us ,
l

The Trump Grand Jury and the Age of Unseriousness

e
al a

Trump or his associates over his al- But don’t blame him for all of this. Critical race theory is a pro- leaders spent the last few years try-
ci on

leged attempts interfere with Geor- His unseriousness was more than foundly unserious proposition that ing to win the approval of an angry
gia’s vote-counting process. But we matched by an opposition and media rests on a willing suspension of dis- Swedish teenager.
FREE can say that her giggly gallivanting is that embraced the temper of the age belief about history, economics and What about Ukraine? On the face
EXPRESSION a perfect avatar for the alarming un- for years with mountainous nonsense society. No honest person with an of it, we seem to be displaying a rare
By Gerard Baker seriousness of our current public about a Russian takeover of America. ounce of historical learning believes and admirable seriousness. But even
er s

W
mood. This besetting focus on fictions the U.S. was founded to preserve the here, there’s an unwillingness by our
e have a new icon for our It would be grotesquely condign if and trivialities consumes much of institution of slavery. Yet for years leaders to match the gravity of the
m er

troubled times. somehow Ms. Kohrs’ verbal laxity led our political culture. The current we have found ourselves locked in a moment with serious reasoning. On
Emily Kohrs, the 30-year to Mr. Trump’s avoiding any indict- budget debate is a case in point. Ev- pseudoacademic debate with grifting the populist right we hear bleating
old foreperson of a special grand jury ment for his behavior over the 2020 extremists who’ve made this flap- about American “fatigue” and how
in Fulton County, Ga., whom CNN de- election. Because Mr. Trump—who we doodle part of the curriculum in money spent on Ukraine prevents us
scribes as “between customer-ser- might now say, channeling Ms. Kohrs, Foreperson Emily Kohrs some places. from dealing with domestic chal-
m rp

vice jobs”—a euphemism that has a is “between presidencies”—is the ne Or the idea that biological sex lenges, as though a great country is,
certain panache if you’re an actor, plus ultra of garrulous unseriousness. is basking in the attention isn’t real. Surely some future gener- like a dog chasing a squirrel, able to
but doesn’t work quite so well for We were once enjoined to take him and airtime, just as the ation will look back and giggle, Em- focus on only one objective at a
the nation’s struggling community of seriously, but not literally, but I still ily Kohrs-like, when they discover time. For everyone else there’s a
customer-service agents—is the pub- can’t help but think his shtick has all former president did. that we have a government that sol- continuing refusal to face up seri-
co Fo

lic citizen our age demands. along rested on an intuitive under- emnly talks about “chest-feeding” ously to the consequences of sup-
The woman into whose hands standing of how shallow the nation’s and “pregnant people,” or that a re- posedly limitless U.S. support for a
some lawyer (and her peers) placed political debate is. This isn’t to demean eryone knows we face a fiscal crisis cently installed Supreme Court jus- war without end.
the potential liberty of a former his many skills. His sense of comic tim- that looms larger each year. But any tice declined to define the word It is as though our leaders have
president, and perhaps the stability ing was so perfect that he chose 2016 attempt to have serious, bipartisan “woman” because she lacked biologi- figured out what Ms. Kohrs under-
of the republic itself, spent last to run against the worst presidential discussion is scotched. Democrats cal expertise. stood—that a few minutes of airtime
week giddily skipping from televi- candidate in modern history—and he can demagogue every proposal to do This is not serious. is far more rewarding than doing
sion studio to newspaper office was undone four years later only when something about entitlements be- Then there is the alarmist envi- something substantive.
sharing the sober deliberations of a his mastery of the unseriousness of cause they know there is no penalty ronmental claptrap we get thrown at Maybe it’s hyperbolic—even a lit-
secret judicial process like a fluttery modern politics proved no match for a for not taking things seriously. us daily. Climate change is real and tle unserious—of me, but all this has
teenager dishing the dirt on the serious public-health crisis. His unsuc- Take any of the supposedly press- needs honest debate about measures the hallmarks of late-stage civiliza-
saucy goings-on at last night’s ju- cessful effort to overturn the 2020 re- ing issues that are lumped into the to restrain and remediate it. But that tional collapse, the stuff of gladiato-
nior prom. sult on the basis of ludicrous allega- category of “culture wars.” The pro- would be serious. So instead we are rial contests in the Colosseum while
n-

We don’t yet know if Ms. Kohrs’s tions marked one last attempt to ponents of these radical new ideolo- told the planet is going to burn up the barbarians amass beyond the
injudicious incontinence will derail reassert the primacy of a transparent gies aren’t serious, and I suspect and our only option is to reverse mil- mountains: a great and serious na-
any possible prosecution of Donald fairy tale over reality. most of them know it. lennia of human progress. And our tion badly in need of leadership.
no

Why We’re Challenging Biden’s Student-Debt Power Grab

By Mike Hilgers may slow (or even stop) policies fa- Congress. Dozens of loan-forgiveness necessary “in connection with a war to ending the state of emergency on

N
vored by Republican or Democratic bills have gone nowhere. Stymied or other military operation or na- May 11. In a recent video with Sen.
ebraska has challenged Presi- administrations, but it provides a legislatively, the president tried a tional emergency.” The White House Bernie Sanders, Mr. Biden highlighted
dent Biden’s unilateral and un- clear avenue for change: Persuade Hail Mary. His proposal invoked says the pandemic is a national emer- his plan and criticized state attorneys
lawful discharge of hundreds more people; win more elections. emergency authority contained in a general for bringing the case, but
of billions of dollars in student-loan That hasn’t stopped the Biden ad- 9/11-era bill known as the Higher there was no mention of Covid.
debt. The Supreme Court will hear ministration from usurping Con- Education Relief Opportunities for The president flouted the The president can’t have it both
the case Tuesday. At stake is more gress’s authority. The administration Students Act of 2003, or Heroes Act. ways. He can’t tell the country the
than the $430 billion hole Mr. Biden’s has repeatedly used the pandemic as President Bush signed that bill af- law and used the pandemic pandemic is over while claiming that
plan would blow in the federal bud- an excuse to justify acting without ter the start of the Iraq war to ensure as a pretext to claim it justifies this unilateral action.
get. The case poses a major test for congressional authority, but the Su- that active-duty military members Last year the Supreme Court re-
the separation of powers under the preme Court stopped many of these could pause student-loan payments breathtaking authority. affirmed that when the executive
Constitution. efforts. In 2021 the high court ended while serving the country. Every con- branch addresses a “major ques-
“No country can be called free a moratorium on the eviction of rent- gressional finding in support of the tion,” which surely includes this
which is governed by an absolute ers imposed by the Centers for Dis- law focused on providing relief to gency, so the president has the au- vast debt cancellation, it needs
power,” Thomas Paine wrote in 1776. ease Control and Prevention. In 2022 people serving in the military for thority to act—an argument that “clear” authority from Congress. Far
The Founders realized the danger of the justices blocked a vaccine man- “our nation’s defense.” Congress gave seems pretextual. While the adminis- from the clear language necessary
vesting absolute power in one branch date that the Occupational Safety no hint that it intended to eliminate tration argues in court that Covid to justify this major action, the He-
of government, and so they divided and Health Administration forced on student loans or cancel a massive justifies this action, the president roes Act can’t be squared with the
power into three branches. Legisla- employers. amount of debt. No administration tells the public a different story. In president’s plan.
tion is passed in Congress, where a The Biden administration is trying until this one has used the Heroes September he went on television and The scope of the power the presi-
large and diverse nation’s elected rep- again on relief for student-loan debt, Act to justify erasing student debt. declared the pandemic over. More re- dent has claimed is breathtaking.
resentatives weigh in. This process which has been hotly debated in The law applies only when relief is cently his administration committed Americans of all political stripes
should be alarmed. If Mr. Biden’s ac-
tions are found lawful, you can bet

Notable & Quotable: Canada

that future Republican and Demo-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY cratic administrations will scour old
Rupert Murdoch Robert Thomson and obscure laws to find dubious le-
Executive Chairman, News Corp Chief Executive Officer, News Corp From a Feb. 27 Reuters dispatch: Instead he went on to win a seat in gal hooks to achieve their major pol-
Emma Tucker Almar Latour the House of Commons in a Toronto icy preferences.
Editor in Chief Chief Executive Officer and Publisher
OTTAWA—Prime Minister Justin riding in 2019, and was re-elected in National crises are problems to be
Jason Anders, Deputy Editor in Chief DOW JONES MANAGEMENT: Trudeau on Monday denied a media 2021. . . . navigated—not opportunities for
Neal Lipschutz, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; report from last week saying his of- Trudeau has said China has at- amassing presidential power.
Thorold Barker, Europe; Elena Cherney, News; Mae M. Cheng, SVP, Barron’s Group; David Cho, fice had been warned by Canada’s spy tempted to meddle in Canada’s elec- Throughout the pandemic, the presi-
Andrew Dowell, Asia; Brent Jones, Culture, Barron’s Editor in Chief; Jason P. Conti, General
agency to drop a Liberal candidate, tions, but he insists that two reports dent has pushed his luck, and the Su-
Training & Outreach; Alex Martin, Print & Counsel, Chief Compliance Officer; Dianne DeSevo,
who is now a member of parliament, by an intelligence task force set up preme Court has pushed back. The
Writing; Michael W. Miller, Features & Weekend; Chief People Officer; Frank Filippo, EVP, Business
Emma Moody, Standards; Shazna Nessa, Visuals; Information & Services, Operations;
because he had Beijing’s support. to study foreign influence in elec- pandemic is now behind us. One can
Philana Patterson, Audio; Matthew Rose, Elizabeth O’Melia, Chief Financial Officer; The Chinese government preferred tions have said the outcome of both only hope the same is true of Mr. Bi-
Enterprise; Michael Siconolfi, Investigations; Josh Stinchcomb, EVP & Chief Revenue Officer, Han Dong, a Chinese-Canadian, over the 2019 and 2021 elections were not den’s efforts to use it to expand his
Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief another Chinese Canadian Liberal, altered. powers.
Paul A. Gigot
Marketing Officer who was passed over in favour of “That doesn’t mean that we are
Editor of the Editorial Page Han, said Global News. . . . The article not faced on an ongoing basis by at- Mr. Hilgers is Nebraska’s attorney
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
said the Canadian Security Intelli- tempts at interference in our democ- general. His office will argue the
New York, N.Y., 10036 gence Service (CSIS) urged Trudeau’s racies, both during and before and af- state’s case before the high court
Telephone 1-800-DOWJONES “team” to rescind Han’s candidacy. ter” an election, Trudeau said. Tuesday.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

A16 | Tuesday, February 28, 2023 * **** THE WALL STREET JOURNAL.

WORLD NEWS

Singapore Lures Wealthy Chinese Observers

Find Fault
Anxiety over direction
of nation, three years of
Covid rules prompt exit
In Nigeria
of well-off residents Election
SINGAPORE—Well-heeled
Chinese are leaving China for BY GABRIELE STEINHAUSER
Singapore, attracted by the AND GBENGA AKINGBULE
city-state’s low taxes and high-
quality education, amid anxi- LAGOS, Nigeria—Early re-
ety over China’s direction un- sults from Nigeria’s presidential
der leader Xi Jinping. election showed a sizable lead
for the ruling party’s Bola
By Jason Douglas, Tinubu, as international ob-
Keith Zhai servers said serious logistical
and Stella Yifan Xie problems, violence and the
slow publishing of polling-sta-
The trend is set to acceler- tion results had marred the
ate, according to relocation vote in Africa’s largest econ-
consultants and lawyers, as omy and most populous nation.
ORE HUIYING FOR THE WALL STREET JOURNAL

China’s reopening allows for By early Monday eve-

freer movement across the ning, results sheets from just
country’s borders, making it over one-third of Nigeria’s
easier for wealthy individuals 176,846 polling stations had
to move their families overseas been loaded onto the website of
and manage their assets from the country’s electoral commis-
abroad. The shift follows nearly sion following Saturday’s vote.
three years of strict Covid-19 The commission, which had
controls that all but cut China previously vaunted the imme-
off from the outside world. diate publication of those re-
“Three years has really made sults as a key step toward im-
them think about whether China proving election transparency,
is the place to be,” said Ryan Lisa and her daughter at their home in Singapore. Displeased with the academic environment in China, the family moved last summer. said the delays were because
Lin, director of Bayfront Law, of technical glitches and didn’t
who has set up about 70 family two-month lockdown in said he expects departures The influx is visible in cor- Dance Ltd., which moved staff affect the integrity of the vote.
offices for wealthy foreigners to Shanghai cemented their deci- from China in 2023 to pick up ners of Singapore’s economy. and executives to Singapore in Parallel counts by civil-soci-
manage their fortunes in Singa- sion to move. “We thought if along with a broader revival in House prices rose 8.6% in part to ease U.S. concerns ety organizations based on re-
pore during the past two years. we don’t leave sooner, we may rich individuals moving around 2022, according to OrangeTee & about the app’s Chinese ties. sults uploaded showed Mr.
The Singapore government never be able to,” she said. the world. The company ex- Tie, a real-estate research com- Some in Washington say those Tinubu of the ruling All Progres-
doesn’t publish data on the She and her husband, who pects about 125,000 people pany, which in an October report links threaten national security. sives Congress with a substan-

.
nationality of new residents, has remained in Shanghai, with net assets of more than $1 said buyers from China bought Highfliers from China with tial lead over Atiku Abubakar,
but advisers to well-off emi- eventually want to send their million to move this year, ex- more condos last year than any jobs to go to can get employ- the candidate of the People’s

ly
grants say that Chinese na- daughter to school in the U.S. ceeding the 2019 record of other group of foreigners. ment passes to live, work and Democratic Party, Nigeria’s
tionals account for a large and She said she believes Singa- 110,000. Chinese nationals usu- A year’s membership for a bring their families to Singa- other established party.
growing share of those seek- pore is the right place to wait ally account for 8% to 10% of foreigner at the exclusive Sen- pore. Permanent residency and Peter Obi of the smaller La-
ing a new home.
A 42-year-old woman from
Shanghai moved to Singapore
last summer with her 14-year-
out what they hope will be an
eventual thaw in chilly U.S.-
China relations. “Singapore is a
perfect springboard,” she said.
on
the total, said Mr. Amoils. New
World Wealth tracks the behav-
ior of roughly 150,000 individu-
als in a database to derive its
tosa Golf Club, meanwhile,
cost 250,000 Singapore dol-
lars, about $185,200, prepan-
demic, but has since soared to
a fast-track route to Singapor-
ean citizenship are available
for those willing to invest at
least 2.5 million Singapore
bour Party, who had gained a
following among young Nigeri-
ans frustrated with perpetual
crises, was in third place.
old daughter. She and her hus- About 10,800 wealthy Chi- estimates for total migration. 840,000 Singapore dollars. dollars in new or existing Nigeria’s current president,
us ,

band resolved to school their nese left the country in 2022, Henley & Partners, a consult- The city has particular at- Singapore businesses. Muhammadu Buhari, couldn’t
l

teen abroad after growing un- according to estimates from ing firm that helps wealthy peo- tractions for Chinese citizens. It The city-state also welcomes run again after serving two
e
al a

happy with an academic envi- New World Wealth, a research ple get residence rights over- is relatively close to Hong Kong entrepreneurs eager to set up terms in office.
ronment in China that they felt firm that tracks the movements seas and advises governments and the Chinese mainland, new businesses, and allows During Mr. Buhari’s eight
had become less open. Teach- and spending habits of the on designing financial incentives Mandarin is widely spoken wealthy individuals to establish years in office, Nigeria has ex-
ci on

ers at their daughter’s interna- world’s high-net-worth citizens. to tempt rich migrants, esti- alongside English, and the city family offices to manage their perienced two recessions and a
tional school were discouraged That marked a revival in de- mates that Singapore saw an in- boasts excellent schools and a fortunes without paying tax on surge in violence and conflict,
by officials from using Western partures after the first years of flux of about 2,800 rich foreign- financial sector heavily focused investment income, provided including Islamist terrorist at-
textbooks, said the woman, the pandemic, though the num- ers from all countries in 2022, on wealth management. they spend at least 200,000 Sin- tacks, kidnappings and clashes
who asked to be identified by ber leaving fell short of the making it the third-most-popu- Major Chinese companies gaporean dollars a year on rent, between farmers and herders.
er s

only her first name, Lisa. roughly 15,800 who left in 2019. lar destination for wealthy mov- have significant outposts in salaries and other expenses, In an initial assessment, ob-
China’s strict approach to Andrew Amoils, head of re- ers last year after the United Singapore, including TikTok and allocate 10% of their assets servers from the U.S.-based In-
m er

the pandemic and last year’s search at New World Wealth, Arab Emirates and Australia. and its Chinese parent, Byte- to Singaporean investments. ternational Republican Institute
and the National Democratic In-
stitute said the election “fell

Hong Kong Lifts Anti-Covid Mask Mandate

well short of Nigerian citizens’
reasonable expectations.”
m rp

BY SELINA CHENG

HONG KONG—After almost

to wear a mask, he said.
In recent weeks the city has
reopened its border with main-
events in finance and banking
shifted from Hong Kong to
nearby rival Singapore so at-
Egypt
co Fo

three years, Hong Kong said it

would scrap its mask mandate
starting March 1, removing
land China in an effort to re-
boot an economy that shrank
3.5% last year. The city was also
tendees could avoid the city’s
anti-Covid rules.
Masks are still worn in some
Vows More
one of the longest-running
pandemic restrictions world-
wide as the city tries to re-
affected by long-running strict
quarantine rules for arrivals
that were lifted in the fall.
places in South Korea and
Japan.
While Seoul lifted its indoor
Quake Aid
build its image as an interna-
tional financial center.
Mr. Lee and his top minis-
ters have also begun traveling
mask mandate on Jan. 30, cit-
ing a downward trend in infec- To Syria
TYRONE SIU/REUTERS

The city’s Chief Executive internationally to court global tions, masks are still required
John Lee announced the move political and business leaders, to be worn at hospitals and BY BENOIT FAUCON
Tuesday, lifting a rule that had including to Gulf nations and pharmacies and while using
been criticized by some health the World Economic Forum public transportation. The gov- Egypt promised more aid to
experts for requiring people to meeting at Davos, Switzerland. ernment recommends that Syria after earthquakes devas-
n-

wear masks in public places at The nearly three-year-old rule required masks in public places. The city, whose economy also masks be worn indoors. tated parts of the country, in a
all times, except during exer- relied heavily on tourism be- On March 13, Tokyo is plan- sign of how Arabs states are
cise and in country parks, even doors or on public transport, break among high-risk groups, fore Covid, this month ning to lift government guide- rekindling ties with President
as most other Covid-19 restric- Mr. Lee said. “The Covid epi- such as at hospitals, and that launched a campaign to bring lines that have recommended Bashar al-Assad after ostraciz-
no

tions had been gradually dis- demic in Hong Kong is under the influenza season is coming back visitors by giving out half wearing masks indoors. The ing him for more than a de-
mantled in recent months. control with no sign of a big to an end. Premises considered a million plane tickets. guidelines weren’t mandatory cade for his brutal crackdown
Masks will no longer be re- rebound,” Mr. Lee said, adding high-risk may still impose their During the pandemic, some but most people have been fol- on opponents at home.
quired whether indoors, out- that there has been no out- own rules and require visitors flagship conferences and lowing them. In the first public visit by a
senior Egyptian official in

WORLD WATCH
more than a decade, Foreign
Minister Sameh Shoukry told
Mr. Assad in Damascus on
Monday that Cairo would con-
WEST BANK HONG KONG tinue to provide whatever hu-
manitarian assistance it could
U.S.-Israeli Citizen Ex-Spouse, In-Laws to its fellow Arab nation.
Is Killed in Attack Held in Model’s Death “The goal of visiting Da-
mascus is primarily humani-
A U.S.-Israeli dual national The ex-husband and former tarian,” Mr. Shoukry said, add-
was killed Monday in what Is- in-laws of a slain Hong Kong ing that Egypt had delivered
raeli authorities said was a ter- model were detained Monday on 1,500 tons of aid so far.
rorist attack by Palestinian gun- charges in her killing after police More than 50,000 people
men in the West Bank, the found body parts in a refrigerator died in the Feb. 6 earthquakes—
latest incident in an extended and a pot. The case has gripped about 44,300 in Turkey and at
wave of deadly violence. many in a Chinese territory least 5,900 in Syria, although
Israel’s military said that Pal- where any violent crime is rare. the numbers from Syria haven’t
estinian gunmen arrived in a ve- Ex-husband Alex Kwong, his been updated for days.
hicle at a junction near the city father Kwong Kau and his Since the disaster, several
of Jericho, fired at an Israeli vehi- brother Anthony Kwong were Arab nations including Egypt,
cle and fatally injured the victim, charged with murdering model the United Arab Emirates,
whose name hasn’t been re- Abby Choi a day earlier. Alex Saudi Arabia and Jordan have
leased. They then drove on and Kwong’s mother, Jenny Li, faces delivered aid for Syria’s quake
RONEN ZVULUN/REUTERS

fired at two more Israeli vehicles, one count of perverting the zone, dealing with a govern-
before setting their vehicle alight course of justice. None of the ment they suspended ties with
and fleeing from Israeli forces. four was granted bail. after Mr. Assad used brute
State Department spokesman Ms. Choi, a 28-year-old model, force to crack down on an up-
Ned Price said the victim was disappeared Feb. 21, according to rising in 2011. Backed by Rus-
both Israeli and American. a report filed later with the sian airstrikes and Iranian mi-
The shooting Monday follows Mourners attend the funeral of two Israelis killed Sunday by a suspected Palestinian gunman. Hong Kong Police. litias, Mr. Assad used chemical
another Palestinian shooting at- On Friday, police found her weapons and starve-or-surren-
tack a day earlier that killed two MEXICO and staff cuts at the indepen- The protesters “don’t care dismembered body in a refriger- der sieges to break the anti-
Israelis driving through the Pal- dent electoral agency. about democracy. What they ator in a house rented by Kwong government rebels, punishing
estinian town of Huwara. President Won’t Mr. López Obrador, a leftist- want is the continued domi- Kau in a suburban part of Hong civilians who lived under op-
Later Sunday evening, the Is- Alter Vote Overhaul nationalist who took office in nance of an oligarchy, that is, a Kong about a 30-minute drive position control.
raeli military said, hundreds of 2018 after campaigning against government of the rich,” Mr. Ló- from mainland China. Authorities Syrian officials say about
settlers rioted through Huwara President Andrés Manuel Ló- the political establishment, dis- pez Obrador said at his daily later discovered a young half of the more-than-200
and other nearby Palestinian vil- pez Obrador won’t reverse plans missed Sunday’s mass protests morning press conference. He woman’s skull believed to be Ms. planes carrying earthquake aid
lages, burning homes and other to overhaul the election system, as a political maneuver by the said the demonstrations across Choi’s in a cooking pot seized for the country have come
property. One Palestinian man his spokesman said Monday, a opposition against his govern- the country were “very small” from the house. Officials say from the U.A.E. The Gulf mon-
was killed during the riots, but the day after hundreds of thousands ment. Some political analysts and mocked the protesters, say- there was a hole in the skull. archy sent 119 flights to Syria
Israeli military has yet to say who of Mexicans took to the streets said it was another sign of po- ing, “they have to increase their The defendants haven’t yet carrying over 4,000 tons of
was responsible for his death. of the country’s main cities to larization ahead of next year’s capacity to mobilize.” entered their pleas. aid and dispatched a search-
—Dov Lieber protest against proposed budget presidential election. —Juan Montes —Associated Press and-rescue team.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

TECHNOLOGY: META, SNAP EMBRACE ARTIFICIAL-INTELLIGENCE CHAT FEATURE B4

BUSINESS & FINANCE

© 2023 Dow Jones & Company. All Rights Reserved.

S&P 3982.24 À 0.31% S&P FIN g 0.06% S&P IT À 0.52%

* * * *

DJ TRANS À 1.34%
THE WALL STREET JOURNAL.

WSJ $ IDX g 0.42%

Tuesday, February 28, 2023 | B1

2–YR. TREAS. yield 4.791% NIKKEI (Midday) 27541.40 À 0.43% See more at [Link]/Markets

Altria in Talks Technology

Stocks
To Buy Vaping Spark
Startup NJOY Market
Rebound
Marlboro maker is cigarettes in the U.S., has tried

JOHN SMITH/VIEWPRESS/GETTY IMAGES

for years to develop or acquire
looking to divest stake e-cigarettes as U.S. smoking of BY RYAN DEZEMBER
in Juul and take over traditional cigarettes declined. AND CHELSEY DULANEY
The tobacco giant in 2018 paid
new e-cigarette brand $12.8 billion for a 35% stake in A rebound in shares of fast-
Juul, only to see the vaping growing technology firms
Marlboro maker Altria market leader tumble. helped stock indexes eke out
Group Inc. is in advanced talks Juul, embroiled in a dispute gains Monday after logging
to buy e-cigarette startup with federal regulators and their worst week of the year.
NJOY Holdings Inc. for at swamped by lawsuits alleging Consumer discretionary, in-
least $2.75 billion and plans to that it had targeted minors, Altria has been trying for years to develop or acquire e-cigarretes. An ad for Juul in New York City. dustrial and information tech-
came close to filing for bank- nology shares led the S&P 500
By Jennifer Maloney, ruptcy last year. Juul has since Altria’s share price, Altria’s annual revenue, Share of total higher, while safety stocks in
Juliet Chung settled much of that litigation past five years by segment e-cigarette retail sales* utilities, healthcare and con-
and Lauren Thomas but its future remains in ques- sumer staples declined.
tion amid a dispute with the $65 Monday $30 billion 2022 Vuse The S&P 500 gained 12.20
divest its stake in Juul Labs Food and Drug Administration $46.54 Other $25.1B British American 36.6% points, or 0.3%, to 3982.24,
Tobacco
Inc., according to people fa- over whether its e-cigarettes Oral tobacco while the Dow Jones Industrial
60 25
miliar with the matter. can remain on the U.S. market. products Juul Average added 72.17 points, or
Juul Labs 29.5
The deal for NJOY, one of Juul has said it never targeted Smokeable 0.2%, to 32889.09. The Nasdaq

.
the few e-cigarette makers young people and has been 55 20 products Composite increased 72.04
NJOY
whose products have clearance working to regain the trust of 2.8 points, or 0.6%, to 11466.98.

ly
NJOY
from federal regulators, could regulators and the public. Union Pacific rose $19.45, or
be announced as soon as this Altria now values Juul at 50 15 Blu 10%, to close at $212.17 after
week, the people said, though $714 million—down from the Imperial 1.7 the railroad company said it
Tobacco Group
the talks could still fall apart.
The proposed deal includes
an additional $500 million
earnout if certain regulatory
$38 billion valuation when Al-
tria first invested.
The Federal Trade Commis-
sion is expected to issue a deci-
on 45 10 Logic
Japan Tobacco
Leap
0.7
would acquiesce to pressure
from an activist hedge fund and
replace its chief executive.
Renewable-energy compa-
40 5 0.2
milestones are met, the people sion in March on whether to E-Alternative nies Enphase Energy and So-
us ,

Solutions
said. The Wall Street Journal unwind Altria’s investment in larEdge Technologies each
l

reported last June that NJOY Juul. The agency’s staff has al- added more the 5%. Tesla con-
e
35 Weekly 0 Other 28.6
al a

had hired advisers and was ex- leged that it violated antitrust tinued to rally, rising $10.75, or
2019 ’20 ’21 ’22 ’23 2013 ’15 ’17 ’19 ’21
ploring a sale. law. With the Juul case pend- 5.5%, to $207.63, bringing its
Altria, the largest maker of Please turn to page B2 2023 gains to 69%.
ci on

*52 weeks ending Jan. 28; Includes convenience stores Sources: FactSet (share price); S&P Capital IQ (revenue); Nielsen via Goldman Sachs (share)
Pfizer, which The Wall
Street Journal reported to be in

EVs Without AM Radio Spur Safety Warning

talks to acquire biotech com-
pany Seagen for more than $30
billion, was among the index’s
er s

laggards, declining 97 cents, or

2.3%, to $40.78. Seagen, which
BY RYAN FELTON
m er

length as AM radio signals, cre- serves as a linchpin of the in- More than 75 radio stations, ple listen to AM radio, accord- helped pioneer a class of can-
ating buzzing and signal fading frastructure behind the federal most of which operate on the ing to media-tracking firm Niel- cer therapy known as antibody
The lack of AM radio in from the interference. National Public Warning Sys- AM band and cover at least sen. drug conjugates that attack tu-
some new electric vehicles The government should seek tem, which provides emer- 90% of the U.S. population, are While drivers nowadays can mors with toxic agents, rose
could cut off drivers from im- assurances that auto makers gency-alert and warning infor- equipped with backup commu- use smartphones and other $16.79, or 10%, to $178.16.
m rp

portant safety alerts broadcast will maintain AM radio in cars, mation from FEMA to the nications equipment and gener- tech to dial up their favorite ra- Stocks have come under
over the medium, warned a said seven former Federal public during natural disasters ators that allow them to con- dio stations, the signal keeping pressure this month, as eco-
group of former emergency of- Emergency Management and extreme weather events. tinue broadcasting information those services online isn’t as nomic data have forced inves-
ficials in a letter Sunday. Agency administrators in a let- “When all else fails, radio to the public during and after reliable as AM radio during tors to rethink expectations
Auto makers such as Ford ter Sunday to Transportation stations are often the last line an emergency, FEMA said. emergency events, the former that softening inflation pres-
co Fo

Motor Co. and Tesla Inc. have Secretary Pete Buttigieg and of communications that com- “Should this continue, it will FEMA officials said. sures will allow the Federal Re-
dropped AM radio from newer some congressional committees munities have,” Craig Fugate, represent a grave threat to fu- The Transportation Depart- serve to soon wrap up its ag-
EV models. Car companies say that was viewed by The Wall the head of FEMA during the ture local, state, and federal di- ment didn’t respond to a re- gressive interest-rate increases.
the motors on such vehicles Street Journal. Obama administration, said in saster response and relief ef- quest for comment. Antwane Instead, investors have bol-
generate electromagnetic fre- The issue, the former offi- an interview. Mr. Fugate is one forts,” the letter said. Johnson, director of FEMA’s stered bets that Fed policy
quencies on the same wave- cials say, is that AM radio of the signers of the letter. An estimated 47 million peo- Please turn to page B6 Please turn to page B11

