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

For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

* * * * * FRIDAY, SEPTEMBER 30, 2022 ~ VOL. CCLXXX NO. 77 WSJ.com HHHH $5.00
DJIA 29225.61 g 458.13 1.5% NASDAQ 10737.51 g 2.8% STOXX 600 382.89 g 1.7% 10-YR. TREAS. g 10/32 , yield 3.747% OIL $81.23 g $0.92 GOLD $1,658.50 g $1.80 EURO $0.9815 YEN 144.42

Stocks
What’s
News Decline
Business & Finance
As Bond
Selloff
U .S. stocks fell, with
the S&P 500 losing 2.1%
to end at a new low for the
year, as the worst bond rout
in a generation upended
Resumes
markets and investors wres- S&P hits new 2022
tled anew with worries about low and Treasury
a global slowdown. The Dow
and Nasdaq slid 1.5% and yields climb on fresh
2.8%, respectively. A1, B1 slowdown concerns
 Millions of companies
in the U.S. will have to dis-
BY HANNAH MIAO
close their ownership to
AND CHELSEY DULANEY
the federal government un-
der a new anti-money-laun-
U.S. stocks fell Thursday,
dering rule issued by the
WILFREDO LEE/ASSOCIATED PRESS

sending the S&P 500 to a new

Biden administration. A2
low for the year, as the worst
 Twitter co-founder Dorsey bond rout in a generation up-
tried to facilitate Musk’s rela- ended markets and investors
tionship with Twitter’s CEO wrestled anew with worries
a day after the company ac- about a global slowdown.
cepted Musk’s takeover bid, The declines jolted investors
according to text messages who enjoyed a short-lived stock
made public Thursday. B1 rally on Wednesday. Treasury
Homes and buildings in Fort Myers Beach, Fla., were severely damaged as Hurricane Ian swept through the state. yields settled at some of their
 Bed Bath & Beyond is
highest levels of the year.
catching up on past-due pay-

Florida Reels From Destruction

Rockiness in markets was
ments to suppliers, gaining

.
exacerbated this week by the
some breathing room as it
U.K. government’s efforts to

ly
tries to turn itself around. B1
get its economy back on track.
 Facebook parent Meta Late last week, the U.K. gov-
has told employees that it
will be implementing a hir-
ing freeze and taking more
steps to reduce costs. B4
As Ian Aims at South Carolina on ernment unveiled plans for un-
funded tax cuts, spooking mar-
kets. The Dow Jones Industrial
Average on Monday joined the
S&P in a bear market, defined
 Barclays agreed to pay
FORT MYERS BEACH, Fla.— ers. Hospitals, damaged by drifted out over the Atlantic significantly. in Wall Street parlance as a
us ,

a $200 million fine to set-

A day after Hurricane Ian fierce winds or without run- Ocean as a tropical storm. But Officials had confirmed at drop of 20% or more from a
l

tle SEC charges stemming

ripped through the beach ning water, scrambled to evac- by later in the afternoon, it had least one death by late Thurs- recent high, and both indexes
e
from a flubbed debt sale
al a

towns and coastal cities of uate patients. Stunned long- regained strength and become day. continued to fall on Tuesday.
earlier this year. B11
southwest Florida, the wide- time residents picked through a hurricane again. Forecasters Destruction from the Cate- And on Thursday, U.K. Prime
 Micron Technology issued spread damage wrought by rubble, recounting how they warned it would make landfall gory 4 hurricane, which had Minister Liz Truss rattled in-
ci on

another subdued revenue managed to ride out the storm. again on Friday, near Charles- sustained winds of up to 150 vestors with her first public
outlook after failing to By Elizabeth Findell, Some 2.3 million customers ton, S.C. That state’s entire miles an hour, was extensive. comments defending her gov-
meet its sales expectations Dan Frosch and had no electricity on Thursday coast has been placed under a “It’s basically a 500-year ernment’s plans to cut taxes.
in the latest quarter. B5 Cameron McWhirter night, according to tracking site hurricane warning. flood event,” Mr. DeSantis said “This volatility is quite
poweroutage.us, and energy Florida Gov. Ron DeSantis earlier. breathtaking,” said Peter Ber-
er s

 A former eBay executive

one of the strongest storms to companies were struggling to Thursday night said deaths Mr. DeSantis, a Republican, mont, senior portfolio manager
at the center of a harassment
hit the U.S. in decades was restore power as trees and veg- from the storm are expected, said two of the hardest-hit and managing director of Ber-
campaign against two blog-
m er

coming into view. etation blocked roads and ac- but didn’t give a number, say- counties, Lee and Charlotte, mont Gold Wealth Advisory.
gers was sentenced to four
Rescue workers and neigh- cess to grid infrastructure. ing it would take more time to were “basically off the grid” On Thursday, the S&P 500
years and nine months in
bors fanned out in search of By Thursday morning, Ian confirm. He added that more Please turn to page A6 Please turn to page A2
prison, authorities said. B5
those still trapped by the was gone from the area, track- than 700 people have been res-
floodwaters that inundated the ing northward as it dumped cued in Ian’s aftermath, and  On the coast, residents  Volatility in bonds enters a
m rp

World-Wide streets of Naples and Fort My- rain over Orlando, and then that the number is likely to rise recount terror............................ A6 new phase.................................... B1

 A day after Hurricane

Ian ripped through the
NATO Blames Pipeline Leaks Average rate on a 30-year
fixed rate mortgage
Mortgage
co Fo

beach towns and coastal

cities of southwest Flor- 7.0% Rates
Sept. 29
ida, the widespread dam-
age wrought by one of the
strongest storms to hit the
On Sabotage, Issues Warning 6.5 6.7% Surge
To 6.7%
U.S. in decades was com- 6.0
ing into view. A1, A6 NATO said a series of leaks that the damage to the pipe- erate attack against Allies’ Rates climbed to
 NATO said a series of leaks on the Nord Stream pipelines lines occurred in international critical infrastructure would 5.5 their highest level
on the Nord Stream pipelines between Russia and Europe waters. But it marks the first be met with a united and de- since July 2007,
between Russia and Europe were the result of sabotage time the alliance has formally termined response.” marking the sixth
5.0
were the result of sabotage and that attacks on its mem- warned that it would deter and At a NATO meeting Wednes- straight week of
and that attacks on its mem- defend against attacks on its day evening, Danish officials increases and
By Drew Hinshaw, members’ critical infrastructure said the pipelines were damaged 4.5 adding to pressure
bers’ infrastructure would
n-

be met with a collective re- Matthew Dalton following the four documented by two explosions Monday, each on the already
and Laurence Norman leaks in the Nord Stream and with the force of about 1,100 4.0 cooling U.S.
sponse from the alliance. A1
Nord Stream 2 pipelines. pounds of TNT, officials familiar housing market.
 Russia is planning tri- bers’ infrastructure would be NATO Secretary-General with the discussions said. 3.5 Some would-be
no

umphal ceremonies and met with a collective response Jens Stoltenberg separately Swedish and Danish author- home buyers have
public rallies as Putin pre- from the military alliance. wrote on Twitter that the sab- ities said Thursday that four 3.0 given up, while
pares to formally annex a The North Atlantic Council, otage on the pipelines was of leaks—two in the waters of some existing
Jan. March May July Sept.
broad, additional swath of the decision-making body of “deep concern.” each country—had been veri- homeowners are
neighboring Ukraine. A7 the North Atlantic Treaty Or- “NATO is committed to de- fied. The Swedish Coast Guard Source: Freddie Mac reluctant to sell. A2
 The Senate voted 72-25 ganization, didn’t provide de- ter and defend against hybrid said the fourth leak—the sec-
to approve legislation to tails or evidence. It also noted attacks,” he wrote. “Any delib- Please turn to page A7
keep the federal govern-

Companies Keep
ment operating until mid-
December as well as fund
new aid for Ukraine. A4 ‘They Beat Us, They Tormented Us.’
Hiring Despite
 Trump doesn’t need to
weigh in on whether the BY YAROSLAV TROFIMOV rubber truncheons that former still hang above it.
FBI’s inventory of items inmates said were used to beat “They beat us, they tor-

Slowing Economy
taken from Mar-a-Lago is ac- VOVCHANSK, Ukraine—The them on the back. There is a mented us, they took us to the
curate, a federal judge said, Russian interrogators left be- wooden pole that was used to forest to shoot above our
overruling the court-ap- hind some tools of their trade hit them on the calves. And heads. And every day at 11
pointed arbiter overseeing a at the sprawling machine- there is a high-voltage panel, a.m., they brought me here for
review of the documents. A4 parts plant in this recently lib- decorated with the Z and the V my electric sessions,” said
erated city a few miles from markings of the Russian inva- Please turn to page A10
 The FDA approved Am-
ylyx’s new drug for amyo-
the Russian border. sion, which delivered electric Many employers say they struggle with
In a building that served as shocks to detainees. Replicas of  War’s escalation raises risks
trophic lateral sclerosis, or
a detention camp, there are two Soviet World War II-era posters for Putin........................................ A7 staff shortages even amid recession fears
ALS, giving patients a new
option for slowing progres-
BY SARAH CHANEY CAMBON and are reluctant to cut head
Why Does the Web Still Mangle INSIDE
sion of the fatal disease. A3
count. In many cases, they
 Six states sued the Bi- A persistent economic are still hiring.
den administration over its
mass student debt cancel-
Names? Ask Mr. Stüvel puzzle is why labor is still so
tight amid slowing growth,
“I don’t think we’ll see
mass layoffs,” said James
lation plan, citing harms i i i high inflation and growing Knightley, chief international
to state higher education fears of recession. economist at ING. “We are
lending programs and re- Apostrophes, hyphens, umlauts flummox Gross domestic product going to see companies pre-
duced tax revenues. A4 growth slipped into negative fer to hoard their labor
CONTENTS Markets..................... B11
the internet; an O’Brien can’t book a flight territory in the first half of rather than do a quick fire
the year. Borrowing costs and then rehire because the
Arts in Review. A12-13 Opinion.............. A15-17
Business News.. B3,5 Sports....................... A14 have risen steeply as the challenges of hiring right
Crossword.............. A13 Technology............... B4 BY KATIE DEIGHTON vider rejected his moniker, a Federal Reserve boosts inter- now are incredibly intense.”
Equities....................... B7 U.S. News......... A2-4,6 Vancouver hotel hit bumps lo- est rates in an attempt to re- In Eau Claire, Wis., Jim
Heard on Street. B12 Weather................... A13
Mansion.............. M1-12 World News A7,10,18
Sybren Stüvel is an Amster- cating his reservation—as he duce inflation. Even so, Fey normally buys five to
dam-based software developer stood there exhausted from a monthly payrolls have grown eight new buses each year
with a fairly uncommon nine-hour plane trip—and an an average of 438,000 from for his privately owned
> name and a surprisingly airline wouldn’t let him BUSINESS & FINANCE January through August, school bus service. He
common predicament. check in. “You can imagine Porsche’s shares lose nearly three times their 2019 doesn’t plan to purchase any
As he completes the my stress level,” he said. prepandemic pace. in 2023 because high infla-
tasks of daily life, comput- While buying insurance,
much of their luster on Many employers say they tion and interest rates have
ers refuse to accept his he said, “They asked me their first day of continue to struggle with put the price of a bus out of
s 2022 Dow Jones & Company, Inc.
All Rights Reserved name as valid or mangle it ‘Invalid’ to confirm that my last trading in Frankfurt. B1 large staffing shortages that reach. He worries about a re-
entirely. A credit card pro- letter Please turn to page A11 built up during the pandemic Please turn to page A11
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Friday, September 30, 2022 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Mortgage Rates Are Highest Since 2007
BY CHARLEY GRANT rates were 3.01%. yield briefly touched 4%, its ment,” said Andy Walden, vice now expects to put off buying prices are still rising on a
The surge in mortgage rates highest in more than a decade. president of enterprise re- a new house for at least a year-over-year basis, but the
Mortgage rates rose to their follows a series of interest- It fell sharply later that day, search at mortgage-data firm year. “I think it’s probably a pace of growth has slowed,
highest level in more than 15 rate increases from the Fed- notching its biggest one-day Black Knight. good time to be a renter,” said and prices are starting to de-
years, a new high since the eral Reserve. The central bank decline since 2009. With rates rising so much Mr. Carian, who works as an cline month over month.
2008-09 financial crisis that has moved aggressively to try The uncertainty has wid- this year, some would-be buy- account executive for a soft- The higher rates have also
adds pressure to the already to cool the highest inflation in ened the gap between what ers have given up and decided ware company. made refinancings an unat-
cooling U.S. housing market. decades, raising its benchmark various lenders are offering, to keep renting. Others are Would-be buyers are being tractive proposition.
The average rate on a 30- rate five times this year. Offi- Freddie Mac chief economist spending much more on their forced to reckon with their di- Applications to refinance
year fixed mortgage climbed cials have indicated more in- Sam Khater said. “The large monthly payments than they minished buying power in a are down nearly 85% from a
to 6.7%, according to a survey creases are likely in the dispersion in rates means it had planned. Some existing number of ways. Take, for ex- year ago, according to data re-
of lenders released Thursday months ahead. has become even more impor- homeowners are reluctant to ample, a buyer in San Diego leased Wednesday by the Mort-
by Freddie Mac. lt was the Mortgage rates usually rise tant for homebuyers to shop sell, since that could mean tak- with a $3,000 monthly budget gage Bankers Association. The
highest rate since July 2007 or fall in tandem with the around with different lenders.” ing on a new mortgage with a for housing. About a year ago, drop-off is forcing some mort-
and marked the sixth week in benchmark 10-year Treasury Interest rates have a major significantly higher rate. that buyer could have purchased gage lenders to cut jobs or
a row of rising rates. yield, not the rate set by the influence on housing because Jason Carian, 34, sold his a 1,373-square-foot home, ac- even close shop, since refinanc-
This week’s rate was up Fed, but the 10-year yield is they significantly affect a home in Boise, Idaho, in April cording to real-estate brokerage ings made up the bulk of origi-
from 6.29% last week. Moves heavily influenced by expecta- buyer’s monthly payment. to move to Southern Califor- Redfin. Today, a buyer with that nations during the pandemic.
that large in a single week tions for Fed rates. “If you look at the big pic- nia, where his family lives. He same budget could get only a The MBA expects mortgage
have occurred only a handful The 10-year yield has rico- ture of where we stand today had refinanced his mortgage 931-square-foot home. originations to drop 48% to
of times since Freddie Mac cheted this week during broad versus where we were enter- in 2020 at a 2.5% interest rate Existing-home sales have $2.3 trillion this year, dragged
started tracking them more turmoil in the bond markets. ing this year, we’re in a vastly but knows he won’t get any- dropped for seven months in a down by a 73% decline in refi-
than 50 years ago. A year ago, On Wednesday, the 10-year different affordability environ- thing close to that now. He row through August. Home nancings.

U.S. WATCH
New Rule
ECONOMY

Jobless Claims Fall Mandates

Despite Slowdown
U.S. applications for unem-
Corporate
ployment benefits fell last week
to the lowest level since the
spring as many employers hesi-
Ownership
tate to lay off workers despite a
slowing economy.
Initial jobless claims, a proxy
Disclosure
for layoffs, decreased to a sea- BY IAN TALLEY

.
sonally adjusted 193,000 last
week from a revised 209,000 the WASHINGTON—Millions of

ly
previous week, the Labor Depart- companies in the U.S. will have
ment said Thursday. to disclose their ownership to
The total was the lowest the federal government under
ANDREW HARNIK/ASSOCIATED PRESS

since late April and below the

prepandemic average of 218,000
in 2019, when the labor market
was also tight.
on a new anti-money-laundering
rule issued by the Biden ad-
ministration on Thursday.
The Treasury Department
The four-week moving aver- action is aimed at closing
us ,

age, which smooths out weekly what national security officials

l

volatility, fell by 8,750 to 207,000. had warned for decades was a

e
al a

Continuing claims, a proxy for gaping hole in corporate regu-

the number of people receiving on- lations. By requiring certain
going unemployment benefits, de- TRUMAN SHOW: A bronze statue of President Harry S. Truman was unveiled Thursday in the Rotunda off the U.S. Capitol. companies to identify their
ci on

creased to 1.35 million in the week primary owners, officials say

ended Sept. 17 from 1.38 million a would serve to reduce rather and dependent children—from HEALTH Males ages 15 to 24 experienced they aim to penetrate the
week earlier. Continuing claims are than increase transparency. trading stocks or directly holding the sharpest increase at 8%, the shield of anonymity that has
reported with a one-week lag. “No, I don’t think so,” House investments in securities, com- Suicide Rate Rose report found. enabled drug traffickers, ter-
—Sarah Chaney Cambon Majority Leader Steny Hoyer (D., modities, futures, cryptocurrency In 2021, Data Shows “It’s disappointing to see that rorists, corrupt officials and
er s

Md.) told reporters when asked and other similar investments, it went up at all,” said Jill other bad actors to keep their
CONGRESS if the House would vote on the as well as from shorting stocks. The U.S. suicide rate rose in Harkavy-Friedman, senior vice illicit activities hidden.
m er

bill this week. The legislation would also apply 2021 after two consecutive years president of research at the Although the new rule won’t
No Vote Expected He said that members to senior congressional staff but of declines, federal data showed, American Foundation for Suicide take effect until the beginning
On Stock-Trade Ban needed more time to review the not their spouses. underscoring concern about men- Prevention. “We need to keep of 2024, administration offi-
sweeping legislation that would House lawmakers could next tal health in the shadow of the working to improve our tools for cials said it would provide criti-
A top House Democrat indi- change how many members of vote on the bill after the elec- Covid-19 pandemic. assessment and intervention.” cal help to law enforcement
m rp

cated the party wouldn’t move Congress handle their finances. tion, if leaders decide to bring it The suicide rate last year in- Mental-health conditions and and intelligence analysts.
ahead with a planned vote to The legislation released Tues- back up. House creased 4% compared with the suicide risks have been an area Opponents of the new rule
ban stock ownership by mem- day night would ban senior gov- Republicans have criticized rate in 2020, provisional data of greater focus for health offi- said it would impose a regula-
bers of Congress despite broad ernment officials—including the Democratic effort as lacking from the Centers for Disease cials, doctors and lawmakers re- tory burden that would dispro-
support for the concept, due to members of Congress, executive GOP input and are expected to Control and Prevention showed cently, partly because of the portionately affect small busi-
co Fo

concerns about how the rules branch officials and Supreme oppose the measure. on Friday. The rise was driven strains of the pandemic. nesses. The American Bar
would work and whether they Court justices and their spouses —Natalie Andrews largely by suicides among men. —Brianna Abbott Association also said it risked
interfering in attorney-client
relations.

Stocks Fall That move sparked a roller-

coaster day for the benchmark
10-year U.S. Treasury note. Its
Index performance, past two days
2.5%
sively raising rates.
“The Fed is trying very
hard to inflict pain on the job
Currently, state regulations
impose a hodgepodge of dis-
closure requirements, with

As Bond yield climbed above 4% for the

first time in more than a de-
cade, only to end with its big-
2.0

1.5
Dow Jones
Industrial Average
S&P 500
market and it’s not working.
That maintains the narrative
that the Fed is going to have
many jurisdictions such as
Delaware requiring little, if
any, information on company

Yields Rise gest one-day drop since 2009.

As yields declined, stocks
started looking better—briefly,
1.0
Nasdaq Composite
to be tighter for longer,” said
David Waddell, chief executive
& chief investment strategist
owners. By hiding the ultimate
owners of companies through
complicated corporate struc-
n-

anyway. The Dow industrials at Waddell and Associates. tures—layer upon layer of
0.5
Continued from Page One and S&P 500 both snapped The selloff Thursday spread companies that exist only on
dropped 78.57 points, or 2.1%, six-session losing streaks on 0
broadly across U.S. equity paper—bad actors can avoid
to 3640.47. The Dow industrials Wednesday. But on Thursday, markets. All 11 sectors of the detection, officials said.
no

slid 458.13 points, or 1.5%, to stocks returned to their de- –0.5 S&P 500 fell.
29225.61, giving up much of the scent. The Dow was on pace CarMax was the biggest lag-
previous day’s gains. The tech- for its worst monthly drop gard on the S&P 500, down
heavy Nasdaq pulled back since March 2020, the height
–1.0
$21.26, or about 25%, to $65.16
The anti-money-
314.13 points, or 2.8%, to of Covid-19 pandemic panic. –1.5 per share after a huge earnings laundering measure
10737.51. In the U.K., Ms. Truss made miss. The used-car retailer
Stocks have been under clear she wouldn’t backtrack –2.0 Five-minute intervals posted a quarterly profit of 79
will take effect at the
pressure all year. Decades-high on plans to carry out big tax Wed. Thurs. cents a share, far less than the beginning of 2024.
inflation has thrown consum- cuts and spending increases $1.39 expected by analysts
ers and businesses for a loop, funded by borrowing, even Source: FactSet tracked by FactSet. Bed Bath &
and the Federal Reserve and amid the turmoil in financial Beyond shares pulled back 27
other central banks are trying markets. obviously they haven’t ad- ownership and force others to cents, or 4.2%, to $6.19 after re- Primary owners of both for-
to fight it with higher rates. “We had to take decisive dressed the fundamental chal- spend far more than they were porting widening losses. eign and domestic companies
Money managers worry the action,” Ms. Truss told the lenges,” Mr. Turner said. planning. In commodity markets, registered in the U.S. will have
central banks will overdo it and British Broadcasting Corp. in Data released on Thursday Even good news managed Brent crude prices fell 0.9% to to provide their name, birth
tip the economy into recession. her first public comments also underscored concerns not to be for stocks. Initial job- $88.49. date, address and a unique
“Central banks remain since the tax plan was pre- about the U.S. economic out- less claims, a proxy for layoffs, In Europe, the pan-Euro- identifying number from an
wholly focused on inflation and sented last Friday. look. The Commerce Depart- decreased to their lowest level pean Stoxx 600 declined 1.7% approved identification docu-
taking rates higher,” said Chris Bond prices slipped. The 10- ment said the U.S. economy since April, the Labor Depart- and the FTSE 100 Index ment. Law enforcement, intel-
Turner, global head of markets year U.S. Treasury yield rose shrank at an annual rate of ment reported on Thursday. dropped 1.8%. ligence agencies and financial
at Dutch bank ING. “Even if to 3.747%, up from 3.707% 0.6% in the second quarter, But in the sometimes perverse Early Friday, Japan’s Nikkei institutions will then be able
that means causing recession.” Wednesday. That marked its confirming previous estimates. logic of Wall Street, some in- 225 was down 1.7%, Hong to access a confidential federal
On Wednesday, the Bank of third-highest settle this year. Mortgage rates rose to their vestors said that was sending Kong’s Hang Seng Index was corporate beneficiary owner-
England announced an emer- “Yesterday’s massive inter- highest level since 2007, a stocks down too: A strong jobs down 0.5% and South Korea’s ship database. Corporate lob-
gency bond-buying program to vention from the BOE stabi- jump that will lock some sector could give the Fed more Kospi was down 0.4%. S&P 500 byists had fought to ensure the
help stabilize U.K. bond prices. lized things for 12 hours, but would-be buyers out of home- confidence to keep aggres- futures were up less than 0.1%. data wouldn’t be made public.
The administration pro-
vided nearly two dozen exemp-
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
CORRECTIONS  AMPLIFICATIONS tions, including for financial
institutions, broker dealers
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
and other firms that U.S. offi-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Industry officials said there Chicago. The caption incorrectly overseas expansion includes cials said are already regulated
Published daily except Sundays and general legal holidays.
Periodicals postage paid at New York, N.Y., and other mailing offices. is a lack of clarity concerning a identified it as the Austin neigh- building six new plants in Asia. under different authorities.
Postmaster: Send address changes to The Wall Street Journal, Consumer Financial Protection borhood. In some editions Thursday, a Companies with gross receipts
200 Burnett Rd., Chicopee, MA 01020. Bureau move to combat poten- Business & Finance article about in the U.S. of more than $5
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of tial discrimination in banking A proposed new package of the company incorrectly said million are also exempt.
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of services. A U.S. News article on European Union sanctions that Tyson is building seven The rule has broad support
the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order.
Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. Thursday about the CFPB incor- would impose import bans on plants in Asia. across a range of business
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com rectly said the move was by the $7 billion in Russian exports. groups and industry associa-
Need assistance with your subscription? Commodity Futures Trading Display text with a World News In some editions Tuesday, a tions, including the U.S. Cham-
By web: customercenter.wsj.com; By email: wsjsupport@wsj.com Commission in one instance. article on Thursday about the Business & Finance article about ber of Commerce. But for small
By phone: 1-800-JOURNAL (1-800-568-7625) proposed sanctions incorrectly Ford Motor Co.’s request for a firms such as local grocery
Reprints & licensing: A photograph of Chicago’s said they would target $7 billion new trial incorrectly omitted stores and construction compa-
By email: customreprints@dowjones.com
By phone: 1-800-843-0008 Humboldt Park neighborhood in Russian crude oil. the first names of Melvin and nies, the new disclosure rules
WSJ back issues and framed pages: wsjshop.com accompanied a U.S. News article Voncile Hill, who were killed in could pose an additional regu-
Our newspapers are 100% sourced from sustainably certified mills. on Thursday about voters in Tyson Foods Inc.’s planned a 2014 truck-rollover accident. latory burden, costing both
time and money they can’t af-
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles ford, according to the National
by emailing wsjcontact@wsj.com or by calling 888-410-2667. Small Business Association.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Friday, September 30, 2022 | A3

U.S. NEWS

Regulators Approve NASA Craft Buzzes by Moon of Jupiter

Drug to Treat ALS

BY JOSEPH WALKER FDA was forced to juggle the physical functions such as walk-
patients’ demand for new treat- ing, talking and swallowing.
U.S. drug regulators ap- ments with the concerns of staff Amylyx initially submitted
proved Amylyx Pharmaceuti- and some neuroscience experts data to the FDA showing that
cals Inc.’s new drug for amyo- about whether testing demon- its drug helped patients live 4.8
trophic lateral sclerosis, giving strated Relyvrio truly works. months longer on median than
patients a new option for The agency also faced pres- the placebo group in its Phase 2
slowing progression of the fa- sure to approve from patient- trial.
tal disease. advocacy groups including the Earlier this month, Amylyx
The drug is the first that ALS Association, which contrib- presented a new analysis of pa-
the Food and Drug Adminis- uted $2.2 million raised from tients in its Phase 2 trial that
tration has approved for ALS, the 2014 ice-bucket challenge to estimated patients receiving its
also known as Lou Gehrig’s Relyvrio’s development. drug would have lived 9.7
disease, in five years and “This is a victory for the en- months longer on median than
promises to extend the lives of tire ALS community, which patients receiving placebos.
patients by several months. came together to advocate for FDA reviewers, however, ex-
“It’s a fantastic step for- early approval,” said ALS Asso- pressed skepticism of the analy-
ward in our fight against ciation Chief Executive Calaneet ses because the study wasn’t
ALS,” said Sabrina Paganoni, Balas. The ALS Association isn’t designed to measure survival
the study’s lead researcher eligible to receive sales royal- alone and relied in part on hy-
and co-director of the Neuro- ties, but is eligible to be paid pothetical estimates of how
logical Clinical Research Insti- long placebo patients would
tute at Massachusetts General have lived had they not been al-

NASA/JPL-CALTECH/SWRI/MSSS
Hospital. “While the drug is lowed to switch onto the drug
not a cure for the disease,
Patients get a new after the study was completed.
there is a significant impact option, but some The FDA extended its initial
on progression and survival.” deadline for making a decision
Amylyx, a Boston-area com-
staff questioned the following a March meeting of
pany founded by Brown Uni- drug’s effectiveness. an advisory committee that
versity graduates who came narrowly voted that the drug
up with the idea for the drug, hadn’t been proved effective.
called Relyvrio, while in col- The agency then took the un-
lege, didn’t provide a price. back 150% of its grant contribu- usual step of convening a sec- The National Aeronautics and “It’s like seeing an old friend the moon has an icy crust that
The company said the drug tion, or about $3.3 million, Ms. ond advisory panel meeting for Space Administration revealed again after 20 years,” said Curt is 10 to 15 miles thick, which
should be available through Balas said. September to reconsider the on Thursday one of the closest- Niebur, program scientist for floats on what agency scientists
specialty pharmacies in the In Canada, Amylyx has pro- drug and additional data analy- ever looks at an ice-covered NASA’s New Frontiers Program, are almost certain is a saltwater
next four to six weeks. posed a price of about 224,000 ses provided by Amylyx. moon orbiting Jupiter. That which includes the Juno mission, ocean up to 100 miles deep.

.
“Our priority now is to en- Canadian dollars annually per At the second hearing, the moon, named Europa, is widely at the agency’s headquarters in Juno launched from Cape Ca-
sure that adults living with ALS patient, equivalent to around FDA advisers reversed course considered the most promising Washington, D.C.

ly
naveral Air Force Station in Flor-
in the U.S. whose doctors have $165,000, though the final price and voted 7-to-2 in favor of ap- place to search for life beyond The first image from the ida in 2011 aboard an Atlas V
prescribed Relyvrio can access that is negotiated in the coun- proving the drug after Amylyx Earth, according to the agency. Thursday flyby showed craters, rocket and was originally tasked
it as quickly as possible,” said try is subject to change. pledged to withdraw the drug NASA’s Juno spacecraft canyons, ridges and other fea- with completing more than 32
Amylyx Chief Commercial Offi-
cer Margaret Olinger.
The approval comes as sev-
eral drugmakers advance new
People taking the Amylyx
drug in combination with other
approved ALS drugs had a 25%
reduction in their disease pro-
on
from the market if a continuing
follow-up study is unsuccessful.
Relyvrio is a combination of
two drugs, sodium phenylbu-
buzzed by Europa, Jupiter’s
fourth-largest moon, on Thurs-
day, coming within 220 miles of
its surface around 5:36 a.m. ET.
tures of Europa’s rugged ter-
rain. Juno whizzed by Europa
at roughly 50,000 miles an
hour, so the flyby lasted about
orbits of Jupiter to map the
planet after it arrived there in
2016. It wasn’t designed or opti-
mized to study moons such as
ALS drugs, and after Canadian gression over six months in a tyrate and taurursodiol, which It is the first time the agency five minutes. Europa. But after Juno com-
us ,

medicine regulators had cleared midstage, or Phase 2, study of some ALS patients already take has glimpsed the moon that Europa is about 90% the size pleted its objective, NASA ex-
l

the drug for sale under the 137 people. separately. However, sodium closely since its Galileo orbiter of Earth’s moon. Observations tended its mission through
e
al a

name Albrioza, prompting some The study measured the pro- phenylbutyrate can cost about mission flew at a similar dis- from prior NASA missions to 2025.
patients in the U.S. to look for gression of people with ALS us- $5,000 a month in the U.S. and tance in 2000. Europa, including Galileo, indicate —Aylin Woodward
ways to get Amylyx’s product. ing questionnaires gauging the isn’t covered by many insurers
ci on

In making its decision, the patients’ ability to perform for the treatment of ALS.

University of Idaho Curtails Contraception Options

er s

BY DOUGLAS BELKIN
m er

abortions have been banned in may be given out on campus control,” she said. But a law conservative approach to the
AND LAURA KUSISTO the state, with exceptions for to prevent sexually transmit- passed last year meanwhile abortion laws in Idaho.” But
cases of rape, incest or medi- ted diseases but not as contra- prohibits public employees she said the incident reflects
The University of Idaho is cal emergencies. ception and that teachers from promoting or counseling the current confusion in many
advising its employees to limit The 1972 law prohibits ad- must remain neutral in class- in favor of abortion, Ms. Moon states. “What we’re seeing is
m rp

contraception offerings to stu- vertising or promoting ser- room discussions about topics said. “The bill’s intention was the chilling effect that comes
dents and refrain from pro- vices for abortion or for the related to abortion. simple: to remove the state, in- from these abortion bans that
moting abortion rights on prevention of conception, Employees who violate the cluding its publicly funded uni- has organizations nervous
OTTO KITSINGER/ASSOCIATED PRESS

campus, to avoid running afoul which has in turn led the uni- laws could face misdemeanor versities, from advocating for about what services and infor-
of state abortion laws that the versity to advise employees to or felony charges and loss of abortion,” she said. mation they can provide,” Ms.
co Fo

school’s top lawyer has called limit when they offer students employment, the memo said. More than a dozen states Nash said.
exceedingly vague. contraception. The laws affect all public uni- are enforcing bans on many or The University of Idaho
The blanket warning from “In this new and evolving versities in Idaho, including most abortions, but under vir- memo says professors may
the school’s general counsel legal landscape, how these Boise State. tually all of these laws contra- continue to discuss abortion
has led to criticism from na- laws will be enforced remains Dorothy Moon, chairwoman ception generally remains le- and contraception in class as
tional abortion-rights activ- unclear,” the University of of the Idaho Republican Party, gal. State abortion bans also long it is relevant to the class
ists, underscoring the legal Idaho’s general counsel wrote said the 1972 law has an excep- typically don’t explicitly pro- and they remain neutral.
and political tensions that in a seven-page memo ad- Dorothy Moon, chairwoman of tion that allows health profes- hibit medical providers, coun- “We support our students
have emerged since the Su- dressed to employees last the Idaho Republican Party. sionals to distribute birth con- selors, clergy and others from and employees, as well as aca-
preme Court reversed Roe v. week in which he described trol, including condoms. “If a discussing abortion. demic freedom, but under-
Wade this summer. one of the laws as “not a penalties associated with con- public university has licensed Elizabeth Nash, a state pol- stand the need to work within
At issue in Idaho are three model of clarity.” duct that may be perceived to medical professionals, for ex- icy analyst at the Guttmacher the laws set out by our state,”
laws, two recently enacted by “Accordingly, the university violate the laws,” the general ample at the university health Institute, which supports said Jodi Walker, the univer-
n-

state legislators and one from and its employees should be counsel wrote in the memo. center, then those individuals abortion rights, said the uni- sity’s executive director of
1972. Since August, nearly all aware of the potential risks and The memo says condoms can responsibly distribute birth versity is “taking an extremely communications.
no

Army Major, Spouse

Charged With Scheme
To Give Russia Data
BY JOSEPH DE AVILA Maj. Henry, the first known
active-duty Army officer to
A U.S. Army major and her publicly come out as transgen-
spouse have been charged der, worked as a staff internist
with conspiring to provide the stationed at Fort Bragg, N.C., at
confidential health informa- the time of the alleged conspir-
tion of Americans in the U.S. acy, according to federal prose-
government and military to cutors. Ms. Gabrielian worked
Russia. as an anesthesiologist at a Bal-
Maj. Jamie Lee Henry and timore medical institution.
Anna Gabrielian of Rockville, According to the indict-
Md., were arrested and charged ment, the couple began con-
with one count of conspiracy, spiring in August to provide
according to a federal indict- the health information to a
ment unsealed Thursday in U.S. person they believed to be
District Court in Baltimore. working for the Russian gov-
Maj. Henry was charged with ernment, but who was in fact
five counts of wrongful disclo- an agent with the Federal Bu-
sure of individually identifiable reau of Investigation.
health information. Ms. Gabrie- During an initial meeting,
lian faces two counts for the Ms. Gabrielian allegedly told
same offense. the undercover agent “she was
A lawyer for Ms. Gabrielian motivated by patriotism to-
declined to comment. A lawyer ward Russia to provide any as-
for Maj. Henry didn’t return a sistance she could to Russia,”
request to comment. The Army the indictment said. Maj.
referred a request to comment Henry later allegedly told the
to the Justice Department. undercover agent she wished
Maj. Henry and Ms. Gabrie- to join the Russian army.
lian made their first appear- Ms. Gabrielian later gave
ance in federal court Thursday the undercover agent health
and were released on home records for two individuals, in-
detention with monitoring. cluding the spouse of an em-
The efforts by Maj. Henry, ployee of the Office of Naval
39 years old, and Ms. Gabrie- Intelligence, according to the
lian, 36, to share health data indictment. Maj. Henry also al-
with the Russians were related legedly turned over health re-
to the couple’s plans to aid the cords for five individuals who
nation in its war with Ukraine, were military veterans or re-
federal prosecutors said. lated to military veterans.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Friday, September 30, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

U.S. NEWS

Senate Approves Stopgap Funding Bill Six States

Sue Over
BY KATY STECH FEREK and radiological incidents in

WASHINGTON—The Senate
approved legislation to keep
Ukraine, assist Ukrainian
partners with security of nu-
clear and radiological materi-
Student
the federal government operat-
ing until mid-December as well
as fund new aid for Ukraine.
als, and prevent illicit smug-
gling of nuclear
radiological material.”
and Debt Plan
The legislation, which The legislation also pro- BY GABRIEL T. RUBIN
passed 72-25, would prevent a vides billions of dollars in di- AND JACOB GERSHMAN
partial government shutdown saster money to help commu-
after the current fiscal year nities that are recovering Six states sued the Biden
expires Friday night. from extreme weather and administration on Thursday
“This legislation avoids a help strengthen neighbor- over its mass student debt
very bad thing—shutting down hoods for future storms, wild- cancellation plan, citing harms
the government— and does a fires and floods. to state higher-education lend-
lot of good things: money for Senate lawmakers included ing programs and reduced tax
the people of Ukraine, funding $20 million to fix the water revenues.
for communities reeling from infrastructure in Jackson, Republican attorneys gen-
natural disasters, aid to fami- Miss. Last month, heavy rain- eral in Missouri, Nebraska, Ar-
lies with their heating bills, storms flooded the city of kansas, South Carolina and
just to name a few,” said Sen- roughly 150,000 people, lead- Kansas, and an attorney repre-
ate Majority Leader Chuck ing pumps to fail at the city’s senting Iowa Gov. Kim Reyn-
Schumer (D., N.Y.) on the Sen- main water-treatment plant. olds, also a Republican, filed
ate floor. The bill would also make suit on behalf of their states in
The bill now must be $2.5 billion available for New federal court in Missouri. The
passed in the House, before Mexico residents who are re- states are seeking the relief
heading to President Biden’s covering from the Hermit’s now since the Biden adminis-
desk. Peak/Calf Canyon fire, the tration has indicated it will
Without passage of the bill, largest wildfire in the state’s start rolling out the debt can-
a partial government shut- history. Another $2 billion cellation program in early Oc-

DREW ANGERER/GETTY IMAGES

down would occur. A shutdown would head to grants for ar- tober, Missouri Attorney Gen-
would trigger furloughs for eas of Kentucky, Missouri and eral Eric Schmitt said.
hundreds of thousands of fed- other states recovering from The suit came as the ad-
eral workers, but critical func- recent disasters. ministration released its own
tions such as border security, The resolution reautho- cost estimate of the plan, pin-
benefits payments and airport rizes the Food and Drug Ad- ning the price at $379 billion.
operations would continue. ministration’s user-fee agree- The nonpartisan Congressional
House Democrats said ments for prescription drugs, Budget Office released a simi-
Thursday morning they didn’t Senate Majority Leader Chuck Schumer praised the measure, which would keep the government generic drugs and medical de- lar estimate of around $400
anticipate any hiccups in pass- operating until mid-December and fund new aid for Ukraine. It goes next to the House. vices for five years. The legis- billion this week.
ing it through their chamber. lation has to pass by the end Other conservative legal
Once the bill funding gov- that bill already had begun. more than $12 billion in aid to dedicates $1.5 billion to re- of September to avoid fund- challenges are expected after

.
ernment through Dec. 16 The stopgap legislation had Ukraine to help fortify the plenishing U.S. military stock- ing gaps for the FDA. the administration makes a for-
passes, congressional budget been held up by disagreements country’s military with new piles and those of foreign al- Senate leaders didn’t in- mal move toward cancellation,

ly
staffers are expected to pull over a proposal from Sen. Joe weapons and support the gov- lies who sent supplies to clude $22.4 billion that the such as by releasing an applica-
together a funding bill that Manchin (D., W.Va.) to speed up ernment in Kyiv as it fights Ukraine at the request of the White House had requested tion for borrowers to report
runs through the end of fiscal the federal permitting process off Russia’s invasion. U.S.; it also includes $540 mil- for the Covid-19 pandemic their income. The Pacific Legal
year 2023, which lawmakers
are expected to tackle when
they reconvene later this year.
Sen. Richard Shelby (R.,
for major energy projects. In
the face of bipartisan opposi-
tion, that measure was dropped.
The stopgap legislation in-
on That aid includes $3 billion
for training, equipment, weap-
ons and other support—such
as salaries and stipends—for
lion to increase production of
critical munitions and $2.8
billion to bolster Defense De-
partment operations in sup-
needed to replenish the na-
tional stockpile of at-home
tests, fund research for future
vaccines and prepare for fu-
Foundation, a libertarian non-
profit law firm, sued Tuesday
in federal court in Indiana.
“The Biden administration’s
Ala.), the top Republican on cluded several provisions be- Ukraine’s military and security port of Ukraine. ture variants of the virus. executive action to cancel stu-
us ,

the Senate Appropriations yond funding the federal gov- forces, and $4.5 billion in bud- Also included in the stop- —Natalie Andrews dent loan debt was not only un-
l

Committee, told reporters ernment’s current operations. getary support for Ukrainian gap bill is $35 million to “re- and Siobhan Hughes constitutional, it will unfairly
e
al a

Thursday that negotiations on The resolution contains government operations. It also spond to potential nuclear contributed to this article. burden working-class families,”
Mr. Schmitt said. Mr. Schmitt is
a Republican candidate for a
ci on

Judge Overrules Special Master in Trump Case

U.S. Senate seat in Missouri.
Biden administration attor-
neys have said existing law
gives the education secretary
BY JAN WOLFE Judge Cannon appointed said he was requiring Mr. tively challenged Mr. Trump to that it would be difficult to sweeping authority to cancel
er s

the special master and has the Trump lawyers to submit by substantiate those accusations, make any declarations without student loans.
WASHINGTON—Former authority to reject his recom- Sept. 30 a “declaration or affi- which his lawyers have never first seeing the roughly 100 “Republican officials from
m er

President Donald Trump mendations. davit” clarifying whether they made in court. documents seized at Mar-a- these six states are standing
doesn’t need to weigh in on “There shall be no separate believe any items listed on the “This submission shall be Lago that are marked as classi- with special interests, and
whether the FBI’s inventory of requirement on Plaintiff FBI’s inventory weren’t actu- Plaintiff’s final opportunity to fied, which are currently in the fighting to stop relief for bor-
items taken from Mar-a-Lago [Trump] at this stage, prior to ally seized from the premises. raise any factual dispute as to government’s possession. rowers buried under moun-
is accurate, a federal judge the review of any of the Seized In the days after the un- the completeness and accuracy A spokesman for Mr. Trump tains of debt,” said Abdullah
m rp

said on Thursday, overruling Materials, to lodge ex ante fi- of the Detailed Property Inven- didn’t respond to a request for Hasan, a White House spokes-
the court-appointed arbiter nal objections to the accuracy tory,” Judge Dearie wrote in comment. A spokesman for the man. “The President and his
overseeing a review of the of Defendant’s Inventory, its the Sept. 22 order. Justice Department declined administration are lawfully
seized documents. descriptions, or its content,”
Ex-president won’t Mr. Trump’s lawyers ob- to comment. giving working and middle-
In a written order, U.S. Dis- Judge Cannon wrote. have to lodge any jected to the requirement, say- It was Mr. Trump’s lawyers class families breathing room
co Fo

trict Judge Aileen Cannon in “The Court’s Appointment ing in a Sept. 25 letter to who requested a special mas- as they recover from the pan-
Florida said Mr. Trump isn’t Order did not contemplate
objections to FBI’s Judge Dearie that he had ex- ter, and Judge Dearie was one demic and prepare to resume
obligated to lodge any objec- that obligation,” she added, in- inventory by Friday. ceeded his authority. of their two proposed candi- loan payments in January.”
tions to the accuracy of the re- dicating Judge Dearie had “The Appointing Order con- dates for the role. Since begin- Two of the states involved in
vised inventory provided by overstepped the authority she templated no corresponding ning his work this month, the lawsuit—Missouri and Ar-
the Federal Bureau of Investi- granted to him after naming declaration or affidavit by Plain- Judge Dearie has rejected kansas—have state-established
gation earlier this week. him to the role. precedented Aug. 8 search of tiff, and because the Special some of Mr. Trump’s proposals student loan processing pro-
The order eliminates a Fri- In her Thursday order, his Florida home, Mr. Trump Master’s case management plan for how the review should play grams that service student
day deadline for any such ob- Judge Cannon also extended said in media interviews that exceeds the grant of authority out but has yet to make sub- debt. The states claim their
jections set by Judge Raymond the deadline for Judge Dearie the FBI may have planted evi- from the District Court on this stantive rulings. loan entities would suffer finan-
Dearie, the semiretired jurist to finish his work from Nov. 30 dence during the daylong issue, Plaintiff must object,” Mr. —Alex Leary cially because of the program.
serving as special master in to Dec. 16. search. Trump’s lawyers wrote. and Sadie Gurman The other states cited potential
the case. On Sept. 22, Judge Dearie Judge Dearie’s order effec- The Trump lawyers said contributed to this article. impact on their tax revenues.
n-

In Nebraska, Race Tightens for a Republican House Incumbent

no

BY DANTE CHINNI seeks the White House again.

However, Mr. Bacon didn’t vote
OMAHA, Neb.—If Republi- to impeach the former presi-
can Rep. Don Bacon gets re- dent for the Jan. 6 riot.
elected in November, it will be Chad Woodworth, a lifelong
in part because his efforts to Republican who lives in
center his competitive House nearby Sarpy County, said the
race on inflation, crime and GOP’s reaction to the Capitol
border security helped win riot was a deal breaker after
over undecided voters like voting for Mr. Bacon in his
REBECCA S. GRATZ FOR THE WALL STREET JOURNAL

Todd Christensen. campaigns and for Mr. Trump

If Mr. Bacon loses, it will be twice.
TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS

partly because voters in this “That second impeachment,

swing district moved toward that’s where I really got frus-
Democrats after the overturn- trated with a lot of the Repub-
ing of Roe v. Wade and the lican Party for not voting to
congressional hearings on the impeach him,” said Mr. Wood-
Jan. 6, 2021, Capitol riot by worth.
supporters of former President Mr. Bacon said Mr. Vargas
Donald Trump. Mr. Chris- is portraying himself as a
tensen, who voted for Mr. Ba- moderate when his record is
con in his previous three runs much more liberal, and that
for Congress, said he is unsure research suggested that about
about doing so again because Democrat Tony Vargas, left, is challenging Republican Rep. Don Bacon in Nebraska’s second district, which includes Omaha, a blue dot. half of voters had no opinion
he thought Mr. Bacon came of Mr. Vargas.
across as too divisive when he the final decisions of voters in home to colleges and upscale area, told him she may end up David Wasserman, senior Mr. Vargas represents a de-
heard him address constitu- districts like this one, which educated neighborhoods, such leaving the state because she editor for the Cook Political parture from the opposition
ents at town-hall meetings. includes the densely populated as Aksarben (Nebraska spelled worries that the loss of protec- Report, said abortion is mov- Mr. Bacon has faced in the last
“Historically, Republicans core of the city, its wealthy backward). Full of cafes, bars tions from Roe could eventu- ing voters “across the board,” two races, when his opponent
do a better job of appealing to suburbs and the exurban and restaurants as well as a ally impede her ability to work and not just in the suburban was community organizer
my beliefs than Democrats sprawl and rural towns that large food hall, the area is as a fertility specialist. areas that will help decide Kara Eastman.
do,” said Mr. Christensen, a stretch beyond the metro. young, trendy and deeply The issue is one reason why close races. He is one of sev- Mr. Vargas, who is Latino,
37-year-old financial analyst Nebraska is generally Democratic. Mr. Meyer said he won’t vote eral election forecasters who in the Legislature represents
who twice voted for Mr. thought of as a Republican The key for Republicans is to re-elect Mr. Bacon despite have moved Mr. Bacon’s race South Omaha, where much of
Trump. He is considering giv- bastion, though the size and driving up support and turn- backing him in his previous from “likely Republican” to the city’s Hispanic population
ing Mr. Bacon’s Democratic sway of Omaha, an urban blue out in the exurban and rural three runs. Mr. Bacon has said “tossup.” lives, giving him the potential
opponent, state Sen. Tony Var- dot on the state’s eastern bor- areas of the district. There are he opposes abortion except to A central challenge for Mr. to generate more enthusiasm
gas, “a shot” because he seems der, has made the Second Con- signs they face challenges with save a mother’s life and has Bacon is appealing to voters from a part of the city that
like “a pretty good dude.” gressional District into a bat- some of those voters. co-sponsored a bill that says who like Mr. Trump’s combat- normally has lower turnout.
Mr. Bacon’s race is part of a tleground. Mr. Bacon won his Bruce Meyer, 70, a retired life begins at conception. He ive style without alienating vot- He doesn’t cite abortion or
batch of contests where Demo- 2020 race by about 5 percent- accountant living in this city’s recently said he would accept ers who dislike it. Mr. Bacon Jan. 6 as dominant issues.
crats’ chances have improved. age points. President Biden western exurbs, was a lifelong a compromise that permits has at times distanced himself “Voters say they’re looking
Republicans are still favored beat Mr. Trump here by about Republican until the Supreme abortion up to 15 weeks. from the former president, who for people that are actually
to take control of the House, 7 percentage points. Court’s decision to overturn “The politicians don’t look called for challenging Mr. Ba- going to fight for the middle
though by a slimmer margin The biggest chunk of the Roe v. Wade turned him into an at how the issues in their pro- con in his primary, and has said class and the working class,”
than predicted earlier this district’s population comes independent voter, he said. His posals will impact people,” Mr. he won’t support Mr. Trump he said, noting that his par-
year. The outcome hinges on from Douglas County, which is daughter, an OB-GYN in the Meyer said. for the GOP nomination if he ents worked on factory lines.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

s
THE WALL STREET JOURNAL. A Friday, September 30, 2022 | A5

C e e r
L I M I T E D  E D I T I O N 2 02 2 W I N E A DV E N T C A L E N DA R

h AROUND
THE WORLD! Enjoy a delicious pour behind every door
in the days leading up to Christmas

Travel the globe this holiday season with our all-new

2022 Wine Advent Calendar, which celebrates diverse SHIPS
holiday traditions around the world. Behind each door,
you’ll find a lovely, little quarter-bottle (187ml)—plus
FREE

.
ly
a half bottle of fine Prosecco (350ml) for Christmas
Eve. There’s 24 unique wines in total—each
providing a generous glassful of wine—including
classics from Bordeaux, Tuscany, Spain and
on
beyond. In addition to rich reds and elegant
us ,
l

whites, there’s also fresh rosé, luscious Port

e
al a

and that half bottle of bubbly. Last year’s

ci on

calendar sold out in a flash, so order

yours today. It makes the perfect gift
for wine-loving friends…and,
er s

of course, yourself.
m er

Order by November 21 for

delivery by December 1.*
m rp
co Fo
n-
no

©2022

CHEERS AROUND THE WORLD Wine Advent Calendar 2022

23 mini bottles (187ml each) + 1 half bottle (375ml) $149.99 + applicable tax + FREE SHIPPING

*See wsjwine.com/shipping for state-by-state deadlines

ORDER AT wsjwine.com/advent2022
OR CALL 1-877-975-9463 AND QUOTE CODE AD8D001 EXCELLENT RATING

100% money-back guarantee applies to each wine. Offer subject to availability. All orders fulilled by licensed retailers/wineries and applicable taxes are paid. You must be at least 21
years old to order. Wine may vary by state. Delivery available to AZ, AK, CA, CT, FL, IA, ID, IL, IN (limited delivery area), LA, MA, MI, MN, MO, NC, NE, NH, NJ, NM, NV, NY, OH, OR, SC,
TX, VA, WA, WI, WV, WY and DC. WSJwine is operated independently of The Wall Street Journal’s news department. Full terms and conditions online. Void where prohibited by law.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Friday, September 30, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS

On the Coast, Florida

Reels From
Residents Log Ian’s Havoc

FROM TOP: JOE RAEDLE/GETTY IMAGES; JOE BURBANK/ORLANDO SENTINEL/AP

A Day of Terror Continued from Page One
and would need to rebuild
their power infrastructure.
BY ELIZABETH FINDELL sat in the middle of highways President Biden, a Demo-
and 40-foot sailboats lay side- crat, said Thursday he plans to
FORT MYERS BEACH, Fla.— ways in the woods. travel to Florida to survey
As Hurricane Ian crashed ashore John Heim, a 36-year resi- damage from Hurricane Ian
Wednesday afternoon, waves dent of the island who heads a when conditions allow and
cresting above the first floors of grass-roots environmental would also make a trip to
buildings, Siegfried Heydrich group, saw the body of a woman Puerto Rico after Hurricane
was standing on furniture feel- crushed under a house, he said. Fiona recently battered the
ing the water come up to his Mr. Heim said he rode out U.S. territory.
neck. He needed to act fast. the storm on the roof of his Across the beach communi-
Mr. Heydrich punched a hole house. Now he is just devas- ties that stretch up and down
into his drywall roof to reach tated for his community, which Florida’s Gulf Coast, officials
the rafters, he said. He and his he described as in shock. and residents—many of them
brother and roommate hung “People were leveled by accustomed to the hurricanes In Fort Myers, Ian piled a boat
from the rafter, water swirling what appeared to be a direct that have ravaged the region and debris next to an apartment.
from the necks down, for the hit,” he said. “It’s beyond per- over the years—were taking Left, an evacuation at an
duration of the storm, he said. sonal loss—it’s a community.” stock of the damage. Some Orlando assisted-living home.
“I’m alive,” he said on The number of fatalities isn’t said they had never seen a
Thursday, surveying the dam- yet known. Assistance has been storm so bad before. Others, was evacuating the hospital
age. He considers himself one slow to reach the areas hardest who chose to remain during Thursday, an executive with
of the lucky ones. hit. On Fort Myers Beach, most the hurricane, described see- the company said.
Mr. Heydrich, 69 years old, a roadways remained entirely ing neighbors in floating The storm also dumped sig-
retired Renaissance fair jouster, blocked by midday Thursday homes pulled into the surf. nificant rain on central Flor-
was among the residents of and only a handful of emer- Bonnie McLaughlin, who ida Thursday as it moved
this once-beautiful beach town gency responders had arrived. has lived since 1979 on the across the state, deluging
left stunned by the devastation Several residents questioned barrier island where Fort My- communities in metro Orlando
of a hurricane whose power why officials hadn’t responded ers Beach is located, escaped and the Atlantic coast.
they didn’t anticipate. in force by late afternoon. from her one-story house to a As Ian barreled toward
Residents of the 7-mile-long Dawn Winston, 64, was sit- neighbor’s home through chin- Florida on Wednesday, Wil-
island that includes Fort My- ting outside a friend’s house in deep water. liam Russell and Ron Shep-
ers Beach described horror shock, covered in mud and As she and the neighbors perd said they were facing
during the storm as the flood- emotional as she sipped a beer watched the water rise up the pounding waves and winds
water rose rapidly. Some re- Thursday afternoon. Water second-floor steps, they dis- from the upper floor of a ho-
ported escaping to higher- rushed into her house so fast cussed whether they could tel building in Fort Myers

.
level homes than their own, during the storm, she said, she hang on to the power lines to Beach when they spotted a
swimming through currents knew she had to leave. She try to swim to a high-rise, she looted. were grappling with the house floating in their direc-

ly
they didn’t think they would made it to a neighbor’s house said. But they made it Aerial footage from the Lee storm’s impacts. On Thursday, tion. Three people and two
escape. Others pulled them- with one of her cats, but when through. Thursday, her house County Sheriff’s Office showed Lee Health, which has hospi- dogs were trying to escape
selves onto their roofs. Some she tried to go back to help was filled with mud and piles how the storm had gutted tals in Cape Coral and Fort from a window, they said.
saw neighbors in floating
homes pulled into the surf.
Amid the wind and water,
they watched items churn
her 81-year-old husband, the
surge was too strong for her
to make it. “I said ‘I’m going
to die and he’s going to die.
onof items that aren’t hers, with
the water line above her head.
Ms. McLaughlin was among
those surprised by the storm’s
plots of homes near the beach.
Smoke billowed from fires in
other houses.
Elsewhere, Penny Taylor, a
Myers in Florida, said it was
evacuating about 400 patients
after the storm knocked out
local water and power.
“There was nothing we
could do,” Mr. Russell said.
Minutes later, Mr. Shepperd
saw one of the people clinging
past: whole houses ripped We’re all going to die,’ ” she ferocity. commissioner in Collier “Currently, three of our to a palm tree in the surf.
us ,

from their foundations, cars, said. “I cried like a baby.” “They always carry on County, which includes Naples, four hospitals do not have “They got swept away,” Mr.
l

refrigerators, roofs. The neighbor, whom Ms. about how bad these things said a historic pier in that city running water,” said Lee Shepperd said. “They’re gone.”
e
al a

As Thursday dawned, resi- Winston knew only as Jeremy, are going to be and there’s go- sustained heavy damage. Health Chief Executive Larry —Jon Kamp, Alyssa Lukpat
dents wandered shellshocked charged into the water himself ing to be 30 feet of water, so “It’s pretty overwhelming,” Antonucci. and Melanie Evans
through the rubble. Plots and bear-hugged her husband you learn to tune that out,” she said of the damage in her HCA Healthcare Inc.’s hos- contributed to this article.
ci on

where houses once stood were in the deep water, dragging she said. “This morning, I’m area. “It was no man’s land pital in Port Charlotte suf-
emptied. Whole streets were him to safety. He saved two glad to be alive.” here.” fered roof damage that
reduced to matchsticks of other neighbors as well, she Roger Desjarlais, the man- Ms. Taylor said newer brought water pouring into an Watch a Video
wood and debris. Cars sat up- said. With previous hurricanes, ager of Lee County, which in- homes, especially those ele- intensive-care unit. Dr. Birgit Scan this code
side down against trees. Walls she said, she had stayed in her cludes Fort Myers Beach, said vated above ground, appeared Bodine said medical staff had for a video
er s

and roofs had been ripped home and taken in no water. at a news briefing that his to have fared better than older to rush to get sick patients about Floridians
from houses. Up the road in “This time I made a mis- county was decimated and ones. down to a lower floor as wa- grappling with
m er

Fort Myers, large speedboats take,” she said. “It was too big.” that businesses had been Hospitals across the region ter flooded the facility. HCA Ian’s aftermath
m rp
co Fo
n-
no

December 5–6, 2022 | Washington, D.C.

The Wall Street Journal CEO Council will convene in Washington, D.C. on December 5 and 6, a month after the midterm
elections and almost a year since Russia upended global geopolitics with its invasion of Ukraine. We will explore how the
balance of power has shifted in Washington, and how that will impact business, the economy and society. We will delve into
the outlook for inflation and markets, how the pandemic has reshaped the way people work and how trade and geopolitical
relationships are evolving in a more complex and fractious world. The Summit will also take stock of how leadership has
morphed, as CEOs face new calls to take stances on social and political issues. How are CEOs preparing? Join us.

Membership is by invitation: CEOCouncil@wsj.com. Learn more at CEOCouncil.wsj.com/inquire.

Presenting Sponsors

© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ9101
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, September 30, 2022 | A7

WORLD NEWS
Escalation of War Raises Risks to Putin
As the Russian leader ante in a war that Russia has which four partially occupied in 2014, the war in Ukraine has dits from Russia’s hard-line na- tory, the Russians are tena-
been losing, and leaves Mr. Pu- Ukrainian regions—Donetsk, cost Moscow at least 80,000 tionalists who want Mr. Putin cious about defending their
celebrates annexation, tin dangerously short of exit Luhansk, Zaporizhzhia and wounded or killed, according to take the war effort further, own territory,” he said. “It’s a
concerns percolate at options, the analysts say. Kherson—formally will be ac- to Western estimates. saying a broad mobilization little bit different fighting out-
In annexing the occupied cepted into Russia. Moscow has Andrei Kolesnikov, a senior would heal Russia’s divisions. side—and dying for what? A
home, analysts say territories, Russia will de- closed roads around the Krem- fellow with the Carnegie En- Mr. Putin, who has argued lot of Russians don’t care
clare sovereignty over prov- lin, in anticipation of a concert dowment for International that Ukraine’s borders were an about the historic idea that
BY ALAN CULLISON inces that it only partially con- on Red Square and rally. Peace, said that coming festiv- accident of Soviet planning Ukraine is part of Russia.”
trols and where Ukrainian Next week the upper house of ities might help add to a fa- and that the nation historically Ukrainian President Volod-
MOSCOW—Russia is plan- troops are advancing. If Russia Russia’s parliament is expected cade of calm, but below the is an integral part of Rus- ymyr Zelensky, who discussed
ning triumphal ceremonies fails to reverse the tide with to rubber stamp the annexation. surface are deep worries sia, published a treatise last international reaction to the
and public rallies as President 300,000 hastily trained troops Ukraine and Western gov- about Mr. Putin’s direction. year that amounted to a pre- Russian land grab with the
Vladimir Putin prepares to for- that Mr. Putin mobilized last ernments have called the an- “There is no joy, as there text for invading, falsely say- president of Poland and the
mally annex a broad, addi- week, he faces the prospect of nexation referendums in the was, because back then it was ing that Ukraine never was an departing prime minister of It-
tional swath of Ukraine. a wider draft of military-aged occupied areas a sham de- an act of pure patriotic de- independent state and lacked aly on Thursday, called for an
The celebrations are set to men that would be deeply un- signed to confer a veneer of le- light—the capture of a culturally its own culture or language. emergency meeting of his na-
echo the pomp and circum- popular inside the country. gitimacy to Moscow’s seizure and historically important land, While Mr. Putin has re- tional security council Friday.
stance that accompanied Rus- Nationalist politicians are of Ukrainian land. The referen- Crimea, without a single shot peated those arguments on Turkish President Recep
sia’s seizure of Ukraine’s Cri- pressing Mr. Putin to declare dums involved coercion, threats being fired,” he said. “But here television and in interviews Tayyip Erdogan discussed Rus-
mean Peninsula eight years ago. martial law that would put the and, in some places, soldiers it is a bloodbath. Putin is forcing since then, it isn’t clear that sia’s referendums with Mr. Pu-
Today, the new annexations, economy on a wartime foot- going door to door and forcing Russian men to share responsi- many Russians or even Krem- tin on a call Thursday. He
as well as a series of unpopu- ing, close Russia’s borders to people to vote at gunpoint, said bility for the war with him.” lin elites share his view, said urged him to reduce tensions
lar moves putting the country stop the tens of thousands of officials and residents. Polls suggested that the mo- Thomas Graham, a distin- in Ukraine and give diplomacy
on war footing, raise the risk draft-age men who have fled Friday’s festivities, while bilization would be deeply un- guished fellow at the Council another chance, according to
of overreach as he grasps for a and possibly impose some re- harking back to eight years ago, popular with Russians, but Mr. on Foreign Relations. the Turkish president’s office.
breakthrough in the Ukraine strictions on foreigners. precede what promises to be a Putin had little choice given the Mr. Graham said the lack of —Yaroslav Trofimov
war, say political analysts. Mr. Putin will participate in bloody and difficult winter. Un- large losses on the battlefield. enthusiasm will sap the war and Ann Simmons
The annexations will up the a ceremony Friday in like the quick seizure of Crimea The mobilization has won plau- effort. “If you look at the his- contributed to this article.

Russians Crowd
Borders as Many
Evade Draft

.
BY DREW HINSHAW border point. Russian police of-

ly
AND KATE VTORYGINA fer to escort vehicles to the
front of the bottleneck, for a fee.
DARIALI, Georgia—On a Satellite images from Maxar
narrow road high in the Cau-
casus Mountains, thousands of
Technologies showed a 10-mile
line of cars at one of several
on

JUSTYNA MIELNIKIEWICZ/MAPS FOR THE WALL STREET JOURNAL

cars packed with young men checkpoints on the way into
have waited three days to inch Georgia, on Tuesday.
through a six-mile traffic jam “They’re running out of
us ,

to the Russian frontier, their food, they’re running out of

l

passengers running low on water, they’re running out of

e
al a

food and water. gas,” said a 33-year-old reserve

North of the Arctic Circle, a lieutenant who spent 39 hours
sleepy Norwegian border post in traffic to move about 5 miles.
ci on

has been swamped with five In one week, some 66,000

times its normal traffic, as po- people have crossed over the
tential Russian conscripts trek European Union’s largely closed
hundreds of miles to one of borders, said the union’s bor-
the last remaining entry der-control agency on Tuesday.
er s

points into Europe. An additional 53,136 Russians

A tide of Russian draft-age crossed into Georgia in the five
m er

men has accelerated toward days after Mr. Putin mobilized,

the country’s borders, as tens said the country’s Interior Min- A family reunites on the Georgian side of the border with Russia. A tide of Russian men has been rolling to the borders to avoid the draft.
of thousands of potential con- istry, twice the number that
scripts for the war in Ukraine had come through in the previ- invasion. The would-be émigrés ganization for Security and ample of the spillover effects ceived orders to serve. Some
line up to enter countries un- ous week. Some 98,000 crossed mostly are longtime critics of Cooperation in Europe. “So of the conflict destabilizing Russians made it to the border
m rp

easy about hosting a burgeon- into Kazakhstan, the Central the Russian president, from an whatever numbers of people Russia’s neighbors. Finland, only to panic and leave before
ing diaspora of exiles. Asian country said Tuesday. educated class with money and have come out of Russia so far, which has kept its border authorities could type their
In the week since President “Border Control,” a group connections abroad to flee. it’s only the tip of the iceberg open, is tightening it. The EU names into the database. On
Vladimir Putin ordered the on the social-media app Tele- Mr. Putin has millions more in terms of the number of peo- has all but closed its land bor- Telegram, men trade advice on
mobilization of some 300,000 gram that offers tips on how potential conscripts to draw ple who either would like to ders with Russia, with Poland, which border points aren’t
co Fo

conscripts, departing Russians to make it out of Russia, has on, including supporters who leave or fear that they will be Lithuania, Latvia and Estonia checking that database, or how
have overwhelmed a chain of swollen to 139,000 people, view the émigrés as deserters. conscripted against their will imposing a near total ban. to slip over the border illegally.
typically sleepy border posts sharing their ordeals. But U.S. officials say the de- and forced to fight in Ukraine.” The risks are greatest for “In Russia, if you have
stretched across thousands of “Ran out of food—please parture of those most able to The exodus is quickening Georgia, a former Soviet repub- money, you are leaving right
miles. The flow is mostly pro- help,” wrote one user. “I just leave offers an indication of Russia’s brain drain: In the lic of 3.7 million that has sought now,” said Boris Nazarov, a ma-
fessional-class Russians to don’t want to die in Russia,” wider dissent and doubt in space of 24 hours at the Geor- to avoid provoking Mr. Putin. chine programmer who packed
pursue new lives as refugees. posted another. “Otherwise, I’ll Russia, where Mr. Putin has gian border, those crossing in- Russian-backed forces have oc- his bags within hours of Mr.
The longest single line is have to be born here again :(” long tried to keep the war in cluded a nuclear physicist, a cupied about a fifth of the Putin’s announcement, leaving
snaking along a mountain road- The tangle of cars at border Ukraine from affecting ordi- classical music instructor, a lo- country since invading in 2008. through the Belarusian capital
way built by the czars to con- posts that began within hours nary life on the home front. cal legislator from the coun- Along the frontiers, Russian of Minsk. “It’s not true that
nect Russia with Georgia. Some of Mr. Putin’s Sept. 21 mobili- “Clearly, a lot of Russians try’s opposition, lawyers, econ- authorities are trying to deter people who are not rich don’t
discard their vehicles by the zation order represents one of are not able, they don’t have omists, videographers and IT people from leaving. Hastily want to leave Russia. They do.
roadside, buying bicycles or the biggest gauges thus far of the means,” said Ambassador workers intent on continuing erected draft offices check But they don’t have $10,000 for
n-

kick-scooters then powering up how widespread opposition is Michael Carpenter, U.S. perma- their jobs remotely, abroad. travelers’ names against a da- a ticket to Uzbekistan. They’re
steep roads to the jam-packed to the seven-month-old Ukraine nent representative to the Or- Their exit is the latest ex- tabase of those who have re- bound to go to this war.”
no

Pipeline these diplomats said.

