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Syrian Rebels Lift Siege to Allow Thousands to Leave Territory


What’s U.S. Asks
News Putin to
Business & Finance Another
T rump said he hoped
the Fed would stop
Summit
raising interest rates, de- GOP lawmakers seek
parting from a convention
by which presidents have re- detail on first meeting
frained from speaking specif- between Trump and
ically on monetary policy. A1
the Russian president
 Comcast dropped its
bid for Fox’s entertain-
BY MICHAEL C. BENDER
ment assets, clearing the
AND BYRON TAU
way for Walt Disney, but said
IBRAHIM YASOUF/AGENCE FRANCE-PRESSE/GETTY IMAGES

it was still pursuing Sky. A1


WASHINGTON—The White
 Congress is poised to House revealed Thursday it
strengthen U.S. processes has invited Vladimir Putin
for vetting foreign invest- here to another summit in the
ment involving cutting-edge fall, surprising Republican
American technology. A4 lawmakers and top adminis-
tration officials who said they
 U.S. stocks fell, as trade
still hadn’t been told what
tensions rose and tepid
President Donald Trump and
earnings results dented
the Russian leader agreed to
sentiment. The Dow shed
earlier this week in Helsinki.
134.79 points to 25064.50. B10
The lack of clarity about
 Microsoft exceeded what the leaders discussed—in-
$100 billion in annual rev- formation typically shared rap-
enue for the first time as GUARDED JOURNEY: Syrians from rebel-held territory in the northern part of the country were evacuated by bus under a deal reached by idly with administration offi-
the software giant re- the rebels and the Assad government. Thousands of residents from two pro-regime villages were moved to government-held areas. A18 cials and key lawmakers on
makes itself as a power in Capitol Hill—left the White
cloud computing. B1 House responding to news ema-
nating from the Russian version
 Wells Fargo is refund-
of events. It also sowed discord
ing tens of millions of dol-
lars for products the bank
added to customers’ ac-
counts without their full
Breaking Custom, Trump Raps Fed at each end of Pennsylvania Av-
enue.
The Senate on Thursday
passed a rare, bipartisan and
understanding. B1
BY NICK TIMIRAOS cials have penciled in two more Analysts said Mr. Trump’s tive to his own goal because any unanimous measure voicing its
 Alcoa’s stock tumbled rate increases this year. comments were unlikely to sway time a president says publicly to opposition to a request from
after the aluminum maker, President Donald Trump de- Fed Chairman Jerome Powell the Fed’s rate-setting decisions, stop, a central bank can’t.” Mr. Putin to allow Moscow in-
which relies on imports livered a rare presidential cri- was tapped by Mr. Trump last and if anything, they could back- Even if the president’s unhap- vestigators to question Ameri-
from Canada, said tariffs tique of the Federal Reserve, November to succeed Janet Yel- fire by forcing the central bank piness doesn’t influence the Fed, cans, including U.S. diplomats.
are hurting its profit. B3 saying he hoped the central bank len, and he took his post in Feb- to affirm its independence. Marc the comments risk calling the The White House had said on
would stop raising interest rates. ruary. Sumerlin, managing partner at Fed’s independence into ques- Wednesday it was considering
 Alphabet will appeal
“I am not happy about it,” Mr. Mr. Trump, a Republican, said economic consulting firm Even- tion if the central bank, on its the matter.
the antitrust fine the EU
Trump said about interest-rate he was “not thrilled” because ev- flow Macro, said the already- own, concluded it needed to Please turn to page A8
imposed on its Google unit
increases, in an interview Thurs- ery time the economy strength- high likelihood of a rate increase slow its gradual pace of rate in-
for abusing the dominance
day with CNBC. ens “they want to raise rates in September had climbed creases, analysts said.
of its Android mobile op-
erating system. B3
His comments departed from again.” But he said he wouldn’t higher after Mr. Trump’s re- Central bankers have long ar- Global Reach
a convention in which presidents interfere with the Fed. “I’m let- marks. gued for independence from po-  Foreign investors face
 Blackstone reported a have refrained from speaking ting them do what they feel is “If the president publicly tells Please turn to page A2 tougher vetting............... A4
sharp jump in second- specifically on monetary policy. best,” he said. a Fed chair to stop, they have to  Battleground widens over
quarter profit as the The Fed raised its benchmark Mr. Trump also called Mr. keep going,” said Mr. Sumerlin,  Senate GOP cool to new tax trade.................................... A6
value of its private-equity rate twice this year, in March Powell a “very good man” in the who served as an adviser to for- plan.................................................. A2  U.S. won’t let Russia
portfolio surged. B9 and in June, to a range between portion of the interview that mer President George W. Bush.  Stocks fall on trade concerns, question Americans....... A8
1.75% and 2%. Central bank offi- aired Thursday. “Trump’s being counterproduc- earnings...................................... B10
World-Wide
Jobless Claims Lowest Since ’69
 The White House said
it had invited Putin to
Washington for a follow-
Initial jobless claims last week decreased to a seasonally
adjusted 207,000, the lowest level since December 1969. A2
Comcast Abandons Fox Bid,
up meeting, even as it re-
mained unclear what
Trump and the Russian leader
Jobless claims filed for every 10,000 in labor force
60
But Keeps Its Sights on Sky
discussed in Helsinki. A1
 Trump rejected a Putin BY SHALINI RAMACHANDRAN Comcast’s retreat on Thurs- Iger and the team at Disney and
proposal to allow Russian day amounts to a major victory commend the Murdoch family
50
investigators to question a Comcast Corp. dropped its for Mr. Iger and ends a high- and Fox for creating such a de-
number of Americans. A8 bid for 21st Century Fox’s en- stakes chess match for Fox’s sirable and respected com-
 The number of Ameri- tertainment assets amid entertainment assets, viewed pany,” Comcast Chief Executive
40
cans claiming new unem- mounting odds, clearing the as a means to combat a declin- Brian Roberts said on Thursday.
ployment benefits fell last way for rival Walt Disney Co. ing U.S. pay-TV market and the Comcast executives remain
week to the lowest level in 30
to acquire key pieces of Ru- rise of streaming services like focused on winning Sky, which
nearly five decades. A2 pert Murdoch’s media empire Netflix Inc. they view as a mini-version of
for $71.3 billion. Assuming Disney wins all Comcast-NBCUniversal that
 Weak oversight at the lo- However, Comcast said it necessary regulatory approvals could give them a boost in the
20
cal, state and federal levels was still pursuing European abroad—it already secured global streaming race. The ca-
contributed to and slowed the pay-television giant Sky PLC, clearance from the U.S. Justice ble-and-entertainment giant
response to the Flint, Mich., 10 which also has been the sub- Department—it will wind up has offered to buy Sky for
water crisis, the EPA inspec- ject of a takeover battle be- with such businesses as the £14.75 ($19.28) a share in cash,
tor general reported. A3 tween Comcast and Fox. Com- Twentieth Century Fox film valuing the company at $34
 At least eight died 0 cast has the higher offer for and TV studio, a controlling billion, a 5% premium to the
when a tourist boat cap- the operator, in which Fox al- stake in streaming-video ser- latest offer from Fox, which
1970 ’80 ’90 2000 ’10 ready owns a 39% stake. Dis- vice Hulu, and international Please turn to page A4
sized during a storm on a
lake in Missouri. A2
Source: Labor Department via Federal Reserve Bank of St. Louis ney Chief Executive Robert properties including Fox’s Sky
Iger has called Sky a “crown stake and Star India.  Heard on the Street: Battle
 Senate Republicans jewel” in the deal for Fox. “I’d like to congratulate Bob for Sky isn’t over yet.......... B11
were cool to a House GOP bill
to extend tax cuts that are
due to expire after 2025. A2
 South Carolina is de-
Holy Director’s Cut, Batman! Blue-Collar America INSIDE
fending the construction Fans Want a Redo of a Dud Film
of a plutonium-disposal
plant the federal govern-
ment wants to abandon. A3
i i i Turns Solidly Red
A director’s unhappy followers wage a
 The EU said it would re-
taliate if Trump imposes campaign for a new ‘Justice League’ Swing of factory towns from Democrats
tariffs on automobile ex-
ports to the U.S. A6
to GOP is remaking both parties
BY BEN FRITZ gathered pop-culture fanatics.
 The U.S. launched an
intensive diplomatic effort
Never mind that “Justice
In the annals of director’s League” fizzled at the box of-
BY BOB DAVIS AND DANTE CHINNI swing from blue to red.
In 1992, the district was
FRUMPY
to free an American pastor
still detained in Turkey. A8
cuts that restored a movie to fice last November and helped WASHINGTON—The Repub- dotted with textile mills and HOMES GET
 Israel’s parliament
its creator’s original vision drive Time Warner Inc.’s War-
stand such greats as Ridley ner Bros. to replace the execu-
lican Party has become the
party of blue-collar America.
was represented by a Demo-
crat, Butler Derrick, as it had
HIP UPGRADES
passed a law defining the Scott’s “Blade Runner” and tive team that oversees its DC After the 1992 election, 15 been for the prior 17 years. He
country as a Jewish state, Sergio Leone’s Comics superhe- of the 20 most manufacturing- backed gun control, got along MANSION, M1
a move that opponents “Once Upon a roes on the big intensive Congressional dis- with unions and voted for a
said discriminates against Time in America.” screen. Or that tricts in America were repre- 1986 law granting citizenship
Arab citizens. A10 Now some fans Zack Snyder’s sented by Democrats. Today, to millions of illegal immi-
are pushing for prior superhero all 20 are held by Republicans. grants.
CONTENTS Markets............. B10-11 Zack Snyder’s opus, “Batman v The shift of manufacturing The district has since be-
Banking & Finance B9 Opinion.............. A15-17
Business News.. B3,5 Sports....................... A14 “Justice League” Superman: Dawn from a Democratic stronghold come an auto-parts and plas-
Crossword.............. A14 Technology............... B4 to join those of Justice,” scored to a Republican one is a major tics manufacturing center.
Heard on Street.. B11 U.S. News............. A2-4 ranks, even a 27% on Rotten force remaking the two par- Then and now it was among
Life & Arts...... A12-13 Weather................... A14
Mansion.............. M1-12 World News A6-10,18
though no such Tomatoes. It was ties. It helps explain Donald the 20 districts in the nation
version may exist called “godawful” Trump’s political success, the with the highest concentration

>
yet.
Devotees have
No justice? by New York mag-
azine and “one of
rise of Republican protection-
ism and the nation’s polarized
of workers in the manufactur-
ing sector, according to a Wall
REFUNDS FOR
grown especially hopeful the most assaultive movies politics. It will help shape this Street Journal analysis of cen- WELLS ADD-ON
about the prospect of “Snyder ever made” by The Wall Street
cut” news with Thursday’s Journal.
year’s midterm elections.
South Carolina’s Third
sus data.
Today, the district is repre-
SERVICES
s 2018 Dow Jones & Company, Inc.
start of Comic-Con in San Di- An ardent group of fans be- Congressional district, on sented by a Republican, Jeff
All Rights Reserved ego, where studios frequently lieve “Batman v Superman” the edge of the Blue Ridge Duncan. He has compared ille- BUSINESS & FINANCE, B1
make big announcements to Please turn to page A11 Mountains, epitomizes the Please turn to page A11
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
A2 | Friday, July 20, 2018 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
Senate GOP Cool to New Tax Plan At Least
BY RICHARD RUBIN tax cuts that Americans are al-
ready working on and using
8 Die in
now can become permanent,”
WASHINGTON—House Re-
publicans are busily preparing
what they call “Tax Reform
2.0,” an extension of tax cuts
said Rep. Jim Renacci (R.,
Ohio).
Tax increases embedded in
Missouri
they passed last year that are
scheduled to expire after 2025.
So far, their Senate counter-
the law, including limits on the
state and local tax deduction
and the elimination of deduc-
Boating
parts aren’t so interested. tions for personal exemptions,
House Republicans expect to
vote on their tax plan in Sep-
tember, and one leading option
would also reverse after 2025 if
Congress doesn’t act.
On net, extending all those
Accident
is a three-bill package: Exten- major changes would reduce BY JOE BARRETT

ANDREW HARRER/BLOOMBERG NEWS


sion of expiring tax cuts, expan- federal revenue by $214.5 bil-
sion of incentives for savings lion in 2027 alone, according to At least eight people died
and policies to promote innova- the conservative-leaning Tax when an amphibious tourist
tion. Foundation. boat capsized during a storm
The tax-cut extension, the Mr. Trump has also sug- Thursday evening on a lake
largest of the three bills, is the gested lowering the corporate near Branson, Mo., authorities
one that is most likely to be- tax rate from 21% to 20%. said.
come a campaign-season talk- “We’re very well-aligned Stone County Sheriff Doug
ing point and also least likely with the White House,” Rep. Rader told local media in a
to become law this year. House members debate the tax bill last year. The House GOP is working on an extension of the cuts. Kevin Brady (R., Texas), chair- televised briefing that the
“We’ve got a pretty full man of the House Ways and boat capsized and sank on Ta-
agenda,” said Sen. Bill Cassidy One of those Democrats, Means Committee, said after a ble Rock Lake in a heavy
(R., La.), listing nominations, Sen. Claire McCaskill of Mis- Trump’s Pick for IRS complex disputes with the IRS, meeting Tuesday with Mr. storm. He said it appeared all
spending bills and flood insur- souri, said she backed making would run the tax agency until Trump. “We continue to have eight victims had drowned.
ance as priorities ahead of the the “tax cuts for regular fami- Gets Panel Backing November 2022 if confirmed discussions with the Senate and Seven additional people
new tax bill. lies” permanent but that they by the full Senate. listen to what they’d like to were taken to a hospital, but
Republicans in the Senate should be paid for. One sugges- Democrats, voting against see.” divers were still searching for
have a 51-49 advantage, but the tion she made was lowering the The Senate Finance Com- Mr. Rettig, were protesting a Mr. Brady’s Senate counter- others. The sheriff didn’t know
bill would need 60 votes to income cap for child tax-credit mittee backed President Don- Treasury Department decision part, Sen. Orrin Hatch (R., the exact number of people on
clear procedural hurdles. Sen. eligibility, which now starts ald Trump’s choice to run the to let some nonprofit groups Utah), backs making the tax the tourist boat.
John Thune (R., S.D.), a mem- phasing out at $400,000 for Internal Revenue Service on a provide the government with cuts permanent and wants to “This is going to be an all-
ber of GOP leadership, said Re- married couples. 14-13 party-line vote Thursday. less information about their “find a viable path and timing night into tomorrow, we’re
publicans likely wouldn’t bring “I don’t know how they look Charles Rettig, a California donors. to achieve this goal,” said his still going to be working on
the tax bill to the floor unless in the mirror. I can’t remember tax lawyer who specializes in —Richard Rubin spokeswoman, Julia Lawless. this,” he said.
they are sure it could get 60 how many righteous lectures I The other pieces of the The sheriff said one of his
votes. got from my Republican col- House GOP tax agenda stand a deputies was on the boat pro-
Even attempting a sure-to- leagues about the debt and def- but it came with the restriction from 37%, the child tax credit somewhat better chance of be- viding security at the time of
fail vote carries risks for Senate icit,” she said. that they couldn’t increase bud- would shrink back to $1,000 coming law if passed sepa- the accident. He said the dep-
Republicans, because a few The tax cuts expire because get deficits beyond a decade. from $2,000, the standard de- rately. There’s bipartisan inter- uty was in the water trying to
Democrats up for re-election in of choices Republicans made as They made the corporate duction would get cut and a est in incentives for retirement save some of the other passen-
states won by President Donald they passed their tax law with- tax-rate cut permanent, but new break for partnerships and savings, and the outlook for gers when rescuers arrived on
Trump could muddle the GOP’s out any Democratic votes last they set the individual tax cuts other pass-through businesses them will become clearer once the scene.
campaign message against year. They used a fast-track to expire after 2025. If Con- would vanish. Republicans release details. The sheriff declined to say
them by voting for middle-class procedure that let them avoid gress doesn’t act, the top tax “We want to work toward —Siobhan Hughes whether any children were
tax cuts. the 60-vote Senate threshold, rate would return to 39.6% permanence, making sure these contributed to this article. among the fatalities.

More Central Banks Are Poised to Raise Rates Jobless


BY PAUL HANNON Moving Up
The Fed started to raise rates in December 2015,
rate in July, and it could well be
joined this quarter by the Bank
Economists think it is likely,
but not certain, that the Bank
Claims
A growing number of the
world’s central banks are
poised to join the U.S. Federal
and a handful of central banks have followed in its footsteps.
Central bank interest-rate targets
of England, the Reserve Bank of
India, and the central banks of
Indonesia, Norway and Turkey.
of England will raise its key in-
terest rate for a second time
since November when policy
Lowest
Reserve in lifting interest rates
in coming months amid solid
global growth, though those
8%
Mexico
Many of the rate increases
this year have partly been a re-
sponse to the Fed’s moves,
makers meet on Aug. 2, seek-
ing to tame an inflation rate
that has been above
Since 1969
plans could be scrambled by which raise the return on U.S. its 2% target. BY SARAH CHANEY
Indonesia
rising trade tensions between 6 assets and can lead to big out- Elsewhere, caution remains
the major economies. India flows of capital from emerging the watchword. Rate rises by WASHINGTON—The num-
Between its first postcrisis markets if they don’t respond the Bank of Japan and the Eu- ber of Americans claiming
rate rise at the end of 2015, and in kind. That would in turn ropean Central Bank are a dis- new unemployment benefits
4
its fifth in December 2017, the weaken local currencies, and tant prospect, although the lat- fell last week to the lowest
Fed plowed a largely lonely fur- push inflation higher. ter plans to start winding level in nearly five decades.
row. But in the first quarter of Those concerns were a fac- down its bond-buying program Initial jobless claims, a
this year, it was joined by six 2 U.S. tor in the rate moves by the in October. Economic growth proxy for layoffs across the
other central banks in tighten- Canada central banks of India, Indone- has picked up in Japan and the U.S., decreased by 8,000 to a
ing policy, and that number sia, Mexico, the Philippines and eurozone, but it remains mod- seasonally adjusted 207,000 in
rose to seven in the April 0 U.K. Turkey in the second quarter. est and uncertain, while infla- the week ended July 14, the
through June period. 2016 ’17 ’18 Further moves of that kind are tion has yet to settle around Labor Department said Thurs-
A similar number of central likely in coming quarters. central bank targets. day.
banks are set to follow its lead Source: FactSet THE WALL STREET JOURNAL. “The impact of rising interest The main exception among This marks the lowest level
in the three months through rates in advanced economies, in central banking’s heavyweights for claims since December
September, although for some an increasing risk rather than two more increases this particular the United States, on is likely to be the People’s Bank 1969, when there were
the path is less certain than a likely prospect. year. They are widely expected emerging Asia requires careful of China, which is expected to 202,000 applications for un-
for others. A marked slow- The Fed raised short-term to make their next move in Sep- attention,” the Organization for ease policy in response to the employment benefits. Econo-
down in growth could upset U.S. rates twice in the first half tember. The Bank of Canada has Economic Cooperation and De- threat of an economic slow- mists surveyed by The Wall
such plans, but that remains and officials have penciled in already raised its key interest velopment warned. down posed by U.S. tariffs. Street Journal expected
220,000 new claims last
week.

Trump Hits ations to influence their deci-


sion-making.
The upshot is that Mr. Trump
ously expressed support for a
weaker dollar, said he was frus-
trated that rising interest rates
dollar.
Mr. Powell, who hasn’t met
with or spoken to Mr. Trump
der the administrations of
George W. Bush and Barack
Obama. It also was followed un-
Thursday’s claims figure
underscores a theme playing
out for years: Unemployment-

At Fed in has few means to directly influ-


ence the Fed. If all the presi-
dent’s remaining nominees were
had caused the U.S. dollar to
strengthen against other curren-
cies.
since his confirmation, said last
week he wasn’t worried about
political pressure from the
til this year in Mr. Trump’s
White House.
Former White House eco-
benefit applications have re-
mained low, a sign that rela-
tively few Americans are

Rare Move confirmed, he would have only


one vacancy left to fill on the
board.
Europe’s “making money
easy, and their currency is fall-
ing,” Mr. Trump told CNBC.
White House.
“We do our work in a strictly
nonpolitical way, based on de-
nomic adviser Gary Cohn em-
phasized to colleagues the im-
portance to markets of not
being laid off and seeking as-
sistance in a buoyant U.S. job
market.
Continued from Page One Fed governors serve fixed “China, their currency is drop- tailed analysis, which we put on publicly second-guessing mone- In June, about 14 initial job-
litical pressure. They said it terms and cannot be removed ping like a rock. Our currency is the record transparently,” Mr. tary policy decisions. He left the less claims were filed for every
gives investors greater confi- from office by the president be- going up. I have to tell you, it Powell said in an interview with White House in April. 10,000 people in the labor
dence that officials will make cause of a policy dispute. puts us at a disadvantage.” American Public Media’s “Mar- After a portion of Mr. force, Labor Department data
unpopular decisions in the long- Former Fed Vice Chairman A stronger greenback makes ketplace” radio program. Trump’s interview aired on show. This compares with pre-
run best interest of the econ- Donald Kohn, now at the Brook- U.S. exports relatively more ex- While former President Ron- Thursday, a White House recession lows of 19 claims
omy—such as raising rates to ings Institution, said he didn’t pensive on world markets. ald Reagan was reluctant to pub- spokeswoman issued a state- filed per 10,000 in April 2000
curb inflation—as former Fed expect Mr. Trump’s comments The dollar weakened slightly licly question Mr. Volcker, his ment that read in part, “Of and 23 claims filed per 10,000
Chairman Paul Volcker did in the Thursday to influence Mr. Pow- against other major currencies White House frequently criti- course the president respects in the spring of 1969.
early 1980s. ell, who goes by Jay. “I’m com- when CNBC aired Mr. Trump’s cized Fed policy and nominated the independence of the Fed.” The historically low claims
Political pressure on former pletely confident that the Fed, remarks, with the WSJ Dollar In- several governors who outvoted Mr. Trump said during the in- figure could in part represent
Fed chairmen William Mc- under Jay’s leadership, will con- dex moving lower shortly after 1 Mr. Volcker, a rare rebuke. terview that he knew some peo- difficulties with the seasonal
Chesney Martin by the Johnson tinue to do whatever is neces- p.m. EDT. It later recouped some In 1993, a top adviser to then- ple didn’t think it was appropri- adjustment of the data
administration and on Arthur sary to achieve its dual man- of those losses. President Bill Clinton began en- ate for the president to around the holidays.
Burns by the Nixon administra- date,” he said. In China early Friday, Beijing forcing a rule within the White comment on interest rates or the Claims for the July 7 week,
tion to follow easy-money poli- A Fed spokeswoman declined weakened the yuan by the most House that the Fed’s policy deci- dollar, but he said of those con- which included the Indepen-
cies is widely blamed for the in- to comment Thursday. in two years, guiding the cur- sions shouldn’t be publicly ques- cerns, “I couldn’t care less what dence Day holiday, were re-
flation surges of the 1970s. The president, who has previ- rency 0.9% lower against the tioned. That rule largely held un- they say.” vised to 215,000.
The Fed is charged by Con-

CORRECTIONS  AMPLIFICATIONS
gress to maximize employment
THE WALL STREET JOURNAL
and maintain stable prices, and
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
its leadership today seeks infla- (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
tion of 2% because it sees that Editorial and publication headquarters:
level as reflecting a healthy In some editions Thursday, showed 2016 gross domestic trading partner. A July 2 U.S. 1211 Avenue of the Americas, New York, N.Y. 10036
economy. Carnoustie, Scotland, was in- product per hour worked, in U.S. News article about economic out- Published daily except Sundays and general legal holidays.
With the economy expanding correctly listed as Carnoustie, dollars. The chart incorrectly put incorrectly said it is the big- Periodicals postage paid at New York, N.Y., and other mailing offices.
Postmaster: Send address changes to The Wall Street Journal,
solidly and the unemployment England, in the dateline of a was labeled in percentages. gest foreign buyer of U.S. goods. 200 Burnett Rd., Chicopee, MA 01020.
rate falling to its lowest levels in Sports article about this year’s All Advertising published in The Wall Street Journal is subject to the applicable rate card,
decades, the central bank has British Open. The Labor Department said U.S. companies are ex- copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc.,
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from historically very low levels Netflix Inc. has 130 million were voluntarily unemployed in funds following last year’s tax accept an advertiser’s order. Only publication of an advertisement shall constitute final
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Both of the Fed’s rate in- on Tuesday about the documen- seven. A Page One article July 5 panies to pay a one-time tax on
creases this year have been ap- tary “The Staircase” incorrectly about job hopping incorrectly accumulated foreign profits NEED ASSISTANCE WITH YOUR SUBSCRIPTION?
proved unanimously. Mr. Trump said it has 125 million members. said that more than one in and generally made subsequent By web: customercenter.wsj.com; By email: wsjsupport@wsj.com
has filled two of seven seats on seven jobless Americans were repatriations free of U.S. taxes. By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at wsj.com/livechat
the Fed’s board of governors, A graphic with a Page One voluntarily unemployed in May. A July 2 Business & Finance ar-
which has four vacancies. The article Monday about innova- ticle about the dollar referred REPRINTS & LICENSING
Senate hasn’t yet confirmed Mr. tion and productivity growth China is the U.S.’s largest imprecisely to a one-time cut. By email: customreprints@dowjones.com; By phone: 1-800-843-0008
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THE WALL STREET JOURNAL. * * * * * * Friday, July 20, 2018 | A3

U.S. NEWS

State Defends Job-Rich Nuclear Project


U.S. wants to abandon The recent jousting marks 2000 nonproliferation pact be-
the latest twist for the trou- tween the U.S. and Russia. It
construction of facility bled Mixed-Oxide Fuel Fabri- called for each side to dispose
for plutonium disposal; cation Facility. In 2007, U.S. of at least 34 metric tons (37.5
officials said the so-called U.S. tons) of weapons-grade
South Carolina objects MOX plant would cost $4.8 plutonium no longer needed
billion and be completed by for defense purposes. Russia
BY SCOTT CALVERT 2016. DOE officials today esti- two years ago unilaterally sus-
mate it would cost $17.2 bil- pended the agreement.
The U.S. Energy Depart- lion and take until 2048, as- From 2014 to 2016, Con-
ment says it is spending $1.2 suming $350 million a year in gress gave the Energy Depart-

HIGH FLYER/REUTERS
million a day on a partially federal funding. ment the same message: Keep
built South Carolina nuclear “It’s a classic example of a building the MOX plant. Last
facility that it wants to aban- big project run amok and con- year, Congress authorized the
don due to soaring costs. tinuing for parochial reasons, energy secretary to stop con-
Congress has continued which is jobs in South Caro- struction if evidence showed
funding construction of the lina,” said Tom Clements, di- South Carolina wants Washington to continue building the Mixed-Oxide Fuel Fabrication Facility. another method would cost
plant, which would be used to rector of the nonprofit watch- less than half as much.
dispose of surplus weapons- dog group SRS Watch. decide to produce the pits at a In May, Energy Secretary
grade plutonium, despite a se- In 2014, the Energy Depart- different facility elsewhere. Moving Target Rick Perry invoked the provi-
ries of reviews casting doubt ment concluded plutonium “The department has the abil- Estimates for the so-called MOX sion and prepared to halt con-
on the financial logic involved. could be disposed far more ity to significantly reduce the plant's construction costs and struction in June. South Caro-
Last month, a federal judge cheaply using a different cost of our plutonium disposi- completion date lina sued, and U.S. District
ordered the work to keep go- method, known as “dilute and tion mission and provide re- have changed Judge J. Michelle Childs
ing, while South Carolina pur- dispose.” The shift is opposed sources for national security over the years. 17.2 granted a preliminary injunc-
sues a legal bid to force the by South Carolina officials and needs,” a DOE official said. $4.8 7.4 tion June 7 in the state’s favor,
Energy Department to stay the members of the state’s con- Lisa Gordon-Hagerty, ad- billion pending further litigation.
course. gressional delegation, includ- ministrator of the National South Carolina Attorney
The plant’s future is now ing Republican Sen. Lindsey Nuclear Security Administra- Year of General Alan Wilson, a Repub-
estimate: 2007 2012 2016
the subject of budget negotia- Graham. tion, a semiautonomous lican, said the state wants
tions on Capitol Hill. Lawmak- The department says it agency in the Energy Depart- Expected DOE “to abide by the rules
ers are haggling over whether wants to repurpose the MOX ment in charge of maintaining completion they agreed to abide by, and
to continue funding the proj- facility so it can produce plu- the U.S. nuclear weapons date: 2016 2019 2048 we want them to not make
ect in fiscal 2019, which starts tonium cores, or “pits,” for stockpile, said in a memo last Sources: Government Accountability Office; South Carolina a dumping
Oct. 1, or wind it down. The new nuclear weapons as part month that the agency was re- Energy Department THE WALL STREET JOURNAL. ground for nuclear waste.”
federal government has spent of a push to modernize the na- thinking the “viability to exe- Mr. Graham has said he
$5.4 billion on the plant since tion’s nuclear stockpile. cute enduring missions” at the 1,800 associated with the MOX community that has always hopes the injunction would al-
construction began in 2007, The judge’s order requiring Savannah River Site, an impor- plant, officials say. tried to do right by DOE,” he low the state’s congressional
and the facility accounts for work to continue prevents tant employer in western The uncertainty worries Ai- said. “Maybe it’s naive, but we delegation to “stop this mad-
nearly 2,000 jobs at the En- DOE from beginning to carry South Carolina. The site em- ken’s mayor, Rick Osbon, who certainly hope we can expect ness and ensure South Caro-
ergy Department’s Savannah out that plan, it said, raising ploys about 11,400 federal and would like to see the plant the same from them.” lina is not left holding the
River Site near Aiken, S.C. the possibility the U.S. could contractor workers, including completed. “I think we’re a The MOX is linked to a bag.”

Tornadoes
Batter Cities
In Central Iowa
A flurry of tornadoes that
formed unexpectedly swept
through central Iowa Thursday, in-
juring at least 17 people, flattening
buildings in three cities and forc-
ing the evacuation of a hospital.
The tornadoes hit Marshall-
town, Pella and Bondurant as
surprised residents ran for cover.
The storms injured 10 people in
Marshalltown and seven at a
factory near Pella, but no deaths
were reported.
Marshalltown, a city of
27,000 people about 50 miles
northeast of Des Moines, ap-
peared to have been hit the
hardest. Brick walls collapsed in
the streets, roofs were blown
off buildings and the cupola of
the historic courthouse tumbled
175 feet to the ground.
The only hospital in Marshall-
town was damaged, spokes-
woman Amy Varcoe said. All 40
of the patients at UnityPoint
Health were being transferred to
CHARLIE NEIBERGALL/ASSOCIATED PRESS

the health system’s larger hospi-


tal in Waterloo as well as one in
Grundy Center, she said.
Marshalltown resident Steph-
anie Moz said she, her husband
and 2-month-old baby were in
the clothing store she owns when
tornado sirens went off. “We
went through a tornado and sur-
vived,” she said. “I’m happy.”
—Associated Press Main Street in Marshalltown, Iowa, was littered by debris from damaged buildings Thursday. Tornadoes injured 10 people in the city and another seven in Pella, Iowa.

Reaction to Flint Water Crisis Faulted About 1,600 Children


BY JOE BARRETT
AND KRIS MAHER
In a preliminary report, the
inspector general said the EPA
tion,” said EPA Inspector Gen-
eral Arthur A. Elkins.
Enesta Jones said in a state-
ment.
Approved to Reunite
had enough information and The inspector general rec- “I absolutely agree that BY ALICIA A. CALDWELL more than 2,600 immigrant
Weak oversight at the local, authority to impose a water ommended a number of there needs to be an overhaul children taken from their par-
state and federal levels con- emergency to protect resi- changes to policies and proce- of the system,” said Melissa The Trump administration ents as part of a zero-toler-
tributed to and slowed the re- dents in Flint seven months dures to improve oversight Mays, a Flint resident, who told a federal court Thursday ance policy initiated earlier
sponse to the Flint, Mich., wa- earlier than it did. and said that eight of its nine has been outspoken on the that roughly 1,600 immigrant this year that led to most par-
ter crisis, according to a report The final report said the recommendations were being city’s water crisis and said she children separated from their ents being charged with a
Thursday from the Environ- federal response was delayed implemented. still has elevated lead levels in parents at the Mexican border crime for crossing the border
mental Protection Agency’s in- because the EPA didn’t estab- An EPA spokeswoman said her tap water. “More action have been approved to be re- illegally.
spector general. lish clear roles and responsi- the agency agrees with the re- needs to be taken before the united with their parents, President Donald Trump
Flint residents were ex- bilities, risk assessment proce- port’s recommendations. The next city becomes Flint.” while about 900 still haven’t signed an executive order last
posed to high levels of lead af- dures, effective communication agency has “already taken The city of Flint and the been. month to end the practice of
ter the city, under control of a and proactive oversight tools. steps to implement several of Michigan Department of Envi- So far, 364 children have separating families, and immi-
series of emergency managers, “While oversight authority those recommendations and ronmental Quality didn’t im- been returned to their fami- gration officials have stopped
switched its water source in is vital, its absence can con- will continue to expeditiously mediately respond to requests lies, the government said in a referring most parents caught
2014 without properly treating tribute to a catastrophic situa- adopt the rest,” spokeswoman to comment. nine-page filing to the court in crossing the Mexican border
it, allowing lead to leach from San Diego. illegally to federal prosecu-
aging service lines. Tests Government lawyers said of tors.
showed many children in the the 1,606 children who are eli- Judge Sabraw ordered the
city had elevated levels of lead gible to rejoin their parents, reunification last month as
as a result of the contamina- 848 specifically have been part of an American Civil Lib-
tion. cleared by the government for erties Union lawsuit over the
The report found that the reunification. Meanwhile, 908 separation practice.
Michigan Department of Envi- children separated from their The government missed an
ronmental Quality failed to im- families at the border are “ei- initial deadline to return 103
JAKE MAY/THE FLINT JOURNAL-MLIVE.COM/ASSOCIATED PRESS

plement two rules under the ther not eligible, or not yet of the youngest children to
federal lead and copper rule, known to be eligible, for re- their parents. Forty-six of
including maintaining an in- unification.” those children weren’t re-
ventory of lead service lines In the filing Thursday, the united with parents, the gov-
for monitoring in the city and government said parents of ernment said, for a variety of
requiring the use of anti-corro- 136 children waived their reasons including the criminal
sive additives in drinking wa- right to be reunited, while 91 histories of some adults.
ter after the water switch. children’s parents had a “pro- Lee Gelernt, the ACLU law-
Scott Kincaid, 65 years old, hibitive criminal record” or yer handling the case, said the
who served on Flint’s city were otherwise “deemed ineli- number of children the gov-
council for 30 years before gible” by Immigration and ernment says can’t be re-
stepping down in November, Customs Enforcement offi- united with parents is “very
said he wished the EPA had cials. Two other children’s high but of course we cannot
stepped in to address the parents are in criminal jails, evaluate the number because
city’s water quality sooner. the filing said. the government is not trans-
“Unfortunately for us in Flint, U.S. District Judge Dana Sa- parent.”
we were the ones that had to A worker loaded cases of bottled water into vehicles in Flint, Mich., in April. The state ended a braw gave the administration Another hearing is sched-
suffer,” he said. free-water program after tests showed that water quality was below federal action levels for lead. until July 26 to reunite the uled in the case Friday.
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A4 | Friday, July 20, 2018 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Foreign Investors Face Tougher Vetting


Lawmakers reach deal military applications. A Febru-
ary 2017 report by DIUx, a De-
to bolster CFIUS and fense Department unit, laid
export controls in a out just how Chinese investors
were doing so and provided a
win for China hawks road map for some of the
bill’s text.
BY KATE O’KEEFFE Although Mr. Cornyn began
AND SIOBHAN HUGHES gaining traction through per-
sonal outreach to cabinet offi-
Congress is poised to cials at the Treasury, Defense
strengthen the procedures for and Justice Departments—
vetting foreign investments in which are all heavy hitters on
the U.S. and overseas transac- CFIUS—one early concern was
tions involving cutting-edge the level of support across the
American technology. aisle. While many Democrats
Negotiators from the Sen- were eager to crack down on
ate and the House reached a China, some proposed expand-
deal on the final text of the ing CFIUS’s remit beyond mat-
provision to bolster both the ters of national security to in-
Committee on Foreign Invest- clude issues such as economic
ment in the U.S. and the U.S. competitiveness, which would
export-control system, in an have been a deal breaker for
effort to block Chinese and many Republicans. Ultimately
other foreign transactions that the legislation attracted wide

ANDREW HARRER/BLOOMBERG NEWS


could harm national security. bipartisan support, including
The measure represents the from co-sponsors Sens. Di-
first major change in a decade anne Feinstein (D., Calif.) and
to the rules governing foreign Amy Klobuchar (D., Minn.).
investment reviews, and its On the other end of the
impending passage follows a spectrum, Mr. Cornyn and his
bruising battle among law- allies faced stiff opposition
makers and some of the coun- from major businesses such as
try’s biggest companies. International Business Ma-
“It’s a done deal,” said Sen- GOP Sen. John Cornyn, center, is one of the architects of a nearly two-year effort to crack down on certain foreign deals in the U.S. chines Corp. and General Elec-
ate Majority Whip John tric Co., which publicly criti-
Cornyn (R., Texas), one of the CFIUS’s authority to review CFIUS is an interagency “America’s technology will Mr. Cornyn began talking cized an earlier iteration of
architects of the initiative, in a foreign entities’ minority-posi- committee that reviews pro- now have stronger protections with Treasury officials about the bill as overly broad. The
Thursday interview. tion investments through ven- posed foreign takeovers of U.S. commensurate with the chal- cracking down on certain for- companies took particular is-
The provision, which has ture-capital funds and other businesses. The committee, led lenges from China and other eign deals in October 2016, ac- sue with an initial plan to
been attached to a must-pass means, its ability to vet real-es- by the Treasury, can advise nations seeking to exploit our cording to a person familiar widen CFIUS’s remit beyond
military spending bill, could tate transactions near sensitive the president to block such current laws,” said Mr. Pit- with the matter. At that time, inbound investment to include
become law as soon as this U.S. facilities, and its right to deals on national-security tenger on Thursday. Chinese investment was pour- deals struck abroad as well.
month. First introduced as review any deal structured to grounds. Export controls regu- The impending legislative ing into the country, tripling To overcome the impasse,
proposed legislation by Mr. evade the committee’s jurisdic- late which U.S. technologies victory for China hawks in to a record $46 billion by the lawmakers in both chambers
Cornyn and Rep. Robert Pit- tion, such as transactions that can be sent abroad. Congress hardly seemed a end of the year, according to agreed in May to amend the
tenger (R., N.C.) in November use shell companies to obfus- President Donald Trump in foregone conclusion until very analysts at New York research measure’s text to leave re-
2017, the measure will affect cate ownership. It will also bol- June said he would rely on recently. It followed a nearly firm Rhodium Group. views of U.S. companies’
both foreign firms seeking ster the export-controls pro- Congress’s CFIUS provision to two-year battle to gather sup- Mr. Cornyn has said he was transactions abroad to a
deals in the U.S. and American cess to review overseas address national-security con- port from an array of govern- particularly concerned that strengthened export-controls
companies doing business transactions such as joint-ven- cerns with Chinese investment ment agencies, businesses and China was exploiting loop- process, as opposed to giving
abroad. ture agreements involving sen- instead of imposing his own lawmakers that often held holes in the CFIUS process to CFIUS jurisdiction to review
The measure will strengthen sitive U.S. technology. set of restrictions. strong—and opposing—views. acquire U.S. technology with them.

WASHINGTON WIRE
Appeals Court Nominee Bows Out FBI CONSUMER PROTECTION
BY NATALIE ANDREWS Mr. Scott would vote no and
AND BRENT KENDALL Mr. Rubio was leaning in that Three Cybersecurity CFPB Nominee Seeks
direction, the “no” votes Officials Resigning To Strike Balance
WASHINGTON—A promi- started to rack up, the Repub-
nent federal appeals court lican aide said, prompting Mr. Three of the top cybersecu- The Trump administration’s
nominee withdrew from con- McConnell to withdraw the rity officials at the Federal Bu- pick to run the Consumer Finan-
sideration on Thursday after a nomination. reau of Investigation are retiring cial Protection Bureau said she
Republican senator voiced Democrats sought to use from government service, ac- would pursue the “proper bal-
concern over what he said the development to bolster cording to people familiar with ancing of all interests,” including
were racially insensitive writ- their case against Supreme the matter—departures that those of consumers and financial
ings by the nominee several Court nominee Judge Brett Ka- come as cyberattacks are a ma- companies, signaling she would
YURI GRIPAS/REUTERS

years ago, and other GOP law- vanaugh. Democrats are refus- jor concern for security agencies. continue a shift in the bureau’s
makers joined him in opposi- ing to meet with the nominee Senior U.S. intelligence offi- operations from the Obama era.
tion. until they see more of the cials say the country is at a Kathy Kraninger, a senior offi-
Senate Majority Leader judge’s past writings. “critical point” in facing unprece- cial at the White House’s Office
Mitch McConnell (R., Ky.) “If Republicans agreed that dented cyberthreats. of Management and Budget,
dropped a scheduled floor vote Bounds is not qualified be- Scott Smith, the assistant FBI faced grilling by lawmakers on
for the nomination of Ryan Lawmakers objected to past writings from Ryan Wesley Bounds. cause of what he wrote in col- director who runs the bureau’s the Senate Banking Committee
Wesley Bounds to the Ninth lege, how could they possibly cyber division, is leaving this on Thursday, her first opportu-
U.S. Circuit Court of Appeals Stanford University. For exam- Senate leaves no margin for argue that material from Brett month. His deputy, Howard Mar- nity to publicly present her views
after the senators said they ple, in a 1995 piece for the stu- internal disagreement. Kavanaugh’s time in the White shall, also left in recent weeks. on consumer-finance oversight.
couldn’t support him. dent-run Stanford Review Mr. “After talking with the nom- House and as a political opera- Mr. Marshall has accepted a job Since Trump-appointed officials
The withdrawal marks the Bounds coined the term “race- inee last night and meeting tive aren’t relevant?” said Sen. at Accenture, a consulting firm. took control of the CFPB in No-
first time the Trump adminis- think,” which he defined as a with him today, I had unan- Dianne Feinstein (D., Calif.), Mr. Smith is also expected to vember, the agency has sought a
tration has failed with a nomi- misplaced emphasis on multi- swered questions that led to the top Democrat on the Sen- move to the private sector. friendlier approach to the compa-
nee for one of the 12 regional culturalism. He lamented me being unable to support ate Judiciary Committee. David Resch, executive assis- nies it regulates, a change from
U.S. appeals courts, which are “race-focused” groups on cam- him,” South Carolina Sen. Tim The White House has priori- tant director of the FBI’s crimi- the Obama administration.
influential because they are pus and wrote that “the exis- Scott said in a statement. tized nominees for the U.S. ap- nal, cyber, response and services President Donald Trump in
the final word on most litiga- tence of ethnic organizations Mr. Scott, the only black Re- peals courts above nominees branch, is departing the bureau, June nominated Ms. Kraninger to
tion in the federal system. The is no inevitable prerequisite to publican senator, “raised some for trial courts and other spe- as well. Mr. Resch, who was succeed CFPB acting Director Mick
White House confirmed Mr. maintaining a diverse univer- issues” on Thursday, ahead of cialized courts. Until Thursday, named to his senior post by FBI Mulvaney, who has been retooling
Bounds pulled his name for sity community—white stu- the vote, said Sen. Marco Ru- the administration had suc- Director Christopher Wray in the agency while also serving as
consideration after GOP sena- dents, after all, seem to be do- bio as he left the GOP closed- cessfully placed 23 judges on April, supervised Mr. Smith and White House budget director.
tors’ support faded. ing all right without an Aryan door lunch. The Florida Re- appeals courts 18 months into Mr. Marshall. Ms. Kraninger said she would
The Ninth Circuit covers Student Union.” publican shared his colleague’s the Trump presidency. That is Additionally, Carl Ghattas, ex- carry on the pro-business policy
nine Western states, including Multiple attempts to reach concerns, and was troubled more than double the number ecutive assistant director of the shift started by Mr. Mulvaney.
California, and is one of the Mr. Bounds for comment that Mr. Bounds hadn’t dis- of appeals court judges Presi- FBI’s national-security branch, Her strategy would emphasize
country’s most left-leaning ap- weren’t successful. closed his college writings to a dent Barack Obama saw con- has decided to leave for the pri- cooperation with other regula-
peals courts. Judicial nominees need a state nominating committee, firmed at the same point in his vate sector. The White House tors and state officials, she said,
Lawmakers objected to past simple majority vote to win according to a Republican aide presidency. declined to comment. while going after those who en-
writings from Mr. Bounds confirmation, but Republicans’ familiar with the matter. —Siobhan Hughes —Dustin Volz gage in illegal activities.
when he was a student at narrow 51-49 majority in the After it became clear that contributed to this article. and Shelby Holliday —Yuka Hayashi

Comcast iar with the matter said. Mr.


Roberts has said Comcast pre-
fers to buy 100% of Sky but
Outbid, but Bid Higher
Shares of Comcast rose on Thursday after the cable giant dropped its
than the value of Disney’s origi-
nal offer. After Disney came
back with its latest bid the fol-
appear to want Comcast to
win, a person familiar with the
company’s thinking said.

Abandons would settle for a majority


stake and sharing ownership
with Disney.
bid for 21st Century Fox’s entertainment assets.
Share performance on Thursday
lowing week, Comcast reviewed
its options and considered rais-
ing money from private-equity
“It was awfully challenging,
given the advantage Disney
had both from a timing per-

Fox Pursuit Sky shares fell 1.5% to £15.09


each in London trading. Inves-
tors had sent the share price
4%

3
investors or strategic suitors to
finance a higher bid, people
close to the company said.
spective and a regulatory per-
spective,” said Dennis Hersch,
who used to head Davis Polk &
Continued from Page One higher, expecting a bidding war. Comcast The challenges to Comcast Wardwell’s mergers-and-acqui-
has been trying since 2016 to Comcast’s pursuit of Fox 2 grew larger. Because of an ar- sitions practice and was a for-
buy the rest of Sky. was a struggle from the start. cane provision in U.K. takeover mer adviser to Mr. Roberts on
Disney has indicated in regu- Fox initially struck a $52.4 bil- 1 rules, as either Disney or Com- deals. “Sky offers an amazing
latory filings that it is in charge lion, all-stock deal with Disney Disney cast raised their bids for the platform for Comcast, and I
of whether Fox continues pur- in December, snubbing Com- 0 Fox assets in the U.S., the im- think they understand that
suing Sky. Disney still hasn’t cast’s substantially higher plied value of Sky would go business much better than Dis-
decided if it will top Comcast’s stock offer, citing regulatory –1 up—meaning Comcast would ney does from their experience
bid, people with knowledge of concerns, according to a Fox 21st Century Fox be bidding against itself with a in the cable industry.”
–2
Disney’s thinking said, but regulatory filing. The move higher Fox offer. It was a no- Mr. Hersch dismissed the
some analysts and people close stung Comcast executives, in- –3 tion that caught all parties off idea that Comcast would turn to
to Comcast have argued that it cluding Mr. Roberts, who felt guard, people familiar with the other deals after losing on Fox,
might be smarter to sell Fox’s their efforts weren’t being 9:30 a.m. 10 11 noon 1 p.m. 2 3 4 matter said. saying that Sky would already
Sky stake to Comcast, rather taken seriously, people close to Source: SIX THE WALL STREET JOURNAL. Comcast’s pursuit then hit a be a “big bite” for Comcast if it
than spend tens of billions of the company said. setback after the Justice De- were to win that contest.
dollars to buy a big pay-TV dis- Mr. Roberts also was up doch family preferred to own for months and thought they partment said last week that it Investors on Thursday
tributor that may not be a key- against personal dynamics. Disney stock over Comcast’s, had a path to win when a fed- would appeal the AT&T deci- cheered Mr. Roberts’s decision
part of Disney’s future. While Messrs. Murdoch and the people said, because they eral judge in June blessed sion, which Comcast had used to pull out of the Fox race,
In either case, a move isn’t Iger have long been friends, would have more power in a AT&T Inc.’s takeover of Time to rebut concerns about regula- sending Comcast shares up
expected soon from Disney. A Mr. Murdoch and his sons combined Disney-Fox, as Mr. Warner Inc. over the Justice tory risk. 2.6% as the broader market de-
vote by shareholders to ap- viewed Mr. Roberts with wari- Roberts controls one-third of Department’s objections, a sign Comcast executives began to clined. The stock had been un-
prove its acquisition of Fox is ness after years of tough deal- Comcast’s voting power. In ad- that a Comcast-Fox deal could determine that they would der pressure amid concerns
scheduled for July 27, and Dis- ings with Comcast over TV- dition, Mr. Iger has had a ri- withstand government scrutiny. have to raise their bid for Fox about the deal’s potential costs.
ney wants to confirm it will be channel carriage fees and Hulu, valry with Mr. Roberts, dating The next day, Comcast lobbed substantially to top a competi- Disney shares rose 1.3%, while
getting those assets, including which they jointly own, people back to Comcast’s hostile bid in an unsolicited $65 billion, tor that didn’t appear to be go- Fox slid 3 cents to $46.65.
the Sky stake, before making familiar with the Murdochs’ for Disney in 2004. all-cash bid for the Fox assets ing away and capture a com- —Ben Fritz and Keach Hagey
its next move, a person famil- thinking have said. The Mur- Comcast executives plotted that was about 20% higher pany whose owner didn’t contributed to this article.
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THE WALL STREET JOURNAL. Friday, July 20, 2018 | A5

TIMING MANKIND’S
G R E AT E S T H O U R
On July 21, 1969, at 02:56:15 UTC,
history changed with one small step – and
Earth’s most trusted chronograph became
the first watch worn on the moon.

SPEEDMASTER MOONWATCH
SHOP AT OMEGAWATCHES.COM
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WORLD NEWS
Trade’s Widening Battleground
The Trump administration’s use of tariffs on imported
goods started slowly but has broadened to include
Ross Says It Is ‘Too Early’
To Make Call on Auto Tariffs
hundreds of billions of dollars in goods from China and
other big economies. The timeline illustrates the rapid
increase in the number of products subject to new duties.

IMPORTS BY JOSH ZUMBRUN labor union, the United Auto Automotive Policy Council, a who called the government’s
AND CHESTER DAWSON Workers, which has expressed lobby representing General Mo- investigation long overdue af-
Tariffs on goods qualified support and criti- tors Co., Ford Motor Co. and ter “decades of disinvest-
coming to the U.S. WAS H I N GT O N — C o m - cized industry moves to shift Fiat Chrysler Automobiles N.V. ment.”
merce Secretary Wilbur Ross production outside the U.S. “There is no evidence that Ms. Kelly said the UAW sup-
April 2017 said it is “too early” to say Representatives for U.S. automotive imports pose a ports “targeted” measures but
whether the Trump adminis- trading partners, auto makers, threat to national security,” stopped short of endorsing
U.S. launches probe of aluminum Jan. 22, 2018 tration will move ahead with components suppliers and said Matt Blunt, president of across-the-board tariffs. Trade
and steel imports and sets U.S. imposes proposed tariffs of as much as dealers testified Thursday the group. Mr. Blunt, former tactics, she added, should take
tariffs of approximately 20% on tariffs on 25% on imported vehicles and against the tariffs, arguing governor of Missouri, said into account the globalized na-
washing auto parts. they would hurt the economy there is domestic capacity to ture of the industry.
Canadian lumber.
machines Mr. Ross said the govern- meet any national security re- “Any rash actions could
and solar ment was still analyzing quirements. have unforeseen conse-
whether it would impose tariffs Auto industry officials have quences, including mass lay-
February 2018
panels.
on national security grounds,
Auto industry grown increasingly alarmed at offs of American workers, but
following a similar move on officials are alarmed the prospect of adding yet an- that doesn’t mean we should
metals imports this year. other tariff to those already do nothing,” she said.
His comments came at the
at the prospect of imposed by the White House Bob Carroll, a 37-year-old
TARIFFS BY COUNTRY/REGION opening of a hearing Thursday adding another tariff. this year on aluminum, steel machinist in New Jersey, sub-
Proposed in which all but one of 43 par- and some Chinese-made mitted a public comment sup-
Imposed ticipants who testified spoke goods. porting tariffs, although he
out against automotive tariffs. The widespread opposition said Thursday he couldn’t take
Canada China EU The Commerce Department and put jobs at risk by raising to tariffs in Thursday’s testi- time off to attend the hearing
Multiple/other countries hearings are part of an inves- consumer prices and sparking mony contrasted with previous in person. He expressed frus-
tigation launched in May into a trade war. tariff hearings on Chinese im- tration with the import of
whether the Trump adminis- The European Union said ports that attracted businesses auto parts.
Width indicates value of goods tration can use a 1962 national earlier in the day that it would and lobbying groups both in Workers at some nonunion
subject to tariff:
$25B security law to impose duties retaliate if the U.S. imposes support of and in opposition to auto factories expressed more
50 on foreign-sourced cars and tariffs on imports from Europe, White House policy. opposition to the tariffs. Toy-
100 car parts. cautioning Washington against The day’s only testimony ota Motor Corp. said dozens of
The Trump administration’s unilateral measures that favoring a tougher approach workers at its U.S. plants
hard line has won praise in threaten global free-trade. to auto trade policy came from staged a protest involving a
some quarters, including the Opponents of proposed tar- Jennifer Kelly, director of the caravan of vehicles driving
March country’s largest automotive iffs also include the American UAW’s research department, around the capital.

EU Threatens to Retaliate for Levies


March 8
Steel and aluminum
tariffs finalized. Canada,
Mexico and the EU are
initially excluded.
BY EMRE PEKER against the EU, specifically girding to go tit-for-tat with rebalancing measures.”
with auto duties. In June, he the president. It remains unclear what
BRUSSELS—The European said EU Competition Commis- “If the U.S. would impose products the EU would target,
March 22 Union said it would retaliate if sioner Margrethe Vestager, these car tariffs, that would be in part because officials in
President Donald Trump im- who levied the fine on Google very unfortunate,” Ms. Malm- Brussels don’t know yet pre-
U.S. launches plan poses tariffs on car exports to Wednesday, “really hates the strom told a conference. “We cisely what measures the U.S.
to impose tariffs on the U.S., cautioning Washington U.S.,” according to people who are preparing, together with would take.
up to $60 billion in against unilateral measures that heard the comment. our member states, a list of European leaders had hoped
threaten global free trade. Ms. Vestager, whom Mr. Mr. Juncker might succeed with
imports from China, Thursday’s threat comes Trump called the EU’s “tax Mr. Trump where other Euro-
citing intellectual- less than a week before a lady,” rejected Mr. Trump’s ac- pean leaders, including French
property theft. planned White House visit by cusation. EXPORTS President Emmanuel Macron
the EU’s top executive, Euro- “I very much like the U.S.,” Tariffs on goods and German Chancellor Angela
pean Commission President she said on Wednesday. from the U.S. Merkel, had failed.
April Jean-Claude Juncker. The EU exports roughly $60 Mr. Trump’s “America
Both sides have touted the billion annually in autos and car April 1, 2018 First” policies are diametri-
April 3 visit as a chance to discuss the parts to the U.S. Imposing tar- China retaliates cally opposed to the interna-
Trump escalating trade battle and iffs on that would be a “disas- against U.S. steel tionalist stance of Mr. Juncker,
threatens to other issues. trous” and illegal move to gain and aluminum a former prime minister of
Prospects for fruitful nego- leverage in trade negotiations, tariffs, hitting pork Luxembourg whom the presi-
impose tariffs tiations could now be clouded said EU Trade Commissioner and other products. dent has called a “brutal
on another following Mr. Trump’s angry Cecilia Malmstrom, who will ac- killer” in trade.
$100 billion of reaction to a separate EU rul- company Mr. Juncker to the The EU will convey its con-
Chinese goods. ing on Wednesday, fining White House on Wednesday. cerns to Mr. Trump over po-
Google parent Alphabet Inc. Administration officials tential car duties, stressing
$5 billion for abusing the mar- have proposed a bilateral April 17 European manufacturers’ in-
ket dominance of its Android trade deal cutting tariffs on China announces vestments in the U.S., the im-
mobile operating system. only cars but the EU can’t tariffs on U.S. portance of international sup-
Approx. $207 billion “I told you so!” Mr. Trump agree to that under World sorghum exports in ply chains and risks to
tweeted. “The European Union Trade Organization rules, Ms. apparent retaliation millions of jobs for both par-
just slapped a Five Billion Dol- Malmstrom said. for U.S. tariffs on ties in an escalating trade war.
lar fine on one of our great Mr. Trump has repeatedly solar panels. “A car can be bought in Se-
companies, Google. They truly complained about the 28- attle, assembled in Detroit, hav-
have taken advantage of the member bloc’s 10% car tariffs, ing been designed by a German,
U.S., but not for long!” which is quadruple the U.S. built with a Mexican chassis
May Mr. Trump has said tariffs rate but lower than the 25% and Canadian engine parts—
on car imports would respond U.S. tariff on light trucks. this is how trade is win-win,”
to EU trade practices. Ms. Malmstrom said the EU Ms. Malmstrom said.
On Wednesday he threat- is ready to discuss a broader Similar arguments—includ-
ened “tremendous retribution” trade agreement but was also ing at the Group of Seven

June 1 May 23 The EU exports


Canada, Mexico and Administration threatens tariffs on vehicles and car roughly $60 billion a
the EU now subject
to steel and
parts, vastly expanding the scope of a potential trade year in autos and car
aluminum tariffs. conflict by adding up to $359 billion in goods. parts to the U.S.

summit in Canada last


month—haven’t swayed Mr.
Trump.
June 5 The weakening trans-Atlan-
Mexico retaliates tic alliance has fueled EU efforts
June against the U.S., to strike free-trade agreements
hitting American with other partners and engage
June 18 steel, pork and China in an effort to revamp
dairy products. global trade rules.
Trump asks U.S.
Meanwhile, the bloc has re-
officials to identify sponded to Mr. Trump’s steel
$200 billion in and aluminum tariffs with lev-
June 22
Chinese goods for The EU begins
ies on €2.8 billion ($3.26 bil-
tariffs. lion) of American exports, a
retaliation against WTO challenge and trade-pro-
U.S. exports, tection measures to safeguard
including bourbon European manufacturers.
and motorcycles. Still, EU officials have re-
peatedly said none of its rela-
tionships measure up to its
July 1 partnership with the U.S.
Approx. $872 billion Canada retaliates The two built the WTO in
against steel and the 1990s and until Mr. Trump
aluminum tariffs, took office jointly championed
July 10 hitting U.S. metals global free trade.
U.S. announces proposed and bourbon. “We’re not prepared to walk
July
tariff list of $200 billion in away from the order we have
Chinese products, including built together,” said Ms. Malm-
luggage and other strom. “We know from the past
July 6 July 6 that these meetings can be a bit
consumer items.
U.S. imposes tariffs China strikes back unpredictable, but we come
on first $34 billion in with tariffs on $34 there with the best intentions
Chinese goods. billion in goods as friends and allies.”
including American- —Laurence Norman
July 18 made SUVs. contributed to this article.
Trump officials launch
probe of uranium imports.  Trade fears pressure U.S.
— William Mauldin, Yaryna Serkez and Elliot Bentley grain prices................................ B11
 Heard: Tariffs give retailers a
Sources: U.S. Census Bureau; U.S. International Trade Commission (imports of steel, aluminum, washing machines and solar panels) THE WALL STREET JOURNAL. holiday dilemma.......................B11
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WORLD NEWS

Envoy to Beijing
Feels the Heat

STATE HISTORICAL SOCIETY OF IOWA/OLD FRIENDS: THE XI JINPING-IOWA STORY


In Trade Fight
BY EVA DOU Trump campaign in Iowa and
has courted public-relations
BEIJING—When Terry business in China. The ambas-
Branstad left behind 22 years sador has access to the presi-
as Iowa governor to become dent that is unusual for U.S.
ambassador to China in 2017, envoys, meeting Mr. Trump in
he brought to the job relation- Washington and talking with
ships with both presidents, him by phone, according to
Donald Trump and Xi Jinping. U.S. officials.
Now the diplomat raised on At appearances in Beijing
an Iowa farm is in the middle of he also attributes his appoint-
their trade fight, with his home ment by Mr. Trump to a
state in China’s crosshairs. chance meeting with the fu-
Mr. Branstad argued within ture Chinese president. As
the Trump administration Iowa governor in 1985, Mr.
against tariffs and restrictions Branstad hosted Mr. Xi, then a Xi Jinping, third from left, in Iowa in 1985, when he first met U.S. Ambassador to China Terry Branstad, who was then state governor.
on Chinese investment, con- rural county head, on his first
cerned that Beijing’s response trip to the U.S.. The ambassador has ex- changing his mind,” Mr. Bau- credit or blame for anything,” Quad-City Times ran under the
would hurt American farmers Mr. Branstad has been wel- pressed frustrations in private cus said. Mr. Branstad said when asked headline “Iowans Got Conned.
and businesses, according to comed in China as an “old over his inability to make Mr. Branstad said the presi- about it. “The decision is the So Did Terry Branstad.”
people familiar with the matter. friend,” a high compliment in more progress in trade talks dent adjusts policy based on president’s decision.” Gov. Kim Reynolds, who
In an interview at the U.S. Chinese diplo-speak. Mr. Xi despite the relationship with new information. “There are Before moving to Beijing, was Mr. Branstad’s lieutenant
Embassy in Beijing after Mr. hosted Mr. Branstad’s family Mr. Xi, according to people fa- always going to be changes Mr. Branstad spent most of his governor, declared that U.S.
Trump went ahead with tariffs for a Lunar New Year’s dinner miliar with him. and adjustments.” life in Iowa. On tough days, he trade negotiations “can’t be
on billions of dollars of Chinese on Jan. 30. As trade tensions Mixed messages from the Mr. Branstad played a role said, he quotes what his father done on the backs of farmers.”
goods, Mr. Branstad said he intensified, he met regularly Trump administration have late last month in convincing would say after a day in the Asked about the flak, Mr.
had voiced his opinions to the with Mr. Xi’s deputies, includ- been confusing to Chinese of- Mr. Trump to back away from fields: “We didn’t get much Branstad said farmers under-
president and fully supports ing Vice Premier Liu He, the ficials and weakened Mr. Bran- a plan to create stringent re- done today, but we’ll give it stand. “They take the long
policies once they are set. president’s top economic ad- stad’s position as a negotiator, strictions on Chinese invest- heck tomorrow.” view of things,” he said. “And
“I’m very loyal,” said the viser. said Max Baucus, a former ments in the U.S., according to With soybeans, beef and yeah, the price of corn and
71-year-old ambassador. “And Mr. Branstad is circumspect Democratic senator and Mr. people familiar with the dis- other U.S. farm goods hit in the soybeans has taken a hit in the
I’m a team player.” about his high-level access. “I Branstad’s predecessor as am- cussions. That plan would trade fight, there has been a short term. But they’re really
Mr. Branstad supported Mr. think it’s premature to predict bassador to China. have damaged investor senti- backlash in Iowa, a state Mr. interested in the long term.”
Trump’s presidential bid. His what kind of results we’re go- “It’s very tough for Terry, ment, the ambassador argued. Trump won in 2016. An edito- —Lingling Wei
son Eric Branstad ran the ing to get from it,” he said. because Trump’s always “I really don’t want to take rial critical of Mr. Trump in the contributed to this article.

