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China Stealth Fighter Is Visible Show of Strength Trump

What’s
News Stocks
Business & Finance Cabinet
 The chief executive of
Saudi Arabia’s futuristic
With
planned city Neom in the
kingdom’s northwest
abruptly left his role, a major
shake-up at the world’s big-
Loyalists
gest construction project. A1 Hegseth picked for
 A rise in government bond defense, Ratcliffe for
yields checked a vigorous CIA as team is built
stock rally, with the S&P 500,
Dow and Nasdaq falling 0.3%, to protect agenda
0.9% and 0.1%, respectively.
The yield on the 10-year Trea-
BY ALEXANDER WARD
sury note rose to 4.43%. B11
 Activist investor Elliott has WASHINGTON—President-
amassed a $5 billion stake in elect Donald Trump is stock-
Honeywell International and ing his cabinet and White
is calling on the conglomer- House staff with loyalists who
ate to break itself apart. B1 back his agenda, including on
immigration and foreign pol-
 Spirit Airlines is preparing to
icy—mostly shunning estab-
file for bankruptcy protection
lishment Republicans whom
after merger talks with Frontier
he blames for thwarting his
CNSPHOTO/REUTERS

Airlines broke down, people fa-

first-term goals.
miliar with the matter said. B1
Trump said Tuesday he
 Insurance entrepreneur plans to nominate Fox News
Greg Lindberg pleaded guilty host and Army veteran Pete
to federal criminal charges RISING POWER: China’s air force showcased new arms that include a J-35A stealth fighter, above, and an attack drone at an Hegseth to serve as secretary
stemming from an alleged airshow that started Tuesday in Zhuhai. The country’s growing military strength in the region has the U.S. worried. A7 of defense. Earlier he named
$2 billion scheme to defraud John Ratcliffe to lead the Cen-
thousands of policyholders in tral Intelligence Agency. Rat-

House GOP Flexes Its Muscles,

companies he controlled. B2 cliffe, a Republican, is a hawk-
ish former House member from
 Meta Platforms plans to
Texas who served as director
give European users of Insta-
of national intelligence in the
gram and Facebook the op-

But Tough Math Poses a Test

first Trump administration.
tion of receiving what it says
Additionally, the president-
are less-personalized ads in a
elect picked billionaire Elon
concession to regulators. B1
Musk and biotech company
 Bayer cut its full-year founder Vivek Ramaswamy,
earnings target after a who competed against Trump
tough agricultural market hit BY KATY STECH FEREK things will be different this The majority party has led by against the Trump agenda, for this year’s Republican
its crop-science division, and time. The squabbles were exac- 10 or fewer seats during just any number of issues could presidential nomination, to
said it heads into next year WASHINGTON—House Re- erbated by the party’s histori- six congressional terms dur- trip up the majority, ranging lead an effort to cut spending,
with a muted outlook. B5 publicans on the verge of cally small majority this Con- ing the last century, according from spending cuts, to raising eliminate regulations and re-
clinching a majority in a new gress—currently at 221 to 213 to House records. the debt limit, to ending the structure federal agencies.
 The Justice Department
GOP-dominated Washington with one vacancy—and leaders With GOP control of the $10,000 cap on state and local Earlier Tuesday, Trump
sued to block UnitedHealth’s
are already taking a victory now are bracing for a similarly Senate and with Trump’s pol- tax deductions. named Rep. Mike Waltz (R.,
$3.3 billion acquisition of
lap, but their expected slim narrow advantage next year. icy agenda on taxes and other House Speaker Mike John- Please turn to page A4
Amedisys, alleging the take-
margin and unruly nature As of Tuesday evening, Re- priorities on the line—and his son (R., La.), at a news confer-
over would give the com-
could undercut their efforts to publicans had won 216 seats well-earned reputation for im- ence Tuesday, said Republi-  Military review board eyed
pany too much power over
pass President-elect Donald to 207 for Democrats, while 12 posing party discipline—top cans “are ready to deliver on to remove generals.......... A4
the market for home health
Trump’s agenda. seats remained uncalled by House Republicans predicted a America’s mandate in the next  Musk to lead efficiency
and hospice services. B6
Party leaders, still bruised the Associated Press. Already, smoother, more unified ride, Congress” and wouldn’t re- effort with Ramaswamy... A4
from infighting over the past two of those GOP winners are even if they can spare to lose peat the slow start that hurt  Lighthizer is pick for White
World-Wide two years that led to the ouster set to take posts in the Trump just a handful of defections on the GOP in 2017, the last time House trade czar................ A5
of the GOP speaker and embar- administration, leaving even any bill. But with Democrats the party had control of the  Trump targets left-wing
rassing failed votes, have said less wiggle room temporarily. expected to be largely united Please turn to page A5 ideas in education............ A6
 Trump named Pete Heg-
seth to serve as secretary of
defense and tapped John
Ratcliffe, who served as di-
rector of national intelli-
Saudi Megacity’s Boss INSIDE The Sickest Flee
Abruptly Leaves Post
gence in the first Trump ad-
ministration, to lead the CIA,
continuing to stock his cabi-
net and White House staff
Private Medicare
with loyalists. A1, A5 BY RORY JONES that calls for an arid mountain
 The Trump transition team AND ELIOT BROWN ski resort, a floating business
is considering a draft executive district and two 106-mile-long
order to establish a panel with The chief executive of skyscrapers taller than the
Switching to regular Medicare shifted
the power to review generals Saudi Arabia’s futuristic Empire State Building. costs from insurers to taxpayers
and admirals and recommend planned city Neom abruptly Delays, cost overruns and
firing those deemed unfit. A4 left his role, a major shake-up staff turnover have plagued Patricia Greene had spent a ity in New York City’s Queens
 The president-elect at the world’s biggest con- the project. Saudi officials month recovering from a dev- borough.
named Elon Musk and Vivek struction project. have come to realize they astating stroke when her So she dropped her United-
Ramaswamy to lead a group Nadhmi al-Nasr, a hard- don’t have the money to fund SPORTS Medicare Advantage insurer, a Health coverage and enrolled in
tasked with cutting spend- charging executive who had all of the giant projects in the Cooper Flagg, just unit of UnitedHealth Group, the traditional version of Medi-
ing and regulations. A4 been chief executive of the country they once planned, decided to stop paying for her care run directly by the federal
kingdom’s marquee develop- Saudi officials have said.
starting at Duke, is nursing home. government.
 House Republicans are on basketball’s next big
ment project since 2018, de- Executives from the coun- That decision saved United-
the verge of clinching a ma-
jority but their expected slim
parted in recent days, accord- try’s sovereign-wealth fund, thing. A14 By Anna Wilde Health tens of thousands of
ing to people familiar with the the Public Investment Fund— Mathews, Christopher dollars in the months that fol-
margin and unruly nature
decision and an internal Neom which oversees Neom—are Weaver and Tom lowed, billing records show,
could undercut their efforts
to pass Trump’s agenda. A1
email announcing the change. coming in to wield control BUSINESS & FINANCE McGinty and shifted onto taxpayers the
The specific reasons for over the project, the people fa- Spirit set to file for cost of later hospital and nurs-
 Justice Alito has no plans to Nasr’s departure couldn’t be miliar with the decision said. The 85-year-old was so weak ing home care in what turned
step down from the Supreme learned, but it amounts to a Aiman al-Mudaifer, a Public
bankruptcy after and fragile, her son said, that out to be the final months of
Court, people close to him said, major reshuffling atop Neom, Investment Fund real-estate merger talks with she couldn’t even get herself her life.
tamping down speculation a priority of Saudi Crown executive, was named acting Frontier break down. B1 out of bed. Her family felt she A Wall Street Journal analy-
that he might leave so that Prince Mohammed bin Salman Please turn to page A6 wasn’t ready to leave the facil- Please turn to page A9
Trump could fill his seat with a
younger conservative. A3
 Archbishop of Canterbury
Justin Welby resigned under
Meet the Competitive Fliers
On a Mad Dash for a Million Miles
Slump Forces Real-Estate Scions
To Break a Cardinal Rule: Never Sell
pressure over allegations
that he failed to respond ade-
i i i
quately to accusations against
a serial child abuser. A18
Airline’s promotion sparks a game
 Jack Teixeira, a former BY PETER GRANT Percentage of U.S. companies there’s a foundation for the
Massachusetts Air National of continental hopscotch; cancel Thanksgiving requiring workers to be in the next generation.”
Guardsman, was sentenced to William Rudin, scion of one office five days a week The office market’s severe
15 years in prison over an ex- of New York City’s premier downturn is forcing some of
&0%
traordinary leak of highly classi- BY JACOB PASSY promotion through year’s end real-estate dynasties, has said the city’s multigenerational
fied intelligence documents. A2 to celebrate its entry into the his grandfather built a prop- family owners to do something
Philip Wallin plans to spend SkyTeam airline alliance, erty empire by following a %0 they managed to avoid during
 A federal judge ruled that
roughly 90 hours on airplanes which also includes Delta and cardinal rule: Never sell. world wars, financial melt-
a Louisiana law requiring
over the course of two weeks. Air France. The carrier is giv- While the city’s office mar- downs and a global pandemic:
public schools to display the 30
His grueling journey involves ing away one million points in ket wobbled during economic sell their core properties.
Ten Commandments in class-
over 20 flights and its EuroBonus loy- downturns, values and cash Families like the Rudins
rooms is unconstitutional. A3
will take him alty program to any- flows would always recover 20
and the Kaufmans built their
across 37,000 miles one who flies on at because workers came back New York empires by passing
CONTENTS Opinion................ A15-17 and more than a least 15 SkyTeam during good times. these buildings from one gen-
Arts in Review..... A13 Personal Journal A10,12
Business News...B3,5,6 Property Report.... B6
dozen time zones. airlines by Dec. 31. But last year, Rudin sold 10 eration to the next. The office
Crossword................ A14 Sports.......................... A14 In between these This game of con- control of a 30-story office properties steadily rose in
Equities...................... B10 Technology................ B4 flights, Wallin, who tinental hopscotch tower in downtown Manhat- value and provided a comfort-
Heard on Street....B12 U.S. News.............. A2-6 has a sales job in has become some- tan his family developed in 0 able living for an expanding
Markets & Finance B11 World News....A7-8,18
Stockholm, says he What’s the point? thing of a status the 1960s. This fall, the family 1Q 2Q 3Q %Q 1Q 2Q 3Q number of children, grandchil-
will only occasion- symbol among agreed to part with 80 Pine 2023 ’2% dren, nieces and nephews.
> ally step foot outside an air- travel-loyalty nerds. They have Street, another financial dis- Source: Flex Index “We and the other families
port. The goal of all this mara- set online forums ablaze trad- trict tower, after anchor ten- did not sell,” said Jonathan
thon flying: one million ing sample itineraries, book- ant American International executive chairman of his Iger, chief executive of Sage
frequent-flier points. ing tips and other hacks. Es- Group left. family’s firm. “We have to Please turn to page A2
s 2024 Dow Jones & Company, Inc.
Scandinavian Airlines, also pecially competitive fliers “The world has changed,” take a cold hard look at our
All Rights Reserved known as SAS, is running a Please turn to page A9 said Rudin, the 69-year-old co- business in order to make sure  Property Report................. B6
 A2 | Wednesday, November 13, 2024 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
Classified-Documents Leaker Gets 15 Years FAA
U.S.WATCH

BY VICTORIA ALBERT sparking diplomatic tension ment Tuesday. mation that weren’t related to rial he obtained and with
Flights to Haiti
AND JOSEPH PISANI with some U.S. partners and Teixeira, who is from Digh- his work, the office said, and whom he shared it by destroy- Will Be Banned
raising concern about under- ton, Mass., served with a mili- repeatedly removed classified ing his devices, deleting his The Federal Aviation Ad-
Jack Teixeira, a former mining Ukraine’s fight against tary-intelligence unit at a base information from the facility online accounts and asking ministration has banned U.S.
Massachusetts Air National Russia. in Cape Cod until his arrest. where he worked. online acquaintances to do the airlines from flying to Haiti
Guardsman, was sentenced Jodi Cohen, special agent in He had been with the Massa- Teixeira was first arrested same. after multiple planes were hit
Tuesday to 15 years in prison charge of Boston’s Federal Bu- chusetts Air National Guard and charged in April 2023. He Prosecutors also said he by suspected gunfire.
over an extraordinary leak of reau of Investigation office, since 2019. was indicted that June by a had several weapons and The FAA said Tuesday that
highly classified intelligence called Teixeira one of the most Teixeira was responsible federal grand jury in Boston talked often about violence. the ban will last 30 days and
documents that sent the U.S. prolific leakers of classified for maintaining classified on six counts of willful reten- FBI agents found a gun locker is due to safety risks and
government rushing to protect information in U.S. history. workstations, according to the tion and transmission of na- full of weapons when they “ongoing security instability”
its secrets. “His actions compromised U.S. Attorney’s Office for the tional defense information. searched two homes he used in Haiti. U.S. aircraft can fly
Teixeira, 22 years old, was military plans, sources and District of Massachusetts. Prosecutors alleged that in April 2023, according to through Haiti’s airspace as
accused of exposing details of methods,” Cohen said after Teixeira, who was given a top- Teixeira started sharing mate- court filings. long as they are above
American surveillance of ad- the sentencing. secret security clearance in rial online in 2022. Teixeira pleaded guilty in 10,000 feet, the FAA said.
versaries and allies on the so- A lawyer for Teixeira didn’t 2021, conducted hundreds of They said that he worked to March 2024, after previously Three airlines—Spirit Air-
cial-media platform Discord, respond to a request for com- searches for classified infor- conceal the scope of the mate- pleading not guilty. lines, American Airlines, and
JetBlue Airways—said their
planes appeared to be dam-
aged by gunfire Monday after
flying through the country.
The Spirit flight, which was
trying to land in Haiti’s capital
Port-au-Prince, was diverted
FROM TOP: SAGE REALTY, KAT SLOOTSKY, RUDIN FAMILY, (BOTTOM LEFT) CHRISTOPHER GOODNEY/BLOOMBERG NEWS (BOTTOM RIGHT)

to the Dominican Republic.

JetBlue said it discovered one
of its planes was hit by a bul-
let following an inspection af-
ter landing in New York’s
John F. Kennedy International
Airport from Port-au-Prince.
American Airlines said it
also discovered evidence one
of its planes had been hit by
a bullet after a post-flight in-
spection of an aircraft that
flew from Port-au-Prince to
Miami. The airline said the
flight landed safely and un-
eventfully in Florida.
—Joseph Pisani

GEORGIA
Murder Suspect
Waives Jury Trial
A man on Tuesday waived
his right to a jury trial in the
killing of a Georgia nursing
student, a case that became
a flashpoint in the national
immigration debate.
Jose Ibarra was charged in
the February killing of Laken
Hope Riley, whose body was
found on the University of

Real-Estate making big investments in

their aging office buildings,
betting that they will be
Georgia campus.
A 10-count indictment ac-
cused Ibarra of hitting the

Scions Are among the winners.

The Gural family led a
group last year that agreed to
22-year-old Augusta Univer-
sity College of Nursing stu-
dent in the head, asphyxiat-

Adapting invest new equity into the Du-

Mont Building, on Madison
Avenue, which the family has
ing her and intending to
sexually assault her.
Federal immigration offi-
controlled for more than 60 cials said Ibarra, a Venezue-
Continued from Page One years. Partners who were used lan citizen, illegally entered
Realty, the management firm to getting disbursements from the U.S. in 2022 and was al-
running the 100-year-old the property had to reach into lowed to stay to pursue his
Kaufman real-estate business their pockets to pay their immigration case.
founded by his great grandfa- share for capital improve- —Associated Press
ther. “You see yourself ments and paying down debt.
through the dips and you “It’s called a capital call, VIRGINIA
come out—not just fine, but which is the most dreaded
more than fine.” term in our industry,” said
Prison Detainees
Today, U.S. office vacancies Jeffrey Gural, chairman of GFP Get $42 Million
are near record levels and de- Real Estate, which manages A U.S. jury on Tuesday
mand looks permanently im- the family’s properties. awarded $42 million to three
paired by remote work and by But the decision paid off. former detainees of Iraq’s no-
companies doing more with Top, the Kaufman family’s 100-year-old real-estate business is selling some prized properties By putting in fresh money, the torious Abu Ghraib prison,
less space. Properties that at values significantly below what they were five years ago. Jonathan Iger, above, chief partners were able to negoti- holding a Virginia-based mili-
had been reliable cash cows executive of Sage Realty, the management firm running the Kaufman business. William ate a loan extension with the tary contractor responsible
now require substantial up- Rudin and members of the Rudin family, below right and left, decided to sell two downtown building’s creditors and at- for contributing to their tor-
grades or other capital infu- Manhattan office towers despite their long-held philosophy against selling. tract tenants. ture and mistreatment two
sions to replace departing or “I have yet to sell a build- decades ago.
shrinking tenants. ing where I didn’t regret sell- The decision from the
For many families in their ing,” Gural said. eight-person jury came after a
third and fourth generation of Yet other families are different jury earlier this year
ownership, it makes more sense choosing to walk away from couldn’t agree on whether
to sell for whatever they can properties—even if they rein- Reston, Va.-based CACI should
get. The Kaufman family agreed vested in them. The Rudins re- be held liable for the work of
to sell a downtown office tower cently spent $100 million on its civilian interrogators who
this year and are marketing an- renovations at 80 Pine’s lobby worked alongside the U.S.
other one in Midtown. Like oth- and building systems, adding Army at Abu Ghraib in 2003
ers, the Kaufmans are selling a terrace and dining room. and 2004.
the family jewels at values sig- Now, William Rudin considers The jury awarded plaintiffs
nificantly below what they forking over any additional Suhail Al Shimari, Salah Al-
were five years ago. money a waste. Ejaili and Asa’ad Al-Zubae $3
Tracking the precise num- “Even if we spent money million each in compensatory
ber of sales by these families to fix up the building, the damages and $11 million each
is tricky. But real-estate in- ceilings are too low, there are in punitive damages.
vestment banking firm Eastdil a lot of columns, the floors The three testified that
Secured said that New York are too big,” he said. “It be- they were subjected to beat-
real-estate families have sold came clear to us we needed to ings, sexual abuse, forced nu-
about 10 office buildings over fraught decisions. Over the Families were able to hold global brokerage for real-es- stop putting capital back into dity and other cruel treat-
the past 24 months. In the decades, more family mem- on to their buildings by fol- tate services firm CBRE the building.” ment at the prison.
previous decade there were bers have gained a stake in lowing low-debt strategies, Group. “It’s money in and re- It was a gut-wrenching deci- CACI’s lawyer, John O’Con-
fewer than five such deals. the properties. They often which insulated them from ally no money out.” sion, letting go of what nor, didn’t comment after
“Instead of 50 different have widely varying financial market downturns and posi- Even with recent sales, the amounted to a family heirloom. Tuesday’s verdict on whether
aunts and uncles getting dis- needs or incentives. tioned them to profit when Rudins are keeping most of “When I go by 80 Pine the company would appeal.
tributions, they’re getting cap- Tensions between family markets recovered. their office portfolio, which Street, I remember the good —Associated Press
ital calls,” said Gary Phillips, members who want to hold and Lately, some office markets includes 14 other New York times and I remember the bad
an Eastdil managing director. those who want to sell have al- are showing a few positive buildings. So are the Kauf- times,” Rudin said. “But
Individuals and small pri- ways simmered in the back- signs, as bosses call workers mans. Some families are even you’ve got to move on.” THE WALL STREET JOURNAL
vate owners have stakes in ground. Today’s tough times back to the office. But the (USPS 664-880) (Eastern Edition ISSN 0099-
9660) (Central Edition ISSN 1092-0935) (Western
about one third of the 350,000 have intensified these battles. buildings that stand to benefit Edition ISSN 0193-2241)

office properties tracked by

data firm CoStar Group. The
When values and profits
are rising, “it’s harder to make
are new ones or those in top-
tier locations, like Rockefeller
CORRECTIONS  AMPLIFICATIONS Editorial and publication headquarters: 1211 Avenue
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 THE WALL STREET JOURNAL. Wednesday, November 13, 2024 | A3

U.S. NEWS

Alito Plans Newsom’s Trump Resistance Has Tricky Path

To Remain California governor mass deportations, limited ac-

On Court trumpets his liberal

values just as U.S.
cess to abortion medication
and the withholding of disaster
aid “for political retribution.”
Newsom’s approach has
BY JESS BRAVIN appears to shift right some support: “We learned a
lot about former President
WASHINGTON—Justice BY ZUSHA ELINSON Trump in his first term—he’s
Samuel Alito has no plans to AND SARA RANDAZZO petty, vindictive, and will do
step down from the Supreme what it takes to get his way no
Court, people close to the jus- SAN FRANCISCO—In the af- matter how dangerous the pol-
tice said, tamping down spec- termath of another Donald icy may be,” California Senate
ulation among legal activists Trump victory, no Democrat President Pro Tem Mike
that the 74-year old jurist was more swiftly charged to the de- McGuire said in a statement.
readying to retire so that fense of left-leaning policies Counters California Republi-

IRFAN KHAN/LOS ANGELES TIMES/GETTY IMAGES

President-elect Donald Trump than California Gov. Gavin can Assemblyman Bill Essayli:
could fill his seat with a youn- Newsom. “We just had an election, I
ger conservative. Within two days of the elec- think we should give space for
“Despite what some people tion, Newsom positioned him- Trump to govern,” he said.
may think, this is a man who self as the vanguard of the op- “The left has just gone over-
has never thought about this position, calling for lawmakers board.”
job from a political perspec- to convene an emergency spe- California appears headed
tive,” said one person close to cial session “to safeguard Cali- toward a fight over education
Alito. “The idea that he’s go- fornia values” in the face of an policy, including a law affect-
ing to retire for political con- incoming Trump administra- ing transgender students that
siderations is not consistent tion. was the first of its kind in the
with who he is.” Hours later, state Attorney nation at the state level.
Trump’s election last week General Rob Bonta seconded California and the incoming Trump administration could be headed for a fight over education policy The new California law bars
set off renewed discussions that notion, speaking beneath and migrant deportation policy. Above, students in Anaheim, Calf. Below, migrants near the border. school districts from requiring
over the future of the Su- the iconic Golden Gate Bridge teachers to notify parents if
preme Court, where the three about California’s role as a for- their child switches gender
eldest justices are in their 70s. tress for the resistance. identities at school—such as
With Republicans set to “In the days and months changing pronouns—without
take both the White House and years to come, all eyes will the student’s permission.
and Senate come January, look west,” Bonta said. Supporters champion the
there will be at least a two- Will they, though? This is a law as protecting transgender
year span when the GOP can tricky time for California liber- youth who fear repercussions
fill vacancies without need of als to anoint themselves the at home. Detractors, including
compromise with Democrats. standard-bearers for a national some medical professionals
Some Republicans have sug- party still licking its wounds and parents across political
gested that would be a good from an election that saw most lines, say such policies keep
time for Alito, appointed in of the nation shift to the right. parents in the dark about im-
2006 by President George W. Not even California was im- portant developments.
Bush, and Justice Clarence mune. Progressives from Oak- Trump could try to chal-
Thomas, 76, a 1991 appointee land to Los Angeles lost high- lenge California’s statute under
of President George H.W. profile seats last Tuesday, the Family Educational Rights

FREDERIC J. BROWN/AFP/GETTY IMAGES

Bush, to step aside for youn- when voters also overwhelm- and Privacy Act (Ferpa), fed-
ger nominees who could per- ingly approved a tough-on- eral legislation affording par-
petuate the court’s conserva- crime ballot measure that ents the right to access their
tive direction for decades. Newsom opposed. children’s school records, said
Conservatives hold a 6-3 Republicans, including gov- Max Eden, an American Enter-
advantage on the court. ernors in Texas and Florida, prise Institute senior fellow.
Alito has been a central have long tried to portray Cali- “This seems like a fight that
part of the conservative as- fornia as an example of how his administration would want
cendancy. In 2022, he wrote not to run a state, but Trump to pick,” Eden said. “The
the opinion overruling Roe v. successfully doubled down on pieces are there.”
Wade, which in 1973 had rec- this. He soundly defeated Ka- White House antagonist. Har- California rally, he mocked progressive-prosecutor move- Immigration looms as per-
ognized women’s right to mala Harris in swing states af- ris’s loss creates an opening Newsom as “Gavin New-scum” ment, was trounced by a haps the most explosive battle-
abortion before fetal viability. ter depicting her political just as Newsom will be term- and threatened to withhold tough-on-crime candidate for ground. In 2022, there were an
People who know Alito say he home of California as the man- limited in 2026. federal funding to fight wild- district attorney in Los Angeles estimated 1.8 million immi-
is in good health, enjoys his ifestation of liberal policies Partisan Democrats will de- fires if the governor didn’t side County. In the Bay Area, the grants lacking legal status in
work and has more to contrib- gone awry on immigration, mand that Newsom take on with farmers in a continuing progressive mayor of Oakland California, the most of any U.S.
ute to the court’s jurispru- homelessness and crime. The Trump, but that may not be a water-rights dispute. Trump and district attorney of state, according to the Pew Re-
dence. state even became a Trump viable route to the White pledged that “in the first day” Alameda County were recalled. search Center.
A number of Democrats are rallying cry: “We’re not going House. of his presidency he would end And San Francisco elected a “California’s deterioration
now focused on the future of to let Kamala Harris do to “There’s a good case to be California’s regulations ban- new mayor: Levi Strauss heir stems primarily from un-
Justice Sonia Sotomayor, 70, America what she did to Cali- made that he’s the embodiment ning the sale of new gasoline- Daniel Lurie, a moderate Dem- checked illegal immigration
the most senior member of fornia.” of the Democratic Party that powered cars and trucks by ocrat. and a governor who facilitates
the court’s liberal minority. If California is damaged, just got shellacked,” said Rob 2035. While California is still blue, it,” Trump proclaimed at a
Some have suggested that she even temporarily, as a launch- Stutzman, a Republican politi- “I liken it to pro-wrestling conservatives feel more em- rally in Coachella Valley.
step down. But people close to pad for national political aspi- cal consultant in California. where they get in the ring and boldened by the results, said During Trump’s previous
Sotomayor recently told The rations, that complicates the “Particularly the California they do their dance and each San Francisco Republican tenure, California sought to
Wall Street Journal that she path for Newsom, who is con- brand I think continues to take of their fans roar in approval,” Party Chairman John Dennis. thwart his deportation efforts
remains in good health and sidered to be a contender for a beating, but I don’t know if he said Stutzman, of Trump and “If you walked down a main by passing a 2017 sanctuary
has no plans to leave. the Democratic presidential has any other path.” Newsom. thoroughfare in San Francisco law that limited local police in-
ticket in 2028. During Trump’s first term, Trump is in a stronger posi- wearing a MAGA hat a few volvement in immigration en-
“That’s the rub,” said An- Newsom forged a working rela- tion this time. He is winning a years ago, it’d be dangerous,” forcement.
drew Acosta, a Democratic tionship with the president on higher percentage of votes in Dennis said. “If you did it now, Trump tried to kill Califor-
consultant in the state. “One select issues, notably breaking California, 38% compared with you’d get a lot of people honk- nia’s sanctuary law but lost in
would have a hard time as a Democratic ranks in 2020 to 34% in 2020, though there are ing at you in support.” courts. Now, that sanctuary
national political consultant commend Trump’s assistance still 2.6 million ballots to Citing the “extraordinary law stands as the state’s key
saying that someone from Cali- during the pandemic. count. Californians passed a circumstances” of Trump’s vic- weapon for foiling Trump’s
ERIN SCHAFF/PRESS POOL

fornia could run and win the Yet, California launched ballot measure to increase pen- tory, Newsom is calling for a new efforts.
presidency after what we just more than 120 lawsuits chal- alties for shoplifting and drug special session in early Decem- “We have put in place many
saw happen.” lenging actions taken by possession with 69% in favor ber to provide additional fund- protections for our immigrants
In many ways this should be Trump’s administration. even as Newsom and other ing for legal battles against and we are dusting off those
Newsom’s moment. During Trump, meanwhile, has un- Democratic leaders opposed it. Trump. Newsom has raised important laws,” said Bonta,
Trump’s first term, the telege- leashed hundreds of salvos at The shift hit local races. alarms about a potential roll- the attorney general. “Remem-
Justice Samuel Alito nic governor was a leading the state. At a recent Southern George Gascón, a leader in the back of clean-energy rules, ber, we did this before.”

Judge Blocks Law on Ten Commandments

BY JENNIFER CALFAS mandments be displayed in Heather L. Weaver, an attorney that show how the Ten Com-
public schools after Gov. Jeff for the American Civil Liberties mandments played an impor-
A federal judge ruled a Lou- Landry, a Republican, signed Union’s Program on Freedom of tant role in American history.
isiana law requiring public the bill into law in June. The Religion and Belief. At the bill signing in June,
schools to display the Ten law immediately raised con- Louisiana Attorney General Landry called the prophet Mo-
Commandments in classrooms cerns over the separation of Liz Murrill said she disagreed ses “the original lawgiver.”
is unconstitutional. church and state, with civil- with the court’s decision and The Louisiana law required
The ruling, issued Tuesday liberties groups arguing that would appeal. specific text for the Ten Com-
by U.S. District Judge John W. such a requirement imposes In their lawsuit, parents mandments, even though dif-
deGravelles, temporarily blocks religious beliefs on children with children in Louisiana ferent religions may vary the
enforcement of the law that and their families. public schools said the law vi- language used for the biblical
mandated every public-school “This ruling should serve olated the First Amendment instructions. Public schools
class in Louisiana display the as a reality check for Louisi- and coerced students into cer- could use donations to pay for
religious text by no later than ana lawmakers who want to tain religious beliefs. the displays, which the law re-
January. use public schools to convert State leaders have defended quired to be at least 11 by 14
Louisiana became the only children to their preferred the law, stating the displays inches.
state to require the Ten Com- brand of Christianity,” said can create teachable moments Judge deGravelles, who was
appointed by former President
Barack Obama, granted a pre-
liminary injunction and said
plaintiffs would likely succeed
as the case continues. In his or-
der, the judge rebuffed argu-
ments that the law had “any
purported secular purpose” and
called its requirements “coer-
cive and inconsistent with the
history” of the First Amend-
ment and public education.
The U.S. Constitution prohib-
its laws “respecting an estab-
HILARY SCHEINUK/THE ADVOCATE/ASSOCIATED PRESS

lishment of religion, or prohibit-

ing the free exercise thereof.” In
1980, the Supreme Court
blocked similar displays of the
Ten Commandments in Ken-
tucky public-school classrooms.
Concerns about the bound-
aries between church and
state in educational settings
have been raised in other
states. Oklahoma, Texas and
Utah have considered Ten
Louisiana Gov. Jeff Landry with Attorney General Liz Murrill during a press conference in August. Commandments-display bills.
 A4 | Wednesday, November 13, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

U.S. NEWS

Military Review Board Eyed Musk to Lead

If an executive order Efficiency Effort
With Ramaswamy
is enacted, it could
fast-track removal
of generals, admirals
WASHINGTON—The Trump BY ANDREW RESTUCCIA fident they will succeed!”
transition team is considering Musk has said that he
a draft executive order that WASHINGTON—President- hopes to cut federal spending
would establish a “warrior elect Donald Trump picked by at least $2 trillion, a goal
board” of retired senior mili- Tesla CEO Elon Musk and bio- that outside analysts said
tech company founder Vivek would be difficult to achieve.
By Vivian Salama, Ramaswamy, a former Repub- In fiscal 2024, the government
Nancy A. Youssef and lican presidential candidate, to spent roughly $6.8 trillion.
Lara Seligman lead an effort to cut spending, Musk’s super PAC, America
eliminate regulations and re- PAC, spent roughly $200 mil-
KEVIN WOLF/ASSOCIATED PRESS

tary personnel with the power structure federal agencies. lion in support of Trump dur-
to review three- and four-star Trump said in a statement ing the presidential election.
officers and to recommend re- Tuesday night that Ramas- The billionaire has become
moval of any deemed unfit for wamy and Musk—the wealthi- one of the president-elect’s
leadership. est person in the world, who closest advisers, according to
If President-elect Donald oversees six companies— people with knowledge of the
Trump approves the order, it would lead what the presi- matter, sitting in on transition
could fast-track the removal of One potential target of Donald Trump’s threatened purge could be Air Force Gen. CQ Brown Jr. dent-elect called the Depart- meetings, offering input on
generals and admirals found ment of Government personnel picks and spending
to be “lacking in requisite present to show if they meet The establishment of the Joint Chiefs of Staff, according Efficiency, or DOGE. The one-on-one time with Trump
leadership qualities,” accord- those standards. The draft or- board would be in line with to two defense officials. Dur- group’s mandate is to stream- at his Mar-a-Lago club.
ing to a draft of the order re- der originated with one of Trump’s calls for purging ing the 2020 George Floyd line government bureaucracy, The acronym for the new
viewed by The Wall Street several outside policy groups what he views as failed gener- protests, Brown spoke about Trump said. group, DOGE, echoes the name
Journal. But it could also cre- collaborating with the transi- als, including those involved the impact that movement DOGE will operate outside of dogecoin, the cryptocur-
ate a chilling effect on top tion team, and it is one of nu- in the chaotic 2021 with- had on him and what it was of the federal government, rency Musk has frequently
military officers, given the merous executive orders un- drawal from Afghanistan, ac- like to rise through the mili- Trump said, and will work with promoted online.
president-elect’s past vow to der review by Trump’s team, a cording to people familiar tary ranks as a Black fighter the White House Office of Man- Trump and his advisers
fire “woke generals,” referring transition official said. with the policy discussions. pilot. agement and Budget to imple- have promised to revive and
to officers seen as promoting The warrior board would be Trump has said he would ask The executive order, which ment its recommendations. expand measures the then-
diversity in the ranks at the made up of retired generals all generals involved in the has been reviewed by the Musk isn’t expected to be- president put in place in his
expense of military readiness. and noncommissioned officers, withdrawal to resign by “noon president-elect’s transition come an official government first term to cut red tape and
As commander in chief, who would send their recom- on Inauguration Day.” team, may be presented to employee, meaning he likely make it easier to fire federal
Trump can fire any officer at mendations to the president. The president-elect pre- Trump when he takes office, wouldn’t be required to divest employees.
will, but an outside board Those identified for removal viewed the move during a and its implementation de- from his business empire. In 2020, shortly before
whose members he appoints would be retired at their cur- campaign event in October, pends on whether he chooses Trump gave Musk and Ra- leaving office, Trump issued
would bypass the Pentagon’s rent rank within 30 days. telling an audience that he to sign it in its current form, maswamy a deadline of July 4, an executive order that ex-
regular promotion system, sig- Karoline Leavitt, the would create a task force to according to a person familiar 2026—amid the nation’s empted some positions across
naling across the military that Trump-Vance transition monitor the “woke generals” with its drafting. semiquincentennial celebra- the federal workforce from
he intends to purge a number spokeswoman, declined to and get rid of diversity train- On Tuesday, Trump an- tions, and just months before competitive hiring procedures
of generals and admirals. comment on this draft execu- ing in the military. nounced his intention to nomi- the midterm elections—to and civil-service protections.
The draft order says it aims tive order but said, “The “They’re gone,” Trump said nate Pete Hegseth, a veteran complete their work. “A Biden, upon taking office,
to establish a review that fo- American people re-elected of those generals, without and Fox News host, to be his smaller government, with more undid the executive order.
cuses “on leadership capabil- President Trump by a re- naming specific officers. next Secretary of Defense. If efficiency and less bureau- Trump’s advisers say he will
ity, strategic readiness, and sounding margin giving him a One feared potential target confirmed by the Senate, Heg- cracy, will be the perfect gift to impose a potentially more ex-
commitment to military excel- mandate to implement the of Trump’s threatened purge seth could be key in imple- America on the 250th anniver- pansive version of it.
lence.” The draft doesn’t spec- promises he made on the cam- could be Air Force Gen. CQ menting the findings of the sary of the Declaration of Inde- —Dana Mattioli
ify what officers need to do or paign trail. He will deliver.” Brown Jr., chairman of the Warrior Board’s review. pendence,” he said. “I am con- contributed to this article.
MICHAEL BROCHSTEIN/ZUMA PRESS
MANDEL NGAN/AFP/GETTY IMAGES

JOHN LAMPARSKI/GETTY IMAGES

Among those picked are, clockwise from left, John Ratcliffe for the CIA; Pete Hegseth for secretary of defense; Mike Huckabee for ambassador to Israel; and Kristi Noem for homeland security.

Loyalists Responding the next day, Don-

ald Trump Jr. said on social
media he was working on

Are Tapped keeping other job seekers who

didn’t share his father’s agenda
out of the administration.

For Cabinet Former top aides such

as Robert O’Brien, Trump’s
fourth and last national secu-
rity adviser, are open to serv-
Continued from Page One ing again but aren’t sure they
Fla.), a former Army Green will be asked to join the ad-
Beret who shares the former ministration. “If I remain in
president’s views on illegal the private sector, which is
immigration and skepticism of likely, I will be cheering on the
U.S. support for Ukraine, to be president and his team for
his national security adviser, huge successes,” O’Brien said.
according to people familiar With more like-minded ad-
with the discussion. The job, visers, the hope is Trump can
which Trump has elevated to pursue his “America First”
cabinet rank, doesn’t require agenda with fewer restraints,
Senate confirmation. people who served on the
The president-elect is ex- Trump campaign said. But a
SPENCER PLATT/GETTY IMAGES

pected to nominate Sen. Marco team that shuns dissenting

Rubio, (R., Fla.) to be secre- views also brings risks, former
tary of state, according to peo- officials and analysts said.
ple familiar with his thinking. “Trump looks set on bring-
Rubio has differed with ing in a team that prizes loy-
Trump, who was his rival for alty, which could instill some
the 2016 presidential nomina- message discipline but also
tion, over the importance of risks group think,” said Richard
alliances and favors confront- Trump hasn’t signaled who Scott Bessent, who backed Arkansas Gov. Mike Huckabee brought to the campaign Fontaine of the Center for a
ing China and Iran but, like he will pick as secretary of the Trump during the campaign. to be ambassador to Israel. He earned her credit with Trump, New American Security, a cen-
Trump, has called for ending Treasury. Among the candi- Another Trump supporter, bil- has named immigration hard- said people close to the in- trist Washington think tank.
the war in Ukraine. dates is hedge-fund manager lionaire investor John Paul- liner Stephen Miller as deputy coming president. Trump doesn’t make deci-
son, removed himself from chief of staff for policy. Tom “What Trump will look for sions in an orderly process,
contention on Tuesday. Homan, a champion of family in senior nominees in a second often announcing them with-
Economy or Culture Wars? Some of Trump’s closest separation, will be the new term is fealty. He wants ‘yes out consulting advisers or via
Our Writers Spar Over Why Harris Lost advisers are seeking to block “border czar.” Former Rep. Lee men’ and ‘yes women,’” social media. Staffers during
candidates deemed insuffi- Zeldin of New York was tapped said John Bolton, who was na- the first term often tried to
ciently loyal for other top Monday to lead the Environ- tional security adviser during walk back some of those deci-
posts, fearing they could de- mental Protection Agency. Trump’s first term but is now sions. Loyalists are more
rail or slow roll his priorities. Trump has also chosen one his most outspoken critics. likely to carry them out with-
It won’t be easy to achieve South Dakota Gov. Kristi Trump has rejected Mike out providing alternative
the unanimity that Trump and Noem to lead the Department Pompeo, who served as the CIA ideas or debating the pitfalls,
some advisers want. To ensure of Homeland Security, accord- director and secretary of state analysts said.
Senate confirmation, he might ing to people familiar with the in the first term but has been a The president-elect has long
KEVIN DIETSCH/GETTY IMAGES

be forced to turn to some can- matter. Noem, a Trump ally strong supporter of U.S. assis- said he would end U.S. involve-
didates who are at odds with previously considered to be tance to Ukraine, and Nikki Ha- ment in overseas wars, erect
him in important respects. his running mate, is slated to ley, Trump’s top presidential new trade barriers and force
Disagreements between agen- play a crucial role implement- rival and former envoy to the allies in Europe and Asia to
cies and members of his team ing his border policies, along- U.N. who broke with him over share more in defense costs.
were rife in his first term and side Homan and Miller. support for the North Atlantic During his first term, his advis-
are likely to reappear, current His choice as White House Treaty Organization. ers often pushed back against
and former officials said. chief of staff, Susie Wiles, is “I very much enjoyed and his more ambitious policies, oc-
Greg Ip, chief economics commentator, says Trump has also said he known for delivering candid appreciated working with them casionally convincing him to
voters were angry about high prices. Aaron would nominate Rep. Elise advice but isn’t confronta- previously, and would like to back off and other times slow-
Zitner, polling specialist, says social issues Stefanik (R., N.Y.), the first tional and doesn’t seek the thank them for their service to rolling his orders.
such as crime and transgender rights played lawmaker to endorse his re- spotlight—traits that have our Country,” Trump said Sat- —Alex Leary
the bigger role. Scan this code for their debate. election bid, as ambassador to gotten other Trump insiders urday in a social-media post, and Brian Schwartz
the United Nations and former in trouble. The discipline she referring to Pompeo and Haley. contributed to this article.
THE WALL STREET JOURNAL. * * * * * * Wednesday, November 13, 2024 | A5

U.S. NEWS

Slim Edge have not only been unable to

govern, I’m not sure they
know how to govern.”
Final Tally
In House to Already some Republican
members, who returned to
Washington this week, indi-
Gives GOP
Test GOP cated they wouldn’t be bossed
around in the next term. Rep.
Victoria Spartz (R., Ind.) said
53-47 Lead
Continued from Page One
House, Senate, and presidency.
she isn’t worried about reper-
cussions from Trump if she
decides to break from Republi-
In Senate
“We are not going to make can leaders’ orders on long-
those mistakes again,” he said. term government spending or BY LINDSAY WISE
In subsequent comments to healthcare policy. AND XAVIER MARTINEZ
reporters, Johnson struck an “I’ve always been an inde-
upbeat note on party unity af- pendent thinker and have WA S H I N G T O N — D e m o -
ter two years of rocky GOP been willing to challenge my cratic Rep. Ruben Gallego de-
control of the House that of- own party,” she said. feated Republican Kari Lake in
ten required leaders to rely on Asked what kind of conse- the Arizona Senate contest,
Democrats on key votes. He quences a Republican could keeping the seat in the Demo-

ANDREW HARNIK/GETTY IMAGES

said he was ready to work face for stepping out of line, cratic column and preventing
with “whatever margin I have. one lawmaker replied: “Ask Republicans from further ex-
We’ve demonstrated we can Bob Good.” panding their majority in the
do that already.” With Good, a Virginia lawmaker, next Congress.
Trump’s mandate at stake, he endorsed Florida Gov. Ron De- With an estimated 95% of
said: “I think you’ll see cohe- Santis over Trump for the the vote reporting, Gallego
sion in the team.” GOP’s presidential nomination had earned 50% to Lake’s
House Republicans leaders House Speaker Mike Johnson, right, spoke at a news conference on the steps of the Capitol at the beginning of the cam- 47.8%.
said they are still working out on Tuesday, while GOP Reps. Richard Hudson, left, and Tom Emmer looked on. paign season. In June, he nar- Gallego’s win puts the final
their priorities with Trump, rowly lost his primary to a Senate split at 53 Republican
including how to handle a U.S. House of Representatives Trump-backed challenger, seats to the Democrats’ 47
government-spending dead- John McGuire, after Good seats. It also reflects a
line in December, with dueling Not yet called: 16* faced a barrage of attack ads broader trend of Republicans
Maine
ideas of funding the govern- and criticism from col- in battleground state Senate
Alaska D 205 214 R N.H.
ment until March or Septem- Vt. leagues. races underperforming Presi-
ber. Trump might meet 218 for majority 176 R The first test will come dent-elect Donald Trump, who
= seat
Wednesday with House Re- Mass. Wednesday, when new and re- swept all seven swing states
publicans in Washington be- Wash. Idaho Mont. N.D. Minn. turning GOP lawmakers vote on his way to defeating Demo-
Mich.
fore he sits down with Presi- Wis. N.Y. Conn. to nominate their pick for cratic Vice President Kamala
dent Biden, Johnson said. This Wyo. S.D. speaker, ahead of the vote by Harris.
weekend, Johnson is flying Ore. Dist. 4* the full House in January. The Associated Press on
down to Mar-a-Lago to meet Iowa Pa. R.I. Johnson—who said he expects Saturday evening called Ari-
Ill. Ind. Ohio
with the president-elect. Calif. Neb. Del. N.J.
to remain in the post—is ex- zona for Trump, and Demo-
Some GOP lawmakers said pected to easily win the initial cratic Senate candidates were
they think leaders can keep W.Va. Md. vote, but the level of support elected in three other states
things on track, especially if Nev. Mo. will be closely watched. For- where Trump won: Michigan,
Colo. Kan. Va.
Trump takes a tough line Ky. mer Speaker Kevin McCarthy Nevada and Wisconsin.
with holdouts. won the vote in 2022 but However, Republican Dave
“The speaker of the House Utah Okla. Ark. Tenn. N.C. faced 31 dissenters, presaging McCormick ousted a Demo-
has a stick, the president of a drawn-out speaker vote the cratic incumbent, Sen. Bob
Texas
the United States has a howit- Ariz. N.M. La. Miss. Ala. Ga. S.C. following January that went Casey, in the swing state of
zer,” one Republican House to 15 rounds over four days. Pennsylvania.
lawmaker said. Republican lawmakers em- Republicans also flipped
Party leaders said Trump phasize the party has limited seats in Montana, Ohio and
was aware of how the GOP’s Fla. time to get things done before West Virginia, all states that
thin incoming majority limits the midterm elections, when weren’t competitive at the
the number of House members the president’s party typically presidential level.
who can leave to join the new *Washington District 4 is an
loses seats. Gallego moved toward the
administration. So far, Trump additional race that hasn’t been Biden got several major center on immigration by crit-
has chosen Rep. Elise Stefanik Hawaii called, but two Republicans are pieces of legislation, including icizing the Biden administra-
competing for the seat.
(R., N.Y.) for U.S. ambassador Note: As of 5 p.m. EST Tuesday
a $1.9 trillion Covid-19 bill, a tion for not doing enough to
to the United Nations and Rep. Source: Associated Press $1 trillion infrastructure law combat a surge in migrants.
Mike Waltz (R., Fla.) for na- and the climate-related Infla- Lake, an outspoken Trump
tional security adviser. said he expected Republicans the president,” he said. some of their more extreme tion Reduction Act, across the ally, spent three decades as a
Sen. Markwayne Mullin (R., to be more unified because Democrats were skeptical members who are really not finish line during the first two TV anchor in the state and ran
Okla.), a former House law- Trump can drive the agenda. of House Republicans’ pros- interested in getting anything years of his administration for governor in 2022, a race
maker who keeps close tabs “Speaker Johnson will be pects. done,” Rep. Jim McGovern (D., when Democrats had control she narrowly lost but claimed
on the chamber’s dynamics, working hand in glove with “They have a problem with Mass.) said. “These people of the Senate and the House. was stolen.

Trump Wants Lighthizer

As White House Trade Czar
BY BRIAN SCHWARTZ

President-elect Donald
Trump has told allies that he
wants his former U.S. trade
representative, Robert Light-
hizer, as the administration’s
trade czar, according to peo-
ple familiar with the matter.
Lighthizer is a key adviser
to Trump and helped imple-
AL DRAGO/BLOOMBERG NEWS

ment his tariffs policies dur-

ing his first term in office.
Now, Trump wants him to
be a czar, which would likely
give Lighthizer sweeping
oversight on trade policy
across the administration, in-
cluding at the Commerce De- Robert Lighthizer has yet to be offered the trade czar job.
partment and the Office of
the U.S. Trade Representative, nomic Council. czar in Tom Homan, who will
according to those familiar A person familiar with the be a key voice on Trump’s im-
with Trump’s planning. matter said Lighthizer has yet migration policies.
The position wouldn’t re- to be offered the job. The Fi- Trump ran for president on
quire Senate confirmation, nancial Times previously re- placing tariffs on imports
allowing him to immediately ported that Lighthizer had coming into the U.S. from
have the power to start im-
plementing Trump’s tariff
been offered the role of U.S.
trade representative, but a
around the world.
Trump has called for an GARDEN’S GRANDEUR
proposals shortly after the
president-elect is inaugu-
person close to the longtime
trade adviser told The Wall
across-the-board tariff of up
to 20% on U.S. imports. He
JEAN DUFY
rated in January. Czar roles Street Journal at the time has proposed a tariff of 60%
aren’t required to be con- that he had talked to Trump on goods from China and at
Acclaimed artist. Vivid colors. Innovative style.
firmed by the Senate, unlike about a role in the adminis- least a 200% tariff on vehicles Jean Dufy’s Nature morte au panier de mimosa
cabinet positions such as sec- tration but hadn’t been of- from Mexico. He has also
retary of state. fered anything. campaigned on reciprocity, or
captures the vibrant essence of the Parisian
Trump could change his Lighthizer and a spokes- U.S. tariffs that match those avant-garde. Blending a Fauvist palette and bold
mind and offer Lighthizer a woman for Trump’s transition of its partners. brushstrokes, this still life reflects Cubist influences
different senior position in didn’t respond to a request Lighthizer helped enact the and Dufy’s groundbreaking vision. His work is
his administration, such as for comment. U.S.-Mexico-Canada Agree- celebrated in major museums worldwide, including
Treasury secretary, com- If Trump officially picks ment, which replaced the
merce secretary or even di- him for the role, Lighthizer North American Free Trade MoMA in New York. Oil on canvas. Signed and
rector of the National Eco- would join another Trump Agreement. dated “Jean Dufy 29” (lower right). Canvas:
211/4”h x 17 5/8”w. Frame: 27 7/8”h x 241/4”w. #32-0037

Paulson Won’t Seek Treasury Job This work is part of our exhibition
Dreaming in Color: Chagall & His Circle
Veteran investor John time,” Paulson said in the Tenn.) is also seen as a con- Now open - January 4, 2025
Paulson is dropping out of statement. “However, I in- tender.
the running to become tend to remain actively in- Paulson’s assets could
President-elect Donald volved with the President’s have come under scrutiny if
Trump’s Treasury secretary, economic team and helping he were to have a cabinet
he said in a statement to in the implementation of role. As a hedge-fund man-
The Wall Street Journal. President Trump’s out- ager, he made an estimated
“Although various media standing policy proposals.” $3 billion to $4 billion during
outlets have mentioned me His decision essentially the 2008 financial crisis, the
as a candidate for Secre- clears a lane for fellow in- Journal has reported, after
tary of the Treasury, my vestor Scott Bessent to he bet against the housing 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@msrau.com • msrau.com
complex financial obliga- land the post. Bessent in market. He later converted
tions would prevent me recent days has become the hedge fund into a family Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
from holding an official po- the favorite to get the job, office and stopped managing Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
sition in President Trump’s several Trump allies have money for outside clients.
administration at this said. Sen. Bill Hagerty (R., —Brian Schwartz
A6 | Wednesday, November 13, 2024 THE WALL STREET JOURNAL.

U.S. NEWS

Urban Voters’ Surprise: Their City Is Redder

Philadelphia and appeals to voters who “don’t
understand the president has
other Democratic very little to do with infla-
bastions shifted tion.” As for border security,
he said, “Does it look like we
some toward Trump have an immigration problem
here? No.”
BY SCOTT CALVERT A few miles to the east in
the tidy Bridesburg neighbor-
PHILADELPHIA—Juan hood, lifelong Republican San-
Velez, 38, had never voted un- dra Schwinger said Trump’s
til this month, when the rising support was visible in
scrap-metal seller enthusiasti- the largely white community
cally cast a ballot for Republi- that is home to tradespeople,
can Donald Trump. To broad- civil servants and police offi-
cast his support, he slapped a cers. Trump flags like the one
“Latinos for Trump” sticker she has long displayed used to
on his pickup truck. be a rare sight, she said, but
“I [saw] how America goes not anymore.
down, and I didn’t want that,” “People aren’t afraid to

HANNAH YOON FOR WSJ (3)

Velez said a few days after show that they were voting
Trump won his old job back. for him, because they’ve had
He listed the high cost of “ev- enough,” said Schwinger, 60.
erything” and illegal immigra- Her 35-year-old son cast his
tion as top concerns and said first-ever vote this month for
Trump offers hope “because Trump, she said.
he’s the businessman.” He Mary Swallow, left, was a Harris voter, but fellow Philadelphians Sandra Schwinger, center, and Juan Velez backed Trump. Trump pulled in around
added: “He cares about every- 70% of the vote in some
body’s family in the United electoral gains for Trump in than 143,000, the latest results Leaders of both parties in “He’s going to secure the Bridesburg precincts, up from
States.” Philadelphia and some other show. That helped lift his Philadelphia pinned the re- border, and the prices [are] 55% eight years ago. Those
Cities have long been Dem- big-city Democratic strong- share of the citywide tally to sults mostly on inflation. too high,” Ramos said, sitting jumps helped flip Bridesburg’s
ocratic bastions, but this elec- holds—places where Vice 20%, up from 18% four years “People are blaming the party outside his white row house. ward to Trump, giving him
tion marked a notable shift: President Kamala Harris gar- ago and 15% in 2016. Mean- that was in power for the Trump won a quarter of majorities in five of Philadel-
Democrats won smaller mar- nered far fewer votes than Joe while, Harris got about price of eggs,” said Bob Brady, votes in one Fairhill precinct, phia’s 66 wards. In 2016, he
gins than they were used to, Biden did in 2020. The presi- 563,000 votes, nearly 41,000 chairman of the city’s Demo- up from 4% eight years ago. carried just one.
while Trump made significant dent-elect bettered his show- fewer than Biden. Harris lost cratic Party. His GOP counter- He made similar gains in Mary Swallow proudly
inroads. Voters and political ing across the City of Broth- Pennsylvania by about 140,000 part, Vince Fenerty, summed other Latino neighborhoods in hung a Harris banner from her
strategists point to factors like erly Love, particularly in areas votes. it up this way: “People looked Philadelphia. Jose Hernandez, porch in Bridesburg, and it
the high cost of consumer with many Latino and work- Elsewhere, Trump boosted at their wallets.” a real-estate investor of was still there days after the
goods, border security and a ing-class white residents. his share of the Chicago vote Trump’s gains among the Puerto Rican descent who election. The 63-year-old
sense that Democrats alien- Harris needed to maximize to more than 21% from 16% city’s Latinos—part of a na- voted for Harris, said he was widow and Democrat said she
ated working-class voters by her margin in Philadelphia to four years ago, thanks to tionwide trend—played out in dismayed but not surprised to didn’t expect Trump to win. “I
focusing on cultural issues offset Trump’s inroads in its roughly 14,500 more votes for North Philadelphia’s Fairhill see more fellow Latinos, espe- actually was surprised be-
such as gender identity, rather vote-rich suburbs and else- him and 230,000 fewer for neighborhood, where cen- cially men, backing Trump. cause of his meanness and his
than helping the middle class. where in Pennsylvania. To win Harris, based on the current sus figures show many house- “When you talk about Latin criminal history,” she said.
“Urban residents suffer its 19 electoral votes, Demo- count. In New York City, holds earn under $30,000 a men, they’re very ma- Swallow has lived in the
from the economy like every crats have traditionally Trump drew 30.5% of votes, 8 year. Rigoberto Ramos, a 59- chismo…They might not be neighborhood for more than
other voter,” said Rice Univer- needed to run up the vote in percentage points above 2020, year-old retiree, said he voted ready for a woman candidate, 30 years but says she didn’t
sity political science professor Philadelphia while Republi- city figures show. His tally for Democrat Hillary Clinton in let alone a Black woman candi- realize just how Trumpy it
Robert Stein. “The question is: cans carried rural areas. also edged up from 5% to 8% 2016 but is now solidly behind date,” he said, while sweeping had become. “How sad is
Is this the beginning of a per- Trump’s vote total in Phila- in Detroit, the biggest city in Trump. Like Velez, Ramos up broken glass in the street that?” she said. “Oh well,
manent shift?” delphia this year rose by Michigan, another battle- moved to the mainland from outside a property he owns. what are you going to do? Bet-
Voters like Velez fueled 10,600 from 2020, to more ground. Puerto Rico decades ago. Hernandez, 52, said Trump ter luck another time.”