Even before Thursday’s
statement, leaders of Denmark

Sabotaged, and Poland publicly blamed

the leaks on sabotage, as did
Sweden, which is awaiting ap-

NATO Says provals from Hungary and

Turkey to join the alliance.
“If it would be just one
OLIVIER HOSLET/EPA/SHUTTERSTOCK

Continued from Page One

leak, this could have been an
accident,” Deputy Foreign SAVE
ond in Swedish waters—was
discovered around the same
Minister Paweł Jabłoński of
Poland said. “But a situation $170
time as the first. The second where we have several simul-
leak is smaller, and emissions taneous leaks points to an ac-

TOP
from that leak are weakening, tion that was purposeful. This
according to the agency’s sur- is the main reason.”
veillance of the site. NATO members have long

12
The aftermath of the leaks NATO Secretary-General Jens Stoltenberg on Thursday wrote on harbored concerns about at-
threatens to expand the the- Twitter that the sabotage on the pipelines was of ‘deep concern.’ tacks on what they deem critical
ater of the conflict in Ukraine, infrastructure, a term that has
which so far has mostly been Dmitry Peskov said Thursday ready to help investigate the come to include telecommunica-
confined to Ukraine’s borders, that much more NATO than leaks. tions networks but also encom-
and to conflate it with the Russian hardware is in the area The NATO statement marks a passes energy pipelines such as
economic war playing out be- of the pipeline leaks. “This area ratcheting up of tensions be- the two Nord Stream projects.
tween Russia and the West. is the Baltic Sea. There were tween Russia and the West, as The Russian pipes have two
While the incidents don’t af- many more aircraft, ships or President Vladimir Putin of Rus- different owners. Nord Stream
fect Europe’s gas supply—the other marine vehicles from sia pushes ahead with plans to is owned by a Switzerland-
pipelines aren’t now in use— NATO countries there,” he said. annex occupied parts of eastern based company, Nord Stream Wines You
they have raised fears about
the security of the continent’s
“So, these reports [of Russia’s
involvement] are absolutely ri-
and southern Ukraine. Russian
officials have warned that any
AG. Its shareholders include
Russia’s state-gas exporter Gaz-
Need to Try
energy systems as govern- diculous…and biased.” attack on those still-contested prom PJSC as well as European
ments work to build up their
gas supplies for the winter.
The council said the military
alliance would be prepared to
territories would be considered
an attack on Russia itself.
energy companies including
Germany’s Wintershall Dea AG
Plus
The North Atlantic Council, defend its infrastructure from Several senior European and France’s Engie SA. 3 BONUS Bottles
which includes representatives attacks by both foreign govern- diplomats said there was little The Nord Stream pipelines
from all 30 NATO governments, ments and individuals acting serious doubt in capitals that are vast, laid mostly along the
didn’t name a culprit behind without explicit state backing. Russia was behind the pipeline seabed, each more than 750
the Baltic Sea leaks, though of- “All currently available in- damage but that it was impor- miles long. The explosions were
ficials in several member coun- formation indicates that this is tant to be absolutely certain large enough to be detected by
tries have attributed the de- the result of deliberate, reck- given the implications of seismographs in Sweden.
struction to Russia, without less, and irresponsible acts of reaching that conclusion. Dur- The leaks raised nerves
providing evidence. sabotage,” it said. “We, as Al- ing a meeting late Wednesday, among traders about the pros-
Russia has denied involve- lies, have committed to pre- NATO member countries said pect for further supply disrup-
ment in the damage to the pare for, deter and defend it was likely that Russia was tions. Russia had throttled gas
pipeline, and the Kremlin has against the coercive use of en- responsible for the leaks, but exports to Europe in recent

Go to wsjwine.com/now
called it “a terrorist attack, ergy and other hybrid tactics most countries didn’t want to months.
2WSJW1907
possibly at the state level.” by state and non-state actors.” publicly mention their suspi- —Jenny Strasburg in London
Presidential spokesman U.S. officials said they were cions without more evidence, contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Friday, September 30, 2022 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, September 30, 2022 | A9

We keep A weak password is

the biggest threat to
account security
2-Step Verification was built to secure
your account even if your password is
compromised – and we’ve turned it on

more Americans by default for 150 million people.

g.co/2SV

.
ly
safe online

on
Malware attacks are Google Chrome’s Safe Browsing
increasingly threatening technology was built to block risky sites,

us ,
online security protecting over 5 billion devices every day.

l
e
al a
g.co/safety

than anyone else

ci on
9 out of 10 cyberattacks Gmail phishing protections were built to

er s
m er begin with a phishing link stop 100 million phishing emails every day.
g.co/safety
m rp

For over 20 years, we’ve been protecting Digital attacks are being Project Shield was built to defend news
co Fo

used to censor critical and human rights organizations from these

Americans from cybersecurity threats. information online attacks in over 100 countries.
g.co/projectshield
From phishing protections to safeguarding the
websites of news outlets and human rights
Online attacks against Our Advanced Protection Program
n-

organizations, we’re building advanced technology high-profile individuals was built to protect users from
that raises the bar for the entire industry and are on the rise highly targeted attacks.
no

g.co/advancedprotection
makes the whole internet safer for everyone.

safety.google
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

WORLD NEWS

Germany Moves to Cap Energy Prices

Businesses worry told reporters in Berlin. “It Real economic growth projections for the Group of 7 countries. car bodies. Today, it costs Mr. consumers and companies up
will help workers, pensioners, Jankowsky about €3,000 each to a given level of consump-
rising costs will shut families...and large industrial 2021 2022 2023
time, a 30-fold increase. To tion that has yet to be deter-
companies, imperil companies to be able to pay -2.5% 0 2.5 5 7.5 save money, he now turns on mined. Above that level, mar-
their bills.” the furnace twice a week in- ket prices would apply. A cut
vital supply chains Long Europe’s growth en-
Canada
stead of three times. in value-added tax on natural
gine and its manufacturing Germany Mr. Jankowsky expects his gas is set to be extended
BY TOM FAIRLESS nerve center, Germany’s econ- annual electricity bill to in- through next year.
omy has become one of the France crease by €2 million next year, The measures and other
FRANKFURT—Germany un- most vulnerable on the conti- Italy an enormous burden for a fam- targeted assistance for compa-
veiled a wide-ranging price nent. It is likely to grow by just ily-run firm with €20 million in nies affected by the war could
cap on energy in response to 1.2% this year and shrink by Japan annual sales. After his previous cost up to €200 billion in total
growing concerns among Ger- 0.7% next year, by far the worst contract ran out, he started and will be partly financed
man businesses that a wave of performance among major in- U.K. buying gas on the spot market, through the reactivation of an
insolvencies could wash over dustrial economies, according U.S.
paying vastly higher prices. economic support fund cre-
the country and disrupt the to a forecast published this “Next year will be decisive. ated during the Covid-19 pan-
supply chains serving Ger- week by the Organization for Source: Organization for Economic Cooperation and Development Supply chains could be reori- demic. A levy on extraordinary
many’s largest industrial sec- Economic Cooperation and De- ented toward countries with profits by some power compa-
tors. velopment, a Paris-based think for Germany.” sible gas shortages this winter. cheaper energy,” Mr. nies will also help pay for the
The government said it tank. Economists at Deutsche More than half of German “I’m very worried....Afford- Jankowsky says. His customers electricity price cap. The gov-
would cap the prices of elec- Bank expect a 3.5% contraction small and midsize companies able energy is the foundation are currently accepting large ernment said all the details
tricity and natural gas as part next year, driven by shrinking now worry that the energy cri- of the entire German indus- price increases but he expects would be completed in the
of a fourth package of mea- private consumption, invest- sis could put them out of busi- try,” says Max Jankowsky, demand to decline next year. coming weeks.
sures aimed at shielding busi- ment and net exports. ness, up from 42% last month, chief executive of GL Giesserei Even so, he is skeptical of “The energy crisis that we
nesses and consumers from Four heavyweight German according to a survey pub- Loessnitz GmbH, a 173-year- the German government’s have is threatening to grow
soaring energy prices follow- think tanks slashed their lished Thursday by the Federal old foundry in the east Ger- plans to subsidize energy use, into an economic and social
ing Russia’s attack on Ukraine. growth forecasts for the Ger- Association of Medium-Sized man state of Saxony. which he worries will keep crisis,” Economy Minister Rob-
The move on Thursday man economy on Thursday, Businesses, a trade group. The company sits at the prices high while burdening ert Habeck said as he unveiled
comes after German busi- blaming the energy crisis. “The situation is growing heart of Germany’s large auto future generations. the plan. “With this decision
nesses, starved of the abundant They now expect an economic more threatening from day to industry, which employs “The economy needs to we are preventing that.”
Russian energy that long fired contraction of 0.4% next year, day,” said the group’s chair- around 800,000 people and work without subsidies, we al- With energy prices likely to
the nation’s industrial engine, after forecasting growth of man, Markus Jerger. exports about three-quarters ways complained about those remain structurally high, only
started curtailing production 3.1% last spring, according to a Business lobbies have of what it produces. Its clients in China,” he says. He wants some of the German produc-
and halting investments. Busi- twice-yearly report prepared warned that an insolvency include BMW AG, Daimler AG the government to produce a tion facilities priced out of the
ness and consumer confidence for the federal government. wave could be just weeks away and Volkswagen. road map for guaranteeing market are likely to come back
has tumbled, approaching the While gas shortages should and that it could start a chain Mr. Jankowsky used to pay supplies of affordable energy. on stream, the analysts said.
lows reached during the 2008 ease somewhat over time, reaction of business failures. 100 euros, equivalent to $96, “I don’t see a concept in the That is likely to reduce the
global financial crisis. prices are likely to remain well Volkswagen AG, Germany’s each time he switched on his federal government,” he says. country’s long-term growth
“We are putting up a large above the precrisis level, the flagship car maker, said last gas-powered industrial fur- On Thursday, the govern- potential, which is already un-
defensive shield [for the econ- report warned. “This means a week it was concerned about nace that melts metal to pro- ment said it would cap the der pressure from an aging
omy],” Chancellor Olaf Scholz permanent loss of prosperity its supply chain because of pos- duce the machines that mold price of gas and electricity for workforce.

.
Oligarch Deripaska Evaded Sanctions, U.S. Charges
ly
BY CORINNE RAMEY
AND SADIE GURMAN

The Justice Department

Mr. Deripaska, a raw-materials
magnate who founded Russian
aluminum giant Rusal, and two
associates—Russian citizen Na-
onstatements to federal agents.
Ms. Shriki faces an additional
charge of destruction of records.
Some of the allegations re-
Ms. Shriki was arrested on
Thursday. A lawyer for her
declined to comment. The
other three defendants remain
Southern District of New York.
“Today’s indictment should be
taken as a warning that, try as
they might, individuals violat-
Element Ltd., a company that
manages his various business
interests, prosecutors said.
After the designation, Mr.
charged Russian industrial ty- talia Bardakova, and New Jer- lated to what prosecutors said at large. A lawyer for Mr. Deri- ing these sanctions will be Deripaska conspired with his
us ,

coon Oleg Deripaska and three sey resident and U.S. citizen was an effort to spend hun- paska didn’t respond to a re- held accountable.” associates to evade the sanc-
l

of his associates with sanc- Olga Shriki—with one count of dreds of thousands of dollars quest to comment. The other The Treasury Department tions over several years, in-
e
al a

tions evasion and other conspiring to violate and evade to help Ms. Voronina travel at two defendants couldn’t be put Mr. Deripaska under sanc- cluding by using U.S. financial
crimes, the latest step in an U.S. sanctions, in violation of least twice from Russia to the reached. tions in 2018 in response to institutions to maintain three
effort by the U.S. and its allies the International Emergency U.S. to give birth and secure “The indictment unsealed U.S. allegations of Russian luxury properties in the U.S.,
ci on

to hold wealthy associates of Economic Powers Act. American citizenship for Mr. today signals the United meddling in U.S. elections, cy- prosecutors said. One of these
Russian President Vladimir Prosecutors also charged Ms. Deripaska’s children. Ms. States’ ongoing support for berattacks and other provoca- associates, Ms. Shriki, facili-
Putin accountable for his Bardakova and a woman they Voronina was denied entry be- the people of Ukraine in the tions. Last year, the metals ty- tated the sale of a California
country’s invasion of Ukraine. said was Mr. Deripaska’s girl- fore she was able to have the face of continued Russian bel- coon lost a lawsuit that sought music studio Mr. Deripaska
Federal prosecutors in Man- friend, Ekaterina Olegovna couple’s second child in the ligerence,” said Damian Wil- to have the sanctions removed. owned for more than $3 mil-
er s

hattan on Thursday charged Voronina, with making false U.S., prosecutors said. liams, the U.S. attorney for the He owns and controls Basic lion, according to prosecutors.
m er

Horrors faints, Mr. Dilukshan said.

“Every day, we were men-
tally tortured,” he said. “Every

At Former day we were crying.”

m rp

Another former detainee,

Ganeswaran Sarujan, 25, ex-

Camp Site plained his predicament in the

group’s native Tamil language.
“The Russians did not give
co Fo

us proper food. They only let

Continued from Page One us wash once every five days,”
Dmytro Zlenko, a 26-year-old he said. “They gave us only
former detainee, as he visited one or two minutes to use the
the former camp this week. toilets, and even that was only
“When I was here,” he mut- once a day.”
tered, “I didn’t want to live The Russians abandoned
anymore.” the camp, setting the Sri Lank-
The facility in Vovchansk is ans and some other prisoners
one of at least 18 such torture free while taking others across
chambers that Ukrainian offi- the border to Russia, as Ukrai-
cials said they discovered after nian forces closed in on
MANU BRABO FOR THE WALL STREET JOURNAL (2)

ousting Russian forces from Vovchansk this month.

n-

the one-third of the Kharkiv re- Before their departure, the

gion that Moscow occupied for Russians doused the floors
nearly seven months. They with kerosene to eliminate any
were all part of the repression traces of blood and other evi-
no

machine that Russia has cre- dence, according to Ukrainian

ated to eradicate dissent in oc- investigators. No graves have
cupied parts of Ukraine, includ- been found on the compound.
ing those it is seeking to annex. Ukrainian investigators said
Ukrainian police and secu- they are still probing whether
rity officials said the a furnace in the immediate vi-
Vovchansk camp was run by cinity of the Russian border
Russia’s Federal Security Ser- has been used to burn the
vice. The service didn’t re- corpses of some inmates.
spond to a request to com- Dmytro Zlenko stands next to In Vovchansk, where the
ment. Russian authorities have the bed he slept on in his machine-parts plant abuts the
denied mistreating detainees improvised cell. Left, the leafy central square and the
and dismissed evidence of interrogation room and the high- former Russian military en-
mass graves found in Bucha, voltage panel that prisoners say campment, still surrounded by
Izyum and other liberated cit- was used to torture them. barbed wire, the detention fa-
ies as fabrication. cility was known throughout
In a sign of the commin- The Sri Lankans spoke no the occupation as a place to
gling of violence and corrup- Russian or Ukrainian, and only avoid at all costs.
tion in Russia’s state security a few of them speak limited “Everyone who they
system, the camp in English. The one word they thought was against Russia
Vovchansk also served as a understood from their Russian was taken there, for a week,
moneymaking enterprise, used captors, Mr. Dilukshan said, for two, for a month,” said Vi-
to extort cash for its keepers, was the word “money.” When taliy Pylypets, a retired police
former inmates and Ukrainian they said they didn’t have any, officer who remained in
investigators said. they were tortured, he said. Vovchansk.
The camp housed no more Unable to buy their free- A friend of his, a prosper-
than 50 inmates at one time, dom, the Sri Lankans were ous beekeeper, had to hide for
with a total of as many as 300 kept in Vovchansk to clean toi- several months after Russian
prisoners estimated to have lets and interrogation rooms, officials looted his house and
been held here during the six and to tidy up after the Rus- started to look for him, seek-
months the facility operated, sian officers’ frequent drinking ing ransom. “When the Rus-
Ukrainian investigators said. sessions, Mr. Dilukshan said. sians were here, everyone hid
Detainees often were able to Often, they were beaten, their cars, because if they saw
pay their way out, at the rate their heads slammed between a car, they would take it,” he
of $20,000 per person, if they the door and the door frame. said. His Renault remained
could gather the cash after all Throughout his 17-day de- the Russians as slave labor to medical college and the three At a news conference orga- concealed through the months
their valuables had been taken, tention, he said, the Russian maintain the facility. The walls others were doing odd jobs. nized by the Ukrainian police, of Russian rule.
according to former detainees investigators tried to force are still scrawled with an im- Russian troops entered the city one former detainee, Jokenthi- In addition to stealing cars,
and an investigator with the him to admit that he was still provised calendar counting the in the first days of the war. The ran Thines, 34, took off his the Russians took seeds and
Security Service of Ukraine. on active-duty military service, days of detention and some Sri Lankans said they tried to socks to show missing toenails equipment from farmers, and
Mr. Zlenko, who left the something that he continued prayers. escape toward Kharkiv city, the that he said had been pulled even stripped the flooring from
Ukrainian military last year to deny despite the beatings The six Sri Lankan men and regional capital that has re- by the Russians. the tourist resort just outside
and was detained after the and the electric shock. one Sri Lankan woman, who mained under Ukrainian control. The only woman in the Vovchansk, said Tetyana Kon-
head of a local veterans’ union Mr. Zlenko said he shared a was imprisoned in a separate At the very first Russian group, who spent the past six ovalova, a local retiree.
shared the organization’s mem- cell across the room from the cell, were living in the Kharkiv checkpoint outside Kupyansk, months separated from the “You should have seen what
bership lists with the Russians, interrogation chamber with 33 region city of Kupyansk when they were held, blindfolded, other Sri Lankans, Uthaykamar happened when they were fi-
didn’t have such luck. “All I other men—six of them Sri the Russian invasion began on and sent to Vovchansk, said Mary Edid Prema, 50, sat look- nally fleeing,” she said. “They
own is two dogs,” Mr. Zlenko Lankan students and workers Feb. 24. Four of them arrived in one of the detainees, Robert ing down, rocking silently. Af- were even carting away sofas
said. “How could I pay them?” who said they were used by December to study at the local Clive Dilukshan, 25 years old. ter the trauma, she frequently with them.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, September 30, 2022 | A11

FROM PAGE ONE

Companies GDP and payrolls,

change from 4Q 2019

5%
Hold On RECESSION
Real GDP

0
To Workers
–5
Continued from Page One Nonfarm payrolls
cession. “There’s going to be a
LOUISE JOHNS FOR THE WALL STREET JOURNAL

lot of hurt,” he said. –10

Yet Mr. Fey is looking to add 2020 '21 '22
about 15 more school bus driv-
Note: GDP change is based on a seasonally
ers to his staff of roughly 185. adjusted annual rate.
He and some of his office em- Sources: Commerce Department (GDP);
ployees have had to drive Labor Department (payrolls)
routes this school year due to a
shortage. “I can’t have my of- E.G. Construction in Bozeman,
fice staff out driving every sin- Mont., left, has raised wages
gle day,” he said. for superintendents by about
Some economists say the 15% over the past year amid a
scars of the past year’s short- shortage of labor.
ages—including the huge ex-
penses of hiring and recruiting, amid an oil-price shock, pro- “We just keep hiring and re- residential construction 12% painting firm that normally boon to workers. Job switchers
combined with high employee voking the Fed to raise interest placing, hiring and replacing— below its 2006 peak. runs with about 100 employees reaped annual pay increases of
turnover—could leave compa- rates. The recession began in wash, rinse, repeat,” said Ms. New home inquiries and is down to 80. An electrical 8.4% in August, averaged over
nies more hesitant to lay off November 1973 as output de- Henry. “Efficiency goes to hell land sales to home buyers have contractor extended job offers three months, up from a 5.8%
workers if the economy falls clined, but employment kept when you continuously hire slowed since this summer as to three workers and only one annual rise at the start of this
into a mild recession. They con- growing and then held steady since the person who is training prospective buyers face higher of them showed up to the job year, according to the Federal
tend that companies never fully for a total of about a year. The them isn’t going at their normal interest rates and an uncertain site on a recent Monday morn- Reserve Bank of Atlanta.
met their hiring needs during job market eventually buckled, pace because they’re stopping economic climate, said Eugene ing. A granite installer lost
the recovery and that busi- with payrolls declining by to explain things.” The com- Graf, who owns a land develop- about 15 employees because
nesses will likely pull openings, about 2.5% between October pany is spending the equivalent ment and custom home-build- they couldn’t afford to stay in Wage gains
which are at historic highs, be- 1974 and the spring of 1975. of a full-time employee’s salary ing company in Bozeman, the area amid fast-rising hous- For much of last year, An-
fore they resort to cutting jobs. Today’s unusual labor land- on online ads for merchandis- Mont. ing costs. gela Oehman was picking up
“You can’t lay off what you scape can in part be traced to ing jobs, which require workers Mr. Graf said his bigger con- “We’d be hesitant to lay any- Instacart and Uber gigs to sup-
didn’t hire,” said Ron Hetrick, decisions made at the start of to lift 25 to 50 pounds filling cern is labor. “The staffing body off just because we still plement her income at a job
senior economist at Lightcast, a the pandemic. Economists Rob- store shelves and coolers. shortages are causing the most need to perform the contracts selling safety-related products,
labor-market analytics firm. ert J. Gordon and Hassan Sayed challenges right now,” he said. we have,” Mr. Graf said. including manuals and training.
There are “a number of indus- found that companies in sec- “We can plan for a slowdown. Businesses run the risk of This spring, after searching on
tries out there that are like, tors like construction, utilities Staffing shortage We can understand what each hiring too many workers. Some job site Indeed.com, she landed
‘We’re still waiting to hire. We and mining laid off too many Construction industry lay- project in the future is going to large companies that bulked up a new role as a safety officer
never even got to enjoy the workers during the 2020 lock- offs are still below prepan- take, but today’s staffing short- their workforces in recent years overseeing concrete-construc-
party when it started.’ ” downs. With employment fall- demic levels, though new home age is stressing everybody out.” are now seeking to downsize tion projects in Arizona.
Some large companies, in- ing faster than sales, productiv- sales have fallen sharply this To retain workers, Mr. Graf some of their operations. Ama- Depending on her hours, Ms.

.
cluding Goldman Sachs Group ity—output per hour—jumped. year and housing starts have has raised wages by about 15% zon.com Inc. said it is over- Oehman, 45 years old, can
Inc., Wayfair Inc. and Snap Inc., As the economy reopened, dropped because of higher over the past year for his su- staffed in its warehouses. Face- make about $70,000 annually,

ly
have recently announced or sig- the reverse occurred. Hiring mortgage rates. Residential perintendents who oversee book parent Meta Platforms up from roughly $50,000 in her
naled layoffs, but they are out- outpaced sales, and productiv- builders are struggling with the projects, the biggest in-house Inc. said it would freeze hiring previous job. That’s given her a
numbered by companies saying ity fell. That dynamic became legacy of job cuts undertaken pay bump he’s ever made. after more than doubling the peace of mind about supporting
that labor shortages are crimp-
ing sales and production. Dom-
ino’s Pizza Inc. said same-store
sales declined in the second
especially acute this year. U.S.
nonfarm labor productivity fell
at a seasonally adjusted annual
rate of 4.1% in the second quar-
on during the housing crisis of
2007-09, with employment in
Many of Mr. Graf’s subcon-
tractors are short of workers. A

The recession at the start of the pandemic drove the unemployment rate to historic
size of its workforce since 2018.
The tight labor market is a
herself and her daughter, a
high-school senior. “I don’t
worry about: How am I going
to pay for her ring? How am I
quarter from a year earlier in ter from the prior quarter, the going to pay for her cap and
us ,

highs in April 2020. The jobless rate has since declined, but there are far more openings
part due to staffing shortages, Labor Department said. It fol- gown? What about her senior
l

which left some of the compa- lowed a drop of 7.4% in the first now than during similar periods of low unemployment over the past two decades. trip?” she said. “I’ve been able
e
al a

nies’ locations operating on quarter, the sharpest fall in to save. Before, I couldn’t save.”
Job openings and unemployment Seasonally-adjusted
shortened hours. Layoffs and more than 74 years. Still, she’s concerned about
other involuntary discharges, at Arlington, Va.-based aero- 8% the economy. “You can’t keep
ci on

1.4 million in July, were about space and defense conglomer- LOW UNEMPLOYMENT Peak of raising prices on us and expect
20% below their average ate Raytheon Technologies HIGH OPENINGS business cycle CONTRACTIONS us to live,” she said.
monthly level in 2019, when Corp. lowered its sales fore- END Brisk wage gains ultimately
GDP was growing more quickly. casts for the year due to sup- 6 July 2022 EXPANSIONS Trough of might not last because they’re
ply-chain and labor constraints business cycle being fueled by tight labor
er s

that slowed production. Work- markets. The Federal Reserve

Slowdown
OPENINGS RATE

ers in its supply chain have worries such high wages will
m er

Though openings still far ex- been slow to come back after Feb. 2020 keep inflation pressures ele-
4
ceed job seekers, the pace of layoffs early in the pandemic. vated.
hiring is likely to ease. Federal “Inflation is a challenge, but Laurence Ball, an economics
Reserve Chairman Jerome Pow- we can measure it. We can professor at Johns Hopkins
ell has said that the Fed’s work to overcome it. Not hav- April 2020 University, expects the interest-
m rp

Dec. 2007
moves to slow the economy ing enough people in the sup- 2 rate increases to broadly hurt
enough to bring down inflation ply chain—that has proven to the labor market and economy
will inevitably mean some soft- be much more difficult,” chief START Nov. 2001 June 2009 in 2023, after the Fed’s initial
LOW UNEMPLOYMENT HIGH UNEMPLOYMENT
ening in the labor market. executive Greg Hayes told ana- LOW OPENINGS LOW OPENINGS
rate increase in the spring.
At their meeting last week, lysts this summer. 0 William Spriggs, chief econ-
co Fo

Fed officials projected the un- Employers are also coping 0 2 4 6 8 10 12 14 16% omist with the AFL-CIO, said
employment rate would rise to with turnover. Nonfarm pay- UNEMPLOYMENT RATE the Fed’s interest-rate increases
4.4% in the fourth quarter of rolls, which fell by nearly 22 have already started to hurt
next year, from 3.7% in August. million at the beginning of the Layoffs and discharges, 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 parts of the labor market. The
The only times the rate has in- pandemic, surpassed their pre- monthly, in millions unemployment rate for Black
creased that much is in or pandemic peak in August. That of workers workers has risen recently
around recessions—but it means monthly job growth is 2000-20 while their labor-force partici-
would be relatively small by set to fade, according to econo- Each bubble is one month pation has declined. Further,
2021-22
historical standards. In post- mists. But even employers not In the latest reading from July, the jobless rate increased in
World War II recessions, the seeking to raise head count 1.4 million workers were laid off August among Hispanic work-
unemployment rate rose an av- have to keep hiring to fill va- ers, who are vulnerable to the
erage of 3.8 percentage points. cancies caused by historically construction slowdown, Mr.
Amy Crews Cutts, chief high rates of turnover. In July, Spriggs said in a September
2008-09
n-

economist at AC Cutts & Asso- 2.7% of workers quit their jobs, financial crisis panel on the employment out-
ciates LLC, forecasts a sharper up from 2.3% in February 2020, look hosted by the Organization
rise in unemployment. She ex- when the jobless rate matched Note: Excludes layoffs and discharges in March for Economic Cooperation and
2020 (13 million) and April 2020 (9.2 million). In the average month, 1.9 million workers were laid off
pects the jobless rate to exceed a half-century low. Development.
no

5% by the end of next year. The Sales at beer distributor Dan Mr. Spriggs expects the Fed’s
Fed’s aggressive interest rate Henry Distributing Co. are Change in job openings since February 2020 continued rate increases will
increases are likely to hurt de- down from 2021, but high attri- inflict further damage, undoing
mand and employment, start- tion means the Lansing, Mich., Manufacturing Leisure and Retail Trade Transportation, Information the widespread labor-market
ing with the housing market, company is employing between Hospitality Warehousing, gains that stemmed from a his-
150%
she said. eight and 12 more people than Utilities torically fast rebound.
Over the past seven de- it would normally need, said 100 “This was the strongest re-
cades, payrolls and economic Kate Henry, co-owner of the 50 covery we’ve ever had,” Mr.
All
output have typically fallen 105-person company. 0 sectors Spriggs said. “The labor market
within two quarters of the About half of new hires is healthy, but what the Fed is
start of a recession. never show up, and of those –50 doing right now is exceedingly
The 1973-75 recession was a that do, many disappear after a Feb. 2020 ’21 ’22 dangerous.”
notable exception. At the time, few hours, she said. Others last Sources: Labor Department (openings, unemployment) via Federal Reserve Bank of St. Louis; National Bureau of Economic Research (business cycles); —Gwynn Guilford contributed
inflation was rising swiftly just days or weeks. Labor Department via Federal Reserve Bank of St. Louis (layoffs and discharges) Aziz Sunderji/THE WALL STREET JOURNAL to this article.

another had him registered as named Leah D’Andrea-Lee when taking bookings. more than 10, for instance) to fessor of art history and of Chi-
Web Forms “Stuevel,” the spelling on the
machine-readable part of his
tweeted to Walt Disney Co. re-
cently, saying the company re-
Aer Lingus’s booking system,
called Astral, is nearly 60 years
avoid spambots or inaccurate in-
formation from entering a data-
nese descent, reclaimed the
punctuation mark when getting
passport. In this section, usually peatedly rejected her name old and doesn’t cater to special base. But designers forget some her doctorate.
Mangle located on the bottom of a pass-
port’s ID page, apostrophes are
when she tried to renew her
Magic Key reservation pass for
characters, an airline spokes-
woman said.
names won’t meet those re-
quirements, Mr. Phillips said.
“I felt increasingly uncom-
fortable about living without the

Names deleted, hyphens are turned into

“<” and accented letters are
transliterated into unaccented
its Disneyland theme park.
“What gives?”
Ms. D’Andrea-Lee and her
Companies no longer have a
technological reason to rebuff
names on web forms, according
“There is a tendency to be so
immersed in your own culture
that you become blind to the
apostrophe,” she said. “Like I
was conceding to a certain kind
of ethnic erasure or forced as-
equivalents: “ñ,” for instance, husband Chris Lee are frequent to Mr. Šedivý. Today’s software true range of variation in other similation through computer
Continued from Page One becomes “n,” and “ü” becomes Disney visitors and die-hard can handle most characters cultures in the world,” he said. systems.”
name is indeed St&#252;vel.” “ue.” fans who won best in show for from nearly every language Noëmi Aepli said systems Still, some websites balk at
Well into the internet’s fourth In the end, Mr. Stüvel made their cosplay at the “Mouse- through UTF-8, an encoding struggle with the two dots— the apostrophe and spit out “in-
decade, most everything is done his flight as Mr. Stuevel—his querade” contest at the official method defined by the world- called a dieresis, which looks valid” error messages. She
online. Yet some names still new, unwanted second identity. Disney fan club’s 2022 expo. wide online text standards like an umlaut but has a differ- maintains a list tracking the var-
stump machines. Computers can “I retweet a complaint at So it’s dispiriting, said the group Unicode, Mr. Šedivý said. ent function—above the “e” in ious ways her name is spelled
defeat Garry Kasparov at chess, least five times a week,” said L.A.-based actor and costume Some companies bungle her name. A Ph.D. student at the across her different accounts.
but some systems stumble over Miroslav Šedivý, a software en- maker, when she is addressed by names because they still use an University of Zurich in Switzer- Some companies say they are
names containing apostrophes, gineer based in Vienna and the one of the biggest media compa- old system called ASCII, or the land, she is known among vari- making shifts to prevent such
numbers, hyphens or letters not administrator of the plainly nies in the world as “LEAH American Standard Code for In- ous databases as No&euml;mi, hassles. FedEx Corp. said it ex-
commonly used in English texts. named Twitter account “Your DANDREALEE,” “Leah formation Interchange, which No??mi and Noë«mi. pects to add additional charac-
Names might be too long or Name Is Invalid.” D&#38;andrea” or, as her Magic can encode a much smaller Last month, she traveled to ters to its online forms. A
too short for outdated technol- He gravitated to the topic af- Key came in the mail, the ge- number of characters than California for a six-month stint spokesman for Intuit, the parent
ogy or—as in Mr. Stüvel’s case— ter companies in Germany, neric “Magic Key Holder.” (Her UTF-8. as a visiting student researcher of TurboTax and QuickBooks,
feature an umlaut, that double- where he formerly lived, tended husband’s pass arrived ad- Web designers are another at the University of California, said the company is aware some
dot doohickey over the vowel to to lose the “Š” and the “ý” of his dressed to his name.) Disney source of the problem, said Ad- Berkeley. The name on her new characters aren’t accepted in its
signal a different articulation. last name of Šedivý. He once didn’t respond to requests for dison Phillips, chair of the Inter- ID card? “No?mi.” online fields and is working to-
In the case of the flight, he tracked down a piece of mail ad- comment. nationalization Working Group Letha Ch’ien’s parents began ward a fix. The company earlier
phoned the airline, which fig- dressed to “Miroslav Ediv.” Among the frustrated are at the World Wide Web Consor- spelling her name “Chien” in el- this year updated its error mes-
ured out what had happened: The account curates a feed of some Irish customers of the na- tium. Designers typically build ementary school because doc- sage to no longer refer to names
one system had him down as similar battle stories. tional carrier Aer Lingus, which web forms with certain implicit tors could never find her medi- with characters as “invalid.”
“Stuvel”—the name the website “Hey Disney, let’s chat for a ironically doesn’t accept names conditions (names must contain cal records. Now, it reads “special characters
forced him to book with—while moment about names,” a user such as “O’Neill” and “O’Brien” three or more characters, but no Dr. Ch’ien, an associate pro- are not allowed.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

ARTS IN REVIEW

UNIVERSAL PICTURES (2)

A
s a producer, Judd Ap- FILM REVIEW | KYLE SMITH two other men also, and the movie
atow has proven an in- expends lots of imagination on
valuable mentor for
comics seeking to ex-
pand autobiographical
reflections into movies
(“The Big Sick,” “The King of
‘Bros’: A Different similarly ribald sex jokes.
A complication ensues as Bobby
tries to get his museum going
amid board members squabbling
over whether Abraham Lincoln
Staten Island”) or television series
(“Girls,” “Crashing”). His latest ef-
fort, “Bros,” in which he guides
the comedian and actor Billy Eich-
ner through a star turn as a char-
Kind of Rom-Com
A cynical and abrasive gay podcaster finds his ideas about love challenged
was gay (no, he was merely bisex-
ual, a fellow administrator scoffs).
As Aaron considers ditching his
boring job as a lawyer in favor of
indulging his passion as a choco-
acter resembling himself, is billed latier, the two lovers find them-
by Universal as “the first romantic selves drawing closer together.
comedy from a major film studio The payoff joke is that they might
about two gay men.” It describes possibly be ready to commit to

.
Mr. Eichner as “the first openly three months of more-or-less-ex-
gay man to co-write and star in his clusive dating.

ly
own major studio film.” And as is often the case with
Given that many independent Mr. Apatow’s films, “Bros” goes
movies have covered such terri- on too long, extended by several
tory, Mr. Eichner isn’t exactly the
gay Rosa Parks of Hollywood, but
it’s understandable that there
might be some pent-up exaspera-
on comic set pieces that are filthy
but not especially funny. Bobby’s
abrasive nature—when he speaks,
he’s usually shouting—eventually
tion with romantic comedies in becomes a problem not only for
us ,

which gay men are reduced to be- Aaron but for the comic ambi-
l

ing anodyne best friends. “Bros,” tions of the film, which keep get-
e
al a

is a bristling, often angry cry for, I ting derailed by its hero’s bitter-
suppose, rom-com justice. ness and hostility. Meeting
Mr. Eichner, who stars as Aaron’s mother, a second-grade
ci on

“Bobby,” a New York podcaster teacher, for what is supposed to

who is starting what he calls the be a polite dinner, Bobby instead
first LGBT+ history museum, has a starts berating her for not teach-
lot of thoughts to get off his chest, ing the little ones gay culture, be-
most of them dyspeptic, about cause in his view such instruction
er s

both gay life and perceptions of it. must begin as soon as possible
Near the start of the movie Bobby lest gay people be marginalized.
m er

says that the catchphrase “love is Aaron begs Bobby to give it a

love” is a lie—that gay people rest, and many in the audience
were forced to deploy it in order will be thinking the same thing.
to win equal treatment. In reality, Bobby can’t even watch one of
he contends, gay sex and relation- those cable-TV Christmas movies
m rp

ships differ greatly from hetero- about cute straight people in

sexual norms. Mr. Eichner then sweaters falling in love without
sets out to prove that thesis. becoming apoplectic. Who wants
The film’s star, who co-wrote it Luke Macfarlane as Aaron and Billy Eichner as Bobby, top, and Mr. Macfarlane (center), above, in ‘Bros’ to live with a person who is al-
with its director Nicholas Stoller ways ranting?
co Fo

(“Neighbors”), another member of A case can be made that it’s

Mr. Apatow’s extended comedy perating than amusing. of lasting attachment to any of the “the gay Tom Brady.” gutsy and honest for Mr. Apatow,
crew, has an insistent, in-your-face The culture of gay men, as Mr. men he sleeps with, and so does The two men consider the pur- Mr. Stoller and Mr. Eichner to
style that is meant to provide both Eichner and Mr. Stoller depict it, is the guy who catches his eye at a suit of love to be taboo, and even place such an obnoxious (and rec-
the laughs and a major obstacle in one in which wild dance parties, rave, the mild-mannered lawyer see the word “dating” as off-put- ognizable) figure as Bobby at the
the plot. Other characters keep drugs and the availability of ran- Aaron (a genial Luke Macfarlane). ting, implying exclusivity. To clar- center of a rom-com, but as we
telling Bobby he’s too intense and dom internet hookups forestall As loud, pushy and neurotic as ify to each other that lust is all saw in “The King of Staten Island,”
belligerent, and it’s too easy to emotional bonds. Bobby prides Bobby is, Aaron is cool, confident that is being indulged, the pair’s comedies about jerks work only if
agree. Mr. Eichner is more exas- himself on never seeking any kind and poised—someone dubs him first bedroom encounter involves they’re funny, and “Bros” isn’t.
n-

TELEVISION REVIEW | JOHN ANDERSON

Bringing Suds to the

no

Soldiers in Vietnam
IN THE MOVIES, the greatest beer
run ever was in “Smokey and the
Bandit.” Reynolds v. Gleason. No ar-
gument. In real life—according to
“The Greatest Beer Run Ever”—the
event involved one Chickie Donohue
and his efforts to bring Pabst Blue
Ribbon to his neighborhood cronies
in uniform, serving at the height of
the Vietnam War. “It may be idi-
otic,” says one jaded correspondent
APPLE TV+ (2)

in a Saigon bar, taking the measure

Chickie’s mission, “but it’s a noble
gesture.” Audiences will agree on
both counts. Zac Efron, left and above, in ‘The Greatest Beer Run Ever’
As directed by Peter Farrelly
(“Green Book”), “The Greatest Beer
Run Ever” asks a lot of an audi- gets more serious as it goes along, any war waged by his country. In
ence—to swallow a story that’s fan- as it must: The more of the war Saigon, war photographer Coates
tastical (even though mostly true); Chickie sees, the more he’s aware (Russell Crowe, breathing heavily)
to buy into an often-maudlin, often- of how complicated it is. There’s laughs/sneers at Chickie’s naiveté.
slapdash reproduction of Chickie’s very little political messaging, as Our hero is somewhere in the
world; and to believe that actor Zac such: Chickie’s sister, Christine the middle, punched in the face by real-
Efron is 26 years old. An ex-Marine antiwar demonstrator (Ruby Ash- politik yet not quite willing to believe
turned merchant seaman, the real bourne Serkis, sounding more that the many friends he lost didn’t
John Donohue was a patron of sev- fect Bill Murray), is the voice of na- time of the danger he’s in, or the Brooklyn than Inwood), makes the die for something real. The beer run
eral of the many Irish bars that tional unity and a certain grandios- danger he puts his buddies in by in- standard pro-peace arguments, itself, after all, is about loyalty—
used to populate the Inwood sec- ity. “I’d like to go over to Vietnam,” truding on their war. “Every once in which are rendered bloodless in the which, as the movie instructs, some-
tion of Manhattan and, like his fel- he says, “track down the neighbor- a while,” says a soldier, “you run script by Brian Hayes Currie, Pete times requires seeing things in a
low habitués, was indignant about hood guys and give ’em a beer.” into a guy who’s too dumb to get Jones and Mr. Farrelly. William way that meets one’s needs. “The
antiwar protests and what he saw Chickie, suddenly struck by how lit- killed.” He’s looking at Chickie. It’s Westmoreland and Lyndon John- Greatest Beer Run Ever” is far too
as a lack of support for the troops. tle he’s actually doing to back up hard to sympathize with a character son, U.S. Army commander and interested in having a good time to
How patriotism quite translates his pro-war pontificating, says, “I who carries calamity with him like a American president, respectively, get too heavy about a bygone Amer-
into beer is one of the story’s mys- can do that.” duffel bag full of beer cans. (By the are both portrayed as skewing the ican argument, but there are truths
teries. Which he can, sort of: He signs way, there are at least four cases of truth, something even Chickie be- to be found in the film, by peering
“I wish our guys could see that on as an oiler on a munitions ship PBR in that bag and Mr. Efron totes gins to see as he travels around, through its various fogs of war.
the vast minority of the country’s heading to Vietnam by way of Pan- it around like a hat box.) At the evading North Vietnamese and
behind them,” says one pal. You ama and when he gets there makes same time, Chickie, as portrayed by American M.P.s. alike. On the The Greatest Beer Run Ever
mean vast majority, someone sug- his way north, evading all manner Mr. Efron, is often endearingly clue- home front, the Colonel, represent- Friday, Apple TV+
gests, to which the first guy re- of peril including enemy fire and a less and unwilling to take “impossi- ing an entire older generation, is
sponds, “I wouldn’t go that far.” The near-assassination by the CIA. He ble” for an answer. still fighting the Battle of the Mr. Anderson is the Journal’s
bartender, called the Colonel (a per- has very little awareness at any “The Greatest Beer Run Ever” Bulge, bewildered by resistance to TV critic.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, September 30, 2022 | A13

ARTS IN REVIEW
THEATER REVIEW | CHARLES ISHERWOOD

‘american (tele)visions’: Family Static

A sometimes fantastical story of a splintered household of Mexican immigrants coping with death and loss

A
New York
Walmart, of all mun-
dane places, is trans-
formed into a veritable
phantasmagoria in
“american (tele)vi-
sions,” a satire of con-
sumerism—and, yes, the national
addiction to the small screen—that
is blended with, or scrambled into,
a darkly comic drama of a fractur-
ing immigrant family from Mexico.
Written by Victor I. Cazares
and directed by Rubén Polendo,
the play—a co-production between
New York Theatre Workshop and
Theater Mitu—dazzles with its
technological complexity, employ-
ing as it does live and taped video
with onstage performances. But
the wizardry—along with gather-
ing storms of whimsy—ultimately
overwhelm the narrative, which
tends to run in repetitive circles
around a handful of incidents, like
a video endlessly looping back
upon itself. Videotapes and video-
games, in fact, play a seminal role
in the proceedings, with the char-
acters eventually entering into vin-
tage games as pixelated images are
projected onto the white walls of
the set.
That set, designed by Bretta
Gerecke (who also created the oc-
casionally fanciful costumes), is al-

JOAN MARCUS (2)

most a show in itself. Four large
cubes made of corroded-looking

.
metal—resembling Richard Serra
sculptures—flank the stage. They

ly
open and close to reveal various
locations or images: the grill of a
large truck, the toy aisle in Wal- inject a vibrant energy. As Erica,
mart, the cramped living room of
the mobile home where the family
lives. All exists within a larger
blank white cube where much of
A big-box store is
transformed in the work
on who, not being dead or clinically
depressed, becomes by default the
emotional focus of the proceed-
ings, Bianca “b” Norwood is ex-
the action takes place.
that dazzles with its traordinary: a commanding pres-
us ,

Within the surreal world of the technological complexity. ence able to dart among the
l

play, time is fluid. Early on we are variegated styles with nimble ease.
e
al a

casually informed that Alejandro, Elia Monte-Brown, as Maria Xi-

the older brother of Erica and the mena, gives a richly comic perfor-
son of Octavio and Maria Ximena, Ximena, recalling these excursions mance, infusing her frustrated
ci on

is dead. Maria Ximena corrals a fondly as an emblem of the fam- character with the outsize histri-
character we later learn was his ily’s soon-to-be-splintered unity, onics of a telenovela heroine. Raúl
boyfriend, Jesse, into taking his says, “We huddled around that Castillo’s Octavio is both forceful
part in the drama, although the shopping cart as if it were that and piteously glum as his family
characters become blurred to- campfire thousands of years ago.” disintegrates.
er s

gether into a single one. The family that shops together Ryan J. Haddad, playing Jer-
We are also told that Maria Xi- stays together. Soon Maria Ximena emy, convincingly inhabits the
m er

mena has abandoned the family is lamenting a subsequent alien- needy spirit of a young boy with-
and later died in an accident in- ation: “We would all be in the out relying on any heavy-handed
volving that truck. So the play that same store… but in different actorly effects. (He doubles as that
unfolds largely consists of flash- aisles.” Not to mention no longer Meteor Fairy.) And Clew, in the
backs to the past, or extended lyri- gathering to sit spellbound before dual roles of Alejandro and Jesse,
m rp

cal meditations on the events that the TV—another contemporary an- Ryan Haddad and Bianca ‘b’ Norwood, above; Raúl Castillo, Clew, Bianca is also superb. Unfortunately one
sundered the family. Besides the alogue of that campfire of yore. Norwood and Elia Monte-Brown in the new play, written by Victor I. of Jesse’s late observations strikes
deaths of Alejandro and Maria Xi- The play’s anarchic structure is Cazares and directed by Rubén Polendo at the heart of the play’s gathering
mena, these include the friendship mirrored in its language, which confusion when he employs yet an-
between Erica, who scorns dresses changes channels at frequent inter- other TV metaphor: “That’s all we
co Fo

and prefers toy cars to dolls, and vals, with comic dialogue suddenly And in this case, the image drag on it, as when a character are now. Static.” By this point,
Jeremy, whose hunger for Barbie transforming into metaphor-riddled serves as handy symbolism for the called Miroslava the Meteor Fairy dazed audience members might be
dolls is unquenchable, and who is monologues, as when Erica laments, play’s chief flaw: About midway (long story), gives vent to loopy sadly inclined to agree.
referred to by Maria Ximena as “I want to be a television show that through, you begin to feel that the dialogue, instructing Erica of the
“that gay boy,” although he is everybody loves. A show that will show itself is losing its charge, as latest developments in some imag- american (tele)visions
played by an adult. never get canceled.” Octavio, who the fantastical elements, initially inary videogame: “Moonlight God- New York Theatre Workshop, 79 E.
“american (tele)visions” is sinks into the couch, numbly fixated surprising and funny, become dess Barbie has been kidnapped by 4th St., New York, $35-$75,
strongest in its early scenes, ripely on the television as he spirals into overworked to the point of exhaus- Octatron and is being held hostage 212-460-5475, closes Oct. 16
evoking the strange universe that depression, is forever complaining tion. The undisciplined writing in Layaway Land.” Aha.
is any big box store, and the thirst about the remote control—lost or in that is part of the evening’s un- Fortunately, while the writing Mr. Isherwood is the Journal’s
for possessions they inspire. Maria need of batteries. usual appeal gradually becomes a palls, the performances continually theater critic.
n-

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.
1 2 3 4 5 6 7 8 9 10 11 12 55 Cassio’s lover in PUZZLE
CONTEST
60s Edmonton 50s 40s <0
no

70s 50s
Vancouver 0s
“Othello”
13 14 15
Calgary
r 70s 60s 10s
57 FedEx vehicle
Winnipeg
Seattle 16 17 18 60 Artwork from a
60s 20s
Portland 60s 60s parlor 28 Fanatical fan, in
Montreal 30s 19 20 21 22
Helena
Bismarck 61 Blocked up slang
Billings Ottawa
70s Augusta 40s 29 Rib of a leaf
Eugene
Boise 50s Toronto
23 24 25 62 Smallville family
Mpls./St. Paul Boston 50s 30 Food-inspecting
Pierre name
Buffalo Albany Hartford 26 27 28 29 30
80s 70s
Sioux Falls Milwaukee Detroit 60s 63 Jeff Lynne’s band org.
Chicago Cleveland Neww York 31 Jessica of TV’s
90s Reno Salt Lake City Cheyenne 80s Des Moines 70s 31 32 33 34 35 64 Summer ermine
Omaha Philadelphia
Pittsburgh 80s 65 They’ve called it “Dark Angel”
Sacramento
Denver Springfield Indianapolis 36 37 38
San Francisco 60s Topeka Washington D.C.
90s quits 32 “Witness”
Charleston
60s Richmond 39 40 41 director Peter
70s Las
70s Colorado
Springs Wichita Kansas St. Louis Louisville 100+ 66 Tachometer abbr.
City
70s Nashville
Raleigh 33 Stare rudely at
Los Angeles
Vegas 90s 42 43 44 45 Down
Santa Fe Memphis Charlotte 34 Hero worshiper?
Phoenix Albuquerque Oklahoma Cityy Atlanta 1 Animal on
San Diego 100s Little Rock
Columbia 46 47 48 49 California’s flag 35 State with about
90s Tucson 90s Birmingham Warm Rain one person per
Dallas Jackson 2 Sleeper’s ailment
80s El Paso Ft. Worth Jacksonville IAN
50 51 52 53 54 55 56 square mile
80s Mobile 80s Cold T-storms 3 Reviled
30s Austin
Houston
70s 57 58 59 60 37 Monopolized the
New Orleans Orlando 4 Risk sides mirror
Tampa
Stationary Snow
40s 80s San Antonio 61 62 63 5 Get more intense 40 Clutch item
80s
Anchorage Honolulu 90s Miami 6 “Was there
50s Showers Flurries 64 65 66 44 Glib-tongued
50s 70s something else?” 45 Team that Drew
Ice 7 Voicemail prompt Brees played for
Forecasts and graphics provided by AccuWeather, Inc. ©2022 BACK NINE | By Patrick Berry 8 “Cowboy Bebop” 46 Inner self, in
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
The answer to 21 Lengthen 37 Potpourri piece star John Jungian
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’s contest unnecessarily 38 Set (down) 9 Jackson in a Rick psychology
Omaha 78 53 s 80 43 s Frankfurt 61 43 pc 58 52 r Riordan book
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 76 63 s 84 63 pc Geneva 56 43 pc 56 53 r
crossword is a term 22 Engine part, 39 Shipboard 48 Type in
Today Tomorrow related to golf. briefly series 49 Root location
Philadelphia 67 56 pc 62 55 r Havana 87 68 t 86 68 t vermin, or what
City Hi Lo W Hi Lo W Phoenix 97 75 pc 96 68 s Hong Kong 88 82 pc 88 81 t 23 French farewell pirates call their 10 Helen’s mother 50 Tout’s calculation
Across
Anchorage 50 41 c 48 43 c Pittsburgh 67 51 pc 61 46 r Istanbul 80 67 s 80 72 s 11 Manual reader,
Atlanta 71 57 c 67 58 c Portland, Maine 62 44 s 64 39 pc Jakarta 91 78 sh 91 79 r 1 “What a bunch 24 Population center enemies 51 Tofu replaces it
of bull!” 41 Elsa’s sister perhaps in many recipes
Austin 87 51 s 88 50 s Portland, Ore. 75 57 s 82 55 s Jerusalem 89 66 s 89 64 s 26 Element of some
Baltimore 68 56 r 62 56 r Sacramento 89 55 s 89 52 s Johannesburg 83 54 s 86 55 s 4 “Ungodly, 12 Belgrade resident 52 Red Muppet
Cleopatra 42 “Right you ___!”
Boise 73 47 s 74 45 s St. Louis 75 50 s 76 50 s London 62 52 r 64 49 c 15 Will supplement
Boston 62 50 s 64 46 c Salt Lake City 72 48 s 72 44 s Madrid 70 45 pc 76 50 pc god-like” captain portraits 43 Group also 54 Little one
Burlington 63 43 s 65 34 pc San Francisco 76 57 s 73 55 s Manila 86 77 t 90 77 t of literature known as 18 Toyota trucks 56 Bohr theory
27 Pixar film that
Charlotte 62 58 r 65 59 r Santa Fe 78 49 pc 75 43 t Melbourne 66 46 pc 66 46 pc 8 Middling grade includes the song Millennials 20 Lines at the focus
Chicago 66 50 s 70 54 s Seattle 71 54 pc 77 50 s Mexico City 74 50 pc 77 51 pc movies 58 Run background
Cleveland 65 49 s 67 52 pc Sioux Falls 77 56 pc 80 39 s Milan 65 51 t 68 52 s 13 Org. overseeing “Un Poco Loco” 44 Navy vessel
Dallas 83 57 s 87 53 s Wash., D.C. 70 60 r 63 58 r Moscow 60 53 c 61 52 r the Superfund 28 CBS crime show letters 25 Huge amount checks on
Denver 78 51 t 69 35 t Mumbai 88 79 t 87 78 t 14 Painter Magritte spinoff, familiarly 46 Like fine wines 27 Gleefully spiteful 59 Drive up the wall
Detroit
Honolulu
69 48 s
87 74 s
68 51 pc
87 73 s
International Paris
Rio de Janeiro
65 54 pc
72 66 sh
69 56 c
77 69 t 15 Edam, for one 31 Unaccounted for 47 Lawn-clearing
Today Tomorrow
Previous Puzzle’s Solution
Houston 84 55 s 86 52 s Riyadh 96 68 s 97 71 s 16 Echidna’s snack 34 Countertop tools S E X S P I T W A S T E D
Indianapolis 71 51 s 72 52 pc City Hi Lo W Hi Lo W Rome 72 57 t 72 55 t 17 Perfect for the materials 50 Sign of things to A R E P A C E E I G H T Y
Kansas City 76 51 s 77 39 s Amsterdam 62 52 pc 62 53 sh San Juan 86 77 t 87 77 t M A N E
A T E R R O T A T E
Las Vegas 96 73 s 96 65 s Athens 85 69 pc 86 68 s Seoul 83 58 s 83 60 s purpose 36 Focus of the come E S A U I S R A E L WA D
R
A N I C H I
Little Rock 80 52 s 82 51 s Baghdad 105 72 s 106 71 s Shanghai 84 76 sh 90 75 s 19 Go over once Brickworld 53 Tightrope C O
MA N C H E S C B S
Los Angeles 82 63 pc 80 59 pc Bangkok 90 78 t 91 79 t Singapore 87 77 c 88 77 t more convention walker’s backup L E A V
E O E R P L E A
Miami 88 74 s 89 68 pc Beijing 91 63 pc 89 66 pc Sydney 67 55 r 63 51 r A D V A
N C E D D E G R E E S
Email your answer—in the subject line—to crosswordcontest@wsj.com
s

Milwaukee 66 51 s 67 50 s Berlin 61 44 c 58 49 r Taipei City 92 76 s 93 77 pc T E E N R A E N O R T H

Minneapolis 72 52 pc 74 46 s Brussels 62 51 pc 63 50 sh Tokyo 80 67 sh 81 68 s E N D M E R R I M A C K
by 11:59 p.m. Eastern Time Sunday, Oct. 2. A solver selected at random will I S T M I T T
Nashville 78 55 pc 72 58 c Buenos Aires 64 57 s 67 57 pc Toronto 62 47 s 63 43 pc
Vancouver 64 54 pc 67 53 s
win a WSJ mug. Last week’s winner: Richard Buckley, Woodland Hills, CA. C S T S C H U S S O R A L
New Orleans 81 63 s 83 62 s Dubai 99 83 s 96 81 s H O A R S E F U T U R AMA
New York City 65 55 pc 60 53 r Dublin 63 48 r 60 45 c Warsaw 53 47 r 58 49 pc Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. A U T UMN O R E S P O D
Oklahoma City 83 54 s 84 46 s Edinburgh 59 47 r 57 48 pc Zurich 56 39 c 56 52 r Void where prohibited. U.S. residents 18 and over only.) P L A N E T S E R B S K Y
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

SPORTS
JASON GAY

Judge’s 61st Homer Was Worth the Wait

The Yankee slugger tied a franchise and AL mark—and underlined why these records should mean something
That adorable little
bunny hop as soon as
he connected made it
clear: Aaron Judge
very much would like
this home run record
done. It had been a long, arid week
of timid pitching and lost opportu-
nities, but on Wednesday night,
the Yankee slugger got back at it,
No. 61, a screamer against the Blue
Jays into the left field bullpen in
Toronto.
Jubilation. And relief.
It’s the most anyone’s hit in the
American League, ever, tied with
the late Yankee Roger Maris, who
hit a tormented, Babe Ruth-top-
ping 61 in 1961. Judge’s record
comes with the endorsement of
Maris’s son, Roger Jr., who was in
attendance across the border, and
gently ribbed Judge for making
him sit through a handful of

NATHAN DENETTE/THE CANADIAN PRESS/ASSOCIATED PRESS

games to see it happen.
“Why did you wait so long?”
Roger Jr. said he kidded Judge af-
ter the game, according to
MLB.com.
The postgame encounter was
the first meeting between Judge
and Maris, the late Roger’s family
holding out on contact because
they didn’t want to put any addi-
tional pressure on the 30-year-old
outfielder. Until Wednesday’s at-

.
bat, Judge had been grinding after
hitting 60, going seven games

ly
without a dinger, largely owing to
pitchers offering him little to hit. New York Yankees slugger Aaron Judge hit his 61st home run of the season on Wednesday. He matched the American League mark set in 1961 by Roger Maris.
Was he going to get there?
Of course he was. He’s Aaron
Judge! And 62’s probably well on
its way, because they tend to come
in bunches.
on
make a move or diagram a play
and force the history to happen.
The hitter has a say, but the oppo-
nent has more, and if you press a
get hits merely 30% of the time,
and ace pitchers have ugly after-
noons on the hill. It’s an old game
that enforces humility, and that
networks and sports editors crazy,
but an unexpected wait is a useful
perspective for the rest of us.
What Judge is doing is rare. It’s
that this all matters more because
a Yankee is challenging a Yankee
mark—which should only add to
the pressure, but Judge seems ele-
But what keeps a home run little too hard, you put yourself at might be the best thing about it. supposed to be very difficult to get gantly equipped to handle.)
us ,

chase interesting after all these a disadvantage. It’s good to be reminded of this to 61. Looming over all of this, of
l

decades and scandals is the base- A baseball record means some- now and again. It’s no solace to (To this, of course, you can add course, are the other numbers, the
e
al a

ballness of it—that is to say, the thing because baseball, at its core, the fans who spent hundreds for all that fumy Yankee history, the single-season home run records of
unpredictability of it, that, unlike a is a game of achievement wrapped seats in the bleachers for last idolatry and mythology and insti- Barry Bonds (an astonishing 73 in
football touchdown record or a in regular failure. No one is prom- weekend’s Yankee homestand tutional self-regard—the unshak- 2001), Mark McGwire (70 in 1998),
ci on

basketball scoring mark, you can’t ised a home run. The best hitters against the Red Sox, it drives TV able and probably accurate belief and Sammy Sosa (66 in 1998.)
Those herculean totals are now as-
sociated with baseball’s “Steroid

Now Comes the Task of Hitting No. 62

Era,” though they still stand as le-
gitimate, un-asterisked, in the offi-
er s

cial MLB record books.

Judge, who grew up in Califor-
m er

nia rooting for the Giants, has

BY TIM BROWN walks during that stretch were on 3- never been associated with perfor-
and-2 pitches. mance-enhancing drugs. He con-

A
aron Judge matched the Other than the uptick in walks siders Bonds’s 73 to be the mark.
American League record for and a homerless streak that would “That’s the record,” he said ear-
m rp

home runs in a season hardly be noticeable in another cir- lier this month. “I watched him do
Wednesday night, near the end of cumstance, this isn’t a temporary it…no one can take that from
six months of relentless at-bats that condition. With seven games re- him.”
NATHAN DENETTE/THE CANADIAN PRESS/ASSOCIATED PRESS

made 61 seem inevitable—capped by maining in the regular season, It’s unfair to ask Judge to be
eight days when it began to look al- Judge leads the AL in each of the the moral patrolman of baseball’s
co Fo

most impossible again. Triple Crown categories. record book, especially since MLB
He stood in another batter’s box, As one AL scout said: “The way abetted this mess long before he
his arms bent and squarely in front he’s seeing the ball this year is su- got there, procrastinating on PEDs
of his chest, as though his bat were premely different.” as its record book was cartoon-
a flag and this was his hill. He That observation comes a year ishly rewritten.
raised his left leg, coiled at his waist after Judge hit 39 home runs, batted It’s also dubious to get into the
and flung his hands, finishing high .287, had 98 RBI and finished fourth business of drawing neat lines
and strong and at a place in New in the AL MVP voting. He’s turned around eras, as if shenanigans
York Yankees history alongside that into 61 home runs, a .313 bat- ended abruptly with MLB’s inter-
Roger Maris. ting average, 130 RBI and what is vention.
By late Wednesday night, Judge likely to be his first MVP award. Maris Jr., who followed McG-
granted of No. 61: “Took me a little In the immediate aftermath of wire around on his chase, said he
longer than I wanted it to.” He ad- Judge’s 60th home run on the night would consider Judge the all-time
n-

mitted, “It’s tough not to think Aaron Judge is in the Triple Crown chase, batting .313 with 61 HR and 130 RBI. of Sept. 20, Judge put the first pitch home run king if he gets to 62—
about it. You hear the noise. You in play in three of four at-bats. He “he should be revered”—but it
hear the buzz. But when I step out at-bats. the past week, was precisely the swung at three of four pitches in the isn’t Judge’s job to lobby his case.
on that field, when I step in the box, One-hundred-and-fifty-four point of his showing up, of course. fourth at-bat (and struck out on a He just has to hit-em. Judge got
no

all the hype, all the noise, it goes pitches came and went across most “Anything I can do to help us get slider away, the preferred pitch of to 61 in 155 games, giving him
aside.” of eight games, across 34 plate ap- a win,” he told reporters the night those hoping to stay off the high- seven more contests to build on
Now comes the task of hitting pearances, across 16 different pitch- before in Toronto, “I’m gonna do.” light shows.) his mark. The Yankees now return
No. 62. The Yankees have seven ers. He swung at 62 of those And, yet, one of his longer home Then Judge returned to his usual for three home games with Balti-
games remaining. They host the Bal- pitches. None cleared an outfield run droughts of the season arrived game. more starting Friday, though Sat-
timore Orioles for three games be- fence. Seventy-six, about half, were with so many leaning so hard into He leads the AL in walks and is urday and Sunday now look chal-
ginning Friday. Then they’ll play out of the strike zone or called as each of his at-bats, nearing the end second in pitches seen per plate ap- lenged by rain.
four games in Texas. Judge has hit such. He faced a 22-year-old rookie of one of the most productive sea- pearance. In the next two plate ap- More waiting, maybe. But Yan-
nine home runs this season, and 35 (Pittsburgh’s Roansy Contreras), a sons ever. In those 34 plate appear- pearances—over two games—he kee fans—nervous about their
in his career, against the Orioles, his 30-year-old rookie (Boston’s Kaleb ances, he had five hits, three of walked twice on four pitches. By team’s chances in the postseason,
most against any team. Ort) and a 42-year-old (Boston’s them doubles, 13 walks and 34 Tuesday and Wednesday nights in not to mention soon-to-be free
But the past week has demon- Rich Hill) who was drafted a month groans. (In his prior 34, for example, Toronto, he was back to sorting out agent Judge slipping away to the
strated that nothing is easy with after Judge’s 7th birthday. The 17th he had walked six times.) the good from the bad, the fastballs New York Mets, San Francisco Gi-
history on the line. Every day for a was left-hander Tim Mayza, who To the eye, little had changed in from the rest, and in the next nine ants or Boston Red Sox next
week Judge was on the cusp of 61 threw the sinker that disappeared Judge—his approach, his mechanics, plate appearances he saw 52 year—probably appreciate the dis-
home runs, and every night he slept over the left-field fence. his demeanor—from his first 636 pitches. He lined out to third base traction.
with the purpose of getting up and Along the way, the Yankees plate appearances of 2022 to the and walked five times, flied to right Records are hard.
trying again tomorrow. Yet the mod- clinched their first AL East title in next 34. Perhaps, given the stakes, field and grounded to third, then We wait.
est drought was also very on-brand, three years. Judge doing more than pitchers were less willing to go for homered on the eighth pitch from It’s actually the way baseball’s
with Judge drawing walks after long his share to aid in that, even over the late-count kill. The last eight Mayza. supposed to be.

The PGA Tour Strikes Back tournament purses, and a guaran-

teed $120,000 in prize money even
for the last-place finisher in any
While the PGA Tour’s contracts
with players are key to LIV’s at-
tack on the PGA Tour, the PGA

With Countersuit Against LIV event. All of that, the Tour says,
comes from $2 billion that the
Saudi Public Investment Fund has
Tour’s counter similarly zeroes in
on the terms of the deals LIV has
struck with players, including their
committed to LIV. restrictions—and requirements for
BY ANDREW BEATON players’ contracts with the PGA “There is no actual injury to them to try to recruit others to
AND LOUISE RADNOFSKY Tour include provisions that are Plaintiffs here, and no violation of leave the PGA Tour.
anticompetitive—which the Tour the law,” the countersuit says. The counterclaim says that LIV’s
THE PGA TOUR has filed a coun- had previously said were legal and “Both LIV and the Player Plaintiffs player contracts impose “contrac-
tersuit against the Saudi-owned appropriate—the Tour is now also baked the financial cost of their tual restrictions on the LIV Players
LIV Golf circuit, alleging that LIV alleging that LIV has engaged in Talor Gooch is on the LIV Golf circuit. suspensions into LIV’s exorbitant more onerous in scope and dura-
harmed the Tour by interfering in “tortious interference with the signing bonuses, making Player tion than any of the Tour regula-
its deals with golfers. Tour’s contracts with its mem- Department is also investigating Plaintiffs whole.” tions they challenge.” Those re-
LIV has been pursuing an anti- bers” through their efforts to get whether the PGA Tour violated an- “With the backing of PIF, LIV quirements, as previously reported
CHARLES REX ARBOGAST/ASSOCIATED PRESS

trust claim against the Tour in the players to breach them. titrust law. And each side has has the luxury of operating at a by The Wall Street Journal, in-
U.S. District Court for the North- The new action adds to the le- armed itself with lobbying and loss for as long as it needs to ac- clude mandates that players play
ern District of California since Au- gal drama dividing golf, with skir- public-relations firepower to try to complish its goals.” in every LIV event, a requirement
gust, arguing that the Tour has mishes taking place on numerous win over lawmakers and voters. LIV, in a statement, responded to wear LIV gear at non-LIV
acted illegally in suspending LIV fronts. On the course, LIV has suc- The Tour’s counterclaim points by saying the counterclaim is a events, and seek approval from
players from its events, in an at- ceeded in luring some of the big- to nine-figure advances paid to “transparent effort to divert atten- LIV for media appearances.
tempt to squash a rival. gest names in golf such as Phil some of its former members to tion” from the Tour’s anticompeti- The PGA Tour also notes that at
The counterclaim, seeking dam- Mickelson, Dustin Johnson and persuade them to join the LIV cir- tive conduct. “We remain confi- least some LIV player deals, in-
ages as a result of LIV’s actions, is Cameron Smith. In the courts, cuit, along with low-cost tourna- dent that the courts and the cluding one for Talor Gooch, re-
an attempt to turn the tables. both sides are now accusing each ment tickets for spectators, hun- justice system will right these quires them to assist in recruiting
While LIV’s position is that the other of wrongdoing. The Justice dreds of millions of dollars in wrongs,” LIV said. other players to LIV.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, September 30, 2022 | A15

OPINION
Corporate Dirty Pool in Seattle BOOKSHELF | By Tom Nolan

How worried
are Democrats
sign. Ms. Smiley hits Ms.
Murray for rising crime, while
the campaign was appropriat-
ing its intellectual property,
campaign rebutted the com-
pany’s infringement claims,
A Crime
Fit to Print
about Wash- the ad flashes two Seattle and complaining it might running through political
ington Sen. Times headlines, one of which “create an unfounded associ- speech protections and noting
Patty Mur- reads: “Starbucks to Close 5 ation in the minds of con- that no reasonable person
ray’s re-elec- Seattle Stores Over Safety sumers between Starbucks would ever think a factual ad
POTOMAC tion? Both- Concerns.” and your campaign.” It in- about shuttered Starbucks
ered enough “Game Day” hit the air- sisted the campaign either stores amounted to a coffee-
WATCH
that Seattle’s waves Sept 1. Five days later, pull the ad or alter it to strip chain endorsement. It sug-
Blood & Ink
By Kimberley
corporate according to documents I ob- both the (barely visible, back- gested Starbucks focus on its By Joe Pompeo
A. Strassel
heavyweights tained, the Smiley campaign ward) sign and the Seattle own problems, like its recent (Morrow, 344 pages, $32.50)

I
are playing received a terse email from Times headline referencing union woes.
dirty pool on her behalf. the Seahawks claiming a Starbucks. The Seattle Times also re- t was called “the great story of a generation.” In Sep-
After coasting for five trademark violation. The ad ceived a letter refuting its tember 1922, the Rev. Edward Hall and his lover, Elea-
terms, the progressive Ms. briefly shows Ms. Smiley’s claims, but it got something nor Mills, a member of his church’s choir, were found
Murray is facing a surpris- husband, Scotty—a retired Patty Murray’s rival in addition. The Smiley cam- murdered near New Brunswick, N.J. Both were shot dead,
ingly spirited challenge from U.S. Army Ranger who was paign on Thursday filed a their bodies laid out on a field beneath a crabapple tree.
Tiffany Smiley, a nurse and blinded by shrapnel in Iraq— gets nastygrams from Federal Election Commission Eleanor’s throat was slashed, and her letters to the married
entrepreneur. The Republican expressing alarm that “even Starbucks, the Times complaint, charging the paper cleric were scattered around their corpses.
is pummeling Ms. Murray beer” prices are rising. You with providing the Murray For at least two years, writes Vanity Fair correspondent
from every direction and lay- only see his shoulders above and the Seahawks. campaign a prohibited in-kind Joe Pompeo in his engrossing “Blood & Ink: The Scandalous
ing out her own detailed re- a tall couch—and if you get a contribution. It turns out that Jazz Age Double Murder That Hooked America on True
form agenda. While the Real- magnifying glass you might Ms. Murray has also used a Crime,” Hall and Mills had been carrying on an ill-
ClearPolitics average has Ms. make out a letter or two from One such letter may be the Seattle Times headline in her concealed affair. During one argument, Eleanor bluntly
Murray winning by 8 points, the word “Seahawks.” The product of an overzealous ads. Her “First 2016 Ad” told her husband, Jim, sexton at Hall’s church: “I care more
one recent poll put Ms. Smi- letter insisted the Smiley lawyer, but three in a row sports the newspaper’s logo for Mr. Hall’s little finger than I do for your whole body.”
ley within 2. It’s close enough campaign “immediately looks like more than a coinci- under the headline: “Patty Dozens of journalists from all over the country streamed
that Majority Leader Chuck cease” its “unauthorized com- dence. One might even won- Murray’s and Paul Ryan’s into town, and the mystery became “a front-page sensation
Schumer recently transferred mercial use.” Nothing like der if some Murray staffer Teamwork Is a Model for from New Brunswick to California,” as Mr. Pompeo writes.
$500,000 of his own cam- your local sports franchise was putting bugs in Seattle Congress.” It seems the Times Thousands of sightseers
paign cash to Ms. Murray’s dumping cease-and-desist or- business leaders’ ears. And has a different legal standard flocked to the scene, looting
campaign. ders on wounded veterans. while corporate political-ac- for candidates it endorses. the “house of mystery”
And close enough that a “Cup of Coffee” went live tion committees routinely As the FEC complaint where the lovers had rendez-
trio of titans—Starbucks, the on Sept. 20. The next day, the play politics by making dona- notes, the Smiley campaign voused, carrying off furniture,
Seattle Times and the Seattle Seattle Times sent an email tions, it’s something else for would have to spend an esti- stripping the ivory from the
Seahawks—are actively at- to the “Jane Smiley” cam- individual companies to go to mated $5,000 to remove and piano’s keys. They even peeled
tempting to sabotage the paign—apparently without bat for a candidate via be- update the ad—“costs that the crabapple tree down to
Smiley campaign, albeit in a running it past its fact-check- hind-the-scenes threats based Patty Murray does not have its bare branches.
distinctly underhanded fash- ing desk—accusing it of “un- on tenuous legal claims. to accrue.” It cites FEC regu- Meanwhile, authorities
ion. Their targets are two ef- authorized use of The Seattle These letters were bound to lations that provide “if a cor- fumbled through a botched
fective Smiley campaign ads. Times logo and two head- cost the Smiley campaign poration makes its resources investigation. So inadequate
In “Game Day,” the Repub- lines” in violation of the pa- money and headaches and available for free, it must do were the victims’ initial autop-

.
lican is in a kitchen preparing per’s “copyright and trade- might have pushed it off the so for all candidates.” sies that their bodies were
to watch a football game, hit- mark.” It demanded the airwaves. Don’t expect the Seattle exhumed for a second exami-

ly
ting Ms. Murray and Demo- campaign remove any refer- The campaign didn’t roll corporate set to do anything nation. Who was the killer?
crats for the spiraling cost of ences to the paper not only in over. It made a painless ac- on behalf of Ms. Smiley soon. Eleanor’s daughter Charlotte
food. In “Cup of Coffee,” she its own ad, but in an NBC commodation to the “Game But it shouldn’t be too much thought the reverend’s wife, Frances, was involved. Others
stands in front of a derelict
building. Barely visible at the
top, and seen backward, is
the store’s faded Starbucks
News article about the ad’s
launch.
Two days later, Starbucks
sent a certified letter saying
on
Day” ad, blurring the jersey
colors to obscure anything
distinct. In a legal letter sent
Thursday to Starbucks, the
to ask that they do their poli-
ticking straight—and out in
the open.
Write to kim@wsj.com.
suspected Eleanor’s husband. The local prosecutor, under
pressure from the governor and the press, came up with
a dark horse to charge: a friend of one of the two young
people who discovered the bodies. After a key witness
recanted, though, the accused man was released.
us ,

The authorities found a new lead via Jane Gibson, a

Out of the Ashes, a New Notre-Dame

l

shotgun-toting, mule-riding woman who kept a farm near

e
al a

the murder site and claimed to have witnessed the crime.