Miners Focus on Energy Shift INSIDE STREETWISE | By James Mackintosh

If History Repeats, Then

With Deals and Investments
n-

BY RHIANNON HOYLE
It’s Time to Buy Bonds
no

The market ing point of valuations often

A
ADELALAIDE, Austral
a ia—Globala narrative is matters even more.
miners are spending billions of obvious after In 1973 and 1980, stocks
dollars on deals and raising BUSINESS NEWS a twin infla- took a long time to recover,
budgets for new projects in a Union Pacific shares tion and inter- especially after adjusting for
TAYLOR WEIDMAN/BLOOMBERG NEWS

bet on the energy transition, est-rate shock inflation. From a January

changing course from a decade-
jump as railroad says it crushed asset prices: Noth- 1973 high, it took until 1985
long focus on shareholder pay- will find a new CEO. ing else much matters. for investors to get their
outs. B3 The parallels from history money back from U.S. stocks
BHP Group Ltd., the world’s are equally obvious. In 1973, in real terms, as measured by
biggest miner by market value, the Arab oil embargo trashed the MSCI USA index with div-
is close to completing its big- the economy and led to sharp idends reinvested. In 1980,
gest acquisition since 2011 wwith rate rises, while in 1980 ram- inflation was beaten and re-
a d-gold mi
copper-an m ner OZ Min i - pant inflation worsened by covery was quicker, but it
erals Ltd. recommending its another oil shock was accom- took until 1983 before inves-
shareholders vote in favor of Rio Tinto is leading development of a $7.06 billion underground panied by then-Federal Re- tors who bought at that
the bid of more than $6 billion. copper mine at the Oyu Tolgoi operation in Mongolia. serve Chairman Paul Volcker’s year’s peak were made whole.
T
Two months ago, Ri i to PLC
R o Tin aggressive rate increases. So far, so simple. Academ-
bought out minority sharehold- sought to bump up their divi- against that, and at the right Russia’s invasion of Ukraine ics Elroy Dimson, Paul Marsh
ers in Canada-listed Turquoise dends or buy back stock. Last time,” Peter Cunningham, Rio was followed by the Fed’s and Mike Staunton calculate
Hill Resources in a $3.1 billion week, RRio Tinto said it wants to Tinto’s chief financial officer, REAL ESTATE fastest rate rises since Mr. U.S. stocks delivered 5.9% a
deal to get more exposure to a double its annuala copper output said in an interview. Evergrande’s foreign Volcker was in charge. year after inflation since 1970
big copper deposit in Mongolia. by the end of the decade. By readying deals and in- Yet sometimes the differ- in work for Credit Suisse. If
Miners aare al
a so holdi
d ng more r ai
“I certa nl
n y thi
h nk
n we aare ffu
ully vestments once more, global
bondholders push back ences to history are as im- stocks merely rack up an av-
cash on their balance sheet for aligned with that view that the miners appear to be diverging as hearing looms. portant as the similarities. erage performance, it will
projects, marking a shift from world needs more materials, f om Big Oil
fr i . Ex i Corp
Exxon Mobil r . B10 Economic comparisons mat- take three to four years for
previous years when they and we’re upping our game Please turn to page B2 ter, of course, but the start- Please turn to page B10

[Link]
MAXIMIZE WAREHOUSE
PRODUCTIVITY WITH AUTOMATION (877) 632-2589
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

B2 | Tuesday, February 28, 2023 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

Aethon Energy
A

Management...........B11
Homewood Capital ..... B2
HSBC ......................... B10
HyreCar ..................... B10
Hyundai Motor............B6
R
Reynolds American.....B2
Rio Tinto ..................... B1
Murdoch Says Fox News Hosts
Endorsed False Election Claims
Alphabet......................B4 Rivian Automotive ... B12
Altria...........................B1 I Rockcliff Energy........B11
Apollo Global Independent Bank.....B10 S
Management...........B11
Apple .............. A1,B4,B12 J Salesforce ................. B12
Ascent Resources.....B11 JPMogan Chase ........ B10 Samsung.....................A1
Seagen.........................B1
B Juul Labs.....................B1
Shein ......................... B12 Comments come Corp., said Fox News and Fox air comments about its prod- reckless disregard for the
Bath & Body Works....B3 L Business commentators includ- ucts after former President truth. Dominion has argued
Berkshire Hathaway.B12 Li Auto ...................... B12
Snap.............................B4
SolarEdge Technologies
in deposition in ing on-air hosts Jeanine Pirro, Donald Trump lost the election that Fox News went further
BHP..............................B1
Biogen.........................A3
Lucid..........................B12
M
.....................................B1
Soroban Capital
defamation lawsuit Maria Bartiromo, Lou Dobbs to Joe Biden. The voting-ma- than simply repeating allega-
and Sean Hannity, endorsed chine company is seeking $1.6 tions of Trump allies, but en-
BlackRock ............ A5,B11
Bumble........................B4 Magna International...B4 Partners....................B3
Stanley Black & Decker
brought by Dominion the idea of a stolen election to billion in damages. dorsed the false claims.
Meta Platforms varying degrees, according to a Fox has said that it simply Fox said Dominion has
C ........................A1,B4,B12 .....................................B6
Chevron ....................... B2 Microsoft.....................B4 T BY ERIN MULVANEY deposition cited in Dominion’s reported newsworthy allega- taken comments from its
China Evergrande......B10 MindGeek....................B4 Temu..........................B12 AND KEACH HAGEY brief, which was unsealed tions, and the lawsuit would be hosts out of context and ac-
Core Scientific .......... B11 Mudrick Capital Tesla.....................B1,B12 Monday. an attack on press freedom un- cused the voting company of
CSX..............................B3 Management.............B2 Tokyo Gas..................B11
D
Rupert Murdoch said some The media baron said Fox der the First Amendment. Fox having an extreme view of
N Toronto-Dominion Bank
Fox News hosts and commenta- News itself didn’t endorse that has also argued the damages defamation law.
Dominion Voting NIO ............................ B12 ...................................B10
System......................B2 NJOY............................B1 Toyota Motor.......B6,B12 tors endorsed the false narra- narrative. “I would have liked claim from Dominion vastly Dominion’s filing paints a
DoorDash...................B10 Turquoise Hill Resources tive that the 2020 election was us to be stronger in denounc- overstates the value of the portrait of Mr. Murdoch and
Norfolk Southern........B3
E .....................................B1 stolen, according to testimony ing it, in hindsight,” Mr. Mur- company and that the voting his son, Lachlan Murdoch, be-
Novo Nordisk............A10
Eisai.............................A3 O U in a defamation lawsuit. doch said, according to the fil- company can’t tie any losses ing heavily involved in shap-
Enphase Energy..........B1 Uber Technologies .... B10 Voting-machine company ing. Asked if he could have directly to the network’s cover- ing Fox News’s coverage of
OZ Minerals................B1
Exxon Mobil................B1 Union Pacific...............B1
P-Q V
Dominion Voting Systems is stopped the hosts from high- age. the election and its aftermath.
F
Penguin Random House
Volkswagen...............B12
suing Fox News and Fox News lighting allegations on air, Mr. Fox News Media said Mon- It also shows how various
Ford Motor...........B1,B12 .....................................A5
Fox...............................B2 W-Z parent Fox Corp. for defama- Murdoch responded, “I could day that Dominion’s lawsuit board members of Fox Corp.,
Pfizer...........................B1
G-H Pinduoduo ................. B12 Walt Disney................A3
tion over false claims made on have. But I didn’t.” “has always been more about including Paul Ryan, the for-
General Motors.........B12 Quantum Energy Zoom Video the network’s air that its tech- Mr. Murdoch is also execu- what will generate headlines mer Republican speaker of the
Holmes Motors.........B10 Partners..................B11 Communication.........B6 nology enabled widespread tive chairman of News Corp, than what can withstand legal House, lobbied the Murdochs
fraud in the election. The new parent of The Wall Street Jour- and factual scrutiny.” to, in Mr. Ryan’s words, “move
details emerged in briefs in nal. He and his family are large The bar is high to prove a on from Donald Trump and
INDEX TO PEOPLE which the companies laid out
evidence they plan to present
shareholders in Fox Corp. and
News Corp.
defamation claim. Dominion
would need to show that the
stop spouting election lies.”
A trial is slated to begin
to a Delaware state court. Dominion is suing for what network knowingly aired false April 17 in Delaware state
B I Peng, Nicole................A5 Mr. Murdoch, chair of Fox it alleges were defamatory on- claims or proceeded with a court.
Benioff, Marc............B12 Iniguez, Eduardo.......B10 R
Brady, Lucy..................B3 Islam, Munib...............B3 Raina, Atul................B11

Miners Bet
Buffett, Warren .. A4,B12 Izuel, Derek...............B11 Rutherford, James....B11
C K S
Chamoun, Fadi............B3 Keirstead, Karl..........B12

On Energy
Salviati, Chris.............A2
Cunningham, Peter.....B1 L Silverman, Ben...........A4
D Laghari, Muhammad T
Darong, Pan...............B10 ...................................B11

Transition
Teitelbaum, Douglas...B2
Dimon, Jamie............B10 Loeb, Dan....................B3
W

.
F M
Waddell, David ........... A4

ly
Ferguson, Jeremy.......B3 Maddock, Jamie..........B2
Wein, L. Joshua..........A4
Fisker, Henrik..............B4 Mudrick, Jason............B2
Wetherbee, Christian
Fritz, Lance ................. B3 Munger, Charlie ........ B12 Continued from page B1
.....................................B3
H Murdoch, Lachlan ....... B2 and Chevr v on Corp
r . have signifi-
Y
on

TAYLOR WEIDMAN/BLOOMBERG NEWS

Murdoch, Rupert.........B2 cantly cut spending from pre-
Hackett, Mark.............A4
Musk, Elon ............ A4,A5 Yuan, Eric....................B6 pandemic levels and pursued
Haijun, Xia ................ B10
Hindlian-Bowler, Sarah P Z modest growth in their oil-and-
...................................B12 Parsons, Jay ............... A2 Zuckerberg, Mark ....... B4 gas businesses, amid an uncer-
tain long-term demand outlook
us ,

for traditional fuels.

l

Canada Follows U.S., f ects ex-

The pivot partly refl
e
al a

pectations wi
w thi
h n the mmini
n ng in-
dustry that existing operations

EU With TikTok Ban aren’t producing enough cop-

ci on

per, nickel and other commodi- Rio Tinto bought out minority shareholders in Turquoise Hill Resources to get more exposure to a
ties vital to the energy transi- copper deposit in Mongolia.
BY PAUL VIEIRA the platform’s privacy prac- a e of
tion, including a rapid uptak
tices. electric vehicles. It also high- in mid-August, will drive up a ization, last week
market capital holder returns.
OTTAWA—Canada followed In the U.S., the federal gov- lights that big miners are too metals demand. The law offers said it would lift annual capital “Miners and investors are
er s

the lead of the U.S. and Euro- ernment and most states have reliant on industrial commodi- tax credits and other support investment to as much as $10 cognizant of the widening sup-
pean Commission and on Mon- similarly banned government ties such as iron ore and coal, for clean-energy projects in the billion in 2024 and 2025, up ply shortfall in several key en-
m er

day banned the TikTok app employees from using TikTok which are highly profitable but U.S., ranging from wind farms around 25% from the roughly ergy transition-oriented com-
from government-issued de- on government-owned devices. won’t experience the same in- to factories that make batteries $8 billion it expects to spend modities,” said Jamie Maddock,
vices, citing an “unacceptable” Canada’s minister responsi- crease in demand as the world and solar components. Electric this year. Still, that is down an analyst at U.K. wealth-man-
risk to privacy and security. ble for the public service, Mona decarbonizes. vehicles and renewable-energy from the investments the miner agement firm Quilter Cheviot.
The prohibition in Canada, Fortier, said officials, following The mining industry needs projects use more metals like was making around a decade In another illustration of
m rp

effective Tuesday, adds to a a review, determined the Tik- to consistently finance and a tradi
copper than d tional
a car
a s an
a d ago. how quickly perceptions have
patchwork of bans affecting Tok app “presents an unaccept- build new copper projects at a power plants. R o Tinto is leading develop-
Ri h ft
shi f ed, some mi
m ni
n ng compananies
government employees in the able level of risk to privacy and rate that was only achieved for In moving more toward a ment of a $7.06 billion under- are investing in businesses that
U.S. and Europe, based over na- security.” She said the decision a few years at the end of the w h mi
growt m ndset, mminers need to ground copper mine at the Oyu y they not long before had tried
tional security concerns about also stems from concerns about China-led commodities boom if avoid a repeat of mi
m ssteps made Tolgoi operation in Mongolia. It to sell or wrote down. BHP,
co Fo

TikTok’s owner, Beijing-based the legal framework under the world is to meet a goal of a decade ago. As the global is also planning to expand its which considered a sale of its
ByteDance Ltd. Some U.S. and which information is collected limiting the rise in tempera- economy recovered from the Kennecott copper operation in Nickel West business as re-
European lawmakers and offi- from mobile devices, and is in tures to close to 1.5 degrees 2007-2008 financial crisis and Utah and will help develop an cently as 2019, has expanded
cials have expressed concern line with policies adopted by m odities consul
Celsius, comm u ting China’s industrialization quick- iron-ore mine in Guinea that it the Australa ian operation to pro-
Beijing could force TikTok to international partners. f rm Wood Mackenzie sai
fi a d in an
a ened, miners invested billions says could become the world’s duce nickel sulfate, which is
hand over data on its users, or A TikTok spokeswoman said October report. It estimated a s in new m
of dollar mines an
a d em- biggest mining project. h um
used in the lithi u -ion batteries
influence the videos they view. Canada blocked TikTok on gov- that more than $23 billion of barked on ambitious deals. But To help fund that pipeline, that power electric cars.
Last week, the European ernment-issued devices “with- annual investment is needed the expansions swamped the R o Tinto last week decided not
Ri BHP plans to spend about
Commission, the executive de- out citing any specific security over the next 30 years, which is market with supply, crashing to pay a special dividend to $7.6 billion on projects and ex-
partment of the European concern or contacting us with 64% higher than the average prices. Some investments were shareholders on top of its an- ploration in its fiscal year
Union, banned its staff from us- questions.” A government annual spend during the past w
written downw by billions of dol- nual payout. through June, up from $6.1 bil-
ing TikTok on work-issued de- spokesperson declined to com- three decades. lars and several executives lost That was a notable contrast a ear
lion a year a lier. BHP’s growt
wh
vices. At the same time Europe ment on whether officials tried Executives are confident the their jobs. to other years when Rio Tinto ambitions center on producing
n-

issued its directive, Canadian to address concerns with Tik- f ation Reduction Act, which
Infl Rio Tinto, the world’s sec- used a higher share of its un- more copper and nickel, and
regulators opened a probe into Tok before imposing the ban. President Biden signed into law ond-largest mining company by derlying earnings for share- starting to produce potash.

Altria Eyes
no

Deal for For a Company

Vape Rival This Old, We Move
Continued from page B1
Pretty Fast.
ing, an NJOY deal would likely
face regulatory scrutiny.
NJOY has obtained clear-
ANGELA OWENS/THE WALL STREET JOURNAL

ance from the FDA to sell its

tobacco-flavored e-cigarettes
in the U.S., a hurdle that so far
has eluded the two biggest
brands: Juul and Vuse Alto,
which is owned by Reynolds
American Inc. Those reviews
are still under way.
NJOY is the No. 3 e-cigarette
brand in U.S. stores tracked by
Nielsen but has a very small
market share, representing With the Juul case pending, an NJOY deal would likely face regulatory scrutiny.
about 3% of the market. Juul
accounts for about 26%. The potential deal for NJOY story for NJOY. The company didn’t name NJOY, Mr. Mudrick
Altria last fall ended its would fall short of the $5 bil- emerged from bankruptcy pro- wrote he would soon have good
noncompete agreement with lion or more some of the com- tection in 2017 via an auction news to share about one of his
Juul. That gave Altria the op- pany’s investors hoped NJOY won by Homewood Capital, largest positions.
tion to buy another e-cigarette would fetch. People familiar an investment firm run by Mudrick bought into NJOY
brand or develop its own vap- with NJOY said last summer Douglas Teitelbaum, and its at a $40 million post-money
ing products, and Juul the that if talks with potential investors; the bid later was valuation, and sold parts of its
ability to sell itself or a stake suitors didn’t result in a high- backed by Mudrick Capital stake over time, said people
to an Altria competitor. enough valuation, the com- Management LP, a distressed familiar with the matter. At
Tobacco companies are pany could raise more money investor, which emerged with the end of 2022, they said,
jockeying for position to grab privately and bide its time un- a 51% controlling interest. Mudrick valued NJOY at
up pieces of the U.S. e-ciga- til undertaking an initial pub- A sale likely would relieve roughly $1.8 billion.
rette market as regulators re- lic offering. some pressure Mudrick founder Homewood Capital remains
shape the industry, deciding But the window for IPOs has Jason Mudrick has been facing a shareholder. Mr. Teitelbaum, When you’ve been
which products can stay and worsened. Some companies and contribute significantly to who led turnarounds of Bar-
which must go. The Biden ad- that went public in 2020 and his firm’s performance this neys New York and the Planet around this long,
ministration has said it plans 2021 are at risk of being de- year. Mudrick’s portfolio has Hollywood Casino in Las Ve- you build a reputation.
to mandate the reduction of listed, and some newly public grown illiquid over time and gas, served as chairman of
nearly all nicotine in ciga- companies have reached deals caused concern on the part of NJOY’s board until last year.
Learn about ours.
rettes, adding urgency to ciga- to go private again. some investors, said people fa- Mr. Teitelbaum is now vice
rette makers’ efforts to find Still, the deal would repre- miliar with the firm. In a Feb- chairman and Mr. Mudrick is
other avenues of growth. sent a corporate turnaround ruary letter to clients that NJOY’s chairman.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. * * Tuesday, February 28, 2023 | B3

BUSINESS NEWS

Union Pacific Stock Jumps on CEO Swap

As railroad looks for Union Pacific stock price mented PSR but it operates at
a unit cost that is roughly 14%
a successor, a major $220 Monday higher than its peers, accord-
investor backs former $212.17 ing to analysts at BMO Capital
Markets.
COO Jim Vena to lead “While there are mix and
210 other factors that drive differ-
BY ESTHER FUNG ences in unit cost, it is our ex-
AND DEAN SEAL perience that these differences
don’t typically account for
Shares of Union Pacific such a large gap and can often
200
Corp. surged after the railroad be eliminated through strong
said it would replace its chief execution,” BMO analyst Fadi
executive and investors Chamoun said in a research
cheered the possibility that a note.
disciple of the late Hunter 190 Union Pacific’s total share-
Harrison could take over the holder return, which includes
company. dividends, has lagged behind
Jim Vena, who worked with its publicly traded rivals and
BING GUAN/BLOOMBERG NEWS

Mr. Harrison for years, is a 180 the broader market. Since Mr.
proponent of precision sched- Fritz took over in February
Fri. Mon.
uling railroading. The strategy, 2015, its total shareholder re-
which Mr. Harrison deployed Source: FactSet turn has been 92%, compared
in Canada and at CSX Corp., with 204% at CSX and 143% at
reduces costs by operating Transportation Division, re- Norfolk Southern. Over that
fewer, longer trains and run- cently called for regulators to period, the S&P 500 index has
ning them on tighter sched- end PSR. generated a total return of
ules. The CEO switch comes as freight operations at Union Pacific and peers are coming under scrutiny. “Even as the trains have 120%.
It has also sparked criticism gotten longer, the workforce On Monday, Union Pacific
from unions about job losses board and said it supported Vena is the appropriate re- are a record of success in supporting them has gotten shares jumped 10% to $212.17.
and shippers about service bringing back Mr. Vena to run placement,” Citi analyst Chris- safety and operational mat- smaller. All of this is done by A year ago, the stock was
disruptions. the company. Mr. Vena said he tian Wetherbee said in a re- ters, the company said, credit- rail corporations in pursuit of trading above $250.
Mr. Vena, 64 years old, was open to a conversation search note. “We believe some ing Mr. Fritz with achieving fi- lower operating costs, higher In January, Union Pacific
briefly served as Union Pa- with Union Pacific about tak- will suggest a non ‘PSR’ leader nancial growth in difficult profits, and a better return for reported fourth-quarter profit
cific’s chief operating officer ing the CEO role. The Wall (similar to CSX), but many of conditions. shareholders,” Jeremy Fergu- and revenue that fell short of
from 2019 to 2020. He is four Street Journal earlier reported UP’s challenges have been op- The CEO search comes after son, president of SMART-TD, Wall Street’s expectations,
years older than Lance Fritz, on the letter. erational, meaning the return freight railroad operations said two weeks after the East with labor shortages, inflation
who has been Union Pacific’s Soroban Capital and several of a strong operator familiar have come under scrutiny af- Palestine derailment. and extreme winter weather
CEO since February 2015. Mr. Wall Street analysts said Mr. with the network makes logi- ter a Norfolk Southern Corp. Shippers also have com- weighing on growth.
Fritz joined Union Pacific in Vena could drive improve- cal sense.” train carrying hazardous plained about PSR, saying that Union Pacific and other U.S.
2000 and previously worked ments in Union Pacific’s opera- Union Pacific said that its chemicals derailed in East Pal- there have been more delays railroad operators have issued

.
at industrial companies. tions that would close the gap board is focused on finding estine, Ohio. and embargoes after railroads tepid outlooks for 2023 in the
with some of its rivals and “highly-qualified candidates One railroad union, the In- struggled to recall workers face of more muted demand

ly
Soroban Capital Partners,
a major investor in Union Pa- boost profits. both within the industry and ternational Association of when demand recovered dur- for manufactured goods
cific, called for a CEO change “The question remains adjacent industries.” Sheet Metal, Air, Rail and ing the pandemic. among other products, as well
in a letter to the Union Pacific whether the board will agree Among its considerations Transportation Workers— Union Pacific has imple- as higher costs.

Bath & Body

on
us ,

Works Says
l
e
al a

No to Loeb’s
ci on

Proxy Threat
BY DEAN SEAL
er s

Bath & Body Works Inc.

backed the makeup of its re-
m er

freshed board and rejected

naming one of Dan Loeb’s pro-
tégés as a director ahead of a
potential proxy fight with the
hedge-fund manager’s Third ANNUAL RESULTS 2022
m rp

Point LLC.
The retailer on Monday said
in a letter to shareholders that GROWTH
the looming proxy battle is
based on misguided motiva- Sales
51.2 Bn +15.9%
co Fo

tions and would be detrimen- €

tal to shareholders. It added
that it has taken “all reason- Operating income
able steps to avoid a costly
and distracting proxy contest” €5.3 Bn + 18.4%
from Mr. Loeb, who said last
week that his firm plans to
Recurring earnings per share(2)
(1)

nominate a candidate to the € 6.48 21.1

+ %
company’s board.
Third Point, which first dis- Dividend per share(3)
closed a 6% stake in Bath &
Body Works in December, is
€ 2.00 up 23%
looking to address what it calls
n-

excessive executive pay and IMPACT

lagging financial performance.
In its letter, Bath & Body CO2 emissions down 27%
Works said the potential chal- between 2017 and 2022
no

lenge is based on the com-

pany’s unwillingness to give in Top Employer Global for the
to Mr. Loeb’s singular demand 8th year in a row
to have Munib Islam, a former
co-chief investment officer at Listed in the Bloomberg
Third Point, installed on the
Gender Equality Index
board.
A representative for Third
Point declined to comment.

A LEADER COMMITTED
Mr. Islam didn’t respond to a
request for comment.
Bath & Body Works said Mr.

TO ACCELERATING
Islam served as a managing
partner of LTS One Capital
Management LP, the family in-

SUSTAINABLE
vestment vehicle for the found-
ers of 3G Capital Partners LP,
the private-equity firm behind

CONSTRUCTION
companies such as Burger King-
owner Restaurant Brands Inter-
national and Kraft Heinz Co.
LTS accumulated a stake in
In 2022, Saint-Gobain remained firmly on track for growth with a new
Bath & Body Works and, dur-
ing a meeting with company record performance. This performance is inseparable from our social
management in June 2022, Mr. and environmental commitments in the 75 countries where we are
Islam expressed an interest in deploying our strategy as the worldwide leader in light and sustainable
joining the board, according to construction. Thanks to some pivotal innovations, we are making huge
the letter. After Mr. Islam strides toward carbon neutrality by 2050: the world’s first zero-carbon
wasn’t offered a board seat, he production of glass, plasterboard made from over 50% recycled material,
sold down LTS’s position in
the company and “shopped his ultra-low-carbon glass wool insulation... All these successes confirm that
investment thesis to his old we are achieving our objectives of growth and positive impact.
boss,” Mr. Loeb, who then MAKING THE WORLD A BETTER HOME.
bought a stake in Bath & Body
Works, the letter said.
The soap-and-fragrance re-
tailer said it has sought to en- Upcoming events in 2023
gage with Third Point in good April 27: Publication of Q1 2023 sales
faith whenever possible. It June 8: General Shareholders’ Meeting
backed the firm’s recommenda- July 26: Publication of H1 2023 results
tion to appoint Lucy Brady, a
Conagra Brands Inc. executive,
as an independent director. F i n d a l l o u r re s u l t s o n s a i n t- g o b a i n . co m
According to the letter, Mr.
Loeb gave the company a Feb. (1) Recurring net income: net attributable income excluding capital gains and losses on disposals, asset write-downs and material non-recurring
13 deadline to confirm that the provisions. (2) Calculated based on the weighted average number of shares outstanding (514,372,413 shares in 2022, versus 526,244,506 shares in 2021).
(3) Amount to be put to the vote of the General Shareholders’ Meeting.
board was willing to appoint
Mr. Islam as a director, or else
he would launch a proxy fight.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

B4 | Tuesday, February 28, 2023 THE WALL STREET JOURNAL.

TECHNOLOGY [Link]/Tech

Fisker Says EV Deliveries Set to Begin

Shares rise 30% after cient. Magna has made 56 Fisker stock price
Monday
cars with Fisker since Novem-
startup reports ber.
$8.00
$7.40
quarterly loss, misses “When we are ramping up, +30%
specifically in Q2, we are go- 7.50
analysts’ projection ing to have such a strong
ramp that any units that may 7.00
BY DIA GILL have been lost early on can
easily be caught up later in
Shares of Fisker Inc. the year, and that’s why we 6.50
climbed 30% to $7.40 Monday maintain our guidance,” Mr.
after the electric-vehicle Fisker said. 6.00
startup confirmed that deliv- Fisker’s stock is rising de-
eries for its first vehicle, the spite fourth-quarter earnings
5.50
Ocean SUV, would commence falling short of expectations.
in the spring. The electric-vehicle startup
Chief Executive Henrik posted a loss of $170.1 million, 5.00
Fisker said on a Monday call or 54 cents a share, for the

ANDREJ SOKOLOW/DPA/ZUMA PRESS

Tues. Wed. Thurs. Fri. Mon.
with investors that deliveries quarter ended Dec. 31, down
Source: FactSet
set to begin in March pending from $138.4 million, or 47
regulatory approvals. cents a share, a year earlier.
Fisker maintained its 2023 The company had $736.5 for its SUV continue increas-
production target of 42,400 million in cash and cash ing despite rising competition
vehicles, which it plans to equivalents in the fourth and price cuts from other EV
make with manufacturer quarter. It expects to spend makers such as Tesla Inc.
Magna International Inc. The between $535 million and Fisker said it expects de-
company is averaging 100 new $610 million, down from the mand to rise once its deliver-
cars a week and expects the $702 million it spent in 2022. ies begin and its brand aware- Fisker maintained its 2023 production target of 42,400 vehicles, which it plans to make with
process to become more effi- The company said orders ness grows. manufacturer Magna International. The company is averaging 100 new cars a week.

Meta, Snap Embrace Artificial-Intelligence Chatbot

BY MEGHAN BOBROWSKY technology across the com- cus on building creative and Google also said this month ported on Snap’s AI technology said mistakes could occur with
pany, Chief Executive Mark expressive tools,” the CEO said that it was rolling out its own rollout. its chatbot that uses OpenAI
Facebook parent Meta Plat- Zuckerberg said Monday. Meta, on Instagram. “Over the longer conversational AI service, Snap has been one of the technology customized for
forms Inc. and Snap Inc. are which also owns Instagram and term, we’ll focus on developing called Bard, to an early group companies hardest hit by ad- Snapchat.
embracing the much talked- messaging app WhatsApp, is AI personas that can help peo- of testers. market turmoil, driven both by “My AI is prone to halluci-
about artificial-intelligence centralizing staff that are ple in a variety of ways.” Meta said its team initially companies pulling back on nation and can be tricked into
technology popularized by working on the AI technology Snap on Monday also sig- is looking into ways to use the spending amid economic saying just about anything.

.
OpenAI’s viral ChatGPT chat- from across the company to naled it was making a bet on technology to enhance Whats- downturn concerns and Please be aware of its many
bot. achieve faster breakthroughs it OpenAI’s technology. The com- App and Messenger, as well as changes Apple Inc. made that deficiencies and sorry in ad-

ly
Meta is establishing a gen- can apply to different products, pany known for its popular with Instagram filters and made it more difficult to track vance!” the company said, also
erative AI group aimed at ac- Mr. Zuckerberg said. Snapchat app, said it had be- video. users and target ads. Its sub- warning: “Please do not share
celerating adoption of the “In the short term, we’ll fo- gun rolling out its own AI ex- Snap said it is making its scription service is an attempt any secrets with My AI and do

ADVERTISEMENT
on perimental chatbot to users
who subscribe to its $3.99 a
month subscription service,
Snapchat+.
chatbot, called My AI, available
only to Snapchat+ subscribers
as social-media companies are
trying to drive users to their
to diversify its revenue, though
the company has indicated it
doesn’t fully expect to replace
ad revenue with earnings from
not rely on it for advice.”
Mr. Zuckerberg has em-
braced hot technology trends
before. In 2021, he renamed
The Marketplace Tech companies more paid services amid upheaval in its subscriptions. Facebook to Meta Platforms as
us ,

broadly have moved swiftly to The social-media company part of his bet on the meta-
l

To advertise: 800-366-3975 or [Link]/classifieds embrace generative AI devel- late last month said revenue verse, a futuristic, more im-
e
al a

opments in recent months af- growth had stalled in the last mersive vision of the internet
ter the San Francisco-based AI
‘In the short term, three months of 2022 and that that largely hasn’t materialized
NOTICE OF SALE research firm OpenAI launched we’ll focus on sales were likely to drop in the yet. The company has strug-
ci on

a chatbot called ChatGPT in current quarter. gled financially since then, in

NOTICE OF PUBLIC SALE • Property to be Sold November that went viral.
building creative and The AI technology isn’t part because of the same dis-
10 64352VNA5 NCHET 2005-4 M7 500,000
Public Sale No.1: Thursday,March 2,2023 10:00 11 784649AH8 SSBRV 2001-1 D 3 Tools like ChatGPT and others expressive tools.’ without flaws. Within a week ruptions to the digital ad busi-
[Link]. (CMBS – CTL,MH,Prime / Alt-A,Subprime) Dock Street Capital Management LLC, on behalf of Wells Fargo allow users to ask written of launch, users of Microsoft’s ness that have challenged
Original Face Bank, National Association, in its capacity as trustee (the
Lot # Cusip Issue
(USD) “Trustee”), will be conducting a public sale of certain collateral questions and receive re- new Bing called out the tech- Snap.
er s

1 126650BC3 CVSPAS 5.88 01/10/28 7,000,000

2 09774XAU6 BCM 1999-A A3 4,000,000
pledged to the Trustee. The Collateral (as defined herein) will be
offered and sold by theTrustee without recourse,representations,
sponses in a conversational nology for providing inaccurate After posting three consecu-
3 67087TDD0 OAK 2002-A A2 1,250,000 or covenants, express or implied, being made by the Trustee format as opposed to seeing a the digital ad market. Twitter information, such as giving the tive quarters of declining sales,
with respect to the Collateral (except as to title to the Collateral)
m er

4 45254NKW6 IMM 2004-8 3B

5 45254NKV8 IMM 2004-8 3M2
4,500,000
1,000,000 or with respect to any other information then in the Trustee’s list of search results. Inc. and Meta both have also results of last year’s SuperBowl Meta said in its most recent
6 45254NQS9 IMM 2005-6 2B1 3,700,000 possession, including without limitation any offering circular or Microsoft Corp., which has launched subscription offer- when asked about this year’s. earnings report that market
other financial information. Location of [Link] sales will be
7 45254NQT7 IMM 2005-6 2B2
8 45254NRX7 IMM 2005-8 2M3
1,300,000
3,000,000 held at 575-B Riverside Avenue,Westport,CT [Link] invested in OpenAI, announced ings, trying to lure customers It also sometimes has given conditions were improving,
9 00252FCK5 AMIT 2005-3 M5 200,000 Information. Please be advised that the sale of each security
listed above may be made only to the best bidder who is also
this month that it was adding with blue check-mark verifica- disturbing responses. and interviews and internal
10 20846QKN7 CNFHE 2002-C MV2 1,500,000 the technology behind Chat- tion badges and promises of Microsoft responded by say- documents viewed by The Wall
m rp

a qualified bidder and may be subject to a reserve level. For

11 36228FLN4 GSRPM 2003-1 B1 1,020,000 additional information, including with respect to qualified
12 59549WAB9 MDST 11 M1 400,000 bidder status,and to obtain copies of an Investor Representation GPT to its Bing search engine increased customer support in ing that the search engine is Street Journal show that the
13 59549WAC7 MDST 11 M2 1,600,000 and Confidentiality Agreement, contact David Crowle or Jeffrey to chip away at Google’s domi- the case of the latter. Snap- still a work in progress and company has begun to see a
14 805564FK2 SAST 2000-1 MF2 3,000,000 Holtman by email at dcrowle@[Link] or jholtman@
15 897896BE5 TRUMN 2005-1 M1 1,000,000 [Link], respectively, by phone at (212) 457-8258, nance in the search market. It chat+ has reached more than that it would limit the amount path to recovery through using
Public Sale No.2: Thursday,March 2,2023 1:00 p.m. by facsimile at (212) 457-8269 or by mail addressed to 575-B
Riverside Avenue, Westport, CT 06880. Disclaimer. The Trustee
has given a select group of us- 2.5 million subscribers since of questions users could ask it AI tools to improve ad-target-
EST. (Zero Factor – CMBS,Zero Factor – Class A Pfd
Stock,Zero Factor – Class A-1 Warrant,Zero Factor – is authorized at such sale, if the Trustee deems it advisable or is ers access to the new Bing to its launch last summer, Snap a day. ing and user engagement with
co Fo

required by applicable law to do so:(i) to restrict the prospective

RMBS,Zero Factor - RV)
bidders on or purchasers of any of the above identified securities try the system. Alphabet Inc.’s said. The Verge earlier re- Snap, in its announcement, its TikTok competitor, Reels.
Lot Cusip Issue
Original
# Face (USD) (the“Collateral”) to be sold to those who will represent and agree
1 07324SDA7 BAYC 2005-4A B2 3,000,000 that they are purchasing for their own account for investment

New Tool Helps Young People Remove

2 911905990 U S AIR GROUP EX 01/31/07 589 and not with a view to the distribution or resale of any of such
assets, (ii) to verify that each certificate for each security to
3 911905701 US AIRWAYS GROUP 589 be sold that has not been registered under the Securities Act
01/31/07 PFD SER A NEW of 1933 bears a legend substantially to the effect that such
4 073250BL5 BAYV 2004-B B2 1,000,000 security has not been registered under the Securities Act of
5 126673W99 CWL 2005-6 M8 150,000 1933,as amended,and may not be disposed of in violation of the

Explicit Online Images of Themselves

6 39538WAL2 GPMF 2005-HE1 M6 3,640,000 provisions of said Act, (iii) to disclaim and to refuse to give any
7 39538WDP0 GPMF 2005-HE4 M7 10,000,000 warranty (other than as to title), and (iv) to impose such other
8 55264PAS8 METRO 1999-D B1 4,981,204 limitations or conditions in connection with any such sale as the
9 592188AL0 METRO 2000-A M1 2,000,000 Trustee deems necessary or advisable.