Trump Targets Left-Wing Ideas in Education Shake-Up

BY MATT BARNUM isn’t clear whether lawmakers Louisiana’s Cade Brumley, who address antisemitism on cam- about…this is at the top,” said providing a public subsidy for
AND DOUGLAS BELKIN would go for the idea in a sec- has supported private-school pus, disband programs that fo- Rachel Perera, a fellow at the private-school tuition or other
ond term, nor how the depart- choice and tougher school dis- cus on nonwhite student Brookings Institution, a cen- educational expenses outside
President-elect Donald ment’s functions—such as pro- ciplinary measures; and Flor- groups or reduce accommoda- ter-left think tank. the public-school system.
Trump has vowed to remake tecting students’ civil rights, ida’s Manny Diaz Jr., who has tions for transgender students. Trump has indicated he
education in the U.S., pledging providing funding for students overseen many conservative Trump has said he believes would support the Educational
to exert more control over with disabilities and distribut- policy changes. that Title IX, which bars sex A ‘secret weapon’ Choice for Children Act, al-
funding and classroom les- ing student loans—would be In an interview, Walters discrimination in education, Another tool Trump has at ready proposed in Congress.
sons, curb what he views as handled if it is closed. said he is focused on imple- should prevent transgender his disposal is the accreditation The law would provide $10 bil-
left-leaning tendencies at uni- menting Trump’s agenda in girls from playing on female system, which gives universi- lion in federal tax credits to go
versities and even dismantle Oklahoma. Through a spokes- sports teams. This would be a ties access to federal money. He toward private-school tuition,
the Department of Education. Large cuts doubted person, Brumley said “my fo- stark reversal from the Biden has called it a “secret weapon.” home schooling or other edu-
If his White House delivers Some Republicans have cus is on continuing the his- administration, which has in- Colleges and universities cational costs.
on those promises, more fami- been reluctant to eliminate the t o r i c terpreted Title need to meet standards set by Backers say the bill would
lies could get money to send department or cut federal educational IX to prohibit independent accreditors to be provide money for up to two
kids to private school. Schools funding that flows to schools progress we are discrimination eligible for federal funds. million children, and help par-
would face pressure to limit in their constituencies. An As- making in Loui- President-elect based on gen- Trump could weaken the in- ents direct and customize
accommodations for transgen- sociated Press poll last year siana.” Diaz, has promised to der identity. fluence of accreditors—which their children’s education.
der students and to end some found that nearly two-thirds through a During the he considers too left-leaning— School-choice critics say these
initiatives aimed at addressing of Americans said the federal spokesperson, close the campaign, by reassigning some of their programs drain resources from
racial disparities. government spends too little said that if Trump attacked responsibilities to the Educa- public schools.
The goals are at once ambi- on education. asked to serve,
Education Kamala Harris tion Department, said Judith Prior efforts by Republican
tious and controversial. “I don’t think you’ll see “Of course, you Department. for being too Eaton, past president of the presidents to subsidize private
“There are a lot of very enormous cuts because that’s listen.” Justice, supportive of Council for Higher Education schools—including those sup-
smart people who are very ex- super unpopular,” said Michael of Moms for transgender Accreditation. Alternatively, ported by Ronald Reagan and
cited to get into positions Petrilli, president of the Liberty, said rights, an issue the administration could re- Trump in his first term—have
where we can actually start Thomas B. Fordham Institute, she would be open to the posi- that resonated with some vot- place current accreditors with failed to garner congressional
making change happen,” said a conservative education think tion, though hasn’t spoken to ers. ones more closely aligned with support. And while many Re-
Tiffany Justice, a Trump ally tank. the Trump team about it. Trump has also indicated Trump’s vision, she said. publican-controlled state legis-
and the co-founder of the con- Trump will have to fill the A Trump transition spokes- that he would use civil-rights Members of Trump’s inner latures have adopted such pro-
servative parents group Moms education secretary role for woman didn’t comment on law to challenge critical race circle “regard the higher-ed grams in recent years, voters
for Liberty. now. Cabinet positions often specific candidates. theory, a term used by conser- cartel as fundamentally out of in Colorado, Kentucky and Ne-
Trump has promised to go to prominent politicians Trump has said he would vatives to describe some ef- order,” said Frederick Hess, di- braska rejected school-choice
close the Education Depart- and political allies. use the power of the purse to forts to teach about racism rector of education policy ballot measures on Nov. 5.
ment and has criticized U.S. Presidents sometimes look limit left-wing ideology in and racial disparities. This studies at the right-leaning Some Republicans “are not
school spending. to state education chiefs. High- schools and universities. could include targeting univer- American Enterprise Institute. fully on board yet,” said Jim
In his first term, he pro- profile leaders in Republican Although a president can’t sity diversity, equity and inclu- Trump wants “universal Blew, who served as an educa-
posed merging the education states include Oklahoma’s immediately cut off money to sion offices, legal analysts school choice for every Ameri- tion official during Trump’s
and labor departments, but Ryan Walters, who has fought any school, he could use vari- have said. can family,” according to his first term. “I think they will
Congress didn’t proceed. It culture-war battles in schools; ous laws to pressure schools to “On issues that I worry platform. That likely means be in the new administration.”

Saudi’s pushed Neom, a region the

size of Massachusetts, as a
symbol of the country’s ambi-
laws and regulations.
Neom employees also have
grappled with turning eye-
nounced in 2017, the crown
prince wanted the barren
piece of desert turned into a

Megacity tious economic and social

transformation.
He envisioned the project
catching architectural ideas
into viable business models.
The Line, the planned pair
shimmering city of one million
by 2030, and ultimately nine
million people. He put the

CEO Exits as both a sprawling real-es-

tate development and a home
for industries that could drive
of skyscrapers marked by a
shimmering mirror exterior,
has proved particularly chal-
price tag at $500 billion.
Former executives said the
full cost of the Line alone
growth and diversify Saudi lenging. In the past three years would be well over $2 trillion,
Continued from Page One Arabia’s economy away from the first phase of the project far more than the country has
CEO, according to an email dependence on oil. But has been repeatedly downsized, to spend on a development.
sent Tuesday to employees Neom’s urban planners have from 10 miles to the current After Nasr took the reins in
from the Neom board. It struggled to translate the plan for 1.5 miles—in what 2018, he pushed staff hard.
called the move “a strategic ideas into reality. would still be by far the world’s Former employees described
decision of the Board and a Neom has also faced cul- largest building. Foreign inves- his management style as
natural evolution.” tural challenges. In recent tors—once billed as key to the highly aggressive and abrasive,
JOE BUGLEWICZ/BLOOMBERG NEWS

Nasr didn’t respond to a re- months, two other top execu- project—have yet to material- as he frequently yelled and be-
quest for comment. tives at the project have left: ize despite numerous attempts littled staff in meetings. “I
The crown prince has Wayne Borg, who ran the to attract outside cash. drive everybody like a slave,”
project’s media division, and Around 100,000 workers Nasr said in one meeting, the
Antoni Vives, who helped lead live in a pop-up city in Neom, Journal previously reported.
development of the Line, ac- where excavation teams have Saudi officials have said the
cording to several people fa- dug the footprint of the Line country is delaying some proj-
Order by miliar with the departures. and a set of train tracks ects and canceling others, al-
12/20 Both executives were the sub- Nadhmi Al-Nasr, seen at a 2019 conference in Las Vegas, left meant to run beneath it, leav- though it didn’t announce de-
ject of a Wall Street Journal his role as CEO of Neom, Saudi Arabia’s planned city. ing a more than 60-mile-long tails. The country’s Public
article in September that gash in the desert. Investment Fund has about $1
highlighted the checkered across the country. When economy have rapidly Nasr came to the job as an trillion in assets, but most of
pasts and inappropriate Neom was announced in 2017, changed the kingdom as a accomplished builder. In the that is tied up in investments
workplace behavior of some Saudi officials viewed the proj- whole, with a huge increase in 1990s, he expanded a massive that would be difficult to un-
Neom executives. ect as a way to initiate change women joining the labor force oil field for Saudi oil company load quickly, including 16% of
Borg and Vives didn’t re- in the once-conservative Is- and an influx of foreign inves- Aramco, then led construc- Aramco, a Saudi telecom com-
Your Legacy spond to requests for comment. lamic kingdom without moving tors setting up offices in the tion of a university complex pany and numerous stakes in
Brought to Life The departure of senior ex- too quickly in the biggest cit- capital. Some Neom employ- on the edge of the Red Sea in private-equity funds.
888.646.6466 ecutives could signal a shift in ies, Riyadh and Jeddah. ees now argue that there is the 2000s. —Stephen Kalin
JOHN - CHRISTIAN.COM focus by Saudi officials from Since then, Prince Moham- little need for a separate part The challenge of Neom was and Summer Said
Neom to other investments med’s moves to liberalize his of the country with its own far greater. When it was an- contributed to this article.
THE WALL STREET JOURNAL. * * * * NY Wednesday, November 13, 2024 | A7

WORLD NEWS
Beijing Shows Off Stealth Fighter SUV Plows
Into Crowd
Weapons debut as
U.S. worries about
These displays “will cer-
tainly accelerate views in the
U.S. and the region that China
pared the J-35A to the U.S.
F-35 in terms of their roles
and capabilities. While the
In China,
China expanding its
military power
is outpacing rival militaries in
air-power capabilities,” said
Lyle Morris, a senior fellow at
Chinese fighter bears some
physical resemblance to the
American jet, there are nota-
Killing 35
the Asia Society Policy Insti- ble differences—such as the
BY CHUN HAN WONG tute. “For the incoming Trump J-35A’s twin-engine configu- BY JASON DOUGLAS
administration, it’s another ration, compared with the sin- AND CLARENCE LEONG
China’s air force showcased reminder of the formidable ca- gle-engine F-35.
new armaments this week, in- pabilities of the PLA Air Force China has been churning Thirty-five people were killed
cluding a stealth fighter and that the U.S. will have to con- out more advanced military and dozens injured when a man
an attack drone, demonstrat- tend with for years.” hardware, but “how well most plowed a car into a crowd at a
ing its advancing ability to Xi has directed an ambitious of these new pieces of equip- sports stadium in southern
challenge the U.S. military modernization program for the ment function on an actual China, police said Tuesday. It is
presence in the Asia Pacific. PLA, aimed at transforming the battlefield is another matter,” the latest in a string of violent
The public debut of the Soviet-style military into a said James Char, an assistant acts that prompted leader Xi
J-35A stealth fighter and 21st-century fighting force. Bei- professor at Singapore’s Nan- Jinping to publicly urge author-
other weapons systems at jing has demonstrated progress yang Technological Univer- ities to get “conflicts and dis-
China’s premier airshow, through increasingly complex sity, who studies the Chinese putes” under control.
which started Tuesday, repre- combat drills and more fre- military. In a rare public response,
sent the centerpiece in the quent deployments that reach Other air show debutants Xi called for severe punish-
Chinese air force’s celebra- beyond China’s periphery. included the “Jiu Tian” recon- ment of the perpetrator in
tions of its 75th anniversary— U.S. officials have raised naissance and attack drone, what he described as a vicious
a milestone in leader Xi Jin- concerns about how Beijing’s which Chinese analysts de- act, and asked authorities na-
ping’s sweeping campaign to burgeoning military strength scribed as a next-generation tionwide to “strictly prevent
modernize the could affect weapons platform, and the extreme incidents” and ensure
People’s Libera- Washington’s HQ-19 surface-to-air missile social stability, said the state-
tion Army. ability to main- system, which state media run Xinhua News Agency.
Xi aims to move

LU HANXIN/XINHUA/ZUMA PRESS
A single tain an effec- said is capable of intercepting The attack, which occurred
J-35A soared from a Soviet- tive security conventional ballistic missiles Monday night in Zhuhai, in
over crowds of presence in the and hypersonic projectiles. Guangdong province, is the
spectators in a style military Asia Pacific. China’s navy, meanwhile, deadliest of several incidents
brief flypast on “China is not showcased a new variant of that have shaken China in the
the opening
into a 21st- a future threat. its J-15 fighter that can be past six months, as the country
day of Airshow century force. China is a launched off aircraft carriers grapples with a sluggish econ-
China in the threat today,” The J-35A stealth fighter was among the weapons systems using a catapult system. omy, high youth unemploy-
southern city of U.S. Secretary that made their public debut at China’s top airshow Tuesday. Known as the J-15T, this vari- ment and a property crunch.
Zhuhai, making of the Air Force ant can carry more weapons The incident took place
a steep climb with afterburn- Frank Kendall said in Septem- makes China the second coun- The Chinese military had and fuel than baseline models shortly before 8 p.m. Monday,
ers before rolling away and ber. “The Chinese Communist try—after the U.S.—to operate set higher technical require- that take off under their own when a 62-year-old man in an
streaking out of view, state TV Party continues to invest heav- two models of stealth fighters. ments for the J-35A’s stealth power using ski jumps. SUV forced his way through
showed. ily in capabilities, organiza- The PLA already uses the J-20 capabilities, and manufactur- Some Western analysts say the gates of the sports center
Other new weapons—in- tions and operational concepts stealth fighter, a larger war- ers needed to develop new that Beijing’s advances in air- and drove into a crowd exer-
cluding the “Jiu Tian” recon- designed specifically to defeat plane designed primarily as technology to meet these tar- craft technology, while signifi- cising, according to authori-
naissance and attack drone the ability of the United States an air-superiority platform, gets, according to Wang cant, don’t worry American ties. Police detained the man,
and the HQ-19 anti-ballistic- and its allies to project power which some analysts consider Yongqing, the chief expert at war planners as much as the who was identified with his
missile system—also were in the Western Pacific.” China’s rough equivalent to an aircraft-design institute af- threat that Chinese missiles surname, Fan. He was found
prominent in ground displays Moscow’s close military the U.S. F-22. filiated with the Aviation In- pose to U.S. air bases in the harming himself with a knife
at the airshow, as examples of ties with Beijing also are on Beijing hasn’t said when dustry Corp. of China, a state- Asia Pacific. in the vehicle, resulting in se-
the PLA’s growing prowess in display at Zhuhai, with Rus- the J-35A would become oper- owned defense conglomerate. “For the United States, we vere injuries, they said. He
aerial warfare and air defense. sia’s most advanced jet ational, nor has it disclosed In an interview with state are still less concerned about was unconscious when he was
Much remains unclear fighter, the Su-57, flying its much of its technical capabili- media, Wang likened the air-to-air combat with China, sent to a hospital for treat-
about these systems and their first aerial moves abroad. Rus- ties. In development for more J-35A’s role to that of a point than we are about the ability ment, police said.
capabilities. Even so, Chinese sian Security Council Secre- than a decade, the J-35A has guard in basketball. “It not of our own aircraft to get off In a preliminary assess-
officials and state media say tary Sergei Shoigu, visiting been described as a multipur- only has a strong point-scor- the ground,” with many air- ment, police said the incident
the new armaments reflect the China this week, met Chinese pose stealth fighter capable of ing ability of its own, it also fields in the region vulnerable stemmed from Fan’s dissatis-
significant advances that Bei- Foreign Minister Wang Yi in air-to-air and surface attack must assess the situation on to Chinese missile attack, said faction with how property was
jing has made in developing Beijing on Tuesday. missions. The ‘A’ designation the court clearly,” and orga- Oriana Skylar Mastro, an as- split after a divorce, it added.
its air power and enhancing State media has cast the refers to land-based models, nize friendly assets to fight sistant professor at Stanford The police have opened a
its ability to defend China’s J-35A as the headline act at with a naval variant set to fol- more effectively, he said. University and an expert on criminal investigation into
strategic interests. Zhuhai, noting that its debut low, Chinese experts say. Some analysts have com- the Chinese military. Fan.

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A8 | Wednesday, November 13, 2024 * * THE WALL STREET JOURNAL.

WORLD NEWS

U.S. and Aid Groups

Split on Gaza Famine
Washington says raeli holidays. The official said ministration notified Congress
conditions were better than aid that it was moving forward
Israel moves to ease

EYAD BABA/AGENCE FRANCE-PRESSE/GETTY IMAGES

groups portrayed, disputing with more than $1 billion in
hunger; organizations that there is famine, and saying new weapons deals for Israel.
that shipments are increasing. Eight international aid
say situation is dire On Tuesday, the State De- groups working in Gaza said
partment said there would be Tuesday that Israel has failed
TEL AVIV—A month ago, no changes in U.S. weapons to meet most of the demands
the U.S. gave Israel 30 days to shipments after concluding and in some cases took actions
allow more aid into Gaza or that Israel “had taken a num- that worsened the situation. In
risk losing some American mil- ber of steps” outlined by particular they cited northern
itary support. The ultimatum’s Washington, said State Depart- Gaza, where a tight military
success is hotly disputed. ment spokesman Vedant Patel. cordon has blocked most aid
Among the improvements from entering after a renewed
By Stephen Kalin, were the opening of new military operation by Israel in A Palestinian child sits on top of sacks of flour at a U.N. aid-distribution center in central Gaza.
Abeer Ayyoub and crossings, a waiver of certain early October. The Israeli offi-
Anat Peled customs requirements and cial said aid delivery to Gaza Gaza as it broke Hamas’s con- into Gaza. An average of less proceeds were going to Hamas,
road repairs that help move City remains stable, and that trol over the enclave. Israel than 40 aid trucks entered said an Israeli official, aid
Aid to Gaza instead fell in more aid into Gaza, Patel said. special aid deliveries are orga- says it doesn’t limit the amount Gaza each day in October, ac- groups and private shippers.
October, Israeli officials ac- “We have not made an as- nized for the areas where of aid that can enter Gaza, and cording to U.N. data, less than Israel says the problem re-
knowledge. Some two million sessment that the Israelis are there is fighting in the north. that aid groups haven’t suffi- a 10th of the prewar rate. Is- mains capacity to distribute the
people are homeless and hun- in violation of U.S. law,” he The humanitarian situation ciently increased their capacity. rael denied twice the number aid within Gaza rather than the
gry, aid groups say, with little said. “We are going to continue in Gaza has been grim since In October, Gaza had the of humanitarian movements amount of aid going into the
sign that conditions are easing. to assess their compliance.” soon after the war there began lowest level of aid shipments requested within the enclave in enclave. The U.N. and indepen-
An Israeli official blamed Failure to comply could have a year ago following Hamas’s since the war began, according October compared with the dent aid groups say they con-
the poor October aid deliveries technically triggered U.S. laws attack. Israel has faced interna- to data from the U.N. Office for previous month, show the data. tinue to face obstacles from the
partly on threats of a potential requiring Washington to scale tional criticism for restricting the Coordination of Humani- Moreover, Israel stopped all Israeli authorities in getting aid
attack on Israel tied to the Oct. back military support to Israel, the entry of lifesaving aid, kill- tarian Affairs and Cogat, the private-sector shipments, an ac- into Gaza and security threats
7 anniversary of the 2023 as it wages war on several ing U.N. staff and other aid Israeli military body responsi- tivity it kick-started in May, af- from the Israeli military and
Hamas massacre and the Is- fronts. In May, the Biden ad- workers, and failing to stabilize ble for facilitating shipments ter concluding that much of the lawlessness within the strip.

ICC Prosecutor Faces A Masterpiece Gets a Careful Touch-Up

External Investigation
BY MATTHEW DALTON nity to engage in this pro-
cess,” he said.
The governing body of the The probe comes as the
International Criminal Court court is deciding whether to
is bringing in outside investi- issue arrest warrants for Ne-
gators to examine whether tanyahu and Gallant, one of
Chief Prosecutor Karim Khan the most contentious decisions
sexually harassed a colleague, in the institution’s 22-year his-
jolting his office as the court tory. In seeking the warrants,
weighs Khan’s request to issue Khan said Netanyahu and Gal-
arrest warrants for Israeli lant committed war crimes
Prime Minister Benjamin Ne- and crimes against humanity
tanyahu and former Defense during Israel’s offensive in the
Minister Yoav Gallant over the Gaza Strip. Khan’s move drew
Gaza war. praise from many countries
The president of the gov- but sparked outrage from the
erning body, Päivi Kaukoranta Biden administration and

EVA PLEVIER/AGENCE FRANCE-PRESSE/GETTY IMAGES

of Finland, said she decided to much of Congress.
seek an external probe of Republicans questioned
Khan after news media pub- whether Khan rushed his deci-
lished reports saying he be- sion to seek the arrest war-
haved inappropriately with a rants in May, citing news re-
woman who works in his of- ports that harassment
fice. The Internal Oversight allegations began circulating
Mechanism of the court would internally at the ICC around
normally handle such investi- the same time.
gations, and Khan himself “I call for a release of the
asked the IOM to investigate, records pertaining to these al-
Kaukoranta said. legations,” Sen. Lindsey Gra-
“However, given the partic- ham (R., S.C.), the ranking PAINT-STAKING: An employee works on the restoration of Rembrandt’s ‘The Night Watch’ at Amsterdam’s Rijksmuseum.
ular circumstances of this member of the Senate Judi-
case, including the IOM’s vic- ciary Committee, wrote in a

Amsterdam Struggles to Quell Unrest

tim-centered approach, and letter to Kaukoranta last
perceptions of possible and month. “Until such transpar-
future conflicts of interest, the ency is satisfactorily achieved,
IOM has indicated that it has another cloud—a moral one—
no objection to exceptionally hangs over Prosecutor Khan’s
resorting to an external inves- abrupt decision to abandon BY KIM MACKRAEL the U.S. after last year’s Oct. 7 Netherlands has a broader Dutch authorities said they
tigation,” she said. engagement with Israel and deadly attack on Israel by problem with integration, he had prepared for the possibil-
Khan denied any inappro- seek arrest warrants.” Authorities in Amsterdam Hamas—a U.S.-designated ter- noted. ity of a clash between visiting
priate behavior. “I had previ- Khan’s lawyer denied that are grappling with unrest af- rorist group, according to gov- Thousands of Israeli soccer Israeli fans and others, includ-
ously called for an investiga- any internal allegations influ- ter violent assaults targeting ernments and nongovernmen- fans had traveled to Amster- ing pro-Palestinian demon-
tion in relation to this matter enced his decision to seek the Israeli soccer fans last week tal organizations. The attack, dam for a Thursday night strators, because of tensions
and I welcome the opportu- warrants. sparked outrage around the in which 1,200 people were match between Maccabi Tel and public rhetoric concerning
world and kicked off a charged killed and more than 200 Aviv and local Dutch team Israel’s war in Gaza.
debate about migration and taken captive, sparked an Is- Ajax. Amsterdam Mayor Femke
integration in the Nether- raeli response While there Halsema wrote in a letter
lands. that has left is room for dis- Monday that what happened
Amsterdam police said they more than sent about the in the city was “the result of a
arrested five more people in 43,000 Pales- ‘The safety of war in the Gaza toxic cocktail of anti-Semi-
connection with the violence, tinians dead. one group cannot Strip, and re- tism, hooliganism and anger
which included targeted as- Amsterdam ports about the over the war in Palestine and
saults on Israeli soccer fans by officials have be at the expense behavior of Israel, and other countries in
attackers who chased them said they are Maccabi sup- the Middle East.”
through the streets on motor- working to un-
of the safety porters would Jews, Muslims, Palestinians
bikes. Four of those remained derstand what of another.’ be investigated, and other minority groups
in custody as of late Monday, happened in Schoof said, have all been regularly tar-
police said. Four others de- the lead-up to “nothing, abso- geted in the city, Schoof said,
tained on Thursday and Friday last week’s vio- lutely nothing adding, “We abhor all of those
also remained in custody, said lence and to examine whether can serve as an excuse for the kinds of violence and do ev-
the Amsterdam prosecutor’s authorities weren’t fully pre- deliberate seeking out and erything to combat them.”

Delivering Secure, Lifetime office.

Authorities have struggled
pared.
Netherlands Prime Minister
hounding of Jews.”
Videos circulated online
“Antisemitism cannot be
met with other racism: The
to restore calm since the inci- Dick Schoof on Monday said last week showing Israeli soc- safety of one group cannot be
Income and Tax Benefits dents.
Police arrested three people
young first- and second-gen-
eration migrants appeared
cer fans pulling down a Pales-
tinian flag and chanting anti-
at the expense of the safety of
another,” Halsema added.
Monday night after they said overrepresented among sus- Arab and anti-Palestinian —Tobias Müller
a large group set off fireworks pected perpetrators. The slogans. contributed to this article.
SAMPLE Age 90 14.4% and caused a fire inside a
tram in the city.
ANNUITY RATES Age 85 11.4% Police said officers and a
FOR INDIVIDUALS* Age 80 9.4%
city bus were hit with rocks,
and a cyclist was assaulted.
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dam, a police bus was torched,
7.3%
*Pomona Plan annuity rates are not
available in all states.
Age 70 authorities said.
In the afternoon, six more
people were arrested for defy-
AAA Bond Ratings | Endowment over $2.8 Billion ing a demonstration ban in
the city. This followed the ar-
80+ Years of Stability and Success rest of more than 50 protest-
Call us to explore your options ers on Sunday who had defied
a demonstration ban.

(800) 761-9899 Port folio up?

Last week’s attacks, which
authorities have called antise-
Fu n d y o u r mitic, shook Amsterdam resi-
550 N. College Ave. annuit y dents and reverberated across
with s tock the globe. For some, they car-
Claremont, CA 91711 ried echoes of the pogroms
ASSOCIATED PRESS

pomonaplan.pomona.edu that recurred in Europe’s his-

tory up to the Holocaust.
After rising slightly in re-
FIND A RATE CALCULATOR ON OUR WEBSITE! cent years, antisemitic inci-
dents shot up in Europe and An image taken from video shows police patrolling in riot gear Monday in Amsterdam.
THE WALL STREET JOURNAL. Wednesday, November 13, 2024 | A9

FROM PAGE ONE

Fliers Make he plans to work remotely.

“I think that will keep me
distracted and not have me fo-
home market, letting fliers
avoid longer, costlier trips. A
Kenya Airways flight between
travel website Travel-Dealz in
Rostock, Germany, had never
flown on many of the airlines
pects to rely primarily on
Chase and American Express
points—between 190,000 and
home in Tel Aviv to visit her
family for the holiday.
For another trip, Paz plans

Mad Dash cusing so much on my com-

fort,” he says.
Corey Wong has already
Bangkok and Guangzhou,
China has become popular for
those on this quest.
he’s taking to complete the
challenge. He has appreciated
the variety of in-flight dining
210,000. (Some non-U.S. carri-
ers charge far less for rewards
travel, making this feasible.)
to visit a U.K. Costco to pick
up packs of diapers and baby
wipes for his daughter. He is

For Miles started his run. He says qual-

ity time with friends has made
it more bearable. Wong, who
Travelers doing the chal-
lenge say that building an
ideal itinerary can take days.
across the various carriers, in-
cluding fried rice and seafood
dishes on the Chinese airlines.
To save even more, he plans to
sleep in airport lounges or
hostels when he has longer
also considering bringing her
with him on some travels
through East Asia to give his
lives in Hong Kong and works Potential pitfalls abound. Not “It’s not the usual chicken stretches between flights. wife some kid-free time.
Continued from Page One in transportation planning, all fare classes on a flight are or pasta from British Airways “I can handle it—I’m Matthew Klint, the Los An-
have set goals to see who can convinced two college friends eligible to earn EuroBonus or Lufthansa,” he says. young,” Lovell says. geles-based author of the blog
earn the points faster and to join him. The trio bonded miles. Airlines can change Industry analysts estimate Beyond cost, Lovell must Live and Let’s Fly, is bringing
cheaper than everyone else. years ago during backpacking their schedules due to aircraft the million-point haul to be balance his travel with school. his 8-year-old son Augustine
Some plan to fly in one ex- trips through China and or crew constraints, poten- worth north of $10,000 de- He plans to knock out multiple along for the global expedition
tended trip, while others have Southeast Asia. tially upending a carefully or- pending on how the rewards European airlines during a so they each earn the million-
broken it into chunks. During one recent trip, the chestrated string of flights. are used. To maximize the jam-packed trip over a week- point reward. Along the way,
Richard Cherskov, a 50- group returned to some of the Venturing outside the air- value, many travelers are try- end and another slew of air- they hope to check out the
year-old from Fort Lauderdale, places they had visited years port presents its own risks. ing to spend as little as possi- lines over Thanksgiving break, pyramids in Egypt.
Fla., already had a trip to Eu- ago. “We stayed in decent ho- After recently exploring ble on their flights, using a much to his family’s chagrin. Augustine will still need to
rope planned this fall that he tels this time,” he says. Guangzhou, Peer Linder combination of credit-card Marty Paz, a 45-year-old finish his homework during
realized he could mix into the Fulfilling the challenge gen- boarded the wrong subway points, frequent-flier miles who works in real estate and their flights.
SAS challenge. erally requires multiple ocean and ended up on the opposite and cash to book their trips. for an airfare-deals website “I’m going to have to pull
He decided to go for it, crossings. Travelers choose side of the city. A ride-share Most travelers anticipate called Notiflyr, used Turkey him out of school for a week,
swayed by the number of from 17 airlines. hustled him to the airport just spending between $2,000 and Day to his advantage. To get and I feel somewhat guilty
points at stake. All but two of A common strategy: identi- 15 minutes before check-in for $4,000 on airfare. his wife on board, he sug- about that,” Klint says. “He is
his flights will be in economy fying flights between two des- his flight closed. Nick Lovell, a 21-year-old gested they use it as an excuse only in second grade, so I
class. During his many flights, tinations outside an airline’s Linder, who works for the college student, says he ex- to travel to the U.S. from their think it’s totally worth it.”

The Sickest data that shows patients with

the biggest medical needs are
more likely than others to leave
nursing home, and she didn’t
have the strength for tasks like
going to the bathroom by her-

Flee Private Medicare Advantage plans. A

2021 Government Accountabil-
ity Office report warned that
self, he said.
He appealed the United-
Health decision twice and lost.

Medicare patients who dropped out of

Medicare Advantage in the last
year of their lives imposed high
So he signed up his mother for
traditional Medicare and Med-
icaid, the government program
costs on the Medicare program for low-income Americans.
Continued from Page One and could signal issues with Those government programs

FROM TOP: STEPHEN GOLDSTEIN FOR WSJ; MICHAEL GREENE

sis of Medicare data found a “access to care or the quality of covered her continued stay in
pattern of Medicare Advan- care provided under [Medicare the nursing home, a hospital
tage’s sickest patients dropping Advantage].” admission to treat a urinary-
their privately run coverage The insurers use some of the tract infection and other issues,
just as their health needs same money-saving tactics and other expenses. Four
soared. Many, like Greene, they use with their non-Medi- months later, she was able to
made the switch after running care customers, such as requir- return home to her Queens
into problems getting their ing referrals from primary-care apartment, where she passed
care covered. doctors or approvals from in- away.
Plans run by the private in- surers for many services, and UnitedHealth said 13% of
surers in the Medicare Advan- including only certain hospitals Medicare services are subject
tage system are supposed to of- and doctors in their networks. to prior authorization require-
fer old and disabled people the In 2022, Medicare Advantage ments under its plans, and less
same benefits they would get insurers denied 3.4 million re- than 1% of all Medicare claims
from traditional Medicare. The quests for services, according Agnes Smirnoff, 98, with her son, Richard Smirnoff, above, in a California health-care facility. are denied.
plans can be a bargain because to an analysis by the health- Patricia Greene, below, with her son, Michael Greene, switched coverage after a stroke. For nursing-home authoriza-
they limit out-of-pocket ex- policy nonprofit KFF. tions, UnitedHealth’s Dr. Wilson
penses and often offer extra Traditional Medicare re- facility. The cost to end-of-lifers in traditional said, the company uses Medi-
benefits such as dental care. quires preapproval for only a Medicare: more Medicare, and more than three care criteria. The use of such
As recipients get sicker, small number of services, in- than $85,000. times as much on nursing- reviews “is really driven by the
though, they may have more cluding surgeries that could be “What you think home care. need to ensure clinical quality
difficulty accessing services cosmetic—a type of care not is the same is just To be sure, people near the and the safety for the people
than people with traditional covered by the program. not the same,” Ken end of life join Medicare Ad- that we serve,” she said. “If a
Medicare. That’s because the In a 2022 report, the inspec- Smoltz said. vantage plans, too, but they do person doesn’t need to be in a
insurers actively manage the tor general overseeing the A spokeswoman so at a lower rate than the hospital or a facility, then they
care, including requiring pa- Medicare agency analyzed a for Elevance broader population, the Jour- really shouldn’t be there.”
tients to get approval for cer- sample of Medicare Advantage Health, the parent nal’s analysis found. Most Medicare enrollees can
tain services and limiting denials and found 13% of them company of Medicare Advantage insur- adjust their coverage only once
which hospitals and doctors actually met Medicare coverage Smoltz’s Anthem ers pointed to the majority of a year, to take effect on Jan. 1.
patients can use. rules and likely would have plan, said it uses members, including those near Enrollees who are in nursing
People in the final year of been approved if the patients prior authorization the end of life, who chose to homes get a window to change
their lives left Medicare Advan- had been enrolled in govern- to ensure “the care stay in their plans. United- plans. Still, their new coverage
tage for traditional Medicare at ment Medicare. The report said our members re- Health said it was “unfortu- doesn’t take effect until the
double the rate of other enroll- some of the most common im- ceive is safe, medi- nate” that the Journal wasn’t start of the next month.
ees from 2016 to 2022, the properly rejected services were cally necessary, more focused on these mem- Tatiana Fassieux, a Medicare
Journal’s analysis found. Those pricey ones sought by patients high value, and ap- bers. Leaving a Medicare Ad- expert at the nonprofit Califor-
private-plan dropouts—300,075 after they left the hospital— propriate.” Deci- vantage plan in the last year of nia Health Advocates, navi-
during that time span—often stays at nursing homes and in- sions can be ap- life might add to costs and gated a transition for her own
had long hospital and nursing- patient rehabilitation facilities. pealed, she said. problems, said Dr. Margaret- mother in 2022. Her mom, Ag-
home stays after they left, run- Switching to traditional Medicare Ad- Mary Wilson, UnitedHealth’s nes Smirnoff, had been in a Los
ning up large bills that taxpay- Medicare gives some patients vantage insurers have lured search agreement with the fed- chief medical officer. Angeles-area nursing home for
ers, not their former insurers, another path. The Journal’s new customers with plans that eral government. The data 19 days, recovering from a bro-
had to pay. analysis found nearly 20% of promise free dental coverage doesn’t include patients’ ken femur, when her Blue
They cost the federal gov- people near the end of life who and eyeglasses, and caps on co- names, and it wasn’t used to ‘Freaking out’ Shield of California Medicare
ernment an average of $218 a left Medicare Advantage re- pays and other out-of-pocket identify anyone named in this Patricia Greene, the stroke Advantage plan said that June
day during that period. That is ceived nursing-home services charges. article. victim who left her Medicare that she needed to go home.
more than seven times the cost within a week of landing back Under traditional Medicare, The Journal found that 5.1% Advantage plan, chose the Fassieux felt that her
of a typical Medicare recipient, in traditional Medicare. By seniors who want to limit such of Medicare Advantage mem- UnitedHealth product after see- mother, then 96, still needed
and about twice the cost of comparison, 3.9% of all tradi- fees need to buy an extra policy bers in the last year of life ing a TV ad, said her son, Mi- nursing-home care. Fassieux
other recipients in the last year tional Medicare patients near called Medigap. dropped out to go to traditional chael Greene. He was surprised won three appeals, forcing Blue
of their lives. The Journal’s the end of life used those ser- To gauge how well Medicare Medicare, compared with 2.6% when nursing home staffers Shield to pay into early July.
analysis excluded hospice ex- vices in a typical week. Advantage serves some of the among other Medicare Advan- told him UnitedHealth had re- Eventually, she lost. Fassieux
penses, which traditional Medi- A spokeswoman for the Cen- sickest patients, the Journal tage enrollees. jected their recommendation decided to switch her mother
care typically covers for all pa- ters for Medicare and Medicaid looked at enrollment patterns The traditional Medicare for a longer stay, he said. to traditional Medicare, but she
tients. Services said it “has taken during Medicare participants’ program spent twice as much a “I started freaking out,” re- had to stay in the Medicare Ad-
Medicare Advantage insur- many steps to address the use final year of life. The analysis day on hospital care for the called the retired New York vantage plan until the start of
ers collectively avoided $10 bil- of prior authorization by MA used billions of Medicare re- end-of-life Medicare Advantage City paramedic. His mom the next month.
lion in medical costs incurred plans and ensure that people cords obtained under a re- dropouts as it did for other couldn’t afford to pay for the Fassieux’s family spent more
by the dropouts during that pe- with Medicare Advantage have than $14,000 of their own
riod, the analysis found. If timely access to care.” Any fur- Cost Shift money to keep her mother in
those beneficiaries had stayed ther changes would come the nursing home during her
When Medicare Advantage recipients switched to traditional Medicare in the last year of
in their plans, the government through a formal rule, she last few weeks in Medicare Ad-
life, billions of dollars in medical costs shifted from insurance companies to taxpayers.
would have paid the insurers said. vantage. That Aug. 1, tradi-
about $3.5 billion in premiums, What Medicare would have paid insurers Rates at which members switch tional Medicare kicked in and
meaning the companies netted if their customers hadn’t switched %1,000 covered two more months of
to traditional Medicare, by insurer*
more than $6 billion in savings Covering needs nursing-home care, costing the
Extra costs paid by Medicare Healthfirst customers in the last year
during that period. After a near fatal car wreck government about $55,000.
for switchers of life switched at 5.5 times the rate
“These are some of the cost- that left him with a brain in- A Blue Shield spokesman
of other members
liest services, received by some jury, Joseph Smoltz, 78, spent said its authorization decisions
5.5x
of the costliest patients,” said weeks in the hospital. When he Total cost to Medicare of are governed by Medicare cri-
Claire Ankuda, a physician and moved to a nursing home in recipients who switched Healthfirst teria, and can be appealed. “We
researcher at Mount Sinai Hos- New York’s Westchester Other members Customers in recognize that many end-of-life
pital in New York who focuses County, he was still disoriented UnitedHealth last year of life cases are extremely complex,”
750
on end-of-life care. “Plans are and struggling to speak, re- $0.9 bil. +$1.5 $2.4 UnitedHealth he said, adding that the com-
strongly motivated to reduce cords indicate. In late Decem- pany is committed to providing
the cost of care delivery.” ber of 2020, the nursing home Humana seniors with access to care.
Medicare Advantage compa- referred him to an inpatient re- 0.7 +1.2 1.9 Humana Many patients feel they
nies said they use Medicare’s habilitation facility that spe- CVS/Aetna
can’t afford to leave Medicare
standards when they review cializes in brain-injury treat- Advantage plans because their
and approve medical services, ment. The request was 0.8 CVS/Aetna plans limit copays and other
and that their setup improves submitted to his Medicare Ad- Elevance Health out-of-pocket charges, while
care for their members, includ- vantage insurer, Anthem, for 500 traditional Medicare doesn’t.
0.8 Elevance Health
ing those at the end of life. approval. Many enrollees in regular
They said their oversight en- His son Ken Smoltz, a sales All other insurers 4.2 SWITCH RATE Molina Healthcare Medicare cover those costs
sures that customers get safe, executive in the finance indus- 1.4 +2.8 through supplemental Medigap
appropriate and high-quality try, had hired a consultant, Su- 0% 4 8 12 16 plans or Medicaid. Those who
care. san Keating, to help advise the sign up for Medicare when they
A UnitedHealth spokesman, family on managing his father’s turn 65 have a window to buy
Matthew Wiggin, said the Jour- care. Her advice: Move him to Medicare Advantage customers who switched to traditional Medicare Medigap coverage at relatively
nal’s analysis focused on just a traditional Medicare, which in the last year of life cost taxpayers, on average, twice as much per day low rates. But when people
tiny fraction of the company’s was more likely to cover his as longtime recipients of traditional Medicare in their last year. 250
switch to traditional Medicare
Medicare recipients and that needs. Average costs, by day Those who switched out later, Medigap companies can
nearly all Medicare Advantage So the elder Smoltz quit An- of Medicare Advantage charge far more for those with
participants are satisfied with them and joined traditional pre-existing conditions—or re-
the program. He disputed that Medicare, as of Jan. 1, 2021. ject them altogether.
care denials by insurers played Three days later, his son got an The Journal’s analysis found
a role in people’s decisions to email from the nursing home Longtime recipients of
that people in the last year of
switch out of Medicare Advan- saying Anthem had rejected traditional Medicare life who had access to that type
tage, saying patients at the end the earlier request for a trans- 0 of additional coverage—either
of life might switch coverage fer to the rehab facility. Medicaid or Medigap policies—
300 200 100 0
for many reasons. Traditional Medicare would dropped out of Medicare Ad-
Medicare experts inside and pay, though, so he moved the DAYS UNTIL DEATH vantage at far higher rates.
outside the federal government next day and spent about two *Companies are listed in order of relative difference between the two groups. —Mark Maremont
have raised concerns about months in the inpatient rehab Source: Wall Street Journal analysis of Medicare data ANDREW MOLLICA, print design by ERIK BRYNILDSEN/WSJ contributed to this article.
A10 | Wednesday, November 13, 2024
PERSONAL JOURNAL. THE WALL STREET JOURNAL. © 2024 Dow Jones & Company. All Rights Reserved.

Eight years ago, Apple enabled

Notes collaboration, letting people
share grocery lists with their fami-
lies, for instance, or track wedding
invites.
When Taylor King Gordon, a 31-
year-old stay-at-home mom in the
Boston suburbs, prepared for her
daughter’s birth last summer, she
and her husband jotted down po-
tential names in a shared note.
They set a rule: Neither could de-
lete or veto a name without con-
sulting the other. Gordon loved
“Ryan” for a girl, while her hus-
band favored “Mack” for a boy.
The couple gradually deleted
entries from the list during the
pregnancy, eventually settling on
their daughter’s name (which they
declined to share). The remaining
“winners” are still in the Notes
app: boy, girl and middle names
for potential future children.
Bri Clugston, who works in
brand partnerships and creates
lifestyle content, has more than
1,300 notes on her phone. “I feel
like I need to document every sin-
gle thought and not let anything
escape,” says the 27-year-old, who
lives in Nashville.
She and her older sister have
come up with a novel way of using
Notes: sharing thoughts about the
show “Vanderpump Rules.” As
Clugston watches a season, she
jots down stream-of-consciousness
commentary for her sister, an avid
viewer. Clugston sees the collabo-
PERSONAL TECHNOLOGY ration as a way to keep up with
her sister when they’re many

People Rely on Apple’s Notes

miles apart.
TikTok has become a repository
where people share what they
deem their most “unhinged” Notes

As an Extension of Their Brain

app entries.
The hashtag #notesapp has
more than 90,000 posts, with us-
ers sharing revenge speeches,
breakup rationales, love-song lyr-
ics and cry logs. (Yes, people use
The iPhone app is a receptacle for nearly everything: passwords, grocery lists, even baby names Notes to record the days when
they cry.) One popular trend,
which even singer Chappell Roan
BY ANN-MARIE ALCÁNTARA But users and tech-industry ana- the bed or get dressed up in a taste, she says it has also saved jumped on, was “never go through

B
lysts alike say its simplicity is complete ensemble, then take a her from wasting money on mind- a girl’s notes app.”
illions of people share what has made Notes a cultural photo. They copy and paste the less shopping. Daëlle Coriolan, a recent eco-
publicly on social me- touchstone since its 2007 debut. photos into a page in Notes, creat- Rilee Smith, a 34-year-old nomics and social-studies gradu-
dia. But where do peo- Taylor Swift, Ariana Grande and ing a scrollable record of their travel content creator in Detroit, ate from Wesleyan University, has
ple’s more personal, other celebrities use it to express wardrobes. creates a separate used Notes since high school. The
private thoughts go? their feelings in a relatable way— Sadie Sullivan, a note for each trip 22-year-old in Hamden, Conn., is
Apple’s Notes app. so do the keepers of world-famous social-media man- she’s planning. To planning her Friendsgiving using
Along with the usual to-do hippos, like Haggis, the baby ager in Minneapolis, Its simplicity has help her pack, she the app. The shared note has
lists, costume ideas and vacation pygmy hippo in Scotland. dubs these images made the app subdivides the note about 15 people on it and includes
itineraries, Rebecca Rranza jots Apple doesn’t say how many “mini me’s.” Sulli- with headers and a dress code (“no sweats or ath- TAKUTO DOMEKI, ISTOCK (4), SHUTTERSTOCK, EVERETT COLLECTION

down what she calls “manic people use Notes, though it’s pre- van, 28, catalogs her a cultural different fonts to letic wear”) and a grid detailing
thoughts”—dream summaries and installed on most of the 2.2 billion outfits based on detail the daily what each person is bringing.
cryptic reminders. One from Sep- Apple devices active globally. events like weddings
touchstone since weather, her activi- Coriolan is making lasagna and
tember? “John Wilkes Booth.” Goodnotes, Notion and other simi- and weather. In the its 2007 debut. ties and her outfits. cornbread.
“I can say stuff but it’s very lar services with more features— “60- to 70-degree” For a trip to Mexico Many of her notes are years old
safe,” says the 27-year-old school and broader compatibility with category, her mini last year, her Satur- at this point, and she goes through
librarian, who lives in Detroit. “No Android and Windows—have each me wears jeans, day section was an them to reminisce. “It’s so funny
one is going to find my phone and been downloaded around 50 mil- skirts and shorts. Sweaters and “adventure day/beach picnic” seeing the different things that
go through my Notes app.” lion times from 2021 to October layers appear in the cooler “40- to (pink swimsuit, shorts and slip-on you cared about,” Coriolan says.
For lots of people, the Notes 2024, according to market-intelli- 60-degree” range. shoes) and a blue-themed night One from 2020 says she needs
app has become an extension of gence firm Sensor Tower. Tracking fashion trends while (sandals, small purse and, of to stop going to sleep so late be-
their brains. Its popularity has On social media, people are us- remembering what you already course, a blue dress). cause “I keep having VIVIDLY
spurred Apple to introduce richer ing Notes to live out their “Clue- own “can take up a lot of brain ca- “I really need to have a high- weird dreams.” Another from 2019
features like document scanning less” virtual-closet dreams. pacity,” she says. Not only has this level overview of what’s actually says “gotta go my own way.” She
and checklists with check boxes. They lay their clothes out on approach helped her refine her in my suitcase,” Smith says. doesn’t recall where she was going.

MY RIDE BY A . J. BAIME

Buying ‘the Craziest

Car I Had Ever Seen’
Jake Wolf, 29 years old, a co-owner on Craigslist in Illinois. The Diablo
of Warehouse, a clubhouse, car is a special car. Lamborghini made
storage and event space in Park it as the successor to the Countach,
City, Utah, on his 1998 Lamborghini which was arguably the most fa-
Diablo SV Monterey Edition, as told mous sports car of the ’70s and
to A.J. Baime. ’80s. The Diablo was the last Lam-
borghini production car with an

I
’ve always been a car nut, and original design by Marcello Gandini,
when I was growing up, my fam- who is a legend and who died ear-
ily was pretty into muscle cars. I lier this year. Many regard the Dia-
trace my love for the Lamborghini blo as the first regular-series pro-
Diablo back to videogames and duction car that could top 200
movies. The Diablo was a featured mph. [According to its website,
car in the “Need for Speed” video- Lamborghini made 2,903 Diablos
game, and the movie “Dumb and from 1990 to 2001.]
Dumber” had a Diablo in it. I But this specific car was also
thought it was the craziest car I listed as an SV “Monterey Edition,”
had ever seen. which would make it extremely sion for the U.S. market, made for  Lamborghini made only 2,903 Monterey Editions in 1998, and he
I was 23 when I started looking rare—if this listing was true. The the 1998 Monterey Car Week. Diablos from 1990 to 2001. sent me pictures. I also got help
for one, and a buddy found this car Monterey Edition was a special ver- These cars got special paint jobs, from a Lamborghini dealership in
some interior bits, special chrome When my buddy and I looked Florida. A company called Azaël
wheels and a 530-horsepower 5.7 closely at this Monterey Edition on Motorsport in Miami did a majority
liter V-12 engine. Only 20 were sold. Craigslist, however, something of the work.
There is a cool video on YouTube looked funky. The car clearly had After four and a half years, the
that shows a rally led by Mario An- the wrong wing and the wrong car finally arrived in Park City
dretti of Monterey Edition cars, on front end. about 45 days before the photos
route to Monterey in 1998. Using the vehicle identification for this story were taken. And, in
number and a number of sources, I fact, it arrived just in time for a
 Jake Wolf bought his 1998 was able to comfortably confirm rally for Diablos and other vintage
Lamborghini Diablo for $140,000. that this was a Monterey Edition. supercars that started in Park City
So I bought this and headed up to Jackson, Wyo.
rare car for On the day it arrived, I had only
$140,000, had it driven this car around the block.
shipped from Illi- Then I got to drive it in anger all
nois to Miami over Utah and Wyoming. The car
where I was liv- also arrived in time for a couple
ing, and began end-of-the-season drives that my
to figure out business, Warehouse, put together
KYLE LIEBERMAN FOR WSJ (3)

how to bring the for our members all through these

car back to its amazing Utah canyons.
former glory us- The restoration remains an on-
ing original going process. But getting to drive
parts. I found the car I have always dreamed
the detailer who about has been a blast, and defi-
detailed the nitely worth the wait.
A12 | Wednesday, November 13, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

New Eatery Tries to Save the Lunch Bowl

Australian chain opens its first restaurant in NYC; its founders want it to be ‘a place you would go for a cheap date’

BY LANE FLORSHEIM  A salmon dish from Thisbowl,

N
an Australian fast-casual chain
ew York City used to that opened in April in New York
be the epicenter of the City’s NoHo neighborhood.
white-tablecloth, two-
martini power lunch.
Now, we have bowl like McDonald’s or take clients out
lunches instead. somewhere nice that they could
Scarfing down a bowl of veg- expense. The proliferation of
gies, grains and protein between chains like Chipotle and Einstein
meetings has become such a fix- Bros Bagels across the country
ture of corporate life that it’s changed that, according to Dan
spawned memes. Some have re- Frommer, the founder and editor
ferred to these hastily consumed of the New Consumer news site.
lunches as “slop bowls” and their These new options offered conve-
purveyors as “slop bowl facto- nience, affordability and nutri-
ries”—an evolution of the “sad tional value.
desk salad.” Chipotle’s IPO in 2006 changed
A trio of Australian fast-casual the game, says Frommer. On open-
founders wants to change the way ing day, the chain doubled its ini-
we think about these meals. tial public offering price to $44
Nathan Dalah, Casper Ettelson from $22. It proved that it was
and Nicolas Pestalozzi opened the possible and profitable to be“a
first U.S. location of Thisbowl in stand-alone public company with a
April, in New York’s NoHo neigh- single concept.” Now, these places
borhood. The restaurant serves are everywhere, to the point of be-
Asian-influenced cuisine with pro- ing a meme.
teins like five-spice braised beef Sweetgreen co-founder Nicolas
and white miso glazed salmon; Jammet offered a positive spin on
dressings that include tamari the slop-bowl joke. “I take it as re-
ponzu and roasted sesame; and ferring to this idea that you can
toppings like sansho scallion put whatever you want in the
crunch. Every day, there’s a line bowl, whatever makes sense for
out the door and down the block. you,” he said. He said the com-
Its popularity can be chalked pany, which opened in 2007 and
up to its quality of ingredients, now has around 240 locations, had
convenience and price; most items expanded its menu for more per-
on the menu cost between $15 and sonalization and added protein
$17. But it also comes from an in- plates to its menu
tangible cool factor. last year to give
Ariana Squillacciotti, an Aus- customers heartier
tralian native and co-founder of a options.  Thisbowl like paid social media ads and
PR firm, was thrilled to learn Thisbowl— founders (from other traditional forms of adver-
Thisbowl was opening in New founded in 2016 as left) Casper tising. During an interview at pri-
York, but she has been there only Fishbowl—has Ettelson, Nathan vate members’ club Zero Bond, a
three times so far because of the found impressive Dalah and Nicolas stone’s throw from the NoHo loca-
line. “I need the Sky Priority lane,” success in Austra- Pestalozzi aim to tion, Dalah said he looked to In-N-
she said. lia, a country that change how we Out as inspiration: “You can spend
“The atmosphere in there was doesn’t typically think about lunch all this time, energy, effort and
kind of clubby,” said Ella Kahan, a embrace chains. bowls. money reminding people that you
New York City food influencer who Starbucks, for ex- exist, or you can just keep people
runs the account @chewyorkcity. ample, opened in coming back and talking about it.”
Kahan posted about her trip to the country in watching Ameri- Ahead of the NoHo opening, the
Thisbowl on TikTok; the video has 2000 and by 2008 cans post about founders went door to door to
been viewed over 140,000 times. had shut down their bowls. All of neighboring stores and businesses,
Though the founders, who are 70% of its loca- the founders inviting the people who worked
all in their 30s, say they never pay tions there. (To- laughed the article there to try Thisbowl, Dalah said.
influencers to come in, they invite day, the company off. “Australians The company is currently
some of them, including Kahan, to has grown to more are [generally] planning its next two locations
visit via direct messages on social than 70 stores in very proud when for 2025, one in Nomad and the
media. Kahan described the envi- Australia, accord- other Australians other, the founders hope, in
ronment: “Loud music, fun [art], ing to a Starbucks spokesperson.) firm that’s invested in high-end are doing well,” said Ettelson. Williamsburg.
very well-dressed, stylish people Fishbowl, which has 50 Austra- grocer Erewhon, fashion brand Now, the three founders are Dalah said the company was
inside for something that normally lian locations, had around $75 mil- Khaite and film studio A24. trying to re-create the magic staying away from Midtown for
sounds like a drag: grabbing a lion in revenue in its 2024 finan- A Daily Mail headline from May they’ve made in their home coun- now, in favor of areas more
desk salad.” cial year and is on track to hit claimed that Australians’ love for try, in the city that’s arguably the aligned with the founders’ inter-
The desk salad is a relatively $100 million in its 2025 financial the chain was so strong that many bowl capital of the world. Dalah ests and lifestyles. (They also
new phenomenon. Until the late year, according to its founders. were “NOT happy” about Thisbowl said that the NoHo location served wanted to make sure they could
THISBOWL (2)

1990s and early 2000s, workers Thisbowl and Fishbowl recently opening in the U.S., with one an average of 1,000 bowls a day. handle the lunch rush.) “We
would bring sandwiches into the closed a funding round that in- source saying, “It’s OURS,” and The Thisbowl founders don’t wanted to feel like a place you
office, grab traditional fast food cluded Stripes, a growth-equity another saying she felt “rage” spend very much on marketing would go for a cheap date.”

therapy” faded much faster.

“People experience a kind of
‘giver’s high’ that lasts longer than
Five Steps 2. Pay for your bags now. Bag
fees are on the rise and, at some
airlines, you’ll pay more at the
the fleeting pleasure of personal
spending,” says Lara Aknin, a psy- To Smoother airport or anytime after online
check-in. So get this chore out of
chologist studying well-being and
social relationships. Holiday the way now.