Dubbed “the Pig Woman” by the press, she gave varying
HOUSES OF Paris to Friends of Notre-Dame, with timber from white oaks— skilled craftsmen, using the accounts of what she’d seen. A grand jury brought no
ci on

WORSHIP For many 30,000 are American. of a “forest” of 25 trusses, same techniques that were indictments, and “the homicide investigation,” Mr. Pompeo
By Tunku years, Phi- Does restoring a place of structures that hold up the employed in medieval Europe writes, “fizzled to a tepid denouement.”
Varadarajan lippe Ville- worship pose challenges dif- roof. Most of the cathedral’s to build a replica of the truss Mr. Pompeo’s book is as much about the rise of tabloid
neuve has ferent from those of a secular blueprints are thought to have from white oak sourced in journalism and the American public’s appetite for lurid
worn above project? “No. You don’t need been destroyed during the Virginia. The project was true-life tales as it is about the crime itself. The case lay
er s

his heart a tattoo of a stained- to be a churchgoing Christian widespread desecration of complete in August 2021, and dormant until Phil Payne of the New York Daily News
glass rose window from to restore Notre-Dame,” Mr. churches after the French the French architects wished teamed with Ellis Parker, a prosecutor’s investigator from
m er

Notre-Dame. Inked on his left Villenueve says. “You just Revolution. A faithful restora- to see it. another county. The two men conducted their own probe,
arm are two more images need to understand and love tion of the trusses would have Ms. Ohnstad describes the focusing at first on Eleanor’s widower-husband.
from this, the most beloved of it.” He admits it’s the most been near-impossible had Mr. “exhilaration” her students Spiritualism was then in vogue, thanks in part to the
all Christian cathedrals. One is challenging restoration work Fromont not made detailed felt as they engaged in this endorsement of Arthur Conan Doyle, the creator of
of the great organ, the other his architects have done, and task, which was also a way to Sherlock Holmes. Payne hatched a scheme to scare Jim
m rp

of its spire, which was de- not only at a technical level. “get their hands back into Mills into a confession: He got him to attend a fake séance
stroyed by the nighttime fire “It’s an emblematic monu- A faithful restoration making things after Covid” at which a reporter posed as “Madame Astra” and accused
that engulfed Notre-Dame on ment, part of the world’s heri- and months of Zoom classes. him of being the killer. Jim vehemently denied the charge.
April 15, 2019. A heartbroken tage. As such, literally every- inspires challenge, “Everyone had lost all their Undeterred, Payne induced the cooperation of a police
Mr. Villeneuve had these one has an opinion. But and passion, in France senses.” Theirs was also a ro- detective to gain access to the official files—and continued
co Fo

etched just days after. people should stay in their mantic fantasy: Handshouse his own independent inquiry, which the governor endorsed.
This display of bodily de- lane and focus on what is best and across the world. and the students had hoped “This mutually beneficial arrangement,” Mr. Pompeo
votion is apt for a man who for the monument.” Notre-Dame would use their writes, “reflected a well-established tradition . . . in which
fell in love with the 13th-cen- In the initial clamor to re- truss, “accept it as a gift.” newspapers actively interfered in criminal investigations.”
tury Gothic cathedral 53 years build, outlandish ideas were drawings of the “forest” as It was, she says, “wishful Mr. Pompeo revisits the heyday of the tabloid papers,
ago, when he was 6, on a visit put forth, including by Presi- part of a postgraduate study thinking.” The French won’t with their emphasis on vivid photographs and sensation-
with his grandpa. Ten years dent Emmanuel Macron, who of Notre-Dame. Although Mr. take it. The wood used in all alist stories. Tabloid journalism, he contends, “shaped the
later, he built a model of the favored a new spire of con- Fromont is too modest to say the trusses must be identical, modern world. . . . The Hall-Mills mystery and other tab-
sacred building out of balsa temporary design. Others in- so himself, that study has and for all the enthusiasm loid crimes of Jazz Age New York were the zeitgeist-
wood (over long days when cluded a roof garden, as well proved a structural lifesaver. that went into its making, the setting murder podcasts and Netflix documentaries of
his mother thought he was as rebuilding with glass or It is the trusses that have American truss isn’t as good their day.”
studying for exams). Today he steel, not wood. Mr. Ville- brought Messrs. Villeneuve as those made by the French
is the chief architect in neuve, an adamant originalist, and Fromont to the U.S., master craftsmen.
How a double murder in 1922 fed the
n-

charge of restoring the threatened to quit if Notre- drawn to a project undertaken Ms. Ohnstad is philosophi-
charred edifice. Dame wasn’t restored exactly by Handshouse, a Massachu- cal. It’s enough for her that rise of tabloid journalism and the American
How difficult is it to work the way it was before. The setts nonprofit focused on ar- the architects from Paris
on a restoration with the army general in charge of the chitectural education, and the were “thrilled” to see the public’s appetite for lurid real-life tales.
no

world watching? “We’re so fo- works, a martinet appointed Catholic University of America truss. “I can’t believe you
cused on the monument, we by Mr. Macron, told Mr. Ville- in Washington. These two in- guys,” one of them told her
don’t even notice,” he says, in neuve to “shut his mouth.” stitutions undertook to build a and the students. “You’re this Newspaper tycoon William Randolph Hearst, prompted
an answer relayed via Whats- Sanity prevailed, and the truss—No. 6 of the 25 at far away and you have our by the phenomenal success of the Daily News, started
App by the spokesman for the French Parliament passed a Notre-Dame—by working off same passion.” the New York Daily Mirror in 1924—and hired Payne to
Friends of Notre-Dame, a non- law to ensure that the re- drawings by Mr. Fromont. manage it. “If the Daily News was unashamedly down-
profit at the forefront of fund- building was identical to the Tonya Ohnstad, a professor Mr. Varadarajan, a Jour- market,” writes Mr. Pompeo, “the Mirror was positively
raising in the U.S. Mr. Ville- original. of architecture at Catholic U, nal contributor, is a fellow at vulgar. . . . News stories in the inaugural issue included
neuve is in Washington on a Also destroyed was the set up a course for her stu- the American Enterprise Insti- a wife-slaying, an attempted wife-poisoning, and a dead
lecture tour with Rémi wooden roof above the stone- dents on the project, titled tute and at Columbia Univer- priest.”
Fromont, another architect on vaulted ceiling. Its reconstruc- “Joinery and Craft of Notre- sity’s Center on Capitalism Bernarr Macfadden’s New York Evening Graphic,
the team. Of the 40,000 donors tion requires the remaking— Dame.” Students worked with and Society. launched the same year, introduced the composograph,
“in which the faces of story subjects were superimposed
on body doubles. It was an outrageous way to illustrate

The SEC Obstructs National Security sensational news events.” The most extensive coverage of
the Hall-Mills affair, though, appeared in the august New
York Times—whose publisher, Adolph Ochs, took pains to
By Ari Schwartz attacks before the exploited should be allowed to resolve ate reporting to the govern- distinguish its reportage from that of its lower-class rivals.

T
weakness can be fixed. an incident before making it ment. It was the Daily Mirror that prompted a reopening of
he Securities and Ex- That comes with a national public. Unlike the SEC rules, most the Hall-Mills case in 1926—four years after the murders—
change Commission security risk too, as nation Other regulators are racing of these allow for companies in response to new evidence gathered by Payne. This time,
seems to have missed a states often engage in or aid to require companies to report to investigate and remediate a grand jury decided that Frances Hall and three others
key principle of fighting crime: cyberattacks against compa- problems even faster, creating the incident. But it would be should be indicted. Over 200 journalists attended “the trial
Investigators don’t release all nies. The SEC’s new rule will the possibility of confusion of better if the U.S. agencies of the century.” The Pig Woman, gravely ill, testified before
the details of an incident be- help states cover their tracks whom to report to and when. worked together to create the court while lying in a hospital bed and accompanied by
fore it’s solved because it by alerting them to any dis- Following the European Union common rules that give busi- a doctor in close attendance. Her own mother, “a gnarled
would make it harder to catch covery. And it’ll make it eas- requirement of three days, nesses a reasonable delay be- old woman dressed in black,” blurted out from the front
the criminal. This is true in cy- ier for them to find targets by Congress has charged the U.S. fore they report. It would go row: “She’s a liar. A liar, liar, liar.” The defendants were
bersecurity too. You don’t highlighting what businesses Department of Homeland Se- a long way toward simplifying acquitted.
want hackers to know they’ve are vulnerable and how. curity to create rules that reporting standards if they Decades passed. “Every person at the center of this story
been discovered or to high- would also require reporting clarified what information took his or her truth to the grave,” Mr. Pompeo writes.
light a company’s weakness to within three days of an inci- needs to be reported and Yet as late as 1969, the affair was still prompting official
other bad actors. Yet a new Public disclosure of dent, except for ransomware when. scrutiny. Three previous full-length works have been
rule from the SEC would re- cyber attacks shows payments, which must be re- The key is to balance na- written about it. Mr. Pompeo calls his own account “the
quire public disclosure of an ported in one day. The New tional security with other most comprehensive and exhaustively researched book
incident within four days of weakness to enemies. York State Department of Fi- concerns, including the inves- about the Hall-Mills case,” and his speculations continue
discovery, even if the hack is nancial Services is also asking tor’s right to be informed. past his epilogue into his acknowledgments and notes on
still under investigation and for a report in three days. The This balance can be achieved, sources. “Even now, a whole century later,” he writes,
hasn’t been remedied. The goal of the SEC’s new Office of the Comptroller of but it will requires agencies “the million-dollar question remains: Whodunnit?”
Those of us who have dealt rule is to inform investors the Currency, Board of Gover- to look past their own narrow
with actual cyber incidents about attacks, which is a fine nors of the Federal Reserve priorities and putting the Mr. Nolan reviews crime fiction for the Journal.
know that a fix is unlikely to idea in principle. Investors System and the Federal De- public interest, including na-
materialize in four days. should be informed about posit Insurance Corp. have re- tional security, first.
These reporting requirements firms’ cybersecurity risks and quired notification no later Coming in BOOKS this weekend
will place a spotlight on the sharing information about at- than 36 hours after a banking Mr. Schwartz served as The visionary life of Buckminster Fuller • Outrage, addiction
vulnerability in the hacked tacks can help other busi- organization determines that special assistant to the presi- & the rise of YouTube • The history & science of phobias
company’s cybersecurity, put- nesses optimize their own cy- an incident has occurred. In- dent for cybersecurity policy, & obsessions • Papyrus: The invention of books in the
ting the business at greater ber defenses. Reporting is dia has skipped a time frame 2013-15. He coordinates the ancient world • Sam Sacks on new fiction • & much more
risk of suffering successive important, but companies altogether, requiring immedi- Cybersecurity Coalition.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

What Really Went Wrong in Britain Biden Administration Smears My Reputation

E
veryone needs a scapegoat in an eco- predicted to lift tax revenue to its highest level In “China and Biden Oust a Re- quests and the hiring of an
nomic crisis, and much of the world relative to GDP since the 1950s. former” (Americas, Sept. 26), Mary An- independent firm to conduct a foren-
astasia O’Grady points out “Treasury’s sic analysis on my mobile device.
has settled on blaming British Prime Two other threads tie together all three Tory
decision to misrepresent the facts Treasury’s reference to the bank’s
Minister Liz Truss’s eco- administrations. One is bad en- about the case and smear Mr. Claver- “principles and values” is rich given
nomic plans. The Interna- Truss grapples with the ergy policy. Mr. Cameron em- Carone in its press release,” even the complete denial of any basic pro-
tional Monetary Fund and the crisis big-government braced climate-change dogma though the Treasury Department’s cedures and protections to which I
Biden Administration have to soften the party’s image. spokesman “didn’t say he had violated should have been entitled.
piled on, which conveniently conservatism made. The slogan became “Vote Blue, the bank’s code of conduct.” There was no reason for a multilat-
deflects from their failed pol- Go Green,” a reference to the That’s because Treasury could not eral institution, let alone the U.S. gov-
icies that produced inflation Tories’ blue branding. He op- truthfully make such a claim. After an ernment, to smear the reputation of
and slow growth. posed coal power and only tepidly supported nu- exhaustive, six-month investigation two Americans in this way. The
Expect criticism as well from America’s big- clear, and once in office introduced new subsi- by the Inter-American Development bank’s board of governors—on which
government conservatives worried Ms. Truss’s dies for renewables. A belated attempt to permit Bank’s outside law firm, the report Treasury Secretary Janet Yellen sits—
was unable to corroborate rumors has the right to terminate a presi-
program might succeed. As the blame-game con- shale-gas fracking failed.
and anonymous hearsay. It concluded dent’s contract at will, for any reason.
tinues, let’s step back and recount what has re- Mr. Johnson threw himself into net-zero car- that “there is no direct evidence of But political acts need political cover.
ally happened in Britain: bon goals with reckless abandon. Late last year an existing relationship between Mr. The Biden administration, China
i i i he unveiled a national strategy that would in- Claver-Carone and [his staffer].” and socialist governments in Latin
It’s wrong to say Britain plunged into crisis clude banning internal-combustion-engine cars On the claims of misuse of official America previously expressed a de-
Friday after Chancellor Kwasi Kwarteng an- and forcing households to pay thousands of travel and retaliation, the investiga- sire for my removal; that is their
nounced a large tax-cut package, because Brit- pounds for new home heat pumps. tors found that “the evidence does right. But there should be no mistake:
ain’s economy was already a mess. The pound All the while energy prices kept rising, drag- not support the allegation in the This was a raw political move to re-
had lost about 17% of its value against the dollar ging on the economy. None of the three Prime [anonymous] Complaint.” Likewise, place me with someone more sympa-
since the start of the year, borrowing costs were Ministers was ready to admit their energy poli- the investigation states, “The evi- thetic to their command and patron-
rising, and the economy was expected to be the cies might be the problem. They bequeathed to dence does not support the conclu- age. Hiding behind an abusive,
sion that any of the named persons in unprecedented process and misrepre-
slowest grower of any large country. Ms. Truss this month an electorate staring down the Complaint had been retaliated sentation of the facts shows this for
That malaise was the culmination of 12 years the barrel of an 80% increase in household en- against.” what it truly is: a corrupt and broken
of big-government conservatism from succes- ergy costs in October. On the claims regarding coopera- system in desperate need of reform.
sive Tory Prime Ministers. David Cameron came The other thread is bad monetary policy. The tion, the report documents ample MAURICIO J. CLAVER-CARONE
to power in 2010, in the wake of a financial panic Osborne Treasury and the Bank of England un- participation from both parties, in- Former President, Inter-American
that hit Britain hard, promising an economic re- der Governors Mervyn King and Mark Carney set cluding more than seven hours of in- Development Bank (2020-22)
vival. He and Chancellor George Osborne imple- the tone by “looking through” above-target in- terviews, responses to follow-up re- Washington
mented some pro-growth policies, such as a cor- flation for four years from 2010-13, and again in
porate tax-rate cut and a welfare reform to 2017-19. The central bank ignored its price-sta-
encourage work. bility mandate in order to hold interest rates at
But their legacy was to entrench a misleading historic lows while suppressing government Forget Manchin’s Bill. Real Reform Is Needed
view of “austerity.” Understanding that govern- borrowing costs with quantitative easing. Sen. Joe Manchin’s bill that osten- Litigation reform might also re-
ment spending of 44% and debt approaching 70% This stoked asset-price inflation, especially

.
sibly would have speeded up the per- verse the growth of the central plan-
of GDP (according to IMF data) after the 2008 cri- in housing, while suppressing productive invest- mitting process for conventional en- ning that characterizes the investment

ly
sis needed to come down, the Cameron adminis- ment and real wages. Inflation-adjusted pay fell ergy projects (“Both Parties Should process for energy resources and re-
tration claimed to be tightening the government’s 6.7% from 2009-14. Support My Permitting-Reform Bill,” lated facilities. This is particularly the
belt. They leaned into the view that near-term fis- Mr. Carney’s successor Andrew Bailey op-ed, Sept. 26) would have done no case for the huge policy favoritism to-
on
cal balance rather than medium-term economic poured on generous monetary stimulus during
growth is the only path to policy credibility. Tax- the pandemic, and he has been slow to with-
rate cuts were offset by clawbacks such as stin- draw it as the inflationary crisis deepens. One
such thing. The bill’s failure, however,
provides an opportunity to reform
the litigation process—the real source
of delays and large cost increases.
ward wind and solar power, the mas-
sive inefficiencies of which require
ever-expanding government subven-
tions as a means of avoiding blackouts
gier exemptions for pension saving and business day before Mr. Kwarteng’s tax announcement,
Litigation reform would reduce the and other adverse effects.
us ,

investment to preserve revenue. Mr. Bailey gave markets a bad surprise with a
environmental damage caused by the One such perversity in the Man-
l

Spending restraint was achieved via scatter- dovish 50-basis-point increase in interest rates suppression of new capital invest- chin bill was the socialization of the
e
shot attrition of the government workforce and rather than a 75-point raise that would follow
al a

ment to replace older facilities. It large transmission costs needed to

partial outsourcing of government functions. the Federal Reserve’s lead and match the sever- would put an end to the “complete- deliver heavily subsidized wind and
Britain never had a debate about what the role of ity of U.K. inflation. ness” requirement for agency reviews solar electricity to consumers. Once
ci on

the state should be, and the policy wasn’t all that i i i before permits are granted, a source begun on a large scale, it would prove
austere anyway. Spending fell only to 39% of GDP No wonder markets were primed to question of endless litigation and delay, focus- impossible to prevent the expansion
by the end of Mr. Cameron’s tenure, slightly above Britain’s policy credibility when Mr. Kwarteng ing on the major environmental im- of that same socialization to one eco-
its pre-2008 level. The economy grew, but skewed unveiled the new tax plan. Ms. Truss and Mr. pacts rather than hundreds of minor nomic sector after another. That the
toward a few industries (especially financial ser- Kwarteng are calling time on the mistakes of ones that can be predicted on net to perversities of ever-bigger govern-
er s

vices). A productivity crisis developed as invest- their predecessors, and seem determined to pur- cancel out. Such reform would allow ment inexorably metastasize is an
the Mountain Valley Pipeline project eternal truth that Mr. Manchin should
ment faltered, depriving the economy of the sue both tax-rate cuts and tax-code reforms and
m er

in West Virginia—evidently Mr. Man- have recognized from the beginning.

means to sustain wage growth. economic deregulation to spur productive pri- chin’s only real concern—while creat- BENJAMIN ZYCHER
Mr. Cameron was followed by Theresa May, vate investment. ing the same economic benefits for Fellow, American Enterprise Institute
who embraced a form of even-bigger-govern- But investors have heard a lot of incomplete other projects equally important. Long Beach, Wash.
ment conservatism. Most of her tenure was or misleading promises about pro-growth poli-
m rp

consumed by debates over Britain’s departure cies from recent Tory leaders. Even now Ms.
from the European Union, but she found time Truss’s backbenchers, who didn’t want her as
to talk up industrial policy and threaten to raise leader, are sniping at her and implicitly defend-
Cannabis, Convicts and Commerce in New York
tax rates. ing the Johnson-Sunak record of failure. We’re building something special nesses. Licenses require at least one
When Boris Johnson became Prime Minister The point is that Britain was in an economic in New York. We’re writing the play- person on an application to have
co Fo

book for establishing a cannabis in- been involved in a business that was
on a promise to finish Brexit, he ushered in big- mess before Ms. Truss took office, and there is
dustry (“New York Seeks Marijuana profitable for two years.
gest-government-yet conservatism. He planned no alternative universe in which policies that Dealers ‘With Experience’” by Jona- Further, it is offensive to paint all
a “leveling-up” agenda that would boost eco- have failed for 12 years suddenly would start than Turley, Cross Country, Sept. 24). Americans with prior convictions as
nomically disadvantaged regions via extrava- working on the cusp of a global downturn. The We’re giving entrepreneurs harmed threats to our society. These appli-
gant government spending. He all but aban- choice is the gamble of a major policy overhaul, by prohibition unprecedented support cants are business owners, and those
doned post-Brexit deregulation. or the certainty of steeper decline. and a first-mover advantage in open- with past convictions have paid their
Following the fiscal shock of the pandemic, So yes, U.S. Republicans, do take note of Ms. ing adult-use cannabis dispensaries. debt to society. Through entrepre-
Mr. Johnson’s first instinct was to raise taxes— Truss’s travails in Britain. The Tories squan- Mr. Turley writes that “the experi- neurship they’ve improved their com-
via a 2.5-percentage-point increase in the payroll dered their reputation for competent, free-mar- ence derived from running a criminal munities, and I’m confident they’ll
tax, and by letting accelerating inflation tip indi- ket economic management. They now find that drug operation doesn’t translate well keep doing so.
viduals into higher tax brackets. Former Chancel- it’s hard to win back at precisely the moment to the demands of a lawful busi- CHRIS ALEXANDER
ness,” without acknowledging that Executive Director, Office of Cannabis
lor Rishi Sunak’s last budget by some counts was they and the country need it most.
n-

the only candidates eligible for this Management (New York)

license already operate lawful busi- Queens, N.Y.

The Military Needs More Ammo

Service Staff Shouldn’t Be Paid by Customers
V
no

ladimir Putin is claiming to annex driven not by a theory of victory but a per-
pieces of Ukraine his troops now oc- ceived risk of escalation. I’m not surprised that the hospital- the wage subsidies inflicted on U.S.
cupy, while threatening to use nu- That it will take “a few years” for less than ity industry is racing to enable guests customers. It’s time the U.S. hospital-
clear weapons if the war two dozen new Himars to to digitally tip housekeepers and ity sector grew up and internalized
doesn’t go his way, so this is Delay in delivering reach Ukraine should be a other staff (“Hotel Tipping—With No its costs in the price of the service it
Cash,” Personal Journal, Sept. 22). provides. Hotel guests can still top off
no time for Western democ- Himars to Ukraine wake-up call. Fickle demand
Without these options, as cash pay- the cost of their stay by tipping
racies to go wobbly. The Bi- from Congress and a byzan- ments dry up, hotel management housekeepers and other staff to ac-
den Administration deserves reflects U.S. shortfalls. tine procurement process has would have to increase staff wages or knowledge their positive experience.
credit for announcing an- discouraged capital invest- hotel prices to maintain profit mar- IRA SOHN
other $1.1 billion in security ment in building ships and gins. They wouldn’t want to relin- Upper Montclair, N.J.
assistance this week, but buried in the details weapons, and the result is a fragile industrial quish this well-established wage sub-
is a warning about America’s ability to sus- base without the agility to surge production sidy paid by hotel guests for services
tain a long war. when a crisis emerges. A protracted skilled la- that should be included in the price Flunking the Climate Quiz
The Pentagon announced “the beginning of bor shortage and supply-chain hiccups have of a room. Remember: Like waitstaff
The cancel-culture crowd has
a contracting process” that will eventually de- added to the troubles. in restaurants, housekeepers are
come after World Bank President Da-
liver Ukraine more multi-mission radars, coun- Take antitank weapons. The U.S. has sent working for—and paid by—employers
vid Malpass, who declined to endorse
not by customers.
ter-unmanned aerial systems, tactical vehicles Ukraine more than 8,500 Javelins, according to climate-change dogma (“Malpass’s
Somehow, European hotels and
that tow weapons, and other gear. The U.S. will a Pentagon fact sheet. Lockheed Martin’s CEO restaurants, where the price of a stay
Lesson for GOP Candidates” by Steve
also procure 18 high mobility artillery rocket Jim Taiclet told CBS News in May that the com- Milloy, op-ed, Sept. 27). Mr. Malpass
or a meal includes all taxes and ser-
systems, known as Himars, to complement the pany is ramping up to produce 4,000 Javelins a might have replied to the reporter:
vice charges, have survived without
16 Ukraine is now using to excellent battlefield year, up from its current capacity of 2,100, but “If I thought it was an existential
threat to the planet, we wouldn’t be
effect, particularly on Russian ammunition de- that it would take “a number of months, maybe
lending money to countries for fu-
pots and logistics lines. even a couple years” to reach that output. Wait for Mail in Case of Nuke ture infrastructure, would we?”
Yet the rocket systems and the associated Fighting a war and running low on bombs The advice on coping with a nu- JOEL I. CEHN
ammunition won’t reach Ukraine for “a few is a bad place to be, as the Russians are learn- clear attack (“Notable & Quotable: Cambria, Calif.
years,” a senior defense official said. The pack- ing, and the lessons from Ukraine are worth ab- Fallout,” Sept. 27) reminds me of a
age “underscores the U.S. commitment to sup- sorbing before China makes a play to seize Tai- memo I received in the late 1950s. I
porting Ukraine over the long term.” Telling wan. A paper last year from the Mitchell worked in the blood bank of Walter
friends we won’t cut and run as the fight drags Institute for Aerospace Studies estimated that Reed Army Hospital. An order of the
Pepper ...
on is welcome reassurance. It’s worth planning the Air Force could run out of its best preci- day was issued with instructions on And Salt
for a stronger and more modern Ukrainian mili- sion-guided munitions (e.g., long-range air-to- what to do in case of an atomic at-
THE WALL STREET JOURNAL
tary that may have to deter Russia even after ground missiles) “about a week” into a war tack: “Do not go to a field hospital.
Stay at home and you will be notified
Mr. Putin is gone. with China. Buy more while you can.
where to report for duty, through the
But the Ukrainians need more rocket sys- The Senate on Thursday voted for another US mail service.” I still have it en-
tems now, and the fastest route is for President $12 billion in assistance for Ukraine, including shrined in my scrapbook.
Biden to draw down more from U.S. stocks. The $1.5 billion for replenishing U.S. weapons stocks. PAT WELSH
defense official told reporters this package “in Republican Leader Mitch McConnell was right Avon, Ohio
no way rules out us continuing to invest in their when he said on the floor that if the Administra-
current force.” tion can’t move faster on rocket systems, “it will
Letters intended for publication should
But the U.S. has so far declined to offer the be an indictment of their persistent unwilling- be emailed to wsj.ltrs@wsj.com. Please
longest-range rockets that would pack the most ness to invest in our own military stockpiles and include your city, state and telephone
battlefield punch, and by some press reports our defense industrial base.” After all, “it is not number. All letters are subject to
is slow rolling more modern tanks. This is a rec- true strength and resolve that provoke the bully. editing, and unpublished letters cannot
be acknowledged.
ipe for a stagnant winter of fighting, and looks It is delay and weakness.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, September 30, 2022 | A17

OPINION

ESG and the ‘Long-Run Interests’ Dodge

By Vivek Ramaswamy “change oil companies from promoting proposals truly en-

I
within” by pushing “Big Oil to go hanced long-run shareholder
sent shareholder letters re- green.” value, there would be no need
cently to the boards of Apple, Agree or disagree with these for the Biden administration to
Disney and Chevron question- objectives, they aren’t about ad- create a new rule that would ex-
ing their decisions to embrace vancing the interests of stock- pressly permit retirement-fund
environmental, social and gov- holders. Each company’s initial managers to consider “collateral
ernance agendas that don’t appear to response suggested as much. Ap- benefits other than investment
advance business goals—including ple’s board recommended returns,” such as “climate
Apple’s racial-equity audit, Chevron’s against the racial-equity audit change,” when investing em-
Scope 3 carbon-emission targets, and before adopting it. Mr. Chapek ployees’ money. The rule would
Disney’s opposition to Florida’s Pa- wrote in an all-employee email be superfluous.
rental Rights in Education Act. I de- that “corporate statements do Some ESG proponents argue
tailed the tangible costs to each com- very little to change outcomes or that even if socially motivated
pany of adopting these policies. The minds” and “can be counterpro- proxy voting doesn’t help individ-
most common counterargument is ductive,” then changed his mind ual companies, it nonetheless
that ESG practices are in the “long- two days later. Chevron peti- maximizes value across invest-
run interests” of stockholders. That tioned the Securities and Ex- ment portfolios. The Shareholder
argument is a farce. change Commission to exclude Commons, a nonprofit “commit-
In each case, the groups that ad- the Scope 3 proposal from its ted to a fundamental transforma-

MARTIN KOZLOWSKI
vanced these policies were clear that ballot, then recommended tion of our financial system,” ex-
their primary motivations were non- against its adoption, before plains: “The most important
pecuniary. An official of the Service eventually changing course. factor determining diversified
Employees International Union said It strains credulity to believe portfolios’ long-term value is the
it “spearheaded” Apple’s racial-eq- that these sudden changes of economy’s intrinsic value, not in-
uity proposal because companies heart were motivated by a real- dividual portfolio companies’ rel-
ization that these measures bene- manager, BlackRock, of using clients’ BlackRock invokes the “long term” ative financial performance. Accord-
fited shareholders. It’s true that fail- money to “circumvent the best pos- mantra 49 times in its 10-page cli- ingly, individual company behavior
Don’t believe it when ing to appease social activists can sible return on investment” with ef- mate risk report. that harms the economy threatens di-
create costs that companies would forts to “pressure companies to But simply saying it doesn’t make versified investors, even when that
companies spin social rather avoid. But if that’s all there is comply” with ESG goals. it so. After voting for Chevron’s conduct might increase the company’s
activism as having to the argument, ESG isn’t much BlackRock responded that it Scope 3 proposal in 2021, BlackRock own long-term value.” Reducing the
more than a protection racket. doesn’t pressure companies to lower switched its vote on another one this value of companies one at a time is a
benefits to shareholders. When I raised this point with a emissions. But New York City Comp- year and contradicted itself in ex- dubious way to increase the value of
Chevron executive at a meeting after troller Brad Lander called that claim plaining why: BlackRock’s gover- a portfolio—and in any case, a board’s
my shareholder letter, he suggested “alarming” and said BlackRock’s re- nance team said it changed its vote fiduciary duty is to its own sharehold-
have “a negative effect on marginal- all the company’s decisions are about sponse contradicted its prior cli- “in recognition of the progress . . . ers, not other companies’.
ized communities—including Black maximizing financial returns. In that mate commitments. States like New Chevron has made,” while CEO Larry The strongest argument on behalf
people, women, LGBTQ+ individuals, case, why did the company need to York and California are major clients Fink seemed to reject the idea alto- of corporate social activism is that
and people with disabilities—by rein- be pressured into adopting certain for firms like BlackRock. Foisting gether: “We are not going to support society endows corporate sharehold-
forcing systems of inequity and cre- Scope 3 emissions caps, tripling in- their social agendas onto companies Scope 3. . . . We’ve always said Scope ers with benefits like limited liability
ating products with real-life dan- vestment in “new energies,” and is- may serve BlackRock’s interest in at- 3 is forcing big companies, banks and that ordinary persons don’t enjoy.

.
gers.” Color of Change, which suing a “climate change resilience” tracting capital from those states, asset managers to be the environ- “Companies need to earn their social
pressured the company to do the au- report supporting the Paris Agree- but that doesn’t mean these com- mental police.” BlackRock voted license to operate every day,” Mr.

ly
dit, says its mission is “to hold com- ment and a carbon tax? Why did the mitments serve the companies’ against a racial-equity audit at John- Fink said in 2020. Maybe, but that’s
panies accountable for the ways they Dutch nonprofit that made the pro- shareholders. son & Johnson that differed from Ap- for lawmakers to decide, and for now
perpetuate white supremacy.” posal and State Street, which voted BlackRock claims that its ESG-pro- ple’s in a key respect: It urged the the law is clear: Corporate boards
Disney employees who pressured
CEO Bob Chapek to oppose Florida’s
statute—which prohibits classroom
sex talk in lower elementary grades
ron’s behavior?
on
for it, take credit for changing Chev-

Others argue that corporate deci-

sions with majority shareholder
moting voting practices advance
long-run value creation at underlying
companies—that “racial and gender
equality” is “increasingly relevant to
company to “consult civil-rights
groups . . . across the spectrum of
viewpoints,” including “right-lean-
ing” ones, and to “allow employees
are obligated to act with the sole
purpose of advancing the best inter-
ests of stockholders. Chevron, Apple
and Disney should take notice—and
and requires it be age appropriate backing from large professional as- a company’s long-term perfor- to speak freely without fear of repri- owners should assert their rights.
us ,

for older children—said they were set-management firms should enjoy mance,” and that “how well compa- sal.” So racial-equity audits promote
l

motivated by “human rights” and the the presumption of enhancing long- nies navigate and adapt through the shareholder value but viewpoint di- Mr. Ramaswamy is executive
e
al a

“threat to LGBTQIA+ safety.” The run shareholder value. But last [climate] transition will have a direct versity detracts from it? chairman of Strive Asset Manage-
Dutch nonprofit behind Chevron’s month, 19 state attorneys general impact on our clients’ investment Recent government actions re- ment, which holds positions in Chev-
Scope 3 proposal said its goal is to accused the world’s largest asset outcomes” over “the long-term.” veal what’s actually at stake. If ESG- ron, Apple and Disney.
ci on

Biden, DeSantis and the Politics of Hurricanes

er s

By Tevi Troy key moment in the campaign, while were uncooperative on whether to in the hell is the cavalry on this that the administration wants to

A
also giving Mr. Obama bipartisan send in federal troops and failed to one?” President Bush lost re-election help.”
m er

s Hurricane Ian sweeps across credibility for his successful re-elec- evacuate Mr. Nagin’s city when they in November, but two years later The risk for Mr. Biden, as he ap-
Florida, some commentators tion effort. should have. Chiles narrowly won against Bush’s proaches his 80th birthday in Novem-
have noted the potential clash For Mr. Christie, the hug was They each had a comeuppance. son Jeb. ber, is that he can appear old and out
of two men who may be running good politics in the short run; he She became increasingly unpopular Jeb Bush served two terms as of touch. To counter that, he will need
against each other for president in easily won re-election in 2013. But it and chose not to run for re-elec- governor, 1999-2007, and he got high to make sure that the Federal Emer-
m rp

2024, President Joe Biden and Gov. might have hurt his 2016 presiden- tion; he went to prison for corrup- marks for handling a series of hurri- gency Management Administration is
Ron DeSantis. The next week or so tial campaign. One of his primary tion. But the damage was done for canes in 2004 and 2005—including on top of its game in responding to
could determine what their working opponents, Sen. Rand Paul, trolled Katrina, which made landfall in the hurricane. He also has to be care-
relationship looks like in the face of Mr. Christie on National Hug Day. South Florida a few days before it ful not to appear to be playing politics
a disaster, and what implications it Mr. Christie won no delegates. His A storm like Ian creates devastated New Orleans. with federal resources. Snubbing a
co Fo

may have for 2024. bigger problem was likely the 2013 That was an exception. In the rest perceived rival could make Mr. Biden
Hurricanes and other disasters “Bridgegate” scandal, but his hurri- opportunities and risks of these stories, Republicans tended look petty toward Mr. DeSantis and
have reshaped the political land- cane behavior did not help. and can upend the to fare worse than Democrats. Part callous toward the people of Florida.
scape before. In 2012 New Jersey In 2005 President George W. of this can be ascribed to media Politicians and pundits often talk
Gov. Chris Christie was supposed to Bush, fresh off re-election, ran electoral landscape. bias. As Mr. Romney’s political strat- about the need for elected officials
be a top Mitt Romney surrogate aground in the wake of Hurricane egist Stuart Stevens once told me, to work together without really
against President Barack Obama. Katrina. The storm caused more “When it comes to presidential poli- meaning it. But in the case of di-
When Hurricane Sandy hit a week than 1,800 deaths and $148 billion in Mr. Bush. His public standing never tics, the media are the umpires and sasters, cooperation is generally
before Election Day, Mr. Christie and damage and filled screens with im- recovered during his presidency, the Republican is always the away good crisis management and good
his state were overwhelmed and in ages of helplessness and squalor. and his second-term agenda fal- team.” politics.
desperate need of federal resources. President Bush made some mis- tered. Mr. DeSantis has generally been
That gave Mr. Obama leverage, and steps, including a flyover of the af- In August 1992 Mr. Bush’s father aggressive in challenging main- Mr. Troy is director of the Presi-
Mr. Christie played nice with the fected area that he acknowledged was tagged for a poor response to stream media narratives. But Ian dential Leadership Initiative at the
n-

president, even giving Mr. Obama a was a mistake: “I should have Florida’s Hurricane Andrew. Gov. will require deft handling of Flor- Bipartisan Policy Center and author
famous “hug”—actually a warm landed.” But Bush allies complained, Lawton Chiles was also blamed for ida’s disaster capabilities and the of “Shall We Wake the President?
handshake. with some reason, that local offi- the poor response—his approval rat- media if he is going to emerge with Two Centuries of Disaster Manage-
The “hug” had political implica- cials, particularly Louisiana Gov. ing sank to 22%—but Mr. Bush was his political viability intact. He has ment From the Oval Office.” He
no

tions in 2012 and beyond. It neutral- Kathleen Blanco and New Orleans done in by the televised plea of Dade also sounded the right notes on co- served as deputy secretary of health
ized Mr. Christie as a surrogate at a Mayor Ray Nagin, both Democrats, County’s operations director, “Where operation, saying, “It’s my sense and human services, 2007-09.

The Silent Price You’ll Pay for Our Mounting National Debt
By Red Jahncke the government’s borrowing to pay The Fed’s more hawkish guidance that so long as the economy is Healthcare costs always exceed

A
interest generates yet more inter- calls for “higher rates for longer,” growing at a faster rate than the the rate of inflation, too. That guar-
fter an unexpectedly hawkish est and yet more borrowing. even if it brings on recession. The debt, the increase in the national antees double-digit growth next
Federal Reserve raised inter- Net interest expense (gross ex- central bank is also shrinking its debt doesn’t matter. year in Medicare from about $710
est rates by 75 basis points pense minus the interest received) holdings of Treasurys under its But that certainly isn’t happening billion in fiscal 2022 based on the
for the third consecutive time last hit $63 billion in August, or $756 quantitative-tightening policy, re- now. In principal amount, the na- first 11 months, and in the other
week, all eyes were on markets and billion a year. That’s a lot of money quiring the Treasury Department to tional debt has exploded and the government healthcare programs
the economy. Few, however, paid at- in the context of a $6 trillion federal find alternative buyers. Weak de- cost of debt service is escalating, categorized as “health” in the
tention to the effect persistent in- budget and a $25 trillion economy. mand will likely push rates higher, if too. The current $756 billion annual Monthly Treasury Statement, which
flation and higher interest rates will The August numbers barely re- not destabilize the Treasury market net interest expense on the $24 tril- amounted to $915 billion in fiscal
have on Uncle Sam. flect the impact of the Fed’s inter- to some degree. lion of publicly held debt implies a 2022. Assuming only 10% healthcare
That’s surprising. The gross in- est-rate hikes between March and Yet even if the Fed backs off, or required economic growth rate of inflation, these two categories com-
terest expense on the national debt July, much less last Wednesday’s in- recession intervenes, that won’t re- bined will grow by $163 billion.
hit $88 billion in August, according crease and the additional 1.25% by lieve pressure on Uncle Sam. Trea- Naturally, if we do slip—or plum-
to the Monthly Treasury State- year’s end implied by the Fed’s new sury debt has reached record levels, The cost of borrowing is met—into a serious recession, fed-
ment. That’s $1.06 trillion a year. guidance. It’s highly likely that and higher federal interest expense is eral income-tax revenue will erode.
Interest on the national debt is ex- gross interest expense will rise well already baked in. That will constrain near untenable levels. If we Even before recession, the past nine
ploding and heading toward what above $1 trillion a year and surpass Washington’s capacity to deliver fis- aren’t already in a ‘doom months of declining stock and bond
economists refer to as a “doom Social Security as the largest item cal stimulus to a struggling economy prices virtually assure an almost
loop”—the vicious circle in which in the federal budget. during the next recession. Con- loop,’ we’re getting close. complete collapse in capital-gains-
strained or not, the government will tax revenue come tax time next
doubtless attempt to do so. That April. Loss of that category alone—
means issuing more debt, since the more than 3% in a $25 trillion econ- which averages about 12% of federal
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY federal budget is in perpetual deficit. omy in order for the debt “not to individual income-tax revenue—will
Rupert Murdoch Robert Thomson That is exactly what has hap- matter.” The average forecast for necessitate hundreds of billions in
Executive Chairman, News Corp Chief Executive Officer, News Corp pened in the past 2½ years: Uncle economic growth in calendar year borrowing to replace lost revenue.
Matt Murray Almar Latour Sam issued $7 trillion of new debt 2022 is less than 1%, and many Inflation and interest rates are
Editor in Chief Chief Executive Officer and Publisher
during the Covid pandemic, which economists expect negative inflicting painful damage today. Yet
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: took publicly held national debt to growth—i.e., recession—in 2023. seemingly without notice the na-
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; its present $24 trillion up from $17 Not only are rising interest rates tional debt is working like a cancer
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
trillion in February 2020. driving up federal interest expense sapping the nation’s long-term eco-
Thorold Barker, Europe; Elena Cherney, Coverage; The driving force behind the dramatically; inflation is propelling nomic vitality. Whether we reach
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business growth of our national debt alter- growth in government spending. So- the “doom loop,” or just become
Writing; Michael W. Miller, Features & Weekend; Information & Services, Operations; Robert Hayes, nates between surging interest costs cial Security benefits are adjusted mired in stagflation, unchecked gov-
Emma Moody, Standards; Shazna Nessa, Visuals; Chief Business Officer, New Ventures; attending a strong or inflationary based on the average of the con- ernment spending and mounting na-
Elizabeth O’Melia, Chief Financial Officer;
Matthew Rose, Enterprise; Michael Siconolfi,
Josh Stinchcomb, EVP & Chief Revenue Officer,
economy and enormous additions to sumer-price index reports for July, tional debt will drain all growth po-
Investigations
WSJ | Barron’s Group; Jennifer Thurman, Chief principal from deficit-financed stim- August and September each year. tential from the national economy
Paul A. Gigot Communications Officer ulus during recession. In either We have reports for two months sooner rather than later.
Editor of the Editorial Page case, the national debt is growing and don’t need the third to know
Gerard Baker, Editor at Large EDITORIAL AND CORPORATE
HEADQUARTERS:
inexorably. How could financial mar- that benefits will increase next year Mr. Jahncke is president of the
1211 Avenue of the Americas, New York, N.Y., 10036 kets ignore it? to roughly $1.3 trillion from $1.2 Connecticut-based Townsend Group
Telephone 1-800-DOWJONES One school of thought asserts trillion (or more than 8%). International LLC.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

WORLD NEWS

French Protesters Seek Wage Hikes U.S. Keeps

Report on
Striking rail workers, taking a heavy toll on France’s shelve his plans as the country
teachers, students urge
Macron to scrap plan
low-income families. Inflation
stood at 6.6% in August, ac-
cording to French statistics
went into lockdown because of
the Covid-19 pandemic. But he
pledged again to raise the age
Khashoggi
to lift retirement age
agency Insee.
Despite the inflationary
pressure, Mr. Macron is mov-
of retirement to 64 or 65 from
62 during his re-election cam-
paign, saying it was the only
Classified
BY NOEMIE BISSERBE ing ahead with a plan to over- way to preserve France’s social BY DUSTIN VOLZ
haul the pension system, rais- model without raising taxes or
PARIS—Thousands of peo- ing the retirement age and increasing the country’s debt. President Biden hasn’t de-
ple took to the streets in angering the country’s power- France’s pensions advisory classified a full U.S. intelli-
France to demand higher ful unions. council, which oversees the gence report on the murder of
wages to cope with inflation After losing his majority in mid- and long-term stability of journalist Jamal Khashoggi,
and to protest President Em- Parliament in June, Mr. Macron the pension system, said gov- despite a government panel
manuel Macron’s plan to raise pledged to turn the page on his ernment spending on pensions recommending its release to
the country’s retirement age. first term, in which he wielded as currently planned threat- the public, according to docu-
Striking teachers, students authority without building po- ened France’s deficit-reduction ments and people familiar
and railway workers joined litical consensus, and lead the targets. Mr. Macron’s govern- with the matter.
peaceful protests in dozens of country with a new approach. ment aims to reduce the pub- A spokesman for the Na-
cities on Thursday, snarling Opposition and union lead- lic-sector budget deficit to be- tional Security Council at the
traffic and forcing many ers now say the president isn’t low a European Union ceiling White House declined to com-
schools to shut. The Eiffel keeping his word. of 3% of economic output in ment on the panel’s recom-

GUILLAUME HORCAJUELO/EPA/SHUTTERSTOCK
tower remained closed. “He pretends to listen. In 2027 from 5% this year. mendations or the administra-
The demonstrations are a reality, he does what he Laurent Berger, the general tion’s reasons for not
sign of the potential turmoil wants,” Philippe Martinez, secretary of the CFDT, declassifying the report.
European leaders face as the leader of the CGT, one of France’s largest union, said The White House in February
war in Ukraine continues with France’s largest unions, said in raising the age of retirement 2021 cleared the release of a
no end in sight. Moscow has a recent interview. with limited debate risked long-delayed intelligence report
choked supplies of Russian gas Many French companies sparking a crisis. “Don’t play that determined that Saudi
to the continent, hammering have handed out tax-free bo- with matches next to gas,” he Crown Prince Mohammed bin
businesses and stoking fuel nuses to their employees this said in a recent interview. Salman, the country’s day-to-
prices. year, taking advantage of a On Thursday, Labor Minis- day leader, ordered the opera-
Mr. Macron’s government new measure implemented by ter Olivier Dussopt said the tion that led to Mr. Khashoggi’s
has spent more than 40 billion Mr. Macron’s government to government would draft legis- death in 2018. The U.S. Treasury
euros, equivalent to $38.9 bil- improve purchasing power. Protesters march in Marseille, demanding economic improvements. lation by Christmas, and talks and State departments placed
lion, on measures to limit in- French luxury company with political parties and sanctions and travel bans on a
creases in the price of fuel, LVMH Moët Hennessy Louis metro conductor, who took widely in retirement age and unions would start next week. number of Saudi security offi-
gas and electricity. They in- Vuitton SE on Thursday said part in protests in Paris. Sev- income, into one universal sys- A recent Elabe poll of 1,002 cials, though the penalties didn’t
clude a cap on electricity and it would give bonuses ranging eral thousand people marched tem, and introduce bonuses and people showed that 79% of target the crown prince directly.
natural-gas prices, as well as a from €1,000 to €1,500 to its through the streets of the penalties to encourage people French people are against rais- It couldn’t be determined
rebate on fuel. 27,000 employees in France. French capital. to work until age 64. ing the current age of retire- what information is contained
The measures have helped But few companies have raised Mr. Macron has long pushed The move triggered the lon- ment. More than half said the in the Khashoggi intelligence

.
inflation in France to remain salaries to match inflation. for an overhaul of the country’s gest transport strike in government should take the report that hasn’t been made
lower than in the U.S. and most “Increase our salaries, not pension system. In 2019, he France’s history, paralyzing time to discuss and debate any public, or whether it is sub-

ly
European countries. the age of retirement,” said proposed consolidating France’s the country for weeks. pension overhaul, according to stantive in nature. Transpar-
Still, rising food prices are Ludovic Le Ny, a 36-year-old 42 pension plans, which vary Mr. Macron was forced to the poll. ency advocates say its delayed
release points to a larger prob-

Iranians Shift Tactics as Crackdown Intensifies

on lem of overclassification and
the need for broad overhauls.
“It’s troubling that the gov-
ernment board tasked with re-
viewing whether documents
us ,

BY DAVID S. CLOUD antigovernment slogans from were parked Thursday, appar- less protests are evolving into part because Iran has been in a need to remain classified
l

rooftops, the people said. ently aimed at heading off a longer-term movement that, holiday period, residents said. comes back and says ‘no,’ but
e
al a

Iranian protesters are mov- Iran has seen a nationwide protests, one resident said. unlike past periods of unrest, In a statement Thursday, the government still sits on its
ing away from big gatherings outpouring of anger at the With the central area of the will be difficult for authorities the student scientific associa- hands,” said Alex Abdo, a law-
and street clashes with authori- country’s ruling clerics since capital heavily guarded and in- to stamp out, analysts said. tions of Tehran University of yer with the Knight First
ci on

ties in Tehran in favor of pop- the death this month of 22- accessible on Thursday, smaller “It doesn’t matter if it’s dy- Fine Arts urged students to Amendment Institute at Co-
up demonstrations and individ- year-old Mahsa Amini, who protests were happening in the ing down at the moment,” said join nationwide strikes, citing lumbia University, which advo-
ual displays of resistance was detained by Iran’s moral- Sadeghieh neighborhood on Amin Sabeti, an Iranian activ- the crackdown on protests. “In cates for more government
against the government, accord- ity police for allegedly violat- ist with close ties to the coun- such a situation, being in the transparency, including in na-
ing to residents of the capital. ing the country’s strict Islamic try who lives in London. “It’s classroom means ignoring the tional security matters. “It
er s

The decline in large-scale dress code. not reversible.” truth, suppressing awareness points to one of the most sig-
demonstrations against the Is- Iranian state TV has re-
Smaller, pop-up Protesters have resorted to and violating our human nificant problems with the
protests are being
m er

lamic establishment is driven ported that at least 41 protest- chanting “death to the dicta- rights,” the statement said. classification process, which is
in part by the harsh crack- ers and police have been killed tor” from apartment buildings In hopes of heading off stu- that it gives the government
down, the threat of arrests and since the demonstrations be-
held instead of large in central Tehran at night, re- dent strikes, the country’s Sci- almost limitless discretion to
efforts by police to seal off gan Sept. 17. street gatherings. ferring to Supreme Leader Ali ence Ministry announced that decide what to declassify.”
central areas of the city from Tehran’s governor, Mohsen Khamenei, a target of their an- all university classes would be The recommendations from
m rp

protesters, the people said. Mansouri, was quoted by state ger for his conservative views. held in person beginning Satur- the Public Interest Declassifi-
Instead, the demonstrations media as saying the protests The chants have been heard day. Some Tehran universities cation Board, a small panel of
that have swept across Iran in the capital have ended and the city’s west side and other even in wealthy Tehran areas shifted to online classes last experts selected by presidents
during the past dozen days in- security has been re-estab- locations, the resident said. that have seen little or no pro- week when the protests began. and congressional leaders to
creasingly feature smaller pro- lished. Graffiti denouncing the But the changing form of tests until now, people said. Authorities have continued to advocate for more transpar-
co Fo

tests in less locked-down Teh- Iranian leadership was being the demonstrations don’t rep- Student groups and labor as- arrest journalists, activists and ency around government na-
ran neighborhoods or individual painted over in some areas. resent a waning of the wide- sociations continued to an- regime critics, including Elahe tional security information,
displays of opposition, such as At Tajrish Square in north spread anger among young nounce support for the protest- Mohammadi, a journalist who were delivered in June, a few
women spurning their head- Tehran, a normally popular Iranians and women who have ers and call for nationwide reported on Ms. Amini’s Sept. 17 weeks before Mr. Biden trav-
scarves, or hijabs, in cafes and and crowded area, a large led the unrest, but it does re- strikes, though large-scale work funeral in the town of Saqqez, eled to Saudi Arabia and met
on bicycles, or the chanting of number of security vehicles flect that the largely leader- stoppages haven’t occurred, in where the protests began. with Prince Mohammed.

WORLD WATCH
ASIA Bishop Belo in 2020, including
“the prohibition of voluntary con-
China, Japan Mark
n-

tact with minors” or any contacts

1972 Diplomatic Tie with East Timor, “in light of the
accusations it received concern-
China and Japan on Thursday ing the bishop’s behavior” the
no

marked 50 years since the resto- previous year, said Matteo Bruni,
ration of diplomatic relations director of the Holy See Press
with a muted ceremony that re- Office.
flected what Tokyo described as —Francis X. Rocca
many issues of concern between
Asia’s two biggest economic IRAN
powers.
While the two countries main- Firms Are Accused
tained a veneer of politeness on Of Evading Sanctions
the anniversary day, earlier this
week they rehashed some fre- The U.S. imposed sanctions on
quent arguments. China accused firms in China and other nations
SIMON MAINA/AGENCE FRANCE-PRESSE/GETTY IMAGES

Japan of encouraging separatist that it accuses of helping Iran

forces in Taiwan, while Japan ob- evade bans on its oil and petro-
jected to what it said were Chi- chemical exports, while threaten-
nese incursions into its territorial ing to further squeeze Tehran’s
waters. energy sales if it continues to
“Along with various possibili- breach the terms of a 2015 mul-
ties, the Japan-China relationship tilateral nuclear agreement.
faces many issues and areas of The sanctions levied by the
concern,” Japanese Prime Minister U.S. Treasury and State Depart-
Fumio Kishida said in a message ments are designed to spur Iran
to Chinese President Xi Jinping. It into reaching an agreement to
was read at a Tokyo ceremony revive the 2015 deal, from which
commemorating the 50th anniver- former President Donald Trump
sary of the occasion on Sept. 29, withdrew in 2018, U.S. officials
1972, at which Tokyo and Beijing OPENING CEREMONY: The new Kenyan president, William Ruto, arrives at the parliament in Nairobi to give his first speech to said.
restored official ties. lawmakers. The nation’s Supreme Court this month rejected the opposition’s claims of vote fraud in the close presidential election. Thursday’s action targets an
Mr. Kishida didn’t show up in international network of compa-
person. A message to Mr. Kishida SOUTH KOREA short-range ballistic missiles from security commitments amid esca- ual abuse. nies that U.S. officials say helped
from Mr. Xi was also read at the the country’s inland Sunchon lating tensions with China and Bishop Belo, who shared the Iran sell hundreds of millions of
ceremony. Harris Visits DMZ, area to the north of Pyongyang, North Korea. The trip was built 1996 Nobel Peace Prize, was ac- dollars’ worth of petroleum prod-
“I attach great importance to Blasts Kim Regime according to South Korea’s mili- around Ms. Harris leading the U.S. cused this week by a Dutch ucts to customers in Asia.
the development of Sino-Japa- tary. The missiles reached an alti- delegation to former Japanese magazine of sexually abusing The State Department sanc-
nese relations,” said Mr. Xi, Vice President Kamala Harris tude of about 31 miles and trav- Prime Minister Shinzo Abe’s state boys in the Southeast Asian tioned two China-based compa-
whose planned visit to Japan in visited the heavily fortified area eled about 186 miles before funeral in Tokyo. country in the 1990s. The bishop nies, Zhonggu Storage, which it
2020 was scuttled by the that separates the Koreas and splashing into the waters be- —Tarini Parti couldn’t be reached to comment said operates a commercial crude
Covid-19 pandemic. condemned the Kim Jong Un re- tween the Korean Peninsula and on Thursday. oil storage facility for Iranian petro-
At the equivalent ceremony in gime, calling its weapons tests Japan, said Tokyo’s Defense Min- VATICAN The magazine, De Groene Am- leum, and WS Shipping Co., the
Beijing, China’s top representative destabilizing. istry. sterdammer, reported that the ship manager for a vessel the U.S.
was a deputy head of its na- “In the North, we see a brutal A day earlier, Pyongyang had Nobel Laureate Was bishop had been accused of sex- said transported Iranian petroleum
tional legislature, Ding Zhongli, dictatorship, rampant human- fired two ballistic missiles ahead Disciplined in 2020 ually abusing two men when products. The Treasury Depart-
who isn’t a member of the ruling rights violations and an unlawful of Ms. Harris’s arrival to South they were teenagers. The maga- ment sanctioned eight other firms
Communist Party. weapons program that threatens Korea. That followed a short- The Vatican said Thursday zine said it also spoke with other based in Iran, the United Arab
As of late Thursday, major peace and stability,” Ms. Harris range-weapon test on Sunday. that it had imposed disciplinary alleged victims who didn’t want Emirates, India and Hong Kong
Chinese state media outlets said in a speech Thursday. Ms. Harris’s visit marked the restrictions on Bishop Carlos Xi- their experiences reported in the that it said helped Tehran sell its
hadn’t published any reports on Hours after Ms. Harris had de- final stop of her four-day trip to menes Belo, a retired bishop of press. petroleum products to buyers in
this event. parted for the U.S., North Korea the region, where she focused on Dili, East Timor, two years ago in The Vatican’s doctrinal congre- China, India and Hong Kong.
—Chieko Tsuneoka on Thursday evening fired two reassuring allies of Washington’s response to accusations of sex- gation imposed restrictions on —Ian Talley
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

TECHNOLOGY: META TO FREEZE HIRING IN COST CUTTING PUSH B4

S&P 3640.47 g 2.11%

BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.

S&P FIN g 1.24% S&P IT g 2.74%

* * * **

DJ TRANS g 1.60%
THE WALL STREET JOURNAL.

WSJ $ IDX g 0.45%

Friday, September 30, 2022 | B1

2–YR. TREAS. yield 4.168% NIKKEI (Midday) 25979.75 g 1.67% See more at WSJ.com/Markets

Porsche Shares Stall in Trading Debut

Initial rise loses steam, The muted trading perfor- pany Volkswagen AG, which carry off the new listing stands Europe were all lower Thurs- Porsche AG’s
mance suggests the company retains a 75% stake, but ahead out in an otherwise downbeat day, including an almost 1% share price Thursday
falls short of forecast, may have priced the issue too of German rival Mercedes- global market for initial public drop in Germany’s DAX blue-
€86.50
prompting selloff of aggressively. Typically a com- Benz Group AG. Tesla Inc.’s offerings. The total value of chip benchmark. Also, many
pany tries to price a new issue valuation of more than $886 IPOs is down 70% globally to investors who only received a
parent company VW at a level that maximizes sale billion leads the way, followed $135 billion so far in 2022 from tiny allocation in the IPO de-
86.00

proceeds but also ensures a by Japan’s Toyota Motor Corp. the comparable period last cided to sell their shares after 85.50
BY BEN DUMMETT rise in the stock price on the Volkswagen preferred year, according to data from the expected early surge failed
AND PATRICIA KOWSMANN first day of trading. shares closed down by almost Dealogic. Activity has suffered to materialize, said Alastair 85.00
After the stock began trad- 7% in Frankfurt Thursday. from a combination of equity Mankin, a trader at brokerage
84.50
Porsche AG shares lost ing on Thursday, they rose Some investors had bought volatility that makes valuing firm Cowen Inc.
much of their luster on their close to 5%, but began losing the stock ahead of Porsche’s companies more challenging The deal comes as Volks- 84.00
first day of trading in Frank- gains through the session. trading debut, betting it would and the poor performance of wagen faces the prospect of
furt, showing the struggles They ended at €82.50 in line jump with the expected 10% recently listed companies. slowing demand for its cars 83.50
that even an iconic luxury car with the IPO price. That gave gain in Porsche’s stock. But Ahead of the IPO, some because of the risk of a global
faces from the gloomy eco- the German-based company a that didn’t come close to hap- market participants suggested recession. The IPO will provide 83.00
nomic outlook and volatility market value of more than €75 pening, prompting the VW in- the stock could rise 10% or the manufacturer with crucial
82.50 IPO price
that have weighed on markets. billion, equivalent to more vestors to sell their shares, more on its debut. But worries proceeds to help finance its
After pricing its initial pub- than $73 billion. particularly given the overall over economic growth, rising aggressive push into electric 82.00 Five-minute intervals
lic offer late Wednesday at the Still, that level puts Porsche market decline and weakness bond yields and the recent in- vehicles, the development of
10 a.m. noon 2 p.m. 4
top of the target range in Eu- among the top five biggest car in other major European car stability in the U.K. dented new technology such as self-
rope’s largest IPO for over a markers measured by market stocks, investors said. some of the excitement. driving cars and the creation Notes: Local time shown; €1=$0.98
decade, Porsche ended flat. value, behind its parent com- Still, Porsche’s ability to Major stock indexes across Please turn to page B2 Source: FactSet

Bed Bath & Beyond quarterly revenue

$3.5 billion
$1.44 billion
–28%
from
Comparable
store sales
–26%
from
previous
year
Volatility in Bonds
3.0
previous
60%

Enters New Phase

.
year
2.5 40

ly
2.0 20
BY SAM GOLDFARB increases and the trajectory of
inflation, the latest swings have
1.5 0

1.0
on –20
Mounting volatility in gov-
ernment-bond markets is in-
tensifying fears on Wall Street
that this year’s wild swings in
been spurred by events outside
the country, particularly efforts
by global central banks to fight
inflation and a rapidly
0.5 –40 the world’s safest assets could strengthening dollar.
us ,

further destabilize already- Surging yields, which rise

l

0 –60 rocky financial markets. when bond prices fall, are buf-
e
al a

FY2018 ’19 ’20 ’21 ’22 FY2020 ’21 ’22 The worst bond rout in a feting markets. Through this
generation carried the yield on point of the year, major bond
the 10-year U.S. Treasury note indexes have never suffered
ci on

Share price $6.19 Quarterly net profit/loss –$366 million above 4% for the first time in bigger losses. Stocks have sunk,
$25 $200 million more than a decade on particularly shares of more
Wednesday, before emergency speculative companies. The
100 moves by the Bank of England S&P 500 has lost 24% this year.
20
prompted the biggest one-day Investors may or may not
er s

rally in more than 13 years. The think Treasury yields appropri-

0
15
yield, a benchmark for borrow- ately reflect the outlook for
m er

ing costs on everything from U.S. interest rates. But now,

–100 mortgages to corporate loans, “the wild card is really what’s
10 fell a quarter of a percentage happening everywhere else,”
–200 point in a day. said Leah Traub, a portfolio
The reversal marked the lat- manager at Lord Abbett.
m rp

5 est explosion of volatility in Even in a year of outsize

–300
normally placid debt markets, bond moves, the past week has
raising investor worries that stood out. The relative calm
0 –400 the yearlong selloff in bonds that greeted the Fed’s three-
Oct. 2021 ’22 FY2018 ’19 ’20 ’21 ’22 has entered a new and more Please turn to page B11
co Fo

dangerous phase. Once an or-

Note: Fiscal quarter ended Aug. 27 Sources: S&P Capital IQ (revenue, profit/loss); the company (sales) ; FactSet (share price) derly—if rapid—decline driven  Investing strategy threatens
by the Federal Reserve’s rate pension funds........................... B11

Bed Bath’s Cash Crunch Eases a Bit China Uses Restraint

BY SUZANNE KAPNER The company’s net loss bal- results don’t reflect the put in place by prior manage-

Bed Bath & Beyond Inc. is

catching up on past-due pay-
looned to $366 million, com-
pared with a loss of $73 mil-
lion in the same period a year
changes the company has
made and that it has made
progress replenishing inven-
ment that replaced name
brands with private-label
goods, a move that turned off
To Pace Yuan’s Slide
ments to suppliers, giving the ago. Its gross margin fell sev- tory and catching up on pay- shoppers and sent its sales
troubled home-goods seller eral percentage points as it ments to suppliers. She said into free fall. Management has BY JASON DOUGLAS nomic growth that is confront-
n-

some breathing room as it cleared inventory it was un- the company has enough li- been trying to reverse the ing officials in the world’s sec-
tries to turn itself around. able to sell at full price. quidity to make the necessary strategy by bringing back SINGAPORE—Confronted by ond-largest economy.
The respite may be tempo- It finished the quarter with changes to its business. more goods from brands such the relentless rise of the U.S. China’s currency, also
rary. Analysts said the com- $135.3 million of cash. That On Thursday, its shares fell as Calphalon, UGG, Cuisinart, dollar, China’s central bank is known as the renminbi, has
no

pany faces another cash was down from $970.6 million 4.18% to $6.19. The stock price Dyson and OXO. seeking to slow, rather than shed 11% of its value against
crunch unless it can reverse a a year ago but more than the is down 72% over the past The company said it made halt, its currency’s decline, the dollar so far this year. On
steep drop in sales and bal- $107.5 million it had at the year through Thursday’s close. progress in the recent quarter highlighting the difficulties of Wednesday, the offshore yuan
looning losses. end of its spring quarter. The Shares have gyrated in an iter- in clearing out excess private- rowing against the powerful slid to a new low of more than
Sales fell 28% to $1.44 bil- company said it had liquidity ation of the meme-stock label goods and adding more currents in the global econ- 7.2 yuan to the dollar for the
lion for the three months of about $850 million as of frenzy that drove up the stock national brands. It said sales omy that are propelling the first time since a separate sys-
ended Aug. 27, compared with September, reflecting new of other troubled companies turned positive in areas where dollar higher. tem for trading the currency
$1.99 billion a year earlier. loans it secured after the including GameStop Corp. and Please turn to page B2 The strategy also reflects outside mainland China was
Same-store sales, which ex- quarter ended. AMC Entertainment Holdings. the awkward policy trade-off launched more than a decade
cludes newly opened or closed Sue Gove, Bed Bath & Be- Bed Bath & Beyond has  Heard on the Street: Retailer between managing the yuan’s ago. The offshore yuan was
locations, declined 26%. yond’s interim CEO, said the been reeling from a strategy needs a holiday miracle..... B12 value and supporting eco- Please turn to page B11

Dorsey Tried to Boost INSIDE Credit Suisse Rehabilitation

Musk-Agrawal Ties Expected to Be Costly Affair
BY MEGHAN BOBROWSKY The text messages also
show that Mr. Dorsey tried to BY MARGOT PATRICK Share-price and index spent unwinding long-term
Twitter Inc. co-founder get Mr. Musk on the Twitter AND JULIE STEINBERG performance this year trades and paying exit pack-
Jack Dorsey tried to facilitate board before the Tesla Inc. ages for bankers with huge
10%
Elon Musk’s relationship with CEO’s acquiring a significant Years of scandals and exec- Stoxx Europe salaries. Deutsche Bank ana-
Twitter’s chief executive offi- stake in the company earlier AUTOMOBILES utive turnover have driven
0
600 Banks Index lysts estimated in August that
cer a day after the social-me- this year. Toyota’s CEO says shares in the once formidable Credit Suisse will need at
dia platform accepted the bil- In a text exchange from the Credit Suisse Group AG to an least $4 billion to rebuild.
lionaire’s $44 billion takeover end of March, Mr. Dorsey
pursuing electric sales all-time low. The question is:
–10
RBC analysts anticipate up to
bid, according to text mes- wrote to Mr. Musk: “I tried my only would be too Can they go even lower? $6 billion could be required.
–20
sages made public Thursday. hardest to get you on our narrow an approach. B3 The answer depends on The bank’s market capital-
The messages, disclosed as board, and board said no. how much capital the bank –30
ization has fallen below $11
part of a lawsuit in Delaware That’s about the time I de- will need to raise to execute billion, meaning any new
Chancery Court over Mr. cided I needed to work to its turnaround plan. –40
Credit Suisse share issuance will require
Musk’s stalled deal to take the leave, as hard as it was for For three decades, the massive dilution to existing
social-media company private, me.” Swiss bank tried to combine a –50 investors.
show Mr. Dorsey praising CEO Mr. Dorsey stepped down swaggering Wall Street invest- Credit Suisse said it is pre-
Parag Agrawal ahead of a pro- as Twitter’s CEO at the end of ment bank with a leading pri- –60 mature to speculate on de-
posed meeting at the end of November and left the board vate banking franchise that tails of the new strategy, but
Jan. 2022 Sept.
April. in May. manages money for the on Monday said it is taking
“I want to make sure Parag The Wall Street Journal world’s rich. The strategy was Source: FactSet steps around asset sales and
is doing everything possible previously reported that Mr. profitable for a while, then divestments. Those could
to build towards your goals Dorsey had been part of a HEARD ON THE broke after a series of finan- back significantly on Wall help offset a cash call. The
until close” Mr. Dorsey wrote shadow crew that was encour- STREET cial disasters, including a $5.1 Street to turn itself into a stock fell 12% Friday after
in a message to Mr. Musk aging Mr. Musk’s takeover of billion hit last year from client leaner, less risky institution. Reuters reported the bank
dated April 26. “He is really the company behind the
The U.K. offers a Archegos Capital Management. A strategy update is due Oct. was sounding out investors to
great at getting things done scenes. The texts disclosed cautionary tale about Earlier restructurings 27. buy new shares.
when tasked with specific di- Thursday provide more details currency markets. B12 weren’t enough, and Credit Fixing a broken bank is ex- Wherever the bank lands
rection.” Please turn to page B9 Suisse is preparing to pull pensive. Money has to be Please turn to page B9
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Friday, September 30, 2022 * ***** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople

Spirit Says American-JetBlue

in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Dick’s Sporting Goods..B3 Microsoft.....................B4

Activision Blizzard......B4 E N

Partnership Curbs Competition

Alphabet......................B4 eBay.............................B5 Netflix.........................B4
Amazon.com..........B3,B4 Engie ........................... A7 Nike.............................B3
AMC Entertainment...B1 F P
American Airlines.......B2
Foot Locker ................. B3 Paramount Global.......B4
Amylyx Pharmaceuticals
Ford Motor..................A2 Peloton Interactive.....B3
.....................................A3 BY ALISON SIDER airfare. A trial is under way in the largest carriers and their secure approval for the Spirit
G Porsche Automobil.....B1
Apple......................B4,B5 federal court in Boston with partners. deal and defend the American
GameStop....................B1 S Spirit Airlines Inc. is dou- Judge Leo Sorokin presiding. Mr. Kirby testified Thurs- partnership. JetBlue said it
B
H Snap.............................B4 bling down on its arguments American declined to com- day that the divestitures Jet- would be willing to shed all of
Barclays.....................B11 against a partnership between ment on Mr. Kirby’s testimony, Blue and American proposed Spirit’s assets in New York and
Hibbett........................B3 Spirit Airlines ............. B2
Bed Bath & Beyond American Airlines Group Inc. and JetBlue had no comment. to address antitrust concerns Boston to avoid increasing its
........................A2,B1,B12 I T and JetBlue Airways Corp., The two airlines have argued weren’t significant enough to presence at airports covered
BlackRock....................B9 Illumina.......................B4 Tesla............................B1 even as JetBlue’s acquisition in court filings and testimony give Spirit or another upstart by the alliance. The trial is the
C Interpublic...................B4 TJX.............................B12 of Spirit looms. this week that the alliance a real foothold at JFK. first test of whether JetBlue’s
Toyota Motor.........B1,B3 John Kirby, Spirit’s vice hasn’t caused fare increases or “It would take a massive ambitions can pass muster
CarMax...................A2,B3 J
Twitter...................A1,B4
president of network planning, reduction in output in the amount of divestitures” to with antitrust enforcement au-
CIFI ............................ B11 JetBlue Airways ......... B2 testified Thursday in federal roughly 18 months that it has remedy the situation created thorities.
Tyson Foods................A2
Citigroup......................B9 L court in Boston that the alli- been in place but has allowed by the alliance, he said Thurs- A Spirit spokesman said
Concord Music.............B4 U ance between American and them to offer more flights in day. Thursday that Spirit remains
LVMH Moët Hennessy
Credit Suisse...............B1 Louis Vuitton..........A18 Ultima Genomics........B4 JetBlue in the Northeast could the region. Complicating the situation excited about the JetBlue deal
United Airlines............B2 eventually expand and could JetBlue Chief Executive is Spirit’s planned sale to Jet- and the benefits it will bring
D M inspire other large airlines to Robin Hayes testified Wednes- Blue, after the carriers struck to travelers.
Delta Air Lines ........... B2 Meta Platforms..........B4 V try to strike their own part- day that before the partner- a $3.8 billion deal in July. The Spirit deal hasn’t been
Deutsche Bank............B1 Micron Technology......B5 Volkswagen.................B1 nership deals, limiting compe- ship, JetBlue had struggled to JetBlue’s commitment to a major factor in testimony
tition in an already consoli- expand its position at LaGuar- during the trial’s first three
dated industry. dia and JFK airports, con- days, but Justice Department
INDEX TO PEOPLE “I view this as opening Pan-
dora’s box,” he said.
gested New York airports
where the government con-
‘I view this as lawyers have alleged that it
only compounds the potential
JetBlue and American an- trols takeoff and landing opening Pandora’s harm from JetBlue’s tie-up
A Fink, Laurence.............B9 Mehrotra, Sanjay........B5 nounced their Northeast Alli- rights. with American.
Agrawal, Parag............B1 Friend, Matthew.........B3 Musk, Elon..................B1 ance in 2020, saying they Spirit, a budget airline, has
box,’ says John It “risks placing not one,
Alloatti, Filippo...........B9 Foley, John..................B3 N could be a more formidable been a vocal critic of the part- Kirby of Spirit. but two low-cost airlines un-
Antlitz, Arno...............B2 G Nash, Bill.....................B3 competitor against Delta Air nership. During his testimony, der the thumb of AA,” the Jus-
B Gove, Sue.............B1,B12 P Lines Inc. and United Airlines Mr. Kirby read from an email tice Department wrote in a fil-
Bardas, Thanos.........B11 H Holdings Inc. in New York and he sent to Spirit executives af- ing ahead of the trial.
Parker, Jen..................B3
Baranski, Lynn............B9
Boston by joining forces at ter the alliance was unveiled, the Northeast Alliance was a Lawyers for American and
Hayes, Robin...............B2 S those airports. The airlines in which he wrote that the ar- major stumbling block as ne- JetBlue have called the Justice
Baugh, James ............. B5 He, Wei ..................... B11 Seeg, John .................. B9 sell seats on one another’s rangement “reeks of antitrust gotiations between the two Department’s characterization
Blevins, Tony...............B5
J Steenberg, Russ ......... B9 flights along certain routes, collusion and backroom deals” carriers dragged on publicly of the Spirit acquisition a red
Blume, Oliver..............B2
Johnson, Richard........B3 Swisher, Will .............. B3 pool airport slots, coordinate for takeoff and landing slots at throughout the spring and herring and said it had noth-
Botham, Craig...........B11
K T schedules and share revenue LaGuardia Airport and John F. summer. ing to do with the Northeast
C
Kapito, Rob ................. B9 Toyoda, Akio ............... B3 from flights within the scope Kennedy International Airport. Before eventually agreeing Alliance.