BANKRUPTCIES CAREERS
BY GINGER ADAMS OTIS tect and prevent nonconsen-
sual image sharing among
n-

ATTENTION DIRECT AND INDIRECT HOLDERS OF,

AND PROSPECTIVE HOLDERS OF, STOCK ISSUED M & A BUSINESS BROKERS The National Center for those over 18, was led by a
Missing and Exploited Chil- U.K.-based charity, the South
BY STARRY GROUP HOLDINGS, INC.
PLEASE TAKE NOTICE that on the motion (the “Motion”)
Sell & Show Businesses dren launched a tool Monday West Grid for Learning, and
of Starry Group Holdings, Inc. and its affiliated debtors
(collectively, the “Debtors”), on February 20, 2023 6 Figure Commissions that allows young people to funded and developed by
no

(the “Petition Date”), the United States Bankruptcy Court remove explicit images of Meta.
for the District of Delaware (the “Bankruptcy Court”), Our 38th Year
having jurisdiction over the chapter 11 cases of the Debtors, themselves that appear online, StopNCII also uses a unique
captioned as In re Starry Group Holdings, Inc., et al., Case As Independent Contractor or block such photos from be- hash value to identify un-
No. 23-10219 (the “Chapter 11 Cases”), entered an order
establishing procedures (the “Stock Procedures” and Work From Home / Outside Sales ing shared. wanted imagery online.
the“Worthless Stock Deduction Procedures”) with respect
to direct and indirect trading, transfers of, and worthlessness Support Services Training The platform, known as In December 2022, TikTok
deductionswithrespectto,stockoftheDebtors. Take It Down, allows young and Bumble Inc. joined the ini-
LAURE ANDRILLON/REUTERS

In certain circumstances, the Stock Procedures restrict

transactions involving, and require notices of the holdings of Send Letter & Resume to: adults from anywhere in the tiative to halt what is some-
and proposed transactions by, any person or group of persons
that is or, as a result of such a transaction, would become a brokers@[Link] world to submit an anony- times called revenge porn,
Substantial Stockholder of the common stock issued by Starry
Visit: [Link] mous report about explicit or when nude, partially nude or
Group Holdings,Inc.(the“Starry Group Stock”). For purposes
of the Stock Procedures, a “Substantial Stockholder” is any intimate images of themselves sexually explicit content is
person or, in certain cases, group of persons that Beneficially
Own, directly or indirectly (and/or owns options to acquire)
posted on certain online shared online without an
at least 7,566,341 shares of Starry Group Stock (representing NOTICE OF SALE spaces. adult’s consent, the nonprofit
approximately 4.5 percent of all issued and outstanding shares
of Starry Group Stock). Any prohibited transfer of the stock Young adults who are over said.
of the Debtors will be null and void ab initio and may lead 18 but appear in imagery Mark Zuckerberg’s Meta provided funding to build Take It Down. In its first year, Stop-
to contempt, compensatory damages, punitive damages, SUPREME COURT - COUNTY OF NEW YORK
orsanctionsbeingimposedbytheBankruptcyCourt. MICHAELANGELO GIIK FLATIRON LLC, NEW TRIPLE taken when they were under- [Link] helped 12,000 adults
A direct or indirect holder of, or prospective holder CROWN LLC, FLATIRON NEWMARK PARTNERS LLC and age can also submit a report port on their own behalf, or a money, sexual contact or more create cases to stop images or
of, stock of the Debtors that may be or become a FLAT IRON ACQUISITION LLC, Plaintiffs -against- NRS
Substantial Stockholder should consult the Stock FLATIRON LLC, Defendant. Pursuant to an Interlocutory to have the images removed parent or guardian can submit illicit imagery. videos from being shared on-
Procedures. Judgment dated January 6, 2023 and entered on January
PLEASE TAKE FURTHER NOTICE that in certain circumstances, 19, 2023, I, the undersigned Referee, will sell at a public from certain platforms, ac- a case on behalf of a minor, The nonprofit said it car- line without consent, accord-
auction, to be held outside at the portico at the front
the Worthless Stock Deduction Procedures restrict taking entrance of the New York County Courthouse, located cording to the center, a non- according to the center. ried out a soft launch of the ing to South West Grid.
worthlessness deductions with respect to, and require notices
of the holdings of, any person or entity that is or becomes a
at 60 Centre Street, New York, New York, or such other
space in said Courthouse as the Court may designate, on
profit. Once a report is made and platform at the end of Decem- The National Center for
50-percent Shareholder of the Starry Group Stock. For pur- March 22, 2023 at 2:00 p.m., the real property located The new initiative can’t re- an image is assigned a hash ber and has already received Missing and Exploited Chil-
poses of the Worthless Stock Deduction Procedures,a“50-per- at 175 Fifth Avenue, New York, New York, being the
cent Shareholder” is any person or entity that at any time building commonly known as “The Flatiron Building,” move photos everywhere on- value, that code is sent to par- 200 submissions. dren, as well as Meta and cy-
during the three-year period ending on the Petition Date has and described as follows: Block 851, Lot 1 on the tax
had Beneficial Ownership of at least 50 percent or more of map of the Borough of Manhattan, and more particularly line, but can block or delete ticipating tech platforms, The center has also bersecurity experts, wanted to
Starry Group Stock or is otherwise considered a 50-percent described as follows:
ALL that certain plot, piece, or parcel of land, lying and
them across participating plat- which use it to detect and re- launched a public-service an- create a separate platform for
Shareholder of Starry Group Holdings, [Link] the meaning
ofsection382(g)(4)(D)ofTitle26oftheUnitedStatesCode. Any being in the Borough of Manhattan, County, City, and forms and social-media com- move the imagery from its nouncement to run on plat- teens and young adults be-
State of New York, and being more particularly bounded
prohibited worthlessness deduction with respect to the and described as follows: panies, the center said. public or unencrypted web- forms to raise awareness cause of concerns about
stock of the Debtors will be null and void ab initio and may BEGINNING at the corner formed by the intersection of
lead to contempt, compensatory damages, punitive dam- the northerly side of East 22nd Street and easterly side
Meta Platforms Inc., the sites and apps. among teens and young adults shared intimate images of mi-
ages,orsanctionsbeingimposedbytheBankruptcyCourt.
A direct or indirect holder of, or prospective holder
of Fifth Avenue. social-media company that The hash values are as- about their options. nors, a Meta spokeswoman
THENCE easterly along the northerly side of East
of,stock of the Debtors that may be or become a 50-per- 22nd Street, 85 feet 8 inches to the westerly side of owns Facebook, Instagram and signed without the image or Even though the platform said.
cent Shareholder should consult the Worthless Stock Broadway.
DeductionProcedures. THENCE northerly along the westerly side of Broadway, WhatsApp, provided the initial video leaving the victim’s isn’t foolproof—in some cases Take It Down is being pro-
The requirements set forth in the Stock Procedures and 214 feet 6 inches to the southerly side of Madison
Square South;
funding to build the infra- phone or computer, or having an altered image might get moted across Meta’s platforms
the Worthless Stock Deduction Procedures are in addition
to the requirements of Rule 3001(e) of the Federal Rules of THENCE westerly along the southerly side of Madison structure for Take It Down, anyone view it, the center said. around the program—the cen- and integrated it into Face-
Square South, 2 feet to the easterly side of Fifth
Bankruptcy Procedure and applicable securities,corporate,and
otherlawsanddonotexcusenoncompliancetherewith.
Avenue; the company said. Facebook Reports also can be submit- ter said it offers victims a new book and Instagram to make it
THENCE southerly along the easterly side of Fifth
The Stock Procedures and the Worthless Stock Avenue, 197 feet 6 inches to the point or place of and Instagram also are among ted by those who fear an ex- way to fight back against un- easy for users to report poten-
Deduction Procedures are available on the website of
Kurtzman Carson Consultants LLC, the Debtors’ Court-
BEGINNING.
The Premises will be sold subject to the provisions
the participating tech apps, a plicit or private image or video wanted exposure. tially violating content, the
approved Claims agent, located at [Link] of the said Interlocutory Judgment and Terms of spokeswoman for Meta said. might be shared online, even if “Having explicit content on- tech company said. Both apps
net/Starry, and on the docket of the Chapter 11 Cases, Sale, which may be reviewed on the New York County
Docket No. 78, which can be accessed via PACER at Supreme Court’s electronic docket under Index Number MindGeek, the parent com- it hasn’t appeared yet, accord- line can be scary and very already have a way to report
[Link] 654176/2021. The purchaser shall pay the charge for pany of Pornhub, has signed ing to the center. In that case, traumatizing, especially for inappropriate content.
recording the deed to be given by the Referee, any
charge or tax (excluding any applicable real property on to participate with Take It the hash value works to block young people,” said Gavin Meta Platforms said it has
transfer taxes) upon the delivery or recording of said
COMMERCIAL REAL ESTATE deed, and the reasonable charge of the Referee for Down, as well as OnlyFans and the imagery from appearing Portnoy, a spokesman for the developed more than 30 tools
drawing the deed. The reasonable costs of the Referee’s
actions are expenses of the sale and shall be paid by the Yubo, the center said. The online without consent. center. “We cannot go back to support the safety of teens
Referee from the proceeds of the sale. At the conclusion
of the auction sale, the successful bidder will be required
nonprofit said it hopes other The center also said it and change what happened, and families across its apps,
Business Park For Sale to agree to be bound by the terms of the Interlocutory platforms and social-media hopes the new platform will but we can help you move including defaulting teen users
Judgment and Terms of Sale, including but not limited
Southern CA > 61 acres to the terms specifying the successful bidder’s liability companies will also sign on. prevent an online crime forward.” into the most private settings
Zoned Indus.; 300MSF for damages in the event of a default; and to pay a down
payment of ten percent (10%) of the amount of the Take It Down works by as- known as sextortion, which Take It Down mirrors a on Facebook and Instagram
buildings; outdoor successful bid as detailed in the Interlocutory Judgment signing a unique digital finger- occurs when a person threat- similar platform that was and educating teens about the
and Terms of Sale. Please consult the Interlocutory
trailer/container parking. Judgment and Terms of Sale for other conditions print, known as a hash value, ens to post intimate images or launched for adults in 2021. potential harms of taking inti-
Call 618-654-2161 x427 applicable to this auction. PETER A. AXELROD, ESQ.,
to specific images or videos. share more explicit content if That initiative, which is known mate or explicit photos and
Referee 260 Madison Avenue, 15th Floor New York, New
wweder@[Link] York 10016 Young adults can make a re- a victim doesn’t provide as StopNCII and meant to pro- videos.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. Tuesday, February 28, 2023 | B5

Celebrate Black
History Month Now in paperback from Janelle
Monáe. “A searing, hopeful
glimpse into how marginalized
groups can hope and create in
a world set against them.”
—Buzzfeed

.
ly
on
A beautiful collectible edition of “I have always gotten such a lift The GRAMMY® Winner and “One of the greatest writers of Winner of the National Book
us ,

Dr. Martin Luther King Jr.’s legend- from George McCalman’s work — #1 New York Times bestseller our time.”—Toni Morrison Award. “An essential meditation
l

ary speech, with a new foreword both spiritual and visual. What a in print, e-book, and audio. Spanning more than 35 years on the South, its relationship
e
al a

by Amanda Gorman gift this book is.” —Hilton Als An engrossing, brave, raw of work, the first comprehensive to American culture—even
and brilliantly written story collection by the legendary au- Americanness itself.”—Tayari Jones,
ci on

capturing a remarkable life. thor of the Harlem Renaissance, New York Times Book Review
Zora Neale Hurston.
er s
m er
m rp
co Fo

Classic novels by Ann Petry, the A fun and fact-filled introduction to Financial expert and founder of A vital work of national history In this provocative and timely
first Black woman to sell more than the dismissed Black art masters and the Stocks and Stilettos Society, as well as a hopeful chronicle of researched book, the award-winning
n-

a million copies of a novel. “Petry models who shook up the world. Cassandra Cummings, shows Black resilience and resistance. author of Think Black tells the story
is the writer we have been waiting This is Black history like it has women how to grow wealth of how Black labor helped to create
for; here are the stories we need.” never been seen before. through the power of investing. and sustain the wealth of the
—Tayari Jones white one percent throughout
no

American history.

From the legendary Emmy “If one had to identify the single “Stunning…The author is supremely A guided writing journal Celebrating the principles and
Award–winning journalist, a most influential shaping force in gifted at bringing both her charac- inspired by the life and words convictions that guided Rosa
collection of groundbreaking modern Black literary history, ters and their close-knit rural town of Dr. Martin Luther King Jr. Parks through a remarkable
reportage from across five one would probably have to to life. Readers will eagerly await life, Reflections is her message
decades that vividly chronicles point to Wright and the publi- more from this writer.” —Publishers to a world still struggling to live
the experience of Black life in cation of Native Son.” –Henry Weekly (starred review) in harmony.
America today. Louis Gates Jr.

DISCOVER GREAT AUTHORS,

EXCLUSIVE OFFERS & MORE AT [Link]

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

B6 | Tuesday, February 28, 2023 * * THE WALL STREET JOURNAL.

BUSINESS NEWS

Toolmaker Stanley Discloses Warning on The alliance has been meet-

ing with the National Associa-
tion of Broadcasters to discuss

EVs’ Lack of the issue, the group’s letter

Possible Bribery Violations

said, and it is in the prelimi-
nary stages of engaging FEMA

AM Radio to better understand how con-

sumers can continue to access
emergency-broadcast alerts in
their vehicles.
BY DYLAN TOKAR Continued from page B1 Some auto makers have AM
emergency-warning system, radio installed in their EVs.
Stanley Black & Decker said that removing AM radio in Hyundai Motor Group, which
Inc. has identified transactions EVs could affect the ability of makes the Ioniq 5 electric
among its international opera- people to receive critical pub- sport-utility vehicle, said that
tions that may have violated lic-safety information while in AM radio is available on all of
U.S. antibribery laws, the com- their vehicles. its vehicles distributed in the
pany said. “AM radio has been tested U.S. and that it has no plans to
The New Britain, Conn., tool- over and over during the most discontinue AM in future prod-
maker in its annual report said devastating natural disasters— ucts.
it voluntarily disclosed the and has withstood them all,” Toyota Motor Corp. said
questionable transactions to said Mr. Johnson, who didn’t electromagnetic interference
the Justice Department and the sign the letter. with AM radio signals from the
Securities and Exchange Com- Ford in the fall said it would battery electric platform is a
mission. The transactions remove AM radio from 2023 challenge. As of now, all of its
raised concerns under the For- model year F-150 Lightning cars come with AM, including
eign Corrupt Practices Act, electric trucks, after having it its all-electric Toyota bZ4X SUV
which prohibits companies in earlier models. “The frequen- and the coming battery-pow-
MARK LENNIHAN/ASSOCIATED PRESS

from paying bribes to foreign cies involved in AM radio tend ered Lexus RZ450e SUV.
officials to gain a business ad- to be directly affected by the Tim Wenger, brand manager
vantage, Stanley Black & Decker electromagnetic noise in EV of WBEN-AM in Buffalo, N.Y.,
said in the filing on Thursday. propulsion systems,” Ford said said AM continues to play an
A representative for the in a written statement. important role for communities
toolmaker didn’t respond on Sen. Ed Markey (D., Mass.) around the U.S. During a pun-
Monday to a request for fur- called attention to the issue in ishing snowstorm in December
ther comment. The company December when he wrote to 20 that left dozens dead, WBEN
in its filing said it was cooper- EV manufacturers, asking about remained operational, said Mr.
ating with the Justice Depart- The company said it voluntarily disclosed the questionable transactions to the DOJ and SEC. their future EV plans and Wenger, and on-air hosts took
ment and the SEC, and was in whether they include AM radio. calls from residents.
the process of reviewing and operates in 60 countries working to become more effi- chain challenges. In response, the Alliance for Mr. Wenger said one caller di-
enhancing its anticorruption around the world. cient, including by reducing The company benefited Automotive Innovation, an in- aled in to the station multiple
policies and controls. Annual revenue rose to inventories and improving from consumers making home dustry group that represents times, saying he was diabetic and
Stanley Black & Decker in $16.9 billion at the end of its customer fill rates. improvements during the pan- major car makers in the U.S., stranded in his car. The caller
its filing didn’t disclose where fourth quarter, up 11% from Stanley Black & Decker last demic, but high inflation and a told Mr. Markey that it is com- was rescued after the station
the violations may have oc- the prior year, Stanley Black & month said it was appointing deteriorating economic out- mitted to maintaining access to broadcast his story, he said.
curred. The company has Decker said. The company in a new chief financial officer to look have since eaten away at safety alerts, according to a let- “His only connection to the
about 60,000 employees and its annual report said it was address inflation and supply- demand for its products. ter provided by a spokesman world was an AM radio sta-

.
for the group. tion,” Mr. Wenger said.

ly
Zoom Revenue Rises as Big Customers Join
on

JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES

BY DENNY JACOB with last year, while online The company said the quar- 98 cents. Analysts had fore-
revenue, which measures indi- terly loss was tied to stock- cast revenue of $1.11 billion
Zoom Video Communica- vidual customers, fell 10%. based compensation expenses and adjusted per-share earn-
tions Inc. posted higher sales Looking ahead, Zoom and other items. Adjusted ings of 86 cents.
us ,

in the fourth quarter on guided for adjusted profit for earnings were $1.22 a share, The company anticipates
l

strong growth from enterprise the current quarter and com- above estimates of 81 cents a full-year revenue between
e
al a

customers and forecast profit ing year ahead of Wall Street share. $4.44 billion and $4.46 billion,
ahead of Wall Street expecta- estimates, although its sales Chief Executive Eric Yuan below analyst estimates of
tions. forecasts came in short. said overall growth continues $4.6 billion, while per-share
ci on

The videoconferencing com- For the quarter ended Jan. to be weighed down by the earnings are seen between
pany on Monday said sales 31, Zoom said it reported a macroeconomic environment. $4.11 and $4.18 on an adjusted
grew 4% to $1.12 billion, just loss of $104.1 million, or 36 For the current quarter, basis, topping expectations for
ahead of the $1.1 billion ex- cents a share, compared with Zoom expects revenue be- $3.66.
pected by analysts recently net income of $490.5 million, tween $1.08 billion and $1.09 Zoom earlier this month
er s

polled by FactSet. Enterprise or $1.60 a share, in the year- billion and adjusted per-share said it is laying off 1,300 em- Ford plans to discontinue AM radio in its electric F-150 pickup,
revenue rose 18% compared ago period. earnings between 96 cents and ployees, or 15% of its staff. citing disruption caused by electromagnetic noise.
m er
m rp
co Fo
n-

MARCH 21, 2023 | NYC | 500–900 PM ET

no

What does success look like in 2023? Priorities and paths have
changed since the pandemic. For one evening, we’ll bring together
a select group of women leaders and their allies to discuss practical
solutions for achieving success—however you define it.

BUY TICKETS: [Link]/WITWFORUM

SAVE $300 TODAY.

Presenting Sponsor:

©2023 Dow Jones & Co., Inc. All rights reserved. 6DJ9264
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. Tuesday, February 28, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
32889.09 s 72.17, or 0.22% Trailing P/E ratio 21.82 18.80 3982.24 s 12.20, or 0.31% Trailing P/E ratio * 17.82 23.83 11466.98 s 72.04, or 0.63% Trailing P/E ratio *† 24.61 31.76
High, low, open and close for each P/E estimate * 17.60 17.90 High, low, open and close for each P/E estimate * 17.92 19.49 High, low, open and close for each P/E estimate *† 24.02 24.78
trading day of the past three months. Dividend yield 2.11 2.05 trading day of the past three months. Dividend yield * 1.71 1.41 trading day of the past three months. Dividend yield *† 0.90 0.74
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

34700 4150 12300

34000 4075 11900

33300 4000 11500

Session high 32600 3925 11100

DOWN UP
65-day
t

Session open Close

31900 moving average 3850 65-day moving average 10700
Close Open
t

65-day moving average Session low 10300

31200 3775

Bars measure the point change from session's open

30500 3700 9900
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 828,906,507 8,611,163
Industrial Average 33189.28 32814.18 32889.09 72.17 0.22 35294.19 28725.51 -3.0 -0.8 8.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 421,123,296 5,349,757
Transportation Avg 14977.49 14745.14 14824.68 195.67 1.34 16718.54 11999.40 -2.9 10.7 16.1 Most-active issues in late trading Decl. volume* 393,229,281 3,037,202
Utility Average 942.09 920.11 922.51 -5.93 -0.64 1071.75 838.99 -2.1 -4.6 2.2 Volume After Hours Issues traded 3,187 312
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 40618.98 40162.33 40249.83 123.43 0.31 46941.20 36056.21 -9.5 4.5 9.7 Advances 1,843 175
SPDR S&P 500 Hi Div SPYD 16,200.2 40.50 0.31 0.77 40.61 40.12
Barron's 400 991.05 978.12 983.02 4.90 0.50 1051.05 825.73 -3.1 6.8 14.6 Declines 1,240 120
SPDR S&P 500 Growth SPYG 6,018.0 52.86 0.13 0.25 52.86 52.15
Unchanged 104 17
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 5,550.0 397.94 0.21 0.05 398.54 397.67 New highs 72 9
Nasdaq Composite 11565.23 11444.60 11466.98 72.04 0.63 14619.64 10213.29 -16.6 9.6 10.2 iShares Core MSCI EM IEMG 3,599.8 47.55 -0.12 -0.25 47.70 47.45 New lows 25 8
Nasdaq-100 12159.64 12034.61 12057.79 88.14 0.74 15239.32 10679.34 -15.3 10.2 12.6 Zoom Video Comms ZM 3,299.2 79.74 6.02 8.17 80.53 71.18 Closing Arms† 1.27 0.73
Invesco QQQ Trust I QQQ 3,074.0 294.10 0.16 0.05 309.91 293.93 Block trades* 4,249 98
S&P

.
Nu Holdings A NU 3,059.3 4.97 … unch. 4.98 4.93
500 Index 4018.05 3973.55 3982.24 12.20 0.31 4631.60 3577.03 -9.0 3.7 10.2 Nasdaq NYSE Arca

ly
AMC Entertainment AMC 2,976.1 7.91 0.30 3.94 7.97 7.44
MidCap 400 2633.40 2599.36 2605.17 4.49 0.17 2773.72 2200.75 -2.1 7.2 12.1 Total volume*4,494,007,022 270,199,104
SmallCap 600 1263.40 1247.14 1250.16 2.44 0.20 1357.33 1064.45 -5.0 8.0 11.6 Percentage gainers… Adv. volume*2,961,042,722 202,900,967
Progyny PGNY 321.3 35.42 4.33 13.93 36.40 31.09 Decl. volume*1,486,919,078 66,630,909
Other Indexes
Russell 2000
NYSE Composite
Value Line
1914.60 1891.89
15623.25 15462.80 15492.93
579.59 572.99
1896.27

573.97
5.78
28.47
0.98
0.18
0.17
on
0.31 2133.10 1649.84
17014.76 13472.18
653.15 491.56
-7.4
-5.0
-9.0
7.7
2.0
7.0
8.2
7.3
6.0
Hims Hers Health
Mount Rainier Acqn
Zoom Video Comms
HIMS
RNER
ZM
961.7
94.0
3,299.2
10.58
5.50
79.74
0.93
0.45
6.02
9.64
8.91
8.17
11.30
5.55
80.53
9.64
4.88
71.18
Issues traded
Advances
Declines
Unchanged
4,764
2,658
1,879
227
1,741
1,406
321
14
NYSE Arca Biotech 5310.76 5223.35 5258.68 35.32 0.68 5644.50 4208.43 5.3 -0.4 3.0
Apple Hospitality REIT APLE 173.5 17.34 0.70 4.21 17.34 16.64
New highs 100 8
us ,

NYSE Arca Pharma 820.95 812.09 813.87 -2.18 -0.27 887.27 737.84 3.6 -6.2 10.2 ...And losers New lows 102 10
l

KBW Bank 110.70 109.05 109.32 0.25 0.23 134.16 94.66 -18.5 8.4 5.2 218.9 77.02 -3.96 81.39 77.02 Closing Arms† 0.71 1.60
e
General Mills GIS -4.89
al a

PHLX§ Gold/Silver 113.37 112.04 112.75 0.91 0.81 167.76 91.40 -21.1 -6.7 4.1 [Link] Cl A FLWS 147.8 9.60 -0.41 -4.10 10.01 9.60 Block trades* 31,666 1,254
PHLX§ Oil Service 88.49 86.41 88.04 1.19 1.38 93.94 56.08 26.9 5.0 20.1 BioMarin Pharmaceutical BMRN 82.1 99.96 -3.28 -3.18 109.00 99.85 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 2986.76 2949.70 2951.21 16.10 0.55 3625.58 2162.32 -13.9 16.6 20.9 Hayward Holdings HAYW 108.3 12.30 -0.39 -3.07 12.69 12.30 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 22.02 20.68 20.95 -0.72 -3.32 36.45 17.87 -30.5 -3.3 -18.8 Bentley Systems BSY 81.0 38.03 -1.18 -3.01 39.21 38.03 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

er s

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er

World MSCI ACWI 630.71 2.71 0.43 4.2 ContraFect CFRX 4.74 1.64 52.90 363.20 3.02 -98.2 Mount Rainier Acqn RNER 5.05 -4.34 -46.22 16.98 4.81 -49.3
MSCI ACWI ex-USA 293.63 1.78 0.61 4.4 Fisker FSR 7.40 1.72 30.28 14.74 5.59 -39.3 Smith Micro Software SMSI 1.59 -0.91 -36.40 4.25 1.31 -61.8
MSCI World 2721.63 14.72 0.54 4.6 Altisource Asset Mgmt AAMC 52.00 10.60 25.60 55.15 8.65 190.5 Mount Rainier Acqn RNERU 5.69 -3.24 -36.28 15.05 5.69 -43.9
MSCI Emerging Markets 967.25 –4.62 –0.48 1.1 Acrivon Therapeutics ACRV 19.00 3.67 23.94 25.47 10.90 ... Reata Pharmaceuticals A RETA 30.85 -13.66 -30.69 51.98 18.47 -5.8
m rp

Americas MSCI AC Americas 1516.49 5.06 0.33 4.1 AMC Entertainment AMC 7.61 1.41 22.74 21.09 3.77 -34.3 Professional Diversity IPDN 5.02 -1.92 -27.67 7.77 0.92 169.9
Canada S&P/TSX Comp 20260.13 40.94 0.20 4.5 Opera ADR OPRA 8.93 1.62 22.16 9.12 3.92 44.5 Movella Holdings MVLA 2.69 -0.84 -23.80 10.76 2.44 -72.4
Latin Amer. MSCI EM Latin America 2201.84 7.31 0.33 3.5 Universal Insurance UVE 18.26 3.22 21.41 18.82 8.39 58.0 Etao International ETAO 2.60 -0.79 -23.30 12.00 2.40 -73.8
Brazil BOVESPA 105711.05 –87.38 –0.08 –3.7 Performance Shipping PSHG 2.70 0.47 21.08 71.25 2.18 -94.8 TEGNA TGNA 17.71 -4.13 -18.91 23.04 16.58 -22.7
Chile S&P IPSA 3227.90 15.38 0.48 1.7 Hallmark Fincl Services HALL 10.99 1.84 20.11 41.50 4.21 -72.3 CVD Equipment CVV 11.77 -2.56 -17.86 15.82 3.68 168.7
co Fo