3. Check the airline seat map reg-

Follow the money
Acts of charity are more rewarding Travel ularly. We’ve all booked a ticket
only to find less-than-desirable
when we can see the impact of our seats in the back of the plane or
gifts. You will feel a deeper connec- BY DAWN GILBERTSON seats that aren’t together. Better
tion if you watch how your dona- seats can open up closer to de-
tion is used. Charities that send TRAVELERS PLANNING TO FLY parture, especially as frequent
regular impact updates see more this holiday season should pre- fliers get upgraded or other trav-
engaged, generous donors. pare for nonstop warnings about elers’ plans change.
When the local food bank shares getting to the airport early as the
how your $100 donation helped Thanksgiving travel rush begins. 4. Make sure your TSA PreCheck
provide lunches for 20 children, But that’s not the only advice number is in your reservation.
you’re more likely to give again. you should heed. If you’re head- Few travel things are more
“The more obvious it is that your ing to an airport this month, or stressful than showing up at the
gift has directly helped, the better for the year-end holiday rush, I airport without that PreCheck
you’ll feel,” Aknin says. present my five must-dos to save stamp on your boarding pass.
you time and stress the day of The TSA PreCheck number is also
15-MINUTE FIXES Unsubscribe travel: referred to as your Known Trav-

To FeelBetter,Donate
Charities are pushing the Netflix eler Number.
model: They ask you to sign up for 1. Check out airport parking op-
recurring donations. Such subscrip- tions stat and make a reservation. 5. If you don’t have TSA Pre-
tions may be good for fundraising, Airport garages and lots have Check or Clear, see if your airport

Your Time or Money

but they reduce your direct connec- been filling up. The last thing you offers a free fast pass through
tion with the gift. Donors might need on departure day is a “Lot security. It’s called Clear Reserve
miss the emotional reward, says Full’’ sign. Start shopping now. and you make reservations in ad-
Susan Gilmartin, chief marketing You might even find early booking vance. Major airports participat-
officer of Momentive Software, discounts. My home airport, Phoe- ing in the program include Den-
BY DALVIN BROWN checkbook as a prescription pad, which provides software to thou- nix Sky Harbor International, this ver, LAX and JFK. Otherwise:
there is one caveat. How you give sands of nonprofits. week was offering parking start- Heed those airport warnings to
The WSJ is offering short sugges- money and time matters more than So give actively, not automati- ing at $10 a day with advance res- arrive early.
tions—15 minutes or less—for how how much, says Sara Konrath, a so- cally. And save recurring payments ervations for Thanksgiving. Off-
you can try to fix something in cial psychologist leading a research for obligations like your rent or airport lots offer reservations, What did I forget? Share your
your life. Here’s our latest: lab at the Indiana University Lilly phone bill. too, and many offer online book- favorite holiday travel tips and
Family School of Philanthropy. ing discounts. Don’t wait until the timesavers by emailing me at

N
ext time you’re feeling Here’s the formula to getting the Give time day of your flight. dawn.gilbertson@wsj.com.
stressed, try giving some best return on giving: While cash donations have clear
money away. benefits, volunteering your time
Generosity is a powerful drug Give a damn can do even more for your health,
even in small doses. Donations to a Generosity works best when you well-being and relationships than
worthy cause or acts of kindness to mean it. You won’t feel the same money.
friends give your mind and body a high if you were guilted into giving Two hours of weekly volunteer
FROM LEFT: GREG CLARKE; THOMAS PEIPERT/AP

boost. by your Aunt Linda. You’ll feel 10% work is enough to lower your
Yes, the side effects of a charita- more satisfied giving a voluntary stress, a study led by the sociology
ble act may include a better mood, donation than when it is an obliga- department at Georgia State Uni-
lower blood pressure and a longer tion, a 2007 study from the Univer- versity found. It is also enough to
life, according to studies from brain sity of Oregon found. provide a greater sense of purpose.
scientists and economists. You When you’re genuinely excited “Volunteering can build resil-
might experience a spike in sero- about the gift, the good feelings ience, helping people feel more in
tonin and dopamine, hormones as- linger. A study by the University of control and less reactive to daily
sociated with happiness, and a drop Chicago Booth School of Business stresses,” Aknin says.
in cortisol, researchers say. (You found that the joy of making a $5 When it comes to giving, if it is
also get some tax benefits.) gift lasted five days, while the ef- from the heart, you’ll feel the
Before you start using your fect of the more self-serving “retail difference. Air travel this holiday season is expected to hit record highs.
 THE WALL STREET JOURNAL. Wednesday, November 13, 2024 | A13

ARTS IN REVIEW
MUSIC REVIEW | MARK RICHARDSON

Primal
Scream’s
Disco Highs
The band’s new album is at its best on songs
with slinky ’70s grooves and lush arrangements

S
cotland’s Primal Scream, The first track, “Ready to Go
a constantly shifting unit Home,” is a call to arms that
led by singer Bobby Gil- seems addressed to longtime fans
lespie, alternately wal- of the project. It begins with
lows in and reacts massed gospel voices and then
against rock history. folds in a disco beat and glittery
Since gaining notice after Mr. Gil- strings that could have come from
lespie left the influential noise-pop a studio session from 1976. The al-
band the Jesus and Mary Chain in bum was produced by Irish DJ and
the mid-1980s, Primal Scream has film composer David Holmes, a
dabbled in jangly indie, scuzzy previous collaborator of Mr. Gilles-
blues, swirling psychedelia and pie’s, and the frequent presence of
sample-drunk club music. Though classic disco grooves reflects his
there are consistent threads run- influence.
ning through each of these The following “Love Insurrec-
modes—an obsession with Ameri- tion” is a slinky funk number thick
can black music and the rallying with voices and instrumentation.
power of the dance floor—the array We hear a chorus of background
of influences means the relevance voices, breakbeats, wah-wah gui-
of Primal Scream to the present tars and horns bleating some-
moment has always been in flux. where in the distance as Mr. Gil-
Sometimes—especially with lespie sings of what ails the world
1991’s “Screamadelica,” a crucial and what he sees as the deterio-
document of U.K. acid-house’s in- rating political situation. “Man-
fluence on the rock scene, and ichaean times, have you heard the
2000’s “XTRMNTR,” which incor- rumors of war?” is a scene-setting
porated abrasive electronics into line in the song, and the ultra-
groovy arrange-
ment suggests
that communal
release through
music might be
our only way out.
The album is at
its best in this
mode, which pos-
its that partying
might be the best
hope against the
apocalypse. “Inno-
cent Money” is
another track
powered by lush
strings, and it has
the opulence of of a carnival barker or an MC than Bobby Gillespie of Primal Scream; chance of breaking through. He
Herb Alpert or a a vocal stylist, and time has given the Scottish band’s new record, harnesses the spirit and style of
Marvin Hamlisch his singing a buzzing, insectile ‘Come Ahead,’ is out now. his band’s past in a way that is co-
score from the quality when heard in isolation. herent, but ultimately unlikely to
late ’70s. It’s also The arrangement is otherwise make much of an impact beyond
a track that strong, with a rumbling saxophone feeling that your government is ly- those who have been devoted to
thrives on a solo and a pretty guitar coda. ing to you. “Like my fathers before this group for years. But that’s
song-based music at a moment dense, busy sound, including a gos- “Love Ain’t Enough” is another so- me, I would’ve worked down the OK—you always got the sense Mr.
when Radiohead was working in pel choir. And “Circus of Life” calls so tune in the rock vein, though it mines,” Mr. Gillespie sings. “But Gillespie was following his own
similar territory—Primal Scream back to the Latin-inflected circular has an appealing surf guitar out in the war against the Unions, de- muse, doing what felt right in the
was near the center of the zeit- rhythms of rave-era Primal Scream, front, and the thudding midtempo stroyed our communion.” Another moment, hoping for an audience
geist. But middling roots-rock al- with an explosive horn section add- “Deep Dark Waters” is bereft of track in the overtly political vein, but secure in the fact that he’s
bums like 1994’s “Give Out but ing to the celebratory mood. melody. the closing “Settlers Blues,” is a making the music he wants to
Don’t Give Up” and 2006’s “Riot The album loses steam when it The strongest track outside of seemingly endless dirge about colo- hear. Though this isn’t a great al-
City Blues” were perfunctory and steers toward ballads and proper the dance numbers is “False Flags,” nialism that is far less successful. bum, there’s still something inspir-
ADAM PETER JOHNSON

forgettable. The band’s 12th album, rock. “Melancholy Man” is a spare which has the dark atmosphere of a Mr. Gillespie’s natural instinct ing about this project’s journey.
“Come Ahead” (BMG), out now, midtempo number that puts Mr. David Bowie and Brian Eno collabo- is to aim broadly and write an-
takes a familiar mix of influences Gillespie’s voice in the foreground, ration and is rich in closing-time- thems that will energize the Mr. Richardson is the Journal’s
and adds a pinch of wisdom that which does not play to his at-the-pub melancholy. It’s a song masses, but sometimes, as on rock and pop music critic. Follow
comes from age. strengths. He’s always been more about fading opportunities and the “Come Ahead,” his music has little him on X @MarkRichardson.

A
ttention to process is an un- TELEVISION REVIEW | JOHN ANDERSON

A New ‘Jackal’ Behind the Sniper’s Scope

der-appreciated dramatic vir-
tue, especially when the me-
chanics of crime are as polished and
practiced as they are in “The Day of
the Jackal”: A flawless
impersonation, replete
with acquired accent and
facial implants; the pene-
tration of skintight corpo-
rate security; the highly
efficient elimination of
witnesses; a sniper shot
that assassinates a Ger-
man politician at a dis-
tance of more than two
miles. Forgive any cal-
lousness, but it’s all quite
thrilling.
So is the rest of this
exhilarating 10-part
“Jackal,” based on the
Frederick Forsyth novel
of 1971 and fattened up
by creator Ronan Bennett
well beyond either the
book or the 1973 film di-
rected by Fred Zin-
nemann that starred the old source in Belfast, and inadver- ask yourself the obvious ques-
chilling Edward Fox. tently killing someone along the tions—such as “Why am I rooting
(French film immortal way—to solve the case. She is not a for this scoundrel?” Well, because
Michael Lonsdale, memorably, into the case, because the Brits Eddie Redmayne, above, and seeker of justice, or even self-ag- his antagonists are so charmless
played the Jackal’s pursuer.) There suspect a U.K. link—is just an intro- Chukwudi Iwuji, above right, in grandizement. She just wants to win. and his talent is so blindingly bril-
is something perverse, perhaps, in duction to our assassin’s capabili- Peacock’s ‘The Day of the Jackal.’ Similarly, Ulle Dag Charles (Kha- liant. The show is a marvel of edit-
rooting for the bad guy, but we ad- ties. They will be tested by the con- lid Abdalla), aka UDC, a Musk-y sort ing and cinematography—teams
mire something done well, even tract killing central to the story— of billionaire narcissist who is about were responsible for both. The ac-
stalking Charles de Gaulle (per the and its target. A world leader? formed and probing that the whole to release River—a software pro- tors are first-rate: Messrs. Red-
original, set in 1963). We also have Hardly. No one so insignificant. scene, basically a conversation, is gram that would make every finan- mayne, Dance and Abdalla; Eleanor
a soft spot for obsession, which is The strategy of this adaptation is riveting. No one in the room knows cial transaction in the world trans- Matsuura as Winthorp’s emissary
the hinge upon which this new to juxtapose Mr. Redmayne’s char- what she knows: that the figure parent. How? They don’t say; it is to evil, Zina Jansone; the great
“Jackal” swings. acter—let’s call him Jack—with ad- caught on camera with the wheeled the classic MacGuffin. And it un- Richard Dormer as that Irish gun-
For those who prefer their Eddie versaries also morally compromised, bag couldn’t have left with the mur- leashes the ire of UDC’s billionaire maker. A few others too, though to
Redmayne in modest doses, “Jackal” or easy to loathe. What binds them der weapon unless it could fit in the brethren, notably Timothy Winthorp reveal their existence would be to
is ideal: Mr. Redmayne remains, for all is their blinkered morality. “BI- bag, and that could only have hap- (Charles Dance), who is modeled af- blow their covers. One thing can be
some considerable time, a quiet ANCA PULLMAN. Knows guns. pened if the rifle barrel broke down ter every mogul since J.P. Morgan revealed about the finale: They had
enigma, the nameless, ruthless, con- PAIN IN THE ARSE!” reads a note into two parts, which is an impossi- and channels his considerable re- a perfect one. And threw it away.
science-free killer-for-hire that Mr. slipped across the table by Osita ble feat of gunsmithing—except sources into having Charles assassi- You will get what that means, be-
Fox portrayed, far less blond and Halcrow (Chukwudi Iwuji) to his perhaps by a certain Northern Irish nated. He wants the best. We know cause you will be there till the end.
suave perhaps, but devoted to his MI6 superior, Isabel Kirby (Lia Wil- paramilitary armorer who has been who that is.
work and apt to have a plan for any liams), during a top-level meeting on the run. UDC is so repellent he has you The Day of the Jackal
contingency. Also, enough money to with German intelligence, into Perhaps Bianca could track him hoping for the worst, and “The Day Thursday, Peacock
PEACOCK (2)

finance the most elaborate schemes which Bianca (Lashana Lynch) has down? She will do anything it takes, of the Jackal” is so relentlessly
and escapes. The Munich murder al- inserted herself. She may be an irri- including neglecting her husband good, with the exception of the mu- Mr. Anderson is the Journal’s TV
luded to above—which brings MI6 tation, but her questions are so in- and daughter—and blackmailing an sic, that you really don’t want to critic.
A14 | Wednesday, November 13, 2024 THE WALL STREET JOURNAL.

SPORTS
Duke Star Is Basketball’s Next Big Thing
Cooper Flagg is just starting his college career at Duke. He’s already proven his mettle against the world’s best players.
BY ROBERT O’CONNELL than they do themselves. Above
AND RACHEL BACHMAN everything else, he wins: in Flagg’s
senior season, Montverde went

W
hen Team USA touched undefeated and claimed the na-
down in Las Vegas this tional championship.
summer to prepare for Not long ago, American super-
the upcoming Olympics, the floor prospects like Durant all made
was teeming with some of the obligatory stops in the NCAA,
greatest basketball talent ever as- however brief, on their way to
sembled in one place. NBA glory. But with an increasing
But in one of the Americans’ number of NBA All-Stars and
scrimmages before jetting off to MVPs coming from the interna-
Paris, the player who left the en- tional ranks, and as the European
tire gym slack-jawed wasn’t Le- model for talent development has
Bron James, Anthony Davis or any started to outpace the American
of the other all-timers on the one, the star wattage in college
floor. It was a skinny guy on the basketball has dimmed. The play-
other team who had never drawn ers that win NCAA championships
a single NBA paycheck. aren’t the same as the wunder-
Cooper Flagg, a 17-year-old who kinds like Victor Wembanyama
was brought in to put the Olympi- who go on to change the game at
ans through some gentle paces, the professional level.
turned the afternoon into his per- In his short college career be-
sonal highlight reel. The kid from fore he joins those ranks, Flagg
Maine, barely out of high school, will represent Duke’s best chance
hammered down a slam dunk on a to add to its championship total
defending Olympic champion. He for the first time since the retire-
swished 3-pointers over All-Stars. ment of legendary coach Mike
He broke up a pass, sprinted the Krzyzewski—bookmakers have al-
length of the floor, and soared for ready made the Blue Devils favor-
a put-back tip-in while several ites to cut down the nets after
hundred million dollars’ worth of March Madness. Flagg also repre-
NBA superstars could only watch sents a throwback to the glory
in awe. days of the men’s game, when—
Kevin Durant, looking on from love ‘em or hate ‘em—everyone
the sideline, delivered the verdict: had their eyes on Duke and its
“He looks like a hell of a player.” newest star.
After that camp, James, Durant Those numbers include NBA
and Co. went off to win Olympic legends like Kevin Garnett, who
gold in France and then returned delivered his own tasteful ap-
to their day jobs as the NBA’s resi- praisal of the youngster’s game.
dent gods. As for the “hell of a “We ain’t had no bad-ass, cold-ass
player” they’d seen that day in Ve- white boy like this in a long time,”
gas? He just signed up for classes Garnett said recently.
in his first semester at Duke. Flagg has the NBA world so
Which means that he’s about to Cooper Flagg is the most anticipated college player since Zion Williamson suited up for Duke in 2018. captivated it can be hard to re-
unleash what he did to some of member that he still has a college
the world’s best basketball players grace the stage of men’s college Academy in Florida, purely to Fraschilla. “Offensively, defen- season to complete before he
on a bunch of unsuspecting col- basketball in years is all but cer- graduate to a bigger stage and sively, physically, the IQ, the com- starts playing with the pros full-
lege kids. And the rest of college tain to be the No. 1 pick in June’s fast-track his eligibility for the petitiveness.” time. Meanwhile, he figures to
basketball should be completely NBA draft. Flagg is a do-every- draft. He won’t even turn 18 until Flagg grew up in Newport, warp college basketball as much
terrified. “Prodigies come along thing athlete who can influence a December, but already, NBA teams Maine, but transferred to basket- as a NASA engineer would bust

WSJ, GRANT HALVERSON/GETTY IMAGES

every generation, whether it’s Le- basketball game in every way al- are tanking for his services. Flagg ball powerhouse Montverde in the curve on a final exam. Flagg is
Bron in 2003 or Patrick Ewing in lowable. He is the most antici- is singularly built for basketball as high school, to cut his teeth a pro basketball player in a college
the 80s,” said ESPN college bas- pated amateur basketball player it is played in the 2020s: a fast- against the country’s premier basketball player’s body.
ketball analyst Fran Fraschilla. since Zion Williamson suited up paced game constantly blending competition. Even the top oppo- “Seventeen years old coming in
“And this kid’s a prodigy.” for the Blue Devils in 2018. speed and power, finesse and fe- nents in the nation quickly proved here playing like a vet, almost,”
If there’s any consolation for In fact, everyone around him rocity, requiring high-level strat- to be overmatched. Flagg repeat- Durant said on the day Flagg left
his opponents, it’s that this shoot- was in such a rush to get him to egy every second. edly makes the right pass, hustles Team USA’s jaws on the floor. “No
ing star is just passing through. college that Flagg skipped a grade “There’s no area of his game hard for rebounds and seems to emotion, just going out there and
The first true A-list prospect to during his time at Montverde you don’t see greatness in,” said know other teams’ plays better doing his job.”

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 21 Cry on the
movie set
13 14
24 Find a job for
15 16 25 Some dark
spirits
17 18
27 First House of
19 20 21 22 Stuart king
28 Wields, as
23 24 25 26 27 28 29 influence
30 31 29 Richards of
“Starship
32 33 34 35 36 Troopers”

37 38 39 34 Wood for
archery bows
40 41 42 43 35 Those soon to
leave H.S.
44 45 46
36 Spoke
47 48 49 50 about one’s Nick Bosa interrupted a postgame interview with 49ers quarterback Brock Purdy on Oct. 27.
feelings

NFL Delayed Fining 49ers’ Bosa

51 52 53 54 55
39 Straight
56 57 41 Pointillist
58 59
from Paris
42 Cousin of
Until After Presidential Election
Peppa Pig BY ANDREW BEATON taken long for the NFL to is- punishment could have been
TOWERING FIGURES | By Daniel Hrynick 43 Ecosystem sue fines for similar viola- interpreted. After all, the
Across 26 Spun records 51 Censure 9 Assignment subject to When San Francisco tions. That’s because the by- league knows only too well
with an MC, for an intern bleaching 49ers star Nick Bosa crashed law is straightforward. Rule that Trump hasn’t been shy
1 Acknowledges 52 Vice squad a televised postgame inter- 5, Section 4, Article 8 of the about attacking the sport
maybe 10 Got down to
a general’s e!ort 45 Steakhouse view on Oct. 27 to show off NFL rulebook says that on and its players to rile up his
entrance, 30 Topic for earth order the “Make America Great gamedays, when players are supporters.
56 Gas pump
say a devil’s 11 App basis Again” hat he was wearing, visible, they are “prohibited After former San Fran-
number 47 Ten: Prefix
advocate it was a clear violation of from wearing, displaying, or cisco 49ers quarterback Co-
8 Goal of a 12 Before, in
57 Small detail 48 Makes a NFL rules that prevent play- otherwise conveying per- lin Kaepernick began kneel-
truce 31 Hatchet kin verses
58 Squander choice ers from displaying mes- sonal messages either in ing during the national
13 Angels of 32 Process that 14 Dated sages on the field. writing or illustration.” anthem to protest racial in-
the highest this clue 59 Parent in a 49 Spots for But it also put America’s There was no question justices such as police bru-
order survived blended 16 “Divine shots most popular sport in a that Bosa, one of the best tality in 2016, Trump as-
family Comedy” 50 Way of bind: pass rushers in the sport, sailed the move as
14 Room for 33 Shel!ul for setting Would the league penal- had directly broken that rule unpatriotic and criticized
discussion? RuPaul Down walking
18 Carving ize a player just days before when he joined a televised the league’s handling of it.
15 Rubs the 36 Sign of things 1 Nine-digit ID 51 Column’s the election, risking poten- postgame interview featur- At one point in 2017, players
that aptly counterpart
wrong way to come tial backlash from fans and ing his teammates and across the league knelt in a
2 “Born,” in the crosses the
perhaps even former Presi- pointed to his white cap direct rebuke of Trump’s
16 Harvest 37 Pooh pal newspaper animals in the 53 “___ be my dent Donald Trump himself? with Trump’s slogan in yel- language as the sport found
festival starred pleasure”
38 Spicy sauce 3 Creative field The NFL ultimately de- low lettering. Even before itself battling the president.
o!ering answers 54 Vardalos cided to punt on the deci- the fine was issued, Bosa NFL owners even privately
with a
4 First aid 19 “Present!” of “My Big sion—deliberately waiting seemed to understand as said then that Trump’s pres-
17 •Unofficial reduplicative
solution for a Fat Greek until the election had come much. sure influenced their han-
nickname of name 20 Deep ___
flat tire Wedding” and gone, people familiar “It was well worth it,” he dling of the topic, The Wall
South Dakota (major
40 Forever and with the matter said, before said. Street Journal previously
5 Lies prone trouble) 55 Roam (about)
19 Common ever fining Bosa $11,255 over the Still, it took nearly two reported.
with hind legs
potato weekend. weeks for the NFL to issue While that fight has died
42 •Whence extended, Previous Puzzle’s Solution
The timing of Bosa’s ges- its punishment as it sought down, Trump has shown he’s
22 Kaitlin of “Land ho!” as a dog P O R T E R U S H E R
T A D P O L E A T E A T O N ture placed the league into a to avoid the election. Earlier still willing to criticize the
“It’s Always may be called might thorny situation. Any pun- this season, when Pittsburgh NFL. In fact, even one day
R Y E S E E D T E A MU S A
Sunny in A P T C O WL S D E N ishment could have been Steelers wide receiver before the election, he had
44 “I Love Lucy” 6 Preferred
Philadelphia” I H O P T S O Y E U N perceived as a statement George Pickens had a mes- been attacking the league’s
role pronoun for
EAKIN HOWARD/ASSOCIATED PRESS

N O MA D E R MA E S P Y
23 •Soup variety some E N AM E L K A G A N against Trump during the fi- sage scrawled on his eye- new kickoff rule.
46 Ouzo flavoring nal days of the presidential black, he was fined in a mat- “Maybe we can get the
that inspired R E N S I D E J O B C D S
7 ___ buco race, even though wearing a ter of days. (It read: “Open NFL to drop that ridiculous
a character 47 •$20 gold L I M I T G A L O O T
in “Alice’s coin minted 8 Words before
N O V A O A H U G E L E E message in support of Vice f—ing always.”) kickoff,” Trump said at a
U N E S I S U S L AW
Adventures in from 1849 a name on a R E L U N C U T A D A
President Kamala Harris When it came to fining rally in Pennsylvania. “I
Wonderland” to 1933 check S A C H E T S R E P A P E R would also have been Bosa, however, the NFL watched a game the other
E R R A T I C P R A I S E D against the rules. faced an entirely different day and said, ‘What the hell
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. MO D E L S I N G E R In the past, it hasn’t calculation given how any happened?’”
THE WALL STREET JOURNAL. Wednesday, November 13, 2024 | A15

OPINION
Let’s Make a Deep State Peace Deal BOOKSHELF | By David P. Barash

Another big
loser in last
efforts late in the election.
These are words by people
Trump has been freer than
most in expressing his con-
Organization and Article 5,
those magical words, is a lot
Beasts and
The Big Sleep
week’s elec- who fail at journalism, the flicting impulses, especially less important today than
tion, besides basic job of which is to de- where allies are concerned. the syllables “rearmament.”
D e m o c ra t s scribe reality accurately. In two years, he could be an That’s true for Ukraine,
and the me- The only flood is the bil- 80-year-old LBJ or Truman, which needs to be able to re-
dia, was the lions of click-hithers Russians in a shooting war he wanted pel and deter Russian forces
BUSINESS
intelligence have to compete with to get to avoid. This outcome, don’t regardless of any formal
WORLD
community. their driblets noticed. That’s kid yourself, MSNBC-style guarantees it receives in a
Playing Possum
By Holman W.
And yes, this why 100% of Russia’s purpose hysteria isn’t helping to pre- cease-fire deal. By Susana Monsó
Jenkins, Jr.
subject is isn’t the hopeless one of se- vent. Unfortunately, MSNBC It’s true of NATO itself. Its Princeton, 264 pages, $29.95
still impor- cretly swaying U.S. voters. In doesn’t pay Ms. Maddow $30 guiding ethos needs to be-

W
tant. one of its noisy indictments million to develop a deeper come rearmament, with Eu- orrying about death is a troublesome consequence
Donald Trump during the timed for the election, the Bi- understanding of events than ropean countries relying less of our big brains and active imaginations, a bur-
campaign gave himself un- den administration cites a the one that keeps her target on U.S. nuclear threats than den that other animals are supposedly spared. But
mistakable marching orders Russian $10 million fake- audience coming back. on their own military capac- are they?
to resolve the Ukraine war. It news budget. Notice that this ity to fight Russia, as In “Playing Possum: How Animals Understand Death,”
won’t be easy and it will be figure is a third the reported Ukraine has done for the Susana Monsó, a professor of philosophy at the National
less easy if U.S. intelligence salary of a single U.S. jour- U.S. intelligence past two years. Distance Education University in Madrid, argues that alth-
veterans and cable TV an- nalist, Rachel Maddow of The election may have ough humans are unique in our elaborate death-related
chors are shouting that he’s a MSNBC, whose 11-minute on- won’t be able to fight been a repudiation of infla- rituals and the extent of our theological and philosophical
Kremlin agent. air rant about “Russian influ- Trump and Russia tion, but America was going concerns, many other animals understand death, albeit to
I don’t say it’s impossible. ence” is perhaps a thousand to get a new Ukraine policy different degrees.
He got this far despite their times as valuable to Russia at the same time. no matter who won. My read- What does it mean for animals to understand death? Ms.
opposition. But he’s good at on a per viewer basis as any ing of the exit polls is that Monsó acknowledges it is unlikely that they try to come to
politics, and not so good at of its own homemade videos. almost any other Republican, terms with such concepts as unending nothingness or an
governing. This time, too, his Not all the signs are un- To get the active support such as Nikki Haley, would afterlife. They do endeavor to keep themselves alive, and
voters have made it clear propitious for Ukraine. Its from U.S. intelligence agen- likely have gotten the same some work hard to kill other animals, though neither of
that after the Biden chaos, cheerleaders and supporters cies necessary for a success- voting result only bigger. these efforts requires a deep
they want stabilization, not have gotten more realistic ful Ukraine negotiation, Mr. Trump shouldn’t over- awareness of death. The
disruption. about Mr. Trump. The Biden somehow relations will need interpret his mandate; his author’s reasonable conclu-
In one of America’s more administration was offering to be repaired. Strangely, the opponents should refrain sion is that some species
disgraceful episodes, the U.S. only drift toward disaster; best of the Biden cases from resurrecting their disin- almost certainly recognize
intelligence community de- Mr. Trump is at least speak- against Mr. Trump, on intel- genuous and reckless rhetoric that death happens and that it
cided to greet Mr. Trump’s ing of an endgame. ligence handling, would also about Mr. Trump and the involves “irreversible non-
2016 election by punishing Mr. Putin, meanwhile, is have been a chance for Mr. Kremlin. During the eight functionality.”
Americans for how they spending troops like there’s Trump to argue, with good years they practiced such “Playing Possum” identifies
voted. A transcript has sur- no tomorrow, which suggests evidence, that U.S. intelli- rhetoric, they might notice, it a new discipline: comparative
faced of President Obama, in he’s positioning himself for a gence agencies misused their only strengthened Mr. Trump thanatology, the study of “how
his final days in office, stir- negotiation. authority to sabotage his with the U.S. electorate and animals react to individuals
ring up progressive journal- Very bad scenarios are presidency, a story that oth- discredited themselves. who are dead or close to dying,
ists about Mr. Trump’s al- also lurking. Our moment re- erwise will never be aired Now he’s back at a pivotal the physiological processes that
leged Russia ties. You only calls 1950, when China, Rus- for the U.S. media-consum- moment in history and they underlie their reactions, and
have to turn on MSNBC to sia and North Korea put ing public. get a second chance to do what these behaviors tell us
see the agenda being resur- aside their rivalries to chal- It helps also that Mr. what they should have done about the minds of animals.” Ms.
rected. Or read the dominant lenge the postwar order of Trump has been right about after his first election: help Monsó notes that there is “a growing scientific trend that
press about a “flood,” a “tor- the U.S. and its allies. This one thing, or at least verging him use his undeniable politi- addresses the extent to which animals possess capacities
rent,” a “deluge” of pro- would be a lot for any presi- on right. The emphasis on cal talents to get important traditionally believed to be solely human.” These include
Trump Russian propaganda dent to figure out, and Mr. the North Atlantic Treaty things done. forms of rationality, complex cognition, cultural transmis-
sion, even language and morality. The gravamen of “Playing
Possum” is that we are not unique when it comes to having

Donald Trump and the College Degree Divide at least some understanding of death.
We learn about necrophoresis: “When an ant perishes
inside the colony, the rest identify it and will diligently pro-
As Donald among every nonwhite group Biden’s by 6 points, in part Asian-Americans will continue ceed to extract the corpse from the nest.” No awareness of
Trump con- large enough to measure. because the Trump campaign to move along the classic im- death required, merely a response to a chemical stimulus,
tinues to President-elect Trump also made a sustained appeal to migrant path of upward mo- in this case the oleic acid given off by the ant’s corpse.
build a multi- did well among 18- to 29-year- men (especially young men). bility and cultural adjustment Even here, however, the response is nuanced: A putrefying
ethnic work- olds, improving his share in The widening political gap while retaining their distinc- corpse encountered at some distance from the nest is
ing-class Re- that age range from 36% in between white voters with tive customs. These groups ignored. Rats will bury dead rats that give off the chemicals
POLITICS p u b l i c a n 2020 to 46% this year, accord- and without college degrees is have experienced difficulties cadaverine and putrescine, but a rodent’s behavior is less
Party, the im- ing to AP VoteCast. This is re- long established. In 2020, 57% along the way, but most no stereotyped. Whereas ants will engage in necrophoresis
& IDEAS
portance of markable considering immi- of white voters with a college longer think of themselves as even with another live, leg-waving ant who has been
By William
race and eth- gration is rendering each degree voted for Mr. Biden, oppressed minorities as blacks dabbed with oleic acid, rats will not automatically bury one
A. Galston
nicity to vot- election’s tranche of young while only 33% of white voters and Native Americans are another after detecting cadaverine and putrescine: The vic-
ers’ choices is Americans more racially and more likely to do. tim must also be anesthetized.
declining. The key division in ethnically diverse than the Relatedly, it’s time for Animals avoid things that might kill them; this doesn’t
this emerging coalition is edu- previous one. Mr. Trump’s Education level is a Democrats to bury the hope mean that they understand death. Ditto for predators that
cation. Voters without college gains among young people that demographic change will kill. Ms. Monsó accordingly develops the idea of a “mini-
degrees tilt far more Republi- provide additional evidence strong indicator of work to their advantage. mal concept of death,” in which an animal “will understand
can than those with them. Un- for the declining role of race which party a voter Young people and some mi- that dead individuals don’t do the things that she under-
fortunately for Democrats, and ethnicity in shaping vot- nority groups are trending stands as characteristic of living beings, which might
voters without a bachelor’s ing patterns. is more likely to back. away from the left. The include, for example, moving, vocalizing, eating, playing, or
degree outnumber those with After the Supreme Court party’s remaining demo- mating.” The author shows that many species have this
one in the electorate by 57% overturned Roe v. Wade, Dem- graphic base—largely com- minimal concept.
to 43%. ocrats performed well in the without a college degree did prised of blacks and college- When one animal kills another, it is rarely clear that
According to AP VoteCast, 2022 midterm elections, and so. A similar trend appeared educated white voters—isn’t the perpetrator intended the outcome. Similarly, when
a survey of the American elec- they followed up with success- among Hispanics, with 69% of big enough to sustain a na- animals behave in ways that cause their own death, it is
torate, Mr. Trump doubled his ful pro-abortion ballot mea- college-educated Hispanics tional majority. Nor is the cur- unlikely that they knowingly pursued suicide. It is also
share of the black vote from sures in blue and red states voting for Mr. Biden, but only rent geographic base, which unclear whether any animal comprehends its own demise,
8% in 2020 to 16% this year, alike. Many Democratic opera- 55% of those without college relies on cities and suburbs to even if the evidence marshaled by Ms. Monsó points
mainly because 24% of black tives concluded that the issue degrees voting for him. counterbalance Republicans’ strongly toward some species having a concept of
men supported him. He in- would be equally powerful Among white voters, educa- huge margins in rural and another’s death.
creased his share of the La- this year. The Harris campaign tion trumps sex as an indica- small-town America.
tino vote from 35% in 2020 to focused on abortion to mobi- tor of which way a person will Democrats were once the
42% this year. And according lize women. vote. This year, as in 2020, party of the factory floor; After her newborn calf died, an orca balanced
to CNN exit polls and Pew Re- Those who had counseled white women without college they’ve become the party of the body on her snout and traveled with it for
search’s validated-voter analy- this strategy must be shocked degrees voted more in line the faculty club. This shift has
sis, he improved his showing and disappointed. Ms. Harris with white men without de- separated the national party miles. What was the mother experiencing?
among Asian voters from 28% expanded the share of women grees than they did with white from much of the country’s
in 2020 to 39% this year. Ka- in the electorate by only 1 per- college-educated women. mainstream and makes it hard
mala Harris, meanwhile, got centage point, and her share These preliminary findings for even battle-tested Demo- Especially relevant here are well-documented cases of
only 54% of the Asian vote, far of the women’s vote, at 53%, from the 2024 election chal- crats such as Jon Tester and animals carrying around deceased infants for extended
short of Joe Biden’s 72% four fell short of the 55% Joe Biden lenge two pillars of Demo- Sherrod Brown to survive. periods of time and of animals persistently gathering
years ago. By contrast, Ms. had won in 2020. According cratic orthodoxy. First, it’s It’s time for Democrats to around a deceased member of their group. Both situations
Harris came close to equaling to AP VoteCast, she received time to discard the term “peo- undertake again the hard task look like the human version of grief. Consider the case of
Mr. Biden’s 43% showing only 57% support among sub- ple of color,” which assumes of reflection and reform that Tahlequah, a female orca who seemed unable to accept the
among white voters. Mr. urban women, down from uniformity of outlook and be- led them from three devastat- death of her newborn calf. “She was seen carrying the
Trump did better than in President Biden’s 59%. Mean- havior among nonwhite ing defeats in the 1980s to baby’s body while she swam, balancing it on her snout to
2020 largely because he while, Ms. Harris’s perfor- groups. There’s good reason wins in four of the next six prevent it from sinking,” Ms. Monsó writes. “This behavior,
boosted his performance mance among men trailed Mr. to believe that Hispanics and presidential elections. which could patently be interpreted as a display of grief,
lasted an astounding seventeen days, during which Tahl-
equah followed her family across more than a thousand

Healthcare Concepts for a GOP Congress miles, her dead offspring always with her.”
Ms. Monsó is tender-hearted in her empathic descrip-
tions but hard-headed when it comes to interpreting what
By Chris Jacobs prevent a future administra- matching funds for those administration offered a tax- an animal might be experiencing. Her key concept, irre-
tion from reversing course. health practitioners, a maneu- payer-funded inducement for versible non-functionality, emphasizes that “processing the

D
emocrats laughed at Second, repeal Section ver Joe Biden reportedly a red state to accept Medicaid irreversibility of death . . . doesn’t require a capacity to
Donald Trump when he 9814 of the American Rescue dubbed a “scam.” expansion. The Biden admin- reason about the future, but rather the ability to abandon
said he had “concepts Plan Act of 2021, Democrats’ The financial burden of istration continued the pat- one expectation in favor of another one.” Moreover, “dead
of a plan” for healthcare. Covid spending blowout. The this scam rose roughly ten- tern by offering temporary individuals don’t just stop doing the things they did when
Here’s a specific idea: Con- provision provides a tempo- fold between 2010 and 2022, subsidies to insurers offering they were alive; they also start doing new things—the
gress can let a Biden-era in- rary increase in the federal according to analyses by the Medicare prescription-drug things that dead individuals do. They start to smell in a
crease in ObamaCare subsi- Medicaid match rate if any of National Committee on Fiscal coverage, which the CBO says strong and characteristic way, they bloat, they putrefy,
dies expire as scheduled at the 10 states that originally Responsibility and the Con- will increase federal spending they get covered in maggots, or they mummify and slowly
the end of 2025. That would gressional Budget Office. This by $5 billion in 2025. Elimi- dry up and disintegrate.” So, if various species behave
eliminate a major source of is in part because the pro- nating these types of give- characteristically toward dead individuals, they needn’t
fraud by reducing the number Out with taxes and gressive healthcare nonprofit aways would restore lawmak- have a deep comprehension of death in order to have, well,
of people who qualify for regulations, in with Families USA and other medi- ers’ power of the purse. a concept of it.
zero-premium insurance cov- cal associations have recom- Depending on the final size The title of “Playing Possum” is especially resonant.
erage. As they look set to win fiscal responsibility. mended this funding gimmick of their House majority, Re- Opossums engage in “thanatosis,” death-mimicking, during
unified control in Washing- as a means for states to fi- publicans may be able to pur- which their “vital functions and body temperature are
ton, Republicans can pursue nance their 10% share of the sue work requirements and reduced to a minimum” and their “bodily and facial expres-
at least four further health- declined ObamaCare’s Medic- costs of Medicaid expansion. Medicaid block grants. They sions imitate those of a carcass.” This elaborate display
care changes as part of a bud- aid expansion change their An end to new provider taxes could also alter ObamaCare strongly suggests that the concept of death is widespread
get-reconciliation process. mind. That’s a $13.1 billion in- would at minimum prevent insurance regulations that in nature, “not because the opossum herself understands
First, undo Biden adminis- ducement for states to spend this legalized legerdemain hiked individual market pre- that she’s playing dead or does it on purpose, but rather
tration regulations that ex- more on healthcare in expan- from expanding further. miums by 105% between 2013 because in order to explain the evolution of thanatosis we
tend ObamaCare subsidies to sions that would primarily fa- Finally, require healthcare and 2017, the four years after need to postulate a concept of death in the deceived preda-
certain dependents and De- vor able-bodied adults. demonstration projects, which the law’s main provisions tors.” Hognose snakes also do an effective imitation of
ferred Action for Childhood Third, impose a morato- pilot new ways to deliver took effect. The concept of being dead, inhibiting their breathing, not moving even if
Arrivals recipients. These ex- rium on Medicaid provider health services, to remain these plans—fiscal responsi- handled and lying belly up. Their only blunder is that if
tensions came thanks to uni- taxes, which are levied on budget-neutral. In 2014, the bility—would provide a wel- placed belly down, they quickly flip themselves over—in a
lateral Biden regulatory health practitioners to fund Government Accountability come change to Washington. vain attempt to look more dead.
changes and cost billions of state Medicaid programs. Ac- Office found that federal offi-
taxpayer dollars. Reversing cording to Politico, these lev- cials authorized about $778 Mr. Jacobs is founder and Mr. Barash is an evolutionary biologist and emeritus pro-
these provisions via law ies are “a tax no one really million in excess spending for CEO of Juniper Research fessor of psychology at the University of Washington. His
rather than regulation would pays.” States use the revenue an Arkansas Medicaid waiver. Group and author of “The most recent book is “Oops! The Worst Blunders of All Time,
repeal them more quickly and to generate more federal In other words, the Obama Case Against Single Payer.” from Pandora’s Box to Putin’s War.”
A16 | Wednesday, November 13, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden Leaves Trump a Ukraine Mess Economists Out of Touch With the Economy
Regarding Joseph Sternberg’s “The that cause the most constant and im-

P
resident Biden hosts Donald Trump at mount. But Mr. Biden shouldn’t be able to get
the White House on Wednesday, and away with claiming success. In any case the 2024 Election’s Other Loser: Econo- mediate angst for consumers. Until
mists” (Political Economics, Nov. 8): the economists share with us their
word is that he’ll urge the former Presi- mess will soon be Mr. Trump’s.
Inflation, especially as reflected in special imperviousness to starving or
dent to keep supporting He has said he’ll settle the the continuing high prices for grocer- freezing, I will remain skeptical of the
Ukraine. The implication of His limits on Kyiv’s war by the time he is sworn in, ies, had a huge effect on my decision entire enterprise.
the White House leaks is that defenses mean settling Putin and last week he spoke to Mr. to vote for Donald Trump. The Biden JOHN NINOMIYA
Mr. Trump might abandon Mr. and Ukrainian President administration tried to convince me Sedona, Ariz.
Biden’s stalwart policy, but the war won’t be easy. Volodymyr Zelensky. A leak that inflation is “under control,” but
the truth is that the President from the Trump camp says he my trips to the grocery store, over I retired as a professor of econom-
is leaving Ukraine and Mr. told Mr. Putin not to escalate the past year and even now, give the ics in 2000, and I agree with Mr.
Trump in a bad place. in Ukraine, but Mr. Putin’s troops keep advanc- lie to that claim. Sternberg that economists were
i i i ing and massing for more. That sure sounds like I feel angry every time I see my among the losers of the 2024 elec-
Ukraine isn’t losing the war, but thanks in escalation. preferred brand of bacon selling for tion. Left-wingers who escaped fight-
$11 a pound. And $9 for a 12-pack of ing in Vietnam by obtaining doctoral
part to Mr. Biden’s limits on its defenses Kyiv This leaves Mr. Trump with hard choices. If
Coke? You’ve got to be kidding me. degrees changed all fields by becom-
isn’t winning either. The war has devolved into Mr. Putin won’t negotiate a peace that Ukraine BARBARA POWELL ing college professors.
a bloody stalemate with horrific casualties on can live with, Mr. Trump will have to increase Champaign, Ill. CAROLE E. SCOTT
both sides. Russia is making slow territorial U.S. and Ukrainian military leverage to assist Carrollton, Ga.
gains in Ukraine’s east at high cost. Ukraine has diplomacy. Thanks to Mr. Sternberg for show-
held its salient in Russia’s Kursk region, but the That would mean supporting another aid ing how economists have made them- As a lifetime WSJ editorial reader
Kremlin is massing for an assault to repel the package in Congress and removing limits on selves irrelevant to our understanding (age 79), I greatly appreciate the de-
Ukrainians with the help of some 10,000 North Ukraine’s use of weapons. It would also require of how most Americans experience tailed, thoughtful and insightful anal-
Korean troops. putting pressure on Iran, perhaps with Israel’s the economy. For me, the most obvi- ysis. With a wink and nod to Winston
Mr. Biden’s Ukraine policy isn’t the triumph help, to stop its drone and missile exports to ous example of this is their preferred Churchill’s gem about John Foster
measure of inflation, the “core Per- Dulles, I can only add the following to
that he and the press advertise. At every stage Russia. Economic pressure would also have to
sonal Consumption Expenditure.” Mr. Sternberg’s critique of econo-
of the war he has limited the military aid the increase, including on Western Europe to stop This measure is deemed “core” by mists: Blind, Blinder, Blindest.
U.S. would provide and how it was used. Artil- using Russian energy. virtue of its exclusion of food and en- DAVE NEILSON
lery, Patriot air defenses, tanks, F-16s and long- Mr. Trump would no doubt prefer not to ergy prices, the two types of prices Royal Oak, Mich.
range missiles: the Pentagon has delayed pro- spend political capital in this way. The podcast
viding advanced weapons for fear that Vladimir isolationists in his coalition would be unhappy.
Putin might escalate the conflict. But he may not have a choice, unless he wants
The limits have hurt Ukraine’s ability to go a rout in Ukraine on his watch.
on offense against Kremlin forces, including key If he fails to support new aid for Ukraine in
The Electoral College Is Not Above Criticism
nodes of supply, communications and weapons this scenario, he will set up Kyiv for slow de- Matthew Hennessey asserts, “With- with only 23% of the national popular
stores inside Russia. Mr. Putin’s forces have un- feat. That would be a disaster for Western in- out the founding compromises embed- vote. Though unlikely, what would
ded in the Constitution, including but the founders say?
til recently had a sanctuary inside Russia to at- terests, as the rest of the world calculated the
not limited to the Electoral College, Fortunately, we can turn to James
tack Ukraine without fear of being hit. Even limits of U.S. support against China and Iran. the U.S. as we understand it today Madison for an answer. The Electoral
now the U.S. restricts Ukraine from long-range Depending on the nature of Ukraine’s defeat, wouldn’t exist” (“The Electoral College College was created for two reasons.
missile strikes on Russian territory. The U.S. it might go down as Mr. Trump’s version of Mr. Embodies America,” op-ed, Nov. 7). One, as Mr. Hennessey writes, was to
learned the hard way in Vietnam and Afghani- Biden’s Afghanistan retreat. U.S. alliances Those compromises, he explains, were avoid giving too much power to the
stan that you can’t win a war when your enemy would teeter, as American credibility further necessary to get southern states to more populous states. Another was to
has a safe haven. collapsed. ratify the proposed Constitution. But mitigate the problems of slow-moving
Jake Sullivan, Mr. Biden’s national-security i i i he goes from that true premise to the and low-quality information. The
adviser, said Sunday on “Face the Nation” that This isn’t the outcome Mr. Trump wants, and conclusion that criticisms of the Elec- founders reasoned that it is easy to
the Administration plans to give Ukraine all of it isn’t the foreign policy he pursued in his first toral College today “are—and I mean stand in front of a massive crowd of
the military aid that Congress passed this year term. Mr. Trump looked to achieve peace this literally—anti-American.” people and present oneself as endear-
Southern states also wouldn’t have ing, charismatic and qualified. It is
by the time it leaves office on Jan. 20. This through strength, which he demonstrated
ratified the Constitution had it not more difficult to do so when the
means Mr. Trump will become President with against Iran and Russia’s Wagner Group merce- protected slavery though Article I, crowd is smaller and the meetings
Ukraine exhausting its weapons supply, not- naries in Syria. Section 9, and Article IV, Section 2. more intimate.
withstanding its impressive and valiant effort The challenge he has now is that the world Does this mean later criticism of slav- The rise of the internet has elimi-
to start arming itself on the fly. has changed for the worse since he left office. ery was anti-American and ignorant? nated the problem of slow-moving in-
Mr. Biden and Western leaders have also Mr. Biden’s weakness has failed to deter adver- Several of the expedient compro- formation. But has it improved qual-
failed to stanch Mr. Putin’s income from oil and saries in Europe, the Middle East and Asia-Pa- mises included in the Constitution ity? The evidence is mixed. Thus, the
gas sales. Europe still imports Russian natural cific. Restoring U.S. deterrence against those have been subsequently amended. We Electoral College remains an impor-
gas, incredibly enough, and the G-7 oil price cap adversaries won’t be as easy as sending a drone are no less the United States of tant institution that should be pro-
has largely failed. China helps Russia with eco- to kill an Iranian general or bombing Islamic America because of them. I don’t sup- tected. But by allowing parties, not
port abolishing the Electoral College, the people, to choose the electors,
nomic aid and dual-use technology, and the U.S. State out of its Syrian sanctuary.
but it isn’t above criticism and abol- the states have crippled the Electoral
hasn’t been able to stop Iran from supplying The potential rewards in a more peaceful ishing it wouldn’t undermine state College’s ability to do its job: to serve
Russia with missiles and drones. world will be great if Mr. Trump can re-estab- sovereignty in the least. as an effective safeguard against low-
This is the Ukraine war that Mr. Trump will lish deterrence. But a settlement and exit with- JOSH KAPLAN quality information.
inherit, and it isn’t a counsel of defeat. Mr. Pu- out honor from Ukraine would set the stage for Granger, Ind. The Electoral College is necessary,
tin faces pressures of his own as his casualties a far uglier second term. but so too is reform. It’s time for the
Mr. Hennessey’s defense of the states to return the power to choose

Kari Lake Loses Again in Arizona

Electoral College ignores the occa- electors to the people and to free
sionally legitimate concerns of many these electors to vote however they
Americans. Specifically, that 48 states choose.
are winner-take-all when it comes to DAVID HEBERT

R
epublicans performed well in Arizona’s publicans, she’d be slightly ahead. Instead she
electoral votes. With this, it is possi- American Inst. for Economic Research
2024 elections, with a glaring exception has 1,528,546 votes. The same thing happened
ble to secure enough electoral votes Grand Rapids, Mich.
that proves again how much candidate two years ago, when Ms. Lake ran for Governor.
quality matters. The U.S. Senate race was called She lost while being outpolled by other Republi-
Monday night, confirming another defeat for
Kari Lake. The Democratic victor, Rep. Ruben
cans, including the GOP state treasurer by more
than 100,000 votes.
The National Archives Can’t Rewrite History
Gallego, is well to the left of most Arizona vot- This is no big mystery: Ms. Lake was an ar- The Archivist of the United States the right to rewrite history. The U.S.,
ers, and it was the GOP’s race to lose, but Ms. dent “stop the steal” theorist after 2020. She has a very serious and important re- along with other countries, has em-
Lake pulled it off. insulted McCain Republicans in 2022. She sponsibility to educate the public barrassing moments in its history. We
The unofficial results show Donald Trump forced the resignation of the state GOP chair- (“Archivist Recasts America’s Past,” learn, we grow and we evolve.
winning Arizona by more than five points, rack- man this year, after a secret tape of their con- Page One, Oct. 31). The National Ar- RUI COELHO
ing up 1,693,733 votes. Across the state’s nine versations leaked. She has alienated many Re- chives’ mission says, “Equitable access Belmont, Mass.
to government records strengthens
U.S. House districts, the GOP has 1,609,714 publicans, and the exit polls show Mr. Gallego
democracy by allowing all Americans An exhibit should present thorny
votes. Rep. David Schweikert was re-elected in getting more split-ticket voters. of all backgrounds to claim their aspects of our history, but the article
a tossup race in northeast Maricopa County. Mr. Gallego has sponsored Medicare for All rights of citizenship, hold their gov- suggests that thorns are more repre-
Rep. Juan Ciscomani narrowly leads a second legislation. He has called to “reform” the Senate ernment accountable, and understand sentative of a rose tree than its beau-
tossup in a border seat around Tucson. filibuster. Now Democrats will have an easier their history so they can participate tiful flowers. Such a tone is all too
Mr. Gallego’s current total is 1,601,312 votes, time retaking the Senate in 2026 or 2028 to do more effectively in their government.” common in the U.S. history profes-
so if Ms. Lake had kept up with her fellow Re- it, thanks to Ms. Lake’s latest implosion. Congress doesn’t allocate funds to sion and would be unworthy of the
the National Archives to make the National Archives.
public “feel welcome.” As Lyndon PROF. MARC LANDY
Signs of Impending COP-ocalypse Johnson said at the dedication of his
presidential library in 1971, “It’s all
Boston College
Chestnut Hill, Mass.
here, the story of our time, with the

O
h by the way, a global climate confer- The real joke of these summits is that so bark off. . . . This library will show the
ence opened this week (yes, really) in many people still take them seriously. Whatever facts, not just the joy and the tri- Why Did Doctors Sign Off?
Baku, Azerbaijan. We hope the skies one thinks of the arguments surrounding cli- umphs, but the sorrows and the fail-
aren’t too clouded by the ex- mate change, there won’t be a In “A Landslide Against the Media”
ures, too.” Americans are smart
haust from all of the private Too bad this year’s material reduction in global enough to draw their own conclusions,
(Potomac Watch, Nov. 8), Kimberley
Strassel critiques the four-year press
jets flying in. global climate confab carbon emissions until China, as long as they have all the facts.
reassurance that President Biden was
Called COP29—the 29th India and other developing SUSAN COOPER
sharp as a tack. I find it interesting
annual edition of the Confer- won’t be the last. countries—such as, say, Azer- Washington
that several doctors even declared
ence of the Parties to the baijan—agree to sacrifice Ms. Cooper is a former spokesper-
him fit for duty, as late as February.
United Nations’ climate agree- their economic growth on the son for the National Archives.
Yet on Feb. 8, special counsel Robert
ment—the summit is supposed to be an oppor- altar of Western green fixations. This isn’t hap- Hur announced that Mr. Biden was
How can we learn from our mis-
tunity to take stock of current efforts to curtail pening in practice, and Mr. Aliyev’s comments takes of the past if we hide them
too impaired to stand trial.
climate change and agree to new measures. Pre- suggest leaders of those countries feel less JOHN E. POARCH, M.D.
from future generations? In a free
vious editions brought the Paris Agreement at pressure to pretend. Edmond, Okla.
and transparent country, no one has
COP21 in 2015 and an attempt to mobilize tril- That hasn’t stopped thousands of delegates
lions of dollars of capital for the energy transi- from wasting enormous quantities of aviation
tion at COP26 in Scotland in 2021. This year del- fuel jetting to Baku, where they hope to sign an Noonan Rejects False Choice Pepper ...
egates hope to create a new global emissions- emissions agreement the world’s largest econo- Virginia Butterworth (Letters, Nov. And Salt
trading system. mies will ignore. Climate activists and staffers 9) portrays Peggy Noonan as unable
If their host doesn’t scuttle the summit first, at institutions like the United Nations and to make a “tough choice” in her pres- THE WALL STREET JOURNAL

that is. Ilham Aliyev, Azerbaijan’s president, World Bank, hundreds of whom are enjoying idential voting. Another explanation
told delegates Tuesday that fossil fuels are a junkets to the Caspian Sea, often get a bad rap is that Ms. Noonan is unwilling to
“gift of God,” and he criticized the “double stan- for having tin ears, but this is next level. participate in the false choice offered
dards, a habit to lecture other countries and po- Back in reality, political support for net zero by the two major parties. My Texas
litical hypocrisy” of developed countries on cli- is collapsing. Donald Trump is set to reverse his ballot displayed 10 presidential possi-
mate matters. The “Western fake news media” predecessor’s green subsidies and hostile regu- bilities—four party choices accompa-
nied by six write-in choices. At pres-
got a special mention in his speech. latory acts against fossil fuels. He withdrew
ent count, more than 2,200,000
The head of the Azerbaijan organizing com- from the Paris Agreement once and is likely to citizens cast their votes beyond the
mittee used his position to pitch investors on do so again. Germany’s governing coalition im- two major-party candidates.
oil and gas drilling in the fossil-fuel-rich coun- ploded last week because Berlin can no longer BLAINE MCCORMICK
try, the BBC reported last week. The surprise afford its net-zero transition. Other European Waco, Texas
is that embarrassments like this didn’t happen countries are likely to abandon their climate
last year when COP28 was held in that noted targets as the costs become clear to voters.
Letters intended for publication should
opponent of oil drilling . . . the United Arab China builds coal power plants apace even as be emailed to wsj.ltrs@wsj.com. Please
Emirates. We’d say the global climate brigades its leaders mouth climate pieties. include your city, state and telephone
were playing with fire hosting the conference It makes you wonder if COP29 may be the number. All letters are subject to
in these places, but they don’t believe in burn- last time anyone tries to organize a spectacle editing, and unpublished letters cannot “I need you to listen
be acknowledged.
ing things. like this. The world should be so lucky. to what I’m not saying.”
THE WALL STREET JOURNAL. Wednesday, November 13, 2024 | A17