.
Cohen, Ryan..............B12 Traub, Leah ................. B1 of the partnership. Last year Spirit urged the to the deal, Spirit executives JetBlue has said that its
Kirby, John..................B2
Conway, Edwin............B9 The Justice Department, Transportation Department to argued that JetBlue wouldn’t partnership with American

ly
L V
Cook, Tim....................B5 along with six states and the further investigate the part- be able to gain regulatory ap- and its proposed acquisition of
Cornils, Kevin..............B3 Létang, Vincent .......... B4 Valentine, Bob ............ B4
District of Columbia, filed an nership, arguing it would un- proval to acquire Spirit while Spirit are both part of the
D, F Lim, Heron ................ B11 W
antitrust lawsuit a year ago, dermine the government’s pre- it remained in an “anticompet- same effort to better challenge
deSouza, Francis.........B4
Delaney, John ........... B11
Dorsey, Jack................B1
Fernández, Cristina .... B3
M
Mackenzie, Calum.....B11
Mayor-Mora, Enrique
.....................................B3
Z
on
Wenig, Devin .............. B5

Zhong, Lin.................B11
Zuckerberg, Mark ....... B4
alleging that the partnership
will damp competition and
cost consumers hundreds of
millions of dollars in higher
vious efforts to boost low-fare
competition in New York’s air-
ports, leaving the majority of
flying there in the hands of
itive” alliance.
JetBlue refused to abandon
the partnership with American
and said it believed it could
bigger rivals and that acquir-
ing Spirit is a sign that it has
retained its independence
from American.
us ,
l

Porsche than a decade ago. The com-

e
al a

plex offering, which includes

the private placement of vot-

Shares ing shares to the family sepa-

ci on

rate from the IPO, gives the

members sufficient power to

Stall block any major strategic deci-

sions by VW that they oppose.
At the same time, the offer-
er s

ing shines a light on Porsche’s

Continued from page B1 value, while giving it greater
m er

of a new business building independence to pursue its

batteries for its EVs. own electric-vehicle strategy.
DANIEL ROLAND/AGENCE FRANCE-PRESSE/GETTY IMAGES

Car companies are under With the launch of the all-

pressure to invest billions into electric Taycan in 2019,
the development of electric Porsche began moving into
m rp

vehicles and battery factories, electric vehicles, which the

investments spurred on by company says will account for
stricter tailpipe-emissions 80% of new car sales by 2030.
rules and Tesla’s meteoric rise. Last year, the Taycan passed
“These proceeds are really Porsche’s iconic 911 sports car
co Fo

for investing even more pow- in sales and became the com-
erfully into the future of digi- pany’s third-best-selling model
tization and electrification,” after the Macan and Cayenne
said Arno Antlitz, Volks- sport-utility vehicles.
wagen’s chief financial officer, Porsche Chief Executive Of-
adding that the company is in- ficer Oliver Blume said in an
vesting in its own battery interview that the company After the IPO, Porsche now ranks among the five biggest car makers as measured by market value.
technology, which will require “has shown a resilient busi-
several billions in funding. ness model especially in times generating a return on sales of Porsche’s vehicle deliveries and financial results
Volkswagen will potentially of- of crisis.” The past three years 16%. That was up from 9.7%
fer an IPO for that business in have been marked by the pan- during the financial crisis in Deliveries Return on sales Operating profit Sales revenue
the future, Mr. Antlitz said. demic, semiconductor short- 2009. Meanwhile, annual car 350 thousand vehicles 1H 2022 20% 19.4% €7 billion €3.48B €35 billion €17.92B
The IPO was in part de- ages and now the Ukraine cri- deliveries roughly tripled over 145,860
n-

signed to give the heirs of the sis, but during that time “we that time to more than 300 19 6 30
Porsche family some control have shown very high profit 300,000, according to the of-
back over the car maker after margins,” he added. fering prospectus. 250 18 5 25
Porsche, then independent, The company posted reve- Porsche’s rich customer
no

failed to acquire VW more nue of €33.1 billion last year, base, which is able to more eas- 200 17 4 20
ily absorb rising prices and a
general economic slowdown, 150 16 3 15
offers it some protection
against a downturn in demand. 100 15 2 10
In addition to his role at
Porsche, Mr. Blume is VW’s 50 14 1 5
chief executive. Some analysts
have said Mr. Blume’s twin re- 0 13 0 0
SASCHA STEINBACH/EPA/SHUTTERSTOCK

sponsibilities could make it 2013 ’15 ’17 ’19 ’21 2019 ’20 ’21 ’22 2019 ’20 ’21 ’22 2019 ’20 ’21 ’22
harder for him to give Porsche
the focus it will need as a Note: €1 billion = $981.5 million Source: the company
more independent company.
Compared with the overall had already been told that or- it Europe’s largest since the $10 listed investment fund major-
size of Porsche, the IPO was ders had exceeded the avail- billion offering by Glencore PLC ity-owned by the heirs of the
relatively small. Volkswagen able shares at €82.50 or the in 2011. It is also raising an- brand’s founder, for a total of
sold 12.5% of Porsche’s stock high end of the targeted range. other €10.1 billion from a sepa- almost €20 billion. Almost 50%
in the form of nonvoting pre- VW said that it expects to rate private placement of vot- of the funds will be distributed
ferred shares in the offering, receive up to €9.4 billion in ing shares to Porsche SE, VW’s to VW shareholders in a special
Porsche executives Lutz Menschke, left, and Oliver Blume. but as of Monday investors proceeds from the IPO, making largest shareholder and the dividend.

Bed Bath company followed by other se-

nior executives. Ms. Gove, a
Bed Bath & Beyond director
was a distinguished leader and
dedicated colleague.
Bed Bath & Beyond is in the
them abreast of its plans.
Some analysts said it is still
unclear whether the com-
bankruptcy, but also weaken its
balance sheet with liabilities
now exceeding assets by over
goods, has left stores short of
everything from coffee makers
to cake knives, the people

& Beyond and former retail executive,

was named interim CEO while
the company looks for a per-
process of closing about 20% of
its namesake stores, or roughly
150 locations. It also eliminated
pany’s problems are behind it.
“There is nothing in these
numbers that suggests the
$500 million. “This isn’t a sus-
tainable position and, if it is to
survive, Bed Bath & Beyond will
said. Some employees were
told to pull all items from the
stockroom onto the sales floor

Has Respite manent chief executive.

Finance Chief Gustavo Arnal
died by suicide in early Sep-
about a fifth of its corporate
and supply-chain staff. Those
cuts will help save about $500
company has turned a corner;
indeed, they firmly point to a
need to make changes at a pace
that would be challenging for a
healthy company, let alone an
to make the stores look fuller,
the people said. Marketing ex-
ecutives have had to work
tember, days after the com- million a year. ailing one.” overtime redoing ad cam-
Continued from page B1 pany secured $500 million in The company has been Moreover, Bed Bath & Be- paigns to avoid advertising
it had enough stock of na-
tional brands.
Bed Bath & Beyond’s trou-
bles attracted Ryan Cohen, the
new financing. In the weeks
before his death, company of-
ficials had become concerned
over the stress Mr. Arnal was
making overdue payments to
suppliers in the weeks since it
secured the financing, helping
to ensure it will have enough
28%
Decline in sales in most recent
yond is trying to regain mar-
ket share at a time when de-
mand for home goods is
subdued compared with the
items the chain didn’t have in
stock, one of the people said.
Stores have started receiv-
ing Cuisinart food processors
billionaire investor and co- suffering from the growing fi- goods to sell for the coming quarter for Bed Bath & Beyond elevated levels of a year ago, and KitchenAid mixers, al-
founder of pet-supply retailer nancial pressures at the re- holiday season. Its accounts Mr. Saunders noted. though some items are coming
Chewy Inc. He took a stake in tailer, according to people fa- payable declined 21% com- Bed Bath & Beyond had from stores that are closing,
the company and agitated for miliar with the situation. pared with a year ago. fallen behind on payments to some of the people said.
changes, such as a sale or Company officials have seen Ms. Gove said Bed Bath & business that is living on bor- suppliers as far back as a year
spinoff of its Buy Buy Baby di- no evidence of fraud or wrong- Beyond retained the support rowed time,” wrote Neil Saun- ago, according to current and
vision. Mr. Cohen sold his en- doing, some of the people of its vendors, particularly its ders, managing director of re- former employees, some of Watch a Video
tire position in August. The have said. largest suppliers. Officials said search firm GlobalData PLC, in whom saw paperwork showing Scan this code
company has said it plans to On a conference call with an- the company is in constant a note to clients. nonpayment. That, coupled for a video about
keep the baby division. alysts on Thursday, Ms. Gove contact with suppliers and is Mr. Saunders said the re- with supply-chain backlogs what went
In June, former Chief Exec- took a few moments to pay her planning to hold a vendor cently secured loans protect and a move away from na- wrong at Bed
utive Mark Tritton left the respects to Mr. Arnal, saying he summit in October to keep the retailer from imminent tional brands to private-label Bath & Beyond.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Friday, September 30, 2022 | B3

BUSINESS NEWS

Toyota Rejects Moving to All EVs

Peloton segment revenue
Subscription
Connected Fitness Products
$1.2 billion

CEO‘s comments fuel cells, he said, a technol- Street Journal has reported.
1.0 ogy that is still in early stages Mr. Toyoda, a CEO who sel-
come as auto maker of commercialization. dom gives interviews, has
0.8
faces pressure to Over the past year, Toyota been making an effort to un-
has disclosed sizable invest- derstand why the company’s
show it isn’t lagging ments in its capacity to build strategy is leaving some stake-
0.6 EVs in the U.S., including a holders unconvinced. He re-
BY CHRISTINA ROGERS $1.25 billion battery plant in cently assigned an adviser to
AND RIVER DAVIS North Carolina. It committed tap journalists and other influ-
0.4 an additional $2.5 billion to ential voices in the auto in-
Toyota Motor Corp. Chief the factory last month. dustry for their views on the
0.2 Executive Akio Toyoda said While Toyota has domi- matter, the Journal has re-
that pursuing all-electric vehi- nated the market for hybrids, ported.
cles exclusively would be too it has been slower than rivals Mr. Toyoda said Thursday
0 narrow an approach for an in rolling out fully electric he hopes to engage with the

KIM KYUNG-HOON/REUTERS
FY2020 ’21 ’22 auto maker that sells to cus- models in the U.S. Its first U.S. media more to better ex-
Note: Fiscal year ended June 30 tomers in disparate markets mass-produced EV, the bZ4X plain its approach and ac-
Source: S&P Capital IQ around the world. sport-utility vehicle, was re- knowledged that the messag-
In a meeting with U.S. jour- called earlier this year be- ing hasn’t always been clear.

Peloton nalists Thursday, Mr. Toyoda

defended Toyota’s strategy to
invest in EVs for the long term
cause of a potential safety
problem with its tires.
More recently, Toyota has
“The best way to under-
stand what we’re trying to do
is to present our product,” he

To Sell while simultaneously promot-

ing hybrids and plug-in hy-
brids, which combine batteries
‘We don’t want to leave anybody behind,’ says Akio Toyoda.

demic began in early 2020— is still lacking and roughly a

faced pressure from investors
that want the auto maker to
commit more quickly and fully
said.
Toyota late last year said it
plans to spend as much as

Exercise with gasoline engines to save

fuel. He likened Toyota to a
department store with the
was held as Toyota faces pres-
sure from investors and
consumers to show that it
billion people don’t have ade-
quate access to electricity, he
said.
to EVs. Danish pension fund
AkademikerPension, which
represents itself and several
$35 billion on its EV lineup
through 2030, while also em-
phasizing hybrids as a nearer-

Bikes ability to cater to all types of

customers through a diverse
vehicle lineup.
isn’t falling behind in the in-
dustry’s EV race.
The CEO said there remain
Hybrid cars, such as the
Toyota Prius, can serve as an
important near-term solution
other Toyota shareholders,
has said the car company’s
skepticism around EV adop-
term solution for buyers wor-
ried about range anxiety.
The Japanese car company

At Dick’s “We don’t want to leave

anybody behind,” he said,
speaking through an inter-
formidable challenges to
mass-market adoption of fully
electric models, including a
for reducing tailpipe emis-
sions and the focus on achiev-
ing carbon neutrality should
tion is jeopardizing the brand
to the detriment of investors.
Toyota’s image, particularly
pioneered hybrid technology
in the late 1990s with its Prius
and has long been a top seller
BY JOSEPH DE AVILA preter. shortage of battery materials encompass a range of vehicle on EVs and wider environmen- of hybrid models in the U.S.
Mr. Toyoda’s appearance— and an undeveloped charging technologies, Mr. Toyoda tal issues, has become a con- Over the past decade, Mr.
Peloton Interactive Inc. one of the CEO’s first press infrastructure. In many parts added. The car company also cern for top executives includ- Toyoda has remained cautious
will begin selling its exercise events overseas since the pan- of the world, the electric grid remains bullish on hydrogen- ing Mr. Toyoda, The Wall toward fully electric vehicles.
equipment at Dick’s Sporting
Goods Inc. stores, expanding

CarMax Profit Falls Amid Weak Demand

the fitness-gear company’s
reach into bricks-and-mortar

.
stores amid slowing demand.
The new partnership with

ly
Dick’s marks the first time BY WILL FEUER fordable, and other factors like
that Peloton will sell its equip- climbing interest rates and
ment at a physical store out- CarMax Inc. posted a steep low consumer confidence
side of the company’s own
showrooms, Peloton said on
Thursday.
Peloton’s original stationary
drop in profit for the recently
ended quarter, as inflation and
economic concerns weighed
on Americans’ demand for
on likely crimped demand, as
well.
A survey of U.S. dealers in
the third quarter showed that
bike and other products will buying used cars. sentiment was weakening, and
us ,

be available at more than 100 Prices for preowned cars worries about the economy
l

Dick’s locations that have fit- and trucks have ballooned in and rising car costs, such as
e
al a

ness shops and will be avail- recent years amid a pandemic- those pushed up by interest
able for purchase on Dick’s related shortage of new vehi- rates, are weighing on the
website. cles. The rise has a ripple ef- overall outlook, according to
ci on

Peloton also in August said fect throughout the car research firm Cox Automotive.
MARTA LAVANDIER/ASSOCIATED PRESS

it would start selling its fit- business, giving owners more A closely watched index for
ness equipment and apparel equity in their vehicles and wholesale used-car prices de-
on Amazon.com Inc. boosting trade-in values. But it clined in the first half of Sep-
Jen Parker, Peloton’s senior has also pushed many budget- tember and is expected to fall
er s

vice president of global direct conscious buyers out of the again through the remaining
sales, said the company wants car market, stoking wider con- weeks, according to auto-auc-
m er

to expand options for consum- cerns about affordability and tion firm Manheim.
ers who are unfamiliar with whether used prices might Analysts and dealers have
their products, and let people come crashing down after hit- said that preowned prices are
try out their fitness equipment ting a peak. expected to moderate after a
in person. CarMax, a used-car retailer, CarMax saw profit drop by more than 50% in its second quarter as sales rose 2%. A CarMax lot. sharp and prolonged run-up.
m rp

“The more reach we can saw profit drop by more than The question, however, has
get—and the more we can get 50% in its second quarter as CarMax’s quarterly Used-vehicle sales, change Six-month share price been how fast they might
it in front of people and where sales rose 2%, the slowest net profit from a year earlier come back down.
they live—is our goal,” Ms. pace since a rush in used-car Too steep a drop could have
$500 million 100% $110
Parker said in an interview. purchases earlier in the pan- 2Q FY2023 an impact on auto lenders and
co Fo

Will Swisher, senior vice demic. Both metrics missed $125.9M leave buyers with cars worth
president of merchandising Wall Street expectations. 80 much less than what they
400 100
hardlines at Dick’s, said having “Obviously, consumers are paid, industry watchers say.
access to Peloton products will having to make decisions,” 60 CarMax’s revenue for the
help the sporting goods com- Chief Executive Bill Nash said 300 90
fiscal second quarter rose 2%
pany expand its footprint in on a conference call with ana- 40 from a year earlier to $8.14
the fitness market as well. lysts. “Consumer confidence, billion.
The companies said the certainly during the quarter, 20 The sales growth came even
200 80
products will be rolled out all-time low as far as recent as CarMax sold fewer cars
during the coming holiday history. I mean even lower 0 than it did a year ago, but
season. than the height of the pan- 100 70 higher prices drove
Peloton shares fell 14% on demic. So I just think consum- –20 Thursday growth. That marks the com-
2Q FY2023 $65.16
Thursday. The stock has lost ers are prioritizing their pany’s slowest rate of year-
–6.4% –24.6%
n-

roughly four-fifths of its value spending a little differently.” 0 –40 60 over-year sales growth since
so far this year. Shares of “I think it’s just a continua- the start of the pandemic, and
FY2020 ’21 ’22 ’23 FY2020 ’21 ’22 ’23 April 2022 Sept.
Dick’s Sporting Goods declined tion of the deterioration of the comes after five consecutive
3.2%. overall consumer,” he said. Note: Fiscal quarter ended Aug. 31 Sources: S&P Capital IQ (profit); the company (sales); FactSet (share price) quarters of sales growth that
no

The new partnership with Shares of CarMax dropped ranged from 21% to 138%, ac-
Dicks comes as Peloton is fac- nearly 25% Thursday, the ing reducing staff through at- cars, driving double-digit sales CarMax said Thursday there cording to FactSet.
ing management shake ups stock’s largest one-day per- trition, to align with sales. growth at CarMax and its ri- are some signs of consumers Overall, the company
and declining sales at the once centage decline since January Used-car sellers such as vals. beginning to balk at high posted a profit of $125.9 mil-
fast-growing company. 2000, and were the worst per- CarMax saw business boom Prices of used cars and sticker prices on used cars. lion, or 79 cents a share, down
During the height of the former in the S&P 500. during the pandemic, as chip trucks eased recently. In Au- The company said comparable- from $285.3 million, or $1.72 a
pandemic, consumers stuck in Mr. Nash said sales were shortages cut into the supply gust, the index for used cars store sales in its used-car share, a year earlier. Analysts
their homes bought exercise also affected by a shift in con- of new cars and drove up the and trucks fell slightly over business saw a low single-digit polled by FactSet were expect-
bikes and fueled membership sumer spending from large prices of available vehicles. the month, but were still up decline in June and then fell ing earnings of $1.39 a share
growth. But the company purchases to smaller discre- Fueled by federal stimulus 7.8% over the prior year, ac- sharply through the rest of the on sales of $8.54 billion.
struggled to adapt to weaker tionary items. Finance chief money earlier in the pan- cording to the latest data quarter, which ended Aug. 31.
demand for its at-home work- Enrique Mayor-Mora said the demic, many Americans available from the Labor De- CarMax said widespread infla- —Christina Rogers
outs when consumers returned company has cut costs, includ- shelled out for expensive used partment. tion made used cars less af- contributed to this article.
to gyms and outdoor activi-
ties.

Nike Sees Inventories Jump, Boosts Discounts

Peloton posted a $1.2 billion
loss and nearly 30% drop in
revenue during its most recent
quarter as new customer
growth stagnated. BY INTI PACHECO and manufacturers of every- Share-price and index results were largely in line currency fluctuations. On that
Dara Treseder, senior vice thing from fertilizer to furni- performance this year with analysts’ expectations. basis, sales rose 10% in the Au-
president of marketing, com- Nike Inc., which for the past ture have found themselves As the holiday shopping gust quarter.
0%
munications and membership two years has said it didn’t with a surplus of goods after season nears with uncertainty “It really all depends on the
for Peloton, recently said she have enough inventory to meet two years where they scram- around consumer retail spend- consumer environment and
is leaving the company to join consumer demand, now says it bled to have enough to sell S&P 500 ing, Nike is still recovering how much they spend, as we
–10
Autodesk, a design and manu- has too much—and the sneaker during the pandemic. from production delays and get further into the holiday
facturing software business. maker needs to step up dis- “We are taking decisive ac- longer transit times creating season,” said Telsey Advisory
Co-founder and Executive counts to clear out items. tion to clear excess inventory,” –20
bottlenecks in its business. Group analyst Cristina Fernán-
Chairman John Foley also left The company on Thursday Nike finance chief Matthew Nike executives said inventory dez.
Peloton this month. Chief Le- said inventory rose 44% to $9.7 Friend said during a call Thurs- in North America was up 65% Before the report, Nike’s
gal Officer Hisao Kushi and billion in the latest quarter and day to discuss the latest re- –30 from a year ago and the share price had lost 42% on the
Chief Commercial Officer higher discounts and freight sults. amount of inventory in transit year, compared with a 24% de-
Kevin Cornils have also de- costs squeezed profit margins. Mr. Friend said Nike had was up 85% from a year ago. cline in the S&P 500 index. The
parted the company. Executives said they would started increasing discounts –40 Executives said they are bet- stock was down an additional
Peloton has made expand- mark down more goods, espe- during the summer months ting on strong consumer de- 10% to $85.90 in late trading.
ing consumer access to equip- cially apparel, heading into the and that inventory in North Nike mand and expect revenue in The Beaverton, Ore., com-
ment a centerpiece of its turn- holidays. America had peaked during the –50 the fall quarter to rise more pany has said it would work
around strategy. Shares of Nike tumbled quarter. For the fall quarter, than 10% despite currency with its wholesale partners to
Jan. 2022 Sept.
That includes its recent about 10% in late trading fol- the company will work aggres- swings. Gross margins will con- discount merchandise to help
deal to sell equipment and ap- lowing its quarterly report. sively to liquidate excess goods Source: FactSet tinue to decline as the com- clear excess inventory. Retail-
parel on Amazon. For the quarter ended Aug. and plans to tighten the pany discounts more products. ers like Foot Locker Inc., Hib-
“This is really a compliment 31, Nike reported revenue of amount of product it buys, he during the fall quarter but It will have higher markdowns bett Inc. and Dick’s Sporting
to everything we are doing,” $12.7 billion, up 4% from a year said. some liquidation is expected in in its own stores and apps than Goods Inc., which all carry
Ms. Parker said, referring to earlier. Earnings fell 22% to He said most of the inven- the winter quarter, he said. through its wholesale partners, Nike merchandise, said re-
the partnership with Dick’s. $1.5 billion, but the results tory pile-up is apparel that ar- For the quarter ended Aug. executives said. cently that they have received
“It’s not meant to compete. were largely in line with ana- rived late for each of the sea- 31, Nike reported revenue of In June, Nike forecast that long-awaited inventory from
This is about finding incre- lysts’ expectations. sons in previous quarters in $12.7 billion, up 4% compared sales would increase by a low vendors but also noted stiff
mental traffic and getting new The results are the latest North America. Inventory lev- with a year earlier. Earnings single-digit percentage this fis- competition on price in the
eyes on our product.” sign of how rapidly retailers els would start to normalize fell 22% to $1.5 billion but the cal year, when setting aside marketplace.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Friday, September 30, 2022 * ***** THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech

Meta to Freeze
Hiring as Part of
Cost-Cutting Push
BY SALVADOR RODRIGUEZ Microsoft Corp. has said it is
AND BERBER JIN cutting a small percentage of
its staff.
Facebook parent Meta Plat- Google parent Alphabet Inc.
forms Inc. has told employees has also slowed hiring and cut
that it will be implementing a back on some projects. The
hiring freeze and will be taking company on Thursday said it is

ZORAN VESELINOVIC/AVALON/ZUMA PRESS

more steps to reduce the com- shutting down videogame proj-
pany’s costs, according to peo- ect Stadia, which was launched
ple familiar with the matter. in 2019, because of a lack of
CEO Mark Zuckerberg noti- users.
fied employees of the hiring Meta has been adjusting its
freeze on Thursday during his staffing plans for months after
weekly all-hands meeting. The announcing in May that ad-
announcement comes after The tracking changes introduced by
Wall Street Journal last week Apple Inc. last year would cost
reported that Meta was plan- it some $10 billion this year.
ning to cut expenses by at least Meta is also facing challenges
10% in the coming months, in- as a result of increased compe- The deal puts Mr. Collins among other musical greats who in recent years have cashed in on their life’s work for multimillion-dollar sums.
cluding by trimming ranks. tition for users from rivals,

Phil Collins, Genesis Sell Music

In a follow-up internal mes- particularly TikTok.
sage to employees viewed by A spokesman for the Meta
the Journal, Meta’s head of referred to comments made by
people, Lori Goler, said the Mr. Zuckerberg during Meta’s
company’s 2023 budget would second-quarter earnings report
be “very tight” across all teams
as Meta tries to minimize
costs. The pause in recruiting
would allow teams to focus on
giving priority to important
in July in which he said that
the social-media company
would “steadily reduce head
count growth over the next
year.”
Rights for Over $300 Million
projects, she added. In the Mr. Zuckerberg, at the time BY ANNE STEELE Born in West London, Mr. ministering the publishing of He said the company didn’t
post, Ms. Goler said that Meta said “many teams are going to Collins joined Genesis in 1970 Mr. Collins and Genesis since it find the offers to be high
wouldn’t automatically fill va- shrink so we can shift energy Take a look at Phil Collins as the band’s drummer, later bought Imagem Music Group in enough and decided not to sell,
cated roles and that the com- to other areas, and I wanted to now. The English rocker and taking on lead vocals after Pe- 2017, and conversations with instead focusing efforts on
pany was also pausing internal give our leaders the ability to his Genesis bandmates have ter Gabriel’s departure. (Mr. management about a possible transactions like the one with
transfers to avoid bringing peo- decide within their teams agreed to sell a bundle of their Gabriel’s music interests aren’t transaction were born out of Mr. Collins and his bandmates.

.
ple into roles that could shift. where to double down, where music rights to Concord Music included in the deal.) Mr. Col- that relationship, said Concord In mid-September, it bought
The social-media giant had to backfill attrition, and where Group Inc., according to the lins penned some of the band’s President Bob Valentine. L.A. Reid and Charles Gold-

ly
already begun quietly nudging to restructure teams while company. biggest hits including “Invisi- Mr. Valentine said Concord stuck’s pop and hip-hop label
out a significant number of minimizing thrash to the long The megadeal—valued at ble Touch,” “That’s All” and “I will work to introduce the cat- HitCo Entertainment, home to
rank-and-file employees by re- term initiatives.” over $300 million, according to Can’t Dance.” His solo career alog of ’80s pop hits to youn- Jennifer Lopez and Outkast’s
organizing departments and
giving affected employees a
limited window to apply for
other roles within the company.
Ms. Goler, in her post, said
that Meta still plans to hire
“thousands of people” in 2023.
Meta’s shares closed down
on
people familiar with the trans-
action—includes the publishing
copyrights and a mix of re-
corded music income streams
has proven bigger, beginning
with the debut solo single “In
the Air Tonight” in 1981 and
continuing with hits including
ger generations.
“In the world we live in to-
day with Facebook, Instagram,
TikTok, all these things that
Big Boi.
The market for music rights
exploded during the pandemic,
as investors sought catalogs’
Tech companies more more than 3.6% Thursday. The and masters of Mr. Collins, “Against All Odds (Take a Look drive consumption of older steady, predictable yield and
us ,

broadly have been adjusting stock is off more than 59% this Mike Rutherford and Tony at Me Now),” “One More music, there are definitely rising income from music-
l

staffing after a period during year, and the company’s mar- Banks’ individual careers and Night” and “Another Day in ways for us as a record com- streaming services such as
e
al a

which payrolls swelled. Snap ket value has dropped more work as the progressive rock Paradise.” pany to bring some of this mu- Spotify and Apple Music.
Inc. last month said it would than $710 billion since its peak group Genesis. He has won eight Grammy sic back to life,” he said. KKR & Co. Inc., Blackstone
slash about 20% of its staff. in September 2021. For Concord, one of the Awards and an Oscar for best The Nashville, Tenn., inde- Inc., BlackRock Inc., Apollo
ci on

largest independent music la- original song “You’ll Be in My pendent music company oper- Global Management Inc., Provi-
bels, the transaction signals its Heart” from the Disney 1999 ates several labels, publishes dence Equity Partners and El-
return to the market as a animated hit film “Tarzan.” music and has a large theatri- dridge Industries LLC have
buyer after a period where it While Mr. Collins set off on cals division. It owns the cata- helped finance deals or started
explored a possible sale of it- his solo career, bassist and gui- logs of Rodgers & Hammer- funds to acquire music rights.
er s

self. tarist Mr. Rutherford formed stein and Kidz Bop and Some investors are begin-
The deal puts Mr. Collins, 71 Mike + the Mechanics, whose represents top songwriters and ning to take a more cautious
m er

years old, among other musical self-titled first album produced recording artists including approach—and hesitate at sky-
greats from Bob Dylan to Bruce two hit singles in “Silent Run- Mark Ronson, Daft Punk, St. high valuations—with the ris-
Springsteen who in recent ning (On Dangerous Ground)” Vincent and Nine Inch Nails. ing cost of capital and broader
years have cashed in on their and “All I Need Is a Miracle.” About two years ago, Con- economic uncertainty. While
ARND WIEGMANN/REUTERS

life’s work for multimillion-dol- In all, Genesis released 15 cord’s longtime majority music executives say that
m rp

lar sums. Mr. Dylan’s songwrit- studio albums. Mr. Collins re- owner, Michigan Retirement many of the highest-profile
ing catalog fetched nearly leased eight as a solo artist Systems, a pension fund that blockbuster catalog deals have
$400 million and Mr. Spring- and Mr. Banks had six. Mr. has invested more than $1 bil- already happened, the billions
steen’s recorded music and Rutherford released two solo lion into the company, began of dollars committed to such
songwriting went for over albums and nine as part of getting takeover offers as the funds are helping spawn deals
co Fo

$500 million, according to peo- Mike + the Mechanics. market for music copyrights for artists in genres from rock
The company said it considering other steps to reduce costs. ple familiar with those deals. Concord Music has been ad- heated up, Mr. Valentine said. to Latin and country.

Trevor Noah
To Leave
Interpublic Unit Cuts Ad-Spending Outlook
BY MEGAN GRAHAM events, ad spending this year

‘Daily Show’ Magna, a media invest-

ment firm that conducts in-
will grow 8.1%, Magna antici-
pated, down from the 9.5% in-
crease the company predicted
BY JOE FLINT dustry research, reduced its in June.
n-

U.S. advertising growth fore- “Economic uncertainty and

Trevor Noah, host of Com- cast for 2023, saying a rising inflation are affecting
edy Central’s late-night political weaker economic environ- several industries and driving
satire program “The Daily ment is likely to cut into brands and local businesses
no

Show,” said he plans to step spending. to moderate their marketing

down after seven years in the The firm, a unit of Inter- expenses in the second half,”
role. public Group of Cos.’ Medi- Magna said.
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK

Mr. Noah made the an- abrands, cut its growth fore- Items like food, drinks,
nouncement to the studio audi- cast for next year to 4.8% personal care and household
ence attending a taping for from an earlier prediction of goods “are especially at risk
Thursday night’s show. He said 5.8% in June. as they are forced to increase
he was reflecting on the past Despite the less optimistic product prices and face the
few years doing the show and outlook, certain factors will possibility of consumers trad-
covering the Trump adminis- still underpin advertising ing down in favor of cheaper
tration and then dealing with growth, according to Vincent brands. Restaurants and retail
the pandemic and decided he Létang, executive vice presi- face a similar business chal-
was ready to call it a day. dent of global market intelli- lenge while some industries,
“My time is up,” Mr. Noah gence at Magna and author of Magna says economic uncertainty and inflation are driving businesses to moderate marketing costs. like mortgage lenders, see
said during Thursday night’s the company’s reports on ad their businesses suffer from
episode. “There is another part spending. new ad-supported tiers from saw stronger ad sales in the spend less than they might the rise of interest rates,”
of my life I want to carry on ex- Among those factors are streaming services such as first half than it had esti- have in the second half. Magna said.
ploring.” growing retail media net- Disney+ and Netflix, Mr. Lé- mated in June as well as Advertising growth for all Media owners’ U.S. adver-
There is no date set for Mr. works bringing marketing tang said in the report. stronger-than-expected politi- of 2022 will come in at 9.8%, tising revenue will cross the
Noah to depart. A Comedy Cen- budgets into digital advertis- Magna also cut its expecta- cal spending. Magna said, less than the $300 billion mark this year
tral spokeswoman said the net- ing, programmatic spending tions on nonpolitical ad But the company added 11.1% forecast in June. for the first time, reaching an
work and Mr. Noah are “work- in digital audio and digital spending for the second half that the uncertain economy Excluding cyclical political expected $323 billion, Magna
ing on the next steps.” Comedy out-of-home formats, and of this year. The firm said it would lead some sectors to and international sports forecast.
Central is owned by Para-
mount Global. Variety earlier
reported the news of Mr.
Noah’s announcement.
Mr. Noah in 2015 succeeded
Jon Stewart, who during his
Illumina Introduces a Line of Gene Sequencers
long tenure as host made “The BY PETER LOFTUS leads the market for gene-se- older products, he said. Illumina also is rolling out The European Commission
Daily Show” must-see televi- quencing machines by share of The cost to sequence a ge- new reagents—substances recently issued an order block-
sion for his edgy and sarcastic Illumina Inc. introduced a sales. nome will fall to about $200 used to run the sequencing ing the deal, saying it could
takes on politics and the media. new line of gene-sequencing The company said its new from $600 using Illumina’s tests—that can be shipped at stifle competition in the mar-
While Mr. Noah didn’t achieve machines that the company series, called NovaSeq X, can older machines, he said. ambient temperatures, which ket for early detection of can-
the same popularity as Mr. says can more than double ca- generate more than 20,000 “This increases access to would reduce the need for dry cer. The Federal Trade Com-
Stewart, the South Africa na- pacity compared with prior se- whole genomes a year—about high-throughput genomics by ice that kept older reagents mission also is trying to block
tive won praise for his earnest quencers, while reducing the 2½ times the capacity of its giving all this power at a cold during shipping. the deal and recently appealed
approach to hosting the show. cost per genome. older machines. lower price,” he said. Mr. deSouza said this could a decision by an in-house
Mr. Noah is the latest in a The rollout, which Illumina The new machines would Just over a decade ago, it make Illumina’s products more judge that sided with Illumina.
string of recent departures announced on Thursday, cost about $1.25 million each, cost about $10,000 to se- accessible in countries that Illumina provides the ma-
from late-night hosting gigs comes as the company faces compared with the roughly quence a single genome. Illu- have less-reliable cold-chain chines used by Grail and its
that were once seen as lifetime intensifying competition from $950,000 price tag for the mina rival Ultima offers a infrastructure. competitors. Illumina says
positions. Samantha Bee, who startups including Ultima Ge- company’s older machines, Il- $100-per-genome sequencer. The new product announce- keeping Grail will help the
hosted a weekly political com- nomics Inc., and to meet de- lumina Chief Executive Officer Illumina will start shipping ments come as Illumina fights spread of the tests and is ap-
mentary show on TBS, saw her mand from academic research Francis deSouza said. Custom- its new machines in early antitrust regulators in the U.S. pealing the regulators’ deci-
show get canceled amid declin- institutes, consumer gene- ers would have lower capital 2023, Mr. deSouza said. He ex- and Europe over its 2021 pur- sions. It has started to explore
ing ratings, and CBS late night testing services and other cus- costs, however, because the pects the rollout to drive a chase of Grail Inc., which sells strategic alternatives for Grail
host James Corden said he was tomers for lower costs. new machine has more-than- new cycle of product upgrades blood tests that can detect in the event that it loses its
leaving his show. San Diego-based Illumina double the capacity of the by customers. cancer at early stages. appeals.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Friday, September 30, 2022 | B5

BUSINESS NEWS

Former eBay Official Is Sentenced Apple

Executive
Harassment campaign day. EBay didn’t respond to a publications such as Ecom-

against bloggers
involved threatening
request for comment. An at-
torney for Mr. Baugh de-
clined to comment.
merceBytes. According to an
affidavit, Mr. Wymer texted
Mr. Wenig that they would
Leaves
emails, fake postings
Mr. Baugh was part of a
team of security officials who
in 2020 were charged with
“crush this lady,” referring to
Ms. Steiner.
Mr. Wenig and Mr. Wymer,
After Joke
BY SEBASTIAN HERRERA taking part in a weekslong who are no longer at eBay, BY JOSEPH DE AVILA
AND ALYSSA LUKPAT harassment campaign that in- have said they wouldn’t con- AND TIM HIGGINS
cluded threatening emails done or participate in any

LANE TURNER/THE BOSTON GLOBE/ASSOCIATED PRESS

A former eBay Inc. execu- and tweets and fake posts on harassment campaign. The A top Apple Inc. executive
tive at the center of a harass- Craigslist. two haven’t been charged. is leaving the company after
ment campaign against two Mr. Baugh later admitted The Steiners last year sued he made a lewd joke on TikTok
bloggers was sentenced in a that for several weeks in eBay, Mr. Wenig and the that went viral.
Massachusetts federal court 2019, he conspired with other other associates alleging vio- Tony Blevins, Apple’s vice
Thursday to four years and eBay employees to send the lations under the Racketeer president of procurement, is
nine months in prison, au- Steiners threatening mes- Influenced and Corrupt Or- departing the company, a
thorities said. sages and creepy deliveries ganizations Act. The Steiners spokesman said.
The former executive, in the mail, among other allege that the stalking cam- Mr. Blevins appeared in a
James Baugh, pleaded guilty things. paign wasn’t a rogue act by a short video published by a
in April to participating in a Their campaign started few individuals but one re- TikTok and Instagram creator
series of attacks on the blog- with pranks inspired by the sembling organized crime by named Daniel Mac, where he
gers, David and Ina Steiner. 1988 movie “Johnny Be eBay and its top officials. asks people driving luxury
The Steiners ran a niche e- Good.” The employees sent “We believe everyone who cars what they do for a living.
commerce blog that eBay ex- threatening emails and James Baugh was eBay’s senior director of safety and security. played a role should be held The Apple executive was park-
ecutives perceived as critical tweets to the Steiners. For accountable,” Ms. Steiner ing his Mercedes-Benz SLR
of the company, according to more than two decades, the threats. The Steiners believed of eBay’s highest ranking of- wrote in a blog post Wednes- McLaren when the video was
court documents. couple, who were profes- suspicious vehicles were tail- ficials, former eBay Chief Ex- day. The case is ongoing. shot.
“This should serve as a sional collectors, ran a blog ing them near their home in ecutive Devin Wenig and his A spokesman for Mr. “I have rich cars, play golf
strong reminder to all that called EcommerceBytes that the Boston suburb of Natick. chief communications officer, Wenig said an independent and fondle big-breasted
holding positions of wealth focused on eBay and Ama- They received mysterious Steve Wymer. The cyberstalk- investigation showed the for- women, but I take weekends
and privilege does not ab- zon.com Inc. packages, like a box of live ing campaign was launched mer CEO had no knowledge and major holidays off,” Mr.
solve or shield criminals Then Mr. Baugh and his cockroaches, a bloody pig soon after the two executives of the harassment campaign, Blevins said, according to the
from accountability and in- co-workers escalated their mask and a book about sur- embarked on a more aggres- and that the prosecutors in video’s captions, which has
carceration,” U.S. Attorney tactics from messages to viving a spouse’s death. sive public-relations strategy the case made it clear that been viewed 1.3 million times
Rachael S. Rollins said Thurs- stalking and more sinister The saga also involved two that included challenging Mr. Baugh was responsible. on TikTok.
He also said he had “a hell
of a dental plan.”

Micron Again Issues Weak Revenue Outlook

Bloomberg News earlier re-
ported his departure.
Apple Chief Executive Tim
Cook brought Mr. Blevins over

.
BY DENNY JACOB 45% to $1.49 billion in its fiscal had enjoyed a major upswing in those of tablets retreating 6.8%, supply, including by lowering to the tech giant in 2000 from
fourth quarter. Analysts polled sales and profit during the pan- data analysis firm IDC said this factory utilization and reducing International Business Ma-

ly
Memory-chip maker Micron by FactSet expected $6.73 bil- demic, benefiting from surging month. “Further contraction is capital expenditure, now ex- chines Corp. He started in pro-
Technology Inc. issued another lion in sales and profit of $1.48 demand for electronics amid also expected in 2023 as con- pected to be $8 billion in the curement and moved up
subdued revenue outlook after billion. the work-from-home shift. But sumer demand has slowed, the company’s current fiscal year, through the ranks. He negoti-
failing to meet its sales expec-
tations in the latest quarter, a
further sign demand for con-
sumer electronics is slumping.
Deteriorating market condi-
tions have prompted Micron to
issue a subdued outlook for the
second straight quarter. The
onpersonal-computer and smart-
phone sales are on the decline
this year.
The Boise, Idaho, company
education demand has been
largely fulfilled and enterprise
demand gets pushed out due to
worsening macroeconomic con-
or 30% lower than a year prior.
Those cuts should help re-
store better supply-demand
balance, he said. “We expect
ated deals with suppliers and
developed a reputation for
keeping costs down.
Mr. Blevins also worked
“An unprecedented conflu- company is predicting sales of in August warned that it ex- ditions,” IDC said. the inventory at our customers with Apple’s contract manu-
us ,

ence of events has affected $4.25 billion for the current pected a challenging market The firm predicts the com- to improve in early calendar facturers and managed the
l

overall demand,” Chief Execu- quarter. Analysts surveyed by environment in the latest and bined PC and tablet market will 2023, causing demand to re- purchase of parts such as mo-
e
al a

tive Sanjay Mehrotra said, cit- FactSet have been projecting current quarters due to macro- contract a further 2.6% next bound starting from the second dem chips for iPhones.
ing Covid-19 related lockdowns sales of $5.71 billion for the pe- economic factors, supply-chain year, before growth resumes in quarter of calendar 2023.” Last year, Apple parted
in China, the war in Ukraine riod ending Nov. 30. Micron constraints and broadening 2024. Even so, Mr. Mehrotra said, ways with an advertising-tech-
ci on

and inflation’s impact on con- said sales in the following quar- customer inventory adjust- Smartphone sales, which industry profitability would be nology executive weeks after
sumer spending. “In addition, ter ended in February should ments. Micron in June said it have also been down this year, challenging in 2023. hiring him. Antonio García
inventory adjustments at cus- be roughly similar to those in expected fourth quarter reve- should see some rebound in The company also said it Martínez left the company af-
tomers across all end markets the current quarter, also short nue of about $7.2 billion and 2023, Mr. Mehrotra said, driven would suffer over $1.5 billion in ter fellow Apple employees
are also contributing to de- of Wall Street’s expectations. earnings per share of about in part by China recovering negative free cash flow in the complained about sexist and
er s

mand weakness.” Micron, which makes data- $1.52. from Covid lockdowns. November quarter and the fol- misogynistic passages in a
Micron said sales fell 20% to storage and memory chips for Global PC shipments are set Mr. Mehrotra said the com- lowing quarter could also be memoir he wrote about his
m er

$6.64 billion and its profit sank computers and smartphones, to decline 13% this year, with pany was moving to limit over- difficult. time at Facebook.

ADV ERTISEMEN T
m rp
co Fo

Member Voices
The Wall Street Journal CMO Network connects the decision-makers behind the world’s most influential
brands to discuss what — and who — is driving today’s trends and chart the path forward.
n-

When faced with a new challenge, together symbiotically, and then What does community mean
what’s your decision-making creating and celebrating a culture of for you and how do you cultivate
process and where do you turn to collaboration. Organizationally, I’ve and maintain it?
no

for trusted information or advice? broken down silos so people don’t

feel territorial and can truly act as This is such an important question
Being part of a professional services one team. Another really important right now because the pandemic
irm that has an abundance of tool I turn to is laughter. We can’t take has fundamentally changed how we
thought leaders and a culture of ourselves or our jobs too seriously, and experience community, so we’ve had
collaboration is a great gift. I start it’s amazing how a little bit of humor to focus on redeining that. Right now,
with the notion that I’m not the irst can raise the mood and bring some my team is working with a hybrid
person to go through this, so seeking fun to our workplace. effectiveness coach so we can develop
advice from trusted colleagues is a the best ways of working together
great starting point. The next step is What are you most proud going into this new sustained virtual
working through the problem with my of in your current role? and in-person work environment.
Lauren Boyman team, determining and gathering data Sharing information eficiently and
or information that will help inform I joined KPMG US in January 2020 using our in-person time in the most
Chief Marketing Oficer, the best outcome. When considering to lead a marketing transformation productive way possible is key — and
KPMG US various viewpoints, it’s important to that had already gotten started. sometimes, that means just grabbing
remember that you need quiet time Then the pandemic hit, which added a meal or having a coffee together.
to process all you’ve learned, decide so much dificulty to an already
what factors are most important to challenging situation — we had to What’s the biggest learning
base the decision on and, ultimately, deliver for a dynamic business while experience you’ve had?
determine how you feel and how you’d navigating turbulent personal times
articulate the “why” of the decision. for everyone. Almost three years later, What I’ve found most true about my
I’m proud that we’re a stronger, more professional career is that the skills
What’s in your toolbox for effective team, having refreshed our that got you to one level aren’t the
investing in your team — to 125-year-old brand with a new global ones that will get you to the next one.
help them stay focused, feel positioning and visual identity and We have to be constantly learning
supported and be productive? launched new marketing technology and pushing ourselves to evolve, to
Membership is by invitation: that’s changed how we work together grow and gain new skills. The biggest
CMONetwork@wsj.com Marketing is made up of so many and show up in the marketplace. Most learning experience is to have the
different teams that need to all work importantly, I’m proud that we’ve built mindset to be continually growing,
together, so I focus on providing clarity a valued team that’s earned a seat at becoming a different, better version
of purpose and the value of how the the table with our business partners. of yourself.
Read the extended version:
various teams should be working
CMONetwork.wsj.com/
membervoiceskpmgus

The Wall Street Journal news

organization was not involved
in the creation of this content. © 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ7963
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. DiamondbkEner FANG 120.91 1.51 GeneralMotors GM 33.26 -1.99 KoreaElcPwr KEP 6.85 0.08 t NewsCorp A NWSA 15.05 -0.33 RenaissanceRe RNR 145.31 6.30 TelekmIndonesia TLK 28.85 -0.70
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Dick's DKS 112.95 -3.79 Genmab GMAB 31.93 -0.71 KraftHeinz KHC 33.56 -0.06 NexstarMedia NXST 166.73 -3.71 Repligen RGEN 191.06 2.29 Tenaris TS 26.14 -0.43
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four t DigitalRealty DLR 96.91 -2.86 Genpact G 44.14 -0.28 Kroger KR 44.68 -0.77 NextEraEnergy NEE 79.97 -2.40 RepublicSvcs RSG 137.45 -2.60 TencentMusic TME 4.01 -0.14
that include primary market trades as well as quarters. DiscoverFinSvcs DFS 91.42 -2.16 GenuineParts GPC 149.70 -2.97 LKQ LKQ 47.21 -0.98 NielsenHoldings NLSN 27.74 -0.11 ResMed RMD 218.46 -0.29 t Teradyne TER 77.17 -1.78
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Disney DIS 97.45 -1.95 Gerdau GGB 4.39 -0.07 LPL Financial LPLA 216.47 -5.78 t Nike NKE 95.33 -3.37 RestaurantBrands QSR 54.39 -1.37 Tesla TSLA 268.21 -19.60
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing dLocal DLO 20.60 -1.11 GileadSciences GILD 63.07 -0.86 L3HarrisTech LHX 209.35 -5.22 NiSource NI 25.97 -1.25 t RexfordIndlRealty REXR 50.66 -2.05 TetraTech TTEK 126.96 -2.00
Nasdaq ISE. standards LabCorp.ofAmerica LH 208.00 -4.02 4.28 -0.08 RIO 55.18 1.31 TevaPharm TEVA 7.82 -0.14
DocuSign DOCU 55.20 -0.11 GinkgoBioworks DNA 3.13 -0.34 Nokia NOK RioTinto
The list comprises the 1,000 largest companies lf-Late filing t DolbyLab t LamResearch LRCX 370.55 -11.10 t NomuraHoldings NMR 3.29 -0.07 RitchieBros RBA 63.97 -1.08 TexasInstruments TXN 158.45 -4.35
DLB 65.69 -1.84 GitLab GTLB 52.53 -0.35
based on market capitalization. q-Temporary exemption from Nasdaq
DollarGeneral DG 239.47 -1.54 GlobalPayments GPN 109.54 -1.19 LamarAdv LAMR 83.90 -2.00 Nordson NDSN 213.76 -1.70 Rivian RIVN 32.31 -2.77 TexasPacLand TPL 1777.70 11.18
Underlined quotations are those stocks with requirements.
DollarTree DLTR 136.84 -1.13 GlobalFoundries GFS 50.13 -2.32 LambWeston LW 78.08 -0.92 NorfolkSouthern NSC 214.55 -2.17 RobertHalf RHI 76.00 -0.56 Textron TXT 59.05 -1.47
large changes in volume compared with the t-NYSE bankruptcy
issue’s average trading volume. v-Trading halted on primary market. DominionEner D 71.06 -3.80 Globant GLOB 187.14 -10.13 LasVegasSands LVS 38.53 -1.18 NorthernTrust NTRS 86.27 -1.16 Robinhood HOOD 9.77 -0.24 ThermoFisherSci TMO 516.61 -1.22
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being t Domino's DPZ 316.35 -4.83 GlobeLife GL 100.24 -0.69 LatticeSemi LSCC 50.21 -0.98 NorthropGrum NOC 470.48 -13.21 Roblox RBLX 35.38 -2.66 ThomsonReuters TRI 103.73 -1.10
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Donaldson DCI 49.69 -0.81 GlobusMedical GMED 59.51 -0.22 Lear LEA 122.15 -5.85 t NortonLifeLock NLOK 20.37 -0.58 RocketCos. RKT 6.47 -0.24 3M MMM 112.30 -1.98
previous closing price was $2 or higher. or securities assumed by such companies. t DoorDash DASH 49.84 -2.86 GoDaddy GDDY 72.09 0.08 LegendBiotech LEGN 40.11 -0.25 NorwegCruise NCLH 13.86 -0.78 Rockwell ROK 215.78 -1.55 Toast TOST 17.47 -1.37
Dover DOV 117.90 -1.92 GoldFields GFI 8.10 0.15 Leidos LDOS 88.10 -0.83 Novartis NVS 76.57 0.25 t RogersComm B RCI 38.78 -0.87 Toro TTC 86.84 -1.07
Dow DOW 44.16 -0.89 GoldmanSachs GS 296.11 -4.68 Lennar A LEN 74.97 -2.51 NovoNordisk NVO 100.39 1.03 t Roku ROKU 56.78 -4.33 TorontoDomBk TD 61.97 -0.72
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Lennar B LEN.B 60.00 -1.29 Novocure NVCR 77.05 -1.60 TotalEnergies TTE 46.65 0.43
Doximity DOCS 32.00 -0.35 Grab GRAB 2.56 -0.25 Rollins ROL 35.14 0.24
changes in the closing prices from 4 p.m. the previous day. LennoxIntl 222.51 -8.87 4.44 -0.37 t t ToyotaMotor TM 133.76 -3.13
DrReddy'sLab RDY 52.22 -0.07 Graco GGG 60.26 -1.24 LII NuHoldings NU RoperTech ROP 366.75 -3.78
DraftKings DKNG 15.33 -0.55 Grainger GWW 486.90 -6.93 t LeviStrauss LEVI 15.54 -0.69 Nucor NUE 105.29 -1.13 RossStores ROST 84.03 -2.98 TractorSupply TSCO 187.49 -4.77
Thursday, September 29, 2022 Net Net Dropbox DBX 20.53 -0.20 GraphicPkg GPK 19.71 -0.43 LiAuto LI 23.37 -1.53 Nutrien NTR 83.58 -2.99 RoyalBkCanada RY 90.84 -0.70 TradeDesk TTD 60.80 -2.16
Net Stock Sym Close Chg Stock Sym Close Chg t DukeEnergy DUK 95.10 -4.51 GpoAeroportuar PAC 131.71 -3.61 LibertyBroadbandC LBRDK 76.22 -2.19 t NVIDIA NVDA 122.20 -5.16 RoyalCaribbean RCL 43.64 -3.75 t Tradeweb TW 57.68 -0.91
Stock Sym Close Chg DukeRealty DRE 47.97 -1.31 HCA Healthcare HCA 187.68 -2.26 LibertyBroadbandA LBRDA 76.87 -1.93 RoyalGold RGLD 92.92 0.08 TraneTech TT 145.96 -3.48
AutoZone AZO 2159.02 -10.42 Carnival CUK 8.04 -0.51 DuPont DD 50.65 -0.60 HDFC Bank HDB 56.85 -0.79 t LibertyGlobal C LBTYK 16.74 -0.44 O P Q RoyaltyPharma RPRX 40.33 -0.93 TransDigm TDG 530.40 -9.84
Avalara AVLR 91.73 -0.24 CarrierGlobal CARR 35.62 -1.28 t t TransUnion TRU 59.66 -1.70
A B C t Avalonbay AVB 181.50 -3.32 CaseysGenStores CASY 204.29 -1.31
Dynatrace DT 34.60 0.01
t
HF Sinclair
HP
DINO 53.54 -0.71
HPQ 25.04 -0.57
LibertyGlobal A LBTYA 15.80 -0.45
LibertyFormOne A FWONA 51.65 -0.89
OGE Energy OGE 37.42 -1.41
t
RyanSpecialty RYAN 40.73 1.05
Travelers TRV 154.68 1.76
ENI E 21.24 0.02 ONEOK OKE 51.98 -0.96 Ryanair RYAAY 57.63 -2.28
ABB ABB 25.95 -0.35 Avangrid AGR 42.32 -1.94 Catalent CTLT 74.28 -1.96 EOG Rscs EOG 112.97 1.24 t HSBC HSBC 26.03 -0.55 LibertyFormOne C FWONK 57.35 -0.98 SAP SAP 80.48 -0.98 Trimble TRMB 55.26 -1.66
t Avantor AVTR 20.20 -0.13 Caterpillar CAT 165.90 -1.86 OReillyAuto ORLY 711.76 -5.87 Trip.com TCOM 27.18 -1.12
ADT ADT 7.49 -0.25 EPAM Systems EPAM 362.14 -8.39 H World HTHT 34.84 -1.01 LibertyBraves A BATRA 28.46 -0.31 t S&P Global SPGI 310.43 -4.34
AveryDennison AVY 163.60 -3.06 Celanese CE 89.21 -2.78 OakStreetHealth OSH 25.73 -0.63 TruistFinl TFC 43.97 -0.28
AECOM ACM 68.12 -1.58 EQT EQT 39.53 -1.28 Haleon HLN 6.11 0.13 LibertyBraves C BATRK 27.73 -0.26 t SBA Comm SBAC 282.27 -9.24
AvisBudget CAR 143.58 -12.37 CelsiusHldg CELH 90.85 -1.92 OccidentalPetrol OXY 62.11 0.70 Twilio TWLO 70.59 -2.70
AES AES 22.75 -0.28 EastWestBncp EWBC 67.61 -0.73 Halliburton HAL 24.64 -0.10 LibertySirius B LSXMB 39.20 -0.53 SEI Investments SEIC 50.56 -0.58
AxonEnterprise AXON 114.16 -1.53 CenovusEnergy CVE 15.59 -0.02 Okta OKTA 56.80 1.15 Twitter TWTR 42.74 -0.51
Aflac AFL 56.58 -0.63 t EastGroup EGP 140.88 -3.12 HartfordFinl HIG 62.65 -0.41 LibertySirius C LSXMK 37.43 -0.49 t SK Telecom SKM 18.94 -0.71
t BCE 42.86 -1.68 CNC 77.68 -0.50 t Olaplex OLPX 9.62 -1.33 TYL 347.70 0.62
AGCO AGCO 96.60 -0.90 BCE Centene t EastmanChem EMN 70.81 -1.83 t Hasbro HAS 67.89 -1.49 LibertySirius A LSXMA 37.78 -0.43 SS&C Tech SSNC 48.50 -0.12 TylerTech
BHP Group BHP 50.42 0.29 CenterPointEner CNP 28.84 -1.31 HashiCorp HCP 32.49 -0.34 OldDomFreight ODFL 254.18 -2.00 t TysonFoods TSN 66.85 -1.74
AMTD Digital HKD 51.00 -4.19 Eaton ETN 134.15 0.24 LifeStorage LSI 108.81 -1.68 StoreCapital STOR 31.29 -0.20
BJ'sWholesale BJ 74.47 -1.59 CentraisElBras EBR 7.94 -0.11 t HealthcareRealty HR 20.58 -0.82
OldRepublic ORI 21.08 0.06 UBS Group UBS 14.67 -0.36
t Ansys ANSS 227.53 -4.66 eBay EBAY 37.69 -0.92 EliLilly LLY 330.01 -4.37 t Olin OLN 42.21 -0.86 SVB Fin SIVB 337.93 -5.79
APA APA 34.95 0.28 BP BP 28.75 0.19 CeridianHCM CDAY 56.60 -1.08 Ecolab ECL 145.92 -2.81 t HealthpeakProp PEAK 22.58 -0.76 LincolnElectric LECO 127.14 -0.20 Salesforce CRM 146.81 -3.36 UDR UDR 41.08 -0.62
Baidu BIDU 117.72 -3.68 ChangeHlthcr CHNG 27.42 -0.03 Heico HEI 143.74 -1.05 OmegaHealthcare OHI 28.78 -0.97 UGI UGI 32.93 -0.69
ASETech ASX 5.01 -0.14 Ecopetrol EC 9.18 0.02 LincolnNational LNC 44.51 -0.89 Omnicom OMC 63.46 -1.05 Samsara IOT 12.14 -0.18
ASML ASML 427.78 -13.45 BakerHughes BKR 21.12 -0.16 CharlesRiverLabs CRL 190.01 2.59 EdisonInt EIX 57.46 -3.15 Heico A HEI.A 114.45 -0.30 Linde LIN 269.61 -1.84 Sanofi SNY 38.00 -0.17 US Foods USFD 26.53 -0.83
t Ball BALL 47.65 -1.58 ChartIndustries GTLS 183.33 -4.51 ON Semi ON 62.94 -2.56 Uber UBER 26.42 -1.62
t AT&T T 15.53 -0.30 EdwardsLife EW 83.83 -0.41 HenrySchein HSIC 66.55 -0.38 t LithiaMotors LAD 215.65 -16.17 SareptaTherap SRPT 109.63 -0.28
BancoBilbaoViz BBVA 4.45 -0.07 CharterComms CHTR 312.59 -8.49 Hershey HSY 223.80 -2.50 OpenText OTEX 27.02 -0.54 Ubiquiti UI 294.11 -4.70
t AbbottLabs ABT 98.29 -0.43 t ElancoAnimal ELAN 12.66 -0.49 LiveNationEnt LYV 75.26 -2.51 t Oracle ORCL 61.40 -1.67 Sasol SSL 16.16 -0.26
AbbVie ABBV 142.72 -1.88 BancoBradesco BBDO 2.94 -0.04 CheckPoint CHKP 112.88 -0.13 Elastic ESTC 71.75 -1.32 HertzGlobal HTZ 16.21 -1.43 LloydsBanking LYG 1.81 -0.03 Schlumberger SLB 35.97 0.53 t UiPath PATH 12.57 -0.37
BancodeChile BCH 17.42 -0.04 Chemed CHE 446.10 0.55 t Orange ORAN 9.04 -0.10 UltaBeauty ULTA 404.76 -4.45
Abiomed ABMD 248.96 -1.09 ElbitSystems ESLT 190.00 -9.19 Hess HES 109.14 0.84 LockheedMartin LMT 389.79 -10.21 SchwabC SCHW 72.64 -0.61
BancSanBrasil BSBR 5.61 -0.05 CheniereEnergy LNG 164.31 1.14 t Organon OGN 23.55 -0.96 Unilever UL 44.71 0.47
AcadiaHealthcare ACHC 79.90 -0.17 ElectronicArts EA 117.47 -0.88 HessMidstream HESM 25.80 -0.39 Loews L 50.77 -0.15 Sea SE 53.63 -2.12
BcoSantChile BSAC 13.87 0.02 CheniereEnerPtrs CQP 52.16 -3.24 t Orix IX 71.82 -1.95 UnionPacific UNP 199.20 -2.63
Accenture ACN 258.27 -3.66 ElevanceHealth ELV 456.79 3.69 HewlettPackard HPE 12.12 -0.16 LogitechIntl LOGI 46.26 -1.16 t Seagate STX 54.38 -2.60
t BancoSantander SAN 2.31 -0.05 ChesapeakeEner CHK 93.84 -1.65 t OtisWorldwide OTIS 64.50 -1.27 UnitedAirlines UAL 32.91 -1.01
ActivisionBliz ATVI 74.87 -0.52 EmersonElec EMR 74.20 -0.82 Hilton HLT 121.86 -1.81 Lowe's LOW 190.46 -4.07 Seagen SGEN 135.70 -2.02
t BanColombia CIB 24.80 -0.39 Chevron CVX 144.77 -1.01 Hologic HOLX 65.00 -0.23 Ovintiv OVV 45.52 0.81 t UnitedMicro UMC 5.64 -0.21
Adobe ADBE 278.25 -3.15 Enbridge ENB 37.70 -0.78 Lucid LCID 14.19 -1.03 OwensCorning OC 78.21 -2.68 t SealedAir SEE 44.43 -0.95
AdvanceAuto AAP 159.66 -3.66 BankofAmerica BAC 30.66 -0.41 ChewyA CHWY 31.08 -2.01 Endeavor EDR 19.27 -0.04 HomeDepot HD 278.33 -3.86 t LufaxHolding LU 2.52 -0.37 Sempra SRE 151.48 -5.50 UPS B UPS 165.32 -1.80
BankofMontreal BMO 88.50 -1.90 ChinaEastrnAir CEA 16.73 -0.88 t HondaMotor HMC 22.19 -0.74 PG&E PCG 12.38 -0.34 UnitedRentals URI 270.15 -6.87
AdvDrainageSys WMS 122.98 -2.58 EnergyTransfer ET 10.97 -0.14 lululemon LULU 300.22 -9.12 PNC Fin PNC 150.73 -0.86 SentinelOne S 26.01 -0.52
t BankNY Mellon BK 38.88 -0.71 ChinaSoAirlines ZNH 26.51 -1.24 Honeywell HON 170.07 -3.76 t US Bancorp USB 40.73 -0.21
AdvMicroDevices AMD 64.14 -4.22 EnphaseEnergy ENPH 277.84 -14.47 t LumenTech LUMN 7.38 -0.44 t POSCO PKX 38.00 -2.13 ServiceCorp SCI 58.00 -0.45
Aegon AEG 3.99 -0.11 t BkNovaScotia BNS 48.25 -0.97 Chipotle CMG 1543.35 -23.25 HorizonTherap HZNP 62.69 -1.15 ServiceNow NOW 385.50 -3.35 UnitedTherap UTHR 207.94 -3.14
Entegris ENTG 87.85 -1.29 LyondellBasell LYB 74.81 -0.69 PPG Ind PPG 111.61 -1.69
AerCap AER 43.04 -0.45 t Barclays BCS 6.48 -0.18 ChoiceHotels CHH 110.11 -0.72 HormelFoods HRL 45.90 -1.03 ShawComm B SJR 24.61 -0.13 UnitedHealth UNH 508.83 -5.11
Entergy ETR 102.63 -5.20 PPL PPL 25.95 -1.41
AgilentTechs A 122.74 -0.98 BarrickGold GOLD 15.10 0.15 Chubb CB 183.78 3.46 EnterpriseProd EPD 23.84 -0.21 DR Horton DHI 68.36 -2.97 M N Shell SHEL 50.08 0.47 UnitySoftware U 31.77 -2.66
Bath&BodyWks BBWI 33.63 -1.75 t ChunghwaTel CHT 35.87 -0.61 HostHotels HST 15.79 -0.64 PTC PTC 105.67 -0.52 UnumGroup UNM 38.80 -0.22
agilon health AGL 23.52 -0.10 t Equifax EFX 167.10 -6.03 Paccar PCAR 84.87 -0.46 SherwinWilliams SHW 207.84 -5.23
BaxterIntl BAX 55.30 -0.26 t Church&Dwight CHD 72.92 -1.09 HowmetAerospace HWM 30.94 -0.91 M&T Bank MTB 174.84 -4.31 t t VF VFC 30.75 -1.91
AgnicoEagle AEM 41.43 0.71 t Equinix EQIX 561.39 -15.11 PackagingCpAm PKG 114.22 -1.59 ShinhanFin SHG 23.75 -0.32
AirProducts APD 231.76 -3.21 BectonDicknsn BDX 226.12 -4.25 ChurchillDowns CHDN 184.93 -2.75 Hubbell HUBB 220.33 -1.67 MGM Resorts MGM 29.99 -0.63 ShockwaveMed SWAV 275.84 2.32 VICI Prop VICI 29.39 -1.49
Equinor EQNR 33.04 -0.54 PalantirTech PLTR 8.08 0.14
Airbnb ABNB 106.66 -4.03 BeiGene BGNE 136.28 -6.15 Ciena CIEN 40.84 -1.28 HubSpot HUBS 274.35 -9.64 MPLX MPLX 29.72 -0.64 t SHOP 26.77 -2.47 VailResorts MTN 213.55 3.26
Equitable EQH 26.72 -0.55 PaloAltoNtwks PANW 165.58 -1.22 Shopify
t AkamaiTech AKAM 80.50 -1.75 BentleySystems BSY 31.28 -0.36 Cigna CI 280.56 -1.99 Humana HUM 491.06 -1.96 MSCI MSCI 423.22 -5.92 Vale VALE 12.66 -0.11
t EquityLife ELS 62.29 -1.73 t ParamountB PARA 18.95 -0.88 Sibanye-Stillwater SBSW 9.24 0.33
Albemarle ALB 265.44 -12.51 Berkley WRB 65.18 1.73 CincinnatiFin CINF 91.85 -0.63 t EquityResdntl EQR 66.22 -1.16 JBHunt JBHT 165.28 -1.55 MagellanMid MMP 47.82 -0.35 SignatureBank SBNY 152.88 -2.11 ValeroEnergy VLO 107.24 -1.56
BerkHathwy B BRK.B 269.58 -2.20 Cintas CTAS 389.55 -5.00 HuntingtonBcshs HBAN 13.17 -0.10 t MagnaIntl MGA 48.49 -2.18 t ParamountA PARAA 21.49 -0.88 VeevaSystems VEEV 164.81 0.09
Albertsons ACI 25.29 -0.30 ErieIndemnity A ERIE 219.95 1.40 SignifyHealth SGFY 29.21 0.06
BerkHathwy A BRK.A 406700-4004.98 CiscoSystems CSCO 40.57 -0.77 HuntingIngalls HII 223.33 -2.02 ManhattanAssoc MANH 134.23 ... ParkerHannifin PH 245.56 -2.29 t Ventas VTR 39.65 -1.60
Alcoa AA 35.43 0.20 EssentialUtil WTRG 42.33 -1.18 Paychex PAYX 113.39 -3.99 SimonProperty SPG 89.13 -3.40
t t BestBuy BBY 65.08 -2.36 t Citigroup C 42.39 -1.01 HyattHotels H 81.34 -2.09 ManulifeFin MFC 15.73 -0.32 VeriSign VRSN 176.17 -1.12
Alcon ALC 56.96 -0.99 t EssexProp ESS 238.66 -3.84 PaycomSoftware PAYC 334.43 -7.35 SiriusXM SIRI 5.78 -0.17
AlexandriaRlEst ARE 138.44 -1.60 Bill.com BILL 135.22 1.54 CitizensFin CFG 33.85 -0.12 ICICI Bank IBN 20.71 -0.36 MarathonOil MRO 22.80 0.13 t VeriskAnalytics VRSK 173.55 -0.18
t EsteeLauder EL 219.35 -8.79 Paylocity PCTY 246.39 -5.08 Skyworks SWKS 89.26 -3.70
BABA 79.06 -1.93 Bio-Techne TECH 285.63 -4.02 CitrixSystems CTXS 103.90 0.04 ICL Group ICL 8.23 -0.21 MarathonPetrol MPC 98.70 -1.39 t t Verizon VZ 38.64 -0.75
Alibaba Etsy ETSY 101.52 -0.63 PayPal PYPL 88.70 -2.42 SmithAO AOS 48.73 -1.72
t ALGN 211.01 -1.09 Bio-RadLab A BIO 418.24 -10.47 t Clarivate CLVT 9.19 -0.55 IdexxLab IDXX 331.81 -2.22 MaravaiLifeSci MRVI 25.42 0.05 VertexPharm VRTX 292.80 0.39
AlignTech EverestRe RE 267.50 8.06 Pearson PSO 9.27 -0.05 Smith&Nephew SNN 22.85 0.51
Alleghany Y 840.62 -1.63 Biogen BIIB 264.28 -12.33 ClearwayEnergyC CWEN 32.19 -1.21 ING Groep ING 8.39 ... Markel MKL 1101.49 -0.61 Smucker SJM 139.00 -0.18 Viatris VTRS 8.60 -0.13
Evergy EVRG 60.49 -2.73 PembinaPipeline PBA 30.86 -0.61
t Allegion ALLE 89.27 -2.53 BiohavenPharm BHVN 151.53 -0.40 ClearwayEnergyA CWEN.A 29.43 -1.08 t Invesco IVZ 14.13 -0.60 MarketAxess MKTX 224.60 1.44 Visa V 180.06 0.88
EversourceEner ES 79.58 -3.58 PenskeAuto PAG 97.21 -9.80 Snap SNAP 10.19 -0.57
AlliantEnergy LNT 54.54 -2.67 BioMarinPharm BMRN 85.06 -0.78 Cleveland-Cliffs CLF 13.77 -0.21 t IQVIA IQV 181.61 -4.08 Marriott MAR 140.51 -3.31 Vistra VST 21.38 -0.92
ExactSciences EXAS 33.17 -1.27 Pentair PNR 40.93 -0.88 SnapOn SNA 202.76 -5.32
Allstate ALL 126.13 -0.28 BioNTech BNTX 133.60 -0.19 Clorox CLX 133.14 -3.12 IcahnEnterprises IEP 49.60 -0.65 Marsh&McLen MMC 150.65 -0.30 VMware VMW 107.48 -1.73
Exelon EXC 37.75 -1.93 Penumbra PEN 191.82 -1.41 Snowflake SNOW 170.34 -3.50
t AllyFinancial ALLY 28.53 -0.76 BlackKnight BKI 65.65 -0.47 Cloudflare NET 54.85 -2.65 Icon ICLR 184.02 -3.34 MartinMarietta MLM 322.41 2.78 Vodafone VOD 11.34 -0.32
Expedia EXPE 94.21 -1.70 PepsiCo PEP 166.61 -2.06 SOQUIMICH SQM 90.79 -2.69
AlnylamPharm ALNY 209.39 -1.37 t BlackRock BLK 563.92 -21.51 Coca-Cola KO 56.57 -0.41 IDEX IEX 200.25 -2.69 MarvellTech MRVL 42.87 -1.68 VulcanMatls VMC 157.78 1.63
t ExpeditorsIntl EXPD 90.47 0.42 PerformanceFood PFGC 43.31 -1.32 SolarEdgeTech SEDG 235.56 -21.23
t Alphabet C GOOG 98.09 -2.65 Blackstone BX 84.46 -1.55 Coca-ColaEuro CCEP 43.01 -0.73 IllinoisToolWks ITW 183.88 -3.28 Masco MAS 47.28 -1.58
ExtraSpaceSt EXR 168.83 -1.84 PerkinElmer PKI 121.36 0.36 t Sony SONY 65.07 -1.92 W X Y Z
t Alphabet A GOOGL 97.42 -2.63 BlockHR HRB 43.41 -1.43 Cognex CGNX 42.17 -1.33 Illumina ILMN 193.81 -7.48 Masimo MASI 142.42 -1.91
t ExxonMobil XOM 88.68 -0.18 PetroleoBrasil PBR 12.14 -0.12 SouthState SSB 79.38 -1.81
Block SQ 55.90 -3.17 CognizantTech CTSH 58.45 -0.81 ImperialOil IMO 44.18 0.06 Mastercard MA 286.77 -3.41