Iowa Farmers Mend Fences in China

MICHAEL ZAMORA/THE DES MOINES REGISTER/ASSOCIATED PRESS


BY DOMINIQUE FONG months, whatever this trade overall next year by 11%. Soy- ernments offered subsidies to
dispute goes on, because we bean prices fell to their lowest get farmers to increase soy-
CHANGCHUN, China—As need to be a trading partner point in nearly a decade after bean production to blunt the
U.S. farmers found themselves with them for the next five, 10 the USDA report came out. impact of tariffs, according to
this month at ground zero in years-plus.” Iowa was the No. 2 soybean- notices on government web-
the trade fight between Wash- After the U.S. on July 6 im- exporting state to China in 2016, sites and state media reports.
ington and Beijing, a group of posed 25% tariffs on $34 bil- after Illinois, with $1.9 billion in The Iowans addressed the
Iowans barnstormed through lion in Chinese products, Bei- exports, according to the Ameri- issue with care, Mr. Miller said.
China farm country, hoping to jing fired back with 25% tariffs can Farm Bureau Federation. “We would never be so pre-
salvage relations with buyers on an equal value of U.S. prod- The Iowans’ trip had long sumptive as to tell them not to
who are already turning their ucts—striking hard at soy- been planned; dealing with the plant more soybeans,” he said.
backs on America’s harvest. beans and corn, which are pro- effects of a trade dispute “But we did express to them
Tariffs imposed by Beijing cessed here into livestock feed hadn’t. Of greatest concern, our desire for them to remain
on soybeans and corn have and cooking oil. The value of they said, are the relationships good buyers of U.S. soybeans.”
made those U.S. commodities goods being targeted by each with Chinese customers that —Xiao Xiao Iowa was the No. 2 soybean-exporting state to China in 2016, after
more costly here. Chinese im- side has since grown. they nurtured for years. contributed to this article. Illinois. Above, a farmer at work in Mitchellville, Iowa last year.
porters have been buying more The Iowa delegation, which
outside the U.S. and looking included a representative from
into growing more in China. the U.S. Grains Council, told
During the Iowa delega-
A delegation to China Chinese businesses and gov-
tion’s 11-day trip, Chinese gov- looks to make sure ernment industry groups they
ernment and agriculture were making their case in
groups peppered them with
their buyers outlast Washington, said David Miller,
questions and pressed them to the hard times. research director for the Iowa
demand relief from the White Farm Bureau. They also urged
House, delegates said. Ambassador Terry Branstad to
The Americans sought to press Beijing to go easy on
shift the conversations to the The delegates said Iowa U.S. farmers, he said.
long-term benefits of U.S. crop farmers already have contracts “We don’t negotiate trade
sales to China, said Joe Hein- for most of what has been deals, we don’t set policy at the
rich, a soybean and corn planted, but they are worried government level, but we can
farmer who is vice president about April, when they start to have influence on it,” he said.
of the Iowa Farm Bureau, an plant the next crop. Changchun was one of the
independent industry group. China is the largest buyer of final stops for the delegation.
“We’ve got to get the fervor American soybeans, and the This northeastern region close
down,” Mr. Heinrich said. U.S. Department of Agriculture to Russia is a powerhouse for
“We’re looking beyond the last week forecast that tariffs corn and soybean production.
next three months or 13 would cut U.S. soybean exports In recent months, local gov-

Bitter Harvest
Import tariffs in China, the top buyer of U.S. soybeans, will take a toll on farm states.
Soybean exports to China, millions of dollars, 2016 China’s share of U.S.
None soybean exports
3 50 100 500 1,000 2,000 70%

Wash. N.H. 60
Vt. Maine
Mont. N.D. Minn.
Ore. 50
Idaho S.D. Wis. N.Y. Mass.
Wyo. Mich.
Neb. Iowa Pa. 40
Nev. Ohio
Utah Ill. Ind. R.I.
Colo. W.Va.
Calif. Kan. Mo. Va. Conn. 30
Ky.
N.C. N.J.
Ariz. Okla. Tenn. Del. 20
N.M. Ark. S.C.
Md.
Miss. Ala. Ga.
Texas 10
La.
Fla. 0
Alaska
Hawaii 2000 2010

Sources: U.S. Department of Agriculture, Economic Research Service (state exports); Census Bureau (U.S. exports)
Kara Dapena/THE WALL STREET JOURNAL.

U.K. Raises New Huawei Concerns


BY CHIP CUMMINS committed to addressing them. ments of American-made com-
For years, the U.K. has em- ponents to ZTE—imposed by
LONDON—The U.K. govern- braced Huawei and raised few the Commerce Department af-
ment raised new concerns about obstacles to sales of its gear ter it accused the company of
the use of telecommunications and handsets. not living up to terms of a set-
gear from Chinese manufacturer That is in contrast to the tlement related to sanctions
Huawei Technologies Co., step- U.S., where a 2012 congressio- busting—walloped ZTE.
ping back from assertions the nal report labeled the company Huawei’s bottom line has
company’s products didn’t pres- a national security threat, say- been largely immune to the
ent a national security threat. ing its equipment could allow U.S. crackdown—since it sells
A review of Huawei’s engi- China to spy or disable tele- so little of its telecommunica-
neering by a government over- communications networks. tions equipment and mobile
sight panel found “shortcom- In recent months, the devices in the country.
ings” in engineering processes Trump administration has The new scrutiny in the
that “exposed new risks” to the moved aggressively to double U.K. threatens that. Huawei is
U.K. telecommunications net- down on restrictions against the world’s third-largest
work, according to a govern- Huawei and Chinese peer ZTE smartphone maker, behind
ment cybersecurity statement. Corp. The two companies have Samsung Electronics Co. and
Huawei acknowledged the said they don’t spy on behalf Apple Inc., and is the largest
panel identified “some areas for of Beijing and don’t present a provider of telecommunica-
improvement in our engineer- national security threat. tions equipment. The U.K. has
ing processes” and said it was A ban by the U.S. on ship- been a growing market.
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A8 | Friday, July 20, 2018 * * THE WALL STREET JOURNAL.

WORLD NEWS

Washington Urges Turkey to Free Pastor


Diplomatic push comes at a summit of the North At-
lantic Treaty Organization in
as judge dashes hopes Brussels last week.
for release of cleric Jay Sekulow, who serves as
one of Mr. Trump’s top attor-
held on terror charges neys and represents Mr.
Brunson, told The Wall Street
The Trump administration Journal on Thursday that the
has launched an intensive dip- issue is a major concern for
lomatic effort to try to secure the U.S. president.
freedom for an American pas- “There are diplomatic ap-
tor who has been held in Tur- proaches being made on a
key for nearly two years on very heightened basis,” said
what the U.S. says are dubious Mr. Sekulow, who has been in
terrorism charges. regular contact with Mr.
Trump this week about the
By Dion Nissenbaum case. “The intensity level of
in Washington and the discussions is more signif-
David Gauthier-Villars icant now than it has been
in Istanbul throughout the entire pro-
ceeding.”
With full support from In an interview with the
President Donald Trump, U.S. Christian Broadcasting Net-
officials have been trying to work on Thursday, Mr.
persuade Turkey to quickly re- Pompeo said it was “time for

EMRE TAZEGUL/ASSOCIATED PRESS


lease Andrew Brunson, the Pastor Brunson to return
North Carolina pastor caught home and to be free.”
up in a nationwide crackdown “Pastor Brunson’s case is
on dissent following a botched very much a focus of the team
2016 military coup attempt. that I lead here at the State
Some U.S. officials had ex- Department and we’re opti-
pressed hope that Mr. Brunson mistic in the days and weeks
would be freed on Wednesday ahead, we’ll get a good out-
when he appeared in a Turkish come for Pastor Brunson, his
court for his latest hearing. Philip Kosnett, the U.S. Embassy charge d’affaires, spoke to reporters on Wednesday after attending Andrew Brunson’s trial in Aliaga. family and frankly for many of
But that prospect gave way to those that are held in places
disappointment when the cep Tayyip Erdogan, U.S. offi- “A total disgrace that Turkey toric lows for months. But Mr. This week, Turkish authorities around the world,” he said in
Turkish judge sent Mr. cials said. Secretary of State will not release a respected U.S. Trump had appeared on in- lifted the emergency rule in- excerpts released by the net-
Brunson back to prison until Mike Pompeo called his Turk- Pastor, Andrew Brunson, from creasingly good terms with troduced in the wake of the work before the full interview
October. ish counterpart on Wednesday prison. He has been held hos- Mr. Erdogan, a move critics coup attempt but said most is set to air on Friday.
U.S. officials continue to to discuss Mr. Brunson’s re- tage far too long,” Mr. Trump say is in line with his courting security provisions would be An official at Turkey’s For-
press Turkey for a deal, with lease, the officials said. said. “@RT_Erdogan should do of strongman leaders in Russia worked into a new law under eign Ministry said justice had
some expressing hope that an After hopes for Mr. something to free this wonder- and North Korea. review by Parliament. to run its course, suggesting
agreement still can be worked Brunson’s release were dashed ful Christian husband & father. Following the failed 2016 Hopes for an imminent re- no diplomatic deal was immi-
out soon. on Wednesday, the American He has done nothing wrong, coup, Mr. Erdogan has cracked lease for Mr. Brunson had nent.
Mr. Trump raised Mr. president publicly pressed Mr. and his family needs him!” down on dissent and a refer- grown among members of his “There is a legal process,”
Brunson’s case on Monday in a Erdogan on the issue in a late- Relations between Turkey endum has given him in- defense team after Messrs. the official said. “Turkey up-
call with Turkish President Re- night tweet. and the U.S. have been at his- creased presidential powers. Trump and Erdogan appeared holds rule of law.”

EU to Sue Hungary Over Asylum Laws U.S. Won’t Let Russia


BY DREW HINSHAW

The European Union’s exec-


and encouraging Hungary’s
neighbors to do the same.
Under EU rules, the Hungar-
Question Americans
BY PETER NICHOLAS
GALI TIBBON/AGENCE FRANCE-PRESSE/GETTY IMAGES

utive branch will take Hungary ian government has two Russian authorities’ wish to
to court over the government’s months to respond to the com- AND VIVIAN SALAMA question certain U.S. citizens,
treatment of asylum seekers, mission’s concerns before it be- including Michael McFaul, a
escalating a battle over how to gins assessing whether Mr. Or- WASHINGTON—President former ambassador to Russia
balance the continent’s legal ban has breached EU rules. “We Donald Trump rejected a pro- under President Barack Obama
guarantees for refugees with are, of course, ready for the de- posal from Russian President and now a lecturer at Stanford
popular demand for tighter bates that this procedure is go- Vladimir Putin to allow Russian University.
borders. ing to bring,” said Hungarian investigators to question a As ambassador, Mr. McFaul
After nearly three years of Foreign Minister Peter Szijjarto. number of Americans, one day was an architect of Mr.
threatening legal action Among European leaders, after White House officials Obama’s attempted reset with
against Hungary for its strict Mr. Orban was early to surf a touched off a backlash on Capi- Moscow, but was sometimes
antimigrant laws, the European wave of anti-immigration senti- tol Hill by saying they were re- critical of the Kremlin, a pos-
Commission on Thursday said ment that has brought nation- viewing the idea. ture which brought intrusive
it would ask the EU’s highest alist parties to power in neigh- White House press secretary Russian media scrutiny and of-
courts to consider the govern- Hungarian Prime Minister Viktor Orban visited the Yad Vashem boring Austria and Slovenia. Sarah Sanders said in a state- ficial accusations that his mis-
ment in violation of several EU Holocaust Memorial museum in Jerusalem on Thursday. Indeed, in the short term, ment that Mr. Putin’s proposal, sion was to undermine the
treaties requiring protection the court case could empower broached at the summit meet- country’s leadership.
for foreigners seeking asylum ist politics of Prime Minister late the treaties Hungary Mr. Orban, some analysts said, ing in Helsinki on Monday, Secretary of State Mike
on the continent. Those courts Viktor Orban, who has cam- signed up to in 2003 when it by keeping public attention fo- “was made in sincerity by Pres- Pompeo, in an interview
have the power to fine Hun- paigned almost exclusively on voted overwhelmingly to join cused on his signature issue of ident Putin, but President Thursday with CBN News, was
gary for noncompliance. keeping out refugees since the EU. Since 2015, the com- policing the country’s border. Trump disagrees with it.” asked about the prospect of
The decision, conveyed in a 2015, when more than one mil- mission has asked Mr. Orban This year, Mr. Orban hopes Mr. Putin said he would be turning over U.S. citizens for
formal letter, likely leaves the lion people crossed into Eu- to modify his laws. to pass a constitutional willing to give the U.S. access to Russian interrogation. “Yeah.
European Court of Justice to rope from the Middle East and The legal battle has posed amendment that would block Russians, such as the 12 intelli- That’s not going to happen,”
rule on a fundamental debate Africa. He won a third consec- deep questions over the pur- the EU from enforcing refugee gence officials recently indicted Mr. Pompeo said.
cleaving Europe, with broad utive term in April. pose and future of Europe’s settlement rules here. in the U.S. election-meddling Mr. Trump’s willingness to
implications for how the bloc Mr. Orban has pursued ac- collective union, with govern- The violations the EU’s case, if the U.S. were willing to entertain the proposal from
settles differing notions of de- tions, such as detaining asy- ments in Poland and Slovakia commission cited Thursday fo- give Russia access to its targets. Mr. Putin sparked outrage on
mocracy and human rights. lum seekers for months in re- backing Mr. Orban’s hard-line cus on the militarized border A day earlier, Ms. Sanders Capitol Hill.
Hungarian voters have modeled shipping containers, stance. Mr. Orban’s critics say Mr. Orban has installed along confirmed that Messrs. Trump —Byron Tau
broadly endorsed the national- that the commission says vio- he is eroding the rule of law Hungary’s southern front. and Putin privately discussed contributed to this article.

New Putin news comes out when.


“I don’t know what hap-
pened at that meeting,” U.S.
for information now. He said
at the White House on
Wednesday that the presi-

Meeting Is Director of National Intelli-


gence Dan Coats said at the
Aspen Security Forum in Colo-
dents’ meeting set a frame-
work for the two countries to
find “overlapping space” on is-

Planned rado. Mr. Coats also said he


would have advised Mr. Trump
not to meet Mr. Putin alone,
sues such as counterterrorism
and treaties that the U.S. says
Russia has violated.
Continued from Page One had he been asked. “We can now begin to have
Just before the Senate’s vote, Army Gen. Joseph Votel, important dialogues to put
SERGEI KARPUKHIN/REUTERS

White House press secretary commander of U.S. Central that relationship in a place
Sarah Sanders issued a state- Command, which is responsi- where we reduce the risk to
ment saying Mr. Trump had ble for the Middle East, said the United States from threats
declined Mr. Putin’s request. Thursday that he had “no new from Russia,” Mr. Pompeo said.
It was the third consecutive guidance as a result of Hel- “Given the controversy it’s
day of damage control for the sinki.” not surprising the White House
White House following Mr. Sen. Lindsey Graham, a is delaying the usual practice of
Trump’s one-on-one meeting South Carolina Republican and Vladimir Putin said the Helsinki briefing key administration of-
and joint news conference with a senior member of the Senate talks led to ‘useful promises.’ ficials and members of Con-
Mr. Putin in Helsinki Monday. Armed Services Committee, gress on the Putin meeting,”
On Tuesday, about 24 hours said Thursday that he had “no Mr. Trump’s performance, not said Elliott Abrams, who served
after his news conference, Mr. idea” if any agreements were to debrief them. as deputy national security ad-
Trump said he misspoke when reached between the two lead- One person who received viser under former Republican
he said he didn’t know of any ers. “I want to know,” Mr. Gra- such a call said the officials President George W. Bush. “But
reason why Russia would in- ham said. acknowledged that any devel- the grace period of a few days
trude on U.S. elections. On Democrats, voicing the opments the discussions may is over, and they need to get
Wednesday, he appeared to same frustration, called on Mr. have yielded were overshad- that information out.”
say he didn’t believe Russians Trump’s translator to testify owed by the public-relations Meanwhile, details of the
were trying to meddle in this before Congress, a request the challenge that followed the meeting began emerging
year’s midterm elections, Republican leadership rejected. joint news conference. Thursday from Russia. During
which would contradict the “It’s unconscionable if Some administration offi- the summit, Mr. Putin pro-
findings from intelligence agreements were reached that cials said the lack of an imme- posed holding a referendum to
agencies. Ms. Sanders said we don’t know what they are, diate briefing on Russia was, help resolve the conflict in
later that his remarks were that the president doesn’t tell in part, a result of Mr. eastern Ukraine, and agreed
misunderstood. us what they are,” said Rep. Trump’s top-down approach to not to disclose the plan so the
The fallout from the news Jerrold Nadler (D., N.Y.). “To dealing with Moscow. The re- U.S. president could consider
conference has so consumed hear from the Russians now lationship between the two it, according a person close to
the White House that the typi- that there were agreements governments at the staff level the Russian foreign ministry.
cal briefings that would follow reached and [the White House] has failed to progress in re- Bloomberg first reported on
such a meeting haven’t hap- tell us what those agreements cent years, these officials said, the possible referendum.
pened, according to officials were—it’s beyond imagination.” and the president has told ad- Asked about the referen-
familiar with the scheduling. Following the meetings in visers he wants to fix that by dum, a White House national
Officials said the delayed brief- Helsinki, Russia analysts at restoring diplomacy at the security spokesman said that
ings illustrate what can hap- various Washington-based presidential level. the U.S. position on Ukraine
pen when the president leaves think tanks received informal Secretary of State Mike remains unchanged.
private meetings without any phone calls from National Se- Pompeo is scheduled to meet —Peter Nicholas, Vivian
notes, giving Moscow the abil- curity Council officials seeking with senators next week, but Salama, and Thomas Grove
ity to set the agenda for what to gauge general reaction to some lawmakers are pressing contributed to this article.
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A10 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

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IN SAFETY.

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Despite the furor over the
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The new law’s detractors
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Supporters of the measure, dent of the Israel Democracy ment was motivated to push

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Iran, Russia Sanctions Strain


U.S. Relations With India
BY BILL SPINDLE
AND RAJESH ROY

NEW DELHI—U.S. relations


with India will face a test in
LAGUNA BEACH, CA | NOV 12–14, 2018 coming months as tightening
sanctions on Iran and Russia
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

collide with longstanding ef-


forts to broaden the India-U.S.

UPGRADE
partnership.
Ties between the U.S. and
India have been expanding for
over a decade, as India has
shed a nonaligned foreign pol-

YOUR NETWORK:
icy in favor of closer trade and
security relations with the
world’s sole superpower after
the collapse of the Soviet

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Union. India is the world’s
fastest-growing large economy
and expected to be the world’s
FOR THREE DAYS OF INSIGHT most populous country within
six years.
Donald Trump met Indian leader Narendra Modi in November.

The U.S. and India were ex- “Indo-Pacific” command in a nity through the United Na-
pected to mark significant nod to India. The two countries tions.
REGISTER TODAY: DLIVE.WSJ.COM milestones this year, including
signing agreements to bolster
have expanded joint military
exercises and India has pur-
The U.S. and India have
sidestepped similar past run-
military cooperation and kick- chased more and bigger U.S.- ins, such as during the Obama
PROMO CODE: DLIVE1 ing off talks between high- made military hardware. They administration’s campaign to
level defense and foreign-af- are discussing a further expan- sanction Iran. The U.S. granted
fairs officials. Indian officials sion of military ties, including India, as well as several other
are holding out hope President ways to integrate some weap- countries, waivers from the
Donald Trump will agree to be ons systems together. sanctions for scaling back
the guest of honor at India’s The trouble is that even as dealings with Iran without
Republic Day celebration early U.S. and Indian officials move coming anywhere near elimi-
next year, taking Prime Minis- to get their high-level talks nating them.
ter Narendra Modi up on an Indian officials hope that
invitation to visit the country sort of compromise emerges
made when the two leaders again, but Trump administra-
met last year.
Ties between the U.S. tion officials last month an-
Then last month the U.S. and India have been nounced that no waivers
postponed, for the second would be granted.
time, the high-level defense
expanding for over a A significant part of India’s
and foreign-affairs dialogue as decade. security depends on maintain-
Secretary of State Mike ing and upgrading Russian-
Pompeo flew off to North Ko- made equipment, and it is
rea instead. poised to purchase a Russian-
While the meeting has been back on track, a major irritant made $5.8 billion air-defense
rescheduled for early Septem- is emerging: tightening sanc- missile system. Meanwhile,
ber, the delay set off hand- tions the U.S. has placed on Iran is India’s third-largest
wringing in New Delhi policy Russia and Iran, two countries supplier of oil.
© 2018 Dow Jones & Co., Inc. All rights reserved. 6DJ6360

circles about new tensions with which India has extensive “Sanctions are coming, and
over sanctions and trade, dealings it has no intention of we’re going forward on that.
which could cloud relations. ceasing. With India and the U.S. build-
India’s growing economic Indian officials refuse to ing strong relationships, we
heft, strategic location in Asia recognize as legitimate the hope they would lessen their
and shared democratic values U.S. sanction threats—made dependence on Iran and move
have put it at the center of under legislation known as the in other directions,” said U.S.
U.S. efforts to maintain a dom- Countering America’s Adver- Ambassador to the U.N. Nikki
inant role in Asia in the face saries Through Sanctions Haley after a meeting with Mr.
of Chinese economic and mili- Act—to punish those who do Modi recently in Delhi.
tary assertiveness. business with the two coun- “There’s a political will
The U.S. military recently tries. They say India recog- from both sides to figure out
renamed the Asia-Pacific re- nizes only sanctions imposed how to make this work,” she
gional operational area the by the international commu- said.
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THE WALL STREET JOURNAL. Friday, July 20, 2018 | A11

IN DEPTH

Snyder shoots and a new edit the stu-


dio had requested. The final
film was notably shorter and
A spokeswoman said Mr.
Snyder wouldn’t discuss a di-
rector’s cut. Mr. Snyder never
mockingly wears a tinfoil hat.
“I know it’s not totally
done, but I believe 100% there

Fans Seek less violent than Mr. Snyder’s


previous solo work and fea-
tured snappy dialogue familiar
watched the version of “Jus-
tice League” released in the-
aters, she said.
is a [Snyder] cut of the film,”
Mr. Wong-Swenson said in an
interview.

Justice to fans of the “Buffy, the Vam-


pire Slayer” TV series, which
Mr. Whedon created.
Diogo Mourão, a retail sales
worker in Rio de Janeiro, is
one of the fans who have ral-
People who worked on “Jus-
tice League” say that while
Mr. Snyder did assemble a
Continued from Page One “Justice League,” with a lied behind the motto “Release rough cut after he finished
was “powerful, relatable, visu- Rotten Tomatoes score of 40%, the Snyder Cut.” Since late principal photography in late
ally stunning, smart, witty and grossed $658 million world- last year, they have organized 2016, the director never said
fun,” as one wrote, and dem- wide, a weak total for a movie campaigns on social media, he intended it to be released.
onstrated a level of care “un- that cost about $300 million produced online videos and They add that Mr. Snyder

WARNER BROS. PICTURES


paralleled” in modern cinema, to make. It’s also less than the bombarded Warner Bros. exec- oversaw the new scenes Mr.
as another said in an online grosses for “Batman v Super- utives with emails asking the Whedon wrote the following
video. They see it as a worthy man” ($874 million), “Man of studio to complete and dis- winter and had planned to
successor to Mr. Snyder’s 2013 Steel” ($668 million) and last tribute on Blu-ray a version of shoot them himself before the
Superman film “Man of Steel,” year’s widely lauded Warner/ “Justice League” that matches death of his daughter
another violent superhero DC hit “Wonder Woman,” di- Mr. Snyder’s vision, before Mr. prompted him to leave.
movie that polarized fans and rected by Patty Jenkins ($822 Whedon got involved. Gal Gadot and director Zack Snyder on the ‘Justice League’ set. “Who are these people who
critics. They believed “Justice million). Mr. Mourão, who bought won’t stop talking about the
League,” in which Batman and Mr. Whedon declined to tickets for five different “Jus- email. “Not like the theatrical discarded origin for the char- magical Snyder cut that
Wonder Woman assemble a comment through a spokesman. tice League” screenings before ‘Justice League,’ which was acter Cyborg and a scene in doesn’t exist?” lamented one
team of superheroes, would One Snyder disciple re- the film was even released, de- downgraded to a mediocre ac- which Mr. Whedon apparently person close to the film.
complete his visionary trilogy. cently tweeted an altered ver- scribed watching them as “the tion comedy representing the cut Gotham City Police Com- Mr. Wong-Swenson may
Instead, these believers in sion of a painting of Jesus giv- five stages of grief.” antithesis of everything we missioner Gordon saying end up with grim news for his
truth, justice and the Snyder ing his Sermon on the Mount, A petition on change.org cherished.” “again” at the end of one line. YouTube subscribers. Warner
way got what they derisively replacing the son of God with calling on the studio to make Devotees have pored over Some fans believe a Snyder Bros. has a huge presentation
refer to as “Josstice League.” the director holding a “Justice or complete a Snyder cut has every bit of information re- cut exists somewhere in the planned for Comic-Con Satur-
After Mr. Snyder stepped League” Snyder cut DVD. more than 178,000 signatures. leased about “Justice League” Warner Bros. vaults. That in- day to promote upcoming su-
aside in early 2017 following a Mr. Snyder himself has “We want future films of to find hints of the movie Mr. cludes Chris Wong-Swenson of perhero movies including
family tragedy, Joss Whedon, teased fans in recent months the franchise to keep the same Snyder envisioned before the Honolulu, who has produced “Aquaman” and “Shazam!” The
the director of Marvel’s “Aveng- by posting behind-the-scenes artistic integrity of previous reshoots. Using early trailers, dozens of videos on the topic studio isn’t planning to men-
ers,” took over. Mr. Whedon photos from “Justice League” works,” said Fiona Zheng, a photos from production and for his YouTube channel with tion a Snyder cut or to release
had already been brought on to online, driving feverish at- medical clinic manager in Har- unused visual-effects shots titles like “Silence and Disin- any alternate versions of “Jus-
rewrite parts of the movie, and tempts to interpret what sig- bin, China, who runs the web- leaked online, they have formation—Justice League tice League,” a senior execu-
oversaw several weeks of re- nal he might be sending. site ForSnyderCut.com, in an picked out changes including a Snyder Cut.” In some, he self- tive confirmed.

Factory The Manufacturing Vote blue-collar base in a surly mood


or apathetic about voting.
In the 1992 presidential election, manufacturing-intensive counties split pretty evenly between the Democratic and Republican contenders. Congressional districts hit by
By 2016, nearly all those counties voted Republican. The results of Congressional races have also shifted.
Towns Go 1992 2016
big increases in imports have
moved away from the political
center, in either direction, ac-

To GOP 1 2 3 4 5 6
The 20 Congressional districts with the highest share of manufacturing jobs, by election result
7 8 9 10 11 12 13 14 15 16 17 18 19 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
cording to David Autor, a Massa-
chusetts Institute of Technology
economist who studied how im-
Continued from Page One Republican Democratic district port competition affected politi-
gal immigrants to “any kind of district cal affiliation. What linked
vagrant or animal,” gets a 5% Counties where manufacturing is at least 25% of all jobs, by presidential election result groups on the left and right was
rating by the AFL-CIO and de- County went for George H.W. Bush County went for Bill Clinton County went for Donald Trump County went for Hillary Clinton skepticism of free trade.
rides the World Trade Organiza-
tion as a “globalist organization” 438 424 306 17
with too much power. Trade deal
“We’re in servitude” to Chi- These changes are evident in
nese bond buyers and other Ohio’s Eighth Congressional dis-
creditors, he told a constituent trict, long a Republican bastion
during a teleconference with in the Cincinnati suburbs.
voters in May. In 1992, the district was rep-
The Republican Party didn’t resented by Republican John
have a grand strategy to capture Boehner, the former House
manufacturing. It happened over speaker. He voted for the North
time as the economy and party American Free Trade Agree-
changed. ment, and helped pave the way
Many counties that leaned to- for the Trans-Pacific Partner-
ward Democrats lost so many ship, a trade deal among the U.S.
factory jobs during the past 25 and 11 Pacific-Rim nations that
years that they ceased being Mr. Trump pulled out of on his
manufacturing centers. first workday in office.
As the U.S. factory workforce From 1990, when Mr. Boehner
Source: U.S. Census Bureau; Brookings Institution (manufacturing); Dave Leip's Atlas of U.S. Presidential
diminished in size—from 15.4% Elections; University of Colorado Boulder’s Congressional District Data File (election results) Brian McGill/THE WALL STREET JOURNAL. was elected, to 2015, the per-
of the U.S. workforce in 1992 to centage of the workforce em-
8.5% today—it moved out of big Wayne Wright worked at the ployed in manufacturing in his
cities that were union strong- Greenwood Mills textile plant in district declined from 30% to
holds and into blue-collar sub- Greenwood, S.C. Below, GOP 21%. It moved up in the ranking
urbs. Rep. Warren Davidson spoke at of manufacturing intensive dis-
The Northeast and New Eng- Hartzell Propeller in Piqua, Ohio. tricts, from No. 27 to No. 12, be-
land, strongholds for Democrats, cause the country’s concentra-
largely disappeared from the whelmingly oppose free-trade tion of manufacturing workers
map of manufacturing-intensive deals, their voters don’t. By 57% declined even more. General Mo-
DANIELLE PAUL FOR THE WALL STREET JOURNAL

counties, according to an analy- to 16%, Democrats said that free tors Co. closed a nearby factory
sis for the Journal by the Brook- trade helped the U.S., according in 2008 that employed 2,400
ings Institution’s metropolitan to a February 2017 Wall Street people. NCR Corp. moved its
policy program. There are no Journal/NBC poll, the last one to headquarters out of the area in
manufacturing-intensive coun- address this issue. 2009.
ties any longer in Massachusetts Republicans, meanwhile, have Seven area golf courses, long
or Connecticut. become more attuned to the de- establishment Republican
Pittsburgh, another Demo- sires of manufacturers and their strongholds, have closed since
cratic bastion, shed its Steel City workers. They have led a crack- 2012. Without the GM plant,
heritage and became a univer- down on immigration, moved “there is no middle-level man-
sity and health-care center. Man- away from plans to privatize So- agement that can afford the dues
ufacturing jobs declined by cial Security and support some structure anymore,” said Steve
37,000 in the metropolitan area infrastructure spending. Most Jurick, executive director of the
since 1992, while the number of Declining Sector notably, the party has retreated Miami Valley Golf Association.
service-industries employees in- Manufacturing as a percentage from free trade. Mr. Boehner retired in 2015,
creased by 168,000. of all jobs In 1992, the Republican Party as the growing power of populist
platform declared the GOP the conservatives in the House made
16% party of “tough free traders” his caucus more difficult to man-
New heartland 14 who pushed an expansive “free age. His successor is Republican
The new manufacturing 12 2017 trade agenda.” In 2016, reflect- Warren Davidson, a member of
heartland runs through areas ing Mr. Trump’s presidential the Freedom Caucus that bedev-
ANDREW SPEAR FOR THE WALL STREET JOURNAL

8.5%
outside suburbs along interstate 10 candidacy, the platform said in- iled Mr. Boehner.
highways south from Michigan, 8 stead that the U.S. needed “bet- Though he has criticized
Minnesota and Wisconsin ter negotiated trade agreements
through Ohio and into the Caro- 6
that put America first.” The plat-
linas and the deep South. 4 form coupled “free trade” with
There, whites without a col- “fair trade,” a term that Rust
The shift in factory
2
lege education, who identified Belt Democrats have long used. towns will help shape
with the Republican Party’s fo- 0 In December 1999, the earli-
cus on social issues and abortion 1990 ’95 2000 ’05 ’10 ’15 est that The Wall Street Journal/
this year’s midterm
restrictions, took up many of the Source: Labor Department via the Federal NBC polled on trade issues, Re- elections.
factory jobs. The Trump admin- Reserve of St. Louis publicans by 37% to 31% said
istration’s tough stance on trade THE WALL STREET JOURNAL. that free trade deals helped the
deepened the bonds with work- U.S. By February 2017, the re-
ers who believed they were hurt Trump in 2016 by margins of owned business employed came from “linthead” families, sults were vastly different. By across-the-board tariffs, he has
by free-trade deals. more than 25 percentage points. around 3,000 people in the U.S. using the local term for textile 53% to 27%, Republicans said supported Mr. Trump’s tariffs on
“Manufacturing moved to Labor unions, which have in 2000, he says. Now that work- workers. “They all love Trump.” free trade hurt the U.S. Chinese goods. Like Mr. Trump,
where the Republican Party has long allied with Democrats, now force is just 320. The changing allegiances in Republicans need to hold on Mr. Davidson faults the WTO for
been building strength,” says represent just 9% of manufactur- As with many onetime Demo- factory towns have scrambled to their manufacturing base to failing to rein in China, whose
Jonathan Rodden, a Stanford ing workers, down from 20% in cratic manufacturing strong- politics for both Democrats and retain control of Congress. imports have battered the dis-
University political scientist, 1992, according to Barry Hirsch, holds, social issues played a role Republicans. The Democrats need to pick trict’s many small metal fabrica-
who studies the geography of an economist at Georgia State in the shift to red from blue. Voters for Democrats now up 23 seats to take control of the tion plants.
political change. University. Rep. Derrick supported the 1993 tend to be better educated, more House of Representatives. About At a meeting with local busi-
Other manufacturing areas “My image of Republicans is Brady Bill that mandated back- urban and less likely to identify 50 Congressional districts rated ness leaders in May, he likened
have flipped to vote for Republi- of a blue-collar type,” says Larry ground checks on firearms pur- themselves as blue-collar than competitive by political analysts trade to a basketball game.
cans. In 1992, there were 860 Smith, a 68-year-old weave chases. Angry gun owners Republicans and Independents, have manufacturing workforces “They are not calling fouls and
counties where at least 25% of room supervisor at Greenwood packed a town hall meeting in according to pollsters. higher than the national average. no one is taking free throws,” he
the working population was em- Mills Inc. in South Carolina’s Pickens, S.C. He did not run for As the economic core of met- In the Senate, Democrats need to told the group. “I’m glad Presi-
ployed in manufacturing. Demo- third Congressional District. He re-election in 1994. ropolitan areas has changed add two seats, and many big dent Trump is making them call
crat Bill Clinton won 49% of voted for Democrats before, in- Rep. Derrick, who died in from manufacturing to services, manufacturing states have Sen- fouls.”
those counties. By 2016, manu- cluding Barack Obama in 2008, 2014, was succeeded by a series finance and technology, the ate races this fall, including the The message goes over well
facturers employed at least a but sided with Mr. Trump in of Republicans, all of whom took party has made little room for states that won Mr. Trump the with factory owners and work-
quarter of the workforce in only 2016. “Democrats come from conservative positions on social the conservative cultural views White House—Michigan, Ohio, ers in the district.
320 counties. Ninety-five per- more financially successful issues and opposed the free of many blue-collar workers and Pennsylvania and Wisconsin. “A lot of our workers voted
cent of them went for Donald groups.” trade deals unpopular in the dis- has embraced gay rights and in- If President Trump’s aggres- for Trump,” says Neil Douglas, a
Trump. His boss, Jay Self, says a lot trict. “Down here, the Democrats creased immigration. The 2016 sive trade policy toward China, Democrat who is president of
In Wisconsin, five manufac- of local voters were turned off to shifted their attention to career Democratic platform, for in- the European Union and else- the International Association of
turing-intensive counties in the the Democratic Party when Bill people like in the medical indus- stance, had 19 mentions of rights where resonates, that could put Machinists and Aerospace Work-
northwest of the state have Clinton eased the entry of China try, accountant or lawyers,” for LGBT people. The 1992 plat- Republicans over the top in ers in Middletown, Ohio. “The
flipped from Democrats to Re- into the WTO in the late 1990s, Clemson University political sci- form had a single mention of the these places. If his tariffs—and Democrats around here—some-
publicans since 1992. Three of which he blames for wrecking entist David Woodard said. But word “gay.” retaliation—damage local econo- times we do feel like the party
those counties went for Mr. the textile business. His family- current factory workers, he said, While House Democrats over- mies, the GOP could find its left us.”
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A11A | Friday, July 20, 2018 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK


Steam-Pipe Explosion Spews Asbestos
Residents evacuated
amid concerns that
contaminated debris
could get into buildings
BY ZOLAN KANNO-YOUNGS
AND KATIE HONAN

A nearly century-old steam


pipe exploded in Manhattan
on Thursday morning, tearing
open a city street and sending
mud and asbestos spewing
into the air as commuters
headed to work, officials said.

FROM TOP: DREW ANGERER/GETTY IMAGES; ELIZABETH SHAFIROFF FOR THE WALL STREET JOURNAL
The blast erupted in the
Flatiron District at 6:39 a.m.,
emitting thick plumes of roar-
ing steam that rose at least 22
stories high. Grayish debris
blanketed nearby streets.
“All of a sudden I heard
‘Pow!’ ” Shella Eckhouse said.
“There was debris coming
down and steam flying. I was
covered in mud.”
Ms. Eckhouse, a Manhattan
resident who works at a jewelry
business, was riding a Citi Bike
to an exercise class in Chelsea
when the pipe exploded a few
feet away. She said she “ped-
aled so fast” to get away as
quickly as possible.
Within minutes she had
parked her Citi Bike, made her
way to the gym, toweled her-
self down and started class.
More than 100 firefighters
and medical personnel, as well
as 25 firetrucks, responded to A Manhattan blast sent plumes of steam rising into the air. Five people suffered minor injuries and more than 100 firefighters and medical personnel responded.
the scene. Five people suffered
minor injuries, the Fire De-
partment New York said. Flatiron Rupture ing a tow-truck driver who was violent interaction of steam and
Firefighters and police cor- severely burned by the scalding cooler water. Heavy rains the
doned off a four-block area Echoes 2007 Blast spray. One woman died after morning of the incident and a
around the site at Fifth Ave- suffering a heart attack. clog in the steam trap created
nue and 21st Street. Officials The explosion 11 years ago the extreme pressure inside the
said 49 commercial and resi- The steam-pipe explosion was the result of “an excessive 20-inch pipe, which had been
dential buildings in the area, that rocked the Flatiron District internal pressure from a water installed in 1924.
including 28 in the main on Thursday was a roaring re- hammer,” according to a De- Robert Vecchio, chief execu-
blast area, were evacuated, minder of a fatal blast that oc- cember 2007 report prepared tive of LPI Inc., a consulting
and residents wouldn’t be curred 11 years ago in Midtown. for Consolidated Edison and firm, is working with Consoli-
able to return for at least a The last major steam-pipe written by the ABSG Consult- dated Edison on Thursday’s
few days. rupture occurred on July 18, ing Inc. office in Stratham, N.H. blast, but declined to comment
Mayor Bill de Blasio said 2007, on a street near Grand A water hammer, investiga- on the cause. “The investigation
debris from the explosion Central Terminal. The explosion tors wrote, is a rapid pressure is just starting,” he said.
tested positive for asbestos injured dozens of people, includ- shock inside a pipe caused by —Melanie Grayce West
but air in the area was clean.
“There is real concern
about whether any debris en- son has set up decontamina- tors were still trying to deter- company, got off the subway thought that the solid sub- cause of the incident, accord-
tered into buildings or into tion stations where people can mine what caused the explo- at Union Square just before stance was ash and it was a ing to the Metropolitan Trans-
air-conditioning systems,” he drop off exposed clothing. sion. The steam pipe that 6:45 a.m. He noticed the steam fire, but it’s just gray and not portation Authority.
said after arriving at the The explosion left a large exploded was 20 inches in di- but thought it was coming ash,” Mr. Hinnant said. A shaken Ms. Eckhouse at-
scene. “So there is going to be crater on Fifth Avenue and ameter and installed in 1932, from a restaurant. When he He said two cars were “to- tended her exercise class after
thorough assessment to make 21st Street, and a smaller hole according to Con Edison. turned toward Fifth Avenue, tally covered in whatever is the explosion, but she was
sure that all the buildings are on Fifth Avenue and 20th A utility official said steam he saw a cloud plume and falling out of the thing.” somewhat philosophical about
clean and safe.” Street. Mr. de Blasio said Fifth pipes have no expiration dates heard the roar of steam. The blast disrupted the what occurred.
Those who were in the vi- Avenue between 19th and and age doesn’t necessarily “There’s a solid sort of sub- morning commutes of riders “It’s New York City,” she said.
cinity of the Manhattan blast 22nd streets likely would be play a factor when they fail. stance coming out of the cloud on the R and W subway lines. “Anything can happen anytime.”
were advised to bag their closed until the weekend. Ernest Hinnant, who works that’s sort of coating the Those trains bypassed 23rd —Charles Passy
clothing and shower. Con Edi- The mayor said investiga- in the area at a co-working ground. At first I honestly Street in both directions be- contributed to this article.

Garner Cop Will Face NYPD Trial High Bar for Charges
BY ZOLAN KANNO-YOUNGS

The New York Police Depart-


In State Tax Probe
ment officer who placed Eric
Garner in a chokehold before
his death four years ago will
Of Trump Foundation
face a department disciplinary BY CORINNE RAMEY charity to help his election
trial for alleged excessive campaign, pay legal settle-
force, officials said Thursday. New York state is investi- ments and promote his busi-
The department will begin gating whether the Donald J. nesses.
the disciplinary process Trump Foundation violated tax In that case, the Trump
against the officer, Daniel Pan- laws, according to a senior Foundation called the suit
taleo, and his sergeant, Kizzy Cuomo administration official, “politics at its very worst.”
Adonis, “in coming days,” a and legal experts say the bar Mr. Trump called the suit “ri-
police spokesman said. for any resulting criminal diculous.”
For years, the NYPD has said charges is high. “I won’t settle this case!”
it was waiting for the Justice The state Department of he said on Twitter.
Department to finish its civil- Taxation and Finance is lead- The official from the ad-
rights probe before starting an ing the investigation, which is ministration of Gov. Andrew
MARY ALTAFFER/ASSOCIATED PRESS

internal trial against Officer examining whether the foun- Cuomo, a Democrat, said that
Pantaleo, even though there is dation or its officers, including after the attorney general’s of-
no law saying the city had to do President Donald Trump, fice sued, the governor’s office
so. Officer Pantaleo has been broke state tax laws by trans- checked with the tax depart-
on modified duty since Mr. Gar- ferring assets or making mis- ment about the issue. It was
ner’s death on July 17, 2014. representations to the state unclear whether the tax de-
On Monday, the eve of the that might affect tax liability, partment began investigating
fourth anniversary of Mr. Gar- the official said. before or after the attorney
ner’s death, the NYPD issued The state tax department general’s office filed its suit.
an ultimatum to the Justice Gwen Carr wore a shirt with the image of her son Eric Garner on the fourth anniversary of his death. could issue a criminal referral Legal experts say charging
Department, vowing to move to either the New York state
forward if federal investiga- ner in a chokehold, a move London, the attorney for Offi- vestigation into Mr. Garner’s attorney general’s office or the
tors didn’t announce criminal banned by the NYPD in 1993. cer Pantaleo, will then have death opened in December Manhattan district attorney’s
charges by the end of August. The chokehold was captured time for discovery. A trial date 2014 after a state grand jury office, the official said. The of-
The investigation
Two days later, the Justice on cellphone video, and Mr. at the NYPD’s headquarters declined to indict the officer. fice that got the referral would could result in a
Department informed Law- Garner’s death prompted mass hasn’t been determined. The Justice Department de- decide whether to prosecute.
rence Byrne, the NYPD deputy protests in New York City and Mr. London on Thursday clined to comment on Thursday. A spokesman for the tax de-
criminal referral to a
commissioner of legal matters, around the U.S. over police use told The Wall Street Journal: The federal case remains in partment declined to com- prosecutor’s office.
that the police department of force on unarmed black “We’re looking forward to be- legal limbo. Federal civil-rights ment. A spokeswoman for the
could start its process. The men. New York City’s medical ing vindicated in trial.” prosecutors earlier this year rec- Trump Organization, Mr.
trial against the officer and a examiner said the chokehold An NYPD-employed adminis- ommended bringing charges Trump’s flagship holding com-
separate trial against his ser- contributed to the death of Mr. trative trial judge would decide against the officer, but it was pany, didn’t respond to a re- tax crimes, such as fraud, car-
geant, aren’t criminal proceed- Garner and ruled it a homicide. Officer Pantaleo’s case and unclear at the time if top Justice quest for comment; neither ries a high bar because prose-
ings. Possible punishments in- The process of holding a could recommend disciplinary Department officials would be did a lawyer representing the cutors must prove that a de-
clude a loss of vacation days disciplinary trial for Officer action. Police Commissioner willing to move ahead with a Trump Foundation. fendant intended to deceive or
and termination from the force. Pantaleo will begin with the James O’Neill would have a fi- case, people familiar with the The investigation, and the commit wrongdoing. “It’s not
Mr. Garner, who was 43 years NYPD serving him excessive- nal decision on any punishment. matter said at the time. Prosecu- possibility of a criminal refer- enough that you failed to pay
old, died after plainclothes offi- force charges recommended Sgt. Adonis will face tors made the recommendation ral, could complicate a pend- your taxes,” said Harry Sand-
cers, including Officer Pantaleo, by the city’s Civilian Com- charges of failure to supervise, to Deputy Attorney General Rod ing civil case brought by the ick, a former Manhattan fed-
moved to arrest him on a Staten plaint Review Board, which in- Mr. Byrne said previously. The Rosenstein, who must weigh in office of New York state Attor- eral prosecutor. “It isn’t even
Island street for allegedly selling vestigates complaints against Sergeants Benevolent Associa- on whether to allow them to ney General Barbara Under- enough that you filled out the
loose cigarettes. When Mr. Gar- officers. The CCRB will serve tion didn’t respond to requests move forward with the case. wood. In June, her office sued forms incorrectly. You have to
ner refused to be handcuffed, as the prosecution in the trial. for comment. —Lara Korte the Trump Foundation, alleg- do this with an intent to en-
Officer Pantaleo placed Mr. Gar- Both the CCRB and Stuart The Justice Department in- contributed to this article. ing the president used the gage in criminal activity.”
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THE WALL STREET JOURNAL. * * NY Friday, July 20, 2018 | A11B

GREATER NEW YORK

New Pass Funds Set the Stage for Broadway


Program BY CHARLES PASSY

Is Coming As a financial adviser with


a love for theater, Al Zdenek

Up Short decided some years ago to in-


vest in shows, but he soon
learned the tough reality of
BY CHARLES PASSY the business: Just a handful of
productions ever turn a profit.
A new library program “I never had a hit,” he said.
aimed at giving New Yorkers Now, Mr. Zdenek, a Manhat-
greater access to cultural at- tan resident, is taking a differ-
tractions may be proving too ent tack. Instead of putting
popular for its own good. money into individual shows,
Culture Pass, a joint initiative he has invested $50,000-plus
by the Brooklyn Public Library, in Center Stage Capital Inc., an
New York Public Library and entertainment company that
Queens Library that launched launched this year and plans
Monday, offers library cardhold- to produce four shows during
ers free admission to 33 muse- the coming few seasons, in-
ums and other institutions cluding ones that are headed
throughout the five boroughs. for Broadway.
Cardholders must sign up on- Among the productions:
line for passes to each partici- “Green Acres The Musical,” a
pating organization through the contemporary take on the
program’s website (culture- 1960s TV series, and “In the
pass.nyc). And those passes are Room,” a musical about the

DIA DIPASUPIL/GETTY IMAGES


in limited supply. As of Thurs- life of the photojournalist Da-
day afternoon, there was no vid Hume Kennerly.
availability for at least 10 insti- Center Stage’s approach
tutions, including the Metropoli- speaks to the same idea that
tan Museum of Art, the Museum financial advisers emphasize
of Modern Art, and the Intrepid to their clients about the stock
Sea, Air & Space Museum. market: The need to have your
Library officials said the money spread among several The Tony Award-winning ‘Once on This Island’ is among the 30 shows that the Broadway Strategic Return Fund is investing in.
program is designed so that investments in an effort to
new passes are added at the mitigate any losses, Mr. has investments in 30 shows, sionals. A modest-sized which ran on Broadway in
beginning of each month, al- Zdenek said. “It all comes including such Tony Award- musical can run $10 million; a Revenue Rising 2016 for a mere 39 perfor-
beit with a booking date that down to having a diverse port- winners as “Dear Evan Han- more elaborately scaled one The box-office tally for mances. Largely as a result of
is three months ahead. So, on folio,” he added. sen” and the revival of “Once can top $20 million. Broadway shows has grown over that one investment, Ms. Wax-
Aug. 1, a new block of passes But Center Stage, which is on This Island.” The fund has There seems little question the past decade. man said it is unlikely that the
for the month of November being led by veteran Broadway a minimum investment of as to what is driving the rise fund will break even, though
will go online. professionals Pam Lauden- $250,000. in these Broadway investment $2.0 billion she added that the second it-
slager and Colleen Lober and By contrast, the Alexis vehicles. Namely, the boom in eration of the fund has proved
has a minimum investment of Fund, led by Anita Waxman, a the industry itself. In the profitable.
CORRECTIONS  $25,000 with a goal of raising Broadway producer with 30 2017-18 season, Broadway had 1.5 Still, for many theatrical in-

AMPLIFICATIONS
up to $49 million, is hardly years of experience, is a a record year, with ticket sales vestors, money isn’t the only
the only entity of its kind. A smaller fund that concentrates of $1.7 billion and attendance consideration. Just as impor-
1.0
handful of investment vehi- on a handful of shows at a of 13.8 million. tant is the opportunity to be a
cles, created by others within time. So far, Ms. Waxman has A pooled investment offers a part of the scene. Investors in
The most recent draft of the theater and financial created two iterations of the chance to partake of the boom individual shows can attend
0.5
the Metropolitan Transporta- worlds, essentially do the fund, one that was capped at while minimizing the risk, the- events ranging from early stage
tion Authority capital budget same thing in terms of putting $500,000 and another that atrical and financial profes- readings to opening nights.
allocates $1.4 billion for 535 money into multiple shows, was capped at $1.5 million. sionals generally agree. And But that may not be true
0
new subway cars. An article Broadway and off-Broadway, She is now seeking inves- that risk is high. Experts say at for investors in a fund because
Thursday about a report from at once. tors for a third iteration that least two-thirds of Broadway 2009 ’11 ’13 ’15 ’17 there isn’t as direct a connec-
the nonpartisan Citizens Bud- Each investment is struc- would be capped at $3 million shows end up in the red. YEARS SHOWN BY SEASON ENDING tion, said Ryan Stana, chief ex-
get Commission incorrectly tured somewhat differently. and has a minimum invest- That doesn’t mean the Source: The Broadway League ecutive officer of RWS Enter-
said it allocated $1.7 billion for The Broadway Strategic Re- ment of $50,000. model is perfect. Just as a few THE WALL STREET JOURNAL. tainment Group, a New York-
450 new cars. turn Fund, launched in 2016, is The cost of producing bad stocks can bring down based company that
an open-ended fund that Broadway shows, especially even a fairly diversified mu- man said the first iteration of specializes in theater and live
Readers can alert The Wall Street spreads its money—so far, just musicals, has increased con- tual fund, the same is true in a her Alexis Fund was hurt by events. “When you’re part of a
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or more than $10 million—among siderably during the past de- pooled theatrical investment. an investment in the failed fund, you’re losing the glam-
by calling 888-410-2667. an array of titles. Currently, it cade, say theatrical profes- A case in point: Ms. Wax- musical “Tuck Everlasting,” our,” Mr. Stana said.

Make your life make a difference.


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A12 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

LIFE&ARTS
TELEVISION REVIEW

By John Anderson

A Town of
Many
Miseries
AT LEAST TWO constituencies will be
pleased by the arrival of “Castle Rock,”
Hulu’s latest entry into the overcrowded
field of horror-accented series. One is the
fan base of Stephen King, whose locales of
choice—Maine, specifically the town of
Castle Rock and, here, a prison called
Shawshank—provide the backdrop for the
10-part premiere season of what’s in-
tended as an open-ended anthology series.
The other happy group will be the
fans of André Holland, whose perfor-
mances in “Moonlight” and “The Knick”
have established him as one of the more
convincing and watchable actors on
screen. Here he plays Henry Matthew
Deaver—remember that name—an appel-

UNIVERSAL STUDIOS (2)


late lawyer who takes on hopeless Death
Row cases. Having lost yet another cli-
ent, he gets an anonymous phone call
from his old hometown: A hollow-eyed
young man (Bill Skarsgård), who accord-
ing to prison paperwork doesn’t exist,
has been found deep in the bowels of the
architecturally dreadful Shawshank. And
while he’s initially thought to be mute, FILM REVIEW | By Joe Morgenstern
he has muttered a name. You guessed it.

‘Mamma Mia’ Redux:


Does that make Henry his lawyer?
Henry thinks it might and is intrigued
enough to return to a place with all the
allure of gas-free dentistry. “Bad things
happen because bad people know they’re
safe here,” says a denizen of the woeful

Top Pop
Castle Rock, where Henry’s adoptive
mother, Ruth (Sissy Spacek), is succumb-
ing to dementia; where the just-retired
prison warden (Terry O’Quinn) has just
driven off a cliff with a noose around his
neck; and where, back in 1991, Henry dis-
appeared for 11 days and turned up not
saying—or perhaps not knowing—where
he’d been. His father died in the process.
ABBA hits, extravagant settings and high-energy performances tell a family story with feeling
Henry’s always been blamed.
Mr. King (serving only as an executive
producer here) often creates horror rooted AH, SWEET(ISH) surrender…there’s Jessica Keenan Wynn, Lily James
in the everyday—ghoulish phenomena simply no defense against “Mamma and Alexa Davies, above, and Julie
arising from mundane circumstances. Mia! Here We Go Again,” with its Walters and Amanda Seyfried, left
“Castle Rock” dutifully reflects this. And bright colors, brighter smiles, exuber-
while previous adaptations of his writing ant music, merry villagers and moist
have included some dauntingly impressive radiance. Yes, the glee is industrial- “Mamma Mia! Here We Go Again”
work (“The Shining”), “Castle Rock” rises strength, and the ABBA-fueled pro- goes in for all sorts of magnifica-
to the occasion; some of its creepier mo- duction numbers are so far over the tion—outsize performances, senti-
ments have one wishing it were on a big top that the film is at once topless ments, costumes and settings.
screen, the better for skin to crawl. and chaste. Yet there’s a wellspring of (When Bill and Harry show up at
Mr. Holland gives an appropriately lay- genuine feeling in this time-hopping the island for the hotel’s grand re-
ered portrayal of an off-balance charac- sequel, framed as an origin story. opening, they arrive with a flotilla
ter. Likewise Melanie Lynskey, whose In the first film, which opened 10 of boats that suggests some alt-
Molly Strand, a childhood friend of years ago, Meryl Streep was the un- world Dunkirk.) What’s notable
Henry’s, is both an empathic clairvoyant quenchable Donna Sheridan, a for- about the broadness, though, is
and an opioid addict. mer rocker and the owner of a hotel that it stays clear of grandiosity.
The social commentary is never over- on an idyllic Greek island. Amanda That’s a tribute to the skill and
done, but it’s there—from the oxycontin Seyfried was her daughter, Sophie, confidence of the writer-director,
plague to the privatization of prisons. about to be married and determined Ol Parker. The original production
Shawshank, it should be noted, has gone to find the identity of her father. was extremely likable, but far from
corporate, which leads to the arrival of a Now the adult Donna is out of the expert. Nor was it considered fash-
new warden (the delightfully poisonous picture—though not entirely, as the ionable—I took a lot of teasing for
Ann Cusack), who looks around her new trailers reveal—and Ms. Seyfried’s Sophie, chosen to give the valedictory address at my positive review—while this new one may
digs and mutters, “If this were my office about to have a baby (and to reopen the ho- her graduation from Oxford, bursts into be- be welcomed for being so upbeat about life at
I’d kill myself, too.” She’s so deliciously tel), wants to understand the beloved witching dance and song in a rendition of a time when we need all the legal high spirits
awful she’ll fit right in. mother who brought her into the world. “When I Kissed the Teacher,” accompanied we can get.
Powered by that potent pretext, the story by Tanya and Rosie, who are played as I’ve waited until now to talk about an ap-
Castle Rock shuttles between Sophie’s present and a young women by Jessica Keenan Wynn and parition that the film saves for almost-last:
Begins Wednesday, Hulu long-ago in which Donna, a free and buoyant Alexa Davies. (Jeremy Irvine, Hugh Skinner the arrival, on the storybook island, of Cher
spirit, is played by Lily James. Dominic Coo- and Josh Dylan are dreamboat-charming as in the role of Ruby Sheridan, a hitherto un-
per is, once again, Sophie’s heartthrob, Sky. Donna’s boyfriends, the very same Sam, seen and conspicuously uninvited denizen of
Christine Baranski and Julie Walters are Harry and Bill.) Las Vegas who is Donna’s mother and So-
back as Donna’s old friends and former Dy- Ms. James, like Ms. Seyfried, sings in a phie’s grandmother. If you stop to think
namos band mates, Tanya and Rosie. So are modest and mostly endearing voice that’s about it, Cher is only three years older than
Pierce Brosnan, Colin Firth and Stellan closer to the style of “The Umbrellas of Cher- Meryl Streep, so Ruby would have been un-
Skarsgård as her old boyfriends, Sam, Harry bourg” than to the tradition of Broadway usually precocious in the child-bearing de-
and Bill, any one of whom might have fa- belters. She makes Donna a joy, if occasion- partment. But no one will stop to think
thered Sophie, and all of whom help Sophie ally an overjoy; sometimes you wonder about it when Cher, clad goddess-like in
evoke her mother’s past. (As for solving the whether the movie’s young heroine will ever white with platinum hair, descends from her
paternity mystery once and for all, I’ll say stop smiling. She does, though—beauty is no helicopter to join a climactic party in prog-
only that in the course of the new film no defense against pain—and you are hereby ress. She speaks slowly, as if from another
DNA tests are administered.) challenged to remain unmoved when the film planet, and when she sings and dances to
The “Here We Go Again” part of the title, juxtaposes the birth of Sophie’s child with So- “Fernando” with Andy Garcia’s Fernando,
which deftly invokes the ABBA song, might phie being born to a flower child living alone who manages the hotel, fireworks fill the
also have served as a confessional comment on rocky soil in a faraway place. sky as they have not since Katharine Hep-
on Hollywood’s all-pervasive sequelitis, but In one of a string of romantic scenes, the burn kissed Rossano Brazzi on a Venice bal-
HULU

there’s no sense of weariness here. The en- moon floats so large above the Aegean that it cony in “Summertime.” Restraint is for the
Bill Skarsgård in Hulu’s ‘Castle Rock’ ergy level is set from the start when Donna, seems to have continents instead of craters. faint of heart.