OPINION

The Trump Economic Awakening President

By Glenn Hubbard Making a priority of strong local in-
Trump Can

P
olitical scientists will de-
bate the forces that
volvement in applied research cen-
ters and community colleges and as
tailoring place-based aid are more
Save Europe
shaped Donald Trump’s effective approaches than Washing-
victory, but one thing is ton diktats. Programs need to be By Liz Truss
clear: Americans yearn held accountable for results, not

D
for a change in economic policy. simply allocated money. onald Trump’s re-election is a
Voters have rejected the interven- This economic-policy awakening victory for conservatism over
tionist policies that brought infla- requires a clear-eyed assessment of wokeism, for the people over
tion and high deficits. They want an budget trade-offs. Profligate spend- the elite, and for the American eco-
economic awakening, a new way ing with little regard for debt and nomic model over the European. The
forward that uses traditional eco- inflation—à la the American Rescue U.S. economy has eclipsed Europe’s,
nomic policies to achieve Mr. Plan—contributed to Mr. Trump’s including the U.K.’s. In the 2000s,
Trump’s goal of more jobs for victory. It is possible to accomplish Britons briefly had a higher gross do-
Americans whose fortunes have the steps above in a fiscally respon- mestic product per capita than
been harmed by technological sible way by offsetting spending Americans—today, we are $34,000 a
change and globalization. and tax changes. head poorer. France and Germany
Any economic path to a success- Organizing for the policy awak- have fallen similarly behind.
MARTIN KOZLOWSKI

ful awakening begins with growth: ening’s success will be essential. Most European nations consigned
the engine that powers individual Lack of communication among cabi- themselves to the economic dol-
income and our collective ability to net agencies can stymie creative drums through heavy taxes and regu-
support the nation’s defense, econ- ideas for expanding the economic lation. They’ve suffered high energy
omy, education and healthcare in- pie for American workers. Like the costs and stagnation as a result.
dustry. To pursue this growth, the grant colleges of the 19th century, in the U.S. This can magnify oppor- president’s Working Group on Fi- Even though the U.K. left the Euro-
new administration should consider these centers would generate and tunities for Americans, all without nancial Markets, created by Ronald pean Union, we have yet to remove
at least three measures: distribute knowledge, improving lo- having to rely on costly tariffs. Reagan in 1988 to convene dispa- many stifling regulations we were
cal capabilities in manufacturing Working a job doesn’t merely rate agencies, the new administra- bound to impose during our mem-
and services. generate income; it also promotes tion would benefit from a senior
Traditional policies like Opportunity is also a pillar of human dignity. Enlisting more executive team that can coordinate
tax cuts, targeted aid and the awakening. Community colleges people into the workforce is thus economic ideas and learn from Taxes, regulation and ‘the
are an underfunded source of skill- another element of the economic- leaders in business, labor and social
responsible spending can building and mobility. As Austan policy awakening. While growth services. Such a body, unlike the blob’ caused Europe and
deliver stronger growth. Goolsbee, Amy Ganz and I proposed and opportunity policies can boost National Economic Council, could the U.K. to stagnate. He
in a 2019 report, a modest federal labor-force participation, more adeptly cut across silos re-
block grant to support community strengthening the earned-income lated to tax, trade, regulatory and shows us the way out.
colleges on the supply side—rather tax credit to boost the incomes of industrial policy.
First, by working with Congress, than a demand-side emphasis on fi- childless workers can help attract Voters have signaled they’re
it should build on the successes of nancial aid—can help these schools younger people to the workforce. ready for an economic awakening. bership in it. Worse, the U.K. doubled
the Tax Cuts and Jobs Act of 2017 push more Americans toward bet- Maintaining the child tax credit The president-elect, equipped with down on net zero, ruining our indus-
to make permanent the expensing ter jobs by working with local em- can also provide parents with eas- a new playbook and vision, should trial base and pushing our energy
of business investment. Second, it ployers on skill needs and curricu- ier pathways toward economic seize the opportunity. prices to the highest in the devel-
should increase support for science lum development. Targeted aid to participation. oped world. The country’s largest
and defense research, which would places with depressed economic ac- These ideas share several impor- Mr. Hubbard is a professor of fi- steelworks closed this fall. We’re im-
have significant spillover to the tivity can help distribute opportu- tant themes with Mr. Trump’s cam- nance and economics at Columbia porting most of our gas rather than
commercial sector, particularly in nity to communities better than paign and the traditional conserva- University. He served as chairman fracking it.
space exploration. Third, it should one-size-fits-all Washington-di- tive playbook. They emphasize that of the Council of Economic Advisers Mr. Trump’s strategy is the oppo-
build on this research by construct- rected programs. policy ideas should be practical and under President George W. Bush site. In his first term, he cut taxes
ing applied research centers around Corporate tax reform can play a workable, not merely rhetorical. and is author of “The Wall and the and rolled back regulation, bringing
the country, linked to regional uni- role, too, by improving incentives Each makes use of America’s feder- Bridge: Fear and Opportunity in prosperity to the middle class. The
versity and city hubs. Like the land- for companies to settle and invest alist system and innovative ethos. Disruption’s Wake.” Biden administration’s European-
style policies—heavy on taxes, regu-
lation and net-zero goals—jeopar-

Trump Might Have Won the First Postracial Election dized this prosperity. Americans
responded by voting for Mr. Trump.
His second term promises even
When Barack Obama by bringing new voters to the polls. trend continued in a presidential their economic well-being, not fear more prosperity. As the Growth Com-
won the White This year he won by taking votes election with a woman of black and that Mr. Trump is a raging bigot mission—a nonpartisan group of in-
House in 2008, it from the other team. Democrats Indian heritage at the top of the who threatens democracy. ternational economists I convened—
was the first time used to carry people who made less Democratic ticket is even more re- The Biden administration’s big- outlines in its new Growth
since 1992 that a than $50,000 and who lacked a col- markable. Mr. Trump won more gest mistake with minority voters Presidency Memo, Mr. Trump can ex-
Democratic presi- lege degree. Republicans now win than 20% of black men and more was almost certainly the neglect of tend America’s global economic lead.
dent’s party also ran both groups, and they have cut the than half of Hispanic men, accord- the border, which it assumed voters By letting the energy industry “drill,
UPWARD
Congress. Demo- Democratic advantage among voters ing to exit polls. If this wasn’t the would write off as a Fox News ob- baby, drill,” repealing regulation, and
MOBILITY
crats were giddy in under 30 in half since the Obama country’s first postracial election, session. Those who study the eco- further cutting taxes, he will turbo-
By Jason L.
anticipation of a po- presidency. To woo more female voters took a big step in that direc- nomics of immigration, however, charge the U.S. economy. The Growth
Riley
litical realignment voters, Democrats elevated the tion. know that migrants are far more Commission recommends extending
reminiscent of abortion issue this year, but the re- likely to compete with one another many elements of the 2017 Tax Cuts
Franklin Roosevelt in 1932 or Ronald sult was disappointing. than with the native population for and Jobs Act set to expire in 2025,
Reagan in 1980, but it never “Harris performed much worse Black and Hispanic voters jobs, wages and housing. Millions of and endorses cutting the corporate
emerged. Republicans took the than Biden among voters who said unvetted foreign nationals flooded tax rate to 15%.
House in 2010 and the Senate in they thought abortion should be le- defect from Democrats, the country in the past four years, Mr. Trump has also vowed to fin-
2014. Then came Donald Trump. gal in most cases—even though the who have long relied on and the lion’s share settled in mi- ish off the deep state—what we in
Republicans ran the table last Supreme Court reversed Roe v. grant communities, where they Britain call “the blob.” Elon Musk will
week, though this recent history Wade in between the two elections,” identity-politics appeals. caused the most disruption. gut the federal bureaucracy in the
might serve as a cautionary tale for CNN reported. “Four years ago, 26% It’s no surprise that Latinos re- same way he sorted out X. In doing
reading too much into the results. of the electorate held that opinion, sponded in frustration. When East- so, the Trump administration will
What’s clear is that Mr. Trump’s and Biden won them by 38 points. For liberals this is a terrifying ern European Jews began migrat- protect the Constitution. Too much
popularity has grown since he left This year, 33% held that opinion, thought, because so much of the ing to the U.S. in large numbers in power has been delegated to unac-
office, to the astonishment of lib- and Harris won them by just 3 Democratic Party’s infrastructure is the 1800s, they met resistance countable bureaucrats. Undoing this
eral journalists, who refuse to let points.” The media hammered away built around appeals to racial and from German Jews who had come is necessary to restore American
facts interfere with their world- at the supposed threat to reproduc- ethnic identity. Have you noticed decades earlier and put down greatness—but fraught with risk. The
view. Democrats thought they tive rights, but polling consistently how the left is trying to turn “col- roots. And when rural blacks began unelected elite are powerful and fight
could use the courts to keep the showed that the issue was never as orblind” into a dirty word? If eco- migrating out of the South by the dirty.
former president off the ballot, big a concern as the economy, infla- nomic status and cultural sensibili- millions in the first part of the I saw this for myself as prime
bankrupt him and possibly put him tion and border security. ties are replacing race and 20th century and transforming minister when I tried to implement
in prison. Those efforts not only Much is rightly being made of ethnicity as the more reliable lens Northern cities both economically tax cuts and supply side reforms such
failed but were counterproductive. Mr. Trump’s appeal to nonwhite for discerning voter preferences, and culturally, Northern blacks re- as fracking deregulation. These plans
Voters saw Mr. Trump as the vic- voters and his ability to diversify the left has its work cut out. What sented the newcomers. Mr. Trump would have put Britain on a path to
tim of partisan prosecutions. the GOP coalition. According to Mr. Trump understood and Demo- turned Hispanics into swing voters growth. They were undermined by
Worse for Democrats, they also NBC News, since 2012 there has crats didn’t is that what distin- for the first time in decades, but he the Bank of England and others who
saw him as the answer to four been a 15-point shift toward Repub- guishes black and Hispanic voters got a lot of help from Democrats. If wanted to maintain the status quo of
years of Joe Biden and Kamala licans among black voters, a 32- in 2024 is their working-class sta- black voters are headed in the uncontrolled immigration, net-zero
Harris. point shift among Asians, and a 38- tus more so than their skin color. same direction, it’s another wel- orthodoxy and big government. I see
In 2016, Mr. Trump won in part point shift among Latinos. That this And what determined their vote is come political trend. the same forces at work in the U.S.
To succeed, Mr. Trump will need a
committed administration and back-

U.S. Transition Makes Iran Especially Dangerous ing from the conservative movement.
A free-trade deal with the U.K.
would benefit both countries. The
By Danny Danon strategic military locations. Any fur- itarily. This threat can’t be appeased penalties should apply to those pro- deal would let Britons avoid tariffs.
ther escalation will be met by an Is- as past American administrations viding support for terrorist groups In exchange, the U.K. would increase
United Nations raeli response that is more rapid have tried to do. that threaten the U.S., Israel and defense spending, abandon net-zero

D
onald Trump will become and painful. Yet Supreme Leader Ali Israel is a nation of peace, com- their regional partners. targets and take a firmer line on
president in January. The Khamenei shows no interest in mitted to security and stability in Third, increase the number of China—the West’s greatest threat.
world will be watching peace. Concerned with a second the Middle East. That was evident IRGC terrorist designations to crip- In 2019, when I was international-
closely during the 2½-month transi- Trump term, he sent Iranian agents during Mr. Trump’s first term, ple the regime further. trade secretary, Mr. Trump was keen
tion period. Bad actors, including to assassinate the former president when we forged the Abraham Ac- Fourth, pursue “snapbacks,” or to make a deal. It was kiboshed by
Iran, may take the opportunity to on the campaign trail. Last month, cords with our Arab neighbors. We revive U.N. sanctions imposed on the my party’s Conservatives in name
sow global instability. The Islamic federal prosecutors charged an Is- look forward to strengthening Islamic Republic before the 2015 nu- only. Now, with Britain struggling un-
Republic’s goal is to destroy Israel lamic Revolutionary Guard Corps of- those bonds in the near future. For clear deal. Doing so would resurrect der Keir Starmer’s socialist policies,
and upend the region by financing, ficial with plotting to kill Iranian- the Islamic Republic, regional peace a deal is even more compelling. It
arming and directing terror proxies. American journalist and activist is a nightmare scenario. The could be the only way Britain escapes
Both Israel and the U.S. must remain Masih Alinejad in her Brooklyn Hamas-led terror attacks on Oct. 7, Tehran could try to sow a rerun of the economic ruination of
on high alert. home. 2023, were timed to disrupt the the 1970s. Without change, we are
Israel countered Iran’s October The free world should be willing normalization of ties between Is- chaos before Trump takes headed for blackouts and a financial
ballistic-missile attack on its popula- to confront the evil of the Islamic rael and Saudi Arabia, along with office. Here are six steps crisis.
tion centers with a precise strike on Republic both economically and mil- other Arab countries. Mr. Trump can help Europe help
Mr. Trump showed in his first that could prevent it. itself. When negotiating trade agree-
term that he understood strength ments, he can refuse carbon border
and deterrence, the only language taxes—tariffs based on greenhouse-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY the Iranian government speaks. As a resolutions designed to prohibit gas levels emitted during production.
Lachlan Murdoch diplomat, I know firsthand that en- countries from supplying or selling Also on the chopping block should be
Executive Chairman, News Corp gagement and negotiation are pref- arms to Iran while also banning Iran the Organization for Economic Coop-
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp erable to confrontation and war. But from exporting weapons abroad. eration and Development’s disastrous
Emma Tucker Almar Latour heavy-handed aggression is the only Fifth, seize commercial vessels il- minimum-tax agreement, which im-
Editor in Chief Chief Executive Officer and Publisher form of engagement Tehran has re- legally transporting Iran’s sanc- poses a tax floor of 15% on multina-
Liz Harris, Managing Editor DOW JONES MANAGEMENT: sponded to since 1979. tioned oil to buyers worldwide. tional corporations.
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, To create a more peaceful Middle Finally, crack down on Tehran’s il- Mr. Trump can do more than end
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief;
Executive Editor; Chip Cummins, Newswires; Jason P. Conti, General Counsel, Chief
East, the West must take six steps licit supply of weapons in different wokeism and kickstart the American
Taneth Evans, Digital; Brent Jones, Culture, Compliance Officer; Dianne DeSevo, Chief People against the continuing threats from warzones such as Ukraine. economy. He can also export Amer-
Training & Outreach; Alex Martin, Print & Officer; Jared DiPalma, Chief Financial Officer; the Islamic Republic: Each of these measures will re- ica’s economic model to Europe and
Writing; Michael W. Miller, Features & Weekend; Artem Fishman, Chief Technology Officer;
First, enforce current sanctions quire broad international coopera- give us our confidence back. In short,
Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, while continuing to target IRGC en- tion, which is always hard to engi- as well as saving America, he can
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, Chief tities and hostile actors active in im- neer. But success will help bring save the West. It’s a big task, but if
Communications Officer; Josh Stinchcomb, EVP & portant sectors of Iran’s economy. about a more peaceful, safe and anyone can do it, he can.
Paul A. Gigot Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
Second, expand sanctions on indi- thriving Middle East.
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
viduals and groups supporting the Ms. Truss served as Britain’s
1211 Avenue of the Americas, New York, N.Y., 10036 Islamic Republic’s missile- and nu- Mr. Danon is Israel’s ambassador prime minister in 2022 and is author
Telephone 1-800-DOWJONES clear-development programs. These to the U.N. of “Ten Years to Save the West.”
 A18 | Wednesday, November 13, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

‘Deathonomics’ Powers Russia’s War

Payments for soldiers Benefits in case of death or Change in monthly bank deposits in the regions of
injury for soldiers in Russia* Tuva and Buryatia, and in Russia as a whole
killed on front lines
Regional top-ups 150%
spur generous family Insurance payout
Tuva

benefits for the poor One-time payment

$1%5,000 100
BY GEORGI KANTCHEV
150,000
AND MATTHEW LUXMOORE Buryatia
125,000
50
Going to war is now a ratio- 100,000
Russia
nal economic choice in Rus-

YEGOR ALEYEV/TASS/ZUMA PRESS

sia’s impoverished hinterlands. %5,000
Facing heavy losses in 50,000
0
Ukraine, Russia is offering high
salaries and bonuses to entice 25,000
new recruits. In some of the 0 –50
country’s poorest regions, a mil-
Death Injury 2022 ’23 ’24
itary wage is as much as five
times the average. The families *Shows maximum amount of benefit for insurance payout in the event of injury and for regional top-ups in the events of both death and injury.
of those who die on the front Sources: TASS, SOGAZ, regional governments (benefits); Central Bank of Russia (performance) Russian conscripts leave for military service at a rail station.
lines receive large compensation
payments from the government. for a steady stream of soldiers who think the country is head- it’s unclear how,” he said to soldiers killed in action can year to June 2024, expanding
These are life-changing sums for the war. Poverty levels are ing in the right direction. one of the mothers. “Your son receive more than $150,000 in the budget deficit, according to
for those left behind. Russian at their lowest since data col- For the Kremlin, generous lived, you understand? He ac- federal, regional and insur- an analysis by Re: Russia, a re-
economist Vladislav Inozemtsev lection began in 1995, according payments help avoid a general complished his goal.” ance compensation. search group. The payouts have
calculates that the family of a to official statistics. Perceptions mobilization of fighting-age And some Russian officials The result is that Russia re- contributed to a high inflation
35-year-old man who fights for of what it means to join the men after a previous round in actively promote the idea of eco- cruits about 1,000 men a day, rate plaguing Russia, leading
a year and is then killed on the military have been transformed. 2022 rattled the country and nomic gain from death in war. the U.K. Ministry of Defense the central bank to raise inter-
battlefield would get about 14.5 Army service after the So- led many young men to flee. “A child should understand: said in September. “Payment est rates to near-record 21%.
million rubles, roughly viet collapse was viewed for “This is money that most Yes, your father carried out a increases will…probably bol- And more men going to the
$150,000, from his soldier’s sal- years by many Russians as a ca- people in these backward areas heroic act, and died, but thanks ster recruitment levels for the front is stoking a labor crunch.
ary and death compensation. reer for talentless men unable have never seen in their life- to his heroic act I have an remainder of the year,” it said. In Russia’s hinterland,
That is more than he would to fill skilled positions. With no time so it’s little wonder that apartment,” the governor of a Losses, however, remain stag- though, the war payouts make
have earned cumulatively work- major wars to fight during many of them accept,” said region in Russia’s Far East said geringly high: The head of a big difference.
ing as a civilian until the age of much of that period, most sat Vasily Astrov, economist at the at a meeting to promote sup- Britain’s armed forces, Adm. In Tuva, a remote region
60 in some regions. Families at military bases doing menial Vienna Institute port for chil- Tony Radakin, told the BBC on where the poverty rate is three
are eligible for other bonuses jobs. But the war in Ukraine has for Interna- dren affected by Sunday that Russia’s forces times the national average, bank
and insurance payouts, too. transformed the fortunes of tional Economic the war. “That averaged 1,500 casualties a deposits have jumped by 151%
“Going to the front and be- those willing to fight, boosting Studies. “And In the past year makes children day throughout October. since January 2022, the month
ing killed a year later is eco- not just their income but their for the Kremlin, as of June, more patriotic.” And the rising payments before the war, central bank
nomically more profitable social status, too. The govern- offering good Since the haven’t come without friction. data shows. The region also is in
than a man’s further life,” In- ment has launched a new pro- pay for soldiers payments start of the Russia’s courts have adjudi- the midst of a record construc-
ozemtsev said, a phenomenon gram, called “Time of Heroes,” is the only way war, Russia has cated cases brought by people tion boom with new multistory
he calls “deathonomics.” that trains service members for to maintain
totaled as much suffered more who accuse others of trying to residential complexes rising.
So many soldiers have been government positions. their war effort as $30 billion. than 600,000 steal their war-related payouts, People in the poorest re-
killed that the payments—to- Schools across Russia host with high levels casualties, in- or complain that a long-absent gions are spending more, too:
taling as much as $30 billion in lectures by soldiers fresh from of domestic cluding killed relative reappeared to try to In the Altai region in southern
the past year as of June—are a the front lines. Desks are kept support.” and wounded, claim a slice of the money due Russia, revenue at restaurants
telling symptom of how the empty to honor a local “hero” There is little effort to con- according to Western esti- for the death of a son. and bars is up 56% this year
war is transforming Russian who didn’t return from the war. ceal the grim calculus at work. mates. To offset these losses In the Komi Republic bor- from last year, compared with
society and the economy. Since President Vladimir Putin has Putin has publicly promoted the and incentivize recruitment, dering Siberia, a judge ruled a 9% rise across Russia, ac-
the start of the 2022 invasion, touted a “new elite” of soldiers notion that dying on the front the government pays soldiers that a man was ineligible to cording to official statistics.
the Kremlin has boosted mili- who enjoy myriad perks and a is more worthwhile than living fighting in Ukraine a minimum get a share of the payments “It’s the poorest places in
tary spending to post-Soviet fast-track into politics. The in- a dire existence in Russia’s monthly salary of 210,000 ru- for his dead son because he Russia that are benefiting the
highs, offsetting some of the centives have helped tame so- hardscrabble towns. bles, $2,140, substantially hadn’t spoken to him for more most from the war,” said Laura
impact of Western sanctions. cial tensions fueled by income “Losing a loved one is a higher than the national aver- than 15 years, “cared nothing Solanko, a senior adviser at the
Weapons factories work inequality, in a way that presi- great tragedy, an unfillable age of 75,000 rubles. for his fate, did not work, and Bank of Finland Institute for
around the clock, providing dential decrees and income re- void,” Putin said in a Novem- Further bonuses are lived an antisocial lifestyle.” Economies in Transition who
employment and high wages. distribution plans couldn’t. ber 2022 meeting with Rus- awarded for taking part in of- The money flowing to mili- has studied the impact of the
Now the mounting death Surveys by the independent Le- sian women who had lost sons fensive military operations tary families also can carry payouts. “People there histori-
payments are providing an in- vada Center show a marked in- in the war. “But some people and for battlefield feats. Re- economic risks. cally have had very few oppor-
jection of wealth into some of crease since the prewar period barely live, and when they die, gional governments give addi- The payouts cost about 8% tunities like this, and so the
Russia’s poorest areas in return in the percentage of Russians from vodka or something else, tional payouts. The families of of state expenditures in the pace of change is dramatic.”

Church of England Head WORLD WATCH

Resigns Over Scandal

BY MAX COLCHESTER battles with depression, and
how he turned to God to help
Archbishop Justin Welby, deal with the death of his
the most senior bishop in the young daughter in a car crash
Church of England and leader in the 1980s. During his 11-
of the worldwide Anglican year tenure as archbishop he
Communion, resigned Tuesday attempted, with limited suc-
under pressure over allegations cess, to broker a deal between
that he failed to respond ade- liberal and conservative wings
quately to accusations against of the Anglican communion
one of the most prolific child over issues including same-sex
abusers in the church’s history. marriage and female clergy.
After his appointment as Welby previously hinted that
Archbishop of Canterbury in he wanted to stay in the post
2013, Welby was informed for another two years.
that John Smyth, a senior bar- Ultimately, his tenure was
ANTHONY WALLACE/AGENCE FRANCE-PRESSE/GETTY IMAGES

rister, had groomed and undone by a scandal that has

abused more than 100 boys in stained several Christian reli-
the United Kingdom and Af- gious institutions: The inability
rica beginning in the 1970s, to root out and punish abuse.
said an independent report Smyth in the 1970s and 80s
published last week. The re- targeted mostly school-age
port concluded Welby had a boys whom he would punish
moral responsibility to pursue for “sinning” by caning them
that information further but severely, sometimes in a
didn’t do so adequately. Smyth soundproof shed in his gar-
died in 2018 at age 77. den, the report said.
Welby said on X that his The Church of England was
stepping aside “was in the told about the abuse in the
best interests of the Church of early 1980s, but senior mem-
England.” His decision came bers of the clergy covered it up, TREE-MENDOUS: An aerial view shows a ginkgo tree, estimated to be 800 to 1,000 years old, in Bangye-ri, Wonju, South Korea.
after a bishop and several sur- according to the report by Keith
vivors of the abuse called for Makin, who led the review. ECUADOR GERMANY PAKISTAN FRANCE
his resignation as head of the The Church of England said
Anglican church, which counts it welcomed the review’s rec-
Fight Among Chancellor to Hold At Least 18 Dead Farmers Protest
more than 85 million members ommendations. “We know Inmates Kills 15 Confidence Vote In Bus Crash Against Trade Deal
worldwide. that no words can undo the A fight among inmates German Chancellor Olaf A bus carrying about two French farmers protested
The decision marks a prema- damage done to people’s lives has left at least 15 people Scholz is expected to ask for dozen wedding guests fell Tuesday against a trade deal
ture end to the career of one of both by him and by the failure dead and 14 injured at Ecua- a vote of confidence in his into the Indus River in north- that would increase agricul-
the most high-profile religious of individuals in the Church.” dor’s largest prison, authori- government on Dec. 16, pav- ern Pakistan on Tuesday, kill- tural imports from South
figures in British life. Welby of- Smyth physically abused 30 ties said Tuesday. ing the way for a new parlia- ing at least 18 people, offi- America, saying it hurt their
ficiated at the marriage of boys and young men in the The Litoral Penitentiary in mentary election as early as cials said. livelihoods.
Prince Harry to Meghan Mar- U.K., as well as 85 boys and the coastal city of Guayaquil February, German media re- It happened in the Gilgit The European Union and
kle, and presided over the fu- young men in Africa, the report has been the site of frequent ported Tuesday. Baltistan region as the bus the Mercosur trade bloc,
neral of Queen Elizabeth II and said. “Smyth is, arguably, the riots and mass killings, in- The expected vote in the was heading to Chakwal, a composed of Brazil, Argen-
the king’s coronation. most prolific serial abuser to cluding one in 2021 that left Bundestag would come well city in Punjab province, gov- tina, Paraguay, Uruguay and
The affable former oil exec- be associated with the Church 119 inmates dead. ahead of original plans, mark- ernment spokesman Faizullah Bolivia, reached an initial
utive spoke openly about his of England,” it concluded. Authorities provided few ing a step to reach compro- Faraq said. agreement in 2019, but nego-
details about what triggered mise between Scholz’s party, He said so far only one tiations stumbled due to op-
the latest bout of violence. the Social Democrats, and woman had been found alive position from farmers, and
Local media reported heli- the main opposition party in and was being treated at a some European governments,
copters could be seen flying parliament, the center-right hospital. Rescuers will re- leading to sweeping rallies
over the prison as ambu- Christian conservatives. sume searching for missing where they particularly ex-
lances and relatives of in- The move comes after the passengers on Wednesday. pressed worry about the use
mates, some of them shout- collapse of Scholz’s three- Police also said it was un- of pesticides in South Ameri-
ing in desperation, rushed to party coalition last week, at a clear what caused the crash. can produce.
RODRIGO SURA/EPA/SHUTTERSTOCK

the gates. time when the leaders of Eu- Pakistani President Asif Ali Tuesday’s protest in Auril-
The mass killing is bound to rope’s biggest economy have Zardari asked rescuers to ex- lac, in southern France, was
agitate Ecuador’s presidential been grappling with ways to pedite efforts to find missing the start of a fresh wave ex-
race, where the incumbent, revive Germany’s anemic eco- passengers. pected to spread among the
Daniel Noboa, has made im- nomic growth. Road accidents are com- European agricultural com-
proving security, including in- On Tuesday, Scholz said it mon in Pakistan due to poor munity amid concern that the
side detention facilities, a top was “no problem” for him to infrastructure and disregard deal could be finalized at the
priority in his bid to seek re- call for the confidence vote for traffic laws and safety G-20 summit in Brazil on
Justin Welby stepped down as head of the Church of England, election. before Christmas. standards. Nov. 18-19.
which counts more than 85 million members worldwide. —Associated Press —Associated Press —Associated Press —Associated Press
 BUSINESS & FINANCE
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S&P 5983.99 g 0.29% S&P FIN g 0.32%

* ** * *

S&P IT À 0.45%
THE WALL STREET JOURNAL.
DJ TRANS g 1.04% WSJ $ IDX À 0.43%
Wednesday, November 13, 2024 | B1
2–YR. TREAS. yield 4.342% NIKKEI (Midday) 38953.44 g 1.07% See more at WSJ.com/Markets

Activist Seeks Honeywell Breakup Disney

Eyes More
Elliott acquires $5
billion stake, eyes
But Honeywell’s share price
has underperformed the
broader market more recently,
Share and index performance,
past two years
%0%
ter reporting softer interest in
smart-energy products.
Elliott said a separation
their input.
Honeywell has been scoop-
ing up smaller companies in
Candidates
separate aerospace,
automation arms
leaving the roughly $130 bil-
lion giant vulnerable to an ac-
tivist campaign. And Elliott is
50
S&P 500
would lead to share-price
gains of 51% to 75% over the
next two years. In a letter sent
recent years, even as its new
chief executive, Vimal Kapur,
has talked about streamlining
To Succeed
BY BEN GLICKMAN
calling for big changes: It is
recommending Honeywell sep-
arate its aerospace and auto-
40

30
to Honeywell’s board, Elliott
said “uneven execution, incon-
sistent financial results and
its portfolio. In October, Hon-
eywell announced a plan to
spin off an advanced-materials
CEO Iger
Activist investor Elliott In- mation businesses. Honeywell an underperforming share business valued at about $10
vestment Management has shares rose 3.9% to $233.95 20 price” have reduced the com- billion. Disney is exploring fresh
amassed a $5 billion stake in Tuesday. pany’s ability to create value Kapur, a longtime executive candidates in its search for a
Honeywell International and Honeywell makes every- 10 Honeywell for shareholders. who took over in June 2023, successor to Bob Iger, includ-
is calling on the company to thing from home thermostats Elliott has often over the has laid out a plan to simplify ing some from outside its cas-
break itself apart, seeking to to aircraft-landing gears. It 0 years sought to break up com- the company’s business tle walls, as the board and its
dismantle one of the few re- has long justified its diversifi- panies to be more focused, around its three core trends of newly named chairman move
maining industrial conglom- cation even as the structure –10 from tech giants like EMC and aviation, automation and the to bring order to a closely
erates. has fallen out of favor and the Western Digital to energy energy transition. He has watched succession process.
For years, Honeywell has company has talked recently –20 companies like Hess. It has talked about getting rid of
avoided the fate of some of its about streamlining some of its 2023 ’24 also waged recent campaigns noncore parts of the sprawling By Robbie Whelan,
peers such as General Electric portfolio. It gets about 40% of Source: FactSet for change at Starbucks and business but stopped short of Emily Glazer and
and Dow Chemical, which its annual revenue from the Southwest Airlines. the types of changes Elliott is Jessica Toonkel
were broken up under investor aerospace business, which tion units have dented earn- A Honeywell spokesperson pushing.
pressure. Honeywell fended makes engines and cockpit ings despite strong demand in said the company appreciates Last December, Honeywell Names that have surfaced
off another activist’s cam- systems for Boeing and others. aerospace and defense. Honey- all shareholder perspectives struck a roughly $5 billion in Disney’s deliberations in re-
paign to break apart back in Lagging results in the in- well last month slashed its and looks forward to engaging deal to buy Carrier Global’s cent months include external
2017. dustrial and building automa- full-year forecast for sales af- with Elliott and obtaining security business. candidates, such as Andrew
Wilson, chief executive officer
of game company Electronic

Union Head Bristles at U.S. Steel Takeover

Arts, people familiar with the
matter said. Disney is working
with recruiters from the firm
Heidrick & Struggles to help
guide its review of external
BY BOB TITA candidates, and the search
firm has identified at least two
For months, Dave McCall more potential external candi-
has lobbied union members dates, these people said.
and politicians to oppose a The developments are a
takeover of U.S. Steel, betting sign that incoming Chairman
the company’s 10,000 union and former Morgan Stanley
members would be better off CEO James Gorman, who
with domestic owners instead starts his new role on Disney’s
of Japan’s Nippon Steel. board in January, wants to ex-
The United Steelworkers plore a range of candidates,
boss could soon learn whether and that the stable of contend-
his crusade will pay off. Cracks ers may broaden. Disney said
in the union’s solidarity have last month that it plans to
opened, though, as some mem- name Iger’s replacement in
bers back the deal. early 2026, later than initially
Opposition from the union planned.
has helped put the $14.1 billion What appeared to be an in-
deal at a disadvantage since it ternal horse race between a
was announced a week before core cluster of four tenured
last Christmas. President-elect Disney executives could now
Donald Trump and Vice Presi- be anyone’s game.
dent Kamala Harris both op- Disney and Wilson, the
posed the deal during their Electronic Arts chief, have
DAVID CARSON/ST. LOUIS POST-DISPATCH/ZUMA PRESS

presidential campaigns. Presi- been in touch repeatedly in re-

dent Biden has said he is cent years. In 2018, he inter-
against it, too, and is expected Please turn to page B2
to decide in the weeks ahead
whether to block the deal on
national-security grounds.
If McCall and the union get
their way, they will be left with
Spirit
a contentious employer. U.S.
Steel Chief Executive David
Burritt said in September that
Moves
the company will likely close
its oldest mill, near Pittsburgh,
if the deal fails. The move
Unionized U.S. Steel workers are divided on a proposed takeover of the company by Japan’s Nippon Steel. An Illinois facility. Toward
would eliminate jobs for thou-
sands of union steelworkers.
“They don’t have to sell,”
support after Nippon Steel
lifted its investment pledge for
aging mills to nearly $3 billion.
Steel’s older mills need the in-
vestments Nippon Steel is
promising.
tional with management in re-
cent years, especially in the
automotive, aerospace and
McCall’s career in union or-
ganizing started when he
worked for Bethlehem Steel in
Bankruptcy
said McCall, 72, in an inter- “There’s so much uncer- Maintaining U.S. Steel as a transportation industries. Burns Harbor, Ind., a mill that
view. “U.S. Steel is a solid, via- tainty. We want our job secu- stand-alone American company “Opposition was always to is now owned by Cleveland- BY ALISON SIDER
ble company. It can stand rity,” said Richard Tikey, vice gives McCall leverage to draw be expected,” Bruno said about Cliffs. He has been part of the AND ALEXANDER GLADSTONE
alone.” president for the union local on U.S. political and public sup- the response by the steelwork- union’s leadership since the
Some steelworkers aren’t as representing 1,100 workers at port during contract negotia- ers union. “There’s been a con- 1980s, spending much of his Spirit Airlines is preparing
certain, particularly those at Mon Valley’s coking coal plant. tions. McCall would wield less cern by organized labor that career trying to salvage jobs or to file for bankruptcy protec-
the Mon Valley Works that U.S. Tikey was among the steel- influence over non-U.S. execu- whenever mergers occur there pensions at bankrupt steel tion after merger talks with
Steel is threatening to close. workers openly supporting tives under a sale to Nippon is a tremendous amount of companies. Frontier Airlines broke down,
Some plant-level union officials Trump in the campaign’s final Steel, said Robert Bruno, a la- wealth taken out of the work- McCall is regarded within according to people familiar
now back Nippon Steel’s deal, weeks. He said he and other bor-relations professor at the force.” the union as a tough negotia- with the matter.
and said an increasing number union members who spoke University of Illinois. The steel industry has been tor. He also is viewed as a po- The Florida-based budget
of members are joining them. with Trump at a Pennsylvania The union’s position also a family affair for McCall. His litical tactician from years of airline is in advanced discus-
Leaders of towns near U.S. rally last month told him they comes as labor groups have be- grandfathers, mother and un- being a regional union head in sions with bondholders to
Steel sites also have offered back the deal because U.S. come increasingly confronta- cles all worked for U.S. Steel. Please turn to page B5 hammer out a bankruptcy plan
that would have support from
a majority of creditors, as it

INSIDE Meta Bows to Europe Regulators on Ads struggles with mounting losses
and looming debt maturities. A
bankruptcy filing is expected
to happen within weeks, the
BY SAM SCHECHNER Performance, year to date Meta’s advertising revenue by geography people said.
AND KIM MACKRAEL 80% Spirit had also been in dis-
$40 billion
Rest of cussions with rival Frontier in
Meta Platforms plans to world hopes that the two carriers
Meta Platforms
give European users of Insta- could revive earlier plans to
gram and Facebook the option %0 30 Asia- join forces, likely as part of a
of receiving what it says are Pacific broader restructuring in bank-
“less-personalized ads,” a con- ruptcy. Frontier decided not to
cession to regulators that risks move forward with such a
hitting the company’s revenue 40 Europe merger at this time, the people
20
BUSINESS NEWS in one of its largest markets. said.
Nissan shares jump The social-media company Frontier declined to com-
plans in coming days to begin S&P 500 ment.
after an activist builds prompting users in Europe Spirit said late Tuesday that
a stake in the with the choice of the new ad
20 10 U.S. &
it was in constructive discus-
Canada
carmaker. B3 format, without paying a fee, sions with a supermajority of
according to people briefed on bondholders to restructure
the plans. debt due in 2025 and 2026. An
0 0
The less-personalized for- agreement through a “statu-
mat will show European users Jan. 22024 Nov. 2022 ’23 ’24 tory restructuring,” if reached,
what Meta calls contextual ads Sources: FactSet (performance); the company (revenue) will wipe out existing share-
based on content that a user holders, the company said. If
sees during a given browsing ers should have access to a it gathers about its users, in- enue in its latest financial re- no agreement is reached, the
session, rather than a user’s free version of the company’s cluding which posts they share port. carrier said it would consider
broader activity history, like apps with less-personalized and which videos they watch. Meta said Tuesday that it is all alternatives.
the ads most users now see ads. It is unclear if the new The financial consequences introducing less-personalized The company said the re-
peppered into their feeds and concession will satisfy EU reg- of the move aren’t clear and ads to comply with demands structuring isn’t expected to
stories on Meta’s apps. Some ulators. partly depend on how many from EU regulators—and that impair general unsecured
of the new ads—which will Meta has long resisted giv- users change their ad prefer- the changes could harm small creditors, employees, custom-
HEARD ON THE also be targeted based on age, ing users a no-fee way to avoid ences. Meta has told European businesses. “If EU regulation ers and vendors among others.
STREET gender and location—will having their in-app digital ac- regulators that it expects the makes digital advertising less Spirit shares fell 62% to
cover the whole screen and be tivity used for advertising pur- less-personalized ads option to efficient, the entire European $1.21 in after-hours trading.
Surging defense stocks unskippable for a few seconds. poses because it risks canni- have a negative impact on its business community suffers,” The company also warned
are Asia’s Trump Meta’s new ad option comes balizing the company’s main business. The greater Europe Meta said. Tuesday that its quarterly fil-
trade. B12 amid pressure from European source of revenue: highly tar- region that includes the EU ac- The new ad format is the ing with the Securities and Ex-
Union regulators who say us- geted ads selected using data counted for 23% of Meta’s rev- Please turn to page B4 Please turn to page B5
 B2 | Wednesday, November 13, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

Tyson Beats Profit Views

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

A Elliott Investment Industries................................B12

Insurance
Executive
AbbVie...........................................B12 Management...........................B1 N

As Chicken Unit Surges

Alibaba Group Holding.....B4 F Nippon Steel...............................B1
Amazon.com...............................B3 Frontier Airlines.......................B1 Nissan Motor.............................B3

Pleads
Amedisys.......................................B6 H S
Apple..............................................A10
Hanwha Aerospace............B12 Sensor Tower..........................A10
Archer Daniels Midland...B5
Heidrick & Struggles Shell...................................................B6

Guilty
Arm Holdings............................B4
International............................B1 Shopify............................................B4 BY PATRICK THOMAS Tyson Foods chicken segment Tyson shares soared 6.6%
B Home Depot...............................B3 SoftBank........................................B4 operating profit/loss Tuesday. The stock is up about
Bayer.................................................B5 Honda Motor.............................B3 Spirit AeroSystems Shares of Tyson Foods 31% over the past 12 months.
Boeing..............................................B3 Honeywell International...B1 $409M
Holdings......................................B3 surged Tuesday as lower costs $%00 million Meatpackers are hoping
Bristol-Myers Squibb.......B12 Hyundai Rotem.....................B12 Spirit Airlines..............................B1 and steady demand helped the better chicken sales can offset BY MARK MAREMONT
C I T largest U.S. meatpacker pull their struggling beef busi-
Chegg................................................B4 Infineon...........................................B4 T-Mobile US................................B4 off a turnaround in its chicken nesses. The cost of livestock The insurance entrepreneur
J 200
Citigroup.........................................B2 Toyota Motor.............................B3 business. has risen sharply over the past Greg Lindberg pleaded guilty
Cleveland-Cliffs.........................B1 Just Eat Takeaway.com....B3 Tyson Foods...............................B2 Falling grain prices are two years, as ranchers have Tuesday to federal criminal
Corteva............................................B5 U making it cheaper for chicken sold off herds in response to charges stemming from a $2
L
Costco...............................................B3
LHC Group...................................B6 U.S. Steel........................................B1 companies to feed their birds, 0 drought and low profit mar- billion scheme to defraud thou-
D Live Nation Entertainment Uber Technologies.................B3 boosting corporate earnings. gins. sands of policyholders in insur-
DiDi Global...................................B4 B12 UnitedHealth Group............B6 For its 2024 fiscal year, Tyson Tyson’s beef division, its ance companies he controlled,
Disney...............................................B1 M W said feed costs declined $895 –200
largest by revenue, posted a in part to finance his lavish
E Meta Platforms........................B1 Walmart.........................................B3 million from the prior year. $71 million quarterly operating lifestyle.
Electronic Arts...........................B1 Mitsubishi Heavy WeWork.........................................B4 Tyson has spent years try- loss, down from a $17 million Lindberg entered guilty
ing to cut costs in its poultry adjusted profit a year earlier. pleas in U.S. District Court in
business while boosting the –%00 Overall profit came in at $1 Charlotte, N.C., to two of the 13
INDEX TO PEOPLE market share of its precooked,
company-branded chicken
FY2022 ’23 ’2%
Note: Latest fiscal quarter ended Sept. 28
a share for the quarter. Strip-
ping out one-time expenses,
counts he had faced—conspir-
acy and money-laundering con-
nuggets and tenders. The com- Sources: S&P Capital IQ; the company adjusted profit was 92 cents a spiracy—according to court re-
A K Raghavan, Vis...........................B2 pany closed or sold more than share, above Wall Street esti- cords. He also agreed to help
Aiman al-Mudaifer................A1 Kapur, Vimal................................B1 Ryan, Devin.................................B2 half a dozen poultry plants carry higher profit margins. mates. the government recover what
L S since the start of 2023 that it Poultry income swung to a Sales rose nearly 2% to his attorneys said could be bil-
said weren’t profitable and $409 million profit in the lat- $13.57 billion, also above ana- lions of dollars in assets to re-
Bergman, Alan..........................B2 Lindberg, Greg..........................B2 Sarandos, Ted............................B2
opened a new facility in Vir- est quarter from a $267 mil- lyst expectations. pay insurance policyholders
C Lore, Marc....................................B3 Schultz, Nathan.......................B4
ginia in the past year for its lion loss a year earlier. For fiscal 2025, the com- and other entities entitled to
Smith, Rilee..............................A10
Cox, Kevin.....................................B2 M more profitable precooked “We have a fundamentally pany expects an operating loss restitution.
Squillacciotti, Ariana.........A12
D Mangla, Achintya...................B2 products. different and better chicken from its beef division of be- Lindberg was taken into fed-
Stoeckle, Mark........................B11 While overall sales volumes business than we had even a tween $200 million and $400 eral custody after the plea
D'Amaro, Josh...........................B2 McCall, Dave................................B1
Musk, Elon...................................A4
Sullivan, Sadie........................A10 declined slightly in its fourth year ago,” said Chief Executive million. It projects a profit of hearing, court documents
F W quarter, Tyson said it had Donnie King on the call with more than $1 billion from its show.
Finkelstein, Harley................B4
N stronger sales of products that analysts. chicken business. The guilty plea comes after
Walden, Dana............................B2
Fraser, Jane.................................B2 Nadhmi al-Nasr........................A1
Welby, Justin...........................A18 Lindberg’s conviction earlier
G P Wilson, Andrew........................B1
this year on federal charges
that he attempted to bribe
Gorman, James.........................B1 Paulson, John............................A5 Wolf, Jake..................................A10
North Carolina’s insurance
I Peters, Greg................................B2 Y commissioner, who oversaw
Iger, Bob..........................................B1 R Yasukochi, Colin.......................B6 many of Lindberg’s companies.
While details of the plea
agreement were still restricted

Disney Eyes which, like many of its rivals,

is contending with cord-cut-
ting, the rise of streaming and
by the court, a filing by Lind-
berg’s attorneys said prosecu-
tors agreed to recommend that

More CEO changing moviegoing habits.

Dana Walden and Alan
Bergman, co-chairs of the en-
his sentences in the two cases
run concurrently, assuming he
“takes all necessary and rea-

Candidates tertainment division, are over-

seeing a pivot to streaming
while trying to manage the
sonable steps” in his power to
secure assets sufficient to pay
full restitution.
slow decline of the cable in- Lindberg and his insurance
Continued from page B1 dustry and a less predictable empire were the focus of 2019
AMIR HAMJA FOR WSJ

viewed for the top job at ESPN theatrical business as movie- investigative articles in The
before it went to current chief going habits change. Josh Wall Street Journal. The arti-
Jimmy Pitaro. Then, during D’Amaro, the head of theme cles reported that insurers con-
Bob Chapek’s tenure as Disney parks and experiences such as trolled by Lindberg had lent
CEO, Wilson had talks about cruises and resort vacations, is more than $2 billion to affili-
potentially selling EA to Dis- working to ensure that Dis- Vis Raghavan aims to lift Citi’s slice of the investment-banking fee pie above 5% by late 2025. ated companies owned by the
ney, but the negotiations ney’s main profit engine keeps entrepreneur, using opaque en-
didn’t lead to a deal, according
to people familiar with the
talks. Puck earlier reported
that Wilson had interviewed
humming in the face of slow-
ing parks attendance, while
ESPN boss Pitaro is busy help-
ing the sports giant transition
Citigroup Turns to Outsider tities as middlemen, and that
he paid dozens of operatives to
spy on women from whom he
sought personal relationships
and discussed potentially sell-
ing the company to Disney.
As Disney explored options
to a streaming future.
Iger has vowed to step
down when his contract ex-
To Restore Dealmaking Glory or other services.
A federal grand jury indict-
ment in early 2023 alleged that
over the past year for a strate- pires at the end of 2026 and Lindberg, now 54 years old,
gic partner for ESPN, the com- has himself explored ideas for BY JUSTIN BAER ing creates huge fees. In many of debt that fuels private-equity “skimmed” off insurance com-
pany talked to Wilson about a how to fill the top job, includ- years, private-equity deals ac- deals. Its market share stood at pany funds for his own use, in-
partnership between EA and ing by appointing two CEOs to The man charged with re- count for 40% or more of the 3.3%, its lowest in two decades, cluding for the lease of a pri-
ESPN, according to people fa- share it. Some company ob- viving Citigroup’s reputation total volume of mergers and according to data from LSEG. vate jet and to help fund his
miliar with the matter. Those servers have pointed out that as an investment bank is set- acquisitions, said Devin Ryan, Before the financial crisis, Citi surveillance of women, and
talks didn’t result in a deal. Walden and D’Amaro have ting his sights on the buyout an analyst with Citizens JMP routinely financed more than used money originating with
Disney has said videogames complementary skill sets—she kings. Securities. “Sponsors are the 10% of U.S. leveraged loans. an insurer to help him buy a
represent an as a TV execu- Vis Raghavan, Citi’s new top payers to the Street, and Raghavan has made a hand- Raleigh, N.C., home for his
important tive who works banking head, wants his deal- that’s only accelerated in the ful of key hires, including then-girlfriend.
growth area for closely with makers to advise on and fi- last decade,” Ryan said. Achintya Mangla, his deputy at Throughout a legal odyssey,
the company, The company is studio talent nance more private-equity That volume is expected to JPMorgan who joined in Sep- Lindberg had insisted on his in-
and earlier this scheduled to and he as an deals, bringing in more fees to a pick up. Interest-rate cuts, the tember to lead investment- nocence, saying he had been
year announced operational ex- group that has punched below U.S. economy’s soft landing and banking financing. Raghavan entrapped in the bribery
an expanded report its pert with fi- its weight for more than a de- Donald Trump’s return to the kept Kevin Cox as interim head scheme, had invested more
partnership nance chops— cade. If they succeed, the busi- White House have all lifted ex- of M&A, leaving the impression than $500 million in his insur-
with Fortnite
earnings on and might work ness should be taking a bigger pectations that KKR, Black- he is looking for another out- ers and never took any divi-
maker Epic Thursday. well as co- slice of the pie that companies stone and other buyout firms sider, Citi employees said. dends from them.
Games. CEOs. and investors pay to Wall Street are on the cusp of an acquisi-
Gorman, who Iger called each year. Hitting his even tion spree. Private-equity exec-
describes him- Netflix co-CEO modest growth targets could utives are happy to keep the
self as an aficionado of the Ted Sarandos earlier this year bring in some $400 million in banks competing against each
chief-executive role and shep- asking if the streaming giant’s additional fees a year. Citi other and say they are open to
herded Morgan Stanley dual CEO setup worked. He earned $2.7 billion in invest- paying other banks. The more
through a relatively drama- wanted to know how the ar- ment-banking fees last year. competitors vying for their
free succession process, is fo- rangement was going and if Sa- Chief Executive Jane Fraser business, the more deals they
cused on finding the right can- randos thought it could work at hired Raghavan, who ran JP- will see and the better terms
didate to help Disney move Disney, according to people fa- Morgan’s dealmakers, earlier they are likely to receive.
past its reliance on its larger- miliar with the conversation. this year. The bank is betting Raghavan said he is aiming
than-life CEO. Sarandos said the structure the decision to bring in a lead- to boost Citi’s slice of the in-
The former Wall Street ex- worked well at Netflix largely ing competitor will send a vestment-banking-fee pie
ecutive was named incoming because of the company’s cul- clear signal to clients—and its above 5% by late 2025, up
chairman last month, succeed- ture, which encourages candor own bankers—that Citi is back from about 4.6% today. From
ing former Nike CEO Mark and transparency. He shared in the game. In a recent meet- there, the bank will target
Parker, who will leave the the top job for years with co- ing with one firm, Citi bankers 0.5% to 1% over the next sev-
board on Jan. 2. Gorman has founder Reed Hastings, and said, “We’re embarrassed by eral years, he said. There are
been chair of the Disney now splits it with former head how little we’ve done, for a usually about $80 billion in
board’s CEO succession-plan- of product Greg Peters. long period of time.” banking fees up for grabs each
ning committee since August. Iger and the board’s efforts The challenge is steep. Citi year, so every half percentage
It is still early days for the to name a successor aren’t just was once a leader in private point in market share is worth
Disney succession race, and it crucial for the future of Dis- equity but because of regula- $400 million in fees.
is unclear who may ultimately ney, the decision will also help tion and wider problems at For the plan to work,
be elevated to the top job. Dis- define the star CEO’s legacy. the bank, it grew reluctant to Raghavan said, Citi’s bankers
ney is scheduled to report its Gorman called Iger a “rare make the loans those clients will need to bring lots of deal
financial performance for the combination of extraordinarily expect. It lost the confidence ideas and insights to clients.
September quarter Thursday. good creative instincts with of buyout firms and stumbled Then the bank needs to be
Before Gorman’s ascent, great business judgment” dur- in the league tables, where comfortable lending to them.
four Disney executives were ing a mid-October event for competition remains stiff. Last year, Citi ranked seventh
viewed inside the company as trade group the National Asso- UBS and Jefferies are both in U.S. leveraged loans, the type
front-runners. Each of them is ciation of Corporate Directors. trying a similar approach to
in the throes of efforts to turn —Erich Schwartzel contrib- strengthen their dealmakers Citi’s share of the market
around the fortunes of Disney, uted to this article. by counting on private-equity for U.S. leveraged loans
firms, pitting them directly in 12%
competition with Citi. And
Wall Street’s established play-
ers, from JPMorgan and Bank 10
of America to Goldman Sachs,
aren’t backing down, either. '
Raghavan says his meetings
with clients have given him &
confidence they want to work
with Citi and are even rooting %
SAUL LOEB/AFP/GETTY IMAGES

for more big lenders. But he

acknowledges Citi will have to
NIKKI RITCHER FOR WSJ

2
back up its words by taking
more lending risks and “Show,
don’t tell” before he succeeds. 0
Citi, and most of its rivals, 2005 ’10 ’15 ’20 ’2%
covet private-equity firms be- Note: 2024 as of Nov. 4
Andrew Wilson, left, and incoming Disney Chair James Gorman. cause their frequent dealmak- Source: LSEG
THE WALL STREET JOURNAL. * * Wednesday, November 13, 2024 | B3

BUSINESS NEWS

Home Depot
Lifts Outlook
For the Year
Home-improvement capitalization, behind Ama-

ANGELA PIAZZA/CALLER-TIMES/USA TODAY NETWORK/REUTERS

zon.com, Walmart and
retailer posted sales Costco.
and earnings that The top-line gains were
driven by contractors and
beat expectations other professional customers,
who have historically ac-
BY DEAN SEAL counted for about half of
Home Depot’s revenue.
Home Depot raised its Certain product categories
guidance following strong that weakened after a surge of
third-quarter sales as custom- demand during the pandemic
ers snapped up grills and are rebounding, the CFO said.
other outdoor products, and McPhail said the grill category
prepared for hurricanes in the in particular has seen “a full
Southeast. recovery and now a resur- Sales were boosted by customers buying plywood, chain saws, generators, batteries and flashlights to deal with hurricanes.
Revenue climbed 6.6% to gence.”
$40.22 billion for the quarter Home Depot also had tually dry up. Either rates will of $3.65 billion, or $3.67 a Home Depot’s quarterly revenue and comparable-store sales,
ended Oct. 27, topping analyst higher demand for paint proj- come down as hoped, prompt- share, compared with $3.81 change from a year earlier
forecasts for $39.31 billion, ac- ects, particularly from profes- ing customers to take out billion, or $3.81 a share, in the Revenue
%%
cording to FactSet. Compara- sionals, during the quarter. more affordable financing for same quarter a year ago. +6.6%
ble-store sales were down There was also a sales bump large remodels, or they won’t Stripping out one-time
6
1.3%, a smaller decline than from customers preparing for and customers “will see the items, adjusted earnings were
the 3.1% drop analysts had ex- Hurricane Milton and Hurri- rate environment as the new $3.78 a share. Analysts polled 4
pected. cane Helene who bought ply- normal,” he said. by FactSet had been expecting
Chief Financial Officer wood to protect their homes, “Either way, they’re telling $3.65 a share. 2
Richard McPhail said weather as well as chain saws, genera- us that they’ve been deferring For fiscal 2024, Home De-
conditions in the third quarter tors, batteries and flashlights, projects for a while and going pot is now projecting sales to 0
were optimal in most of the McPhail said. to execute those projects at rise 4%, up from a prior fore-
U.S. “When the weather is Despite some recent cuts, some point,” McPhail said. cast for a 2.5% to 3.5% gain. –2
good, our customers spend interest rates still haven’t Total transactions in the Comparable sales are now ex-
more time in our stores,” he moved significantly for Home third quarter were about flat pected to fall about 2.5% for –4
said in an interview. Depot’s customer base. Home- with the year-ago period, the full year, rather than 3% to Comparable-store sales
The stock edged down 1.3% owners continue to defer large while the average transaction 4% as previously anticipated. –6 –1.3%
to $403.08 in New York trad- projects and remodels, size was down slightly. The company is also guiding FY2022 ’23 ’24
ing. Home Depot is the fourth- McPhail said, but the retailer The home-improvement re- for a smaller year-over-year
largest U.S. retailer by market expects that mindset to even- tailer posted a quarterly profit drop in annual earnings. Note: Latest fiscal quarter ended Oct. 27 Source: the company

Wonder Boeing Aids Supplier

Nears Deal With Advance Funds
To Acquire BY DEAN SEAL on April 30, June 30, Sept. 30

Grubhub Boeing has agreed to pay

Spirit AeroSystems up to
and Dec. 31 of 2026.
Boeing agreed in July to ac-
quire Spirit in an all-stock
$350 million in advance to transaction valued at about
Wonder, a food-delivery keep producing products for it $4.7 billion. Spirit Chief Exec-
startup led by former Wal- as the fuselage supplier works utive Pat Shanahan said last
mart executive Marc Lore, is through a liquidity crunch. month that the acquisition is
in advanced talks to buy Grub- The jet maker said Tuesday on track to close in mid-2025.
hub from Europe’s Just Eat that the advance payments are Formed by a spinoff from
Takeaway.com, according to intended to help Spirit ad- Boeing in 2005, Spirit said last
people familiar with the mat- dress high levels of inventory week that management has a
ter. and lower operational cash plan to improve liquidity,
flows. Spirit warned last week though it is dependent on the
By Lauren Thomas, that it may not be able to keep terms it can reach for the re-
Ben Dummett and operating after reporting bil- payment of some advances
GABBY JONES/BLOOMBERG NEWS

Sarah Nassauer lions of dollars in losses over from customers. Spirit said it
the last four years. was considering seeking addi-
A deal for Grubhub could The advanced payments tional customer advances and
be finalized imminently, as- should also help Spirit as it could also issue securities or
suming the talks don’t fall faces high costs to keep facto- debt.
apart, the people said. Am- ries running at their current The beleaguered Arlington,
sterdam-based Just Eat rates, along with lingering im- Va.-based Boeing has had a
bought Grubhub in 2021 in a The automaker has been struggling with weak sales in recent months, especially in China. pacts from a recent strike by tough year, too, following a se-
deal valued at over $7 billion. Boeing machinists. The eight- ries of mishaps and quarterly

Nissan Shares Jump After

Grubhub had been in discus- week strike ended last week losses. The company said last
sions to sell itself to Uber be- when the union voted to ap- month that it intends to raise
fore it made a surprise move prove a new contract. about $19 billion through
to join forces with Just Eat Spirit is obligated to repay stock sales to shore up its bal-

Activist Investor Builds

instead. 25% of the advance to Boeing ance sheet.
But the deal drew criticism
from Just Eat’s shareholders,
some of whom argued it was a

Stake in Japan Carmaker

distraction. In 2022, Just Eat
said it was considering selling
Grubhub after its U.S. subsid-
iary reported a decline in or-
ders following a sales boom
during the pandemic. BY KOSAKU NARIOKA pacity by one-fifth. Nissan Motor share price,
Grubhub is likely to be val- Nissan lowered its annual past three months
ued below $1 billion in any Nissan Motor shares sales and earnings forecasts
deal. jumped their most in a decade after swinging to a quarterly ¥460
Wonder, launched in 2018, and a half after an activist in- net loss of ¥9.3 billion, or
originally focused on operat- vestor took a stake in the Jap- $60.8 million. It lowered vehi- Tuesday
440
ing mobile kitchens from a anese carmaker in the midst cle sales forecasts for all ma- ¥415.8
fleet of trucks that aimed to of turnaround efforts. jor markets, cutting big in +13%
recreate meals from popular Shares rose 13% to close at China and North America. 420
restaurants. ¥415.8 on Tuesday in Tokyo, Nissan has been struggling
Last year it switched strat- marking their biggest one-day with weak sales in recent
egies, closing the trucks and percentage gain since April months, especially in China, 400
opening physical locations in- 2009. where a price war and a surge
stead. It has a few dozen loca- Nissan said in a half-year of local electric-vehicle offer-
tions in the New York City report filed after Monday’s ings have hit foreign brands 3%0
area and aims to have 100 lo- market close that a trustee of hard. Shares of Nissan remain
cations by the end of next ECM Master Fund was its down 25% so far this year, lag-
360
year, Lore said in an interview fifth-biggest shareholder with ging behind domestic peers
last month. a 2.5% stake as of the end of Toyota Motor and Honda Mo- Sept. 2024 Oct. Nov.
Buying Grubhub would September. ECM Master Fund tor. Note: ¥100 = 65 cents Source: FactSet
boost Wonder’s revenue as it is managed by Singapore-
continues to raise money. It based Effissimo Capital Man-
also offers a direct source of agement, according to filings
delivery drivers and related by companies in which Effis-

In Memoriam
For more information:
technology.
Wonder was last valued at
simo held stakes.
A representative for Effis- wsj.com/inmemoriam Lower rates.
around $3.85 billion in a 2022
financing round, according to
simo confirmed its investment
in Nissan but declined to com-
Up to $7,200 cash back*.
PitchBook. The startup also
owns meal-kit provider Blue
ment further.
A Nissan spokesman said it
MEMORIAMS
Act now.
Apron, another once-highfly-
ing startup that struggled in
is engaging with investors and
analysts and that it appreci-
IN Max Selit

MEMORIAM
BROOKLYN, N.Y. - Max Selit 1/26/35-
more recent years. ates “all existing and new realtor.com/hometeam
11/1/24 Born in Bensonhurst to parents
Lore joined as CEO in 2021 shareholders that support and Honor your loved one’s life in Henry and Regina Selitzky. Exceptional,
after leaving his role as chief believe in the future potential The Wall Street Journal husband to Linda for 64yrs, father to Amy
of U.S. e-commerce operations of Nissan.” Share your loved one’s story with an and Howard, grandfather to Jennifer and
for Walmart. The stock’s jump followed announcement in the pages of The Wall Justin, brother to Pearl. Brothers Morris
Grubhub, which was selloffs since late last week af- Street Journal, either in our national or
and Robert, predeceased. Educated Lin-
regional editions. Our In Memoriam notices
founded in 2004, pioneered ter the company announced provide a dignified way for friends, family coln HS, Baruch College, NYU Law School.
online ordering in the U.S. But disappointing second-quarter and colleagues to pay tribute. Member NY Bar. US Army Ready Reserve,
it came under pressure as it results and a restructuring To learn more, visit active duty Berlin Crisis. Will be loved
warded off competition from plan that includes cutting WSJ.com/InMemoriam © 2024. Anywhere Real Estate. All rights reserved. Program terms and conditions
and missed by those he left behind, both
newer entrants such as Door- 9,000 jobs globally and reduc- © 2024 Dow Jones & Company, Inc.
family and friends. Rest In Peace.
subject to change. Visit realtor.com/hometeam for terms and conditions.