Mexico S&P/BMV IPC 53013.62 327.38 0.62 9.4 Sangoma Technologies SANG 4.37 0.73 20.05 15.99 3.36 -65.6 Summit Therapeutics SMMT 1.75 -0.38 -17.84 5.78 0.66 -36.1
EMEA STOXX Europe 600 462.58 4.88 1.07 8.9 Timber Pharmaceuticals TMBR 3.14 0.49 18.49 20.53 1.20 -78.0 Locafy LCFY 8.35 -1.70 -16.88 90.00 4.06 ...
Eurozone Euro STOXX 456.84 6.31 1.40 11.4 Broadmark Realty Capital BRMK 4.92 0.77 18.41 8.91 3.52 -43.2 Verde Clean Fuels Cl A VGAS 12.32 -2.48 -16.76 21.00 6.95 23.5
Belgium Bel-20 3908.45 48.95 1.27 5.6 Sera Prognostics SERA 3.95 0.61 18.26 5.97 1.10 -26.3 Bridger Aerospace BAER 6.63 -1.27 -16.08 25.90 3.26 -32.1
Denmark OMX Copenhagen 20 1945.99 18.89 0.98 6.0 Motorsport Games MSGM 9.78 1.38 16.43 49.50 2.01 -71.3 Bullfrog AI Holdings BFRG 2.73 -0.51 -15.74 5.83 2.56 ...
1.51 12.7 Radius Gl Infr Cl A RADI 13.60 1.88 16.04 16.52 7.97 5.8 Intuitive Machines Cl A LUNR 20.23 -3.77 -15.71 136.00 8.55 110.1
France CAC 40 7295.55 108.28
Germany DAX 15381.43 171.69 1.13 10.5
Israel Tel Aviv 1722.54 14.97 0.88 –4.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27444.31 457.96 1.70 15.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 756.99 10.58 1.42 9.9
Norway Oslo Bors All-Share 1409.44 11.02 0.79 3.4 Lucira Health LHDX 274,280 3747.3 0.51 264.29 5.67 0.11 Viscogliosi Bros Acqn VBOC 356 4177 10.29 0.19 10.29 9.78
South Africa FTSE/JSE All-Share 77513.78 576.01 0.75 6.1 Troika Media Group TRKA 228,444 877.4 0.40 32.13 1.42 0.10 Virtus Real Asset Incm VRAI 279 2815 23.80 0.20 30.25 21.43
n-

1.23 Mullen Automotive MULN 178,450 -14.7 0.22 -6.31 4.18 0.18 Mount Rainier Acqn RNER 1,468 2486 5.05 -46.22 16.98 4.81
Spain IBEX 35 9314.30 112.80 13.2
1.47 Tesla TSLA 159,617 -3.7 207.63 5.46 384.29 101.81 Focus Financial Partners FOCS 11,933 2382 51.75 3.09 52.62 30.27
Sweden OMX Stockholm 853.07 12.34 9.1
ProShares UltraPro QQQ TQQQ 137,528 -25.8 22.24 2.16 62.96 16.10 M3-Brigade Acqn II Cl A MBAC 2,326 1996 10.16 -0.05 10.56 9.71
Switzerland Swiss Market 11219.93 38.16 0.34 4.6
Turkey BIST 100 5197.44 138.69 2.74 –5.7 AMC Entertainment AMC 120,692 267.5 7.61 22.74 21.09 3.77 Moolec Science MLEC 2,041 1601 7.65 15.91 42.25 4.35
no

U.K. FTSE 100 7935.11 56.45 0.72 6.5 ProSh UltraPro Shrt QQQ SQQQ 110,712 -9.2 38.93 -2.16 69.55 31.17 Lakeshore Acquisition II LBBB 176 1598 10.36 0.00 10.55 9.89
U.K. FTSE 250 19886.10 189.57 0.96 5.5 ProSh Ult Bbg Nat Gas BOIL 87,802 165.9 6.47 8.56 140.50 4.34 Reata Pharmaceuticals A RETA 11,605 1576 30.85 -30.69 51.98 18.47
SPDR S&P 500 ETF Trust SPY 80,121 -0.1 397.73 0.34 462.07 348.11 Black Mountain Acqn Cl A BMAC 1,097 1496 10.32 0.00 10.34 9.85
Asia-Pacific MSCI AC Asia Pacific 158.23 –0.52 –0.33 1.6
AERWINS Technologies AWIN 75,732 40337.5 1.72 2.38 18.00 1.42 LAVA Medtech Acquisition LVAC 442 1494 10.39 0.00 10.40 9.94
Australia S&P/ASX 200 7224.80 –82.23 –1.13 2.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3258.03 –9.13 –0.28 5.5 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19943.51 –66.53 –0.33 0.8
–2.6
Scan this code
India S&P BSE Sensex 59288.35 –175.58 –0.30
Japan NIKKEI 225 27423.96 –29.52 –0.11 5.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3263.24 –19.06 –0.58 0.4 and track most-active stocks,
South Korea KOSPI 2402.64 –20.97 –0.87 7.4 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15503.79 … Closed 9.7 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1627.35 –6.67 –0.41 –2.5
All are available free at [Link] US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004198 23820 0.8
CREDIT MARKETS Argentina peso .0051196.8186 11.4 Europe
Brazil real .1923 5.2014 –1.6 Czech Rep. koruna .04489 22.275 –1.3
Canada dollar .7366 1.3576 0.2 Denmark krone .1425 7.0156 1.0
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001200 833.64 –1.7 Euro area euro 1.0611 .9425 0.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000209 4779.01 –1.4 Hungary forint .002808 356.11 –4.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .006966 143.56 1.4
A consumer rate against its 30-year mortgage, Rate Mexico peso .0544 18.3690 –5.7 Norway krone .0967 10.3406 5.4
benchmark over the past year 5.00% Uruguay peso .02579 38.7800 –3.0 Poland zloty .2250 4.4445 1.5
[Link] avg†: 7.01% 28% Asia-Pacific Russia ruble .01335 74.930 1.6
t
Farmers and Merchants Trust 3.73% 4.00 WSJ Dollar Index Sweden krona .0963 10.3888 –0.5
s Australiadollar .6739 1.4839 1.1
t
6.00% Chambersburg, PA 888-264-6116 Tradeweb ICE 14 Switzerland franc 1.0686 .9358 1.2
China yuan .1440 6.9450 0.7
30-year fixed-rate Monday Close 3.00 Turkey lira .0530 18.8839 1.0
Raymond James Bank, NA 4.50% Hong Kong dollar .1275 7.8441 0.5
mortgage 4.50 0 Ukraine hryvnia .0271 36.8500 unch
2.00 India rupee .01210 82.650 –0.1
St. Petersburg, FL 800-718-2265 Euro UK pound 1.2065 .8288 0.3
s Indonesia rupiah .0000657 15213 –2.3
5.00% One year ago
t

t
3.00 County Bank –14 Japan yen .007340 136.23 3.9 Middle East/Africa
1.00
10-year Treasury Rehoboth Beach, DE 302-226-9800 s Kazakhstan tenge .002235 447.35 –3.4 Bahrain dinar 2.6525 .3770 –0.01
note yield 1.50 0.00 Yen Macau pataca .1237 8.0850 0.5 Egypt pound .0326 30.6283 23.7
Bank of Hays 5.50% –28
Malaysia ringgit .2232 4.4805 1.7 Israel shekel .2729 3.6646 3.9
Hays, KS 785-621-2265 1 3 6 1 2 3 5 7 10 20 30 2022 2023
0.00 New Zealand dollar .6167 1.6215 3.0 Kuwait dinar 3.2558 .3071 0.4
Rockland Trust Company 5.50% month(s) years
MAM J J A S O N D J F Pakistan rupee .00385 260.000 14.7 Oman sul rial 2.5973 .3850 ...
Rockland, MA 781-878-6100 maturity Philippines peso .0180 55.520 –0.3 Qatar rial .2746 3.641 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7427 1.3465 0.4 Saudi Arabia riyal .2664 3.7531 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007585 1318.39 4.5 South Africa rand .0543 18.4124 8.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027549 362.99 –1.2
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.50-4.75 4.50-4.75 0.00 l 4.75 3.00 Taiwan dollar .03259 30.687 0.2
Yield (%) 52-Week Total Return (%) Thailand baht .02859 34.980 1.0 WSJ Dollar Index 97.76 –0.41–0.42 1.24
Prime rate* 7.75 7.75 3.25 l 7.75 3.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.96 4.91 0.50 l 4.96 3.38 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2088.890 4.380 4.230 4.560 1.650 –9.405 –3.909
Money market, annual yield 0.46 0.39 0.07 l 0.46 -0.04
Five-year CD, annual yield 2.75 2.74 0.43 l 2.79 1.37 U.S. Treasury Long, Bloomberg 3188.450 4.060 3.980 4.570 2.170 –22.702–10.433 Commodities
30-year mortgage, fixed† 7.01 6.88 4.12 l 7.41 3.32 Aggregate, Bloomberg 1955.750 4.820 4.660 5.210 2.240 –9.077 –3.568 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.27 6.16 3.38 l 6.53 3.12 Fixed-Rate MBS, Bloomberg 1945.250 4.780 4.600 5.380 2.390 –8.606 –3.478
Jumbo mortgages, $726,200-plus† 7.03 6.90 4.12 l 7.44 3.33 DJ Commodity 1003.24 4.50 0.45 1264.48 990.27 -8.20 -4.33
High Yield 100, ICE BofA 3190.441 7.755 7.866 8.753 5.077 –4.868 0.428 Refinitiv/CC CRB Index 268.60 1.45 0.54 329.59 263.69 -0.18 -3.29
Five-year adj mortgage (ARM)† 5.63 5.50 2.92 l 5.63 2.00
Muni Master, ICE BofA 557.935 3.393 3.305 3.936 1.630 –4.468 –1.385 Crude oil, $ per barrel 75.68 -0.64 -0.84 123.70 71.02 -20.94 -5.71
New-car loan, 48-month 6.69 6.68 3.55 l 6.69 2.20
[Link] rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 775.708 7.770 7.746 9.159 5.919 –8.075 –4.679 Natural gas, $/MMBtu 2.731 0.183 7.18 9.680 2.073 -37.96 -38.97
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; [Link] Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1817.00 7.80 0.43 2040.10 1623.30 -4.34 -0.15
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

B8 | Tuesday, February 28, 2023 THE WALL STREET JOURNAL.

COMMODITIES [Link]/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 1.1973 1.2091 1.1951 1.2085 .0114 3,024 Mini S&P 500 (CME)-$50 x index
March 189.075 190.175 s 188.425 189.175 .100 11,881 Swiss Franc (CME)-CHF 125,000; $ per CHF March 3976.50 4024.75 3973.00 3988.00 12.25 2,047,773
Contract Open 1.0645 t 1.0621
1.0718 1.0701 .0052 40,721
April 193.725 195.250 s 193.100 194.225 .650 15,073 March June 4010.50 4061.00 4009.00 4024.50 12.25 31,964
Open High hi lo Low Settle Chg interest
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 1.0766 t 1.0736
1.0832 1.0814 .0053 565 Mini S&P Midcap 400 (CME)-$100 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Feb 165.200 165.375 164.850 165.000 –.200 792 Australian Dollar (CME)-AUD 100,000; $ per AUD March 2601.00 2637.50 2598.60 2608.20 4.80 44,789
March 3.9570 4.0205 3.9345 4.0090 0.0570 9,302 April 165.425 165.950 164.775 164.975 –.400 142,686 March .6731 .6748 t .6702 .6739 .0009 123,428 June 2629.30 4.50 1
May 3.9600 4.0240 3.9370 4.0110 0.0580 121,177 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June .6762 .6771 t .6725 .6762 .0009 1,432 Mini Nasdaq 100 (CME)-$20 x index
Gold (CMX)-100 troy oz.; $ per troy oz. April 85.950 86.875 84.475 84.725 –1.300 94,135 Mexican Peso (CME)-MXN 500,000; $ per MXN March 12003.00 12189.50 11990.00 12083.25 86.25 257,878
March 1811.60 1817.50 t 1807.80 1817.00 7.80 1,946 June 103.500 104.100 102.025 102.100 –1.375 41,587 March .05424 .05445 .05413 .05425 .00004 283,403 June 12137.00 12322.00 12125.00 12216.50 86.75 5,256
April 1818.00 1827.30 t 1812.00 1824.90 7.80 328,683 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June .05319 .05345 .05314 .05326 .00004 1,078 Mini Russell 2000 (CME)-$50 x index
June 1834.00 1843.70 t 1829.00 1841.60 7.70 57,200 March 388.00 402.50 388.00 395.70 8.60 811 Euro (CME)-€125,000; $ per € March 1890.50 1919.00 1889.30 1898.90 7.30 432,889
Aug 1852.80 1861.10 t 1846.80 1859.40 7.90 14,798 May 403.00 417.40 403.00 412.80 12.00 1,547 March 1.0554 1.0630 1.0542 1.0618 .0058 770,237
Milk (CME)-200,000 lbs., cents per lb. Mini Russell 1000 (CME)-$50 x index
Oct 1865.40 1878.00 t 1864.80 1877.30 8.00 4,702 June 1.0617 1.0689 1.0601 1.0678 .0058 17,547 March 2215.00 2217.10 2192.40 2197.10 6.50 12,784
Feb 17.87 17.87 17.85 17.85 –.01 4,154
Dec 1886.80 1896.00 t 1884.90 1894.90 8.00 15,003 U.S. Dollar Index (ICE-US)-$1,000 x index
March 17.74 17.94 17.70 17.86 .14 6,064
Palladium (NYM) - 50 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. Index Futures March 105.21 105.32 104.49 104.62 –.53 34,660
March 1387.00 1455.00 1381.00 1410.50 33.20 367 March 2,715 8 433 June 104.80 104.94 104.18 104.27 –.53 1,973
June 1398.00 1465.00 1390.00 1427.90 49.50 11,603
Mini DJ Industrial Average (CBT)-$5 x index
May 2,743 2,793 2,735 2,756 8 131,771 March 32816 33211 32783 32909 83 87,635
Platinum (NYM)-50 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. June 33096 33464 33066 33171 82 1,287 Source: FactSet
March 941.60 34.00 March 189.90 189.90 189.75 190.70 –.50 274
April 909.10 953.50 t 903.90 941.90 34.00 58,119 May 186.50 188.45 184.40 186.45 –1.25 87,285
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March
May
20.750
20.915
20.820
20.945
t 20.515
t 20.640
20.670 –0.140
20.793 –0.143
7,509
103,424
March
May
21.37
19.72
22.14 s
20.37
21.27
19.64
22.09
20.29
.81 24,305
.62 405,404
Bonds | [Link]/market-data/bonds/benchmarks
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
April 76.42 76.82 74.99 75.68 –0.64 306,438 May
Cotton (ICE-US)-50,000 lbs.; cents per lb.
37.24 … 2,566 Tracking Bond Benchmarks
May 76.61 76.95 75.14 75.81 –0.66 191,533
June 76.70 76.94 75.14 75.79 –0.69 221,318 March 85.00 –.13 10 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
May 84.90 85.00 83.30 84.80 –.10 94,982 highs and lows for different types of bonds
July 76.65 76.76 75.00 75.61 –0.72 139,780
75.96 76.07 74.37 74.92 –0.76 114,307
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total
Sept Total
March 256.50 273.50 s 256.35 273.50 20.00 967
Dec 74.75 74.81 73.15 73.64 –0.83 201,146 return YTD total Yield (%) return YTD total Yield (%)
May 248.00 254.90 s 248.00 249.60 1.20 9,591
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. close return (%) Index Latest Low High close return (%) Index Latest Low High
March 2.8006 2.8400 2.7778 2.8198 .0236 10,416
Interest Rate Futures Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
April 2.7703 2.8144 2.7567 2.8003 .0332 72,316
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1945.25 0.5 Mortgage-Backed 4.780 2.390 5.380
March 134-090 135-030 133-100 134-190 13.0 70,704 1955.75 0.3 U.S. Aggregate 4.820 2.240 5.210
March 2.3603 2.3812 2.3288 2.3683 .0096 14,630
April 2.5913 2.6036 2.5575 2.5840 .0026 96,140 June 134-280 135-230 133-290 135-050 12.0 1,421,667 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1916.50 0.6 Ginnie Mae (GNMA) 4.820 2.360 5.370
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
March 123-300 124-170 123-140 124-070 11.0 103,091 2887.03 0.6 U.S. Corporate 5.510 3.010 6.130 1144.13 0.5 Fannie mae (FNMA) 4.760 2.400 5.390
April 2.650 2.740 2.554 2.731 .183 213,236
June 125-010 125-200 124-140 125-100 10.0 1,129,835
May 2.811 2.863 2.700 2.853 .152 269,471
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2796.28 0.5 Intermediate 5.460 2.570 6.050 1750.66 0.3 Freddie Mac (FHLMC) 4.900 2.400 5.370
July 3.148 3.206 3.086 3.195 .112 84,168 March 110-285 111-105 110-230 111-045 7.0 306,599
Sept 3.164 3.217 3.104 3.207 .103 93,319 3829.27 0.9 Long term 5.600 3.730 6.370 557.94 0.3 Muni Master 3.393 1.630 3.936
June 111-120 111-255 111-060 111-195 6.5 4,050,048
Oct 3.215 3.300 3.176 3.287 .095 98,813 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 399.70 0.4 7-12 year 3.022 1.636 3.794
557.11 0.3 Double-A-rated 4.940 2.600 5.320
Jan'24 4.153 4.230 4.145 4.211 .049 68,053 March 106-152 106-240 106-105 106-210 5.0 293,760
June 106-277 107-042 106-227 107-020 5.7 4,098,389 764.84 0.7 Triple-B-rated 5.770 3.260 6.440 445.82 0.7 12-22 year 3.782 1.893 4.428
Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% High Yield Bonds ICE BofA 416.95 1.2 22-plus year 4.477 2.391 5.131
March 101-201 101-227 101-177 101-215 .9 205,414
Corn (CBT)-5,000 bu.; cents per bu. June 101-260 101-288 101-232 101-280 1.5 2,514,796
March 650.75 654.00 t 642.25 642.75 –7.25 64,642 474.90 2.5 High Yield Constrained 8.623 5.639 9.623 Global Government J.P. Morgan†
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
May 650.25 652.25 t 643.00 643.50 –5.75 505,854 Feb 95.4300 95.4300 95.4275 95.4275 –.0025 486,121 446.73 6.3 Triple-C-rated 14.477 9.506 16.916 522.91 0.2 Global Government 3.140 1.220 3.250
Oats (CBT)-5,000 bu.; cents per bu. April 95.1150 95.1300 95.1150 95.1250 .0050 397,262
March 380.00 384.50 355.00 378.25 –.75 314 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3190.44 2.5 High Yield 100 7.755 5.077 8.753 764.50 0.1 Canada 3.460 1.740 3.780
May 346.50 346.75 342.25 343.50 –2.00 2,793 March 100-225 100-030 100-165 6.5 16,725
Soybeans (CBT)-5,000 bu.; cents per bu. 416.18 2.6 Global High Yield Constrained 8.617 6.002 9.945 334.30 0.4 EMU§ 3.331 0.652 3.331
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
March 1529.50 1533.50 1515.25 1518.25 –10.75 35,671 Dec 95.5525 95.5550 95.5525 95.5525 ... 703,096 620.36 0.1 France 3.160 0.500 3.160
318.98 3.3 Europe High Yield Constrained 7.117 4.244 8.508
May 1519.75 1524.75 1508.25 1512.75 –6.50 329,790 March'23 95.0000 95.0100 94.9900 95.0025 .0025 1,383,841
Soybean Meal (CBT)-100 tons; $ per ton. Eurodollar (CME)-$1,000,000; pts of 100% U.S Agency Bloomberg Fixed Income Indices 442.91 -0.1 Germany 2.610 -0.140 2.610
March 497.60 501.60 495.40 498.70 1.60 21,642 March 94.9225 94.9300 94.9125 94.9250 … 775,503
May 480.00 483.50 478.10 481.80 1.80 239,267 June 94.4800 94.5000 94.4600 94.4800 … 711,576 1691.31 0.1 U.S Agency 4.880 1.660 4.910 278.87 0.4 Japan 0.970 0.450 1.060
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept 94.3350 94.3550 t 94.3100 94.3350 … 639,026
1495.85 0.02 4.880 1.590 4.910
10-20 years 479.07 -0.1 Netherlands 2.860 0.100 2.860
61.31 61.71 59.76 60.04 –1.07 9,940 Dec 94.4750 94.5100 t 94.4500 94.4850 … 616,882

.
March
May 61.33 61.85 60.05 60.34 –.88 182,927 3239.47 1.6 20-plus years 4.750 2.480 5.240 775.94 -0.8 U.K. 3.980 1.260 4.690

ly
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Currency Futures
March 16.65 16.98 t 16.65 16.99 .19 1,046 2547.33 0.6 Yankee 5.330 2.640 5.840 775.71 1.0 Emerging Markets ** 7.770 5.919 9.159
Japanese Yen (CME)-¥12,500,000; $ per 100¥
May 17.03 17.40 17.01 17.38 .34 5,095 March .7345 t .7373
.7335 .7354 .0009 192,095 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Wheat (CBT)-5,000 bu.; cents per bu. June .7453 t .7478
.7444 .7460 .0009 6,687 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; [Link]
March 708.25 710.00 t 691.25 696.00 –12.25 15,052 Canadian Dollar (CME)-CAD 100,000; $ per CAD
May

March
May
721.75

842.00
835.50
724.00

843.50
837.25
t 705.75
Wheat (KC)-5,000 bu.; cents per bu.
818.25
812.50
710.00

823.00
817.00
–11.75 171,022

–18.75
–18.25
5,977
80,871
March
June
.7348
.7363
on
.7389
.7400
.7340
.7351
British Pound (CME)-£62,500; $ per £
March 1.1950 1.2069 1.1925
.7364
.7374

1.2061
.0016 157,223
.0015 5,290

.0114 213,578
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
us ,

Country/ Spread Under/Over U.S. Treasurys, in basis points

Cash Prices | Yield (%)
l

[Link]/market-data/commodities Monday, February 27, 2023 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
e
4.625 U.S. 2 4.791 t 4.803 4.205 1.584
al a

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— l

separate from the futures price on an exchange, which reflects what the commodity might be worth in future 3.500 10 3.921 t l 3.948 3.517 1.984
months. 0.250 Australia 2 3.700 s l 3.629 3.196 1.218 -110.8 -117.4 -35.7
ci on

Monday Monday Monday 1.750 10 3.889 s l 3.837 3.571 2.235 -11.6 26.7
-3.3
Iron Ore, 62% Fe CFR China-s 122.5 Wheat,Spring14%-pro Mnpls-u 10.3350
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,[Link]-u 6.9800 0.000 France 2 3.183 s l 3.089 2.660 -0.311 -162.4 -171.4 -188.6
Coal,[Link].,12500Btu,1.2SO2-r,w 135.700 Steel, HRC USA, FOB Midwest Mill-s 1000 Wheat - Hard - KC (USDA) $ per bu-u 8.7100 2.000 10 3.065 s l 3.015 2.709 0.708 -85.7 -93.8 -126.1
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.500 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 8.4000
BMI Lithium Carbonate, EXW China, =99.2%-v,w 62925 2.500 Germany 2 3.068 s l 3.024 2.586 -0.378 -173.9 -177.9 -195.3
Metals Food
2.580 s
er s

BMI Lithium Hydroxide, EXW China, =56.5% -v,w 66700 2.300 10 l 2.544 2.244 0.230 -134.2 -141.0 -173.9
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 6290 Beef,carcass equiv. index
Engelhard industrial 1816.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5217 choice 1-3,600-900 lbs.-u 261.57 2.500 Italy 2 3.570 t l 3.576 3.076 0.102 -123.7 -122.7 -147.3
1818.65 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 813 select 1-3,600-900 lbs.-u 249.01 4.400 10 4.431 t 4.432 4.101 1.844 47.9 -12.4
l 50.9
m er

Handy & Harman base

Handy & Harman fabricated 2018.70 Broilers, National comp wtd. avg.-u,w 1.2212
LBMA Gold Price AM *1824.10
Fibers and Textiles Butter,AA Chicago-d 2.4500 0.005 Japan 2 -0.025 t l -0.022 0.006 -0.027 -483.2 -482.5 -160.3
*1810.95 Cheddar cheese,bbl,Chicago-d 159.00
LBMA Gold Price PM Burlap,10-oz,40-inch NY yd-n,w 0.7125
Cheddar cheese,blk,Chicago-d 191.00
0.500 10 0.505 t l 0.506 0.485 0.208 -341.7 -344.8 -176.0
Krugerrand,wholesale-e 1900.18 Cotton,1 1/16 std lw-mdMphs-u 0.8430
Maple Leaf-e 1945.63
Milk,Nonfat dry,Chicago lb.-d 120.00 0.000 Spain 2 3.304 s l 3.271 2.811 0.003 -150.3 -153.2 -157.2
Cotlook 'A' Index-t *97.35 2.0055
m rp

Coffee,Brazilian,Comp-y
American Eagle-e 1945.63 Hides,hvy native steers piece fob-u n.a. 2.550 10 3.536 s l 3.516 3.226 1.211 -38.6 -43.7 -75.8
Coffee,Colombian, NY-y 2.4239
Mexican peso-e 2345.85 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.4750 0.125 U.K. 2 4.062 s l 4.012 3.430 1.208 -74.5 -79.1 -36.7
Austria crown-e 1785.35
Grains and Feeds Flour,hard winter KC-p 20.95
Austria phil-e 1909.27 4.250 10 3.704 s l 3.656 3.323 1.462 -29.7 -50.7
Hams,17-20 lbs,Mid-US fob-u 0.79 -21.8
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 83.49
Engelhard industrial 20.8000 Bran,wheat middlings, KC-u,w 175 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 20.7000 Corn,No. 2 yellow,Cent IL-bp,u 6.3200 Pork loins,13-19 lb MidUS-u 1.0228
Corporate Debt
co Fo

Handy & Harman fabricated 25.8750 Corn gluten feed,Midwest-u,w 209.0 Steers,Tex.-Okla. Choice-u 164.50
LBMA spot price *£17.6000 Corn gluten meal,Midwest-u,w 669.9 Steers,feeder,Okla. City-u,w 213.88
(U.S.$ equivalent) *21.0900 Cottonseed meal-u,w 393 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Coins,wholesale $1,000 face-a 18573 Hominy feed,Cent IL-u,w 218 Fats and Oils expectations
Other metals Meat-bonemeal,50% pro Mnpls-u,w 418 Degummed corn oil, crude wtd. avg.-u,w n.a. Investment-grade spreads that tightened the most…
LBMA Platinum Price PM *928.0 Oats,No.2 milling,Mnpls-u 4.0850 Grease,choice white,Chicago-h 0.5600 Spread*, in basis points
Platinum,Engelhard industrial 955.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.00 Lard,Chicago-u n.a. Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Palladium,Engelhard industrial 1480.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.6311
Aluminum, LME, $ per metric ton *2307.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 503.10 Tallow,bleach;Chicago-h 0.5725 HSBC Holdings HSBC 4.300 5.29 March 8, ’26 78 –27 97
Copper,Comex spot 4.0090 Soybeans,No.1 yllw IL-bp,u 15.0200 Tallow,edible,Chicago-u n.a. –16
Metropolitan Life Global Funding I … 0.950 5.12 July 2, ’25 33 n.a.
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; Ally Financial ALLY 8.000 6.67 Nov. 1, ’31 275 –12 282
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 Celanese CE 6.050 6.25 March 15, ’25 147 –10 143
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 2/24
Source: Dow Jones Market Data Nomura Holdings NOMURA 5.386 5.63 July 6, ’27 141 –10 n.a.
Amgen AMGN 5.250 5.34 March 2, ’25 55 –9 n.a.
Citigroup C 4.400 5.41 June 10, ’25 63 –9 54
n-