THEATER REVIEW | By Terry Teachout

‘MARY PAGE MARLOWE’: EVERYWOMAN IN OHIO


New York means to be a woman in America. I at 12, 19, 27, 36, 40, 44, 50, 59, 63
TRACY LETTS is one of this coun- called it “the most purely beautiful and 69. Some scenes take place at
try’s foremost writers, a playwright play that Mr. Letts has given us” in key moments in her life—we see
who is unafraid to explore the pri- my review of the Chicago premiere, her in the hospital not long after
vate lives of Americans of all kinds, and now that it has reached New she learns that she is going to
from the sleazy trailer trash of York in a new staging of identical die—while others appear at first
“Killer Joe” to the freshly divorced merit, it looks—if possible—even glance to have been picked at ran-
misanthrope at the heart of “Linda more impressive. dom. Moreover, the scenes are not
Vista.” He is also a character actor Mr. Letts’s 90-minute play, arranged chronologically but in an
of near-unique range who fills his which is set between 1946 and order of the author’s own devis-
plays with complex, richly nuanced 2015, is structured in a way that ing. The first one, for example, in
roles. Yet nothing he had previously requires detailed explanation on which the 40-year-old Mary Page
done prepared audiences for “Mary paper. The six actors who play the (Ms. Pourfar) explains to her chil-
Page Marlowe,” first performed by title role (Blair Brown, Emma dren (Kayli Carter and Ryan
the Steppenwolf Theatre Company Geer, Mia Sinclair Jenness, Tati- Foust) that she and her first hus-
JOAN MARCUS

in 2016, in which he used six differ- ana Maslany, Kellie Overbey and band are going to get a divorce, is
ent women (and a doll) to portray a Susan Pourfar) appear in 10 of the immediately followed by a scene
seemingly ordinary Ohio accountant 11 vignette-like scenes in which in which she is portrayed as a 19-
whose life is a scrapbook of what it Mary Page is seen as a baby and Please turn to page A13 Kayli Carter, Ryan Foust and Susan Pourfar in Tracy Letts’s play
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THE WALL STREET JOURNAL. * * * * * Friday, July 20, 2018 | A13

LIFE & ARTS

© LAUREN GREENFIELD/AMAZON STUDIOS (2)


Ilona Stolie, with her daughter, in Moscow, 2012, left, and ‘Limo Bob’ in Chicago, 2008, above, are part of ‘Generation Wealth.’

FILM REVIEW | By Joe Morgenstern

Lifestyles of the Rich and Heinous


Lauren Greenfield’s sprawling documentary is a whirlwind of greed, excess and dysfunction
LAUREN GREENFIELD is thing. Ms. Greenfield’s film tators or collectors, so the hedge-fund tycoon Florian 33 pounds of gold and dia- Wealth” loses track of itself
emerging as the Diane Ar- didn’t need to explain, or movie—part of a multimedia Homm, who, safe from ex- mond bling; and a female as it wanders farther and
bus of excess. Her bizarro declaim; her subjects told effort that includes a travel- tradition in Germany and hedge-fund prodigy who farther afield—to Iceland
new documentary feature, us all we needed to know ing photo exhibition, cur- philosophizing for the cam- could lay persuasive claim and the crash of 2008; to
“Generation Wealth,” opens about the pleasures and rently in Oslo, and a book era with oleaginous self- to the title of world’s most eating disorders and the
six years—to the day—after perils of greed. This new published last year—may pleasure, could teach Gor- neurotic woman. commodification of sex; and,
her previous full-length doc, film, though, is mainly ap- well find an audience. don Gekko a thing or two Is there a pattern here? finally, to the filmmaker’s
“The Queen of Versailles.” palling, and not instruc- There’s no arguing against about being authentically Yes and no. Ms. Greenfield own obsessions—not only
Writing about the earlier tively so. It’s all over the part of its thesis, that the repellent.) offers all of the above, and with wealth—for which her
film, I called it “deliciously place, to the point of induc- rich are getting spectacu- A list of the film’s grotes- plenty more, as evidence of film, she believes, will serve
appalling” for its tightly fo- ing numbness or suffoca- larly richer and wealth dis- queries would have to in- the failure of the American as therapy. If it does, more
cused portrait of two hyper- tion. In the end it comes parity is changing the clude a grievously disturbed dream and the nation’s in- power to the production and
acquisitive souls, husband out in favor of love, which world. But this is not an ac- porn actress who, almost re- cipient downfall. “It’s kinda to her, but I miss the self-
and wife, who set out to is good, but getting there ademic inquiry—it’s the freshingly, isn’t Stormy Dan- like the end of Rome,” the contained craziness of that
build the biggest house in may leave you glassy-eyed, filthy-rich version of a car- iels; a child beauty queen journalist Chris Hedges de- husband and wife living
America, then stuffed it unless you’re deeply into nival freak show. (My favor- from the TV reality show clares on cue. Far be it from their dream of wealth and
with unimaginable amounts bling porn. ite character in the realish- “Toddlers & Tiaras”; Robert me to say it isn’t, but I must beauty in their definitively
of stuff. The focus was the Many people are, as spec- life cast is the disgraced “Limo Bob” Strauser and his also say that “Generation loony mansion.

INQUIRIES
19TH CENTURY Madalina Lazen
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madalina.lazen@bonhams.com
Consignments now invited
JOHN WILLIAM GODWARD,
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days near you, visit: bonhams.com/locations Ione
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JOAN MARCUS

Gary Wilmes and Tatiana Maslany in the play about an accountant in the Midwest

No Such ing and who outlives one of


her children and her third
and best husband (Brian
and sound as true to life as
a sequence of snapshots by
a master photographer. No

Thing as Kerwin). Yet she is still able


to say at its end that hers
was “a good life,” and we
less worthy of praise is the
equally masterly staging of
Lila Neugebauer, who has

Average believe her, just as we come


away from “Mary Page Mar-
lowe” reminded that even
established herself in the
past couple of seasons as a
director of phenomenal tal-
the little life of an Ohio ac- ent and whose work on
Continued from page A12 countant is charged with in- “Mary Page Marlowe” is so
year-old college freshman finite consequence. The good as to silence criticism.
(Ms. Geer) who has just re- trick is to see it—and Mr. The limpid clarity of Second
ceived a proposal of mar- Letts does. Stage’s production recalls
riage—one that she’s de- In the two years since the quiet, unforced control
cided to turn down. “Mary Page Marlowe” was with which Ms. Neugebauer
If this elaborate descrip- first performed, we have has made manifest such
tion makes “Mary Page Mar- been told repeatedly that it other large-cast plays as
lowe” sound like an avant- matters “who tells your A.R. Gurney’s “The Wayside
garde exercise in fractured story” (to use the oft-quoted Motor Inn” and Annie
narrative, be assured that it phrase coined by Lin-Manuel Baker’s “The Antipodes.”
doesn’t play that way: It un- Miranda in “Hamilton”) and Nevertheless, “Mary Page
folds simply and intelligibly, warned no less repeatedly Marlowe” is Mr. Letts’s play
proceeding according to a that a man may not have the first and foremost, and you
dramatic logic that makes political right to tell a should make every effort to
total sense to the eye and woman’s story. Whatever see it. When the list of im-
ear. What we see before us the merits of that claim, it portant American plays of
is a woman who gradually has no purchase on “Mary the first part of the 21st
comes to understand, how- Page Marlowe,” which I have century is drawn up some-
ever haltingly and imper- now seen in the company of day, I predict that this one
fectly, who and what she is. two women of different will be on it.
At 36 she views herself as ages, both of whom assured
an “unexceptional” person me that Mr. Letts had told Mary Page Marlowe
whose life has happened to Mary Page’s story in a way Second Stage Theatre, Tony
her rather than being that they found not merely Kiser Theater, 305 W. 43rd St.
shaped by her own volition: plausible but quite star- ($69-$89), 212-246-4422,
“I went along with it…Like tlingly insightful. closes Aug. 12
some bird. Like a migrating To be sure, the plausibil-
bird.” It is also full of heart- ity of this production is also Mr. Teachout, the Journal’s International Auctioneers and Appraisers – bonhams.com/19thcenturypaintings
break: We learn, among owing in large part to the drama critic, is the author,
other things, that Mary six actors who play Mr. most recently, of “Billy and © 2018 Bonhams & Butterfields Auctioneers Corp. All rights reserved.
Page is an alcoholic who Letts’s small-town every- Me.” Write to him at Principal Auctioneer: Matthew Girling, NYC License No. 1236798-DCA

does time for drunken driv- woman, all of whom look tteachout@wsj.com.
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A14 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

SPORTS
BRITISH OPEN

EVEN-PAR
START FOR
WOODS
BY BRIAN COSTA

Carnoustie, Scotland
Tiger Woods showed up for his
first British Open in three years on
Thursday with a strip of therapeu-
tic tape across the back of his
neck. And it was easy then to
imagine how the day could turn
out like so many others for him in
recent years: another injury—this
time a sore neck—standing be-
tween him and good golf or any

PETER DEJONG/ASSOCIATED PRESS


golf at all.
But Woods made it to the first
tee at Carnoustie, after all, and
then he made it back to a place
even he didn’t expect to be again:
in contention at a major champi-
onship.
Woods shot an even-par 71 to
finish the first round five shots be-
hind leader Kevin Kisner. It was Egan Arley Bernal Gomez, Geraint Thomas, wearing the yellow jersey, and Chris Froome climb Alpe d’Huez during the 12th stage of the Tour de France.
the first time he started a major at
par or under since the 2014 British
Open. Alpe d’Huez, France CYCLING | By Jason Gay gutty ride of Texas-born rider Law-
While 18 players finished the GREETINGS FROM son Craddock, who has rallied from
day ahead of Woods, nearly all of Alpe d’Huez, where to- a first-day crash and used social
them played earlier when the
winds were lighter.
Only one of the 44 other players
day there is nothing
but sun, and wine, and
climbing, and turning,
The Tour’s media to raise money for a Hous-
ton cycling velodrome that was
damaged by Hurricane Harvey.
who teed off after 1:30 p.m. local
time scored lower than Woods,
who went off at 3:21. The only de-
flating aspect of his round were
and madness, and climbing, and
turning, and madness and…
French people—loads of scream-
ing, passionate French. Dutch peo-
Mountain Craddock’s drive has already net-
ted more than $100,000.
“It’s truly incredible,” Craddock
told me Wednesday, his broken
the three bogeys on the back nine.
Jordan Spieth, the defending
champion, was 3 under par
through 14 holes but made a dou-
ple—loads of screaming, passion-
ate Dutch. As well as Colombians,
Brits, Spaniards, Norwegians, Slo-
venians, Slovakians, Germans,
Madness, and Me shoulder bone taped below his jer-
sey. “That’s why I’m really enjoy-
ing pushing through this tour.”
The leaders hoard most of the
ble bogey and two bogeys on his Swedes, Italians, Irish, Americans… attention, but there are stories like
last four to finish at 1 over. He And me. On the other hand, it’s totally smoke flares, stopped short and Craddock’s all over the Tour. One
blamed poor club selection for his This is the 105th edition of the cuckoo. A single idiot in the throng took down Italian favorite Vin- of my favorites is the American
double on No. 15. Tour de France, where, after a week can impact the race. cenzo Nibali. rider Chad Haga (another Texan),
“You hit a shot, and it doesn’t or so of pedaling around the north- I am determined not to be that Not good. None of it. A plea to who rides as a support rider for
go as planned, and you’re always ern flats and cobblestones, we are idiot. After an hour of waiting—a future mountaintop dingbats: stay Team Sunweb, and has found a
second-guessing yourself,” Spieth here, in the proper mountains, sepa- pittance, really, since many fans on home. You’re ruining a great thing. side career as a pro cycling Robert
said. “You could have hit some- rating the stars from the water-car- the mountain spend nights camp- This has been a weird Tour thus Frost, neatly summarizing every
where else. ‘I could have hit riers, as they’re known in this merci- ing out—the roar of a race helicop- far. Thomas wound up winning stage with a short and oddly excel-
driver’ or ‘I could have hit 5-iron.’” less, skinny-limbed trade. ter signals the arrival of the race Thursday’s stage, his second in a lent Twitter poem he calls “Over-
Woods said his neck, which had Like a lot of cycling fans, I’ve leader. In a rush, here they come: row, staying in yellow as the race SimpLeTour.”
been bothering him “for a while,” watched the chaos of Alpine stages Dutch rider Steven Kruijswijk, in a leader. A little more than a minute- Here is Haga on Thursday’s Alpe
may have affected his swing, but on television—the boozy crowds solo breakaway, furiously chased and-a-half behind is his Team Sky d’Huez stage:
aches and pains are just part of chasing passing riders—and thought: by French climber Romain Bardet colleague, Froome. Sky isn’t the ”Hail-Mary thrown by a top guy
the Woods experience. Good grief. Look at those lunatics. and an elite trio—yellow jersey most popular outfit in the sport at cracks all but the top guys, who
“Everyone acts like this is the Today, I am among the lunatics. race leader Geraint Thomas, four- the moment—they’re rich and finish in déjà vu fashion amid a
first time I’ve been bandaged up,” With the Journal’s SportsBoss (™), time Tour champ Chris Froome, dominant, and cycling (and France) huge party while some fast guys
Woods said. “I’ve been doing this Bruce Orwall, I’ve trampled down a and former Giro d’Italia champ adores the plucky—and Thomas is fail to finish.“
for years—braces and bandages. long, steep downhill mountain bike Tom Dumoulin. barraged by boos at the post-race “I’m surprised it’s caught on as
It’s just that this time, it’s actually path and settled into one of Alpe It’s a mesmerizing scene. I know ceremony. well as it did,” Haga told me. “I
visible.” d’Huez’s iconic 21 turns. There’s fa- not everyone here is crazy about “If people don’t like Sky and guess people are apparently hun-
mously Dutch corner, and I’ve cycling, so let me try to contextu- boo, that’s fine,” a diplomatic gry for a new perspective on cy-
heard a lot about the Irish corner alize it. It’s like getting to sit on Thomas says afterward. “But don’t cling.”
this year. This bend is claimed by a second base and watch baseball’s affect the race. Don’t touch the rid- By early evening, the circus on
band of Slovenians, who drink and All-Star Game. ers, don’t spit at us. Have a bit of Alpe d’Huez is getting ready to
wave flags and sing, the riders still The best of the best—close decency.” leave town. Riders are spending
miles and miles away. enough to touch. You can look at Meanwhile, it’s an emotional af- the night up here, but the crowds
Cycling has mixed emotions their jerseys and see rib cages ternoon for EF Education First, the on the mountain are thinning.
FRANCOIS NEL/GETTY IMAGES

about the noisy throngs on moun- pumping. You can look at their American team that has lost its Drinking continues apace.
taintop finishes. On one hand, it’s a eyes and see exhausted souls. leader and yellow jersey hopeful, After four days in France, I feel
spectacular sight: hundreds of Elsewhere, however, there is idi- Rigoberto Uran, to injuries from a like a human croissant. Beyond the
thousands of fans, lining a climb to ocy. I will learn later that some crash. Early on, his teammate Alps come the Pyrenees. There are
cheer, literally arm’s length—or dingbat down the mountain put a Pierre Rolland attempts a valiant nine stages left before the finish in
less—from the best riders in the menacing hand on Froome—a true solo attack, only to get swept up Paris.
world. There’s nothing like it in no-no—and that a race motorbike by the leaders. It’s beautiful madness. And now,
Tiger Woods shot a 71 on Thursday. sports. operator, riding into a cloud of One silver lining for EF is the wine.

Weather The WSJ Daily Crossword | Edited by Mike Shenk


Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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12 13
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MARKING TIME | By Matt Gaffney 8 Phrase seen in 45 Nine before
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City Hi Lo W Hi Lo W Phoenix 108 89 s 109 88 pc Hong Kong 89 80 pc 90 82 sh character. away”: Hamlet 46 Awesome region of South 48 Quito kisses
Anchorage 68 55 s 70 56 pc Pittsburgh 84 66 t 78 65 t Istanbul 84 73 pc 86 76 t 27 Tallahassee sch. 49 Former
Atlanta 89 74 t 89 73 t Portland, Maine 80 58 s 75 62 s Jakarta 91 77 s 89 75 pc Across Africa, with “the” 50 Manner
Austin 105 75 pc 105 75 pc Portland, Ore. 79 54 s 82 57 s Jerusalem 84 69 s 82 68 s 1 Upright umlaut 28 “What’s this!” 50 Number of times 12 Limerick 52 1987 role for
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Houston 100 79 s 101 79 s Riyadh 107 85 s 108 83 s in France language of Hop Hunter, e.g. R A N D Y S A R D I N E
Indianapolis 84 67 t 77 66 t City Hi Lo W Hi Lo W Rome 88 67 s 86 71 s 18 Blacken Pakistan 57 One tablet, say A T A R I C L O S E I N O N
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Little Rock 102 77 s 96 69 pc Baghdad 111 80 s 108 81 s Shanghai 93 80 pc 92 82 pc 20 Latte choice in the margins, 60 Clotho, Lachesis S I F T
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S L OWE R
Los Angeles 84 68 s 82 67 pc Bangkok 90 81 t 90 79 c Singapore 86 81 t 87 79 t 21 Sushi tuna say and Atropos E S C B A T I K I S I A H
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THE WALL STREET JOURNAL. Friday, July 20, 2018 | A15

OPINION
Brennan and the 2016 Spy Scandal BOOKSHELF | BY Heller McAlpin

The Trump-
R u s s i a
sleuthers have
Brennan. Before his nomina-
tion as CIA director, he served
as a close Obama adviser. And
sponsible for the hack, or as-
cribe motivation. Mr. Brennan
also couldn’t get the FBI to
tained in the infamous Steele
dossier, insisting that the FBI
use “every resource available
Deer Isle
been back in
the news,
again giving
the record shows he went on
to use his position—as head of
the most powerful spy agency
sign on to the view; the bureau
continued to believe Russian
cyberattacks were aimed at
to investigate this matter.”
The Reid letter marked the
first official blast of the Bren-
In Twilight
POTOMAC A m e r i c a n s in the world—to assist Hillary disrupting the U.S. political nan-Clinton collusion narrative
WATCH cause to doubt
their claims of
Clinton’s campaign (and keep
his job).
system generally, not aiding
Mr. Trump.
into the open. Clinton opposi-
tion-research firm Fusion GPS
The Last Lobster
By Kimberley
nonpartisan- Mr. Brennan has taken The CIA director couldn’t followed up by briefing its me- By Christopher White
A. Strassel
ship. Last credit for launching the Trump himself go public with his Clin- dia allies about the dossier it (St. Martin’s, 240 pages, $26.99)

W
week it was investigation. At a House Intel- ton spin—he lacked the sup- had dropped off at the FBI. On
Federal Bureau of Investigation ligence Committee hearing in port of the intelligence com- Sept. 23, Yahoo News’s Mi- ith its alarming title and troubling statistics, “The
agent Peter Strzok testifying to May 2017, he explained that he munity and had to be careful chael Isikoff ran the headline: Last Lobster,” Christopher White’s deep dive into
Congress that he harbored no became “aware of intelligence “U.S. intel officials probe ties the $1.7 billion Maine lobster industry, blares
bias against a president he still and information about con- between Trump adviser and foghorn warnings about a business and a culture under
describes as “horrible” and tacts between Russian officials Obama’s CIA director Kremlin.” Voilà. Not only was threat. As in Paul Greenberg’s 2010 book, “Four Fish: The
“disgusting.” This week it was and U.S. persons.” The CIA the collusion narrative out Future of the Last Wild Food,” one culprit is overfishing. But
former FBI Director Jim Comey can’t investigate U.S. citizens, acknowledges egging there, but so was evidence Mr. White’s ambitious book—as stuffed with facts as Lobster
tweet-lecturing Americans on but he made sure that “every on the FBI’s probe that the FBI was investigating. Thermidor is stuffed with claw meat and cream—also
their duty to vote Democratic information and bit of intelli- In their recent book “Rus- addresses climate change, supply and demand, and inter-
in November. gence” was “shared with the of Trump and Russia. sian Roulette,” Mr. Isikoff and national trade. Above all, it offers vivid, well-observed
But the man who deserves bureau,” meaning the FBI. This David Corn say even Mr. Reid portraits of people directly affected by lobster’s recent
a belated bit of scrutiny is information, he said, “served believed Mr. Brennan had an boom-and-bust cycles.
former Central Intelligence as the basis for the FBI investi- not to be seen interfering in “ulterior motive” with the A journalistic Ahab, Mr. White tenaciously chases his
Agency Director John Bren- gation.” My sources suggest U.S. politics. So what to do? briefing, and “concluded the whale of a story over the course of four years. He sets up
nan. He’s accused President Mr. Brennan was overstating He called Harry Reid. In a late CIA chief believed the public base camp in Stonington, Maine, a not-yet-gentrified Mid-
Trump of “venality, moral tur- his initial role, but either way, August briefing, he told the needed to know about the Rus- Coast lobster village on Deer Isle, which sits in the Gulf of
pitude and political corrup- by his own testimony, he as an Senate minority leader that sia operation, including the in- Maine between Penobscot and Jericho Bays. Stonington’s
tion,” and berated GOP inves- Obama-Clinton partisan was Russia was trying to help Mr. formation about the possible year-round population of 1,200
tigations of the FBI. This week pushing information to the FBI Trump win the election, and links to the Trump campaign.” includes 350 lobster captains,
he claimed on Twitter that and pressuring it to act. that Trump advisers might be (Brennan allies have denied 450 sternmen, and dozens of
Mr. Trump’s press conference More notable, Mr. Brennan colluding with Russia. (Two his aim was to leak damaging dealers, dockworkers and seafood
in Helsinki was “nothing short then took the lead on shaping years later, no public evidence information.) restaurant workers. “In other
of treasonous.” This is rough the narrative that Russia was has emerged to support such a Clinton supporters have a words,” Mr. White writes, “nearly
stuff, even for an Obama par- interfering in the election spe- claim.) plausible case that Mr. three-quarters of the residents
tisan. cifically to help Mr. Trump— But the truth was irrele- Comey’s late-October an- actively work in the industry. The
That’s what Mr. Brennan which quickly evolved into the vant. On cue, within a few days nouncement that the FBI had remainder are relatives. The town
is—a partisan—and it is why Trump-collusion narrative. of the briefing, Mr. Reid wrote reopened its investigation into has a singular purpose; it stands
his role in the 2016 scandal is Team Clinton was eager to a letter to Mr. Comey, which of the candidate affected the for something—getting lobsters
in some ways more concerning make the claim, especially in course immediately became election. But Trump support- from the ocean floor to the family
than the FBI’s. Mr. Comey light of the Democratic Na- public. “The evidence of a di- ers have a claim that the pub- table, sustainably.”
stands accused of flouting the tional Committee server hack. rect connection between the lic outing of the collusion nar- Stonington’s population doubles
rules, breaking the chain of Numerous reports show Mr. Russian government and Don- rative and FBI investigation in summer with vacationers, but
command, abusing investiga- Brennan aggressively pushing ald Trump’s presidential cam- took a toll on their candidate. Mr. White is interested in the locals,
tory powers. Yet it seems far the same line internally. Their paign continues to mount,” Politics was at the center of and he gets to know many of them as he
likelier that the FBI’s Trump problem was that as of July wrote Mr. Reid, going on to that outing, and Mr. Brennan traces the lobster’s path from sea to market.
investigation was a function of 2016 even then-Director of Na- float Team Clinton’s Russians- was a ringmaster. Remember Snatches of dry Maine humor provide welcome respite from
arrogance and overconfidence tional Intelligence James Clap- are-helping-Trump theory. Mr. that when reading his next a deluge of eye-opening but sometimes repetitive or
than some partisan plot. No per didn’t buy it. He publicly Reid publicly divulged at least “treason” tweet. conflicting numbers (including the year-round head count,
such case can be made for Mr. refused to say who was re- one of the allegations con- Write to kim@wsj.com. variously reported as 1,100 or 1,200).
In pursuit of his story, Mr. White rises before dawn and
heads out to Jericho Bay with Capt. Frank Gotwals and his

The Pastor Caught in Turkey’s Chaos sternman, Alyssa LaPointe, on the Seasong, a 38-foot wooden
boat that Capt. Gotwals built with his own hands. Despite
working without a chart, the captain easily locates his 750
HOUSES OF Izmir, questioning the pastor’s arrest, as they had previously said Mr. Trump’s tweet wasn’t traps scattered around the islands, which he checks for
WORSHIP Turkey but Turkey denied the deten- only prosecution witnesses the first plea for Mr. Brunson’s sweet, summertime shedders—newly molted adult lobsters.
By Kristina President tion had anything to do with could testify. The judges aided freedom. The White House, the Mr. White remarks that Capt. Gotwals, an avid lobsterman,
Arriaga T r u m p his Christianity. Yet in the 62- the prosecution witnesses’ rec- secretary of state and several gardener, and celebrated Maine songwriter and guitarist in
tweeted page indictment, which the ollections by reminding them senators have worked for his his 60s, “may be the most content man in America.”
Wednesday prosecution leaked to the press of their written testimony. release. Last month Sens. Lind- Six hundred lobsters are a modest day’s catch. Mr. White
evening: “A total disgrace that before presenting it to Mr. When a judge asked one of the sey Graham and Jeanne Sha- describes the many steps involved in their harvest, including
Turkey will not release a re- Brunson’s lawyer, the govern- witnesses about the names of heen visited Mr. Erdogan and spotting and hooking the captain’s distinctively colored buoys,
spected U.S. Pastor, Andrew ment alleges that his pastoring people involved in activities asked him to free the pastor. hauling up traps from the ocean floor, measuring the catch
Brunson, from prison. He has had the effect of “dividing and against Turkey, the witness re- The Senate version of the Na- and throwing back undersized and female lobsters. Claws are
been held hostage far too separating [Turkey], by means plied that while he didn’t re- tional Defense Authorization banded before placing the keepers in saltwater tanks, and
long.” He called on Turkish of Christianization.” The gov- member now, he might remem- Act calls for the U.S. govern- traps baited with fresh herring before they’re reset. Mr. White
President Recep Tayyip Erdo- ernment also alleged that Gül- ber later. The judge accepted ment not to sell F-35 jets to captures the hard work, intense concentration and banter.
gan to free the North Carolina enists and the PKK “misuse this reply. Turkey unless Mr. Brunson is
native, who has spent more persons’ religious beliefs and released. The United Nations
than 600 days behind bars. try to create a synergy that Working Group on Arbitrary A $1.7 billion industry, and an age-old way of
Mr. Brunson, a Presbyterian poses a threat to their own Andrew Brunson Detention recently agreed to American life, is threatened by overfishing,
minister, stands accused of aid- government.” take the case. Yet Turkey, a
ing the Kurdistan Workers’ Since the indictment, the preached peacefully North Atlantic Treaty Organi- warming waters and international trade wars.
Party, a militant terrorist government has held three for decades. Then zation ally, won’t budge.
group known by the initials hearings—each more bizarre Ankara responded to the
PKK, and supporting Mr. Erdo- than the last. Most of the evi- the coup happened. president’s tweet, claiming The author also gets to know Julie Eaton, captain of the
gan’s exiled rival, Fethullah dence is based on secret testi- that the “Brunson case is a le- Cat Sass, and Sid Eaton, captain of the Kimberly Belle, a
Gülen. The prosecution is call- mony obtained by the govern- gal process” and “Turkey is a couple whose marriage runs on laughter and competition.
ing for 35 years in prison. For ment. Wednesday’s hearing in For two hours the pastor state of law.” This simply isn’t Together, in a boom year, they make $250,000 during their
the 50-year-old American, who Izmir, which I attended, proved sat straight, serenely listening true. Since the coup attempt, 16-week season, which runs from July through October. Julie,
has spent 23 years leading a as preposterous as the others. to people claiming to be mem- Mr. Erdogan has initiated a whose preferred title is lobsterman, is one of the rising
church in Turkey, that’s effec- Three judges sat on a raised bers of his church, saying he rapid crackdown on civil liber- number of female captains and crew—though women still
tively a life sentence. wood-paneled dais. At a lower provided Bibles in Kurdish ties, religious freedom among account for only 4% of Maine’s commercial lobster licenses.
The ordeal started in Octo- level, Mr. Brunson’s attorney and kept a map of Kurdistan. them. Turkey’s Constitution Mr. White is lucky enough to witness a “wicked awesome”
ber 2016. Mr. Brunson received stood behind a fixed podium. None of the judges asked to provides for freedom of belief boom, when Maine’s annual lobster harvest tops 130 million
a notice to appear at the local Witnesses were placed across see evidence, and none was and worship, along with the pounds—six times the average haul during the 1980s. With
police station in Izmir. He did from the attorney. Sitting on a presented. personal right to share reli- lobstermen making as much as $200,000, they’re riding
and hasn’t been home since. row of fixed chairs sat Mr. At noon, a judge asked Mr. gious ideas. high—but they know it can’t last. Even amid the bounty,
After 13 days in detention, au- Brunson, who has lost 50 Brunson to speak. He replied in But as Mr. Brunson’s case there are worrisome price and cost fluctuations due to an
thorities placed him in an over- pounds while imprisoned. Be- Turkish: “My faith teaches me shows, religious freedom has oversupply of lobsters and a shortage of herring bait.
crowded prison cell, where he hind him, among hundreds of to forgive. I forgive those who become a nominal right in Tur- Mr. White explains how the biggest threat to this bustling
stayed for several months be- empty chairs, five policemen testified against me.” The judge key. Such a blatant contradic- industry is also part of the reason for the boom: climate
fore he was moved to a more idled. On the opposite side of loudly objected to this mention tion between Turkey’s Consti- change. Optimal water temperature for lobsters is between 53
humane cell with only one the court, Mr. Brunson’s wife of faith and admonished Mr. tution and its conduct should and 64 degrees Fahrenheit. As oceans heat up, lobsters move
roommate. He spent more than watched quietly. She was sur- Brunson to speak on the facts give pause to anyone consider- north in search of cooler waters. This has occurred at a rate of
a year without being charged. rounded by fellow Christian only. The pastor added later: ing traveling to or doing busi- 3 to 4.3 miles per year, which has added up to a northward
Meantime, the government- pastors, friends, foreign and lo- “None of the witnesses heard ness in Turkey. shift of 215 miles in the last 50 years. A dearth of predators—
controlled press ran absurd ac- cal press, and U.S. diplomatic from my mouth a word that including overfished cod—has also contributed to the recent
counts about his supposed in- officers. was sympathetic with the Ms. Arriaga is vice chair- lobster boom. “Lobster bottom is like a stadium full of
volvement in the 2016 coup The judges allowed a single PKK.” At the end, a judge an- woman of the U.S. Commission Christians and no lions in sight,” one captain comments.
attempt against Mr. Erdogan. witness for the defense to nounced the next hearing on International Religious “Migrating lobsters are as clear a symbol of climate
American officials started speak. This was a “concession,” would take place in October. Freedom. change as are the melting glaciers of Montana,” Mr. White
writes. But at the present rate, he notes, by sometime
between 2036 and 2046, “the majority of ‘American’ lobsters

Pipeline Builders Abuse Eminent Domain might reside in Canada.” (In the epilogue, Mr. White reports
that the long-expected slump hit Maine lobstermen hard in
2017, with a 16.4% decline in yield.)
By Robert McNamara such rulings. Right now FERC from judicial review. haved this way, federal courts This brings up another issue: trade. Chinese demand
And David Bookbinder presides over a system that Furthermore, FERC’s ap- have deemed it unconstitu- accounts for about 10% of all Maine lobster exports. In addition,

A
strips property owners of their proval comes with eminent do- tional. Yet FERC continues to 60% of Maine lobsters are trucked to Canada for processing.
cross the country activ- rights without courts getting main authority, allowing pipe- harm eminent-domain victims “The Last Lobster” was printed before the current escalating
ists are speaking out involved. line companies to seize by failing to inform them how trade wars, whose economic repercussions could be calamitous.
against the use of emi- When FERC approves the property before seeking other to protect their rights. This is not the first time Mr. White has written about the
nent domain to construct nat- use of eminent domain to necessary approvals. In one in- No one’s property should be dire effects of climate change. Previous books include “The
ural-gas pipelines. Some have build a pipeline, landowners stance, a company seized part taken without a real chance at Melting World: A Journey Across America’s Vanishing
climbed trees and refused to have the right to appeal to a of a Pennsylvania family’s judicial review. Property own- Glaciers” and “Skipjack: The Story of America’s Last Sailing
come down. The agency in federal court only after they property to build a FERC-au- ers who go to court don’t al- Oystermen.” But in “The Last Lobster,” he addresses the
charge of approving these thorized pipeline only to have ways win, but some do. Prop- impact of the environment on one of America’s signature
pipelines—the Federal Energy the project fall apart when of- erty owners in both fisheries with a greater sense of urgency. He untangles the
Regulatory Commission, or How FERC denies ficials in New York refused to Pennsylvania and Texas have complex economics of the lobster industry with admirable
FERC—is reconsidering how landowners the right grant a permit to build an- persuaded state judges to re- clarity, though a more streamlined, less repetitive magazine
eminent domain, by which the other part of the pipeline. The ject pipeline-related property article might have been even more compelling. Even so, his
government legally expropri- to meaningful appeal. taking, which also involved seizures in recent years. Per- book makes a passionate, convincing case for the need for
ates private property for pub- cutting down more than 500 haps property owners who’ve careful marine management, and, through his chorus of
lic purposes, is used. of the family’s trees, was ulti- been subject to eminent do- lobstermen’s voices, makes it in human terms.
While we stand with those have asked the agency to re- mately for nothing. main expropriations by FERC-
who stand for individual consider its decision and had As rotten as these proce- approved pipelines would find Ms. McAlpin reviews books regularly for NPR, the
rights—and enjoy a good tree- their request denied. But FERC dural shenanigans are, FERC is similar success. The agency Washington Post and the Los Angeles Times.
climb—protests like these can has developed the habit of guilty of a more consequential should afford them the chance
only go so far. The U.S. is a granting these requests so deception. Under current law, to find out.
country of laws, and if a court that it can draw out the time it the agency can approve a pipe- Coming in BOOKS this weekend
rules that eminent domain can spends “thinking” about them. line without telling property Mr. McNamara is a senior Rocky Marciano’s fight for perfection • On the Colorado
be used to construct a pipe- While FERC dawdles, the pipe- owners that decisions will be attorney with the Institute for with John Wesley Powell • The Flying Tigers who saved
line, then Americans must re- line companies use eminent effectively unreviewable un- Justice. Mr. Bookbinder is chief China • Building the world’s fastest clipper ship • The
spect that ruling. But judges domain to snatch thousands of less they file an immediate ap- counsel for the Niskanen Cen- return of Philip Marlowe • Sam Sacks on fiction • & more
haven’t actually issued many landowners’ properties free peal. When states have be- ter.
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A16 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Donald Trump, Meet Bill Browder Trump at Helsinki: Reagan or Chamberlain?

V
ladimir Putin knows what he wants sanctions and tried to lure Donald Trump Jr. to Regarding your editorial “Con- “What if Gorbachev’s real plan is to
from Donald Trump, and one priority is support relief in the 2016 campaign. Recall that taining Putin—and Trump” (July 18): lull the West?” Mr. Will accused
With President Trump’s faux pas Reagan of reversing his formerly
help in silencing businessman and hu- Kremlin-linked lawyer Natalia Veselnitskaya
with President Vladimir Putin, per- staunch anticommunist position and
man-rights advocate Bill met Don Jr. and son-in-law haps it is time to think about what selling out to Mikhail Gorbachev.
Browder. Someone should tell Putin wants Trump to Jared Kushner in June 2016 at the real crimes are in this situation. Ronald Reagan was roundly criti-
Mr. Trump that he and Mr. Trump Tower on the pretext There appears to be little doubt that cized by Republicans, Democrats
Browder were both targeted
help silence the man of having dirt on Hillary Clin- the Russians attacked the U.S. elec- and much of the press for his per-
by Fusion GPS, the political who was also targeted ton. It turned out she had toral system. It was a blatant at- formance in a series of summits
gun-for-hire that midwifed nothing on Mrs. Clinton but tempt to disrupt our democratic po- with General Secretary Gorbachev.
the Steele dossier in 2016.
by Fusion GPS. wanted to lobby the two to litical system, and an attack by a On Nov. 9, 1989, the Berlin Wall
Mr. Browder has been on support repeal of the Mag- hostile power on the U.S. There is was torn down as the Soviet Union
Moscow’s enemies list since nitsky Act. also no doubt that it took place dur- crumbled.
he lobbied Congress to pass the Magnitsky Act Mrs. Veselnitskaya also worked alongside Fu- ing the Obama administration. As we are now bombarded with
From all indications, President unparalleled and careless Trump cri-
in 2012. The law is named for Mr. Browder’s late sion GPS to undermine the Magnitsky Act, which
Obama, James Comey, James Clap- tiques from Mr. Will, John Brennan
lawyer and auditor Sergei Magnitsky, who ex- means Fusion was working both for the Russians per and John Brennan were all (“treasonous”) and other critics, it’s
posed a $230 million fraud embarrassing to the to smear Mr. Browder and the Clinton campaign aware of it. They chose to do noth- healthy to consider past times they
Kremlin, was arrested on trumped-up charges, to smear Mr. Trump via the Steele dossier. ing and allowed it to continue. This offered similar counsel.
and died from torture and neglect in a Moscow Mr. Browder has told Congress that Fusion seems to have been overlooked in PETER KORMAN
detention center at age 37. spread false information to news outlets that all of the furor. Atlanta
The Magnitsky Act, versions of which have Magnitsky wasn’t murdered. And Fusion co- JIM BAUGH
also passed in Britain, Canada and the Baltic founder Glenn Simpson told Congress that he Cleveland, Tenn. I am shocked, shocked! to find
states, allows for sanctions and travel restric- had planted information with U.S. media about spying going on here. But I must
tions on human-rights violators. The U.S. has Mr. Browder’s “activities in Russia” and his I am far more concerned about ask: If Russia’s meddling in our
sanctioned 51 Russians under the law. The supposed “history of tax avoidance.” We doubt the alleged efforts within our FBI to elections was an act of war, was
tamper with the 2016 presidential President Obama’s meddling in Is-
Kremlin has been hounding Mr. Browder for Mr. Putin told Mr. Trump about the Kremlin link election than I am with those of rael’s election (an ally) also an act
years, lodging “red notice” requests with Inter- to Fusion in their private conversation about Russian intelligence officers at- of war?
pol for his arrest and filing frivolous lawsuits Mr. Browder. tempting to do the same through STANLEY SPATZ
in U.S. and British courts. All of this is another way of saying to Mr. social media. We expect this kind of Hollywood, Fla.
The news this week is that Mr. Putin com- Trump that Vladimir Putin is trying to con you, behavior from the Russians, but not
plained about Mr. Browder in Helsinki at his sir. And on that point, the U.S. Senate did Mr. from the FBI. I regard the U.S. as Australia’s
news conference with Mr. Trump. The Russian Trump a favor Thursday by voting 98-0 for a WILLIAM MORSE best friend, almost the only one
accused Mr. Browder of tax fraud and “a contri- resolution warning the President not to let the Grosse Ile, Mich. worth having. President Trump said
bution to the campaign of Hillary Clinton,” the Russian government question diplomats or he doesn’t trust the U.S. intelligence
latter of which looks like an unsubtle attempt other officials. It’s clear the Journal opinion staff agencies. From reading your paper
has grave concerns following the (and the president would know
to seduce Mr. Trump to help him. On Thursday afternoon the White House
Trump-Putin summit in Helsinki. It much more), I don’t either, and I
The next day Russia’s prosecutor general seemed to see where the politics of this was go- isn’t the first time we’ve seen such suspect the feeling is general world-
said Moscow wants to question several U.S. offi- ing when it released a statement saying that the criticism of a U.S. president. Histori- wide and has been growing for quite
cials allegedly involved with Mr. Browder, in- request to interview U.S. officials “was made in ans won’t confuse the oratorical a while.
cluding former U.S. Ambassador to Russia Mi- sincerity by President Putin, but President skills of President Trump with those PAUL EVERINGHAM
chael McFaul. Asked about that Wednesday, Trump disagrees with it.” The White House of Ronald Reagan. That said, the Hamilton, Australia
White House press secretary Sarah Sanders said then announced that Mr. Trump will invite Mr. press attacked Reagan, too.
“the President’s going to meet with his team Putin to meet in Washington. In May 1988 George Will warned I never thought I would hear this
and we’ll let you know when we have an an- Mr. Trump should know that critics of the America that Ronald Reagan was president, of all people, sound like
nouncement on that.” What? Kremlin often end up dead, and Mr. Browder is getting duped in a column that ran Neville Chamberlain.
It seems Mr. Putin also sought Mr. Trump’s undoubtedly a target. Before he cuddles with in many papers, including the Des- BRUCE BOWERS
ert Sun which used the headline Los Altos, Calif.
intervention against Mr. Browder during their the bear again, Mr. Trump ought to say publicly
private meeting in Helsinki. The State Depart- that Mr. Putin will get no help from the U.S.
ment rightly rejected Mr. Putin’s interrogation against Mr. Browder. And that if anything hap-
request as “absurd” on Wednesday, but allow pens to Mr. Browder—if he should fall from a
us to connect some dots for Mr. Trump. bridge, or be shot as he gets out of a car—the
Many Obstacles for STEM-Trained Women
Mr. Putin wants relief from Magnitsky Act world is going to blame Vladimir Putin. Regarding Barbara Oakley’s “Why It’s important to show the students
Do Women Shun STEM? It’s Compli- why the solution to a math or science
cated” (op-ed, July 14): As a private problem works. It is a kind of code
Why Your Pension Is Doomed tutor at all levels of school mathe-
matics, I get to talk one-on-one to
they can learn. Yes, games and
groups are helpful, but the logic be-

P
ension costs are soaring across the New Jersey’s pension funds would be broke girls (and boys) who are struggling hind what they are learning is even
with math and science. One factor more interesting.
country, and government unions blame even had politicians squirrelled away billions not mentioned in the article is the ef- Several years after I had taught a
politicians for “under-funding” benefits. more. fect of parents’ attitude toward their small eighth-grade algebra course
Lo, if only taxes were higher, Ditto for Illinois, where the daughters pursuing STEM subjects. In one of the students from the class
state budgets would be A new study shows that pension liability has grown by my own family I have seen two exam- saw me in a restaurant and reintro-
peachy. The real problem, as a benefits are rising faster 8.8% annually over the last 30 ples of fathers who encouraged their duced herself. I commented: “I don’t
new study shows, is that poli- years. Yet when the Illinois Su- daughters’ interest in science and know whether you knew how much I
ticians have promised over- than GDP in most states. preme Court in 2015 blocked math, including my own. enjoyed teaching your class.” She an-
generous benefits. state pension reforms, the In the case of mothers, I often swered: “Oh yes, we all knew!”
In a novel analysis, the Illi- judges rebuked politicians for hear: “My mother can’t help me with JENNIFER SCHOFIELD, PH.D.
nois-based policy outfit Wirepoints compared inadequately funding pensions. The solution, ac- my math homework. She says she Napa, Calif.
couldn’t do math, and that most girls
the growth of state pension liabilities relative cording to unions, is always to raise taxes. But
can’t do it. Just don’t worry about it.” We don’t need to bemoan that a
to state GDP and fund assets. Most studies have no tax hike is ever enough because benefits keep Many elementary school teachers highly competent woman, like Ms.
examined “unfunded” pension liabilities, which growing faster than revenues. are still expected to teach all sub- Oakley’s hypothetical straight-A “Na-
is the difference between current assets and the New Jersey recently raised corporate and in- jects. Many teachers, especially in dine,” can select any career path she
present value of owed benefits. But this obfus- come taxes on high earners, but the state would grades three to five, don’t like math wishes. Nor should we be bothered
cates the excessive pension promises that poli- need to spend billions more on pensions each and find it hard to express enthusi- when “Sara,” with an A in English
ticians have made. year to adequately finance promised benefits. asm for it. Since the majority of the and a C in Physics, chooses a major
According to the study, accrued liabilities— Illinois’s Democratic Legislature last year over- teachers are women, this can elicit in the humanities.
how much states are on the hook for—between rode GOP Gov. Bruce Rauner’s veto of a corpo- negative reactions from the girls in We should be much more con-
2003 and 2016 grew more than 50% faster than rate and income tax hike. Yet the Democratic the class. The teachers have never cerned with a different hypothetical:
the economies in 28 states and more than twice candidate for Governor, J.B. Pritzker, and been taught to make the subject in- a woman who is exceptionally tal-
teresting. ented in science or math, but who
as fast as GDP in 12 states. Leading the list are unions are now campaigning to kill the state’s
still ends up in a career outside of
the usual suspects of New Jersey (4.3 times flat tax rate and raise taxes again. STEM, or in no career at all. Statis-
faster than GDP), Illinois (3.23) and Connecticut Stanford University lecturer David Crane has We Need Employer-Based tics show that women leave STEM ca-
(3.18), as well as New Hampshire (3.46) and calculated that every additional penny that Cal- reers in droves, often to pursue ca-
Kentucky (3.08). ifornia schools have received from the state’s Training for Job Positions reers that they are intensely
Between 2003 and 2016, New Jersey’s pen- 2012 “millionaire’s tax,” which raised the top Ivanka Trump’s plan for a “new” overqualified for, or to leave the
sion liability ballooned 176%. Unions blame law- individual rate to 13.3% from 10.3%, has gone to- job training initiative (“Training For workforce altogether. Census data
makers for not socking away more money years ward retirement benefits. The only salve to the Jobs of Tomorrow,” op-ed, July show that in the U.S. only one in
ago, though lower pension payments helped state pension woes, as the Wirepoints study 18) sounds very much like all the seven women with a STEM degree ac-
them bargain for higher pay. The reality is that notes, is to rein in current worker benefits. plans that have been advanced over tually works in STEM. These depar-
the last 30 years and failed. The gov- tures are generally not caused by
ernment has never been a good crushing bias in the workplace that

A Senate Judicial Miss trainer of job seekers and has had


even less success retraining people
eventually becomes unbearable. Over-
whelmingly, women leave their STEM

B
for new industries. This idea suffers careers after finding that many
en Franklin is credited with advising his Democrats are crowing about the defeat. from the conceit that government can highly technical jobs are inflexible
fellow revolutionaries that if they didn’t Sen. Chuck Schumer (D., N.Y.) even suggested prepare workers for a future they and difficult to balance with respon-
hang together, they would assuredly that if Mr. Bounds can be denied confirmation know nothing about. sibilities outside of the workplace—
hang separately. The Republi- because of college writings, A better way forward is to apply namely, child care and elder care.
can Senate learned this lesson Scott and Rubio defeat “it’s going to be hard to argue tax incentives for companies to train While these challenges aren’t unique
the hard way Thursday when that [Supreme Court nominee workers for positions they need to STEM women, those in technical
last-minute doubts by Sen.
a good nominee and Brett] Kavanaugh’s writings filled, rather than getting the admin- fields often find it much harder to
Democrats crow. istration involved in a new scheme to stay afloat after a career break, espe-
Tim Scott (R., S.C.) killed the in the White House are not
fund a new government program. cially if they have not stayed current
nomination of Ryan Bounds to relevant.” Why repeat the mistakes of the past, with technology.
the Ninth Circuit Court of Ap- The larger story is that ju- wasting tax dollars and giving false HEATHER LIDDELL, PH.D.
peals. The defeat overshadowed what should dicial confirmations have been a great Republi- hope to trainees that doesn’t result in Washington
have been the news this week: a record number can accomplishment. The day before Mr. real jobs? We can learn from other
of appellate-court confirmations since Presi- Bounds’ nomination was withdrawn, the Sen- countries which have created appren-
dent Trump took office. ate confirmed Mr. Trump's 23rd appellate nom- tice programs aimed at high-school- Pepper ...
The two Democratic Senators from Ryan inee—breaking the record held by George H.W. age students, while at the same time
Bounds’ home state of Oregon—Ron Wyden Bush for most appellate-court nominees con- dropping the tired liberal meme of
And Salt
and Jeff Merkley—have objected to his nomi- firmed in a President’s first two years. Accord- college for everyone. THE WALL STREET JOURNAL

nation largely due to college writings they in- ing to the U.S. Courts website, there are seven WES POTTER
Natick, Mass.
correctly claim he tried to conceal. But what appellate-court nominees awaiting Senate con-
really killed the nomination was when Mr. firmation, five nominees pending for vacancies This plan seems to envision our
Scott, the sole black Republican in the Senate, that will occur in the future, and 14 current va- children as a “workforce,” just
told colleagues Thursday he didn’t have cancies to fill. drones, products to serve industry.
enough information to vote “yes,” and Sen. As for Judge Kavanaugh, the Bounds fiasco When education brings back the
Marco Rubio (R., Fla.) said he’d back Mr. Scott. ought to galvanize Senate Republicans. Shortly wonders of classical education and
Majority Leader Mitch McConnell pulled the before the Bounds vote was cancelled, the Sen- the great books, I’ll be on board.
vote rather than risk a defeat. ate reported four more appellate judges out of KAY BUCCOLA
Mr. Scott is not on the Judiciary Committee committee—one for the Third Circuit, two for Kenmore, Wash.
so is unlikely to be as familiar with the charges the Fourth and one for the Eleventh.
as those who are. But the information was Republicans hold the Senate at least until Letters intended for publication should
available—long before the time to vote. What January, and President Trump still has time to be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
Mr. Scott would have seen had he looked is a nominate someone to take Mr. Bounds’ place or emailed to wsj.ltrs@wsj.com. Please
college kid writing sarcastically about political on the Ninth Circuit. Confirmations are a team include your city and state. All letters
correctness, identity politics and multicultural- sport, and with an effective 50-49 majority, are subject to editing, and unpublished
ism on campus. These are flimsy and unfair Senate Republicans need to show up prepared letters can be neither acknowledged nor “Yet you say you have
returned.
grounds to defeat a nominee. and ready to play. a fear of commitment.”
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THE WALL STREET JOURNAL. Friday, July 20, 2018 | A17

OPINION

Get Over It—Israel Is the Jewish State Why Trump’s


By Eugene Kontorovich country. This essentially restates
Detractors

L
et the hand-wringing and
denunciations begin. On
policy adopted by the international
community in 1922 in the League of
Nations Mandate for Palestine,
Cry ‘Treason’
Thursday Israel finally ex- which sought to “encourage . . .
pressed in constitutional close settlement by Jews.” Again, By Michael Anton

P
law the basic achievement the provision is only declaratory of
of Zionism: Israel is the nation-state values, and does not prescribe or resident Trump is, as ever, for-
of the Jewish people. In the seven authorize any particular policies. By tunate in his enemies. What-
years since the new provision was contrast, the state constitution of ever one thinks of what he
first proposed, it has attracted a Hawaii authorizes land policies to said in Helsinki, the overreaction is

JACK GUEZ/AFP/GETTY IMAGES


barrage of criticism from the U.S. promote homesteading by ethnic helping him plow through yet an-
and Europe. Foreign politicians have Hawaiians, and provides preferential other media meltdown. Cries of
demanded Israel not pass the law, land polices for them. “treason,” charges that the president
and they have not been mollified by Moreover, the measure comes is a Russian “asset,” and insistence
the removal of most of its disputed against a backdrop of land policies that remarks at a press conference
provisions. A Monday headline at that discriminate against Jews. The constitute impeachable offenses fire
Foreign Policy warned that Israel Israeli Supreme Court has ruled up the Democratic base. To everyone
was “debating democracy itself.” controversially that Arabs have a else, they seem unhinged.
Arab Knesset members ripped up A protest against the nation-state law in Tel Aviv, July 14. right to create residential communi- What’s the fuss about, anyway?
copies of the bill after its passage. ties in Israel that exclude Jews. A Before Helsinki, Mr. Trump had said
One called it “the official beginning that Israel is a country established population is about 25% Russian. separate case denied the corre- three times—on camera—that he be-
of fascism and apartheid.” to instantiate the Jewish people’s The new Basic Law also estab- sponding right to Jews. In Jerusa- lieved Russia meddled in the 2016
“right to national self-determina- lishes Hebrew, the primary language lem, the Palestinian Authority pre- election. Yet a reporter asked him
tion.” It constitutionalizes symbols of 80% of Israel’s population, as the scribes the death penalty for Arabs again. Why?
Jerusalem comes under of that objective—the national an- official language. Previously, Israel who sell land to Jews. The new Ba-
them, holidays and so forth. There relied on a holdover British Mandate sic Law does not even negate either
fire for its new Basic Law, is nothing undemocratic or even un- provision that gave official status to of those injustices; it merely creates He won’t go along with
which is similar to many usual about this. Among European Hebrew, Arabic and English. Far a normative counterweight.
their efforts to deny the
states, seven have similar “nation- from undermining democracy, the Nor does Israel have official reli-
European constitutions. hood” constitutional provisions. Basic Law puts Israel in line with gions, and nothing in the new Basic legitimacy of his election.
Consider the Slovak Constitution, other Western nations. Most multi- Law changes that. In this respect,
which opens with the words, “We ethnic, multilingual European Union Israel is more liberal than the seven Can you blame him?
In reality, Israel’s Basic Law the Slovak nation,” and lays claim states give official status only to the European countries with constitu-
would not be out of place among to “the natural right of nations to majority language. Spain’s Constitu- tionally enshrined state religions.
the liberal democratic constitutions self-determination.” Some provi- tion, for example, makes Castilian Perhaps the best evidence that Mr. Trump intuits, correctly, that
of Europe—which include similar sions are found in places like the Spanish the official national lan- Israel needs a constitutional affir- the media push the issue in order to
provisions that have not aroused Baltics, which have large, alienated guage, and requires all citizens to mation of its status as the sovereign undermine his legitimacy. He obvi-
controversy. The law does not in- minority populations. The Latvian know it, even if their mother tongue Jewish nation-state is the eagerness ously has no interest in helping
fringe on the individual rights of Constitution opens by invoking the is Basque or Catalan. of so many to denounce as undemo- them do that, hence he challenges
any Israeli citizen, including Arabs; “unwavering will of the Latvian na- Another controversial provision cratic measures that are considered the question’s premise. His oppo-
nor does it create individual privi- tion to have its own State and its of the law declares “the develop- mundane anywhere else. nents won’t take yes for an answer
leges. The illiberalism here lies with inalienable right of self-determina- ment of Jewish settlement” to be a because asking him over and over
the law’s critics, who would deny tion in order to guarantee the exis- national value that the government Mr. Kontorovich is a scholar at fuels the falsehood that he “sides
the Jewish state the freedom to leg- tence and development of the Lat- should promote. It is understood to the Kohelet Policy Forum, a Jerusa- with Russia over his own intelli-
islate like a normal country. vian nation, its language and culture refer to encouraging population dis- lem think tank that has supported gence agencies.”
The nation-state law declares throughout the centuries.” Latvia’s persion into the periphery of the the Nation State bill. He doesn’t. But doesn’t he have
good reason to be cautious about
the intelligence community? There’s

The Sick Man of Europe Risks a Relapse plenty of evidence of illicit American
interference in the 2016 election, all
of it to defeat Mr. Trump and elect
Throughout the OECD detects a widening gap be- vestment boom, and there are plenty roads, bridges, railways and fiber in- Hillary Clinton. Yet when Mr. Trump
1990s and much of tween the most productive compa- of ways to start one. One is to en- ternet connections, Germany could points that out, he’s literally called a
the 2000s, Ger- nies and the rest. The most efficient courage startups, since entrepreneur- restore its productivity dominance. traitor—by the former head of the
many was known service firms are now around 20% ial firms typically take the lead in de- But there’s no reason to think the Central Intelligence Agency. John
as the sick man of more productive than in 2006; but veloping and diffusing innovations. German government can invest more Brennan and James Clapper attack
Europe. Weighed the other 95% of service companies Yet the pace of business creation is wisely than private companies can. the president in vitriolic terms al-
POLITICAL down by the costs are 20% less productive. The most low and slowing, in part because Worse, Berlin can’t afford this invest- most daily. James Comey occasion-
ECONOMICS of reunification, productive companies should pull starting a business in Germany re- ment because it’s spending too much ally chimes in with a Bible quote.
suffocated by high others up as their new technologies quires more red tape than in most on social benefits. They have a First Amendment right
By Joseph C.
taxes and labor and methods spread through the developed countries. That’s the conclusion of a report to do so. But constantly bashing the
Sternberg
regulations, and economy. Not in Germany. this week from the Ifo Institute, president casts doubt on their im-
battered by the That’s because German companies which finds that Germany’s social partiality and professionalism while
competitive pressures of globaliza- aren’t investing at home. Corporate Germany’s economy looks outlays—now roughly half the budget in office.
tion—if you could name an economic savings (outside financial industries) good, but consider the low and higher than Scandinavia—are Despite all this, Mr. Trump says
torture, Germany suffered from it. have increased steadily for 20 years, crowding out the ability to undertake he believes their case that Russia
Maybe that’s why the new crisis feels the International Monetary Fund productivity growth. public-works projects. Berlin could meddled in 2016. So do I. But I
less urgent than it is. noted this month, but investment is run a fiscal deficit, but the result stress the word “believe.” I don’t
Germany’s economy today is in a stalling relative to GDP. would be an economy with more know and neither does anyone out-
state of health that usually seems un- Looking at the factors that influ- Companies, especially smaller debt, unsustainable entitlements, side the highest levels of govern-
attainable for old Europe. Real ence overall labor productivity ones, may also be storing up cash to white-elephant public-works proj- ment. Those in the media who
growth was 2.5% last year. Exports growth, the IMF finds that capital in- fund future research and develop- ects, and slower long-term growth. hyperventilate every time Mr.
power a trade surplus of 8% of gross vestment plays a smaller role in Ger- ment. The key is to make other Berlin is headed in that direction Trump is insufficiently emphatic in
domestic product. Unemployment is many than in any other major econ- sources of financing available so anyway, since too many politicians acknowledging Russian meddling
at a postreunification low of 3.7%. omy. Most of Germany’s middling firms feel compelled to stockpile less now seem to want a public-works- don’t seem to realize he is one of
But those happy numbers mask productivity gains come from compa- savings. Financial reforms, such as and-entitlement blowout if only they the very few people in the country
what is set to become a debilitating nies figuring out how to do more privatizing state-owned banks, might can protest enough first to avoid who’ve actually seen the underlying
drag on the eurozone’s largest econ- with existing resources. If German help stimulate more adventurous looking reckless. Significant tax cut- evidence.
omy. Germany is in the grip of a pro- firms could combine that aptitude business lending, or encourage more ting, the one fiscal policy that would Before last week’s indictments, all
ductivity crisis. Without a solution, with the capital-investment growth venture-capital financing. directly encourage the private invest- the intelligence community had
stagnation will return as entitlement of Belgium—yes, Belgium—Germany Instead, politicians and wonks are ment Germany needs, remains the made public was a 14-page unclassi-
burdens become crushing. would lead the world in productivity fixated on government investment. policy its ideologically confused and fied summary that states conclu-
Germany’s reputation for effi- growth. They imagine that if Berlin and state politically brittle government seems sions but reveals nothing about how
ciency is justified but misleading. Germany needs a corporate-in- governments could spend more on least likely to deliver. they were reached. That’s typical for
The most productive industries are an unclassified product, but it
exporting manufacturers, and the means the rest of us—including the
most productive companies are large
ones. But the clear majority of com-
panies are smaller service firms,
An ObamaCare Tax Worth Keeping media—have to take the case on
faith. Yet, bizarrely, the media insist
they know better than Mr. Trump.
whose productivity increasingly lags. By James C. Capretta plans encourage consumers to use benefits by paying higher wages to There is more public evidence of

H
Productivity for manufacturers more health services than they oth- their workers. American meddling—politicized
employing more than 250 people ouse Republicans want to erwise would, which drives up costs. Capping the tax break for job- leaks, gaming a criminal investiga-
grew on average 5% a year between pass a bill delaying Obama- On average, employer plans cost 35% based insurance, with the Cadillac tion, surveillance of campaign asso-
2009-14, according to the Organiza- Care’s 40% excise tax on more than they would if health bene- tax or something better, is essential ciates, and strings of biased mes-
tion for Economic Cooperation and high-cost employer plans—the “Ca- fits were fully taxed like cash com- for a market-based approach to cost sages by officials—than of Russian.
Development. But the figure was only dillac tax”—by another year, to pensation, according to a 2008 control. The federal government There may be piles of secret evi-
2% for smaller firms. In services, 2023. GOP hostility to this tax is a study. heavily subsidizes every extra dollar dence of the latter. If so, why not
productivity fell 0.1% a year in large mistake. Keeping it would promote spent on job-based insurance, which make more of it public? Especially
companies and 0.4% in small ones. market-based health care more than undermines the incentive for em- since, as we have been told, ac-
Any discussion of productivity re- killing it. The levy on ‘Cadillac’ ployers and workers to seek out knowledging Russian interference is
quires some caveats. Labor-law re- The Cadillac tax would apply to plans will help counter lower-cost options. the patriotic imperative of our time.
forms in 2003-05 encouraged em- premiums above approximately Initially, only about 4% of all em- From what has been made public,
ployers to hire more workers instead $11,000 for individual coverage and perverse tax incentives. ployer plans would have premiums Russian meddling consisted of troll-
of eking more production out of ex- $30,000 for families. It is a second or above the Cadillac tax thresholds. ing social media and allegedly hack-
isting employees. This is especially third-best answer to a longstanding The thresholds are indexed annually ing Democratic National Committee
likely to account for the decline in problem: Workers pay income and For years economists have urged to grow with inflation, which is ex- emails. Information operations are
service productivity, since low-skilled payroll taxes on their cash wages but lawmakers to put a limit on the tax pected to be less than the rate of ris- also as old as statecraft. There’s not
service professions absorbed many of not on the value of job-based health break. President Reagan proposed ing medical costs. Consequently, over a lot the target country can do to
the workers pushed into the labor insurance. That differential tax treat- capping it in 1983, as did President time, more employers would have to stop them, beyond pointing out and
market by the reforms. ment encourages employers to shift George W. Bush in 2007. These ef- cut their costs to avoid the tax. ridiculing ham-fisted propaganda.
Yet that doesn’t fully explain Ger- compensation toward generous forts failed because of the unified Some Republicans have wanted to Throughout the Cold War, most
man productivity problems. The health benefits. Overly rich health opposition of businesses and labor kill the Cadillac tax since it was en- Americans not on the left were unaf-
unions. In 2008 Barack Obama acted in 2010. It was originally fected by far more aggressive and
helped his campaign for president by scheduled to take effect in 2018, but better-financed Soviet disinforma-
attacking John McCain for proposing opponents have twice successfully tion. But we’re supposed to believe
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY to tax job-based health benefits “for attached provisions to larger budget that $10 million spent on Facebook
Rupert Murdoch Robert Thomson the first time in history,” as Mr. deals which delay its start date. ads and troll farms overcame Mrs.
Executive Chairman, News Corp Chief Executive Officer, News Corp
Obama put it. Some Republicans believe they Clinton’s $768 million war chest?
Matt Murray William Lewis
Editor in Chief Chief Executive Officer and Publisher Mr. Obama reversed himself and can kill the Cadillac tax and replace Every effort should be made to
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT:
supported the Cadillac tax, which it later with a better alternative. protect all of America’s cyber-
Mark Musgrave, Chief People Officer; will subject health benefits to taxa- That’s wishful thinking. If Congress networks, including the privacy of
Jason Anders, Chief News Editor; Thorold Barker,
Europe; Elena Cherney, Coverage Planning;
Edward Roussel, Chief Innovation Officer; tion for the first time, although in a keeps delaying the tax and eventu- campaign operatives. But it’s absurd
Anna Sedgley, Chief Operating Officer
Andrew Dowell, Asia; Neal Lipschutz, Standards; way intended to obscure its effects. ally kills it, there will be no appetite to assume that a single vote in
OPERATING EXECUTIVES:
Meg Marco, Digital Content Strategy;
Ramin Beheshti, Product & Technology;
To avoid accusations of a flip-flop, to impose a different version of the Michigan, Pennsylvania or Wisconsin
Alex Martin, Writing; Michael W. Miller, Features
& Weekend; Shazna Nessa, Visuals; Kenneth Breen, Commercial; Mr. Obama designed the Cadillac tax same policy. was turned by reading John Pode-
Rajiv Pant, Product & Technology; Ann Podd, News Jason P. Conti, General Counsel; to look like it applies to employers, Many provisions in ObamaCare sta’s embarrassing emails.
Tracy Corrigan, Chief Strategy Officer;
Production; Matthew Rose, Enterprise;
Frank Filippo, Print Products & Services;
not workers. Although employers should be repealed, but the Cadillac Few of the president’s opponents
Michael Siconolfi, Investigations;
Nikki Waller, Live Journalism; Steve Grycuk, Customer Service; will be on the hook to pay the tax if tax isn’t one of them. Republicans actually say that Russia swung him
Stephen Wisnefski, Professional News; Kristin Heitmann, Chief Commercial Officer; premiums exceed the thresholds, should look past its origin as part of the election. But that’s clearly what
Nancy McNeill, Advertising & Corporate Sales;
Carla Zanoni, Audience & Analytics
Christina Van Tassell, Chief Financial Officer;
that won’t happen often. Most em- ObamaCare and leave it alone. They they insinuate and want people to
Gerard Baker, Editor at Large ployers will avoid the tax by adjust- don’t have the will to replace it with believe. Mr. Trump understands this
Suzi Watford, Chief Marketing Officer;
Paul A. Gigot, Editor of the Editorial Page; Jonathan Wright, International ing what they offer workers. They something better, and killing it and is frustrated by it. Can you
Daniel Henninger, Deputy Editor, Editorial Page DJ Media Group: Almar Latour, Publisher can lower premiums by raising de- would help those who say the only blame him?
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; ductibles, contracting with tighter answer to rising costs is more gov-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head networks of physicians and hospitals, ernment regulation. Mr. Anton, a lecturer at Hillsdale
EDITORIAL AND CORPORATE HEADQUARTERS: and restricting benefits. In a compet- College’s Kirby Center, served as
1211 Avenue of the Americas, New York, N.Y., 10036 itive labor market, employers would Mr. Capretta is a resident fellow deputy assistant to the president for
Telephone 1-800-DOWJONES
make up for the lower cost of health at the American Enterprise Institute. strategic communications, 2017-18.
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A18 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

WORLD NEWS

France Cup Win Triggers Identity Anxiety


Talk-show host’s jest dence as a beacon of European
multiculturalism has been
about country owing dimmed by the yawning social
its victory to Africans and economic gap between
wealthier white French people
raises official ire and the predominantly Muslim
minorities that live in ban-
BY STACY MEICHTRY lieues, on the outskirts of cities.
AND JOSH JACOBS That divide hardened in the
2000s as France banned the
The notion that France display of religious symbols,
owes its World Cup soccer tri- such as the Islamic headscarf,
umph to Africa—given the Af- in public schools. In 2005, ri-
rican heritage of many of its ots in banlieues across France
players—has seeped into the prompted the country to de-
rhetoric of public figures as clare a state of emergency. A
varied as the president of Ven- decade later, France endured a
ezuela and the host of “The string of terror attacks—from
Daily Show.” Charlie Hebdo to the Nov. 13,
France is not amused. 2015, massacre of 130 people—
That’s because the barb carried out in large part by

LUDOVIC MARIN/ASSOCIATED PRESS


cuts to the heart of one of the the French-born sons of immi-
most delicate questions in grants to France.
modern France: what it means Les Bleus’ success on the
to be French. field offered France a different
A long colonial history in narrative of French immigra-
Africa, followed by waves of tion. Here was a group of young
immigration from predomi- men of diverse backgrounds
nantly Muslim countries, has who, thanks to extraordinary
helped make France one of Eu- talent and hard work, had
rope’s most diverse countries, France’s winning World Cup team attending a reception at the Élysée Palace on Monday at President Emmanuel Macron’s invitation. earned the right to represent
as well as a tinderbox of reli- France on the global stage.
gious and ethnic tension. Suc- players hailing from the center The comments came on the even in jest, legitimizes the rack Obama waded into the One of the goals scored in
cessive governments have of France and the former col- same day President Nicolás ideology which claims white- debate, delivering an address Sunday’s final came from the
tried to bridge these divisions ony of Cameroon alike—is the Maduro of Venezuela zeroed in ness as the only definition of in South Africa on Nelson foot of Antoine Griezmann,
by insisting on the principle embodiment of that idealism. on Les Bleus, saying “the being French,” Mr. Araud Mandela’s birthday that born in central France to par-
that anyone who adopts “I get it. They have to say French team seems like the Af- wrote in a letter that Mr. Noah praised Les Bleus. “Not all of ents of European origins. Two
France as their country should it’s the French team, but look rican team. In reality Africa read aloud on his show later those folks look like Gauls to others came from Paul Pogba,
also embrace a color-blind at those guys. You don’t get won, the African immigrants that evening. me,” he said. “But they’re a midfielder from a Paris ban-
identity rooted in the French that tan by hanging out in the who arrived in France.” “When I’m saying ‘African’ French! They’re French!” lieue and the son of immi-
republican ideals of liberty, South of France, my friends,” By Wednesday, France’s am- I’m not saying it to exclude France last won the World grants from the West African
equality and fraternity. Indeed, joked Trevor Noah, host of bassador to the U.S., Gerard them from their Frenchness, Cup in 1998, when a largely country of Guinea; and Kylian
for that reason the country “The Daily Show,” on Monday Araud, had had enough. I’m saying it to include them non-white team became a Mbappé, an electrifying teen-
doesn’t maintain official sta- evening. Mr. Noah, who is “By calling them an African in my African-ness,” Mr. Noah symbol of a new France that age playmaker born in Paris to
tistics on race or religion. from South Africa, crowed: team, it seems you are deny- retorted. was “black, white and Arab.” a Cameroonian father and Al-
France’s soccer team—with “Africa won the World Cup!” ing their Frenchness. This, Even former President Ba- Since then, France’s confi- gerian mother.