Dash and Uber Eats. ing its global production ca- All Rights Reserved.
 B4 | Wednesday, November 13, 2024 * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Shopify Shares
Soar as Revenue
Beats Estimates
BY ADRIANO MARCHESE Shopify’s quarterly gross
merchandise volume
Shopify logged higher-than- 3Q 2024
$80 billion
expected sales for the third $69.7B
quarter, boosted by an increase +24%*
in consumer spending and the
addition of more merchants to 60
its e-commerce platform.
The Ottawa-based company
on Tuesday said third-quarter
sales rose 26%, with gross 40
merchandise volume, a key
SEONGJOON CHO/BLOOMBERG NEWS

metric that tallies the total

value of orders on Shopify, up 20
24% from a year ago.
Shopify expects growth to
pick up in the fourth quarter,
which includes the key holiday 0
selling season. The company 2022 ’23 ’24
forecast revenue growth in the *Change from a year earlier
The investment company was helped by gains in its stakes in e-commerce company Coupang. A Coupang fulfillment center. mid-to-upper 20% range, bet- Source: the company
ter than the 23% expected by

Tech Gains Boost SoftBank

analysts, according to FactSet. speed up onboarding of large
The company’s U.S.-listed clients.
shares soared 21% to $108.92 “Enterprise is not a short-
in Tuesday’s trading. term play,” Finkelstein said. “It
Company executives said is a massive opportunity to
they continue to add a variety build for the long term.”
Japanese company strong earnings results im- two to three years. Work’s bankruptcy in the U.S. of new storefronts that use its One potential wild card fac-
prove its financial footing, al- The company and its tech SoftBank’s earnings are tools to simplify managing on- ing cross-border merchants
has begun investing lowing it to make bigger in- funds have begun investing susceptible to fluctuations in line business. President Harley are possible tariffs President-
more aggressively vestments selectively at the more aggressively in recent tech stocks. It reported a first- Finkelstein said that tools that elect Donald Trump may im-
right time. months after a yearslong de- quarter net loss after two con- automate certain processes al- pose on their operations. Fin-
in recent months “We are preparing to take fensive strategy, as tech stocks secutive quarters of net prof- low merchants to focus more kelstein said the company has
advantage of various opportu- have risen thanks to artificial- its. on the product they are selling. experience operating under
BY KOSAKU NARIOKA nities,” Goto said. intelligence enthusiasm and Last week, Arm Holdings “Let’s be honest: Nobody multiple administrations over
SoftBank invested about the Federal Reserve’s rate posted a quarterly net profit starts a business with the goal nearly two decades.
SoftBank Group posted a $500 million in OpenAI cuts. of $107 million, compared of focusing their time on sales “What we can do is arm our
$7.7 billion quarterly profit, through its Vision Fund 2 SoftBank Group reported with a net loss a year earlier, tax compliance or inventory merchants and the people that
supported by gains in its tech when the startup behind Chat- second-quarter net profit of boosted by sales of increas- management,” he said on an use Shopify with the tools they
investments, and is getting GPT raised $6.6 billion in a re- ¥1.180 trillion, equivalent to ingly complex chips crucial for earnings call. need to compete in any envi-
ready for bigger investments. cent round of new funding. $7.68 billion, compared with a AI applications. The company said the num- ronment,” Finkelstein said.
The Japanese technology While the investment was net loss of ¥931.11 billion a SoftBank Group’s stake in ber of its merchants outside For the third quarter,
investment company returned modest, Goto on Tuesday de- year earlier. That was sharply Arm now makes up a big North America grew by 36%, Shopify reported net income of
to a net profit in the three scribed it as significant and higher than the ¥199.3 billion chunk of the Japanese invest- including watch retailer $828 million, or 64 cents a
months ended September, it said it would help strengthen estimated net profit in a poll ment company’s portfolio af- Watches of Switzerland, and share, up from $718 million, or
said Tuesday, helped by gains SoftBank’s relationship with of analysts by data provider ter it cashed in on its stake in cosmetics company The Body 55 cents, in the prior-year pe-
in its stakes in e-commerce OpenAI. Visible Alpha. Alibaba Group Holding over Shop. riod. Analysts polled by Fact-
company Coupang, Chinese In October, SoftBank Group SoftBank’s Vision Funds the years and reduced its con- Shopify also said it has Set expected 19 cents.
ride-hailing company DiDi Chief Executive Masayoshi business swung to a profit of centration in China. slashed the amount of time it Revenue came in at $2.16
Global and T-Mobile US, com- Son reiterated his bullish fore- ¥373.14 billion from a loss of SoftBank’s stock has gained takes merchants to import billion, topping analyst expec-
pared with a net loss a year casts for AI, saying he be- ¥258.86 billion in the year-ago about 50% this year, fueled by large data sets in connection tations of $2.12 billion. The
earlier. lieved artificial general intelli- period. enthusiasm over rising AI-re- with their inventory. company noted strong growth
SoftBank Group Chief Fi- gence, by which computers Its bottom line last year lated demand at the com- The process now takes a in markets such as Germany,
nancial Officer Yoshimitsu have human-level cognitive was weighed by losses related pany’s holdings, including matter of minutes, rather than France and the Netherlands,
Goto said at a briefing that abilities, would be achieved in to office-sharing company We- Arm. hours or days, which can help where it is gaining share.

Infineon Forecasts Sales Drop,

Citing a Weak Chip Market
BY MAURO ORRU

Infineon Technologies is
expecting lower sales in its
new fiscal year as demand for
It’s time for chips in cars and industrial
equipment remains weak.
JENS SCHLUETER/AFP/GETTY IMAGES

“qualified”
The German chip maker
said revenue in the year to the
end of September 2025 would

to mean decline slightly from the 14.96

billion euros, or $15.94 billion,
it reported for fiscal 2024. Its

qualities, segment result margin—a key

profitability measure—is ex-
pected to be in the mid- to Infineon and other chip makers are facing uneven demand.

not just a high-teens percentages com-

pared with the 20.8% margin it
reported in fiscal 2024.
Automakers have been ago-
nizing for months over a slow
nue at its green industrial
power division to decline even

bachelor’s Infineon said revenue at its

automotive business should fall
slightly in the year. The com-
electric-vehicle market and
fierce competition from local
carmakers in China, which
more than auto chip sales. The
power-and-sensor systems
business should log a moder-
degree. pany is particularly exposed to
carmakers since its automotive
forced several European auto
manufacturers to lower their
ate increase in revenue, while
sales at its connected secure
business generally accounts for own profit and sales forecasts. systems division are expected
the lion’s share of annual sales. Infineon said it expects reve- to remain more or less stable.

Chegg to Cut 21% of Staff, Miss Goals

BY MILES KRUPPA to eat into its online homework Web traffic from nonsub-
solutions business. scribers declined 37% in Octo-
Online education company Chief executive Nathan ber from a year earlier.
Chegg is laying off 319 employ- Schultz said the popularity of Shares in Chegg fell 15% in
ees, 21% of its total staff, and products such as ChatGPT and after-hours trading. The com-
expects to fall short of its pre- the introduction of AI summa- pany stock has fallen 99% since
viously announced financial ries in Google search were 2021. Chegg expects to miss its
Keith, Data Analyst, targets for next year as artifi- weighing on Chegg’s revenue target of $100 million in free
Google Career Certificate Graduate, cial-intelligence tools continue expectations. cash flow in 2025.
STAR

Meta Bows a new EU digital competition

law and rulings by privacy reg-
ulators in the bloc, who said
will also announce it is cut-
ting the price of its subscrip-
tions.

To Europe an earlier law also required

Meta to seek user consent be-
fore repurposing information
EU regulators have said
they intend to finish their in-
vestigation by late March. Of-

Regulators about user behavior to target

ads. Meta added a fee to cover
at least some of the potential
ficials haven’t validated Meta’s
approach, and discussions with
the company haven’t con-
lost revenue. cluded, according to some of
Tear the paper ceiling that is keeping you Continued from page B1 The company argued at the the people briefed on the
from discovering over 70 million STARs: workers second change in a year that time that an EU court decision plans.
Meta has made to its EU ads had suggested a fee was per- Meta says its new contex-
Skilled Through Alternative Routes that are being options. Last fall, it introduced missible. But in July, EU regu- tual ads “meet EU regulator
held back by degree screens, stereotypes and more. an option called “subscription lators charged Meta with vio- demands and go beyond
for no ads,” which forced users lating the new digital what’s required by EU law.”
Find out how STARs can meet your talent needs. in Europe to choose between competition law with what of- A spokeswoman for the Eu-
#HireSTARs
consenting to its highly tar- ficials called Meta’s pay or ropean Commission, the EU’s
geted ads or buying a sub- consent model. executive arm, said the inves-
scription to an ad-free version The new less-personalized tigation is ongoing and that
TEAR THE PAPER CEILING.ORG of Facebook or Instagram. ads option is an effort by the commission sent its pre-
The subscription offer was Meta to try to settle that case. liminary findings in the case in
Meta’s effort to navigate both As part of the new offer, Meta July.
THE WALL STREET JOURNAL. * * * * * Wednesday, November 13, 2024 | B5

BUSINESS NEWS

Bayer Cuts Earnings Target, Posts Union Boss man, in an interview. Trump’s
plans to use tariffs aggressively
during his next administration

Bristles at are expected to drive American

Net Loss on Agriculture Weakness

steel prices even higher.
Nippon Steel pledged to

Takeover honor the union’s bargaining

agreements with U.S. Steel and
refrain from layoffs and plant
BY HELENA SMOLAK closings through the end of the
Continued from page B1 current contract in 2026.
Bayer cut its full-year earn- the Midwest, where manufac- McCall said he is convinced
ings target after a tough agri- turing is often enmeshed in Nippon Steel will shift more
cultural market hit its crop- state politics. production to Arkansas, and
science division, and said it He was named the United wants more guarantees. But in
heads into next year with a Steelworkers’ president in Sep- September the union lost a le-
muted outlook and likely de- tember 2023 after the death of gal challenge that alleged Nip-
clining earnings. then-leader Tom Conway. At pon Steel’s worker-protection
The German conglomerate the time, the union had already and investment commitments
said it is cautious on the agri- thrown its support behind didn’t comply with the union’s
cultural market environment Cliffs’s attempt to acquire U.S. contract.
in 2025, warning that its crop- Steel. After losing in the final He said Nippon Steel also
protection business will re- round of bidding to Nippon could idle U.S. Steel’s mills that
main under pressure due to Steel, Cliffs this fall acquired produce high-quality sheet
regulatory challenges and ge- Canadian steelmaker Stelco for steel for the auto and appliance
JESSE ILAN KORNBLUTH FOR WSJ

neric competition. $2.5 billion. industries and supply them

Lower grain prices, tight- Union leaders have been with imported steel from Nip-
ened farmer spending and un- wary of foreign steelmakers’
favorable weather conditions incursions into the U.S. after
have squeezed earnings at ag- some joint ventures or acquisi-
riculture companies this year. tions of domestic companies
U.S. seed and pesticide maker eventually failed. For years,

ANDREW CABALLERO-REYNOLDS/AFP/GETTY IMAGES

Corteva and grain trader The company expects this year’s crop-science sales to fall by between 1% and 3%. McCall and American steel-
ADM the week prior both cut company executives have called
their forecasts for the year. due to a weaker-than-antici- margin of between 18% and share, another key profit met- for tariffs on imports from
Bayer followed suit on pated agricultural market, it 20%. ric, and free cash flow. countries including Japan that
Tuesday, lowering its full-year said. The company previously Bayer lowered its annual they say flood the U.S. with un-
forecast for earnings before Shares of Bayer fell nearly forecast the division’s sales to sales-growth target for its lawfully cheap steel.
interest, taxes, depreciation 15% in European trading and range from a 1% fall to a 3% consumer-health division due In a bid to lower costs, U.S.
and amortization before spe- have shed more than one-third increase and an Ebitda before to slowed demand in the U.S. Steel in 2021 took over a new
cial items, a key company of their value since the start special items margin of 20% to and China, but said the results steel mill in Arkansas staffed
metric. of the year. 22%, but had cautioned that of its pharmaceutical division by a smaller, nonunion work-
The pharmaceutical-and- Bayer also cut its outlook both metrics were likely to be would be at the upper end of force. The company idled steel-
agricultural group now ex- for its crop-science unit, the at the lower end of the guid- its previous outlook. making at some older mills
pects the metric at between group’s largest by sales. It ance ranges. The company has been try- that had operated for more Union head Dave McCall.
€10.4 billion and €10.7 billion, now expects this year’s crop- At group level, the company ing to bolster its pharma pipe- than a century and began ex-
equivalent to $11.08 billion to science sales to fall by be- reiterated its full-year guid- line, reduce debt, address U.S. panding production in Arkan- pon Steel’s mills in Japan.
$11.40 billion, this year, tween 1% and 3%, excluding ance for sales—when adjusted legal cases over weedkiller sas. Thousands of union work- Since December, McCall and
against a previous projection currency movements and for changes in foreign-ex- Roundup, and overhaul its or- ers lost their jobs. Mori have met for just two
of between €10.7 billion and portfolio changes, and an change rates and the group’s ganization turn its finances The moves coincided with a hours.
€11.3 billion. The revision was Ebitda before special items portfolio—core earnings per around. run-up in steel prices that gen- Mori said he wants to meet
erated record profits after the more frequently, and that Nip-
worst of the pandemic. Union pon Steel wants to buy U.S.

Spirit Moves ing profit margin in the third

quarter was 12 percentage
points lower than the same pe-
That business model up-
ended the airline industry, in-
spiring now commonplace sur-
Blue from acquiring Spirit, rul-
ing that the deal would be det-
rimental to competition. Spirit
leaders, angered by the job
cuts, were further irked when
the company spurned an initial
Steel to make steel in America.
“I have no intention to import
from outside this country to

Toward riod a year ago, reflecting

higher expenses and dimin-
ished revenue. It said revenue
charges for checked bags and
seat assignments. The strategy
worked well for years but has
has been on its back foot since.
Spirit this year has sharply
cut back its growth plans, fur-
offer from Cliffs.
Enter Nippon Steel, which
sees opportunity in the Ameri-
U.S. Steel facilities,” Mori said.
McCall said he has no plans
to return Mori’s outreach.

Bankruptcy would be about $61 million

lower, due in part, to the air-
line no longer charging change
more recently been challenged
by high costs and intense com-
petition from bigger airlines.
loughed pilots and outlined
plans to sell planes. In Octo-
ber, it signed a deal to sell 23
can steel market. Like U.S.
Steel, the Japanese company
makes most of its steel from
“They don’t care about our
members,” he said about Nip-
pon Steel. “I don’t want them
and cancellation fees. Frontier and Spirit had planes to GA Telesis for $519 molten iron. to own this company.”
Continued from page B1 Spirit, a once fast-growing been set to merge in 2022 million. Prices in the U.S. are higher At the Mon Valley Works,
change Commission would be airline, is among carriers that when JetBlue Airways However, these measures than in Asia, where China’s ex- Tikey said many workers want
delayed, while providing a gained favor by offering cheap swooped in with a higher offer are likely insufficient to help cess production and low-cost McCall to negotiate with Nip-
snapshot of financial pres- tickets with add-ons for pretty and eventually won Spirit’s in- the company address a $1.1 bil- exports have weighed on the pon Steel.
sures. much everything beyond a vestors over. But a federal lion bond maturity in less than steel market, said Takahiro “It’s a complete stalemate,
The airline said its operat- seat. judge in January barred Jet- a year. Mori, Nippon Steel’s vice chair- and I wish it wasn’t,” he said.

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B6 | Wednesday, November 13, 2024 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

AI Fuels Tech Demand for Office Space
Leasing jumped in came to rival those in the fi-
nance industry as Manhat-
the third quarter to tan’s biggest user of office
its highest level in space. That demand contin-
ued even during the pan-
nearly three years demic but began to wane last
year.
BY PETER GRANT A growing slice of office-
leasing demand is coming
Technology companies’ from new AI companies like
leasing of office space OpenAI and Anthropic that
jumped in the third quarter are growing in cities such as
to its highest level in nearly San Francisco, New York, Se-
three years, reflecting the attle and Boston.
growth of artificial-intelli- AI firms backed by ven-
gence firms and job growth ture-capital firms have leased
in the tech industry. 6 million square feet in the
Tech firms leased 9.9 mil- top six markets since 2019,
lion square feet of U.S. office said Yasukochi.
space during the third quar- That figure doesn’t include
ter. That was up from about expansion by AI businesses
eight million in the second that are part of big technol-
quarter and the highest ogy companies like Google
amount since the fourth and Microsoft, he said.
quarter of 2021, according to “We see AI as a huge cata-
a new report from commer- lyst going forward,” Yasu-
cial real-estate services firm kochi said.
CBRE Group. In recent months, some
Hiring by tech companies high-profile companies such
has also edged higher, result- as Amazon.com have called
ing in an uptick in office de- workers back to offices five
mand. days a week. But so far there
CLARA MOKRI FOR WSJ

Job growth was up 1% have been few repercussions

through July, compared with from that change in office
all of 2023 when it rose leasing markets, Yasukochi
0.3%. said.
That is still well off the “Right now, because the
5.4% growth in 2021, CBRE A growing slice of office-leasing demand is coming from new AI companies like OpenAI. San Francisco office of OpenAI. economy is a little bit tenu-
said. ous, companies aren’t going
The U.S. office market re- hybrid workplace strategies. 2024, said the report. ing [to new locations] to cre- Tech companies have been out and leasing more space in
mains in a glut, in part be- About 30 million people in That was nearly double the ate more efficient space,” the dominant tenant in West anticipation of more people
cause many tech companies the U.S., or 19.5% of employed 10% who worked remotely in said Colin Yasukochi, head of Coast cities such as Seattle coming back,” he said.
are taking less space when people, worked remotely at 2020. CBRE’s Tech Insights Center. and San Francisco. “They’re going to see how it
signing new leases because of least some of the time in “Some companies are mov- “But they’re taking less of it.” By 2021, these companies goes.”

BUSINESS NEWS

DOJ Challenges UnitedHealth’s

$3.3 Billion Deal for Amedisys
BY DAVE MICHAELS edHealth Group will further provider to combine with Op-
AND ANNA WILDE MATHEWS extend its grip to home health tion Health Care. The United-
and hospice care, threatening Health deal valued Amedisys
The Justice Department on seniors, their families and at $101 a share, or nearly
Tuesday sued to block United- nurses,” Assistant Attorney $3.29 billion.
Health Group’s $3.3 billion ac- General Jonathan Kanter said. But the deal was always ex-
quisition of Amedisys, alleg- Both Optum and Amedisys pected to draw tough scrutiny
ing the deal would give the said they remain committed to from antitrust enforcers. The
JEROEN JUMELET/ANP/ZUMA PRESS

health-industry giant too the merger. Justice Department had sig-

much power over the market A spokesman for Optum naled it was closely focused
for home health and hospice said combining the companies on the increasingly concen-
services. “would be pro-competitive trated healthcare market, in-
The government’s move and further innovation, lead- cluding large conglomerates
represents an effort to stem ing to improved patient out- that combine various busi-
the roll-up of different health- comes and greater access to nesses under one parent.
care services quality care. UnitedHealth and Amedisys
under a single We will vigor- sought to ease any govern- Milieudefensie, an environmental group, called the appeals court decision a shocking setback.
owner. United- ously defend ment concerns by offering to
The acquisition
Shell Wins Appeal Against
Health last year against the divest some assets to another
acquired one of was always DOJ’s over- firm, VitalCaring Group. The
Amedisys’s ma- reaching inter- divestiture package included
jor competitors, expected to pretation of the some Amedisys home health

Carbon-Emissions Ruling
LHC Group. antitrust laws.” centers and some locations
Un i te d -
draw tough The Justice owned by Optum, according to
Health also scrutiny. Department an Amedisys disclosure in
owns the coun- filed its com- June.
try’s largest plaint in Mary- VitalCaring is unlikely to
health insurer, land federal replace the competition that BY JENNY STRASBURG ineffective. Shell shares declined less
UnitedHealthcare, and its Op- court, joined by the state at- would be lost from the AND CHRISTIAN MOESS LAURSEN Milieudefensie called the ap- than 1% in London.
tum arm includes a sprawling torneys general of Maryland, merger, the department wrote peals court decision a shocking Legal and climate experts
network of physician groups, Illinois, New Jersey and New in its legal complaint. Vital- Shell won its appeal against setback, but said that it pointed to important nuances
clinics and a large pharmacy- York. Caring has struggled finan- a 2021 landmark decision that showed companies are under in the judgment, including the
benefit manager, among other Amedisys agreed to the cially and faces “potentially said it was partially responsible pressure to reduce carbon ruling that Shell does have an
assets. If the deal goes UnitedHealth takeover in June catastrophic legal exposure” for climate change and must emissions, even if targets aren’t obligation to society to reduce
through, Amedisys would be- 2023 after the healthcare gi- over a lawsuit tied to its chief sharply cut its carbon emis- legally binding. carbon emissions. But unre-
come part of Optum. ant made an unsolicited bid executive officer’s former sions, delivering a major court “Large polluters are power- solved questions about what
“Unless this $3.3 billion that topped the value of a business, according to the victory to the oil giant in a ful. But united, we as people measures should apply—and
transaction is stopped, Unit- prior deal for the home-health government. closely watched case. have the power to change how to enforce such rules on
The ruling in a Dutch court them,” said Donald Pols, the any single company—leave a
is a setback for efforts by non- nonprofit’s director. lot of room for court battles.
ADVERTISEMENT
profits and other groups to The group didn’t immedi- “I do think it’s a legal obli-

Business Real Estate & Services

hold energy companies and ately say whether it planned an gation, but the enforcement is
other multinationals responsi- appeal to the Dutch supreme lacking,” said Mijke Sinninghe
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds ble for the effects of climate court, a process that could ex- Damsté, a partner in Fresh-
change. But experts warned the tend the legal fight for years. fields Bruckhaus Deringer’s
issues raised in the case re- Lawyers widely expect the Amsterdam office whose prac-
main far from settled. group to appeal. Its statement tice includes shareholder and
Riga Latvia Rare Investment Opportunity in the EU offering They said Tuesday’s judg- Tuesday included a plea for fi- environmental litigation. Put
Residential and Commercial Complexes ment signaled a willingness by
the court to mandate emissions
nancial support, adding, “This
judgment will change nothing
another way for companies, she
said, “Doing nothing is not ac-
Rising majestically within the vibrant cityscape, Zunda Towers stands as a beacon of curbs, while leaving wide lati- about our eagerness to keep ceptable. But what it is you
architectural brilliance and cutting-edge innovation. tude for the mechanisms to be fighting.” should be doing
COMPRISING Current purchase price: worked out in future litigation. The decision is still very
The 2021 decision by The comes as world open.”
• Two, 30-story towers
• Commercial and residential
29% PROFIT IN 5 YEARS €230M Hague district court ordered leaders meet in The court ruled The clear
64% PROFIT IN 10 YEARS
• Fully finished world-class quality
Including additional
investments
Shell—at the time based in the the Azerbaijan that Shell is view in Tues-
Netherlands—to reduce its car- capital of Baku day’s judgment
bon emissions by 45% by the to discuss obliged to is that the court
end of 2030 from 2019 levels. global warming felt empowered
Projected Cash Flow &
Revenue: The Hague Court of Appeal at the United
reduce its to order a com-
• First 5 Years: ROI of 29%
• Cash flow revenue expected to
on Tuesday ruled that while Nations COP29 emissions. pany to abide
Shell is obliged to reduce its summit. The by absolute car-
reach €41 million
• Potential property sale value
emissions, the court was un- mood in many bon-emissions
estimated at €256 million able to determine which per- circles has been targets, a novel
• First 10 Years: ROI of
centage should apply. “There is gloomy in part due to expecta- development that could have
64% with sale Latvia currently insufficient consen- tions that Donald Trump’s elec- wide ripple effects even while
• Cash flow revenue projected at sus in climate science on a spe- tion victory will pull the U.S. specifics are debated in differ-
€96 million cific reduction percentage to further back from a leading ent countries and courtrooms.
• Estimated property value of Ilze Mazurenko
OWNER, SALES EXPERT which an individual company role in global climate efforts. “Taking the long view, this
€283 million in the tenth year
ilze.mazurenko@latviasir.com like Shell should adhere,” it In a response to the Dutch might be a Pyrrhic victory that
Office tower partially leased to +371 29 129 810 said. court’s ruling, Shell reiterated merely delays the inevitable,”
Financial and IT companies, along It said it therefore rejected that it believed a court ruling said Thom Wetzer, director of
with high-ranking state institutions,
providing steady rental income the claims of Milieudefensie, would do little to reduce emis- the University of Oxford’s Sus-
the Dutch arm of environmen- sions as it wouldn’t dent cus- tainable Law Programme.
• Long term Rental Memorandum
of intent in place with a five-star tal group Friends of the Earth. tomer demand for gasoline, Shell earlier said in response
hotel The court added that Shell diesel and gas. “We are pleased to the 2021 ruling that it would
• entire residential tower, Spa is already working to reduce its with the court’s decision, speed up its own emissions cuts
area, and conference rooms own emissions and that an ob- which we believe is the right but argued it was wrong to hold
• stable cash flow and high ligation for the company to re- one for the global energy tran- any single company responsible
occupancy rates
duce emissions caused by buy- sition,” Chief Executive Wael for the greenhouse-gas emissions
ers of its products would be Sawan said. of its customers.
THE WALL STREET JOURNAL. * * Wednesday, November 13, 2024 | B7

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 Jan'25 68.04 68.97 67.65 67.97 0.05 277,347 Oats (CBT)-5,000 bu.; cents per bu. March'25 110-045 110-100 109-145 109-180 –16.0 37,207
Feb 67.88 68.75 67.49 67.77 0.02 144,434 Dec 345.25 350.00 338.25 345.00 –.75 1,944 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Contract Open March'25 359.25 361.25 351.25 358.25 1.25 2,054 Dec 106-260 106-285 106-135 106-160 –7.7 6,343,778
Open High hi lo Low Settle Chg interest March 67.73 68.56 67.35 67.61 … 139,637
June 67.37 68.14 67.03 67.24 –0.06 158,176 Soybeans (CBT)-5,000 bu.; cents per bu. March'25 107-015 107-032 106-197 106-225 –8.0 35,550
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 66.55 67.13 66.14 66.33 –0.09 159,874 Nov 1011.75 1011.75 998.75 1003.50 –8.25 288 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Nov 4.1655 4.1655 4.1175 4.1195 –0.0915 770 Jan'25 1023.75 1027.50 1003.75 1010.50 –11.75 337,111 Dec 102-224 102-230 102-176 102-191 –2.2 4,527,766
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Dec 4.2465 4.2595 4.1320 4.1365 –0.0920 93,529
Dec 2.1989 2.2357 2.1879 2.2108 .0132 114,517
Soybean Meal (CBT)-100 tons; $ per ton. March'25 102-297 102-301 102-241 102-256 –2.6 16,718
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 295.30 296.90 t 291.30 292.90 –2.20 169,704 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Nov 2605.50 2606.70 2592.80 2600.00 –11.20 722 Jan'25 2.2047 2.2440 2.1979 2.2194 .0124 80,056
Jan'25 297.30 298.80 t 293.80 295.20 –1.90 145,154 Nov 95.3625 95.3625 95.3600 95.3600 .0000 500,382
Dec 2625.70 2633.40 2595.70 2606.30 –11.40 299,211 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Jan'25 95.5950 95.6000 95.5650 95.5800 –.0100 318,223
Jan'25 2640.00 2644.90 t 2610.70 2618.60 –11.30 307 Dec 1.9606 1.9934 1.9491 1.9643 .0073 104,120
Dec 48.14 48.26 45.82 46.23 –1.91 144,158 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Feb 2650.20 2656.90 2619.90 2630.30 –11.40 171,148 Jan'25 1.9391 1.9637 1.9258 1.9359 .0020 106,383 Jan'25 48.24 48.35 45.95 46.34 –1.90 160,525 Aug 95.0050 95.0025 95.0025 95.0000 –.0025 9,493
April 2671.30 2676.00 2641.40 2650.60 –11.30 35,176 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 95.2325 95.2325 95.2300 95.2325 .0000 1,268,974
June 2695.00 2697.00 2662.70 2671.50 –11.50 22,036 Dec 2.952 3.013 2.855 2.907 –.013 203,433 Nov 14.73 14.82 14.73 14.81 .26 22
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan'25 3.155 3.216 3.081 3.133 .007 348,243 Jan'25 14.65 14.94 14.65 14.85 .26 10,803 Currency Futures
Nov 1151.50 1154.50 1151.50 938.30 –41.10 6 Feb 3.035 3.089 2.968 3.016 .006 142,020 Wheat (CBT)-5,000 bu.; cents per bu.
Dec 980.50 987.00 937.00 940.90 –41.40 12,268 March 2.790 2.836 2.727 2.779 .004 260,451 Dec 564.75 568.75 549.00 552.25 –13.25 154,704 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Platinum (NYM)-50 troy oz.; $ per troy oz. April 2.749 2.792 2.698 2.739 –.003 107,340 March'25 580.50 583.50 564.50 567.00 –13.50 153,381 Nov .6510 .6523 t .6460 .6467 –.0042 711
Nov 979.80 979.80 979.80 942.90 –21.40 7 Oct 3.256 3.280 3.208 3.239 –.011 104,849 Wheat (KC)-5,000 bu.; cents per bu. Dec .6534 .6547 .6483 .6490 –.0042 248,980
Jan'25 972.20 972.20 945.50 948.20 –21.30 78,347 Dec 559.50 561.00 544.25 546.50 –13.00 92,834 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Silver (CMX)-5,000 troy oz.; $ per troy oz. Agriculture Futures March'25 573.00 574.75 558.00 560.75 –12.25 101,372 Nov .7168 .7187
t .7162 .7172 –.0011 263
Nov 30.310 30.565 30.310 30.686 0.146 74 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec .7188 .7193
t .7167 .7178 –.0011 331,211
Dec 30.775 30.930 30.280 30.759 0.146 85,763 Corn (CBT)-5,000 bu.; cents per bu. Nov 246.450 247.250 246.200 246.825 .675 5,209 British Pound (CME)-£62,500; $ per £
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 429.75 433.50 426.75 428.50 –1.50 543,747 Jan'25 242.250 243.950 241.700 243.575 1.325 24,089 Nov 1.2866 1.2873 t 1.2720 1.2737 –.0125 272
Dec 68.15 69.13 67.75 68.12 0.08 197,298 March'25 442.50 445.50 438.75 440.25 –2.50 531,025 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 1.2870 1.2873 1.2718 1.2736 –.0125 206,959
Dec 184.000 184.875 183.325 184.400 .700 104,792 Swiss Franc (CME)-CHF 125,000; $ per CHF
Feb'25 185.600 186.525 184.775 186.125 .750 107,110 Dec 1.1395 1.1402 1.1359 1.1374 –.0021 76,860
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Dec 81.950 83.425 81.950 82.350 .575 97,465
March'25 1.1520 1.1520 1.1477 1.1492 –.0022
Australian Dollar (CME)-AUD 100,000; $ per AUD
262

Feb'25 86.075 86.900 s 85.350 86.325 .400 102,303 Nov .6577 .6582 .6515 .6532 –.0037 244
GenDigital
GeneralMotors GM
GEN 30.56 0.5 KratosDefense KTOS 27.70
Kyndryl KD 28.80
0.7
0.2
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Dec .6576 .6584 .6516 .6534 –.0037 169,709
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE 58.29 -0.4
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low GeniusSports GENI 9.86 17.2 LenzTherap LENZ 37.51 4.2 Nov 568.00 576.00 566.50 574.50 6.50 198 Mexican Peso (CME)-MXN 500,000; $ per MXN
in the latest session. % CHG-Daily percentage change from the previous trading session. GenworthFin GNW 7.42 2.2 LSI Inds LYTS 21.17 -0.2 Jan'25 602.00 614.00 602.00 611.00 10.00 6,007 Nov .04920 .04900 .04834 .04828 –.00060 6
GlblBusTravel GBTG 8.89 0.7 LTC Properties LTC 39.89 -0.3 Milk (CME)-200,000 lbs., cents per lb. Dec .04884 .04886 .04801 .04805 –.00060 136,369
Global-EOnline GLBE 42.99 5.8 LandmarkBncp LARK 22.58 1.7
Tuesday, November 12, 2024 Leidos LDOS 202.90 -0.1
Nov 19.95 20.04 19.93 20.02 .05 3,655 Euro (CME)-€125,000; $ per €
GoDaddy GDDY 187.55 2.2
52-Wk % 52-Wk % 52-Wk % GooseheadIns GSHD 121.34 -0.2 LendingClub LC 15.84 1.2 Dec 19.00 19.15 18.98 19.01 .06 5,419 Nov 1.0665 1.0666 t 1.0598 1.0616 –.0038 2,807
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GrabWt GRABW 0.54 31.6 LeonardoDRS DRS 37.99 -2.1 Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 1.0671 1.0678 t 1.0609 1.0627 –.0039 607,294
Grab GRAB 4.93 11.6 LibertyLiveC LLYVK 68.57 7.5 Dec 7,346 7,956 7,325 7,867 569 10,295
BlueOceanWt BOCNW 0.04 -2.0 CommvaultSys CVLT 175.00 -2.0 Greif B GEF.B LibertyLiveA LLYVA 66.42 8.7
Highs
75.54 -1.6
March'25 7,208 7,725 7,182 7,641 467 56,651
BostonSci
Bowhead
BSX
BOW
89.01
34.11
0.3
2.6
Conduent CNDT
ConstructionPtrs ROAD 97.26
4.38 -0.5
-1.3
GridDynamics GDYN 19.86 -2.5 Life360 LIF 48.90 -0.2
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Index Futures
GrindrWt GRND.WS 4.90 -3.2 LiquiditySvcs LQDT 25.53 1.2
Amerisafe AMSF 60.24 0.2
A10Networks ATEN 16.81 0.4
Box
Brightcove
BOX
BCOV
35.01
3.05
-0.7
1.0
CoreCard
Corvel
CCRD 17.95
CRVL 367.84
-1.2
-0.8
Group1Auto GPI 417.98 -1.7 LiveNationEnt LYV 130.76 4.7 Dec 256.75 266.40 256.70 263.55 7.35 37,608 Mini DJ Industrial Average (CBT)-$5 x index
GulfportEnergy GPOR 166.48 -0.8 MGE Energy MGEE 107.77 0.6
A2ZCust2Mate AZ 6.59 12.6 BrightSphere BSIG 30.49 0.1 CovenantLogist CVLG 61.11 0.7 Magnite MGNI 16.31 3.0
March'25 256.35 266.00 256.35 263.10 7.25 90,045 Dec 44438 44556 44039 44074 –367 87,744
HBT Finl HBT
AdamsRscs AE 37.90 35.6 BrightSpring BTSG 20.25 -2.5 CrescentEnergy CRGY 14.18 -1.0 HNI HNI
25.18
57.59
-0.1
-0.2 MagnoliaOil MGY 27.96 -1.4 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March'25 44828 44983 44484 44514 –360 1,540
AffirmA AFRM 57.93 ... BrinkerIntl EAT 120.49 1.2 DPCapAcqnIA DPCS 14.50 12.7 March 21.36 21.63 21.20 21.35 –.01 349,068
Agilysys AGYS 125.96 0.7 BrixmorProp BRX 29.20 -0.8 DailyJournal DJCO 602.00 -0.7
HackettGroup HCKT 32.09 1.3 Marriott
MediciNova
MAR 287.00
MNOV 2.55
...
49.0
Mini S&P 500 (CME)-$50 x index
Agric&NatSolnsA ANSC 10.43 0.3 HamiltonLane HLNE 203.72 -2.3 May 19.99 20.13 19.78 19.93 –.02 172,648 Dec 6029.25 6036.50 5986.75 6013.00 –18.75 2,195,542
BroadridgeFinl BR 228.75 0.3 Dave DAVE 64.50 6.0 MercurityFintech MFH 3.77 44.4
Airgain AIRG 10.34 3.3 BrookfieldAsset BAM 58.53 -1.5 DeltaAir DAL 64.11 0.8
HancockWhitney HWC 61.13 -0.2
MercurySystems MRCY 44.47 -0.6 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March'25 6091.50 6102.00 6053.00 6079.00 –18.25 41,208
HanoverIns THG 164.54 0.9
AlgonquinNt2079 AQNB 25.79 0.2 BrookfldBRP7.25Nt BEPJ 26.40 -0.2 DescartesSystems DSGX 116.73 -0.4 MeritMedical MMSI 105.46 0.1 Jan 38.84 38.84 38.84 38.84 … 1,685
AmerSports AS 20.68 -3.0 BrookfldBRP4.875Nt BEPI 18.24 -2.1 DesignTherap DSGN 6.95 4.5
HealthEquity HQY 101.17 -0.1
MicroStrategy MSTR 360.89 4.9 March 38.70 38.70 38.70 38.70 … 2,657
Mini S&P Midcap 400 (CME)-$100 x index
HinghamSvg HIFS 300.00 -2.9
Ameren AEE 92.77 -0.3 BrookfieldFinNts BNJ DocuSign DOCU 82.97 Dec 3337.70 3343.30 3296.10 3306.60 –35.00 40,744
AmericanFin AFG 143.70 0.9 BrookfieldFinNts BNH
17.38
19.05
-1.8
-1.1 DoorDash DASH 177.30
1.5
0.9
Honest HNST 5.04 -1.2
MillerIndustries MLR
MirumPharm MIRM 45.81
78.25 -0.3
1.6
Cotton (ICE-US)-50,000 lbs.; cents per lb.
AmerSupercond AMSC 37.40 -2.0 Honeywell HON 242.77 3.8 Dec 69.88 70.02 68.72 68.77 –.92 64,152 March'25 3361.80 3374.60 3333.10 3339.70 –35.00 2
BrookfieldNts2081 BIPH 20.38 ... DoubleDown DDI 18.21 -4.7 NCS Multistage NCSM 23.34 1.4
Ametek AME 194.27 1.3 BrookfieldNts2084 BIPJ 25.90 -0.2 EQT EQT 44.28 -0.5
HorizonBancorp HBNC 18.86 -1.0
Nathan's NATH 94.97 -2.7 March'25 72.46 72.50 71.05 71.07 –1.13 105,521 Mini Nasdaq 100 (CME)-$20 x index
AmnealPharm AMRX HoulihanLokey HLI 190.66 -1.8
9.48 0.5 BrooklineBncp BRKL 12.94 0.1 EasternBankshares EBC 19.15 -0.2 NaturalGrocers NGVC 34.76 0.8 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Dec 21221.00 21251.75 21054.75 21189.50 –28.25 268,759
Amrep AXR 36.18 2.8 HubSpot HUBS 702.81 3.0
BurTechAcqnA BRKH 11.41 0.1 Eaton ETN 373.49 -0.8 NeoVolta NEOV 5.53 8.3 March'25 21451.75 21501.75 21309.00 21442.50 –26.75 2,303
AndrettiAcqnIIA POLE 10.96 ... BusFirstBcshs BFST 30.30 -1.1 ElbitSystems ESLT 241.30 2.6
Hyliion HYLN 2.90 2.1
Netflix NFLX 820.37 1.7
Jan 474.25 481.65 472.25 478.75 5.60 7,657
AppliedIndlTechs AIT 276.15 -0.5 BylineBancorp BY 32.49 -0.2 ElectronicArts EA 163.00 2.2
IDACORP IDA 119.26 1.2
NewYorkMtgPfdE NYMTM 25.04 ... March 458.70 466.25 458.70 463.75 5.50 1,768 Mini Russell 2000 (CME)-$50 x index
AppliedOptoelec AAOI 28.94 0.9 IDT IDT 51.87 -0.4
CNO Financial CNO 40.29 -1.0 EmersonElec EMR 130.30 -0.6
IES Holdings IESC 297.07 -4.4
NewtekNts2029 NEWTG 25.84 0.5 Dec 2447.50 2449.70 2396.30 2405.10 –43.40 480,696
Arcellx ACLX 107.37 -5.7
Archrock AROC 24.71 2.6
CNX Resources CNX
CSW Industrials CSWI
40.08
427.81
-3.5
-1.2
Enbridge
Enerflex
ENB
EFXT
43.00
7.52
-1.4
3.3 IndepBankMI IBCP 39.52 -1.2
NewtekOne8.625%Nts NEWTH 25.74
NexPointRealEst NREF 17.27
0.2
1.4
Interest Rate Futures March'25 2471.00 2474.60 2421.50 2430.20 –43.30 1,814
ArisWater ARIS 26.34 -0.6 CVB Fin CVBF 23.43 -0.3 EnergySvsofAmerica ESOA 14.35 2.3 IngersollRand IR 105.63 -0.5 NextNav NN 15.30 -1.1 June 2462.50 2485.00 s 2485.00 2445.20 –44.60 1
AtlUnionPfdA AUBpA 25.81 0.2 Cactus WHD 70.01 -2.4 EquityBcshs EQBK 48.61 -1.3 Innodata INOD 49.72 0.2 NextNavWt NNAVW 6.99 0.2
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mini Russell 1000 (CME)-$50 x index
AtlasNts2027 ATCOL 25.26 0.8 CantorEqPtrs CEP 10.17 0.2 EsquireFinancial ESQ 76.91 0.3 Innoviva INVA 21.28 1.0 NicoletBankshares NIC 115.22 -0.4 Dec 125-090 125-220 123-020 123-080 –1-23.0 1,755,433
AtmosEnergy ATO 148.39 0.5 CardinalHealth CAH 125.41 1.5 Evergy EVRG 64.07 0.6 InpointCmclREPfdA ICRpA 22.50 1.9 NortheastCmBncp NECB 31.18 2.7 March'25 125-180 125-230 123-050 123-100 –1-24.0 44,579
Dec 3302.50 3310.30 3284.40 3298.90 –10.10 5,875
ADP ADP 309.21 0.4 Carecloud CCLD 3.88 21.5 ExcelerateEner EE 28.60 0.2 Intapp INTA 60.89 -1.5 NorthfieldBanc NFBK 14.28 -2.6 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Dollar Index (ICE-US)-$1,000 x index
AvalonHoldings AWX 3.29 2.5 CarecloudPfdB CCLDO 16.98 33.6 ExlService EXLS 47.32 -0.2 IntegerHoldings ITGR 140.91 -1.9 NorthrimBanCorp NRIM 79.23 3.3
InteractiveBrkrs IBKR 181.21 ... Dec 117-270 118-050 116-040 116-100 –1-11.0 1,844,508 Dec 105.41 106.10 s 105.40 105.95 .49 33,859
AveannaHealth AVAH 6.19 -2.4 CarGurus CARG 37.94 2.7 FB Bancorp FBLA 12.43 1.3 NorthwestNat NWN 42.56 0.5
AvePointWt AVPTW 5.34 1.7 Carnival CCL 24.78 ... FNB FNB 16.91 -0.4 InterDigital IDCC 189.51 0.7 NorwegCruise NCLH 28.00 0.2 March'25 118-030 118-100 116-090 116-150 –1-12.0 64,102 March'25 105.18 105.74 s 105.18 105.60 .49 724
AvePoint AVPT 15.95 1.0 Carnival CUK 22.38 ... FoxoTech FOXO 1.30 35.3 Interface
IntlBcshs
TILE
IBOC
26.11
73.82
-0.3
-1.7
NuHoldings NU 16.15 -0.3 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
AxsomeTherap AXSM 101.51 9.4 CarterBkshrs CARE 20.40 -1.4 FTAI Aviation FTAI 166.00 -2.0 NuScalePower SMR 26.55 -1.1
BILL BILL 90.16 3.6 Intuit INTU 703.88 0.3 NuScalePowerWt SMR.WS 14.99 -1.3
Dec 110-000 110-045 109-100 109-135 –15.5 4,565,873 Source: FactSet
Cencora COR 251.56 -0.1 FairIsaac FICO 2369.05 -0.1
BIPBermudaNts BIPI 19.84 -0.7 CentessaPharm CNTA 17.79 1.6 FarmersBancp FMAO 33.42 -0.1 IntuitiveMachineWt LUNRW 3.81 -2.2 OGE Energy OGE 44.09 -1.0
BKV BKV 21.15 0.3 CentralPacFin CPF 32.21 -1.5 FifthDistrBncp FDSB 12.58 2.9 Investar ISTR 24.04 -0.5 ONE Gas OGS 76.34 0.4
BTC Digital BTCT 17.00 316.7 CentralPuerto CEPU 12.44 5.1 FirstAdvantage FA 20.79 0.1 InvestorsTitle ITIC 272.92 4.4 ONEOK OKE 109.21 -1.1
BTC Digital Wt BTCTW
BTCS
BakerHughes BKR
BTCS
0.13 192.4
4.41 53.2
44.50 -1.0
CenturionAcqn ALFUU
ChainBridgeBncp CBNA
ChainBridgeIA CBRG
11.10
25.00
12.69
2.1
-0.3
4.8
FirstBusFinSvcs FBIZ
FirstComSC
FirstFinBkshs FFIN
FCCO
51.24
25.35
43.57
0.7
0.1
-1.0
IronHorseAcqnsRt IROHR
JanusHenderson JHG
JerashHldgs JRSH
0.38
45.45
3.35
1.7
-1.5
11.3
Openlane
O'ReillyAuto
KAR