Borrowing Benchmarks | [Link]/market-data/bonds/benchmarks Siemens Financieringsmaatschappij SIEGR 3.250 5.24 May 27, ’25 43 –9 37
Money Rates February 27, 2023 …And spreads that widened the most
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a ENEL Finance International ENELIM 3.500 5.85 April 6, ’28 167 9 n.a.
no

guide to general levels but don’t always represent actual transactions. Mizuho Financial MIZUHO 4.018 5.37 March 5, ’28 120 9 114
American Honda Finance HNDA 2.000 5.08 March 24, ’28 90 7 n.a.
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Royal Bank of Canada RY 4.650 5.46 Jan. 27, ’26 95 7 99
Jan. Index Chg From (%)
High 4.9000 4.9000 4.9090 0.1000 Citigroup C 4.125 5.56 July 25, ’28 137 6 n.a.
level Dec. '22 Jan. '22 Policy Rates
Low 4.5500 4.5500 4.5900 0.0500 New York Life Global Funding NYLIFE 4.550 5.03 Jan. 28, ’33 111 6 108
Euro zone 3.00 3.00 3.00 0.00
U.S. consumer price index Bid 4.5800 4.5700 4.5800 0.0700
Switzerland 1.50 1.50 1.50 0.00 Kimberly–Clark KMB 2.750 4.85 Feb. 15, ’26 35 5 n.a.
Offer 4.6000 4.5800 4.6200 0.0900
All items 299.170 0.80 6.4 Britain 4.00 4.00 4.00 0.50 5
3M MMM 5.700 5.61 March 15, ’37 165 165
Core 301.962 0.62 5.6 Australia 3.35 3.35 3.35 0.10 Treasury bill auction
Overnight repurchase 4 weeks 4.515 4.510 4.520 0.050 High-yield issues with the biggest price increases…
International rates 13 weeks 4.750 4.680 4.750 0.360 Bond Price as % of face value
U.S. 4.58 4.59 4.59 0.01
26 weeks 4.940 4.840 4.940 0.670 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Week 52-Week
Latest ago High Low U.S. government rates Secondary market Belo … 7.250 8.32 Sept. 15, ’27 96.031 2.16 n.a.
Discount Hughes Satellite Systems … 6.625 8.28 Aug. 1, ’26 95.150 1.47 93.270
Prime rates Fannie Mae
4.75 4.75 4.75 0.25 Nordstrom JWN 6.950 7.14 March 15, ’28 99.200 0.76 96.750
U.S. 7.75 7.75 7.75 3.25 30-year mortgage yields
Canada 6.70 6.70 6.70 2.45 Federal funds 30 days 6.304 6.129 6.812 3.225 QVC QVCN 4.850 11.12 April 1, ’24 93.750 0.66 92.250
Japan 1.475 1.475 1.475 1.475 Effective rate 4.5900 4.5900 4.6000 0.0800 60 days 6.339 6.148 6.988 3.277 Ford Motor Credit … 4.389 6.72 Jan. 8, ’26 94.031 0.64 93.020
Other short-term rates Venture Global Calcasieu Pass VENTGL 4.125 6.37 Aug. 15, ’31 85.500 0.59 84.600
Sprint Capital … 8.750 5.94 March 15, ’32 119.400 0.59 119.000
Key Interest Rates Latest
Week
ago
52-Week
high low Bausch Health BHCCN 11.000 17.13 Sept. 30, ’28 78.500 0.52 75.500
Data are annualized on a 360-day basis. Treasury yields are per annum,
on actively traded noninflation and inflation-indexed issues that are Call money …And with the biggest price decreases
adjusted to constant maturities. Data are from weekly Federal Reserve 6.50 6.50 6.50 2.00 –1.05 n.a.
Lumen Technologies LUMN 6.875 18.92 Jan. 15, ’28 62.700
release H.15. Commercial paper (AA financial) Telecom Italia Capital TITIM 6.000 8.28 Sept. 30, ’34 83.188 –0.56 83.750
Week Ended 52-Week Week Ended 52-Week n.a. n.a. 4.79 0.42 –0.18
90 days Occidental Petroleum OXY 6.450 6.41 Sept. 15, ’36 100.320 100.970
Feb 24 Feb 17 High Low Feb 24 Feb 17 High Low
6-month 5.07 4.98 5.07 0.67 Libor OneMain Finance OMF 5.625 7.02 March 15, ’23 99.939 –0.03 n.a.
Federal funds (effective) 1-year 5.06 4.97 5.06 1.02 One month 4.66200 4.59271 4.66200 0.23457
4.58 4.58 4.58 0.08 2-year 4.69 4.59 4.69 1.46
*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.
Three month 4.96243 4.90943 4.96243 0.50429 Note: Data are for the most active issue of bonds with maturities of two years or more
Commercial paper 3-year 4.45 4.31 4.54 1.61 Six month 5.27114 5.24071 5.27700 0.76386 Source: MarketAxess
5-year 4.14 4.01 4.32 1.68 One year 5.69143 5.62014 5.69143 1.17671
Nonfinancial 7-year 4.07 3.92 4.23 1.77
1-month 4.59 4.56 4.59 0.19 10-year 3.93 3.80 4.12 1.80 Secured Overnight Financing Rate
2-month
3-month
n.a.
n.a.
4.60
4.72
4.61
4.72
0.31
0.56
20-year 4.09 3.98 4.44 2.26 4.55 4.55 4.56 0.05 New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Financial Treasury yields (secondary market) Value 52-Week ColombierAcqnA CLBR 10.15 0.4 GreenVisorI GVCIU 10.67 -0.5
1-month 4.64 4.58 4.64 0.17 Latest Traded High Low The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE ComfortSystems FIX 148.86 0.1 H&E Equipment HEES 54.43 0.7
2-month n.a. 4.70 4.70 0.42 1-month 4.52 4.52 4.52 0.03 American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low DHT DHT 11.69 0.5 HNR Acqn HNRA 10.42 ...
3-month 4.76 4.73 4.76 0.42 3-month 4.72 4.68 4.72 0.34 DTCC GCF Repo Index in the latest session. % CHG-Daily percentage change from the previous trading session. DPCapAcqnI DPCSU 10.94 6.4 HPX Wt [Link] 0.54 4.9
6-month 4.92 4.83 4.92 0.65 DPCapAcqnIA DPCS 10.40 0.2 HammerheadEnergyWt HHRSW 1.18 3.3
Discount window primary credit Treasury 4.546 54.550 4.597 0.030 Monday, February 27, 2023 DigitalTransA DTOC 10.65 -0.4 HammerheadEnergy HHRS 39.30 5.8
TIPS MBS 4.572 32.650 4.644 0.042 EDAP TMS EDAP 12.26 -0.7 HealthcareAIAcqn HAIAU 11.02 5.9
4.75 4.75 4.75 0.25 52-Wk % 52-Wk % 52-Wk %
Expro XPRO 23.16 -0.6 Heico A HEI.A 140.60 -0.4
5-year 1.63 1.53 1.81 -1.55 Notes on data: Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
FTAI Aviation FTAI 26.84 0.3 Hims&HersHealth HIMS 10.06 -1.2
Treasury yields at constant 7-year 1.57 1.48 1.70 -1.24 AndrettiAcqn WNNR.U 10.48 0.2 BiglariB BH 184.21 4.6 FarPeakAcqnA FPAC 10.20 0.5 HookerFurnishings HOFT 21.63 1.5
U.S. prime rate is the base rate on corporate
maturities 10-year 1.53 1.46 1.66 -0.95 loans posted by at least 70% of the 10 largest Highs AnthemisDigA ADAL 10.40 0.1 BiglariA BH.A 895.01 2.0 FedAgriMtg C AGM 143.87 0.1 HorizonSpaceI HSPO 10.18 ...
1-month 4.65 4.65 4.66 0.03 20-year 1.55 1.49 1.70 -0.48 U.S. banks, and is effective February 2, 2023. APi Group APG 24.08 -0.8 BioCardiaWt BCDAW 1.74 54.1 FifthWallIII A FWAC 10.19 0.6 IXAcqnA IXAQ 10.25 0.1
AAON AAON 83.08 ...
3-month 4.85 4.82 4.85 0.34 Long-term avg 1.68 1.62 1.94 -0.30 Other prime rates aren’t directly comparable; AAR AIR 55.50 0.4
AppFolio APPF 133.42 1.2 BioPlusAcqnA BIOS 10.38 0.2 FinnovateAcqnA FNVT 10.85 0.4 InfiniteAcqnA NFNT 10.37 0.1
ArchCapital ACGL 69.44 0.1 Birks BGI 8.44 5.1 FirstEagleAltCap FCRD 4.90 -0.8 IngersollRand IR 58.73 1.2
lending practices vary widely by location; AGNC InvPfdC AGNCN 25.49 0.7 AresAcqnWt [Link] 0.97 -2.1 BlackMountainA BMAC 10.34 ... ForbionEuroA FRBN 10.90 -0.2 InsightEnt NSIT 133.86 0.6
Notes on data: Discount rate is effective February 2, 2023. AetheriumAcqnA GMFI 10.33 0.2 ArogoCapA AOGO 10.28 ... BlueOceanA BOCN 10.85 ... ForumMergerIV A FMIV 10.16 0.2 Intapp INTA 40.06 0.6
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of AlamoGroup ALG 182.87 0.3 ArtemisStrat ARTEU 10.94 -0.1 BlueRiverAcqn BLUA.U 10.92 1.5 FreshDelMonte FDP 31.83 0.1 IntlSeaways INSW 48.97 3.3
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by February 24, 2023. DTCC GCF Repo Index is AlphaHlthIII A ALPA 10.09 ... AssetMarkFin AMK 30.98 0.7 BullpenParlayA BPAC 10.85 ... FrontierAcqnA FRON 10.22 0.1 InvestcorpIndiaA IVCA 10.48 ...
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted Alphatec ATEC 14.99 0.3 AultDisruptive ADRT.U 10.39 0.3 CBZ 51.74 0.3
CBIZ FrontierInvt FICVU 10.64 5.1 JawsHurricaneA HCNE 10.56 -0.1
average for overnight trades in applicable AlpineAcqn REVE 14.09 -12.3 AultDisruptive ADRT 10.40 0.4 CactusAcqn1 A CCTS 10.85 0.2 18.83 2.8 KademSustA KSI 10.15 0.1
primary credit rate is charged for discounts made and advances extended under the Federal Frontline FRO
CUSIPs. Value traded is in billions of U.S. dollars. AltaEquipment ALTG 18.71 2.2 AuraFatProjectsA AFAR 10.39 ... CannaGlblAcqn CNGLU 10.46 2.2 GE HealthCare GEHC 76.98 1.4 KairousAcqnRt KACLR 0.55 15.2
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as AltisourceAsset AAMC 55.15 25.6 Autoliv ALV 94.15 2.0 CarlyleSecured CGBD 15.87 -0.5 GencorInds GENC 14.16 3.3 KensingtonCapV A KCGI 10.35 0.1
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. Alvotech ALVO 14.60 0.1 AvitaMedical RCEL 13.75 6.5 CECO Env CECO 15.60 -0.5 Genelux GNLX 13.28 15.1 Kernel KRNLU 10.33 0.3
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor AlvotechWt ALVOW 3.11 4.1 BGC Partners BGCP 4.84 13.1 ChainBridgeIA CBRG 10.38 0.1 GeneralElec GE 84.86 0.3 Koppers KOP 37.43 2.5
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; AmShrHosp AMS 3.71 5.4 BancoBBVA BBAR 5.16 1.8 Chemed CHE 539.13 1.1 GoGreenInvtsWt [Link] 0.55 7.8 KosmosEnergy KOS 8.55 13.1
please see, [Link] Tullett Prebon Information, Ltd. AndrettiAcqnA WNNR 10.45 0.6 BancoBilbaoViz BBVA 7.62 2.4 ColombierAcqnUn CLBR.U 10.31 0.7 Graham GHM 14.61 -0.9 Continued on Page B9
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. * Tuesday, February 28, 2023 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Coty COTY 11.21 0.06 FirstCitizBcshA FCNCA 741.28 2.47 Incyte INCY 76.61 -0.41 MarathonOil MRO 25.83 0.24 PPL PPL 27.55 -0.14 Sanofi SNY 47.85 0.15 TransUnion TRU 65.85 0.62
Market listed securities. Prices are composite dd-Indicates loss in the most recent Coupang CPNG 15.22 0.45 FirstHorizon FHN 24.75 -0.10 Infosys INFY 18.16 -0.17 MarathonPetrol MPC 126.58 1.66 PTC PTC 126.30 -0.69 SareptaTherap SRPT118.13 -4.93 Travelers TRV 185.33 ...
quotations that include primary market trades four quarters. Crane CR 118.91 1.31 FirstIndRlty FR 52.86 0.34 s IngersollRand IR 58.38 0.70 Markel MKL 1325.66-10.05 Paccar PCAR 72.11 -0.19 t Sasol SSL 14.51 -0.14 Trimble TRMB 51.67 -0.11
as well as trades reported by Nasdaq BX FD-First day of trading. Credicorp BAP 127.49 -1.08 FirstRepBank FRC 121.90 1.46 Ingredion INGR 100.63 -1.11 MarketAxess MKTX 342.37 -4.25 PackagingCpAm PKG 136.87 -0.93 Schlumberger SLB 54.40 0.48 [Link] TCOM 35.49 0.70
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CreditSuisse CS 3.06 0.06 FirstSolar FSLR 166.11 3.95 InspireMedical INSP 264.14 2.73 Marriott MAR 169.61 -0.72 PalantirTech PLTR 8.03 -0.06 SchwabC SCHW 77.88 -2.72 TruistFinl TFC 47.14 0.06
Cboe, NYSE National and Nasdaq ISE. standards Crocs CROX 123.58 1.22 FirstEnergy FE 39.91 0.11 Insulet PODD281.94-12.41 Marsh&McLen MMC 162.23 0.19 PaloAltoNtwks PANW 188.51 1.88 Sea SE 59.98 -0.03 Twilio TWLO 63.77 -0.33
The list comprises the 1,000 largest lf-Late filing CrowdStrike CRWD 120.65 3.37 Fiserv FISV 114.71 0.26 Intel INTC 24.90 -0.24 MartinMarietta MLM 359.94 -2.14 ParamountA PARAA 25.32 -0.09 Seagate STX 64.25 -1.84 TylerTech TYL 324.64 -2.41
companies based on market capitalization. q-Temporary exemption from Nasdaq CrownCastle CCI 131.65 0.49 FiveBelow FIVE 205.15 -1.91 InteractiveBrkrs IBKR 86.31 -0.07 MarvellTech MRVL 44.31 0.46 ParamountB PARA 22.09 -0.21 Seagen SGEN 178.16 16.79 TysonFoods TSN 60.41 -0.82
Underlined quotations are those stocks with requirements. CrownHoldings CCK 86.68 1.10 FleetCorTech FLT 209.98 3.21 ICE ICE 101.51 -1.00 Masco MAS 52.44 -0.04 ParkerHannifin PH 350.48 2.45 SealedAir SEE 49.50 0.44 UBS Group UBS 21.73 0.32
large changes in volume compared with the t-NYSE bankruptcy CubeSmart CUBE 46.67 0.95 Flex FLEX 23.09 -0.15 InterContinentl IHG 68.57 0.72 Masimo MASI 169.08 2.99 Paychex PAYX 110.99 0.01 Sempra SRE 154.88 -0.40 UDR UDR 43.06 -0.57
issue’s average trading volume. v-Trading halted on primary market. Cullen/Frost CFR 131.70 0.99 Floor&Decor FND 90.38 -0.62 IBM IBM 130.49 -0.08 MasTec MTZ 96.67 -0.51 PaycomSoftware PAYC 294.12 0.70 SensataTechs ST 50.13 0.09 UGI UGI 37.70 -0.01
vj-In bankruptcy or receivership or Cummins CMI 243.20 -0.91 FomentoEconMex FMX 92.79 0.20 IntlFlavors IFF 94.53 0.73 Mastercard MA 355.48 2.36 Paylocity PCTY 193.56 -3.46 ServiceCorp SCI 68.20 -0.48 U-Haul UHAL 65.06 0.52
Boldfaced quotations highlight those issues being reorganized under the Curtiss-Wright CW 176.68 -0.84 FordMotor F 12.06 0.18 IntlPaper IP 36.58 0.09 MatchGroup MTCH 41.38 0.04 PayPal PYPL 73.77 0.22 ServiceNow NOW 428.57 2.98 U-Haul N UHAL/B 56.42 -0.29
whose price changed by 5% or more if their Bankruptcy Code, or securities Fortinet FTNT 59.62 0.76 Interpublic IPG 35.95 -0.26 McCormick MKC 75.01 0.03 Pearson PSO 11.03 0.11 ShawComm B SJR 29.14 -0.06 US Foods USFD 37.90 0.05
previous closing price was $2 or higher. assumed by such companies. D E F Fortis FTS 40.27 0.01 Intuit INTU 412.62 -7.19 McDonald's MCD 264.78 1.10 PembinaPipeline PBA 33.55 0.42 Shell SHEL 61.20 0.57 UWM UWMC 4.29 0.10
Fortive FTV 66.62 -0.39 IntuitiveSurgical ISRG 231.74 0.69 McKesson MCK 355.35 -3.79 PenskeAuto PAG 144.91 1.08 SherwinWilliams SHW 221.94 0.86 Uber UBER 33.55 0.15
DCP Midstream DCP 41.76 ...
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FortuneBrands FBIN 61.18 -0.28 InvitatHomes INVH 31.33 -0.22 Medtronic MDT 83.39 -0.10 Pentair PNR 55.58 0.15 ShinhanFin SHG 29.23 -0.10 Ubiquiti UI 269.64 0.96
t DISH Network DISH 12.20 -1.07 s Penumbra PEN 264.82
changes in the closing prices from 4 p.m. the previous day. FoxA FOXA 35.68 -0.21 iQIYI IQ 7.69 0.32 MercadoLibre MELI 1182.99 26.11 -2.56 ShockwaveMed SWAV 189.52 2.06 UiPath PATH 14.72 0.05
DTE Energy DTE 111.54 -1.46 PepsiCo
FoxB FOX 32.85 -0.21 IridiumComm IRDM 60.76 -1.05 Merck MRK 109.36 -0.53 PEP 175.91 -0.05 Shopify SHOP 40.48 -0.27 UltaBeauty ULTA 523.15 3.16
Danaher DHR 247.95 -1.17 PerformanceFood PFGC 57.98 -0.63 SignatureBank SBNY 113.81 -0.40 Unilever
Franco-Nevada FNV 126.90 1.63 IronMountain IRM 52.57 0.27 MetaPlatforms META 169.54 -0.85 UL 50.50 0.22
Monday, February 27, 2023 Net Net Darden DRI 142.67 -1.86
FranklinRscs BEN 29.47 0.18 ItauUnibanco ITUB 4.83 -0.06 MetLife MET 71.78 -0.06 PerkinElmer PKI 123.21 -1.92 SignifyHealth SGFY 28.79 -0.04 UnionPacific UNP 212.17 19.45
Net Stock Sym Close Chg Stock Sym Close Chg DarlingIngred DAR 67.55 0.58
FreeportMcM FCX 40.11 0.22 Mettler-Toledo MTD 1431.59 3.50 PetroleoBrasil PBR 11.50 0.12 SimonProperty SPG 122.51 0.68 UnitedAirlines UAL 50.70 0.49
Datadog DDOG 77.60 0.93
Stock Sym Close Chg AspenTech AZPN 215.42 0.78 CH Robinson CHRW 100.96 0.62
DaVita DVA 82.84 0.53
FreseniusMed FMS 20.06 0.08 J K L MicrochipTech MCHP 80.62 0.94 PetroleoBrasilA PBR.A 10.09 0.02 SiriusXM SIRI 4.46 0.07 UnitedMicro UMC 8.06 0.03
Assurant AIZ 127.36 -0.62 CME Group CME 184.14 -3.03 FullTruck YMM 7.01 0.25 MicronTech MU 57.90 -0.28 t Pfizer PFE 40.78 -0.97 SiteOneLandscape SITE 148.48 -0.35 UPS B UPS 182.23 2.08
A B C AstraZeneca AZN 66.80 0.43 CMS Energy CMS 59.70 -0.72
DeckersOutdoor DECK 406.38 6.18 [Link] JD 44.74 -0.06 Microsoft MSFT 250.16 0.94 PhilipMorris PM 98.17 -0.41 SkechersUSA SKX 43.94 0.06 UnitedRentals URI 463.26 12.83
ABB ABB 33.50 0.34
Atlassian TEAM 164.62 2.07 CNA Fin CNA 43.79 -0.42
Deere DE 421.63 4.21
DellTechC DELL 41.00 -0.61
G H I JPMorganChase JPM 142.16 1.23 MidAmApt MAA 161.47 -2.45 Phillips66 PSX 103.65 1.65 Skyworks SWKS 111.32 -0.18 US Bancorp USB 47.58 -0.06
AtmosEnergy ATO 114.90 -0.85 CNH Indl CNHI 16.46 -0.03 Jabil JBL 83.51 0.14 Middleby MIDD 154.50 2.02 PinnacleWest PNW 74.11 0.73 SmithAO AOS 65.32 0.42 UnitedTherap UTHR 246.93 -2.83
ADT ADT 7.86 -0.06 DeltaAir DAL 37.84 0.48 s GE HealthCare GEHC 76.04 1.03 JackHenry JKHY 165.75 0.49
Autodesk ADSK 196.68 4.15 CRH CRH 47.06 0.75 MitsubishiUFJ MUFG 7.17 0.06 Pinterest PINS 24.99 -0.04 Smith&Nephew SNN 28.89 -0.05 UnitedHealth UNH 483.32 -1.01
AECOM ACM 86.77 -0.37 DentsplySirona XRAY 34.55 0.22 GFLEnvironmental GFL 30.66 -0.08 JacobsSolns J 121.36 0.51
s Autoliv ALV 93.16 1.79 CSX CSX 30.77 0.13 MizuhoFin MFG 3.14 0.03 PioneerNatRscs PXD 201.97 5.40 Smucker SJM 148.06 -0.54 UnitySoftware U 29.64 0.03
AES AES 24.88 -0.44 DeutscheBank DB 12.25 0.28 GSK GSK 34.82 0.25 JamesHardie JHX 20.73 -0.20 PlainsAllAmPipe PAA 13.22
ADP ADP 221.60 0.02 CVS Health CVS 84.84 -0.93 Mobileye MBLY 39.76 1.89 0.14 Snap SNAP 9.88 0.07 UniversalHealthB UHS 146.04 -0.88
Aflac AFL 68.23 -0.34 DevonEnergy DVN 54.52 -0.48 Gallagher AJG 184.90 0.17 JazzPharm JAZZ 141.31 -2.54 s PlainsGP PAGP 13.87
AutoNation AN 139.72 0.47 CadenceDesign CDNS 193.18 -0.56 Moderna MRNA 138.27 -0.99 0.17 Snap-On SNA 246.85 0.08 UnumGroup UNM 44.26 -0.38
AGCO AGCO 141.17 1.57 DexCom DXCM 110.58 0.49 Gaming&Leisure GLPI 53.76 0.99 JefferiesFin JEF 37.62 -0.05 PlanetFitness PLNT 80.49 -0.11 Snowflake SNOW 154.65 6.21 VF
AutoZone AZO 2572.25 31.69 CAE CAE 22.61 0.13 MohawkInds MHK 102.92 -1.08 VFC 24.32 0.14
Ansys ANSS 295.68 4.34 Diageo DEO 175.80 0.33 Garmin GRMN 98.38 0.08 t J&J JNJ 155.63 -0.34 MolinaHealthcare MOH 285.89 -1.40 PlugPower PLUG 14.66 0.48 SOQUIMICH SQM 89.33 2.59 VICI Prop
Avalonbay AVB 173.24 -1.76 CaesarsEnt CZR 50.47 0.44 DiamondbkEner FANG 144.36 1.98
VICI 33.68 0.39
APA APA 39.23 0.01 Gartner IT 327.39 -4.96 JohnsonControls JCI 62.74 0.19
Avangrid AGR 39.96 -0.46 CamdenProperty CPT 114.83 -1.60 MolsonCoorsB TAP 53.75 -0.03 PolestarAuto PSNY 5.29 0.38 SolarEdgeTech SEDG 313.63 17.45 VailResorts MTN 236.94 -0.95
ASE Tech ASX 7.15 ... Dick's DKS 129.76 1.49 t GenDigital GEN 19.99 -0.18 JonesLang JLL 168.32 -0.84
Avantor AVTR 24.32 -0.30 Cameco CCJ 27.76 0.47 [Link] MNDY 157.72 3.02 Pool POOL 356.09 -0.22 Sony SONY 83.35 0.64 Vale VALE 16.30 -0.03
ASML ASML 632.08 13.70 DigitalRealty DLR 104.88 -0.16 Generac GNRC 119.61 1.40 JuniperNetworks JNPR 30.90 0.13 s Primerica
AT&T T 19.03 -0.21
AveryDennison AVY 181.87 0.22 CampbellSoup CPB 53.12 -0.01 DiscoverFinSvcs DFS 111.45 -0.77 GeneralDynamics GD 230.62 -1.33 KB Financial KB 38.50 0.11
Mondelez MDLZ 65.64 0.09 PRI 185.24 3.98 Southern SO 64.37 -0.19 ValeroEnergy VLO 135.05 2.30
AbbottLabs ABT 99.77 -0.69 AvisBudget CAR 221.17 2.96 CIBC CM 46.22 0.02
Disney DIS 100.45 0.15 s GeneralElec GE 83.84 0.29 KBR
MongoDB MDB 206.87 0.97 PrincipalFinl PFG 88.68 -0.21 SoCopper SCCO 72.50 1.30 ValmontInds VMI 310.51 -0.33
KBR 55.42 -0.11
AbbVie ABBV 154.28 1.57 AxonEnterprise AXON 194.97 1.42 CanNtlRlwy CNI 115.93 0.69 DocuSign DOCU 59.76 0.62 GeneralMills GIS 80.98 0.34 KE Holdings BEKE 18.12 0.52
MonolithicPower MPWR 486.26 3.20 ProcoreTech PCOR 65.78 -1.24 SouthwestAir LUV 33.54 -0.03 VeevaSystems VEEV 165.75 0.64
AcadiaHealthcare ACHC 80.49 0.24 BCE BCE 44.49 0.04 CanNaturalRes CNQ 57.09 0.49 DolbyLab DLB 82.05 0.09 GeneralMotors GM 39.31 0.13 KKR
MonsterBev MNST 102.32 1.09 Procter&Gamble PG 139.14 -0.12 Splunk SPLK 101.78 -0.12 Ventas VTR 49.33 -0.36
KKR 55.65 0.62
Accenture ACN 266.25 -0.28 BHP Group BHP 60.45 0.02 CanPacRlwy CP 77.26 1.13 DollarGeneral DG 216.10 1.85 Genmab GMAB 37.87 0.44 KLA
Moody's MCO 289.71 0.47 Progressive PGR 141.69 -0.12 Spotify SPOT 116.84 -0.30 VeriSign VRSN 198.28 -0.10
KLAC 379.09 -0.76
ActivisionBliz ATVI 76.74 -0.08 BILL BILL 85.06 -0.93 Canon CAJ 21.85 0.38
DollarTree DLTR 143.82 -0.18 Genpact G 47.76 0.03 Kanzhun
MorganStanley MS 96.70 -1.00 Prologis PLD 122.91 1.53 StanleyBlackDck SWK 84.59 -0.21 VeriskAnalytics VRSK 171.99 0.31
BZ 20.05 -0.52
Adobe ADBE 322.32 1.78 BJ'sWholesale BJ 72.96 -0.51 CapitalOne COF 109.03 -0.61 t DominionEner D 56.33 -0.67 Gentex GNTX 28.54 0.05 KarunaTherap KRTX 197.31 -0.44
Morningstar MORN 207.61 0.52 ProsperityBcshs PB 73.38 -0.74 Starbucks SBUX 102.44 0.84 Verizon VZ 38.88 0.14
AdvanceAuto AAP 140.63 1.78 BOK Fin BOKF 105.10 1.46 CardinalHealth CAH 77.41 -0.16 t Domino's DPZ 295.63 -1.84 GenuineParts GPC 178.34 -0.48 Kellogg
Mosaic MOS 53.01 1.50 PrudentialFin PRU 99.03 -0.01 StateStreet STT 88.81 1.64 VertexPharm VRTX 287.40 0.03
K 67.51 -0.17
AdvDrainageSys WMS 88.13 0.79 BP BP 40.22 0.52 Carlisle CSL 259.02 1.51
Donaldson DCI 63.16 0.22 Gerdau GGB 5.44 0.02 KeurigDrPepper KDP 35.37 -0.42
MotorolaSol MSI 262.94 1.14 Prudential PUK 30.20 0.81 SteelDynamics STLD 121.34 2.84 Viatris VTRS 11.20 -0.31
AdvMicroDevices AMD 78.77 0.68 BRP DOOO 87.06 0.46 Carlyle CG 34.50 -0.20
DoorDash DASH 54.19 -0.90 GileadSciences GILD 80.89 0.23 KeyCorp
NICE NICE205.62 1.63 PublicServiceEnt PEG 61.52 0.37 Stellantis STLA 17.61 0.04 Vipshop VIPS 14.50 0.96
KEY 18.10 -0.01
Aegon AEG 5.15 0.08 Baidu BIDU 139.36 6.85 CarMax KMX 67.13 -0.73
Dover DOV 150.00 2.10 GlobalPayments GPN 113.54 1.33 KeysightTech KEYS 161.23 3.42
NIO NIO 9.33 0.03 PublicStorage PSA 295.22 1.98 Steris STE 188.33 2.20 Visa V 220.35 0.80
BakerHughes BKR 31.04 0.66 Carnival CCL 10.83 0.24 NOV NOV 22.14 0.49 PulteGroup PHM 53.70 0.12 StifelFinancial SF 66.85 0.13 Vistra VST 22.25 -0.11
AerCap AER 62.28 1.16 Dow DOW 56.99 -0.10 GlobalFoundries GFS 64.89 0.20 KimberlyClark KMB 126.25 0.05
AgilentTechs A 142.18 0.98 Ball BALL 56.10 -0.75 Carnival CUK 9.84 0.24
DrReddy'sLab RDY 53.74 -0.43 Globant GLOB 166.29 3.26 KimcoRealty KIM 20.63 -0.01
NRG Energy NRG 33.02 -0.58 PureStorage PSTG 28.61 0.52 STMicroelec STM 48.20 0.74 VMware VMW110.96 -1.73
agilon health AGL 21.16 0.04 s BancoBilbaoViz BBVA 7.60 0.18 CarrierGlobal CARR 44.96 0.71 DraftKings DKNG 18.80 0.61 GlobeLife GL 120.91 -1.12 KinderMorgan KMI 17.36 -0.08
NVR NVR 5166.93 34.46 Qiagen QGEN 46.31 0.56 Stryker SYK 262.62 0.31 Vodafone VOD 12.06 0.38
AgnicoEagleMines AEM 45.94 0.52 BancoBradesco BBDO 2.31 -0.01 CaseysGenStores CASY 210.72 -1.91 Dropbox DBX 20.49 -0.11 GoDaddy GDDY 76.00 0.40 KinsaleCapital KNSL 317.04 0.64
NXP Semi NXPI 177.74 0.88 Qorvo QRVO 100.03 -0.64 SumitomoMits SMFG 8.69 0.08 VoyaFinancial VOYA 74.03 0.44
AirProducts APD 285.42 4.44 BancodeChile BCH 20.55 -0.47 Catalent CTLT 67.24 -0.74
DukeEnergy DUK 95.81 -1.11 GoldFields GFI 9.12 0.05 Knight-Swift KNX 57.38 -0.16
Nasdaq NDAQ 56.35 -0.70 Qualcomm QCOM 123.42 -0.92 SunComms SUI 145.19 -1.36 VulcanMatls VMC 181.59 -2.05
BancSanBrasil BSBR 5.55 -0.11 Caterpillar CAT 239.98 3.81 NationalGrid NGG 64.03 0.63 QualtricsIntl XM 16.58 0.26 SunLifeFinancial SLF 48.99 0.51
Airbnb ABNB 123.53 0.75
AkamaiTech AKAM 73.30 0.59 BcoSantChile BSAC 16.69 -0.31 Celanese CE 117.46 -0.26 DuPont DD 73.03 0.47
Dynatrace DT 43.03 0.09
GoldmanSachs GS 365.53 1.68 Philips
Grab
PHG 16.73 0.30
GRAB 3.17 0.07 KoreaElecPwr KEP 6.85 -0.03
NatlRetailProp NNN 45.43 0.25 QuantaServices PWR 162.90 2.26 SuncorEnergy SU 34.11 0.16 W X Y Z
Albemarle ALB 257.02 7.50 BancoSantander SAN 3.75 0.08 CelsiusHldg CELH 90.02 -2.05 EMCOR EME 166.04 0.52 Graco GGG 69.97 0.31 KraftHeinz KHC 39.66 0.05
NatWest NWG 7.00 0.16 QuestDiag DGX 138.66 -1.33 Suzano SUZ 8.93 0.05
WEC Energy WEC 90.04 -0.98
BanColombia CIB 26.17 0.57 Cemex CX 4.90 0.05 NetApp NTAP 64.77 -0.61 SynchronyFin SYF 35.50 -0.30
Albertsons ACI 20.24 -0.30
Alcoa AA 48.04 1.59 BankofAmerica BAC 34.21 ...
CenovusEnergy CVE 18.58 0.36 ENI E 28.53 0.32
EOG Rscs EOG 114.75 0.49
Grainger GWW 675.02 10.92 Kroger
GraphicPkg GPK 23.80 0.08 LKQ
KR 43.41 -0.34 NetEase NTES 78.98 0.34 R S Synopsys SNPS 363.36 1.08
WEX WEX 190.45 0.65
[Link] WPC 81.71 -0.33
Centene CNC 70.09 -0.19 LKQ 57.44 -0.11 Netflix NFLX 323.03 5.88 Sysco SYY 75.70 -0.13
Alcon ALC 70.69 -0.31 BankofMontreal BMO 96.39 0.11 EPAM Systems EPAM 312.86 6.83 Grifols GRFS 9.19 0.19 LPL Financial LPLA 246.55 -0.75 RBC Bearings RBC 233.45 -0.96 WPP WPP 62.65 0.42
BankNY Mellon BK 50.84 0.38 CenterPointEner CNP 28.47 -0.10 Neurocrine NBIX 102.20 -0.25
AlexandriaRlEst ARE 151.53 -0.21
Alibaba BABA 89.25 0.25 BankNovaScotia BNS 52.70 0.26
CentraisElBras EBR 6.70 -0.01 EQT EQT 33.53 -1.20
EastWestBncp EWBC 76.89 0.06
GpoAeroportuar PAC 187.70 -0.57 L3HarrisTech LHX 210.70 0.55
GpoAeroportSur ASR 282.20 1.02 [Link] LH 240.65 -1.65
NewFortressEner NFE 38.74 0.03
RELX
RH
RELX 30.57
RH 302.96
0.34
-0.22
T U V Wabtec WAB 104.22 0.72
WalgreensBoots WBA 35.39 -0.41
CeridianHCM CDAY 72.86 -0.06 NewOrientalEduc EDU 39.22 -0.84
AlignTech ALGN 304.64 -1.64 Barclays BCS 8.35 0.12 EastGroup EGP 163.32 -0.01 HCA Healthcare HCA 248.04 -1.10 LamResearch LRCX 482.71 4.10 RPM RPM 88.37 1.06 TC Energy TRP 40.65 -0.67 Walmart WMT 141.44 -1.03
CharlesRiverLabs CRL 221.66 1.85 Newmont NEM 43.34 -0.20
Allegion ALLE 113.00 -0.01 BarrickGold GOLD 15.97 0.07 EastmanChem EMN 84.85 1.01 HDFC Bank HDB 67.06 0.23 LamarAdv LAMR 103.73 1.86 RalphLauren RL 119.10 0.15 TD Synnex SNX 96.60 0.07 WarnerBrosA WBD 15.94 0.39
CharterComms CHTR 375.05 0.24 NewsCorp A NWSA 17.27 -0.17
AllegroMicro ALGM 42.93 -0.30 Bath&BodyWks BBWI 41.43 -0.99 Eaton ETN 174.38 1.13 HF Sinclair DINO 51.05 0.70 LambWeston LW 101.03 1.05 RangeResources RRC 25.81 -2.45 TE Connectivity TEL 127.20 1.73 WarnerMusic WMG 31.90 -0.30
CheckPoint CHKP 124.44 0.24 NewsCorp B NWS 17.45 -0.16
AlliantEnergy LNT 51.46 -1.26 BaxterIntl BAX 39.82 -0.34 eBay EBAY 45.80 0.73 HP HPQ 29.39 0.17 LasVegasSands LVS 56.02 -0.13 RaymondJames RJF 107.63 -0.14 Telus TU 20.00 0.03 WasteConnections WCN 135.95 1.82
s Chemed CHE 535.55 5.58 NexstarMedia NXST 192.30 0.94
Allstate ALL 128.95 -1.75 BectonDicknsn BDX 236.89 -1.03 Ecolab ECL 159.76 1.18 HSBC HSBC 37.98 -0.04 LatticeSemi LSCC 83.65 1.05 RaytheonTech RTX 99.16 -0.46 Ternium TX 41.81 0.71 WasteMgt WM 151.07 -0.24
CheniereEnergy LNG 158.50 0.73 NextEraEnergy NEE 71.86 -0.59
AllyFinancial ALLY 29.61 -0.61 BeiGene BGNE 216.03 0.44 Ecopetrol EC 11.29 0.51 H World HTHT 47.16 -0.49 Lear RealtyIncome O 64.76 -0.22 TFI Intl TFII 122.91 0.56 Waters WAT 310.04 -4.01
CheniereEnerPtrs CQP 49.65 -1.27 LEA 141.14 1.04 Nike NKE 118.53 0.49
AlnylamPharm ALNY 190.01 0.23 BentleySystems BSY 39.21 -0.28 EdisonIntl EIX 68.13 -0.50 Haleon HLN 7.92 -0.03 LegendBiotech LEGN 46.32 1.03 RegalRexnord RRX 156.58 2.01 TJX TJX 76.90 -0.29 Watsco WSO 304.99 4.77
ChesapeakeEner CHK 81.93 -3.47 NiSource NI 27.49 -0.33
Alphabet C GOOG 90.10 0.75 Berkley WRB 66.29 -0.06 EdwardsLife EW 77.34 1.09 Halliburton HAL 37.18 0.19 Leidos RegencyCtrs REG 63.07 -0.08 T-MobileUS TMUS 144.13 -0.28 WebsterFin WBS 53.28 -0.05
Chevron CVX 162.82 0.41 LDOS 97.49 -1.79 Nokia NOK 4.67 0.09
Alphabet A GOOGL 89.87 0.74 BerkHathwy B BRK.B 304.66 0.64 ElbitSystems ESLT 168.69 -0.31 HalozymeTherap HALO 48.55 -0.99 Lennar B RegenPharm REGN 757.79 0.80 TPG TPG 32.18 0.45 WellsFargo WFC 46.78 0.16
ChewyA CHWY 40.84 1.28 LEN.B 81.20 0.08 Nomura NMR 4.16 0.07
Altria MO 46.54 -0.63 BerkHathwy A BRK.A 461912207.22 ElectronicArts EA 111.09 1.32 HarleyDavidson HOG 47.25 0.47 Lennar A RegionsFin RF 23.27 0.10 [Link] TROW 111.55 1.39 Welltower WELL 74.27 0.01
Chipotle CMG 1494.75 18.02 LEN 95.90 0.06 Nordson NDSN 220.14 -0.18