WORLD WATCH
SYRIA and Kfarya villages was one of the negotiations and has criti- AUSTRALIA Catholic Church officials in the and the church’s wider response
the largest population transfers cized such transfers as forced world to be convicted of the to a long-running inquiry into in-
Rebels Let Thousands in Syria’s conflict. It followed a displacement. Turnbull Asks Pope crime, has resisted pressure stitutional child abuse.
Leave Assad Territory deal negotiated between govern- Negotiators were reported to To Fire Archbishop from an array of Australian law- The 67-year-old archbishop
ment forces and the rebels. be nearing a deal to have rebels makers and community groups denied through his trial having
The residents of two Syrian The government is expected hand over the remaining pockets Prime Minister Malcolm Turn- to resign since a judge sen- known about the abuse of altar
pro-government villages in the to release a number of militants of opposition-controlled territory bull appealed to Pope Francis to tenced him this month to home boys in the 1970s by another
country’s northwest—over 7,000 from its jails in exchange. in Syria’s southwestern Quneitra fire a Catholic archbishop found detention over the conviction. priest, James Patrick Fletcher,
people—who were besieged by The evacuation of the vil- province to the government af- guilty of concealing child sexual “The time has come for the who died in prison in 2006.
the rebels for three years were lages was used as a negotiating ter a monthlong military cam- abuse, in an unusual intervention pope himself to sack him,” Mr. The prime minister’s interven-
evacuated to government-held chip in earlier population trans- paign by government forces, in church oversight of his case. Turnbull said Thursday ahead of tion was one of the strongest
territory, state-run media said. fers along conflict lines. The backed by Russia. Adelaide Archbishop Philip a meeting with senior clergy by a political leader in recent
The emptying of the Foua United Nations wasn’t part of —Associated Press Wilson, one the most senior about Archbishop Wilson’s case years. —Rob Taylor
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TECHNOLOGY: MEDICAL-TESTING GIANT LABCORP UNDER CYBERATTACK B4

BUSINESS & FINANCE


© 2018 Dow Jones & Company. All Rights Reserved. * * * ** THE WALL STREET JOURNAL. Friday, July 20, 2018 | B1

S&P 2804.49 g 0.40% S&P FIN g 1.44% S&P IT g 0.33% DJ TRANS À 0.42% WSJ $ IDX À 0.18% LIBOR 3M 2.347 NIKKEI (Midday) 22652.42 g 0.49% See more at WSJMarkets.com

Wells Refunds Millions to Clients Broad Growth


Microsoft’s revenue by segment
$30 billion
Bank for years monthly fees to customers for aren’t being renewed after add-on products are the latest age risk, following an unprece- More
dozens of products they didn’t they expire, the person said. challenge for Wells Fargo, which dented move by the Federal 25 Personal
charged fees for extra understand or know how to Wells Fargo is “reviewing has battled scandal after scan- Reserve in February to cap the Computing
services customers use, the people said. add-on products sold to con- dal in the nearly two years since size of the bank’s balance
20
The Consumer Financial sumers by the bank or its ser- it came to light that employees sheet due to risk-management
didn’t fully understand Protection Bureau is probing vice providers and if issues are opened as many as 3.5 million failures.
the matter, the people said. found during this review, we accounts without customer Wells Fargo has known 15 Intelligent
BY EMILY GLAZER The agency is focused on will make things right with knowledge or authorization. there could be problems with Cloud
whether customers were de- customers in the form of re- Wells Fargo on Friday said add-on products for some
10
Wells Fargo & Co. is in the ceived, their awareness of the funds or remediation,” said it took a $619 million charge in time. The bank received a con-
process of refunding tens of products and their ability to Wells Fargo spokeswoman the second quarter to refund sent order from the OCC focus- Productivity
millions of dollars for products cancel the products, one of the Catherine Pulley. The bank is customers it previously over- ing on add-on products in June 5 and Business
ranging from pet insurance to people said. “working with our regulators charged in its foreign-ex- 2015, according to people fa- Processes
legal services added to hun- In mid-2017, Wells Fargo on the ongoing review,” she change, wealth-management miliar with the matter. Other
0
dreds of thousands of custom- stopped selling consumer add- added. Wells Fargo last year and auto- and mortgage-lend- large U.S. banks, including
ers’ accounts without their full on products and is notifying disclosed it was reviewing the ing units. In April, the bank Citigroup Inc. and Bank of FY 2017 ’18*
understanding, people familiar customers, a person familiar add-on products, but the num- agreed to a $1 billion settle- America Corp., paid more than *FY 2018 ended June 30 Source: the company
with the matter said. with the matter said. Some ber of customers affected ment with the CFPB and Office $700 million each in regula- THE WALL STREET JOURNAL.
Known as add-on products, products are being terminated wasn’t clear at the time. of the Comptroller of the Cur- tory settlements related to
Please turn to page B2
Wells Fargo for years charged immediately, while others Problems surrounding the rency over its failure to man-
Microsoft
Investors Treat Asian Junk Bonds Like Trash Revenue
Falling prices for high-yield debt
in Asia have sent yields sharply
higher, and riskier Asian
PushedUp
borrowers have billions in debt
coming due in the next few years.
Yields on high-yield dollar bonds
ByCloud
BY JAY GREENE
10%
Asia* Global Microsoft Corp. topped
9 $100 billion in annual revenue
for the first time as the soft-
8 ware giant remakes itself from
a legacy software provider
7
into a power player in cloud
computing.
6
Much of that growth has
come from persuading cus-
5
tomers who run Microsoft’s
J F M A M J J
software in their own data
Upcoming maturities centers to mix in cloud ser-
In China Elsewhere in Asia* vices, a business known as hy-
brid-cloud computing. Micro-
$25 billion soft remains a distant No. 2 in
the cloud business behind Am-
20
azon.com Inc. but has estab-
lished itself as a viable option
15
for companies beginning the
10 transition.
GIULIA MARCHI/BLOOMBERG NEWS

Microsoft’s success in
5 building out its cloud business
has driven up shares of the
0 company more than 40% in
2018 ’19 ’20 ’21 ’22 the past year. The company’s
market capitalization tops
*Excluding Japan
Sources: ICE Bank of America Merrill
$800 billion, putting it in a
Lynch bond indexes via FactSet (yield); league with internet giants
Thomson Reuters (maturities) Apple Inc., Amazon and Al-
THE WALL STREET JOURNAL. When measured by the absolute rise in yields, China’s junk-debt selloff is its worst since 2011. phabet Inc.
Microsoft shares moved lit-
BY MANJU DALAL In Hong Kong, for example, shook markets. The divergence reflects as great a proportion of new tle after the company reported
AND MIKE BIRD Agile Group Holdings Ltd., When 2018 began, interest Asia’s vulnerability both to issuance. robust fiscal fourth-quarter re-
which last August was able rates on dollar-denominated global forces, like rising U.S. Ken Hu, chief investment sults but jumped more than
Asia’s junk-bond market, borrow for five years at Asian junk bonds broadly interest rates, a stronger dol- officer for Asia Pacific fixed 3% during after-hours trading
anxious over China’s debt 5.125%, this month had to offer matched the global market, lar and trade conflict and to income at Invesco in Hong when finance chief Amy Hood
problem, is showing cracks af- an 8.5% coupon on three-year according to ICE Bank of homegrown challenges. As a Kong, said big news has an gave Wall Street analysts a
ter years of rampant growth. bonds. The Chinese developer America Merrill Lynch indexes. mountain of debt nears matu- outsize impact on Asian bor- strong outlook for the current
Falling prices for below-in- recently upset investors by Now the yield on the Asian in- rity, the Chinese government rowers. “They’re the most ex- quarter.
vestment-grade Asian bonds failing to buy back some other dex—representing $138.1 bil- isn’t preventing defaults as it posed to headline risks, more The 43-year-old company
have sent yields sharply debt as expected. lion in government and corpo- once did. China accounts for than anywhere else,” he said. struggled for years as it wres-
higher, leaving creditors nurs- Measured by absolute in- rate debt—runs nearly 2 nearly three-quarters of Asia’s “That’s true of rising volatility, tled with a slow-growing per-
ing big paper losses and crease in yields, the selloff is percentage points above the maturing dollar-denominated defaults, trade.” sonal-computer business,
clouding the prospects for re- the worst since 2011, when world average, having recently junk bonds, according to Investors haven’t aban- which hampered its Windows
financing maturing debt. doubts about the euro’s future topped 9%. Thomson Reuters, and almost Please turn to page B10 operating-system franchise.
Microsoft was late to tectonic
industry shifts, including mo-
HEARD ON THE STREET | By Charley Grant
Fakes Hit Brands on Amazon bile devices and web search.
But the company has re-
versed its fortunes, largely un-

The Risks Just Rose BY LAURA STEVENS


The Party Grows
der the direction of Chief Ex-
ecutive Satya Nadella, by
focusing on the booming

For Drug Middlemen Amazon.com Inc. has made


it easy for small brands to sell
their products to large num-
Sales from third-party merchants make up more than half
of Amazon's total revenue.
cloud-computing market. Ear-
Please turn to page B2

A new mys- This proposal seemingly guts bers of customers, but that has Estimated total gross merchandise volume world-wide
tery unfolding
in Washington
doesn’t sound
it. If not replaced with some
other scheme, their current
business model evaporates and
also enabled some counterfeit-
ers to cut into their business.
Sassa Akervall relies on Am-
$125 billion INSIDE
good for drug they become what they were— azon for much of the sales of 100
supply-chain low-margin claims processors,” the SISU-brand mouthguards
investors. he said. Both Express Scripts that her family invented. The 75 Amazon
The Department of Health and CVS sold off in Thursday Michigan-based entrepreneur
retail sales
and Human Services sent the trading, while UnitedHealth said fake versions of the prod-
White House Office of Manage- Group, which operates a large uct on the site have undercut 50
Third-party
ment and Budget a new pro- PBM, was down 1%. her price and hurt her busi- merchant
posed regulation Wednesday Whether rebates to health- ness. She has reported the 25 sales
evening that could reshape plan sponsors save money on problem repeatedly to Amazon,
how prescription drugs are
priced and sold.
prescription drugs is hotly
contested. The Pharmaceutical
but the fakes keep resurfacing.
“It’s frustrating,” Ms. Aker-
0 PARAMOUNT TV
The rule’s language isn’t Please turn to page B9 vall said, adding that the fake 2015 ’16 ’17 ’18 BOSS FIRED
available to the public until
OMB completes its review, but
products and their reviews have
hurt the brand’s reputation.
Sources: the company (retail sales); FactSet (gross merchandise volume)
THE WALL STREET JOURNAL.
OVER REMARKS
there are hints of what could Caught in the Middle Amazon said it prohibits
be in store. The publicly avail- CVS Health share price the sale of counterfeit prod- that also has allowed impostors rized distribution. So, in some MEDIA, B3
able title of the rule is “Re- ucts. “We invest heavily to to create ersatz versions of hot- cases, counterfeiters are listing
moval of Safe Harbor Protec- $72 protect the integrity of our selling items, according to small their versions of hot-selling
tion for Rebates to Plans or stores,” a spokeswoman said brands and seller consultants. items on the same page and at
PBMs Involving Prescription in a statement, and “will con- When retailers log into Am- lower prices. Amazon’s pricing
Pharmaceuticals and Creation 70 tinue to aggressively pursue azon’s website for sellers, most algorithms see the lower price
of New Safe Harbor Protec- those who harm our customer product pages have a button and then assigns the default
tion.” and seller experience.” next to the item that makes it “add to cart” option to the
That title suggests trouble 68 Counterfeiters, though, have easy for someone to list the counterfeiter, elbowing brands
for pharmacy-benefit manag- been able to exploit Amazon’s same product. That strategy out of selling their own goods.
ers such as CVS Health and drive to increase the site’s se- works well for consumers and “The reality is this is a cat-
Express Scripts Holding, ac-
cording to pharmaceutical-in-
66 lection and offer lower prices.
The company has made the
Amazon on widely distributed
items like shampoo and sneak-
and-mouse game,” said James
Thomson, a brand consultant
BREXIT WEIGHS
dustry lobbyist Barrett Thorn- process to list products on its ers because it increases com- with Buy Box Experts. “You HEAVILY
hill of McManus Group. The
current safe harbor that ex-
64
website simple—sellers can reg-
ister with little more than a
petition and that usually leads
to lower prices for consumers.
have to find a way to remove
more and more of the cheat-
ON STERLING
empts discounts from antikick- June July business name, email and ad- Most small brands, however, ers. As soon as [Amazon]
back statutes “is the soft un- Source: FactSet dress, phone number, credit are closely held and harder to closes one loophole, somebody CURRENCIES, B10
derbelly of the PBM alligator. THE WALL STREET JOURNAL. card, ID and bank account—but get access to outside of autho- Please turn to page B2
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B2 | Friday, July 20, 2018 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE


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

A F Nucor...........................B3
AbbVie.........................B5 Fidelity International O
Agile Group Holdings . B1 Asian High Yield Fund Omnicom Group..........B3
Alcoa............................B3 ...................................B10
P
AllianceBernstein Ford Motor................B10
Holding......................B9 Pfizer...........................B5
G
Allianz Global Investors Philip Morris
General Motors.........B10 International...........B11
...................................B10
Gilead Sciences...........B5 Publicis Groupe...........B3
Alphabet...........A6,B1,B3
Goldman Sachs Group B9
Amazon.com...B1,B3,B11 R
Google ......................... B3
American Express.....B10 Roy Harvey..................B3
Gymboree Group.........B5
Apple...........................B1
H S
AT&T............................B3
Hilton Worldwide Singulato Motors........B2
B
Holdings....................B9 Sky.......................A1,B11
Bank of America.........B1 SoftBank Group..........B4
Huawei Technologies . A7
Bank of New York
Mellon................B9,B10 J T
Blackstone Group ....... B9 J.P. Morgan Chase......B9 Travelers..............B9,B10
C Juul Labs...................B11 21st Century Fox
K ........................A1,B3,B11
Capital One Financial.B9
Century Aluminum ..... B3 KKR..............................B9 U-V
Citigroup......................B1 Kohl's.........................B11 Uber Technologies ...... B4
Comcast...............A1,B11 Kraft Heinz ................. B3 Unilever.......................B3
Credit Suisse Group ... B9 L UnitedHealth Group....B1
CVS Health..................B1 Viacom.........................B3
LabCorp ....................... B4

VCG/GETTY IMAGES
D W
M-N
Didi Chuxing Technology Walmart....................B11
Macy's.......................B11
.....................................B4 Walt Disney...A1,B3,B11
Merck...........................B5
E Wells Fargo..........B1,B10
Microsoft.....................B1
WPP.............................B3
eBay...................B10,B11 Morgan Stanley..........B9
Express Scripts Holding Netflix..................A1,B11 Z Singulato Motors was founded by a group led by a former internet-security executive who had never run a car company before.

China Bets Big on Electric Cars


.....................................B1 Novartis.......................B5 ZTE..............................A7

INDEX TO PEOPLE
BY TREFOR MOSS tech industries. Regional gov- ducing electric cars will have came to us.”
A H P ernments are making similar to compete against established Tongling, which means
al-Aama, Adeeb........B10 Haiyin, Shen................B2 Patel, Viraj................B10 TONGLING, China—Officials funding commitments. Direct foreign and domestic auto “Copper Hill,” sits about 230
Antonelli, Michael .... B10 Hammond, David........B9 Pitkethly, Graeme.......B3 in this old mining town knew government subsidies on elec- makers rolling out their own miles west of Shanghai. Like
B Harte, Jeff .................. B9 Powell, Amy................B3 almost nothing about electric tric-vehicle sales have totaled fleets. hundreds of cities, it is striv-
Blankfein, Lloyd..........B9 Hood, Amy..................B1 R vehicles when they gave a $15 billion over the past five Some 777,000 electric vehi- ing to upgrade its economy
Bryan, Jeremy...........B10 Hueber, Dan..............B11 startup $535 million in land years. cles were sold in China last and move away from tradi-
Reback, Brad...............B2
C I-J and capital to build an elec- Singulato Chief Executive year, nearly half of the global tional heavy industry.
S
Cai, Wei.......................B9 Iger, Bob....................B11 tric-car plant here two years Shen Haiyin estimates that total. But with so many EV “Car manufacturing reflects
Sadoun, Arthur...........B3
Carr, Michael...............B9 Jindal, Nitin ................ B9 ago. just 10% of today’s EV startups companies joining the race, a city’s strength,” said Liu Yi,
Schachter, Ben..........B11
Chavez, Martin ........... B9 L The startup, Singulato Mo- will survive the next five excess supply looks inevitable. director of Tongling’s invest-
Scharf, Charles............B9
F Liu, Yi..........................B2 tors, was founded by a group years. Some auto analysts put ment bureau. “I don’t think we
Schenkel, Scott.........B11
Foley, Jane................B10 M
of tech professionals led by a the figure nearer to 1%. need to worry about overca-
Shah, Ashish...............B9
Frost, Ben....................B9 Siegel, Simeon..........B11
former internet-security exec- “A lot of capital is being in- Singulato CEO pacity.”
McDougall, Michael..B11
G Solomon, David...........B9
utive who had never run a car vested in this industry,” said Shen Haiyin Before meeting Singulato
Moorthy, Hari ............. B9
Son, Masayoshi .......... B4 company before. Paul Gong, an analyst at UBS. estimates 10% executives for the first time,
Gallea, Chris................B9 N Such partnerships are “A lot of it will be wasted.” of electric-car Ms. Liu pored over books on
Gianopulos, Jim..........B3
Nadella, Satya ............ B1 T
Gong, Paul...................B2 springing up all over China, Lured by the prospect of startups will EVs to educate herself about
Nordin, Adam..............B9 Thornhill, Barrett........B1 spurred by Beijing’s call for handouts, many companies survive the the technology. When she met
Gray, Jonathan............B9
O Turner, Craig ............. B11 the country to become a world have concluded that “simply next five years. the Singulato team, everything
Greenberg, Larry.........B9
Greenfield, Rich........B11 O'Rourke, Mike.........B10 W power in electric-vehicle tech- giving it a shot and receiving clicked: their concept of an EV
Griesemer, Daniel.......B5 O'Shea, Conor.............B3 Waldron, John.............B9 nology and by local govern- government support can be a that would be easy to person-
ments eager to jump on the reasonable business model, Having raised around $1.2 alize, like a smartphone,
bandwagon. President Xi Jin- even if they never put an elec- billion from private investors, sounded like a winner, Ms. Liu

Wells add-on products could exceed


that amount, according to peo-
ple familiar with the matter.
ping’s Made in China 2025
plan, launched three years ago
to promote “domestic domi-
tric car on the road,” said
Scott Kennedy, of the Center
for Strategic and International
Singulato has relatively deep
pockets and therefore has a
fighting chance of being one
said. They quickly signed their
deal.
Both sides acknowledged

Refunds In 2017 the bank hired Ernst


& Young to review around 15
to 20 products out of the
nance and global competitive-
ness” in 10 sectors, includes
electric vehicles.
Studies. “The moment of truth
will come when China’s na-
tional and local authorities
of the few startups to survive,
Mr. Shen said.
Mr. Shen, previously a vice
the risks of competing in such
a crowded field, but they also
emphasized the potential

Millions roughly 85 add-on products


Wells Fargo offered, some of
the people said. The firm ex-
There are now 487 electric-
vehicle makers in China, ac-
cording to the latest official
have to decide whether to let
the losers fail or keep them
afloat.”
president at an internet-secu-
rity company, said he chose
Tongling, a city of 750,000
gains.
Singulato’s first car, the iS6
sport-utility vehicle, priced at
Continued from the prior page amined the level of customer tally, and most are brand new. The Ministry of Industry people in Anhui province, over around $43,000, hits show-
add-on products in 2015 and complaints related to products, In June, the National Develop- and Information Technology, at least 20 other cities and rooms later this year. By 2020,
2014, respectively. claim levels, the ease with ment and Reform Commission which oversees the auto sec- provinces. it hopes to sell around 60,000
Wells Fargo disclosed in an which coverage could be and China Construction Bank tor, declined to comment. “We didn’t seek local gov- of them.
August 2017 securities filing started and stopped and their announced a new $47 billion Even the electric-car start- ernments in particular,” Mr. —Chunying Zhang
that it was reviewing add-on transparency, one of the peo- fund for EVs and other high- ups that succeed in mass-pro- Shen said. “Local governments contributed to this article.
products, such as identity- ple said. Some add-ons—cer-
theft and debt-protection tain types of homeowners in-
products, and said it had “be-
gun remediation efforts where
we have identified impacted
surance or auto insurance—
were deemed appropriate, the
people said. Others, like pet in-
Cloud reflects Microsoft’s perfor-
mance in the hybrid cloud,
rose 26%. The company
revenue, a 17% gain from a
year earlier, when measured
using a new accounting stan-
The performance of Micro-
soft’s Azure cloud-computing
services, as well as its Office
customers.”
The add-on product issues
are in some ways similar to
surance or products related to
home warranties, fell into a
gray area, the people added.
Bolsters doesn’t disclose revenue for
the segment.
Stifel Nicolaus & Co. analyst
dard the company adopted at
the beginning of its fiscal year.
Mr. Nadella, in the company’s
365 online-productivity ser-
vice for businesses, has
pushed Microsoft shares to re-
problems Wells Fargo has had
with aftermarket products sold
to auto-loan customers
Customers were usually
aware a product or service was
added, and some products,
Microsoft Brad Reback estimates reve-
nue in the category hit $7.9
billion—“massive” growth, he
call with analysts, cited Micro-
soft’s “hybrid value proposi-
tion” as a reason for its quar-
cord highs over the past two
weeks. Shares finished Thurs-
day down less than 1% at
through third-party firms. such as insurance, involved an Continued from the prior page said. Microsoft is “playing terly growth. $104.40, just off their peak of
The bank disclosed in May application process. But billing lier this week, Walmart Inc. from their strength,” he said, Overall, Microsoft had $106.40 set Tuesday.
remediations and cash adjust- wasn’t always transparent: announced a five-year deal to by using traditional server $8.87 billion in net income, or After hours, shares touched
ments for improper charges to Some customers, for example, use Microsoft’s cloud services. software to lure longtime cus- $1.14 a share. When using the record highs above $108 fol-
auto-loan customers have weren’t aware they would be In the fourth quarter, reve- tomers to the cloud. new accounting standard, Mi- lowing Ms. Hood’s guidance
risen to around $188 million. charged at the end of a free- nue from server products and Those sales helped Micro- crosoft’s net income a year for segments that include
All told, the refunds related to trial period, the people said. cloud services, a category that soft generate $30.09 billion in ago hit $8.07 billion. Azure and Windows.

Fakes Hurt
Brands on
Amazon
STEPHANIE AARONSON/THE WALL STREET JOURNAL

FloorLiner™ Cargo Liner

Continued from the prior page


else finds another loophole.”
The surge in successful new
brands on Amazon has helped
fuel the counterfeiter prob-
lems, consultants say. While
the problem is hard to quan-
tify, sellers and consultants
who work with them say it has
become common.
Cal Chan said recent counter- TechLiner ® CargoTech®
feiters on the Amazon listing Counterfeiters make their products look similar to the real ones. A fake Active Wow teeth-
for the teeth-whitening product whitening charcoal powder on the right, with three authentic products on the left.
his company created have
posted prices less than one- tablished brands. It has sued and takes action on 95% of many counterfeiters are in
third of his usual $20 to $25, phonies and enabled brands to brand-registered products China, based on shipping ad-
and he has matched pricing and register themselves, which within eight hours. The com- dresses or locations specified
lost money to ensure customers gives the brands more control pany also has developed algo- on Amazon’s website.
get the authentic product. He over their listings. Amazon also rithms and other systems to Ben Frederick, one of two
has tried changing the labels for uses that information to help identify fraud. physicians who created the
his Active Wow teeth-whitening scan its systems for potential Still, fakes continue to pop health-products brand Dr. Fred-
charcoal powder—which is one counterfeits and to block fakes up. After Rob Ridgeway, inven- erick’s Original, said he spends a
of Amazon’s hottest-selling before they can list on the site. tor of a musical board game lot of his time warning and re-
items by unit—to differentiate Amazon has said its platform called Spontuneous, registered porting sellers from China who See our full line of Automotive
from impostors who have has helped millions of small his brand with Amazon, a new hop on his listing. Sometimes Accessories at WeatherTech.com
grown increasingly sophisti- businesses start new products. Ukraine-based seller showed they don’t know it’s a registered 800.441.6287
cated at imitating his packaging. More than half of sales on its up, undercutting his $29.99 trademark, he said, and they get International #001.630.769.1500
“Amazon has a strict no- site, by unit, now are from inde- price by about $5. off. Other times they ignore him
counterfeit policy, but there pendent merchants, including The Austin, Texas-based en- or even send threatening emails. American Customers
are criminals that are trying those who sell their own trepreneur tried to order the Dr. Frederick blamed those WeatherTech.com
to manipulate their systems,” brands. Those transactions typi- game to get proof it was a sellers for cutting his company’s Canadian Customers European Customers
Mr. Chan said. cally are more profitable to Am- counterfeit, but the item never revenue by as much as $40,000 WeatherTech.ca WeatherTech.eu
After inquiries from The Wall azon than selling its own stock, arrived—its tracking number a month; the company is on
Street Journal, counterfeiters because it takes a roughly 15% was fake, too. pace to do as much as $4 mil- Accessories Available for
Acura · Audi · BMW · Buick · Cadillac · Chevrolet · Chrysler · Dodge · Ferrari · Ford
were removed from Mr. Chan’s cut and avoids inventory costs. “It’s frustrating,” Mr. Ridge- lion in revenue this year. A GMC · Honda · Hummer · Hyundai · Infiniti · Isuzu · Jeep · Kia · Land Rover · Lexus
and the other sellers’ listings The Amazon spokeswoman way said. “At some point you counterfeiter won one of his buy Lincoln · Maserati · Mazda · Mercedes-Benz · Mercury · Mini · Mitsubishi · Nissan
Oldsmobile · Plymouth · Pontiac · Porsche · Saab · Saturn · Scion · Subaru
mentioned in this article. said that less than 0.1% of site just kind of throw your hands boxes on Monday, hurting his Suzuki · Toyota · Volkswagen · Volvo · and more!
Amazon has long fought page views were flagged for up in the air and say, ‘what am Prime Day sales. He got Amazon ©2018 by MacNeil IP LLC
counterfeiters, who in the past potential infringements, and I supposed to do?’ ” to remove the seller, but it reap-
have typically targeted big, es- that the company investigated Consultants and sellers said peared about 90 minutes later.
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THE WALL STREET JOURNAL. * * * * Friday, July 20, 2018 | B3

BUSINESS NEWS

Google’s
EU Fine
Publicis Results Depress Ad Stocks week: Rival Omnicom Group
Crucial revenue gauge ers cutting back on the fees Saatchi & Saatchi, said reve- doctors to sell products, was

To Face drops, and the firm’s


shares decline 8.8%;
they pay ad agencies, and
changes in consumer behavior.
Publicis has responded to
nue in the quarter ended June
30 fell 2.1% to €2.2 billion
($2.56 billion) on an organic
Inc.’s shares tumbled 9.5% on
Tuesday after the advertising
giant missed its second-quarter
responsible for a €30 million
revenue drop in the half, Mr.
Sadoun said.

Challenge WPP, Omnicom sink


industry challenges by trying
to transform from a corporate
Goliath—beset by rivalries
basis, a crucial industry mea-
sure that strips out currency
effects, acquisitions and dis-
sales estimate because of lack-
luster performance in North
America. Omnicom fell 1.4% on
Publicis is conducting a stra-
tegic review of that business,
which contributed about €300
BY DANIEL MICHAELS BY NICK KOSTOV among its creative and digital posals. Analysts had been ex- Thursday. million in revenue last year.
agencies—into a more nimble pecting a 1.1% rise in quarterly “That whole space is fight- “We hit a bump with that busi-
BRUSSELS—Fining Google PARIS—Shares in some of operation that can cater to cli- organic revenue. ing to stay relevant,” said ness,” Mr. Sadoun said.
$5 billion is one thing, making the world’s biggest ad compa- ents who are demanding ser- Net income in the first half Conor O’Shea, analyst at Kep- Publicis also suffered in Eu-
it stick is another. nies tumbled Thursday after vices to contend with disrup- declined 19% to €313 million ler Cheuvreux. “Business is rope, where it was hit by un-
Google parent Alphabet Inc., Publicis Groupe SA reported tions to their business models. compared with the year-earlier very tough and they have to certainty around the imple-
within hours of the European revenue below expectations, The shift has yet to persuade period. navigate their way through mentation of a new data-
Union decision Wednesday, said heightening investor concerns investors, however, and the Publicis’ results rattled in- that as best as they can.” privacy law.
that it would appeal the anti- over the advertising giant’s firm’s share price is now down vestors, with the shares closing Organic revenue at Publicis The company suspended
trust fine for abusing the domi- ability to weather technologi- about 16% over the past year. off 8.8%. Its woes ricocheted, fell 2.3% in North America in business with publishers that
nance of Google’s Android oper- cal disruption. “The market wants tangible hitting shares of the ad indus- the second quarter, hurt by an couldn’t prove that they were
ating system. As with its rivals, the proof of our transformation,” try’s biggest company, WPP underperformance of its busi- compliant with the new law in
Alphabet faces an uphill bat- world’s third-largest advertis- Chief Executive Arthur Sadoun PLC, which fell 2.9% in London ness serving health-care clients. the days after it came into
tle with its appeal—but maybe ing group is under pressure said. trading. In particular, Publicis Health force, shaving about €10 mil-
not an insurmountable one, say from increased competition Publicis, which owns agen- The market has already pun- Solutions, a business that in- lion off revenue, Mr. Sadoun
lawyers and legal scholars, cit- from consulting firms, market- cies including Leo Burnett and ished ad holding firms this volves sales people visiting said.
ing a court ruling involving In-
tel Corp. last year.
The European Commission,
the EU’s executive arm that Price War Eats Into Results
brought the case, usually wins
such appeals. European law For Unilever in the First Half
gives it a strong hand, courts
tend to defer to it and its cases A fierce price war between market share between Unilever
are painstakingly built over consumer-goods giants hit Uni- and Kraft Heinz Co. has led to
months or years. lever PLC hard in the first half. the lowest average retail price on
Following an embarrassing The Anglo-Dutch maker of mayo in North America in seven
string of losses on appeals of Dove soap and Magnum ice years. “We’re going toe to toe in
merger cases in the previous creams reported anemic sales a battle to provide consumer
decade, the commission in growth and lower profit for the value,” he said. Unilever owns
2004 improved its economic six months to June 30 as it dis- Hellmann’s mayonnaise.
counted some products and Unilever also has a fight on its
struggled to raise prices on oth- hands in dry-spray deodorants,
Alphabet faces uphill ers in North America and Europe.
Unilever, like other consumer-
where discounting by new rivals
has pressured prices. The innova-
fight with its appeal, goods companies, has long relied tion had lifted the company’s
but maybe not an on selling new or improved ver-
sions of products at higher prices
sales in recent quarters.
For the first half, Unilever re-
insurmountable one. to boost growth. But that is being ported underlying sales growth of
challenged by weak inflation, Am- 2.5%, driven almost entirely by
azon.com Inc.’s rising prowess in volume, rather than price. Under-
selling household staples, and de- lying price growth in the period
analysis of deals and increased clining brand loyalty as consumers was just 0.2%. Prices dropped in
DMITRY FEOKTISTOV/TASS/ZUMA PRESS

the rigor of its arguments, say use the internet to shop around. its beauty and personal-care divi-
former competition officials (At right, an ice-cream factory in sion, but rose slightly in food and
and lawyers. Since then, almost Russia.) Growing popularity of refreshments, and home care.
no commission competition rul- discount retailers, from dollar Unilever reported net profit of
ing has been rejected. stores to Germany’s Aldi, is also €3.04 billion ($3.54 billion) for the
“The commission’s track re- pushing down prices. six months to June 30, down
cord is formidable,” said Assi- Unilever’s Chief Financial Offi- from €3.11 billion in the year-ear-
makis Komninos, a competition cer Graeme Pitkethly said the lier period. Revenue declined to
lawyer at White & Case in Brus- trend was particularly notable in €26.4 billion from €27.7 billion.
sels. condiments, where a battle for —Saabira Chaudhuri
EU law places a particular
onus on companies that domi-
nate a sector and tries to pro-

Paramount TV’s Head Fired Over Remarks


mote competition even if only
potential harm can be shown,
said Ioannis Lianos, a professor
of global competition law at
University College London. The BY JOE FLINT uphold our values and ensure familiar with the matter said. cations, Jonathan Friedland, off CBS Corp. more than a de-
approach contrasts with U.S. that all employees feel safe The call was in relation to a for the same offense. cade ago.
law and its enforcers, which fo- The president of Viacom and included in the work- TV version of the movie “The Paramount’s TV division is In 2013, Paramount re-en-
cuses on demonstrated harm Inc.’s Paramount Television place,” Mr. Gianopulos said. First Wives Club” that Para- seen as a crucial engine for re- tered the TV business with
rather than market structure. unit was fired Thursday for in- While the memo doesn’t mount Television is making viving the studio, which has Ms. Powell at the helm.
However, that could change appropriate remarks. disclose what Ms. Powell said, for its sister cable channel, While still a relatively small
following a decision in Septem- Amy Powell, who ran the a person familiar with the Paramount Network. player compared with AT&T
ber by the European Court of unit for five years, was let go matter said the remarks in Ms. Powell said she couldn't Amy Powell’s Inc.’s Warner Bros., Walt Dis-
Justice, the EU’s highest court, because of comments “incon- question were “racial in na- comment and hung up when firing is the ney Co. and 21st Century Fox,
to send back to a lower court a sistent with our company’s ture.” reached by The Wall Street latest exit of Paramount Television has had
2009 ruling by the commission values,” said Paramount Pic- Specifically she made re- Journal. an American some recent successes, includ-
against Intel over loyalty re- tures Chairman and Chief Ex- marks on a conference call The high-profile firing of executive over ing the Netflix teen drama “13
bates given to the chip maker’s ecutive Jim Gianopulos in a about black women being an- Ms. Powell is the latest exit of inappropriate Reasons Why” and “The Alien-
customers. Intel was fined memo to the studio. gry and about black children a senior executive for inap- remarks. ist” on TNT.
about $1.2 billion. The firing came after an in- being raised by a single par- propriate remarks at an Amer- News of Ms. Powell’s firing
In that case, the top court vestigation by Paramount’s ent. ican corporation. was first reported by the Hol-
didn’t accept that an exclusivity human resources and legal A person on the call re- Papa John’s International struggled in recent years. lywood Reporter.
deal as such was illegal and told team this week over com- ported to human resources, Inc. Chairman John Schnatter Once one of the top studios, In his memo, Mr. Gianopu-
the lower court to look more plaints about Ms. Powell’s con- and it was confirmed by oth- resigned after using a racial Paramount had all but aban- los said the studio will imme-
closely at the economic impact duct, according to the memo. ers on the call, but Ms. Powell slur, and last month Netflix doned the television business diately look for Ms. Powell’s
of Intel’s business practice. “It is imperative that we denied it occurred, the person Inc. fired its head of communi- when its parent, Viacom, spun replacement.

Alcoa’s Shares Tumble 13% on Tariffs


BY AUSTEN HUFFORD
Foiled EXTRA
COMFORT
Shares of Alcoa Corp. fell Alcoa's shares fell on Thursday
13% to $41.56 on Thursday af- after the company cut its
ter the aluminum maker said outlook for the rest of the year.
the recently enacted U.S. tar-

IN EVERY
iffs are hurting its earnings. $50 a share
The Pittsburgh company,
which made only about 14% of 48
the aluminum it produced

STEP
globally last year in the U.S.,
relies on imports from Canada. 46
Those imports have become
DANIEL ACKER/BLOOMBERG NEWS

more expensive because of the 44


new tariffs.
Alcoa said Wednesday that
it incurred $15 million of costs 42 Thursday
last month stemming from the $41.56
newly implemented tariffs on ▼13.3%
40
imports from its foreign oper-
ations, primarily from Canada. July 9 11 13 17 19
Tariffs on steel and alumi- Source: SIX
num imported into the U.S. The company made 14% of its global aluminum output in the U.S. THE WALL STREET JOURNAL.
went into effect at the start of
June. Going forward, Alcoa ex- tariffs, reiterated its opposi- producers are benefiting from ers there.
pects to pay $12 million to $14 tion to them, saying they higher domestic aluminum For its second quarter, rev-
million a month while the tar- aren’t the right way to help prices caused by the tariffs. enue at Alcoa rose 25% to
iffs are in place. the U.S. industry. The com- Alcoa saw its average realized $3.58 billion. The company
“Tariffs will not solve the pany has been critical of com- price on primary aluminum brought in $75 million in earn-
challenges facing the alumi- panies in China over produc- rise 19% from the year before ings in the quarter, the same
num industry,” Chief Executive ing aluminum and supports in the latest quarter. as a year before. On a per-
Roy Harvey said on a confer- reining them in through nego- Domestic steelmakers are share basis, earnings fell to 39
ence call Wednesday. tiated reductions. also benefiting from higher cents from 40 cents, as the av- The Un-Sneaker™ goes to work.
Alcoa recently restarted a Alcoa made about 14% of prices from the tariffs. Nucor erage number of shares rose. You deserve insane comfort 24/7. So why
portion of its idle smelter in the aluminum it produced Corp., the largest U.S.-based Adjusted for certain items,
southern Indiana, but Mr. Har- globally last year in the U.S. steelmaker, said Thursday that earnings per share came in at not treat your feet to the Hubbard 24 Seven?
vey said the company has no Industry watchers say that it has benefited from the ris- $1.52, above the $1.32 ex-
immediate plans to bring the U.S. dependence on alumi- ing prices. The company’s av- pected by analysts.
other curtailed smelters in the num from Canada is unlikely erage sale price per ton in its For adjusted earnings be-
U.S. back into service. to change, as not enough alu- second quarter rose 17% from fore interest, taxes, deprecia-
Shares of Century Alumi- minum is made domestically, a year earlier as the company tion, and amortization, known
num Co., another U.S. pro- and U.S. smelters are some of ramped up production. as Ebitda, the company ex-
ducer, fell 12% to $13.09. the oldest and most expensive Alcoa wants to get Canada pects $3 billion to $3.2 billion Free shipping and returns. Order online or call 844.482.4800.
Alcoa, which cut its profit in the world. exempt from the tariff as the this year, down from $3.5 bil-
outlook for the year, citing the Mr. Harvey said that U.S. company operates three smelt- lion to $3.7 billion previously.
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B4 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

LabCorp Works to Counter Cyberattack


Medical testing slows demanding payment to release traffic—was hit by an attack the alert from the National
them. LabCorp was asked for a involving SamSam. Health Information Sharing
after ‘ransomware’ bounty in bitcoin to unfreeze The latest attack has af- and Analysis Center, which co-
hack; company says thousands of affected ma- fected tens of thousands of ordinates health-industry re-
chines, according to an alert LabCorp workstations, servers sponses to cyberattacks.
no data was stolen issued Thursday by a non- and devices, and the disrup- One of the people familiar
profit industry group, which tion spread to Covance, the with the matter said it has no
BY ROB COPELAND was reviewed The Wall Street people said. The ransomware intention of meeting any ran-
AND MELANIE EVANS Journal. paralyzed only a minority of somware demands. LabCorp

ANDREW HARRER/BLOOMBERG NEWS


Similar attacks have been that technology before it was plans to replace affected de-
The medical-testing giant blamed for widespread system halted, one of them said. vices, the person said.
Laboratory Corp. of America freezes at public schools, tran- The LabCorp spokeswoman The spokeswoman declined
is dealing with a broad cyber- sit systems and companies said the impact on Covance to comment on any ransom.
attack, people familiar with around the world. specifically resulted from se- In a note to employees
the matter said, the latest Attacks on the health-care curity enhancements deployed Wednesday and reviewed by
breach to disrupt companies industry, with its lifesaving companywide, not ransom- the Journal, LabCorp identi-
that hold sensitive informa- services and sensitive personal ware. She said the company is fied the suspicious activity as
tion. data, can be particularly un- investigating the breach along ransomware. The company
The company, known as nerving. Ransomware disabled Tens of thousands of workstations, servers and devices are affected. with outside security experts told employees it wasn’t pro-
LabCorp, said Monday it was some hospitals in the United and law enforcement. actively notifying customers,
investigating suspicious activ- Kingdom last year, forcing the mation on roughly half the closely followed drug-develop- The Burlington, N.C., com- but rather was “working to re-
ity but hasn’t disclosed pub- National Health Service to di- U.S. population. ment arm Covance hadn’t been pany earlier said it had taken spond to specific customer in-
licly the nature or extent of vert ambulances and cancel There is no indication any affected. some portions of its network quiries.”
the “ransomware” attack. It appointments. data was breached, a spokes- The company believes it offline, which would tempo- “We believe that our efforts
hit one of the company’s ge- LabCorp processes millions woman said. was hit with a strain of the rarily slow test processing and to quickly contain the ransom-
netic-testing units over the of blood, urine and other diag- LabCorp has provided few ransomware known as Sam- customer access to test re- ware and restore key system
weekend, and the impact nostic tests each week. It is details of the attack. It said in Sam, people familiar with the sults. functions will limit potential
spread in the ensuing days, one of the world’s largest do- a securities filing Monday it matter said. Earlier this year, Hackers demanded $6,000 impacts for customers,” Lab-
the people said. mestic commercial lab-testing had detected “suspicious ac- the Hartsfield-Jackson Atlanta in bitcoin for each machine or Corp told employees.
With ransomware, attackers companies and maintains a da- tivity” confined to its diagnos- International Airport—the $52,500 to unlock all en- —Peter Loftus
lock up files and other data, tabase containing health infor- tics network, and that its world’s busiest by passenger crypted devices, according to contributed to this article

SoftBank’s Son Slams Japan’s Ride-Hailing App Ban


BY MAYUMI NEGISHI Responding to Mr. Son’s invested more than $9 bil-
criticism, an official at the lion—said it would provide its
TOKYO—Japanese technol- transport ministry said ride- customer-matching services
ogy investor Masayoshi Son, hailing arrangements put cus- free of charge to taxi compa-
who controls a big stake in tomers at too much risk. nies in Osaka and Kyoto this
Uber Technologies Inc., called “There are no requirements fall, with plans to expand to
Japan’s ban on ride-hailing concerning the quality of the cities such as Fukuoka and To-
apps such as Uber “stupid,” driver or vehicle mainte- kyo.
heightening a clash with gov- nance,” the official said. The Didi app would connect
ernment leaders who say the Although Japan is one of customers in Japan with li-
apps are unsafe. the few leading economies censed taxi drivers. Japanese
“I can’t believe there is still without ride hailing, the situa- officials have welcomed Didi’s
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES

such a stupid country,” said tion has led to little public foray.
Mr. Son, whose SoftBank outcry because taxis offering “I am a big fan” of Japa-
Group Corp. owns 15% of Uber high-quality service are read- nese taxi drivers, said Didi
and is a major investor in Chi- ily available in city centers President Jean Liu at a news
nese ride-hailing company and public transportation is conference. “We can help taxi
Didi Chuxing Technology Co. convenient. companies grow faster.”
“This is a dangerous situation In contrast to Mr. Son’s out- Uber, in which SoftBank in-
where the government is halt- burst, the ride-hailing compa- vested $7.7 billion this year,
ing progress toward the fu- nies in which he has invested has approached the Japanese
ture.” expressed willingness to offer government about providing
Japan has banned drivers services that work within the data-analysis tools to help
from ferrying passengers for existing legal constraints. lower congestion during the
money unless they have a taxi Hours after Mr. Son’s Tokyo Olympics in 2020, but
license or a similar profes- speech, Didi—in which Soft- nothing has materialized from
Japan is one of the few leading economies without ride hailing, although Uber Eats operates there. sional qualification. Bank and its Vision Fund have the talks, an official said.

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THE WALL STREET JOURNAL. * * * * Friday, July 20, 2018 | B5

BUSINESS NEWS

Merck to Cut Drug


Prices Amid Pressure
BY PETER LOFTUS but net prices dropped 1.9%.
Before that, Merck’s average
Merck & Co. said Thursday annual list prices had increased
it will cut U.S. list prices for by at least 9% since 2011, and
several of its drugs including average annual net prices rose
the hepatitis C treatment between 3.7% and 6.2% during
Zepatier, and the company the same period—all higher
pledged to limit future net than the broader inflation rate.
price increases. Merck’s new price changes
It was the latest nod by a include a commitment not to in-
drugmaker to public pressure crease the average net price
over drug costs. Novartis AG across its product portfolio by
and Pfizer Inc. said in recent more than the inflation rate.
days they wouldn’t raise U.S. The pledge still leaves room for
drug prices further this year, in higher increases on individual
Pfizer’s case after President drugs, Evercore ISI analyst
Donald Trump blasted on Twit- Umer Raffat said in a research
ter the company’s plans for a note.
new round of increases. The company will cut the list
Still, the scope of Merck’s price of Zepatier by 60%. Merck

GYMBOREE
price actions is relatively lim- started selling Zepatier in 2016
ited, sparing most of its top- at a list price of about $54,600
selling products from cuts, such for a 12-week course of treat-
as the Keytruda cancer treat- ment, which at the time was The retailer rolled out a new look for its children’s clothing on Monday. Some moms took to Facebook to complain about the changes.
about 30% less than the list

Gymboree, Moms Clash on Style


prices for rival drugs from
Gilead Sciences Inc. and Abb-
The firm won't boost Vie Inc. The new list price will
the average net price of be about $22,000 for 12 weeks
of treatment, a Merck spokes- BY SUZANNE KAPNER “They’ve gone away from Sixty dollars for a girls’ denim focus groups he had conducted
its products more than woman said. having a cohesive collection,” dress is ridiculous.” with parents. He said the cus-
the inflation rate. Zepatier’s global sales for Children’s clothing retailer said 45-year-old Pamela Welch Companies often face back- tomers wanted clothing that
2017 were $1.66 billion, or about Gymboree weathered a bank- of Queensbury, N.Y., in an in- lash when they make changes, could be mixed and matched
4% of total company sales. ruptcy filing. Now, it faces terview. “Now, it’s just a bunch and social media has given so their children could create
Merck will cut list prices by what might be an even of discordant items that don’t customers a bigger platform their own outfits.
ment, which has a list price of 10% for several other drugs: tougher battle: persuading relate to each other.” to vent. Gymboree said the Mr. Griesemer, a retail exec-
about $13,500 per patient Prinivil, Proscar, Remeron, moms to like its new look. Other moms complained in number of complaints are a utive who had worked at Cold-
monthly. Sinemet, Sinemet CR and The chain had a cultish fol- hundreds of posts that the fraction of its total Facebook water Creek Inc. and Gap Inc.,
Merck, based in Kenilworth, Trusopt. lowing for its head-to-toe out- new styles were pricier but followers. took the reins in May 2017,
N.J., said it was cutting prices These drugs no longer rank fits that were embellished lacked the detail that made Daniel Griesemer, chief ex- several weeks before the com-
“to help reduce patient out-of- among Merck’s top sellers be- with embroidery and designed the older clothes special. And, ecutive of Gymboree Group pany filed for chapter 11 bank-
pocket costs.” The price cuts cause patents have expired and around whimsical themes. Ev- the posts said, they are geared Inc., said there were bound to ruptcy protection. Before
will go into effect in the fall, a generic alternatives are avail- erything from headbands to more toward older children. be unhappy customers given emerging from bankruptcy in
spokeswoman said. able. tops to shoes matched, which “I don’t want to dress my 5- the extent of the changes. He September, it eliminated $900
Merck and other drugmakers Evercore’s Mr. Raffat said encouraged shoppers to buy year-old like a teenager,” said said he had gotten good feed- million in debt from a 2010
typically pay rebates to phar- the drugs getting 10% price the entire line. When items Jenn Jaffray, a 38-year-old back from customers in Gym- leveraged buyout by private-
macy-benefit managers and in- cuts add up to less than 0.1% of sold out, they would scavenge mother who was so devoted to boree stores and declined to equity firm Bain Capital and
surers that amount to dis- Merck’s total sales. online resellers to find the the chain that she would drive discuss specific Facebook closed a quarter of its stores.
counts from list prices. But Merck said it selected medi- missing pieces. two hours from her home in posts. “We believe we’re mov- Although most of the out-
uninsured patients and those cines for price cuts based on Much of that vanished on Brandon, Manitoba, to the ing the brand in the right di- pouring on Facebook was neg-
with high-deductible health the gap between their list Monday when the chain rolled nearest store. Ms. Jaffray said rection,” he said. ative, there were some fans of
plans can still be on the hook prices and actual discounted out new clothing to its 380 she isn’t planning any shop- In an interview last week the new look. “It’s hip, it’s
for the full list price. prices paid, contractual obliga- stores, according to moms ping trips to buy the new line. before the new looks were un- cool, it’s refreshing,” said 41-
In 2017, the average list tions and “the opportunity to who took to Facebook to be- “The colors are all very basic, veiled, Mr. Griesemer said the year-old Dena Mackenzie Pow-
price for Merck drugs rose 6.6% broaden access to treatment.” moan the changes. and the prices have gone up. overhaul was in response to ell of Westfield, Ind.

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РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
B6 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
25064.50 t 134.79, or 0.53% Trailing P/E ratio 23.45 21.01 2804.49 t 11.13, or 0.40% Trailing P/E ratio * 24.52 24.29 7825.30 t 29.15, or 0.37% Trailing P/E ratio * 26.45 26.14
High, low, open and close for each P/E estimate * 16.34 18.41 High, low, open and close for each P/E estimate * 17.45 18.80 High, low, open and close for each P/E estimate * 21.36 20.91
trading day of the past three months. Dividend yield 2.14 2.33 trading day of the past three months. Dividend yield 1.87 1.99 trading day of the past three months. Dividend yield 0.94 1.12
All-time high 26616.71, 01/26/18 All-time high 2872.87, 01/26/18 All-time high: 7855.12, 07/17/18

Current divisor 0.14748071991788


25500 2800 7800

65-day moving average


25000 2750 7600

24500 2700 7400

Session high 7200


24000 2650
DOWN UP
65-day moving average
t

Session open Close 65-day moving average


23500 2600 7000
Close Open
t

Session low 6800


23000 2550

Bars measure the point change from session's open


6600
22500 2500
Apr. May June July
Apr. May June July Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.