OakWoodsAcqnUn OAKUU 13.70

20.45
ORLY 1244.50
0.9
0.7
2.3
Cash Prices | wsj.com/market-data/commodities Tuesday, November 12, 2024
BancCaliforniaPfdF BANCpF 25.00 0.1 ChartIndustries GTLS 173.08 -0.3 FirstMerchants FRME 44.98 0.2 Kaltura
KaratPkg
KLTR
KRT
2.12
31.10
0.7
1.0
OakWoodsAcqnA OAKU 11.27 ... These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Bladex BLX 34.74 -0.7 ChemungFinl CHMG 52.59 -0.1 FirstNatlVA FXNC 23.60 3.2 OceanFirstFin OCFC 21.33 -1.3
BankofMarinBncp BMRC 26.67 -0.6 CheniereEnergy LNG 217.95 -0.4 FirstSavingsFin FSFG 28.56 0.7 Kellanova K 81.34 -0.1 OldRepublic ORI 37.53 0.9 from the futures price on an exchange, which reflects what the commodity might be worth in future months.
BankwellFinl BWFG 32.61 2.5 ChesapeakeUtil CPK 128.54 -0.3 FirstUnited FUNC 35.00 0.1 Kemper KMPR 69.68 1.2 Old2ndBcp OSBC 18.76 0.2
Kenvue KVUE 23.95 -0.5 Olo OLO 7.04 10.6
Tuesday Tuesday Tuesday
BayFirstFinancial BAFN 15.05 2.1 ChimeraPfdC CIMpC 24.30 -0.4 FlagShipAcqn FSHP 10.14 0.4
BellRing BRBR 72.00 0.6 ChromaDex CDXC 7.58 3.4 Fortinet FTNT 99.51 2.0 KimcoRealty KIM 25.19 -1.5 OnHolding ONON 54.00 -0.2 Copper,Comex spot 4.1195 Wheat,No.2 soft red,St.Louis-u 5.6975
BerkshireHills BHLB 31.80 -0.9 Cinemark CNK 33.11 1.1 FoxB FOX 43.68 2.7 KinderMorgan KMI 27.59 -0.3 OneSpaWorld OSW 19.41 ... Energy
BerryGlobal BERY 68.59 -0.6 CipherMiningWt CIFRW 2.74 -2.6 FoxA FOXA 46.97 2.4 Kingstone KINS 12.81 -2.8 Ooma OOMA 13.86 -0.9 Iron Ore, 62% Fe CFR China-s *101.2 Wheat - Hard - KC (USDA) $ per bu-u 5.4650
BioLifeSolns BLFS 27.54 -0.4 CivistaBcshrs CIVB 23.70 -0.2 FreedomHolding FRHC 116.41 -1.2 KodiakGasSvcs KGS 36.64 -0.4 OppFi OPFI 7.16 4.5 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 76.300 Steel, HRC USA, FOB Midwest Mill-s *700.0 Wheat,No.1soft white,Portld,OR-u 5.9500
BitDigital BTBT 5.74 1.8 ClimbGlbl CLMB 124.23 0.9 FreshDelMonte FDP 35.27 -0.3 KornFerry KFY 80.64 -0.8 OppFiWt OPFI.WS 0.63 18.2
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.100 Battery/EV metals
BlackHills BKH 63.01 -1.0 CmntyTrBcp CTBI 61.27 -0.6 GMS GMS 103.56 -1.7 KornitDigital KRNT 32.58 -0.7 Continued on Page B9 Food
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 10350
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9450 Beef,carcass equiv. index
Gold, per troy oz 3710 choice 1-3,600-900 lbs.-u 289.95
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Engelhard industrial 2610.00
BMI Cobalt sulphate, EXW China, >20.5% -v,w
BMI Nickel Sulphate, EXW China, >22%-v,m 3737 select 1-3,600-900 lbs.-u 262.27
Handy & Harman base 2606.85 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 460 Broilers, National comp wtd. avg.-u,w 1.3014
Handy & Harman fabricated 2893.60 Butter,AA Chicago-d 2.5975
Money Rates November 12, 2024 LBMA Gold Price AM *2670.55
Fibers and Textiles Cheddar cheese,bbl,Chicago-d 168.50
LBMA Gold Price PM *2624.75 Burlap,10-oz,40-inch NY yd-n,w 0.8400 Cheddar cheese,blk,Chicago-d 171.75
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Krugerrand,wholesale-e 2704.72 Cotton,1 1/16 std lw-mdMphs-u 0.6452 Milk,Nonfat dry,Chicago lb.-d 140.00
guide to general levels but don’t always represent actual transactions. Maple Leaf-e 2730.72 Cotlook 'A' Index-t *83.25 Coffee,Brazilian,Comp-y 2.6054
Week —52-WEEK— Week —52-WEEK—
American Eagle-e 2730.72 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.8395
Inflation Latest ago High Low Latest ago High Low Mexican peso-e 3143.65 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 4.2150
Sept. index Chg From (%) Austria crown-e 2552.20 Flour,hard winter KC-p 15.20
level Aug. '24 Sept. '23 Britain 4.75 5.00 5.25 4.75 13 weeks 4.420 4.440 5.285 4.420 Austria phil-e 2730.72 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
Australia 4.35 4.35 4.35 4.35 26 weeks 4.310 4.260 5.270 4.215
Silver, troy oz. Bran,wheat middlings, KC-u,w 135 Hogs,Iowa-So. Minnesota-u 88.15
U.S. consumer price index
Overnight repurchase Other short-term rates Engelhard industrial 30.7500 Corn,No. 2 yellow,Cent IL-bp,u 3.9800 Pork bellies,12-14 lb MidUS-u n.a.
All items 315.301 0.16 2.4 Handy & Harman base 30.6450 Corn gluten feed,Midwest-u,w 118.9 Pork loins,13-19 lb MidUS-u 0.9982
U.S. 4.67 4.83 5.48 4.65
Core 321.109 0.34 3.3 Week 52-Week Handy & Harman fabricated 38.3060 Corn gluten meal,Midwest-u,w 443.0 Steers,Tex.-Okla. Choice-u n.a.
U.S. government rates Latest ago high low LBMA spot price *£24.3000 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 284.50
International rates (U.S.$ equivalent) *31.3150 Hominy feed,Cent IL-u,w 112
Discount Call money Coins,wholesale $1,000 face-a 23366
Fats and Oils
Meat-bonemeal,50% pro Mnpls-u,w 318
Week 52-Week 4.75 5.00 5.50 4.75 6.50 6.75 7.25 6.50
Latest High Low Other metals Oats,No.2 milling,Mnpls-u 4.2000 Degummed corn oil, crude wtd. avg.-u,w n.a.
ago
LBMA Platinum Price PM *973.0 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Grease,choice white,Chicago-h 0.4000
Federal funds Commercial paper (AA financial)
Prime rates LBMA Palladium Price PM *990.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Effective rate 4.5800 4.8300 5.3400 4.5800 90 days n.a. 4.65 5.46 4.46
Platinum,Engelhard industrial 965.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 323.50 Soybean oil,crude;Centl IL-u,w 0.4539
U.S. 7.75 8.00 8.50 7.75 High 4.8000 5.0500 5.6500 4.8000
Canada 5.95 5.95 7.20 5.95 Secured Overnight Financing Rate Palladium,Engelhard industrial 980.0 Soybeans,No.1 yllw IL-bp,u 9.7600 Tallow,bleach;Chicago-h 0.4325
Low 4.5500 4.8000 5.3300 4.5500
Japan 1.625 1.625 1.625 1.475 4.60 4.82 5.40 4.60 Aluminum, LME, $ per metric ton *2555.0 Wheat,Spring14%-pro Mnpls-u 8.5275 Tallow,edible,Chicago-u n.a.
Bid 4.5700 4.8200 5.3300 4.5700
Offer 4.5800 4.8300 5.3600 4.5800
Policy Rates Value 52-Week
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;
Latest Traded High Low
Euro zone 3.40 3.40 4.50 3.40 Treasury bill auction 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
Switzerland 1.50 1.50 2.25 1.50 4 weeks 4.515 4.580 5.325 4.515 DTCC GCF Repo Index Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 11/11
Source: Dow Jones Market Data
Treasury 4.642 67.750 5.504 4.628
Notes on data: MBS 4.687 87.300 5.689 4.661
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective November 8, 2024. Other prime rates aren’t directly comparable; lending practices Weekly survey
vary widely by location; Discount rate is effective November 8, 2024. Secured Overnight Financing ADVERTISEMENT
Rate is as of November 11, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s Latest Week ago Year ago

Business Real Estate & Auctions

weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars.
Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Freddie Mac
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 30-year fixed 6.79 6.72 7.50
Tullett Prebon Information, Ltd. 15-year fixed 6.00 5.99 6.81 To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs ILLINOIS

Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%)

Closing Chg YTD iShRuss1000 IWB 328.79 –0.32 25.4 COURT-ORDERED

WEDNESDAY

Tuesday, November 12, 2024

Closing Chg YTD ETF Symbol Price (%) (%) iShRuss1000Grw IWF 398.79 0.08 31.5
REAL ESTATE AUCTION
COMMERCIAL

iShRuss1000Val IWD 194.99 –0.74 18.0

ETF Symbol Price (%) (%) iShCoreS&P MC IJH 65.81 –1.05 18.7

DECEMBER 4, 2024
iShRuss2000 IWM 237.46 –1.75 18.3
iShCoreS&P SC IJR 124.32 –1.54 14.8
PROPERTIES

CommSvsSPDR XLC 97.16 0.45 33.7 iShS&P500Grw IVW 101.08 0.06 34.6
NOTABLE EVERY

CnsmrDiscSel XLY 216.53 –1.34 21.1 iShCoreS&PTotUS ITOT 131.55 –0.45 25.0
iShS&P500Value IVE 201.06 –0.76 15.6

A TROPHY PROPERTY
DimenUSCoreEq2 DFAC 35.93 –0.53 22.9 iShCoreS&PUSGrw IUSG 139.09 –0.06 33.6
iShSelectDiv DVY 138.15 –0.68 17.9
EnSelSectorSPDR XLE 93.78 –0.53 11.9 iShCoreS&PUSVal IUSV 97.55 –0.78 15.7
iSh7-10YTreaBd IEF 93.35 –0.63 –3.2
iShCoreTotUSDBd IUSB 45.56 –0.59 –1.1
FinSelSectorSPDR XLF 49.74 –0.30 32.3 iSh20+YTreaBd TLT 90.66 –1.50 –8.3
iShCoreUSAggBd AGG 97.71 –0.58 –1.6
XLV –1.39
THE STREET LEVEL RETAIL COMPONENT
HealthCrSelSect 147.22 7.9 iShUSTech IYW 160.85 0.36 31.0
iShEdgeMSCIMinUSA USMV 93.14 –0.21 19.4
IndSelSectorSPDR XLI 141.96 –0.86 24.5 iShUSTreasuryBd GOVT 22.61 –0.51 –1.9
iShEdgeMSCIUSAQual QUAL 184.07 –0.10 25.1
InvscNasd100
InvscQQQI
QQQM
QQQ
211.13
512.91
–0.17
–0.18
25.3
25.2
iShGoldTr IAU 49.08 –0.87 25.7 iSh0-3MTreaBd
JPM EqPrem
SGOV
JEPI
100.44
59.97
0.01
–0.18
0.2
9.1
OF A LARGER MIXED-USE COMMERCIAL
InvscS&P500EW RSP 183.61 –0.76 16.4
iShiBoxx$IGCpBd
iShMBS
LQD
MBB
108.65
92.31
–0.90
–0.67
–1.8
–1.9 JPM UltShIncm JPST 50.43 –0.04 0.4 & RESIDENTIAL BUILDING AT
6422 N. SHERIDAN RD.• CHICAGO, IL
iShBitcoin IBIT 51.05 2.99 ... iShMSCIACWI ACWI 120.55 –0.74 18.5 PacerUSCashCows COWZ 59.70 –0.93 14.8
iShBrdUSDHYCpBd USHY 37.22 –0.43 2.4 iShMSCI EAFE EFA 77.71 –1.86 3.1 ProShUltPrQQQ TQQQ 82.15 –0.54 62.0
iShCoreDivGrowth DGRO 63.70 –0.76 18.4 iShMSCIEAFEValue EFV 53.76 –1.90 3.2 SPDRBbg1-3MTB BIL 91.58 0.01 0.2
iShCoreMSCIEAFE IEFA 72.48 –1.82 3.0 iShNatlMuniBd MUB 107.07 –0.28 –1.2 SPDR DJIA Tr DIA 439.39 –0.82 16.6
iShCoreMSCIEM IEMG 54.44 –1.73 7.6 iSh1-5YIGCpBd IGSB 51.78 –0.25 1.0 SPDR Gold GLD 240.05 –0.86 25.6
iShCoreMSCITotInt IXUS 68.33 –1.67 5.2 iSh1-3YTreaBd SHY 81.93 –0.10 –0.1 SPDRPtfDevxUS SPDW 35.23 –1.62 3.6
iShCoreS&P500 IVV 599.75 –0.31 25.6 iShRussMC IWR 92.81 –0.77 19.4 SPDRS&P500Value SPYV 53.92 –0.75 15.6
SPDRPtfS&P500 SPLG 70.22 –0.28 25.6
SPDRS&P500Growth SPYG 87.50 0.02 34.5
SPDR S&P 500 SPY 596.90 –0.31 25.6
Key Interest Rates SchwabIntEquity SCHF
SCHB
19.24 –1.69 4.1
SchwabUS BrdMkt 23.21 –0.43 25.1
Data are annualized on a 360-day basis. Treasury yields are per annum, SchwabUS Div SCHD 28.91 –0.86 13.9
on actively traded noninflation and inflation-indexed issues that are SchwabUS LC
SchwabUS LC Grw
SCHX
SCHG
23.65 –0.30
–0.11
25.8 List Your
adjusted to constant maturities. Data are from weekly Federal Reserve 27.79 34.0

release H.15.
SPDR S&PMdCpTr
SPDR S&P Div
MDY
SDY
601.25
140.86
–1.05
–0.74
18.5
12.7
Property Today
Week Ended 52-Week Week Ended 52-Week TechSelectSector XLK 236.15 0.13 22.7 Built in 2019 and occupied by Target, a new Wintrust
Nov 8 Nov 1 High Low Nov 8 Nov 1 High Low UtilitiesSelect XLU 78.49 –1.15 23.9 (800) 366-3975 Bank branch and an actively marketed third retail space, the
6-month 4.40 4.44 5.46 4.37
Federal funds (effective) 1-year 4.29 4.28 5.35 3.91
VanEckSemicon
VangdSC Val
SMH
VBR
251.86
211.24
–0.66
–1.23
44.0
17.4
sales.realestate@wsj.com 28,669 sq. ft. commercial property includes a below-grade
4.83 4.83 5.33 4.83 2-year 4.22 4.15 4.97 3.55 VangdExtMkt VXF 199.19 –1.12 21.1
3-year 4.14 4.12 4.81 3.46 VangdDivApp VIG 201.59 –0.59 18.3 For more information visit: parking component with 59 retail parking stalls. The property
Commercial paper
Nonfinancial
5-year 4.19 4.15 4.66 3.45 VangdFTSEAWxUS VEU 59.22 –1.69 5.5 wsj.com/classifieds is located in a densely populated area adjacent to Loyola
7-year 4.27 4.22 4.66 3.55 VangdFTSEDevMk VEA 49.41 –1.63 3.2
1-month 4.64 4.74 5.34 4.64 10-year 4.32 4.30 4.65 3.67 VangdFTSE EM VWO 45.73 –1.70 11.3 University campus and the intersection of North Sheridan
2-month 4.60 4.67 5.36 4.60
3-month 4.57 4.65 5.37 4.57
20-year 4.61 4.62 4.93 4.05 VangdFTSE Europe VGK 65.13 –2.03 1.0 Rd. and West Devon Ave., with approximately 46,000 daily
VangdGrowth VUG 408.80 0.07 31.5
Financial Treasury yields (secondary market) VangdHiDiv VYM 131.75 –0.79 18.0 vehicle traffic and heavy pedestrian use. Long-term leases.
1-month 4.69 4.71 5.39 4.69 VangdInfoTech VGT 623.01 0.18 28.7 Gross scheduled income approaching $1,500,000 annually.
2-month 4.62 4.72 5.42 4.62 1-month 4.52 4.63 5.30 4.52
VangdIntermBd BIV 75.28 –0.58 –1.4
3-month 4.56 4.66 5.45 4.56 3-month 4.43 4.46 5.28 4.43
VCIT NET income is soon to be just under $1,000,000 annually.
VangdIntrCorpBd 81.01 –0.59 –0.3
6-month 4.28 4.32 5.26 4.24 VangdIntermTrea VGIT 58.23 –0.39 –1.8
Discount window primary credit
4.75 5.00 5.50 4.75
TIPS VangdLC
VangdMegaGrwth
VV
MGK
274.67
340.56
–0.30
0.14
25.9
31.2
Previously Valued Well in Excess of $20,000,000
5-year 1.81 1.79 2.28 1.47
Treasury yields at constant
maturities
7-year
10-year
1.90
2.00
1.89
1.98
2.25
2.23
1.50
1.56
VangdMC
VangdRealEst
VO
VNQ
276.77
94.08
–0.68
–1.38
19.0
6.5
Suggested Opening Bid $14,500,000
1-month 4.71 4.83 5.56 4.71 20-year 2.14 2.13 2.32 1.75 VangdRuss1000Grw VONG 102.62 –0.01 31.5 On-site inspections from noon to 2pm on Nov. 7, 12
3-month 4.64 4.66 5.54 4.64 Long-term avg 2.19 2.19 2.41 1.86 VangdS&P500ETF
VangdST Bond
VOO
BSV
548.75
77.23
–0.30
–0.17
25.6
0.3
and 21 and by appointment.
Notes on data: VangdSTCpBd VCSH 78.13 –0.23 1.0
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates VangdShortTrea VGSH 58.14 –0.10 –0.3
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by VangdSC VB 253.20 –1.19 18.7 FOR INFORMATION CONTACT
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
primary credit rate is charged for discounts made and advances extended under the Federal
VangdTaxExemptBd
VangdTotalBd
VTEB
BND
50.34
72.51
–0.32
–0.60
–1.4
–1.4 Rick Levin & Associates, Inc. | since 1991
BNDX
312.440.2000 | www.ricklevin.com
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; VangdTotIntlBd 49.82 –0.22 0.9
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid VangdTotIntlStk VXUS 60.95 –1.65 5.2 © 2024 Dow Jones & Company, Inc.
yields for all TIPS with remaining terms to maturity of 10 years or more; VangdTotalStk VTI 296.37 –0.39 24.9 All Rights Reserved.
Sources: Federal Reserve; for additional information on these rate data and their derivation, VangdTotWrldStk VT 120.58 –0.80 17.2 BROKER CO-OP INVITED
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 VangdValue VTV 177.77 –0.78 18.9
B8 | Wednesday, November 13, 2024 * * THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
43910.98 t 382.15, or 0.86% Trailing P/E ratio 27.68 25.45 5983.99 t 17.36, or 0.29% Trailing P/E ratio * 25.37 19.69 19281.40 t 17.36, or 0.09% Trailing P/E ratio *† 33.07 30.37
High, low, open and close for each P/E estimate * 22.32 18.72 High, low, open and close for each P/E estimate * 24.57 19.72 High, low, open and close for each P/E estimate *† 30.68 26.43
trading day of the past three months. Dividend yield 1.79 2.09 trading day of the past three months. Dividend yield * 1.24 1.70 trading day of the past three months. Dividend yield *† 0.75 0.84
All-time high 44293.13, 11/11/24 All-time high 6001.35, 11/11/24 All-time high: 19298.76, 11/11/24

Current divisor 0.16268413125742

43700 6000 19000

42800 5800 18500

41900 5600 18000

41000 5400 17500

Session high 65-day moving average 65-day moving average

DOWN UP 40100 5200 17000
Session open Close
t

65-day moving average Close Open

t

39200 5000 16500

Bars measure the point change from session's open Session low
38300 4800 16000
Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov.
*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* 969,228,149 25,675,654
Industrial Average 44405.73 43887.27 43910.98 -382.15 -0.86 44293.13 34827.70 26.1 16.5 6.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 226,946,506 14,697,360
Transportation Avg 17540.54 17331.75 17384.28 -182.06 -1.04 17566.34 14781.56 17.0 9.3 1.2 Most-active issues in late trading Decl. volume* 729,680,606 9,343,646
Utility Average 1036.14 1021.30 1025.63 -11.14 -1.07 1071.27 829.38 19.3 16.3 4.1 Volume After Hours Issues traded 2,854 298
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 59937.70 59402.21 59642.49 -235.52 -0.39 59878.01 44659.71 33.5 24.8 7.1 Advances 575 114
JPM Glbl Select Eq JGLO 18,875.0 63.06 -0.07 -0.10 63.13 63.06
Barron's 400 1338.51 1321.54 1326.01 -12.18 -0.91 1338.19 974.83 34.9 23.6 5.7 Declines 2,227 174
Grab Holdings GRAB 14,816.3 4.80 -0.10 -1.94 4.89 4.79
Unchanged 52 10
Nasdaq Stock Market SoundHound AI SOUN 11,737.6 7.04 -0.52 -6.93 7.88 6.09 New highs 191 10
Nasdaq Composite 19343.05 19168.52 19281.40 -17.36 -0.09 19298.76 14094.38 36.8 28.4 6.7 Snap SNAP 11,296.7 11.23 -0.03 -0.27 12.01 11.19 New lows 64 13
Nasdaq-100 21144.67 20946.74 21070.79 -35.80 -0.17 21117.18 15788.05 33.3 25.2 9.2 NVIDIA NVDA 10,958.7 148.41 0.12 0.08 179.27 101.02 Closing Arms† 0.81 0.19
SPDR S&P 500 ETF Trust SPY 7,937.5 596.80 -0.10 -0.02 597.50 580.01 Block trades* 4,715 240
S&P
-0.29
Intel INTC 7,447.6 24.15 -0.01 -0.04 24.26 24.08
500 Index 6009.92 5960.08 5983.99 -17.36 6001.35 4495.70 33.1 25.5 8.5 Nasdaq NYSE Arca
Apple AAPL 5,998.3 224.16 -0.07 -0.03 266.63 185.38
MidCap 400 3326.13 3283.17 3292.33 -33.55 -1.01 3325.88 2515.57 30.1 18.4 4.3 Total volume*7,816,413,472 339,847,251
SmallCap 600 1531.30 1504.90 1507.82 -23.60 -1.54 1531.42 1158.55 28.4 14.4 1.2 Percentage gainers… Adv. volume*3,772,459,349 81,844,514
Paymentus Holdings PAY 95.7 33.81 7.20 27.06 34.50 26.35 Decl. volume*3,982,775,584 257,769,144
Other Indexes
Kairos Pharma KAPA 277.7 2.48 0.43 20.72 2.60 2.01 Issues traded 4,393 2,031
Russell 2000 2432.40 2387.81 2391.85 -43.13 -1.77 2434.98 1773.76 33.0 18.0 -0.3
Advances 1,328 307
NYSE Composite 20015.87 19799.74 19853.29 -162.58 -0.81 20015.87 15716.55 26.2 17.8 4.7 CAVA Group CAVA 1,957.4 168.42 23.39 16.12 169.46 143.27
Declines 2,944 1,714
Value Line 647.11 637.79 639.83 -7.28 -1.13 647.11 535.34 19.0 7.7 -2.7 Natera NTRA 154.0 152.00 16.88 12.49 173.25 135.07
Unchanged 121 10
NYSE Arca Biotech 6119.79 6012.82 6017.42 -89.27 -1.46 6154.34 4749.20 26.2 11.0 3.4
Ginkgo Bioworks Holdings DNA 169.8 9.30 0.91 10.85 10.20 8.39
New highs 259 104
NYSE Arca Pharma 994.32 979.18 980.52 -13.80 -1.39 1140.17 864.90 12.3 7.7 7.6 ...And losers New lows 138 31
KBW Bank 135.33 133.66 134.12 -0.70 -0.52 134.94 81.45 64.7 39.7 -1.4 Groupon GRPN 617.7 8.64 -2.68 -23.67 11.89 8.16 Closing Arms† 0.48 0.48
PHLX§ Gold/Silver 147.22 143.49 145.56 -2.22 -1.50 175.74 102.94 29.8 15.8 0.5 Nano Labs Cl A NA 326.2 6.12 -1.58 -20.52 8.99 5.12 Block trades* 72,099 1,726
PHLX§ Oil Service 81.48 79.68 79.72 -1.16 -1.44 95.25 72.67 -8.0 -5.0 10.7 ZoomInfo Technologies ZI 2,758.3 11.30 -1.78 -13.61 13.75 11.25 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 5153.34 5043.77 5108.64 -47.75 -0.93 5904.54 3645.82 38.6 22.3 10.4 Rocket Cos. RKT 900.2 13.95 -1.59 -10.23 15.76 13.11 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 15.37 14.69 14.71 -0.26 -1.74 38.57 11.86 3.9 18.2 -3.3 Integral Ad Science IAS 96.9 11.67 -0.95 -7.53 12.62 10.50 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

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 856.84 –6.26 –0.73 17.9 BTC Digital BTCT 10.50 7.98 316.67 17.00 1.32 194.9 Atl Coastal Acqn II Cl A ACAB 5.77 -5.13 -47.06 13.00 5.75 -45.6
MSCI ACWI ex-USA 332.18 –5.34 –1.58 4.9 Nano Labs Cl A NA 7.70 4.41 134.04 47.50 2.75 -51.9 Neurogene NGNE 40.00 -31.53 -44.08 74.49 12.49 185.7
MSCI World 3773.23 –22.07 –0.58 19.1 Agrify AGFY 7.66 2.83 58.59 42.00 2.71 -69.6 Rockwell Medical RMTI 2.83 -1.82 -39.14 5.15 1.16 44.4
MSCI Emerging Markets 1103.19 –22.70 –2.02 7.8 Mercurity Fintech Holding MFH 3.38 1.04 44.44 3.77 0.77 204.5 Pagaya Technologies PGY 10.88 -6.01 -35.58 20.50 8.56 -38.3
Americas MSCI AC Americas 2255.85 –5.77 –0.26 24.4 GD Culture Group GDC 3.24 0.96 42.11 12.18 0.59 5.9 FreightCar America RAIL 10.17 -5.54 -35.26 16.10 2.25 338.4
Canada S&P/TSX Comp 24923.01 133.73 0.54 18.9 Advent Technologies ADN 7.01 2.06 41.62 18.90 1.71 -46.9 Destiny Tech100 DXYZ 30.40 -12.03 -28.35 105.00 8.25 ...
Latin Amer. MSCI EM Latin America 2101.85 –5.84 –0.28 –21.1 Adams Resources AE 37.05 9.73 35.61 37.90 22.30 22.5 Team TISI 15.37 -6.01 -28.11 26.77 5.05 135.7
Brazil Bovespa 127698.32 –175.38 –0.14 –4.8 Nutex Health NUTX 37.56 9.65 34.58 39.48 4.16 6.6 Knightscope KSCP 20.00 -7.76 -27.95 41.00 4.89 -38.4
Chile S&P IPSA 3524.39 –16.63 –0.47 1.6 LakeShore Biopharma LSB 3.16 0.74 30.58 11.20 1.88 -47.6 Phathom Pharmaceuticals PHAT 9.52 -3.58 -27.33 19.71 6.07 34.1
Mexico S&P/BMV IPC 51096.64 –352.79 –0.69 –11.0 Altimmune ALT 9.49 2.14 29.12 14.84 2.34 293.8 Angi ANGI 1.93 -0.69 -26.34 3.10 1.79 -3.5
EMEA STOXX Europe 600 502.23 –10.14 –1.98 4.9 Aemetis AMTX 4.62 1.03 28.69 7.03 2.10 0.7 Syndax Pharmaceuticals SNDX 16.21 -5.57 -25.57 25.34 14.50 10.3
Eurozone Euro STOXX 493.37 –10.53 –2.09 4.1 Aligos Therapeutics ALGS 17.85 3.86 27.59 30.00 6.76 20.6 James River Group Hldgs JRVR 4.96 -1.66 -25.08 11.49 4.80 -45.8
Belgium Bel-20 4205.50 –87.94 –2.05 13.4 Neuraxis NRXS 3.16 0.66 26.40 3.89 2.00 31.7 Veritone VERI 2.85 -0.90 -23.93 7.76 1.48 37.4
Denmark OMX Copenhagen 20 2361.21 –68.51 –2.82 3.4 NET Power NPWR 11.33 2.24 24.64 13.28 6.57 4.4 Jet.AI JTAI 6.64 -2.05 -23.55 1005.75 5.90 -97.7
France CAC 40 7226.98 –2.69 –4.2 Armata Pharmaceuticals ARMP 2.75 0.50 22.22 4.48 1.93 2.6 WeRide ADR WRD 17.18 -5.29 -23.54 22.69 14.10 ...
–199.90
Germany DAX 19033.64 –2.13 13.6
Israel Tel Aviv 2297.86
–414.96
21.83 0.96 23.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33607.14 –736.69 –2.15 10.7 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 865.19 –13.10 –1.49 10.0
Norway Oslo Bors All-Share 1617.17 –8.24 –0.51 6.4 CERo Therapeutics CERO 767,767 2379.9 0.27 36.53 12.80 0.06 WT India Hedged Eq Fd INDH 1,021 17815 41.78 -1.71 45.82 39.25
LogicMark LGMK 543,435 2957.7 0.18 34.21 2.20 0.08 Xtrkrs EM Carbon Reduc EMCR 1,517 17019 30.96 -2.54 33.93 26.05
South Africa FTSE/JSE All-Share 84201.75 –569.78 –0.67 9.5
FOXO Technologies FOXO 271,974 616.2 0.94 35.25 1.30 0.13 iSh iBds Dec 2044 Trea IBGA 964 15208 24.97 -1.30 27.42 24.67
Spain IBEX 35 11382.60 –214.70 –1.85 12.7
NVIDIA NVDA 195,262 -30.7 148.29 2.09 149.77 45.01 JPM Glbl Select Eq JGLO 19,128 4973 63.13 -0.89 63.91 48.77
Sweden OMX Stockholm 965.77 –23.30 –2.36 7.0
MSP Recovery LIFW 169,005 6030.6 0.11 -10.10 7.65 0.09 Adams Resources AE 298 4936 37.05 35.61 37.90 22.30
Switzerland Swiss Market 11712.09 –190.70 –1.60 5.2
Turkey BIST 100 9226.86 –49.92 –0.54 23.5 Tesla TSLA 152,588 80.4 328.49 -6.15 358.64 138.80 First Tr WCM Intl Eq ETF WCMI 306 4884 15.57 -1.16 16.00 15.49
U.K. FTSE 100 8025.77 –99.42 –1.22 3.8 Elevai Labs ELAB 144,750 150.2 0.02 -2.59 4.24 0.02 JPMorgan Active Val ETF JAVA 5,372 4152 66.85 -0.80 67.58 51.50
U.K. FTSE 250 20427.80 –1.43 3.7 Grab Holdings GRAB 143,513 415.7 4.89 11.64 4.93 2.90 Valuence Merger I Cl A VMCA 260 3407 11.50 ... 11.69 11.01
–295.73
Direxion TSLA Bull 2X TSLL 139,269 129.6 19.71 -12.40 23.50 4.94 Colombier Acqn II Cl A CLBR 1,506 3232 10.45 1.26 10.48 9.16
Asia-Pacific MSCI AC Asia Pacific 184.99 –2.75 –1.47 9.2
BTC Digital BTCT 127,901 189151.6 10.50 316.67 17.00 1.32 NYLI Candriam US MC Eq IQSM 360 3201 34.32 -1.01 34.67 26.72
Australia S&P/ASX 200 8255.60 –10.62 –0.13 8.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3421.97 –48.10 –1.39 15.0 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19846.88 –580.05 –2.84 16.4
78675.18
Scan this code
India BSE Sensex –820.96 –1.03 8.9
Japan NIKKEI 225 39376.09 –157.23 –0.40 17.7 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3711.48 –27.99 –0.75 14.5 track most-active stocks,
South Korea KOSPI 2482.57 –49.09 –1.94 –6.5 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 22981.77 –547.87 –2.33 28.2 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1445.07 –11.40 –0.78 2.1
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003945 25350 4.4
CREDIT MARKETS Argentina peso .0010997.7877 23.4 Europe
Brazil real .1739 5.7495 18.5 Czech Rep. koruna .04185 23.895 6.8
5.3 .1424 7.0216 3.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso
.7171 1.3946
.001014 985.91 12.7
Denmark krone
Euro area euro 1.0624 .9413 3.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000225 4436.50 14.5 Hungary forint .002586 386.68 11.4
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007205 138.80 2.1
A consumer rate against its New car loan Mexico peso .0486 20.5895 21.3 Norway krone .0903 11.0761 8.9
benchmark over the past year 6.00% Uruguay peso .02371 42.1850 8.0 Poland zloty .2442 4.0955 4.0
Bankrate.com avg†: 7.21% 12% Asia-Pacific Sweden krona .0918 10.8975 7.9
One year ago
First Command Bank 5.24% t 5.00 Switzerland franc 1.1342 .8817 4.8
Yen Australiadollar .6534 1.5305 4.3
10.00% Fort Worth, TX 888-763-7600 6 Turkey lira .0291 34.3485 16.5
1.7
s
Euro China yuan .1383 7.2324
t 4.00 Ukraine hryvnia .0241 41.4500 8.7
PNC Bank 5.89% Hong Kong dollar .1286 7.7786 –0.4
s
Prime rate 9.00 Tradeweb FTSE Tuesday Close 0 UK pound 1.2749 .7844 –0.1
3.00 India rupee .01185 84.391 1.4
t Washington, DC 888-PNC-BANK Middle East/Africa
Indonesia rupiah .0000633 15802 2.7
8.00 Cambridge Savings Bank 6.56% 2.00 –6 s Japan yen .006468 154.62 9.6 Bahrain dinar 2.6529 .3770 unch
Cambridge, MA 888-418-5626 Kazakhstan tenge .002016 495.92 8.9 Egypt pound .0203 49.2118 59.1
t
WSJ Dollar Index
New car loan 7.00 1.00 Macau pataca .1248 8.0150 –0.5 Israel shekel .2661 3.7573 4.3
Colonial Savings, FA 6.74% –12
1 3 6 1 2 3 5 7 10 20 30 Malaysia ringgit .2277 4.3920 –4.4 Kuwait dinar 3.2508 .3076 0.1
Garland, TX 972-495-4032 2023 2024
6.00 New Zealand dollar .5926 1.6875 6.6 Oman sul rial 2.5974 .3850 0.01
Firstrust Bank 6.74% month(s) years
D J FMA M J J A S O N Pakistan rupee .00360 277.950 –1.1 Qatar rial .2743 3.646 0.1
Philadelphia, PA 800-220-2265 maturity Philippines peso .0170 58.711 6.0 Saudi Arabia riyal .2661 3.7575 0.2
2024
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7472 1.3383 1.4 South Africa rand .0552 18.1066 –1.0
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007103 1407.91 8.8
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0034178 292.59 –9.7
WSJ Dollar Index 100.37
Close Net Chg % Chg YTD%Chg
0.43 0.43 4.73
Federal-funds rate target 4.50-4.75 4.75-5.00 4.50 l 5.50 4.50 Taiwan dollar .03082 32.448 5.7
Yield (%) 52-Week Total Return (%) Thailand baht .02869 34.850 1.4 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 7.75 8.00 7.75 l 8.50 4.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 4.60 4.82 4.60 5.40 4.55
Money market, annual yield 0.44 0.45 0.41 l
l
0.64 0.37
U.S. Treasury, Bloomberg 2192.830 4.420 4.280 4.880 3.630 6.042 –2.746 Commodities
Tuesday 52-Week YTD
Five-year CD, annual yield 2.89 2.88 2.80 l 2.89 2.45 U.S. Treasury Long, Bloomberg 3109.270 4.670 4.530 4.900 3.990 7.862–10.965 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.31 7.37 6.69 l 8.05 4.21 Aggregate, Bloomberg 2093.850 4.830 4.720 5.310 4.100 7.967 –2.287
15-year mortgage, fixed† 6.48 6.61 6.02 l 7.22 4.06
DJ Commodity 996.68 -2.92 -0.29 1079.94 934.97 -0.14 4.06
Fixed-Rate MBS, Bloomberg 2065.860 5.140 5.040 5.570 4.340 8.515 –2.075
Jumbo mortgages, $766,550-plus† 7.36 7.42 6.78 l 8.11 4.26 FTSE/CC CRB Index 279.39 0.47 0.17 300.23 258.09 0.70 5.90
High Yield 100, ICE BofA 3793.528 6.506 6.562 8.273 6.208 12.510 3.200
Five-year adj mortgage (ARM)† 6.42 6.36 5.88 l 6.98 3.57 Crude oil, $ per barrel 68.12 0.08 0.12 86.91 65.75 -12.96 -4.93
Muni Master, ICE BofA 594.707 3.403 3.404 3.785 3.038 5.825 –0.307
New-car loan, 48-month 7.21 7.21 7.18 l 7.94 3.63 Natural gas, $/MMBtu 2.907 -0.013 -0.45 3.313 1.575 -6.41 15.63
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 n.a. n.a. 7.453 n.a. n.a. n.a. n.a.
banks.† Excludes closing costs. Gold, $ per troy oz. 2600.00 -11.20 -0.43 2788.50 1960.10 32.53 26.07
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
THE WALL STREET JOURNAL. * * NY Wednesday, November 13, 2024 | B9

NEW HIGHS AND LOWS ADVERTISEMENT

Continued From Page B7

52-Wk % Stock
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Sym Hi/Lo Chg Stock
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Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
The Marketplace
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Stock Sym Hi/Lo Chg TG Therap TGTX 32.48 0.6 AlternusCleanEner ALCE 1.71 -9.6 Ferroglobe GSM 4.00 -1.7 OrthoPediatrics KIDS 23.77 -3.8
TXNM Energy TXNM 45.93 0.8 Amarin AMRN 0.54 -1.4 FT WCM DevWld WCME 13.68 -0.9 PLDT PHI 21.74 -3.8
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Tanger SKT 36.46 -0.4 AB InBev BUD 55.68 -1.9 FomentoEconMex FMX 93.00 -3.2 PTL PTLE 2.01 -18.7
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0.6
-0.7
TargaResources TRGP 197.14 -0.3 AquaMetals AQMS 1.92 -3.7 4D Molecular FDMT 7.72 -2.5 PlymouthIndREIT PLYM 19.64 -5.8 BANKRUPTCIES
TatTechnologies TATT 21.50 7.0 ArdmoreShipping ASC 11.85 -2.2 FoxxDevt FOXX 7.00 -3.6 Polaris PII 66.06 -3.5
P10 PX 12.38 -1.2
TectonicTherap TECX 47.99 3.6 AtlCoastal II A ACAB 5.75 -47.1 Frontline FRO 18.26 -1.9 Polyrizon PLRZ 0.98 -1.8
PampaEnergia PAM 73.08 0.9
AtlCoastalAcqnII ACABU 8.05 -26.8
TempusAI TEM 79.49 -12.3 FuelCell FCEL 5.66 -14.7 Procaps PROC 0.95 -37.3
ParTechnology PAR 75.57 -0.3
AxcelisTechs ACLS 80.87 -3.0
TexasCapBcshs TCBI 89.45 1.2 FutureTechIIWt FTIIW 0.01 88.7 Prudential PUK 15.39 -5.1 IN THE UNITED STATES BANKRUPTCY COURT 2024, at 4:00 p.m. (Prevailing Eastern Time) (the “Voting may not be considered by the Bankruptcy Court and may be
PayPal PYPL 87.92 -0.6
TexasPacLand TPL 1421.22 0.5 BAIYU BYU 0.16 -9.3 GladstoneLand LAND 12.30 -1.8 PurpleBiotech PPBT 2.50 8.5 FOR THE DISTRICT OF DELAWARE Deadline”). If you have !ot received a Ballot a!d are e!titled to deemedoverruledwithoutfurthernotice.
Paysafe PSFE 26.25 -1.0 BCE BCE 27.11 -0.6
TheBancorp TBBK 59.46 -1.6 GlobalMofyAI GMM 0.30 -23.3 Qorvo QRVO 67.16 -2.1 vote o! the Imerys pla! a!d/or the Cy"rus pla!,you may request a
Pegasystems PEGA 89.62 1.6
Toast TOST 39.80 3.9 BP BP 28.03 -2.6 Quantum-SiWt QSIAW 0.05 -29.4
I! re: IMERYS TALC AMERICA, : Cha"ter 11 HOWTOOBTAINCOPIESOFTHEPLANS
PennsWoodsBncp PWOD 29.65 5.1 GoldenHeaven GDHG 1.76 -7.5 InC., et al.,1 : Case no.19-10289 (LSS) Ballot a!d voti!g i!structio!s from the Solicitatio! Age!t by e-mail ANDDISCLOSURESTATEMENTS
Trimble TRMB 74.22 -0.7 BRC BRCC 2.86 -4.0 GoldmanSachsBDC GSBD 12.69 -1.9 RegionalHealth RHE 1.50 -1.9
PeoplesBncpOH PEBO 36.19 -0.9
TrinityIndustries TRN 38.69 0.2 BRP DOOO 47.91 -1.9 Debtors. : (Joi!tly Admi!istered) at ia!dctalcI!fo@ra.kroll.com8 or by calli!g (844) 514-9092 (U.S./ If you would like co"ies of the pla!s,the Disclosure Stateme!ts,
PerellaWeinberg PWP 25.74 -2.6 GreystoneHousing GHI 10.92 -2.0 RelianceGlobal RELI 1.82 -0.5
Ca!ada, toll-free) or +1 (646) 777-2352 (I!ter!atio!al, toll), a!d
TriumphFinl TFIN 103.12 3.0 BallardPower BLDP 1.25 -5.2 RexfordIndlRealty REXR 41.36 -3.2 : Cha"ter 11 the Solicitatio! procedures Orders, or other docume!ts related
PhibroAnimal PAHC 25.98 -1.9 GrowGeneration GRWG 1.70 -7.0 I! re: IMERYS TALC ITALY submit your Ballot as set forth above so that it is received by the
TriumphGroup TGI 19.71 15.0 BancSanBrasil BSBR 4.54 -1.1 RezolveAI RZLV 3.86 -0.7 : Case no.[not Yet Filed] to the pla!s, free of charge, you ca! obtai! those docume!ts by:
PinnacleFinPtrs PNFP 128.94 -0.5 HCW Biologics HCWB 0.30 -12.3 S.p.A.,2 Voti!gDeadli!e.
TruBridge TBRG 15.88 9.2 Barnwell BRN 1.62 -1.7
Hafnia HAFN 5.13 -3.2 Roadzen RDZN 0.77 7.8 : [Joi!t Admi!istratio! To (a) tele"ho!i!g the Solicitatio! Age!t at (844) 514-9092 (U.S.
PraxisPrecision PRAX 86.93 -2.2
TurningPoint TPB 55.21 4.8 BeamGlobal BEEM 4.29 -2.7 pote!tial Debtor. : Be Requested] 4. pursua!t to the Combi!ed Solicitatio! procedures, all Talc / Ca!ada, toll-free) or +1 (646) 777-2352 (I!ter!atio!al, toll);
HarvardBioSci HBIO 2.27 -6.9 RocketPharm RCKT 15.92 -4.9
PrestigeCnsHlth PBH 82.82 -0.1
Twilio TWLO 98.49 2.6 Berry(bry) BRY 4.29 -4.4 : perso!al I!jury Claims i! Class 4a a!d Class 4b of the pla!s will be (b) visiti!g htt"s://cases.ra.kroll.com/ia!dctalc; (c) e-maili!g
HighestPerf HPH 0.26 -2.1 RogersComm B RCI 35.17 -0.1 I! re: CYpRUS MInES
PriorityTech PRTH 8.90 15.7
Pro-Dex PDEX 49.98 4.7
Ubiquiti UI 352.91 2.7 BetterHome&Fin BETR 13.69 0.7
HondaMotor HMC 26.45 -1.4 SES AI SES 0.29 -17.6 CORpORATIOn,3 : Cha"ter 11 tem"orarily allowed i! the amou!ts set forth i! the Combi!ed your request to ia!dctalcI!fo@ra.kroll.com;9 or (d) writi!g to the
ProgressSoftware PRGS 68.95 0.4
UnityBancorp UNTY 48.08 -1.7 BeyondMeat BYND 5.00 -4.2
HudsonGlobal HSON 11.73 -8.5 SFL SFL 10.01 -1.0 Debtor. : Case no.21-10398 (LSS) Solicitatio! procedures. Holders of Talc perso!al I!jury Claims Imerys Ballot processi!g Ce!ter or Cy"rus Ballot processi!g Ce!ter,
VSE VSEC 121.60 0.3 BingEx FLX 10.81 -8.3 SMX SMX 0.27 -0.3 agai!st the Imerys Debtors a!d/or the Cy"rus Debtor may file a as a""licable, i! both cases c/o Kroll Restructuri!g Admi!istratio!
ProsperityBcshs PB 83.50 0.9 HudsonPacProp HPP 4.04 -9.0 Hearing Date: April 22, 23, 24, 2025 at 10:00 a.m. ET
VelocityFinl VEL 20.51 1.6 BioceresCrop BIOX 5.71 2.7 SRM Ent SRM 0.57 -10.2 motio! (a“Rule 3018 Motion”) i! the a""licable Cha"ter 11 Case, LLC, 850 Third Ave!ue, Suite 412, Brookly!, new York 11232. The
QCR Holdings QCRH 93.11 0.2 Huntsman HUN 19.48 -2.5 Obj. Deadline: March 26, 2025 at 4:00 p.m. ET
Vericel VCEL 57.81 -1.6 Biogen BIIB 167.71 -2.2 SagaComm SGA 12.57 -4.9 "ursua!t to Ba!kru"tcy Rule 3018(a), seeki!g tem"orary allow- Disclosure Stateme!ts, the pla!s, a!d the Solicitatio! procedures
QuestDiag DGX 162.56 1.0 IntlSeaways INSW 41.50 -1.4
VerisResidential VRE 18.70 0.8 Birks BGI 1.57 -11.1 SanaBiotech SANA 2.75 -1.7 NOTICE OF (I) DEADLINE FOR VOTING TO a!ce of their Claim i! a differe!t amou!t for "ur"oses of voti!g to
RFAcqnII RFAI 10.27 -0.4 Intevac IVAC 2.46 -22.9 Orders are o! file with the Clerk of the Ba!kru"tcy Court, Third
VeriskAnalytics VRSK 289.40 1.0 Bloomin'Brands BLMN 13.24 -2.9 Sasol SSL 5.30 -3.6 ACCEPT OR REJECT (A) SECOND JOINT PLAN OF acce"t or reject the Imerys pla! a!d/or the Cy"rus pla!, as a""li-
RLI RLI 175.07 0.7 BlueHatInt BHAT 0.19 2.3
Inuvo INUV 0.21 -6.1 Floor, 824 Market Street, Wilmi!gto!, Delaware 19801, a!d may
VeronaPharma VRNA 40.13 -2.2 JX Luxventure JXJT Scilex SCLX 0.73 -4.0 REORGANIZATION OF IMERYS TALC AMERICA, cable. A!y such Rule 3018 Motio! must be filed i! the a""licable
RedCat RCAT 3.99 5.9 Boeing BA 143.85 -2.5
0.95 4.8 be exami!ed by "arties i! i!terest by visiti!g the Office of the Clerk
ViantTech DSP 13.83 -0.7 Seaboard SEB 2580.28 1.9 INC. AND ITS DEBTOR AFFILIATES UNDER Cha"ter 11 Case a!d served !o later tha! November 22, 2024,
RedRiverBcshs RRBI 59.43 -0.1 JamesRiver JRVR 4.80 -25.1 of the Ba!kru"tcy Court duri!g busi!ess hours, or viewed o! the
Victoria'sSecret VSCO 37.62 2.3 Broadwind BWEN 1.68 -8.2 Senseonics SENS 0.30 -2.6 CHAPTER 11 OF THE BANKRUPTCY CODE AND (B)
ReposiTrak TRAK 21.70 1.3 Brown-Forman A BF.A 39.59 -0.4
Jet.AI JTAI 5.90 -23.5 at 4:00 p.m. (Prevailing Eastern Time), which service may be Ba!kru"tcy Court’s website (htt"://www.deb.uscourts.gov), for
Viking VIK 45.96 3.2 SharpsTechWt STSSW 0.04 ... FIRST AMENDED PLAN OF REORGANIZATION OF
ReservoirMedia RSVR 9.25 -2.4 VillageSuper A VLGEA 33.99 0.6 Brown-Forman B BF.B 40.33 -0.8 Kaixin KXIN 2.80 -3.9
ShoalsTech SHLS 4.64 -15.9
throughtheCM/ECFsystem,withcourtesyco"iesbye-mail. a fee, by followi!g the directio!s for accessi!g the ECF system o!
ResideoTech REZI 25.31 ... CDT EnvlTech CDTG 2.12 -9.5 KellyServicesB KELYB 16.07 -2.5 CYPRUS MINES CORPORATION UNDER CHAPTER 5. The Imerys Plan proposes certain releases and suchwebsite.
ViridianTherap VRDN 27.20 -12.8 SiliconMotion SIMO 50.50 -1.2
Revolve RVLV 34.73 2.4 VoyaFinancial VOYA 84.30 0.1 CMB.TECH CMBT 12.64 -0.5 KellyServices A KELYA 15.88 -1.7
SiNtxTech SINT 2.35 -11.9
11 OF THE BANKRUPTCY CODE, (II) HEARING injunctions in furtherance of the Imerys Plan. The Imerys This notice is being published for informational pur-
RibbonComms RBBN 4.31 -3.3 CosciensBiopharma CSCI 2.81 -10.2 LanzaTechGlobalWt LNZAW 0.12 -4.0 TO CONSIDER CONFIRMATION OF PROPOSED Plan proposes a channeling injunction that perma- poses only. If you have questions with respect to your
WD-40 WDFC 290.27 1.5 Skyworks SWKS 85.99 -1.1
RichmondMutBncp RMBI 13.50 3.6 CanadaGoose GOOS 9.29 3.8 LexeoTherap LXEO 7.47 -3.3 PLANS, AND (III) RELATED MATTERS nently channels all Talc Personal Injury Claims against rights under the Imerys Plan or the Cyprus Plan, or about
Wang&Lee WLGS 5.00 16.4 SmithAO AOS 73.05 -2.6
RigelPharm RIGL 29.82 9.1 CaptivisionWt CAPTW 0.02 -19.8 LightInTheBox LITB 1.85 -2.9 PLEASE TAKE NOTICE THAT o! February 13,2019,each of ITA, the Imerys Debtors and the Imerys Protected Parties to
WarbyParker WRBY 21.45 3.6 SoYoungIntl SY 0.66 -16.5 anything stated herein or if you would like to obtain addi-
RisingDragonAcqnUn RDACU 10.07 0.3 Captivision CAPT 1.03 -14.4 Lineage LINE 65.60 -1.7 ITV,a!d ITC (collectively,the“Imerys Debtors”)4 filed a volu!tary a trust established pursuant to sections 105 and 524(g)
WasteConnections WCN 187.83 1.2 SolarEdgeTech SEDG 12.11 -10.5 tional information, please contact the Solicitation Agent
RithmCapPfdC RITMpC 24.60 0.1 Cel-Sci CVM 0.68 -2.7 LionElectricWt LEV.WS.A 0.03 42.9
SonnetBio SONN 2.96 -7.6 "etitio! for relief u!der cha"ter 11 of title 11 of the U!ited States of the Bankruptcy Code. In addition, the Imerys Plan pro-
Watsco WSO 540.23 -0.7 at the number or address specified above. Please note that
RoyalCaribbean RCL 237.68 1.1 Celanese CE 75.26 -3.7 MDB Capital MDBH 5.78 1.3 StarEquity STRR
WestBancorp WTBA 24.85 -0.7 3.13 -1.4 Code, 11 U.S.C. § 101 et seq. (the “Bankruptcy Code”), i! the poses an injunction that permanently enjoins the pursuit the Solicitation Agent may not provide legal advice. If you
RushStreetInt RSI 12.18 4.4 CelsiusHldg CELH 25.77 -1.6 Magnachip MX 3.72 1.6 SunRun RUN 9.23 -4.8
WhitestoneREIT WSR 14.78 -0.3 U!ited States Ba!kru"tcy Court for the District of Delaware (the of any claim against or interest in the Imerys Debtors, the needlegaladvice,pleaseconsultwithyourattorney.
SWPGrowth&Incm SWP 26.72 -0.1 Centene CNC 58.56 -3.5 MDxHealth MDXH 1.62 -3.5 T2Biosystems TTOO 0.51 -11.8
Wiley A WLY 53.79 -0.2 “Bankruptcy Court”), thereby comme!ci!g the Imerys Debtors’ Reorganized Imerys Debtors,the Talc Personal Injury Trust,
SabraHealthcare SBRA 20.03 -0.7 Wix.com WIX 192.00 2.9 CentraisElBras EBR 6.10 -1.6 MeihuaIntlMed MHUA 0.45 2.0 Tech&TelecomWt TETEW 0.01 -39.9 Dated: november 5, 2024, RICHARDS, LAYTON & FINGER,
Salesforce CRM 348.86 -0.2 Merck MRK 98.50 -2.1 cha"ter 11 cases admi!istered joi!tly at Case no. 19-10289 (LSS) or any of their respective property to the extent that such P.A., /s/ Amanda R. Steele , Mark D. Colli!s (no. 2981), Michael J.
WyndhamHtls WH 98.73 1.5 CherryHillMtg CHMI 3.15 -1.5 TeekayTankers TNK 43.63 -1.5 (the“ImerysCases”). claim or interest has been discharged, released, waived,
SamfineCreation SFHG 12.50 15.9 XcelEnergy XEL 69.35 -0.1 ChipMOSTechs IMOS 19.93 -1.6 MicrochipTech MCHP 66.08 -3.7 TelekmIndonesia TLK 16.00 -3.6 Mercha!t (no. 3854), Ama!da R. Steele (no. 5530), Huiqi Liu (no.
Sea SE 117.52 10.5 Moderna MRNA 41.54 1.7 PLEASE TAKE FURTHER NOTICE THAT o! February 11, settled, or deemed satisfied in accordance with the Imerys 6850), O!e Rod!ey Square, 920 north Ki!g Street, Wilmi!gto!,
Yext YEXT 8.14 -0.7 ClearOne CLRO 0.51 -0.9 TidewaterWt TDW.WS 0.01 -9.0
SemlerScientific SMLR 56.00 1.1 ColorStarTech ADD 0.12 -12.6 MyriadGenetics MYGN 16.14 -6.6 2021, Cy"rus Mi!es Cor"oratio! (the “Cyprus Debtor” a!d, Plan (other than the enforcement of any right pursuant to Delaware 19801,Tele"ho!e:(302) 651-7700,Facsimile:(302) 651-
YottaAcqnWt YOTAW 0.07 20.0 TilrayBrands TLRY 1.36 5.0
SenstarTech SNT 2.34 28.7 Concentrix CNXC 40.63 -5.2 N-able NABL 11.00 -1.3 TopWealth TWG 0.32 -18.2
collectively with the Imerys Debtors, the “Debtors”) filed a the Imerys Plan). For the specific terms and conditions of 7701, E-mail: colli!s@rlf.com, mercha!t@rlf.com, steele@rlf.com,
ZebraTech ZBRA 405.62 -0.1
ServiceNow NOW 1053.26 1.2 Cosan CSAN 7.78 -2.5 NIP NIPG 6.05 -2.6 Torm TRMD 22.77 -3.6 volu!tary "etitio! for relief u!der cha"ter 11 of the Ba!kru"tcy all the releases and injunctions provided for in the Imerys liu@rlf.com -a!d- Jeffrey E.Bjork (admitted pro hac vice),Kimberly
ZeviaPBC ZVIA 2.48 8.9
Shopify SHOP 114.51 21.0 ZevraTherap ZVRA 9.09 -4.4 CreativeMedia CMCT 0.29 -17.4 Nanobiotix NBTX 3.95 -0.5 Toro TORO 2.79 -6.3 Code i! the Ba!kru"tcy Court, thereby comme!ci!g the Cy"rus Plan, and the precise scope of the Claims and Demands A. posi! (admitted pro hac vice), Hele!a G.Tseregou!is (admitted
Similarweb SMWB 10.90 2.1 Zillow A ZG 73.89 -1.7 CumulusMedia CMLS 0.75 -4.8 NavitasSemi NVTS 1.87 -7.8 TotalEnergies TTE 58.81 -2.5 Debtor’s cha"ter 11 case admi!istered at Case no. 21-10398 (LSS) to be channeled, please refer to the specific terms of the pro hac vice),Shaw! p.Ha!se! (admitted pro hac vice),LATHAM &
SimonProperty SPG 182.84 -1.7 Zillow C Z 76.69 -1.9 CyclerionTherap CYCN 1.71 -23.4 Neuronetics STIM 0.52 -37.3 TreeHouseFoods THS 28.04 -14.3 (the “Cyprus Case” a!d, collectively with the Imerys Cases, the ImerysPlan,whichcanbeobtainedasdescribedbelow. WATKINS LLP, 355 South Gra!d Ave!ue, Suite 100, Los A!geles,
SkywardSpecIns SKWD 50.21 0.4 ZoomVideo ZM 87.10 0.9 DSS DSS 1.10 1.3 NewFoundGold NFGC 1.91 -4.8 Tronox TROX 11.01 -4.0 “Chapter11Cases”).5 6. The Cyprus Plan proposes certain releases and
SmartSand SND 2.80 2.1 NextEraEnergy NEP 15.55 -7.5
Califor!ia 90071-1560, Tele"ho!e: (213) 485-1234, Facsimile:
Zymeworks ZYME 17.70 0.4 DianaShippingWt DSX.WS 0.14 -6.7 Tucows TCX 15.77 -6.2 PLEASE TAKE FURTHER NOTICE THAT o! november 5, 2024, injunctions in furtherance of the Cyprus Plan. The Cyprus (213) 891-8763, E-mail: jeff.bjork@lw.com, kim."osi!@lw.com,
Snap-On SNA 363.49 -0.4 DigitalAlly DGLY 0.74 -5.9 908Devices MASS 2.86 -19.3 Valneva VALN 4.63 -6.6 theImerysDebtorsfiledthe: Plan proposes a channeling injunction that perma-
SolarisEnergy SEI
SonicAutomotive SAH
18.76
66.56
2.4
-2.5
Lows DigitalTurbine APPS
DollarGeneral DG
1.31 -2.5
73.51 -1.5
Noodles NDLS
NordicAmTankers NAT
0.84 -5.5
2.95 -3.2
VerifyMe
ViaSat
VRME
VSAT
0.98 -15.2
8.16 -6.6
• Second Joint Plan of Reorganization of Imerys Talc America,
Inc.and Its Debtor Affiliates Under Chapter 11 of the Bankruptcy Code
nently channels all Talc Personal Injury Claims against
the Cyprus Debtor and the Cyprus Protected Parties to a
hele!a.tseregou!is@lw.com, shaw!.ha!se!@lw.com, Counsel to
Imerys Debtors and Debtors in Possession -a!d- REED SMITH LLP,
Sportradar SRAD 17.16 2.1 AES AES 13.27 -3.2 DollarTree DLTR 60.49 1.7 NovaLifestyle NVFY 0.86 -21.2 Wallbox WBX 0.78 -6.8 /s/ Jason D. Angelo , Kurt F. Gwy!!e (no. 3951), Jaso! D. A!gelo
[Imerys D.I.6732] (together with all schedules a!d exhibits thereto, trust established pursuant to sections 105 and 524(g) of (no. 6009), 1201 north Market Street, Suite 1500, Wilmi!gto!,
Spotify SPOT 420.00 2.2 AMN Healthcare AMN 25.66 -6.2 Dow DOW 44.91 -2.7 ONE GroupHosp STKS 3.05 -2.4 Wayfair W 37.51 3.7 a!d as may be modified, ame!ded, or su""leme!ted from time to the Bankruptcy Code. In addition, the Cyprus Plan pro-
SproutsFarmers SFM 148.56 -0.3 ATI PhysTherapy ATIP 2.26 -2.0 ENDRA LifeSci NDRA 5.23 ... ObsidianEnergy OBE 5.41 -3.2 WearableDevices WLDS 1.91 -6.3 Delaware 19801-1163,Tele"ho!e:(302) 778-7500,Facsimile:(302)
time,the“ImerysPlan”);a!d poses an injunction that permanently enjoins the pursuit 778-7575, E-mail: kgwy!!e@reedsmith.com, E-mail: ja!gelo@
StockYardsBncp SYBT 77.82 -1.8 AcadiaHlthcr ACHC 39.79 -3.2 1847Holdings EFSH 1.03 -46.2 OfficePropIncm OPI 1.18 0.8 WesternUnion WU 10.51 -0.1
Stride LRN 103.98 OkeanisEcoTankers ECO 22.80 -1.7
• Disclosure Statement for Second Joint Plan of Reorganization of any claim against or interest in the Cyprus Debtor, the reedsmith.com -a!d- paul M. Si!ger (admitted pro hac vice), Luke
-0.6 Agenus AGEN 2.98 -20.4 EksoBionics EKSO 0.76 -0.6 WestportFuelSys WPRT 3.96 2.7
Stryker SYK 388.12 2.2 AlloVir ALVR 0.53 -26.7 EnphaseEnergy ENPH 59.37 -5.6 Onconetix ONCO 1.70 -11.1 XChangeTEC.INC XHG 1.77 -12.4
of Imerys Talc America, Inc. and Its Debtor Affiliates Under Chapter Reorganized Cyprus Debtor, the Talc Personal Injury Trust, A.Sizemore (admitted pro hac vice),REED SMITH LLP, Reed Smith
SunOpta STKL 7.75 1.3 AlmacenesExito EXTO 3.91 -2.5 EsteeLauder EL 62.29 -2.9 Optinose OPTN 0.57 -21.9 XtantMedical XTNT 0.49 4.1 11 of the Bankruptcy Code [Imerys D.I. 6733] (together with all or any of their respective property to the extent that such Ce!tre, 225 Fifth Ave!ue, Suite 1200, pittsburgh, pe!!sylva!ia
SunriseComms SNREV 50.67 1.1 AlphaCognition ACOG 5.61 -0.9 FaradayFuture FFIE 1.46 -7.0 Organovo ONVO 0.35 -9.4 ZyVersaTherap ZVSA 1.20 -3.1 schedules a!d exhibits thereto,a!d as may be modified,ame!ded, claim or interest has been discharged, released, waived, 15222, Tele"ho!e: (412) 288-3131, Facsimile: (412) 288-3063,
or su""leme!ted from time to time, the “Imerys Disclosure settled, or deemed satisfied in accordance with the Cyprus E-mail: "si!ger@reedsmith.com, E-mail: lsizemore@reedsmith.
Statement”). Plan (other than the enforcement of any right pursuant to com,CounseltotheCyprusDebtorandDebtorinPossession
PLEASE TAKE FURTHER NOTICE THAT o! november 5, 2024, the Cyprus Plan). For the specific terms and conditions of
Bonds | wsj.com/market-data/bonds/benchmarks The Imerys Debtors (as defi!ed below),alo!g with the last four
1
theCy"rusDebtorfiledthe: all the releases and injunctions provided for in the Cyprus
• First Amended Plan of Reorganization of Cyprus Mines Plan, and the precise scope of the Claims and Demands digits of each Imerys Debtor’s federal tax ide!tificatio! !umber,
Corporation Under Chapter 11 of the Bankruptcy Code [Cy"rus D.I. to be channeled, please refer to the specific terms of the are: Imerys Talc America, I!c. (6358) (“ITA”), Imerys Talc Vermo!t,
2651] (together with all schedules a!d exhibits thereto,a!d as may CyprusPlan,whichcanbeobtainedasdescribedbelow. I!c. (9050) (“ITV”), a!d Imerys Talc Ca!ada I!c. (6748) (“ITC”).
Tracking Bond Benchmarks be modified, ame!ded, or su""leme!ted from time to time, the
“Cyprus Plan” a!d, together with the Imerys pla!, the “Plans”);
7. The pla!s "ro"ose establishi!g a trust to resolve all Talc
perso!al I!jury Claims agai!st the Debtors. perso!s a!d e!tities
The Imerys Debtors’ address is 100 Ma!sell Court East, Suite 300,
Roswell,Georgia30076.
a!d with Talc perso!al I!jury Claims will be forever barred from assert- 2
Imerys Talc Italy S.".A. (“ITI”) may file (but has !ot yet filed) a
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week • Disclosure Statement for First Amended Plan of i!gtheirClaimsagai!sttheDebtorsa!dtheother protectedparties cha"ter 11 case. If a!d whe! ITI files a cha"ter 11 case,the Imerys
highs and lows for different types of bonds Reorganization of Cyprus Mines Corporation Under Chapter 11 s"ecified i! the pla!s. If the pla!s are a""roved by the Ba!kru"tcy Debtors will seek e!try of a! order by the Ba!kru"tcy Court joi!tly
of the Bankruptcy Code [Cy"rus D.I. 2652] (together with all Court, all curre!t a!d future holders of Talc perso!al I!jury Claims admi!isteri!gITI’scha"ter11casewiththoseoftheImerysDebtors
Total Total schedules a!d exhibits thereto,a!d as may be modified,ame!ded, agai!st the Debtors ca! request a!d receive mo!ey o!ly from the u!derCaseno.19-10289(LSS).
return YTD total Yield (%) return YTD total Yield (%) or su""leme!ted from time to time, the “Cyprus Disclosure Talc perso!al I!jury Trust. You should read the a""licable pla!(s) 3
The last four digits of the Cy"rus Debtor’s tax"ayer ide!tificatio!
close return (%) Index Latest Low High close return (%) Index Latest Low High Statement”a!d, together with the Imerys Disclosure Stateme!t, a!d Disclosure Stateme!t(s) carefully for details about how the !umber are 0890. The Cy"rus Debtor’s address is 333 north Ce!tral
the“DisclosureStatements”). a""licablepla!(s),ifa""roved,willaffectyourrights. Ave!ue,phoe!ix,Arizo!a85004.
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices PLEASETAKE FURTHER NOTICETHAT: 8. The Ba!kru"tcy Court has issued the Solicitatio! procedures 4
The term“Imerys Debtors” refers to ITA, ITV, a!d ITC a!d, to the
1. The Ba!kru"tcy Court has scheduled a heari!g for April 22, Orders describi!g how to vote o! the pla!s, a!d the Disclosure exte!t ITI comme!ces a cha"ter 11 case, the term Imerys Debtors
2093.85 1.5 U.S. Aggregate 4.830 4.100 5.310 2065.86 1.3 Mortgage-Backed 5.140 4.340 5.570 23, 24, 2025, at 10:00 a.m. (Prevailing Eastern Time) (the Stateme!ts co!tai! i!formatio! that will hel" you decide how to alsoreferstoITI. U!lessotherwise!oted,citatio!sa!drefere!cesto
“Confirmation Hearing”) to co!sider whether to co!firm the vote.Yourlegalrightswillbeaffectedifthepla!sarea""roved. docume!ts filed i! the Imerys Cases are to fili!gs made i! the lead
U.S. Corporate Indexes Bloomberg Fixed Income Indices 2033.46 1.0 Ginnie Mae (GNMA) 5.210 4.460 5.570 pla!s. The Co!firmatio! Heari!g will be held beforeThe Ho!orable 9. U!der the Combi!ed Solicitatio! procedures a""roved by ImerysCasea!dadheretothefollowi!gformat: ImerysD.I.[#].
Laurie Selber Silverstei!, U!ited States Ba!kru"tcy Judge, at the the Ba!kru"tcy Court, lawyers for holders of Direct Talc perso!al 5
Citatio!s a!d refere!ces to docume!ts filed i! the Cy"rus Case
1217.55 1.4 Fannie mae (FNMA) 5.120 4.310 5.580 I!jury Claims may vote o! the Imerys pla! a!d/or Cy"rus pla!, as adheretothefollowi!gformat: Cy"rusD.I.[#].
3208.68 2.7 U.S. Corporate 5.210 4.640 5.930 Ba!kru"tcy Court, located at 824 north Market Street, Sixth Floor,
a""licable, o! behalf of their clie!ts, if authorized by the clie!t. If 6
The Ba!kru"tcy Court has !ot a""roved the Imerys Disclosure
Courtroomno.2,Wilmi!gto!,Delaware19801.
you are u!sure whether your lawyer is authorized to vote o! your Stateme!t or the Combi!ed Solicitatio! procedures as to ITI.
3117.04 4.0 Intermediate 5.030 4.400 5.870 1876.90 1.7 Freddie Mac (FHLMC) 5.020 4.150 5.510 2. O! november 5, 2024, the Ba!kru"tcy Court e!tered
behalf,"leaseco!tactyourlawyer. However,if at least two-thirds (2/3) i! amou!t a!d three-quarters
orders [Imerys D.I. 6730; Cy"rus D.I. 2647] (each, a “Solicitation
Procedures Order”) a""rovi!g each Disclosure Stateme!t 10. If you would like to object to the Imerys pla! a!d/or the (3/4) i! !umber of holders of Talc perso!al I!jury Claims i! each of
4226.19 0.2 Long term 5.570 5.070 6.060 594.71 1.1 Muni Master 3.403 3.038 3.785 a!d "rocedures for soliciti!g votes to acce"t or reject the pla!s Cy"rus pla!, you may do so by fili!g your objectio! !o later tha! Class 4a (Fu!d A Claims) a!d Class 4b (Class B Claims) of the Imerys
(the “Combined Solicitation Procedures”).6 The Combi!ed March 26, 2025, at 4:00 p.m. (Prevailing Eastern Time) (the pla! vote i! favor thereof, ITI may comme!ce a cha"ter 11 case
608.09 1.0 Double-A-rated 4.860 4.260 5.330 418.37 n.a. 7-12 year 3.230 2.721 3.563 Solicitatio! procedures are attached to each Solicitatio! procedures “Confirmation Objection Deadline”). Objectio!s, if a!y, to a!d would seek to have the Solicitatio! procedures Order made
OrderasExhibit1.7 co!firmatio! of the Imerys pla! a!d/or the Cy"rus pla! must: (a) a""licabletoitatorbeforetheCo!firmatio!Heari!g.
872.15 3.4 Triple-B-rated 5.390 4.850 6.210 481.19 1.1 12-22 year 3.776 3.388 4.190 3. pursua!t to each Solicitatio! procedures Order, the be i! writi!g;(b) state the !ame a!d address of the objecti!g "arty 7
Ca"italized terms used but !ot defi!ed i! this !otice have the
Ba!kru"tcy Court a""roved certai! "rocedures for soliciti!g votes a!d the !ature of the Claim or Equity I!terest of such "arty;(c) state mea!i!gs give! i! the Combi!ed Solicitatio! procedures or, if !ot
High Yield Bonds ICE BofA 459.36 2.3 22-plus year 4.227 3.959 4.744 toacce"torrejectthepla!s. O!lyholdersofClaimsi!Class4a(Fu!d with "articularity the legal a!d factual basis a!d !ature of a!y defi!edtherei!,i!theImeryspla!ortheCy"ruspla!,astheco!text
A Claims) a!d Class 4b (Fu!d B Claims) u!der each of the Imerys objectio! to the Imerys pla! a!d/or the Cy"rus pla!;a!d (d) be filed requires.
568.40 8.1 High Yield Constrained 7.241 6.975 8.780 Global Government J.P. Morgan† pla! a!d the Cy"rus pla!,as of the Voti!g Record Date,are e!titled with the Ba!kru"tcy Court, 824 north Market Street, Third Floor, 8
If you are i!quiri!g about the Imerys pla!,i!clude“Imerys Ballot
to receive a ballot (a“Ballot”) for casti!g a vote o! the Imerys pla! Wilmi!gto!,Delaware 19801,i! the a""licable Cha"ter 11 Case(s), Request”i! the subject li!e of your email. If you are i!quiri!g about
584.93 15.4 Triple-C-rated 11.338 11.247 14.457 544.58 0.2 Global Government 3.460 2.950 3.640 a!d/or the Cy"rus pla!,as a""licable. Holders of Claims a!d Equity together with "roof of service, on or before the Confirmation the Cy"rus pla!,i!clude“Cy"rus Ballot Request”i! the subject li!e
I!terests i! all other Classes are deemed to acce"t the a""licable Objection Deadline,a!d served u"o! the requisite !otice "arties, ofyouremail.
3793.53 7.1 High Yield 100 6.506 6.208 8.273 822.96 2.5 Canada 3.220 2.910 3.870 pla! because they are u!im"aired by such pla! or have co!se!ted which service may be through the CM/ECF system, with courtesy 9
If you are i!quiri!g about the Imerys Debtors’ solicitatio!
to their treatme!t u!der such pla!. For a vote to acce"t or reject co"ies by e-mail. parties may obtai! the co!tact i!formatio! for docume!ts, i!clude “Imerys Solicitatio! I!quiry” i! the subject
495.86 8.7 Global High Yield Constrained 7.023 6.812 8.732 361.17 1.4 EMU§ 2.995 2.669 3.426 a pla! to be cou!ted, a Ballot must be com"leted a!d retur!ed i! the !otice "arties by co!tacti!g the Solicitatio! Age!t as set forth li!e of your email. If you are i!quiri!g about the Cy"rus Debtor’s
accorda!ce with the i!structio!s "rovided o! the Ballot so that it below. solicitatio! docume!ts, i!clude“Cy"rus Solicitatio! I!quiry”i! the
372.76 7.7 Europe High Yield Constrained 5.702 5.654 7.408 656.01 -0.6 France 3.120 2.540 3.400 is actually received by the Solicitatio! Age!t by December 16, Objections not timely filed and served in such manner subjectli!eofyouremail.