.
[Link] AMZN 93.76 0.26 BerryGlobal BERY 61.86 0.52 Chubb CB 211.68 0.77 ElevanceHealth ELV 476.30 -1.73 HartfordFinl HIG 77.84 -0.13 LennoxIntl LII 253.03 1.91 ReinsGrp RGA 143.83 -2.29 TaiwanSemi TSM 87.30 -0.81 WescoIntl WCC 166.19 2.31
NorfolkSouthern NSC 225.31 0.54
Ambev ABEV 2.57 0.02 BestBuy BBY 82.63 -1.19 ChunghwaTel CHT 37.60 -0.13 EmersonElec EMR 82.10 -0.08 Hasbro HAS 55.29 -1.14 LeviStrauss LEVI 17.61 0.02 s RelianceSteel RS 244.86 -0.24 TakeTwoSoftware TTWO 110.08 0.78 WestPharmSvcs WST 312.96 2.71
NorthernTrust NTRS 94.25 0.83

ly
Amcor AMCR 11.33 0.05 Bilibili BILI 20.04 -0.43 Church&Dwight CHD 83.88 0.31 Enbridge ENB 38.02 0.20 HealthcareRealty HR 19.60 -0.08 LiAuto RenaissanceRe RNR 211.49 0.58 TakedaPharm TAK 15.39 0.01 WestAllianceBcp WAL 74.31 0.49
LI 23.30 0.07 NorthropGrum NOC 470.07 -0.84
Amdocs DOX 92.61 -0.80 Bio-Techne TECH 72.68 0.20 ChurchillDowns CHDN 243.81 0.70 Endeavor EDR 22.29 0.07 HealthpeakProp PEAK 24.33 -0.22 LibertyBroadbandA LBRDA 88.57 0.09 RentokilInit RTO 31.18 0.59 Tapestry TPR 43.19 0.59 WesternDigital WDC 38.51 -0.60
Bio-RadLab A BIO 483.00 3.00 Ciena NorwegCruise NCLH 16.50 0.10
Ameren AEE 83.90 -0.47 CIEN 46.47 0.29 EnergyTransfer ET 12.76 -0.10 Heico HEI 174.67 -0.20 LibertyBroadbandC LBRDK 88.46 ... Repligen RGEN 173.28 -0.16 TargaResources TRGP 75.26 -0.50 WesternMidstrm WES 26.25 -0.18
Biogen Novartis NVS 85.55 -0.07
AmericaMovil AMX 20.59 0.10 BIIB 269.20 -0.82 Cigna CI 296.36 2.63 EnphaseEnergy ENPH 210.78 11.82 s Heico A HEI.A 138.17 -0.62 LibertyGlobal C LBTYK 21.62 0.39 RepublicSvcs RSG 129.25 -0.36 Target TGT 166.81 -0.15 Westlake WLK 120.72 -0.65
NovoNordisk NVO 143.36 1.76
AmericaMovil A AMOV 20.46 0.06 BioMarinPharm BMRN 103.24 1.17 CincinnatiFin CINF 120.98 -0.47 Entegris ENTG 84.06 1.19 HenrySchein HSIC 78.36 -2.46 LibertyGlobal A LBTYA 20.92 0.40 ResMed RMD 211.89 0.36 s TechnipFMC FTI 15.67 0.45 WestRock WRK 31.64 -0.01
BioNTech BNTX 130.86 -2.45 Cintas Novocure NVCR 77.30 0.32
AmerAirlines AAL 15.63 0.07 CTAS 436.53 1.50 Entergy ETR 106.08 -1.23 Hershey HSY 239.22 0.20 LibertyFormOne A FWONA 62.49 0.65 RestaurantBrands QSR 65.30 0.20 TeckResourcesB TECK 40.11 1.30 Weyerhaeuser WY 30.90 0.03
AEP AEP 90.07 -0.36
AmerExpress AXP 173.30 -0.95
AmericanFin AFG 133.09 0.14
AmHomes4Rent AMH 31.18 -0.35
AIG AIG 60.65 0.48
BlackKnight BKI 60.85 -2.23 CiscoSystems CSCO 48.73 0.25
BlackRock BLK 683.06 -0.37 Citigroup
Blackstone BX 89.93 0.87 CitizensFin CFG 41.75 -0.14
Block

Boeing
SQ 75.14 -2.22 Clarivate
C 50.47 0.29

CLVT 10.14 0.08

BlueOwlCapital OWL 12.31 -0.10 CleanHarbors CLH 133.09 0.92
BA 200.46 2.31 Cleveland-Cliffs CLF 20.62 0.90
on EnterpriseProd EPD 25.84 -0.10
Equifax
Equinix
Equinor
Equitable
EFX 199.69 -0.45
EQIX 693.20 8.40
EQNR 31.11 -0.31
EQH 31.38 0.03
Hess HES 138.88 -0.07 LibertyFormOne C FWONK 69.36 0.36
HessMidstream HESM 27.96 -0.15 LibertyBraves A BATRA 33.77 0.02
HewlettPackard HPE 15.64 0.04 LibertyBraves C BATRK 33.33 0.09
Hilton
Hologic
HLT 145.09 0.45 LibertySirius C LSXMK 32.70 0.69
HOLX 80.27 0.17 LibertySirius A LSXMA 32.78 0.75
NuHoldings NU
Nucor
Nutrien
4.97 0.03
NUE 164.28 1.75
NTR 77.75 0.88
nVentElectric NVT 45.61 -0.24
NVIDIA NVDA 235.01 2.15
RexfordIndlRealty REXR 60.76
RioTinto

Rivian
RIO 69.16
RitchieBros RBA 60.94
RIVN 18.45
RobertHalf RHI 79.68
0.46 TeledyneTech TDY 430.14 0.50 WheatonPrecMet WPM 41.17 0.70
0.26 Teleflex
0.42 Ericsson
TFX 238.93 3.75 Whirlpool WHR 138.94 -0.15
ERIC 5.54 0.05 Williams WMB 30.70 -0.48
1.13 TelefonicaBras VIV 7.55 0.02 Williams-Sonoma WSM 126.94 2.26
1.11 Telefonica TEF 4.15 0.03 WillisTowers WTW 236.62 1.92
AmerTowerREIT AMT 195.08 -0.65
AmerWaterWorks AWK 139.78 -1.78 BookingHldgs BKNG 2521.08 68.60 Clorox
EquityLife ELS 68.79 -0.52
EquityResdntl EQR 62.81 -0.86
HomeDepot HD 296.01 -0.65 LifeStorage LSI 120.46 1.15
HondaMotor HMC 26.17 0.42 EliLilly
O P Q Robinhood HOOD 9.72
Roblox RBLX 36.65
0.13 TelekmIndonesia TLK 25.94 -0.21 WillScotMobile WSC 51.28 1.05
-0.31 TempurSealy TPX 42.66 -0.04 Wipro WIT 4.67 -0.03
us ,

CLX 155.06 1.03 LLY 316.62 -5.02

AmericoldRealty COLD 29.73 -0.27 BoozAllen BAH 95.36 -0.34 Cloudflare NET 60.26 1.06 ErieIndemnity A ERIE 235.24 -0.41 Honeywell HON 192.45 0.41 LincolnElectric LECO 168.02 2.11 OGE Energy OGE 36.57 -0.46 RocketCos. RKT 7.88 0.01 Tenaris TS 34.02 0.39 Wolfspeed WOLF 72.50 0.86
BorgWarner BWA 50.16 0.38 Coca-Cola KO 59.82 -0.02
l

Ameriprise AMP 339.84 0.05 EssentialUtil WTRG 43.43 -0.97 HorizonTherap HZNP 109.84 -0.66 s Linde LIN 344.48 -3.18 ONEOK OKE 67.94 0.38 Rockwell ROK 294.39 4.00 TencentMusic TME 7.67 0.08 WoodsideEnergy WDS 23.92 0.53
AmerisourceBrgn ABC 156.63 -1.94 BostonProps BXP 66.06 -0.66 Coca-ColaEuro CCEP 55.87 -0.10 EssexProp ESS 227.58 -1.88 HormelFoods HRL 44.80 -0.30 LithiaMotors LAD 258.16 2.37 OReillyAuto ORLY 845.96 14.14 RogersComm B RCI 47.71 -0.31 Teradyne TER 100.97 0.33 WooriFin WF 27.94 -0.20
e
al a

Ametek AME 141.35 0.41 BostonSci BSX 46.82 -0.19 Cognex CGNX 46.91 -0.13 EsteeLauder EL 242.14 0.08 DR Horton DHI 91.49 0.33 LiveNationEnt LYV 71.83 3.05 OakStreetHealth OSH 35.23 -0.20 Roku ROKU 62.35 -0.30 Tesla TSLA 207.63 10.75 Workday WDAY 184.93 1.80
Amgen AMGN 234.45 0.79 BoydGaming BYD 63.98 0.41 CognizantTech CTSH 63.50 -0.33 Etsy ETSY 120.60 -3.51 HostHotels HST 17.08 0.10 LloydsBanking LYG 2.49 0.02 OccidentalPetrol OXY 58.96 -0.02 Rollins ROL 35.10 -0.02 TetraTech TTEK 135.97 0.23 WyndhamHtls WH 77.25 0.14
Amphenol APH 76.96 0.44 BristolMyers BMY 69.99 -0.19 CoinbaseGlbl COIN 58.96 0.52 EverestRe RE 381.12 -5.05 HowmetAerospace HWM 42.32 0.36 LockheedMartin LMT 479.49 -0.91 Okta OKTA 71.64 -0.63 RoperTech ROP 428.99 0.55 TevaPharm TEVA 9.90 -0.01 WynnResorts WYNN 105.14 -0.39
AnalogDevices ADI 183.17 0.23 BritishAmTob BTI 38.64 -0.02 ColgatePalm CL 73.60 0.47 Evergy EVRG 60.19 -0.44 Hubbell HUBB 251.83 -0.51 Loews L 60.90 -0.18
OldDomFreight ODFL 342.39 2.85 RossStores ROST 110.92 -0.54 TexasInstruments TXN 170.74 1.60 t XP XP 12.36 -0.59
ci on

AngloGoldAsh AU 16.69 -0.11 BrixmorProp BRX 22.65 0.13 Comcast A CMCSA 37.35 0.35 EversourceEner ES 77.09 -0.29 HubSpot HUBS 388.58 2.45 LogitechIntl LOGI 55.33 0.40 OldRepublic ORI 26.31 -0.08 RoyalBkCanada RY 101.68 0.83 TexasPacLand TPL 1779.55 12.86 XcelEnergy XEL 65.40 -0.41
AB InBev BUD 60.72 0.40 Broadcom AVGO 585.45 7.70 Comerica CMA 70.04 -0.37 ExactSciences EXAS 60.21 0.16 Humana HUM 506.51 -0.91 Lowe's Olin OLN 59.68 0.01 RoyalCaribbean RCL 72.04 1.87 TexasRoadhouse TXRH 102.20 -1.62 XPeng XPEV 8.60 0.20
LOW 204.24 2.70
AnnalyCap NLY 20.71 -0.11 BroadridgeFinl BR 140.55 -0.55 CommerceBcshrs CBSH 66.67 -0.09 Exelon EXC 41.43 0.11 JBHunt JBHT 184.03 0.49 Lucid Omnicom OMC 91.02 -0.58 RoyalGold RGLD 118.25 1.72 Textron TXT 73.06 -0.50 Xylem XYL 102.55 0.15
LCID 8.76 0.25
AnteroResources AR 26.90 -0.61 BrookfieldAsset BAM 33.50 -0.13 SABESP SBS 10.20 0.07 Expedia EXPE 106.84 2.53 HuntingtonBcshs HBAN 15.31 0.02 lululemon LULU 310.30 2.20 ON Semi ON 77.73 1.45 t RoyaltyPharma RPRX 36.10 -0.28 ThermoFisher TMO 541.35 -1.44 YPF YPF 12.11 0.23
Aon AON 302.59 -0.38 Brookfield BN 33.66 -0.03 ConagraBrands CAG 36.76 0.23 ExpeditorsIntl EXPD 105.78 -1.41 HuntingIngalls HII 217.38 -3.37 LyondellBasell LYB 95.81 -0.88 OpenText OTEX 34.10 -0.02 RyanSpecialty RYAN 43.03 -0.34 ThomsonReuters TRI 121.67 0.16 Yum!Brands YUM 126.57 -0.26
ApellisPharm APLS 65.16 -1.53 BrookfieldInfr BIP 33.55 -0.23 Concentrix CNXC 138.00 0.96 ExtraSpaceSt EXR 161.88 1.09 HyattHotels H 116.33 0.69 Oracle ORCL 87.96 -0.70 Ryanair RYAAY 92.26 1.36 3M MMM 108.27 0.47 YumChina YUMC 59.05 0.65
ApolloGlbMgmt APO 70.42 -0.45 BrookfieldRenew BEPC 28.03 0.22 Confluent CFLT 24.07 -0.15
Brown&Brown BRO 55.96 -0.51 ConocoPhillips COP 105.86 0.61
ExxonMobil XOM 110.55 -0.20
t
ICICI Bank IBN 20.53 0.23
ICL Group ICL
M N Orange
Orix
ORAN 11.59 0.05
IX 89.37 1.34
SAP SAP 115.13
S&P Global SPGI 341.51
1.95 Toast
-1.87 Toro
TOST 19.02 -0.44 ZTO Express ZTO 24.20 -0.25
TTC 110.72 -0.30 ZebraTech ZBRA 296.23 4.31
Apple AAPL 147.92 1.21 F5 FFIV 140.69 0.04 7.04 -0.12
er s

ApplMaterials AMAT 112.07 0.76 Brown-Forman A BF.A 65.37 0.03 ConEd ED 90.85 -0.41 FMC FMC 129.22 0.35 IdexxLab IDXX 468.18 0.01 M&T Bank MTB 155.07 -1.06 OtisWorldwide OTIS 84.00 0.37 SBA Comm SBAC 259.90 2.08 TorontoDomBk TD 66.69 -0.27 Zillow A ZG 41.41 0.91
Aptargroup ATR 116.69 1.92 Brown-Forman B BF.B 65.24 0.25 ConstBrands A STZ 224.69 0.60 FactSet FDS 419.92 -0.58 ING Groep ING 13.90 0.23 MGM Resorts MGM 42.84 0.24 Ovintiv OVV 45.94 0.38 SEI Investments SEIC 59.70 -0.05 TotalEnergies TTE 62.43 -0.17 Zillow C Z 41.99 0.88
Aptiv APTV 116.29 1.35 Bruker BRKR 69.35 -0.05 ConstellationEner CEG 78.37 -0.90 FairIsaac FICO 670.41 4.47 Invesco IVZ 17.47 -0.06 MPLX MPLX 34.86 0.09 OwensCorning OC 98.07 0.23 SK Telecom SKM 18.98 0.04 ToyotaMotor TM 136.25 0.20 ZimmerBiomet ZBH 123.30 0.60
Aramark ARMK 37.02 -0.48 BuildersFirst BLDR 81.49 1.43 Cooper COO 332.30 1.79 Fastenal FAST 51.57 0.33 IQVIA IQV 208.88 -0.66 MSCI MSCI 525.79 7.63 PDD PDD 86.00 2.28 SS&C Tech SSNC 59.47 -0.47 TractorSupply TSCO 234.43 3.89 ZionsBancorp ZION 50.39 0.12
m er

ArcelorMittal MT 29.96 0.53 Bunge BG 97.19 -0.87 Copart CPRT 69.96 0.73 FederalRealty FRT 106.72 -0.30 ITT ITT 90.34 0.53 MagellanMid MMP 53.24 -0.25 PG&E PCG 15.75 -0.03 SVB Fin SIVB 285.93 3.01 TradeDesk TTD 55.08 0.11 Zoetis ZTS 165.47 -0.86
s ArchCapital ACGL 69.21 0.04 BurlingtonStrs BURL 217.11 -7.18 CorebridgeFin CRBG 20.13 -0.20 FedEx FDX 204.06 0.78 IcahnEnterprises IEP 53.60 -0.52 MagnaIntl MGA 55.33 1.53 PNC Fin PNC 157.70 -0.79 Saia SAIA 270.63 0.26 Tradeweb TW 70.92 -0.13 ZoomVideo ZM 73.72 -0.21
ArcherDaniels ADM 81.19 -0.25 CACI Intl CACI 295.23 -2.10 Corning GLW 34.31 0.28 Ferguson FERG 144.27 2.00 Icon ICLR 223.13 -0.37 ManhattanAssoc MANH 144.47 1.10 POSCO PKX 61.32 -0.18 Salesforce CRM 163.14 0.94 TraneTech TT 184.29 2.59 ZoomInfoTech ZI 24.66 -0.53
AresMgmt ARES 80.15 -0.02 CBRE Group CBRE 85.19 0.20 Corteva CTVA 62.11 0.43 Ferrari RACE 261.36 2.25 IDEX IEX 225.22 0.38 ManulifeFinl MFC 19.58 0.20 PPG Ind PPG 131.61 1.90 Samsara IOT 16.25 0.21 TransDigm TDG 747.40 5.55 Zscaler ZS 131.84 0.96
arGEN-X ARGX 370.19 3.66 CDW CDW 202.52 -0.01 CoStar CSGP 70.89 0.16 FidNatlFin FNF 39.67 0.18 IllinoisToolWks ITW 232.80 0.10
AristaNetworks ANET 138.00 2.47 CF Industries CF 85.29 -0.30 Costco COST 487.03 -1.58 FidNatlInfo FIS 64.52 -0.38 Illumina ILMN 196.90 0.31
m rp

ArrowElec ARW 117.57 0.23 CGI GIB 90.08 -0.44 CoterraEnergy CTRA 25.38 -0.18 FifthThirdBncp FITB 36.07 -0.24 ImperialOil IMO 50.70 0.73
Exchange-Traded Portfolios | [Link]/ETFresearch
Closing Chg YTD
Dividend Changes Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Schwab US TIPs SCHP 51.92 0.15 0.3
Monday, February 27, 2023 Closing Chg YTD
SPDR S&PMdCpTr MDY 475.79 0.25 7.5
Amount Payable / Amount Payable / ETF Symbol Price (%) (%)
Closing Chg YTD SPDR S&P Div SDY 126.38 0.11 1.0
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
co Fo

ETF Symbol Price (%) (%) iShNatlMuniBd MUB 105.42 0.19 –0.1 TechSelectSector XLK 136.82 0.54 9.9
Increased Vistra VST 3.6 .1975 /.193 Q Mar31 /Mar22 CnsmrDiscSelSector XLY 145.64 1.24 12.8 iSh1-5YIGCorpBd IGSB 49.93 0.18 0.2 UtilitiesSelSector XLU 66.16 –0.68 –6.2
iSh1-3YTreaBd SHY 81.01 0.09 –0.2 VangdInfoTech VGT 352.49 0.45 10.4
Albemarle 0.6 .40 /.395 Apr03 /Mar17 CnsStapleSelSector XLP 72.63 –0.11 –2.6
ALB Q Reduced DimenUSCoreEq2 DFAC 25.45 0.20 4.8 iShPfd&Incm PFF 32.62 0.18 6.8 VangdSC Val VBR 169.60 0.14 6.8
Allison Transmission ALSN 1.9 .23 /.21 Q Mar17 /Mar06 Trinseo TSE 2.4 .14 /.32 Q Apr20 /Apr06 iShRussMC IWR 71.44 0.28 5.9 VangdExtMkt VXF 144.81 0.29 9.0
EnSelSectorSPDR XLE 84.91 0.30 –2.9
BankUnited BKU 3.1 .27 /.25 Q Apr28 /Apr12 iShRuss1000 IWB 219.77 0.33 4.4 VangdDivApp VIG 152.49 0.20 0.4
FinSelSectorSPDR XLF 35.65 –0.03 4.2
Stocks iShRuss1000Grw IWF 229.88 0.63 7.3 VangdFTSEAWxUS VEU 52.50 0.88 4.7
Barings BDC BBDC 11.2 .25 /.24 Q Mar15 /Mar08 HealthCareSelSect XLV 128.12 –0.30 –5.7
iShRuss1000Val IWD 154.31 –0.03 1.8 VangdFTSEDevMk VEA 44.49 1.11 6.0
BayCom BCML 1.2 .10 /.05 Q Apr14 /Mar10 China Pharma Holdings CPHI 1:10 /Mar06 IndSelSectorSPDR XLI 101.20 0.89 3.0
iShRussell2000 IWM 188.17 0.35 7.9 VangdFTSE EM VWO 39.66 0.51 1.7
InvscQQQI QQQ 293.94 0.72 10.4
BWX Technologies BWXT 1.5 .23 /.22 Q Mar28 /Mar10 iShS&P500Grw IVW 60.83 0.45 4.0 VangdFTSE Europe VGK 60.30 1.48 8.8
Foreign InvscS&P500EW RSP 147.03 0.12 4.1
iShS&P500Value IVE 150.75 0.15 3.9 VangdGrowth VUG 232.15 0.70 8.9
C&F Financial CFFI 3.0 .44 /.42 Q Apr01 /Mar15 BHP Group ADR BHP 8.7 1.80 SA Mar30 /Mar10 iShCoreDivGrowth DGRO 50.13 0.16 0.3
iShSelectDiv DVY 121.99 –0.16 1.2 VangdHlthCr VHT 236.39 –0.23 –4.7
Capital City Bank Group CCBG 2.1 .18 /.17 Q Mar20 /Mar06 iShCoreMSCIEAFE IEFA 65.51 1.22 6.3
0.30 VangdHiDiv –0.03 –0.6
Cdn Imperial Bk Of Comm CM 5.5 .6274 Q Apr28 /Mar28 iShCoreMSCIEM IEMG 47.67 0.48 2.1
iSh7-10YTreaBd IEF 95.61 –0.2 VYM 107.51
Cohen & Steers CNS 3.2 .57 /.55 Q Mar16 /Mar06 Centerra Gold CGAU 3.3 .0517 Q Mar28 /Mar14 iShShortTreaBd SHV 110.23 0.02 0.3 VangdIntrCorpBd VCIT 77.97 0.15 0.6
iShCoreMSCITotInt IXUS 60.70 1.02 4.9 iShTIPSBondETF TIP 106.78 0.21 0.3 VangdIntermTrea VGIT 58.25 0.22 –0.4
Crown Holdings CCK 1.1 .24 /.22 Q Mar23 /Mar09 Enerplus ERF 1.1 .055 Q Mar15 /Mar06 iShCoreS&P500 IVV 399.50 0.35 4.0 iSh20+YTreaBd TLT 101.25 0.28 1.7 VangdLC VV 181.63 0.39 4.3
Essex Property Trust ESS 4.1 2.31 /2.20 Q Apr14 /Mar31 First Majestic Silver AG 0.4 .0054 Q Mar24 /Mar10 iShCoreS&P MC IJH 259.98 0.22 7.5 0.27
iShUSTreasuryBd GOVT 22.73 0.18 0.04 VangdMC VO 214.75 5.4
First Capital FCAP 4.1 .27 /.26 Q Mar31 /Mar17 FTAI Aviation Pfd. B FTAIO 8.7 .50 Q Mar15 /Mar07 iShCoreS&P SC IJR 102.42 0.23 8.2 JPMEquityPrem JEPI 54.00 0.28 –0.9 VangdMC Val VOE 140.36 0.06 3.8
Gaming & Leisure Prop GLPI 5.4 .72 /.705 Q Mar24 /Mar10 Hudbay Minerals HBM 0.3 .0074 SA Mar24 /Mar07 iShCoreS&PTotUS ITOT 88.81 0.32 4.7 JPM UltShIncm JPST 50.29 0.04 0.3 VangdMBS VMBS 45.75 0.13 0.5
iShCoreTotalUSDBd IUSB 45.11 0.17 0.4 SPDRBbg1-3MTB BIL 91.70 0.01 0.3 VangdRealEst VNQ 85.84 0.15 4.1
Globe Life GL 0.7 .225 /.2075 Q May01 /Apr03 LyondellBasell Inds LYB 5.0 1.19 Q Mar13 /Mar06 iShCoreUSAggBd AGG 97.32 0.20 0.3 SPDR DJIA Tr DIA 329.06 0.29 –0.7 VangdS&P500ETF VOO 365.49 0.35 4.0
n-

HF Sinclair DINO 3.5 .45 /.40 Q Mar17 /Mar07 Osisko Gold Royalties OR 1.2 .0406 Q Apr14 /Mar31 iShESGAwareUSA ESGU 88.22 0.39 4.1 SPDR Gold GLD 169.01 0.39 –0.4 VangdST Bond BSV 75.15 0.11 –0.2
L3Harris Technologies LHX 2.2 1.14 /1.12 Q Mar24 /Mar10 Pembina Pipeline PBA 5.7 .4816 Q Mar31 /Mar15 iShEdgeMSCIMinUSA USMV 71.11 0.03 –1.4 SPDRPtfDevxUS SPDW 31.49 0.99 6.1 VangdSTCpBd VCSH 75.29 0.15 0.1
Lamar Advertising Cl A LAMR 4.8 1.25 /1.20 Q Mar31 /Mar17 WPP ADR WPP 3.7 1.46571 SA Jul07 /Jun09 iShEdgeMSCIUSAQual QUAL 118.90 0.16 4.3 SPDRS&P500Value SPYV 40.43 0.17 4.0 VangdShtTmInfltn VTIP 46.84 0.17 0.3
iShGoldTr IAU 34.45 0.35 –0.4 SPDRPtfS&P500 SPLG 46.77 0.32 4.0 VangdShortTrea VGSH 57.69 0.07 –0.2
LeMaitre Vascular LMAT 1.1 .14 /.125 Q Mar23 /Mar09 Special iShiBoxx$HYCpBd HYG 74.67 0.67 1.4 SPDRS&P500Growth SPYG 52.73 0.51 4.1 VangdSC VB 197.43 0.15 7.6
Prologis PLD 2.8 .87 /.79 Q Mar31 /Mar17 iShiBoxx$InvGrCpBd LQD 105.88 0.03 0.4 SPDR S&P 500 0.34 VangdTaxExemptBd 0.14
EOG Resources EOG 2.9 1.00 Mar30 /Mar16 SPY 397.73 4.0 VTEB 49.53 0.1
Red River Bancshares RRBI 0.6 .08 /.07 Q Mar23 /Mar13 iShJPMUSDEmBd EMB 85.60 0.50 1.2
no