.
Altria MO 41.17 -0.24 F5 FFIV 146.81 -2.07 Southern SO 69.38 -3.14 WEC Energy WEC 91.81 -3.83
t BlueOwlCapital OWL 9.28 -0.32 CoinbaseGlbl COIN 61.94 -5.37 Incyte INCY 66.61 -1.05 MatchGroup MTCH 48.25 -0.31 PetroleoBrasilA PBR.A 10.86 -0.13
Amazon.com AMZN 114.80 -3.21 FMC FMC 106.31 -1.54 SoCopper SCCO 44.80 0.10 t W.P.Carey WPC 68.77 -3.16
t ColgatePalm CL 71.77 -1.14 Informatica INFA 20.42 -0.35 Mattel MAT 18.75 -0.82 Pfizer PFE 44.16 -0.27

ly
Ambev ABEV 2.86 -0.04 Boeing BA 125.33 -8.11 FactSet FDS 396.86 3.80 SouthwestAir LUV 31.64 -0.79 t WPP WPP 40.73 -0.65
Comcast A CMCSA 30.43 -0.73 Infosys INFY 16.90 -0.21 t McCormickVtg MKC.V 73.13 -2.08 t PhilipMorris PM 86.09 -1.26
Amcor AMCR 10.75 -0.15 BookingHldgs BKNG 1678.92 -47.96 FairIsaac FICO 424.84 -8.19 SouthwesternEner SWN 6.10 -0.23 Wabtec WAB 81.72 -1.36
BoozAllen BAH 92.18 -1.28 Comerica CMA 72.27 -1.24 IngersollRand IR 43.69 -0.42 t McCormick MKC 73.51 -1.53 Phillips66 PSX 80.63 -0.77
Amdocs DOX 79.60 -0.06 Fastenal FAST 46.57 -1.02 t Splunk SPLK 77.80 -4.25 t WalgreensBoots WBA 31.55 -1.65
t CommerceBcshrs CBSH 66.67 -0.55 Insulet PODD 231.18 -4.96 McDonald's MCD 234.40 -2.54 Pinduoduo PDD 60.77 -2.21
Amerco UHAL 508.74 -4.37 BorgWarner BWA 31.67 -1.87 FederalRealty FRT 88.79 -2.03 t Spotify SPOT 86.84 -6.04 Walmart WMT 132.25 -0.86
t ConagraBrands CAG 33.26 -0.21 t Intel INTC 26.38 -0.75 McKesson MCK 342.00 -6.94 PinnacleFinPtrs PNFP 81.08 -1.53
Ameren AEE 82.49 -3.51 BostonProps BXP 74.68 -0.84 FedEx FDX 152.31 2.32 t StanleyBlackDck SWK 77.21 -2.38 WarnerBrosA WBD 11.66 -0.13
t Concentrix CNXC 109.76 -7.71 InteractiveBrkrs IBKR 64.36 -0.90 t MedicalProp MPW 11.44 -0.59 PinnacleWest PNW 66.22 -2.76
AmericaMovil AMX 16.99 -0.58 BostonSci BSX 39.34 0.21 Ferguson FERG 104.03 -2.90 Starbucks SBUX 86.57 -0.54 t WarnerMusic WMG 23.13 -0.95
Pinterest PINS 23.19 -0.65
AmericaMovil A AMOV 16.99 -0.20
AmerAirlines AAL 12.25 -0.50
AEP AEP 89.07 -4.49
AmerExpress AXP 137.79 -2.77
AmericanFin AFG 123.26 -0.23
AmHomes4Rent AMH 32.70 -0.39
t

t
t
BristolMyers BMY 71.71 -0.35
BritishAmTob BTI
Broadcom
35.98 0.05
AVGO 450.13 -15.83
BroadridgeFinl BR 146.90 -1.99
BrookfieldMgt BAM 40.72 -1.57
BrookfieldInfr BIP 35.70 -0.91
Confluent

ConEd ED
on
CFLT 23.25 -0.55
ConocoPhillips COP 103.66 0.66
87.66 -3.16
ConstBrands A STZ 233.67 -3.76
ConstellationEner CEG 83.04 -1.98
ContinentalRscs CLR 66.58 -0.40
Ferrari
FidNatlFin
t FidNatlInfo FIS
RACE 186.42 -4.81
FNF 36.26 0.01
76.57 -0.73
t FifthThirdBncp FITB 32.05 -0.16
FirstCitizBcshA FCNCA 790.76 -20.70
FirstFinBkshs FFIN 42.24 -0.50
t
ICE

IBM
IntlFlavors
IntlPaper
Interpublic
ICE

IFF
IP
IPG
90.75 -2.30
InterContinentl IHG 48.81 -1.45
IBM 121.63 -1.13
91.58 -3.69
32.09 -0.62
25.65 -0.56
Medtronic

Merck
MDT 82.27 -0.32
MercadoLibre MELI 829.68 -35.56
MRK 86.64 -0.14
MetaPlatforms META 136.41 -5.20
MetLife MET 61.07 -0.79
MettlerToledo MTD 1096.88 -12.22
t
PioneerNatRscs PXD 216.50 1.36
PlainsAllAmPipe PAA 10.54 -0.07
PlainsGP

Polaris
PAGP 10.91 -0.09
PlugPower PLUG 21.04 -1.46
PII 97.65 -6.51
t StarwoodProp STWD 18.45 -1.40
StateStreet STT 61.72 -1.51
SteelDynamics STLD 70.71 -1.59
Stellantis
Steris
STLA 11.98 -0.60
STE 167.11 4.31
STMicroelec STM 31.40 -1.82
WasteConnections WCN 137.03 -2.03
WasteMgt
Waters
Watsco
WM 161.91 -2.76
WAT 274.56 1.81
WSO 256.03 -11.24
WebsterFin WBS 45.18 -0.82
WellsFargo WFC 40.50 -0.31
t BrookfieldRenew BEPC 32.28 -1.29 Cooper COO 269.40 0.29 Intuit INTU 396.81 -12.48 MicrochipTech MCHP 61.99 -1.91 PolestarAuto PSNY 5.12 -0.38
AIG AIG 47.66 -1.11 FirstHorizon FHN 23.12 -0.13 Stryker SYK 205.48 0.35 t Welltower WELL 63.33 -2.09
us ,

t AmerTowerREIT AMT 213.72 -7.34 Brown&Brown BRO 60.89 0.65 Copart CPRT 109.78 -1.42 IntuitiveSurgical ISRG 189.06 -3.34 MicronTech MU 50.01 -0.99 Pool POOL 315.78 -13.36
t t FirstIndRlty FR 44.14 -1.44 InvitatHomes INVH 33.88 -0.61 PrincipalFin PFG 71.42 -1.49 t SumitomoMits SMFG 5.66 -0.10 WestFraserTimber WFG 71.75 -1.13
AmerWaterWorks AWK 133.20 -4.22 Brown-Forman B BF.B 67.40 -0.70 CorebridgeFin CRBG 19.56 -0.87 t Microsoft MSFT 237.50 -3.57
t FirstRepBank FRC 132.68 -3.18 t SunComms SUI 134.09 -4.68 WestPharmSvcs WST 251.27 -0.66
l

AmericoldRealty COLD 24.50 -0.87 Brown-Forman A BF.A 68.27 -0.84 Corning GLW 29.62 -0.31 IonisPharma IONS 44.28 -0.14 MidAmApt MAA 153.62 -2.19 ProcoreTech PCOR 50.45 -2.05
FirstSolar FSLR 130.93 -5.26 t SunLifeFinancial SLF 40.17 -0.47 t WestAllianceBcp WAL 65.52 -2.29
Corteva CTVA 57.21 -1.17 IronMountain IRM 43.81 -1.10 Procter&Gamble PG 128.70 -3.28
e
Ameriprise AMP 253.93 -5.50 Bruker BRKR 52.84 1.22 37.18 -1.49
Middleby MIDD 130.25 0.80 t WesternDigital WDC 32.18 -0.97
al a

CoStar CSGP 70.69 -1.54 FirstEnergy FE ItauUnibanco ITUB 5.20 0.09 Progressive PGR 118.39 -0.66 SuncorEnergy SU 28.32 -0.14
AmerisourceBrgn ABC 136.07 -2.34 BuildersFirst BLDR 58.20 -0.26 t MitsubishiUFJ MUFG 4.59 -0.13 WesternMidstrm WES 25.02 -0.33
Costco COST 478.98 -9.31 Fiserv FISV 94.85 -1.32 t Prologis PLD 101.19 -2.74 SunRun RUN 27.52 -3.55
Ametek AME 113.28 -1.08 Bunge BG 82.24 -1.66 MizuhoFin MFG 2.23 -0.04 WLK 85.27 -0.51
Amgen AMGN 228.41 -2.57 t BurlingtonStrs BURL 109.78 -7.06 CoterraEnergy CTRA 25.97 -0.69 FiveBelow FIVE 138.40 0.61 J K L t Moderna MRNA 118.07 -4.08 ProsperityBcshs PB 66.82 -0.86 Suzano SUZ 8.00 -0.14
t
Westlake
WestRock WRK 31.38 -1.02
Coupang CPNG 16.30 -1.45 FleetCorTech FLT 181.09 1.36 t PrudentialFin PRU 86.30 -2.02 Switch SWCH 33.84 0.01
Amphenol APH 67.92 -1.46 CACI Intl CACI 264.24 -3.33 MolinaHealthcare MOH 331.10 -2.50 t
ci on

Flex FLEX 16.88 -0.29 JD.com JD 51.25 -1.68 t SynchronyFin SYF 28.84 -0.15 Weyerhaeuser WY 27.75 -0.44
AnalogDevices ADI 141.99 -2.59 t CBRE Group CBRE 67.79 -2.39 Credicorp BAP 122.55 -2.99 MolsonCoorsB TAP 48.17 -0.15 Prudential PUK 19.37 -0.38
Floor&Decor FND 71.15 -5.41 t JPMorganChase JPM 106.16 -1.83 t Synopsys SNPS 309.22 -3.94 WheatonPrecMet WPM 31.73 0.38
t AB InBev BUD 45.44 -0.29 CDW CDW 158.97 -2.49 t CreditSuisse CS 3.92 -0.16 MolsonCoorsA TAP.A 59.14 0.14 PublicServiceEnt PEG 56.92 -2.96
FomentoEconMex FMX 61.30 -0.92 Jabil JBL 59.12 -1.00 t Sysco SYY 71.48 -2.28 Whirlpool WHR 137.62 -4.39
t 97.06 -3.15 CrowdStrike CRWD 165.70 -1.55 t Mondelez MDLZ 56.67 -1.08 PublicStorage PSA 287.49 -5.08
AnnalyCap NLY 17.51 -1.03 CF Industries CF FordMotor F 11.47 -0.71 JackHenry JKHY 183.04 -1.71 Williams WMB 28.96 -0.45
75.32 -1.76 t CrownCastle CCI 144.25 -5.82 MongoDB MDB 194.82 -6.49 PulteGroup PHM 38.14 -1.30
AnteroResources AR
Aon
30.33 -0.44
AON 270.95 -4.32
CGI GIB
CH Robinson CHRW 98.73 -0.75 CrownHoldings CCK 80.29 -2.10 Fortinet FTNT 49.63 -0.34 t JacobsSolns J 108.80 -1.44
MonolithicPower MPWR 365.40 -13.18 PureStorage PSTG 27.44 -0.22 T U V Williams-Sonoma WSM 122.45 -5.26
t Fortis FTS 38.71 -1.44 JamesHardie JHX 19.80 -0.38 WillisTowers WTW 202.28 -3.81
CME Group CME 178.67 -0.86 CubeSmart CUBE 39.47 -0.70 MonsterBev MNST 88.01 -1.39 Qiagen QGEN 41.22 -0.36 t TC Energy TRP 41.23 -1.33
ApellisPharm APLS 65.41 2.41 FTV 59.21 -1.18 JazzPharm JAZZ 132.42 3.48 WillScotMobile WSC 39.83 -0.87
Cullen/Frost CFR 133.72 -1.09 Fortive t Moody's MCO 246.56 -5.42 t Qorvo QRVO 81.79 -0.88 t TD Synnex SNX 83.14
ApolloGlbMgmt APO 47.63 -2.42 CMS Energy CMS 59.73 -2.68 FortBrandsHome FBHS 54.53 -1.95 JefferiesFin JEF 29.10 -0.63 -2.34 t Wipro WIT 4.72 -0.15
Cummins CMI 204.59 -2.98 MorganStanley MS 79.86 -1.61 t Qualcomm QCOM 114.84 -4.09
Apple AAPL 142.48 -7.36 CNA Fin CNA 37.15 -0.11 t FoxA FOXA 30.51 -0.93 J&J JNJ 164.53 -1.83 TE Connectivity TEL 112.54 -2.68 Wolfspeed WOLF 104.23 -7.08
er s

CyberArkSoftware CYBR 149.16 -2.83 Morningstar MORN 213.50 -1.78 QualtricsIntl XM 10.47 -0.30 t Telus
ApplMaterials AMAT 84.42 -1.58 CNH Indl CNHI 11.23 -0.20 t FoxB FOX 28.37 -0.81 JohnsonControls JCI 49.47 -1.81 TU 20.22 -0.59 WoodsideEnergy WDS 20.65 -0.20
t CRH 32.16 -0.44 Mosaic MOS 48.39 -1.25 QuantaServices PWR 127.93 -2.27
Applovin APP 19.68 -1.69 CRH t JLL 148.64 -6.24 TelusIntl TIXT 27.09 -1.26 Workday WDAY 156.26 -0.59
Aptargroup ATR 96.77 -1.47 t CSX CSX 27.19 -0.44 D E F Franco-Nevada FNV 118.12 0.34 JonesLang
JuniperNetworks JNPR 26.11 -0.57 MotorolaSol MSI 225.30 -4.32 QuestDiag DGX 124.62 -0.55
TFI Intl TFII 94.28 -1.01 WynnResorts WYNN 64.35 -2.41
t FranklinRscs BEN 22.20 -0.55
t CVS Health CVS 96.98 -1.18 t MurphyUSA MUSA 277.48 0.03 TJX TJX 61.34 -0.97 18.34 -0.18
Aptiv APTV 80.45 -5.49 DCP Midstream DCP 37.36 -0.14 KB Financial KB 30.80 -0.62 R S XP XP
m er

FreeportMcM FCX 28.17 0.31

Aramark ARMK 31.36 -1.32 CadenceDesign CDNS 164.69 -2.28 DISH Network DISH 14.14 -0.68 KBR KBR 42.97 -0.95 NICE NICE 192.27 -2.15 T-MobileUS TMUS 134.64 -0.88 XcelEnergy XEL 65.36 -3.55
FreseniusMed FMS 13.96 -0.17
t ArcelorMittal MT 19.85 -0.04 t CaesarsEnt CZR 32.42 -2.08 DTE Energy DTE 118.22 -4.94 KE Holdings BEKE 16.26 -0.65 NIO NIO 15.58 -1.75 RBC Bearings RBC 210.74 -3.84 TPG TPG 27.89 -0.68 t XPeng XPEV 12.11 -1.22
FullTruck YMM 6.54 -0.31
ArchCapital ACGL 45.83 1.36 t CamdenProperty CPT 118.22 -1.20 Danaher DHR 262.15 -3.84 t KKR KKR 43.30 -1.72 NRG Energy NRG 39.18 -1.07 RELX RELX 24.16 0.13 TRowePrice TROW 107.39 -2.24 Xylem XYL 88.09 -2.48
ArcherDaniels ADM 80.61 -2.30 Cameco CCJ 26.94 -0.36 Darden DRI 129.32 1.60 G H I KLA KLAC 310.71 -4.98 NVR NVR 3987.16-110.87 RH RH 250.51 -8.52 t TaiwanSemi TSM 69.28 -2.85 YumBrands YUM 107.21 -0.91
AresMgmt ARES 62.45 -2.78 CampbellSoup CPB 47.01 -0.87 DarlingIngred DAR 66.36 -2.12 Kanzhun BZ 17.16 -2.23 NXP Semi NXPI 151.01 -5.43 R1 RCM RCM 18.55 -0.53 TakeTwoSoftware TTWO 108.58 -5.61 YumChina YUMC 47.85 -1.49
arGEN-X ARGX 357.55 0.05 CIBC CM 44.15 -0.64 Datadog DDOG 87.45 -2.31 GFLEnvironmental GFL 25.76 -0.47 KarunaTherap KRTX 224.50 -1.12 Nasdaq NDAQ 57.11 -1.21 RPM RPM 84.02 -1.47 TakedaPharm TAK 12.97 -0.10 ZTO Express ZTO 24.03 -1.04
m rp

AristaNetworks ANET 114.75 -1.94 CanNtlRlwy CNI 109.99 -1.79 DaVita DVA 83.96 -1.17 GSK GSK 29.36 -0.10 Kellogg K 71.52 -1.22 NationalGrid NGG 51.74 -1.12 RangeResources RRC 24.57 -0.27 Tapestry TPR 28.89 -1.01 t ZebraTech ZBRA 265.52 -5.83
s AspenTech AZPN 234.08 -5.57 CanNaturalRes CNQ 46.73 0.16 DeckersOutdoor DECK 323.10 -7.02 Gallagher AJG 171.14 0.34 KeurigDrPepper KDP 36.12 -0.25 t NatlRetailProp NNN 39.09 -2.24 RaymondJames RJF 98.28 -2.69 TargaResources TRGP 60.80 -0.30 Zendesk ZEN 76.34 -0.16
Assurant AIZ 147.75 -1.71 CanPacRlwy CP 68.62 -0.31 Deere DE 341.00 -3.77 GameStop GME 25.46 -1.85 t KeyCorp KEY 16.03 -0.14 t NatWest NWG 4.89 -0.09 RaytheonTech RTX 82.34 -0.96 Target TGT 151.79 -4.08 t Zillow C Z 29.21 -0.55
AstraZeneca AZN 54.91 0.22 Canon CAJ 22.01 0.19 t DellTechC DELL 34.19 -1.10 Gaming&Leisure GLPI 43.57 -2.02 KeysightTechs KEYS 158.82 -0.73 NetApp NTAP 62.94 -0.76 t RealtyIncome O 57.95 -2.42 TataMotors TTM 23.73 -1.08 t Zillow A ZG 29.26 -0.57
Atlassian TEAM 212.33 -5.81 CapitalOne COF 93.68 -1.36 DeltaAir DAL 28.44 -1.05 Garmin GRMN 81.77 -2.13 KilroyRealty KRC 41.56 -1.35 NetEase NTES 75.18 -2.87 RegalRexnord RRX 140.51 -1.99 TeckRscsB TECK 30.64 0.07 ZimmerBiomet ZBH 107.12 -0.17
AtmosEnergy ATO 104.66 -4.40 CardinalHealth CAH 67.79 -1.50 t DentsplySirona XRAY 29.15 -0.51 Gartner IT 278.67 -2.72 t KimberlyClark KMB 114.98 -2.20 Netflix NFLX 239.71 -5.49 t RegencyCtrs REG 53.17 -1.19 TeledyneTech TDY 344.18 -5.82 ZionsBancorp ZION 51.78 -1.49
Autodesk ADSK 189.46 -1.52 Carlisle CSL 280.41 -1.08 t DeutscheBank DB 7.46 -0.20 Generac GNRC 174.16 -13.21 t KimcoRealty KIM 18.08 -0.56 Neurocrine NBIX 102.76 -0.07 RegenPharm REGN 691.82 -13.60 Teleflex TFX 203.97 -3.99 Zoetis ZTS 150.95 -1.31
Autoliv ALV 67.15 -3.15 t Carlyle CG 26.24 -1.18 DevonEnergy DVN 60.97 0.92 GeneralDynamics GD 214.43 -6.02 KinderMorgan KMI 16.72 -0.12 NewFortressEner NFE 44.53 -0.11 RegionsFin RF 19.87 -0.59 t Ericsson ERIC 5.75 -0.07 ZoomVideo ZM 74.47 -1.42
ADP ADP 227.75 -4.20 t CarMax KMX 65.16 -21.26 DexCom DXCM 82.10 -1.23 GeneralElec GE 62.73 -1.73 Knight-Swift KNX 49.78 -0.12 Newmont NEM 41.76 -0.43 ReinsGrp RGA 124.71 -0.49 t TelefonicaBras VIV 7.50 -0.20 ZoomInfoTech ZI 41.65 -0.64
co Fo

AutoNation AN 100.77 -11.66 Carnival CCL 9.16 -0.67 Diageo DEO 169.94 1.08 GeneralMills GIS 77.71 -1.08 KoninklijkePhil PHG 15.33 0.02 t NewsCorp B NWS 15.32 -0.36 RelianceSteel RS 174.37 -2.28 t Telefonica TEF 3.24 -0.09 Zscaler ZS 165.89 -2.89

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Alico ALCO 28.17 -8.5 BerkeleyLights BLI 2.81 -4.9 CheetahMobile CMCM 2.07 -7.7 Domino's DPZ 310.99 -1.5 FedAgriMtgPfdD AGMpD 22.29 -0.4 GolubCapital GBDC 11.94 -1.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American AlignTech ALGN 204.32 -0.5 BestBuy BBY 64.02 -3.5 CherryHillMtg CHMI 5.03 -8.7 DoorDash DASH 48.94 -5.4 FedRealtyInvPfdC FRTpC 20.75 -2.6 GoodRx GDRX 4.76 -5.7
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest AllegiantTravel ALGT 73.80 -5.1 BetterChoice BTTR 0.80 -7.9 CherryHillPfdA CHMIpA 19.04 -6.1 DouglasEmmett DEI 17.54 -3.6 FedNat FNHC 0.15 -7.4 Goodyear GT 10.20 -5.9
session. % CHG-Daily percentage change from the previous trading session. Allegion ALLE 88.40 -2.8 BetterwaredeMexico BWMX 7.05 -2.4 CherryHillPfdB CHMIpB 19.21 -5.3 DouYuIntl DOYU 1.00 -5.6 FidNatlInfo FIS 75.66 -0.9 GooseheadIns GSHD 35.46 -2.0
Allete ALE 50.94 -4.2 BigLots BIG 15.75 -9.7 ChesapeakeUtil CPK 117.10 -3.4 DriveShack DS 0.60 -12.9 FifthThirdBncp FITB 31.18 -0.5 GoresVII Wt GSEVW 0.10 -23.6
AlliedHealthcare AHPI 1.30 -8.7 Biolase BIOL 2.51 -5.1 Children'sPlace PLCE 30.95 -5.0 DriveShackPfdB DSpB 19.02 -3.1 FifthThirdPfdB FITBP 23.69 ... GrafTechIntl EAF 4.07 1.6
Thursday, September 29, 2022
AllstatePfdG ALLpG 23.01 -0.1 BiondVaxPharm BVXV 0.65 -20.5 ChimeraInvt CIM 4.94 -10.2 DuckhornPtf NAPA 12.64 -6.8 FinServ II Wt FSRXW 0.02 -68.1 GraniteConstr GVA 25.38 -1.4
52-Wk % 52-Wk % 52-Wk % AllstatePfdI ALLpI 19.31 -0.6 BioraTherap BIOR 0.48 0.8 ChimeraInvPfdB CIMpB 17.01 -4.3 DukeEnergy DUK 94.95 -4.5 FinwardBancorp FNWD 34.25 -1.7 GranitePointMtg GPMT 6.66 -2.8
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AllyFinancial ALLY 27.97 -2.6 BitBrother BTB 0.11 -1.8 ChimeraPfdC CIMpC 15.90 -2.4 DukeEnerDeb78 DUKB 23.85 -0.1 FirstCmwlthFin FCF 12.78 -0.3 GraniteREIT GRP.U 47.18 -2.7
Alphabet A GOOGL 95.96 -2.6 BiteAcqnWt BITE.WS 0.03 -34.8 ChimeraInvPfdD CIMpD 16.80 -3.4 DynexCapital DX 11.50 -7.6 FirstEagleNts26 FCRX 22.60 -0.4 GrayTelevision GTN 14.18 -3.7
Valuence I VMCAU 10.23 0.7 AcmeUnited ACU 23.08 1.3 EPR Prop EPR 34.58 -5.3
Alphabet C GOOG 96.52 -2.6 Blackbaud BLKB 43.54 0.5 ChipMOSTechs IMOS 18.18 -1.4
Highs AcordaTherap ACOR 0.26 -4.9
Alpine4 ALPP 0.54 -1.0 BlackBerry BB 4.68 -3.8 ChunghwaTel CHT 35.74 -1.7 EPR PropPfdC EPRpC 17.33 -4.1
FirstFoundation FFWM 17.98 -2.9 GrayTelevision A GTN.A 13.23 -6.4

AccretionAcqn ENER 9.95 ...

Lows AdaptimmuneTher ADAP
Addentax ATXG
1.02 -7.8
2.91 -8.6
AlsetEHome AEI 0.19 -2.1 BlackRockCapInvt BKCC 3.35 -5.1 Church&Dwight CHD 72.57 -1.5 EPR PropPfdE EPRpE 25.60 -0.9
First HS Educ FHS 0.57 -11.9 GreatAjax
FirstHorizonPfdE FHNpE 24.38 -0.4 GreatLakesDredge GLDD
AJX 7.50 -6.8
7.61 -3.2
AkeroTherap AKRO 29.88 3.1 ACCO Brands ACCO 4.95 -2.7 AltairEngg ALTR 44.81 -2.6 BlkRkCorpHYFdRt HYTr 0.00 19.0 ChurchillVI Wt CCVI.WS 0.14 -15.0 EPR PropPfdG EPRpG 17.64 -2.2 FirstIndRlty FR 43.70 -3.1 Greenbrier GBX 24.69 -2.3
AddexTherap ADXN 0.68 -2.5
n-

ArctosNorthA ANAC 9.92 ... AG Mortgage MITT 4.05 -10.5 AlticeUSA ATUS 5.52 -11.2 BlackRock BLK 559.70 -3.7 Cinedigm CIDM 0.40 -7.0 ESAB ESAB 32.36 -0.2 FirstMidBcshs FMBH 32.59 -1.7 Greenhill GHL 5.86 -0.3
AdTheorent ADTH 1.80 -0.5 EzgoTech EZGO 0.39 -6.7
AspenTech AZPN 240.56 -2.3 AG Mortgage PfdC MITTpC 13.52 -4.9 Amedisys AMED 98.06 -2.1 BlkRkTCPCap TCPC 10.86 -4.9 CipherMining CIFR 1.21 -9.0 FirstRepBank FRC 131.44 -2.3 GreenidgeGenNt GREEL 12.00 -1.6
AdvEmissions ADES 2.76 -3.5 EagleBancorp EGBN 43.79 -0.7
AuthenticEquityA AEAC 9.96 0.2 AG Mortgage PfdB MITTpB 13.22 -5.8 AmerFinDeb2060 AFGD 21.95 -0.3 BlackstoneMtg BXMT 23.68 -4.8 CitiTrends CTRN 16.03 -7.9 FirstWesternFin MYFW 24.82 -1.8 GreenlandTech GTEC 2.53 2.4
AdvMicroDevices AMD 62.83 -6.2 EaglePointNts29 ECCV 21.10 0.3
AvantiAcqnA AVAN 10.03 0.1 AG Mortgage PfdA MITTpA 13.90 -3.5 AmHomes4RentPfdH AMHpH 23.24 -0.5 BlueBird BLBD 8.02 -3.2 Citigroup C 42.01 -2.3 Fisker FSR 7.54 -5.7 Greenlane GNLN 1.68 -6.5
AdvantageSolns ADV 1.95 -7.0 EaglePointNts31 ECCW 22.70 -1.5
C&F Fin CFFI 56.18 -1.5 AGNC Invt AGNC 8.39 -4.6 AIG AIG 47.05 -2.3 BlueOwlCapital OWL 9.19 -3.3 CtznCmntyBcp CZWI 12.05 0.7 Flowserve FLS 23.92 0.1 GreenPowerMotor GP 2.19 -6.6
AdvantageSolnsWt ADVWW 0.09 -52.4 EasterlyGovtProp DEA 15.32 -2.2
CitigrpCapXIIIPf CpN 28.10 -0.2 AGNC InvtPfdD AGNCM 19.30 -1.8 AmerTowerREIT AMT 211.38 -3.3 BlueStarFoods BSFC 0.64 -3.7 CitizensFinPfdE CFGpE 18.67 -0.6 FocusImpactWt FIACW 0.01 -10.0 GreenwaveTech GWAV 1.60 -10.9
AethlonMedical AEMD 0.58 -5.8 EastGroup EGP 139.08 -2.2
CrucibleAcqnA CRU 9.97 0.2 AGNC InvtPfdE AGNCO 20.15 -0.4 AmerCarMart CRMT 61.64 -9.9 BlueWaterVac BWV 1.68 -6.5 CityOfficeREIT CIO 9.74 -4.0 Fonar FONR 13.28 3.3 Grifols GRFS 5.82 -8.3
AffiliatedMgrDeb MGR 22.30 -0.3
no

AmpioPharm AMPE 0.06 -4.0 BluegreenVac BVH 16.55 -3.1 CityOfficePfdA CIOpA 19.58 4.1 EastmanChem EMN 69.91 -2.5 ForestRoadAcqnIIWt FRXB.WS 0.07 -0.6 Group1Auto GPI 136.16 -9.2
EFHuttonAcqnI EFHTU 10.25 0.2 AMC Ent Pfd A APE 2.89 -13.9 AgileThought AGIL 3.49 -0.3
AmpriusTechWt AMPX.WS 0.27 2.9 BluejayDiag BJDX 0.80 1.3 ClarimAcqnWt CLRMW 0.04 -24.4 EdibleGarden EDBL 0.62 -3.8 ForgeGlobal FRGE 1.73 -9.7 Groupon GRPN 8.45 -4.1
FtacHeraA HERA 9.93 0.1 Ammo POWW 2.91 -5.4 Agiliti AGTI 15.42 -2.9
AngelOakMtg AOMR 11.31 -3.2 BluerockHomes BHMw 21.00 -2.5 ClarivatePfdA CLVTpA 41.88 -4.1 EdifyAcqnWt EACPW 0.07 -32.2 FormFactor FORM 24.91 -1.0 GroveCollab GROV 2.64 -10.6
GlobalPtrII GPACU 9.96 0.1 Ansys ANSS 225.13 -2.0 AirNetTech ANTE 0.60 -10.1
AngionBiomed ANGN 0.87 ... BorgWarner BWA 31.14 -5.6 Clarivate CLVT 9.18 -5.6 EducDev EDUC 2.40 1.2 Fortis FTS 38.63 -3.6 GpoAvalAcc AVAL 2.52 -2.7
GlobalStarAcqn GLSTU 10.00 0.1 ARC Document ARC 2.35 -1.2 AirspanNtwksWtB MIMO.WS.B 5.28 -4.0 EHang EH 4.07 -13.8
10.02 0.2 AT&T 15.41 -1.9 AB InBev BUD 44.68 -0.6 BostonProps BXP 73.18 -1.1 ClarosMtg CMTG 11.66 -7.3 FortressTransPfdA FTAIP 19.15 -4.0 Gulf Resources GURE 3.12 -2.6
H.I.G.AcqnA HIGA T AkamaiTech AKAM 79.80 -2.1 eHealth EHTH 3.91 -6.1
AnnalyCap NLY 17.18 -5.6 Brady BRC 40.73 -0.3 ClipperRealty CLPR 6.86 -3.7 FortressTransPfC FTAIN 18.50 -4.8 HCI Group HCI 39.51 -2.8
InFinTAcqnA IFIN 10.16 ... AVROBIO AVRO 0.64 2.9 Akanda AKAN 0.47 -9.9 8x8 EGHT 3.40 -4.7
AnnalyCapPfdI NLYpI 20.80 -2.3 BraemarHtlsPfd BHRpB 14.90 -0.1 CloverHealth CLOV 1.79 -12.2 FortressTransPfdB FTAIO 18.91 -5.0 H.I.G.AcqnWt HIGA.WS 0.00 -9.1
JattAcqnA JATT 10.06 ... Ayro AYRO 0.60 -4.0 Akili AKLI 2.15 -8.9 ElPasoEngy pfC EPpC 44.27 -1.4
AnywhereRealEst HOUS 7.98 -6.3 BraemarHtlsPfdD BHRpD 23.75 0.6 CloverLeafCapRt CLOER 0.05 -8.6 FortressVal III Wt FVT.WS 0.11 -3.7 HNI HNI 26.55 -2.5
MerchantsBncpPfdD MBINM 25.30 -0.9 Aaron's AAN 10.10 -2.4 AkoustisTechs AKTS 2.79 -6.9 ElancoAnimal ELAN 12.59 -3.7
AptIncmREIT AIRC 37.44 -1.8 Braskem BAK 9.42 -4.0 Coca-ColaEuro CCEP 41.80 -1.7 FortressValueIV Wt FVIV.WS 0.10 3.9 HP HPQ 24.74 -2.2
MidlandStBncpPfA MSBIP 25.62 -0.1 AbbottLabs ABT 97.55 -0.4 Alcon ALC 56.18 -1.7 ElectraVehicles SOLO 1.20 -3.9
Apexigen APGN 2.51 -12.8 BreadFinancial BFH 30.90 -1.4 CodorusValleyBncp CVLY 18.70 -1.7 ForzaX1 FRZA 1.92 -7.1 HSBC HSBC 25.63 -2.1
MontereyBioAcqn MTRY 10.25 ... abrdnIncmPfdA ACPpA 21.25 -1.1 Alexanders ALX 205.00 -1.4 ElementSolns ESI 16.07 -3.4
ApolloAssetPfdB AAMpB 23.00 0.8 BrighthouseDeb58 BHFAL 21.94 -3.3 CognizantTech CTSH 57.67 -1.4 FourCornersProp FCPT 23.34 -4.1 HUYA HUYA 2.26 -5.3
NatrlOrderAcqn NOAC 9.99 0.1 AcadiaRealty AKR 12.30 -4.6 Alfi ALF 0.86 -1.4 EllingtonFin EFC 11.28 -6.4
ApolloComRlEst ARI 8.20 -8.2 BrightSphere BSIG 15.00 -1.7 Coherent COHR 34.50 -2.7 FoxB FOX 28.13 -2.8 HamiltonLane HLNE 60.15 -1.4
ProspectorCapA PRSR 9.96 0.1 AcastiPharma ACST 0.55 -4.1 AlgomaSteelWt ASTLW 1.06 -6.9 EllingtonFinPfdA EFCpA 17.83 -5.7
ApolloStratII Wt APGB.WS 0.13 ... BrightSpire BRSP 6.23 -4.8 Coherent6%Pfd IIVIP 158.42 -2.8 FoxA FOXA 30.31 -3.0 Hanesbrands HBI 7.20 -4.2
RCF Acqn RCFA.U 10.16 ... AccelEnt ACEL 7.65 -2.0 AlgonquinPwrUn AQNU 37.46 -4.6 EllingtonFinlPfdB EFCpB 16.61 -7.3
AppliedGenetic AGTC 0.27 -4.6 Brink's BCO 48.58 -2.2 ColgatePalm CL 71.24 -1.6 Franchise FRG 23.75 -6.8 HannonArmstrong HASI 28.67 -6.0
RelmadaTherap RLMD 36.25 4.1 AchieveLifeSci ACHV 3.19 -1.5 AlgonquinPwr AQN 10.94 -4.7 EllingtonResiMtg EARN 5.90 -7.6
AptevoTherap APVO 2.90 -9.0 BrixmorProp BRX 17.62 -3.5 ColliersIntl CIGI 89.50 -4.9 FrankBSPRealty FBRT 10.49 -9.9 HarborCustom HCDI 0.85 -3.1
AptivPfdA APTVpA 95.04 -5.5 Broadcom AVGO 444.88 -3.4 ColonyBankcorp CBAN 12.89 -0.8 ElliottOppIIWt EOCW.WS 0.17 -10.4
FrankBSP PfdE FBRTpE 17.28 ... HarborCustomWt HCDIZ 0.08 -5.2
Aptiv APTV 79.04 -6.4 BroadcomPfdA AVGOP 1387.76 -2.6 ComeraLifeWt CMRAW 0.06 -10.4 EllomayCapital ELLO 19.50 -9.3
FranklinRscs BEN 21.99 -2.4 HarpoonTherap HARP 0.83 -8.1
ArborRealty ABR 11.44 -6.6 BroadmarkRealty BRMK 5.05 -6.4 CommVehicle CVGI 4.27 -1.8 Emcore EMKR 1.68 -5.6
FranklinStProp FSP 2.61 -4.0 Harsco HSC 3.78 -6.3
ADVERTISEMENT ArborRealtyPfdE ABRpE 18.58 1.1 Broadstone BNL 15.00 -3.7 CommBkSys CBU 60.48 -1.6 EmpireStateRealty ESRT 6.38 -3.7
GAN GAN 2.00 -7.8 Hasbro HAS 66.92 -2.1
ArcelorMittal MT 19.25 -0.2 BrookfieldMgt BAM 40.25 -3.7 CommunityHlthSys CYH 2.18 -7.8 EmployersHldgs EIG 33.78 0.3
GATX GATX 86.45 -2.3 HawaiianElec HE 35.31 -3.0
EnbridgeNts2078 ENBA 22.81 -1.2

The Marketplace
ArcoPlatform ARCE 10.92 -4.7 BrookfieldReins BAMR 40.35 -4.2 CommunityHlthcr CHCT 30.38 -1.0 GDS Holdings GDS 16.56 -7.7 Hayward HAYW 8.74 -4.2
Arconic ARNC 16.33 -0.8 BrookfieldNts2081 BIPH 16.17 -4.1 CiaSiderurgica SID 2.20 -2.2 EncoreCapital ECPG 45.12 -0.7
GSquaredI Wt GSQD.WS 0.07 -12.5 HealthcareRealty HR 20.41 -3.8
AresCapital ARCC 16.71 -3.8 BrookfieldInfr BIP 35.03 -2.5 Compugen CGEN 0.67 -13.6 Energizer ENR 24.81 -4.9
GabelliEquityPfdK GABpK 21.20 -1.2 HealthcareSvcs HCSG 12.07 -3.0
AresCommRealEst ACRE 9.99 -5.3 BrookfldInfrPfdA14 BIPpB 15.55 -4.3 ComSovereign COMS 0.08 9.0 Enovis ENOV 45.40 -1.2
Galapagos GLPG 41.65 -1.4 HealthpeakProp PEAK 22.45 -3.3
EnstarGroup ESGR 175.43 -2.1
To advertise: 800-366-3975 or WSJ.com/classifieds ArgoBlockchain ARBK 3.66 -3.2 BrookfldInfrPfdA13 BIPpA 16.23 -3.6 Comstock CHCI 3.59 -7.6
EnteraBio ENTX 1.00 2.9 GalmedPharm GLMD 0.30 -1.4 Helbiz HLBZ 0.36 -5.9
ArgoGroup ARGO 19.21 -2.8 BrookfieldPropPfd BPYPP 18.57 -2.3 Concentrix CNXC 108.57 -6.6 Gannett GCI 1.61 -12.4 HelenofTroy HELE 97.92 -2.8
ArlingtonAsset AAIC 2.65 -4.3 BPP 5.75%Pfd3A BPYPN 16.94 0.1 Conduent CNDT 3.34 -3.2 EntergyBds66 ENO 23.00 0.3
EntergyTX PfdA ETIp 23.23 -2.8 GasLogPtrsPfdA GLOPpA 24.23 -1.0 HennessyAdvsrs HNNA 8.32 0.9
ArlingtonAsstNt25 AIC 23.10 -0.6 BrookfieldPropPf2A BPYPO 18.51 -2.3 Conformis CFMS 0.19 7.4 GatesIndustrial GTES 9.63 -2.0 HennessyAdvNts HNNAZ 23.10 1.1
ArlingtonAssetPfB AAICpB 16.47 -7.7 BrookfieldRenew BEP 30.85 -3.3 ConnectOneBncp CNOB 23.01 -1.3 EnthusiastGaming EGLX 0.78 -8.2
Entravision EVC 3.96 -0.2 GencoShipping GNK 11.92 -2.5 HerculesCapital HTGC 11.41 -7.5
BUSINESS OPPORTUNITIES PUBLIC NOTICES ArlingtonAssetPfC AAICpC 17.63 -6.1 BrooklineBcp BRKL 11.83 -1.5 ConnexaSports CNXA 0.35 -14.0
Envestnet ENV 44.56 -0.8 GencorInds GENC 8.80 -1.5 HerculesCapNts33 HCXY 22.26 -3.3
ArmadaHoffler AHH 10.04 -4.9 BrunswickNts2048 BCpA 23.62 -1.6 ConsldComm CNSL 4.19 -6.6 Genesco GCO 39.60 -4.6 HershaHospitality HT 7.60 -2.8
Envista NVST 32.62 -1.7
ArmourResREIT ARR 4.72 -9.9 BrunswickNts2049 BCpC 22.86 -4.7 ContainerStore TCS 4.88 -4.0 GenesisGrowthWt GGAAW 0.10 -25.0 HershaHospPfdD HTpD 18.30 -3.1
Equifax EFX 166.25 -3.5
ArmourResPfdC ARRpC 18.87 -1.6 BrunswickNts2049 BCpB 24.53 -2.0 ContextTherap CNTX 1.06 -11.9 Gentex GNTX 23.70 -4.0 HershaHospPfdE HTpE 18.60 -2.6
Equinix EQIX 558.63 -2.6
 FOR SALE  THE COMPANIES ACT (2022 REVISION)
NOTICE OF APPOINTMENT OF
Arrival
ArrowElec
ARVL
ARW
ArtisanPtrsAsset APAM
0.76
91.17
27.67
-7.0
-1.3
-3.8
BruushOralCare BRSH
BurlingtonStrs
BurTechAcqnWt BRKHW
BURL
1.02
109.14
0.03
-0.1
-6.0
-14.5
ContextLogic WISH
CorazonV838 Wt CRZNW
CoreScientific CORZ
0.81
0.03
1.26
-14.5
-55.8
-10.3
EquitablePfdC EQHpC
EquityCommnwlth EQC
16.47
23.88
-2.3
0.6
Gentherm
GeorgiaPwrNt77 GPJA
THRM 49.45 -6.6 HighTide
21.60 -3.3 Hilltop
HITI
HTH
1.32 -2.8
24.18 -1.0
GETY 7.01 -7.0 HimaxTechs HIMX 4.81 -3.7
8.5% Notes PROVISIONAL LIQUIDATORS AsburyAutomotive ABG
AscentSolar ASTI
140.70
4.30
-6.7
-0.9
BylineBancorp
ByrnaTech
BY
BYRN
20.32
4.50
-1.3
-6.8
CorebridgeFin CRBG
CorEnergyInfrPf CORRpA
19.48
11.61
-4.3
-1.2
EquityCommonPfdD EQCpD
EquityLife ELS
24.89
61.63
1.2
-2.7
GettyImages
GigaCloudTech GCT
GigCapital5Wt GIA.WS
11.10 -5.7 HinghamSvg
0.02 -40.5 Holley
HIFS
HLLY
254.25 -2.3
4.18 -6.4
1st Deeds of Trust Global Cord Blood Corporation (In
Provisional Liquidation) (the “Company”)
AshfordHospPfdG AHTpG
AshfordHospPfdF AHTpF
15.65
15.10
-4.0
-7.1
CBRE Group
CHS PfdB
CBRE
CHSCO
66.74
25.25
-3.4
-1.8
CorpOfficeProp OFC
Costamare CMRE
22.55
8.72
-1.7
-3.1
EquityResdntl
EquusTotReturn EQS
EsportsEnt
EQR

GMBL
65.58
1.34
0.12
-1.7
-13.4
-9.1
GIIIApparel
GladstoneComm GOOD
GIII 14.54 -1.9 HolleyWt
15.09 -4.1 HomeStreet
HLLY.WS
HMST
0.64 -6.8
28.57 -3.7
(303) 332-3785 Grand Court Cause
No. FSD 108 of 2022 (IKJ)
AstecIndustries ASTE
Astronics ATRO
31.04
7.89
-1.8
-3.5
CHS PfdB4
CI Financial
CHSCL
CIXX
25.58
9.34
-2.8
-5.3
CreditAcceptance CACC
CreditSuisse CS
423.39
3.83
-4.4
-3.9
EssentialProp
EssexProp
EPRT
ESS
18.95
236.01
-5.1
-1.6
GladstoneInvt
GladstoneLand LAND
GAIN 11.77 -4.9 HomeTrustBcshs HTBI
17.31 -3.8 HondaMotor HMC
22.16 -1.3
22.08 -3.2
jscol@pchomesltd.com TAKE NOTICE that by order of the Grand
Atento ATTO
AthenaCnsmrWt ACAQ.WS
3.96
0.05
-1.9
-51.3
CMSEnerNts2078 CMSC
CMSEnerNts2079 CMSD
22.98
22.87
-0.1
-0.5
CrescentCapBDC CCAP
CrownCastle CCI
15.05
143.37
-2.2
-3.9
EsteeLauder
Eventbrite
EL
EB
216.51
6.00
-3.9
-7.7
GladstonePfdB LANDO 25.00 -0.9 HopeBancorp
GladstonePfdD LANDM 24.01 -1.8 HorizonTechFin HRZN
HOPE 12.61 -6.6
9.78 -4.3
Court made on 22 September 2022, that AtlUnionBkshs AUB 31.06 -2.2 CMSEngyPfdC CMSpC 16.86 0.1 Crypto1AcqnWt DAOOW 0.05 3.2 Glatfelter GLT 3.21 -5.5 HowardHughes HHC 53.19 -2.3
ExelaTech XELA 0.45 -11.5
Margot MacInnis and John Royle of Grant AtlUnionPfdA AUBAP 23.75 -1.4 CRH CRH 31.22 -1.3 Cullen/FrostPfdB CFRpB 18.31 -1.7 GlobalMedREIT GMRE 8.22 -4.3 HuntingtonPfdH HBANP 17.75 -0.5
FARO Tech FARO 26.60 -1.5
DRY EYE SOLUTION® Thornton Specialist Services (Cayman) AtlanticaSust AY 26.11 -4.4 CSX CSX 26.78 -1.6 CuriosityStream CURI 1.33 -2.1 GlMedREIT PfdA GMREpA 24.31 -0.9 Hurco HURC 21.75 2.4
FS KKR Cap FSK 16.70 -6.6
Limited, 2nd Floor, Century Yard, Cricket AtlasPfdD ATCOpD 21.51 -3.1 C3.ai AI 12.14 -4.8 Cushman&Wkfd CWK 10.94 -4.6 GlobalNetLease GNL 10.19 -8.1 Hydrofarm HYFM 1.95 -6.6
FtacHeraWt HERAW 0.07 -6.7
AtlasCrestII Wt ACII.WS 0.04 -19.8 Curo CURO 4.05 -8.2 CustomersBancorp CUBI 29.27 -1.5
All natural dry eye treatment Square, PO Box 1044, Grand Cayman,
Cayman Islands KY1-1102, and Chow Tsz AuburnNatlBncp AUBN 23.00 -1.1 CableOne CABO 879.23 -0.8 CustomersBncpNt34 CUBB 20.25 0.1
FTAI Infra
FaradayFuture
FIP
FFIE
2.22
0.70
-8.9
-14.8
GlobalWaterRscs GWRS
GlobeLifeDeb2061 GLpD
11.92 -2.0 Hyperfine
17.24 -2.7 HysterYaleMatls
HYPR
HY
0.82 -8.1
22.81 -7.5
AuthenticEquWt AEACW 0.02 40.4 CactusAcqn1 Wt CCTSW 0.05 -41.8 CYXT 3.95 -9.1
Product brand acquisition offering Nga Georgia of Grant Thornton Recovery &
Reorganisation Limited, 11th Floor, Lee Avalonbay AVB 180.01 -1.8 CadenceBkPfdA CADEpA 20.71 -0.1
CyxteraTech
DHB Capital Wt DHBCW 0.04 -13.9
FaradayFutureWt FFIEW 0.13 -11.9 Gogoro GGR
GoGreenInvtsWt GOGN.WS
3.87 -5.6 HyzonMotors
0.11 -37.9 IHS Holding
HYZN
IHS
1.70 -3.4
5.63 -5.4
FarmersNatlBanc FMNB 13.06 -2.1
Distributed in the U.S.A., S. Korea, China Garden Two, 28 Yun Pin Road, Causeway Avantor
AveannaHealth AVAH
AVTR 19.81
1.55
-0.6
-5.2
CaesarsEnt
CamdenProperty CPT
CZR 31.45
116.77
-6.0
-1.0
DLH Holdings
DMC Global
DLHC
BOOM
11.85
13.95
0.5
4.1
Farmmi FAMI 0.55 -2.2 GoldenOcean GOGL 7.24 -5.3 IMAC BACK 0.36 -5.3
Bay, Hong Kong S.A.R. were appointed as FathomDigital FATH 2.00 -8.9 GoldmanSachsBDC GSBD 14.48 -4.8 Continued on Page B9
High volume product production the Joint Provisional Liquidators of Global Avient
Aware
AVNT
AWRE
29.80
1.78
-3.0
-0.5
CanadaGoose
Cantaloupe
GOOS
CTLP
15.69
3.47
-5.0
-6.6
DTE EnergyDebE DTG
DTE EnergyDeb80 DTB
17.80
17.50
-2.0
-2.3
Cord Blood Corporation, registration
Willem.biologicaquaresearch@gmail.com number 227732 whose registered office is
AxaltaCoating
Azenta
AXTA
AZTA
20.95
42.41
-3.6
-1.0
CapitalSouthwest CSWC
CapitolFedFin CFFN
16.70
8.34
-5.0
-0.7
DXC Tech
DadaNexus
DXC
DADA
22.65
4.43
2.5
-3.9
situated at Conyers Trust Company
(Cayman) Limited, P.O. Box 2681, 2nd
B&G Foods
BCE
BGS
BCE
16.55
42.80
-5.3
-3.8
CapStarFin
Cardlytics
CSTR
CDLX
18.55
8.68
-2.0
-4.5
Dana
Danaos
DAN
DAC
11.17
53.54
-7.1
-5.1
Dividend Changes
Floor, Cricket Square, PO Box 2681, Grand
PUBLIC NOTICES Cayman KYl-1111, Cayman Islands.
BIMI Intl BIMI 0.27 -2.2 CarGurus CARG 13.66 -2.1 DataStorage DTST 2.02 -1.4
B.RileyPfdB RILYL 24.24 -2.4 CarLotz LOTZ 0.29 -7.9 Dave DAVE 0.32 -10.7 Amount Payable /
Creditors of the Company are invited to B.RileyNts2028 RILYZ 20.26 ... Carlyle CG 26.04 -4.3 DellTechC DELL 33.81 -3.1 Company Symbol Yld % New/Old Frq Record
prove their debts or claims and to establish ByndCannasoft BCAN 2.72 -2.0 CarlyleSecured CGBD 11.43 -4.7 DeltaApparel DLA 14.15 -3.0
ARCTIC GLACIER INCOME FUND any title they may have under the BabcockWilcoxPfdA BWpA 18.63 -0.4 CarMax KMX 64.44 -24.6 DentsplySirona XRAY 28.82 -1.7 Increased
NOTICE OF RECORD DATE & FINAL DISTRIBUTION Companies Act (2022 Revision). Ball BALL 46.96 -3.2 Carter's CRI 65.28 -4.1 Despegar.com DESP 5.50 -5.2
BancCalifornia BANC 16.02 -1.9 CartesianGrwWt GLBLW 0.28 -18.6 DeutscheBank DB 7.26 -2.6 OGE Energy OGE 4.4 .4141 /.41 Q Oct28 /Oct11
Take notice that unitholders of Arctic Glacier Income Dated this 30th day of September 2022 BancoSantander SAN 2.26 -2.1 CarverBancorp CARV 4.00 -5.2 Diamondrock DRH 7.18 -2.9
Fund (“AGIF”) will be entitled to receive a final BanColombia CIB 23.97 -1.5 CazooWt CZOO.WS 0.05 -15.0 DigitalBrands DBGI 0.08 6.3 Reduced
Margot MacInnis
distribution of CAD$0.00549502 per unit of AGIF, Bandwidth BAND 11.28 -9.1 CellebriteDIWt CLBTW 0.57 11.7 DigitalRealty DLR 96.08 -2.9 Invesco Mortgage Cap IVR 32.7 .65 /.90 Q Oct27 /Oct11
Joint Provisional Liquidator
representing an aggregate value of CAD$1,925,000, BankHawaiiPfdA BOHpA 17.27 -2.1 CellebriteDI CLBT 3.91 -3.1 DigitalRealtyPfJ DLRpJ 21.55 -1.2
BkNovaScotia BNS 47.66 -2.0 CellectarBiosci CLRB 3.35 -7.7 DigitalRealtyPfK DLRpK 22.54 -2.3
Ramaco Resources METC 4.9 .1133 /.1134 Q Dec15 /Dec01
payable on November 7, 2022 to unitholders of record Contact for enquiries:
GCBCJPLs@uk.gt.com BankUnited BKU 33.54 -1.7 Cellectis CLLS 2.25 -5.3 DigitalRealtyPfdL DLRpL 21.09 -1.2
on October 14, 2022, with an ex-dividend date of October
Telephone: +1 345 949 7100 Barclays BCS 6.32 -2.7 CelyadOncology CYAD 1.30 -4.4 DigitalTurbine APPS 14.09 -5.9
Foreign
13, 2022. This final distribution will be made pursuant BarfreshFood BRFH 2.62 -11.6 Centogene CNTG 1.09 -7.9 DigitalBridge DBRG 12.44 -8.1 Energ Gerais-Cemig ADR C CIG.C 7.7 .03511 Sep30 /
to the Plan of Compromise or Arrangement of, inter Mailing address for service: BaringsBDC BBDC 8.25 -4.0 CentralGarden CENT 35.68 -2.3 DimeComPfdA DCOMP 19.26 -5.2 Ericsson ADR ERIC 2.9 .07589 SA Sep29 /
alia, AGIF dated May 21, 2014, as amended. No future 2nd Floor, Century Yard, Cricket Square BarnesGroup B 27.93 -0.4 CentralGardenA CENTA 33.74 -2.1 Disruptive I Wt DISAW 0.04 -21.0
distributions will be made after this distribution, which PO Box 1044, Grand Cayman BaudaxBio BXRX 0.23 -4.4 CentralPacFin CPF 20.19 -4.1 DiversifiedHlthcr DHC 0.97 -8.0 Sources: FactSet; Dow Jones Market Data
Cayman Islands, KY1-1102 BectonDicknsnPfB BDXB 46.90 -0.7 CharahSolutions CHRA 1.69 -3.8 DolbyLab DLB 65.12 -2.7
will be the final distribution of cash assets of AGIF. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BellRing BRBR 20.20 -4.6 Charles&Colvard CTHR 0.95 -1.0 Dole DOLE 7.21 -5.8
September 30, 2022 BenessereCapWt BENEW 0.16 -15.8 Check-Cap WtC CHEKZ 0.02 -0.7 DolphinEnt DLPN 2.45 -1.5 spin-off.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * Friday, September 30, 2022 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
29225.61 t 458.13, or 1.54% Trailing P/E ratio 17.21 22.98 3640.47 t 78.57, or 2.11% Trailing P/E ratio * 18.09 31.09 10737.51 t 314.13, or 2.84% Trailing P/E ratio *† 23.10 35.96
High, low, open and close for each P/E estimate * 15.77 18.89 High, low, open and close for each P/E estimate * 16.42 22.04 High, low, open and close for each P/E estimate *† 20.92 28.82
trading day of the past three months. Dividend yield 2.43 1.89 trading day of the past three months. Dividend yield * 1.79 1.34 trading day of the past three months. Dividend yield *† 0.99 0.68
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

34500 4300 12900

65-day
33550 moving average 4175 65-day moving average 12500
65-day
moving average
32600 4050 12100

31650 3925 11700

Session high
DOWN UP
t

Session open Close 30700 3800 11300

Close Open
t

29750 3675 10900

Session low
Bars measure the point change from session's open
28800 3550 10500
June July Aug. Sept. June July Aug. Sept. June July Aug. Sept.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,006,016,681 12,308,373
Industrial Average 29513.73 28997.34 29225.61 -458.13 -1.54 36799.65 29134.99 -13.6 -19.6 2.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 127,360,076 3,373,189
Transportation Avg 12337.79 12134.30 12257.91 -199.22 -1.60 17039.38 11999.40 -12.5 -25.6 5.8 Most-active issues in late trading Decl. volume* 875,141,167 8,908,848
Utility Average 940.66 905.05 906.00 -38.84 -4.11 1071.75 872.82 3.6 -7.6 1.1 Volume After Hours Issues traded 3,396 288
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 37029.99 36292.94 36597.98 -804.73 -2.15 48929.18 36597.98 -18.1 -24.7 6.5 Advances 558 105
SPDR S&P 500 SPY 10,202.5 363.03 0.24 0.07 382.01 362.72
Barron's 400 857.50 832.66 843.72 -13.78 -1.61 1127.20 825.73 -16.0 -23.7 7.7 Declines 2,702 176
Micron Technology MU 5,194.6 49.39 -0.62 -1.24 50.47 46.08
Unchanged 136 7
Nasdaq Stock Market iShares MSCI China ETF MCHI 4,285.0 42.51 -0.37 -0.86 43.00 42.51 New highs 8 0
Nasdaq Composite 10899.47 10623.22 10737.51 -314.13 -2.84 16057.44 10646.10 -25.7 -31.4 10.6 Invesco QQQ Trust I QQQ 4,080.8 271.82 -0.05 -0.02 272.65 271.80 New lows 820 35
Nasdaq-100 11339.91 11038.94 11164.78 -329.05 -2.86 16573.34 11127.57 -24.0 -31.6 13.3 Nike Cl B NKE 3,391.2 85.30 -10.03 -10.52 98.32 84.68 Closing Arms† 1.10 0.92
iSh Natl Muni Bd MUB 3,086.8 102.58 … unch. 102.58 102.09 Block trades* 4,950 123
S&P

.
-2.11
Apple AAPL 2,872.4 141.68 -0.80 -0.56 154.48 141.60
500 Index 3687.01 3610.40 3640.47 -78.57 4796.56 3640.47 -15.5 -23.6 7.1 Nasdaq NYSE Arca

ly
Advanced Micro Devices AMD 2,712.1 64.04 -0.10 -0.16 64.22 63.70
MidCap 400 2243.25 2196.49 2218.67 -47.29 -2.09 2910.70 2200.75 -16.0 -21.9 4.9 Total volume*4,516,635,947 356,703,919
SmallCap 600 1084.68 1060.09 1071.95 -22.84 -2.09 1466.02 1064.45 -19.5 -23.5 4.2 Percentage gainers… Adv. volume* 706,866,805 59,979,540
Amylyx Pharmaceuticals AMLX 451.0 33.70 3.51 11.63 35.00 29.28 Decl. volume*3,781,794,889 290,144,703
Other Indexes
Russell 2000
NYSE Composite
Value Line
1710.82 1656.41 1674.93 -40.31
13833.18 13498.28 13608.29 -224.89
507.53 492.14 496.54 -10.99
-2.35
-1.63
-2.17
on 2442.74 1649.84
17353.76 13541.76
696.40 493.79
-24.0
-15.7
-23.1
-25.4
-20.7
-26.1
3.3
1.6
-1.4
Tritium DCFC
Redwood Trust
FTAI Infrastructure
DCFC
RWT
FIP
115.9
68.4
377.0
3.74
5.97
2.34
0.19
0.28
0.10
5.35
4.92
4.46
3.76
5.97
2.34
3.50
5.69
2.17
Issues traded
Advances
Declines
Unchanged
4,926
1,147
3,520
259
1,727
200
1,506
21
NYSE Arca Biotech 4595.93 4470.94 4516.48 -79.45 -1.73 5815.27 4208.43 -20.5 -18.2 2.4
Juniper Networks JNPR 53.9 27.27 1.16 4.44 27.27 25.81
New highs 19 10
us ,

NYSE Arca Pharma 758.01 748.04 751.81 -4.30 -0.57 887.27 734.70 2.0 -9.1 8.7 ...And losers New lows 759 465
l

KBW Bank 97.32 95.34 96.63 -1.54 -1.57 147.56 96.17 -25.9 -26.9 -1.2 3,391.2 85.30 -10.03 -10.52 98.32 84.68 Closing Arms† 1.74 0.59
e
Nike Cl B NKE
al a

PHLX§ Gold/Silver 99.45 96.23 99.35 1.18 1.20 167.76 91.40 -16.5 -25.0 2.9 Ocular Therapeutix OCUL 1,412.0 4.78 -0.35 -6.82 5.30 4.45 Block trades* 21,877 1,440
PHLX§ Oil Service 60.16 58.15 60.09 0.03 0.06 88.37 49.14 6.3 14.0 -3.0 Under Armour A UAA 173.8 7.00 -0.37 -5.02 7.43 7.00 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 2386.12 2313.08 2347.36 -79.90 -3.29 4039.51 2347.36 -28.0 -40.5 15.0 Under Armour Cl C UA 202.7 6.22 -0.28 -4.31 6.57 6.20 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 33.46 31.16 31.84 1.66 5.50 36.45 15.01 37.6 84.9 22.7 Foot Locker FL 72.2 31.43 -1.27 -3.88 32.86 31.41 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

er s

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

World MSCI ACWI 557.88 –7.93 –1.40 –26.1 Vertical Aerospace EVTL 9.64 2.06 27.18 18.44 2.72 -3.1 Sunlight Financial SUNL 1.08 -1.44 -57.14 6.36 0.96 -79.7
MSCI ACWI ex-USA 246.33 –0.36 –0.14 –28.5 TuanChe ADR TC 3.07 0.62 25.31 3.95 1.42 39.5 Atlis Motor Vehicles AMV 33.95 -41.20 -54.82 243.99 30.11 ...
MSCI World 2401.32 –37.46 –1.54 –25.7 Mill City Ventures III MCVT 2.62 0.52 24.76 11.36 1.84 -70.1 Twin Vee PowerCats VEEE 2.52 -1.03 -29.01 8.80 2.31 -29.8
MSCI Emerging Markets 873.29 –2.56 –0.29 –29.1 Ocular Therapeutix OCUL 5.13 1.00 24.21 12.50 2.91 -48.7 Rite Aid RAD 5.06 -1.97 -28.02 15.65 4.68 -64.4
m rp

Americas MSCI AC Americas 1385.99 –29.47 –2.08 –24.2 Heartbeam BEAT 4.18 0.74 21.51 5.47 1.12 ... SAI.TECH Global SAI 2.26 -0.80 -26.14 12.60 2.23 -77.0
Canada S&P/TSX Comp 18441.84 –207.08 –1.11 –13.1 Akouos AKUS 6.30 0.91 16.88 12.12 2.32 -45.7 Pioneer Power Solutions PPSI 3.09 -1.06 -25.54 14.43 2.77 -6.9
Latin Amer. MSCI EM Latin America 2027.22 –21.86 –1.07 –4.8 Harrow Health HROW 11.52 1.61 16.25 12.99 5.40 26.7 FaZe Holdings FAZE 9.26 -3.07 -24.90 24.69 8.02 -5.0
Brazil BOVESPA 107664.35 –786.85 –0.73 2.7 Golden Sun Education GSUN 32.40 3.91 13.72 95.00 13.41 ... CarMax KMX 65.16 -21.26 -24.60 155.98 64.44 -49.1
Chile S&P IPSA 3091.92 –39.82 –1.27 10.2 Tyra Biosciences TYRA 8.78 1.03 13.29 31.36 4.93 -50.1 Altus Power AMPS 10.86 -3.37 -23.68 14.72 4.26 9.4
co Fo