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 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 732,701,304 12,075,390
Industrial Average 25154.17 25052.62 25064.50 -134.79 -0.53 26616.71 21513.17 16.0 1.4 11.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 329,480,960 8,230,153
Transportation Avg 10768.33 10601.98 10747.65 45.42 0.42 11373.38 9021.12 13.3 1.3 9.0 Most-active issues in late trading Decl. volume* 383,193,053 3,497,717
Utility Average 728.08 720.14 723.96 6.36 0.89 774.47 647.90 0.6 0.1 8.0 Volume After Hours Issues traded 3,068 318
Company Symbol (000) Last Net chg % chg High Low Advances 1,771 144
Total Stock Market 29294.50 29147.64 29222.89 -81.70 -0.28 29630.47 25030.26 14.0 5.6 9.6
SPDR S&P 500 SPY 9,816.6 280.04 0.04 0.01 281.08 279.80 Declines 1,185 153
Barron's 400 763.41 757.64 761.84 1.83 0.24 761.84 629.56 15.6 7.2 10.1
Sprint Corp. S 8,059.4 5.49 0.02 0.37 5.52 5.47 Unchanged 112 21
Nasdaq Stock Market Microsoft MSFT 7,339.7 109.00 4.60 4.41 109.30 102.31 New highs 81 3
Nasdaq Composite 7849.85 7811.15 7825.30 -29.15 -0.37 7855.12 6213.13 22.5 13.4 14.5 AT&T T 4,801.6 31.32 0.05 0.16 31.45 31.26 New lows 40 7
7388.99 7344.33 Closing tick 358 85
Nasdaq 100 7352.36 -37.77 -0.51 7403.89 5786.54 24.2 14.9 16.4 VanEck Vectors Gold Miner GDX 3,904.9 21.65 0.07 0.32 21.65 21.55
Closing Arms† 1.67 0.52
Invesco QQQ Trust I QQQ 3,539.2 179.62 0.59 0.33 179.94 178.74
S&P Block trades* 6,715 121
-0.40
Skechers USA Cl A SKX 3,447.0 24.80 -8.45 -25.41 33.45 24.17
500 Index 2812.05 2799.77 2804.49 -11.13 2872.87 2425.55 13.4 4.9 9.7 Nasdaq NYSE Arca
Cisco Systems CSCO 3,221.0 42.40 … unch. 42.60 42.25
MidCap 400 2012.67 1992.39 2009.05 7.80 0.39 2009.15 1691.67 13.0 5.7 10.0 Total volume*1,827,484,265 249,217,609
SmallCap 600 1059.56 1047.90 1058.97 6.84 0.65 1058.97 817.25 21.4 13.1 13.5 Percentage gainers… Adv. volume* 817,300,108 84,270,848
Decl. volume* 980,219,899 164,612,007
Other Indexes Hecla Mining HL 203.4 3.55 0.31 9.57 3.55 3.24
Issues traded 3,120 1,334
Russell 2000 1702.89 1686.26 1701.31 9.44 0.56 1706.99 1356.90 18.0 10.8 10.3 PTC Therapeutics PTCT 122.6 39.39 2.84 7.77 42.00 36.55
Advances 1,596 539
NYSE Composite 12815.00 12751.80 12786.48 -36.75 -0.29 13637.02 11699.83 7.0 -0.2 5.2 Celanese A CE 64.8 116.00 6.02 5.47 120.00 109.98 Declines 1,368 771
Value Line 585.24 580.64 584.22 1.20 0.21 589.69 503.24 9.8 3.9 5.4 Microsoft MSFT 7,339.7 109.00 4.60 4.41 109.30 102.31 Unchanged 156 24
NYSE Arca Biotech 5127.20 5056.24 5113.40 14.11 0.28 5115.93 3787.17 27.4 21.1 4.9
Limelight Networks LLNW 60.5 4.90 0.20 4.26 4.96 4.59 New highs 118 40
New lows 46 59
NYSE Arca Pharma 549.10 543.19 544.78 -6.23 -1.13 593.12 514.66 0.4 -0.03 -3.2 ...And losers
Closing tick 987 40
KBW Bank 107.89 106.31 106.79 -1.50 -1.38 116.52 89.71 12.4 0.1 10.5 Skechers USA Cl A SKX 3,447.0 24.80 -8.45 -25.41 33.45 24.17 Closing Arms† 1.40 1.29
PHLX§ Gold/Silver 80.27 78.81 79.00 -1.17 -1.46 93.26 76.42 -4.9 -7.4 13.4 Zynerba Pharmaceuticals ZYNE 85.0 8.50 -1.92 -18.43 10.42 8.46 Block trades* 7,033 1,501
PHLX§ Oil Service 152.08 150.27 150.97 -0.22 -0.15 170.18 117.79 9.4 0.9 -5.7 Invitation Homes INVH 127.9 23.00 -0.57 -2.42 23.57 23.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1371.64 1357.39 1365.82 -3.65 -0.27 1445.90 1060.02 22.3 9.0 27.0 Itau Unibanco Holding ADR ITUB 286.3 11.45 -0.20 -1.76 11.65 11.45 †(TRIN) A comparison of the number of advancing and declining
13.09 11.79 0.77 37.32 9.14 16.6 issues with the volume of shares rising and falling. An
Cboe Volatility 12.87 6.36 34.3 2.5 Emerson Electric EMR 406.7 69.00 -0.80 -1.15 69.87 69.00 Arms of less than 1 indicates buying demand; above 1
 Nasdaq PHLX Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers


Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3023.52 –16.72 –0.55 –2.0 Allakos ALLK 31.25 13.25 73.61 ... ... ... Mersana Therapeutics MRSN 11.26 -5.20 -31.59 23.96 8.76 -20.6
DJ Global Index 397.83 –1.48 –0.37 0.1 Establishment Labs Hldgs ESTA 24.75 6.75 37.50 ... ... ... Constellation Pharm CNST 11.50 -3.50 -23.33 ... ... ...
DJ Global ex U.S. 253.74 –1.08 –0.42 –4.9 Schmitt Industries SMIT 3.11 0.75 31.78 4.47 1.55 72.2 AGM Group Holdings AGMH 13.84 -3.31 -19.30 37.63 5.01 ...
Americas DJ Americas 670.30 –2.04 –0.30 4.4 Tilray TLRY 22.39 5.39 31.71 ... ... ... Resources Connection RECN 14.20 -2.95 -17.20 17.95 12.05 -3.1
Brazil Sao Paulo Bovespa 77486.84 124.20 0.16 1.4 TC PipeLines TCP 35.22 7.55 27.29 58.52 22.64 -37.9 Natural Health Trends NHTC 20.50 -3.38 -14.15 26.11 14.15 -19.6
Canada S&P/TSX Comp 16543.01 65.61 0.40 2.1 AC Immune ACIU 14.31 2.53 21.48 16.36 6.03 78.4 Alcoa AA 41.56 -6.40 -13.34 62.35 35.54 13.2
Mexico S&P/BMV IPC 48747.79 –254.98 –0.52 –1.2 Insteel Industries IIIN 40.05 6.13 18.07 40.35 23.20 41.9 Hudson Technologies HDSN 1.84 -0.27 -12.80 10.40 1.84 -78.9
Chile Santiago IPSA 3976.29 –4.63 –0.12 –5.6 MER Telemanagement MTSL 2.95 0.45 18.00 6.45 0.99 96.6 Century Aluminum CENX 13.09 -1.81 -12.15 24.77 12.94 -28.6
MiMedx Group MDXG 4.02 0.61 17.89 18.25 3.01 -73.2 Malibu Boats Cl A MBUU 37.99 -4.98 -11.59 46.49 25.00 33.4
EMEA Stoxx Europe 600 386.18 –0.88 –0.23 –0.8
EyePoint Pharmaceuticals EYPT 2.48 0.36 16.98 2.88 0.93 78.4 Medigus ADR MDGS 3.30 -0.39 -10.57 12.70 3.22 -65.1
Eurozone Euro Stoxx 385.60 –1.64 –0.42 0.03
Belgium Bel-20 3809.43 –10.98 –0.29 –4.2 Trio-Tech Intl TRT 5.00 0.72 16.82 8.47 4.05 5.5 MCBC Holdings MCFT 26.59 -3.07 -10.35 31.26 16.82 37.5
Denmark OMX Copenhagen 923.16 0.95 0.10 –0.4 Coda Octopus Group CODA 5.29 0.75 16.52 8.44 3.28 21.4 eBay EBAY 34.11 -3.84 -10.12 46.99 33.93 -8.3
France CAC 40 5417.07 –30.37 –0.56 2.0 Dogness International DOGZ 3.25 0.42 14.84 6.40 2.50 ... Direxion Russia Bull 3x RUSL 40.05 -4.22 -9.53 73.38 34.90 -0.9
Germany DAX 12686.29 –79.65 –0.62 –1.8 Chart Industries GTLS 77.66 9.66 14.21 78.43 32.54 119.0 iQIYI ADR IQ 32.65 -3.31 -9.20 46.23 15.30 ...
1544.13 –0.28 2.3 NantKwest NK 3.42 0.40 13.25 7.61 2.66 -52.6 NVECorp NVEC 112.65 -11.35 -9.15 135.00 68.50 41.3
Israel Tel Aviv –4.35
Italy FTSE MIB 21885.40 –86.82 –0.40 0.1
Netherlands AEX 570.21 2.02 0.36 4.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1124.43 –20.29 –1.77 –2.6 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
South Africa FTSE/JSE All-Share 56276.72 39.52 0.07 –5.4
Spain IBEX 35 9721.10 –32.10 –0.33 –3.2 General Electric GE 72,935 10.0 13.73 -0.15 27.05 12.61 Magic Software Ents MGIC 970 4761 8.25 -0.60 9.50 7.60
Sweden OMX Stockholm 586.37 3.61 0.62 3.1 iShares MSCI Emg Markets EEM 70,979 4.6 43.34 -1.23 52.08 42.15 Plymouth Industrial REIT PLYM 315 2473 15.32 -4.84 19.00 15.09
Switzerland Swiss Market 8933.97 –4.15 –0.05 –4.8 Finl Select Sector SPDR XLF 59,052 9.0 27.51 -1.50 30.33 23.79 FlexShares Discip Dur MBS MBSD 194 2417 23.14 0.13 24.42 22.98
93002.93 0.74 –19.4 Bank of America BAC 57,595 -10.9 29.67 -1.53 33.05 22.75 AC Immune ACIU 1,837 2141 14.31 21.48 16.36 6.03
Turkey BIST 100 680.98
0.10 –0.05
SPDR S&P 500 SPY 51,568 -28.0 280.00 -0.38 286.63 241.83 Aspen Group ASPU 1,090 2074 7.55 -0.66 9.61 5.35
U.K. FTSE 100 7683.97 7.69
U.K. FTSE 250 20907.16 –77.04 –0.37 0.9 eBay EBAY 50,240 440.6 34.11 -10.12 46.99 33.93 Invsc DWA Tactical DWTR 268 2027 30.75 0.33 31.03 24.35
AT&T T 46,828 10.7 31.27 -1.39 39.80 31.17 Sit Rising Rate ETF RISE 281 1786 24.76 -0.01 25.18 22.59
Asia-Pacific
VanEck Vectors Gold Miner GDX 42,481 33.2 21.58 -1.28 25.58 20.84 WT Int Rate US Agg Bd AGZD 127 1626 48.06 0.13 49.15 47.59
Australia S&P/ASX 200 6262.70 17.60 0.28 3.3
21st Century Fox Cl A FOXA 41,404 190.6 46.65 -0.06 50.15 24.81 Manchester United Cl A MANU 383 1361 21.35 0.47 22.25 16.05
China Shanghai Composite 2772.55 –14.71 –0.53 –16.2
Advanced Micro Devices AMD 40,762 -31.0 16.71 -0.83 17.34 9.04 Poage Bankshares PBSK 81 1211 24.85 -0.20 25.25 17.20
Hong Kong Hang Seng 28010.86 –106.56 –0.38 –6.4
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 36351.23 –22.21 –0.06 6.7 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 22764.68 –29.51 –0.13 0.00
Singapore Straits Times 3277.58 37.08 1.14 –3.7 Track the Markets
South Korea Kospi 2282.29 –7.82 –0.34 –7.5 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 10835.38 –7.08 –0.07 1.8 global stock indexes, bond ETFs,
Thailand SET 1646.89 11.04 0.67 –6.1
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: SIX Financial Information; WSJ Market Data Group
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Europe
Argentina peso .0361 27.7310 49.1 Czech Rep. koruna .04492 22.263 4.6
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2610 3.8315 15.7 Denmark krone .1562 6.4011 3.2

U.S. consumer rates Selected rates and


Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7536 1.3270 5.5
.001506 664.20 7.9
Euro area euro
Hungary forint
1.1644 .8588 3.1
.003566 280.43 8.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch
30-year mortgage, Rate Iceland krona .009374 106.68 3.0
A consumer rate against its Mexico peso .0525 19.0579 –3.1 Norway krone .1214 8.2355 0.3
benchmark over the past year 3.75% 10% Uruguay peso .03201 31.2400 8.5 Poland zloty .2684 3.7265 7.1
Bankrate.com avg†: 4.50%
Euro
s
Venezuela b. fuerte .000008119850.0001 1158783.6 Russia ruble .01572 63.606 10.3
FCN Bank, NA 3.88% Thursday 3.00 5
t Asia-Pacific Sweden krona .1122 8.9133 8.9
4.00% Brookville, IN 765-647-4116 s Switzerland franc 1.0007 .9993 2.6
t 2.25 Australian dollar .7355 1.3596 6.2
0 Yen .1476 6.7741 4.2 Turkey lira .2080 4.8066 26.7
30-year fixed-rate The Brand Banking Company 3.88% China yuan
3.00 Hong Kong dollar .1274 7.8497 0.5 Ukraine hryvnia .0381 26.2640 –6.7
mortgage Lawrenceville, GA 770-963-9224 1.50 –5 India rupee .01450 68.945 7.9 UK pound 1.3015 .7683 3.8
RealMortgage Inc 4.13% s
t 2.00 t
0.75 WSJ Dollar index Indonesia rupiah .0000691 14475 7.3 Middle East/Africa
10-year Treasury –10 Japan yen .008892 112.46 –0.2
Carlsbad, CA 888-443-8902 One year ago Bahrain dinar 2.6448 .3781 0.3
note yield 1.00 0.00 Kazakhstan tenge .002887 346.40 4.1
Dearborn Federal Svgs Bk 4.25% –15 Macau pataca .1236 8.0902 0.6
Egypt pound .0559 17.8985 0.7
Dearborn, MI 313-565-3100 1 3 6 1 2 3 5 710 30 Israel shekel .2744 3.6444 4.7
0.00 2017 2018 Malaysia ringgit .2455 4.0739 0.3
month(s) years Kuwait dinar 3.3003 .3030 0.5
Institution for Savings 4.38% New Zealand dollar .6743 1.4830 5.2
A S O ND J FMAM J J Pakistan rupee .00778 128.500 16.1
Oman sul rial 2.5980 .3849 –0.01
Newburyport, MA 978-462-2344 maturity Qatar rial .2746 3.641 –0.2
2017 2018 Philippines peso .0186 53.642 7.4
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Singapore dollar .7297 1.3704 2.5 Saudi Arabia riyal .2667 3.7502 –0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Africa rand .0739 13.5384 9.5
South Korea won .0008806 1135.61 6.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0062516 159.96 4.2
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 1.75-2.00 1.75-2.00 1.00 l 1.75 1.75 Yield (%) 52-Week Total Return (%) Taiwan dollar .03259 30.681 3.4
Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .02988 33.470 2.7 WSJ Dollar Index 88.87 0.16 0.18 3.36
Prime rate* 5.00 5.00 4.25 l 5.00 1.75
Vietnam dong .00004338 23050 1.5 Sources: Tullett Prebon, WSJ Market Data Group
Libor, 3-month 2.35 2.34 1.31 l 2.37 2.06 Treasury, Ryan ALM 1445.001 2.769 2.777 2.945 1.818 –0.976 1.214
Money market, annual yield 0.53 0.53 0.25 l 0.53 0.20 10-yr Treasury, Ryan ALM 1688.017 2.845 2.853 3.109 2.058 –2.789 0.522
Five-year CD, annual yield 1.74 1.74 1.43 l 1.74 0.22 DJ Corporate 373.295 3.881 3.896 3.995 2.879 –1.007 3.338 Commodities Thursday 52-Week YTD
30-year mortgage, fixed† 4.50 4.53 3.73 l 4.69 0.37 Aggregate, Barclays Capital 1921.120 3.290 3.300 3.430 2.380 –0.432 1.819 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.96 4.01 2.99 l 4.14 0.68
High Yield 100, Merrill Lynch 2880.073 6.015 6.080 6.319 4.948 1.519 4.324 DJ Commodity 605.23 -0.06 -0.01 667.35 558.78 7.05 -3.22
Jumbo mortgages, $424,100-plus† 4.70 4.71 4.21 l 4.96 0.23
Fixed-Rate MBS, Barclays 1976.320 3.420 3.420 3.580 2.660 0.097 1.513 TR/CC CRB Index 191.42 -0.06 -0.03 206.38 175.36 7.30 -1.26
Five-year adj mortgage (ARM)† 4.32 4.34 3.22 l 4.78 0.90
Muni Master, Merrill 523.491 2.392 2.413 2.653 1.736 0.920 2.489 Crude oil, $ per barrel 69.46 0.70 1.02 74.15 45.77 48.45 14.96
New-car loan, 48-month 3.88 3.85 2.85 l 4.28 0.82
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 779.598 6.505 6.528 6.822 5.279 –1.364 4.858 Natural gas, $/MMBtu 2.769 0.048 1.76 3.63 2.55 -9.00 -6.23
banks.† Excludes closing costs. Gold, $ per troy oz. 1222.40 -3.90 -0.32 1362.40 1222.40 -1.80 -6.42
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch

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THE WALL STREET JOURNAL. NY Friday, July 20, 2018 | B6A

PAID ADVERTISEMENT

ALL YOU NEED TO KNOW

POSITIVE SPIN IT’S THEIR OYSTER


A DIFFERENT APPROACH SMALL E-COMMERCE FIRMS
TO EDUCATION P2 CHINA DAILY TAKE ON THE WORLD P3
This supplement was paid for and prepared solely by China Daily, an official publication of the People’s Republic of China.The Wall Street Journal news organization
and advertising department were not involved in the creation of this content.

China Pledges Pampered


Pandas Get
to Respect Their Own
Laboratory
Trade Rules BY HUANG ZHILING

A national-level laboratory has


been established to guarantee
White paper unveils further moves for strong technological backup for
the protection of pandas as well as
opening-up and reducing tariffs. other rare animals at Giant Panda
National Park in Southwest China.
Zhong Nan and Ren Xiaojin report The first State-level laboratory
dedicated to panda conservation
and research was established at

C
hina continues to honor on average nearly 30% a year of the Dujiangyan base of the China
the commitments it made global economic growth. Conservation and Research
to enter the World Trade China’sreformandopening-upover Center for the Giant Panda in
Organization and could the past 40 years have far exceeded Sichuan province.
benefit more from further steps to the commitments it gave to gainWTO China is pursuing a An inauguration ceremony
open its economy, analysts said after access, he said, and it has become a trade strategy that for the Key Laboratory on
benefits itself and
the central government published a major trading partner of more than Conservation Biology of Rare
other countries, the
white paper on June 28. 120 countries and regions. Animals at the park was held on
government says.
In the white paper, titled China The documents provide ample BAI XUEQI / XINHUA June 19.
and the World Trade Organization, examples and data showing what Itwasthelatestbigdevelopment
the government reiterated that Chinahasdonetoobserveanduphold since planning for the Giant Panda
it is pursuing a trade strategy that WTOrules.Theydemonstratesupport WTO entry commitments, but also the vast size of the Chinese market National Park began 17 months
benefits both China and others and for a multilateral trading system that pushed itself to go much further in the andthegreatpotentialofthecountry’s ago.
will continue to open up in “a more is open, transparent, inclusive and scope and depth of opening-up,” said innovation industry and high-end Zhang Hemin, deputy director
comprehensive, profound and nondiscriminatory. Song Hong, an international trade manufacturing sector, said Yang of the laboratory, said the
diversified way.” The white paper shows China has researcher at the Chinese Academy Weiyong, an economics professor laboratory is needed because the
Wang Shouwen, vice-minister of been an active participant, strong of Social Sciences. at the University of International park encompasses an area with
commerce,said China has been a key supporter of and major contributor Further opening-up in more key Business and Economics in Beijing. some of the most complex terrain
engine for world economic recovery to the multilateral trading system. sectorsisboundtobenefitthecountry and abundant wildlife in the world.
and growth since 2002, contributing “China has not only honored its as well as the global economy, given SEE “DUTIES” ON P2 The park, covering 10,500
square miles, is three times the
size of Yellowstone National Park.

The Next Corporate Frontier


It is expected to help wild
pandas isolated on six mountains
across the three provinces of
Sichuan, Shaanxi and Gansu to
reconnect, thus strengthening
Private firms’ forays into space and satellites herald new era in economic development, their gene pool.

and strengthen Belt and Road drive. Zhu Wenqian reports


More and more private companies Differentindustries,includingheavy
are strengthening China’s efforts machinery and logistics, will benefit,
to harness space for earthly Commsat officials said. A national key laboratory is
development and planet-wide “The satellites will be used to needed to study the species
progress. provide data observation services for and provide suggestions on
Wu Yanhua, deputy chief of the the oil pipeline in CentralAsia,and the
China National SpaceAdministration, container shipping and infrastructure how to protect them better...”
said commercial aerospace has construction sectors in Africa,” said ZHANG HEMIN
become a new hot spot in the Commsat’s chief executive,Xie Tao. DEPUTY DIRECTOR OF A NATIONAL-LEVEL
global economy, and the industry is Commsat’s investment is just one LAB ON PANDA CONSERVATION IN SICHUAN
expanding at an unprecedented rate. example. What started as a trickle
For private companies in China, of private capital flowing into space
commercial aerospace holds huge not long ago is growing into a torrent. The park is also home to nearly
promise. One of them is Commsat And that flow will traverse countries 1,300 species of vertebrates.
Technology Development Co. Ltd. By and regions related to the Belt and Among them, 145 species are
2021 the Beijing firm will launch as Road Initiative, shoring up projects under State-level protection,
many as 72 commercial low-earth and industries of logistics, container such as the snub-nosed monkey
orbit satellites worth about 2.16 billion shipping and others. in Sichuan and the snow leopard,
yuan ($338 million), to form a real- Commsat’s chief executive Xie Tao (second left) and colleagues do satellite said Zhang, who is also chief
time data collection constellation. SEE “SPACE” ON P3 research. XINHUA executive of the conservation and
research center.
“A national key laboratory is

Meet Doreen Hynd, 92, needed to study the species and


provide suggestions on how to
protect them better on the basis

Tai Chi Chuan Master of scientific research.”


At the laboratory’s launch
ceremony, Zhang’s center
signed a cooperation framework
BY JUDY ZHU AND WANG LINYAN training at Sydney University in the a g re e m e n t w i t h L a n z h o u
1980s. In 1984 she moved to the University in Gansu, Beijing
Balance is a word that you hear often United States and sought out Sophia Normal University and Sichuan
from Doreen Hynd, 92, a tai chi chuan Delza, who had spent many years in Agricultural University to jointly
master who has taught the martial art China studying under the tai chi chuan study reproductive biology,
for almost 30 years in North America. grandmaster Ma Yueh Liang. Ma was genetics, disease control and
A worker processes almonds on a production line at a plant in California. The “Balance is everything,” said Hynd, the senior disciple of Wu Jianquan, the prevention and provide insights
state exported $4.5 billion of almonds in 2016, more than half going to China. discussing the benefits of practicing founder of Wu-style tai chi chuan. on rare animal protection.
GAO SHAN / XINHUA tai chi chuan, an externally soft but After Delza died in 1996 Hynd, by The laboratory will also
internally hard Chinese martial art then Delza’s teaching assistant,carried exchange research achievements

Trade War Will Hit U.S.


practiced both for self-defense and on Delza’s mission of promoting tai chi with animal protection
health benefits. “We all want to live as cultureandtaughtatplacessuchasthe organizations worldwide, he said.
human beings with very fine balance United Nations, Carnegie Hall and the The conservation and research

Hardest, Experts Say


in our emotions and how we present State University of New York. center has 270 captive pandas,
ourselves to the world.” “AlotoftheclassesthatIamteaching accounting for nearly 60% of
OnUnitedNationsChineseLanguage are for retired people, and it was one the captive pandas in the world.
Day, on April 20, Hynd was bestowed of the most inspiring things in my life,” It has built ties for scientific
BY CHEN WEIHUA AND JING SHUIYU for international trade and a special honor for her outstanding Hynd said. collaboration with 15 zoos and 10
investment policy at the U.S. achievement in promoting tai chi During her 24 years of teaching the universities in 13 countries.
U.S. experts have voiced deep Treasury from 1977 to 1979, said culture. art, miracles have happened, she said.
concerns over the U.S. trade war “bully is the correct description” “Tai chi has withstood the test of time She recalled that one of her students
against China, one that they say of what Trump has been doing to forseveralcenturiesinChineseculture,” who had suffered serious brain
violates World Trade Organization China, Canada, Mexico and other she said.“It brings about an awareness damage started to recover
rules and will hurt the U.S. U.S. trade partners. of breath and calmness and invites the memories after practicing
economy and cost it jobs. Before the U.S. levied tariffs body, mind and inner consciousness tai chi chuan with her, even
President Donald Trump fired on China it had imposed new to work together for an experience of though doctors said
the first shot onJuly 6 by imposing tariffs on steel and aluminum in lightness and strength.” it was impossible.
tariffs on $34 billion in imports the name of national security, Hynd, born in Australia in 1925,
from China. China retaliated by triggering retaliation from its began her tai chi chuan
imposing tariffs on goods worth trade partners, who also filed
the same amount. complaints with the World Trade
Gary Hufbauer, a nonresident Organization.OnJuly 6 China also
senior fellow at the Peterson lodged a complaint with it against
Institute for International the latest U.S. tariffs. Doreen Hynd performs tai chi chuan A researcher extracts DNA from the
Economics in Washington and during an interview with the Chinese SEE “MASTER” droppings of a giant panda.
deputy assistant secretary SEE “TRADE” ON P3 media in New York. JUDY ZHU / CHINA DAILY ON P4 AN YUAN / CHINA NEWS SERVICE

China Watch materials are distributed by China Daily Distribution Corp., on behalf of China Daily Beijing, China.
Additional information is on file with the Department of Justice, Washington, D.C.
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B6B | Friday, July 20, 2018 NY THE WALL STREET JOURNAL.

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2 | CHINA CHINA DAILY

W
hen some Chinese
schools first began
to introduce the
concept of positive
education, many parents feared
that the programs would sacrifice We are trying to develop
academic rigor. However, research character skills that improve
f ro m C h i n a a n d a ro u n d t h e long-term wellbeing.”
world shows that programs to
teach productive character traits ZHAO YUKUN
and virtues, including curiosity, ADMINISTRATIVE DIRECTOR OF
THE POSITIVE PSYCHOLOGY
optimism, leadership, gratitude, RESEARCH CENTER AT
teamwork, grit, resilience and long- TSINGHUA UNIVERSITY
term planning, raise not only life
satisfaction, but also the test scores
of students. province, which launched a large
“Some people misunderstand the positive education program in
concept of positive education,” said 2014, found that the percentage of
Zhao Yukun, administrative director graduating students admitted to
of the Positive Psychology Research key universities rose from 28% to
Center at Tsinghua University. 41% by last year. At the same time,
“They think it aims to make the suicides were reduced from seven
kids as happy as possible. This to one. Similarly, in the 19th Middle
is wrong. The only way you could School in Beijing (which teaches
do that is to indulge them, to let grades seven to 12) the percentage
them follow their own will. But of graduates admitted to first-
this will not give them sustainable class universities rose from 70% to
happiness. We are trying to develop Students of the elementary school affiliated with Tsinghua University in Beijing in class. PROVIDED TO CHINA DAILY 75% in three years after a positive
character skills that improve long- education program was adopted.

Lessons for Life


term wellbeing.” The Himalayan country of Bhutan
Zhao said positive psychology, conducted an experiment in which
upon which positive education is some schools implemented a
based, “aims for something beyond positive education curriculum
your subjective feelings.You still feel focusing on building life skills. Other
good, but you also do something. schools were a control group that
You achieve something.You succeed retained the old curriculum. The
and, more important, you have a
moral compass. You pursue the Experts say positive education methods boost students’ conclusionwasthatwiththestudents
who received positive education
meaning of your life. You are trying
to make a contribution to the world.” academic performance and well-being. standardized test performance
rose about the equivalent of a full
A positive education curriculum
that is being tested at the elementary
David Blair reports academic year, compared with that
of the control group. In addition,
school linked with Tsinghua an analysis by a Loyola University
University in Beijing integrates key that positive education is needed in that happened each day.And we ask of Chicago psychology professor
character-building goals through China’s schools. the parents to list three good things and colleagues of 213 experimental
classes and activities. “The schools where we tried that happened to them. studies concluded that the test
Zhang Huayu, vice-principal of positive education are the best “It turned out that this intervention scores of students who receive
the school, said, “In the first grade schools in Chengdu.They performed improved, first, the kids’ confidence positive education training rises by
we try to improve social behavior. pretty well in the college entrance and, second, how the parents look an average of 11%.
For example, when they are playing exam, but there are also serious at their kids.” Peng Kaiping, professor of
soccer we are primarily asking them problems. Teachers are exhausted, If a child in China performs well psychology and dean of the School
to be a good audience or a good and students feel tired or don’t like academically, “then of course of Social Sciences at Tsinghua
participant in the game. studying. the parents love you,” she said. University, emphasizes that positive
“In the second grade the character “ T h e pa re n ts wo r r y a b o u t “Otherwise, they will reproach you psychology is based on testable
strength we are trying to develop is academic performance. Not at just or scold you, say you are stupid. conclusions, not vague feelings.
called negotiation and collaboration. one period of time; it’s all the time. This even affects the relationship Psychological research found that
We are trying, for example, to ask The parents of elementary school between the father and mother. So individuals can use technology and
kids to resolve conflicts in a team.” children worry about whether they after this intervention was done training to improve their positive
In the third grade“the emphasis is can go to a good junior high school. for one semester, they found the emotions and their feelings of living
on self-discipline and improvement.” Junior high school parents worry children became more confident meaningfully, Peng said.
“We ask the kids to actively about high school. And high school and the relationships between Zhang,of theTsinghua elementary
prepare for a soccer game. Children parents worry about whether their the students and the parents, and school, said, “It has been more than
should force themselves to do kids can go to a good college.” between the parents and the school, two years that we have been doing
something they think they cannot Liu said that “because academic were much better. Interestingly, the positive education. This is actually
do, like run every morning. performance is pretty much the relationship between mother and new to us, too. We knew that we
“In the fourth grade we talk about only indicator of success, every Wang Jing, English teacher of second- father became much better, too.” needed to make the students more
honesty and integrity. The fifth parent disregards the children’s real graders at the Tsinghua-affiliated Scientific studies of schools that positive. But we did not actually
grade focuses on responsibility. strengths. They just look at the test elementary school, poses with students. implemented positive education in know how to do it. It was interesting
Sixth grade concentrates on respect scores.They actually discourage the DAVID BLAIR / CHINA DAILY China and elsewhere found that a to learn the science of well-being
and gratitude.” development of kids in any other curriculum that builds the well-being and the scientific way to make
Liu Lipin, secretary of the Party direction other than the tests.” said. “One of the segments in the of the students improves academic students more positive. It is kind
committee of the education bureau Changes in the schools lead positive education curriculum is to performance. of surprising to us that there are
of Qingyang district of Chengdu, to better relationships among ask the kids to go home to talk to For example, the Zengcheng actually scientifically validated ways
Sichuan province, has concluded students, teachers and parents, she the parents about three good things district of Guangzhou, Guangdong to do that.”

COMMENT
CHINAWATCH.CN
China’s Rise Reshapes
CONNECTING THINKERS Global Game Culture
BY ROMANO PRODI being superior. Wise politics is a
quest to find the instruments of
Despite various crises affecting compromise with the principle
large parts of the world, global of an open cultural dialogue as a
economic growth stands at around priority. Ports like Yangshan in Shanghai are likely to enjoy greater cargo throughput as
4% and is spread relatively evenly Such an approach is important overseas companies gain greater access to China. XU CONGJUN / FOR CHINA DAILY
between developing and wealthy for the survival of Western
countries. democracies and is also vital for
In some ways, this should be a
reassuring trend. But a defining
feature of our time is the disconnect
China, which has become deeply
integrated into the global system.
To re-evaluate the significance
Duties: Barriers Fall as China
between economic dynamics and
cultural identity.
While rapid economic
of culture does not mean to ignore
the importance of the economy.
We cannot underestimate the
Widens Access to Market
globalization, bringing existence of competition and
unprecedented interconnectivity, Romano Prodi even a clash of interests, but we FROM PAGE 1 for foreign-provided services, Mei
has been taking place for the past FORMER PRIME MINISTER OF ITALY also cannot forget that any trade said.
few decades, various forms of AND PRESIDENT OF THE dispute is structurally linked to a China, which joined the WTO in The white paper said China has
nationalism have emerged as a EUROPEAN COMMISSION cultural environment and to the 2001, issued a new negative list on revised the catalog for the Guidance
reaction to increasing economic anxiety generated by an identity June 28 that sets out which of its ofForeignInvestmentIndustriestwice
disparities between and within an understanding of what makes crisis. industries are closed to foreign over the past five years, reducing
countries and what is perceived the uniqueness of a civilization and It must be our collective goal to investors.It was first drawn up in 1995 restrictive measures on foreign
by many as imposed cultural a capacity to empathize with one harmonize our different identities, and has now been revised eight times. investment by 65%.
homogenization. There is a deep another. which will allow us to trade with The new list cuts the restrictions The government will ease market
and growing sense of identity Wise politics finds the resources unavoidable competition but from63 to 48,especiallyin the service access by removing the equity cap on
that is penetrating even inside a to avoid both the fiction of“the end without unnecessary conflict. This industry, infrastructure, railway foreign investment in sectors such as
country, as is the case of Catalonia. of history” or of a “flat world” and is the best guarantee for long- passenger transport, international shipbuilding and aircraft and motor
So it is time to reconsider the the course that leads to a “clash of lasting peace. shipping, grain purchases and for vehicle manufacturing.
importance of cultural identity civilizations.” We have had the intelligence wholesale items. It will become Since China joined the WTO it has
and how it impacts the political Some globalists are to develop our economies and, effective on July 28. comprehensively honored its tariff
economy, geopolitics and security. uncomfortable with the realization by doing so, we have become The pledge to widen access to reduction commitments, reducing
Some proponents of that China follows its own path increasingly interdependent. What Chinese markets and pursue a tariffs, upgrading its tariff catalog
globalization make the mistake because they choose to ignore the we need now is to find the wisdom strategy that benefits China and and improving the tariff structure,
of thinking that identities do not dimensions of history, culture and to take note of our differences its trading partners came just days said Tu Xinquan of the University
exist. This is not true. Even if they identity. The same sentiment is and, as a consequence, deepen before the U.S. imposed tariffs on of International Business and
evolve and are complex, identities growing in the opposite direction, our legitimate interests respecting Chinese imports worth billions of Economics in Beijing.
are real and constitutive of human with complaints that the United our roots and our history. dollars and China retaliated in kind. From 2001 to 2017 the value of
societies. States lives by different values. Difference must be considered China’s stance of further opening- China’s goods imports rose from
A reflection on identities is Chinese history is not the same an asset, not a liability. upandbeingmoreinclusiveisinsharp $243.6 billion to $1.84 trillion, with
absolutely necessary because it is as American history, and to be contrast to the U.S.’ protectionist annual average growth of 13.5%,
the recognition of the differences Chinese is not the same as being The author is a former prime stance,Yang said. making the country the world’s
that characterize our various American or European. The ups minister of Italy and president of It is clear who is right and who is second-largest importer.
collective constructions, yet at and downs in relations between the European Commission. wrong, and the truth will eventually Wang Shouwen, the vice-minister,
the same time we arrive at the the West and China are often the emerge, he said. saidChinahastakenfurtherinitiatives
conclusion that these differences consequence of not recognizing Mei Xinyu, a researcher at the to cut its import duties on certain
do not necessarily clash. On the the diversity of our roots and Chinese Academy of International medicines and will substantially
contrary, differences should be cultures. Trade and Economic Cooperation, reduce duties on automobiles and
seen as a pre-condition of harmony. In addition to efforts to take said, “The new negative list certainly parts as well as a number of daily
Wise politics is action that identities into account, we must is shorter and opens more sectors, consumer goods starting from July 1.
takes note of all the nuances also avoid what can be called the Scan it! especially the financial sector.”
between harmonization and trap of reciprocal superiority: Read more on More preferential policies and lower Reuters and Xinhua contributed to
homogenization, and presupposes Being different does not mean chinawatch.cn market thresholds have been granted this story.
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CHINA DAILY BUSINESS | 3

Trade: U.S.
Seen as Loser
in Conflict
FROM PAGE 1

“Unfortunately, at the moment


there is no effective domestic
backlash to the destruction that
Trumpiswreakingontheinternational
economic order,” said Hufbauer,
adding that most people in the U.S.
and many lawmakers are unfamiliar
withWorldTrade Organization’s rules.
Trump has repeatedly accused it
of treating the U.S. unfairly and has
reportedly threatened to withdraw
from it.
Wayne Morrison, a trade and
financespecialistattheCongressional
Research Service, said there is great
concern among U.S. trade experts
that Trump’s unilateral action will
undermine the global trading system
A clothes designer (right) that the U.S. helped build.
in Hangzhou, Zhejiang Henry Levine, a senior adviser
province, works on a sample for at the Albright Stonebridge Group
e-commerce customers in Russia. and a former deputy assistant
HUANG ZONGZHI / XINHUA secretary of commerce for Asia in
the administration of former U.S.
president George W. Bush, said
Trump’s decision to impose tariffs

Cross-border Commerce
on Chinese goods reflects two of his
deeplyheldbeliefsthattradeisazero-
sum game and that other countries
have been taking advantage of the
U.S. for decades with their trade
surplus. “You can see these two

Fledglings Take Wing


perspectives not only in the tariffs
imposed on Chinese goods, but also
in tariffs imposed on products from
U.S. friends and allies.”
Manyeconomistsandtradeexperts
dispute Trump’s interpretation of
Internet sales are Amazon offered Ecovacs helpful Thanks to e-commerce, small More than 15% of Chinese the cause and benefit of the trade
guidance on consumer demand and medium-sized Chinese firms consumers made purchases worth imbalance. They say the U.S. trade
soaring as global analysis based on accurate now receive consulting services for $85.7 billion from cross-border deficit is caused primarily by its fiscal
data, Qian said. It also imparted enterprise development strategy e-commerce platforms in 2016, policy,the low saving rate and the role
consumers get to professional training in operations and operating model, as well as the consultancy eMarketer says. of the U.S. dollar as a global reserve
and taught market expansion tailor-made solutions for business By 2020 a quarter of the Chinese currency.
know little-known strategy. expansion at different stages. population, or more than half of “Trump is ignoring the pleas of the
Chinese brands. Like Ecovacs, tens of thousands
of vendors in China now sell their
“C h i n a ’s c ross - b o rd e r
e-commerce is thriving, and that
all digital buyers, will be shopping
either directly on foreign-based
business community,” Morrison said.
“He seems to be betting that his get-
Fan Feifei reports products globally through Amazon is producing huge opportunities websites or through third parties. tough approach against China will
Global Selling, a mechanism that for Chinese enterprises,” said Dai China-made smartphones, make his political base happy, even
leverages the online marketplace’s Jingfei, vice-president of Amazon PCs, electronic accessories and though these policies will hurt many

T
he digital highway that is branches in 10 countries, including China. household supplies are proving to of them in the long run.
part of the modern Silk the United States,Britain,Germany, “ B u t i t a l so b r i n gs a b o u t be the favorite products among “A trade war would be very costly
Road is enabling relatively Canada, Japan and Australia. new issues and challenges. By overseas buyers, industry reports to both economies and the global
small Chinese companies This helps build visibility for their l eve ra g i n g A m a zo n ’s g l o ba l show. economy as a whole.”
previously unknown outside the brands globally. A virtuous cycle network and resources we can For instance, the Chinese A study led by Mary Lovely at the
country to share in its export ensues: brighter brands generate provide customized solutions earphone maker Bluedio sells its Peterson Institute showed Trump’s
bonanza. highersales;next,greaterconsumer to meet the needs of Chinese products worldwide via AliExpress, latest tariffs on China will hit non-
That business sent goods to expectation prompts the brands to sellers and cultivate cross-border Alibaba Group Holding Ltd.’s Chinese supply chains even harder.
more than 200 countries and invest in research and development e-commerce talent in China.” business-to-customer website Many Chinese exports to the U.S.
regions serving more than 100 and improve the quality of their Last year sales revenue from that serves foreign users. come from foreign companies
million consumers last year, taking products; this, in turn, encourages third-party sellers on Amazon’s “Sales on Singles Day (on Nov. operating in China.
in 903 billion yuan ($140 billion). firms such as Amazon to launch online marketplace accounted for 11) last year rose about 120% Edward Alden, a senior fellow at
This business is about ambitious plans like “service+,” a program to half of global sales, among which compared with the previous the Council on Foreign Relations,said
targets: A single e-commerce impart Chinese sellers lessons in SMEs accounted for more than fe s t i va l ,” s a i d L i J i a c h e n g , the only thing that will make the U.S.
platform expects to serve 1 billion the art and science of cross-border one-fourth of Amazon’s overall m a r ke t i n g h ea d of B l u e d i o. change course is domestic political
overseas consumers and 1 billion e-commerce. third-party businesses. “AliExpress is a good starting pressure.
domestic buyers by 2025. point.” “My hope is that then there will be
In this world, local companies The company set up a a period of reflection in which all the
and brands may not boast glamor 30-member task force to pursue countries involved will find a way to
but command reach and sales R&D for critical technologies, he come back to the negotiating table,”
that could stoke awe in marketing said. he said.“I still believe there is time to
giants. AliExpress serves 224 countries prevent this trade war from further
One such company is Ecovacs, and regions worldwide with escalation, but we are in a dangerous
which makes robotic vacuum more than 100 million overseas period.”
cleaners. buyers. Its content is available in OnJuly 6 the Office of the U.S.Trade
It receives orders from U.S. 18 languages, including Russian, Representative announced guidance
consumers via the global Spanish and French. for companies on how to apply for
e-commerce company Amazon. “C h i n ese m e rc h a n ts we re exclusion from the newly imposed
Last year during the Black Friday intermediaries,” said Shen Difan, tariffs on products made in China.
shopping carnival, Ecovacs sold an general manager of AliExpress. Companies were told they would have
average of 1,000 vacuum cleaners “They had no say in pricing 90 days to file the requests.
an hour, earning Ecovacs fourth power, but now they can take Li Yong, deputy director of China
rank among overall household part in international competition Association of International Trade
product sales. under a transparent and fair Expert Committee, said, “Even if a
David Qian, president of Ecovacs’ environment created by cross- certain number of U.S. companies
international business department, border e-commerce platforms.” obtained exclusions from the
said, “We’re building our own Alibaba says that by 2025 additional tariffs, it would not relieve
brand and investing 10% of our it expects to serve 2 billion the pressure on its overall economy.
annual revenue in research and consumers worldwide, among High costs imposed on Chinese
development. We have over 1,000 In the Chilean capital, Santiago, warehouse staff process packages that have whom 1 billion will be overseas goods would eventually be passed
patents both at home and abroad.” arrived from China. XINHUA users, Shen said. on to U.S. consumers.”

Space: Satellites to Revolutionize Communications


FROM PAGE 1 Some of the satellites will cover services business see revenue agreements with a number of
the Belt and Road footprint, streams in end products and domestic enterprises such as Sany
The current push started in 2016 strengthening telecom coverage and communication services. Heavy Industry Co. Ltd., China
when the government issued a industry data collection, Xie said. In communication services, a International Marine Containers
white paper on industry prospects. “Most of these places don’t satellite can support 100,000 (Group) Ltd., and CITIC Dicastal
Ever since, the government has have the internet, and the low-
Changing terminals and terminals or workstations on Earth. Co. Ltd.
been encouraging private investors earth orbit satellites will help with services entails high costs, a Each terminal could yield 300 yuan Commsat will provide data
to enter the commercial aerospace telecommunications. Users could long time and a complicated in annual fees. That is 30 million services to fields such as
sector. The idea is to allow them share data or keep it confidential, yuan a year, which helps offset the engineering machinery, containers
to operate satellites, be involved in depending on their preference.”
process, so companies that costs, the company said. a n d l o g i st i c s fo r t h e a b ove
aerospace research and build space In the first half of next year take the lead in winning the End products, such as tailor- mentioned companies.
infrastructure. the company will launch four recognition of users first will made solutions and terminals, can Xie said the space constellation
That is a contrast to the past, satellites using a tailor-made generate more revenue. sector provides services directly
commercial rocket. This project
enjoy a huge advantage.” T h e sa te l l i te co n ste l l a t i o n related to consumers. So the focus
w h e n sa t e l l i t es h a d l i m i t e d
commercial applications. The will start Commsat’s commercial XIE TAO devoted to the internet of things is on innovation and operations.
Chinese government has pushed applications of the internet of CHIEF EXECUTIVE OF COMMSAT project will provide services to a The advantages of the traditional
for integration of military and civilian things. In the latter half of 2019, number of sectors such as logistics, a e r o s p a c e i n d u s t r y a re i t s
aerospace sectors. In response, Commsat will launch another eight transport, heavy machinery, fixed technology and large size.
China’s space industry has gradually satellites. The R&D cost for a satellite assets, agriculture, forestry, animal But commercial aerospace
developed more commercial All these projects are being dedicated to the internet of things husbandry and fisheries. thrives on new ideas and quick
technologies,products and services. bankrolled by eager investors who project is around 10 million yuan. Re a l - t i m e c o m m u n i c a t i o n decision-making, he said.
Commsat said it plans to position foresee handsome returns. Combined with launch, operations, services for areas not covered by “Changing terminals and services
its 72 satellites in six different orbits, Founded in 2015, Commsat maintenance and monitoring, total the internet could prove another entails high costs, a long time and a
about 430 miles above earth. Each received more than 100 million costs would be around 30 million cash cow. complicated process, so companies
satellite will weigh more than 100 yuan ($15.6 million) in its A round yuan, according to Commsat To make all those theoretical that take the lead in winning the
kilograms, with a life span of five to of financing. It launched its first projections. possibilities a reality, Commsat recognition of users first will enjoy
seven years. satellite in February. Companies in the satellite-based has signed cooperation a huge advantage.”
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B6D | Friday, July 20, 2018 NY THE WALL STREET JOURNAL.

PAID ADVERTISEMENT

4 | CULTURE CHINA DAILY

Art of Doing
L
in Dihuan is wildly
popular as a painter,
thanks to his works
Different choose the right form to express
the right feelings.”
As a lover of traditional

Things
such as a series of culture, Lin said he endeavors
ink-and-brush paintings to present Chinese culture in
dedicated to the Chinese his works, and provide a way
24 Solar Terms as well as for young people to get in
two series of stage settings touch with traditions.
tailored for the TV show According to his friend
Rendezvous With Chinese Guan Jianren, a researcher at
Poetry. For the multitalented SunYat-sen University,people
The 43-year-old teaches
communication and design
Lin Dihuan, life is unfulfilled like Lin’s works because they
connect traditional Chinese
at Sun Yat-sen University
in Guangzhou, Guangdong
if you do just one thing or culture with modern life and
awaken the “cultural genes” in
province.
Lin, a Guangdong native,
have just one career. young people.
“They(theyoungergeneration)
became a celebrity after his 24 Liu Xiangrui reports find resonance in his works,” said
Solar Terms work was chosen Guan.
as the illustration for a UNESCO Lin’s caricatures, which feature
heritage listing application. traditional styles and materials, often
Hisillustrationsplayedanimportant reflect his observations of modern
role in getting the 24 Solar Terms society. For example, some mock
— a treasure trove of knowledge people’s addiction to electronic
developed through years of observing devices.
the sun’s annual movements — “I hope that my caricatures can
added to UNESCO’s List of Intangible have a positive effect and make
Cultural Heritage in November 2016. people optimistic,” Lin said.
Lin said he spent nearly three latest season. He has Asked how he deals with his
monthscombiningtraditionalChinese L i n sa i d h i s published celebrity status, Lin, who is now well
elements with more contemporary painting is based on several books on known as a painter, photographer,
aesthetics to produce the 24 Solar traditional calligraphy, on photography, including his calligrapher, columnist and author,
Terms series, which were originally which he spends more than 10 best-seller Waiting forABlossom. said that becoming famous has not
created for a book on photography hours a week. He continues to record the lives of affected his daily life, and that he
that he put out in 2012. “Unlike many professional artists, ordinary Chinese with his lens and manages to strike a good balance
The paintings were based on his I am not too focused on techniques shoot photos about daily life in small between his work and his hobbies.
observations of rural life, which when I paint. I try to look at a painting cities and rural areas. He updates his official account
are closely connected with the with an outsider’s perspective, and Speaking about children, he said on WeChat, a popular social media
solar terms. And he used circular often bear in mind questions like what he remembers being shocked while platform, almost every day, posting
compositions with minimal strokes to thepaintingcanbringtome,toothers, photographing a 5-year-old girl in pictures, new paintings or articles for
depict each solar term’s typical traits. and to the world.” Weining, Guizhou province, during more than 900,000 followers.
“I had no idea back then that my His style changes according to the a trip there in 2016 as the girl was He values his bond with his fans,
work would be a part of a UNESCO themes, he said, but the principle suffering from malnutrition and was whom he treats as friends, he said.
Intangible Cultural Heritage is that he has sympathy and “a soft poorly clothed in winter. As for his opinion of social media
application,” he said. heart” when painting, and tries to So he made up his mind to do and the impact it has on his work,
Later, Lin’s popularity soared even deliver that feeling to viewers. something for those children. In the he said, “In the internet age, sharing
more when he was invited to do stage Lin, who grew up in a rural family in past couple of years, Lin has raised works helps you get quick feedback.
backdrops for Rendezvous With thecoastalcityZhanjiang,Guangdong nearly 1 million yuan ($156,000) So it pushes artists to constantly
Chinese Poetry, broadcast on China province, has loved calligraphy and through sales of his paintings to fund adjust and innovate.”
Central Television. painting since he was a child. educationofthe“left-behind”children Artisnotonlyaboutself-expression,
The 10 works, based on lines from When he was little the family in a remote rural school in Weining. but should resonate with people, he
10 ancient poems, impressed many was too poor to afford regular art He has also organized several trips said.
education, so he taught himself. The amateur painter and photographer to send aid there, including clothes, “WhenIcreate,Icareaboutviewers’
with their illustrations of the poems’
Lin Dihuan and the paintings among
content and the painting techniques. He used to spend his pocket books, stationery and snacks. feelings, and try to make my work
his series of ink-and-brush works that
Hewasaskedagainlastyeartopaint money on books and magazines are dedicated to the Chinese 24 Solar During his most recent visit to the graceful,light and happy,a little candy
stage backdrops for the program’s from recycling centers, and copy the Terms. PHOTOS PROVIDED TO CHINA DAILY area,Lintookalongpaintingmaterials for viewers.”
paintings from them. for the children.
To cut costs he learned to use a Zhou Lu, one of Lin’s photography
minimum palette and the simplest and“do anything I find interesting.” enthusiast friends, said,“He is always
materials. He became one of the first- energetic.”
Lin started doing caricatures for generation web designers in China in Zhou also remembers Lin walking
magazines when he was in middle the 1990s, and thanks to that he was around a market for hours to find
school. Later he heeded his father’s later transferred to the university’s suitable clothes for the children.
advice and studied clinical medicine internet center, before eventually In recent years Lin has spent a
in college. taking on his current position. lot of his time on painting, including
However, instead of becoming a He took up photography in 2007 caricatures, which he regards as an
doctorhestarteddoingadministrative and is now a member of the National important way to entertain himself
work at the university because he Photographers Association, and and relax.
felt he was too “unrestrained and was recognized in 2012 as one of Painting, photography, calligraphy
vigorous”to be a doctor. the most influential photographers and writing are just different means
Since then, he has made full use of of the year by the newspaper China of expression, Lin said.
his free time to pursue his hobbies Photography. “So, the most important thing is to

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COMMODITIES WSJ.com/commodities

Futures Contracts Open


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Metal & Petroleum Futures Jan'19 2.965 3.001 t 2.939 2.992 .038 139,823 Sept 484.90 490.60 484.90 484.90 –15.00 4,408 Dec 96.9950 97.0350 96.9650 97.0200 .0200 1,815,031
April 2.586 2.603 2.567 2.596 .018 125,171 Nov 454.30 458.80 454.30 454.30 –15.00 679
Contract Open
Open High hi lo Low Settle Chg interest
Milk (CME)-200,000 lbs., cents per lb. Currency Futures
Agriculture Futures July 14.21 14.22 14.19 14.21 –.04 3,713
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Copper-High (CMX)-25,000 lbs.; $ per lb. Aug 15.15 15.16 14.79 14.84 –.25 4,551
July 2.7555 2.7555 t 2.6695 2.6860 –0.0660 1,435 Corn (CBT)-5,000 bu.; cents per bu. Cocoa (ICE-US)-10 metric tons; $ per ton. Aug .8873 .8928 t .8854 .8905 .0028 778
Sept 2.7655 2.7785 t 2.6735 2.6955 –0.0645 167,541 Sept 347.00 352.00 345.00 351.25 4.00 643,866 Sept .8894 .8958 t .8868 .8925 .0028 212,384
Sept 2,325 2,359 2,288 2,292 –45 83,894
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 360.75 366.00 358.75 365.00 4.00 764,872 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oats (CBT)-5,000 bu.; cents per bu. Dec 2,359 2,383 2,318 2,321 –43 73,193 .7550 .7596 .7536 .7549 –.0044 282
Aug 1227.30 1229.60 t 1210.70 1224.00 –3.90 245,732 Aug
Oct 1231.90 1234.20 t 1215.70 1228.70 –4.20 32,489 Sept 234.50 235.25 229.00 232.00 –2.00 1,668 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept .7600 .7606 .7532 .7553 –.0044 151,062
Dec 1237.60 1239.50 t 1221.00 1234.00 –4.40 207,670 Dec 239.00 241.00 233.50 237.25 –3.00 3,168 July 105.80 105.80 t 105.80 105.25 .65 1 British Pound (CME)-£62,500; $ per £
Feb'19 1244.00 1244.00 t 1227.50 1239.70 –4.60 25,535 Soybeans (CBT)-5,000 bu.; cents per bu. Sept 108.05 109.45 107.30 108.80 .65 157,934 Aug 1.3089 t 1.2976
1.3089 1.3029 –.0048 806
June 1253.50 1256.90 t 1243.30 1251.70 –4.60 6,418 Aug 842.00 846.75 836.75 846.00 3.75 81,332 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Sept 1.3107 t 1.2988
1.3114 1.3047 –.0048 185,160
Dec 1265.90 1265.90 t 1262.90 1271.10 –4.60 3,746 Nov 857.50 862.50 851.75 861.50 3.75 435,342 Oct 11.08 11.11 10.93 10.97 –.11 518,565 Swiss Franc (CME)-CHF 125,000; $ per CHF
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Meal (CBT)-100 tons; $ per ton. March'19 11.78 11.79 11.64 11.67 –.10 279,975 Sept 1.0060 1.0089 1.0004 1.0061 .0003 91,644
Sept 903.00 905.90 t 853.30 866.20 –35.60 18,870 Aug 328.50 330.20 326.00 328.80 .60 52,544 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec 899.90 900.30 t 850.60 863.10 –35.60 2,347 Dec 325.70 327.60 323.40 326.10 .50 203,995 Sept 25.22 25.22 25.22 25.22 –.28 1,592 Aug .7430 .7434 .7327 .7359 –.0042 702
March'19 883.00 883.00 t 859.00 856.70 –35.90 30 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Nov 25.97 25.98 25.55 25.75 .19 1,661 Sept .7397 .7444 .7322 .7359 –.0042 132,112
Platinum (NYM)-50 troy oz.; $ per troy oz. Aug 28.08 28.12 27.71 27.83 –.24 52,723 Cotton (ICE-US)-50,000 lbs.; cents per lb. Oct .7424 .7434 t .7329 .7360 –.0042 311
July 814.40 814.40 798.00 800.60 –13.10 15 Dec 28.49 28.52 28.11 28.21 –.26 238,509 Oct 88.81 88.81 88.30 88.30 –.53 142 Dec .7401 .7435 .7328 .7362 –.0042 523
Oct 820.60 822.10 t 794.50 806.30 –11.50 77,842 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 88.13 88.46 87.30 87.55 –.53 176,210 March'19 .7392 .7392 t .7361 .7368 –.0042 128
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 1193.00 1193.00 1171.50 1186.50 4.00 6,489 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
July 15.210 15.325 t 15.135 15.340 –0.163 670 Nov 1165.00 1173.00 1153.50 1169.00 2.00 1,215 Sept 169.00 170.90 168.25 169.95 .35 12,116 Sept .05248 .05249 .05171 .05207 –.00048 157,444
Sept 15.565 15.590 t 15.185 15.402 –0.172 154,067 Wheat (CBT)-5,000 bu.; cents per bu. Nov 169.30 171.00 168.50 170.30 .65 2,835 Dec .05124 .05149 .05103 .05134 –.00047 106
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 493.75 505.75 490.25 504.25 9.75 204,581 Euro (CME)-€125,000; $ per €
Aug 68.95 70.17 67.80 69.46 0.70 60,863 Dec 510.50 521.50 507.00 520.50 9.75 150,957 Aug 1.1663 1.1694 1.1600 1.1664 –.0006 1,326
Sept 67.89 68.79 66.62 68.24 0.49 474,641 Wheat (KC)-5,000 bu.; cents per bu. Interest Rate Futures Sept 1.1695 1.1728 1.1623 1.1694 –.0006 480,038
Oct 66.46 67.21 65.32 66.53 0.15 240,524 Sept 488.00 497.50 485.00 496.50 8.75 136,643 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec 65.54 66.26 64.50 65.60 0.07 290,490 Dec 513.00 522.50 511.25 521.50 8.50 86,752 Sept 144-260 145-180 144-120 145-090 18.0 838,199 Index Futures
Jan'19 65.27 65.86 64.20 65.26 0.07 157,905 Wheat (MPLS)-5,000 bu.; cents per bu. Dec 143-290 144-220 143-220 144-160 18.0 701
Dec 61.80 62.43 61.02 61.87 0.11 207,742 Sept 528.00 537.25 527.25 536.75 8.75 30,214 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 546.50 555.50 545.50 554.75 8.50 17,615 Sept 25164 25209 25034 25059 –102 85,785
Sept 120-025 120-135 119-275 120-095 7.5 3,714,797
Aug 2.0907 2.1093 2.0665 2.0901 –.0002 67,053 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index
Dec 119-275 120-070 119-240 120-045 8.0 1,901 Sept 2815.70 2817.50 2801.00 2805.30 –10.70 62,101
Sept 2.0956 2.1144 2.0713 2.0945 –.0007 109,418 Aug 154.500 154.925 153.800 154.450 … 15,535 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 154.775 155.000 153.975 154.775 .125 12,076 Mini S&P 500 (CME)-$50 x index
Sept 113-145 113-210 113-100 113-187 4.5 3,836,495 Sept 2814.50 2818.00 2800.25 2805.25 –10.75 2,696,845
Aug 2.0476 2.0580 2.0172 2.0435 –.0009 59,131 Cattle-Live (CME)-40,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Sept 2.0186 2.0305 1.9895 2.0135 –.0024 129,123 Aug 109.050 109.300 108.550 108.900 –.050 66,719 Dec 2819.00 2821.50 2804.50 2809.25 –10.75 52,763
Sept 105-247 105-267 105-232 105-260 1.5 1,928,864 Mini S&P Midcap 400 (CME)-$100 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 114.175 114.700 113.750 114.425 .225 62,584
Dec 105-195 105-210 105-195 105-207 1.5 971 Sept 2002.10 2016.40 1994.20 2012.70 8.40 83,796
Aug 2.733 2.776 2.704 2.769 .048 107,901 Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Sept 2.702 2.743 t 2.671 2.736 .047 277,327 Aug 67.525 68.475 t 66.850 67.250 .050 37,672
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini Nasdaq 100 (CME)-$20 x index
July 98.088 98.090 98.085 98.085 … 230,999 Sept 7400.0 7416.0 s 7354.8 7367.8 –36.8 243,337
Oct 2.718 2.758 t 2.688 2.751 .046 154,297 Oct 52.050 53.550 51.475 52.225 .300 108,041
Nov 2.768 2.803 t 2.737 2.797 .042 121,906 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Oct 97.855 97.865 97.855 97.855 … 283,610 Dec 7436.3 7441.8 s 7382.5 7394.5 –36.8 1,818
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini Russell 2000 (CME)-$50 x index
Sept 95.734 96.047 95.719 95.984 .250 31,308 Sept 1694.70 1707.20 1687.00 1705.50 11.30 561,094
1 Month Libor (CME)-$3,000,000; pts of 100% Mini Russell 1000 (CME)-$50 x index
Cash Prices | WSJ.com/commodities Thursday, July 19, 2018 Aug ... ...
Eurodollar (CME)-$1,000,000; pts of 100%
... 97.9050 .0050 3,135 Sept 1561.20 1562.60
U.S. Dollar Index (ICE-US)-$1,000 x index
1555.80 1558.90 –6.00 10,579

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Aug 97.6075 97.6150 97.6000 97.6125 .0050 140,796 Sept 94.82 95.44 s 94.67 94.94 .13 44,588
Dec 97.3200 97.3500 97.3050 97.3350 .0100 1,823,953 Dec 94.38 95.00 s 94.30 94.52 .12 1,593
separate from the futures price on an exchange, which reflects what the commodity might be worth in future June'19 97.0950 97.1300 97.0700 97.1150 .0150 1,354,920 Source: SIX Financial Information
months.
Thursday Thursday Thursday