Gaming & Leisure Prop GLPI 5.4 .25 Feb24 /Feb10 SchwabIntEquity SCHF 34.17 1.09 6.1 VangdTotalBd BND 72.05 0.17 0.3
Ryman Hospitality Prop RHP 1.6 .75 /.25 Q Apr17 /Mar31 iShMBS MBB 93.05 0.26 0.3 SchwabUS BrdMkt SCHB 46.90 0.32 4.7 VangdTotIntlBd BNDX 47.78 –0.23 0.7
Sources: FactSet; Dow Jones Market Data iShMSCIACWI ACWI 88.68 0.59 4.5 SchwabUS Div SCHD 74.87 0.01 –0.9 VangdTotIntlStk VXUS 54.19 0.97 4.8
Turning Point Brands TPB 1.1 .065 /.06 Q Apr07 /Mar17
iShMSCI EAFE EFA 69.86 1.19 6.4 SchwabUS LC SCHX 47.14 0.34 4.4 VangdTotalStk VTI 200.19 0.36 4.7
Universal Display OLED 1.0 .35 /.30 Q Mar31 /Mar17 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; iSh MSCI EM EEM 38.50 0.52 1.6 SchwabUS LC Grw SCHG 60.46 0.60 8.8 VangdTotWrldStk VT 90.22 0.56 4.7
Virginia National Bkshs VABK 3.3 .33 /.30 Q Mar24 /Mar10 S[Link] stock split and ratio; SO: spin-off. iShMSCIEAFEValue EFV 48.77 1.10 6.3 SchwabUS SC SCHA 43.93 0.30 8.4 VangdValue VTV 140.30 –0.01 –0.05

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg

Continued From Page B8 52-Wk % 52-Wk % SwiftmergeA IVCP 10.26 ... Canoo GOEV 0.70 -4.0 EnsysceBio ENSC 0.47 -6.4 ImpelPharm IMPL 1.35 -8.1 MountRainierAcqn RNERU 5.69 -36.3 Sasol SSL 14.32 -1.0
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg TLG Acqn One TLGA.U 10.73 5.0 Lows CapitalBancorp CBNK 20.25 -0.5 EsportsEnt GMBL 3.05 -8.5 ImperialPetrol IMPP 0.20 -2.8 Movella MVLA 2.44 -23.8 Shapeways SHPW
PIXY
0.45 -1.6
4.32 0.9
Stock Sym Hi/Lo Chg NGL EnergyPfdB NGLpB 21.82 2.9 PlainsGP PAGP 13.87 1.2 TPBAcqnI TPBAU 12.67 11.1 Cazoo CZOO 2.35 -4.8 EtaoInternational ETAO 2.40 -23.3 InovioPharm INO 1.23 -3.1 MySize MYSZ 1.40 -1.3 ShiftPixy
AccelerateDiag AXDX 0.46 -10.5 SiloPharma SILO 2.17 -2.2
NGL EnergyPfdC NGLpC 21.48 3.1 Power&Digital II XPDBU 10.33 0.8 TPBAcqnIA TPBA 12.29 1.3 CerberusCyber CISO 0.56 -13.0 EveloBiosci EVLO 0.61 -1.9 IntegratedMedia IMTE 0.52 -0.9 NFTGaming NFTG 2.07 -3.9
LavaMedtech LVAC 10.40 ... AcelRxPharm ACRX 1.34 -2.2 SPKBU 9.22 -2.2
NaborsEnerTransUn NETC.U 11.04 0.3 Primerica PRI 187.30 2.2 TechnipFMC FTI 15.80 3.0 ChickenSoupA CSSE 4.30 -4.4 FaZe FAZE 0.53 1.3 Intercure INCR 2.62 -4.7 NektarTherap NKTR 1.38 -6.7 SilverSpikeII
LCattertonAsia LCAAU 10.74 3.2 AgileGrowthWt AGGRW 0.00 -63.6 SmartPowerr CREG 1.62 -3.4
Neovasc NVCN 29.32 1.7 ProtalixBio PLX 2.02 2.7 Teekay TK 6.12 4.3 ChinaPharma CPHI 0.07 -17.2 FirstGuarantyPfdA FGBIP 23.50 -0.8 Ioneer IONR 10.00 -1.6 Netcapital NCPL 1.03 1.5
LSI Inds LYTS 15.35 5.2 AlpineAcqn REVEU 9.50 ... SMSI 1.31 -36.4
NerdWallet NRDS 20.42 0.2 QuadroAcqnOneA QDRO 10.23 ... TeekayTankers TNK 44.48 1.5 CorEnergyInfrPf CORRpA 5.14 -8.1 FocusUniversal FCUV 5.01 -0.6 JaguarHealth JAGX 1.95 -8.3 NetScout NTCT 28.19 -1.1 SmithMicro
LeoHoldingsII LHC.U 10.60 -0.1 AlpineSummit ALPS 1.96 -6.7 Soligenix SNGX 3.32 -11.8
NewAmstPharmaWt NAMSW 2.57 2.7 ReconTech RCON 1.88 9.4 Terex TEX 59.16 -1.2 Cosan CSAN 11.22 1.5 FormulaSys FORTY 68.49 -0.6 J&J JNJ 155.08 -0.2 9F JFU 2.09 -7.1
Limbach LMB 14.07 4.7 AlticeUSA ATUS 3.67 -4.9 SonnetBio SONN 0.81 0.1
NordicAmTankers NAT 4.32 11.8 RelianceSteel RS 250.97 -0.1 TioTechA A TIOA 10.22 0.2 AmerSoftware AMSWA 12.93 -7.3 CreativeMedia CMCT 4.64 ... Freightos CRGO 3.95 -2.9 JupiterWellness JUPW 0.46 -1.1 Novavax NVAX 8.51 -1.7
Limoneira LMNR 15.65 1.6 Sono SEV 0.54 -11.3
NubiaBrandA NUBI 10.40 ... RemitlyGlobal RELY 14.96 -1.5 TitanMachinery TITN 47.79 2.7 Amyris AMRS 1.14 -7.9 Cronos CRON 2.07 ... GenDigital GEN 19.91 -0.9 Kalera KAL 4.20 -1.8 Opthea OPT 4.50 -6.9
Linde LIN 348.32 -0.9 Surmodics SRDX 22.22 -4.0
NuSTARLogNts NSS 25.91 0.7 RevelstoneCap RCACU 10.24 0.2 Torm TRMD 35.58 1.7 Aptorum APM 3.21 -9.2 CumulusMedia CMLS 5.46 -4.5 GinkgoBioworks DNA 1.41 -0.7 KilroyRealty KRC 35.95 -0.9 Oragenics OGEN 4.62 -5.5
LogisticsInnovTech LITTU 10.79 -0.9 Tegna TGNA 16.58 -18.9
MDU Rscs MDU 32.42 0.2 OFGBancorp OFG 30.12 0.4 RevelstoneCapA RCAC 10.65 -0.1 TransMedics TMDX 79.74 -0.8 AscentSolar ASTI 0.48 -3.9 DISH Network DISH 12.17 -8.1 GladstoneComm GOOD 14.10 -1.7 LL Flooring LL 5.09 -2.1 ParamountGroup PGRE 5.16 -2.4
TivicHealth TIVC 0.19 -0.8
MinisoGroup MNSO 17.58 3.2 OrionBiotechA ORIA 10.65 0.2 RigelResourceA RRAC 10.90 0.6 TristarAcqnI TRIS.U 10.69 0.8 AspenGroup ASPU 0.15 -11.5 D-WaveQuantum QBTS 0.68 -8.1 GoldenMinerals AUMN 0.21 -0.1 LichenChina LICN 1.80 -10.4 PasitheaTherap KTTA 0.47 -0.1
TizianaLife TLSA 0.50 -0.5
MYR Group MYRG 120.00 -0.9 OrionEngCarbons OEC 25.59 -0.2 RocketInternetA RKTA 10.27 0.7 TsakosEnergy TNP 24.31 8.9 AteaPharm AVIR 3.54 -3.0 DanaherPfdB DHRpB1268.36 -0.8 GraniteRidge GRNT 5.45 -8.2 LifecoreBiomed LFCR 5.72 -1.5 PeridotII Wt [Link] 0.00 -95.0 Tucows
TCX 23.20 -3.5
MagnumOpusA OPA 10.20 0.1 PDF Solutions PDFS 37.87 -0.1 7GC A VII 10.29 0.4 UTA Acqn A UTAA 10.38 ... AudioCodes AUDC 15.99 -1.2 Daxor DXR 8.26 -2.6 GreenLightBio GRNA 0.48 -14.2 LionGroup LGHL 0.33 -10.4 Pfizer PFE 40.73 -2.3 TwistBiosci TWST 18.95 1.1
Manitowoc MTW 18.50 0.7 ParPacific PARR 28.64 2.3 ShoulderUpTechA SUAC 10.32 0.2 UnivInsurance UVE 18.82 21.4 AvalonGloboCare ALBT 2.40 -4.1 DigitalBrands DBGI 1.35 -5.4 GromSocialEnts GROM 0.88 -5.2 LocalBounti LOCL 0.70 -2.0 PolymetMining PLM 2.31 -1.7 UnicoAmerican UNAM 1.06 -13.5
MannKind MNKD 5.73 -0.6 Paysign PAYS 3.75 3.9 SilverspacA SLVR 10.15 ... VOXX Intl VOXX 11.48 1.1 Biofrontera BFRI 0.70 -0.1 DominionEner D 56.13 -1.2 Hesai HSAI 17.95 -4.0 LumenTech LUMN 3.34 -4.5 RackspaceTech RXT 2.30 -3.3 UniqueFabricating UFAB 0.27 -17.6
MetalsAcqn MTAL 10.23 ... Penumbra PEN 274.71 -1.0 SkydeckAcqnA SKYA 10.65 0.1 V2X VVX 49.23 0.2 BitBrother BTB 1.37 -6.8 Domino's DPZ 291.00 -0.6 HyzonMotorsWt HYZNW 0.10 -4.2 MagicSoftware MGIC 13.40 -6.7 RapidMicro RPID 1.03 ... UnivElectro UEIC 13.02 -2.6
MidlandStBncpPfA MSBIP 27.10 2.5 Perma-Fix PESI 7.08 2.9 SpokHoldings SPOK 9.75 4.4 ViemedHealthcare VMD 9.21 2.3 BrightMindsBio DRUG 0.58 -10.5 DouglasEmmett DEI 14.11 -1.5 ICL Group ICL 6.99 -1.7 MidatechPharma MTP 0.50 -6.4 RealGoodFood RGF 3.61 -5.4 VornadoRealty VNO 19.92 -1.9
MotiveCapII A MTVC 10.42 ... PermianRscs PR 11.48 1.5 SterlingInfr STRL 38.97 0.8 ViscogliosiBros VBOC 10.29 0.2 BullfrogAI BFRG 2.56 -15.7 E-HomeHousehold EJH 0.17 -2.7 IMV IMV 0.70 -8.6 MineralysTherap MLYS 17.00 -4.3 ReNewEnergyWt RNWWW 0.46 -6.6 WearableDevWt WLDSW 0.04 -36.9
MyersIndustries MYE 25.56 3.3 PetVivo PETV 3.19 6.0 Strats WlMrt GJO GJO 24.43 0.5 WelsbachTech WTMA 10.32 0.1 BullfrogAIWt BFRGW 0.39 -33.3 EudaHealth EUDA 1.06 -2.6 Immucell ICCC 5.95 -4.2 MonteRosaTherap GLUE 5.97 -0.7 ReNewEnergy RNW 4.27 -4.8 WindtreeTherap WINT 6.19 -9.0
NGL Energy NGL 3.11 11.5 PineTechA PTOC 10.14 0.1 SuperMicroComp SMCI 103.98 3.0 YottaAcqn YOTA 10.21 0.1 CanFiteBiopharm CANF 2.41 -2.4 EllomayCapital ELLO 12.50 -12.0 ImmunityBio IBRX 2.47 -2.7 MountRainier RNER 4.81 -46.2 RoyaltyPharma RPRX 35.94 -0.8 XP XP 12.34 -4.6

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Income 12.35 +0.03 1.3 Idx2040InsPre 19.76 +0.10 4.2 CapApInst 68.76 +0.61 9.6 LrgCpStr 15.04 +0.07 3.2 IntlEqIdxInst 20.24 +0.24 6.0 TotIntBdIdxAdm 19.13 -0.02 NA IdxIntl 17.40 +0.15 NA
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Intl Stk 45.69 +0.54 6.0 Fidelity Invest Harding Loevner Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 29.11 +0.25 NA MdCpGrAdml 82.91 +0.37 7.2
Stock 223.71 +0.10 3.7 Balanc 23.87 +0.08 4.1 IntlEq 24.68 +0.22 5.4 ParnEqFd 48.26 ... 2.9 500Adml 368.23 +1.17 4.0 TotStAdml 97.44 +0.30 4.7 MdCpVlAdml 72.67 ... 3.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds BluCh 125.63 +0.73 11.7 Invesco Funds A PGIM Funds Cl Z BalAdml 40.84 +0.11 NA TxMCapAdml206.77 +0.66 4.5 SmValAdml 72.84 +0.08 6.7
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EqIncA
TotRetBdI 8.86 +0.02 NA Contra 12.55 +0.03 5.3 10.03 +0.01 2.1 TotalReturnBond 11.78 +0.01 NA CAITAdml 11.14 +0.01 0.5 TxMIn r 14.27 +0.15 NA TotBd2 9.37 +0.02 NA
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti CpInc 9.20 +0.03 2.8 Invesco Funds Y CapOpAdml r152.28 +0.74 NA USGroAdml 110.24 +0.68 TotIntlInstIdx r116.40 +0.98 NA
PIMCO Fds Instl NA
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EdgewoodGrInst 33.45 +0.11 6.9 GroCo 24.61 +0.15 9.3 DevMktY 36.86 +0.10 5.4 AllAsset DivAppIdxAdm 41.39 +0.09 0.4 ValAdml TotItlInstPlId r116.43 +0.98 NA
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 10.75 +0.03 NA 54.74 ... ...
Fidelity InvGrBd 9.90 +0.02 1.1 JHF III DispVal TotRt 8.49 +0.02 0.9 EMAdmr 32.86 +0.06 NA WdsrllAdml 68.59 +0.17 NA TotSt 97.41 +0.30 4.6
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 500IdxInstPrem138.44 +0.44 4.0 LowP 47.73 +0.11 3.3 DispValMCI 25.86 +0.04 5.9 PIMCO Funds A EqIncAdml 84.20 -0.02 NA WellsIAdml 59.33 +0.04 VANGUARD INSTL FDS
NA
Contrafund K6 17.71 +0.05 5.3 Magin 11.21 +0.03 4.9 John Hancock IncomeFd 10.39 +0.02 1.3 ExplrAdml 94.47 +0.18 8.7 WelltnAdml 66.77 +0.05 NA BalInst 40.85 +0.11 NA
Monday, February 27, 2023 ExtMktIdxInstPre 68.69 +0.21 9.0 NASDAQ 144.70 +0.92 9.7 BondR6 13.42 +0.02 1.3 PIMCO Funds I2 ExtndAdml 109.90 +0.35 9.0 WndsrAdml 71.41 +0.09 NA DevMktsIndInst 14.29 +0.15 NA
Net YTD Net YTD Net YTD FidSerToMarket 13.23 +0.04 4.8 OTC 13.74 +0.05 7.1 JPMorgan I Class Income 10.39 +0.02 1.4 GNMAAdml 9.17 +0.02 NA VANGUARD FDS DevMktsInxInst 22.34 +0.24 NA
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret GrowthCompanyK6 16.75 +0.11 8.8 Puritn 21.09 +0.06 2.9 CoreBond NA ... NA PIMCO Funds Instl GrwthAdml 119.47 +0.79 8.9 DivdGro 34.59 +0.08 NA ExtndInst 109.89 +0.34 9.0
InflPrBdIndInsPr 9.04 +0.01 0.2 SAIUSQtyIdx 15.64 +0.04 2.2 EqInc NA ... NA IncomeFd 10.39 +0.02 1.4 HlthCareAdml r 86.56 -0.01 NA IntlVal 38.00 +0.37 6.3 GrwthInst 119.47 +0.78 8.9
American Century Inv Artisan Funds Calamos Funds IntlIdxInstPrem 43.64 +0.49 5.9 SrsEmrgMkt 16.00 +0.04 2.4 LgCpGwth NA ... NA Price Funds HYCorAdml r 5.19 +0.01 NA InPrSeIn 9.46 +0.02 NA
Ultra 59.56 +0.40 8.0 IntlVal Inst 41.31 +0.32 7.0 MktNeutI 14.03 ... 2.0 LifeCon NA ... NA
LgCpGwId InstPre 22.34 +0.14 7.3 SrsGlobal 12.92 +0.11 4.6 JPMorgan R Class
BlChip 111.57 +0.53 7.8 InfProAd 23.21 +0.03 NA InstIdx 334.46 +1.06 4.0
American Funds Cl A Baird Funds Columbia Class I LifeGro NA ... NA
MidCpInxInstPrem 27.44 +0.06 5.9 SrsGroCoRetail 14.94 +0.09 8.5 CoreBond NA ... NA IntlGrAdml 96.89 +1.37 NA InstPlus 334.46 +1.07 4.0
AmcpA 31.98 +0.16 6.3 AggBdInst 9.62 +0.02 0.7 DivIncom I 28.75 +0.08 -0.6 DivGro 64.64 +0.11 0.8 LifeMod NA ... NA
SAIUSLgCpIndxFd 17.48 +0.06 4.0 SrsIntlGrw 15.11 +0.20 6.0 CorePlusBd NA ... NA ITBondAdml 10.07 +0.03 NA InstTStPlus 70.16 +0.22 NA
AMutlA 48.40 +0.05 -0.1 CorBdInst 9.90 +0.02 0.8 Dimensional Fds Growth 66.63 +0.36 8.1 PrmcpCor 27.80 +0.06 NA
SeriesBondFd 8.87 +0.01 0.4 SrsIntlVal 10.58 +0.12 5.5 Lord Abbett I ITIGradeAdml 8.33 +0.01 NA MidCpInst 58.73 +0.12 5.3
BalA 29.00 +0.08 0.8 BlackRock Funds 5GlbFxdInc 9.88 ... 0.5 HelSci 86.54 +0.06 -3.7 STAR NA ... NA
SeriesOverseas 11.65 +0.14 7.3 TotalBond 9.40 +0.02 1.4 ShtDurInc p 3.83 ... 0.7 LarCapAd 91.70 +0.30 4.2 MidCpIstPl 289.65 +0.60 5.3
LgCapGow I 48.87 +0.24 6.4
BondA 11.35 +0.02 0.2 HiYldBd Inst 6.74 +0.02 2.2 EmgMktVa 27.04 ... 2.2 SerLTTreBdIdx 5.92 +0.01 1.5 Fidelity SAI Metropolitan West LTGradeAdml 7.86 +0.01 NA TgtRe2020 NA ... NA RealEstaInstl 18.83 +0.02 4.1
CapIBA 63.61 +0.24 1.0 BlackRock Funds A EmMktCorEq 20.73 -0.02 2.9 SmCpIdxInstPrem 23.42 +0.08 7.9 TotalBd TotRetBdI 9.05 +0.02 0.7 MidCap 94.01 +0.22 6.0 TgtRe2025 NA ... NA
8.88 +0.01 1.2 MidCpAdml 265.86 +0.55 5.3 SmCapInst 94.68 +0.20 7.7
CapWGrA 53.27 +0.31 3.3 GlblAlloc 16.76 +0.07 1.4 IntlCoreEq 14.33 +0.16 6.1 TMktIdxInstPrem111.03 +0.36 4.8 [Link] 8.65 +0.02 0.3 TRBdPlan 8.48 +0.01 0.6 NHoriz 50.34 +0.12 8.7
MuHYAdml 10.32 +0.01 1.3 TgtRe2030 NA ... NA SmCapIstPl 273.30 +0.59 7.7
EupacA 51.62 +0.46 5.3 BlackRock Funds III IntSmCo 18.39 +0.22 5.6 TotalMarketIndex 13.98 +0.04 4.7 First Eagle Funds MFS Funds R2020 17.20 +0.05 2.7 MuIntAdml 13.37 +0.01 0.5 TgtRe2035 NA ... NA STIGradeInst 9.94 +0.01 NA
FdInvA 62.50 +0.33 3.7 iShS&P500IdxK467.92 +1.50 3.7 IntSmVa 20.08 +0.27 6.8 TtlIntIdxInstPr 12.24 +0.09 4.5 GlbA 60.02 +0.24 3.5 IIE 29.89 +0.38 6.2 R2025 15.06 +0.05 3.0 MuLTAdml 10.58 ... 0.7 TgtRe2040 NA ... NA STIPSIxins 23.48 +0.02 0.2
GwthA 53.26 +0.38 7.6 BlackRock Funds Inst LgCo 27.19 +0.08 4.0 USBdIdxInstPrem 10.18 +0.01 0.4 Franklin A1 MFS Funds Class I R2030 22.62 +0.09 3.5 MuLtdAdml 10.66 +0.01 NA TgtRe2045 NA ... NA TotBdInst 9.48 +0.01 NA
HI TrA 9.14 +0.03 1.8 EqtyDivd 18.93 +0.05 3.3 US CoreEq1 31.22 +0.09 4.8 Fidelity Freedom IncomeA1 2.30 +0.01 2.3 GrowthI 137.91 +0.39 4.0 R2040 25.44 +0.12 4.2 MuShtAdml 15.55 ... 0.2 TgtRe2050 NA ... NA TotBdInst2 9.37 +0.02 NA
ICAA 42.61 +0.17 3.3 StratIncOpptyIns 9.24 ... 1.1 US CoreEq2 28.49 +0.08 4.9 FF2020 13.12 +0.05 2.8 FrankTemp/Frank Adv ValueI 47.48 +0.12 -0.6 Putnam Funds Class A PrmcpAdml r134.81 +0.49 NA TgtRe2060 NA ... NA TotBdInstPl 9.48 +0.01 NA
IncoA 22.72 +0.05 0.4 Bridge Builder Trust US Small 41.85 +0.10 8.1 FF2025 12.08 +0.04 3.1 IncomeAdv 2.28 +0.01 2.3 Neuberger Berman Fds PutLargCap p 29.05 +0.06 3.0 RealEstatAdml121.68 +0.18 4.1 TgtRet2055 NA ... NA TotIntBdIdxInst 28.71 -0.03 NA
N PerA 50.28 +0.46 6.3 CoreBond 8.85 +0.01 0.7 US SmCpVal 42.34 +0.13 7.8 FF2030 15.14 +0.07 3.5 FrankTemp/Franklin A LCVal Inst 42.62 -0.01 -1.0 Schwab Funds SmCapAdml 94.69 +0.21 7.7 TgtRetInc NA ... NA TotStInst 97.46 +0.31 4.7
NEcoA 46.10 +0.27 6.0 CorePlusBond 8.73 +0.02 0.7 US TgdVal 29.64 +0.07 8.2 FF2035 13.09 +0.06 4.1 Growth A 106.55 +0.56 4.3 Northern Funds 1000 Inv r NA ... NA SmGthAdml 76.89 +0.29 9.0 WellsI 24.49 +0.02 NA ValueInst 54.74 ... ...
NwWrldA 68.78 +0.33 3.5 Intl Eq 11.47 +0.15 7.0 USLgVa 42.63 +0.03 2.7 FF2040 9.31 +0.05 4.7 RisDv A 83.23 +0.18 0.8 StkIdx 42.45 +0.14 4.0 S&P Sel NA ... NA STBondAdml 9.84 +0.01 NA Welltn 38.67 +0.03 NA WCM Focus Funds
SmCpA 60.32 +0.33 7.5 LargeCapGrowth 17.86 +0.08 4.5 Dodge & Cox Freedom2030 K 15.13 +0.06 3.5 Guggenheim Funds Tru Nuveen Cl I TSM Sel r NA ... NA STIGradeAdml 9.94 +0.01 NA WndsrII 38.67 +0.10 NA WCMFocIntlGrwIns 21.03 +0.26 7.0
TxExA 12.08 +0.01 0.7 LargeCapValue 15.39 +0.03 2.5 Balanced 96.26 +0.15 3.1 Idx2030InsPre 17.32 +0.06 3.1 TotRtnBdFdClInst 23.52 +0.03 2.1 HYMunBd 14.89 ... 0.8 TIAA/CREF Funds STIPSIxAdm 23.47 +0.03 0.2 VANGUARD INDEX FDS Western Asset
WshA 51.80 +0.10 -0.4 MunicipalBond 9.72 ... 0.6 GblStock 13.35 +0.08 5.9 Idx2035InsPre 19.41 +0.08 3.7 Harbor Funds Old Westbury Fds EqIdxInst 28.41 +0.09 4.6 TotBdAdml 9.48 +0.01 NA ExtndIstPl 271.20 +0.86 9.0 CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

B10 | Tuesday, February 28, 2023 THE WALL STREET JOURNAL.

BANKING & FINANCE

Debt Holders Pressure Evergrande Startup

Seller Hits
Competing claims mainland China are pushing China reversed its crack-

between international,
Chinese creditors put
the company to use some of
its assets in Hong Kong and
elsewhere to pay them back,
down on the property sector
in November, scrapping re-
strictions on debt funding and
JPMorgan
talks in jeopardy
putting them in direct conflict
with holders of its U.S. dollar
bonds, according to people fa-
encouraging state-owned
banks to provide loans to the
sector. That has led to a huge
On Fraud
BY FRANCES YOON
AND ALEXANDER SAEEDY
miliar with the matter. Ever-
grande’s dollar bonds are now
rally in the secondary prices
of some bonds from the sector, Accusation
AGENCE FRANCE-PRESSE/GETTY IMAGES
held by a mix of distressed and the shares of some of Ev-
Property developer China funds and real-money inves- ergrande’s rivals have re- BY DAVID BENOIT
Evergrande Group is strug- tors, the people said. bounded since hitting lows AND MELISSA KORN
gling to reach a deal with for- The company’s representa- last October. Evergrande’s own
eign bondholders, raising the tives are due to appear before shares have been suspended The woman who sold fi-
possibility that a court will tell Hong Kong’s High Court on since March 2022, after losing nancial-aid startup Frank to
the company to wind down. March 20. Evergrande was more than 90% of their value JPMorgan Chase & Co. for
Evergrande, once China’s sued last June by a small cred- since the start of 2020. $175 million said the bank un-
largest property developer by itor, which asked the court to Last July, Evergrande derstood how big the com-
sales, sold more than $20 bil- wind up the company. Ever- ousted three of its top execu- pany was before going
lion of dollar bonds during a grande won a reprieve from The builder defaulted on foreign debt in 2021. A complex in Huaian. tives, including longtime Chief through with the deal and
debt-fueled spending spree. the court at a hearing in No- Executive Officer Xia Haijun that its fraud claims are un-
The company defaulted on its vember and it could be given are just one of the issues Ever- suffered a severe slowdown and Chief Financial Officer Pan founded.
foreign debt in late 2021, and more time again, but negotia- grande needs to resolve. Since during the past two years, Darong, for their involvement Charlie Javice said the
has since been embroiled in a tions since the last extension international bondholders are partly the result of a govern- in a financing arrangement bank is trying to blame her
difficult negotiation with in- have made little progress, the likely to be asked to accept eq- ment policy to crack down on that led to $2 billion being for a failed strategy in a law-
ternational bondholders. The people said. Evergrande has uity, newly issued debt or a excessive borrowing by devel- seized by local banks. Earlier suit it filed in federal court in
latest bone of contention: until March 6 to file evidence mix of the two, Evergrande opers—known as “the three this month, the company pub- December. In her reply to
whether Evergrande should be that would persuade the judge will need to reach some agree- red lines.” China Evergrande lished the results of an inde- that suit Monday, Ms. Javice
allowed to use its assets out- to grant it another extension. ment with them over what its was one of the first victims of pendent investigation, which said JPMorgan’s claim that
side of China to pay debt in- The competing claims of in- shares should be worth, said the slump in the property, blamed the financial plan in she invented 4 million cus-
curred within the mainland. ternational bondholders and the people. which eventually led to dozens part on weak controls and tomers out of whole cloth
Evergrande’s creditors in its creditors in mainland China China’s property market has of dollar-bond defaults. poor management. with a professor and some ar-
tificial intelligence is an ef-
fort to hide the reality that

TD Bank to Pay $1.2 Billion to Settle Lawsuit

the biggest bank in the coun-
try just flopped on the trans-
action.
She said the bank execu-
tives, including Chief Execu-
BY ALEXANDER GLADSTONE ceiver in the case. The Trustmark provided financial it chose to settle the matter to national Bank Ltd., an affiliate tive Jamie Dimon, had been
AND ADRIANO MARCHESE receiver also recouped more services that supported and avoid the “distraction and un- of Stanford Financial. The bank eager to buy her company. In
than $1.1 billion through previ- furthered his crimes. The certainty” of continuing the claimed to invest in low-risk, a meeting before the deal, Ms.

.
Toronto-Dominion Bank on ous litigation, bringing the to- banks, operating under a joint legal proceedings. high-return funds, but Mr. Javice said, Mr. Dimon told
Friday agreed to pay $1.2 bil- tal amount of potential recov- defense agreement, argued the A trial had been set to be- Stanford used the money to her that he thought his team

ly
lion to settle claims stemming eries to more than $2.7 billion, services they provided to Mr. gin Monday in Houston. The pay back other investors and should “get the deal done.”
from the Canadian bank’s in- proceeds that will go toward Stanford didn’t amount to recent settlements mean that finance a high-rolling lifestyle. Ms. Javice is countersuing
volvement in the Ponzi scheme making restitution to victims “substantial assistance.” the trial won’t proceed, Several of the banks ar- for damages and $27.9 million
perpetrated by convicted swin-
dler R. Allen Stanford, resolv-
ing nearly all outstanding liti-
gation related to the fraud.
of the fraud.
Stanford Financial Group,
now defunct, was a financial-
services company that operated
on However, the district judge
overseeing the case said even
providing routine services for
the scheme inherently facili-
though attorneys for various
parties will appear in a Dallas
district court to seek approval
for the agreements, with the
ranged “unusual” loans and
provided credit to SIB or used
their reputations to back Mr.
Stanford, helping him strike
in compensation she says she
is owed in the deal. The 30-
year-old claims the bank has
tarnished her reputation,
Michigan-based Indepen- until it was seized by U.S. au- tated the transactions and op- hearing likely to take place new relationships or avoid likely for life.
us ,

dent Bank and London-based thorities in early 2009. Its for- erations that were its life- within several months. scrutiny from other financial JPMorgan acquired Frank,
l

HSBC Holdings PLC also mer chairman, Mr. Stanford, blood. “This is an extraordinary institutions, according to a which helped customers apply
e
al a

reached settlements on Friday, was convicted in 2012 of run- “As has been the case result for the victims of the previous court ruling ordering for federal financial aid and
following deals struck last ning a two-decade investment- throughout these proceedings, Stanford fraud,” said Kevin the banks to stand trial. provided information on col-
month by Société Générale SA fraud scheme amounting to $7 TD expressly denies any liabil- Sadler of Baker Botts, lead The ruling said evidence lege funding options, as a way
ci on

of Paris and Trustmark Na- billion, one of the largest frauds ity or wrongdoing with re- counsel for the court receiver could support a reasonable to tap into a vast market of
tional Bank of Jackson, Miss. in U.S. history. He was sen- spect to the multiyear Ponzi and the official committee of finding that the various defen- college-age customers. Frank
The deals reached this year tenced to 110 years in prison. scheme operated by Stanford Stanford investors. dants all had some degree of and Ms. Javice had a sizable
totaled more than $1.6 billion, A group of Mr. Stanford’s and makes no admission in Mr. Stanford’s scheme in- awareness that SIB’s sale of media presence and attracted
pending court approval, ac- investors sued after his 2009 connection to any Stanford volved selling fraudulent certif- certificates of deposit was im- some big-name venture inves-
er s

cording to lawyers represent- arrest, alleging TD Bank, matter as part of the settle- icates of deposit issued by his proper or amounted to a mis- tors. Frank had said it had
ing the court-appointed re- HSBC, Société Générale and ment,” TD said. The bank said Antigua-based Stanford Inter- representation to investors. some 4.3 million users, and
m er

JPMorgan was eager to pitch

It’s Time bear market is that it started

with bonds wildly over-
valued, too.
Months taken for stocks to return to peak from their highs, in real terms with dividends reinvested

January 1973
Charlie Javice,
m rp

48 months
formerly of Frank,
To Buy As a result, so was pretty
much everything else. The
“everything bubble” burst as
November 1980
May 1990 10
23
seeks $27.9 million
in her countersuit.
Bonds central banks abandoned
low-for-long rates and
March 2000 80
co Fo

turned from buyers of bonds October 2007 54

to sellers, leaving investors February 2020 6
Continued from page B1 nowhere to hide. them bank products.
investors to get back to where The deal soured quickly.
U.S. stocks beat Treasurys and a balanced portfolio of 60% stocks, 40% Treasurys over long periods.