U.S Agency Bloomberg Fixed Income Indices 469.26 0.3 Germany 2.370 2.020 2.770
1832.30 2.7 U.S Agency 4.620 3.960 5.190 271.01 -2.9 Japan 1.460 0.960 1.490
BUSINESS OPPORTUNITIES COMMERCIAL REAL ESTATE
1623.91 3.0 10-20 years 4.590 3.920 5.190 511.06 0.4 Netherlands 2.610 2.260 3.000
3448.68 -0.1 20-plus years 4.970 4.240 5.310 787.24 -3.1 U.K. 4.650 3.790 4.750
2806.02 2.9 Yankee 5.040 4.380 5.690 n.a. n.a. Emerging Markets ** n.a. n.a. n.a. mortgage REIT
8%-9%
UCC PUBLIC SALE NOTICE
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds PLEASE TAKE NOTICE THAT Newmark (“Newmark”), on behalf of DC Franklin Lender LLC, as assignee of G4 18228,
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Return LLC (the “Secured Party”) will offer for sale at public auction (“Sale”) 100% of the limited liability company membership
interests (the “Interests”) held by Bahram Benaresh (the “Pledgor”) in Franklin 175 LLC, a New York limited liability
TAX EFFICIENCY company (the “Pledged Entity”) as set forth in that certain Ownership Interests Pledge and Security Agreement dated
April 13, 2022 (the “Pledge Agreement”), together with certain rights and property representing, relating to, or arising
Global Government Bonds: Mapping Yields REAL ESTATE SECURED from the Interests (collectively, the “Collateral”).
The Sale will take place on December 10, 2024 at 2:00 p.m. Eastern Time in compliance with New York Uniform
GROWTH / INCOME Commercial Code Section 9-610 (i) in person at the offices of Moritt Hock & Hamroff LLP, 1407 Broadway, 39th Floor
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in New York, NY 10018 and (ii) virtually via online video conference. The URL address and password for the online video
SEEKING RIA’S & conference will be provided to all registered participants.
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
ACCREDITED INVESTORS The Sale is being made in connection with the foreclosure on a pledge of the Collateral to the Secured Party by
Pledgor under the Pledge Agreement, pursuant to which Pledgor has granted to Secured Party a first priority lien on the

866-700-0600
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Collateral as collateral for the loan in the original principal amount of $11,200,000.00 (the “Loan”) from Secured Party
Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago to Pledged Entity. The Loan was made pursuant to (a) that certain Consolidated, Amended and Restated Mortgage,
4.125 U.S. 2 4.342 s l 4.253 3.940 5.060 Assignment of Leases and Rents and Security Agreement covering the premises located at 175 Franklin Street, New
ALLIANCE MORTGAGE FUND York, New York 10013 (the “Property”), (b) an Amended and Restated Secured Promissory Note and (c) Conditional
4.250 10 4.430 s l 4.307 4.072 4.627 120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 Guaranty executed by Pledgor in favor of Secured Party, each dated as of April 13, 2022 (together with the Pledge
www.AlliancePortfolio.com Agreement and any other documents executed attendant to the Loan, the “Loan Documents”). It is the understanding of
0.500 Australia 2 4.114 s l 4.110 3.843 4.306 -23.5 -15.4 -72.7 RE Broker • CA DRE • 02066955 Broker License ID
Secured Party (but without representation or warranty of any kind by Secured Party as to the accuracy of the following)
that the Loan is in default.
3.500 10 4.573 t l 4.589 4.214 4.635 13.9 27.9 1.3 Based upon information provided by Pledgor, it is the understanding of Secured Party (but without representation or
warranty of any kind by Secured Party as to the accuracy of the following) that (i) Pledgor owns the Interests, (ii) the
2.500 France 2 2.366 s l 2.358 2.459 3.404 -198.3 -190.6 -162.9 Farmland FSBO 1,034.34 acres Interests constitute an asset of the Pledgor, (iii) the Pledged Entity is the owner of the Property, (iv) the principal assets
of the Pledged Entity are the Property and certain related rights, and (v) the Property is encumbered by a mortgage lien
3.000 10 3.126 s l 3.079 3.053 3.297 -130.8 -123.1 -132.5 outside of Winnsboro, Louisiana. granted by the Pledged Entity as further security for the Loan.
Fully irrigated and leveled, comes with a An online datasite for the Sale (the “Datasite”) is available at the following link: https://bit.ly/175franklinuccsale.
2.000 Germany 2 2.154 s l 2.140 2.234 3.068 -219.5 -212.5 -196.5 great farm lease with a yearly The Datasite will include certain relevant information that Secured Party possesses concerning the Pledgor, the Pledged
cash income of $227,554.80 dollars. Entity, the Property, the Loan (collectively, the “Disclosed Materials”) as well as the Terms of Sale for Public Auction
2.600 10 2.368 s l 2.328 2.267 2.719 -206.6 -198.2 -190.3 relating to the Sale of the Collateral (the “Terms of Sale”). Access to such information will be conditioned upon execution
For more info call owner at 870-622-7644. of a confidentiality agreement which can be found on the Datasite. To participate in the auction, prospective bidders
3.100 Italy 2 2.682 s l 2.681 2.748 3.780 -166.8 -158.3 -125.3 Farmland is a great diversified investment. must confirm their ability to satisfy the Requirements in the manner described in the Terms of Sale, and following such
confirmation, such qualified participants will be provided a URL and password enabling access to the video conference
3.850 10 3.632 s l 3.591 3.561 4.567 -80.2 -71.9 -5.6 Asking $6,568,059 for the Sale. No information provided, whether in the Datasite or otherwise, shall constitute a representation or
warranty of any kind with respect to such information, the Collateral or the Sale. Participants are encouraged to review
0.500 Japan 2 0.503 s l 0.498 0.415 0.113 -384.6 -376.6 -492.0 all Disclosed Materials and perform such due diligence as they deem necessary in advance of the Sale.
0.900 10 1.009 s l 1.001 0.952 0.857 -342.5 -330.9 -376.5 The Interests will be offered in a single lot. The Interests are being sold strictly on an “AS IS AND WHERE IS”
CAREERS BASIS, AND (i) WITHOUT ANY REPRESENTATIONS OR WARRANTIES (WHETHER EXPRESS OR IMPLIED) OF ANY KIND
MADE BY THE SECURED PARTY (OR ANY OTHER PERSON ACTING FOR OR ON BEHALF OF THE SECURED PARTY),
2.800 Spain 2 2.440 s l 2.428 2.511 3.524 -190.9 -183.6 -150.8 INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO THE EXISTENCE OR NONEXISTENCE OF OTHER LIENS, THE
3.450 10 3.093 s l 3.055 3.026 3.755 -134.2 -125.5 -86.7 QUANTITY, QUALITY, CONDITION OR DESCRIPTION OF THE INTERESTS, THE PROPERTY, AND/OR THE VALUE OF ANY
OF THE FOREGOING, AND (ii) WITHOUT ANY RECOURSE WHATSOEVER AGAINST THE SECURED PARTY (OR ANY OTHER
4.125 U.K. 2 4.526 s l 4.417 4.174 4.676 17.7 15.3 -35.7 Earn 25% Commission PERSON ACTING FOR OR ON BEHALF OF THE SECURED PARTY). Without limiting the foregoing, any purchaser must
purchase the Interests subject to the terms of the Relevant Documents (defined in the Terms of Sale) and the governing
4.250 10 4.511 s 4.427 4.207 4.332 11.7 -29.0 documents of the Pledged Entity (including its operating agreement).
l 7.7 Help Raise funds for a respected charity and There are specific requirements for any potential bidder in connection with obtaining information, bidding on the
Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close earn 25% commission on donations. Make a Collateral and purchasing the Collateral (collectively, the “Requirements”), including without limitation complying with:
(1) the Pledged Entity’s governing documents, and (2) the Terms of Sale.
difference while earning extra income! The Secured Party reserves the right to require a showing of financial ability from prospective bidders prior to the date
Corporate Debt Dr@deltarescueorg.com of the Sale. If a prospective bidder is a special purpose entity or an entity with creditworthiness that is, in the Secured
Party’s reasonable judgment, insufficient to support the requirements herein, the Secured Party reserves the right to
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific 661-208-9908 require additional credit support in the form of a guaranty by a creditworthy affiliate of such prospective bidder or other
appropriate credit support.
expectations The Collateral includes unregistered securities under the Securities Act of 1933, as amended (the “Securities Act”),
and Secured Party reserves the right to restrict participation in the Sale to prospective bidders that represent that the
Investment-grade spreads that tightened the most… Collateral will not be sold, assigned, pledged, disposed of, hypothecated or otherwise transferred without the prior
Spread*, in basis points registration in accordance with the Securities Act and the securities laws of all other applicable jurisdictions, unless an
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week exemption from such registration is available.
Secured Party may, prior to the Sale described herein, assign all of its right, title and interest in and to the Loan to
Eni USA … 7.300 4.50 Nov. 15, ’27 23 –48 n.a. an affiliate, and in the case of such assignment the assignee shall be considered the “Secured Party” for all purposes

THE
hereunder. Secured Party reserves the right to credit bid, set a minimum reserve price, reject all bids and terminate
Royal Bank of Canada RY 3.625 4.51 May 4, ’27 23 –12 43 or adjourn the sale to another time. Interested bidders must complete a bidder registration form and satisfy other

MARKETPLACE
qualifying conditions (as more fully set forth in the Terms of Sale) by no later than 5:00 p.m. Eastern Time on December
Marathon Oil MRO 6.800 5.06 March 15, ’32 67 –11 n.a. 5, 2024. All bids (other than credit bids of Secured Party) must be for cash with no financing conditions and the
–7 successful bidder must deliver immediately available good funds (1) for the Required Deposit (as defined in the Terms
American Honda Finance … 4.400 4.81 Sept. 5, ’29 49 64 of Sale) on the date of the Sale, and (2) for the balance of the purchase price for the Collateral on the closing date
prescribed by the Terms of Sale. The winning bidder must pay all transfer taxes, recording fees, stamp duties and similar
Siemens Financieringsmaatschappij … 2.150 4.62 March 11, ’31 26 –7 31 taxes as may be required to be paid under applicable law in connection with the purchase of the Collateral.
Shell International Finance* … 6.375 5.17 Dec. 15, ’38 81 –5 96 ADVERTISE TODAY Questions may be directed to Brock Cannon at +1 646-315-4785 or Brock.Cannon@nmrk.com.
Historic TW … 8.300 7.57 Jan. 15, ’36 319 –5 n.a.
Baltimore Gas and Electric … 6.350 5.28 Oct. 1, ’36 85 –4 n.a.

…And spreads that widened the most (800) 366-3975

COMMERCIAL REAL ESTATE COMMERCIAL REAL ESTATE
Hyundai Capital America … 4.300 4.93 Sept. 24, ’27 65 24 73
Cooperatieve Rabobank … 5.250 5.41 Aug. 4, ’45 71 15 n.a. For more information visit:
Appalachian Power … 7.000 5.73 April 1, ’38 130 14 n.a. wsj.com/classifieds
Citigroup C 4.750 5.56 May 18, ’46 93 7 102 NOTICE OF SALE NOTICE OF SALE OF REAL PROPERTY
UNITED STATE DISTRICT COURT SOUTHERN DISTRICT
UnitedHealth UNH 4.750 5.44 July 15, ’45 73 7 80 UNITED STATES DISTRICT COURT FOR THE SOUTHERN OF NEW YORK RSS WFCM2018-C44 – NY LOD, LLC,
DISTRICT OF NEW YORK KAIROS CREDIT STRATEGIES Plaintiff, - against - 1442 LEXINGTON OPERATING DE
Brighthouse Financial Global Funding … 5.550 5.15 April 9, ’27 86 6 n.a. OPERATING PARTNERSHIP, LP, -against- THE FRIARS LLC, AFSHIN HEDVAT, DANIEL RAHMANI, and NYC
CLUB NATIONAL ASSOCIATION, INC., ET AL. Civil Action ENVIRONMENTAL CONTROL BOARD, Defendants.
Cadence Design Systems CDNS 4.200 4.55 Sept. 10, ’27 27 5 30 No. 23-cv-2960 (S.D.N.Y.) Case No. 21 cv-04424 (DLC) Pursuant to an Oder and
Judgment of Foreclosure and Sale dated and entered
Deere DE 5.375 4.59 Oct. 16, ’29 28 5 36 Pursuant to the Final Judgment of Foreclosure and
in the captioned action on October 2, 2024 (the
Sale (the “Judgment”) entered on September 13,
“Foreclosure Judgment”), I will sell at public auction
2024 in the total sum of $18,600,605.30, plus post-
High-yield issues with the biggest price increases… judgment interest, wherein KAIROS CREDIT TRATEGIES
at the front steps of the mortgaged premises located
at 1442 Lexington Avenue, New York, New York 10128
Bond Price as % of face value OPERATING PARTNERSHIP, LP is the Plaintiff and THE on December 2nd, 2024 at 10:30 a.m., 1442 LEXINGTON
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week FRIARS NATIONAL ASSOCIATION, INC., ET AL. are OPERATING DE LLC’s mortgaged premises commonly
the Defendant(s). The Receiver will sell at a public known as 1442 Lexington Avenue, New York, New
Bausch Health … 11.000 11.65 Sept. 30, ’28 98.000 0.38 95.500 foreclosure sale the real property located at 57 East York, 10128, Block 1522, Lot 158, in New York County,
55th Street, New York, NY 10022 (Block 1291, Lot 127), New York, described as follows: All that certain plot,
Rakuten … 9.750 7.37 April 15, ’29 108.830 0.14 n.a. all that certain plot, piece or parcel of land situate, lying piece, or parcel of land, situate, lying, and being in the
and being in the City of New York, County of New York Borough of Manhattan, City, County and State of New
ADT Security ADT 4.875 5.96 July 15, ’32 93.375 0.12 93.000 and State of New York (the “Mortgaged Premises”), York, bounded and described as follows: BEGINNING at
0.10 101.485 and certain personal property, including memorabilia, the corner formed by the intersection of the southerly
Telecom Italia Capital … 7.200 6.87 July 18, ’36 102.596 side of East 94th Street with the westerly side of
media rights, video and audio archives and other
intellectual property (the “Personalty”, together with Lexington Avenue. RUNNING THENCE southerly along
…And with the biggest price decreases the Mortgaged Premises, the “Collateral”), in bulk or in the westerly side of Lexington Avenue, 34 feet 2-1/2
inches deed (34 feet 3-7/10 inches survey); THENCE
lot, subject to the prior liens (if any) of the New York
Dish DBS DISH 7.750 21.35 July 1, ’26 82.000 –1.00 84.500 westerly parallel with East 94th Street and partly
State Department of Labor and the New York State through a party wall, 75 feet; THENCE northerly parallel
–0.86 Department of Tax. The Receiver, in conjunction with
Occidental Petroleum OXY 7.500 5.51 May 1, ’31 110.694 110.900 Northgate Real Estate Group, his retained marketing
with Lexington Avenue, 34 feet 2-1/2 inches deed (34
feet 3-7/10 inches survey) to said southerly side of
Navient NAVI 5.625 7.43 Aug. 1, ’33 88.566 –0.65 86.500 agent, shall conduct the public auction sale to sell the East 94th street; THENCE easterly along the southerly
Collateral as defined above on November 26, 2024, side of East 94th Street, 75 feet to the point or place of
Bath & Body Works BBWI 6.875 6.52 Nov. 1, ’35 102.740 –0.56 101.500 at 2:30 p.m. outside the front entrance of the Daniel BEGINNING. Together with all personal property located
Patrick Moynihan United States Courthouse, 500 Pearl at the real property on the date of the auction. The
Hughes Satellite … 5.250 11.14 Aug. 1, ’26 91.000 –0.53 90.975 Street, New York, New York 10016. The Plaintiff foregoing property will be sold subject to provisions of
–0.50 70.493 reserves all rights to credit bid its allowed claim in the Foreclosure Judgment, under Case No. 21 cv-04424
Teva Pharmaceutical Finance Netherlands III TEVA 4.100 6.56 Oct. 1, ’46 71.625 satisfaction of the underlying debt. Any bidder seeking (DLC). Ian V. Lagowitz, Referee. Dated: October 23,
Paramount Global* PARA 7.875 5.99 July 30, ’30 108.969 –0.38 108.026 to participate in the auction and seeking information 2024, New York, New York
regarding the assets should contact the Receiver’s HOLLAND & KNIGHT LLP By: /s/Keith M. Brandofino,
marketing agent, Greg Corbin of Northgate Real Estate Esq., David V. Mignardi, Esq.,
*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. Attorneys for Plaintiff, 787 Seventh Avenue, 31st
© 2024 Dow Jones & Company, Inc. Group, by telephone at 212-369-1800 or by email at
Note: Data are for the most active issue of bonds with maturities of two years or more gcorbin@northgatereg.com. Floor, New York, New York 10019 (212) 513-3200 keith.
Source: MarketAxess All Rights Reserved. brandofino@hklaw.com david.mignardi@hklaw.com.
B10 | Wednesday, November 13, 2024 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables 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 Arca, NYSE American and Nasdaq Hess HES 140.79 -1.20 MakeMyTrip MMYT 104.20 -2.72 PerformanceFood PFGC 86.09 -1.16 SumitomoMits SMFG 13.94 -0.08 TopBuild BLD 360.00 -10.41 Vistra VST 142.16 -3.64
Stock Market listed securities. Prices are consolidated from trades reported by various HewlettPackard HPE 21.73 -0.29 ManhattanAssoc MANH 284.34 1.26 PermianRscs PR 15.19 0.08 SummitMaterials SUM 48.99 -1.11 Toro TTC 83.96 -2.74 Vodafone VOD 8.47 -0.85
market centers, including securities exchanges, Finra, electronic communications Hilton HLT 250.60 0.24 ManulifeFinl MFC 32.52 0.12 PetroleoBrasil PBR 13.72 0.10 SummitTherap SMMT 20.76 -1.01 TorontoDomBk TD 56.14 -0.79 VornadoRealty VNO 42.91 -2.40
networks and other broker-dealers. The list comprises the 1,000 largest companies Hologic HOLX 79.76 0.37 Maplebear CART 48.34 0.60 PetroleoBrasilA PBR.A 12.76 0.13 SunComms SUI 124.17 -2.95 t TotalEnergies TTE 59.57 -1.51 VulcanMatls VMC 288.38 -3.66
based on market capitalization. HomeDepot HD 403.08 -5.21 MarathonOil MRO 28.32 -0.30 Pfizer PFE 26.19 -0.05 SunLifeFinancial SLF 59.85 0.28 ToyotaMotor TM 174.99 0.89
Underlined quotations are those stocks with large changes in volume compared t HondaMotor HMC 26.59 -0.38 MarathonPetrol MPC 155.21 -0.85 PhilipMorris PM 124.22 -0.73 SuncorEnergy SU 38.11 -0.72 TractorSupply TSCO 279.19 -2.38 W X Y Z
with the issue’s average trading volume. s Honeywell HON 233.91 8.67 Markel MKL 1654.51 2.82 Phillips66 PSX 127.70 -0.24 SuperMicroComp SMCI 21.70 -1.53 TradeDesk TTD 131.20 1.86
Pilgrim'sPride PPC 53.27 WEC Energy WEC 97.85 -0.85
Boldfaced quotations highlight those issues whose price changed by 5% or more if HormelFoods HRL 30.39 0.03 MarketAxess MKTX 271.63 -2.61 ... Suzano SUZ 10.27 0.17 Tradeweb TW 128.96 -0.59
s PinnacleFinPtrs PNFP 126.18 -0.60 SynchronyFinl SYF 65.12 -0.48 TraneTech W.P.Carey WPC 55.23 -0.50
their previous closing price was $2 or higher. DR Horton DHI 161.83 -5.23 s Marriott MAR 286.02 0.11 TT 411.14 -3.78
WPP WPP 52.75 -1.59
HostHotels HST 17.99 -0.07 Marsh&McLen MMC 225.17 1.38 PinnacleWest PNW 90.92 -0.99 Synopsys SNPS 553.47 -2.79 TransDigm TDG 1355.42 -19.34
Footnotes: Wabtec WAB 199.28 -1.89
s HoulihanLokey HLI 186.53 -3.38 MartinMarietta MLM 606.79 -9.26 Pinterest PINS 30.67 0.28 SynovusFinl SNV 58.27 -0.46 TransUnion TRU 102.90 -3.87
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four Walmart WMT 84.99 0.78
HowmetAerospace HWM 113.58 -1.10 MarvellTech MRVL 92.78 0.53 PlainsAllAmPipe PAA 16.90 -0.41 Sysco SYY 77.29 -0.65 Travelers TRV 257.99 -0.37
quarters. WarnerBrosA WBD 9.22 -0.11
Hubbell HUBB 452.03 -13.98 Masco MAS 79.02 -1.75 PlainsGP PAGP 17.90 -0.42 s Trimble TRMB 72.81 -0.55 WarnerMusic WMG
32.85 -0.13
Stock tables reflect composite regular trading as of 4 p.m. ET and s HubSpot HUBS 701.34 20.55 Masimo MASI 160.85 -0.78 Pool POOL 356.48 -18.51 T U V Trip.com TCOM 64.02 -2.66 s WasteConnections WCN 187.60 2.24
changes in the official closing prices from 4 p.m. ET the previous day. Humana HUM 280.06 -2.38 MasTec MTZ 139.73 -5.36 Primerica PRI 302.64 2.02 TruistFinl TFC 46.66 0.22 WasteMgt WM 224.78 1.16
JBHunt JBHT 192.54 -4.65 Mastercard MA 529.17 -0.95 PrincipalFinl PFG 87.11 -0.10 TC Energy TRP 48.35 -1.24 s Twilio TWLO 96.47 2.42 Waters WAT 385.79 5.05
HuntingtonBcshs HBAN 17.64 -0.11 MatchGroup MTCH 30.88 -1.06 ProcoreTech PCOR 70.99 0.38 TD Synnex SNX 118.55 -4.50 TylerTech TYL 619.12 5.89 s Watsco WSO 533.36 -3.50
Tuesday, November 12, 2024 Net Net HyattHotels H 157.48 0.06 McCormickVtg MKC.V 76.29 -0.61 Procter&Gamble PG 165.84 -0.19 TE Connectivity TEL 153.37 -1.66 TysonFoods TSN 62.66 3.85
ICICI Bank IBN 29.95 -0.05 McCormick MKC 76.59 -0.44 Progressive PGR 262.34 2.45 Telus TU 15.67 -0.07 UBS Group UBS 32.06 -0.59 WebsterFin WBS 60.08 0.11
Net Stock Sym Close Chg Stock Sym Close Chg TFII 147.07 -0.87 UDR WellsFargo WFC 72.60 0.04
IdexxLab IDXX 426.11 -11.19 McDonald's MCD 298.65 -2.88 Prologis PLD 112.75 -1.35 TFI Intl UDR 44.27 -0.37 Welltower
Stock Sym Close Chg s TJX 119.85 1.79 UFP Inds WELL 135.96 -1.67
BrixmorProp BRX 28.75 -0.22 Doximity DOCS 58.05 -3.20 ING Groep ING 15.72 -0.31 McKesson MCK 617.66 2.07 PrudentialFinl PRU 125.49 0.49 TJX UFPI 133.34 -4.37 WescoIntl
TKO 116.45 -2.59 U-Haul N WCC 204.35 -5.04
IQVIA IQV 213.57 -3.42 Medpace MEDP 360.81 -2.77 t Prudential PUK 15.56 -0.83 TKO UHAL/B 64.25 -2.05 WestPharmSvcs WST 327.68 0.11
A B C Broadcom AVGO 176.22
s BroadridgeFinl BR 226.86
-2.69
0.65
DrReddy'sLab RDY 14.77 -0.23
DraftKings DKNG 41.71 -1.50 ITT ITT 153.29 -2.07 Medtronic MDT 88.30 0.03 PublicServiceEnt PEG 86.73 -1.21 T-MobileUS TMUS 239.00 0.68 U-Haul UHAL 72.01 -2.74
IcahnEnterprises IEP 12.58 -0.29 MercadoLibre MELI 1977.39 16.23 PublicStorage PSA 330.24 -6.66 TPG TPG 67.64 -1.07 UL Solutions ULS 50.33 -1.29 WestAllianceBcp WAL 93.00 -0.39
AAON AAON 137.73 -3.02 s BrookfieldAsset BAM 56.92 -0.88 Dropbox DBX 27.93 -0.24 WesternDigital WDC 63.96 -3.42
BN Icon ICLR 212.27 0.09 Merck MRK 98.58 -2.15 PulteGroup PHM 128.87 -4.59 T.RowePrice TROW 118.07 0.14 US Foods USFD 67.01 -0.48 WesternMidstrm WES 36.20 0.50
AECOM ACM 112.16 0.58 Brookfield 57.91 -0.86 DukeEnergy DUK 111.88 -0.58 t
IDEX IEX 227.97 -1.37 MetaPlatforms META 584.82 1.65 PureStorage PSTG 50.15 -2.47 TaiwanSemi TSM 191.77 -2.28 UWM
t AES AES 13.45 -0.44 BrookfieldInfr BIP 34.79 -0.03 Duolingo DUOL 314.33 -3.90 UWMC 6.02 -0.17 Westlake WLK 127.75 -2.47
IllinoisToolWks ITW 271.20 -3.07 MET 82.20 0.43 Qiagen QGEN 43.23 -0.82 s TakeTwoSoftware TTWO 180.55 1.16 Uber
Aflac AFL 110.65 0.22 BrookfieldRenew BEPC 29.83 -0.76 DuPont DD 82.29 -1.34 MetLife UBER 71.37 -0.28 Weyerhaeuser WY 30.68 -0.67
BrookWealth BNT 57.84 -1.11 Dynatrace DT 53.46 -0.02 Illumina ILMN 147.62 -3.88 Mettler-Toledo MTD 1260.97 10.90 Qualcomm QCOM 163.41 -4.88 TakedaPharm TAK 13.54 -0.11 s Ubiquiti UI 349.48 9.13 WheatonPrecMtls WPM 59.69 -1.28
AGNC Invt AGNC 9.47 -0.21
ImperialOil IMO 72.85 -0.90 QuantaServices PWR 327.27 -2.42 TalenEnergy TLN 208.79 -0.43 UltaBeauty ULTA 379.79 -0.75
Ansys ANSS 344.48 -1.85 Brown&Brown BRO 112.42 0.57 EMCOR EME 514.08 -6.36 t MicrochipTech MCHP 67.30 -2.58
TPR 51.17 -0.35 Unilever Williams WMB 56.74 -0.16
t Brown-Forman A BF.A 39.90 -0.17 ENI E 29.37 -0.56 Incyte INCY 80.58 -0.95 MicronTech MU 104.10 -4.55 s QuestDiag DGX 161.70 1.53 Tapestry UL 57.57 -0.66
ASE Tech ASX 9.51 -0.18
Informatica INFA 24.11 -0.38 s TargaResources TRGP 194.31 -0.65 UnionPacific UNP 238.91 -3.04 Williams-Sonoma WSM 129.13 -0.71
ASML 669.18 -2.13 t Brown-Forman B BF.B 40.66 -0.32 EOG Rscs EOG 133.13 0.03 Microsoft MSFT 423.03 5.02
ASML
AT&T T 22.15 -0.16 Bruker BRKR 56.02 -0.63 EPAM Systems EPAM 245.75 2.50 Infosys INFY 22.02 -0.02 s MicroStrategy MSTR 356.59 16.59 R S Target TGT 155.65 2.37 UnitedAirlines UAL 89.13 -0.30
WillisTowers WTW 317.41 2.23
Wingstop WING 338.38 -5.13
s IngersollRand IR 104.23 -0.57 TechnipFMC FTI 29.15 0.14
ATI ATI 58.76 -0.74 BuildersFirst BLDR 178.65 -4.94 s EQT EQT 43.78 -0.20 MidAmApt MAA 159.76 -0.25 RBC Bearings RBC 315.37 -4.71 TeckResourcesB TECK 46.43 -1.17 UnitedMicro UMC 6.99 ... WintrustFinl WTFC 133.66 0.63
AbbottLabs ABT 116.44 -0.36 BungeGlobal BG 87.46 -0.29 Ingredion INGR 150.23 0.55 MitsubishiUFJ MUFG 11.57 -0.03 UPS 130.14 -1.47 Wipro
EagleMaterials EXP 310.37 -3.22 RB Global RBA 92.87 -0.83 TeledyneTech TDY 487.83 0.21 UPS B WIT 6.92 -0.08
AbbVie ABBV 171.09 -3.34 BurlingtonStrs BURL 263.49 5.35 EastWestBncp EWBC 106.72 0.74 Insmed INSM 70.14 -1.68 MizuhoFin MFG 4.51 -0.03 UnitedRentals URI 868.36 -5.52 s Wix.com WIX 188.94 5.30
RELX RELX 46.59 -1.21 Teleflex TFX 195.58 -2.44 US Bancorp USB 50.76 -0.28
Accenture ACN 360.61 3.31 CACI Intl CACI 567.20 -5.24 EastGroup EGP 174.30 -0.86 Insulet PODD 275.10 -0.60 Mobileye MBLY 16.93 0.29 WoodsideEnergy WDS 15.39 -0.33
RPM RPM 135.89 -1.36 Ericsson ERIC 8.08 -0.09 US Steel
AcuityBrands AYI 331.88 -1.57 CAVA CAVA 145.03 -2.77 EastmanChem EMN 100.49 -1.88 Intel INTC 24.16 -0.89 t Moderna MRNA 43.47 0.72 X 40.03 -0.22 Woodward WWD 175.23 -1.41
RTX RTX 123.37 -1.19
s InteractiveBrkrs IBKR 179.55 0.06 TelefonicaBras VIV 9.05 -0.12 UnitedTherap UTHR 400.87 0.43
Adobe ADBE 526.42 21.94 CBRE Group CBRE 133.80 -2.00 s Eaton ETN 368.99 -2.96 MohawkInds MHK 141.82 -3.67 RalphLauren RL 209.59 -4.28 WooriFinl WF 34.04 -0.24
CDW CDW 191.91 -5.90 eBay EBAY 61.50 -0.93 ICE ICE 156.06 -1.02 MolinaHealthcare MOH 318.91 -9.68 Telefonica TEF 4.29 -0.08 UnitedHealth UNH 614.67 -10.58
Workday WDAY 270.32 6.17
AdvDrainageSys WMS 130.97 -4.86 RangeResources RRC 34.09 -0.37 t
InterContHtls IHG 121.45 -0.89 TelekmIndonesia TLK 16.26 -0.60 UnivDisplay OLED 172.55 -2.37 WynnResorts WYNN 85.50 -0.98
AdvMicroDevices AMD 143.63 -3.72 CF Industries CF 84.22 -0.86 Ecolab ECL 248.31 -2.25 MolsonCoorsB TAP 61.89 1.39 RaymondJames RJF 162.27 -0.44
GIB 112.15 IBM IBM 210.86 -1.04 TempurSealy TPX 55.68 -0.18 UniversalHealthB UHS 205.24 -3.32 XP
Aegon AEG 6.43 -0.15 CGI A 0.30 Ecopetrol EC 7.46 -0.04 monday.com MNDY 260.59 -14.62 RealtyIncome O 57.02 -0.63 XP 16.82 -0.53
CH Robinson CHRW 109.09 0.06 EdisonIntl EIX 82.75 -0.83 IntlFlavors IFF 89.43 -1.78 Mondelez MDLZ 66.52 0.42 s TempusAI TEM 68.04 -9.58 UnumGroup UNM 71.30 1.08 XPO XPO 151.54 -3.64
AerCap AER 95.41 -2.18 Reddit RDDT 127.75 -1.48
AffirmA AFRM 57.59 0.01 CME Group CME 226.31 0.38 EdwardsLife EW 65.81 -0.89 IntlPaper IP 57.31 -0.35 MongoDB MDB 291.65 0.08 Tenaris TS 36.52 -1.08 VICI Prop VICI 31.20 -0.08 s XcelEnergy XEL 68.61 -0.04
s RegalRexnord RRX 170.54 -5.76
AgilentTechs A 133.67 -0.19 CMS Energy CMS 68.10 -0.50 Elastic ESTC 89.80 -0.16 Interpublic IPG 29.25 -0.37 MonolithicPower MPWR 644.10 -3.21 RegencyCtrs REG 73.48 -0.52 TencentMusic TME 10.92 -0.63 Vale VALE 9.97 -0.25 XPeng XPEV 13.67 -1.63
AgnicoEagleMines AEM 77.15 -0.98 CNA Fin CNA 48.33 -0.07 s ElbitSystems ESLT 241.30 6.02 Intra-Cellular ITCI 88.49 -3.08 MonsterBev MNST 56.02 0.28 RegenPharm REGN 821.00 -4.68 TenetHealthcare THC 164.21 -2.64 ValeroEnergy VLO 137.02 -1.00 Xylem XYL 124.79 0.16
AirProducts APD 311.12 -2.79 CNH Indl CNH 10.26 -0.46 s ElectronicArts EA 162.87 3.48 s Intuit INTU 699.47 2.12 Moody's MCO 475.48 -2.97 RegionsFinl RF 26.18 -0.02 Teradyne TER 108.33 -0.48 Vaxcyte PCVX 99.38 -4.26 YPF YPF 29.79 -0.05
Airbnb ABNB 133.20 -4.20 CRH CRH 100.15 -2.13 ElevanceHealth ELV 412.92 -12.47 IntuitiveSurgical ISRG 537.07 1.32 MorganStanley MS 132.31 -1.21 ReinsGrp RGA 228.86 1.51 Tesla TSLA 328.49 -21.51 VeevaSystems VEEV 236.52 -0.35 Yum!Brands YUM 134.61 -2.01
AkamaiTech AKAM 90.08 -0.99 CSX CSX 36.13 -0.39 s EmersonElec EMR 128.40 -0.80 InvitatHomes INVH 33.43 -0.40 Morningstar MORN 350.55 1.98 Reliance RS 319.81 -3.37 TetraTech TTEK 48.26 0.14 Ventas VTR 64.48 -0.36 YumChina YUMC 47.89 -1.34
Albemarle ALB 102.80 -7.69 CVS Health CVS 54.03 -1.78 s Enbridge ENB 42.18 -0.60 IronMountain IRM 114.50 -2.94 Mosaic MOS 25.86 -2.17 RenaissanceRe RNR 263.83 -0.93 TevaPharm TEVA 17.11 -0.26 Veralto VLTO 103.75 -0.64 ZTO Express ZTO 20.82 -0.53
Albertsons ACI 19.52 0.16 CadenceDesign CDNS 297.77 -3.13 EncompassHealth EHC 102.61 -0.67 ItauUnibanco ITUB 6.03 -0.05 MotorolaSol MSI 497.45 0.49 RentokilInit RTO 26.10 -0.62 TexasInstruments TXN 212.78 -3.09 VeriSign VRSN 184.04 -1.06 s ZebraTech ZBRA 402.69 -0.47
CaesarsEnt CZR 39.43 -0.79 Endeavor EDR 28.99 0.09 MuellerIndustries MLI 93.45 -1.89 RepublicSvcs RSG 212.24 0.42 s TexasPacLand TPL 1406.76 6.88 s VeriskAnalytics VRSK 287.92 2.91 ZetaGlobal ZETA 28.22 -8.52
Alcoa
Alcon
AA 40.95 -2.56
ALC 86.89 -5.39 CamdenProperty CPT 120.80 -1.15 EnergyTransfer ET 17.05 -0.19 J K L MurphyUSA MUSA 529.21 7.00 ResMed RMD 247.21 -1.48 TexasRoadhouse TXRH 196.19 1.71 Verizon VZ 40.40 -0.04 s Zillow C Z 74.35 -1.44
AlexandriaRlEst ARE 108.33 -3.03 Cameco CCJ 54.41 2.33 t EnphaseEnergy ENPH 60.09 -3.57 NICE NICE 192.89 0.82 RestaurantBrands QSR 67.37 -0.50 Textron TXT 86.94 -1.16 VertexPharm VRTX 490.00 -11.72 s Zillow A ZG 71.99 -1.21
JD.com JD 36.10 -2.92
Alibaba BABA 91.78 -3.64 CampbellSoup CPB 44.24 -0.52 EnsignGroup ENSG 149.11 -2.48 JPMorganChase JPM 239.56 0.27 NIO NIO 4.58 -0.48 RevolutionMed RVMD 59.33 -1.27 ThermoFisher TMO 540.75 -6.17 Vertiv VRT 123.81 -2.99 ZimmerBiomet ZBH 109.94 0.48
AlignTech ALGN 219.09 -6.15 CIBC CM 64.45 -0.06 Entegris ENTG 106.33 2.03 NRG Energy NRG 92.66 -1.62 Revvity RVTY 120.35 -0.29 ThomsonReuters TRI 169.50 0.15 Viatris VTRS 12.93 -0.16 ZionsBancorp ZION 59.69 -0.37
Jabil JBL 132.91 -2.61
Allegion ALLE 141.87 -1.56 CanNtlRlwy CNI 111.57 -0.07 Entergy ETR 149.23 -1.12 JackHenry JKHY 177.11 0.05 NVR NVR 9114.26-135.00 t RexfordIndlRealty REXR 41.41 -1.35 3M MMM 130.35 -2.65 s Viking VIK 45.85 1.41 Zoetis ZTS 173.96 -2.19
AlliantEnergy LNT 59.93 0.01 CanadianNatRscs CNQ 33.76 -0.46 EnterpriseProd EPD 30.43 -0.14 JacksonFinl JXN 109.96 -3.33 NXP Semicon NXPI 224.79 -2.25 RioTinto RIO 61.20 -1.40 s Toast TOST 39.43 1.48 VinFastAuto VFS 3.98 0.09 s ZoomVideo ZM 86.32 0.74
AllisonTransm ALSN 118.46 -1.55 CdnPacKC CP 76.89 -0.51 Equifax EFX 267.77 -3.23 Nasdaq NDAQ 79.13 -0.53 Rivian RIVN 10.58 -0.46 TollBros TOL 151.83 -5.54 Visa V 309.85 -0.48 Zscaler ZS 209.04 9.50
JacobsSolns J 147.11 0.23
Allstate ALL 198.10 0.58 CapitalOne COF 186.79 -3.42 Equinix EQIX 903.02 -10.48 JamesHardie JHX 31.79 -0.90 Natera NTRA 135.12 1.15 Robinhood HOOD 33.00 0.20
s CardinalHealth CAH 123.51 1.87 Equinor EQNR 22.52 -0.29 NationalGrid NGG 62.90 -1.24 Roblox RBLX 54.38 -0.18
AllyFinancial ALLY 36.66 -0.89 JefferiesFinl JEF 74.32 0.28
AlnylamPharm ALNY 268.95 -10.87 Carlisle CSL 453.04 -2.16 Equitable EQH 48.55 -0.64 NatWest NWG 9.98 -0.26 RocketCos. RKT 15.54 -0.21
JNJ 152.64 -2.40
BANKRATE.COM® MMA, Savings and CDs
J&J
Alphabet A GOOGL 181.62 1.27 Carlyle CG 52.27 -1.03 EquityLife ELS 72.24 -0.27 NetApp NTAP 120.92 -1.01 Rockwell ROK 277.88 0.06
JohnsonControls JCI 85.16 -1.44
Alphabet C GOOG 183.32 1.35 CarMax KMX 76.69 -0.09 EquityResdntl EQR 73.05 -0.45 NetEase NTES 78.47 0.86 t RogersComm B RCI 35.79 -0.05
JonesLang JLL 266.44 -6.76
AltairEngg ALTR 104.00 ...
s Carnival CCL 24.59 -0.01 ErieIndemnity ERIE 417.55 -4.41 s Netflix NFLX 819.50 14.06 RoivantSciences ROIV 11.64 -0.17
JuniperNetworks JNPR 38.53 -0.31
Altria MO 54.44 0.51 Carnival
s CUK 22.24 0.01 EssentialUtil WTRG 39.05 -0.40 KB Financial KB 65.05 -1.14 Neurocrine NBIX 127.01 -0.16 Roku ROKU 76.62 -0.50 Average Yields of Major Banks Tuesday, November 12, 2024
Amazon.com AMZN 208.91 2.07 CarpenterTech CRS 176.70 -2.11 EssexProp ESS 300.81 -3.33 KBR KBR 71.51 -0.51 NewOrientalEduc EDU 58.11 -1.88 Rollins ROL 51.08 0.36
Ambev ABEV 2.22 0.02 CarrierGlobal CARR 75.44 -0.85 t EsteeLauder EL 62.74 -1.85 KE Holdings BEKE 20.40 -0.82 NYTimes A NYT 55.18 0.31 RoperTech ROP 564.77 -0.37 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
AMCR 10.19 -0.12 Carvana CVNA 246.75 -3.31 EvercoreA EVR 307.05 -8.60 RossStores ROST 140.31 -2.05
Amcor
Amdocs DOX 92.71 -0.15 CaseysGenStores CASY 417.06 6.09 Everest EG 368.71 -0.71
KKR KKR 153.16 -2.74 Newmont NEM 41.58 -0.75
NewsCorp B NWS 32.22 0.40 RoyalBkCanada RY 123.89 -0.15
National average
Catalent CTLT 59.25 -0.21
KLA KLAC 664.78 -1.25
s AmerSports AS 19.97 -0.61 s Evergy EVRG 63.68 0.40 Kaspi.kz KSPI 113.85 1.76 NewsCorp A NWSA 29.33 0.10 s RoyalCaribbean RCL 237.42 2.60 Savings 0.44 0.47 0.49 1.60 1.50 1.60 1.39 1.20 1.13
AEE 92.03 -0.27 Caterpillar CAT 393.01 -3.53
s Ameren EversourceEner ES 60.57 -0.52 s Kellanova K 81.03 -0.07 NextEraEnergy NEE 74.26 -1.65 RoyalGold RGLD 141.32 -2.21 Jumbos 0.80 0.48 0.49 1.64 1.50 1.68 1.48 1.31 1.24
AmericaMovil AMX 15.21 -0.09
t Celanese CE 75.71 -2.90 ExactSciences EXAS 50.16 -1.17 RoyaltyPharma RPRX 26.00 -0.36
t
AmerAirlines AAL 13.91 -0.25 Celestica CLS 84.06 -0.57 Exelixis EXEL 35.85 -0.34
s Kenvue KVUE 23.65 -0.13 Nike
NiSource
NKE 76.66 0.06
NI 35.95 -0.27 RyanSpecialty RYAN 71.65 -0.04
Weekly change
s Cencora COR 248.79 -0.30
KeurigDrPepper KDP 33.34 0.14
AEP AEP 92.96 -1.55 Exelon EXC 38.16 -0.24 KeyCorp KEY 19.18 -0.07 Nokia NOK 4.50 -0.06 Ryanair RYAAY 45.47 -0.88 Savings -0.03 0.00 0.01 -0.02 -0.01 -0.01 0.00 -0.02 0.02
AmerExpress AXP 288.51 -4.46 CenovusEnergy CVE 15.74 -0.29 ExpandEnergy EXE 95.58 -0.16 KeysightTech KEYS 161.21 -2.53 Nomura NMR 5.88 -0.01 SAP SAP 234.47 -1.39 Jumbos 0.02 0.00 0.00 -0.02 -0.01 -0.01 0.00 -0.02 0.01
s AmericanFin AFG 143.50 1.29 Centene
t CNC 58.60 -2.15 Expedia EXPE 182.00 -2.32 S&P Global SPGI 503.47 -3.79
KimberlyClark KMB 132.14 -1.12 Nordson NDSN 257.61 -3.60
AmHomes4Rent AMH 37.33 -0.08 CenterPointEner CNP 30.44 0.38 ExpeditorsIntl EXPD 118.75 -0.79 s KimcoRealty KIM 24.68 -0.38 NorfolkSouthern NSC 267.45 -3.66 SBA Comm SBAC 219.60 -0.59
AIG AIG 74.86 -0.52 CentraisElBras EBR
t
AmerTowerREIT AMT 193.72 -2.36 CharlesRiverLabs CRL 215.94
6.18 -0.10
-4.75
ExtraSpaceSt EXR 162.56 -2.92
ExxonMobil XOM 120.35 -0.12
s KinderMorgan KMI 27.18 -0.09
Kinetik KNTK 56.15 -1.37
NorthernTrust NTRS 106.95 0.20
NorthropGrum NOC 531.39 -2.31
SEI Investments SEIC 80.81 -0.53
SK Telecom SKM 22.16 -0.06
Consumer Savings Rates
AmerWaterWorks AWK 132.43 -1.57 CharterComms CHTR 392.00 -4.04
F5 FFIV 244.00 1.33 SS&C Tech SSNC 74.30 -0.54 Below are the top federally insured offers available nationwide according to Bankrate.com's
KinrossGold KGC 9.50 0.05 s NorwegCruise NCLH 27.87 0.05
Ameriprise AMP 561.31 -2.69 CheckPoint CHKP 177.81 -0.45 s FTAI Aviation FTAI 161.45 -3.23 KinsaleCapital KNSL 471.96 -4.24 Novartis NVS 104.92 -0.75 Saia SAIA 545.73 -12.37
s Ametek AME 194.00 2.43 Chemed CHE 565.54 3.49
Fabrinet FN 258.85 -12.08 Klaviyo KVYO 36.53 1.44 NovoNordisk NVO 107.06 -2.03 s Salesforce CRM 341.15 -0.58 weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
AMGN 298.84 -22.97 CheniereEnergy LNG 214.08 -0.80 52.34 -0.18 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
s Samsara IOT
Amgen FactSet FDS 484.27 2.42 Knight-Swift KNX 56.45 -2.43 s NuHoldings NU 15.84 -0.05
CheniereEnerPtrs CQP 49.80 -0.58
Amphenol APH 71.99 -1.42
AnalogDevices ADI 219.55 -0.92 Chevron CVX 155.29 -1.21
s FairIsaac
Fastenal
FICO 2348.10 -1.90
FAST 83.50 -0.85
Philips
KoreaElecPwr KEP
PHG 25.96 -0.50
7.64 -0.27
Nucor
Nutanix
NUE 153.89 -5.17
NTNX 72.24 0.38
Sanofi SNY 50.14 -0.48
SareptaTherap SRPT 114.32 -3.52 High yield savings
Chewy CHWY 32.96 -0.56 Schlumberger SLB 44.33 0.04 Bank
AngloGoldAsh AU 24.63 -0.48 FederalRealty FRT 113.65 -1.21 KraftHeinz KHC 32.00 -0.53 Nutrien NTR 46.99 -1.84 Yield Bank Yield
AB InBev BUD 56.00 -1.07 Chipotle CMG 60.49 1.22 SchwabC SCHW 78.19 0.34 Phone number
t FedEx FDX 287.27 -2.52 Kroger KR 59.68 0.08 nVentElectric NVT 75.97 -1.16 Minimum (%) Phone number Minimum (%)
Chubb CB 282.89 2.19 s Sea SE 107.65 10.19
AnnalyCap NLY 19.48 -0.35 FergusonEnts FERG 205.83 -2.86 LKQ LKQ 38.39 -0.97 NVIDIA NVDA 148.29 3.03
ChunghwaTel CHT 37.70 -0.25 STX 99.80 -2.04 Money market account
AnteroResources AR 31.16 -0.51 Ferrari RACE 437.12 -15.34 LPL Financial LPLA 317.24 -0.69 Seagate Six-month CD
Aon AON 383.66 0.28
Church&Dwight CHD 107.99
ChurchillDowns CHDN 141.28
0.28
-0.60
Ferrovial FER 38.64 -0.67 L3HarrisTech LHX 261.72 -2.50 O P Q Sempra SRE 92.20 0.08
DollarSavingsDirect (5 ) $1 5.00 Bank5 Connect (3) $500 4.85
APi Group APG 36.96 0.09 FidNatlFinl FNF 61.05 0.87 Labcorp LH 244.26 0.34 SentinelOne S 27.71 0.53
ApolloGlblMgmt APO 163.75 -3.00
Ciena CIEN 70.93 -1.12
FidNatlInfo FIS 87.62 -1.10 LamResearch LRCX 75.70 -0.47
s OGE Energy OGE 43.32 -0.45 ServiceIntl SCI 86.17 -0.34 (866) 395-8693 (508) 679-8551
Cigna CI 339.87 -3.19 s ONEOK OKE 107.82 -1.22 s ServiceNow NOW 1048.29 12.28 Forbright Bank (0 ) $1 5.00 FinWise Bank (U) $500 4.75
AppFolio APPF 235.26 1.79 FifthThirdBncp FITB 47.17 -0.03 LamarAdv LAMR 128.94 -1.10
CincinnatiFinl CINF 151.18 0.01 ON Semi ON 70.23 0.27 SN 101.71 -2.56 (800) 550-0159
Apple AAPL 224.23 ...
Cintas CTAS 224.73 0.62
FirstCitizBcshA FCNCA 2175.45 -17.62 LambWeston LW 80.40 -0.59 SharkNinja (801) 545-6000
s AppliedIndlTechs AIT 273.88 -1.32 FirstHorizon FHN 19.88 -0.15 s O'ReillyAuto ORLY 1236.85 8.33 Shell SHEL 65.57 -1.27 Quontic Bank (0 )
CiscoSystems CSCO 58.71 0.08 LasVegasSands LVS 49.26 -1.38
OccidentalPetrol OXY 50.29 -0.52 $100 5.00 Amerant Bank (4) $10,000 4.75
ApplMaterials AMAT 186.61 -1.95 FirstSolar FSLR 182.26 -11.57 s Leidos LDOS 201.27 -0.12 SherwinWilliams SHW 383.67 -5.58
AppLovin APP 289.03 2.60
Citigroup C 69.02 -0.78
FirstEnergy FE 41.50 -0.22 Lennar A LEN 166.18 -6.12
Okta OKTA 78.22 -0.23 Shift4Paymts FOUR 99.12 -5.79 (800) 908-6600 (305) 629-1707
CitizensFin CFG 46.42 -0.06 OldDomFreight ODFL 226.32 -5.52 ShinhanFin SHG 39.38 -0.86 One-month CD
Aptargroup ATR 175.70 -0.45
CleanHarbors CLH 260.63 -2.47
FirstService FSV 187.08 0.39 Lennar B LEN.B 157.27 -7.39
s OldRepublic ORI 37.44 0.35 s Shopify SHOP 108.92 18.93
One-year CD
Aptiv APTV 56.38 0.45 Fiserv FI 214.06 -0.80 LennoxIntl LII 616.08 -14.38
Clorox CLX 164.79 -0.26 OmegaHealthcare OHI 40.97 -0.42 s SimonProperty SPG 178.22 -3.12 State Bank of India California (5) $1,000 0.50 FinWise Bank (U) $500 4.59
Aramark ARMK 38.02 -0.66 Flex FLEX 37.96 -1.08 s LeonardoDRS DRS 36.13 -0.79
Cloudflare NET 90.91 -2.32 Omnicom OMC 103.83 -0.57 SiriusXM SIRI 27.16 -0.28 (877) 707-1995 (801) 545-6000
ArcelorMittal MT 24.34 -1.00 Floor&Decor FND 101.59 -2.67 LiAuto LI 22.61 -1.72
Coca-Cola KO 63.20 -0.16 s OnHolding ONON 52.62 -0.09 SkechersUSA SKX 60.76 -0.25 Lone Star Bank (5)
ArchCapital ACGL 101.12 0.62
CocaColaCon COKE 1236.17 15.30 Fluor FLR 48.50 -1.32 LibertyBroadbandC LBRDK 97.62 -0.84 $1,000 0.20 GTE Financial Credit Union (U) $500 4.59
ADM ADM 51.43 -0.93 FlutterEnt FLUT 248.17 -2.84 OntoInnovation ONTO 174.75 0.12 t Skyworks SWKS 87.04 -0.94
Coca-ColaEuro CCEP 76.90 -0.16 LibertyBroadbandA LBRDA 96.75 -1.02
Oracle ORCL 189.58 0.45
(713) 358-9400 (888) 871-2690
AresMgmt ARES 170.50 -0.88 t FomentoEconMex FMX 93.14 -3.06 s LibertyLiveA LLYVA 65.46 5.26 t SmithAO AOS 73.14 -1.96
argenx ARGX 593.95 5.01
CognizantTech CTSH 81.74 0.24 Orix IX 111.50 0.56 Smith&Nephew SNN 24.58 -0.16 Presidential Bank, FSB (3) $1,000 0.10 Goldwater Bank (3) $500 4.50
Coherent COHR 104.00 -0.67 FordMotor F 11.10 -0.13 LibertyFormOne C FWONK 80.96 -0.45
AristaNetworks ANET 395.55 -1.76 s Fortinet FTNT 99.15 1.97 s LibertyLiveC LLYVK 67.19 4.71
OtisWorldwide OTIS 99.73 -1.79 Smucker SJM 111.98 -1.67 (800) 799-1424 (480) 281-8200
CoinbaseGlbl COIN 319.13 -5.11 Ovintiv OVV 41.97 -0.72 SmurfitWestrock SW 50.66 -1.65
Arm ARM 139.92 -2.05 Fortis FTS 44.25 -0.05
SNAP 11.26 -0.70 Two-month CD Two-year CD
ColgatePalm CL 91.50 -0.46 LibertyFormOne A FWONA 74.98 -0.33
AspenTech AZPN 246.08 -2.60 Fortive FTV 75.05 -1.11 OwensCorning OC 190.67 -2.79 Snap
Comcast A CMCSA 44.04 -0.16 Light&Wonder LNW 102.50 -1.05
Assurant AIZ 212.29 1.56 FortuneBrands FBIN 76.20 -2.16 PDD PDD 113.80 -3.35 s Snap-On SNA 360.35 -1.50 State Bank of India California (5) $1,000 4.75 First National Bank of America (4) $1,000 4.29
Comerica CMA 70.00 -0.78 EliLilly LLY 818.86 -13.58
AsteraLabs ALAB 90.75 -1.50 s FoxA FOXA 46.90 1.11
s PG&E PCG 21.19 0.10 Snowflake SNOW 125.46 1.96 (877) 707-1995 (800) 968-3626
ComfortSystems FIX 463.03 -3.67 LincolnElectric LECO 214.54 -3.74
AstraZeneca AZN 65.19 0.40 s FoxB FOX 43.65 1.15
s PNC Finl PNC 211.04 1.33 SOQUIMICH SQM 37.03 -1.16
CommerceBcshrs CBSH 72.26 0.32 Linde LIN 455.59 -0.85
t POSCO PKX 53.83 -1.63 SoFiTech SOFI 13.82 -0.29
Lone Star Bank (5) $1,000 0.20 Goldwater Bank (3) $500 4.25
Atlassian TEAM 245.28 -0.57 Franco-Nevada FNV 114.97 -2.86 t Lineage LINE 65.61 -1.14
s AtmosEnergy ATO 146.82 0.71
SABESP SBS 16.51 0.55
FranklinRscs BEN 21.47 -0.10 LithiaMotors LAD 370.57 -12.42
PPG Ind PPG 121.75 -3.53 Solventum SOLV 70.70 -0.83 (713) 358-9400 (480) 281-8200
ConagraBrands CAG 27.68 -0.06 s PPL PPL 33.24 -0.22 Sony SONY 18.67 -0.45 Presidential Bank, FSB (3) $1,000 0.10 Quorum Federal Credit Union (0) $1,000 4.25
AuroraInnov AUR 5.40 -0.06 FreeportMcM FCX 43.60 -1.30 s LiveNationEnt LYV 129.67 5.87
Confluent CFLT 27.70 0.33 PTC PTC 192.92 -1.17 SouthState SSB 108.37 -2.61 (800) 799-1424
Autodesk ADSK 309.73 -4.16
ConocoPhillips COP 110.64 -1.41 FreseniusMedCare FMS 21.21 -0.18 LloydsBanking LYG 2.74 -0.06 (800) 874-5544
s ADP ADP 307.91 1.13 FrontierComms FYBR 34.15 -0.24 Paccar PCAR 116.79 0.36 Southern SO 87.71 -0.62
LockheedMartin LMT 565.96 -4.62
AutoZone AZO 3175.72 2.32
ConEd ED 97.04 -1.44
FullTruck YMM 8.48 -0.42 Loews L 82.97 -0.24
PackagingCpAm PKG 239.81 -1.68 SoCopper SCCO 102.70 -2.06 Three-month CD Five-year CD
ConstBrands A STZ 238.29 2.09 PalantirTech PLTR 59.85 -0.39 SouthwestAir LUV 32.03 -0.62 Quontic Bank (0)
Avalonbay AVB 230.21 -2.00 LogitechIntl LOGI 77.29 -1.49 $500 4.95 Goldwater Bank (3) $500 4.00
ConstellationEner CEG 228.70 -8.57
Avangrid AGR 35.84 ... G H I PaloAltoNtwks PANW 398.02 -0.08 s Spotify SPOT 419.39 9.20
s SproutsFarmers SFM 146.07 -0.44 (800) 908-6600 (480) 281-8200
Cooper COO 102.00 -1.55 Lowe's LOW 269.90 -4.61
Avantor AVTR 21.79 -0.51 ParkerHannifin PH 699.32 -8.83
Copart CPRT 57.18 0.43 lululemon LULU 320.90 2.44
AveryDennison AVY 202.54 -2.04 GE Aerospace GE 182.64 -1.92 Parsons PSN 112.96 -0.35 StandardAero SARO 29.32 -0.58 State Bank of India California (5) $1,000 4.75 Synchrony Bank (5) $0 4.00
Core&Main CNM 42.26 -0.47 GE HealthCare GEHC 84.92 -0.47 LumenTech LUMN 9.23 -0.89
AxaltaCoating AXTA 39.60 -0.59 Paychex PAYX 148.00 -0.73 StanleyBlackDck SWK 87.48 -2.72 (877) 707-1995 (800) 677-0718
CorebridgeFin CRBG 30.68 -0.29 GE Vernova GEV 323.71 -25.73 LyondellBasell LYB 83.60 -1.37
AxonEnterprise AXON 595.18 -20.96 PaycomSoftware PAYC 228.89 1.19 Stantec STN 82.24 -0.72 Bank5 Connect (3) $500 4.75 Amerant Bank (4) $10,000 4.00
Corning GLW 48.32 -0.60
t BCE BCE 27.69 -0.16
BHP Group BHP 52.60 -0.93
Corpay CPAY 374.48 1.33
GFLEnvironmental GFL 44.27 0.02
GSK GSK 35.52 -0.83
M N Paylocity
s PayPal
PCTY 212.85
PYPL 86.40
1.68
-0.54
Starbucks SBUX 98.80 -1.51
StateStreet STT 95.19 -1.36
(508) 679-8551 (305) 629-1707
Corteva CTVA 57.13 -1.39 Gallagher AJG 295.27 2.55 Macom Tech MTSI 131.86 -2.63 Pearson PSO 15.44 -0.16 SteelDynamics STLD 144.35 -3.45
BILL BILL 89.01 3.12
s
BJ'sWholesale BJ 89.05 -0.57
CoStar
Costco
CSGP 75.41
COST 932.38
-0.46
-0.50
GameStop GME 26.84 -0.42 M&T Bank MTB 213.23 -1.41 PembinaPipeline PBA 41.44 0.04 Stellantis STLA 13.30 -0.29 High yield jumbos - Minimum is $100,000
t BP BP 28.16 -0.76 Gaming&Leisure GLPI 49.16 -0.07 MGM Resorts MGM 36.75 0.03 PenskeAuto PAG 161.08 0.16 Steris STE 222.73 0.87
BWX Tech BWXT 126.93 0.42
CoterraEnergy CTRA 25.21 -0.20 Gap GAP 21.90 -0.46 MPLX MPLX 46.00 -0.29 Pentair PNR 104.08 -1.55 StifelFinancial SF 116.36 -1.13 Money market account Six-month CD
Coupang CPNG 24.51 0.41 Garmin GRMN 213.58 1.02 MSCI MSCI 602.64 5.39 Penumbra PEN 236.22 -5.85 STMicroelec STM 27.15 0.29
BXP BXP 79.03 -2.93
Baidu BIDU 84.80 -3.48
Crane CR 177.00 -1.73 Gartner IT 550.66 1.70 MagnaIntl MGA 44.17 -0.17 PepsiCo PEP 164.34 0.08 s Stryker SYK 387.11 8.25 Vio Bank (4) 4.90 Bank5 Connect (3) 4.85
Credicorp BAP 187.49 1.99 s GenDigital GEN 30.53 0.16 (888) 999-9170 (508) 679-8551
s BakerHughes BKR 43.67 -0.44
CrowdStrike CRWD 343.50 1.08 Generac GNRC 190.32 -4.79 NorthernBankDirect,adiv ofNorthernBank TrustCompany(4) 4.75 FinWise Bank (U) 4.75
Ball BALL 60.63 0.32
CrownCastle CCI 102.25 -1.85 GeneralDynamics GD 312.05 -1.86
BBVA BBVA 9.44 -0.28 (844) 348-8996 (801) 545-6000
BancoBradesco BBDO 2.15 0.07
BancodeChile BCH 23.12 0.02
Crown Holdings CCK 93.99
CubeSmart CUBE 47.80
-0.08
-0.75 s
GeneralMills GIS
GeneralMotors GM
64.26 0.16
57.41 -0.25
Dividend Changes VirtualBank,adivisionofFirstHorizonBank(4) 4.50 Amerant Bank (4) 4.75
t BancSanBrasil BSBR 4.55 -0.05
Cullen/Frost CFR 140.98 -2.04 Genmab GMAB 22.47 -0.73 (877) 998-2265 (305) 629-1707
Cummins CMI 355.08 -3.35 Genpact G 46.67 0.01 Amount Payable /
BcoSantChile BSAC 19.21 -0.23
BancoSantander SAN 4.66 -0.13
Curtiss-Wright CW 385.64 -3.85 GenuineParts GPC 122.70 0.34 Company Symbol Yld % New/Old Frq Record
One-month CD One-year CD
CyberArkSoftware CYBR 300.76 6.20 GileadSciences GILD 94.35 -2.68 State Bank of India California (5) 0.50 GTE Financial Credit Union (U) 4.85
BankofAmerica BAC 45.86 -0.22
BankMontreal BMO 94.09 ... D E F GitLab GTLB 59.95 -0.20 Increased (877) 707-1995 (888) 871-2690
BankNY Mellon BK 77.95 -0.73 GlobalPayments GPN 116.36 0.95 STRATS Sers 2006-1 P&G GJR 6.0 .1126 /.11255 M Nov15 /Nov14 Lone Star Bank (5) 0.20 FinWise Bank (U) 4.59
BankNovaScotia BNS 53.96 -0.10 DTE Energy DTE 120.07 0.34 GlobalFoundries GFS 42.09 -0.61
(713) 358-9400 (801) 545-6000
Barclays BCS 13.22 -0.26 DT Midstream DTM 99.76 -0.06 Globant GLOB 235.22 1.39 Reduced
BarrickGold GOLD 17.02 -0.38 Danaher DHR 239.60 -3.65 GlobeLife GL 110.35 1.32 Presidential Bank, FSB (3) 0.10 Credit One Bank, NA (0) 4.55
FR STRATSs 2006-2 GS Grp GJS 6.8 .1152 /.12344 M Nov15 /Nov14
BaxterIntl BAX 33.83 -0.39 Darden DRI 167.08 -2.17 GlobusMedical GMED 83.42 1.43
Prospect Capital PSEC 12.6 .045 /.06 M Dec19 /Nov26 (800) 799-1424 (877) 825-3242
BectonDicknsn BDX 231.27 -3.34 Datadog DDOG 123.41 1.05 s GoDaddy GDDY 187.23 4.10
BeiGene BGNE 193.64 -11.40 DaVita DVA 158.04 3.56 GoldFields GFI 14.02 -0.45 Stocks Two-month CD Two-year CD
s BellRing BRBR 71.78 0.46 Dayforce DAY 78.96 -0.70 GoldmanSachs GS 592.59 -9.75 State Bank of India California (5) 4.75 Goldwater Bank (3) 4.25
BentleySystems BSY 49.40 0.70 DeckersOutdoor DECK 177.63 0.55 s Grab GRAB 4.89 0.51 Arista Networks ANET 4:1 /Dec04
DBV Technologies ADR DBVT 1:5 /Nov29 (877) 707-1995 (480) 281-8200
Berkley WRB 60.40 -0.02 Deere DE 393.75 -8.90 Graco GGG 88.12 -0.96
Grainger GWW 1208.34 -12.59 Hyperscale Data GPUS 1:35 /Nov25 Lone Star Bank (5) 0.20 Quorum Federal Credit Union (0) 4.25
BerkHathwy B BRK.B 466.29 -1.07 DellTechC DELL 136.47 -2.04
BerkHathwy A BRK.A 700700475.99 s DeltaAir DAL 64.05 0.49 GraphicPkg GPK 29.10 -0.29 InMed Pharmaceuticals INM 1:20 /Nov15 (713) 358-9400 (800) 874-5544
BestBuy BBY 90.20 0.91 s DescartesSystems DSGX 115.17 -0.49 GpoAeroportuar PAC 176.98 -1.41 Presidential Bank, FSB (3) 0.10 Merrick Bank (5) 4.20
Bilibili BILI 21.08 -1.67 DeutscheBank DB 16.76 -0.43 GpoFinGalicia GGAL 54.75 0.94 Foreign (800) 799-1424 (866) 638-6851
Bio-Techne TECH 74.41 -0.28 DevonEnergy DVN 38.34 -0.62 Guidewire GWRE 195.55 -0.07 BPP 5.75% Pfd. 3 Cl A BPYPN 10.0 .35938 Q Dec31 /Dec02
Bio-RadLab A BIO 364.53 -1.42 DexCom DXCM 74.34 4.03 HCA Healthcare HCA 350.53 -7.46 Brookfield Prop 6.5% Pfd. BPYPP 9.8 .40625 Q Dec31 /Dec02 Three-month CD Five-year CD
t Biogen BIIB 168.28 -3.75 Diageo DEO 119.68 -0.91 HDFC Bank HDB 62.14 -2.38 Brookfield Prop Pfd. 2 A BPYPO 9.7 .39844 Q Dec31 /Dec02 Quontic Bank (0) 4.95 Goldwater Bank (3) 4.00
BioMarinPharm BMRN 66.13 -0.24 DiamondbkEner FANG 179.91 0.78 HP HPQ 37.11 -0.56
HSBC HSBC 44.62 -0.70
Caledonia Mining CMCL 4.5 .14 Q Dec06 /Nov22 (800) 908-6600 (480) 281-8200
BioNTech BNTX 106.32 -2.41 Dick's DKS 198.79 0.31
Birkenstock BIRK 45.52 -1.19 DigitalRealty DLR 180.79 -2.06 H World HTHT 35.93 -0.82 Highway Holdings HIHO 8.1 .05 Q Dec24 /Dec12 State Bank of India California (5) 4.75 Credit One Bank, NA (0) 4.00
BlackRock BLK 1036.35 -17.49 DiscoverFinSvcs DFS 177.77 -3.62 Haleon HLN 9.28 -0.23 ICL Group ICL 3.6 .0133 Q Dec18 /Dec04 (877) 707-1995 (877) 825-3242
Blackstone BX 180.66 -2.50 Disney DIS 100.99 0.13 Halliburton HAL 30.19 0.06 Icon Energy ICON 15.4 .085 Q Dec27 /Dec16 Bank5 Connect (3) 4.75 Synchrony Bank (5) 4.00
BlockHR HRB 59.96 -1.29 s DocuSign DOCU 82.47 1.25 s HamiltonLane HLNE 196.90 -4.72 Petroleo Brasileiro ADR PBR 16.3 .23159 Mar27 / (508) 679-8551 (800) 677-0718
Block SQ 87.25 3.85 t DollarGeneral DG 75.12 -1.17 HartfordFinl HIG 117.90 0.20 Petroleo Brasileiro ADR A PBR.A 17.5 .23159 Mar27 /
BlueOwlCapital OWL 22.84 -0.36 t DollarTree DLTR 62.27 1.06 Hasbro HAS 63.42 -0.73 Primo Brands PRMB 1.3 .09 Q Dec05 /Nov22 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
t Boeing BA 145.17 -3.79 DominionEner D 57.03 -1.12 s HealthEquity HQY 100.20 -0.07 compounding and rate stated for the lowest required opening deposit to earn interest. CD
Booking BKNG 5022.92 -42.48 Domino's DPZ 440.60 -6.27 HealthpeakProp DOC 21.79 -0.56 Note: Dividend yields as of 3:30 p.m. ET
Heico HEI 263.52 0.05 Sources: FactSet; Dow Jones Market Data figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
BoozAllen BAH 181.45 -1.95 Donaldson DCI 77.55 -0.50
s BostonSci BSX 88.72 0.24 s DoorDash DASH 176.49 1.54 Heico A HEI.A 205.25 -0.75 which may be checks. Rates are subject to change.
BristolMyers BMY 59.02 -0.80 Dover DOV 202.35 -2.23 HenrySchein HSIC 67.46 -0.83 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
BritishAmTob BTI 35.24 0.09 t Dow DOW 45.04 -1.23 Hershey HSY 181.50 2.99 spin-off. Internet: www.bankrate.com