Energy
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
*15.4400
11306
SoybeanMeal,Cent IL,rail,ton48%-u
Soybeans,No.1 yllw IL-bp,u
339.30
8.1400
Bonds | WSJ.com/bonds
Propane,tet,Mont Belvieu-g 0.8938 Other metals Wheat,Spring14%-pro Mnpls-u 6.6175
Butane,normal,Mont Belvieu-g 1.1405 LBMA Platinum Price PM *810.0
Wheat,No.2 soft red,St.Louis-bp,u 5.1250 Tracking Bond Benchmarks
NaturalGas,HenryHub-i 2.720 Wheat - Hard - KC (USDA) $ per bu-u 5.2650
Platinum,Engelhard industrial 801.0 Wheat,No.1soft white,Portld,OR-u 5.8250 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
NaturalGas,TranscoZone3-i 2.700 Platinum,Engelhard fabricated 901.0
NaturalGas,TranscoZone6NY-i 2.770 highs and lows for different types of bonds
Palladium,Engelhard industrial 891.0 Food
NaturalGas,PanhandleEast-i 2.430 Palladium,Engelhard fabricated 991.0 Total Total
NaturalGas,Opal-i 2.470 Aluminum, LME, $ per metric ton *2040.0 Beef,carcass equiv. index return YTD total Yield (%) return YTD total Yield (%)
NaturalGas,MarcellusNE PA-i 2.310 Copper,Comex spot 2.6860 choice 1-3,600-900 lbs.-u 179.87 close return (%) Index Latest Low High close return (%) Index Latest Low High
NaturalGas,HaynesvilleN.LA-i 2.610 Iron Ore, 62% Fe CFR China-s n.a. select 1-3,600-900 lbs.-u 170.78
1.1248 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 69.150 Shredded Scrap, US Midwest-s,m n.a. Broilers, National comp wghtd-u,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.050 Steel, HRC USA, FOB Midwest Mill-s n.a. Butter,AA Chicago 2.2500 1976.32 -0.6 Mortgage-Backed 3.420 2.660 3.580
Cheddar cheese,bbl,Chicago 131.50 1921.12 -1.2 U.S. Aggregate 3.290 2.380 3.430
Metals Fibers and Textiles Cheddar cheese,blk,Chicago 153.25 U.S. Corporate Indexes Bloomberg Barclays 1945.16 -0.5 Ginnie Mae (GNMA) 3.360 2.630 3.540
Milk,Nonfat dry,Chicago lb. 76.75
Gold, per troy oz Cocoa,Ivory Coast-w n.a. 2730.94 -2.4 U.S. Corporate 3.970 3.030 4.070 1158.74 -0.7 Fannie mae (FNMA) 3.430 2.670 3.590
Burlap,10-oz,40-inch NY yd-n,w 0.5700
Engelhard industrial 1219.72 Coffee,Brazilian,Comp 1.0733
Engelhard fabricated 1311.20
Cotton,1 1/16 std lw-mdMphs-u 0.8680
Coffee,Colombian, NY 1.3105 2589.98 -1.2 Intermediate 3.680 2.530 3.760 1783.63 -0.8 Freddie Mac (FHLMC) 3.450 2.680 3.610
Cotlook 'A' Index-t *98.20
Handy & Harman base 1217.55 Eggs,large white,Chicago-u 1.4050 523.49 0.2 Muni Master 2.392 1.736 2.653
Hides,hvy native steers piece fob-u 55.250 3735.07 -5.1 Long term 4.580 3.990 4.750
Handy & Harman fabricated 1351.48 Flour,hard winter KC 15.90
Wool,64s,staple,Terr del-u,w n.a.
LBMA Gold Price AM *1223.45 Hams,17-20 lbs,Mid-US fob-u n.a. 559.83 -1.6 Double-A-rated 3.400 2.470 3.500 364.65 -0.2 7-12 year 2.476 1.744 2.702
LBMA Gold Price PM *1224.50 Grains and Feeds Hogs,Iowa-So. Minnesota-u 74.42
Krugerrand,wholesale-e 1273.48 Pork bellies,12-14 lb MidUS-u n.a. 704.85 -2.4 Triple-B-rated 4.270 3.340 4.370 411.72 -0.1 12-22 year 2.789 2.213 3.004
Maple Leaf-e 1285.73 Pork loins,13-19 lb MidUS-u 1.0008
Barley,top-quality Mnpls-u n.a. High Yield Bonds Merrill Lynch 399.72 -0.1 22-plus year 3.175 2.716 3.411
American Eagle-e 1285.73 Steers,Tex.-Okla. Choice-u n.a.
Bran,wheat middlings, KC-u,w 63
Mexican peso-e 1484.38 Steers,feeder,Okla. City-u,w 162.63 420.38 0.7 High Yield Constrained 6.379 5.373 6.619 Global Government J.P. Morgan†
Corn,No. 2 yellow,Cent IL-bp,u 3.2000
Austria crown-e 1203.25 Corn gluten feed,Midwest-u,w 119.6 Fats and Oils 545.17 0.2 Global Government 1.550 1.300 1.680
Austria phil-e 1285.73 436.90 4.0 Triple-C-rated 9.972 9.597 11.091
Corn gluten meal,Midwest-u,w 433.1
Silver, troy oz. Cottonseed meal-u,w 250 Corn oil,crude wet/dry mill-u,w 28.7500 2880.07 0.7 High Yield 100 6.015 4.948 6.319 763.16 1.1 Canada 2.110 1.930 2.450
Engelhard industrial 15.3000 Hominy feed,Cent IL-u,w 98 Grease,choice white,Chicago-h 0.2650
Engelhard fabricated 18.3600 Meat-bonemeal,50% pro Mnpls-u,w 268 Lard,Chicago-u n.a. 378.04 -0.2 Global High Yield Constrained 6.075 4.934 6.298 374.04 1.0 EMU§ 1.132 0.956 1.362
Handy & Harman base 15.2910 Oats,No.2 milling,Mnpls-u 2.8125 Soybean oil,crude;Centl IL-u 0.2671
0.2850 305.14 -0.4 Europe High Yield Constrained 3.246 1.897 3.611 722.99 1.8 France 0.740 0.690 1.040
Handy & Harman fabricated 19.1140 Rice, Long Grain Milled, No. 2 AR-u,w 25.75 Tallow,bleach;Chicago-h
LBMA spot price *£11.8500 Sorghum,(Milo) No.2 Gulf-u 6.6075 Tallow,edible,Chicago-u 0.3200 U.S Agency Bloomberg Barclays 515.59 1.6 Germany 0.370 0.340 0.740
1630.82 -0.4 U.S Agency 2.820 1.690 2.870 291.35 0.9 Japan 0.340 0.340 0.430
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 7/18 1460.78 -0.1 10-20 years 2.730 1.510 2.760 570.73 1.8 Netherlands 0.460 0.450 0.830
Source: WSJ Market Data Group 3311.93 -2.2 20-plus years 3.300 2.730 3.550 943.18 1.3 U.K. 1.480 1.340 1.830
2427.11 -1.5 Yankee 3.680 2.610 3.760 779.60 -3.5 Emerging Markets ** 6.505 5.279 6.822
Exchange-Traded Portfolios | WSJ.com/ETFresearch *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

Thursday, July 19, 2018 Closing Chg YTD SchwabUS SC SCHA 76.26 0.53 9.3
Global Government Bonds: Mapping Yields
ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 250.79 –0.49 1.4
Closing Chg YTD
SPDR S&PMdCpTr MDY 365.62 0.43 5.9
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
ETF Symbol Price (%) (%) iShMSCI EAFE EFA 67.75 –0.21 –3.6
iShMSCI EAFE SC SCZ 62.81 –0.22 –2.6
SPDR S&P 500 SPY 280.00 –0.38 4.9 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
AlerianMLPETF AMLP 10.60 2.32 –1.8
SPDR S&P Div SDY 94.87 0.40 0.4
CnsmrDiscSelSector XLY 112.65 –0.23 14.1 iShMSCIEmgMarkets EEM 43.34 –1.23 –8.0 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
TechSelectSector XLK 72.53 –0.36 13.4
CnsStapleSelSector XLP 52.54 0.06 –7.6 iShMSCIEurozone EZU 41.98 –0.43 –3.2 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
UtilitiesSelSector XLU 52.66 0.92 –0.0
iShMSCIJapan EWJ 58.01 0.02 –3.2
EnSelectSectorSPDR XLE 75.15 0.03 4.0
VanEckGoldMiner GDX 21.58 –1.28 –7.1 2.500 U.S. 2 2.599 t l 2.607 2.549 1.360
FinSelSectorSPDR XLF 27.51 –1.50 –1.4 iShNasdaqBiotech IBB 118.35 0.10 10.8
FT DJ Internet FDN 144.48 –1.12 31.5 iShNatlMuniBd MUB 109.40 0.12 –1.2
VangdInfoTech VGT 190.33 –0.10 15.5 2.875 10 2.845 t l 2.872 2.897 2.272
VangdSC Val VBR 139.54 0.41 5.1
HealthCareSelSect XLV 86.93 –0.56 5.1 iShRussell1000Gwth IWF 149.46 –0.35 11.0
VangdSC Grwth VBK 183.48 0.40 14.1
4.500 Australia 2 2.065 s l 2.028 2.017 1.907 -53.4 -58.0 54.7
IndSelSectorSPDR XLI 74.52 –0.04 –1.5 iShRussell1000 IWB 156.26 –0.31 5.1
InvscQQQI QQQ 179.03 –0.50 14.9 iShRussell1000Val IWD 123.37 –0.32 –0.8
VangdDivApp VIG 105.07 –0.12 3.0 2.250 10 2.668 s l 2.648 2.634 2.732 -17.7 -22.4 46.1
VangdFTSEDevMk VEA 43.15 –0.42 –3.8
iShRussell2000Gwth 213.68 0.65 14.5
InvscS&P500EW RSP 104.50 –0.02 3.4 IWO
VangdFTSE EM VWO 42.36 –1.14 –7.7 0.000 France 2 -0.449 t l -0.428 -0.543 -0.412 -304.8 -303.6 -177.2
InvscSrLoan BKLN 23.05 0.04 0.0 iShRussell2000 IWM 169.17 0.71 11.0
iSh1-3YCreditBond CSJ 103.67 0.04 –0.8 iShRussell2000Val IWN 134.87 0.72 7.3 VangdFTSE Europe VGK 56.97 –0.28 –3.7 0.750 10 0.628 s l 0.628 0.648 0.798 -221.7 -224.4 -147.4
iShRussell3000 IWV 167.03 –0.23 5.6 VangdFinls VFH 69.75 –1.15 –0.4
iSh3-7YTreasuryBd IEI 119.95 0.19 –1.8
VangdFTSEAWxUS VEU 52.27 –0.51 –4.5 0.000 Germany 2 -0.625 s l -0.632 -0.635 -0.636 -322.4 -323.9 -199.7
iShCoreMSCIEAFE IEFA 63.94 –0.25 –3.3 iShRussellMid-Cap IWR 217.74 0.16 4.6
iShCoreMSCIEmgMk IEMG 52.43 –1.21 –7.9 iShRussellMCValue IWS 89.85 0.17 0.8 VangdGrowth VUG 155.51 –0.26 10.6 0.500 10 0.271 t l 0.284 0.375 0.543 -257.4 -258.8 -172.9
iShCoreMSCITotInt IXUS 60.41 –0.49 –4.2 iShS&PMC400Growth IJK 232.66 0.27 7.8 VangdHiDiv VYM 84.85 –0.26 –0.9
iShS&P500Growth 169.29 –0.42 10.8 VangdIntermBd BIV 81.09 0.22 –3.3 0.350 Italy 2 0.538 t l 0.595 0.593 0.059 -206.1 -201.2 -130.1
iShCoreS&P500 IVV 281.92 –0.41 4.9 IVW
VangdIntrCorpBd VCIT 83.94 0.20 –3.9 2.000 10 2.503 t l 2.516 2.544 2.192 -35.5 -8.0
iShCoreS&P MC IJH 200.63 0.43 5.7 iShS&P500Value IVE 112.64 –0.32 –1.4 -34.2
iShCoreS&P SC IJR 87.04 0.78 13.3 iShUSPfdStk PFF 37.64 0.35 –1.1 VangdLC VV 128.85 –0.38 5.1
iShS&PTotlUSStkMkt ITOT 64.60 –0.25 5.7 iShShortTreaBd SHV 110.37 ... 0.1 VangdMC VO 162.57 0.09 5.0 0.100 Japan 2 -0.130 t l -0.125 -0.135 -0.109 -272.9 -273.2 -146.9
112.39 0.14 –1.5 VangdMC Val VOE 113.15 0.02 1.4 0.100 10 0.040 t l 0.045 0.028 0.075 -282.7 -219.6
iShCoreUSAggBd AGG 106.48 0.15 –2.6 iShTIPSBondETF TIP -280.5
iShSelectDividend DVY 98.89 0.23 0.3 iSh1-3YTreasuryBd SHY 83.25 0.05 –0.7 VangdRealEst VNQ 81.87 1.17 –1.3
iShEdgeMSCIMinEAFE EFAV 71.85 –0.37 –1.5 iSh7-10YTreasuryBd IEF 102.58 0.27 –2.8 VangdS&P500 VOO 257.22 –0.38 4.9 1.150 Spain 2 -0.282 t l -0.277 -0.313 -0.285 -288.1 -288.5 -164.5
VangdST Bond BSV 78.19 0.08 –1.2
iShEdgeMSCIMinUSA USMV 54.63 0.02 3.5 iSh20+YTreasuryBd TLT 122.26 0.63 –3.6 1.400 10 1.280 s l 1.279 1.241 1.545 -156.5 -159.2 -72.6
iShEdgeMSCIUSAMom MTUM 113.55 –0.68 10.1 iShRussellMCGrowth IWP 132.01 –0.02 9.4 VangdSTCpBd VCSH 78.15 0.09 –1.5
iShFloatingRateBd FLOT 50.96 –0.01 0.3 PIMCOEnhShMaturity MINT 101.53 0.04 –0.0 VangdSC VB 161.18 0.44 9.1 2.000 U.K. 2 0.726 t l 0.750 0.712 0.277 -187.3 -185.8 -108.3
iShGoldTr IAU 11.73 –0.34 –6.2 SPDR BlmBarcHYBd JNK 35.70 –0.06 –2.8 VangdTotalBd BND 79.34 0.19 –2.7
4.250 10 1.189 t l 1.229 1.282 1.197 -165.6 -164.3 -107.5
iShiBoxx$InvGrCpBd LQD 115.59 0.16 –4.9 SPDR Gold GLD 115.81 –0.43 –6.3 VangdTotIntlBd BNDX 54.99 0.13 1.1
iShiBoxx$HYCpBd HYG 85.58 –0.05 –1.9 SchwabIntEquity SCHF 33.33 –0.36 –2.2 VangdTotIntlStk VXUS 54.38 –0.51 –4.3 Source: Tullett Prebon
145.10 –0.24 5.7
iShJPMUSDEmgBd
iShMBSETF
EMB
MBB
108.66
104.21
–0.02
0.15
–6.4
–2.2
SchwabUS BrdMkt
SchwabUS Div
SCHB
SCHD
68.17
50.67
–0.22
0.06
5.7
–1.0
VangdTotalStk
VangdTotlWrld
VTI
VT 74.75 –0.37 0.7 Corporate Debt
iShMSCI ACWI ACWI 72.54 –0.47 0.6 SchwabUS LC SCHX 67.13 –0.31 5.3 VangdValue VTV 106.74 –0.48 0.4 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
that same company’s share price.
Borrowing Benchmarks | WSJ.com/bonds Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Money Rates July 19, 2018
Kinder Morgan KMI 5.050 Feb. 15, ’46 213 –20 235 17.99 1.18
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Emera US Finance EMACN 2.700 June 15, ’21 80 –16 n.a. ... ...
W W Grainger GWW 4.200 May 15, ’47 121 –12 n.a. 341.45 0.73
guide to general levels but don’t always represent actual transactions.
Aercap Ireland Capital Dac* AER 4.500 May 15, ’21 107 –11 114 … …
Inflation Week —52-WEEK— Week —52-WEEK— Citigroup C 6.300 May 15, ’49 285 –11 298 68.99 –1.23
Latest ago High Low Latest ago High Low Energy Transfer Partners ETP 5.800 June 15, ’38 256 –11 267 20.06 3.40
June index Chg From (%)
level May '18 June '17 Bid 1.8800 1.9100 1.9200 1.0600 Three month -0.358 -0.358 -0.349 -0.389 Williams Partners WPZ 4.000 Sept. 15, ’25 132 –10 141 43.31 3.29
Offer 1.9100 1.9300 2.1500 1.0700 Six month -0.319 -0.313 -0.298 -0.339 Allegion US Holding ALLE 3.200 Oct. 1, ’24 137 –8 138 … …
U.S. consumer price index One year -0.237 -0.232 -0.185 -0.263
All items 251.989 0.16 2.9
Treasury bill auction …And spreads that widened the most
Core 257.697 0.09 2.3 4 weeks 1.880 1.850 1.880 0.940 Euro interbank offered rate (Euribor)
Warner Media T 4.050 Dec. 15, ’23 123 24 134 … …
13 weeks 1.980 1.945 1.980 1.000 One month -0.369 -0.370 -0.366 -0.374
International rates 26 weeks 2.140 2.100 2.140 1.105
Royal Bank of Scotland RBS 7.500 Aug. 10, ’49 326 23 305 6.43 –0.92
Three month -0.321 -0.321 -0.321 -0.332 Discovery Communications DISCA 6.350 June 1, ’40 251 11 n.a. 26.69 0.41
Week 52-Week Secondary market Six month -0.269 -0.271 -0.267 -0.279 Barclays BACR 4.375 Jan. 12, ’26 184 10 189 ... ...
Latest ago High Low One year -0.179 -0.179 -0.151 -0.194
Fannie Mae Dominion Energy Gas Holdings D 3.550 Nov. 1, ’23 100 10 n.a. … …
Prime rates 30-year mortgage yields Value 52-Week HSBC Holdings HSBC 6.000 May 22, ’49 383 10 377 47.14 –0.61
Latest Traded High Low Digital Realty Trust 4.450 July 15, ’28 150 8 153 116.68 1.22
U.S. 5.00 5.00 5.00 4.25 30 days 4.166 4.170 4.344 3.253
DLR
Canada 3.70 3.70 3.70 2.95 60 days 4.189 4.195 4.371 3.281 DTCC GCF Repo Index
Japan 1.475 1.475 1.475 1.475
Treasury 1.954 24.700 2.233 1.022
High-yield issues with the biggest price increases…
Other short-term rates Bond Price as % of face value Stock Performance
Policy Rates MBS 1.973 75.100 2.321 1.038 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Euro zone 0.00 0.00 0.00 0.00 Week 52-Week
Open Implied
Switzerland 0.50 0.50 0.50 0.50 Latest ago high low
Settle Change Interest Rate
Ultra Resources UPL 6.875 April 15, ’22 71.875 3.38 68.500 … ...
Britain 0.50 0.50 0.50 0.25 Murray Energy MURREN 11.250 April 15, ’21 75.000 2.63 65.625 ... ...
Australia 1.50 1.50 1.50 1.50 Call money DTCC GCF Repo Index Futures MSCI MSCI 4.750 Aug. 1, ’26 98.562 1.06 97.125 170.69 –0.49
3.75 3.75 3.75 3.00 Altice Luxembourg S.A. ATCNA 7.625 Feb. 15, ’25 94.096 1.03 94.375 ... ...
Overnight repurchase Treasury Jly 98.005 0.002 892 1.995
U.S. 1.96 1.95 2.18 1.01 Commercial paper (AA financial) Treasury Aug 97.985 0.005 1272 2.015 Acosta ACOSTA 7.750 Oct. 1, ’22 48.750 1.00 46.000 ... ...
90 days 2.21 2.11 2.31 1.14 Treasury Sep 97.940 unch. 662 2.060 Tronox Finance TROX 5.750 Oct. 1, ’25 97.473 0.85 n.a. … …
U.S. government rates SM Energy SM 5.000 Jan. 15, ’24 95.063 0.81 94.432 26.53 0.23
Libor Weekly survey
Discount
2.50 2.50 2.50 1.75
One month 2.08100 2.07163 2.10288 1.22667
Latest Week ago Year ago …And with the biggest price decreases
Three month 2.34706 2.33919 2.36906 1.30911
Six month 2.52725 2.51963 2.52725 1.44767 American Tire Distributors ATD 10.250 March 1, ’22 31.000 –3.00 28.250 ... ...
Federal funds One year 2.80744 2.78531 2.80744 1.69511
Freddie Mac Macquarie Bank MQGAU 6.125 March 8, ’49 90.500 –1.75 90.625 ... ...
Effective rate 1.9300 1.9300 1.9500 1.0700 30-year fixed 4.52 4.53 3.96 Novelis HNDLIN 5.875 Sept. 30, ’26 95.000 –1.71 96.438 ... ...
High 2.1500 2.1500 2.1500 1.3125 Euro Libor 15-year fixed 4.00 4.02 3.23 Windstream Services WIN 7.750 Oct. 15, ’20 90.000 –1.63 91.500 3.70 –0.27
Low 1.8700 1.8700 1.9000 0.9700 One month -0.402 -0.398 -0.394 -0.420 Five-year ARM 3.87 3.86 3.21
Uniti UNIT 8.250 Oct. 15, ’23 93.750 –1.50 96.500 18.64 –1.17
Notes on data: First Quantum Minerals FMCN 6.875 March 1, ’26 94.750 –1.25 96.000 ... ...
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective June 14, 2018. Other prime rates Rent–A–Center RCII 6.625 Nov. 15, ’20 99.070 –0.95 100.500 14.74 0.27
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective June 14, 2018. DTCC GCF Repo Index is Depository Trust & Veritas US VERITS 10.500 Feb. 1, ’24 85.000 –0.88 84.250 ... ...
Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon
rates as of 5:30 p.m. ET. Futures on the DTCC GCF Repo Index are traded on NYSE Liffe US. *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.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information; Note: Data are for the most active issue of bonds with maturities of two years or more
Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
B8 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS


WSJ.com/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 13.78 -0.05 FirstAmerFin FAF 53.58 0.14 Infosys INFY 19.71 0.03 MarathonPetrol MPC 72.86 0.30 PackagingCpAm PKG 116.29 1.07 ServiceMaster SERV 57.00 -0.21 US Foods USFD 39.96 0.36
Market listed securities. Prices are composite dd-Indicates loss in the most recent Credicorp BAP 226.74 -1.70 FirstData FDC 22.60 -0.14 Ingersoll-Rand IR 91.80 0.54 Markel MKL 1140.31 -1.99 PacWestBancorp PACW 50.41 -0.40 ServiceNow NOW 190.04 -1.97 USG USG 43.29 0.07
quotations that include primary market trades four quarters. CreditAcceptance CACC 371.89 5.08 FirstRepBank FRC 98.56 0.56 Ingredion INGR 96.65 0.17 MarketAxess MKTX 208.91 -0.85 PagSeguroDig PAGS 25.50 -1.28 ShawComm B SJR 20.35 -0.05 UbiquitiNetworks UBNT 88.98 -0.02
as well as trades reported by Nasdaq BX FD-First day of trading. CreditSuisse CS 15.19 -0.08 FirstEnergy FE 35.64 -0.02 Intel INTC 51.98 0.26 Marriott MAR 133.20 0.07 PaloAltoNtwks PANW 214.58 -1.64 SherwinWilliams SHW 429.08 2.55 UltaBeauty ULTA 257.41 6.77
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CrownCastle CCI 111.03 0.59 Fiserv FISV 77.43 0.19 InteractiveBrkrs IBKR 62.67 -2.67 s Marsh&McLen MMC 87.13 -0.60 ParkHotels PK 31.50 0.39 ShinhanFin SHG 38.69 -0.90 UltSoftware ULTI 292.15 0.23
Cboe, NYSE National and Nasdaq ISE. standards CrownHoldings CCK 44.54 -0.58 FleetCorTech FLT 218.00 0.11 s ICE ICE 75.76 -1.01 MartinMarietta MLM 225.87 0.08 ParkerHannifin PH 165.08 2.98 Shire SHPG 172.98 0.24 UltraparPart UGP 11.04 -0.16
The list comprises the 1,000 largest lf-Late filing Ctrip.com CTRP 42.12 -1.79 Flex FLEX 15.25 0.14 InterContinentl IHG 64.96 -0.59 MarvellTech MRVL 21.71 0.13 ParsleyEnergy PE 31.88 0.17 Shopify SHOP 171.75 1.27 UnderArmour A UAA 22.10 0.29
companies based on market capitalization. q-Temporary exemption from Nasdaq
requirements. Cullen/Frost CFR 114.65 0.44 FlirSystems FLIR 54.50 0.34 IBM IBM 149.24 4.72 Masco MAS 38.98 0.52 Paychex PAYX 70.49 0.59 SignatureBank SBNY 118.71 -6.57 UnderArmour C UA 20.19 0.17
Underlined quotations are those stocks with Cummins CMI 137.82 0.09 Fluor FLR 49.32 0.22 IntlFlavors IFF 129.90 1.67 Mastercard MA 206.06 -2.30 PaycomSoftware PAYC 111.56 0.43 s SimonProperty SPG 173.96 3.24 Unilever UN 56.85 1.39
large changes in volume compared with the t-NYSE bankruptcy
v-Trading halted on primary market. CypressSemi CY 17.14 0.13 FomentoEconMex FMX 95.08 -0.82 IntlPaper IP 53.31 0.26 MatchGroup MTCH 38.98 -0.33 PayPal PYPL 87.38 -0.84 SiriusXM SIRI 7.14 0.01 Unilever UL 56.33 1.52
issue’s average trading volume.
vj-In bankruptcy or receivership or CyrusOne CONE 62.99 1.19 FootLocker FL 53.10 0.63 Interpublic IPG 21.85 -0.70 MaximIntProducts MXIM 61.47 -0.34 Pearson PSO 11.83 -0.17 Skyworks SWKS 102.48 0.45 UnionPacific UNP 140.41 -0.84
Boldfaced quotations highlight those issues being reorganized under the FordMotor F 10.82 -0.05 Intuit INTU 215.99 -2.32 McCormick MKC 118.12 0.60 PembinaPipeline PBA 34.93 0.30 SmithAO AOS 60.06 0.37 s UnitedContinental UAL 80.59 1.59
whose price changed by 5% or more if their Bankruptcy Code, or securities D E F ForestCIty A FCE.A 22.85 0.18 IntuitiveSurgical ISRG 521.29 -6.62 McCormickVtg MKC.V 118.02 0.35 Pentair PNR 43.72 0.12 Smith&Nephew SNN 35.11 -0.25 UnitedMicro UMC 2.83 -0.01
previous closing price was $2 or higher. assumed by such companies. s Fortinet FTNT 67.45 0.64 InvitatHomes INVH 23.57 0.12 McDonalds MCD 157.41 -0.52 People'sUtdFin PBCT 18.33 -0.01 Smucker SJM 109.57 0.56 UPS B UPS 112.84 0.68
s DCP Midstream DCP 43.46 1.03
DCT Industrial DCT 64.58 0.42
Fortis FTS 32.38 ... iQIYI IQ 32.65 -3.31 t McKesson MCK 133.81 -0.53 PepsiCo PEP 115.77 0.94 Snap SNAP 13.43 0.08 UnitedRentals URI 156.57 1.66
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Fortive FTV 77.62 0.10 IronMountain IRM 35.42 0.72 s Medtronic MDT 88.42 0.41 PerkinElmer PKI 78.40 1.54 SnapOn SNA 173.29 15.04 US Bancorp USB 51.36 0.64
changes in the closing prices from 4 p.m. the previous day. DISH Network DISH 31.20 ...
FortBrandsHome FBHS 56.75 0.23 IsraelChemicals ICL 4.67 -0.04 MelcoResorts MLCO 24.03 -0.48 Perrigo PRGO 75.83 -0.59 SOQUIMICH SQM 46.99 -0.84 US Steel X 36.93 -0.84
DTE Energy DTE 107.37 1.31
Franco-Nevada FNV 74.49 -0.24 ItauUnibanco ITUB 11.65 0.08 MercadoLibre MELI 374.61 5.26 PetroChina PTR 70.54 -0.32 Sony SNE 52.63 -0.44 UnitedTech UTX 130.36 -1.33
DXC Tech DXC 87.17 0.07
Thursday, July 19, 2018 Net Net FranklinRscs BEN 32.27 -0.30 Merck MRK 62.51 -0.43 PetroleoBrasil PBR 10.77 0.04 Southern SO 47.92 0.37 UnitedHealth UNH 252.93 -2.49
s Danaher DHR 103.20 4.42
Net Stock Sym Close Chg Stock Sym Close Chg
s Darden DRI 111.81 -0.34
FreeportMcM FCX 15.80 -1.28 J K L MetLife MET 44.17 -0.79 PetroleoBrasilA PBR.A 9.43 0.07 SoCopper SCCO 43.58 -2.04 UniversalHealthB UHS 112.77 0.09
Stock Sym Close Chg ArchCapital ACGL 29.01 0.06 CH Robinson CHRW 89.59 0.75 FreseniusMed FMS 49.72 0.02 MettlerToledo MTD 598.11 12.50 Pfizer PFE 37.36 -0.30 SouthwestAir LUV 53.78 -0.12 UnumGroup UNM 37.49 -0.75
DaVita DVA 70.57 -0.04 JD.com JD 36.88 -0.65
ArcherDaniels ADM 47.25 -0.06 CIT Group CIT 52.32 -0.32 MichaelKors KORS 67.95 0.88 PhilipMorris PM 80.90 -1.25 SpectraEnerPtrs SEP 36.50 1.87 Uxin UXIN 7.54 -0.46
A B C Arconic ARNC 19.17 -0.51 CME Group CME 168.85 -2.17
Deere DE 140.30
DellTechs DVMT 94.74
1.09
-0.33
G H I JPMorganChase JPM 109.89 -1.64
MicroFocus MFGP 16.50 ... Phillips66 PSX 110.90 ... SpectrumBrands SPB 77.40 -1.46 VEREIT VER 7.50 0.08
JackHenry JKHY 135.80 ...
AristaNetworks ANET 276.25 1.56 CMS Energy CMS 47.86 0.48 DeltaAir DAL 53.00 0.20 GGP GGP 20.79 0.36 JacobsEngg JEC 66.84 -0.05
MicrochipTech MCHP 94.80 -0.96 PinnacleFoods PF 65.59 0.31 SpiritAeroSys SPR 90.10 -0.31 s VF VFC 89.24 1.02
ABB ABB 22.60 0.60
ArrowElec ARW 78.34 0.09 CNA Fin CNA 47.59 -0.74 DentsplySirona XRAY 45.34 MicronTech MU 56.22 -1.23 PinnacleWest PNW 80.78 0.79 Splunk SPLK 106.25 -1.23 VICI Prop VICI 20.77 0.03
ADT ADT 9.36 -0.09 1.10 Gallagher AJG 70.30 -0.20 JamesHardie JHX 16.46 -0.21
AspenTech AZPN 98.97 -0.53 CNH Indl CNHI 10.36 -0.02 DeutscheBank DB 12.02 Microsoft MSFT 104.40 -0.72 PioneerNatRscs PXD 182.97 0.73 Spotify SPOT 182.19 -3.96 Visa V 140.13 -0.77
AES AES 13.03 0.30 -0.06 Gaming&Leisure GLPI 36.58 0.44 JanusHenderson JHG 31.37 -0.07
AstraZeneca AZN 37.03 -0.30 CNOOC CEO 157.22 -2.91 DevonEnergy DVN 44.14 MidAmApt MAA 99.52 1.10 PivotalSoftware PVTL 25.40 -0.67 Sprint S 5.47 -0.09 VailResorts MTN 285.39 -3.39
Aflac AFL 42.89 -0.37 0.39 Gap GPS 30.71 0.55 JazzPharma JAZZ 177.11 1.06
AthenaHealth ATHN 158.00 -0.05 CRH CRH 35.31 -0.45 Middleby MIDD 100.60 0.66 PlainsAllAmPipe PAA 24.22 0.62 s Square SQ 70.32 2.03 Vale VALE 12.88 -0.53
AGNC Invt AGNC 19.13 0.09 DexCom DXCM 102.54 -0.98 Garmin GRMN 65.03 0.98 JefferiesFin JEF 22.91 0.17
Athene ATH 44.19 -0.59 s CSX CSX 69.15 0.15 Diageo MitsubishiUFJ MUFG 5.86 0.04 PlainsGP PAGP 23.89 0.51 StanleyBlackDck SWK 139.65 1.38 ValeroEnergy VLO 107.00 0.35
ANGI Homesvcs ANGI 16.52 -0.05 DEO 148.60 0.50 Gartner IT 139.63 -0.50 JetBlue JBLU 19.83 -0.14 MizuhoFin MFG 3.36 0.01
s Atlassian TEAM 67.86 -0.36 CVS Health CVS 66.14 -1.76 DiamondbkEner FANG 132.09 1.50 GeneralDynamics GD 194.35 -1.08 J&J
PolarisIndustries PII 122.93 -0.63 Starbucks SBUX 51.34 0.19 VarianMed VAR 116.20 -0.81
Ansys ANSS 180.35 -0.53 JNJ 125.94 -1.86 MobileTeleSys MBT 8.63 -0.27
AtmosEnergy ATO 91.73 1.19 CabotOil COG 24.42 0.48 s Pool POOL161.56 4.06 StateStreet STT 92.74 -2.59 Vedanta VEDL 12.04 0.06
ASML ASML 215.26 -2.64 DigitalRealty DLR 116.68 1.41 GeneralElec GE 13.73 -0.02 JohnsonControls JCI 35.85 0.43
Autodesk ADSK 134.50 -2.93 CadenceDesign CDNS 45.23 -0.29 DiscoverFinSvcs DFS 71.51 MohawkInds MHK 223.25 -1.13 Praxair PX 165.26 0.23 SteelDynamics STLD 46.66 -1.25 VeevaSystems VEEV 83.26 -0.35
AT&T T 31.27 -0.44 -0.58 GeneralMills GIS 43.35 0.26 JonesLang JLL 171.51 0.35
Autohome ATHM 101.13 -0.13 CaesarsEnt CZR 11.55 0.05 MolinaHealthcare MOH 105.59 -0.65 PrincipalFin PFG 54.54 -1.17 s Steris STE 111.31 0.82 Ventas VTR 58.06 0.73
AbbottLabs ABT 63.78 -0.97 DiscoveryB DISCB 29.50 -2.50 GeneralMotors GM 39.31 -0.56 JuniperNetworks JNPR 28.06 -0.21
Autoliv ALV 104.68 -1.14 CamdenProperty CPT 90.66 1.18 Gentex GNTX 23.41 MolsonCoors B TAP 63.87 -0.48 Procter&Gamble PG 78.73 -0.27 STMicroelec STM 23.41 -0.31 VeriSign VRSN 148.08 -0.94
AbbVie ABBV 89.95 -4.45 DiscoveryA DISCA 26.69 0.11 -0.42 KAR Auction KAR 60.03 0.24
ADP ADP 137.06 -0.44 CampbellSoup CPB 40.95 0.78 GenuineParts GPC 97.30 Momo MOMO 44.58 -1.04 Progressive PGR 59.51 -0.88 Stryker SYK 172.86 -0.88 VeriskAnalytics VRSK 112.25 -0.20
Abiomed ABMD 425.99 -5.56 DiscoveryC DISCK 24.70 -0.07 2.67 KB Fin KB 47.43 -1.18 Mondelez MDLZ 42.24 0.11
AutoZone AZO 716.17 22.17 CanadaGoose GOOS 64.30 -0.47 s Disney Gerdau GGB 4.09 -0.11 KKR
Prologis PLD 63.50 0.53 SumitomoMits SMFG 7.77 0.03 Verizon VZ 50.75 -0.39
Accenture ACN 166.89 0.51 DIS 112.13 1.44 KKR 27.06 -0.14 MonolithicPower MPWR 141.80 0.35
Avalonbay AVB 172.40 1.12 CIBC CM 87.39 -0.63 Gildan GIL 28.51 0.27 KLA Tencor KLAC 108.49 -1.74
Proofpoint PFPT 127.69 -0.01 SunComms SUI 98.61 0.89 VertxPharm VRTX 180.12 -1.01
ActivisionBliz ATVI 80.61 -0.66 DocuSign DOCU 52.36 -0.69
Avangrid AGR 52.82 0.33 CanNtlRlwy CNI 86.08 0.61 GileadSciences GILD 77.05 -0.07 t KT
MonsterBev MNST 61.14 0.11 PrudentialFin PRU 95.70 -1.79 SunLifeFinancial SLF 40.27 -0.55 Viacom A VIA 32.55 -1.15
AdobeSystems ADBE 257.68 -2.10 DolbyLab DLB 65.25 0.83 KT 12.75 -0.23 Moody's
AveryDennison AVY 103.98 -0.56 CanNaturalRes CNQ 35.13 -0.54 MCO 182.35 -2.14 Prudential PUK 46.48 0.11 SuncorEnergy SU 40.79 0.02 Viacom B VIAB 28.00 -0.56
s AdvanceAuto AAP 143.37 3.40 DollarGeneral DG 99.20 0.11 GSK GSK 40.69 -0.28 KSCitySouthern KSU 108.45 1.90
AxaltaCoating AXTA 30.30 -0.02 CanPacRlwy CP 192.14 2.93 GlobalPayments GPN 117.08 -1.22 Kellogg
MorganStanley MS 49.85 -0.71 PublicServiceEnt PEG 52.17 0.42 SunTrustBanks STI 69.02 -0.84 Vipshop VIPS 9.92 -0.11
AdvMicroDevices AMD 16.71 -0.14 DollarTree DLTR 87.49 0.86 K 69.60 0.64 Mosaic
BB&T BBT 50.52 -2.46 Canon CAJ 31.69 -0.01 GoDaddy GDDY 78.22 -0.24 KeurigDrPepper KDP 24.43 -0.36
MOS 28.20 -0.24 PublicStorage PSA 222.46 3.32 Symantec SYMC 21.29 -0.27 VistraEnergy VST 23.23 -0.32
Aegon AEG 6.13 -0.03 DominionEner D 72.00 2.05
BCE BCE 41.98 -0.38 CapitalOne COF 95.37 -1.72 Goldcorp GG 13.35 -0.03 KeyCorp
MotorolaSol MSI 122.18 -1.01 PulteGroup PHM 31.29 0.32 SynchronyFin SYF 33.24 -0.17 VMware VMW 152.00 -1.95
AerCap AER 55.52 -0.33 Domino's DPZ 276.75 -6.93 KEY 20.63 0.33 Mylan
BHPBilliton BHP 48.47 -1.37 t CardinalHealth CAH 49.00 -0.49 GoldmanSachs GS 229.63 -1.61 KeysightTechs KEYS 60.92 0.21
MYL 35.64 -0.28 Qiagen QGEN 36.94 0.24 Synopsys SNPS 91.77 -0.17 t Vodafone VOD 23.28 -0.40
Aetna AET 190.04 -1.29 DouglasEmmett DEI 39.67 0.28
BHPBilliton BBL 42.91 -1.31 Carlisle CSL 114.36 1.12 NICE NICE 108.66 -1.30 Qorvo QRVO 83.76 1.36 SynovusFin SNV 54.24 0.33 VornadoRealty VNO 72.96 0.96
AffiliatedMgrs AMG 149.31 -1.94 Dover DOV 78.12 3.93 Graco GGG 47.00 0.09 KilroyRealty KRC 74.45 0.36
BOK Fin BOKF 97.22 0.08 Carlyle CG 23.90 -0.40 s Grainger GWW341.45 2.46 KimberlyClark KMB 103.55 -0.35
NRG Energy NRG 32.30 -0.17 Qualcomm QCOM 59.31 0.55 Sysco SYY 70.88 0.56 VoyaFinancial VOYA 48.84 -0.27
AgilentTechs A 64.15 1.16 DowDuPont DWDP 66.14 -0.45
BP BP 44.44 0.19 CarMax KMX 77.70 0.33 NVR NVR 3173.29 43.08 QuestDiag DGX 114.99 1.46 VulcanMatls VMC 124.93 0.50
Dropbox DBX 31.30 Grifols GRFS 20.90 -0.03 KimcoRealty KIM 16.84 0.26
AgnicoEagle AEM 45.49 -0.05
AirProducts APD 154.40 -1.54 BT Group BT 14.24 -0.13 Carnival CCL 58.86 -0.67 DukeEnergy DUK 81.20
0.06
0.76 GrubHub GRUB 112.45 -1.42 KinderMorgan KMI 17.99 0.21
NXP Semi NXPI 103.54 -2.95 QurateRetailB QRTEB 22.19 0.22 T U V
AkamaiTech AKAM 78.24 0.12 BWX Tech BWXT 65.23 0.26 Carnival CUK 58.55 -0.71 DukeRealty DRE 28.54 0.21 GpoAvalAcc AVAL 8.14 0.02 Knight-Swift KNX 37.99 0.49
Nasdaq NDAQ 95.00 -0.59 QurateRetailA QRTEA 22.00 -0.08
TAL Education TAL 40.80 -0.35
W X Y Z
Baidu BIDU 262.42 -7.00 Carvana CVNA 45.34 -1.49 s Dunkin' NationalGrid NGG 55.47 0.10
GrupoTelevisa TV 20.26 -0.61 Kohl's TD Ameritrade AMTD 57.49 -0.84 WABCO
AlaskaAir ALK 63.79 0.60
Albemarle ALB 96.21 -0.53 BakerHughes BHGE 31.78 -0.77 Caterpillar CAT 139.42 -0.84 ENI
DNKN 72.25
E 37.50
0.20
-0.28 Guidewire GWRE 94.60
KSS 74.43 2.10 NatlOilwell NOV 43.19 -0.06
0.12 KoninklijkePhil PHG 42.97 -0.59
R S TE Connectivity TEL 92.32 -0.13
WBC119.73
WEC Energy WEC 65.24
-1.05
0.52
CboeGlobalMkts CBOE 104.76 NatlRetailProp NNN 44.70 1.02
Alcoa AA 41.56 -6.40 Ball BLL 38.27 0.19 -1.26 EOG Rscs EOG 122.39 -1.19 HCA Healthcare HCA 107.70 1.11 t KoreaElcPwr KEP 13.45 -0.18 RELX RENX 22.33 -0.10 Telus TU 36.15 -0.16 s WEX WEX 195.19 -0.43
BancoBilbaoViz BBVA 6.92 -0.03 Celanese A CE 109.98 -0.98 s EPAM Systems EPAM 134.48 NektarTherap NKTR 49.08 1.20
AlexandriaRlEst ARE 126.92 1.28 1.21 HCP HCP 26.02 0.52 KraftHeinz KHC 61.34 -0.25 RELX RELX 22.50 -0.09 Ternium TX 35.18 -0.94 W.P.Carey WPC 66.34 0.77
Celgene CELG 85.34 NetApp NTAP 82.32 0.09 s RPM
AlexionPharm ALXN 135.09 -0.56 BancodeChile BCH 91.18 -1.24 -0.44 EQT EQT 55.69 0.82 HDFC Bank HDB 110.17 -0.81 Kroger KR 28.12 -0.02 Netease RPM 64.04 3.24 TIM Part TSU 17.12 -0.23 t WPP WPP 74.60 -1.81
BcoSantChile BSAC 31.18 -0.47 Cemex CX 6.68 -0.08 s HD Supply HDS 44.96 NTES 262.11 0.49 s
Alibaba BABA 187.34 -3.45 E*TRADE ETFC 61.21 -1.92 0.04 LATAMAirlines LTM 10.45 -0.28 RalphLauren RL 135.18 1.57 TJX TJX 97.69 1.07 WPX Energy WPX 18.79 0.02
BcoSantMex BSMX 7.88 0.13 CenovusEnergy CVE 10.19 -0.20 Netflix NFLX 364.23-10.90 t RandgoldRscs GOLD 72.23
AlignTech ALGN 370.32 -1.99 EXACT Sci EXAS 67.61 0.87 HP HPQ 23.19 -0.34 L Brands LB 32.77 0.43 Neurocrine NBIX 103.81 0.59 -0.57 T-MobileUS TMUS 59.41 -1.11 Wabtec WAB 104.79 0.94
Alkermes ALKS 45.28 0.26 BancoSantander SAN 5.41 0.02 s Centene CNC 135.25 1.23 EastWestBncp EWBC 65.43 -1.42 HSBC HSBC 47.14 -0.29 LG Display LPL 9.37 0.38 RaymondJames RJF 94.72 -1.51 TRowePrice TROW 120.75 -1.40 WalgreensBoots WBA 64.93 -1.23
BanColombia CIB 47.77 -0.68 CenterPointEner CNP 28.02 0.41 NewOrientalEduc EDU 93.96 -3.13
Alleghany Y 607.47 1.42 EastmanChem EMN 100.72 -0.68 HUYA HUYA 35.49 -3.24 LINE LN 45.28 0.32 s NewRelic Raytheon RTN 201.37 -0.15 TableauSftwr DATA 110.46 -0.67 Walmart WMT 87.72 -0.35
BankofAmerica BAC 29.67 -0.46 CenturyLink CTL 19.23 -0.28 NEWR 111.32 0.05
Allegion ALLE 78.68 -0.55 Eaton ETN 78.21 -0.16 Halliburton HAL 44.96 0.16 LKQ LKQ 34.19 0.49 NewResidInvt NRZ 18.42 0.07 RealtyIncome O 55.81 0.84 TaiwanSemi TSM 39.81 1.40 WasteConnections WCN 77.22 0.68
Allergan AGN 173.39 -2.47 BankofMontreal BMO 78.14 -0.83 Cerner CERN 60.76 0.09 EatonVance EV 53.61 -0.16 Hanesbrands HBI 22.20 0.28 LPL Financial LPLA 68.60 -1.39 RedHat RHT 146.20 -2.28 TakeTwoSoftware TTWO 127.41 0.60 WasteMgt WM 82.65 -0.01
BankNY Mellon BK 52.73 -2.91 CharterComms CHTR 291.14 -8.46 t eBay NewellBrands NWL 26.77 -0.09
AllianceData ADS 227.19 1.04 EBAY 34.11 -3.84 HarleyDavidson HOG 42.12 ... L3 Tech LLL 204.45 1.24 NewmontMin NEM 37.01 -0.17 RegencyCtrs REG 61.48 0.79 TallgrassEnergy TGE 22.25 0.56 Waters WAT 197.64 3.38
AlliantEnergy LNT 42.96 0.27 BkNovaScotia BNS 57.43 -0.29 CheckPoint CHKP 111.24 0.57 Ecolab ECL 141.90 -2.10 Harris HRS 150.53 -1.62 LabCpAm LH 186.99 1.08 RegenPharm REGN 367.74 1.76 Tapestry TPR 48.02 0.72 Watsco WSO 185.45 2.07
NewsCorp A NWSA 15.49 -0.06
Allstate ALL 93.42 -2.34 Barclays BCS 9.84 -0.20 Chemours CC 45.69 -0.10 Ecopetrol EC 20.49 -0.29 HartfordFinl HIG 52.67 -0.96 LamResearch LRCX 178.23 -3.09 RegionsFin RF 17.62 -0.44 s TargaResources TRGP 52.30 0.54 s Wayfair W 125.61 1.36
BarrickGold ABX 12.34 -0.18 CheniereEnergy LNG 62.80 0.54 NewsCorp B NWS 15.60 -0.05
AllyFinancial ALLY 27.87 -0.11 EdisonInt EIX 65.83 0.64 Hasbro HAS 93.69 0.05 LamarAdv LAMR 72.33 1.01 ReinsGrp RGA 138.13 -2.21 Target TGT 78.46 1.61 Weibo WB 87.07 -2.44
s CheniereEnerPtrs CQP 36.58 s NextEraEnergy NEE 170.25 0.83
AlnylamPharm ALNY 106.26 0.89 BauschHealth BHC 22.67 -0.36 0.01 EdwardsLife EW 150.28 0.47 Heico A HEI.A 66.85 -0.25 LambWeston LW 70.38 -0.21 RelianceSteel RS 91.06 -1.46 t TataMotors TTM 18.40 -0.09 WellCareHealth WCG 255.60 0.85
BaxterIntl BAX 74.74 0.04 CheniereEnHldgs CQH 30.32 0.36 NielsenHoldings NLSN 30.56 -0.20
Alphabet C GOOG 1186.96 -8.92 ElectronicArts EA 147.96 -0.97 Heico HEI 78.20 0.08 LasVegasSands LVS 74.05 -0.62 RepublicSvcs RSG 68.56 0.10 TechnipFMC FTI 30.10 -0.85 WellsFargo WFC 56.33 -0.24
BectonDicknsn BDX 246.98 0.83 Chevron CVX 121.67 0.14 Nike NKE 76.95 0.36
Alphabet A GOOGL 1199.10-13.81 EmersonElec EMR 69.80 0.11 Helm&Payne HP 59.59 -1.16 Lazard LAZ 50.91 -0.87 NiSource ResMed RMD 108.81 0.29 TeckRscsB TECK 24.17 -0.87 Welltower WELL 62.77 0.97
BeiGene BGNE 164.11 -0.94 ChinaEastrnAir CEA 30.70 -1.89 NI 26.15 0.25
Altaba AABA 73.36 -1.30 Enbridge ENB 35.24 1.03 HenrySchein HSIC 74.78 1.04 Lear RestaurantBrands QSR 64.04 0.26 TelecomArgentina TEO 19.82 -0.37 WestPharmSvcs WST 99.47 1.46
LEA 184.14 -6.49 NobleEnergy NBL 34.75 0.42
AlticeUSA ATUS 17.64 -0.22 Berkley WRB 74.41 -0.21 ChinaLifeIns LFC 12.51 0.01 Encana ECA 12.96 ... Herbalife HLF 52.51 -0.67 s RingCentral RNG 82.80 -0.20 TelecomItalia TI 6.96 -0.02 WestAllianceBcp WAL 58.12 -0.36
Leggett&Platt LEG 46.04 0.48 Nokia NOK 5.96 -0.08
Altria MO 56.94 -0.49 BerkHathwy A BRK.A 299000-4210.00 t ChinaMobile CHL 43.46 -0.07 s EncompassHealth EHC 70.25 0.91 Hershey HSY 92.23 0.82 RioTinto RIO 53.63 -1.31 t TelecomItalia A TI.A 6.18 -0.02 WesternDigital WDC 77.46 -1.32
Leidos LDOS 64.05 0.54 NomuraHoldings NMR 4.91 0.03
AlumofChina ACH 10.02 -0.25 BerkHathwy B BRK.B 197.49 -2.95 ChinaPetrol SNP 89.55 -0.29 t EnelAmericas ENIA 8.46 -0.18 Hess HES 64.50 0.36 RobertHalf RHI 68.50 -0.01 TeledyneTech TDY 210.96 0.73 WesternGasEquity WGP 36.74 0.48
Lennar B LEN.B 45.29 0.09 Nordson NDSN 131.05 -0.03
Amazon.com AMZN 1812.97-29.95 BerryGlobal BERY 48.23 0.38 t ChinaSoAirlines ZNH 32.87 -2.01 EnelChile ENIC 5.11 -0.10 HewlettPackard HPE 15.64 -0.29 Rockwell ROK 172.07 1.66 Teleflex TFX 277.40 1.07 WesternGasPtrs WES 50.68 1.20
Lennar A LEN 55.14 -0.03 Nordstrom JWN 54.03 0.97
Ambev ABEV 4.86 ... BestBuy BBY 77.98 1.63 ChinaTelecom CHA 45.34 -0.37 Energen EGN 74.87 0.58 Hexcel HXL 69.34 ... RockwellCollins COL 137.15 -0.61 Ericsson ERIC 8.23 -0.04 WesternUnion WU 20.29 0.13
LennoxIntl LII 216.44 1.78 NorfolkSouthern NSC 160.48 0.57
Amdocs DOX 68.18 -0.25 s Bio-RadLab A BIO 306.39 2.89 t ChinaUnicom CHU 11.87 -0.04 EnergyTransferEq ETE 17.70 0.54 Hill-Rom HRC 93.83 0.18 RogersComm B RCI 50.59 -0.35 TelefonicaBras VIV 11.42 -0.17 WestlakeChem WLK 107.39 -0.79
LibertyBroadbandA LBRDA 77.74 -0.86 NorthernTrust NTRS 108.44 -2.25
Amerco UHAL 372.60 6.96 Biogen BIIB 358.11 -0.40 Chipotle CMG 454.83 1.25 EnergyTransfer ETP 20.06 0.66 Hilton HLT 82.14 -0.82 Rollins ROL 55.50 ... Telefonica TEF 8.62 -0.08 WestpacBanking WBK 21.87 -0.13
LibertyBroadbandC LBRDK 78.01 -0.96 NorthropGrum NOC 324.16 0.45
Ameren AEE 61.71 0.64 BioMarinPharm BMRN 102.87 0.18 Chubb CB 133.11 -1.89 Entergy ETR 81.00 0.46 HollyFrontier HFC 71.81 0.21 RoperTech ROP 283.46 -0.34 TelekmIndonesia TLK 26.83 -0.64 WestRock WRK 57.79 0.15
LibertyGlobal C LBTYK 27.05 -0.59 NorwegCruise NCLH 49.85 -0.29
AmericaMovil A AMOV 16.48 -0.84 s BlackKnight BKI 55.85 0.30 ChunghwaTel CHT 36.20 ... EnterpriseProd EPD 29.06 0.43 Hologic HOLX 41.32 0.24 s RossStores ROST 87.44 0.42 Tenaris TS 37.04 -0.08 Weyerhaeuser WY 35.65 0.43
LibertyGlobal A LBTYA 28.16 -0.55 Novartis NVS 80.80 -0.16
AmericaMovil AMX 16.86 -0.56 BlackRock BLK 504.89 -5.96 Church&Dwight CHD 54.14 0.35 Equifax EFX 125.86 -0.34 HomeDepot HD 202.63 1.66 RoyalBkCanada RY 76.43 -0.65 Teradyne TER 40.03 -1.35 WheatonPrecMet WPM 21.25 -0.52
LibertyFormOne A FWONA 36.01 -0.17 NovoNordisk NVO 49.81 -0.41
AmerAirlines AAL 38.13 -0.24 Blackstone BX 35.64 -0.59 Cigna CI 175.90 -1.85 Equinix EQIX 437.19 2.64 HondaMotor HMC 29.38 -0.14 RoyalBkScotland RBS 6.43 -0.06 Tesla TSLA 320.23 -3.62 Whirlpool WHR 152.35 1.91
LibertyFormOne C FWONK 38.03 -0.16 Nucor NUE 64.67 -0.94
AEP AEP 70.64 0.40 bluebirdbio BLUE 178.95 -0.60 CimarexEnergy XEC 96.41 0.89 Equinor EQNR 25.84 -0.28 Honeywell HON 147.54 -1.61 RoyalCaribbean RCL 111.48 -1.34 TevaPharm TEVA 23.06 -0.47 Williams WMB 28.69 0.93
LibertyBraves A BATRA 25.37 -0.13 Nutanix NTNX 57.43 -0.68
AmerExpress AXP 100.17 -2.81 Boeing BA 355.33 -4.90 CincinnatiFin CINF 70.26 -1.04 EquityLife ELS 92.41 0.53 HormelFoods HRL 37.10 0.64 RoyalDutchA RDS.A 69.17 0.27 TexasInstruments TXN 114.59 -1.09 s WilliamsPartners WPZ 43.31 1.38
LibertyBraves C BATRK 25.45 -0.12 Nutrien NTR 52.00 -0.30
AmericanFin AFG 109.97 0.52 BookingHldgs BKNG 2010.60-13.31 Cintas CTAS 193.68 1.15 EquityResdntl EQR 64.29 0.24 DR Horton DHI 43.28 0.03 RoyalDutchB RDS.B 72.43 0.15 TexasPacLand TPL 765.50 -5.90 WillisTowers WLTW 158.84 0.06
s LibertySirius A LSXMA 48.15 -0.01 NVIDIA NVDA 252.03 0.33
AmHomes4Rent AMH 22.88 0.27 BoozAllen BAH 46.51 0.12 CiscoSystems CSCO 42.40 0.19 EssexProp ESS 232.54 0.96 HostHotels HST 21.47 0.36 RoyalGold RGLD 91.85 0.13 Textron TXT 66.99 0.55 Wipro WIT 5.15 0.02
LibertySirius C LSXMK 48.21 -0.07
BorgWarner BWA 45.03 -0.97 Citigroup C 68.99 -0.86 EsteeLauder EL 140.42 -0.79 HowardHughes HHC 140.67 Ryanair RYAAY 118.12 -0.18 ThermoFisherSci TMO 216.08 4.65 WooriBank WF 43.51
AIG AIG 53.85 -1.28
AmerTowerREIT AMT 141.67 0.29 BostonProps BXP 126.80 1.63 CitizensFin CFG 40.66 -0.38 EverestRe RE 234.30 -2.02 HuanengPower HNP 29.64
-0.60
0.79
LibertyProperty LPT 44.22 0.53 O P Q SAP SAP 117.41 -4.55 ThomsonReuters TRI 42.09 -0.11 Workday WDAY 132.98
-0.45
-0.21
EliLilly LLY 89.43 -0.60
AmerWaterWorks AWK 88.53 0.95 BostonSci BSX 33.72 -0.02 CitrixSystems CTXS 109.69 -1.04 Evergy EVRG 56.15 0.60 Huazhu HTHT 40.25 -0.23 OGE Energy OGE 36.13 0.67 S&P Global SPGI 211.27 -2.99 3M MMM 201.60 -0.60 s WW Ent WWE 82.12 1.60
LincolnElectric LECO 91.66 1.02
Ameriprise AMP 141.27 -3.94 Braskem BAK 27.13 -0.33 Clorox CLX 130.34 0.81 EversourceEner ES 59.16 0.64 Hubbell HUBB 115.59 0.77 ONEOK OKE 70.44 0.31 SBA Comm SBAC 162.63 0.19 Tiffany TIF 136.11 1.51 s Worldpay WP 86.66 0.01
LincolnNational LNC 64.82 -1.09
AmerisourceBrgn ABC 85.56 -0.77 s BrightHorizons BFAM 109.81 -0.33 Coca-Cola KO 45.11 -0.01 Exelixis EXEL 21.34 0.01 s Humana HUM 318.40 1.39 s OReillyAuto ORLY 299.23 8.72 SEI Investments SEIC 64.36 -0.34 Torchmark TMK 83.97 -1.31 WyndhamDest WYND 47.02 0.13
LiveNationEnt LYV 51.27 -0.50
Ametek AME 73.64 -0.12 Bristol-Myers BMY 56.54 -0.34 Coca-Cola Euro CCE 41.66 -0.12 Exelon EXC 42.24 0.32 JBHunt JBHT 121.58 0.15 OccidentalPetrol OXY 82.98 0.02 Sina SINA 82.94 -1.05 Toro TTC 60.28 0.39 WynnResorts WYNN 163.57 -1.38
LloydsBanking LYG 3.28 0.01
Amgen AMGN 191.76 -1.04 BritishAmTob BTI 50.65 0.50 Coca-Cola Femsa KOF 61.17 -0.64 Expedia EXPE 127.81 0.32 HuntingtonBcshs HBAN 15.00 -0.05 Okta OKTA 55.98 -0.37 SINOPEC SHI 62.36 -0.44 TorontoDomBk TD 57.52 -0.24 XL Group XL 56.29 -0.18
LockheedMartin LMT 319.60 -0.17
Amphenol APH 88.59 -0.54 Broadcom AVGO 210.37 1.59 Cognex CGNX 44.87 -0.71 ExpeditorsIntl EXPD 73.06 -0.12 HuntingIngalls HII 227.39 -1.25 OldDomFreight ODFL 149.15 0.88 SK Telecom SKM 23.24 -0.07 Total TOT 61.53 -0.47 XPO Logistics XPO 100.62 -1.06
Loews L 49.39 -0.79
AnadarkoPetrol APC 71.08 -0.42 BroadridgeFinl BR 118.69 0.52 CognizantTech CTSH 82.38 0.05 ExpressScripts ESRX 76.73 -1.16 Huntsman HUN 31.22 -0.19 OldRepublic ORI 20.28 -0.15 SLGreenRealty SLG 101.66 1.04 TotalSystem TSS 89.39 -0.19 XcelEnergy XEL 45.91 0.29
LogitechIntl LOGI 45.76 0.14
AnalogDevices ADI 98.26 -0.83 BrookfieldMgt BAM 42.02 -0.05 ColgatePalm CL 65.75 0.94 ExtraSpaceSt EXR 95.12 0.73 HyattHotels H 82.35 -0.66 OmegaHealthcare OHI 30.94 0.55 SS&C Tech SSNC 54.71 0.80 ToyotaMotor TM 131.77 -0.32 Xerox XRX 25.18 -0.15
Lowe's LOW 101.39 0.34
Andeavor ANDV 137.49 0.57 BrookfieldInfr BIP 39.60 -0.16 ColumbiaSportswr COLM 94.32 0.89 ExxonMobil XOM 82.01 -0.21 IAC/InterActive IAC 152.54 -1.02 Omnicom OMC 69.61 -0.99 SVB Fin SIVB 307.02 -1.72 TractorSupply TSCO 79.42 0.65 Xilinx XLNX 68.65 -0.09
s Brown&Brown BRO 29.46 -0.13 lululemon LULU 127.79 -1.02
AndeavorLog ANDX 43.76 0.58 Comcast A CMCSA 34.91 0.87 F5Networks FFIV 171.69 -7.76 ICICI Bank IBN 7.73 -0.08 ON Semi ON 24.01 -0.23 Sabre SABR 26.68 0.08 TransCanada TRP 44.78 1.94 Xylem XYL 68.58 0.39
LyondellBasell LYB 108.56 -0.05
AB InBev BUD 103.53 1.05 Brown-Forman A BF.A 53.07 0.84 Comerica CMA 93.57 -0.20 FMC FMC 86.61 -0.39 ICU Medical ICUI 303.65 -0.30 OpenText OTEX 37.68 -0.04 SageTherap SAGE 168.62 0.61 TransDigm TDG 362.91 2.83 YPF YPF 15.54 ...
AnnalyCap NLY 10.44 0.03 Brown-Forman B BF.B 52.34 0.41 CommerceBcshrs CBSH 68.50 -0.14 Facebook FB 208.09 -1.27 s IdexxLab IDXX 242.82 3.72 M N Oracle ORCL 48.44 -0.20 Salesforce.com CRM 147.16 -0.68 s TransUnion TRU 75.35 0.28 YY YY 95.29 -2.43
AnteroResources AR 21.23 0.22 Brunswick BC 67.24 -0.95 ConagraBrands CAG 36.28 0.59 FactSet FDS 205.43 -0.82 IHSMarkit INFO 52.69 -0.36 Orange ORAN 16.38 -0.16 Sanofi SNY 41.91 -0.16 Travelers TRV 125.18 -4.82 Yandex YNDX 36.49 -1.57
Anthem ANTM 248.64 0.01 BuckeyePtrs BPL 33.09 -0.15 ConchoRscs CXO 148.27 -1.39 s FairIsaac FICO 206.70 0.46 ING Groep ING 14.37 -0.08 M&T Bank MTB 172.77 -1.71 Orix IX 80.71 -0.59 SantanderCons SC 19.52 -0.11 Trimble TRMB 34.82 0.22 YumBrands YUM 79.33 -0.16
Aon AON 146.15 -1.19 Bunge BG 67.97 -0.44 ConocoPhillips COP 69.69 -0.66 Fastenal FAST 56.82 0.38 Invesco IVZ 25.69 -0.44 MGM Resorts MGM 30.82 -0.20 OwensCorning OC 66.89 1.71 SareptaTherap SRPT 135.53 0.19 TripAdvisor TRIP 60.68 -0.27 YumChina YUMC 36.00 -0.81
Apache APA 44.55 0.09 BurlingtonStrs BURL 156.40 2.07 ConEd ED 78.78 0.24 FederalRealty FRT 124.79 1.63 IPG Photonics IPGP 239.86 -2.67 MPLX MPLX 35.21 0.36 PG&E PCG 42.26 0.12 Sasol SSL 37.18 -0.26 21stCenturyFoxA FOXA 46.65 -0.03 ZTO Express ZTO 21.00 -0.97
ApartmtInv AIV 42.25 0.38 CA CA 43.99 -0.03 ConstBrands B STZ.B215.90 -2.10 FedEx FDX 236.55 0.36 s IQVIA IQV 110.25 0.57 MSCI MSCI 170.69 -0.84 PNC Fin PNC 140.71 -1.70 Schlumberger SLB 66.92 -0.14 21stCenturyFoxB FOX 46.20 -0.12 ZayoGroup ZAYO 38.05 -0.15
ApolloGlbMgmt APO 35.60 -0.70 s CBRE Group CBRE 49.66 -0.32 ConstBrands A STZ 215.82 1.46 Ferrari RACE 142.52 -0.51 IcahnEnterprises IEP 77.73 0.02 Macerich MAC 58.24 1.10 POSCO PKX 68.16 -2.14 SchwabC SCHW 52.88 -1.34 Twilio TWLO 62.88 -1.08 ZebraTech ZBRA 148.95 -0.14
Apple AAPL 191.88 1.48 CBS A CBS.A 57.85 -0.60 ContinentalRscs CLR 61.75 -0.15 FiatChrysler FCAU 19.53 0.10 Icon ICLR 138.35 1.80 Macy's M 38.96 1.26 PPG Ind PPG 106.39 -0.36 Seagate STX 57.18 -0.92 Twitter TWTR 43.44 0.10 s Zendesk ZEN 60.35 -0.10
ApplMaterials AMAT 46.67 -1.61 CBS B CBS 57.44 -0.78 Cooper COO 247.99 1.20 FibriaCelulose FBR 19.02 ... IDEX IEX 140.67 1.59 MadisonSquGarden MSG 322.98 -0.02 PPL PPL 28.31 0.32 SealedAir SEE 43.01 0.09 TylerTech TYL 238.44 0.70 Zillow C Z 62.92 -0.04
Aptiv APTV 94.97 -1.81 CDK Global CDK 66.89 0.21 Copart CPRT 59.13 -0.19 FidNatlFin FNF 39.83 0.43 IllinoisToolWks ITW 145.46 1.87 MagellanMid MMP 69.22 1.19 PRA HealthSci PRAH 101.20 1.36 SeattleGenetics SGEN 70.52 2.49 TysonFoods TSN 64.90 0.40 Zillow A ZG 63.68 -0.08
AquaAmerica WTR 36.69 0.38 s CDW CDW 87.38 0.20 Corning GLW 29.34 -0.11 FidNatlInfo FIS 108.72 -0.25 Illumina ILMN 309.10 1.82 MagnaIntl MGA 59.75 -1.62 PTC PTC 97.03 -1.48 SemicondctrMfg SMI 6.10 -0.11 UBS Group UBS 15.33 -0.07 ZimmerBiomet ZBH 112.24 -0.14
Aramark ARMK 39.50 0.52 CF Industries CF 42.80 -0.08 CoStar CSGP 423.34 -1.34 FifthThirdBncp FITB 28.31 -1.93 ImperialOil IMO 32.57 -0.68 ManulifeFin MFC 17.99 -0.25 PVH PVH 153.55 1.77 SempraEnergy SRE 115.31 0.99 UDR UDR 37.49 0.50 ZionsBancorp ZION 53.20 -0.94
ArcelorMittal MT 29.82 -1.15 CGI Group GIB 65.29 -0.56 s Costco COST 217.54 2.57 58.com WUBA 62.48 -2.00 Incyte INCY 70.11 -0.26 MarathonOil MRO 20.54 0.17 Paccar PCAR 63.45 0.04 ServiceCorp SCI 37.67 0.09 UGI UGI 53.15 0.47 Zoetis ZTS 85.42 -0.40