Mexico S&P/BMV IPC 45102.55 –339.66 –0.75 –15.3 Avenue Therapeutics ATXI 7.25 0.80 12.40 27.75 3.00 -67.6 PepGen PEPG 8.36 -2.57 -23.51 16.99 4.32 ...
EMEA STOXX Europe 600 382.89 –6.52 –1.68 –21.5 Immunovant IMVT 5.38 0.59 12.32 9.54 3.15 -38.1 Galecto GLTO 1.87 -0.53 -22.08 3.69 1.17 -47.9
Eurozone Euro STOXX 359.45 –6.83 –1.87 –24.9 MicroSectors Trav -3x Lv FLYD 17.60 1.83 11.58 28.00 10.77 ... SOBR Safe SOBR 1.93 -0.54 -21.86 15.00 0.80 -74.3
Belgium Bel-20 3324.99 –62.63 –1.85 –22.9 TScan Therapeutics TCRX 3.13 0.32 11.39 9.35 1.60 -62.5 Carvana Cl A CVNA 21.57 -5.30 -19.72 309.50 19.45 -92.8
Denmark OMX Copenhagen 20 1516.18 –26.62 –1.73 –18.7 SilverSun Technologies SSNT 2.76 0.28 11.29 9.60 2.25 -54.5 voxeljet ADR VJET 3.15 -0.74 -19.02 10.00 3.09 -65.5
5676.87 –1.53 –20.6 Aditxt ADTX 3.38 0.32 10.46 136.00 2.58 -96.0 Nano Labs ADR NA 1.73 -0.37 -17.62 13.95 1.65 ...
France CAC 40 –88.14
Germany DAX 11975.55 –207.73 –1.71 –24.6
Israel Tel Aviv 1837.23 –38.51 –2.05 –7.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 20352.98 –499.69 –2.40 –25.6 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
Netherlands AEX 633.55 –7.54 –1.18 –20.6
–32.8 ProShares UltraPro QQQ TQQQ 267,277 62.0 20.39 -8.44 91.68 19.62 Innov Intl Dev Pwr Oct IOCT 716 13716 21.55 -1.13 25.74 21.22
Russia RTS Index 1072.26 –2.31 –0.21
ProSh UltraPro Shrt QQQ SQQQ 159,699 28.1 58.15 8.33 67.69 28.15 Xtrkr Russell US Multi DEUS 776 8276 38.26 -1.54 48.52 37.93
South Africa FTSE/JSE All-Share 63263.94 –544.38 –0.85 –14.2
n-

Spain IBEX 35 7300.10 –142.10 –1.91 –16.2 Apple AAPL 127,529 65.1 142.48 -4.91 182.94 129.04 Executive Ntwk Cl A ENPC 3,042 6006 9.97 0.40 10.24 9.75
690.07 –2.40 –33.5 Direxion Dly SCOND 3 BL SOXL 126,090 70.4 9.29 -8.65 74.21 8.80 Alpine Summit Energy Ptrs ALPS 291 2301 5.42 -2.17 7.25 2.91
Sweden OMX Stockholm –16.99
–21.3
SPDR S&P 500 SPY 111,870 49.1 362.79 -2.09 479.98 359.70 Innov EM Pwr Buffer Jul EJUL 534 2224 21.45 -1.40 26.34 21.35
Switzerland Swiss Market 10126.99 –93.77 –0.92
Turkey BIST 100 3146.89 –51.27 –1.60 69.4 Advanced Micro Devices AMD 100,869 25.3 64.14 -6.17 164.46 62.83 PropTech Inv II Cl A PTIC 407 2198 9.95 0.10 9.95 9.72
no

U.K. FTSE 100 6881.59 –123.80 –1.77 –6.8 Ford Motor F 83,831 26.3 11.47 -5.83 25.87 10.61 DTRT Hlth Acqn Cl A DTRT 798 1943 10.17 0.10 12.03 9.73
U.K. FTSE 250 16790.40 –530.57 –3.06 –28.5 Invesco QQQ Trust I QQQ 80,059 42.3 271.87 -2.88 408.71 268.84 Power Digital II Cl A XPDB 860 1691 9.92 0.00 10.47 9.70
Tesla TSLA 77,123 3.1 268.21 -6.81 414.50 206.86 Invsc DWA Dev Mkts Mom PIZ 292 1531 24.46 -1.61 41.43 24.18
Asia-Pacific MSCI AC Asia Pacific 139.92 0.23 0.16 –27.5
Senti Biosciences SNTI 74,131 3586.5 2.11 50.71 10.35 1.20 Barings Part Investors MPV 111 1413 11.16 -5.66 15.28 11.12
Australia S&P/ASX 200 6555.00 92.97 1.44 –12.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3041.20 –3.86 –0.13 –16.4 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17165.87 –85.01 –0.49 –26.6
56409.96 –0.33 –3.2
Scan this code
India S&P BSE Sensex –188.31
Japan NIKKEI 225 26422.05 248.07 0.95 –8.2 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3115.08 –1.23 –0.04 –0.3 and track most-active stocks,
South Korea KOSPI 2170.93 1.64 0.08 –27.1 new highs/lows, mutual funds Currencies
Taiwan TAIEX 13534.26 68.19 0.51 –25.7 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1592.37 –6.86 –0.43 –3.9
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004196 23835 4.3
CREDIT MARKETS Argentina peso .0068147.0650 43.2 Europe
Brazil real .1852 5.4009 –3.1 Czech Rep. koruna .04001 24.996 14.3
Canada dollar .7308 1.3684 8.3 Denmark krone .1320 7.5767 15.8
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001038 963.75 13.1 Euro area euro 0.9815 1.0189 15.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000221 4528.70 11.4 Hungary forint .002330 429.12 32.2
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .006996 142.94 10.1
A consumer rate against its Money Market/Savings Accts Mexico peso .0496 20.1661 –1.6 Norway krone .0935 10.6993 21.5
benchmark over the past year
t
3.75% Uruguay peso .02402 41.6400 –6.9 Poland zloty .2022 4.9464 22.8
Bankrate.com avg†: 0.20% 28% Russia ruble .01739 57.500 –23.1
Tradeweb ICE Asia-Pacific
Colorado Federal Savings Bank 2.15% Thursday Close 3.00 WSJ Dollar Index Sweden krona .0896 11.1574 23.3
Australian dollar .6502 1.5380 11.7
3.00% Greenwood Village, CO 877-484-2372 14
s Switzerland franc 1.0253 .9753 6.9
China yuan .1404 7.1250 12.1
Federal-funds 2.25 Turkey lira .0541 18.4989 38.9
t

TAB Bank 2.66% Hong Kong dollar .1274 7.8500 0.7

target rate 2.00 0 Ukraine hryvnia .0271 36.8500 34.7
1.50 India rupee .01227 81.479 9.3
Ogden, UT 800-355-3063 Euro UK pound 1.1123 .8990 21.6
s Indonesia rupiah .0000655 15263 7.1
Money market CFG Community Bank 2.75% One year ago Middle East/Africa
t

1.00 0.75 –14 Japan yen .006924 144.42 25.5

account yields Baltimore, MD 888-205-8388 s Kazakhstan tenge .002096 477.21 9.7 Bahrain dinar 2.6494 .3775 0.1
t Yen
0.00 UFB Direct 2.85% 0.00 –28 Macau pataca .1236 8.0890 0.7 Egypt pound .0512 19.5341 24.3
Malaysia ringgit .2157 4.6355 11.3 Israel shekel .2807 3.5623 14.6
San Diego, CA 877-472-9200 1 3 6 1 2 3 5 7 10 20 30 2021 2022
–1.00 New Zealand dollar .5726 1.7464 19.4 Kuwait dinar 3.2274 .3098 2.4
DollarSavingsDirect 3.00% month(s) years
ON D J FMAM J J A S Pakistan rupee .00436 229.500 30.2 Oman sul rial 2.5972 .3850 0.01
New York, NY 866-395-8693 maturity Philippines peso .0171 58.494 14.7 Qatar rial .2746 3.641 –0.03
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .6979 1.4329 6.3 Saudi Arabia riyal .2661 3.7584 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0006991 1430.42 20.3 South Africa rand .0555 18.0033 12.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027473 364.00 79.4
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 3.00-3.25 3.00-3.25 0.00 l 3.25 1.25 Taiwan dollar .03155 31.698 14.4
Yield (%) 52-Week Total Return (%) Thailand baht .02641 37.870 14.0 WSJ Dollar Index 103.62 –0.469–0.451 15.71
Prime rate* 6.25 6.25 3.25 l 6.25 1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 3.74 3.64 0.12 l 3.74 1.64 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2079.510 4.080 4.010 4.270 0.980 –12.628 –3.001
Money market, annual yield 0.20 0.17 0.07 l 0.20 -0.55
Five-year CD, annual yield 1.93 1.92 0.41 l 1.93 0.36 U.S. Treasury Long, Bloomberg 3208.130 3.930 3.840 4.090 1.720 –25.890 –8.173 Commodities
30-year mortgage, fixed† 6.90 6.53 3.09 l 6.98 3.01 Aggregate, Bloomberg 1917.220 4.670 4.560 4.860 1.530 –14.321 –3.142 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.05 5.75 2.42 l 6.09 2.68 Fixed-Rate MBS, Bloomberg 1903.360 4.640 4.610 5.030 1.780 –13.394 –3.464
Jumbo mortgages, $647,200-plus† 6.92 6.53 3.09 l 7.02 2.61 DJ Commodity 1014.23 0.03 0.00 1264.48 893.10 10.27 7.19
High Yield 100, ICE BofA 2971.691 8.681 8.092 8.681 3.580 –13.997 –1.505 Refinitiv/CC CRB Index 271.16 -0.66 -0.24 329.59 218.39 18.45 16.69
Five-year adj mortgage (ARM)† 5.19 4.95 2.82 l 5.19 0.77
Muni Master, ICE BofA 535.369 3.786 3.492 3.787 0.895 –10.482 –1.592 Crude oil, $ per barrel 81.23 -0.92 -1.12 123.70 65.57 8.26 8.00
New-car loan, 48-month 5.67 5.16 3.41 l 5.67 1.03
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 714.121 8.674 8.048 8.674 4.744 –22.330 –6.151 Natural gas, $/MMBtu 6.874 -0.081 -1.16 9.680 3.561 17.16 84.29
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1658.50 -1.80 -0.11 2040.10 1623.30 -5.51 -9.25
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Friday, September 30, 2022 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures March'23 387.25 392.25 385.00 385.75 4.00 521 Jan'23 181.40 183.10 179.00 181.75 1.10 1,939 British Pound (CME)-£62,500; $ per £
Soybeans (CBT)-5,000 bu.; cents per bu. Oct 1.0855 1.1122 1.0767 1.1060 .0155 428
Contract Open 1.0892 1.1131 1.0765 1.1064 .0158 272,646
Open High hi lo Low Settle Chg interest
Nov 1408.75 1423.75 1403.25 1410.75 2.00 315,173 Interest Rate Futures Dec
Jan'23 1416.00 1432.25 1413.75 1420.50 4.25 156,736 Swiss Franc (CME)-CHF 125,000; $ per CHF
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Meal (CBT)-100 tons; $ per ton. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 1.0327 1.0330 1.0221 1.0300 –.0030 43,225
Oct 3.4075 3.4495 3.3530 3.4400 0.0565 2,381 Dec 138-120 139-020 136-100 138-200 –9.0 1,405,043 March'23 1.0391 1.0422 1.0323 1.0391 –.0031 382
Oct 422.50 424.60 408.00 409.10 –12.70 7,190
Dec 3.3810 3.4335 3.3055 3.4180 0.0595 117,463 Dec 413.10 416.70 406.80 407.20 –5.50 189,942
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Australian Dollar (CME)-AUD 100,000; $ per AUD
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 127-040 127-180 125-220 127-020 –20.0 1,205,431 Oct .6515 .6524 .6437 .6476 –.0053 394
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Oct 1657.00 1662.60 1640.00 1658.50 –1.80 22,596 March'23 126-200 127-090 125-200 126-280 –20.0 54 Dec .6526 .6531 .6443 .6483 –.0052 148,368
Oct 65.65 67.79 65.21 67.48 1.96 4,336
Nov 1662.20 1667.50 1644.50 1663.60 –1.50 1,448 Dec 62.15 64.09 61.63 63.86 1.71 158,070
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
1669.00 1673.10 1649.30 1668.60 –1.40 385,802 Dec 112-200 112-210 111-205 112-145 –13.0 3,820,574 Oct .04928 .04950 .04924 .04938 –.00010 29
Dec Rough Rice (CBT)-2,000 cwt.; $ per cwt. March'23 112-220 112-285 111-290 112-240 –10.0 267
Feb'23 1682.00 1685.80 1662.60 1681.60 –1.40 32,456 Nov 17.40 17.47 17.32 17.35 –.01 7,730 Dec .04893 .04902 .04860 .04882 –.00009 164,387
April 1693.60 1699.30 1675.90 1695.00 –1.30 6,791 Jan'23 17.70 17.76 17.64 17.66 … 793
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Sept 107-285 107-317 107-227 107-302 –9.2 128 Oct .9743 .9825 .9647 .9802 .0044 6,680
June 1701.10 1711.20 1690.80 1708.20 –1.40 5,081 Wheat (CBT)-5,000 bu.; cents per bu. 107-282 107-290 107-082 107-247 –9.2 3,991,582
Dec Dec .9792 .9871 .9690 .9847 .0044 628,799
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 902.50 914.50 887.75 896.25 –7.00 150,424
Oct 2202.10 42.00 1 March'23 915.00 926.25 901.00 908.00 –7.00 57,103
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec 2151.00 2260.00 2117.00 2211.10 42.00 5,857 Wheat (KC)-5,000 bu.; cents per bu. Sept 103-005 103-030 102-309 103-021 –.8 39 Index Futures
Dec 102-266 102-266 102-199 102-246 –4.3 1,951,465
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 974.50 986.00 959.50 966.75 –9.25 86,745
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini DJ Industrial Average (CBT)-$5 x index
Oct 870.50 877.50 846.20 871.30 1.20 2,834 March'23 969.50 982.00 956.75 964.25 –7.75 34,390 Dec 29754 29783 29047 29285 –465 65,455
Sept 97.4450 97.4450 97.4425 97.4425 .0000 185,863
Jan'23 863.00 868.40 840.60 860.20 –0.60 55,530 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Oct 96.9200 96.9200 96.9150 96.9150 .0000 432,811 March'23 29938 29950 29233 29457 –469 349
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 175.375 176.075 175.325 175.975 .600 1,103 Mini S&P 500 (CME)-$50 x index
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Oct 18.765 18.765 18.525 18.611 –0.181 313 Nov 175.250 178.175 174.225 177.825 2.550 20,064 Dec 3730.25 3736.00 3622.00 3654.25 –77.75 2,212,785
Dec 91-000 91-180 90-245 91-105 –7.5 14,392
Dec 18.910 18.915 18.465 18.712 –0.168 114,184 Cattle-Live (CME)-40,000 lbs.; cents per lb. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. March'23 3758.75 3763.50 3649.00 3680.75 –78.75 25,425
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Oct 143.350 144.350 142.725 144.125 1.075 32,635
Sept 96.6025 96.6075 96.5800 96.6050 .0050 622,856
Mini S&P Midcap 400 (CME)-$100 x index
Nov 81.90 82.94 80.34 81.23 –0.92 244,046 Dec 146.425 147.950 145.575 147.775 1.500 117,718 Dec 2271.90 2273.70 2200.00 2225.20 –46.30 50,770
March'23 95.6050 95.6200 95.4700 95.6050 –.0400 1,048,886
Dec 81.00 81.99 79.45 80.42 –0.82 238,153 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Eurodollar (CME)-$1,000,000; pts of 100% March'23 2227.50 –47.30 1
Jan'23 79.96 80.89 78.47 79.42 –0.78 90,116 Oct 89.975 90.925 89.400 89.450 .075 21,193
Oct 95.9975 96.0125 95.9875 96.0050 –.0150 138,181
Mini Nasdaq 100 (CME)-$20 x index
Feb 78.87 79.66 77.40 78.30 –0.79 77,795 Dec 76.975 77.925 75.550 75.725 –.100 92,257 Dec 11544.00 11567.25 t 11091.50 11228.25 –327.50 272,974
Dec 95.3150 95.3300 t 95.2250 95.3150 –.0150 1,563,683
June 74.90 75.65 73.74 74.53 –0.85 116,049 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'23 11663.50 11673.00 t 11197.75 11333.50 –331.50 1,361
March'23 95.3050 95.3150 95.1750 95.3000 –.0500 1,011,252
Mini Russell 2000 (CME)-$50 x index
Dec 71.50 72.04 70.44 71.08 –0.92 151,111 Nov 431.90 432.40 t 402.80 410.90 –21.90 2,274
Dec 95.5400 95.5600 95.4350 95.5450 –.0550 936,171
Jan'23 450.00 450.20 t 425.90 433.70 –16.60 355 Dec 1721.20 1724.90 1658.20 1682.10 –38.70 545,554
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'23 1736.10 1736.10 1669.30 1694.50 –39.00 83
3.4514 3.4954 3.3831 3.4146 –.0348 7,907 Milk (CME)-200,000 lbs., cents per lb.
Oct
Sept 19.84 19.87 19.84 19.87 –.02 4,327
Currency Futures Mini Russell 1000 (CME)-$50 x index
Nov 3.3332 3.3785 3.2744 3.2952 –.0420 77,957 Dec 2023.90 2047.90 t 1991.20 2008.20 –43.40 6,801
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Oct 21.89 22.20 21.78 21.94 .09 5,319 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Cocoa (ICE-US)-10 metric tons; $ per ton. Oct .6937 .6952 .6916 .6935 –.0024 1,772 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 2.5746 2.5769 2.4979 2.5076 –.0703 9,234 Dec 112.96 113.72 111.95 112.20 –.31 51,181
Dec 2,300 2,333 2,299 2,327 45 145,624 Dec .6997 .6999 .6963 .6982 –.0024 237,728
Nov 2.4577 2.4722 2.3950 2.4027 –.0590 90,573 March'23 112.78 113.41 111.68 111.88 –.37 523
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'23 2,285 2,320 2,285 2,314 43 76,055 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Nov 7.029 7.139 6.599 6.874 –.081 161,754
Coffee (ICE-US)-37,500 lbs.; cents per lb. Oct .7298 .7348 .7270 .7292 –.0054 210
Dec 228.20 229.75 224.20 225.70 –3.00 90,006 Dec .7351 .7351 .7271 .7293 –.0054 137,062 Source: FactSet
Dec 7.271 7.370 6.865 7.142 –.058 66,777
March'23 218.85 220.75 215.50 216.85 –2.75 46,948
Jan'23 7.437 7.530 7.053 7.320 –.050 89,671
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 6.169 6.209 5.909 6.066 –.066 71,864
Oct 18.27 18.48 18.22 18.44 .15 28,779
April
May
4.910
4.793
4.931
4.806
4.784
4.672
4.842 –.060
4.729 –.053
77,057
82,868
March'23 17.69 17.80 17.63 17.77 .06 346,007 Bonds | wsj.com/market-data/bonds/benchmarks
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Agriculture Futures
Nov
March'23
34.49
34.94
…
…
1,250
2,596
Tracking Bond Benchmarks
Corn (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec 670.50 676.75 666.00 669.50 –1.00 705,977 Oct 87.11 –3.33 14 highs and lows for different types of bonds
March'23 676.25 683.00 673.25 676.00 –.50 246,554 Dec 88.50 88.93 85.00 85.16 –3.33 107,518
Total Total
Oats (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
return YTD total Yield (%) return YTD total Yield (%)
Dec 382.50 391.75 380.75 382.75 4.75 3,284 Nov 188.55 195.30 s 186.85 190.45 2.15 7,724
close return (%) Index Latest Low High close return (%) Index Latest Low High

Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices

Cash Prices | wsj.com/market-data/commodities Thursday, September 29, 2022 1917.22 -14.3 U.S. Aggregate 4.670 1.530 4.860 1903.36 -13.2 Mortgage-Backed 4.640 1.780 5.030

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— U.S. Corporate Indexes Bloomberg Fixed Income Indices 1874.36 -12.1 Ginnie Mae (GNMA) 4.700 1.810 5.110
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 2764.60 -18.7 U.S. Corporate 5.680 2.090 5.770 1118.47 -13.3 Fannie mae (FNMA) 4.640 1.770 5.020
months. 1715.04 -13.7 Freddie Mac (FHLMC) 4.620 1.780 5.000
2706.02 -11.8 Intermediate 5.560 1.450 5.660
Thursday Thursday Thursday

.
Iron Ore, 62% Fe CFR China-s 95.9 Wheat,Spring14%-pro Mnpls-u 11.0600 3595.80 -29.4 Long term 5.910 2.940 5.960 535.37 -11.1 Muni Master 3.786 0.895 3.787
Energy 7.6625

ly
Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 381.13 -10.4 7-12 year 3.631 0.918 3.633
537.57 -19.5 Double-A-rated 4.920 1.820 5.040
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 198.850 Steel, HRC USA, FOB Midwest Mill-s 780 Wheat - Hard - KC (USDA) $ per bu-u 10.4275
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 16.150 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 9.4000 724.59 -19.2 Triple-B-rated 6.000 2.300 6.090 421.83 -14.2 12-22 year 4.269 1.180 4.269
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 69700 Food High Yield Bonds ICE BofA 391.89 -19.3 22-plus year 4.878 1.673 4.878
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 68850
Gold, per troy oz
Engelhard industrial
Handy & Harman base
Handy & Harman fabricated
1658.00
1654.80
1836.83
BMI Cobalt sulphate, EXW China, >20.5% -v,m
BMI Nickel Sulphate, EXW China, >22%-v,m
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m
Fibers and Textiles
on 8193
5293
765
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
select 1-3,600-900 lbs.-u
Broilers, National comp wtd. avg.-u,w
Butter,AA Chicago-d
223.48
198.20
1.2519
3.1450
444.63
415.48
2971.69
-14.8
-17.5
-14.5
High Yield Constrained 9.590 4.086 9.590
Triple-C-rated
High Yield 100
16.697 7.222 16.697
8.681 3.580 8.681
Global Government J.P. Morgan†
523.80
764.32
-12.6
-8.9
Global Government 2.960 0.840 3.080
Canada 3.250 1.430 3.500
LBMA Gold Price AM *1618.20 -16.6
Cheddar cheese,bbl,Chicago-d 224.50 385.70 -16.2 Global High Yield Constrained 9.866 4.367 9.866 338.37 EMU§ 2.973 0.271 2.973
us ,

LBMA Gold Price PM *1652.15 Burlap,10-oz,40-inch NY yd-n,w 0.7700

1735.85 Cheddar cheese,blk,Chicago-d 196.75 632.82 -16.7 France 2.730 0.150 2.730
Krugerrand,wholesale-e Cotton,1 1/16 std lw-mdMphs-u 0.8816 294.91 -15.5 Europe High Yield Constrained 8.240 2.554 8.240
l

Maple Leaf-e 1777.38 Milk,Nonfat dry,Chicago lb.-d 155.00

Cotlook 'A' Index-t *106.70 -15.3
e
Coffee,Brazilian,Comp-y 2.1823 U.S Agency Bloomberg Fixed Income Indices 454.69 Germany 2.100 -0.370 2.100
al a

American Eagle-e 1777.38 Hides,hvy native steers piece fob-u n.a.

2142.98
Coffee,Colombian, NY-y 2.9173
Mexican peso-e Wool,64s,staple,Terr del-u,w n.a. 1679.12 -8.4 U.S Agency 4.360 0.810 4.500 283.25 -3.8 Japan 0.770 0.310 0.800
Austria crown-e 1631.21
Eggs,large white,Chicago-u 3.6050
Grains and Feeds Flour,hard winter KC-p 23.90 1484.64 -7.1 10-20 years 4.340 0.690 4.480 490.51 -17.7 Netherlands 2.420 -0.200 2.420
ci on

Austria phil-e 1744.16

Hams,17-20 lbs,Mid-US fob-u n.a.
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 92.52 3231.14 -22.7 20-plus years 4.620 2.010 4.770 762.19 -26.5 U.K. 3.990 0.720 4.690
Engelhard industrial 18.9000 Bran,wheat middlings, KC-u 228 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 18.7760 2455.43 -14.7 Yankee 5.340 1.700 5.440 714.12 -22.3 Emerging Markets ** 8.674 4.744 8.674
Corn,No. 2 yellow,Cent IL-bp,u 6.4800 Pork loins,13-19 lb MidUS-u 1.2017
Handy & Harman fabricated 23.4700 Corn gluten feed,Midwest-u,w 227.3 Steers,Tex.-Okla. Choice-u 143.00 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
LBMA spot price *£17.1300 Corn gluten meal,Midwest-u,w 669.5 Steers,feeder,Okla. City-u,w 176.50 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
(U.S.$ equivalent) *18.2550 Cottonseed meal-u,w n.a.
er s

Coins,wholesale $1,000 face-a 18820 Hominy feed,Cent IL-u,w 195 Fats and Oils
Other metals Meat-bonemeal,50% pro Mnpls-u,w 375 Degummed corn oil, crude wtd. avg.-u,w 64.0000
Global Government Bonds: Mapping Yields
LBMA Platinum Price PM *849.0 Oats,No.2 milling,Mnpls-u 4.2775 Grease,choice white,Chicago-h 0.7350
m er

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Platinum,Engelhard industrial 868.0 Rice, Long Grain Milled, No. 2 AR-u,w 34.25 Lard,Chicago-u n.a.
Palladium,Engelhard industrial 2225.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7000 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Aluminum, LME, $ per metric ton *2080.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 497.90 Tallow,bleach;Chicago-h 0.7400 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Copper,Comex spot 3.4400 Soybeans,No.1 yllw IL-bp,u 13.7700 Tallow,edible,Chicago-u 0.9200 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
4.250 U.S. 2 4.168 s 4.092 3.427 0.297
m rp

l
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 2.750 10 3.747 s l 3.707 3.109 1.540
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 9/28 2.750 Australia 2 3.370 t l 3.458 3.051 0.030 -80.2 -68.2 -26.7
Source: Dow Jones Market Data
1.250 10 3.939 t l 4.103 3.679 1.497 18.7 36.7 -2.4
0.000 France 2 1.813 t l 1.835 0.933 -0.679 -235.9 -230.4 -97.6
Exchange-Traded Portfolios | WSJ.com/ETFresearch 2.000 10 2.817 s l 2.759 2.128 0.136 -97.8 -138.5
co Fo

-93.6
Closing Chg YTD 0.400 Germany 2 1.784 t l 1.855 1.093 -0.686 -238.8 -228.4 -98.3
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 1.700 10 2.178 s l 2.122 1.506 -0.207 -161.5 -172.8
-157.4
SPDR S&P Div SDY 112.96 –1.87 –12.5
Thursday, September 29, 2022 Closing Chg YTD 0.000 Italy 2 3.029 t l 3.065 2.060 -0.444 -114.3 -107.4 -74.1
ETF Symbol Price (%) (%) TechSelectSector XLK 121.10 –2.61 –30.4
Closing Chg YTD 2.500 10 4.669 s 4.583 3.795 0.828 84.7 -69.3
ETF Symbol Price (%) (%) UtilitiesSelSector XLU 66.80 –4.01 –6.7 l 91.6
iShNatlMuniBd MUB 102.58 –0.13 –11.8
VangdInfoTech VGT 313.05 –2.57 –31.7
CnsmrDiscSelSector XLY 145.31 –3.45 –28.9 iSh1-5YIGCorpBd IGSB 49.37 –0.32 –8.4 0.005 Japan 2 -0.041 t l -0.034 -0.088 -0.122 -421.3 -417.3 -41.9
VangdSC Val VBR 144.38 –2.11 –19.3
CnsStapleSelSector XLP 67.91 –1.65 –11.9 iShPfd&Incm PFF 31.70 –0.75 –19.6
VangdExtMkt VXF 127.95 –2.37 –30.0 0.200 10 0.259 s l 0.252 0.243 0.069 -349.3 -348.5 -145.2
DimenUSCoreEq2 DFAC 22.51 –1.92 –22.3 iShRussell1000Gwth IWF 214.03 –2.34 –30.0
VangdSC Grwth VBK 196.36 –2.24 –30.3
EnSelSectorSPDR XLE 72.60 ... 30.8 iShRussell1000Val IWD 137.44 –1.72 –18.2
VangdDivApp VIG 137.10 –1.52 –20.2
0.000 Spain 2 2.182 t l 2.209 1.306 -0.586 -199.0 -193.0 -88.3
FinSelSectorSPDR XLF 30.64 –1.26 –21.5 iShRussell2000 IWM 166.13 –2.24 –25.3
iShRussellMid-Cap IWR 62.61 –1.99 –24.6
VangdFTSEDevMk VEA 36.54 –1.24 –28.4 2.550 10 3.392 s l 3.347 2.683 0.434 -36.1 -39.0 -108.7
HealthCareSelSect XLV 122.80 –0.84 –12.8
VangdFTSE EM VWO 36.54 –1.96 –26.1
IndSelSectorSPDR XLI 83.94 –1.73 –20.7 iShRussellMCValue IWS 96.69 –2.17 –21.0
VangdFTSE Europe VGK 46.09 –1.45 –32.5
0.125 U.K. 2 4.349 s l 4.238 2.809 0.411 17.7 9.9 11.4
InvscQQQI QQQ 271.87 –2.88 –31.7 iShRussell1000 IWB 200.10 –2.00 –24.3
InvscS&P500EW RSP 128.68 –1.89 –20.9 iShS&P500Growth IVW 58.83 –2.57 –29.7
VangdFTSEAWxUS VEU 44.55 –1.53 –27.3 4.250 10 4.142 s l 4.014 2.607 0.898 38.9 27.7 -62.4
VangdGrowth VUG 217.59 –2.55 –32.2
iSh0-5YTIPSBd STIP 96.45 –0.69 –8.9 iShS&P500Value IVE 130.24 –1.53 –16.8
n-

VangdHlthCr VHT 226.34 –0.97 –15.0 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShCoreDivGrowth DGRO 45.09 –1.59 –18.9 iShShortTreaBd SHV 110.04 0.03 –0.3
iShTIPSBondETF TIP 105.62 –1.40 –18.3 VangdHiDiv VYM 96.27 –1.54 –14.1
iShCoreMSCIEAFE IEFA 52.84 –1.33 –29.2
iShCoreMSCIEM IEMG 43.17 –2.13 –27.9 iSh1-3YTreasuryBd
iSh7-10YTreaBd
SHY
IEF
81.28
96.24
–0.14
–0.47
–5.0
–16.3
VangdIntermBd
VangdIntrCorpBd
BIV
VCIT
73.63
75.71
–0.58
–0.63
–16.0
–18.4
Corporate Debt
iShCoreMSCITotInt IXUS 51.10 –1.69 –28.0
iShCoreS&P500 IVV 364.37 –2.06 –23.6 iSh20+YTreasuryBd TLT 103.79 –0.52 –30.0 VangdLC VV 166.01 –2.02 –24.9 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
VangdMC VO 189.56 –2.03 –25.6 expectations
no

iShCoreS&P MC IJH 220.97 –1.96 –21.9 iShUSTreasuryBd GOVT 22.85 –0.22 –14.4
iShCoreS&P SC IJR 87.70 –1.99 –23.4 JPM UltShtIncm JPST 50.14 –0.08 –0.7 VangdMC Val VOE 122.61 –2.25 –18.4
iShCoreS&PTotUS ITOT 80.61 –2.04 –24.6 SPDRBlm1-3MTB BIL 91.60 0.02 0.2 VangdMBS VMBS 45.24 –0.66 –14.4 Investment-grade spreads that tightened the most…
iShCoreTotalUSDBd IUSB 44.58 –0.49 –15.8 SPDR Gold GLD 154.66 –0.02 –9.5 VangdRealEst VNQ 79.28 –2.94 –31.7 Spread*, in basis points
SPDRS&P500Value 34.93 –1.58 –16.8 VangdS&P500ETF VOO 333.38 –2.09 –23.6 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShCoreUSAggBd AGG 96.57 –0.53 –15.3 SPYV
108.48 –11.5 SPDRPtfS&P500 42.66 –2.04 –23.6 VangdST Bond BSV 74.94 –0.20 –7.3
iShSelectDividend DVY –2.35 SPLG
Sumitomo Mitsui Financial SUMIBK 1.474 5.09 July 8, ’25 87 –23 104
iShESGAwareUSA ESGU 80.53 –2.19 –25.4 SPDRS&P500Growth SPYG 50.98 –2.56 –29.7 VangdSTCpBd VCSH 74.41 –0.36 –8.4
iShEdgeMSCIMinUSA USMV 66.87 –1.65 –17.3 SchwabIntEquity SCHF 28.28 –1.26 –27.2 VangdShtTmInfltn VTIP 48.26 –0.66 –6.1 John Deere Capital … 4.150 4.58 Sept. 15, ’27 60 –19 70
42.57 –2.05 –24.7 VangdShortTrea VGSH 57.85 –0.07 –4.9 –17
iShEdgeMSCIUSAQual QUAL 105.72 –2.06 –27.4 SchwabUS BrdMkt SCHB ORIX ORIX 5.000 5.38 Sept. 13, ’27 136 148
iShGoldTr IAU 31.52 ... –9.5 SchwabUS Div SCHD 67.23 –1.52 –16.8 VangdSC VB 172.02 –2.17 –23.9
iShiBoxx$InvGrCpBd LQD 102.71 –0.74 –22.5 SchwabUS LC SCHX 42.96 –2.07 –24.5 VangdTaxExemptBd VTEB 48.11 –0.21 –12.4 Coca–Cola KO 2.875 5.06 May 5, ’41 98 –10 n.a.
79.58 –27.0 56.72 –2.49 –30.7 VangdTotalBd BND 71.50 –0.51 –15.6
iShJPMUSDEmgBd EMB –1.27 SchwabUS LC Grw SCHG
State Street STT 3.550 4.75 Aug. 18, ’25 52 –9 50
iShMBSETF MBB 92.08 –0.70 –14.3 SchwabUS SC SCHA 38.06 –2.13 –25.7 VangdTotIntlBd BNDX 47.58 –0.56 –13.7
iShMSCI ACWI ACWI 78.70 –1.88 –25.6 Schwab US TIPs SCHP 52.16 –1.36 –17.1 VangdTotIntlStk VXUS 45.91 –1.54 –27.8 Mercedes–Benz Finance North America MBGGR 1.450 5.30 March 2, ’26 131 –8 113
iShMSCI EAFE EFA 56.21 –1.18 –28.6 SPDR DJIA Tr DIA 292.21 –1.52 –19.6 VangdTotalStk VTI 181.94 –2.08 –24.6 Valero Energy VLO 7.500 6.28 April 15, ’32 245 –7 n.a.
iShMSCIEmgMarkets EEM 35.01 –2.23 –28.3 SPDR S&PMdCpTr MDY 404.48 –2.04 –21.9 VangdTotWrldStk VT 79.72 –1.88 –25.8
iShMSCIEAFEValue EFV 38.84 –0.97 –22.9 SPDR S&P 500 SPY 362.79 –2.09 –23.6 VangdValue VTV 124.99 –1.56 –15.0 Swedbank SWEDA 5.337 5.95 Sept. 20, ’27 196 –6 184

…And spreads that widened the most

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Bank of America BAC 4.450 5.62 March 3, ’26 163 31 n.a.
Credit Suisse CS 3.750 6.77 March 26, ’25 255 31 208
28 157
Money Rates September 29, 2022 Verizon Communications VZ 6.550 6.06 Sept. 15, ’43 200
27
Volkswagen Group of America Finance VW 3.950 5.62 June 6, ’25 140 110
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Cooperatieve Rabobank RABOBK 5.250 6.50 Aug. 4, ’45 245 24 n.a.
guide to general levels but don’t always represent actual transactions. 23
John Deere Capital … 3.400 4.74 Sept. 11, ’25 55 35
Week —52-WEEK— Week —52-WEEK— JPMorgan Chase JPM 4.850 6.02 Feb. 1, ’44 202 23 145
Inflation Latest ago High Low Latest ago High Low
Aug. index Chg From (%) Medtronic MDT 4.375 5.42 March 15, ’35 166 22 n.a.
level July '22 Aug. '21 Low 3.0600 3.0500 3.0600 0.0200 Secured Overnight Financing Rate
Bid 3.0800 3.0700 3.0800 0.0600 2.98 2.25 2.99 0.03
High-yield issues with the biggest price increases…
U.S. consumer price index Offer 3.1200 3.0800 3.1200 0.0800 Bond Price as % of face value
All items 296.171 –0.04 8.3 Value 52-Week Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Treasury bill auction Latest Traded High Low
Core 297.178 0.52 6.3 Navient NAVI 5.875 8.61 Oct. 25, ’24 94.924 0.67 95.344
4 weeks 2.660 2.660 2.670 0.020 DTCC GCF Repo Index
International rates OneMain Finance OMF 6.875 9.80 March 15, ’25 93.750 0.57 94.875
13 weeks 3.270 3.270 3.270 0.035 Treasury 2.979 35.580 3.009 0.015
26 weeks 3.850 3.780 3.850 0.050 MBS 3.087 35.850 3.089 0.018 Prime Security Services Borrower PRSESE 5.750 7.80 April 15, ’26 93.765 0.27 94.970
Week 52-Week
Latest ago High Low Occidental Petroleum OXY 7.500 6.72 May 1, ’31 104.995 0.25 107.810
Secondary market Weekly survey
Intelsat Jackson Holdings INTEL 6.500 9.34 March 15, ’30 85.000 0.13 89.250
Prime rates Fannie Mae Latest Week ago Year ago
U.S. 6.25 6.25 6.25 3.25 Ford Motor Credit … 3.370 6.82 Nov. 17, ’23 96.330 0.10 97.105
30-year mortgage yields
Canada 5.45 5.45 5.45 2.45 Freddie Mac MGM Resorts International MGM 6.000 6.08 March 15, ’23 99.958 0.08 100.125
Japan 1.475 1.475 1.475 1.475 30 days 6.195 5.859 6.314 2.452
30-year fixed 6.70 6.29 3.01 Nokia Oyj NOKIA 4.375 6.99 June 12, ’27 89.690 0.06 n.a.
60 days 6.267 5.913 6.407 2.477 15-year fixed 5.96 5.44 2.28
Policy Rates
Euro zone 1.25 1.25 1.25 0.00 Other short-term rates Five-year ARM 5.30 4.97 2.48 …And with the biggest price decreases
Switzerland 1.00 0.25 1.00 0.00 Notes on data: –1.41
Week 52-Week Sprint Capital … 8.750 6.60 March 15, ’32 114.970 118.244
Britain 2.25 2.25 2.25 0.10 U.S. prime rate is the base rate on corporate
Latest ago high low loans posted by at least 70% of the 10 largest American Airlines AAL 3.750 13.27 March 1, ’25 80.875 –1.39 84.000
Australia 2.35 2.35 2.35 0.10
U.S. banks, and is effective September 22, 2022. –1.16
Call money Other prime rates aren’t directly comparable; Ford Motor F 7.450 7.78 July 16, ’31 97.900 102.250
Overnight repurchase –1.00
5.00 5.00 5.00 2.00 lending practices vary widely by location; CSC Holdings CSCHLD 5.250 9.74 June 1, ’24 93.250 96.250
U.S. 3.00 2.99 3.01 0.01 Discount rate is effective September 22, 2022.
Secured Overnight Financing Rate is as of Occidental Petroleum OXY 6.450 6.50 Sept. 15, ’36 99.563 –0.92 103.560
U.S. government rates Commercial paper (AA financial) September 28, 2022. DTCC GCF Repo Index is
90 days 3.43 3.51 3.55 0.10 Depository Trust & Clearing Corp.'s weighted Bath & Body Works BBWI 6.875 9.06 Nov. 1, ’35 83.438 –0.91 86.689
Discount average for overnight trades in applicable Dish DBS … 5.125 15.23 June 1, ’29 58.595 –0.76 60.520
3.25 3.25 3.25 0.25 Libor CUSIPs. Value traded is in billions of U.S. dollars.
Federal-funds rates are Tullett Prebon rates as Ball BALL 5.250 6.35 July 1, ’25 97.250 –0.75 98.500
One month 3.12786 3.08400 3.12786 0.07525 of 5:30 p.m. ET.
Federal funds Three month 3.74286 3.64143 3.74286 0.12113 *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
Effective rate 3.0900 2.3400 3.0900 0.0700 Six month 4.20929 4.18271 4.24586 0.15513 Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
High 3.2500 3.2000 3.2500 0.0900 One year 4.78729 4.79957 4.90500 0.23200 Tullett Prebon Information, Ltd. Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Friday, September 30, 2022 | B9

BANKING & FINANCE

BlackRock Shifts Private-Equity Unit Dorsey,

Musk Texts
BY CHRIS CUMMING mittees. market buyout firm Fenway group makes direct, primary,

Russ Steenberg,
founded and has led Black-
who
The planned changes were
laid out in a Thursday memo
from BlackRock President Rob
Partners and helped lead pri-
vate-equity investments for
the pension fund of AT&T Inc.
secondary and co-investment
deals.
Last year, BlackRock’s pri-
Disclosed
Rock Inc.’s private-equity unit Kapito and BlackRock’s alter- Ms. Baranski and Mr. Seeg vate-equity group closed a $3
for more than two decades, is native investors head, Edwin also have more than two de- billion secondaries fund, one Continued from page B1
passing off management of Conway. cades with the firm, including of the largest debut funds of Mr. Musk’s and Mr. Dorsey’s
the group to two longtime ex- BlackRock, with $8.5 tril- time with Merrill Lynch In- ever raised to buy stakes in thinking about the future of
ecutives, according to a com- lion in assets, is the world’s vestment Managers. Ms. Ba- private-equity funds. Three the platform and Mr. Musk’s
pany memo reviewed by WSJ largest money manager and is ranski joined the Private Eq- executives in the secondaries possible takeover.
Pro Private Equity. also one of the largest inves- uity Partners group in 2001, group subsequently left the Twitter didn’t respond to a
Mr. Steenberg will hand the tors in alternative assets, and sits on its management, firm. request for comment. Repre-

BLACKROCK
reins of the asset manager’s which Chief Executive Lau- investment and valuation The unit is also raising a sentatives of Mr. Musk and
$35 billion Private Equity rence Fink several years ago committees. co-investment fund that is Mr. Dorsey didn’t respond to
Partners business to manag- targeted as an area for expan- Mr. Seeg, who manages the seeking as much as $2 billion, requests for comment.
ing directors Lynn Baranski, sion. BlackRock held $320 bil- Russ Steenberg private-equity group’s fund- according to PitchBook Data Mr. Dorsey’s efforts to
currently the unit’s global in- lion in alternatives as of June raising, investor relations, Inc., which tracks private- smooth a relationship be-
vestment head, and John 30, including private credit, head, founded the private-eq- product development and markets data. tween Mr. Musk and Mr.
Seeg, its global head of client real estate, infrastructure and uity unit in 1999 as part of strategic growth initiatives, “Russ did more than found Agrawal appear to have been
solutions and strategy, effec- hedge-fund assets along with Merrill Lynch Investment has previously overseen the a business. He helped move short-lived, according to the
tive Jan. 1. Mr. Steenberg will its private-equity investments. Managers, which in 2006 group’s London office and Eu- BlackRock in a new direction,” texts made public Thursday.
remain as the unit’s chairman Mr. Steenberg, a managing merged with BlackRock. Be- ropean business development. Messrs. Conway and Kapito Mr. Dorsey, identified in the
and sit on its investment com- director and PEP’s global fore that, he co-founded mid- BlackRock’s private-equity wrote. filing as “jackjack,” offered to
set up a phone call between
Mr. Musk and Mr. Agrawal “to

Credit ment bank as a way to make a

fresh start, according to peo-
ple familiar with the matter.
discuss next steps and get re-
ally clear on what’s needed.”
Mr. Agrawal “would be able

Suisse Fix Bloomberg News earlier re-

ported about the possible First
Boston name change.
to move fast and clear then.
Everyone is aligned and this
will help even more,” Mr.

Is Costly Some of its heft is in a se-

curitized products group that
has produced big profits in the
Dorsey wrote, according to
the court documents.
After the call, Mr. Musk
past but, the bank admits, texted Mr. Dorsey: “Parag is
Continued from page B1 doesn’t fit in with its envi- just moving far too slowly and
in October with its strategy, sioned new shape. Credit trying to please people who
“some form of a capital raise Suisse said it is seeking out- will not be happy no matter
is probably needed,” said Fil- side investors to take a stake, what he does.”
ippo Alloatti, head of finan- but some analysts say a better Mr. Dorsey responded: “At
cials for credit at Federated bet could be unloading it en- least it became clear that you
JOSE CENDON/BLOOMBERG NEWS

Hermes. tirely, removing around $20 can’t work together. That was

.
It is difficult to calculate billion of Credit Suisse’s $85.5 clarifying.”
how much Credit Suisse needs billion in risk-weighted assets In May, Mr. Musk tweeted

ly
because many things could in the investment bank. that the deal was temporarily
still go wrong. It faces an RBC analysts said a 40% di- on hold amid concerns over
$800 million lawsuit in Singa- vestment of the securitized the number of fake and spam
pore from a disgruntled bil-
lionaire client who is a former
prime minister of Georgia, and
a long list of other litigation
on
Some say it is difficult to calculate how much the bank needs. A branch in Geneva, Switzerland.
products group via other in-
vestors would add around $1.1
billion to capital, but also
mean lost revenue.
accounts on the platform. Mr.
Agrawal posted his own series
of tweets explaining how the
company handles spam and
related to earlier missteps. companies. Those dried up downsized, which over time provide more of a cushion, and The bank is also sharpening bots.
us ,

Credit Suisse was also this year in the face of soaring will ease pressure on its capi- it has an underlying wealth up its wealth arm to focus on Mr. Musk responded with
l

among the top lenders to the interest rates and a bear mar- tal ratios. business that should perse- fewer markets. multiple tweets, including one
e
al a

leveraged buyout of Citrix, a ket. The prospect of a smaller vere. Credit Suisse transferred that was solely a poop emoji.
deal that left a consortium of Top bankers have departed Credit Suisse is supporting the Credit Suisse became a out domestic-focused clients Mr. Dorsey has publicly
banks with as-yet-undeter- for rivals in the uncertainty. bank’s bonds, Mr. Alloatti said, force on Wall Street more than in Mexico to another company shared his support for Mr.
ci on

mined losses. On Tuesday, Citigroup Inc. since it shouldn’t need as two decades ago when it ac- and exited nine African coun- Musk’s ownership of Twitter.
Two of its best-performing said it hired Jens Welter, who much funding going forward quired storied institutions tries this year. It has around Hours after Mr. Musk’s agree-
businesses have been lever- had been Credit Suisse’s co- with a smaller balance sheet. First Boston and Donaldson, two dozen more planned exits ment was announced, he
aged lending to merger deals head of global banking. He said the bank’s bonds are Lufkin & Jenrette. It has con- from noncore wealth markets, framed it as a liberation from
and initial public offerings and Analysts expect the invest- performing better than its sidered resurrecting the First people familiar with the mat- the grip of public ownership
er s

special-purpose acquisition ment bank to get significantly stock, since new capital could Boston name for its invest- ter said. and advertising.
m er

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Continued From Page B6 52-Wk % 52-Wk % NortonLifeLock NLOK 20.27 -2.8 PebblebrookPfdG PEBpG 18.38 1.5 Redfin RDFN 5.74 -5.9 ShuttlePharm SHPH 4.81 -11.3 Telephone&Data TDS 14.33 -3.0 VicinityMotor VEV 0.99 3.0
NVAX 17.85 -5.3 PegasusDigWt PGSS.WS 0.21 -4.5 RDW 2.29 -6.4 SierraBancorp BSRR 19.89 -0.3 Telesat
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Novavax
Novonix NVX 4.60 -2.7 Peloton PTON 6.82 -14.4
Redwire
RedwoodTrust RWT 5.60 -7.9 SifyTech SIFY 1.65 -4.6 TempestTherap TPST
TSAT 7.35 -4.3 VillageSuper A VLGEA 19.14 -2.2
1.56 -2.3 VintageWineEstates VWE 2.68 -5.2
Stock Sym Hi/Lo Chg LandseaHomes LSEA 4.89 -1.2 MidlandStBncpPfA MSBIP 24.45 -0.1
m rp

NuSkinEnts NUS 33.55 -4.2 PennantPark PNNT 5.45 -3.7 Reed's REED 0.13 -4.7 SigilonTherap SGTX 0.47 -5.9 TenayaTherap TNYA 3.01 -10.4 ViomiTech VIOT 1.09 0.9
Latham SWIM 3.72 -9.1 MidlandStBncp MSBI 23.50 -2.4 NuSTAR PfdC NSpC 22.30 -1.9 PA Reit PEI 3.05 -12.7 RegencyCtrs REG 51.97 -2.2 Similarweb SMWB 5.96 -2.4 Teradyne TER 76.18 -2.3 VirginGalactic SPCE 4.73 -4.9
I-Mab IMAB 4.19 -8.9
LazardGrowthIWt LGACW 0.04 ... MidWestOneFin MOFG 27.66 -1.8 NuSTAR PfdB NSpB 19.50 -2.7 PennyMacMtgPfA PMTpA 19.24 -4.6 RegionalMgmt RM 27.72 -3.5 SimonPropWt SPGS.WS 0.06 -31.1 TerraIncmVI Nts TFSA 21.75 -1.1 VirtuFinancial VIRT 20.60 -3.4
IndusRealty INDT 49.98 -1.4
LeaflyWt LFLYW 0.11 -23.7 MilestoneSci MLSS 0.63 -17.6 NuvveHolding NVVE 1.47 -9.1 PeoplesBncpNC PEBK 24.73 0.6 Remark MARK 0.26 -1.9 SinclairBroadcast SBGI 17.44 -4.7 TerranOrbital NCVpA 22.21 -1.1
INNOVATE VATE 0.71 -9.2 LLAP 1.93 -9.3 VirtusCvPfdA
Leafly LFLY 0.71 -9.3 MillerIndustries MLR 21.00 -2.1 NVDA 119.46 -4.1 PerimeterSolns PRM 7.88 -0.6 RenaissancePfdF RNRpF 22.20 -0.5 SiteOneLandscape SITE 100.79 -4.0 TerranOrbitalWt LLAP.WS VRTS 160.05 -2.8
Invesco IVZ 13.99 -4.1 NVIDIA 0.23 -7.9 VirtusInvtPtrs
LeapTherap LPTX 0.85 -3.6 MillerKnoll MLKN 16.43 -14.6 OSIS 72.02 -0.2 PetcoHealth WOOF 11.48 -6.0 RenttheRunway RENT 2.15 -5.5 SixFlags SIX 17.72 -5.3 TerrenoRealty VSTO 23.80 -0.1
IQVIA IQV 180.16 -2.2 OSI Systems TRNO 51.84 -2.4 VistaOutdoor
LendingClub LC 10.91 -5.2 MillicomIntl TIGO 11.41 -4.2 OCSL 5.87 -2.8 PetIQ PETQ 7.23 -6.2 RepublicBcpKYA RBCAA 38.56 -1.6 SiyataMobile SYTA 0.29 -9.5 TerritBanc VANI 2.25 -5.3
iBio IBIO 0.18 -14.9 OaktreeSpec TBNK 18.50 -1.4 VivaniMedical
LendingTree TREE 23.82 -7.0 Mind CTI MNDO 2.14 -1.8 2.48 -8.2 Pharvaris 7.00 -3.9 0.29 -2.4 Skillsoft 1.77 -7.1 TesscoTech VNRX 1.31 1.4
Icosavax ICVX 2.96 -7.5 Oatly OTLY PHVS ReShapeLife RSLS SKIL TESS 4.04 -0.5 VolitionRX
LeviStrauss LEVI 15.34 -4.3 MistrasGroup MG 4.45 -2.2 VNT 16.55 -2.0
Ideanomics IDEX 0.29 -11.9 Oblong OBLG 0.13 -5.2 PhaseBioPharm PHAS 0.17 -26.1 RetailOppor ROIC 13.35 -4.0 Skyworks SWKS 88.34 -4.0 TexasCapBcshsPfdB TCBIO 20.05 -2.8 Vontier
LexinFintech LX 1.65 -7.3 MitsubishiUFJ MUFG 4.56 -2.8 OceanPal OP 0.30 -3.3 PhenixfinNts2023 PFXNL 24.75 -0.4 ReunionNeuro REUN 1.44 -5.3 SmileDirectClub SDC 0.95 -5.3 ThirdCoastBcshs TCBX VornadoRealty VNO 22.83 -4.5
IdexBiometrics IDBA 4.60 -8.2 17.35 -1.8
co Fo

LibertyBroadPfdA LBRDP 23.75 1.1 Moderna MRNA 115.03 -3.3 VNOpL 18.43 -1.0
Immutep IMMP 1.47 -5.3 OfficePropIncm OPI 13.48 -5.0 PhilipMorris PM 85.61 -1.4 RevelationBioUn REVBU 0.30 -2.8 SmithAO AOS 48.57 -3.4 Thoughtworks TWKS 10.50 -5.1 VornadoPfdL
LibertyGlobal C LBTYK 16.58 -2.6 ModivPfdA MDVpA 21.83 -1.8 VNOpN 17.07 -2.9
ImpelPharm IMPL 4.86 -12.9 OfficePropNts2050 OPINL 19.01 -3.9 PhillipsEdison PECO 27.07 -4.0 RevolutionWt REVHW 0.04 36.1 SnowLakeRscs LITM 1.52 -10.9 ThunderBridgeIIIWt TBCPW 0.09 -9.5 VornadoPfdN
LibertyGlobal A LBTYA 15.64 -2.8 Momentus MNTS 1.35 -9.3 VNOpM 17.25 -1.5
IndepRealty IRT 15.97 -3.5 Olaplex OLPX 9.47 -12.1 PhioPharm PHIO 0.55 -5.2 RexfordIndlRealty REXR 50.08 -3.9 SocketMobile SCKT 2.05 ... ToyotaMotor TM 132.54 -2.3 VornadoPfdM
LifeTime LTH 9.66 -5.9 Mondelez MDLZ 56.29 -1.9 VJET 3.09 -19.0
IndependentBank INDB 75.03 -0.8 Olin OLN 41.33 -2.0 PhoenixMotor PEV 1.52 -6.7 RibbonComms RBBN 2.25 -6.0 SoFiTech SOFI 4.79 -7.8 Tradeweb TW 57.42 -1.6 voxeljet
LifetimeBrands LCUT 6.85 -1.0 MoneyLion ML 0.78 -29.5 MAPS 1.64 -6.6
IndependentBank IBTX 61.90 -3.1 OmegaFlex OFLX 91.58 -5.1 PhysiciansRealty DOC 14.66 -2.5 RigettiComp RGTI 1.67 -7.5 SolidPower SLDP 5.17 -6.5 Transalta TAC 8.82 -2.4 WM Tech
LightningWt ZEV.WS 0.15 0.5 MoneyLionWt ML.WS 0.10 -7.7 WPC 67.77 -4.4
IndLogistics ILPT 5.51 -7.1 OncoSecMedical ONCS 0.47 -2.0 PiedmontOfficeA PDM 10.15 -4.1 RithmCapital RITM 7.11 -4.9 SonicFoundry SOFO 1.24 -1.6 TransUnion TRU 59.18 -2.8 W.P.Carey
LightpathTech LPTH 1.05 -1.4 Moody's MCO 244.65 -2.2 WPP WPP 39.67 -1.6
InfoSvcsGrp III 4.67 -1.2 Ondas ONDS 3.45 -2.4 PineappleEner PEGY 0.89 -18.6 RithmCapPfdA RITMpA 18.73 -3.1 Sono SEV 2.50 -5.2 TravelCtrsNt28 TANNI 24.08 -0.1
LionElectric LEV 2.83 -6.6 MorganStanleyPfdE MSpE 25.22 0.3 WRBpG 16.77 -2.0
InnovativeEyewr LUCY 1.26 -1.5 OneLiberty OLP 20.45 -4.1 PintecTech PT 0.25 -19.3 RockleyPhotonicsWt RKLY.WS 0.08 -13.4 Sonos SONO 13.69 -2.6 TravelCtrsNt29 TANNL 24.95 -0.3 BerkleyDeb60
LionGroupWt LGHLW 0.05 -6.3 MorganStanleyPfd1 MSpI 24.67 -1.0 WW Intl WW 3.91 -8.3
InnovativeEyeWt LUCYW 0.29 ... OneStopSystems OSS 3.13 -1.2 PitneyBowes PBI 2.32 -6.0 RockleyPhotonics RKLY 0.77 -9.2 Sony SONY 64.50 -2.9 Travelzoo TZOO 4.43 -3.6
LionsGate B LGF.B 6.54 -8.1 MultiPlan MPLN 2.83 -5.3 PET 1.96 -7.5
Intel INTC 26.19 -2.8 OneConnectFinTech OCFT 0.73 -4.9 PlayaHotels PLYA 5.71 -2.3 RockyBrands RCKY 20.32 -5.7 SoteraHealth SHC 6.87 -2.6 Tredegar TG 9.43 -0.6 Wag!
LionsGate A LGF.A 6.90 -8.2 MultiPlanWt MPLN.WS 0.26 -1.9 31.23 -5.0
InterDigital IDCC 40.23 -2.8 OneMain OMF 28.77 -1.2 Playtika PLTK 9.41 -2.7 RogersComm B RCI 38.45 -2.2 SouthsideBcshs SBSI 35.61 -1.3 Trevena TRVN 0.15 -3.4 WalgreensBoots WBA
LiqTechIntl LIQT 0.37 -5.6 Myomo MYO 1.59 -2.7 82.43 -2.9
IntlFlavors IFF 90.55 -3.9 OpenLending LPRO 7.90 -5.5 PlymouthIndREIT PLYM 16.21 -4.0 Roku ROKU 55.17 -7.1 SpecialOppsPfdC SPEpC 22.91 -0.3 TriconRes TCN 8.44 -3.7 Walker&Dunlop WD
LithiaMotors LAD 209.00 -7.0 NCR NCR 19.02 -5.5 WMG 22.75 -3.9
Invacare IVC 0.76 -5.3 OportunFin OPRT 4.16 -2.9 PolestarAutoWt PSNYW 1.05 -6.9 RomeoPower RMO 0.41 -12.6 SpectrumBrands SPB 38.98 -3.5 TrinityCapital TRIN 11.86 -8.4 WarnerMusic
LivaNova LIVN 47.09 -1.7 NCS Multistage NCSM 21.89 -10.0 17.14 -4.1
InvescoMtgPfdB IVRpB 16.75 -5.6 OppFiWt OPFI.WS 0.12 -4.3 PolestarAuto PSNY 5.06 -6.9 Root ROOT 7.85 -7.7 Sphere3D ANY 0.44 -5.1 Trinseo TSE 17.88 -3.3 WashingtonREIT WRE
Lizhi LIZI 0.60 -11.1 NN NNBR 1.76 -8.2 0.12 -12.0
InvescoMtgPfdC IVRpC 16.66 -7.5 OppFi OPFI 2.03 -9.7 PopularCapPfd BPOPM 25.00 -1.0 RoperTech ROP 363.72 -1.0 SpiritAeroSys SPR 21.77 -7.2 TritonIntlPfdD TRTNpD 22.70 -0.3 WaverleyCap1 Wt WAVC.WS
LogicMark LGMK 0.75 -3.6 NabrivaTherap NBRV 2.04 -4.6 Wayfair W 34.00 -8.7
iPower IPW 0.70 -12.5 Oracle ORCL 60.78 -2.6 PopulationHlthWt PHICW 0.03 -34.8 RossAcqnIIWt ROSS.WS 0.07 -12.1 SpiritRealtyCap SRC 35.37 -5.1 TriumphBancorp TBK 54.44 -4.9
LongviewII Wt LGV.WS 0.06 -13.0 NanoLabs NA 1.65 -17.6 0.94 -9.2
IronNet IRNT 0.71 -9.8 Orange ORAN 8.94 -1.1 PostHldgsPtr PSPC.U 9.64 -0.6 RubiconTech RBT 2.26 -2.4 SpiritRealtyPfdA SRCpA 22.52 0.4 TsakosEnergyPfdD TNPpD 22.18 -2.2 WearableDevices WLDS
Lottery.com LTRY 0.23 -2.1 NatlCineMedia NCMI 0.69 -10.0 WBSpF 19.54 -2.6
IronNetWt IRNT.WS 0.08 3.1 Lottery.comWt LTRYW 0.01 0.5 NatlEnerSvsWt NESRW 0.09 -48.4
OrbitalInfr OIG 0.44 -5.9 PowerREIT PW 10.50 1.3 RubiconTech RBCN 2.14 -8.2 Splunk SPLK 76.43 -5.2 TuesdayMorning TUEM 0.13 -6.9 WebsterPfdF
OrchidIsland ORC 8.10 -11.5 PoweredBrandsWt POWRW 0.04 50.0 RushStreetInt RSI 3.75 -7.8 Spotify SPOT 85.92 -6.5 TutorPerini TPC 5.40 -3.9
WellsFargoPfdAZ WFCpZ 18.51 -0.5
IsoRay ISR 0.19 -27.4 LoyaltyVentures LYLT 1.28 -3.6 NatlRetailProp NNN 38.91 -5.4
Organon OGN 23.38 -3.9 PresidioProperty SQFT 1.30 -6.4 Ryanair RYAAY 56.95 -3.8 StdBioTools LAB 1.13 -5.0 Tuya TUYA 0.89 -4.9
WellsFargoPfdACC WFCpC 17.02 -0.7
iStar STAR 8.64 -8.5 LucidDiag LUCD 1.56 -4.8 NatlRurUtilNt2064 NRUC 21.64 -3.1
Orgenesis ORGS 1.31 -5.5 PrimorisSvcs PRIM 15.90 -2.2 Sai.TechGlobal SAI 2.23 -26.1 StanleyBlackDck SWK 76.19 -3.0 TwelveSeasII Wt TWLVW 0.03 0.2
WellsFargoPfdADD WFCpD 16.91 -0.8
Itron ITRI 42.76 -2.7 LuciraHealth LHDX 1.10 -1.8 NaturalGrocers NGVC 10.76 -4.1
48.58 -3.3 TwoHarborsPfdC TWOpC 16.86 -6.7 Welltower WELL 62.65 -3.2
n-

JBG SMITH Prop JBGS 18.38 -4.2 OrientalCulture OCG 0.83 -6.0 ProAssurance PRA 18.35 -2.8 S&P Global SPGI 308.35 -1.4 StanleyB&D Un SWT
LufaxHolding LU 2.50 -12.8 NaturalHlthTrends NHTC 3.43 -5.0 WestamericaBncp WABC 52.60 -3.2
JPMorganChase JPM 104.40 -1.7 OrionBiotechWt ORIAW 0.10 -1.8 Procter&Gamble PG 128.26 -2.5 SBA Comm SBAC 280.92 -3.2 StarBulkCarriers SBLK 16.85 -5.6 TwoHarborsPfdB TWOpB 17.11 -6.3
Lulu'sFashion LVLU 4.58 -6.9 NatureSunshine NATR 8.11 -4.3 WestAllianceBcp WAL 64.71 -3.4
JacobsSolns J 107.76 -1.3 7.28 -5.6 4.79 -1.8 OrionEngCarbons OEC 13.19 -4.6 Prologis PLD 100.73 -2.6 SCE VI Pfd L SCEpL 18.05 -0.3 StarryGroup STRY 1.42 -12.7 TwoHarborsPfdA TWOpA 18.05 -5.8
LumenTech LUMN NatWest NWG WesternDigital WDC 31.56 -2.9
JasperTherap JSPR 0.78 3.7 LumentFinance LFT 2.14 0.9 NauticusRobot KITT 3.14 -7.9 OrionOffice ONL 8.42 -2.1 ProspectCapital PSEC 6.09 -8.7 SHF SHFS 5.50 -15.2 StarwoodProp STWD 18.30 -7.1 TwoHarbors TWO 3.41 -9.6
WestportFuelSys WPRT 0.88 -4.7
JawsHurricaneWt HCNEW 0.17 2.9 LutherBurbank LBC 11.62 -1.0 NaviosMaritime NM 1.90 -2.5 Orix IX 70.65 -2.6 ProspectCapPfdA PSECpA 16.31 -0.4 SITE Centers SITC 10.42 -3.7 Steelcase SCS 6.60 -4.4 TysonFoods TSN 66.22 -2.5
WestRock WRK 30.83 -3.1
Jeffs'Brands JFBR 0.95 -10.0 LytusTech LYT 1.41 -6.9 Nayax NYAX 22.60 -6.2 OrthofixIntl OFIX 18.97 -1.2 ProtagenicWt PTIXW 0.03 -24.6 SITECtrsPfdA SITCpA 20.56 -1.6 Stepan SCL 93.41 -0.7 UGI Un UGIC 79.58 -1.9
Westwood WHG 9.62 -3.9
JerashHldgs JRSH 4.23 -4.6 MFA Financial MFA 8.03 -5.1 NecessityRetail RTL 5.50 -3.4 OtisWorldwide OTIS 63.88 -1.9 ProvidentFinSvcs PFS 19.45 -0.9 SKGrowthOppsA SKGR 9.87 -0.1 StifelFinancial SF 51.73 -3.5 US BancorpPfdK USBpP 22.96 0.2
WeWork WE 2.71 -7.6
no