F
they started last year, after inancial psychologists JPMorgan fired Ms. Javice
inflation. That would be a de- warn that investors U.S. annualized real return since*: World excluding U.S. annualized real return*: last November and sued her
cent performance by histori- ought to dismiss past in a U.S. District Court in Del-
cal standards. losses and focus purely on Equities Bonds 60/40 Equities Bonds 60/40 aware the following month.
7%
Here’s where we come to the future. 6 The bank alleges she made a
the difference. In both the It doesn’t matter how list of fake names to inflate
5
1973 and 1980 falls—and in long it takes to make back Frank’s true size and trick the
every recession and major the previous high. It matters 4 bank. In court filings, the
downturn since—bonds far whether stocks will go up 3 bank showed emails and cor-
n-

outperformed stocks. This from here, and whether they 2 respondence with a data sci-
time, stocks and bonds have will make more than other 1
ence professor who allegedly
fallen together, with the assets, the biggest alterna- helped create the fake list of
MSCI USA down 16.7% from tive being bonds. Again, the 0 names.
1950 ’70 ’90 ’50 ’70 ’90 ’50 ’70 ’90 1950 ’70 ’90 ’50 ’70 ’90 ’50 ’70 ’90
no

its high in January last year, economic fundamentals mat- Mr. Dimon has called the
and benchmark 10-year Trea- ter. Will there be inflation deal a “huge mistake.”
surys down 16% since then, and/or recession? Forward price/earnings ratio of MSCI USA “We stand behind our alle-
both with income reinvested. But the starting point 25 times
gations, and this dispute will
matters at least as much. be resolved through the legal

I
n the past, it took a very Even after their big falls, 20 process,” a bank spokesman
long time for stocks to stocks still look very expen- said Monday.
catch up with bonds. sive compared with bonds. 15 In her first detailed de-
That’s because stocks were so The optimism that started fense, Ms. Javice didn’t dis-
overvalued. A bond investor this year has faded, but in- 10 pute that fewer than 500,000
was ahead for 13 years after vestors continue to bet that people had used the company
1973, and seven years from long-run inflation will come 5 to complete financial-aid
1980, when using the back under control and forms. She said this question
0 Monthly
Bloomberg Treasury index. profit margins will stay high. came up in meetings with JP-
It might come as a sur- And many remain wary of 1990 2000 ’10 ’20 Morgan executives ahead of
prise to those who saw the bonds, even as yields ap- *Years shown are through the end of 2022 the acquisition, and said she
value of their Treasurys proach 4% on the 10-year Sources: Refinitiv (stocks to return to peak, P/E ratio); Elroy Dimson, Paul Marsh, Mike Staunton (annualized real return) told the bank many of the
trashed by inflation last year, Treasury and are above 5% nearly 4.3 million users were
but from the 1973 and 1980 on six-month bills. 12 months, they have rarely point if inflation turns out to last to their portfolio. This website users who read arti-
stock-market highs, bonds been pricier outside the dot- be endemic. But at least they not only smooths returns, cles about financial aid or

T
proved more resilient than he central lesson of fi- com bubble and the postpan- start out at a reasonable val- but offers a decent income otherwise “trust Frank” to
stocks in both inflation nancial history is that demic boom—is a recipe for uation, based on current along the way. help understand the process
shocks, albeit still falling far over the long run, U.S. substandard returns. yields. Bonds also, importantly, of financing college.
behind inflation. stocks beat bonds. But buy- At the same time, Trea- Investors who rightly provide some protection Ms. Javice also denied she
This time it wasn’t just ing stocks when they are ex- sury yields are back up to abandoned bonds when against the risk that stocks created a fake list of users to
stocks that were overvalued. pensive—at 18 times esti- decent levels. There’s plenty yields were stupidly low aren’t merely highly valued, trick the bank. Instead, she
The unusual thing about this mated earnings for the next of scope for bonds to disap- should add them back as bal- but still overpriced. said JPMorgan requested a
“synthetic data” set of users
to mirror Frank’s actual cus-

Car-Sharing Platform HyreCar Files for Bankruptcy tomers as a way to audit her
users and avoid privacy con-
cerns about sharing their real
names.
BY BECKY YERAK The Los Angeles-based owner that recently took a several pending lawsuits that trades of the company’s com- She said JPMorgan knew
company, which earlier this stake in the business, is offer- have resulted in substantial le- mon stock, he said. the information she was pro-
HyreCar Inc., a publicly month warned that it might ing to provide up to $5 million gal fees and potential liability. HyreCar was founded in viding the user number was
traded car-sharing platform, file for bankruptcy, has total in bankruptcy financing, in- The lawsuits include 2021 2014 to serve individuals who based on, but not actually re-
has filed for bankruptcy, assets of $16.5 million and to- cluding $3.1 million on an in- securities class action litiga- wanted to drive for ride-hail- flecting, real user data.
partly blaming mounting legal tal debts, all unsecured, of terim basis. It will also serve tion filed against the company, ing companies such as Uber Ms. Javice said the bank’s
fees from numerous lawsuits $18.4 million. The money is as lead bidder in a sale pro- a former CEO and a former Technologies Inc. and deliv- financial team would have
and investigations, including owed to trade creditors, its cess with a starting offer of CFO. ery companies such as Door- known how many customers
Justice Department and Secu- landlord and others. Last week roughly $7.8 million. In late 2022, HyreCar Dash Inc. It focused on drivers she had based on other met-
rities and Exchange Commis- it provided written notice to HyreCar Chief Executive learned that three former offi- who either didn’t have access rics in her proposal, such as
sion probes into insider stock its landlord that it was ending and Chief Financial Officer Ed- cers and three current direc- to their own vehicles or whose her total marketing costs.
trading. its lease since all of its 59 em- uardo Iniguez said in a sworn tors are being investigated by automobiles couldn’t meet the She told the bank she paid
HyreCar stock closed down ployees have been working declaration filed Saturday in the Justice Department, Mr. standards, such as model about $5 a customer in mar-
83% at 2 cents a share Mon- remotely. the U.S. Bankruptcy Court in Iniguez said. A separate inves- years, imposed by the ride- keting costs, and had paid a
day. Its shares peaked at Holmes Motors Inc., which Wilmington, Del., that the tigation also is under way by hailing or food and package total of $2.25 million in mar-
roughly $24 in June 2021. is affiliated with an equity company is the defendant in the SEC concerning certain delivery services. keting.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

THE WALL STREET JOURNAL. * * * * Tuesday, February 28, 2023 | B11

MARKETS

Falling Natural-Gas Prices Chill Deals

Rout has delayed or Natural gas futures price,
front-month contract
spiked some private-
$7 per million British thermal units
equity transactions
involving producers 6

BY LUIS GARCIA 5

Plunging prices for natural

gas have spoiled what looked 4
like a promising period of deal
making involving energy com- 3
panies and private-equity
firms in the sector.
2
Gas prices in U.S. futures
markets have fallen by nearly
two-thirds since mid-Decem- 1
ber and last week reached the
lowest level 0
COMMODITIES since early Dec.2022 Jan. ’23 Feb.
in the coro-
navirus pandemic in 2020 as a Source: FactSet
mild winter sapped demand

TORU HANAI/BLOOMBERG NEWS

and supply remains robust, more likely to go ahead, those
The Wall Street Journal has involving gas producers may
reported. find it hard to get to the finish
The slump put on hold or line, said Muhammad Laghari,
derailed negotiations for a a senior managing director in
number of deals among gas the energy-investment bank-
producers, including some ing practice of Guggenheim
backed by private equity, as Securities.
buyers reduced offers and sell- “I am well aware of multi- Tokyo Gas storage tanks in Japan. A unit was in negotiations to purchase Rockcliff Energy, but that fell through as gas prices slid.
ers stood their ground, indus- ple transactions that were in
try lawyers and investment the works and stalled because mid-December levels. any other. prompted a further increase in sure on profits, Guggenheim’s
bankers said. gas prices have gone down,” “It’s officially dead,” a per- The drop in the fuel prices natural gas prices to more Mr. Laghari said.
“With gas prices falling and Mr. Laghari said. “There were son familiar with the negotia- represents a reversal of for- than $9 per million British “While buyers may take a
without a clear understanding a lot of exits planned for this tions said of the deal. tune both for private-equity thermal units in August, the certain strategic view and see
of where they’re going to end year and I think many of those Private-equity firm Aethon firms hoping to score profit- highest in 14 years. through the short-term volatil-
up, it doesn’t give people con- may get delayed.” Energy Management also has able sales of gas producers Gas demand also got some ity of gas prices, a bigger issue
fidence when they’re trying to One victim is the acquisi- reportedly sought to sell its and for potential buyers eager help when the European Union is financing,” he said.
buy,” said Sarah McLean, a tion of Quantum Energy Part- Haynesville gas assets, but to expand in an increasingly in July voted to label gas a Deal activity is expected to

.
Shearman & Sterling LLP part- ners-backed gas producer hasn’t so far. consolidated shale industry, “green” fuel, the lawyers said. regain steam after gas prices
ner in the law firm’s private- Rockcliff Energy LLC by TG Meanwhile, Ascent Re- deal lawyers said. “For a while gas was sort of stabilize at a new, likely lower,

ly
equity and mergers-and-acqui- Natural Resources LLC, a To- sources LLC, a gas producer After a steep rise in com- king in the sense that prices level than last year, said Atul
sitions practices. kyo Gas Co. unit. Negotiators that operates in Ohio’s Utica modity prices following the were high and gas is viewed as Raina, a Rystad analyst who
More than 15 oil-and-gas were near a $4.6 billion deal, shale region and is backed by pandemic led to a series of clean in many respects,” Ms. focuses on oil-and-gas explo-
companies remain up for sale
in North America with a com-
bined value of more than $40
billion, according to Rystad
including debt, that would
have expanded the buyer’s op-
erations in the Haynesville
Shale region across East Texas
on private-equity firms Energy
Minerals Group and First Re-
serve, held merger talks and
began preparations for an ini-
private-equity exits in the
Haynesville Shale in 2021,
competition for the gas pro-
ducers that remained on the
McLean said.
In addition to the recent
decline in gas prices, rising in-
terest rates and supply-chain
ration and production.
“When you try to link gas
prices to [mergers and acqui-
sitions], what is critical is hav-
Energy AS, an energy-focused and Louisiana, Reuters re- tial public offering last year, block intensified, the lawyers inflation have complicated ing a consensus between buy-
us ,

research company. ported in early January. By according to news reports. As- said. deal making because financing ers and sellers and that is only
l

While deals for companies that time, gas prices had al- cent remains a private com- Adding to the momentum, gets more expensive and oper- possible when those prices are
e
al a

that produce mostly oil are ready fallen by 46% from their pany and hasn’t merged with Russia’s invasion of Ukraine ating costs rise, putting pres- stable,” he said.
ci on

Stocks Index performance Monday

1.50%

Close Nasdaq Composite

S&P 500
er s

1.25

Higher
Dow Jones Industrial Average
m er

1.00

Continued from page B1

0.75
rates will rise well above 5%
m rp

BRENDON THORNE/BLOOMBERG NEWS

and are bracing for more vola-

tility in markets. 0.50
Treasury yields eased Mon-
day, with the yield on the 10-
year U.S. note falling to 3.921%, 0.25
co Fo

from 3.948% Friday. The yield

on the two-year note, which is
more sensitive to expectations 0 Five-minute intervals
around Fed pol-
10 a.m. 11 noon 1 p.m. 2 3 4
MONDAY’S icy, traded at
MARKETS 4.791% after set- Shares of SolarEdge Technologies were among the biggest gainers on the S&P 500. Source: FactSet
tling Friday at
4.803%, its highest level since next month’s inflation data, it’s have increased the opportunity ents’ money into income-gener- 8.1% from December, the Na- 600 ended up 1.1% and the
July 2007. looking at six months or nine cost of paying for earnings that ating securities, such as gov- tional Association of Realtors U.K.’s FTSE 100 added 0.7%.
James Rutherford, head of months or even 12 months.” are expected in the future. ernment bonds and said Monday. Early Tuesday, Asian stocks
European equities at Federated Through Monday, the S&P “Instead of the market being investment-grade corporate Investors will also watch rose. South Korea’s Kospi was
Hermes, said that while recent 500 was up 3.7% for the year, driven by five, 10 stocks, now debt. data this week on U.S. manu- up 1.1%, Hong Kong’s Hang
inflation surprises have unset- while the Nasdaq Composite it’s going to be driven by the Monday added more mixed facturing and services and Eu- Seng Index was up 0.6%,
n-

tled markets, selloffs have been gained nearly 10% as tech other 490 stocks,” said Derek signals for investors. U.S. dura- ropean inflation. Japan’s Nikkei 225 was up 0.4%
relatively short lived. stocks such as Apple and Meta Izuel, chief investment officer ble-goods orders fell a sharper- In commodities, Brent crude and the Shanghai Composite
“Last week, some of the data continue to post big gains. The at Shelton Capital Manage- than-expected 4.5% in January, futures, the global oil-price was up 0.1%. S&P 500 futures
spooked people and yields blue-chip Dow has lost 0.8%. ment. “That gives active man- though new orders for nonde- gauge, shed 0.9%, or 71 cents a rose 0.2%.
no

moved up again. But here we Some money managers say agers a lot more room to find fense capital goods excluding barrel, to settle at $82.45. The
are on Monday morning and that choosing individual stocks top-performing stocks and to aircraft increased 0.8% from U.S. benchmark slid to $75.68 a
actually that’s sort of all forgot- is gaining importance after outperform their benchmarks.” the prior month. barrel. U.S. natural-gas prices Use the WSJ Tax Guide
ten about,” said Mr. Rutherford. years in which investors could The highest yields in 15 Meanwhile, the housing continued on their roller Scan this code
“People are slightly hardened ride rising indexes that were years and mounting economic market showed another sign it coaster, rising 7.2% to $2.731 to read the 2023
to it and understand that rates propelled by a few large cap uncertainty have wealth man- is thawing, as pending home per million British thermal WSJ Tax Guide
might go a little bit higher…but U.S. stocks with big growth po- gers looking past volatile sales increased in January for units. as the filing
the market is not looking at tential. Higher interest rates stocks and putting more of cli- the second straight month, up Overseas, the Stoxx Europe deadline nears.

Crypto Miner, Creditors Clash

On the Role of Shareholders
BY ANDREW SCURRIA As a bitcoin miner, Core nificantly or decline signifi-
Scientific sees a direct impact cantly in a short period of
Bankrupt cryptocurrency on its bottom line as the cryp- time, as it has in the past.”
miner Core Scientific Inc. and tocurrency’s price fluctuates. But with the price hovering
its secured creditors are in Bitcoin’s price is now about above $20,000 for well over
disagreement over how much $23,330, up 48% from a re- two years now, shareholders
of a role shareholders should cent low of about $15,760 in deserve a voice in the chapter
play in the chapter 11 proceed- November, around the time 11 proceedings, Core Scien-
JOE RAEDLE/GETTY IMAGES

ings. crypto exchange FTX col- tific said.

The rally in bitcoin prices lapsed. Privately held Core Scien-
and lower energy costs mean tific said it now supports a
shareholders might not be pending request by sharehold-
wiped out in the bankruptcy ers for official committee sta-
after all, Core Scientific said in
Secured creditors tus because it is no longer
court papers Friday. such as Apollo and “hopelessly insolvent.” The
Lawyers for Apollo Global company proposed a budget Bitcoin’s recent rise spurred Core Scientific to say shareholders may not be wiped out in its bankruptcy.
Management Inc., BlackRock
BlackRock say the of $4.75 million for an official
Inc. and other secured credi- company is insolvent. committee of equity holders. covery flows to equity, the risen in price. AUCTION RESULTS
tors disagreed, saying there is Apollo, BlackRock and creditor group argued. The Justice Department’s Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
no credible evidence of the other secured creditors ar- Core Scientific entered bankruptcy division previ- clearing yield. Rates are determined by the difference
between that price and the face value.
company’s solvency aside from gued in their own filing that bankruptcy with a proposed ously denied a request by the
the “ever-changing and vola- Bitcoin prices have been Core Scientific shouldn’t be restructuring plan with its se- company’s shareholders to
13-Week 26-Week
tile price of bitcoin.” rising since then, mirroring a permitted to spend money on cured convertible noteholders form an official committee. Applications $161,762,529,400 $139,118,883,400
Debate about Core Scien- modest recovery in other its shareholders when it can’t to convert debt into 97% The Houston bankruptcy Accepted bids $66,194,689,400 $52,956,062,400
" noncomp $1,749,131,200 $2,359,049,600
tific’s possible solvency sets risky assets as the influence demonstrate it can cover its ownership of the company, court overseeing the com- " foreign noncomp $645,000,000 $500,000,000
up a courtroom battle about of nonprofessional, individual debts. The company owes $1.5 subject to dilution. It has pany’s case can still order the Auction price (rate) 98.799306 97.502556
traders over the crypto mar- since terminated that restruc- formation of an equity com- (4.750%) (4.940%)
whether the company should billion in secured debt, $70 4.888% 5.151%
cover the legal costs for its ket wanes. million in unsecured debt and turing agreement and refi- mittee, if the court decides Bids at clearing yield accepted 63.04% 93.66%
shareholders to participate in Core Scientific on Friday $200 million in other liabili- nanced a bankruptcy loan that shareholders’ interests 912796ZG7 912796Z51
Both issues are dated March 2, 2023. The 13-week
the chapter 11 case through an acknowledged the volatility in ties that would need to be provided by the convertible aren’t already represented ad- bills mature on June 1, 2023; the 26-week bills mature
official committee. bitcoin, which “could rise sig- satisfied in full before any re- noteholders as bitcoin has equately. on Aug. 31, 2023.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or [Link].

B12 | Tuesday, February 28, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Buffett Slap at Buyback Critics Rings True

Berkshire Hathaway CEO’s sharp objection to a proposed tax on the practice is fair

Warren Buffett rarely uses his their executives generous share- Payouts by S&P 500 companies, awful market timers of the stocks market capitalization.
annual letter to shareholders to based compensation such as Face- quarterly they should know best. But, as The Buybacks also aren’t a tax
lobby for policies that would en- book parent Meta Platforms get a Dividends Buybacks Wall Street Journal’s investing col- dodge, as some contend, though
$300 billion
rich Berkshire Hathaway or him- tax deduction on that form of pay umnist Jason Zweig put it per- they are a way to avoid forcing a
self personally. He generally strikes and dodge much or even all of the Covid bear market fectly in a recent column: “Expect- taxable event on those with a long
a grandfatherly tone, avoiding buyback tax if it is used to soak up 250 ing oodles of surplus cash not to time horizon. As ways of returning
name-calling, though his acerbic that share issuance. Berkshire is burn a hole in the typical CEO’s cash to shareholders, dividends
99-year-old business partner, Char- unusual because it uses its buy- 200 pocket…is like putting a pile of and buybacks are remarkably simi-
lie Munger, is less restrained. Berk- backs to reward shareholders, not raw meat in front of a lion and ex- lar and long-term capital gains and
shire’s 2022 letter, released Satur- executives, and it pays no divi- 150
pecting it not to disappear.” qualified dividends are taxed at
day, was an exception. The topic dend, using repurchases as its only Since the numbers are so big, the same rate in the U.S. But divi-
was stock buybacks, newly subject way of returning cash. though—about a trillion dollars for dends force an immediate liability
to a 1% excise tax that President The “silver-tongued dema- 100 companies in the S&P 500 over the even for those investors who don’t
Biden proposed quadrupling in his gogues” decrying corporate greed past year—they shock and confuse need income today and often just
State of the Union address. thus wrote rules in a way that cre- 50 members of the public unversed in reinvest it in the same company.
“When you are told that all re- ates a loophole for it. Discouraging corporate finance. Journalists, too, Someone, somewhere is paying
purchases are harmful to share- buybacks doesn’t help America or 0 sometimes. A New Republic article capital-gains tax, though, by being
holders or to the country, or partic- Mom & Pop by funding innovation. from 2018, “Apple’s Stock Market on the other side of the buyback.
2020 ’21 ’22
ularly beneficial to CEOs, you are Burton Malkiel, the economics pro- Scam,” said it wasn’t the iPhone And, of course, that money has
listening to either an economic illit- fessor and author of the investing Source: S&P Dow Jones Indices that helped Apple cross the tril- already been taxed once at the
erate or a silver-tongued dema- classic “A Random Walk Down lion-dollar market-value level that corporate level—to the tune of $32
gogue (characters that are not mu- Wall Street”—as much a champion though, harming returns. Buyback year but buybacks. That is exactly billion over the preceding decade
tually exclusive),” wrote Mr. Buffett. of individual investors as one can cash is reinvested in other compa- backward. While buybacks boost a at Berkshire Hathaway specifically.
The new tax isn’t devastating, find—explained in a recent edito- nies that claim they have a good company’s share price, all else be- As Mr. Buffett also wrote in Satur-
but it is especially harmful to a rial that taxing capital returns use for it. ing equal, they reduce its market day’s letter: “When it comes to
company like Berkshire Hathaway. doesn’t take money away from in- Are executives always wise and value. A company that just piles federal taxes, individuals who own
In the lobbying that led to its cre- vestments. Taxing them could dis- unconflicted about whether to re- up cash, builds more factories or Berkshire can unequivocally state
ation, it was instituted only on net tort the decision about whether or turn cash or use it for expansion? buys other firms rather than re- ‘I gave at the office.’ ”
buybacks. Companies that give not to retain cash or return it, Certainly not, and they are also turning money will have a larger —Spencer Jakab

.
ly
Move Over EVs, Hybrids Are Hot in China on Chinese
Success of Li Auto underlines risks of an all-or-nothing approach to the shift to electric vehicles
E-Retail
Flourishes
us ,

Don’t write off hybrid electric

l

vehicles.
e
On U.S. Soil
al a

After Tesla, the most highly val-

ued U.S.-listed EV company isn’t
homegrown Rivian or Lucid but Li
ci on

Auto, a Chinese manufacturer that

went public in 2020 by listing Chinese e-commerce apps are
American depositary receipts. It making a play for the spoils from
has a market value of roughly $26 Americans’ favorite hobby: shop-
billion, compared with $20 billion ping. Affordable prices and clever
er s

for NIO, which took the Chinese use of social media have worked
ADR route earlier, $17 billion for wonders for growth.
m er

Rivian and $15 billion for Lucid. But profitability might be

It is no surprise that Chinese EV harder. And political risks are still
startups are worth more than lurking in the background.
American ones. China is a more China’s Temu has been a smash
mature EV market, and Li and hit since its launch in September.
m rp

NIO—both premium brands—are Discounted prices for a range of

SHEN BOHAN/XINHUA/ZUMA PRESS

further along their manufacturing products from apparel to electron-

ramps than Rivian and Lucid. Li ics are the main draw. The app has
delivered 46,319 vehicles in the been installed 24 million times
fourth quarter and NIO 40,052; since its launch, according to esti-
co Fo

Rivian and Lucid reached just mates by data tracker Sensor

8,054 and 1,932, respectively. Tower.
Li said alongside its results on All this has already been used
Monday that it expects to ship to great effect in China by Temu’s
52,000 to 55,000 vehicles this quar- parent PDD—which owns Chinese
ter. Compared with its U.S. peers, its Li Auto specializes in extended-range EVs, which use a generator to power up the battery with gasoline if it runs out of juice. e-commerce platform Pinduoduo.
Chinese ADRs are cheap relative to Temu will probably account for
the number of vehicles it makes. pected to run for about 130 miles ture is patchy, leading to range sighted. Each market will follow its only a fraction of PDD’s total reve-
What is surprising is that Li has without using the generator. For lon- anxiety. Brokerage Bernstein ex- own path, but it is plausible that nue in the near future.
overtaken NIO to lead the new gen- ger trips, filling up the tank extends pects 65% growth in plug-in hybrid the Chinese pattern could be re- It will also likely be unprofitable
eration of Chinese startups. Li the range to almost 700 miles. sales in China this year, versus peated in the West: The first rush as the company is offering gener-
doesn’t make the purely electric The popularity of what is essen- 25% growth for pure EVs. of EV sales could lead to a second ous subsidies and discounts to
vehicles that were popularized by tially a plug-in hybrid, albeit a cut- In Europe, plug-in hybrids had a wave for hybrid adoption as re- grow fast.
n-

Tesla and that have become the ting-edge one, is notable in the difficult 2022, with sales down 3%. gions less well served by charging PDD’s China business is profit-
technological focus of other start- Chinese market, which has in They are often dismissed as a tran- infrastructure, or buyers who drive able now. But it isn’t yet clear
ups and most old-school car mak- many ways led the transition to sition technology that will do no longer distances, join the transition whether its model will work as
ers. Instead, it specializes in ex- EVs. After years of government more than bridge the gap between on terms that work for them. well outside China: To succeed, it
no

tended-range EVs, which use a promotion, pure EVs accounted for conventional cars and pure EVs. It isn’t a reason to shirk EV in- might need to scale up enor-
generator to power up the battery about 21% of all vehicles sold in GM, Ford, Volkswagen and others vestments, but car makers with a mously. Credit Suisse estimated
with gasoline if it runs out of juice. the country last year, according to have tried to jump ahead in EVs by more nuanced approach to the in- last month that around $3.6 billion
Li launched two sport-utility vehi- data provider EV-Volumes—much sidelining hybrid technology. dustry transition, such as Toyota, of goods could be sold on Temu
cles with this technology last year, higher than in Europe (13%) or the Li’s success in China underlines could end up looking smarter than this year, for an operating loss of
the L9 and L8. The smaller L7, deliv- U.S. (5.5%). the risk that this all-or-nothing ap- they do now. $1.7 billion.
eries of which start this week, is ex- But Chinese charging infrastruc- proach turns out to be short- —Stephen Wilmot Shein, which was founded in
China and is now based in Singa-
pore, is another e-commerce wun-
derkind that has expanded rapidly
around the globe in the past cou-
New Salesforce Has to Keep Selling ple of years. The fast-fashion com-
pany’s cheap yet trendy clothes
have attracted young buyers, espe-
Selling is the one thing Salesforce of the global financial crisis. Salesforce’s quarterly billings, volvement of the activists. Ana- cially during the early years of the
has long excelled at. Until now. The current slump sets a chal- change from a year earlier lysts widely expect Salesforce to pandemic. The app had 172 million
The company founded by sales- lenging stage for Salesforce’s fourth- use the report to detail the ex- downloads last year, according to
50%
people to make software for sales- quarter results on Wednesday—es- pected savings from those cuts and Sensor Tower.
people is in the midst of the worst pecially for co-founder and Chief their impact on adjusted operating Both companies have also taken
sales slump in its history. Revenue Executive Officer Marc Benioff. He is 40 margins that have become crucial advantage of China’s role as the
growth for the fiscal fourth quar- facing down a bevy of shareholder as growth has slowed. Wall world’s factory. A nimble supply
ter ended in January is expected to activists—five at last count—while 30 Street’s projected operating in- chain directly connecting with fac-
fall below double digits for the dealing with a revolving door of ex- come for Salesforce’s 2024 fiscal tories in China has helped lower
first time since Salesforce went ecutives. That includes the loss of a 20
year edged up 3% from before the costs, also enabling the two com-
public in mid-2004. This for a second co-CEO in as many years, layoffs were announced in January, panies to rapidly adjust to market
company that averaged year-over- which raised the thorny issue of suc- according to FactSet. trends.
year revenue growth of 25% a cession planning. Mr. Benioff, 58 10 But cost reductions can do only Still, there are some obvious
quarter even since it broke years old, is one of the few high-pro- so much if revenue growth keeps challenges—besides profitability—
through the $10 billion annual rev- file tech founders of his generation 0 grinding lower. And watching the on the horizon. Quality control and
enue threshold in early 2018. still running the business he started. FY2011 ’15 ’20 ’24 bills doesn’t come naturally to a preventing counterfeiting, while
Billings, a measure that reflects “We believe Mr. Benioff and CRM company that still expends 45% of still maintaining cheap prices,
Note: Fiscal fourth quarter 2023 and fiscal 2024 data
business transacted during the quar- are ubiquitous, thus parsing the are projections. Fiscal year ends in January. its trailing 12-month revenue on could be a problem as both compa-
ter that typically serves as a leading company from its founder seems Source: S&P Global Market Intelligence (actual); sales-and-marketing costs alone. nies continue to scale up.
indicator of revenue trends for a nearly impossible,” wrote Macquarie FactSet (projections) That is a huge outlay for a com- Worsening U.S.-China relations
subscription software company, are Capital analyst Sarah Hindlian- pany of Salesforce’s size and ten- are another potential risk. Even
expected to remain weak after hit- Bowler in a recent report. gan laying off 8,000 workers in ure; the other companies on the though selling cheap clothes and
ting a record-low growth rate of 5% Mr. Benioff’s job might not be in January—a crucial month in a cru- S&P Software & Services Select In- gadgets online normally wouldn’t
year over year in the October period. danger—yet. But he might be hard- cial quarter for closing deals. Sales- dustry Index that generate more catch the attention of politicians
Analysts expect billings growth to pressed to deliver good news in the force has historically generated than $10 billion in annual revenue barring operational issues such as
remain in the single-digit range for near term. Analysts for UBS, Citi- about 45% of its annual billings in spent an average of 16% of revenue product-safety problems or fraud,
the most recent quarter and the two group and Guggenheim all cited re- the fiscal fourth quarter. for the same period on sales and it is hard to say in the current po-
following ones, according to FactSet. cent surveys of Salesforce partners That sets up some risk heading marketing, according to data from litical environment.
That would be the worst growth indicating demand deteriorated fur- into Wednesday’s report, especially S&P Global Market Intelligence. China’s internet-platform com-
stretch in history for one of the few ther over the past three months, with Salesforce shares up 22% year John DiFucci of Guggenheim called panies have had a rough couple of
cloud-software companies that actu- with UBS analyst Karl Keirstead to date—9 percentage points Salesforce a company “which has years at home—little wonder they
ally went through some rough eco- adding, “This was by far the most higher than the gains made by the run at an inefficient level for some are looking abroad. Whether they
nomic spells. Salesforce’s billings cautious-sounding round of Sales- BVP Nasdaq Emerging Cloud Index time” in a recent report. Time for will truly be able to grow healthily
growth hit a low of 10.1% year over force checks that we’ve done.” It in that time. Investors cheered the that version of Salesforce has in foreign soil remains to be seen.
year in early 2009 during the midst doesn’t help that the company be- company’s cost cuts and the in- clearly run out. —Dan Gallagher —Jacky Wong