New Highs and Lows | WSJ.com/newhighs 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
FinTechAcqnII FNTE 11.99 -0.1 KindredBiosci KIN 13.00 2.8 Pool POOL 162.22 2.6 USA Tech USAT 15.58 2.7 ChinaSoAirlines ZNH 32.43 -5.8 ObalonTherap OBLN 1.85 -5.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American FiveBelow FIVE 109.09 1.0 KinsaleCapital KNSL 57.94 1.2 PostHoldings POST 89.46 1.3 US PhysTherapy USPH 104.20 2.0 ChinaUnicom CHU 11.78 -0.3 OramedPharms ORMP 5.42 -3.2
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest ForescoutTechs FSCT 38.45 1.3 KrystalBiotech KRYS 19.25 -2.2 Primerica PRI 108.40 0.5 UnitedContinental UAL 80.92 2.0 COPEL PHIIK 8.75 -0.6
ELP 5.24 ... PHI NV
session. % CHG-Daily percentage change from the previous trading session. Fortinet FTNT 68.05 1.0 LRAD LRAD 3.00 2.8 RF Industries RFIL 9.50 -4.8 UnityBancorp UNTY 24.95 ... Conformis CFMS 1.06 -4.5 PPDAI PPDF 3.82 -5.9
GATX GATX 86.91 8.9 LibertySirius A LSXMA 48.49 ... RLI RLI 70.66 1.4 UnivInsurance UVE 38.00 1.2 Covia CVIA 15.96 -3.9 PainTherap PTIE 2.03 2.8
Thursday, July 19, 2018 GenomicHealth GHDX 58.83 4.9 LibertyTripAdvB LTRPB 18.00 1.7 VFC 89.60 1.2 CytoriTherapWt CYTXZ PKD 0.30 -1.6
RMR Group RMR 86.93 3.3 VF 0.01 -43.5 ParkerDrilling
52-Wk % 52-Wk % 52-Wk % GooseheadIns GSHD 29.73 4.9 LigandPharm LGND 235.04 2.6 RPM RPM 65.35 5.3 VandaPharm VNDA 21.25 1.2 DBV Tech DBVT 17.25 -4.7 PilgrimPride PPC 18.26 -0.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GordonPointeUn GPAQU 10.40 0.1 LindbladExpedWt LINDW 3.02 5.3 ReataPharm RETA 47.00 2.8 VantageEnerAcqnUn VEACU 10.43 1.3 Despegar.com DESP 19.22 -0.5 RandgoldRscs GOLD 71.05 -0.8
Gorman-Rupp GRC 36.93 0.4 LindbladExped LIND 13.75 0.4 Repligen RGEN 49.33 1.8 Veoneer VNE 53.31 1.8 elfBeauty ELF 14.73 -1.2 RealGoodsSolar RGSE 0.30 -4.7
BlackRidgeAcqnWt BRACW 0.52 13.0 Conn's CONN 38.55 1.2
Highs Blackbaud BLKB 116.64 0.4 Costco COST 218.20 1.2
Grainger GWW
GreatSouthernBncp GSBC
347.20
61.55
0.7
2.9
LonestarRscs
MSA Safety
LONE
MSA
11.24
99.92
5.3
1.7
RingCentral
RossStores
RNG
ROST
83.95
88.01
-0.2
0.5
VistraEnergyWt VST.WS.A
WEX WEX
1.71 -0.7 eBay
197.77 -0.2 Egalet
EBAY
EGLT
33.93 -10.1 RepublicFirstBncp FRBK
0.34 -1.0 ReWalkRobotics RWLK
7.60
0.70
-0.6
-7.7
BrightHorizons BFAM 110.85 -0.3 CoupaSoftware COUP 67.28 -1.8
AVROBIO AVRO 35.96 1.7 GreenDot GDOT 82.28 -0.1 Majesco MJCO 7.50 -0.1 Wayfair W 126.60 1.1 ElPasoEngy pfC EPpC RockyMtnChoc RMCF 10.56 0.7
Brown&Brown BRO 29.62 -0.4 DCP Midstream DCP 43.46 2.4 RuthsHospitality RUTH 30.00 2.0 43.06 -7.4
AddusHomeCare ADUS 62.55 ... HD Supply HDS 45.24 0.1 Marsh&McLen MMC 87.89 -0.7 WellesleyBancorp WEBK 34.50 -0.8 EnelAmericas RXiPharm RXII 1.72 -3.8
CBRE Group CBRE 50.11 -0.6 DMC Global BOOM 50.73 2.7 SafetyInsurance SAFT 89.60 0.9 ENIA 8.39 -2.1
AdvanceAuto AAP 143.70 2.4 HL Acqns HCCHU 10.30 0.3 Masimo MASI 102.73 0.8 WescoAircraft WAIR 12.25 0.8 EnteraBioWt SellasLifeSci SLS 1.37 4.1
CDW CDW 88.36 0.2 DSW DSW 28.34 1.6 SecureWorks SCWX 15.40 0.1 ENTXW 0.52 -5.5
AeriePharm AERI 74.60 0.4 Haemonetic HAE 99.50 1.9 Medpace MEDP 47.36 2.1 WilliamsPartners WPZ 44.07 3.3 FortressBiotech FBIO scPharm SCPH 4.60 -6.2
CMFinNts2023 CMFNL 25.25 0.1 DXP Ents DXPE 43.42 0.5 SimonProperty SPG 174.39 1.9 2.55 -0.4
AgreeRealty ADC 54.70 2.4 HaymakerAcqnUn HYACU 10.28 0.4 Medtronic MDT 88.93 0.5 WW Ent WWE 83.12 2.0 Gazit-Globe Seaboard SEB 3725.00 1.1
CSX CSX 69.55 0.2 Danaher DHR 106.08 4.5 Square SQ 71.32 3.0 GZT 8.82 -0.4
AllegroMerger ALGRU 10.17 0.2 HealthEquity HQY 82.21 0.6 MomentaPharm MNTA 30.66 1.9 Worldpay WP 87.17 ... HartfordFinDeb42 HGH SenmiaoTech AIHS 3.75 0.2
Curo CURO 28.26 0.4 Darden DRI 112.81 -0.3 Steris STE 111.56 0.7 28.45 -0.1
AltisourcePortf ASPS 34.29 -0.4 Humana HUM 319.90 0.4 Monro MNRO 69.15 2.2 Zendesk ZEN 60.70 -0.2 HeclaMining Sibanye-Stillwater SBGL 2.07 -3.1
CardiovascularSys CSII 36.14 1.0 Datawatch DWCH 13.65 11.5 StevenMadden SHOO 56.70 1.4 HL 3.23 -6.1
HuronConsulting HURN 44.80 1.8 MorphoSys MOR 34.29 2.9 SinclairBroadcast SBGI 25.98 -4.0
AmerStWater AWR 60.95 1.2 CareerEducation CECO 19.07 0.3 114.68 1.3 Surmodics SRDX 60.38 1.7 HudbayMinerals HBM 5.05 -2.8
Disney DIS
AnchorBancorp ANCB 30.05 1.0 Cato CATO 26.73 2.1 Dunkin' DNKN 72.98 0.3
IdexxLab
IF Bancorp
IDXX
IROQ
243.74
25.04
1.6
-1.6
Natera
Netgear
NTRA
NTGR
23.98
78.30
3.3
-2.2
Systemax SYX 44.63 1.6 Lows HudsonTech HDSN 1.84 -12.8
StoneMorPtrs
TataMotors
STON
TTM
3.56
18.20
-6.7
-0.5
ArmstrongWorld AWI 70.95 1.7 CavcoIndustries CVCO 225.00 2.6 EPAM Systems EPAM 134.87 0.9 TJX TJX 97.97 1.1 AileronTherap ALRN 4.09 -7.7 InvestorsBancorp ISBC 12.52 1.0
INTL FCStone INTL 55.70 -1.2 NewRelic NEWR 113.23 ... TelecomItalia A TI.A 6.09 -0.3
AtlAcquisitionWt ATACR 0.75 2.6 Centene CNC 135.82 0.9 EVINE Live EVLV 1.74 1.3 TPGPaceEnergyA TPGE 11.99 0.9 AlmadenMinerals AAU 0.67 -1.7 JumeiIntl JMEI 2.11 -4.5 ThunderBridgeAcqn TBRGU
IQVIA IQV 110.79 0.5 NewYork NWY 5.44 7.0 9.97 -0.2
Atlassian TEAM 68.98 -0.5 ChampionsOncology CSBR 9.00 7.6 EVO Payments EVOP 23.76 0.9 TPG PaceEnergy TPGE.U 12.88 0.5 Amedica AMDA 0.45 -5.7 KT KT 12.55 -1.8 ThunderBridgeAcqn TBRG
Imperva IMPV 57.35 1.1 NextEraEnergyUn NEEpQ 76.14 1.0 9.64 -0.1
AxoGen AXGN 56.40 0.4 CharlesRiverLabs CRL 122.69 1.4 EaglePharm EGRX 84.97 1.7 TargaResources TRGP 53.24 1.0 AmericasSilver USAS 2.64 -4.7 Keane FRAC 12.27 -0.9 TitanMedical
Infr&EnerAltWt IEAWW 1.64 7.6 NextEraEnergy NEE 171.50 0.5 TMDI 3.72 -1.3
AxonEnterprise AAXN 73.34 2.1 ChartIndustries GTLS 78.43 14.2 ElPasoElectric EE 61.85 1.9 40.35 18.1 37.60 2.2 Teladoc TDOC 71.30 1.8 AvinoSilver ASM 1.08 -0.9 KoreaElcPwr KEP 13.40 -1.3 TwelveSeasWt TWLVW
InsteelInds IIIN Novocure NVCR 0.34 2.9
BJsRestaurants BJRI 65.40 0.9 ChembioDiagn CEMI 11.23 -0.4 EmclaireFin EMCF 37.00 3.8 IntegratedDevice IDTI 35.71 0.7 OReillyAuto ORLY 300.07 3.0 TheStreet TST 2.50 -4.9 Bladex BLX 23.46 0.8 McKesson MCK 129.58 -0.4 USCopperIndex CPER 17.01 -2.1
BadgerMeter BMI 52.65 8.6 CheniereEnerPtrs CQP 37.46 ... EnableMidstream ENBL 19.24 2.2 IntelligentSys INS 11.30 3.2 OneLiberty OLP 27.89 2.0 TransUnion TRU 75.64 0.4 Briggs&Stratton BGG 16.65 -5.0 Mechel MTL 2.96 -2.3 VascularBiogenics VBLT 2.00 -1.2
Benefitfocus BNFT 38.85 2.5 ChickenSoupPfdA CSSEP 25.29 0.7 EncompassHealth EHC 70.43 1.3 InterParfums IPAR 56.55 1.4 OneMadison OMAD.U 10.32 0.3 TriStateCapital TSC 28.15 6.9 CardinalHealth CAH 48.14 -1.0 Medigus MDGS 3.22 -10.6 VectorGroup VGR 17.90 1.9
BerkshireHills BHLB 44.25 0.4 Chuy's CHUY 34.05 2.1 ePlus PLUS 101.55 0.4 ICE ICE 76.97 -1.3 PRA Group PRAA 43.05 0.9 Trupanion TRUP 46.70 3.9 CatabasisPharm CATB 0.74 -2.9 MersanaTherap MRSN 8.76 -31.6 VistaGold VGZ 0.56 -0.7
Bio-RadLab A BIO 307.63 1.0 CoherusBioSci CHRS 18.70 3.1 EssentialProp EPRT 14.13 1.3 Intricon IIN 49.30 1.9 ParTechnology PAR 18.96 -1.6 TurtleBeach HEAR 27.50 1.6 Changyou.com CYOU 15.14 -2.9 MoneyGram MGI 6.26 -5.3 Vodafone VOD 23.27 -1.7
BioTelemetry BEAT 50.50 0.6 ColliersIntl CIGI 82.90 -0.1 FairIsaac FICO 208.50 0.2 Kamada KMDA 5.81 2.7 PartyCity PRTY 16.90 2.1 TwelveSeasRt TWLVR 0.45 11.1 ChinaCustRelat CCRC 7.92 2.8 MorganStanleyPfdE MSpE 27.94 -0.1 WCF Bancorp WCFB 8.75 -2.0
BlackKnight BKI 55.90 0.5 CommunityHlthRt CYHHZ 0.03 43.5 FiestaRestaurant FRGI 30.80 1.7 Kemet KEM 29.85 -0.8 PerformanceFood PFGC 38.92 1.2 TwelveSeasInvt TWLVU 10.30 0.6 ChinaMobile CHL 43.25 -0.2 NewGold NGD 1.85 -0.5 WPP WPP 73.66 -2.4

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
FrankTemp/Frank Adv DevMktY 42.27 -0.49 -1.6 VANGUARD ADMIRAL INSTTRF2050 24.40 -0.08 2.4 TotIntBdIxInv 10.99 +0.01 1.8 InstIdx 255.84 -0.99 6.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. IncomeAdv 2.31 ... 1.0 IntGrowY 43.01 -0.29 -1.4 500Adml 259.17 -1.00 6.0 IntlVal 38.55 -0.17 -3.3 WellsI 26.33 +0.02 -0.9 InstPlus 255.86 -0.98 6.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s FrankTemp/Franklin A PGIM Funds Cl Z BalAdml 35.59 -0.03 3.6 LifeCon 19.96 -0.01 1.0 Welltn 41.88 -0.09 0.9 InstTStPlus 62.77 -0.16 6.7
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- CA TF A p 7.33 +0.01 -0.1 TotalReturnBond 14.13 +0.02 -1.4 CAITAdml 11.65 ... 0.4 LifeGro 34.06 -0.09 2.1 WndsrII 38.15 -0.16 1.8 MidCpInst 44.47 +0.02 5.8
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes IncomeA p 2.33 ... 0.9 PIMCO Fds Instl CapOpAdml r 169.46 -0.58 10.3 LifeMod 27.30 -0.04 1.6 VANGUARD INDEX FDS MidCpIstPl 219.33 +0.13 5.8
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete RisDv A p 62.79 -0.09 3.2 AllAsset NA ... NA EMAdmr 35.23 -0.34 -7.0 PrmcpCor 28.58 -0.15 6.2 500 259.16 -1.00 5.9 SmCapInst 77.21 +0.31 9.7
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not FrankTemp/Franklin C ShortT 9.87 ... 1.2 EqIncAdml 77.81 -0.20 1.1 SelValu r 30.51 -0.04 -2.4 SmValAdml 59.94 +0.26 6.0 SmCapIstPl 222.86 +0.88 9.7
tracked. NS-Fund didn’t exist at start of period. Income C t 2.36 ... 0.6 TotRt 10.00 +0.02 -1.3 ExplrAdml 103.27 +0.37 16.8 STIGradeInst 10.46 ... -0.2
STAR 27.37 -0.06 2.9 TotBd2 10.43 +0.02 -1.3
FrankTemp/Temp A PIMCO Funds A ExtndAdml 92.50 +0.24 9.8 TotBdInst 10.46 +0.02 -1.2
TgtRe2015 15.50 -0.01 1.1 TotIntl 17.44 -0.09 -3.1
Growth A p 26.96 -0.10 -1.1 IncomeFd 12.02 ... -0.4 GNMAAdml 10.24 +0.01 -0.5 TotBdInst2 10.43 +0.02 -1.3
Thursday, July 19, 2018 TgtRe2020 31.82 -0.04 1.4 TotSt 70.57 -0.19 6.6 TotBdInstPl 10.46 +0.02 -1.2
FrankTemp/Temp Adv PIMCO Funds I2 GrwthAdml 80.03 -0.21 11.2 TgtRe2025 18.80 -0.03 1.6 VANGUARD INSTL FDS TotIntBdIdxInst 32.96 +0.02 1.8
Net YTD Net YTD Net YTD GlBondAdv p 11.67 -0.06 1.0 Income 12.02 ... -0.2 HlthCareAdml r 89.26 -0.26 5.6
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TgtRe2030 34.26 -0.07 1.9 BalInst 35.59 -0.03 3.6 TotIntlInstIdx r 116.63 -0.63 -3.1
Harbor Funds PIMCO Funds Instl HYCorAdml r 5.72 ... -0.5
TgtRe2035 21.12 -0.05 2.1 DevMktsIndInst 13.89 -0.06 -2.2 TotItlInstPlId r 116.65 -0.63 -3.1
American Century Inv Dimensional Fds Fidelity Advisor I CapApInst 79.71 -0.55 14.8 IncomeFd 12.02 ... -0.2 InfProAd 25.34 +0.05 -0.1
IntlInst r 66.77 -0.34 -1.1 Price Funds
TgtRe2040 36.60 -0.10 2.3 DevMktsInxInst 21.71 -0.09 -2.2 TotStInst 70.61 -0.19 6.7
Ultra 50.21 -0.18 15.6 5GlbFxdInc 10.92 +0.01 0.5 NwInsghtI 35.03 -0.17 11.7 IntlGrAdml 101.62 -0.74 6.3
Harding Loevner TgtRe2045 23.04 -0.07 2.4 ExtndInst 92.50 +0.24 9.8 ValueInst 41.63 -0.20 1.7
American Funds Cl A EmgMktVa 28.78 -0.27 -7.8 Fidelity Freedom BlChip 112.20 -0.92 16.5 ITBondAdml 10.98 +0.02 -1.9
TgtRe2050 37.08 -0.11 2.4 GrwthInst 80.03 -0.22 11.2 Western Asset
AmcpA p 34.01 -0.14 10.7 EmMktCorEq 21.15 -0.17 -8.4 FF2020 16.38 -0.02 1.3 IntlEq NA ... NA EqInc 33.45 -0.13 1.3 ITIGradeAdml 9.42 +0.01 -1.7
Invesco Funds A TgtRetInc 13.54 ... 0.8 InPrSeIn 10.32 +0.02 -0.1 CorePlusBdI 11.36 +0.01 -1.8
AMutlA p 41.52 -0.11 2.7 IntlCoreEq 13.97 -0.07 -2.7 FF2025 14.29 -0.03 1.5 EqIndex 75.30 -0.29 6.3 LTGradeAdml 9.85 +0.03 -5.0
BalA p 27.60 -0.03 2.6 IntlVal 19.24 -0.06 -4.4 FF2030 17.94 -0.04 2.0 EqIncA 10.95 -0.06 0.6
Growth 71.47 -0.56 14.1 MidCpAdml 201.32 +0.13 5.8
John Hancock Class 1
BondA p 12.58 +0.02 -1.3 IntSmCo 20.63 -0.10 -2.8 Freedom2020 K 16.36 -0.03 1.3 HelSci 79.96 +0.02 13.7 MorgAdml 102.42 -0.42 12.9
LSGwth 16.45 -0.05 2.3
CapIBA p 60.40 -0.10 -2.3 IntSmVa 21.54 -0.10 -6.2 Freedom2025 K 14.27 -0.03 1.5 InstlCapG 42.99 -0.34 16.5 MuHYAdml 11.27 ... 0.6
CapWGrA 51.19 -0.30 1.2 TAUSCoreEq2 19.02 -0.02 5.5 Freedom2030 K 17.92 -0.04 2.0
John Hancock Instl
DispValMCI 23.59 -0.07 1.2
IntlStk 18.42 -0.07 -1.3 MuIntAdml 13.93 ... 0.1 Dividend Changes
EupacA p 54.01 -0.26 -1.1 US CoreEq1 24.11 -0.04 6.5 Freedom2035 K 15.19 -0.04 2.6 IntlValEq 14.37 -0.06 -5.0 MuLTAdml 11.45 +0.01 ...
JPMorgan Funds MuLtdAdml
FdInvA p 64.02 -0.24 4.3 US CoreEq2 22.60 -0.02 5.4 Freedom2040 K 10.67 -0.03 2.6
MdCpVal L 41.25 +0.10 2.4
MCapVal 31.69 -0.01 4.2 10.87 ... 0.8 Dividend announcements from July 19.
GwthA p 55.39 -0.37 11.8 US Small 38.96 +0.19 8.8 Fidelity Invest MidCap 94.92 +0.18 9.1 MuShtAdml 15.74 ... 1.0
JPMorgan R Class Amount
HI TrA p 10.18 ... 1.4 US SmCpVal 40.81 +0.11 7.9 Balanc 24.91 -0.04 5.7 N Inc 9.22 +0.02 -1.3 PrmcpAdml r 147.03 -0.74 10.0 Payable /
US TgdVal 26.40 +0.07 6.5 CoreBond 11.31 +0.02 -1.0 RealEstatAdml 115.97 +1.27 0.5 Company Symbol Yld % New/Old Frq Record
ICAA p 41.15 -0.28 4.0 BluCh 102.22 -0.44 16.5 CorePlusBd 8.08 +0.01 -1.0 NHoriz 63.01 +0.10 19.9
IncoA p 23.00 -0.02 -0.2 USLgVa 38.98 -0.18 0.6
Contra 137.46 -0.98 14.0 Lazard Instl OverS SF r 11.18 -0.03 -1.1 SmCapAdml 77.21 +0.30 9.7
Increased
N PerA p Dodge & Cox SmGthAdml 64.47 +0.23 14.3
46.22 -0.24 7.1
Balanced 106.48 -0.54 1.7
ContraK 137.45 -0.97 14.1 EmgMktEq 17.70 -0.19 -11.6 R2020 22.96 -0.03 1.9
STBondAdml 10.25 +0.01 -0.2 Antero Midstream GP AMGP 2.6 .125 /.108 Q Aug22 /Aug02
NEcoA p 49.44 -0.28 10.8 CpInc r 10.10 -0.01 1.6 Lord Abbett F R2025 17.99 -0.03 2.3
NwWrldA GblStock 13.64 -0.10 -1.6 STIGradeAdml 10.46 ... -0.2 Antero Midstream Partners AM 5.2 .415 /.39 Q Aug17 /Aug02
65.69 -0.44 -1.8
Income 13.45 +0.02 -0.6
DivIntl 39.46 -0.17 -1.4 ShtDurIncm 4.18 ... 0.5 R2030 26.61 -0.05 2.7
TotBdAdml 10.46 +0.02 -1.2 BlackRock BLK 2.5 3.13 /2.88 Q Sep24 /Sep07
SmCpA p 59.79 -0.05 7.2 GroCo 208.60 -0.74 16.8 Metropolitan West R2035 19.53 -0.04 3.0
Intl Stk 43.61 -0.22 -5.9 TotIntBdIdxAdm 21.96 +0.01 1.7 Consolidated-Tomoka CTO 0.5 .07 /.06 Q Aug30 /Aug10
TxExA p 12.85 +0.01 0.1 GrowCoK 208.66 -0.74 16.8 TotRetBd 10.41 +0.01 -1.1 R2040 28.11 -0.08 3.2
Stock 206.94 -1.71 3.5 TotIntlAdmIdx r 29.16 -0.16 -3.2 Greene County Bancorp GCBC 1.2 .10 /.0975 Q Aug31 /Aug15
WshA p 45.60 -0.12 4.0
DoubleLine Funds InvGB 7.73 +0.02 -1.2 TotRetBdI 10.41 +0.02 -1.0 Value 37.15 -0.11 -0.5
TotStAdml 70.60 -0.19 6.7
Baird Funds InvGrBd 10.98 +0.02 -0.9 TRBdPlan 9.80 +0.02 -0.9 PRIMECAP Odyssey Fds
Huntington Bancshares HBAN 3.7 .14 /.11 Q Oct01 /Sep17
CoreFxdIncmI 10.74 +0.02 -0.6 TxMIn r 13.87 -0.06 -2.2 Penske Automotive PAG 2.9 .36 /.35 Q Sep05 /Aug10
AggBdInst 10.58 +0.02 -1.4 LowP r 55.66 -0.10 2.1 MFS Funds Class I AggGrowth r 50.69 +0.02 14.3
TotRetBdI 10.45 +0.02 0.1 ValAdml 41.63 -0.21 1.7
CorBdInst 10.92 +0.02 -1.3 MagIn 109.19 -0.50 9.4 ValueI 40.04 -0.18 -0.9 Growth r 41.87 -0.09 12.4 Phillips 66 Partners PSXP 5.6 .752 /.714 Q Aug13 /Jul31
Edgewood Growth Instituti WdsrllAdml 67.68 -0.29 1.8
BlackRock Funds A
EdgewoodGrInst 35.08 -0.27 18.7 OTC 12.89 -0.06 17.3 MFS Funds Instl Stock r 33.19 -0.17 4.0 Western Gas Equity Ptrs WGP 6.3 .5825 /.56875 Q Aug23 /Aug01
WellsIAdml 63.78 +0.04 -0.9
GlblAlloc p 19.55 -0.10 -0.4 Fidelity Puritn 24.58 -0.06 5.7 IntlEq 25.54 -0.10 0.3 Principal Investors WelltnAdml 72.32 -0.16 1.0
Western Gas Partners WES 7.5 .95 /.935 Q Aug13 /Aug01
BlackRock Funds Inst 500IdxInst 98.06 -0.38 6.0 SrsEmrgMkt 19.81 -0.20 -7.5 Nuveen Cl I DivIntlInst 13.57 -0.06 -2.4
WndsrAdml 79.51 -0.35 1.5
EqtyDivd 23.28 ... 3.1 SrsGroCoRetail 19.53 -0.06 17.4 HYMunBd 17.31 ... 2.1 Schwab Funds Foreign
500IdxInstPrem 98.06 -0.38 6.0 VANGUARD FDS
GlblAlloc 19.66 -0.13 -0.3 500IdxPrem 98.06 -0.38 6.0 SrsIntlGrw 16.34 -0.08 1.2 Oakmark Funds Invest S&P Sel 43.65 -0.17 6.0 DivdGro 27.35 -0.02 5.0
Banco Bradesco Ord ADR BBDO 8.0 .00447 Sep10 /Aug03
StratIncOpptyIns 9.76 ... -0.2 ExtMktIdxPrem r 68.06 +0.18 9.8 SrsIntlVal 10.30 -0.04 -3.6 EqtyInc r 32.31 -0.14 0.4 TIAA/CREF Funds INSTTRF2020 22.85 -0.03 1.4 Capital Product Partners CPLP 10.1 .08 Q Aug14 /Aug02
Bridge Builder Trust IntlIdxPrem r 42.39 -0.13 -1.7 TotalBond 10.40 +0.02 -0.8 Oakmark 87.75 -0.47 4.1 BdIdxInst 10.53 +0.02 -1.3 INSTTRF2025 23.25 -0.04 1.7 Granite REIT GRP.U 5.0 .17258 M Aug15 /Jul31
CoreBond 9.90 +0.02 -1.1 SAIUSLgCpIndxFd 15.14 -0.06 6.0 First Eagle Funds OakmrkInt 26.55 -0.19 -7.1 EqIdxInst 20.95 -0.05 6.6 INSTTRF2030 23.56 -0.04 1.9 Itau Unibanco Holding ADR ITUB 0.4 .00389 Sep13 /Aug02
CorePlusBond 9.84 +0.01 -1.0 TMktIdxF r 81.16 -0.22 6.7 GlbA 58.54 -0.24 -0.9 Old Westbury Fds IntlEqIdxInst 19.85 -0.08 -1.6 INSTTRF2035 23.87 -0.05 2.1
Del Invest Instl TMktIdxPrem 81.15 -0.22 6.6 FPA Funds LrgCpStr 14.99 -0.03 3.7 Tweedy Browne Fds INSTTRF2040 24.17 -0.07 2.3 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
Value 22.22 -0.16 4.3 USBdIdxInstPrem 11.28 +0.02 -1.2 FPACres 35.08 -0.20 1.7 Oppenheimer Y GblValue 29.03 -0.08 1.9 INSTTRF2045 24.38 -0.07 2.4 spin-off.
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
THE WALL STREET JOURNAL. * * Friday, July 20, 2018 | B9

BANKING & FINANCE

Goldman Looks Outside for Hires BNY


BY LIZ HOFFMAN
Mellon
a lateral partner in 1999. ahead of its initial public offer- strategy is “tremendous home- added in China, and Dina Pow-

For years, Goldman Sachs


Group Inc. rarely hired from
Chris Gallea, joined earlier
this year from JPMorgan
Chase & Co., where he was a
ing, a wave that included Mr.
Solomon and Michael Carr,
who is Goldman’s co-head of
grown talent supplemented
with a little free agency.” Mr.
Waldron was once a free agent
ell rejoined from the Trump
administration.
Stars don’t come cheaply,
Revenue
the outside, guarding its cul-
ture with an insularity that, to
rivals, bordered on arrogance.
top industrials banker. David
Hammond, who had covered
big mining companies for
mergers and acquisitions.
As was the case then, the
current hiring is concentrated
himself, joining Goldman as a
managing director from Bear
Stearns in 2000.
though, and Goldman, like
other banks, is under pressure
to manage costs. The firm has
Hits Stock
Not anymore: Goldman has Credit Suisse Group AG, will among deal makers, whose A little paranoia is at work, spent more than $600 million BY JUSTIN BAER
brought in 15 outsiders at the start at the end of the summer. rosters of corporate relation- too: Goldman is the top-ranked on its new consumer-banking
elite rank of partner over the Other recent hires include Ni- ships can command huge fees. M&A adviser overall, “but if business and trimmed its stock When Charles Scharf laid
past year, the biggest influx of tin Jindal, formerly a Morgan you drill down, there are buybacks this year to conserve out his plans earlier this year
senior executives in two de- Stanley energy trader; Ashish places we’re No. 4, 5, 6 and capital. for jump-starting Bank of New
cades. More are expected as Shah, a credit-portfolio man- where there is room for us to Most newcomers won’t land York Mellon Corp.’s tepid rev-
the firm plugs weak spots in ager from AllianceBernstein;
It is the firm’s move up,” Mr. Waldron said. deals immediately—but they enue growth, the chief execu-
its network of investment and Hari Moorthy, who came biggest hiring binge An internal analysis a few have to be paid in the mean- tive warned there was “no sil-
bankers, builds out new busi- from JPMorgan to help Gold- years ago identified industries time. Goldman’s chief financial ver bullet here.” The question
nesses in consumer and com- man build a commercial-bank-
since the late 1990s, and companies that Goldman officer, Martin Chavez, said in is whether investors will be
mercial banking, and replen- ing business. ahead of its IPO. executives believed were ripe January that a hiring spree patient.
ishes trading ranks depleted They join a partnership of for deals but where the firm’s would put some “upward pres- BNY Mellon’s shares had
by the postcrisis lull. 450, about two-thirds of whom relationships were thin. That sure” on the firm’s compensa- their worst day in more than
The hiring push is an ac- started at Goldman in their led to recruits like Mr. Gallea, tion ratio, a metric that share- two years Thursday after the
knowledgment that Goldman, 20s as analysts or associates, Goldman’s investment-banking whose clients include United holders watch closely. company reported revenue
which is trying to add $5 bil- according to the firm. Goldman division, which is on the hook Technologies Corp. and Emer- Goldman also risks signaling that fell short of some ana-
lion in annual revenue by has historically preferred to for $500 million of the firm’s son Electric Co.; Ben Frost, an its existing employees that lysts’ expectations. The stock
2020, must look beyond home- promote from within and has $5 billion revenue-growth tar- M&A banker focused on retail there is less room to rise. It fell as much as 6% before clos-
grown talent to grow. It comes stocked its upper ranks with get, has hired seven partners companies who joined from will name a new class of part- ing down 5.2%.
as a former outsider is set to what senior leaders refer to as in recent months and about 30 Morgan Stanley; and Adam ners this fall, as it does every “Revenues were weaker
become Goldman’s next CEO: “culture carriers.” managing directors, one rung Nordin, a Barclays PLC banker two years, and the 2018 crop is than we hoped,” said Jeff
David Solomon, who will take It is Goldman’s biggest hir- down. focused on companies in the likely to be smaller than in Harte, an analyst with Sandler
over for Lloyd Blankfein in Oc- ing binge since the late 1990s, John Waldron, who co- education and technology sec- years past, under 100, said peo- O’Neill + Partners. “Missing on
tober, joined the firm as when it loaded up on stars heads the division, said the tors. Deal maker Wei Cai was ple familiar with the matter. revenues is not something the
Street is going to like for a
group that’s already revenue

Value of Blackstone Portfolio Grows by 9.5%


constrained.”
The results highlight the
main challenge facing BNY
Mellon and other custody
BY MIRIAM GOTTFRIED mance,” Blackstone Chief Op- management were $439.4 bil- banks: how to extract more
Private-Equity Pop erating Officer Jonathan Gray lion, an increase from the pre- fees from the money manag-
Blackstone Group LP re- Stock performance, year to date said on a call with members of vious year but a drop from the ers, brokers and other clients
ported a sharp jump in sec- the media. Still, he said, a con- prior quarter, reflecting the they serve. BNY Mellon has
ond-quarter profit as the value 30% version would be irreversible, end of its credit business’s re- succeeded in slashing ex-
of its private-equity portfolio KKR and Blackstone doesn’t have a lationship with FS Investments. penses since the last finan-
May 3
surged. KKR announced it will timeline for a decision. The firm said Thursday it cial crisis, helping to lift
Net income for the quarter 20 switch from a partnership During the second quarter, plans to replace those assets profit. But revenue growth
rose to $742 million, or $1.09 a structure to a corporation. Blackstone finished raising $5 with funds whose economics remains below what inves-
share, from $337.4 million, or Blackstone billion for its infrastructure and governance it controls. It tors would like, according to
50 cents a share, a year earlier. 10 Group fund, executives said Thurs- said in April it would use the analysts.
The value of Blackstone’s Apollo Global day. The firm first revealed its proceeds from the FS Invest- BNY Mellon last year
private-equity portfolio Management plans for the fund, which has ments divestiture to pay a tapped Mr. Scharf as CEO to
climbed by 9.5% in the quarter, 0 Carlyle Group
no expiration date, in May special dividend of 30 cents a
accelerating over the 6.4% 2017. It said at the time that share, distributed over three
growth it posted for the first Saudi Arabia’s Public Invest- quarters.
quarter, as the value of its
public holdings climbed and it
marked up private holdings
based on announced sales. The
–10

–20
ment Fund had agreed to up to
$20 billion in matching com-
mitments, which could eventu-
ally take the infrastructure
Blackstone said it paid a 10-
cent special dividend and re-
purchased 2.2 million of its
shares during the second
$4.14B
BNY Mellon’s total revenue in the
S&P 500 climbed 2.9% in the Jan. Feb. March April May June July
fund to $40 billion. quarter as part of a previously second quarter
second quarter, despite wor- Also during the quarter, announced buyback.
ries about trades tensions, as Source: FactSet THE WALL STREET JOURNAL. Blackstone sold out of the last Blackstone’s second-quarter
technology stocks overcame of its remaining stake in Hil- distributable earnings, the
their first-quarter slump. sensus estimate of 74 cents a structure and become a corpo- ton Worldwide Holdings Inc., share of profits that could be help modernize the custody
The investment firm’s eco- share by analysts polled by ration. Blackstone, whose closing out the most profitable returned to shareholders, fell bank and pull it out of its low-
nomic profit, which reflects FactSet. shares have climbed 15% over private-equity investment in to $700.1 million, or 56 cents a growth doldrums. He has re-
changes in the value of unreal- Analysts have been watch- the period, including a 1.6% real estate ever. Proceeds from share, from $781.4 million, or vamped his management team,
ized investments, rose to $1.08 ing shares of Blackstone rival decline Thursday, said it is that and the sale of three U.K. 63 cents a share, a year earlier. built out sales coverage in cer-
billion, or 90 cents a share, KKR & Co., which have still weighing whether to make office properties, led to $4.3 Blackstone said it would pay a tain businesses and increased
from $695.7 million, or 58 climbed 26% since it an- a similar move. billion of real-estate realiza- 58-cent dividend for the quar- the firm’s technology budget
cents a share, a year earlier. nounced earlier this year it “We’ve been impressed by tions in the quarter. ter, compared with 54 cents by $300 million this year.
The figure exceeded the con- would ditch its partnership KKR’s recent stock perfor- Blackstone said assets under for the year-earlier quarter. Those changes, along with
many new investment funds
and back-office services, will

Capital One help BNY Mellon pick up new


business, Mr. Scharf has

Earnings
said.
Total revenue during the
second quarter was $4.14 bil-

Up Sharply lion.
The average estimate among
analysts was $4.13 billion, ac-
BY ANNAMARIA ANDRIOTIS cording to S&P Global Market
Intelligence, though some ana-
Capital One Financial lysts, including Mr. Harte, had
Corp.’s second-quarter profit been expecting more.
rose sharply as consumer card Net income rose 14% to
spending surged and credit $1.06 billion, or $1.03 a share,
losses fell. from $926 million, or 88
Net income for the quarter cents a share, a year earlier.
surged 84% to $1.91 billion, or Analysts polled by S&P Global
$3.71 a share, from $1.04 bil- had predicted a per-share
lion, or $1.94 a share, in the profit of $1.02. Total revenue
year-ago period. Revenue rose rose 5%, led by gains in net
7% to $7.2 billion from $6.7 interest income, while fee
billion. revenue climbed 3% to $3.21
Results beat analyst esti- billion.
mates, and shares rose 2% in af-
NICK WAGNER/AUSTIN AMERICAN-STATESMAN/ASSOCIATED PRESS

ter-hours trading Thursday.


The loan performance of
the company, which has a
large subprime card business,
Risks Rise
often serves as a gauge for
consumers’ willingness to
spend and their ability to pay
For Drug
back their debts. After rising
for many quarters on a year-
over-year basis, the com-
Middlemen
pany’s net charge-off rate for Continued from page B1
its domestic card business fell Care Management Association,
to 4.72% in the second quar- which represents pharmacy-
ter compared with 5.11% a benefit managers in Washing-
year prior. That was the first ton, warned earlier this week
year-over-year decline in this that “it would make no sense
metric since the second quar- to undermine plans’ ability to
ter of 2015. Pretax catastrophe losses totaled $488 million at the insurer due to nine storms involving tornadoes and hail during the quarter. negotiate rebates or other
Richard Fairbank, Capital price concessions from drug-
One’s chief executive, said per-
formance in the domestic card
business has turned a corner.
“We are now on the good
Storms, Fires Cut Into Travelers Earnings makers. That would raise costs
while offering no correspond-
ing benefit to either consum-
ers or taxpayers.”
side of growth math,” he said BY AISHA AL-MUSLIM on companies’ investment port- erty-casualty insurers to report that the company’s underlying Food and Drug Administra-
on an earnings call Thursday. folios. quarterly earnings, and its re- trends were positive. tion Commissioner Scott Gott-
“Credit performance on the Travelers Cos. reported re- Net premiums written, an sults are watched as a bell- “Growth was strong, com- lieb disagrees. “One of the dy-
loans booked during our cord net written premiums in important measure of revenue wether. mercial lines pricing was favor- namics that’s driving higher
growth surge [between 2014 its second quarter, but earnings growth, rose 7% to $7.13 billion, Pretax catastrophe losses, able, the expense ratio im- and higher list prices is the
and 2016] has now turned and fell as several weather-related ahead of the consensus forecast net of reinsurance, totaled $488 proved nicely and the system of rebates between
is improving year over year.” catastrophes and fires at com- of $6.92 billion. million, due to nine storms in- improvement in personal auto payers and manufacturers,” he
Also helping Capital One’s mercial properties dented its Overall, net income was volving tornadoes and hail dur- underwriting was a decent bit said in a May speech. Re-ex-
loan performance is its recent bottom line. $524 million, or $1.92 a share, ing the quarter, compared with better than we (and expect oth- amining the safe harbor “could
acquisition of the credit-card The insurance company re- compared with $595 million, or $403 million a year earlier. The ers) were forecasting,” Mr. help restore some semblance
portfolio of outdoor-gear re- ported core income of $494 $2.11 a share, a year earlier. company said that, absent a se- Greenberg wrote. of reality to the relationship
tailer Cabela’s, whose card- million, or $1.81 a share, miss- Shares lost 3.7% to $125.18 vere hurricane season, it ex- He added that the loss ratio, between list and negotiated
holders tend to have high ing the $2.42 a share analysts Thursday. pects catastrophe losses to be when adjusted for the $45 mil- prices, and thereby boost af-
credit scores. polled by Thomson Reuters New York-based Travelers, highest in the second quarter. lion of higher large commercial fordability and competition.”
Provisions for future credit were looking for. In the year- part of the Dow Jones Indus- Although costs related to losses than a year ago and $18 Investors haven’t taken the
losses in Capital One’s domestic earlier period, core income was trial Average, is among the larg- major catastrophes punctuated million of the Texas Windstorm Trump administration’s drug-
card business fell 18% from a $543 million, or $1.92 a share. est sellers of insurance to U.S. the quarter, Larry Greenberg, Insurance Association assess- pricing plan seriously. Those
year ago. Purchase card volume Core earnings are closely businesses and sells car and an analyst for financial services ments related to Hurricane Har- who continue to call its bluff
increased 17% from a year prior, watched because they exclude home insurance to individuals. firm Janney Montgomery Scott vey, would have been slightly might be making a costly mis-
while card balances rose 8%. realized capital gains or losses It is one of the first big prop- LLC, wrote in a research note better than modeled. take.
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B10 | Friday, July 20, 2018 * *** THE WALL STREET JOURNAL.

MARKETS

Stocks Decline, Weakened by Financials


Laws to vet foreign full understanding. have protectionism.” 34.11 after offering disappoint-
Trending Down “Financials had a big move Shares of U.S. auto compa- ing earnings guidance late
investments could Financial stocks were among the weakest yesterday, and everyone piled nies edged lower, with Gen- Wednesday.
shift; some corporate performers in the S&P 500 Thursday. into the sector,” said Mike eral Motors down 56 cents, or In Asia early Friday, Japan’s
O’Rourke, chief market strate- 1.4%, to 39.41 and Ford Motor Nikkei was up 0.3% but Hong
results miss the mark 0% gist at JonesTrading Institu- off 5 cents, or 0.5%, to 10.82. Kong’s Hang Seng was down
Performance, minute by minute tional Services. Thursday’s EBay slid 3.84, or 10.1%, to 0.4%.
–0.2
BY ORLA MCCAFFREY S&P 500 moves “are a reaction to earn-
–0.4
ings,” he said, and aren’t in-
U.S. stocks declined as a dicative of a fundamental Treasury Plans to Sell $215 Billion in Debt
deal to toughen foreign-invest- –0.6 weakness in financial stocks.
ment reviews stoked trade Major indexes briefly pared The Treasury Department will 912828Y53.
tensions and a round of luke- –0.8 their losses after President auction $215 billion in securities Also, $36 billion in five-year
warm corporate-earnings re- Donald Trump questioned the next week, comprising $164 bil- notes, dated July 31, 2018, ma-
ports weighed on sentiment. –1.0 Federal Reserve’s interest-rate lion in new debt and $51 billion turing July 31, 2023. Cusip num-
The proposed policy S&P Financials increases in a CNBC interview, in previously sold debt. Details ber: 912828Y61.
changes would mark the first –1.2 saying he hoped the central (all with minimum denomina- Noncompetitive tenders for
major shift in a decade to laws bank would stop raising rates. tions of $100): the floating-rate notes must be
used to vet foreign investment. –1.4 The WSJ Dollar Index,  Monday: $51 billion in 13- received by 11 a.m. Wednesday;
The deal which measures the currency week bills, a reopening of an is- competitive tenders, by 11:30
–1.6
THURSDAY’S strengthens against a basket of 16 others, sue first sold on April 26, 2018, a.m. For the five-year notes, the
MARKETS the Commit- 9:30 10 11 noon 1 2 3 4 pared its gains on the com- maturing Oct. 25, 2018. Cusip deadlines are noon and 1 p.m.,
tee on For- Source: FactSet THE WALL STREET JOURNAL. ments and ended up 0.2%. number: 912796QE2. respectively.
eign Invest- Yields on 10-year U.S. Trea- Also, $45 billion in 26-week  Thursday: $30 billion in
ment in the U.S. and the export 500 shed 11.13 points, or 0.4%, or 2.7%, to $100.17, despite re- surys settled at 2.845%, down bills, dated July 26, 2018, matur- seven-year notes, dated July 31,
control system, ostensibly to to 2804.49, and the technol- porting strong card-member from 2.875% Wednesday. ing Jan. 24, 2019. Cusip number: 2018, maturing July 31, 2025.
hinder foreign investment ogy-heavy Nasdaq Composite spending and loan growth. Yields fall as prices rise. 912796QU6. Cusip number: 912828Y79. Non-
from countries such as China dropped 29.15 points, or 0.4%, Bank of New York slumped The moves also came a day Noncompetitive tenders for competitive tenders must be re-
that could threaten national to 7825.30. 2.91, or 5.2%, to 52.73, after after Mr. Trump reiterated his both issues must be received by ceived by noon Thursday; com-
security. The S&P 500’s financial sec- posting weaker-than-expected tariff threats against European 11 a.m. EDT Monday and com- petitive tenders, by 1 p.m.
“Policies like this have such tor was the weakest of the 11 revenue, and Travelers fell autos. Mr. Trump said a failure petitive tenders, by 11:30 a.m.
a long arc that you can’t possi- sectors in the broad index, 4.82, or 3.7%, to 125.18 as to negotiate “something fair”  Tuesday: $35 billion in AUCTION RESULTS
Here are the results of Thursday's Treasury auction.
bly think of all the repercus- falling 1.4%. Shares of big U.S. weather-related catastrophes with European and North two-year notes, dated July 31, All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
sions instantly,” said Michael banks had risen over much of dented its bottom line. American allies could lead to 2018, maturing July 31, 2020. between that price and the face value.
Antonelli, equity sales trader the past week after the firms Shares of Wells Fargo, “tremendous retribution.” Cusip number: 912828Y46. Non- 10-YEAR TIPS
Applications $29,596,742,200
at Robert W. Baird & Co. “In- posted results that generally meanwhile, fell 24 cents, or “Generally people are going competitive tenders must be re- Accepted bids $13,705,922,200
vestors will look at it over beat market expectations. But 0.4%, to 56.33 after The Wall to look at [trade tensions] ceived by noon Tuesday; com- " noncompetitively $29,354,800
Auction price (rate) 100.098792
next few months to see what reports from American Ex- Street Journal reported the through a negative lens,” said petitive tenders, by 1 p.m. (0.762%)
the bill means.” press, Bank of New York Mel- bank is in the process of re- Jeremy Bryan, a portfolio man-  Wednesday: $18 billion in Interest rate 0.750%
Bids at clearing yield accepted 20.34%
The Dow Jones Industrial lon and Travelers weren’t re- funding tens of millions of dol- ager at Gradient Investments. two-year floating-rate notes, Cusip number 912828Y38
Average fell 134.79 points, or ceived as favorably. lars in charges added to cus- “That’s one of the things that dated July 31, 2018, maturing The Treasury inflation-protected securities, dated July
0.5%, to 25064.50. The S&P American Express fell $2.81, tomers’ accounts without their can stifle global growth—if we July 31, 2020. Cusip number: 31, 2018, mature on July 15, 2028.

Regional Pounded
How many dollars £1 buys*
Inflation $1.44

Data Lift 1.42

Treasurys 1.40

BY DANIEL KRUGER 1.38

U.S. government bonds rose 1.36


CHRIS RATCLIFFE/BLOOMBERG NEWS

on the latest signs that infla-


tion remains benign. 1.34
The yield on the benchmark
10-year Treasury 1.32
CREDIT note declined on
MARKETS Thursday for the 1.30
first time in four J F M A M J J
trading sessions, *In late New York trading
slipping to 2.845% from Source: Tullett Prebon
2.875% Wednesday. The pound has fallen 9.2% against the dollar and 3.5% against the euro since mid-April—the start of a broad-based dollar recovery. THE WALL STREET JOURNAL.
The yield on the two-year

Sterling Falters Over Investors’ Brexit Worries


note dropped to 2.593% from
2.611%. Yields fall as bond
prices rise.
Yields fell Thursday after a
report from the Federal Re- BY OLGA COTAGA on the day to $1.3015. of Britain’s biggest trading “Those are tail risks at the has gained 7% since the start
serve Bank of Philadelphia “The pound will remain vul- partner, underscores how in- moment that will keep the of April.
showed that economic activity The pound fell to a 10- nerable to any buildup of fear vestors and analysts are pound on the back foot,” said U.K. markets still display
rose in the region, while also month low in London and re- in the market that a hard counting on Britain to get a Viraj Patel, foreign-exchange deep concerns about Brexit,
indicating that businesses are mains vulnerable to steep falls Brexit could be on the cards,” trade deal before it leaves the strategist at ING. “But actively not least as the British econ-
having difficulty passing on given the prospect of the U.K. said Jane Foley, senior cur- EU in March 2019. trading [a no-deal Brexit] sce- omy continues to underper-
higher costs to their clients, leaving the rency strategist at Rabobank. British politicians and polit- nario is hard because you need form peers. The trade-
analysts said. CURRENCIES E u r o p e a n “The market is not assuming a ical commentators are less to see evidence of that hap- weighted pound is way below
Bond yields have stalled be- Union with- hard Brexit.” sure that will happen. The rul- pening,” he said. the levels it was before the
low their highs for the year re- out a trade The pound has fallen 9.2% ing Conservative Party is di- Other U.K. markets also Brexit vote in June 2016.
cently as a tight labor market deal, analysts said. against the dollar since mid- vided over how close a rela- aren’t displaying much fear of Those concerns heightened
has yet to produce significant Sterling fell to $1.2958 April—the start of a broad- tionship it wants with the EU, a hard Brexit. Yields on U.K. recently. Short positions on
upward pressure on wages, in- Thursday in Europe after poor based dollar recovery. Against and Brussels has made clear it 10-year government bonds sterling increased during the
vestors and analysts said. In- U.K. retail-sales data followed the euro, the pound has fallen won’t agree to the sort of were around 1.23% Thursday, week to July 10 from the prior
flation is a threat to the value weaker-than-expected infla- 3.5% over the same period. compromises that would pac- roughly the same as a year seven days, according to Com-
of a bond’s fixed coupon and tion. In late New York trading, The more modest decline ify the party’s most trenchant earlier. The more domestically modity Futures Trading Com-
principal payments. the currency was down 0.4% against the euro, the currency euroskeptics. focused FTSE 250 equity index mission data.

Asia Junk nies have generated many of


the worst losses. And as fund-
ing costs rise and Beijing
U.S. Oil Rises as Saudis
Bonds Get cracks down on leverage, their
big investors are no longer
able to borrow as much to buy
Dismiss Supply Fears
BY SUMMER SAID
Thumped dollar bonds.
Sentiment soured after an
obscure conglomerate, China
AND DAN MOLINSKI
had hit multiyear highs in late
June. Those high oil prices
were pushing up gasoline
Continued from page B1 Energy Reserve & Chemicals U.S. oil prices rose after top prices for U.S. consumers.
doned the region’s junk bonds, Group, in May became the exporter Saudi Arabia denied But Mr. Aama’s comments
but seem to be growing more first mainland Chinese com- having any plans to inundate Thursday would suggest the
selective. pany this year to fail to repay the market with crude oil to Saudis and other OPEC mem-
Sales of new corporate dollar bonds. Beijing has pre- push prices lower and said in- bers don’t plan to excessively
high-yield bonds in Asia, ex- viously tended to force banks stead that its oil exports boost supplies simply because
cluding Japan, are down only and local governments to help would prob- Mr. Trump wants lower gaso-
about 1% from a year ago, at out. COMMODITIES ably decline line prices for U.S. drivers.
NG HAN GUAN/ASSOCIATED PRESS

$21.4 billion, according to It was a lesson for investors next month. The Saudi official said
Thomson Reuters. That de- who relied on ratings and bail- Light, Saudi Arabia’s policy is to
cline is far smaller than for outs, said Mitch Reznick, co- sweet crude for August deliv- work on satisfying customers’
overall sales of dollar-denomi- head of credit at Hermes In- ery ended 1% higher at $69.46 needs, but to do so while ad-
nated bonds from emerging- vestment Management in a barrel on the New York Mer- hering to the production pact.
market companies. London. “China Energy’s de- cantile Exchange. Brent crude, Oil prices also got a lift
Several specialist funds fault showed how faith-based the global benchmark, was from a late-session drop in the
have suffered, after swelling in investing is a road to hell,” he 0.4% lower at $72.58 a barrel. dollar against some other ma-
size as investors poured in said. Concerns that Saudi Arabia jor currencies after Mr. Trump
money. Net assets in a fund Yields on dollar bonds from Defaults are rising on debt that is denominated in yuan. and its partners are moving to said he is “not thrilled” with
run by Allianz Global Inves- local-government financing substantially oversupply the the Federal Reserve raising in-
tors GmbH have declined by vehicles have risen to 8.6% brokers now are setting up market are “without basis,” terest rates. The business of oil
roughly one-quarter, or $250 from 4.6% since the start of credit teams and they’re Saudi Arabia’s governor to the trading is conducted with dol-
million, since March. Assets the year, according to ANZ Re-
Some investors spy building their own internal Organization of the Petroleum lars, so its movements up or
under management at Fidelity search, reflecting rising con- opportunity in the ratings.” Exporting Countries, Adeeb al- down tend to cause oil prices
International Asian High cern that Beijing won’t step in And while the market tur- Aama, said. to go in the opposite direction.
Yield Fund, one of the largest, if they run into trouble. Like
shake-up in the junk- moil has led the Chinese gov- He added that Saudi Arabia Investors had pushed oil
ended June just below $4 bil- China Energy, these vehicles bond market. ernment to ease its campaign is committed to the production prices lower during the over-
lion, down nearly 13% from a were previously believed to to slow debt growth, Beijing agreement between OPEC and night session after weekly
peak in January. enjoy central-government sup- is unlikely to abandon its lon- its allies, and its oil exports in data showed U.S. oil stockpiles
Bryan Collins, head of Asian port. ger-term efforts, not least be- July will be roughly equal to climbed nearly 6 million bar-
fixed income at Fidelity, said Defaults also are rising on ing investors to look more cause the alternative would their June levels, while in Au- rels last week, while econo-
falling bond prices had debt denominated in yuan—a closely at company funda- require propping up failing gust they will fall by around mists expected a decline.
prompted selling by investors sign that the government is mentals, to the extent they companies at great cost. 100,000 barrels a day. Still, the report showed a
who have less experience in content to let market forces can trust the numbers in Some investors spy oppor- Oil prices had fallen sharply big, bullish decline in gasoline
the asset class, or are invest- determine the fate of weaker mainland China. tunity in the shake-up. In- in early July, in part on the supplies, and it also reported
ing borrowed money. “We’ve companies, said Alejandro “There was previously vesco’s Mr. Hu said that even belief the Saudis and their robust fuel demand that indi-
seen this many times over the Arevalo, a fund manager at Ju- very little demand for credit if default rates in China dou- OPEC partners would heed cates the U.S. summer driving
years,” he added. piter Asset Management in analysis,” said Qinwei Wang, bled, yields of 8% to 10% rep- calls by President Donald season is quite active.
Chinese local-government London. senior economist at Amundi resent an attractive trade-off Trump to take measures that —Christopher Alessi
vehicles and property compa- The new approach is forc- Asset Management. “Local between risk and return. would reduce oil prices, which contributed to this article.
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THE WALL STREET JOURNAL. Friday, July 20, 2018 | B11

MARKETS
Trade Fears Crunch U.S. Grain Prices
BY BENJAMIN PARKIN Many of these crops are in
Futures-price performance, year to date Wheat, global stocks
Prices have declined the crosshairs of governments
Gluts of corn, wheat and 25% since May around the world looking to
300 million metric tons
other crops are finally easing retaliate against U.S. duties on
after years of oversupply, but steel, aluminum and other
prices have yet to meaning- products. China this month in-
fully rebound. 200 troduced tariffs on U.S. soy-
The enormous stocks of ag- 20 beans, corn, wheat and cotton.
ricultural commodities that Mexico, one of the largest buy-
piled up around the world in Wheat ers of American grain, is al-
100
recent years are due to start ready levying duties on U.S.
falling, the U.S. Department of 15
goods including pork and
Agriculture said. A combina- cheese, and many expect corn
tion of robust demand for 0 could follow if there’s any new
grain to feed to livestock and 2000 ’05 ’10 ’15 ’19
escalation.
droughts from Kansas to the Cotton Gluts of agricultural com-
Black Sea region have helped 10 modities, sparked in part by
chip away at record oversup- Cotton, global stocks the rise of major crop export-
ply. ers like Brazil and Russia,
That has done little to bol- 100 million bales damped investor demand and
ster prices, however, leaving quashed volatility. Many had
5
some analysts scratching their already started to bet earlier
heads. Hedge funds and other Corn this year that situation was
investors instead have focused correcting, before tension over
on the prospect that tariffs on 50 trade ramped up.
U.S. agricultural goods levied 0 “It has frustrated analysts
by China, Mexico and others because things had been look-
could kill demand, erode mar- ing better,” said Michael Mc-
ket share and leave American Dougall, senior vice president
farmers sitting on even larger at ED&F Man Capital Markets.
–5 0
surpluses. “After the trade talk came out,
Corn futures at the Chicago Jan. Feb. March April May June July 2000 ’05 ’10 ’15 ’19 I don’t think people perhaps
Board of Trade have fallen 15% believed it would continue as
from a late May peak. They CFTC net fund bets on corn-price direction, weekly Corn, global stocks it has.”
traded last week at the lowest Analysts say traders are
point in almost a year. Prices taking their cues from soybean
200,000 contracts 200 million metric tons
for wheat are down around prices, which fell to near 10-
10% over a similar period and year lows this month. China is
cotton has slid 7% from mid- 100,000 Bets prices the largest buyer of American
June. will fall oilseed. The duties of 25% al-
“It’s a new situation for ev- ready have the country’s grain
eryone,” said Craig Turner, a 0 100 merchants buying more soy-
senior broker at Daniels Trad- beans from Brazil, but the
ing in Chicago. “When you see –100,000
agency says higher costs will
that kind of uncertainty and Bets prices force some to cut back on oil-
will rise
there’s no playbook, every- seed consumption. Chinese im-
thing gets sold eight ways to –200,000 0 ports are expected to fall as a
Sunday.” Jan. Feb. March April May June July 2000 ’05 ’10 ’15 ’19 result, pushing up domestic
Nowhere is this pessimism and global supplies next year.
more evident than in the corn Note: All stocks data are for crop years 1999-2000 through 2018-19. The figures for 2018-19 are estimates. Prices in a number of agri-
Sources: FactSet (futures); U.S. Department of Agriculture (stocks); Thomson Reuters (positions) Peter Santilli/THE WALL STREET JOURNAL.
market, with hedge funds and cultural markets have started
other speculators betting that to turn higher this week,
prices are headed lower. They stocks falling so far next year 20% from the same time a year Report. “They just assume that stocks due to fall over 8%. Pro- which some say is helped by
have built a net short position that some analysts say another earlier. Supplies of corn sitting supply is always going to be ducers of both crops have been the recent lull in heated rheto-
of more than 100,000 futures weather issue could spark in domestic grain bins are ex- there.” hit by a series of weather is- ric on trade out of Washing-
and options contracts, data tight supplies around the pected to fall by almost one- Traders of wheat and cot- sues this year, with growers in ton, Beijing and Mexico City.
from the Commodity Futures world, which could cause quarter over the same period. ton are facing a similar situa- the southern Plains struggling Traders say they may never-
Trading Commission show. It prices to jump. The agency’s “We’ve been lulled into tion: The USDA’s latest figures through months of drought theless struggle to continue
is a shift from June when they most recent estimates put complacency because we’ve show a 5% reduction in the and cotton farmers in China’s putting their money behind
held a net long position of a global corn stocks at the end produced large crops,” said global wheat surplus in key cotton-producing region of the improving long-term out-
similar size. of the 2018-19 crop year at 152 Dan Hueber, general manager 2018-19 from a year earlier, Xinjiang toiling through bad look as long as the uncertainty
Yet the USDA projects corn million metric tons, down over of advisory firm The Hueber with international cotton weather. around export flows remains.

Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard

The Battle for Sky Isn’t Over Yet Tariffs Give Retailers
The central battle for 21st
Century Fox assets ended on Media Drama
But Disney shouldn’t walk
away without giving Sky a
A Holiday Dilemma
Thursday when Comcast Share-price performance second thought. Sky has a Consumers have months based shipping-industry ex-
dropped its bid, ceding the direct relationship with 23 to decide what to buy for ecutive.
prize to Walt Disney. But 50% million customers across Eu- Christmas. Retailers are de- But that carries risks. The
Fox
the side skirmish for control 40 rope. Controlling it would ciding now, so a new round biggest is that they lose con-
of Sky, the European pay-TV give Disney a huge leg up in of proposed tariffs on Chi- trol of their inventory and
leader, remains unresolved. 30 its campaign to go global. nese products couldn’t have wind up with too much on
The rational move would be 20 “Disney isn’t letting Sky come at a worse time. the shelves. That would
for Disney to leave Sky to go,” says Rich Greenfield of President Donald Trump bring back bad memories of
10
Comcast, lowering the risk of BTIG Research, citing the has threatened to put tariffs 2015 and 2016, when too
its purchase of the other Fox Disney benefits of owning all of Sky. on $200 billion worth of Chi- much unsold goods forced
0
assets and quieting the loser Disney CEO Bob Iger has nese imports. Retailers have retailers to offer steep dis-
–10
with a consolation prize. called Sky a “crown jewel” of a tough choice: They can or- counts during the holiday
In a drama of outsize me- –20 the Fox assets. der early to beat the penal- season.
dia egos, however, reason Comcast Disney’s low cost of debt ties, which the White House After lots of hard work,
–30
might not prevail. Comcast means it may have more to says won’t take effect for at retailers kept inventory
made Disney pay more for Jan. Feb. March April May June July gain by fighting for Sky. At least two months, and run tighter during the 2017 holi-
Fox; now Disney can make Source: SIX THE WALL STREET JOURNAL. the very least, lifting its bid the risk of ending up with day season and stronger
Comcast pay more for Sky. for Sky will probably pro- excess inventory. Or they can profits followed.
The best reason for Dis- Dropping its pursuit of like Fox’s film and TV stu- voke Comcast to raise its wait and risk paying the If they decide to wait and
ney to give up on Sky is to Sky would make it easier for dios, and leave the distribu- bid, too. Having ceded the higher costs if the tariffs do see whether tariffs actually
save money. If Comcast pre- Disney to keep spending tion asset, a business in shiniest Fox assets to Disney, go through. take effect, retailers will ei-
vails, Disney can sell its 39% heavily on content to com- which it doesn’t have any ex- Comcast isn’t about to relin- Many companies have ther pass on the higher
stake in Sky and reduce its pete with streaming services perience. quish Sky too. So by bidding, tried to tamp down anxiety prices to consumers or eat
debt on the $71 billion Fox like Netflix. Sky isn’t a The market appears to be- Disney can either snag Sky by saying they have been re- the cost with lower margins.
deal by $13 billion. In securi- “must-have” asset anyway. lieve that Disney will let or force Comcast to pay ducing their exposure to The effect on retailers won’t
ties filings this week and As a satellite-TV service, it, Comcast get Sky: On Thurs- more. China. But they can shift be the same across the
last, Disney implied it too, is being disrupted by day, shares of the buyers— The big corporate drama only so much production, es- board, says Simeon Siegel, a
wouldn’t bid and explicitly streaming. In some ways, it Disney and Comcast—were is over. But there may be one pecially on short notice. retail analyst at Nomura Se-
laid out the cost of a higher makes more sense for Disney up and the sellers—Fox and more act left. Relocating supply chains curities. Some retailers have
bid. to take the content assets, Sky—were down. —Elizabeth Winkler is no easy or inexpensive been raising prices anyway.
task. It is certainly hard to But those selling mass,
imagine it happening in time lower-priced goods, like Wal-

Philip Morris Can’t Snuff Out Risk for the holiday-order rush.
Retailers appear to be plac-
ing orders early to get them
through customs before tar-
mart, Kohl’s and Macy’s,
will have a harder time.
Just when retailers
thought they had figured
Where there is no smoke, cigarette smoking is under in heated-tobacco products iffs hit. “Shippers are defi- things out, Mr. Trump may
there is fire for Philip Mor- Puffing assault from health authori- is similar to that of its Philip nitely shipping early to beat send them spiraling again.
ris International. Philip Morris International ties and faces ever-harsher Morris brand cigarettes, the tariffs,” says an Asia- —Elizabeth Winkler
The tobacco giant was share price taxation, that didn’t mean it which has an international
once again done in by a couldn’t be an altogether market share of just 1.6%.
product meant to one day
replace cigarettes. Although
$120
110
pleasant decline. In 2012, for
example, the company paid
The company also faces com-
petition from upstarts. In the
OVERHEARD
Philip Morris handily beat 100
some $12 billion, or nearly U.S., Juul Labs, spun out of
analysts’ earnings estimates 10% of its market value, to a company founded just over According to eBay, buyers Total revenue in the second
for the second quarter, the 90 shareholders via buybacks a decade ago and funded by of fidget spinners are fidgety. quarter fell short of expecta-
company cut full-year guid- 80 and dividends and invested a private equity, has by far the Last year’s most annoying tions, denting the stock.
ance due to anticipated little over $1 billion. leading brand of reduced- toy fad apparently drew buyers But that can’t fully be
70
weakness in what it calls re- But in the past 12 months, risk products. to the online marketplace, set- blamed on fidget spinners. The
duced-risk products, primar- 2017 ’18 Philip Morris had 50% more Buying Philip Morris stock ting up a tough comparison for real threat against the com-
ily its IQOS smokeless-to- Source: SIX in capital expenditures and today with its 5.8% dividend this year’s second quarter, pany is Amazon.com, which
bacco technology. The strong returned barely half as much yield is itself a reduced-risk which recorded no growth in continues to take share in e-
dollar also is seen taking a results a few months ago cash as in 2012. A dividend proposition. The danger re- the number of items sold over commerce. However, Ben
toll on the company, which and fell another 1.5% Thurs- boost announced on Thurs- mains, though, that the the site. Schachter of Macquarie notes
sells cigarettes only outside day. More than $60 billion in day didn’t do much to as- Marlboro Man pours too On the company’s earnings that eBay has mentioned Ama-
the U.S. market value has gone up in suage fears over the com- much of its cash into an iffy call, CFO Scott Schenkel said zon only twice in its past four
Shareholders are justifi- smoke in the past year. pany’s uncertain bet on new product rather than rid- last year’s buyers of fidget earnings calls. Fidget spinners
ably worried. The stock had The reason is that the na- reduced-risk products. ing gracefully off into the spinners “were kind of one and are apparently more fun to dis-
its sharpest ever postresults ture of Philip Morris as an in- Philip Morris boasted on sunset. done.” cuss.
drop following first-quarter vestment has changed. While its call that its global share —Spencer Jakab
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B12 | Friday, July 20, 2018 THE WALL STREET JOURNAL.
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A Beach Boy’s odyssey


started in Ohio

HOMES |
M8

MARKETS | PEOPLE

© 2018 Dow Jones & Company. All Rights Reserved.


|
MANSION
UPKEEP | VALUES | NEIGHBORHOODS
THE WALL STREET JOURNAL.
| REDOS |
‘I have to change. It’s like a curse.’

SALES |
—Miles Davis

FIXTURES | BROKERS
Friday, July 20, 2018 | M1

FROM TOP: LUCAS HENNING; RON HOEFER (”BEFORE”)


LOOKING GOOD Ron and Judy Hoefer bought a $550,000 home on the beach on Camano Island, Wash., in 2013 that had the same owner for some 30 years, below. An extensive renovation resulted in
a more modern look. The first thing to go was the old home’s deep sloping roof. Architect Dan Nelson also squared off the windows and added corrugated metal to the facade, above.

The Hipper Fixer Upper


Frumpy homes—the victims of benign neglect—find new life after massive
renovations that transform the facade, floor plan and decor.

BY NANCY KEATES

GOING FROM OLD and frumpy looking to being


gawked at with admiration was gratifying. But it
required an extensive makeover.
When Ron and Judy Hoefer bought the house
in 2013 for $550,000, it had been lived in by the
same owners since the early 1980s. The Hoefers
had passed it up for years while they bid on
other properties before they were able to over-
come their distaste.
“It was pure 1976,” says Mr. Hoefer, a 75-year-
old real-estate appraiser. “Now it’s an exciting
space.”
The two-bedroom house on Camano Island,
Wash., looks new and hip. “It was one of the ug-
liest houses on the beach,” says Dan Nelson,
Please turn to page M6

INSIDE
DENMARK’S GEM IN JULY
The resort town of Skagen draws vacation-home buyers to its natural beauty, artistic culture and lively nightlife,
but local tradition and building rules dictate the homes be modest in size and in style. ‘Location is the luxury.’

DUELING PALACES
$188 million vs. $180
million in L.A. M10
SVEINUNG BRÅTHEN FOR THE WALL STREET JOURNAL

FASHION AND CARS


Luxury brands define
luxury in Miami M3

ROOM AT THE TOP The most expensive home now for sale in the Danish resort is this 2,200-square-foot Gammel Skagen home, with an asking price of $3.45 million.

of the country’s mainland. that rarely exceed 2,500 The typical Skagen house tions and decades-old build-
BY J.S. MARCUS
The vacationers, drawn to square feet. is often only a single story, ing codes have dictated a
the area’s natural beauty as “We don’t want castles with a converted attic for ex- narrow range of options.
THE CREAM OF Denmark’s well as to its artistic legacy, here,” says local architect Al- tra space. The size compels Positioned at the top of a
entrepreneurial class is gath- live it up at a few local bars fred Hansen, who is credited its summering millionaires thin peninsula that itself tops
ering in Skagen this month, and restaurants before hun- with designing hundreds of to do without the typical up- Denmark’s Jutland peninsula,
as the short summer season kering down for the night in new and refurbished homes scale amenities, such as Skagen offers miles of sandy AT FULL STEAM
kicks into high gear in the their million-dollar homes— in the area. “The location is pools, home cinemas and beaches and a distinctly Nor- Homeowners chill in
resort town at the very top surprisingly modest cottages the luxury.” spas. Centuries-old tradi- Please turn to page M12 Turkish baths M7
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M2 | Friday, July 20, 2018 NY THE WALL STREET JOURNAL.

MANSION
PRIVATE PROPERTIES | KATHERINE CLARKE

Marc Anthony Buys Home From Bacardi Heiress


Grammy-winning Latin crooner
Marc Anthony paid $19 million for
a Coral Gables, Fla., home, accord-
ing to people familiar with the
transaction.
Records identify the seller as
Hilda Maria Bacardi, sister of Bac-
ardi chairman Facundo Bacardi. Ms.
Bacardi is the great-great-grand-
daughter of Facundo Bacardí
Massó, who founded the liquor
company in 1862. Ms. Bacardi could
not be reached for comment.
The property was listed in Au-
gust 2016 for $27.26 million, shortly
after it was completed. Located in
the gated community Islands of Co-
coplum, it sits on roughly 1.3 acres
and is about 21,000 square feet with
12 bedrooms. It has more than 400

JOHN PARRA/GETTY IMAGES, LUXHUNTERS/DOUGLAS ELLIMAN


feet of waterfront with a 100-foot
private dock and a swimming pool.
Other amenities include an elevator,
a wine cellar and a two-bedroom
guesthouse.
Barbara Estela and Hilda Jacob-
son of Douglas Elliman repre-
sented Ms. Bacardi. Anamaria Ve-
lasquez of Nexxos Realty
represented Mr. Anthony.
Mr. Anthony, 49, has two chil-
dren with his former wife, actress-
singer, Jennifer Lopez. A spokes-
woman for Mr. Anthony declined
to comment.

76ERS CO-OWNER TO PAY A RECORD FOR NYC PENTHOUSE


Michael Rubin, a co-owner of Street in New York. Such a record is Herzog & de Meuron.
the Philadelphia 76ers and the unlikely to hold for long, though: A Mr. Rubin’s company owns sev-
owner of online sports merchan- penthouse listed for $65 million at eral online brands in addition to Fa-
dise retailer Fanatics, is purchasing nearby 70 Vestry is also in contract. natics, including retail websites Rue
a penthouse in downtown Manhat- The interior of the north-facing La La and ShopRunner. His previous
tan for a price in the low- to mid- penthouse at 160 Leroy Street is company, GSI Commerce, sold to
$40 million range, according to close to 8,000 square feet, with eBay for about $2.4 billion in 2011.
people familiar with the matter. It five bedrooms. It also has a land- Mr. Rubin was represented by
is one of the priciest transactions scaped roof terrace with a 27-foot Dana Power of the Corcoran
ever to close in the area. private outdoor pool, a private ele- Group, who declined to comment.
IAN SCHRAGER COMPANY

Mr. Rubin entered contract to vator, a screening room, a library Madeline Hult Elghanayan, Lauren
buy the unit in October 2017, ac- and four fireplaces. The building Muss, Kirk Rundhaug and Dennis
cording to these people, but the was developed by a partnership Mangone of Douglas Elliman rep-
deal has not yet closed. When it that included real estate investor resented the developer. A spokes-
does, the property will be the prici- and hotelier Ian Schrager, and was man for Douglas Elliman declined
est home ever sold below 14th designed by the architecture firm to comment.

FORMER FORT LAUDERDALE HOME OF DAVID CASSIDY LISTS


It may be the ultimate collect- Watkins purchased the home at a a heated pool and hot tub, an out-
ible for a David Cassidy fan: A Fort bankruptcy auction for close to door grilling kitchen and a dock,
Lauderdale, Fla., estate formerly $1.9 million in 2015, Mr. White which has a 10,000-pound auto-
GETTY IMAGES, VINO SALAME/HORIZON DIGITAL MEDIA

owned by the onetime teen heart- said. Mr. Cassidy, who bought the matic boat lift.
throb is coming on the market for house in the early 2000s, was go- Mr. White said he and Mr. Wat-
$3.9 million. ing through financial troubles at kins had originally considered liv-
Known as Casa De Mayan, the the time, Mr. White said. ing in the property, but eventually
roughly 7,000-square-foot, six-bed- The current owners renovated decided the layout didn’t fit their
room home still includes an array the home and have been renting it lifestyle. After they sell, he plans
of Mr. Cassidy’s personal memora- out, marketing it as Mr. Cassidy’s to move on to other renovation
bilia, including autographed pho- former home. Mr. White said the projects. Mr. White and Mr. Wat-
tos of him taken there. These home commands about $1,389 per kins are listing the property them-
items, as well as Cassidy family night during off-season and up- selves.
crest throw pillows and pieces of wards of $1,789 a night during Mr. Cassidy gained fame after
furniture previously owned by Mr. high season. starring in the 1970s sitcom “The
Cassidy will be included in the The property is located on Partridge Family,” and later in life
sale, according to Thomas White, South Ocean Drive, overlooking appeared on “Celebrity Appren-
one of the sellers. the Mayan River. It has two master tice.” He died in November 2017 at Two Bel Air Homes Duel to Become America’s Most Expensive M10
Mr. White and his partner Scott suites, an exercise room, an office, age 67.

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CT property listed and offered for sale by Neumann Real Estate (REB.0757378). Listing Agent Harry “Chip” Neumann, Jr.
BUT ARE NOT PART OF THE RESIDENTIAL PLANNED REAL ESTATE DEVELOPMENT. POOL AMENITIES ARE AVAILABLE AT AN ADDITIONAL COST. ARTIST’S RENDERING: THE ARTIST REPRESENTATION OF THE BUILDING
(RES.0496077). TX property listed and offered for sale by Beth Ferester & Company (Lic#9005076). Listing Agent Elizabeth
AND ANY DEPICTION OF DECORATIONS, FINISHES AND FURNISHINGS CONTAINED HEREIN ARE PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY AND MAY BE MODIFIED, ALTERED OR CHANGED. THE COMPLETE
“Beth” Hilton Ferester (Lic#0430812). Bid calling by Texas auctioneer Colette Clift Mayers (TX Lic#16972).Platinum Luxury
OFFERING TERMS ARE IN THE PUBLIC OFFERING STATEMENT AVAILABLE FROM SPONSOR. SPONSOR MAKES NO REPRESENTATION OR WARRANTIES EXCEPT AS MAY BE SET FORTH IN THE PUBLIC OFFERING
Auctions LLC is a licensed Foreign LLC with the states of CT (ID#1263399) & TX (ID#32065580063) performing auction-
STATEMENT. BOARDWALK, BOARDWALK AMENITIES AND BEACH PROPERTY NOT PART OF THE RESIDENTIAL PLANNED REAL ESTATE DEVELOPMENT.
marketing services as part of these transactions, and is not performing real estate brokerage services where prohibited.
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THE WALL STREET JOURNAL. Friday, July 20, 2018 | M3

MANSION
THE TRADE

High-End Living With Fashion and Fast Cars


A slowing market in Miami, along with the highest condo inventory since 2008, tests the draw of Armani,
Porsche, Aston Martin and other luxury brands that license their names to real-estate developers

CLOCKWISE FROM TOP LEFT: OKO GROUP (RENDERING); PORSCHE DESIGN TOWER (RENDERING); ALEXIA FODERE FOR THE WALL STREET JOURNAL (2)
At the same time, the inventory
BY KATHERINE CLARKE
of newly built residences continues
to rise, with 4,868 new condo
ARGENTINE REAL-ESTATE devel- units slated for delivery this year,
oper Juan Pablo Verdiquio is a the most since 2008, according to
self-confessed “car guy.” He owns data from brokerage Fortune Inter-
a Porsche and several Ferrari and national Group. The Aston Martin
Audi sports cars. In 2015 he paid tower specifically could face chal-
almost $4.2 million to buy a lenges because it’s just getting out
slightly different model of Porsche: of the ground as the market
a three-bedroom condo in Miami’s reaches peak supply, said Peter Za- BRAND POWER From left, a master bath at the Missoni Baia building includes
Porsche Design Tower. lewski, a principal with the Miami the brand’s zigzag pattern; a car elevator in the Porsche Design Tower. Right,
Mr. Verdiquio’s decision had real-estate consultancy Condo Vul- Robert Thorne in the Armani/Casa showroom; below a model bedroom.
nothing to do with his need for tures. (Developers declined to dis-
speedsters. Rather, he said he cuss the percentage of units in lux-
thinks the Porsche brand could ury-branded buildings that have
help ensure that his condominium been sold.)
maintains its value, even if the Mi- “They’re swimming out and the
ami market, known for its dra- crest of the wave is coming right
matic ups and downs, gets choppy. towards them,” he said.
“Buying into a brand that’s been Some industry experts also cau-
around for 100 years? I’d take that tion that affiliating with a new
bet any day. It’s like buying into condominium project in this cli-
Coca-Cola,” said Mr. Verdiquio, 41. mate could be risky for the reputa-
In the Miami area alone, tion of luxury brands if the project
Porsche, Armani, Fendi and Mis- doesn’t come to fruition, or if
soni have loaned their names to sales don’t live up to expectations.
condo projects over the past few “I tell them before we start that Expanding a brand’s reach helps
years. And currently under con- it can do more harm than good,” luxury-goods companies face the
struction on Biscayne Boulevard said Gil Dezer of Dezer Develop- challenges of e-commerce and at-
Way is an Aston Martin-branded ment, whose firm has partnered tracting younger shoppers. “These
66-story condo, where units are with Porsche Design Group and Ar- fashion companies have never
expected to start at roughly mani/Casa Interior Design Studio been under more pressure to real-
$700,000 and go up to around $50 on new Miami towers and who em- the owner of health-focused design lobbies, for example. In exchange, ize returns when their core busi-
million for the penthouse, accord- ployed the model in the early 2000s firm Wellness Habitat Company, they pocket a fee that’s usually in ness is besieged by all sorts of
ing to an Aston Martin spokesman. with President Donald Trump. “If who paid $1.4 million for a two- the tens of millions, according to other issues,” said Pauline Brown,
Miami’s flattening luxury real-es- you don’t get financing, if the units bedroom unit at the Armani/Casa one developer. They can also pocket the former North American chair-
tate market will test the power of come out badly, there are so many project last year. “Outside of the a small percentage of sales. man for LVMH Moët Hennessy
these luxury brands to persuade things that can happen.” fact that it brings value, it secures At the Aston Martin building, the Louis Vuitton, the luxury-goods
buyers—many of them interna- Major real-estate developers, the fact that the building is not go- car company masterminded a design company.
tional—to pay top dollar for a such as the Related Group and HFZ ing to change much from the origi- that includes door handles wrapped Simon Sproule, the chief market-
home. Capital Group, have both paused nal proposal,” he said. “Once the in stitched leather, a carbon-fiber ing officer and chairman of the
Luxury-branded residences com- on new projects in Miami over the developer is sold out, the condo as- welcome desk in the lobby and an Americas for Aston Martin, declined
mand almost no price premium past 18 months amid rumblings of sociation can’t forgo the upkeep Aston Martin parked outside. The to say how much the company re-
over comparable luxury condos in oversupply, for example. they committed to.” Porsche Design Tower famously fea- ceived for its Miami project. But the
the Miami area however, according “The premise that the brand He said he believes the luxury tures a car elevator that allows resi- returns have be high enough for it
to research by listings website Zil- adds or helps maintain value be- brands put more pressure on de- dents to drive right into their apart- to explore other opportunities.
low.com. In an analysis of the Mi- comes challenged when you have a velopers to keep the building up to ments. At the Missoni Baia building “We’re in discussions with a
ami market by Zillow, the company lot of competition entering the appropriate standards. developed by OKO Group, the Mi- number of different projects
found that the price per square market,” said appraiser Jonathan The luxury companies themselves ami-based company founded by around the world,” he said. “It
foot commanded by “designer Miller, who tracks Miami sales. “It have a lot to gain in these partner- Russian billionaire Vladislav Dor- might look on paper like a stretch
properties” was indistinguishable becomes less black and white.” ships. The brands consult with the onin, the Italian brand’s iconic zig- for us to be doing real estate but
from prices for other luxury con- There are other advantages, developers on design choices for zig pattern pervades the furnishings we have expertise in design and
dos, according to a spokeswoman. however, said Robert Thorne, 57, the buildings’ common areas and in common areas. knowledge of the luxury market.”
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M4 | Friday, July 20, 2018 NY THE WALL STREET JOURNAL.

MANSION
SPREAD SHEET | ADAM BONISLAWSKI

LAND GOES FROM ‘DIRT CHEAP’ TO ‘PAY DIRT’


One way to boost the value of land is to put it somewhere else: an analysis of some of the country’s largest land-reclamation projects

IN REAL es-
tate, location
is every-
thing—and
that goes
not just for
buildings,
but the
ground beneath them as
well.
Move a scoop of soil from
Beverly Hills, Texas, to Bev-
erly Hills, Calif., and its value
soars.
To illustrate this idea
more, well, concretely,
Spread Sheet asked real-es-
tate firm NeighborhoodX to
look at some large-scale
land-reclamation projects
and the money they created
by moving dirt from one
place to another.
Before a 19th-century in-
fill effort, Boston’s Back Bay
neighborhood was exactly
that—a bay. Today it is one
of the city’s priciest residen-
tial districts, with homes go-
ing for an average of $1,384
a square foot, according the
NeighborhoodX. Much of the
material used to build up the
area was excavated from
nearby Needham, Mass.,
where prices average around
$400 a square foot.
Likewise, New York’s Bat-

KELLI ANDERSON
tery Park City was built, in
part, atop sand shipped in
from the southern shore of
Staten Island during the
early 1970s. That move took
prices from around $350 a age in Richmond, Calif., tions have essentially out- Middle East, and, in some $4,457 a square foot in 2017. student proposal to connect
square foot in Staten Island where a portion of the land- lawed coastal infill projects cases, Europe.” Land reclamation is ex- lower Manhattan to Gover-
to an average $1,431 a square fill came from throughout in the U.S. due to environ- Monaco is undertaking a pensive, so “you only really nors Island via infill. It is un-
foot in the lower Manhattan the second half of the 19th mental concerns, says $2.3 billion project to add 15 see it in top tier cities with likely such a project could
neighborhood. century. Another portion of Vishaan Chakrabarti, associ- acres to its coast using sand really booming economies happen for legal and envi-
Results in San Francisco’s the landfill, though, came ate professor at Columbia imported from Sicily. The [and] great land scarcity,” ronmental reasons, but, he
Financial District are more from San Francisco’s Tele- University’s Graduate School tiny Mediterranean princi- Prof. Chakrabarti says, citing notes, it would be on solid
mixed. Residential prices in graph Hill neighborhood, of Architecture, Planning and pality is the world’s most ex- as examples spots like Tokyo ground financially. “It is very
the area average $1,183 a where prices today average Preservation. But, he says, pensive real-estate market and Hong Kong. hard to argue with the eco-
square foot today, well above $1,448. “it’s still a very common according to real-estate firm Several years ago, Mr. nomics of creating more
the $388 a square foot aver- Federal and state regula- practice in parts of Asia, the Savills, with prices averaging Chakrabarti advised on a Manhattan,” he says.

LUXURY PROPERTIES | TIMBERLAND | CONSULTING


RI0075
MA2097

Willow Road Estate Beaver Neck Waterfront


12.7± Acres, Weston, MA | $18,900,000 30± Acres, Jamestown, RI | $7,500,000 Alpine, NJ
Terrence Maitland Terry Boyle
617-357-8949 • tmaitland@landvest.com 401-367-4070 • tboyle@landvest.com
Published in Architectural Digest, Boris Baranovich designed, Joe DiStaulo built Stucco and
Slate Colonial Manor. No expense spared throughout approximately 20,000 square feet of
MA2160

Size Dining Room that seats 30, Library, Billiard Room, Family Room, Formal Living Room,
Breakfast Room, 50’ Indoor Pool with Cathedral Ceiling, Indoor Basketball Court, 14 Seat

Suites. Seven additional Bedrooms, each with its own Bath. 50’ Outdoor Pool. Tennis Court,

Alpine location!! $14,888,000


MA2024

7 Pine Summit Cirlce 24 Boardman Avenue


5,717 Sq.Ft., Weston, MA | $3,350,000 3.8± Acres, Manchester-by-the-Sea, MA | $2,100,000
J. Stanley Edwards Lanse Robb
617-948-8057 • jsedwards@landvest.com 617-357-8996 • lrobb@landvest.com
NY0328

Alpine, NJ
MA2122

Arrowhead Farm Skyview One of the great Estates in Alpine, set majestically on an 8 acre knoll overlooking courtyards
28.04± Acres, Newburyport, MA | $1,750,000 26.07± Acres, Old Chatham, NY | $1,299,000
Nicole Monahan Cindy Welch and manicure grounds. Impressive gates open to the winding driveway through a colonnade of
617-948-8038 • nmonahan@landvest.com 413-418-3233 • cwelch@landvest.com
MA2165

materials available. 11 spacious bedroom suites throughout this estate are located on both

room and Banquet size dining room are some of the main reception spaces.A large exercise
room overlooks a 3,425 square foot indoor basketball court; theater and 8 car garage are
additional amenities. Pool and a lighted US Open deco turf cushioned tennis court.All outside
irrigation provided by well.Total square footage of home is 35,384. $25,000,000

Dennis McCormack, Broker Associate


VT0848

52 Waterview - Malletts Bay Club 364 Gay Street


.89± Acres, Lake Champlain, VT | $1,187,500 .96± Acres, Westwood, MA | $915,000
Averill Cook Jay Boyle
802-624-5394 • acook@landvest.com 617-648-5444 • jboyle@landvest.com

Sound Advice, Exceptional Results


www.landvest.com
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THE WALL STREET JOURNAL. NY / NE Friday, July 20, 2018 | M4A

Upper East Side, NYC


Fifth Avenue Condo Elegance
$42,000,000 | Web#18726715
Elaine Tross 212.381.3322 | Arlene Weidberg 212.381.3321

Midtown West, NYC


Penthouse + Terrace Bragging Rights
$1,750,000 | Web#18586186
Barak Dunayer 212.381.2248
Alison Draper 212.381.2331

Upper West Side, NYC


Exquisite Renovation
$3,495,000 | Web#18165223
S. Christopher Halstead 212.381.3220

Greenwich Village, NYC


2+ Bedroom Gem with Dream Terrace
$5,250,000 | Web#18527115
Nora Ariffin 212.381.2249
Christopher Kromer 212.381.2334

Upper East Side, NYC


5-Story Townhouse with Garden
$9,950,000 | Web#17008538
Anne Prosser 212.381.3348

Hoboken, NJ
4-Story Masterpiece Townhome
$2,750,000 | Web#18582197
Matt Brown 201.478.6709
Peter Cossio 201.478.6710

Upper West Side, NYC


Choice 72nd Street Pied-a-Terre or Full-Time
$1,900,000 | Web#18730730
Susan Ruttner 212.381.2231

Upper West Side, NYC


Gut-Renovated Convertible 3 Bedroom
$2,100,000 | Web#18678217
Kimberly Hastie 212.381.2240

Upper East Side, NYC


CLASSIC & ELEGANT RESIDENCE
$14,000,000 | Web#17654292
Riverside, CT
Astrid Pillay 212.381.2262
Harbor Point Association
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Rob Johnson 203.979.2360

Move to What Moves You

New York City Hamptons Connecticut New Jersey Hudson Valley

Halstead Manhattan, LLC; Halstead New Jersey, LLC; Halstead Connecticut, LLC; All information is from sources deemed reliable but is subject to errors, omissions, change or price, prior sale or withdrawal without notice. No representation or guaranty is made as to accuracy of any description. All
measurements and other information should be re-confirmed by customer.
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M4B | Friday, July 20, 2018 NY / NE THE WALL STREET JOURNAL.

every
one
deserves a decent
place to live.

Learn more at
habitat.org.
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THE WALL STREET JOURNAL. NY Friday, July 20, 2018 | M5

MANSION
ANNOTATED ROOM

A Room of Her Own, by Her Designer Mom


Lauren Behfarin designed a bedroom at her Hampton vacation home for her own 4-year-old, for $14,000

NEW YORK CITY-BASED interior


designer Lauren Behfarin, who
specializes in creating spaces for
children, designed a bedroom for
her daughter at her Westhampton
7
Beach weekend house.
The 340-square-foot room was
conceived as a space for her 4- 3
year-old to host slumber parties
and visits from her cousins; its
look needed to appeal to both boys
and girls. The daughter wanted
pink walls, so her mother chose
the “muted and sophisticated”
Acapulco Sand, with hints of pink.
For the ceiling and trim: Chantilly
Lace.
For now, Ms. Behfarin’s daugh-
ter sleeps in a small, built-in al-
cove decorated with paper stars.
The striped upholstered head- 1
boards were a gender-neutral
choice. 5
“This is a room she won’t grow
out of by her teenage years,” says
Ms. Behfarin.
Blue coverlets on the single
beds reference the nearby sea. A 6
neon sign’s inscription sums up
the beachy feeling of the home,
built in 2009.
“It’s what my father says all the

CHARLIE JULIET (2)


time,” Ms. Behfarin explains. The
total cost of decorating the room
4 8
was $14,000.
—Karen Bruno

1. The upholstered pair of headboards are semi-cus- from Etsy, captures a favorite line from a grandparent. Serena & Lily, based in Sausalito, Calif., has a sail-
tom made. They were purchased, on sale, from Price: $650 inspired shape (color discontinued).
Crate & Barrel, then re-covered in about 7 yards of Price: $228
striped fabric from Osborne & Little, the U.K. wall- 4. The storage ottomans are custom-built and cov-
paper and fabric brand. ered with four yards of Mulberry-pattern material 7. Three gallons of Benjamin Moore in two colors:
Price: $2,091 total; headboards, $199 each; fabric, for Lee Jofa fabric. Acapulco Sand and Chantilly Lace, in eggshell.
2
$113 a yard Price: $1,492 for two; $148 a yard Price: $54.99 a gallon

2. The star decals, made of silver paper, are by Ca- 5. Velvet throw pillows in fuschia-colored Donghia 8. The beige, easy-to-clean, “form-fitted” wool rug
nadian wall-decal company Urbanwalls. “Covet” fabric. is from Rosanti Floors, Westhampton Beach, N.Y.
Price: $39 for 50 stars Price: $69 per yard; $218 for two The rug follows the shape of the room, and is cut 2
inches away from the wall to create a border.
3. A custom-made neon sign, done in script font, 6. A Newport Lounger beanbag-style chair from Price: $3,000

Experience a California Closets system custom designed specifically for you and the way you live.
Visit us online today to arrange for a complimentary in-home design consultation.

californiaclosets.com
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M6 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

MANSION

The Hipper SAN FRANCISCO


Ed Fine transformed the
home his father had

Fixer Upper built in the 1930s, inset,


with a flat roof and
windows with sweeping
Continued from page M1 views. Below left, Mr.
principal of Designs Northwest Ar- Fine with wife, Leslie;
chitects, who designed the children, Charlotte and
$150,000 transformation. He re- Gabriel; and dog, Falcor.
placed a shed-like roof that sloped
on all four sides with a flat one,
adding a large corrugated metal
panel and squaring off the win-
dows. Inside, they ripped out wall-
to-wall beige carpeting and re-
placed trim molding with a more
modern style.
Fixing up an old house that has
been lived in by the same owner for

TYLER CHARTIER FOR THE WALL STREET JOURNAL (3); JENNIFER WEISS (”BEFORE” IMAGE)
decades can also mean freeing it
from a not-too-pretty moment in
time. The renovations are as much
about the style as about repairing
the plumbing. These projects can
range from major reconstructive
surgery to a metaphorical change of
clothes, but they often come with
complications, such as labyrinth-
like floorplans and uncooperative
neighbors. Longtime residents often
let things go, content to ignore new
technologies and design trends.
It was a floor-to-ceiling Buddhist
shrine in the living room that Jaime
Mannon, 41, suspects deterred
other buyers from the 1940s house
she and her husband bought in 2011
for $700,000 in Berkeley, Calif. The
lack of a furnace also could have
been a factor. The woman who lived
there was 90 when she died, and
had been there for decades before
it was sold by the estate.
The couple hired Oakland archi-
tectural firm Tierney Conner to
transform the dark, segmented in-
terior into simple, clean, open
spaces with white walls and mod-
ern furniture—for about $500,000.
But there were some things Ms.
Mannon couldn’t change, like all
the other houses on her street.
They were done in a Minimal Tra-
ditional style that many love but
that she calls “pretty damn ugly.”
“Why didn’t I think about the
fact that I could change my own
house and not the other houses in
the neighborhood?” Ms. Mannon
asks. Some of the neighbors have
been hard on her. One left a note
WYNN MYERS FOR THE WALL STREET JOURNAL (2); DAVID HANCOCK (”BEFORE”)

after a lawn service Ms. Mannon


had hired used a leaf blower.
“First you inflict your remodel on
us, now your gardener,” it read.
“Benign neglect” is a phrase that
often comes up with homes owned
by the same person for years, says
HEATHER WISE PHOTOGRAPHY (FAMILY PORTRAIT)

Tami Hausman, 50, who spent


about $120,000 renovating a 1958
house on New York’s Fire Island
that had one owner for 30 years.
The house, purchased for
$825,000, was filled with oil
lamps, an old wood stove and dead
plants, and it had a wildly over-
grown exterior.
“It looked like a hobbit lived
there,” says Ms. Hausman’s hus-
band, Jim Crispino, 55, an archi-
tect. Still, the redo was straight-
forward, what the couple calls AUSTIN, TEXAS David and Laura Hancock bought a 1938 home, above left, neglected by its owner of many decades. After a $1 million-plus renovation, they
“blowing the dust off the place.” have a new home on the footprint, with an expanded back. Above right, Mr. Hancock with his wife, standing, daughter, Ivalea, sister Eleanor and niece, Oolu Scott.
They added new wood floors for a
contemporary look and more white Things can get even more com-
cedar on the interior walls. plicated when the house is per-
In Philadelphia, contractor sonal. Ed and Leslie Fine bought
Kenny Grono of Buckminster Green out Mr. Fine’s brother from their
recently finished a project on a childhood home in San Francisco’s
townhouse near Rittenhouse Cole Valley neighborhood when his
Square that looked as if it had mother, a widow, decided to move
been barely touched since the 19th out of the house his father had
century. The floor of the basement built in the 1930s. “It was an emo-
was all dirt and the staircase was tional process. I had a lot of psy-
hanging on a thin board. chological inertia,” Mr. Fine says.
It turns out, the previous owner The Fines navigated the process
was 90 when he moved out and by weeding out the sentimental
had lived there most of his life. A from the practical. The third story
former antiques dealer, he had with tiny windows was enlarged
covered every surface with heir- and now has big windows with
looms and painted the rooms col- soaring views.
ors like maroon and dark green. Mr. Fine successfully argued to
“He’d done nothing structural to keep a Moorish-style arch in the
it,” says Terri Steinberg, a physi- entryway and the staircase railing,
cian, who bought the house with which his mother designed. He
her husband in 2010 for $626,000 works from the same office as his
(there were five offers on the ta- father did, except the desktop is
ble), and spent about $750,000 real walnut instead of faux wood.
and a year giving it an open, con- The exterior dramatically
temporary feel. changed, from having a traditional
When David Hancock, head of a peaked roof to a flat roof over big
bicycle-transmission company, and windows. “We straightened things
his wife, Laura, bought a 1938 out,” is how San Francisco archi-
house in Austin, Texas, in 2010 for tect Jennifer Weiss explains the
$550,000, they couldn’t live there roughly $1 million project.
because the previous occupant, In Santa Monica, Mazi and Matt
who owned it for decades, had left Lombard live in a 1906 brick house
it in such bad shape it was con- that Los Angeles architectural firm
demned. They also couldn’t tear it Hsu McCullough gutted and trans-
down, due to a historic covenant. formed into what now looks like a
DOROTHY HONG FOR THE WALL STREET JOURNAL (3)

Neighbors tried to block their ren- contemporary. The Lombards


ovation, arguing the contemporary bought the home in 2009 for $1.19
look would hurt the neighbor- million from an accountant named
hood’s charm. Daniel Ortiz, who had purchased it
Six years and more than $1 mil- from someone who had owned it
lion later, Mr. Hancock owns a new for more than 40 years.
house on the same footprint with FIRE ISLAND, N.Y. Tami Hausman Mr. Ortiz had made only one
the same facade in front, but with and husband, Jim Crispino, spent change: He helped find an apart-
an altered roof and expanded inte- about $120,000 to upgrade a 1958 ment for a tenant who had been
rior. Austin architect Matt Fajkus house that had oil lamps from its living in a dilapidated shed in back
gave it the tagline: “humble in the owner of 30 years. They added new for decades. “He came with the
front, party in the back.” wood floors and white cedar walls. house,” explains Mr. Ortiz.
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THE WALL STREET JOURNAL. NY Friday, July 20, 2018 | M7

MANSION
OVER THE TOP IN LOS ANGELES
Le Belvedere, a lavish Bel-Air mansion by developer Mohamed Hadid, fea-
tures an elaborate, traditional hammam with a bathing pool, large swaths of
blue-and-white marble tile and colorful light fixtures. Max Fowles-Pazdro, a
Los Angeles-based investor who recently bought the property for $56 mil-
lion, said he liked the concept of the hammam but felt that it looked a little
“cheesy” in its current form. He plans to update the room and make it more
contemporary with a more neutral palate. Mr. Hadid didn’t respond to a re-
quest for comment on the original cost.
Cost: About $500,000 for the renovation only

CLOCKWISE FROM TOP LEFT: GIBEON PHOTOGRAPHY; DAVID O. MARLOW; REDUNDANT PIXEL; DOUGLAS ELLIMAN DEVELOPMENT MARKETING
A HOT SLAB IN THE DESERT
In Palm Desert, Calif., designer Gordon Stein worked on a hammam for a local client who was building a new home in a
Moroccan style, he said. He visited Morocco with his client a few times to do reconnaissance on all the materials, includ-
ing the mosaic tiles for the floor and the base of the bathing pool, which were sourced from the country. The owner
hired a team of 20 craftsmen from Morocco to go to California to work on the home project. They spent between five
and six months on site. A jewel-like light fixture was handmade in brass using small handsaws. A fireplace is made of
black Tadelakt, a plaster surface that is rammed, polished and treated with soap.
Cost: $350,000 to $500,000.

ELEMENTS

THE LOOK AND FEEL OF A TURKISH BATH


The relaxing vibe and cleansing rituals of traditional hammams are making their way into private bathrooms and spas

More luxury developers and public bathhouse that is typical in been in domed rooms clad in mo- with a traditional aesthetic, while the word “hammam” in their list-
homeowners are turning to Turk- Islamic countries, involves a grad- saic tiles, complete with stone others pursue a more modern ing description, according to real-
ish hammams for inspiration for ual warming of the body in a slabs for laying down and cisterns twist on the hammam with estate listings website Zillow.
their private bathrooms and spa heated environment, followed by of water for rinsing and keeping sleeker, cleaner materials. Here is a look at four examples of
areas. an exfoliating body scrub. cool. Roughly 50 homes currently private residential hammams.
The hammam, a version of the Traditionally, hammams have Today, some builders are going for sale in the U.S. incorporate —-Katherine Clarke

RESPITE IN MANHATTAN
At 111 Murray Street, a new residential
skyscraper in New York’s Tribeca
neighborhood, designer David Rock-
well said he looked to the hammam
to bring something “a little bit
unique” to the building’s amenity
spaces. “I was intrigued by the fact
that it’s a room you can spend a lot
more time in than a sauna,” he said.
“You’re decelerating from the speed
of New York City into a more relaxing
gear.” For the design, Rockwell Group
incorporated black granite for the
EMBRACING THE HEAT AT THE BEACH floors, mosaic-tile walls and thick
At Eighty Seven Park, a beachfront condominium in Miami Beach designed by white marble plinths for reclining. The
Pritzker Prize-winning architect Renzo Piano, Julia Capp and a team of design- plinths appear to float above the
ers at RDAI sought to replicate natural light with a wood-panel light fixture that granite. Polished nickel-clad pipes
allows some rays to seep into the space. In the room’s center is a hot stone hang from the ceiling over stone
plinth heated from the inside, with a small pipe that provides steam. There is bowls to deliver water. The hammam
also a freestanding bath and a body-scrub area with water jets that hang from was built offsite in Leverkusen, Ger-
the ceiling. Just off the room is a separate sauna and scrub area. Ms. Capp many, and will be shipped to the U.S.
said the materials were inspired by the property’s proximity to the beach. for the project.
Cost: About $1 million Cost: About $1.5 million.

Watchcase Penthouse
3 BR | 3.5 BA | SAG HARBOR VILLAGE

EDUCATION IS SWEETER. $5.995M | WEB# 106122

GETTING CHILDREN OUT OF SUGARCANE


FIELDS AND INTO SCHOOL. A ZIP CODE
SHOULD NOT DETERMINE
The Cee Brown Jack Pearson Team
With more than 360 deals over 5 years, Cee and Jack have been
Corcoran’s East End top team for 10 years.
Learn more at ChildFund.org
A CHILD’S FUTURE. They’re not slowing down–over half a billion in sales were in the last
six years alone.
Many variables can shape a child’s outcome
in life–like the zip code where a child grows 95% of deals sold at ask, or within 5% of asking price. And sales
up. That’s because not all neighborhoods close at an average of less than six months—half the regional average.
have the same opportunities and resources,
such as quality schools, transportation, Honest pricing, years of experience, hard work, smart marketing and
housing, healthcare, food and jobs. The great service— it all adds up to your home selling faster.
good news is that there are many ways to
improve our communities so that everyone
has a fair chance to succeed, regardless of
zip code. You can play a vital role in your
local community.

Find out how at: hud.gov/fairhousing Cee Scott Brown


Lic. A ssoc. RE Broker
516 . 3 8 3 . 2 0 11
c e e b r o w n @ c o r c o r a n .c o m

Jack Pearson
Lic. A ssoc. RE Broker
FAIR HOUSING. SHARED 516 . 4 5 7.7111
OPPORTUNITY IN EVERY COMMUNITY. j p e a r s o n @ c o r c o r a n .c o m

Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at Main &
Madison Streets, Sag Harbor, NY 11963 and 1936 Montauk Hwy., Bridgehampton, NY 11936
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M8 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | AL JARDINE

This Beach Boy Got Around


The band’s co-founder grew up in Ohio and New York before playing on a football team with Brian Wilson

My childhood began hundreds of miles from


the nearest wave. My family lived in Lima,
Ohio, a small and quiet town in the 1940s.
Our block was lined with trees, and the smell
of raked fall leaves burning still takes me
back there.
In Lima, my father, Don, was a We had only read about the ocean.
master photographer. He took We soon moved to San Fran- of Spring.” Brian loved the Four
black-and-white images of trains cisco’s Ocean Beach, to a planned Freshmen’s version that had come
for Lima Locomotive Works. After development of white, two-story out the previous year.
World War II, his printing exper- row houses, each with a single-car But we needed money to rent
tise was in demand as the defense garage. We were a street away instruments for a demo recording
industry grew. from the coastal Great Highway. session. Brian’s parents were away
In 1949, when I was 6, my father The beach was on the other side. in Mexico, so we went over to my

FROM LEFT: SHAYAN ASGHARNIA FOR THE WALL STREET JOURNAL; LOU THOUVENIN/MCFARLAND
took a job with Eastman Kodak In 1955, Royal Blueprint reas- house and sang for my mother.
and moved the family to Roches- signed my father to manage its The five of us sat on the floor in
ter, N.Y. In the early ’50s, he Los Angeles plant. We lived in the living room and sang “Their
taught at the Rochester Institute Hawthorne, near LAX airport. I Hearts” and Brian’s “Surfin’.” My
of Technology. wasn’t happy about moving, but I mother loved our sound. She gave
Both of my parents loved music. cheered up when I heard Disney- us $300, a month’s salary, so we
My father played clarinet in col- land had just opened about a half- could record. Thanks to her, we
lege. My mother, Virginia, who hour away. had enough to rent an upright
went to the same school, the Uni- In 1958, I began listening to folk bass and a snare drum. I played
versity of Toledo, was an arts ma- music. I loved folk’s melodies, and the bass, Carl played guitar and
jor. She also played violin. At home, the lyrics provided an escape. I Brian played the snare with
they had a good collection of pop played guitar and formed a folk brushes. The three of us, plus Mike
78s, and we sang as a family. group called the Islanders. and Dennis, sang vocals around
In Rochester, my parents bought I met Brian Wilson for the first one overhead mic but had to jostle
me a four-string ukulele that I time that year. We were on the for position. It took 26 takes to get
picked on. I also played the clarinet Hawthorne High School football the right vocal mix. When
in grade school, but the instrument team. I had no idea then he was “Surfin’” was released, it took off.
was difficult and discouraging. interested in music until we ran Today, my wife, Mary Ann, and I
Eventually, my mother grew into each other at an A&W root- live in Big Sur, Calif. We have a
restless and wanted to live in a beer stand on Hawthorne Boule- two-story ranch house and a re-
warmer climate. Teaching didn’t vard. Over burgers, we talked cording studio I built in a red barn
exactly suit my dad. In 1952, when about forming a group. out back.
I was 9, we moved to San Fran- When I finished high school in Our place is more of a hobby
cisco. By then, my father’s experi- 1960, my dad moved us to Big farm. When our rooster crows just
ence in lithography had landed Rapids, Mich., where he had taken VIBRATIONS Al Jardine, above, at the Coach House in San Juan Capistrano, before dawn, I’m a different per-
him a job managing a plant for the a one-year job at Ferris Institute Calif. Top, on left, Mr. Jardine with brother, Neal, and parents, Virginia and Don, son. I feel like I’m back in Lima.
Royal Blueprint Co. It produced as a lecturer. I enrolled there and in Lima, Ohio, around 1950. (Photo from ‘Becoming the Beach Boys 1961-1963.’) —As told to Marc Myers
detailed blueprints for the mili- majored in dentistry.
tary. In September 1961, when we re- Between classes one day, we Carl and Dennis. Their cousin Mike Al Jardine, 75, is a founding mem-
San Francisco was our land of turned to Hawthorne, I attended El met in the music room, but the Love came around a few days after ber of the Beach Boys. The band’s
dreams. Our first summer there, Camino College. At the start of my teachers kicked us out. So Brian that. hits appear on “The Beach Boys
we went to the beach. My brother, sophomore year, I ran into Brian invited me over to his family’s We jelled quickly in 1961 as the With the Royal Philharmonic Or-
Neal, and I immediately ran down again. So we picked up where we house. A couple of weeks later, we Pendletones. The first song we chestra” (Capitol). He is on his
to the surf to taste the salt water. left off. got together with Brian’s brothers, sang was “Their Hearts Were Full Postcard From California tour.

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THE WALL STREET JOURNAL. Friday, July 20, 2018 | M9

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M10 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

MANSION
PRIVATE PROPERTIES | KATHERINE CLARKE

Mega Bel-Air Home


Asks $180 Million
IN THE RITZY Bel-Air district of figure to around $100 million, in-
Los Angeles comes a tale of two cluding the $6.8 million he paid for
megamansions: A massive spec the lot in 2011. “Like they say in
home coming to market for $180 poker, I’m all in—times millions,”
million sits right next door to an- he said. He added that the real-es-
other massive spec home already tate community was initially skepti-
asking $188 million. cal: “They said ‘What the hell is he
Both properties are aspiring to doing playing in the big leagues?’ ”
become the most expensive home Roughly 34,000 square feet, the
ever sold in the United States. The nine-bedroom spec mansion has a
current record holder is a sprawl- Portuguese limestone facade. The
ing estate in the Hamptons that 2,000-bottle wine room is encased
sold for $137 million to hedge fund in white oak and glass, and a well-

SIMON BERLYN
manager Barry Rosenstein in 2014. ness center has a gym designed by
The $180 million newcomer was celebrity trainer Harley Pasternak.
developed by Raj Kanodia, a promi- Outside on 1.2 acres is the water-
nent Los Angeles plastic surgeon fall, a vegetable and herb garden
who lives across the street on and an outdoor kitchen. “We communicated, chatted and tion whether Bel-Air can support & Hyland, who with colleagues
Nimes Road. Known for his rhino- Sitting next to Dr. Kanodia’s collaborated many times,” said Dr. two mega listings. “The ultrahigh- Rayni Williams and Tyrone McKil-
plasties, Dr. Kanodia boasts numer- contemporary home is a 38,000- Kanodia of Mr. Makowsky. “ He end spec market has softened,” len is representing the homes, said
ous references in fashion magazines square-foot behemoth with 12 bed- was laughing at me, saying I’m in said Michael Nourmand, an L.A. there is “no competition” between
and celebrity clients like Britney rooms and elevators lined with the wrong business.” Mr. Ma- agent who is not involved with the the two homes. “They’re two very
Spears and Kim Kardashian West. crocodile skin. It was developed by kowsky said there might be listings. “Having two properties in different styles even though
Dr. Kanodia originally said he Bruce Makowsky, a luxury hand- friendly competition, but said he proximity isn’t ideal because it they’re both modern,” he said.
had invested roughly $50 million in bag entrepreneur. His mansion wishes Dr. Kanodia the best. “I gives buyers more choices.”
building the home. Upon reflection originally came to market last year hope he gets his price and I get Mr. Makowsky said he’s confi-  See more photos of notable
and consultation with his accoun- seeking $250 million; the price mine,” he said. dent there will be buyers for both homes at WSJ.com/Mansion.
tant however, he later revised that was cut to $188 million in April. Some real-estate agents ques- homes. Branden Williams of Hilton Email: privateproperties@wsj.com

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M12 | Friday, July 20, 2018 THE WALL STREET JOURNAL.

MANSION

Grenen
Ruths DENMARK
Hotel
Gammel
Skagen Skagen

Port of
Skagen D
DEN
DENMARK
Copenhagen

Denmark’s
Gem in July

MAP BY JASON LEE; SVEINUNG BRÅTHEN FOR THE WALL STREET JOURNAL (5)
Continued from page M1
dic blend of forest and dunes. A
sandbar called Grenen marks the
spot where waters of the North
and Baltic seas meet.
The high-end market shows
signs of picking up, said Troels
Theill Eriksen, chief economist of
DE, Denmark’s national organiza-
tion of real-estate agents. He said
the number of Skagen homes that
have sold above $1 million has in-
creased from less than a handful in
2012 to nearly 20 in 2016-17.
Still, the market overall has
come down since its peak a decade
ago, say local brokers. Bright spots BLUE SKIES A main crossroad in Skagen, a summer resort getting more year-round buzz. Most Danes vacation in July, finding sunny skies and temperatures
include the most traditional near 70 degrees in the area. Those with vacation homes often return for Christmas and Easter holidays.
houses, painted yellow with red
tile roofs, as well as certain areas
of Skagen proper on the penin-
sula’s east side, which is becoming
a year-round getaway.
Skagen attracts weekend visi-
tors from Norway and an interna-
tional cruise-ship crowd. But due
to restrictions on second-home
purchases by foreigners, the high-
end second-home market is almost
entirely Danish, with a strong con-
tingent coming from Copenhagen’s
northern suburbs about a five-
hour drive away.
Most Danes vacation in July,
which in Skagen means tempera-
tures nearing 70 degrees and skies
that are often sunnier than farther
south. Year-round residents and
off-season visitors say the penin-
sular setting helps lighten up the
dark days of winter, when temper-
ature hover around freezing.
Mr. Hansen says many prime
homes in the area are used only a
few weeks a year, with owners re-
turning for Christmas and Easter
holidays.
Skagen was a fishing village at
the end of the 19th century, then
became home to a colony of Scan-
dinavian artists who adapted the
ideas of French Impressionism to
the Nordic setting. The twin bodies ART LOVERS Top: Local beaches in-
of water—the Skagerrak and the spired artists, whose works fill Ska-
Kattegat—on either side of the gens Museum. A sitting room, left, in
peninsula have a mirror-like effect, the for-sale Moller home, above.
creating an intensity of light that
inspired the painters. The area still trees, which are thought to be espe-
enjoys an artistic cachet. cially hearty, says Ms. Wanting
The Skagen group of artists—in- Moller, adding: “And you can see
cluding Anna Ancher, daughter of a the sea from every window.”
Skagen innkeeper—were soon joined The couple, long based in cen-
by Denmark’s royal family, who built tral Jutland, bought the house in
a summer home on the east side of 1977 and used it a summer home
the peninsula. Current summer resi- for decades. Now in their retire-
dents include Maersk shipping heir- ment, they live in Skagen full time
ess Kirsten Olufsen and Kasper Ror- but plan to relocate to a stairless
sted, chief executive of Adidas. bungalow in the Grenen area.
Skagen’s most expensive homes The couple did a makeover, re-
tend to be on the west side of the building the roof and turning an
peninsula, in a village-like area isolated dune area, is on the mar- In Vesterby—a neighborhood in mel Skagen seafront home of Ib attic space into a home office for
known as Gammel Skagen, home to ket for $2.03 million. The five-bed- Skagen proper—a 2,500-square- Moller, an 80-year-old Danish entre- Mr. Moller, a Skagen native and
Ruths Hotel, a swanky summer wa- room, three-bathroom bungalow foot, front-line home is listed for preneur, and his wife, Inger Wanting distant relative of painter Anna
tering hole and restaurant. South sits on a 5¼-acre lot. $2.5 million. It was built in 2008, Moller, a 75-year-old retired teacher. Ancher. Mr. Moller decorated the
of Gammel Skagen, an enclave Prime lots in Gammel Skagen not long after prices peaked. It The three-bedroom, two-bathroom home with antiques, such as a
called Kandestederne offers much can be much smaller. A 1,950- rests on a ¼-acre lot and has views home on a 1/3-acre waterfront lot is 19th-century Danish pharmacy
larger lots. In Skagen proper, the square-foot home near Ruths Ho- of Skagen’s former royal residence, listed at $3.45 million. chest. Ms. Wanting Moller brought
Osterby neighborhood has quaint tel, on a 1/5-acre lot, has an asking used since 2000 as a retreat for The 2,200-square-foot, four-level in a pastel palette.
lanes and easy beach access. price of $2.35 million. The home, artists and scientists. home, painted a traditional yellow, “The sea here is blue and green-
A 2,200-square-foot thatched- with a spacious converted attic, The most expensive property was built in 1915. It still has its orig- ish blue,” she says, “and those
roof Gammel Skagen house in an has three small bedrooms. now on the local market is the Gam- inal windows, made from peninsula were the colors I chose.”

Homes for Sale on Denmark’s Skagen Peninsula


PRO-PLAN (2)
LÜTZAU

$1.57 million $1.72 million $2.03 million


Kandestederne Osterby Gammel Skagen
Four bedrooms, 1 bathroom, 1,400 square feet Three bedrooms, two bathrooms, 2,150 square feet Five bedrooms, three bathrooms, 2,200 square feet

Huge lots are a key selling point in this Skagen-area enclave near This home has a full second story, which is a rarity in Skagen This thatched-roof cottage is located in dunes beyond the village-
the southern tip of the peninsula, where this isolated cottage homes. The top floor has sea and town views, and there are sev- like heart of Gammel Skagen, where the resort’s most expensive
dates back to the 1920s. The home is on more than 9 acres. The eral outdoor sitting areas. A popular beach is a few hundred feet homes are located. The home, built in the 1990s in a traditional
property includes a small guesthouse. away. It is on a 1/6-acre lot. style, is on a 5¼-acre lot.
Agent: Kristian Lützau, Lützau Agent: Kasper Lykke Nielsen, Home Agent: Kasper Lykke Nielsen, Home

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