JetBlue JBLU 6.52 -3.5 MFA FinPfdB MFApB 17.25 -5.2 NektarTherap NKTR 2.96 -5.3 OutfrontMedia OUT 14.97 -4.7 PrudentialFin PRU 85.46 -2.3 SK Telecom SKM 18.85 -3.6 StifelFinlPfdD SFpD 16.86 -1.7 US BancorpPfdL USBpQ 15.67 -0.9
Weyerhaeuser WY 27.37 -1.6
JohnsonOutdoors JOUT 48.31 ... MFA FinPfdC MFApC 16.31 -3.5 NeoleukinTherap NLTX 0.62 -4.6 OwlRock ORCC 10.28 -6.2 PrudentialNt58 PRS 23.83 ... SLGreenRealtyPfd SLGpI 21.38 -3.0 StitchFix SFIX 3.76 -6.1 USD Partners USDP 3.95 -2.9
WheelerREITPfdD WHLRD 11.56 -2.2
JonesLang JLL 147.23 -4.0 MGE Energy MGEE 67.95 -4.0 Nephros NEPH 0.91 -2.3 OwletWt OWLT.WS 0.08 10.0 Prudential PUK 18.92 -1.9 SLR Invt SLRC 12.35 -5.4 SumitomoMits SMFG 5.60 -1.7 US Lime&Min USLM 102.12 -1.0
WheelsUp UP 1.18 -9.0
JounceTherap JNCE 2.12 -4.3 MP Materials MP 26.46 -6.1 NetcapitalWt NCPLW 0.30 -23.8 OxfordLanePfd OXLCN 22.78 -0.5 PublicServiceEnt PEG 56.82 -4.9 SoarTechAcqnWt FLYA.WS 0.04 -38.9 SummitHotelProp INN 6.58 -4.9 UWM UWMC 2.84 -5.9
WheelsUpWt UP.WS 0.15 1.2
JourneyMed DERM 2.43 -3.8 MSD Acqn Wt MSDAW 0.07 -24.3 Netstreit NTST 17.07 -3.7 OxfordLaneNts2031 OXLCL 23.46 -0.4 PublicStoragePfdR PSApR 16.62 -1.2 SOS SOS 4.08 -7.0 SummitHotelPfdE INNpE 17.08 -5.4 UcommuneIntl UK 2.61 2.9
WhitestoneREIT WSR 8.20 -3.5
KAR Auction KAR 11.18 -5.6 MSG Entertainment MSGE 44.59 -5.1 NeuBaseTherap NBSE 0.38 7.1 OxfordSquare OXSQ 2.94 -4.8 PublicStorage PSA 284.01 -1.7 STAG Indl STAG 27.71 -2.3 SunComms SUI 133.63 -3.4 UiPath PATH 12.12 -2.9 WholeEarthBrds
FREE 3.85 -6.7
KB Financial KB 30.52 -2.0 MSG Sports MSGS 137.09 -2.2 NY CmtyCap V NYCBpU 42.25 -2.6 OxfordSquareNt24 OXSQL 24.35 -0.7 PublicStoragePfG PSApG 21.67 -2.3 SachemNts2027 SCCF 22.32 -3.2 SunCountryAir SNCY 13.85 -4.8 UltragenyxPharm RARE 39.55 -1.7 Wiley A WLY 38.04 -3.1
KinsTechWt KINZW 0.03 -32.4 MagicEmpireGlobal MEGL 3.71 -1.8 NY Mortgage NYMT 2.07 -2.6 OxfordSquareNt28 OXSQG 22.12 4.7 PublicStoragePfF PSApF 22.00 -2.0 SachemNts2027 SCCG 23.00 -1.0 SunlightFinWt SUNL.WS 0.09 -53.5 UltraparPart UGP 2.13 -3.1 Wiley B WLYB 38.13 -2.8
KKR KKR 42.73 -3.8 MagnaIntl MGA 47.04 -4.3 NewYorkMtgPfdD NYMTN 16.35 -4.4 PB Bankshares PBBK 12.42 -0.2 PublicStoragePfH PSApH 23.82 -0.8 SachemCapital SACH 3.23 -6.1 SunlightFinl SUNL 0.96 -57.1 UnderArmour A UAA 7.28 -7.1 Willdan WLDN 14.30 -4.3
KKR Pfd C KKRpC 54.02 -3.5 Magnachip MX 10.11 -2.4 NewYorkMtgPfdE NYMTM 16.56 -6.8 PLBY Group PLBY 3.68 -4.2 PublicStoragePfdN PSApN 16.00 -1.3 SafeBulkers SB 2.35 -4.0 SunstoneHotelInv SHO 9.24 -4.6 UnderArmour C UA 6.42 -7.1 WiMiHologram WIMI 1.51 -6.6
KKR RealEstFin KREF 15.99 -5.9 MaidenPfdD MHpD 2.81 -4.5 NewYorkMtgPfdF NYMTL 16.23 -6.2 PLDT PHI 24.66 -3.4 PublicStoragePfQ PSApQ 16.29 -0.6 SafeBulkersPfdD SBpD 23.13 -3.7 SuperiorIndsIntl SUP 3.00 -9.0 Unisys UIS 7.23 -0.8 WintrustFinPfdE WTFCP 24.84 -0.3
KT KT 12.18 -2.2 MainStreetCap MAIN 32.95 -6.3 NewYorkMtgPfdG NYMTZ 14.95 -7.2 POSCO PKX 37.58 -5.3 PublicStoragePfdO PSApO 16.06 -1.1 SafeBulkersPfdC SBpC 23.26 -3.1 SuRoCapNts2026 SSSSL 23.30 -0.8 UnitedInsurance UIHC 0.60 -7.4 Wipro WIT 4.68 -3.1
KademSustWt KSICW 0.06 -7.5 MalvernBancorp MLVF 14.36 -0.9 NewellBrands NWL 13.73 -3.2 PRA Group PRAA 32.01 0.2 PyrogenesisCda PYR 1.16 -7.9 Safe-T SFET 0.40 -0.1 Synaptics SYNA 98.50 -2.9 UnitedMicro UMC 5.63 -3.6 WisdomTreeInvs WETF 4.70 -2.1
KairosAcqnWt KAIRW 0.01 -14.9 Manitowoc MTW 7.84 -3.0 Newmark NMRK 7.80 -4.3 PSBusParksPfdX PSBpX 15.15 -4.7 Qorvo QRVO 80.39 -1.1 Safehold SAFE 24.88 -6.9 TC Energy TRP 40.62 -3.1 UnitedNatFoods UNFI 32.90 -6.9 WolverineWwide WWW 16.24 -3.2
KaiserAlum KALU 59.24 0.4 Manpower MAN 64.00 -2.1 NewsCorp A NWSA 14.87 -2.1 PSBusParksPfdY PSBpY 15.12 -3.1 Qualcomm QCOM 113.46 -3.4 SandstormGold SAND 4.92 0.4 TD Synnex SNX 82.42 -2.7 US Bancorp USB 40.31 -0.5 Woodward WWD 79.26 -1.4
Kaleyra KLR 1.05 -18.6 MaquiaCapAcqnWt MAQCW 0.02 -38.3 NewsCorp B NWS 15.17 -2.3 PSBusParksPfdZ PSBpZ 14.11 -4.0 QuanexBldg NX 18.00 -2.3 SandySpringBncp SASR 35.54 -3.5 Telus TU 20.11 -2.8 UnivDisplay OLED 94.85 -1.3 WooriFin WF 22.59 -2.1
Kaman KAMN 27.73 -4.8 Marcus&Millichap MMI 31.11 -0.9 NewtekNts2026 NEWTZ 23.58 0.2 PVH PVH 45.55 -3.7 QuiptHomeMed QIPT 3.99 -1.4 SangomaTechs SANG 5.33 -3.4 TH Intl THCH 5.81 -8.8 UniversalHealth UHT 40.92 -1.6 XomaPfdA XOMAP 24.44 -1.6
KatapultWt KPLTW 0.08 -17.5 MarinSoftware MRIN 1.27 -8.5 NexaResources NEXA 4.82 -3.7 PacGE pfH PCGpH 16.41 -4.9 QuoinPharm QNRX 2.35 -9.6 SapiensInt SPNS 19.27 -4.7 TPG RE Fin TRTX 6.75 -6.4 UnivestFin UVSP 23.50 -1.0 XPACAcqnWt XPAXW 0.10 -3.0
Katapult KPLT 0.90 -9.7 Materialise MTLS 10.52 -4.1 NexalinTechnology NXL 1.08 -0.9 PactivEvergreen PTVE 8.31 -1.0 Qutoutiao QTT 0.55 -17.1 SaratogaInvt SAR 20.77 -2.8 TPG RE FinPfdC TRTXpC 17.22 -0.8 Upexi UPXI 3.68 -2.2 XTL Biopharm XTLB 0.85 -7.0
KellyServices A KELYA 13.41 -1.2 Matson MATX 60.35 -3.7 NexImmune NEXI 0.51 -15.8 PacWestBancorp PACW 22.26 -2.4 REE Automotive REE 0.60 -18.7 SaulCenters BFS 36.70 -3.2 Taboola TBLA 1.84 -4.6 Upstart UPST 20.22 -6.5 XBiotech XBIT 3.55 -1.9
KeyTronic KTCC 4.00 0.7 MaxarTech MAXR 17.51 -1.6 NexPointRealEst NREF 15.02 -6.3 PagayaTech PGY 1.73 -6.7 RLJLodgingPfdA RLJpA 23.64 0.8 SaverOne2014 SVRE 1.50 -5.3 TaiwanSemi TSM 68.48 -4.0 UrbanEdgeProp UE 12.96 -4.7 XcelBrands XELB 0.93 -0.8
KeyCorp KEY 15.74 -0.9 McCormick MKC 72.96 -2.0 NexPointPfdA NREFpA 22.21 -3.7 PagayaTechWt PGYWW 0.15 -6.6 RLJ Lodging RLJ 9.84 -5.8 SchmittIndustries SMIT 1.81 -3.3 TalisBiomed TLIS 0.68 -0.7 urban-gro UGRO 2.74 -0.4 Xerox XRX 13.13 -5.8
KimballIntl B KBAL 6.32 -2.0 McCormickVtg MKC.V 73.13 -2.8 NexPointResidentl NXRT 43.91 -2.8 PainReform PRFX 0.60 -8.8 RLX Tech RLX 1.00 -2.8 ScottsMiracleGro SMG 43.81 -8.3 Talon1AcqnWt TOACW 0.05 -37.5 UrstadtProp A UBA 15.09 -3.4 Xos XOS 1.23 -4.5
KimberlyClark KMB 114.87 -1.9 mCloudTech MCLD 1.64 -3.3 NightDragonWt NDACW 0.10 -2.0 PalisadeBio PALI 0.10 -6.3 RMR Group RMR 23.07 -4.9 ScrippsEW SSP 11.23 -5.5 TandyLeather TLF 3.50 -6.2 Urstadt Pfd K UBPpK 20.05 -0.5 XPeng XPEV 11.85 -9.2
KimcoRealty KIM 17.71 -3.0 MedicalProp MPW 11.35 -4.9 Nike NKE 94.48 -3.4 PapaJohn's PZZA 70.72 -4.5 RPTRealty RPT 7.28 -5.1 SeacoastBkgFL SBCF 30.20 -0.8 Tantech TANH 0.17 -5.3 UsanaHealth USNA 55.70 -1.2 Yeti YETI 28.57 -4.1
KismetTwoWt KAIIW 0.03 -12.7 Medifast MED 107.00 -4.0 Nikola NKLA 3.52 -9.4 ParamountA PARAA 21.33 -3.9 RXR Acqn Wt RXRAW 0.05 -32.1 Seagate STX 53.04 -4.6 TargetGlbl I Wt TGAAW 0.06 -29.7 VF VFC 30.61 -5.8 YoshiharuGlbl YOSH 1.26 -7.8
KiteRealty KRG 16.42 -4.8 MemberCollect MCG 4.75 -6.2 NiSourceUn NIMC 101.82 -2.9 ParamountB PARA 18.80 -4.4 RadiusGlbInfr RADI 9.48 -8.4 SealedAir SEE 43.62 -2.1 TaroPharm TARO 28.46 -5.8 VyneTherap VYNE 0.22 1.9 YunhongCTI CTIB 0.65 -2.9
Knowles KN 12.05 -1.2 MercantileBank MBWM 29.26 -2.4 NiSunIntlEntDevt NISN 0.45 -8.3 ParamountPfdA PARAP 29.67 -1.1 RailVision RVSN 0.65 -12.8 SecureWorks SCWX 7.72 -2.1 TattooedChef TTCF 4.92 -5.5 ValleyNatlPfdB VLYPO 21.05 -4.7 ZimIntShipping ZIM 22.79 -9.3
Kohl's KSS 25.11 -4.3 MercuryGeneral MCY 28.38 -1.4 NiuTech NIU 4.07 -6.8 ParkHotels PK 10.98 -4.6 Ranpak PACK 3.29 -5.3 SelectQuote SLQT 0.73 -2.2 TechTarget TTGT 56.13 -1.0 Valneva VALN 9.77 -12.8 ZebraTech ZBRA 262.41 -2.1
KronosWorldwide KRO 8.71 -3.3 MercurySystems MRCY 41.07 -1.6 NoahHoldings NOAH 12.93 -6.4 PartnerRePfdJ PREpJ 18.68 -1.7 Rapid7 RPD 42.56 -2.6 SensientTech SXT 69.18 -2.0 TectonicFinPfdB TECTP 10.20 -0.9 Valvoline VVV 25.26 -2.6 ZeroFoxWt ZFOXW 0.14 -0.4
Kyndryl KD 8.17 -4.1 MesaAir MESA 1.60 -4.5 Nocera NCRA 1.36 -12.3 PassageBio PASG 1.20 -6.9 Rayonier RYN 29.51 -2.9 SenstarTech SNT 1.72 -2.2 TejonRanch TRC 14.45 -3.4 VenatorMaterials VNTR 0.90 -2.2 Zhihu ZH 1.05 -8.6
LavaMedtechWt LVACW 0.08 -11.1 MetaMaterials MMAT 0.64 -8.3 NoginWt NOGNW 0.09 -2.2 PathfinderWt PFDRW 0.02 -29.3 Reading A RDI 3.17 -8.0 Sentage SNTG 2.13 -7.1 TekkorpDigitalWt TEKKW 0.01 10.7 Ventas VTR 38.70 -3.9 Zillow A ZG 28.46 -1.9
LG Display LPL 4.13 -4.2 MetLifePfdF METpF 20.24 -0.6 NomadFoods NOMD 14.16 -2.6 Patterson PDCO 23.87 -2.2 ReadyCapital RC 9.69 -7.4 ShenandoahTel SHEN 16.99 -3.4 TeladocHealth TDOC 25.95 -7.0 Verastem VSTM 0.85 -7.0 Zillow C Z 28.42 -1.8
LadderCapital LADR 8.69 -7.7 Microsoft MSFT 234.41 -1.5 NomuraHoldings NMR 3.26 -2.1 PAVmedWtZ PAVMZ 0.41 -4.3 ReadyCapPfdE RCpE 18.50 -0.9 ShinhanFin SHG 23.54 -1.3 Ericsson ERIC 5.65 -1.3 Veritex VBTX 26.50 -3.1 ZimVie ZIMV 9.09 -6.9
LairdSuperfood LSF 1.77 -2.2 Microvast MVST 1.83 -8.8 Nordstrom JWN 16.69 -6.0 Paysafe PSFE 1.33 -6.2 RealReal REAL 1.48 -9.6 Shopify SHOP 26.51 -8.4 TelefonicaBras VIV 7.39 -2.6 Verizon VZ 38.45 -1.9 ZurnElkayWater ZWS 24.25 -2.8
LamResearch LRCX 364.23 -2.9 MidatechPharma MTP 1.86 -10.6 NorthernGenIII Wt NGC.WS 0.02 -49.3 PebblebrookHotel PEB 14.24 -5.2 RealtyIncome O 57.61 -4.0 ShoreBancshares SHBI 17.35 -1.7 Telefonica TEF 3.19 -2.7 VeryGoodFood VGFC 0.12 -7.0 ZynerbaPharma ZYNE 0.77 -9.1

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Balanced 91.54 -0.97-14.5 Fidelity Invest TotRtnBdFdClInst 23.20 -0.13-16.6 HYMunBd NA ... NA VANGUARD ADMIRAL TotIntlAdmIdx r 24.65 -0.35-26.6 MdCpGrAdml 73.95 -1.43-32.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. GblStock 12.06 -0.18-16.5 Balanc 23.75 -0.37-21.4 Harbor Funds Old Westbury Fds 500Adml 335.87 -7.20-22.7 TotStAdml 88.52 -1.92-23.8 MdCpVlAdml 63.52 -1.45-17.2
Income 11.99 -0.06-13.0 BluCh 115.99 -3.57-36.5 CapApInst 64.67 -1.82-35.8 LrgCpStr 13.54 -0.26 NA BalAdml 38.51 -0.57-20.1 TxMCapAdml187.96 -3.96-23.4 SmValAdml 61.98 -1.38-18.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Intl Stk 38.00 -0.58-19.6 Contra 12.94 -0.24-30.1 Harding Loevner Parnassus Fds CAITAdml 10.77 ...-10.2 TxMIn r 11.73 -0.16-27.4 TotBd2 9.30 -0.04-14.4
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, IntlEq
Stock 200.34 -2.77-16.9 ContraK 12.99 -0.24-30.1 NA ... NA ParnEqFd 47.75 -0.81-24.6 CapOpAdml r148.08 -3.17-23.5 USGroAdml 103.92 -2.97-38.3 TotIntlInstIdx r 98.56 -1.42-26.6
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r CpInc TotItlInstPlId r
DoubleLine Funds 8.83 -0.08-14.4 Invesco Funds A PGIM Funds Cl Z DivAppIdxAdm 37.20 -0.58-19.0 ValAdml 48.75 -0.78-13.5 98.58 -1.43-26.6
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not TotRetBdI GroCo EqIncA TotSt
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
8.93 -0.04 NA 24.08 -0.66-34.0 9.61 -0.12-14.3 TotalReturnBond NA ... NA EMAdmr 30.34 -0.54-24.3 WdsrllAdml 64.42 -1.07-20.7 88.51 -1.92-23.9
Edgewood Growth Instituti InvGrBd 9.78 -0.05-14.1 Invesco Funds Y PIMCO Fds Instl EqIncAdml 80.28 -1.30-11.1 WellsIAdml 58.84 -0.57-14.2 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. EdgewoodGrInst 33.72 -0.68-44.3 LowP DevMktY BalInst
41.53 -0.58-17.0 31.67 -0.75-32.6 AllAsset NA ... NA ExplrAdml 86.21 -1.58-27.6 WelltnAdml 66.48 -0.89-19.5 38.52 -0.57-20.0
Fidelity Magin 10.38 -0.21-29.8 JHF III DispVal ShortT 9.58 -0.01 -1.0 ExtndAdml 97.02 -2.29-29.6 WndsrAdml 69.75 -1.13-13.8 DevMktsIndInst 11.75 -0.15-27.3
Thursday, September 29, 2022 500IdxInstPrem126.84 -2.72-22.7 NASDAQ 136.19 -3.96-30.8 DispValMCI 22.89 -0.38-17.3 TotRt 8.53 -0.04 NA GNMAAdml 9.12 -0.05-12.1 VANGUARD FDS DevMktsInxInst 18.36 -0.24-27.4
Net YTD Net YTD Net YTD Contrafund K6 16.37 -0.29-29.5 OTC 12.64 -0.31-33.1 John Hancock PIMCO Funds A GrwthAdml 111.94 -3.02-31.9 DivdGro 32.43 -0.43-14.7 ExtndInst 97.01 -2.29-29.6
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret ExtMktIdxInstPre 61.13 -1.44-29.6 Puritn 21.36 -0.30-20.9 BondR6 13.22 -0.08-16.0 IncomeFd 10.29 -0.06 NA HlthCareAdml r 82.61 -0.43-10.7 IntlVal 31.75 -0.52-23.6 GrwthInst 111.95 -3.01-31.9
FidSerToMarket 12.11 -0.26-23.9 SAIUSQtyIdx 14.48 -0.26-23.0 JPMorgan I Class PIMCO Funds I2 HYCorAdml r 4.97 -0.02-13.4 LifeCon 18.58 -0.18-18.4 InPrSeIn 9.73 -0.14-13.0
American Century Inv WshA 48.04 -0.73-17.3 LargeCapValue 14.45 -0.23-15.7 GrowthCompanyK6 15.10 -0.40-34.0 SrsEmrgMkt 14.51 -0.32-31.0 CoreBond 10.08 -0.05 NA Income InstIdx
Ultra 60.21 -1.66-31.3 Artisan Funds MunicipalBond 9.43 ...-11.0 10.29 -0.06 NA InfProAd 23.89 -0.34-12.9 LifeGro 34.00 -0.53-22.8
308.22 -6.60-22.7
InflPrBdIndInsPr 9.69 -0.14-13.2 SrsGlobal 11.08 -0.16-26.4 EqInc 20.72 -0.29 NA PIMCO Funds Instl IntlGrAdml 85.88 -2.65-38.3 InstPlus 308.21 -6.60-22.7
American Funds Cl A IntlVal Inst 33.11 -0.35-21.5 Calamos Funds LifeMod 26.40 -0.34-20.6
IntlIdxInstPrem 35.91 -0.42-27.1 SrsGroCoRetail 13.63 -0.37-33.2 LgCpGwth 45.34 -0.97 NA
IncomeFd 10.29 -0.06 NA ITBondAdml 9.97 -0.05-14.8 InstTStPlus 64.41 -1.40-23.8
AmcpA 28.86 -0.58-31.7 Baird Funds MktNeutI 13.49 -0.06 -6.8 PrmcpCor 26.78 -0.52-20.4
LgCpGwId InstPre 20.86 -0.52-29.5 SrsIntlGrw 12.87 -0.21-32.7 JPMorgan R Class
Price Funds ITIGradeAdml 8.11 -0.06-16.7 MidCpInst 51.84 -1.10-24.8
AMutlA 45.71 -0.71-12.9 AggBdInst 9.51 -0.05-14.9 Columbia Class I MidCpInxInstPrem 24.22 -0.52-23.7 CoreBond 10.09 -0.05 NA
STAR 24.51 -0.37-22.8
SrsIntlVal 8.65 -0.08-22.6
BlChip 113.20 -3.05-36.3 LarCapAd 83.79 -1.82-23.9 MidCpIstPl 255.67 -5.42-24.8
BalA 27.02 -0.34-17.9 CorBdInst 9.75 -0.05-14.7 DivIncom I 26.44 -0.39-15.2 SAIUSLgCpIndxFd 16.41 -0.35-22.7 TotalBond 9.26 -0.05-14.5 CorePlusBd 7.11 -0.04 NA LTGradeAdml 7.61 -0.08-28.2 TgtRe2020 25.48 -0.28-17.9
RealEstaInstl 17.39 -0.53-30.0
BondA 11.26 -0.06-14.2 ShtTBdInst 9.19 -0.01 -4.7 Dimensional Fds DivGro 60.44 -0.90-17.8 TgtRe2025 16.29 -0.20-19.9
SeriesBondFd 8.80 -0.05-14.3 Fidelity SAI Lord Abbett A MidCpAdml 234.68 -4.98-24.8 SmCapInst 82.42 -1.85-23.2
CapIBA 57.86 -0.74-15.9 BlackRock Funds 5GlbFxdInc 9.88 -0.04 -7.7 ShtDurIncmA p 3.84 Growth 66.07 -1.89-37.9 TgtRe2030 30.31 -0.41-21.1
SeriesOverseas 9.51 -0.12-34.0 TotalBd 8.78 -0.05-14.1 ... -5.7 MuHYAdml 9.94 ...-15.2 SmCapIstPl 237.89 -5.33-23.2
CapWGrA 46.19 -0.74-26.4 HiYldBd Inst 6.46 -0.04-13.7 EmgMktVa 24.13 -1.00-21.6 HelSci 84.79 -0.76-18.5 TgtRe2035 18.62 -0.27-21.9
SerLTTreBdIdx 6.04 -0.03-27.8 U.S.TreBdIdx 8.68 -0.03-12.8 Lord Abbett I MuIntAdml 12.96 ...-10.2 STIGradeInst 9.85 -0.02 -7.2
EupacA 43.57 -0.75-32.4 BlackRock Funds A EmMktCorEq 18.29 -0.71-26.3 SmCpIdxInstPrem 20.80 -0.49-24.5 ShtDurInc p 3.83 -0.01 -5.6 LgCapGow I 48.44 -1.17-34.1 TgtRe2040 32.49 -0.51-22.7
First Eagle Funds MuLTAdml 10.16 ...-14.4 STIPSIxins 24.21 -0.17 -3.8
FdInvA 56.12 -0.97-24.0 GlblAlloc 15.75 ...-19.7 IntlCoreEq 11.56 -0.31-27.1 TMktIdxInstPrem101.71 -2.21-23.9 GlbA 53.58 -0.44-17.0 Metropolitan West MidCap 84.84 -1.19-27.7
MuLtdAdml 10.50 ... -5.0 TgtRe2045 21.72 -0.36-23.5 TotBdInst 9.41 -0.05-14.4
GwthA 50.96 -1.23-31.4 BlackRock Funds III IntSmCo 15.10 -0.37-30.3 TotalMarketIndex 12.81 -0.28-23.7 FPA Funds TotRetBdI 9.00 -0.05-16.0 NHoriz 48.96 -0.89-36.3
MuShtAdml 15.45 -0.01 -2.0 TgtRe2050 35.74 -0.62-23.8 TotBdInst2 9.30 -0.04-14.4
HI TrA 8.84 -0.05-12.8 iShS&P500IdxK428.70 -9.18-22.7 IntSmVa 15.90 -0.35-25.1 USBdIdxInstPrem 10.11 -0.05-14.2 NwInc 9.49 -0.03 -3.8 TRBdPlan 8.44 -0.05-15.9 R2020 18.06 -0.20-18.7 PrmcpAdml r132.46 -2.43-21.8 TgtRe2060 36.61 -0.63-23.8 TotBdInstPl 9.41 -0.05-14.4
ICAA 38.92 -0.69-23.0 BlackRock Funds Inst LgCo 25.88 -0.67-23.1 Fidelity Freedom Franklin A1 MFS Funds R2025 15.62 -0.19-20.0 RealEstatAdml112.35 -3.42-30.0 TgtRet2055 39.80 -0.68-23.8 TotIntBdIdxInst 28.59 -0.13-13.1
IncoA 21.64 -0.26-14.5 EqtyDivd 17.27 -0.23-13.4 US CoreEq1 28.39 -0.70-21.5 FF2020 12.52 -0.15-20.5 IncomeA1 2.16 -0.02-11.1 IIE 24.54 -0.31 NA R2030 23.07 -0.31-21.7 SmCapAdml 82.42 -1.85-23.2 TgtRetInc 12.04 -0.10-15.6 TotStInst 88.53 -1.93-23.8
IntBdA 12.36 -0.06 -8.6 StratIncOpptyIns 9.24 -0.03 -6.8 US CoreEq2 25.80 -0.61-21.3 FF2025 11.43 -0.15-21.5 FrankTemp/Frank Adv MFS Funds Class I Schwab Funds SmGthAdml 69.04 -1.56-30.0 WellsI 24.29 -0.24-14.3 ValueInst 48.74 -0.79-13.5
N PerA 45.85 -0.97-31.0 Bridge Builder Trust US Small 36.93 -0.81-21.2 FF2030 14.21 -0.19-22.2 IncomeAdv 2.14 -0.02-11.1 GrowthI 130.96 -2.24 NA 1000 Inv r NA ... NA STBondAdml 9.81 -0.02 -6.5 Welltn 38.50 -0.52-19.5 WCM Focus Funds
NEcoA 41.61 -0.75-32.7 CoreBond 8.77 -0.04-14.4 US SmCpVal 36.87 -0.87-14.8 FF2035 12.10 -0.18-23.7 FrankTemp/Franklin A ValueI 45.25 -0.72-16.1 S&P Sel NA ... NA STIGradeAdml 9.85 -0.02 -7.3 WndsrII 36.31 -0.61-20.7 WCMFocIntlGrwIns 17.50 -0.30-36.8
NwWrldA 61.06 -1.15-29.0 CorePlusBond 8.67 -0.05-14.9 US TgdVal 25.48 -0.60-15.1 FF2040 8.47 -0.14-25.0 Growth A 107.10 -2.20-28.8 Northern Funds TSM Sel r NA ... NA STIPSIxAdm 24.19 -0.18 -3.8 VANGUARD INDEX FDS Western Asset
SmCpA 52.04 -1.00-35.0 Intl Eq 9.42 -0.16-29.6 USLgVa 37.86 -0.77-17.0 Freedom2030 K 14.21 -0.19-22.1 RisDv A 77.53 -1.10-19.7 StkIdx NA ... NA TIAA/CREF Funds TotBdAdml 9.41 -0.05-14.4 ExtndIstPl 239.40 -5.66-29.6 CorePlusBdI NA ... NA
TxExA 11.69 -0.01-12.4 LargeCapGrowth 16.65 -0.31-29.2 Dodge & Cox Idx2030InsPre 16.19 -0.22-21.5 Guggenheim Funds Tru Nuveen Cl I EqIdxInst 26.14 -0.57-23.5 TotIntBdIdxAdm 19.05 -0.09-13.1 IdxIntl 14.74 -0.21-26.6 CorePlusBdIS NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

You can help provide

adapted homes to
injured Veterans
GIVE NOW AT
HFOTUSA.ORG
.
ly
on 866.787.6677
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no

OUR MISSION
To build and donate specially adapted custom homes
nationwide for severely injured post-9/11 Veterans,
to enable them to rebuild their lives.

Homes For Our Troops is a national, publicly funded 501(c)(3) nonprofit organization that has been evaluated as one of America’s Top Rated Veterans and Military Charities.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Friday, September 30, 2022 | B11

MARKETS

Volatility Strategy Threatens Pension Funds

Enters Popularity grew after atives, he said.

New Phase financial crisis, but

approach had never
In the U.K., interest in LDI
stems at least partly from
British laws in the 1990s and
mid 2000s that set funding re-
Continued from page B1 faced big rate increases quirements to try to better
quarters of a percentage point protect pensioners. Its use
rate increase last week rapidly A pension-fund strategy dates to at least the early
gave way to days of intense that aims to reduce volatility 2000s, people in the LDI in-
selling. Yields shot upward a without lowering returns cre- dustry say.
week ago after a handful of ated the first crack in the fi- Over the past decade, LDI
global central banks aggres- nancial system after one of the has “become a core invest-

JOSE SARMENTO MATOS/BLOOMBERG NEWS

sively raised their own bench- fastest jumps in interest rates ment strategy for many pen-
mark interest rates and Japan’s in decades. sion schemes,” according to
government moved to support asset manager Schroders PLC.
its currency by selling dollars By Jean Eaglesham, Pensions and others had in-
and buying yen. Heather Gillers, Leslie vested £1.6 trillion in LDIs by
Yields got another jolt when Scism and Caitlin 2021, up from £400 billion in
the U.K. announced an unex- Ostroff 2011, data from trade group
pectedly large package of tax the Investment Association
cuts, to be funded by new bor- The Bank of England show.
rowing. That set off extreme stopped the selloff exacer- The widespread adoption of
selling in U.K. bonds that bated by heavy selling from LDI has been accompanied by
spread across borders. U.K. pension funds forced to The Bank of England stopped the selloff exacerbated by heavy selling from U.K. pension funds. higher levels of risk taking, ac-
Then on Wednesday came raise cash. cording to the U.K. pensions
the surprise intervention by the The strategy is resulting in bility stems from a strategy but it increased the strain on manager John Delaney. regulator. Its 2019 survey of
BOE, which sought to calm the more modest selling in the designed to cushion the im- the funds during the market “It’s been a very interesting 137 big U.K. pension schemes
U.K. market by saying it would U.S. as pension funds needed pact of interest-rate move- turmoil, Mr. Hatchett said. couple weeks, couple days,” found 45%, or almost half, had
delay bond sales and start pur- to increase collateral. ments. “Those moves decimated the said Mr. Delaney, whose firm increased their use of leverage
chasing longer-term U.K. gilts. Pension funds adopted the The LDI strategy is meant value of the assets backing the manages $155 billion in global in the last five years. The max-
That triggered a bond rally on so-called liability-driven in- to help pensions more effi- LDI portfolio,” he said. pension assets. imum leverage allowed by the
both sides of the Atlantic. vestment strategy, or LDI, to ciently manage their assets to The strategy was encour- U.S. corporate pension pensions ranged up to seven
By the end of Wednesday, address regulatory changes ensure they can pay future re- aged by U.K. regulators to help plans have ramped up their times, the survey found.
the yield on the benchmark 10- and help to close the gap be- tirees. Pensions use an LDI funds manage interest-rate use of derivatives over the A spokesman said the pen-
year U.S. was around 3.7%— tween assets and liabilities. manager, who buys interest- risks. A guide from the pen- past decade, analysts and pen- sion regulator is now calling
down from its intraday peak of But the strategy faltered as in- rate swaps and other financial sions regulator said the strat- sion managers said, after a on trustees of company pen-
nearly 4.02% but still up from terest rates surged and bond instruments to hedge against egy typically offers “an im- 2006 federal requirement to sions and their advisers to
about 3.5% in the hours just af- prices fell, forcing more sell- the risk that falling interest proved balance between measure their liabilities using “continue to review the resil-
ter the Fed meeting. It settled ing and driving prices still rates and rising inflation will investment risk and return but long-term corporate bond ience and liquidity of their in-
at 3.747% Thursday. lower. increase their future obliga- it does introduce additional rates. vestments, risk management
Such giant swings in yields “A vicious cycle kicks in and tions. risks.” While derivative-based LDI and funding arrangements.”
are often fueled by idiosyn- pension funds are selling and The LDI strategies also Some of the more than $1.8 strategies have become more This week’s bond meltdown

.
cratic factors, as well as eco- selling,” said Calum Macken- widely use leverage to try to trillion worth of corporate popular in the U.S., they are is the first serious financial
nomic fundamentals, investors zie, an investment partner at close the gap between what pension plans in the U.S. are “nowhere near the scale used crisis to test how LDIs per-

ly
and analysts noted. pension-fund adviser Aon PLC. they own and their future pen- also facing margin calls. in the U.K.,” said Tom McCa- form under extreme market
Before the BOE’s interven- “What you start to see is a sion promises. U.S. corporate pension rtan, a multisector portfolio conditions. The permeation of
tion, selling of government death spiral.” “A LDI manager might buy plans managed by consulting manager who manages LDI the strategy into pension
bonds took on extra momentum
as U.K. pension funds were
forced to raise cash quickly to
meet demands for collateral. In
These strategies largely
took off after the global finan-
cial crisis, so these positions
had never been tested in a pe-
on£100 of interest rate exposure
using £30 to £40 of the fund’s
assets,” said Jon Hatchett, a
partner at consulting firm Hy-
firm and insurance brokerage
Willis Towers Watson have
posted tens of millions of dol-
lars in collateral over the
strategies at Prudential Finan-
cial Inc.’s PGIM. U.S. pension
plans can acquire 30-year cor-
porate bonds and tap into
plans affecting millions of
people had largely gone unre-
marked. “The strategies have
been below the radar,” said
the other direction, bond rallies riod of rapidly rising interest mans Robertson. course of this year as bond Treasury STRIPS to accom- Peter Moizer, an accounting
us ,

can be supercharged when in- rates, Mr. Mackenzie added. That freed up assets to try prices have fallen, according plish goals that British plans professor at the U.K.’s Leeds
l

stitutional investors are forced The pension funds’ vulnera- to close pension-fund deficits to an estimate by portfolio seek to accomplish with deriv- University Business School.
e
al a

to close out bets they had made

that bond prices would fall.
Few expect the underlying
China’s CIFI SEC Fines
ci on

causes of the recent volatility

Barclays
to dissipate soon.

Struggles After
Interest rates are still much
higher in the U.S. than in much
of the developed world, such as
Over Debt
er s

Europe and Japan. That, along

with anxieties about a global
Raising Money Sale Snafu
m er

recession, are weakening a

range of currencies relative to
IMAGINECHINA/REUTERS

the dollar. BY DAVID BENOIT

That in turn is feeding infla- BY CAO LI Bid price of a CIFI 6% bond
tion in those economies, putting due in 2025 Barclays PLC agreed to pay
m rp

extra pressure on their govern- HONG KONG—Even a gov- a $200 million fine to settle
100 cents on the dollar
ments and central banks to ernment bond guarantee Securities and Exchange Com-
raise interest rates or otherwise wasn’t enough to prevent a mission charges stemming
take action to strengthen their crisis of confidence at one of 80 CIFI says China’s real-estate downturn and the pandemic brought from a flubbed debt sale ear-
currencies. Japan is a particular China’s property developers, ‘pressures to the operations.’ lier this year.
co Fo

concern for investors, who which struggled this week to The British bank had regis-
worry that its central bank will convince investors that it can 60 “unprecedented challenges” lenges created by China’s tered with the SEC to sell up
ultimately be forced to abandon repay its debt. to its cash flow in the com- real-estate industry down- to $20.8 billion in securities
its policy of keeping longer- Earlier this month, CIFI ing months. turn and the Covid-19 pan- but sold some $38.5 billion
term interest rates near zero. Holdings (Group) Co., one of 40 The developer tried to ad- demic have brought “pres- worth instead. The flub in-
That could cause Japanese bond the country’s top 20 develop- dress the reports in a regula- sures to the operations and volved the sale of structured
yields to rise, increasing their ers by contracted sales, is- 20
tory filing on Wednesday, but cashflow of the enterprises.” notes, or debt instruments
appeal to domestic investors at sued the equivalent of $167 its stock and bonAd prices It said the letter by Lin linked to an underlying refer-
the expense of U.S. bonds. million in new yuan-denomi- declined further on Thurs- Zhong, its chairman, was ence such as the S&P 500 in-
“At the core of it, those cen- nated bonds that were in- 0 day. meant for certain employees dex, and exchange-traded
tral banks have to do what the sured against default by a Feb. 2022 Sept. A CIFI dollar bond that and was only for internal cir- notes.
Fed is doing and maybe per- government-backed entity. It comes due in 2025 was re- culation. It added that the Barclays had said in July
haps a little bit more because was part of a select group of Source: Tradeweb cently bid at around 19 cents contents of the letter the mistake was going to cost
n-

their currencies are weaken- six real-estate companies to on the dollar, according to shouldn’t imply the company about £581 million, or roughly
ing,” said Thanos Bardas, take part in a pilot program bonds plummeted following Tradeweb, a deeply dis- can’t pay its debts as they $700 million, including a $200
global co-head of investment designed to help private-sec- media reports that said the tressed level that indicates come due. million provision for a likely
grade at Neuberger Berman. tor developers raise money company was having trouble investors expect the com- The company also said it fine from the SEC.
no

That is why, he added, “I and give investors assurance making payments on some of pany to default on the debt. had raised money from an Barclays had to buy the
think this volatility in the that they would get their its onshore obligations, in- The company’s shares have equity investment trust notes at the original purchase
global rates market is just not money back. cluding a trust product. The lost half their value in the product to finance a property price and also paid interest
going to go away until the Fed Days later, CIFI’s Hong reports cited an internal let- past week. development in Tianjin, a penalties.
basically stops hiking.” Kong-listed shares fell to a ter from CIFI’s chairman that CIFI said Wednesday that northern port city near Bei- A bank spokeswoman de-
Some also said the BOE’s in- low and prices of its dollar said the company could face severe difficulties and chal- jing. clined to comment.
tervention this week amounted
to only a stopgap fix for the
problems that have unnerved
investors.
The central bank has made
Beijing mists say, ensuring that if the
yuan is going to fall against
the dollar, its decline will be
the foreign-currency holdings
of the country’s banks. Selling
foreign currency and buying
been cutting interest rates in
China to underpin growth in
an economy weakened by a
reversal of direction,” econo-
mist Wei He at Gavekal Drago-
nomics said in a note to clients.
it clear that it remains commit-
ted to bringing down inflation,
which is already higher in the
Shows slow and steady. A chaotic de-
preciation would risk adding
to inflationary pressures and
yuan would push up the yuan’s
value. China’s foreign-exchange
reserves have fallen by almost
real-estate slump and the gov-
ernment’s zero-tolerance ap-
proach to Covid-19.
In Asia, China isn’t alone in
seeking to push back against
its currency’s decline against
U.K. than many other devel-
oped countries and could be
further fueled by the govern-
Restraint could unsettle households and
businesses in China’s strug-
gling economy, they say.
$200 billion since the end of
2021, though economists say
that is likely the effect of a ris-
“In China’s case, they are
one of the few central banks
where the pressure is to ease
the dollar.
Japan’s Ministry of Finance
intervened in the foreign-ex-
ment’s new tax-cut plans. “They don’t mind a gradual ing dollar weakening the dollar financial conditions rather change market by buying yen
“Asset purchases will likely Continued from page B1 depreciation,” said Heron Lim, value of holdings in other cur- than tighten them,” said Craig and selling dollars on Sept. 22
prevent yields from continuing trading at 7.1171 to the dollar an economist at Moody’s Ana- rencies, rather than a sign Botham, chief China economist for the first time since 1998.
to spike in an exaggerated fash- in evening trading Thursday in lytics in Singapore, referring China has been deploying re- at Pantheon Macroeconomics Despite Japan’s move, the yen
ion, but they won’t prevent Asia. to PBOC officials. “The pace it- serves at scale. in London. is expected to stay weak be-
yields from remaining high or China’s central bank has re- self is what is concerning,” he The yuan has held up much cause major causes of the
even go higher in the future,” sponded to the currency’s said. better against other major yen’s depreciation remain un-

11 %
Roberto Perli and Benson Dur- slide with a mix of tools honed The PBOC has more tools at currencies this year, another changed, including Japan’s
ham of Piper Sandler wrote in over years of overseeing the its disposal to prevent the sign of the unusual strength of trade deficit and the interest-
a note to clients. yuan’s care- yuan’s slide from accelerating. the dollar that is being felt in rate differential between the
CURRENCIES fully man- It could further increase the other countries, too. As of U.S. and Japan.
aged ex- cost of foreign-currency trad- Wednesday’s closing prices in Decline in China’s yuan against Bank of Japan Gov. Haruhiko
AUCTION RESULTS change rate. ing to limit bets against the New York, the dollar is up 15% the dollar this year Kuroda said Monday that the
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
Since August, the People’s yuan. It could formally rein- against the Philippines’s peso, bank would maintain ultralow
clearing yield. Rates are determined by the difference Bank of China has set a daily troduce what is known as the 20% against South Korea’s interest rates for now, and that
between that price and the face value.
reference point for the cur- countercyclical factor in its won and 26% against Japan’s the intervention by the Finance
FOUR-WEEK BILLS
Applications $129,718,456,000
rency at levels stronger than daily fixing formula, which ef- yen. The euro is down 15% Mr. Botham and other econ- Ministry was an appropriate
Accepted bids $52,621,146,000 the previous day’s closing fectively damps downward against the dollar. omists said the PBOC recog- move.
" noncompetitively $1,677,104,300 market price. In September, it pressure on the exchange rate. nizes it can’t do much to af-
" foreign noncompetitively $0
The dollar’s gains reflect Other central banks in Asia
Auction price (rate) 99.793111 cut the amount of foreign cur- The government could also the Federal Reserve’s cam- fect the Fed’s actions and might also be intervening in
(2.660%) rency banks need to hold in further tighten capital con- paign to squash inflation in other deep-seated drivers of currency markets, though such
Coupon equivalent 2.703%
Bids at clearing yield accepted 21.42% reserve and made it costlier to trols on money entering or the U.S. by raising interest the dollar’s period of strength. moves aren’t always publi-
Cusip number 912796YG8 make trades betting against leaving China, and Chinese ex- rates aggressively. That is “Since the PBOC can do little cized.
The bills, dated Oct. 4, 2022, mature on Nov. 1, 2022.
the currency. porters could be ordered to sucking in capital seeking bet- to change the fundamental “I think it is fairly wide-
EIGHT-WEEK BILLS On Wednesday, it tried yet convert any foreign-currency ter returns from around the forces driving the dollar’s spread right now, though
Applications $117,928,590,200
Accepted bids $47,358,940,200
another tack: Jawboning trad- earnings into yuan, putting world, weakening currencies gains, attempts to reverse mar- mainly for smoothing or slow-
" noncompetitively $851,356,300 ers to back off. “You will lose upward pressure on the do- and prodding many other cen- ket trends would likely fail, un- ing than outright fighting the
" foreign noncompetitively $0
Auction price (rate) 99.523222
if you keep betting,” the Peo- mestic currency. tral banks to make bigger and dermining its credibility. The trend,” said Rob Carnell, Asia-
(3.065%) ple’s Bank of China said. China’s most potent weapon speedier moves on rates to better course is probably to al- Pacific head of research at ING
Coupon equivalent 3.122%
Bids at clearing yield accepted 69.69%
The escalating response is to combat a sinking yuan is its prop up their exchange rates low the current trend to play in Singapore.
Cusip number 912796YS2 aimed at throttling back the $3 trillion war chest of foreign- and beat back inflation. out, while limiting volatility —Megumi Fujikawa in Tokyo
The bills, dated Oct. 4, 2022, mature on Nov. 29, 2022. yuan’s depreciation, econo- currency reserves, as well as The PBOC, by contrast, has and waiting for the inevitable contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

U.K. Offers a Cautionary Tale

The Bank of England’s gilt-market intervention shows investors should fear currencies, not bonds

James Carville should have the fixed term on a majority of

wished he could be the currency them isn’t longer than five years.
market. For those with two-year terms,
The famous 1994 remark by Bill current market pricing would mean
Clinton’s political adviser that he paying an extra £500 a month,
would like to be reincarnated as equivalent to $543, in September
the bond market encapsulates a 2023, Capital Economics estimates.
widespread perception that, when Investors might benefit from
currencies are left to float freely, studying the potential exchange-
soaring public debt becomes the rate impact of fiscal policies
key constraint on government more than the usual borrowing
spending. The U.K.’s budget crisis metrics. The refusal of central
shows why they are wrong. banks in open Western economies
On Wednesday, the Bank of Eng- such as the U.K., Canada and Aus-
land stepped in to stop a big selloff tralia to acknowledge the need to
in U.K. debt caused by the govern- manage their currencies in a
ment unveiling a fiscal package that worst-case scenario has left them
could cost £291 billion, equivalent with gross foreign reserves below
CHRIS J RATCLIFFE/GETTY IMAGES

to $312 billion, for little obvious 8% of their annual output. Japan,

economic gain. In a complete U-turn a free-floating but more interven-
from its plan to sell bonds in an ef- tionist nation, built a more ade-
fort to curb inflation, the central quate war chest. Even better
bank said it would instead buy long- would be to establish clear rules
dated gilts. Yields quickly dropped. so that currency-swap lines with
There is nothing new about this the Federal Reserve, which have
intervention. The BOE was created been regularly deployed to save
in 1694 to finance a war against banks from dollar illiquidity,
France, and managing public debt Fears of an unstoppable slide in the pound seem overblown given the U.K.’s economy and widely owned currency. could be used to end excessive
has been a core job of all central depreciations too.
banks since. be impossible to set interest rates true vulnerability lies: its currency. soft under this system, but they To be sure, the U.K. is a large

.
As much as central bankers re- for households and businesses. After President Nixon killed the still exist—a harsh reality that economy with deep capital mar-
fuse to admit it openly, they must Budding “bond vigilantes” Bretton Woods system of pegged Turkey experienced in recent kets and a widely owned currency,

ly
intervene whenever sovereign-bond shouldn’t make the mistake of currencies in 1971, the world slowly years. A falling currency raises the giving it much more room for ma-
yields get out of whack with inter- thinking they can bet against a embraced floating exchange rates. cost of imports, a big issue during neuver than a nation like Turkey.
est rates. It is what UWE Bristol central bank that can buy an infi- For rich nations, these have been today’s energy crisis, and can lead Fears of an unstoppable slide in
Professor Daniela Gabor dubbed
“prudential monetary financing”:
The BOE acted because bond vola-
tility risked torpedoing Britain’s
on
nite amount of debt. Yet, despite
the BOE’s announcement, shorter-
maturity yields remain quite high.
Why? Mostly because officials
successful shock absorbers, prevent-
ing traditional balance-of-payments
crises in moments of turmoil such
as the Brexit referendum in 2016.
to inflationary spirals that make it
hard to predict how high rates
need to go. Many British banks
pulled mortgage products this
the pound seem overblown. But
that doesn’t mean its sovereignty
is unlimited. What the Bank of
England’s actions have again
pension-fund industry, which heavily implied that, even if the Even today’s big currency deprecia- week, fearing they wouldn’t be shown is that the limits the U.K.
us ,

matches its long-term liabilities market absorbs the bonds neces- tions in emerging economies such able to hedge them properly. must observe have less to do with
l

with long-maturity debt and deriva- sary to fund Britain’s borrowing as South Korea are proving far less Raising rates to defend the ex- its own bond markets than with
e
al a

tives. The haven role of government binge, rates will need to rise faster damaging than they were during the change rate can push an economy the price others are prepared to
paper means its stability must be to stop the recent fall in sterling. 1997 Asian financial crisis. into a deep recession. While 83% of pay for its money.
preserved at all costs, or it would This shows where a country’s Constraints for governments are U.K. mortgages have fixed rates, —Jon Sindreu
ci on

The U.S. Is Making a Bottom-Up Recovery

er s
m er

Low-income households are bouncing back better Median monthly wage growth Inflation-adjusted change in labor 2019. Similarly, Bank of America
by wage quartile, 12-month income for working-age adults economists find that savings and
from the Covid-19 crisis than more-affluent ones moving average from December 2019 to July 2022, checking account balances among
by income quartile their bank’s customers remained
m rp

Rising prices are cutting spend- wages for lower-income people 8% elevated as of August, writing that
ing power, interest rates are pushing started rising at a faster clip than Lowest the “largest proportionate in-
higher and a growing list of compa- for people with higher incomes—a Second Top quartile 5.0% creases in median savings and
nies is warning a recession may marked contrast from the years fol- 6 Third checking balances are seen in
loom. Yet poor and working-class lowing the 2008 financial crisis, Top lower income households.”
co Fo

Americans appear to be not only when wage growth at lower income Third quartile 4.3 No group is monolithic. Al-
holding their own in this environ- levels was moribund. 4 though the overall finances of the
ment, but perhaps doing better. The better wage growth has poor and working class appear to
In the context of the widening made it easier for lower-income have improved greatly over the
income and wealth gaps that have workers to keep up with inflation. Second quartile 6.9 course of the pandemic, some are
2
characterized the country since Labor Department information certainly worse off.
the 1980s, it is a remarkable devel- shows that for a worker at the up- People who aren’t employed ha-
opment, underscoring how the per limit of the bottom 10% by in- Bottom quartile 12.8 ven’t benefited from the wage
0
Covid-19 pandemic disrupted in- come, typical weekly earnings in gains that many lower-income
grained economic patterns. If it the second quarter were 9% higher 2019 ’20 ’21 ’22 workers have received, for exam-
persists—a big if—it could have than they were a year earlier, and Sources: Federal Reserve Bank of Atlanta (wage growth); Blanchet, Saez and Zucman (labor income) ple, while still limited savings buf-
long-lasting consequences. 17.1% higher than in the fourth fers leave many poor people an ac-
Recessions are bad for most quarter of 2019. That outpaces July, average labor income among rose by 15.6%. Slicing things a dif- cident or illness away from
n-

people, but they tend to hit the gains of 8.6% and 13.2% in the La- working-age adults in the bottom ferent way and tapping a separate financial ruin.
poor and working class hardest. bor Department’s measure of con- income quartile was up by 12.8% source of data, Federal Reserve The Fed’s efforts to slow the
Lacking the financial resources to sumer prices over the same re- from December 2019, after adjust- figures released last week showed economy—particularly if those
ride out a downturn and often spective periods. ing for inflation. Those in the top that net worth within households measures bring on a recession—
no

among the first to get fired and Similarly, a wage tracker devel- quartile saw a slimmer gain, of 5%. in the bottom half by net worth could easily sweep away the gains
last to get rehired, poorer people oped by the Federal Reserve Bank Those income gains, in turn, was 123% higher at the end of the the poor have made.
often need years to get their heads of Atlanta shows the 12-month have enabled poorer people to second quarter from the fourth But by the same token, better
above water. moving average of annualized hang on to much of the wealth quarter of 2019, versus a 22% gain household finances would make it
The Covid-19 crisis was different. monthly wage growth for workers that has accrued to them during for the top decile. easier for the poor to weather any
First, several rounds of government in the bottom quartile by income the pandemic. Messrs. Blanchet, Cash balances have fallen from downturn. And meanwhile, while
relief buoyed household finances. was 7.3% as of last month. That Saez and Zucman estimate infla- their pandemic peaks, but still ap- rising prices might lead them to
This was especially true for poorer compares with 4% for workers in tion-adjusted wealth for those in pear elevated. The Fed’s figures spend more carefully—nobody
households, for whom the level of the top quartile. A wealth and in- the bottom half by income is now show cash and cash equivalents likes to see his or her savings
payments, relative to income and come-inequality data set devel- 162% higher than in December among those in the bottom half by drained away—a sudden curtail-
wealth, was more meaningful. Sec- oped by economists Thomas 2019. Wealth among those in the net worth were 2.1% lower in the ment of spending might not be in
ond, as the economy bounced back Blanchet, Emmanuel Saez and Ga- top 10%, who have more of their second quarter than the first, but the cards.
and employers struggled to hire, briel Zucman shows that, as of money tied up in the stock market, up 49% from the fourth quarter of —Justin Lahart

Bed Bath & Beyond Needs a Miracle

After a grim series of events, yond has taken to improve the to see same-store sales decline
Bed Bath & Beyond needs nothing business. The company on Aug. 31 through its holiday quarter, ac-
less than a holiday miracle. The announced a strategy that includes cording to analysts polled by Visi-
MATTHEW HATCHER/BLOOMBERG NEWS

question is: Who will deliver it? a sharp pivot away from selling ble Alpha.
Perhaps not the customers. Bed private-label products to popular While the company bought itself
Bath & Beyond’s latest quarter was national brands such as Calphalon, some time by raising fresh debt
as cheerless as the company previ- closure of less productive stores last month, how much more time
ously telegraphed. The company’s and operational cost cuts. it can buy depends in part on the
same-store sales declined 26% in Even so, commentary on that continued affection of individual
its quarter ended Aug. 27 com- progress was opaque. Ms. Gove investors. Bed Bath & Beyond filed
pared with a year earlier, in line merely said there were “positive a shelf registration a month ago to
with the previous update. Even the sales trends” in seasonal catego- sell up to 12 million shares and
normally outperforming buybuy ries and national brands where in- has sold 3 million shares so far for
Baby banner saw same-store sales stock positions and visual mer- proceeds of roughly $30 million. The company bought itself some time by raising fresh debt in August.
decline by a high-teens percentage chandising have improved. It is Promisingly for the company,
compared with a year earlier. Net unclear, however, how many prod- individual investors seem to have the August outlier, according to price, Bed Bath’s remaining share-
loss was $366.2 million, nearly ucts fall into those specific catego- remained interested in it even af- data from Vanda Research. Oppor- sale authorization of 9 million
three times the number Wall ries. Other comments were more ter meme-stock whisperer and tunistic share sales have worked shares would bring in less than
Street analysts had penciled in. telling. The company said, for ex- GameStop Chairman Ryan Cohen for other meme stocks in the past, $60 million in proceeds.
The company maintained its out- ample, that it expects operating sold off his entire stake in Bed including AMC Entertainment To thrive in the meme-stock
look for the full fiscal year ending cash flow to be at break-even in Bath & Beyond for a large gain in Holdings. Ironically, it was exactly universe, a company needs to be a
next February, still expecting com- the holiday quarter, a period that August. In September, individual during the meme-stock mania of full-throated participant and ex-
parable-store sales to decline has traditionally been cash-flow investors bought up roughly $12 2021—the one that helped AMC tremely lucky with timing. With
roughly 20%. positive. Even if Bed Bath & Be- million of Bed Bath & Beyond sell stock at high prices—that Bed Bath & Beyond not meeting ei-
Interim Chief Executive Sue yond does everything right, de- shares, far below their record forced Bed Bath & Beyond to buy ther of those criteria, its future
Gove stressed on Thursday’s call mand remains weak for kitchen $340 million of net purchases in its own shares at suddenly ele- will depend on more earthbound
that last quarter’s results don’t yet and home goods. TJX Cos.’ highfly- August, but in line with the year- vated prices. Talk about bad tim- factors like selling enough holiday
reflect the changes Bed Bath & Be- ing HomeGoods itself is expected to-date monthly average excluding ing. At today’s depressed share goods. —Jinjoo Lee
 MANSION
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

$50 Million $20.56

Beaux-Arts Million
townhouse in A condo sells for
N.Y.C. sells in all- a hefty price in
cash deal. M2 Chicago. M10

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, September 30, 2022 | M1

HIDDEN OFFICE
The 530-sq.-ft. room
has a 12-ft.-high ceiling,
with model airplanes
hanging from it and leads
to a terrace that can’t be
seen from the home’s
exterior.

FROM TOP, CLOCKWISE: JOEL DANTO (2); BLAKE RING; ADRIAN VAN ANZ; SCOTT WINTROW/DOUGLAS ELLIMAN REALTY (NYC)
.
ly
on
us ,

Secret Spaces
l
e
al a
ci on
er s

From moving bookshelves to concealed staircases, $200,000

m er

hidden rooms are seeing a resurgence among homeowners Cost of custom

motorized doors
who want to feel like kids again
m rp

BY SARAH PAYNTER ized bookshelf swings open to re-

veal a roughly 530-square-foot of-

I
n the 1946 Hardy Boys fice where Mr. Ring worked, Mrs.
co Fo

novel “The Secret Panel,” Ring said.

fictional child-sleuths Frank Her husband built the secret
and Joe Hardy discover a room with “the excitement of a
hidden room behind a se- little boy,” said Mrs. Ring, 70.
cret door in a mysterious mansion. Hidden rooms have been built
The late James Ring, one of the into homes for centuries, whether
countless young Hardy Boys en- for hiding valuables or avoiding
thusiasts enthralled by the book, persecution. But they have seen a
grew up to be a real-estate devel- resurgence in recent years, as ex-
oper. While building his own amples on the internet rekindle
home in Calabasas, Calif., in 2008, widespread nostalgia for the ame-
his memories of the book inspired nity, said California-based archi-
n-

him to create a secret room in the tect Todd Mather, who has de-
house, said his widow, Raina Ring. signed several secret doors for
On a bookshelf containing the clients. Sometimes these con-
original Hardy Boys series, a Mr. cealed spaces are built for safety
no

Raina Ring and the late James Ring, at right, are pictured in 2018. Behind Magoo doll covers a secret button. or aesthetics, but often it’s “just
a bookshelf in their home is a secret room that Mr. Ring used as an office. Press the button, and the motor- Please turn to page M6

Gilded-Age Living
In Washington, D.C.

Connoisseurs can spend

their lifetime collecting.
Finding a dream home
won’t take nearly as long.
No matter what your collectibles comprise,
a network Forever Agent℠ is here to help
TOWNSEND VISUALS

you find the perfect property. Explore

our collection of luxury residences at
BerkshireHathawayHS.com

For Life

This circa-1905 Georgian Revival housed a progressive

foundation. Now it’s listed as a single-family home. Our franchise network represents some of the finest residences in the
United States, Canada, Mexico, Europe, Middle East, India and The Bahamas.

BY CANDACE TAYLOR D.C. The early-1900s houses likes of Bill Gates and
had been a museum, but Ivanka Trump.
IN 2016, AMAZON’S Jeff Mr. Bezos converted them Now another one of the
Bezos paid $23 million for into a massive home, where city’s grand historic man- Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices
two side-by-side historic he has since thrown glitter- sions is hoping to follow symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity.

mansions in Washington, ing parties attended by the Please turn to page M4

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

M2 | Friday, September 30, 2022 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

London-Based Businessman Pays Cash

For Mansion in New York City
One of New York City’s Gilded
Age mansions has sold for the
first time in 76 years in a $50 mil- The mansion was first listed in 2017.
lion, all-cash deal, said listing
agent Tristan Harper of Douglas
Elliman.
The Beaux-Arts mansion—once
owned by a member of the Van-
derbilt family and more recently
occupied by the Permanent Mis-
sion of Serbia to the United Na-
tions—was listed for $50 million,
and had been on and off the mar-
ket for years. The sellers are a
group of five European countries
that inherited the property after
the fall of Yugoslavia in the 1990s,
records show.
Mr. Harper said the buyer is a
London-based businessman who
plans to use it as a pied-à-terre.
“The buyer never stepped foot in
the building, everything was done
through his representatives,” he
said.
The buyer was represented by

SCOTT WINTROW/DOUGLAS ELLIMAN REALTY

Nikki Field of Sotheby’s Interna-
tional Realty, who declined to
identify her client.
Mr. Harper said the sale was an
exercise in international diplomacy,
requiring the cooperation of multi-
ple European countries who were
sometimes at odds politically.

.
Located on Fifth Avenue, the

ly
mansion spans about 20,000
square feet, according to the list-
ing. Designed around 1905 by War- states—Slovenia, Croatia, Bosnia Mr. Harper said the Fifth Ave- Cold War. their options. Meanwhile, the of-
ren & Wetmore, the architecture
firm behind Grand Cen-
tral Terminal, the house
was later purchased by
SOLD
and Herzegovina, North Macedo-
nia and Serbia—who
agreed to distribute Yu-
goslavia’s assets under
on nue mansion, which has a copper
mansard roof, is a “crown jewel” of
the former Yugoslavian portfolio.
The entry hall, with 34-foot-
The mansion was first listed for
$50 million in 2017, and Mr.
Harper said he immediately got
two full-price offers. “That Sunday
fers dissipated.
The mansion was on and off
the market for the next several
years.
$50
us ,

Emily Vanderbilt White, a an agreement signed in high ceilings, has a bronze-framed morning, I received two calls on In June 2021, Mr. Harper said
granddaughter of Corne- the early aughts, accord- skylight and grand staircase. The my cell from two billionaires from the sellers received an all-cash of-
l

MILLION ing to U.N. documents.

e
lius Vanderbilt, according living room, directly facing Cen- the Forbes list,” he said. “Then we fer to buy the mansion for $50
al a

to documents filed with 20,000 sq. ft., The group also sold a co- tral Park, is about 28 feet by 28 got stuck in bureaucracy.” million. This time the countries
New York City’s Land- entry with op at 730 Park Avenue feet with a soaring coffered ceil- Under terms of the U.N. agree- came to a consensus, he said.
ci on

marks Preservation Com- 34-ft.-high for more than $12 million ing. A room on the first floor is ment, all of the countries had to Ms. Field said her client, who
mission. Her estate sold ceilings in 2018, records show. covered in hand-painted gold agree on the sale. They also in- has a portfolio of real estate
it to the Yugoslavian gov- “While being a commu- leaf. There is a 1980s-era Faraday sisted on being in the same room around the world, will work with
ernment in 1946. nist, Tito had very good taste in cage, or metal container that for document signings, Mr. Harper restorationists and period archi-
After Yugoslavia dissolved dur- real estate,” Mr. Harper said of blocks electromagnetic signals, said. Negotiations dragged on for tects to bring the Fifth Avenue
er s

ing the 1990s, the mansion was former Yugoslavian leader Josip which diplomats used to make nine weeks as lawmakers held home back to its former glory.
inherited by five successor Broz Tito. private phone calls during the government sessions to consider —E.B. Solomont
m er
m rp

East of Central Park, or West? Purchase price in 2010: $10.5 million

co Fo

875 Park Avenue

14 RM | 5 BD | 5 FULL BA | 2 HALF BA
Upper East Side | $13,750,000

This dazzling and sophisticated

home is the perfect backdrop
for grand-scale entertaining and
comfortable living. The expansive
5,700 square-foot residence has
n-

gracious rooms, exceptional natural

light, and was designed with the
utmost attention to detail.
no

Wendy Greenbaum
Licensed Associate Real Estate Broker
KA DESIGNWORKS

wgreenbaum@cbwarburg.com

1 West 72nd Street

7 RM | 3 BD | 2 FULL BA | 2 HALF BA
In Colorado, an Estate
Upper West Side | $9,500,000

Meticulously restored, three-

Sells in One of Aspen’s
bedroom apartment at The Dakota
beaming with historic charm and
character, five wood-burning
Priciest-Ever Deals
fireplaces, soaring 14-foot ceilings,
and countless features that cater to An Aspen mansion has fitness club, which they $10.5 million in 2010, re-
modern living. sold for $69 million in one plan to revamp as a roughly cords show. The property
of the priciest-ever residen- 144,000-square-foot hospi- had previously been owned
tial sales in the Colorado tality, culinary, fitness, for years by the Little Star
vacation destination. health and wellness venue, Foundation, a nonprofit
Known as Silver Lining according to the spokes- which operated it as a re-
Ranch, the property spans woman. treat for terminally ill chil-
Annie Cion Gruenberger more than 6 acres along the Meriwether and dren.
Licensed Associate Real Estate Broker Roaring Fork River. The Revere plan to SOLD The most ex-
agruenberger@cbwarburg.com sellers were John and Eliza- rent out Silver pensive deal ever
beth Burgess, records show.
Mr. Burgess is a co-founder
Lining Ranch on a
nightly basis to
$69 closed in Aspen

of BC Partners, a British complement the

MILLION was the 2021 sale
of a mansion over-
6 acres,
private-equity firm. He de- revitalization of looking the city’s
Upper East Side house with
clined to comment. the club, according downtown area,
10 bedrooms
654 Madison Avenue The buyers are two real- to their spokes- which was sold by
New York, NY 10065 estate companies: Colo- woman, who noted Lewis A. Sanders,
212-439-4500 rado’s Meriwether Compa- that the property has a founder and chief executive
nies and Texas-based short-term rental license. of New York investment
cbwarburg.com Revere Capital, according to Silver Lining Ranch has a firm Sanders Capital, for
a spokeswoman for the roughly 18,000-square-foot, $72.5 million. The pur-
The property information herein is derived from various sources that may include, but not be limited to, county records and the REBNY’s Residential Listing Service, and it may include
approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Real estate agents affiliated with companies. The two firms three-story house with 10 chaser was Patrick Dovigi, a
Coldwell Banker Warburg are independent contractor sales associates, not employees. ©2022 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos
are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company-owned offices which are owned by a subsidiary of Anywhere Advisors LLC
are among the companies bedrooms, according to retired Canadian profes-
and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. behind the recent acquisi- Meriwether. sional hockey player turned
tion of the nearby Aspen The Burgesses bought entrepreneur.
Club, a storied tennis and Silver Lining Ranch for —Katherine Clarke
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, September 30, 2022 | M3

PRIVATE PROPERTIES
doors open to the backyard,
which has a large outdoor swim-
ming pool, Mr. Matz said.
A spokesperson for Mr. Carter
couldn’t be reached to comment.
Mr. Carter, who originally hails
from New Orleans, has long had
real-estate holdings in Miami. Be-
fore this house, he owned another
Miami Beach property with a
rooftop skate park and a shark la-
goon, which he sold for $10 mil-
lion in 2017.
Mr. Matz said he believes there
is still a strong demand for move-
in ready homes like this one in the
Miami area, despite a recent de-
cline in the luxury market. He said
he sold the home next door for
$16.5 million in January, and the
buyers plan to tear it down and
build something new from
scratch.
Mr. Carter re-
cently announced
plans to release
the latest install-
ment of his long-
running “Carter”
album series.
—Katherine Clarke

Rapper Lil Wayne

Lists House
In Miami Beach

LEGENDARY PRODUCTIONS (2); BENNETT/GETTY IMAGES (LIL WAYNE)

.
The rapper Lil Wayne is listing Island, a roughly 35-acre island in

ly
his contemporary home in Miami Biscayne Bay. Connected to the
Beach, Fla., for $29.5 million. mainland by bridge, the island is
The rapper, whose known for its luxury
real name is Dwayne Mi-
chael Carter Jr., pur-
chased the waterfront
FOR SALE homes, Mr. Matz said.

$29.5
Built in 2017, Mr.
Carter’s house spans
on
home for $16.75 million
MILLION roughly 10,600 square
us ,

in 2018, property re- feet with seven bed-

10,600 sq. ft.,
cords show. His listing rooms. Other features
l

7 bedrooms
e
agent, Cyril Matz of include a movie theater
al a

Douglas Elliman, de- with suede wall cover-

clined to comment on why the ings, an elaborate mahogany-clad
ci on

musician is selling. entryway, and a great room with

Purchase price in 2018: $16.75 million
The home is located on Allison 22-foot-high ceilings. Sliding
er s

Patrick Duffy of ‘Dallas’ Puts Ranch on the Market

m er

Former “Dallas” star Patrick contains a hot tub overlooking

Duffy is putting his roughly 390- the river, a structure for an in-
m rp

acre Oregon ranch on the market door lap pool, and a wine cellar
for $14 million. built into the
The property sits along the FOR SALE side of a moun-

$14
Rogue River outside the city of tain, all within
Medford in southern Oregon, ac- walking dis-
co Fo

cording to Alan DeVries of So- tance of each and Ms. Rosser used the ranch as
theby’s International Realty, who MILLION other. a family getaway from their pri-
has the listing with colleague 390 acres, As they pur- mary home in Los Angeles. Then
Matt Cook. hot tub, chased adjacent in the early 2000s, when their
Mr. Duffy, 73, said he bought indoor pool properties over children went off to college, they
APEX VIDEO TOURS & GARY NOLAN (2)

the first roughly 130 acres of the the years, they decided to move there full time.
property in 1990 for roughly $1.5 acquired eight more houses and Ms. Rosser died in 2017, and
million with his late wife, Carlyn several pastures that are rented Mr. Duffy said he plans to move
Land cost: $4.5 million
Rosser. The couple spent roughly out to local ranchers. One of the full time to either California or
two decades and about $3 million homes was demolished, six are Colorado. He will keep a few par-
buying surrounding properties early 2000s. art collection. They converted a rented to tenants, and one is used cels of land that aren’t attached
when they went up for sale, said The main house has four bed- caretaker’s cottage into a one- as the ranch manager’s house, ac- to the main ranch, according to
n-

the actor, who has made the rooms, and connects to a gallery bedroom guesthouse with a loft. cording to Mr. Duffy. Mr. DeVries.
ranch his primary home since the where the couple displayed their They also added a building that For roughly a decade, Mr. Duffy — Libertina Brandt
no

C H R I S T I A N A NG L E LUXURY
R E A L E S TAT E REAL ESTATE
DESERVES A
LUXURY AUCTION ®

Explore Your
Membership       !
             
      !"!# $%& '     
Previously
$1 1 .5 m
Now Selling...
WITHOUT RESERVE

Your WSJ membership doesn’t stop         (  )        Grand Cayman, CYM Oct 7
here. Visit our digital product showcase                 OCEANFRONT ESTATE ON 2 .4 ACRES
to explore, download and sign up for " #$ % &  ' ! (  
more of what you’re entitled to.

G E T S TA R T E D
WSJ.com/beneits

Previously Now Selling...

$4.2 m WITHOUT RESERVE

Ponte Vedra Beach, FL Oct 21

LUXE ESTATE JUST STEPS TO THE BEACH
  

)))(*  
  +1 800.262 .5132 PLATINUMLUXURYAUCTIONS.COM
                          
© 2022 Dow Jones & Company, Inc. All rights reserved. 2DJ8674                             
              Refer to PlatinumLuxuryAuctions.com for relevant disclaimers and brokerage information for these luxury auction® properties.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M4 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

MANSION

Living in the FOR SALE

Gilded Age $14.5
Continued from page M1 MILLION
suit. 16,500 sq. ft.,
Jewett House, a circa-1905 8-ft. wide curving
Georgian Revival mansion that staircase
has been used for decades as the
headquarters of the progressive
Bauman Foundation, is listing for
$14.5 million. Spanning about
16,500 square feet, the property is
the most expensive home on the
market in the city, according to
listing agent Michael Rankin of
TTR Sotheby’s International Re-
alty. And while the vast majority
of large-scale Gilded Age man-
sions in D.C.—and across the
country—are now used as com-
mercial or institutional space,
Jewett House is being marketed
as a single-family home.
“This house would be a perfect
one for Bezos,” said John Lan-
drum Bryant, vice president of the
Bauman Foundation. Or, since Mr.
Bezos already owns in D.C., an
ideal buyer would be the mogul’s
ex-wife, philanthropist MacKenzie
Scott, he said.
Mr. Bryant knows a thing or
two about the housing prefer-
ences of the elite. Aside from be-
ing married to real-estate heiress
Patricia Bauman, whose father, Li-
onel Bauman, launched the foun-
dation, he carries the title of
prince of Monteagudo, a town in
Spain, and goes by Prince John. To build the house in

.
The free-standing home on the 1905 cost $70,000, or

ly
border of the Dupont Circle and roughly $2.35 million
Kalorama neighborhoods was in today’s dollars.
built for Major R. Dickinson Jew-
ett, with an annex added years
later, Prince John said. The foun-
dation had been based in the
brick and limestone building since
on
us ,

the early 1990s, he said, leasing

office space at below-market rates
l
e
to other nonprofit organizations.
al a

When Jewett House was built,

the neighborhood was far differ-
ci on

ent than it is today, said Stephen

Hansen, a historian and author of
“A History of Dupont Circle: Cen-
ter of High Society in the Capital.” Jewett House was in disrepair
With the advent of the Gilded Age when they bought it, Prince John
er s

around the 1880s, wealthy new- said, but retained details such as
comers started building lavish an 8-foot-wide curving staircase
m er

mansions in the Dupont Circle and mahogany pocket doors in the

area as a way of showing off their dining room. The foundation
riches, Mr. Hansen said. At the spent about $2 million renovating
time, “Dupont was basically the and restoring the building, said
m rp

center of high society in Washing- Prince John. The house had nine
ton,” he said, with residents in- or 10 bedrooms, he estimated, but
cluding inventor Alexander Gra- it is now configured with 38 of-
ham Bell and Marshall Field & fices and five conference rooms.
Company co-founder Levi Leiter. There are 10 bathrooms, five
co Fo

The owners of these grand homes kitchenettes and an elevator.

came for the social season—which Despite some changes to its
started when Congress recon- In 1955, the original layout, the building still
vened in November and lasted un- late heiress feels like a house, said Mr.
til just before Easter. “In Dupont Marjorie Rankin. The foyer, dining room
Circle in the season, it was just Merriweather and drawing room are intact, and
one big party,” Mr. Hansen said. Post, left, while some of the bedrooms have
The early 1900s, when Jewett helped the Boy been divided for use as offices, he
House was built, were the twilight Scouts of said, “you could easily see them
of the Gilded Age, he said, which America buy being bedrooms.” Mr. Rankin esti-
could explain the home’s rela- Jewett House. mated that it would cost about
tively restrained Georgian style Patricia $500,000 to return the building
n-

and its size. At 16,500 square feet, Bauman and to residential use.
it is huge by contemporary stan- John Landrum The Bauman Foundation is sell-
dards, but somewhat diminutive Bryant, above, ing because “it was time to down-
compared with many nearby paid $2.1 size,” Prince John said. The cou-
no

homes, Mr. Hansen said. million for the ple have sold their home in D.C.
Designed by architects Marsh & house in 1993. and relocated to New York, where
TOWNSEND VISUALS (5); PATRICIA BAUMAN & JOHN LANDRUM BRYANT (MILAD BADER); EVERETT COLLECTION (POST); THE AMERICAN ARCHITECT AND BUILDING NEWS (HISTORICAL)

Peter, the home has three stories, they are operating the foundation
14 dormer windows, a clay tile Elise Jewett, had a large family Then in 1955, the Boy Scouts of house, Mr. Speck said. It is not from their apartment.
roof and detailed chimneys, Mr. and owned multiple properties in America purchased the building clear what they paid in total. It is extremely rare for historic
Rankin said. A 1906 article in the D.C. and in Upper Nyack, N.Y., ac- with help from the late socialite The Boy Scouts sold the build- homes of this size to come on the
Washington Times put the cost of cording to court documents filed and heiress Marjorie Merri- ing in 1974, according to property market in D.C., Mr. Rankin said. In
building the home at over in connection with the settlement weather Post, according to Jason records, and the Bauman Founda- 2007, an 1810 Federal-style man-
$70,000, or roughly $2.35 million of Mrs. Jewett’s estate. Speck, head of archives and spe- tion bought it for $2.1 million in sion in Georgetown sold for
in today’s dollars. As the fortunes of the Gilded cial collections at Hillwood, a for- 1993, records show. $23.96 million, according to prop-
Major Jewett was a prominent Age were decimated by income mer home of Ms. Post’s that is Besides his role in the founda- erty records. Another mansion,
lawyer who died in 1917, according taxes in the early 20th century, the now a museum. Ms. Post was a tion, Prince John, 84, is a jewelry Evermay, built around 1800, was
to the Jewett Family of America, a mansions of Dupont Circle were friend of Mortimer Schiff, a major designer by trade; Ms. Bauman, purchased for $22 million in 2011
genealogical group. He served in sold, Mr. Hansen said. The area figure in early Boy Scouts history, 80, is the foundation’s president by biotech executives Sachiko
the National Guard and practiced became a historic district in 1976. and donated land and money to and co-director. For years the cou- Kuno and Ryuji Ueno, who use it
law in New York City and D.C. Jewett House was sold after the organization throughout her ple lived in a large home within to house their nonprofit organiza-
Major Jewett and his wife, Mrs. Jewett died in 1946. life. She gave $50,000 toward the walking distance of Jewett House. tion, S&R Evermay.

Estimated cost to return the building Cost of renovation:

to residential use: $500,000 $2 million
During the
renovation, the
foundation left
most of the
original
ceilings, doors
and hinges.
Fireplaces
remain in many
rooms, and
while they
have been
closed, they
could be re-
opened.
‘Everything
was done to
connect to the
original house,’
John Landrum
Bryant says,.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, September 30, 2022 | M4A

Virtually Staged

22 E 88th St, PHD, NY • 2BD 2BA • $5,500,000 224 E 68th St, NY • 5BD 5.5BA • $5,250,000 1016 Fifth Ave, 8B, NY • 3BD 3.5BA • $4,995,000 870 UN Plaza, PH37/38A, NY • $4,750,000
PH w wrap-around terrs & vus of CP & Reservoir. Prime 18’ wide 2 fam brownstone. Stunning block. Pristine w high ceils & generous layout. LR w fpl. 5BD 5.5BA duplex PH w views of city & East River.
D. Di Lorenzo • dennis.dilorenzo@compass.com Eland Blumenfeld Team • celand@compass.com Kirk Henckels • kirk.henckels@compass.com Kyle Blackmon • kblackmon@compass.com

Virtually Staged

7 Arlington Pl, Bklyn, NY • 4BD 4.5BA • $4,500,000 465 Park Ave, 25EW, NY • $3,850,000 1133 Park Ave, 12W, NY • 4BD 3BA • $3,500,000 650 Park Ave, 10D, NY • 2BD 2.5BA • $3,250,000
20’ wide brownstone TH with garden & rooftop. Blank canvas space ready to renovate. Sun, views & loc on a hi floor in FS pre-war co-op. Sunny crnr, open Park Ave vus. White glove co-op.
Josh Doyle • josh.doyle@compass.com Kyle Blackmon • kblackmon@compass.com E. Fishman • elizabeth.fishman@compass.com M. Schwartz • mercedes.schwartz@compass.com

.
ly
on
us ,
l
e
al a

136 E 79th St, 1W, NY • 2BD 3BA • $1,395,000 345 E 57th St, 8D, NY • 2BD 2BA • $1,395,000 20 Pine St, 410, NY • Alcove 1BA • $1,100,000 305 E 24th St, 3P, NY • 2BD 1BA • $1,050,000
Rarely avail offers the privacy of a TH in FS bldg. Renovated & sunny Sutton Place pre-war co-op. Lrg & sunny 1,044 SF mod condo loft in Fin’l Dist. Sunny renov, crown moldings, treetop vus. FS, gar.
ci on

Melissa R. Kaiser • melissa.kaiser@compass.com Pamela D’Arc • pamela.darc@compass.com C. Miller Martin • christine.martin@compass.com Cornelia V. • cornelia.vanamburg@compass.com

Manhattan Manhattan Manhattan Bklyn + Qns + Manhattan

er s

21 E 79th St, 9 | 4 BD 3 BA 1 HB | $12,950,000 129 E 69th St, 8C | 3 BD 2 BA | $3,750,000 140 W 69th St, PH11 | 1 BD 2 BA | $1,750,000 7220 17th Ave | 3 BD 2 BA 1 HB | $1,680,000
m er

Open & airy, full flr, views of CP & NYC skyline. Renovated pre-war 7 room, 4 expos w light & vus. Lincoln Center PH duplex w terr. Light & city vus. Bensonhurst all brick multi-fam, 2,024 SF. Bsmt.
Alexa Lambert • alexa.lambert@compass.com Deanna Lloyd • deanna.lloyd@compass.com Laurie Stolowitz • laurie.stolowitz@compass.com Roseanne D. • rdegliuomini@compass.com

54 E 66th St. | 7 BD 7.5 BA 5,580 SF | $12,900,000 50 E 79th St, 9E | 4 BD 3 BA | $3,250,000 310 WEA, 8C | 2 BD 1 BA 1 HB | $1,695,000 243 8th St, 2R | 2 BD 2 BA | $1,350,000
m rp

20’ wide brownstone w terr, garden & priv garage. Sunny, converted 4 in luxury FS post-war co-op. Bright & modern corner pre-war gem in FS co-op. Light-filled Park Slope condo w private backyard.
Eland Blumenfeld Team • celand@compass.com Jennifer Bowden • jbowden@compass.com Eland Blumenfeld Team • celand@compass.com Amy Bonomi • amy.bonomi@compass.com

12 E 88th St, 10B | 5 BD 5 BA 1 HB | $11,250,000 27 W 72nd St, 611 | 2 BD 2 BA 1 HB | $2,995,000 425 E 63rd St, WPHC | 1 BD 1.5 BA | $1,295,000 4-74 48th Ave, 21AB | 3 BD 2 BA | $1,250,000
Mint condo with stunning pre-war details. Mint full service pre-war condo, spacious & open. Unobstructed southern views from 350 SF terrace. Sprawling LIC condo w city vus. Gantry State Pk.
co Fo

Nicole Heffner • nicole.heffner@compass.com Stacey Bradie • stacey.bradie@compass.com Robert Faust • robert.faust@compass.com M. Cashman • maryellen.cashman@compass.com

443 Greenwich St | 3 BD 3 BA 1 HB | $10,500,000 213 W 138th St | 4 BD 2 BA 1 HB | $2,850,000 345 E 50th St, 3D | 1 BD 1.5 BA 1,003 SF | $1,195,000 735 Dean St, 2B | 1 BD 1 BA | $1,250,000
Light-filled Tribeca condo loft in ultra lux bldg. Strivers’ Row 4-sty 1 fam TH with cellar & parking. Duplex condo with priv outdoor space. 24hr drmn. Stunning Prospect Hts condo with outdoor space.
Pamela D’Arc • pamela.darc@compass.com John Barbato • john.barbato@compass.com Laurie Stolowitz • laurie.stolowitz@compass.com Brad Bateman • brad.bateman@compass.com

109 E 64th St | 6 BD 6 BA 1 HB | $9,950,000 333 E 68th St, 7D8D | 4 BD 4 BA | $2,825,000 605 Park Ave, 5D | 1 BD 1 BA | $1,195,000 1357 E 26th St | 3 BD 3 BA 1 HB | $1,175,000
Elegant 20’ wide 5 story brick TH with basement. Create a stunning duplex in FS UES pre-war. Spacious w dining alcove. Renov kit & bth. Closets. Midwood 1 family with fin bsmt, patio & bckyd.
Kirk Henckels • kirk.henckels@compass.com James Hall + A. Hall • jameshall@compass.com Sassy Johnson • sassy.johnson@compass.com Roseanne D. • rdegliuomini@compass.com

One Brooklyn Bridge Park | $8,500,000 250 E 54th St, 30D | 3 BD 3 BA | $2,795,000 40 Broad St, 19A | 1 BD 1.5 BA 930 SF | $1,150,000 325 Clinton Ave, 3E | 2 BD 1 BA | $760,000
3BD 3.5BA PH condo with views from 1,900 SF terr. Triple mint sun-filled high flr corner drmn condo. Mod, lux & priv in the heart of Finc’l Dist, drmn. Clinton Hill mint, bright & airy. Tons of closets.
Eland Blumenfeld Team • celand@compass.com Tracie Golding • tracie.golding@compass.com Rona Lynn • rona.lynn@compass.com Brad Bateman • brad.bateman@compass.com
n-

182 W 82nd St, PHE | 2 BD 3 BA 1 HB | $7,995,000 380 Lenox Ave, PHA | 3 BD 3 BA | $2,700,000 55 W 95th St, 65 | 3 BD 1 BA 1 HB | $1,099,000 127 W 15th St, 3R | 1 BD 1 BA | $749,000
Loft-like PH w multiple terraces. Boutique condo. Duplex condo w vus, outdr space, wbfpl, parking. Sunny & renov pre-war co-op near CP. 24hr DM. Sunny, quiet Chelsea co-op w garden vus. Pets ok.
Alexa Lambert • alexa.lambert@compass.com Leila Yusuf • leila.yusuf@compass.com C. Steadman • carol.steadman@compass.com Jackie Mumm-Gill • jackie.gill@compass.com
no

465 WEA, 9C/10C | 5 BD 3 BA 1 HB | $7,995,000 133 W 17th St, 4B | 2 BD 2 BA | $2,595,000 310 WEA, 7D | 1 BD 1 BA 1 HB | $1,050,000 400 E 56th St, 19F | 1 BD 1 BA 1 HB | $749,000
Two classic 8 co-op apts reimagined into 11 rooms. Sunny, authentic loft on the best block in Chelsea. Light-filled beautifully renov, pre-war details. Expansive renov high flr with partial city views.
John Barbato • john.barbato@compass.com Jeanne Kempton • jkempton@compass.com James Schoenfeld • jschoenfeld@compass.com Jennifer Bowden • jbowden@compass.com

25 EEA, PH | 3 BD 3 BA 1 HB | $7,495,000 40 W 72nd St, 53 | 4 BD 3 BA | $2,395,000 575 Park Ave, 1401 | 2 BD 2 BA | $999,000 137 E 36th St, 4H | 1 BD 1 BA | $699,000
Grand pre-war penthouse w terraces on the River. Classic pre-war on a CP block. Home office. Elegantly renov high flr pre-war in The Beekman. Light & city vus from LR & BD. FS, gym, roof deck.
Laurie Stolowitz • laurie.stolowitz@compass.com C. Appelbaum • cappelbaum@compass.com Maureen McCarron • mmccarron@compass.com Julie Perlin • julie.perlin@compass.com

115 CPW, 31F | 2 BD 2 BA | $6,750,000 93 Worth St, 905 | 2 BD 2 BA 1 HB | $2,375,000 455 E 51st St, 2D | 2 BD 1 BA | $994,000 400 E 59th St, 2D | 1 BD 1 BA | $695,000
Perched atop The Majestic w breathtaking CP vus. Mint, south facing FS drmn condo in Tribeca. LR w wbflpl, views of courtyard & East River. Mint. Large 1BD, renov kit, hdwd floors, light, quiet.
Rosette Arons • rosette.arons@compass.com Tracie Golding • tracie.golding@compass.com M. Cashman • maryellen.cashman@compass.com Alidia White • alidia.white@compass.com

250 W 81st St, 8B | 4 BD 3 BA 1 HB | $6,500,000 20 E 74th St, 14A | 2 BD 2 BA | $2,295,000 200 E 74th St, 14F | 1 BD 1 BA 775 SF | $949,000 601 79th St, F19 | 1 BD 1 BA | $350,000
Sprawling triple mint in a FS boutique condo. High flr 5 room with a large terrace & city views. High flr triple mint w high-end modern finishes. Bay Ridge top flr w stunning vus. Move-in ready.
Catherine Harding • charding@compass.com D. Di Lorenzo • dennis.dilorenzo@compass.com Elizabeth Goss • lib.goss@compass.com Violette Tonuzi • violette.tonuzi@compass.com

145 CPW, 2G | 3 BD 2 BA 1 HB | $6,250,000 180 E 79th St, 9E | 2 BD 2 BA 1 HB | $2,275,000 333 E 14th St, 16B | 1 BD 1 BA | $949,000 366 Broadway, 4B | 2 BD 2 BA | $15,000/mo.
Pre-war contemp style in Emery Roth’s San Remo. Loft-like exciting 6 rooms. LR w wbfpl, high ceils. Triple mint, fabulous views & sunny, EV/Gramercy. Sunny & renovated Tribeca loft with a large den.
Catherine Harding • charding@compass.com Eland Blumenfeld Team • celand@compass.com J. Silver + S. Nolop • janice.silver@compass.com Susan Wires • susan.wires@compass.com

956 Fifth Ave, 14A | 2 BD 2 BA | $4,800,000 180 W 58th St, 8A | 2 BD 2 BA | $1,960,000 222 E 71st St, 1D | 2 BD 2 BA | $875,000 350 W 71st S, 5F | 2 BD 2 BA | $8,000/mo.
CP, skyline vus. Lg scaled 5 rms. Boutique pre-war. Beautiful rooms, dramatic high ceilings. Near CP. Charming pre-war details, southern expos, wbfplc. Beautiful, bright, quiet, high ceils, central air.
Gioia Zwack • gioia.zwack@compass.com Eland Blumenfeld Team • celand@compass.com C. Miller Martin • christine.martin@compass.com C. Appelbaum • cappelbaum@compass.com

150 Rivington St, PHC | 3 BD 3 BA | $4,795,000 30 W 74th St, 2D | 2 BD 2 BA | $1,950,000 151 E 83rd St, 8B | 1 BD 1 BA 803 SF | $849,000 425 Fifth Ave, 52A | 2 BD 2 BA | $7,850/mo.
Top flr & sunny w 2 priv terrs in boutique condo. Old world charm with comforts of modern living. Lrg hi flr w flex rm w wbfpl in lux pre-war co-op. Majestic panoramic vus. Furnished. FS w amenities.
Jacqueline Mumm-Gill • jackie.gill@compass.com Elizabeth Goss • lib.goss@compass.com C. Miller Martin • christine.martin@compass.com S. Helms Wisniewski • shelms@compass.com

120 E 80th St | 2 BD 2 BA | $3,900,000 675 WEA, 7B | 3 BD 3 BA | $1,850,000 300 E 59th St, 403 | 1 BD 1 BA 850 SF | $770,000 145 W 78th St, 1A | Studio 1 BA | $2,600/mo.
Landmarked Whitney House with lib, terr & fplcs. Elegant & mod classic 6. Hi ceil, hd flr, 24hr DM. Spacious & newly renov w views & flexible layout. First flr TH, So expos, renov kit, sleeping loft.
Kirk Henckels • kirk.henckels@compass.com Ellen Cohen • ellen.cohen@compass.com L. Hoerrner+P. Eger • petra.eger@compass.com Timothy Desmond • tdesmond@compass.com

Find exclusive listings

only at compass.com

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for
informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price,
condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square
footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting
or other professional advice outside the realm of real estate brokerage.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M4B | Friday, September 30, 2022 NY THE WALL STREET JOURNAL.

4
1

3 5

1. Wonderful Prewar Classic Six

180 East 79th St. 3BR. 3 Bath
$2.495M Web #22018918
Margery R. Hadar 917-679-2587

2. Historic Gay Street Townhouse

13 Gay St. 6BR. 3.5 Bath
$7.5M Web #21686726
Joan Goldberg 646-812-0468

3. Mediterranean Midtown Oasis

2 6 7 163 Seabreeze Ave. Palm Beach, FL. 4BR 4.5 Bath
$12M Web #2000285139
Catharine Strickler 502-767-2522
(photo in slack)

4. Breathtaking Views in Lincoln Center

160 West 66th St. 2BR. 2.5 Bath
$4.75M Web #22054724
Emma Kerins 212-381-2318
Michael Kerins 212-381-2398

.
ly
5. Beautiful Prewar Condo on Park Avenue
944 Park Ave. 1BR. 1.5 Bath
$1.895M Web #21993440
Susanne Rhow 917-509-6253
on 6. Iconic Rockefeller Apartment
17 West 54th St. 1BR. 1 Bath
$1.8M Web #21646128
us ,

Allison D. Utsch 646-286-3506

l
e
7. Ultimate Blend of Beauty and Functionality
al a

10 West 66th St. 1BR. 2 Bath

8 9 $1.795M Web #22004025
ci on

Pamela Ajhar 212-588-5639

8. Meticulously Renovated & Flooded

with Sunlight
920 Fifth Ave. 3BR. 3.5 Bath
er s

$8.9M Web #22028385

Leslie R. Coleman 212-906-9387
m er

9. 3-Bed Condo with Terrace on Park Ave

502 Park Ave. 3BR. 3.5 Bath
$4.995M Web #21739423
Matthew D. Hughes 212-906-9351
m rp

Anisa M. Saroop 212-851-6971

10. Exquisite Design with Stunning Views

1056 Fifth Ave. 4BR. 3 Bath
$7.15M Web #21896927
co Fo

Eileen Mintz 917-287-8870

10 11 11. Live, Work, Rent

66 Jane St. 4BR. 3.5 Bath
$6.7M Web #21922514
Ian W. McGowan 212-920-4350
Carolyn B. Joy 646-246-8949

12. Tasteful and Sunny High-Floor Home

205 East 78th St. 2BR. 2 Bath
$1.495M Web #21990682
Katharine F. Tuckerman 917-612-5225
n-

Julianna Simmons 917-913-1918

13. Spacious Two-Bedroom on the UES

12 13 14 201 East 79th St. 2BR. 2 Bath
no

$1.45M Web #21659515

Burt F. Savitsky 917-561-0925
Jessica L. Savitsky 917-767-2648

14. Glamorous Pied-A-Terre off Fifth Avenue

10 East 81st St. 1BR. 1.5 Bath
$1.25M Web #21864043
Bonnie Goldner 917-355-5386
Monika J. Ingram 212-588-5613

15. Penthouse Perfection & Terrace Extraordinaire

27 West 72nd St. 2BR. 2.5 bath
$4.895M Web #21799499
Arlene Weidberg 917-279-7062
Ira M. Weidberg 914-299-6382

16. Full-Floor Condo with Views

52 East End Ave. 4BR. 3.5 Bath
$3.9M Web #21680865
15 16
Daniella G. Schlisser 212-906-9348

MASTERY OF THE CR AF T
IS CONSTANT INNOVATION
SINCE 1873.

R E A L E S TAT E

All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. All rights to content, photographs and graphics reserved to Broker. Equal Housing Opportunity Broker.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, September 30, 2022 | M5

MANSION
ANNOTATED ROOM

Turning a Kitchen Into a Haven

These homeowners wanted to create a peaceful place to escape the Houston hubbub

BY VAISHNAVI NAYEL TALAWADEKAR

W
hen clinical psychotherapist
Elizabeth McIngvale and her
oil-and-gas financier husband, 3
Matthew Mackey, both in their
30s, decided to construct a 6,000-square-
foot home in Houston’s historic Houston 1
Heights neighborhood, they knew their pri- 9
orities. “We wanted the interior to be a tran-
quil haven far removed from the city,” says
Dr. McIngvale. Soon after, the couple enlisted
interior designer William W. Stubbs, in his
60s, who had served three generations of Dr. 5
McIngvale’s family, and who had known her 6
since she was a little girl. 4
Having struggled with OCD and mental
health, Dr. McIngvale wanted simple, unclut-
tered spaces. It was important for her that
the aesthetic have soft tones and clean de- 7
sign.
“As the heart of the home, the kitchen
was especially important for me,” says Dr.
McIngvale, who gave Mr. Stubbs a little look-
book she had put together. The end result,
2
she says, was exactly as she had imagined.
“The kitchen serves as a calming oasis for
our family. It’s pared back but full of incredi-
ble features. For the first time in my life, I
have a home that provides peace and tran- 8

JULIE SOEFER
quility like I’ve never experienced,” she says. Room cost: $300,000
Here are some of the kitchen’s design el-

.
ements.

ly
1. The Made Goods chandelier is crafted 6. The backsplash is composed of book-
out of natural coco beads. “We chose this
because of its soft and organic appear-
ance. It is a rustic counterpoint to the
on
Martini Pendants overarch the island, pro-
viding task lighting for the counter below.
// Price: $650 per pendant
matched Dekton Aura by Cosentino.
“While many kitchens have upper cabinets
flanking the range, Ms. McIngvale loved
also beautifully withstanding everyday
wear and tear for this young family of
four,” says Mr. Stubbs. // Price: $15,000

other hard and precise finishes in the 4. The custom banquette serves as a cozy the idea of keeping that wall uninter- 8. The floor wears French oak engineered
us ,

kitchen,” says Mr. Stubbs. // Price: $2,950 nook for lazy brunches and intimate din- rupted and creating a stunning focal point hardwood, and holds a mirror to the soft
l

ners. “The fabric from Kravet straddles instead. It really allows the space to wood grain of the cabinetry. // Price:
e
al a

2. The chairs framing the banquette are form and function. It has a soft, tactile breathe and creates a calming sense of $10,000
from Bernhardt, and feature a solid steel hand, but is also kid-friendly and stain-re- openness,” Mr. Stubbs explains. // Price:
ci on

frame in a hammered steel finish. They sistant,” says Mr. Stubbs. // Price: $1,600 $11,000 9. The hood, a custom French plaster de-
were chosen by the designer for their for upholstery sign, mirrors the angular build of the is-
sturdy yet comfortable build. // Price: 7. The countertops, both along the periph- land, while subtly camouflaging against
$1,094 per chair 5. The cabinetry has a blond oak finish ery and on the waterfall island, are the backsplash. It is outfitted with a hood
that echoes the surrounding monochro- crowned by Et Calacatta Gold Silestone by liner and blower from Wolf. // Price:
er s

3. A trifecta of daisy-white Hudson Valley matic scheme. // Price: $60,000 Cosentino. “They add subtle drama while $5,100 for hood, liner and blower
m er
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M6 | Friday, September 30, 2022 NY THE WALL STREET JOURNAL.

MANSION

Purchase price: $8 million

Sarah and Hunter Ellis, left, in their Denver home’s

Hidden speakeasy, which is hidden behind shelving in the gym.

Rooms
Continued from page M1
adults feeling like kids
again,” said custom-home
builder Shane Harr of Pure-
Haven Homes in Utah. “Peo-
ple love the idea of a sur-
prise, of ‘Check this out!’ ”
Since his death in 2018,
Mr. Ring’s friends have con-
tinued to come to the house
and visit the secret room to
remember him, his wife
said. The space has a 12- hidden behind shelving in listed the house. It was on
foot-high ceiling with a the home gym. “It feels like the market for only a week
fireplace, and glass doors you are transported,” said before going into contract
leading to a private terrace Mr. Ellis. “You feel like at the asking price. “Every-
that is hidden from view you’re going into the ward- one likes a secret room,” he
from the home’s exterior. robe,” he said, referring to said. “They’re not just for
On the other side of the the C.S. Lewis novel “The kids.”
room is another secret Lion, the Witch and the Mr. Ellis said the re-

.
door, this one hidden be- Wardrobe.” claimed wood paneling

ly
hind a motorized panel. To- The previous owner, gives the space an authen-
gether, the doors cost home builder Stephen tic speakeasy feel. “It
around $200,000 at the Brown, said he included the smells like it’s seen some
time due to their custom
carpentry and mechaniza-
tion, Mrs. Ring said.
Inside the room, model She is now selling the
on
when it comes to the resale speakeasy. So they aban-
speakeasy when he built
the house in 2018 as a place
to entertain friends. The
door, disguised as shelving,
stuff—like it’s been
around,” he said.
The Ellises filled the
space with mementos from
us ,

airplanes hang from the roughly 13,000-square-foot of the property,” she said. doned their plan to build cost about $2,500 to build, their grandparents, includ-
ceiling, and antique adver- house because she plans to The pandemic left Den- and bought it for $8 million he said. On the other end of ing a record player and a
l
e
tisements cover the walls. travel more often. The ver residents Hunter and in May. the hidden room, another typewriter desk now used
al a

The room is decorated with property is listed for Sarah Ellis feeling cramped “The speakeasy was a roughly $2,500 bookshelf as a bar cart, said Mr. Ellis.
a vintage car door, old $17.995 million with Ro- in their home, so they cherry-on-top situation,” opens to another exit. The The couple, who recently
ci on

games, sports memorabilia, chelle Atlas Maize of Nour- planned to custom-build said Mr. Ellis, a 40-year-old wood paneling came from a moved in, used the space to
a jukebox and an antique mand & Associates, who their dream house nearby. former alcohol-distribution Chicago bar, he said, and it entertain friends over La-
Coca-Cola machine, said said secret rooms can add But when a modern house manager, whose wife, Sarah retains the distinctive scent bor Day Weekend, spending
Mrs. Ring, who said she value to a home. came on the market in Ellis, also 40, works in the of whiskey and smoke. evenings talking and listen-
hasn’t changed the room’s “There’s a James Bond April, it offered every ame- tech industry. After about four years, ing to records, he said.
er s

décor since her husband’s feel to them, and they’re al- nity they dreamed of and With dark-red walls, the Mr. Brown decided to build When Dawn and David
death. ways a conversation piece more, including a hidden wood-paneled speakeasy is a new home nearby and Please turn to page M7
m er
m rp

Last listing price: $9.35 million

co Fo

Every day is a
walk of art.
n-

Welcome to RiverWalk, a 65+

no

 A hidden
independent living community door in the
on 32 acres. Solomons’
dining room.

 The door
leads to the
butler’s pantry.

The Solomons
built a hidden
reading room
behind a
The RiverSpring Living campus is a literal art gallery inside bookcase in
FROM LEFT: AMANDA VILLAROSA FOR THE WALL STREET JOURNAL (5); MAX THOMSEN FOR THE WALL STREET JOURNAL (5)

and out on the shores of the Hudson, just minutes from their
Manhattan. Backed by over 100 years of top-rated service as daughter’s
bedroom. 
the Hebrew Home at Riverdale, RiverSpring Living delivers
progressive care with an unsurpassed reputation for quality.
At our RiverWalk independent living apartments, you’ll find a Cost of reading room: $10,000
built-in social network, and access to a full continuum of care,
should you ever need it.

Visit MeetRiverSpringLiving.org/WS
or call (718) 540-4423 to learn more.
For over one hundred years, RiverSpring Living’s mission of care has
supported the health and well-being of older New Yorkers living in the
community and on our Riverdale campus through managed care, home
care, senior residences, rehabilitation services, and the nationally
acclaimed Hebrew Home at Riverdale.

EQUAL HOUSING

SeniorApartments OPPORTUNITY

BY RIVERSPRING LIVING™

5901 Palisade Avenue, Riverdale, New York 10471

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

THE WALL STREET JOURNAL. NY Friday, September 30, 2022 | M6A

RARE OFFERING ON CENTRAL PARK WEST MODERN TOWNHOUSE PERFECTION LUXURY DUPLEX WITH BREATHTAKING CITY VIEWS SUPERB FULL FLOOR LOFT IN PREWAR CONDO
25 Central Park West, 21Q — WEB# 21963378 127 East 62nd Street — WEB# 22037428 150 Columbus Avenue, 26/27C — WEB# 21883614 521 West 23rd Street, 4th Floor — WEB# 21944691
$22,000,000 – Over 7,500 SF of Indoor/Outdoor space with front $12,700,000 – Architecturally stunning, triple mint elevatored $11,750,000 – Stunning 5 Bedroom, 8 Bath, 4200 SF, Duplex $11,500,000 – Just under 4,000 SF magnificent 3 bedroom/2.5
row access to Iconic NYC events & world-class views. Beautiful townhouse on a quintessential UES block off Park Avenue. Condo with Extraordinary Open City Views from Every Room. bath/den/media room home was completely transformed to
4+ BR/4.5 bath duplex that feels like a private home. N,S,E and This 4,500 SF house has 4 bedrooms, 6 fireplaces, gym and a Views include Lincoln Center and the River. Luxury smart become an exceptional environment for living, entertaining,
W exposures. Year-round terrace is an entertaining dream. charming rooftop terrace with skyline city views. No attention home with multiple entertaining spaces, brand new baths, and the display of contemporary art.
Denise Kelly (m) 917.697.5348 to detail was spared in creating this superior masterpiece. superb full-service building. Ernie Goldberg (m) 917.589.9970
Leighton Candler (m) 917.868.9754 Deanna Kory (m) 917.991.2657 Darren Kearns (m) 917.826.3008
Jennifer Reardon (m) 917.868.6867 Dennis R. Hughes (o) 212.836.1037

.
ly
GREENWICH LANE CLASSIC WESTBURY CONDO DESIGNER TRIPLEX PENTHOUSE WITH TERRACE $6.375M FOR 6-BEDROOM CONDO UWS
140 West 12th Street, 300 — WEB# 21899528 15 East 69th Street, 5A — WEB# 21793528 200 Mercer Street, PH5E — WEB# 21989328 80 Riverside Boulevard, 6BL — WEB# 21734782
$9,250,000 – Situated mid-block on one of the Village’s prettiest $7,950,000 – 3,032sf, lovely convertible 3 BR/3.5 bath prewar $7,500,000 – Sleek and spectacular, highly-stylized modern 4,375sf Condo with 6 bedrooms/6 full baths + separate home
tree-lined townhouse blocks, this expansive and classic prewar condo in ultra-lux, white-glove F/S Westbury condo. Half block gem in prime NOHO/GREENWICH VILLAGE. This designer office, dual top-of-the-line appliances including 2 sinks & 2
3 bed residence spans 2,386 SF with a terrace overlooking
townhouse gardens.
Chris Kann (m) 646.660.2105
Jennifer Ireland Kubis (m) 917.669.1440
on
to Central Park. Designed by Noel Jeffrey with stunning finishes
thru out. 24hr DM, private storage, wine storage, gym+ more.
Sharon E Baum (m) 914.643.7402
Jonathan Conlon (m) 347.564.2440
triplex with an expansive private roof terrace is the
extraordinary result of a 3-year gut renovation.
Alex Guidera (m) 917.714.5881
Jerrie Butler (m) 917.334.8740
dishwashers, direct Hudson Views, bright, quiet. Amenities
include indoor pool, playroom, parking garage, roof deck + more.
Gina Sabio (m) 917.325.8147

John Gasdaska (m) 646.345.7350

us ,
l
e
al a
ci on
er s
m er

DISTINGUISHED & EXTRAORDINARY 2BR/2.5BTH FOUR SEASONS RESIDENCE MOVE IN & LIVE WITH INCOME SUNDRENCHED DUPLEX AT DES ARTISTES
74 South 2nd Street, Brooklyn — WEB# 21978705 30 Park Place, 60C — WEB# 6130942 116 West 118th Street — WEB# 21674651 1 West 67th Street, 510 — WEB# 21689629
m rp

$5,995,000 – Innovative and bright to 3,800 SF modern $4,850,000 – Welcome to this mint high floor 2 Bedroom, 2.5 $3,999,999 – Spectacular and stately 20 ft. wide townhouse in $3,495,000 – Perched on a high floor in one of NYC’s most iconic
single-family house in Williamsburg with exciting exterior and Bath southeast corner home with magnificent city and Hudson the landmarked Mount Morris Park historic district. This 6,500 residential cooperatives, the Hotel des Artistes, this rare and
timeless interior near parks and great amenities. Outdoor and East River views and a 5-star hotel lifestyle. Apartment 60C SF home consists of a homeowner’s 3,240 SF triplex and a captivating duplex 1 BR/1.5 bath “atelier” includes 20’ ceilings
space includes lush garden and roofdeck with views. has 2 exposures, high ceilings and enjoys extraordinary light. garden apartment. with walls of south facing gorgeous windows which flood the
Deborah Rieders (m) 917.494.2503 Inez Wade (m) 917.371.2381 Julia Boland (m) 917.690.4861 home with magical light throughout the day + staff room.
Evelyn Torres (m) 917.747.1424 Chris Kann (m) 646.660.2105
co Fo
n-

TERRACE HOME MINT | 6BRS 3.5BTHS PREWAR WINDSOR TERRACE BEAUTY LOFT-LIKE CONDO OVERLOOKING THE FRICK MUSEUM
no

1671 East 27th Street — WEB# 22027765 415 Vanderbilt Street — WEB# 21877617 130 West 30th Street, 2A — WEB# 21933249 10 East 70th Street, 7C — WEB# 22031111
$2,475,000 – One of the most beautiful terrace homes to $2,199,000 – Beautiful Circa 1910 Multi unit townhouse sits on $1,995,000 – Gorgeous 1,661 SF corner apartment with excellent $1,895,000 – Perfectly situated mid-block on East 70th Street
appear on the market. Stunningly renovated, this triplex home a 20x90ft lot. Filled with beautiful prewar detail, and partially light, 11’ ceiling 1 BR with spacious home office. Fabulous just off Fifth Avenue. Elegantly proportioned two bedroom
resting on a 50 X 100 lot, featuring a chefs kitchen, a den renovated, the Windsor Terrace jewel offers flexibility, use as a kitchen with island, washer/dryer, 2 full luxurious baths. Art deco and two and a half bathroom home with views over The Frick
that’s a Zen like sanctuary. single family, live and rent, or an investment portfolio. detail, loft-like ambience, doorman condo. Collection to Central Park.
Mattie Weiser (m) 917.208.5065 Erica Nieves (m) 646.764.6094 Tamara Sharon Shaoul (m) 917.566.1640 Chris Kann (m) 646.660.2105
Jennifer Ireland Kubis (m) 917.669.1440

PANORAMIC CITY VIEWS ALL YEAR LONG A SPLENDID WEST VILLAGE DUPLEX LOFT SOPHISTICATED LOFT IN CHELSEA TWICE FEATURED IN ELLE DÉCOR
205 East 59th Street, 10A — WEB# 22004091 421 Hudson Street, 524 — WEB# 21912107 109 West 26th Street, 8B — WEB# 21966108 23 East 74th Street, 7E — WEB# 21896329
$1,875,000 – Apt. 10A is a 1 BR/1.5 bath home with panoramic $1,595,000 – Fall in love with coming home to this splendid $1,385,000 – A boutique loft and a quiet oasis at the nexus of $985,000 – Over-sized one bedroom in a Hollywood pedigreed,
city views. Rarely available, this home is expansive, features duplex loft. Oversized windows and 15-foot ceremonious Manhattan’s most exciting neighborhood. Designed with rich full-service building. This apartment features original prewar
triple exposures, two terraces, fireplace, a home office with a view ceilings maximize the natural light of this 1 bedroom 1.5 bath architecture, timeless finishes, and a modern aesthetic with in details including beamed ceilings, herringbone floors, built-in
& a king-size bedroom. 205 E59th is a White-Glove building. residence located at 421 Hudson Street in the West Village. unit washer/dryer and potential to convert to a 2 bedroom. bookcase, and crown moulding throughout.
Etie Khan (m) 917.216.9019 Lenna Bauerly (m) 212.858.0407 Daniel Kramp (m) 646.549.0258 Tamer Howard (m) 323.533.0745

Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker located at 590 Madison Ave, NY, NY 10022. All listing phone numbers indicate listing
agent direct line unless otherwise noted. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to
errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. Equal Housing Opportunity.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M6B | Friday, September 30, 2022 NY THE WALL STREET JOURNAL.

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

MORAL INJURY IS A WAR INSIDE

No one should fight alone
n-

Imagine a soldier who takes a life in the line of duty. No matter how much good he does,
he believes he’s a bad person. He hates himself, hurts himself. He’s one of the many who
no

struggle with Moral Injury. At Volunteers of America, we can help him find peace.

Learn more at VOA.ORG

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

THE WALL STREET JOURNAL. Friday, September 30, 2022 | M7

MANSION

Asking price: $34.9 million

Solomon purchased a Chi- After moving into her California home, Pati Hillis discovered a secret panel that covers a wet bar in her billiards room. She also found several concealed
cago Victorian in 2008 for storage spaces in the walls, and a bookshelf that pulls open to reveal a hidden closet. She believes the spaces may have been built due to Prohibition.
$3.8 million, they were en-
chanted by the home’s his-
toric character, including a
hidden butler’s pantry in
the dining room. A coffee
tycoon built the house
around 1900, and the
home’s wood-paneled din-
ing room has intricately
carved coffee-bean details,
the Solomons said. A
matching wooden door with
hidden seams is camou-
flaged as another wall
panel until it is pushed
open, revealing the butler’s

.
pantry.

ly
The Solomons, both in
their 60s, used the butler’s
pantry to help prepare
meals when their children
and grandchildren visited,
said Ms. Solomon, a land-
scape designer. Guests were
on
us ,

always surprised when the

secret door opened for the
l
e
first time, she added.
al a

They loved the concept

so much that they added
ci on

additional hidden doors

throughout the house to
conceal staircases and clos-
ets, at a cost of “a couple
thousand” dollars each,
er s

said Ms. Solomon. They

spent about $10,000 to cre-
m er

ate a secret reading room

behind a bookcase in their
then-teenage daughter’s
bedroom, Ms. Solomon
m rp

said. Their daughter, Emma,

loved the reading room so
much, she wanted to sleep
there. “I couldn’t get her to
sleep in her bedroom,” Ms.
co Fo

Solomon recalled.
She and Mr. Solomon, an
investment banker who was
trained as an architect, are
selling the house because
they moved to Florida, and
because they have started
another renovation project
in New York, she said. The
house has been on and off
the market since 2020, and
was last listed for $9.35 mil- In the Beckers’ library, a secret panel opens to a staircase lined with bookshelves. The staircase leads to a stone wine cellar
n-

lion with Tim Salm of Jame- and tasting room. The Beckers used the space for entertaining and, on one occasion, a murder mystery-themed birthday party.
son Sotheby’s International
Realty.
It wasn’t until after Pati
Asking price: $6.8 million
no

Hillis and her then-hus-

band, computer-industry pi-
oneer Danny Hillis, bought
their Encino, Calif., home
for $1.8 million in 1999 that
they discovered multiple
hidden spaces in the house.
The roughly 10,000-
square-foot home was built
around 1934, said Ms. Hillis,
67. After moving in, they
found that a wet bar in the
FROM TOP: DANIEL DAHLER/SOTHEBY’S INTERNATIONAL REALTY (3); PATI HILLIS; OLIVIA ALONSO GOUGH FOR THE WALL STREET JOURNAL (5)

billiards room can be con- O’Neill, who built the home

cealed by pulling down a for Mr. Jaeger in 1998. “He
special set of wooden pan- wanted it to be as rustic as
els that appear to be part possible and to re-create
of the wall. The hidden something that looked like
panels, which she believes it was a wine cellar from a
are original to the house, castle or catacomb,” said
ascend and descend Mr. O’Neill. “One might en-
through the ceiling into the vision some monks in there
attic above on a counterbal- with grog or ale.”
anced weights and pulley The Beckers used the
system. space for entertaining and,
After discovering the on one occasion, a murder
bar’s hidden panels, they mystery-themed birthday
found several concealed party for Ms. Becker.
storage spaces in the walls, “It was hilarious and so
and a bookshelf that pulls fun,” said Ms. Becker.
open to reveal a hidden “Someone ‘died’ in the bil-
closet, she said. liards room, and Billy ‘died’
“Once we discovered the in the library just after the
bar, nobody left until we guests would tend bar and have inspired a new genera- During early Covid lock- property for $3.5 million. cake was served. The mur-
had searched every inch of play pool on an antique tion of playful amenities: downs, Ginny Becker, 42, Located in the library, derer must have escaped
the house for more hidden 1920s Brunswick pool table. Ms. Hillis plans to include a and her husband, real-es- the concealed door opens via the hidden staircase.”
panels,” she said. “It was “People loved coming to secret wine cellar, card tate developer Billy Becker, to a staircase lined with Their four children liked
really exciting.” that house,” said Ms. Hillis. room and safe room in an- 43, were searching for a bookshelves. The stairway to play in the cellar, pre-
Construction on the She is selling the home other house she is renovat- larger home in Montgomery leads to a dimly lighted, tending the iron bars were
house started during Prohi- now that she has moved to ing for her recently County, Md. While visiting stone wine cellar with an a jail cell, she said.
bition, which could have a roughly 18-acre ranch in founded home-flipping a roughly 14,750-square- iron door and a tasting The family has moved to
been the reason for the se- Topanga Canyon, listing it business. foot house, they were area. Florida, so the house is
cret spaces, said Ms. Hillis. for $34.9 million with Gwen “People get a kick out of “sold” when they saw a se- The home’s first owner, listed for $6.8 million with
Ms. Hillis said she en- Banta of Sotheby’s Interna- it,” she said. “Most houses cret panel leading to a wine the late John Jaeger, came Mr. Becker’s brother, Carl
joyed entertaining in the tional Realty. But the En- being built today are fairly cellar, said Ms. Becker. In up with the idea for the se- Becker of Premier Proper-
billiards room, where cino home’s hidden spaces similar to each other.” May 2020, they bought the cret room, said Brendan ties.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M8 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

MANSION

W
ith rising interest fessor at Brooklyn Law School
rates and slowing who specializes in real estate, a
real-estate sales, parent acting as a co-borrower
homeownership re- has the same responsibilities un-
mains out of reach for many der the loan as their child. They
would-be buyers. According to the are liable for the payments as
National Association of Home they come due and can be sued
Builders, in the second quarter of by the lender for nonpayment if
2022, housing affordability fell to the loan becomes delinquent. But
its lowest point since the 2007-09 a parent acting as a guarantor
recession. has a different legal relationship
One option to improve afford- with both the lender and the
ability, especially for those who child. A parent guarantor would
lack good credit: Have mom and be responsible for the loan only
dad cosign the mortgage. Many if the child first defaults.
parents are willing to do so, ac-
cording to data prepared for The Explore other options.
Wall Street Journal by Lending- Instead of taking on the risk and
Tree Inc., an online loan market- liability of cosigning, parents can
place, which reported that 57% of help their children in other
parents would be willing to cosign ways. Mr. Hopkins said that par-
their child’s mortgage and 7% ents can be a co-investor/owner
have done so in the past. in the property, rather than just
For parents with a household a passive cosigner. That way,
income of $100,000 or more, the they have more rights and con-
number who previously cosigned trol over the property and bene-

SOL COTTI
rises to 17%. But for parents who fit from appreciation. Ms. Adam,
might be approaching retirement the financial planner, said she
and the prospect of living on a encourages her clients to give a
fixed income, cosigning may not gift to children for the down
be wise, especially since Lending- COUNTING HOUSE | ROBYN A. FRIEDMAN payment. Anyone can give a gift
Tree reports that 45% of parents to another person of up to

Cosign on the Line

who cosigned a mortgage for $16,000 a year without it being
their child regret doing so. reportable as part of the annual
“People who cosign the mort- gift tax exclusion, which means
gage are totally liable, but you that two parents can give a cou-
don’t own the home so if your ple $64,000 a year. Merrill Lynch
child stops paying, the lender will offers a program called Parent
expect you to pay that loan, but Power, which allows family
you have no way to force them to members to pledge eligible secu-
list the house or to compel a
Many parents are willing to cosign on a child’s mortgage, but should they? rities to make a cash down pay-
sale,” said Mari Adam, a certified ment on a family member’s
financial planner in Boca Raton, home. That is an option for

.
Fla. “It’s all downside.” stances, cosigning a mortgage is her $178,500 down payment, and own, so her parents cosigned the those who want to help a child

ly
Even parents who discuss an risky. As parents are headed into her parents cosigned a $411,500 $550,000 mortgage and gifted her buy a home but prefer to keep
exit strategy with their children— retirement and trying to reduce ex- 30-year, fixed-rate mortgage to the balance as a down payment. their assets invested.
getting off the note by having the penses, they could find themselves help her qualify since she works They had previously helped her
child refinance in a year or two
when they might be making more
money or have more established
credit—might be in for a rude
job or becomes unable to work.
“You might be forced to cut
on
liable for making payments on an-
other house if their child loses their
part time while studying nursing.
“Early homeownership is a fam-
ily tradition,” said Karen Wheat-
ley, whose own mother helped her
brothers buy homes as well.
“My parents and I had very dif-
ficult conversations,” she said.
“We laid out all the finances in
Consider the significant
downsides.
Understand the risks not only to
yourself but to your children.
us ,

awakening. back spending or travel or pull buy her first home after she grad- black and white. If it weren’t for “When somebody else is on a
“The housing crisis of 2008 money out of your own house to uated from college. “It’s better to my parents believing I was re- mortgage, it doesn’t say ‘finan-
l
e
taught everyone why this wasn’t a get by,” said Jamie Hopkins, man- pay a mortgage than to pay rent. sponsible enough to get this cially independent’ to me,” Ms.
al a

good idea,” Ms. Adam said. “No aging partner of Carson Group, a You’re building equity rather than house, then I wouldn’t have been Adam said. “Kids get into finan-
one could do a refi because homes financial-services firm. throwing money away.” able to get it.” cial trouble when their parents
ci on

didn’t appraise or because the Karen Casson Wheatley and her Yasmeen Dahdoul, a 35-year-old Before you cosign your child’s enable them to have a lifestyle
credit of the child deteriorated.” husband, John Wheatley, both 65, hair stylist, recently purchased mortgage, here are some things to they can’t afford.” Also, make
She strongly recommends that her recently helped their daughter her first home, a $1.1 million, consider. sure both parents are on board.
clients consider options other than purchase a two-bedroom, one- four-bedroom house in La Habra, Spouses are often not on the
cosigning a child’s mortgage, such bath condominium in South Bos- Calif., with the assistance of her There is a difference between same page when it comes to debt
er s

as gifts. ton for $590,000. Caroline Wheat- parents. Because she is self-em- cosigning and guaranteeing. and borrowing or giving gifts to
Even under the best circum- ley, 23, tapped an inheritance for ployed, she couldn’t qualify on her According to David Reiss, a pro- children or grandchildren.
m er

ADVERTISEMENT
m rp
co Fo
n-

DOWNTOWN SAN DIEGO, CALIFORNIA 55+ LIVING IN 3 GREAT FLORIDA LOCATIONS DOWNTOWN SAN DIEGO, CALIFORNIA
This Full Floor Harbor Club Penthouse has over 4,300 sq.ft., office, The Florida lifestyle of your dreams can be yours at Valencia, where This Meridian work of art has everything - 218 bottle wine cooler,
no

private foyer, living & family room, bar, panoramic bay/ocean views, 3 gorgeous new homes, world-class amenities, and an exciting lifestyle await! home automation system, walk-in pantry, 3 parking spaces, storage room,
parking spaces, power shades, retractable TVs & multi zone HVAC. The Enjoy a magnificent clubhouse, resort-style pool, pickleball, and so much two balconies with La Cantina doors & views to Mexico! The living room &
bedrooms all have en-suite bathrooms. Amenities include a rooftop pool/ more. Single-family homes include luxury standard features. 3 amazing primary suite have custom retractable TVs. Amenities include 5 guest suites,
spa, club house, gym, sauna, 24hr concierge/doorman & library/meeting locations – Boynton Beach, Naples, and Port St. Lucie. Experience the best guest parking, fitness center, a rooftop pool/spa & doormen.
space. today! Call or visit for more.
$4,999,000 From the $400s to over $1 million ValenciaLiving.com $4,950,000
Compass San Diego Compass San Diego
Denny Oh, DRE 01420194 GL Homes Denny Oh, DRE 01420194
phone: 858.243.2092 email: Denny@SanDiegOh.com phone: 800.495.6406 phone: 858.243.2092 email: Denny@SanDiegOh.com

BOCA RATON, FLORIDA LAKE EUFAULA, ALABAMA DENVER, COLORADO

Lotus, the next generation of contemporary living by GL Homes Exquisite Waterfront Home Lake Eufaula Alabama, approx. 645 miles Gated maintenance-free living in Cherry Hills III, perfect for lock and leave.
features cutting-edge home designs. Upscale onsite amenities like of shoreline. Home nestled on 2 acres with 300 ft. of seawall of main lake 4,952 sq.ft., 2-story, end unit lives like a single-family home. Extraordinary
resort-style pools, dining, and fitness plus access to the best restaurants, frontage. Amazing pool & house & guest suite overlooking 20x40 pool & indoor and outdoor living. Wall of windows overlooking private brick courtyard
shopping, beaches and top-rated schools, make it easy to enjoy the best lake. Professionally decorated & landscaped. High-end finishes & custom under the trees with pond beyond. World-class amenities include heated
lifestyle South Florida has to offer. Discover the hottest new homes in Boca details, 4 fireplaces, 5 bedrooms, guest house, 3 gathering rooms & large outdoor pool, hot tub, sauna, tennis, pickleball, clubhouse, ponds, streams,
Raton today! outdoor entertainment sitting & kitchen to accommodate large gatherings. gated entry staffed 24/7. Minutes to fine dining, boutiques, trails.
$1.2 million to over $2 million LotusBoca.com Price Upon Request $1,300,000 2800SUniversity123.com
Lake Real Estate LIV Sotheby’s International Realty
GL Homes Jeanie Tillis Beth Erickson Sand
phone: 800.616.0416 phone: 334.750.9800 phone: 720.353.2384 email: Beth.Sand@SothebysRealty.com

To Advertise email sales.realestate@wsj.com or visit classifieds.wsj.com

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

THE WALL STREET JOURNAL. Friday, September 30, 2022 | M9

CHURCH POINT BAY COLONY CROATAN

VIRGINIA BEACH • $4,995,000 VIRGINIA BEACH • $4,475,000 VIRGINIA BEACH • $4,200,000
LUXURYCOLLECTIONVA.COM/10442353 LUXURYCOLLECTIONVA.COM/10455387 LUXURYCOLLECTIONVA.COM/10430390

NORTH END CROATAN WYTHE

VIRGINIA BEACH • $4,000,000 VIRGINIA BEACH • $3,900,000 HAMPTON • $3,797,000
LUXURYCOLLECTIONVA.COM/10457159 LUXURYCOLLECTIONVA.COM/10456616 LUXURYCOLLECTIONVA.COM/10440688

You’ve always exceeded expectations.

.
ly
Shouldn’t your home? on
us ,
l
e
al a
ci on
er s
m er

NORTH END MEADOWRIDGE GOVERNORS POINTE WESTIN RESIDENCES AT TOWN CENTER

VIRGINIA BEACH • $3,690,000 VIRGINIA BEACH • $3,675,000 SUFFOLK • $3,400,000 VIRGINIA BEACH • $2,500,000
LUXURYCOLLECTIONVA.COM/10439678 LUXURYCOLLECTIONVA.COM/10442784 LUXURYCOLLECTIONVA.COM/10458219 LUXURYCOLLECTIONVA.COM/10440969
m rp
co Fo

SANDBRIDGE BEACH LINLIER NORTH END KINGSMILL

VIRGINIA BEACH • $2,350,000 VIRGINIA BEACH • $2,150,000 VIRGINIA BEACH • $1,889,000 WILLIAMSBURG • $1,599,000
LUXURYCOLLECTIONVA.COM/10441207 LUXURYCOLLECTIONVA.COM/10451303 LUXURYCOLLECTIONVA.COM/10438492 LUXURYCOLLECTIONVA.COM/10457640
n-
no

NANSEMOND POINTE MATHEWS NORTH END FORDS COLONY

SUFFOLK • $1,549,000 MATHEWS COUNTY • $1,500,000 VIRGINIA BEACH • $1,350,000 WILLIAMSBURG • $1,250,000
LUXURYCOLLECTIONVA.COM/10449438 LUXURYCOLLECTIONVA.COM/10452882 LUXURYCOLLECTIONVA.COM/10457034 LUXURYCOLLECTIONVA.COM/10424789

O U R LU X U R Y C O L L E C T I O N S P E C I A L I S T S

Shannon LeAnn Karin Deborah Sharon Terri Cheri Neil Linda DeAnn Jennifer Jonathan Ann Jennifer Jon Kimberly Adrienne MaryRoss Amanda Pamela
Allen Amory Andrews Baisden Baker Baker Bass-Wozniak Bennett Bray Brenneman Cool Dahl Davis Dawn Decker Denton Downing Ellsworth Emanuel Ermen
757-647-3126 757-332-0991 804-445-5500 757-404-6020 757-814-9440 757-288-8088 757-754-3400 757-449-4587 757-286-6160 757-450-8820 757-739-5859 804-801-6661 757-450-2655 757-524-0417 757-560-1676 757-323-0115 757-499-0124 757-288-8822 757-869-9337 757-478-1091

Jason Jackie TheLinda Patti Tonie Cristy Mona Mahama Harriet Goodove Becky Katrina Kathy Stacey Fred Matt Katie Kim Diane Grady John
Everett Feagin Fox-Jarvis Team Frankenfield Frank-O’Gorman Garcia-Kramer Ghobrial Gonzales &EmilyNied Gordon Griggs Gwyn Hayden Helm Herrick Howlett Johnson Keeley Kenner King
757-291-2269 757-535-4451 757-335-1202 757-650-6255 757-718-8100 757-472-9800 757-717-3954 757-717-0957 757-754-3902 757-470-9400 757-419-6443 757-725-2257 757-536-1436 757-404-8188 757-639-8725 757-717-0807 757-639-4968 757-477-8577 757-374-6364 757-270-3994

Sherry Bill Bobby Julie Kathy Melinda Caroline Margo Scott Lin Siobhan Edgar Cheri
Kletzly Kolovani Lawrence Liebler Macklin Marven McCartney McFarland Meredith Miller Miller Monge Mulhare
757-897-2976 757-377-2069 757-287-7399 757-478-5688 757-897-8750 757-282-9040 757-681-1681 757-971-1621 757-739-1994 757-288-6516 757-406-3473 757-739-3474 757-719-4112

Cyndi Emil Karen Sara Josh Christine Daniel Susan Stacie Raquel Dana Pixie Olyvia
Nance Nazaryan Newins Oubre Parnell Parrish Parrish Pender Powell Ricci Robbins Russell Salyer
757-718-4061 757-749-6042 757-642-1809 225-993-1157 757-469-5674 757-816-7000 757-816-6003 757-552-2073 757-377-1712 757-679-2456 757-268-6675 757-617-9941 757-254-3313

John Wanda Aaronetta Ashley Frank Kellie Gayle Helen Sherri Laurin Bethany
Savino Smith Stewart Swindell Trygar Tucker Upchurch VanOrden Visser Watson White
757-217-1688 757-617-1461 757-288-6308 757-377-1490 757-430-2828 757-816-5748 757-377-6689 757-897-9670 254-702-9041 757-353-0322 757-773-6503

7 5 7. 3 7 9 . 2 9 0 0 | L U X U R YC O L L E C T I O N VA . C O M
©2022 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia
Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M10 | Friday, September 30, 2022 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Downtown Chicago
Condo Is the City’s
Priciest Sale of 2022
A condo unit in downtown Chi-

FROM LEFT: ANGIE MCMONIGAL; MAGELLAN DEVELOPMENT GROUP

cago with a private outdoor pool
has sold for $20.56 million, the
developer said.
The five-bedroom SOLD

$20.56
unit is located at the
Magellan Develop-
ment Group’s Resi-
dences at the St. Re- MILLION
gis Chicago, according 5 bedrooms,
to Sean Linnane, an 11,000 sq. ft.,
executive vice presi- outdoor pool,
dent at Magellan. He hot tub, gym
declined to identify
the buyer or the asking price, but
said the purchaser requested to
combine multiple units and out-
door space.
The deal is the most expensive feet of interior space, including a minium units and 192 hotel Magellan Group began selling
recorded sale in the Chicago area home theater and gym. The unit’s rooms, Mr. Linnane said. Resi- units in the building in 2016, Mr.
so far this year, according to Mr. approximately 8,400 square feet dents have access to amenities in- Linnane said, and over 60% have
Linnane. The record for the priciest of exterior space has a pool, hot cluding a fitness center and golf been sold.
sale in the area was set by hedge- tub and dining area. Magellan was lounge, as well as all of the hotel —Libertina Brandt
fund mogul Ken Griffin’s 2017 pur- The St. Regis unit is a duplex represented in the deal by its in- amenities, according to Mr. Lin-
chase of several floors of a Chicago located on the 71st and 72nd house sales team, he said. nane, who said the hotel is ex-  See more photos of notable
condominium for $58.75 million, floors of the building, Mr. Linnane Located in the Lakeshore East pected to open during the first homes at WSJ.com/RealEstate.
The Wall Street Journal reported. said. It has roughly 11,000 square area, the St. Regis has 393 condo- quarter of next year. Email: privateproperties@wsj.com

ADVERTISEMENT

Distinctive Properties

.
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

ly
AUCTIONS

TRUSTEE’S SALE AT
on
AUCTION LLC
us ,

ENGAGE
Windjammer By The Sea Motel
l

Hampton, NH
e
al a

Online-only auction ends:

Thursday, October 13 at 2 p.m.
Selling to the highest bidder
ci on

at or above $2,500,000.
FOR A PROPERTY INFO
PACKAGE GO TO
paulmcinnis.com
Lic. #2089 - (603) 964-1301 - Ref. #22PM-19
er s
m er

CALIFORNIA ALABAMA
10.3MM
m rp

DEVELOPMENT/ RESIDENTIAL LAND AFFLUENT READERS WITH A NET WORTH OF $1MM+

LAKE EUFAULA ALABAMA
BERKELEY • CA • 2.5 hours Southeast of Atlanta
30 ALAMO AVENUE • 2.5 hours Northeast of Florida Panhandle
• Approximately 45,000-acre lake.
• Approximately 915-acre waterfront tract
co o

• Approximately 425 acres completely

fenced pasture land
• Approximately 367 acres with 1-mile
n- F

waterfrontage and commercial frontage

• Approximately 225 acres with
3,000 ft. of lake frontage
⊲ COMING SOON ⊳ Price Upon Request
With exceptional details, soaring
ceilings and a versatile floor plan, this Lake Real Estate
Jeanie Tillis • 334-750-9800
home has been beautifully updated and
opens to level gardens. 3BR/3BA, and
large media room with separate entry.
Truly one-of-a-kind!
3++BR • 3BA • $1,695,000
Bebe McRae
510.928.3912
DISTINCTIVE
PROPERTIES

CALDRE#00875159
o

BERKELEY • CA
n

515 WOODMONT AVENUE

⊲ OPEN SUN 2-4:30PM ⊳

Lovingly known as MariLark by its equally
enchanting community, this one-level
home offers an unparalleled oasis near
many trails, parks and transportation. A
special home with a rich history.
2BR • 1BA • $1,195,000
Bebe McRae SELECT RESIDENTIAL YOUR PROPERTY HAS A HOME IN MANSION.
Alexis Thompson LISTINGS EVERY
510.928.3912 FRIDAYS IN MANSION
CALDRE#00875159/#01849227
For more information on advertising opportunities, please
contact: sales.realestate@wsj.com
PENNSYLVANIA
(800) 366-3975
sales.realestate
@wsj.com
For more
information visit:
wsj.com/classifieds

BERWYN, PA
Stoneyknollfarm.com
Income-Producing Equestrian Property
50 Acres • Main Stone Manor Home
plus 2 Stone Cottages • 4 Barns • Indoor
& Outdoor Riding Rings
$12,750,000 Source: Ipsos Affluent Survey USA Spring 2022 Adults 18 or older, HHI $125,000+.
KAREN STRID © 2022 Dow Jones & Company, Inc. All Rights Reserved.
C: 610-724-6840; O: 610-527-6400
karen.strid@foxroach.com © 2022 Dow Jones & Company, Inc.
All Rights Reserved.
karenstridteam.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, September 30, 2022 | M11

N O RT H T E X AS ’ #
1 LU X U RY B RO K E R AG E

Nothing compares.
CEO Robbie Briggs: How our boutique brokerage has become part of a $53 billion family
BRIGGSFREEMAN.COM

I
FROM MY can confirm that time does fly when rience and trusted advice to clients. residential real estate services firms in North
PERSPECTIVE you’re having fun. The news kept coming. In December, America, with more than 7,000 best-in-class
It has been one amazing year since Peerage acquired a substantial partnership in- agents and employees in almost 300 offices.
Peerage Realty Partners formalized a terest in Cascade Sotheby’s International Real- Together, we are projected to transact more
substantial partnership interest in our bro- ty, serving key Oregon and Southwest Wash- than $53 billion in residential real estate.
kerage. Peerage is a private-equity investor ington markets. Now, Cascade has merged What does this mean for you? Even more
in the luxury real estate realm, especially top with the Hasson Company, another leading support for your favorite agent and even more
Sotheby’s International Realty® affiliates. The luxury brokerage, which serves Portland value for you. The partnership provides stra-
group is exceptionally passionate about the Metro, Central Oregon and Southwest Wash- tegic input, capital, technology, operational
brand, having already partnered with several ington, too. The new entity is called Cascade expertise, marketing and more — all to en-
brokerages affiliated with it — across Canada, Hasson Sotheby’s International Realty. hance your experience, through every phase
Chicago, Vermont and New Hampshire — be- This year, Peerage has acquired substan- of your transaction and beyond.
fore we joined forces. Peerage grew exponen- tial partnership interests in Premier Sotheby’s There is nothing like it. What are you
tiallyin2021,findingnewpartnersinninebusi- International Realty, in Florida and North dreaming of — and where? We can help make
ROBBIE BRIGGS nesses across the North American residential Carolina, and Pacific Sotheby’s International it happen.
CEO real estate sector. Most are like Briggs Freeman Realty, in the Southern California markets of
Briggs Freeman Sotheby’s Sotheby’s International Realty: well-estab- WHAT THE CEO SAYS
Orange County and San Diego County.
International Realty
lished firms with strong brands and equally We are all part of the Peerage Realty Don’t miss Robbie Briggs’ weekly thoughts,
rbriggs@briggsfreeman.com strong reputations for offering a luxury expe- Partners family — now one of the 10 largest always on briggsfreeman.com/blog

BLUFFVIEW / DALLAS, TEXAS / 1.25 ACRES BLUFFVIEW / DALLAS, TEXAS / 1.6+ ACRES CARUTH HOMEPLACE / DALLAS, TEXAS
4646 Cherokee Trail / 11,999,000 $
4929 Seneca Drive / 6,995,000 $
27 Saint Laurent Place / $1,525,000

.
ly
on
us ,

JEANNIE NETHERY / 214-803-3787 / jnethery@briggsfreeman.com

l

LISA BESSERER / 214-543-2940 / lbesserer@briggsfreeman.com DIANE DUVALL / 214-725-1451 / dduvall@briggsfreeman.com PAM BRANNON / 214-912-1756 / pbrannon@briggsfreeman.com
e
al a

NORTHWEST DALLAS / DALLAS, TEXAS

ci on

4357 Fawnhollow Drive / $899,000

© 2022 Sotheby’s International Realty.All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc.The Sotheby’s International Realty network fully supports
the principles of the Fair Housing Act and the Equal Opportunity Act. All images are a combination of photography and artist renderings.The artist representations and interior decorations, finishes, appliances and furnishings are provided for illustrative purposes only. Prices and features are subject to change.

er s
m er
m rp

PENNY COOK / 214-384-2847 / ptcook@briggsfreeman.com

co Fo

FARMERS BRANCH, TEXAS

2956 Sunburst Lane / $995,000
n-
no

BROOKE VAWTER / 214-642-8012 / bvawter@briggsfreeman.com

KEMP, TEXAS / LOT / 150 ACRES

County Road 4056 / $1,349,850

LINDA BAKER / 214-704-0769 / lbaker@briggsfreeman.com

RUSSWOOD ACRES / DALLAS, TEXAS UNIVERSITY PARK / DALLAS, TEXAS MCLENDON-CHISHOLM, TEXAS
5319 Castlewood Road / Off-market sale 4104 Shenandoah St / Listed for $1,995,000 104 Harvest Ridge Cv / Listed for $949,000

SOLD* SOLD* SOLD

*REPRESENTED BUYER

*REPRESENTED BUYER

CLAIR STOREY / 214-507-1388 / cestorey@briggsfreeman.com

LEIGH BURNS / 214-263-8538 / lburns@briggsfreeman.com JOAN ELEAZER / 214-537-5923 / jeleazer@briggsfreeman.com CAROL STOREY / 214-707-1142 / cstorey@briggsfreeman.com

214-350-0400 VIDEO TOURS ON BRIGGSFREEMAN.COM/TOUR FIND US ON SOCIAL MEDIA @BRIGGSFREEMAN AND #BRIGGSFREEMAN
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M12 | Friday, September 30, 2022 NY THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | MELANIE CHISHOLM SPORTY’S SPACE
What’s up now? I’m still perform-

‘Sporty’ Spice ing, and I’m DJing as well.

Spice Girls hits? All of us made

Chased a Dream
sure we were co-writers. We didn’t
know a lot, but we knew enough.

How so? We had things we wanted

to say in songs and we wanted the
music to be authentically from our
The Spice Girls singer and memoirist on her early experiences.

poverty and finishing what her mother started At home? I still spend a lot of time
on my own.

T
he white box with the red sionally at night. She was a natural Favorite spot? The room above
ribbon was beautiful. My performer. my bedroom. It’s like a quiet turret
father, Alan, often went I was one of those kids who where I meditate and do a bit of
on business trips to places couldn’t sit still. Mum introduced yoga.
like New York, San Francisco, Can- me to music early, and I took ballet
ada and South America, and always and tap as soon as I could walk. My
bought a present for me. parents’ original motive was proba-
While he was away, we had bly to wear me out and keep me oc- Before my second audition, I
weekly phone calls. He’d tell me cupied. I loved how dance let me came down with tonsillitis and was
about life on the other end of the express myself with my body. quite sick. Several months later, the
line. But there was nothing like his Life changed when I was 4 and phone rang. A finalist had dropped
returns to England. my parents separated. My mother out and a replacement was needed.
Inside the box this time, nestled couldn’t afford the house alone. We Was I still interested?
in tissue paper, was a navy-blue were instantly poor and moved into Not fully recovered, I sang for the
social housing. Money was other four girls chosen. I was in. We
so tight she couldn’t pay became the Spice Girls. It was then
for my dance classes. It that I finally appreciated what my
was a struggle to put food mother had been seeking all those

FROM LEFT: MELANIE CHISHOLM (FAMILY PHOTO); CHRIS MCANDREW/CAMERA PRESS/REDUX; PA IMAGES/GETTY IMAGES
on the table. many years.
Mum worked full time Today, my daughter, Scarlet, and
as a secretary and part I live on the top two floors of an
time at a hospital. From apartment complex in a very green
Thursday through Sunday, part of North London.
she sang in a band. Live Melanie Chisholm in London in 2020, above, and, left, with her school My parents are very proud of
music thrived in England gymnastics trophies in 1985. Below at left, with the Spice Girls in 1997. me. I know they love me, as do my
in the mid-1970s, and she stepparents. I have half-sib-

.
lived for it. nicer home in Widnes. lings and stepsiblings, and I

ly
A year after my parents Things settled down have good relationships with
separated, Dennis, my and I resumed dance everybody.
mother’s boyfriend and lessons. I’m happy, but I do feel

dress with white polka dots and a

bandmate, moved in. Soon,
Mum and Den went away
for six days a week on a
five-month tour. They hired a teen-
on In high school, I be-
gan writing “Melanie
C Superstar” on all my
schoolbooks. I discov-
very alone on this planet.
I’m an only child and have
no one to share this experi-
ence with. I’ve always had to
us ,

red carnation broach. He bought it age nanny to live with me in our ered that the only find my place in this world
in San Francisco. I was 7, and the flat. My sense of security vanished. place I felt truly safe, on my own.
l
e
dress fit like a dream. Here I was dependent on a secure and happy was —As told to Marc Myers
al a

Before my parents divorced, we young stranger who sometimes on stage performing.

lived in a two-story, redbrick, semi- wasn’t home when I returned. I’d After I graduated, I attended Do- In February 1994, someone Melanie Chisholm, 48, is an English
ci on

detached house in Rainhill, Eng- have to wait for her outside. reen Bird College of Performing passed me a flier with an audition singer-songwriter best known as
land, near Liverpool. We had a little Mum and Den married in 1979, Arts in southeast London, 250 ad on it from Stage magazine. a former member of the Spice
garden out front with pink fuchsias. when she became pregnant with miles from Widnes. While at Bird, Heart Management was looking for Girls, one of the most successful
Dad worked at the English sub- my brother, Paul. I experienced at an inter-college competition, I “streetwise” girls who could sing all-female pop groups. She is the
sidiary of Otis Elevator as an engi- enormous guilt. I came to believe sang and had an electrifying con- and dance. When I arrived, 400 author of “The Sporty One: My Life
er s

neer. My mother, Joan, initially that I broke up my parents. nection with the audience. I real- other girls were there, too. I made as a Spice Girl” (Grand Central),
was a homemaker and sang profes- In 1982, we moved to a much ized I wanted to be a singer. it to the second round. a memoir.
m er
m rp

WHERE LIFE
FO R E V E R S PA R K L E S
co Fo
n-
no

Baccarat Residences are coming to Brickell.

              
                      
                      
                     
                  

      !   "

BaccaratResidencesMiami.com
(786) 437-3881

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED
BY A DEVELOPER TO A BUYER OR LESSEE. This Condominium is developed by 444 BRICKELL ONE, LLC (“Developer”) and this offering is made only by the Developer’s Prospectus for the Condominium. Your eligibility for purchase will depend upon your state or territory of residency. The Developer
is not incorporated in New York. This offering is not directed to any person or entity in New York or to any resident of a jurisdiction in which this offering is prohibited by law. Developer, pursuant to license agreements with (a) Related Group and (b) SH Group licensee of Baccarat®, has the right to use
the names and logos of Related and Baccarat®, but no licensor is the Developer or responsible for representations of Developer. In the event the license of Baccarat® to SH Group should terminate or the SH Group license to Developer terminate, the names and logos of Baccarat® will no longer be used. 2021©
444 BRICKELL ONE, LLC, with all rights reserved. THE COMPLETE OFFERING TERMS ARE IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE NO. CP22-0059