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
FIDZroLgCpIx 21.46 -0.05 27.4 OTC 21.70 +0.09 32.0 EqInc 26.88 -0.19 18.8 Growth 112.53 +0.68 30.0 MuHYAdml 10.73 ... 3.5 TgtRe2060 53.26 -0.43 NA
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. GlexUSIdxInstPre 15.11 -0.25 7.3 Puritn 25.56 -0.14 19.9 LgCpGwth 80.97 +0.10 34.6 LgCapGow I 87.53 +0.59 33.1 MuIntAdml 13.62 -0.01 1.7 TgtRet2055 57.82 -0.46 NA
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s GrowthCompanyK6 31.11 +0.01 38.6 SAIUSMinVolIndFd 22.80 -0.06 22.1 JPMorgan R Class MidCap 112.96 -0.78 12.9 MuLTAdml 10.89 -0.01 2.0 TgtRetInc 13.67 -0.08 NA
apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- IntlIdxInstPrem 49.68 -0.86 5.3 SAIUSQtyIdx 22.36 +0.03 27.3 CoreBond 10.20 -0.05 2.3 R2030 27.02 -0.17 12.9 MuLtdAdml 10.87 -0.01 2.6 Welltn 47.21 -0.17 NA
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes LgCpGwId InstPre 39.00 +0.03 32.2 SrsBlChGroRetail 19.58 +0.03 37.2 CorePlusBd 7.19 -0.04 3.1 Putnam Funds Class A MuShtAdml 15.79 ... 2.9 WndsrII 50.16 -0.32 17.9
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete MidCpInxInstPrem 36.13 -0.27 20.7 SrsEmrgMkt 19.17 -0.36 10.6 Lord Abbett I PutLargCap p 38.24 -0.30 NA PrmcpAdml r 183.58 -2.15 17.4 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not SAIUSLgCpIndxFd 24.76 -0.07 26.9 SrsGlobal 14.87 -0.24 7.4 ShtDurInc p 3.86 -0.01 4.8 Putnam Funds Class Y RealEstatAdml 133.38 -1.83 9.7 ExtndIstPl 372.82 -3.98 22.2
tracked. NS-Fund didn’t exist at start of period. SeriesBondFd 8.93 -0.05 1.6 SrsGroCoRetail 26.76 +0.02 37.4 Metropolitan West PutLargCap 38.26 -0.30 NA SmCapAdml 121.29 -1.46 19.9 IdxIntl 19.62 -0.31 7.0
SeriesOverseas 14.12 -0.26 8.9 SrsIntlGrw 18.61 -0.36 8.6 TotRetBdI 8.97 -0.07 NA Schwab Funds SmGthAdml 102.23 -1.16 20.8 MdCpGrAdml 113.40 -0.50 20.6
SerLTTreBdIdx 5.46 -0.09 -4.0 SrsIntlVal 12.78 -0.25 9.5 TRBdPlan 8.41 -0.07 NA 1000 Inv r 129.67 -0.43 NA STBondAdml 10.12 -0.02 NA MdCpVlAdml 88.78 -0.73 20.1
Tuesday, November 12, 2024 SmCpIdxInstPrem 29.87 -0.54 19.4 TotalBond 9.49 -0.05 2.7 MFS Funds S&P Sel 92.75 -0.27 NA STIGradeAdml 10.31 -0.02 4.4 SmValAdml 90.73 -1.14 19.1
Net YTD Net YTD Net YTD TMktIdxInstPrem 166.03 -0.64 26.3 Fidelity SAI IIE 34.98 -0.71 6.2 TSM Sel r 102.21 -0.40 NA STIPSIxAdm 24.45 -0.05 4.3 TotBd2 9.43 -0.05 1.5
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TotalMarketIndex 20.99 -0.08 26.3 TotalBd 8.99 -0.05 3.0 MFS Funds Class I TIAA/CREF Funds TotBdAdml 9.55 -0.06 1.5 TotIntlInstIdx r 131.25 -2.10 7.1
TtlIntIdxInstPr 14.06 -0.22 6.9 U.S.TreBdIdx 8.70 -0.04 0.9 GrowthI 227.59 +0.16 32.5 BdIdxInst 9.56 -0.05 1.7 TotIntBdIdxAdm 19.92 -0.07 2.9 TotItlInstPlId r 131.28 -2.10 7.1
AB Funds Artisan Funds LgCo 39.74 -0.11 26.8 USBdIdxInstPrem 10.29 -0.06 1.5 Fidelity Selects EqIdxInst 42.48 -0.17 26.2 TotSt 144.20 -0.55 26.0
MuniIncmShares 11.26 -0.01 5.0 IntlVal Inst 49.62 -0.76 9.0 US CoreEq1 44.75 -0.19 25.2 Fidelity Advisor I ValueI 55.44 -0.31 18.0 TotIntlAdmIdx r 32.82 -0.53 7.1
Semiconductors r 35.32 -0.11 45.6 Natixis Funds IntlEqIdxInst 23.02 -0.40 5.3
TotStAdml 144.23 -0.56 26.2
VANGUARD INSTL FDS
AB Funds - ADV Baird Funds US CoreEq2 40.09 -0.19 24.6 Total Bd 9.48 -0.05 2.7 Tech 38.33 +0.29 34.4 LrgCpGrIdxInst 68.53 +0.04 32.2 BalInst 50.72 -0.22 NA
LgCpGrAdv 118.30 +0.09 27.5 AggBdInst 9.76 -0.05 2.1 US Small 52.19 -0.68 18.6 Fidelity Freedom InvGradeBdY 9.82 -0.06 2.9 TxMCapAdml 308.97 -0.90 26.1
First Eagle Funds LSGrowthY 31.06 +0.01 33.7 VANGUARD ADMIRAL DevMktsIndInst 15.92 -0.25 5.0
American Century Inv CorBdInst 10.11 -0.05 2.7 US SmCpVal 51.85 -0.68 16.7 FF2030 TxMIn r 15.90 -0.24 5.1
18.35 -0.17 11.3 GlbA 73.04 -0.74 15.8 Northern Funds 500Adml 552.82 -1.57 26.9 DevMktsInxInst 24.89 -0.38 5.1
Ultra 96.91 +0.25 30.0 BlackRock Funds US TgdVal 36.54 -0.46 15.9 Freedom2030 K 18.34 USGroAdml 193.72 +0.45 32.1
-0.17 11.3 Franklin A1
StkIdx 61.54 -0.17 NA
BalAdml 50.71 -0.22 NA ExtndInst 151.07 -1.61 22.2
American Funds Cl A HiYBlk 7.18 -0.02 8.5 USLgVa 52.60 -0.40 19.8 Freedom2035 K 16.37 IncomeA1 2.41 -0.01 8.9 CAITAdml 11.39 -0.01 1.8
ValAdml 69.33 -0.55 21.1
-0.16 13.3 Old Westbury Fds GrwthInst 210.42 +0.23 32.0
AmcpA 46.15 -0.14 23.4 HiYldBd Inst 7.18 -0.02 8.4 Dodge & Cox Freedom2040 K 12.11 -0.13 15.9 FrankTemp/Frank Adv CapOpAdml r 210.79 -2.49 17.6 WdsrllAdml 89.00 -0.56 18.0
InPrSeIn 9.39 -0.06 NA
AMutlA 59.79 -0.36 18.6 BlackRock Funds III Balanced 110.00 -0.94 12.2 Idx2030InsPre 20.95 LrgCpStr 21.32 -0.07 22.8 WellsIAdml 63.22 -0.47 7.5
-0.17 11.0 IncomeAdv 2.39 -0.01 9.1 DivAppIdxAdm 54.71 -0.30 19.9 InstIdx 492.97 -1.40 26.9
BalA 36.68 -0.22 15.8 iShS&P500IdxK 701.71 -2.00 26.9 GblStock 16.51 -0.28 10.7 Idx2035InsPre 24.21 Parnassus Fds WelltnAdml 81.52 -0.29 NA
-0.20 12.9 FrankTemp/Franklin A EMAdmr 38.21 -0.68 12.6 InstPlus 492.97 -1.40 26.9
BondA 11.22 -0.06 1.3 BlackRock Funds Inst Income 12.56 -0.08 2.7 Idx2040InsPre 25.56 ParnEqFd 67.15 +0.02 22.1 WndsrAdml 82.29 -0.47 14.9
-0.22 15.3 DynaTech A 177.72 +0.86 32.9 EqIncAdml 97.68 -0.84 18.4 InstTStPlus 102.70 -0.39 26.2
CapIBA 72.48 -0.77 11.6 StratIncOpptyIns 9.48 -0.03 4.8 Intl Stk 52.74 -1.17 7.3 Idx2045InsPre 26.92 PGIM Funds Cl Z VANGUARD FDS
-0.24 16.3 Growth A 150.66 -0.10 22.8 ExplrAdml 120.50 -1.33 16.7 MidCpInst 75.73 -0.49 20.4
CapWGrA 68.53 -0.76 15.3 TotRet 9.84 -0.06 NA Stock 285.17 -2.32 20.9 Idx2050InsPre 26.97 RisDv A 101.45 -0.28 15.5
TotalReturnBond 11.91 -0.08 3.0
ExtndAdml 151.08 -1.61 22.2 DivdGro 41.24 -0.07 12.9
-0.24 16.3 MidCpIstPl 373.51 -2.41 20.4
EupacA 57.63 -0.86 7.8 Calamos Funds DoubleLine Funds PIMCO Fds Instl IntlVal 41.74 -0.83 3.4
Fidelity Invest Guggenheim Funds Tru GroIncAdml 114.88 -0.23 28.0 SmCapInst 121.29 -1.45 19.9
FdInvA 88.30 -0.59 25.1 MktNeutI 15.01 -0.01 6.8 TotRetBdI 8.73 -0.04 2.9 Balanc 30.43 -0.09 17.8 TotRtnBdFdClInst 23.62 -0.14 3.2 AllAsset 11.16 -0.11 NA GrwthAdml 210.41 +0.24 32.0 LifeGro 47.15 -0.36 NA SmCapIstPl 350.09 -4.19 19.9
GwthA 82.11 -0.30 30.0 CausewayInst Edgewood Growth Instituti BluCh 225.48 +0.35 37.5 Harbor Funds TotRt 8.54 -0.05 NA HlthCareAdml r 90.66 -1.45 5.8 LifeMod 33.59 -0.24 NA STIGradeInst 10.31 -0.02 4.5
HI TrA 9.82 -0.03 9.1 CausewayInst 20.39 -0.44 4.2 EdgewoodGrInst 53.74 +0.14 22.9 BluChpGr K6 36.60 CapApInst 125.14 +0.12 29.7 PIMCO Funds A HYCorAdml r 5.46 -0.01 6.3 PrmcpCor 37.10 -0.41 16.9 STIPSIxins 24.47 -0.04 4.3
+0.02 37.1
ICAA 62.84 -0.24 26.2 Columbia Class I Federated Hermes Int Contra 22.11 +0.01 37.5 Harding Loevner IncomeFd 10.56 -0.05 4.6 InfProAd 23.05 -0.14 NA STAR 29.56 -0.21 NA TotBdInst 9.55 -0.06 1.5
IncoA 25.92 -0.24 12.9 DivIncom I 35.59 -0.16 18.6 TtlRtnBdI 9.43 -0.04 2.2 ContraK 22.19 +0.01 37.6 IntlEq 26.93 -0.54 3.8 PIMCO Funds I2 InfTechIdx 318.89 +0.42 29.4 TgtRe2020 29.13 -0.17 NA TotBdInst2 9.43 -0.05 1.5
N PerA 66.01 -0.71 18.1 Dimensional Fds Fidelity CpInc 10.31 -0.03 11.4 JHF III DispVal Income 10.56 -0.05 4.8 IntlGrAdml 114.49 -0.99 12.5 TgtRe2025 20.30 -0.13 NA TotBdInstPl 9.55 -0.06 1.5
NEcoA 68.21 -0.49 26.4 EmgMktVa 31.02 -0.58 8.3 500IdxInstPrem 208.04 -0.59 26.9 GroCo 43.68 +0.04 36.8 DispValMCI 31.97 -0.29 16.8 PIMCO Funds Instl ITBondAdml 10.20 -0.05 NA TgtRe2030 39.70 -0.28 NA TotIntBdIdxInst 29.89 -0.10 2.9
NwWrldA 81.93 -1.09 9.2 EmMktCorEq 23.97 -0.44 8.9 Contrafund K6 31.64 +0.01 37.4 InvGrBd 9.96 -0.06 2.3 John Hancock IncomeFd 10.56 -0.05 4.9 ITIGradeAdml 8.63 -0.05 3.5 TgtRe2035 25.04 -0.18 NA TotStInst 144.26 -0.56 26.2
SmCpA 70.61 -1.11 6.6 IntlCoreEq 15.78 -0.24 5.4 ExtMktIdxInstPre 95.44 -1.02 22.3 LowP 44.64 -0.48 12.5 BondR6 13.46 -0.08 2.6 Price Funds LarCapAd 138.68 -0.36 27.0 TgtRe2040 44.99 -0.33 NA ValueInst 69.33 -0.54 21.1
TxExA 12.45 -0.01 2.3 IntSmCo 19.87 -0.32 5.0 FidSer5 7.60 -0.07 1.1 Magin 15.87 ... 32.9 JPMorgan I Class BlChip 203.79 +0.84 36.5 LTGradeAdml 7.76 -0.10 -0.4 TgtRe2045 30.84 -0.24 NA WCM Focus Funds
WshA 65.48 -0.43 21.0 IntSmVa 22.44 -0.34 8.1 FidSerToMarket 19.77 -0.08 26.3 NASDAQ 245.59 -0.22 29.2 CoreBond 10.18 -0.06 2.1 DivGro 82.81 -0.36 17.8 MidCpAdml 342.83 -2.22 20.4 TgtRe2050 51.81 -0.42 NA WCMFocIntlGrwIns 25.54 -0.32 12.2
THE WALL STREET JOURNAL. Wednesday, November 13, 2024 | B11

MARKETS & FINANCE

Bitcoin Approaches $90,000 as It STOCK SPOTLIGHT

Shopify season and said it expects

Hits New High; Bond Yields Rise

The online-retail services more growth in 2025.
company reported better- Shares jumped 4.7%.
than-expected quarterly
revenue and said growth Bayer
could be even higher in the The German drugmaker and
A rise in government bond Index performance on Tuesday key fourth quarter. The agrochemicals company cut
yields put a pause on a vigor- Elsewhere: company’s U.S.-listed shares its annual outlook, following
0.2%
ous stock rally that propelled  Benchmark Treasury yields rocketed 21%. a bigger-than-expected
major indexes to records in climbed to 4.43%, after the 10- quarterly loss. Shares
recent sessions. year yield settled at 4.307% Fri- Honeywell slumped 15%.
0
U.S. stocks edged lower af- day. Bond markets were closed Activist investor Elliott
ter the S&P 500, the Dow Nasdaq Monday for Veterans Day. Management disclosed a Meta Platforms
Jones Industrial Average and Composite more than $5 billion stake in The social-media company
–0.2
Nasdaq Com-  Bitcoin rose 2.8% to $89,525, a the conglomerate and plans to give Instagram and
TUESDAY’S posite hit S&P 500 new high. The cryptocurrency is recommended it split up its Facebook users in Europe the
MARKETS fresh highs on
–0.4
up 17% over the past three days, aerospace and automation option of receiving “less
Monday. its sharpest rise in a three-day businesses. Honeywell shares personalized ads,” in a
The S&P 500 notched its period since March 2023. closed up 3.9%. concession to regulators.
first decline since Election Shares rose 0.3%.
–0.6
Day, which triggered a roaring  Chinese stocks fell, with Hong Tesla
rally across stocks and crypto- Kong’s Hang Seng Index sliding The electric-vehicle maker’s
currencies. The S&P 500 and –0.8
2.8%. Japan’s Nikkei 225 and the shares declined 6.2%, after WEDNESDAY'S EVENTS:
technology-heavy Nasdaq Stoxx Europe 600 declined. rallying on Monday. The stock The consumer-price index for
slipped 0.3% to 5983.99 and —Angus Berwick has soared since Donald October is due at 8:30 a.m. It
Dow Jones Industrial Average
0.1% to 19281.40, respectively. –1.0 Five-minute intervals and Gunjan Banerji Trump’s election win; Chief is expected to show a 2.6%
The Dow lost 0.9% to close at Executive Elon Musk has increase from a year earlier,
43910.98. 10 a.m. 11 noon 1 p.m. 2 % 4 been a key ally of the according to surveyed
Stock investors have Source: FactSet
AUCTION RESULTS president-elect. economists. In September,
Here are the results of Tuesday's Treasury auctions.
seemed giddy about the pros- All bids are awarded at a single price at the market- CPI rose 2.4%, while the core
clearing yield. Rates are determined by the difference
pect of another Donald Trump concerns about inflation, investors say. between that price and the face value. Tyson Foods figure, which excludes volatile
presidency, with major in- which some economists say Still, the euphoria that has The company’s quarterly food and energy, rose 3.3%.
dexes just finishing their best could worsen under a Trump swept markets over the past Applications
13-Week 26-Week
$240,069,182,000 $203,296,822,100
adjusted earnings and sales October’s core CPI is also
week of the year. administration. week was evident in other Accepted bids $88,365,982,600 $78,546,902,100 topped forecasts. Shares expected to rise 3.3%.
The bond market has been Many investors are also ex- corners of trading. Bitcoin " noncomp
" foreign noncomp
$2,383,731,700 $1,815,307,500
$75,000,000 $150,000,000
rallied 6.6%.
sending a different signal. The pecting bigger government notched a new peak near Auction price (rate) 98.882722 97.821056
yield on the 10-year Treasury deficits in coming years, $90,000 Tuesday. Individual (4.420%)
4.532%
(4.310%)
4.467%
Live Nation Entertainment EARNINGS EXPECTED:
note edged up to 4.430% Tues- which could put further up- investors are flooding back to Bids at clearing yield accepted 79.62% 71.04% The Ticketmaster parent Cisco Systems are
day, up from 4.307% Friday. ward pressure on bond yields. the crypto exchange-traded 912797MK0 912797LB1 reported better-than-
The yield climb in recent At some point, that could funds that launched early this Both issues are dated Nov. 14, 2024. The 13-week bills
expected quarterly earnings
scheduled after the
weeks reflects heightened catch up to the stock market, year.
mature on Feb. 13, 2025; the 26-week bills mature on
May 15, 2025. after a big summer concert closing bell

Bond Market Continues to Hold U.S. 10-year Treasury note

4.8%
Deregulation Hopes Give
Crypto’s ETF Push a Lift
The Gaze of Stock Investors 4.6

BY VICKY GE HUANG news, according to CoinDesk

4.4 data. The token has a market
BY GUNJAN BANERJI sending a different signal. The yields. At some point, that The crypto industry’s plan cap of about $2.6 billion.
yield on the 10-year Treasury could catch up to the stock 4.2 to put smaller and riskier to- After SEC approval, a new
When will stock investors note edged up to 4.43% on market, investors say. kens into exchange-traded class of ETFs directly holding
start paying attention to what Tuesday, up from 4.307% Fri- “The bond market is telling funds is about to kick into high bitcoin and ether launched
the bond market is saying? day. us that inflation is not as 4.0 gear, with firms betting on a earlier this year. New money
That’s one question on The yield climb in recent likely to come down as quickly deregulation wave that could flowing into the funds has
many investors’ minds right weeks reflects heightened as the equity market thinks %.8 mean easier fund approvals. fueled a surge in bitcoin and
now. concerns about inflation, it’s going to come down,” said Crypto asset manager Ca- ether prices.
Stock investors seemed which some economists say Mark Stoeckle, nonexecutive nary Capital Group on Monday Since then, the industry has
giddy about the prospect of a could worsen under a Trump director at Nikko Asset Man- %.6 filed with the Securities and been angling to put smaller
Donald Trump presidency, administration. Many inves- agement. Exchange Commission for a so- and riskier tokens into ETFs,
with major indexes just finish- tors are also expecting bigger The rise in government %.4 called spot HBAR ETF, the first which allow individual inves-
ing their best week of the year government deficits in coming bond yields appeared to weigh June Nov.
filing for such a fund. HBAR, tors to buy the tokens through
and hitting records Monday. years, which could put further on stocks Tuesday, with all the native token of the Hedera brokerage accounts, without
The bond market has been upward pressure on bond three major indexes slipping. Source: Tullett Prebon blockchain, jumped on the going to a crypto exchange.

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B12 | Wednesday, November 13, 2024 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Surging
Defense Stocks
Are Asia’s
Trump Trade JUNG YEON-JE/AFP/GETTY IMAGES

A second Trump presidency is poised to keep

the sector’s shares powering higher
The Korean Peninsula has long an unlikely new winner: South Ko-
been described as a powder keg— rea. The country’s defense con-
one of the most heavily armed tractors stand out for similar rea-
peacetime regions on the planet. sons that Asian manufacturers
Though it is quiet at the moment, have in other manufacturing sec- Shares of South Korea’s Hanwha Aerospace have increased nearly eightfold since the end of 2021.
South Korean defense companies tors: They deliver on time at com-
are benefiting from a global rise in petitive prices. Global military spending* Share-price performance ther after Trump’s re-election.
military spending. A second That is especially important as Japanese defense stocks also
$2.5 trillion 800%
Trump administration could keep European contractors run into red are having their moment, though
the wave going. tape and production bottlenecks at Hanwha Aerospace theirs is more of a domestic affair
Global military spending surged home. South Korea accounted for Hyundai Rotem as the country is boosting its mili-
2.0 600
6.8% year over year in 2023—the 2% of global arms exports between Korea Aerospace Industries tary spending. Shares of Mitsubi-
steepest increase since 2009, ac- 2019 and 2013, compared with shi Heavy Industries have nearly
cording to Stockholm International 1.7% from 2014 to 2018, according tripled this year.
1.5 400
Peace Research Institute or Sipri. to Sipri. U.S. investors might soon have
Russia’s invasion of Ukraine in Poland, with a front-row seat to an easy way to participate in the
2022 sparked a rethinking of secu- the war between Russia and rally. Hanwha Asset Manage-
1.0 200
rity strategies for European coun- Ukraine, placed a $5.8 billion con- ment—a sister company of Han-
tries. Escalating tensions in the tract with South Korean compa- wha Aerospace—filed to launch an
Middle East have given further nies for tanks and howitzers in exchange-traded fund in the U.S.
0.5 0
impetus for countries to bolster 2022. Korea started delivering tracking Korean defense stocks. A
their arsenals. some of those weapons and is ex- similar fund listed in Korea gained
And now Donald Trump’s re- pected to complete the delivery in 84% this year.
0 –200
turn to the White House could be the next couple of years. It has Valuations have certainly gotten
yet another catalyst. subsequently signed more pur- 2010 ’15 ’20 ’2% 2022 ’2% ’24 more expensive: Hanwha Aero-
Despite his calls for peace in chase agreements for weapons *At constant 2022 prices and exchange rates space trades at 22 times forward
Ukraine and the Middle East, this from jet fighters to rocket launch- Sources: Stockholm International Peace Research Institute (spending); FactSet (performance) earnings compared with its five-
may not necessarily reduce mili- ers. Korean firms secured orders year average of 13 times, accord-
tary spending—especially when from other countries, including der howitzers and Chunmoo Morgan expects exports, which ing to S&P Global Market Intelli-
tensions likely will remain in these Romania and Peru. rocket launchers, have risen nearly usually command higher margins, gence. But for investors looking to
regions. He also is expected to Those manufacturers’ stock eightfold since the end of 2021. to make up 30% to 50% of sales for go on the offensive, the explosive
keep up pressure on NATO allies prices have gone ballistic as a re- Shares of Hyundai Rotem, maker Korean defense companies, com- growth of Korean defense stocks is
to increase military spending. sult. Shares of Hanwha Aero- of the K2 Black Panther tank, have pared with between 5% and 18% in hard to resist.
Global rearmament has created space, which produces K9 Thun- tripled over the same period. JP- 2022. These stocks have risen fur- —Jacky Wong

What the NFL Draft Can Teach Live Nation Pins Hopes
Investors About Big Pharma On Friendlier Regulation
Few would think professional
sports leagues and the drug-devel- Lots of companies and indus- ter demand overwhelmed the
opment industry have much in com- tries are expecting a friendlier Ticketmaster system.
mon. When it comes to building up regulatory environment under the Donald Trump’s victory in last
a pipeline, though, there is a strik- new Trump administration. Live week’s election raised hopes that
ing similarity with valuable insights Nation Entertainment might the new administration will be
for executives on the prowl for have the most riding on it. more apt to deal.
deals. The parent company of Ticket- In Live Nation’s earnings call
On Monday, shares of AbbVie, master saw its shares rise nearly Monday night, Chief Financial Of-
the maker of arthritis drug Humira, 5% on Tuesday after reporting ficer Joe Berchtold stressed that
plunged 13%, the most in five years, better-than-expected revenue and it is still early in the transition
after its schizophrenia drug failed in operating earnings for the third process.
a pair of studies. The news sent quarter. The company pointed to “But absolutely we are hopeful
Bristol-Myers Squibb, which re- a strong pipeline of big concerts that we’ll see a return to the
cently won approval for a rival for next year—countering con- more traditional antitrust ap-
BRIAN L. FRANK FOR WSJ

schizophrenia treatment, surging cerns that the post-Covid burst proach where the agencies have
10.5%. seen last year created a peak that generally tried to find ways to
By big pharma standards, these would be hard to match going solve problems they see with tar-
were massive moves that in one fell forward. Wall Street expects Live geted remedies, that minimize
swoop crowned Bristol-Myers the Nation’s total reve- government inter-
runaway leader in a nascent field of AbbVie shares plunged after its schizophrenia drug failed in a pair of studies. nue to rise only 4% vention in the mar-
antipsychotics targeting the musca- this year but pick up ketplace,” Berchtold
rinic pathway. Seen one way, it was Share-price performance In a widely cited paper, econo- to 13% growth next There’s hope of said.
an epic failure for AbbVie. The drug mists Cade Massey and Richard year, according to Many analysts
was the crown jewel of its $8.7 bil-
10%
Thaler showed that sports teams FactSet estimates. ‘a return to the agree. “We believe
lion purchase of Cerevel, an invest- Bristol-Myers Squibb tended to overvalue higher-round But the more more traditional the new Republican
ment that Wall Street now seems to draft picks. Every team wants to pressing matter at administration will
consider lost given the more than
5
pick the buzzy prospects that are hand is the federal antitrust take a fresh look at
$35 billion that was wiped off the
pharma company’s market value. In
expected to get selected early, but
their analysis showed that the mar-
government’s con-
tinuing effort to
approach.’ the DOJ suit, with a
higher likelihood of
0
any other industry, a multibillion- ket tends to place too high a value break the company settling and extend-
dollar bet with potentially no return on those picks. They were on aver- up. The Justice De- ing the consent de-
would be seen as a disaster for –5 age overpaid relative to their even- partment sued Live Nation this cree,” wrote Jed Kelly of Oppen-
management, causing executives to tual NFL performance, while lower year, accusing the company of an- heimer.
become gun-shy in terms of deal- picks tended to be better bargains. ticompetitive behavior in how it Curry Baker of Guggenheim
making. –10 In the world of drugs, big pharma runs its ticketing business with said in his note to clients that
But Jared Holz, a health strate- companies naturally also want the its concert promotion arm that “we believe there is the chance of
gist at Mizuho, suggests the analogy AbbVie best possible assets. But executives owns many large venues. Wall a rational settlement being
to sports drafts is helpful in temper- –15 have to weigh the chances of failure Street analysts thought a full reached under new DOJ leader-
ing both pessimism for AbbVie and, against the expectations already breakup was unlikely, but the un- ship,” while Peter Supino of Wolfe
Nov. 6 7 8 11 12
by extension, enthusiasm for Bris- priced into the stock. An early draft certainty cast a further pall on Research in his report said that
tol. Source: FactSet pick still has much higher odds of Live Nation’s stock that was suf- the risk of a break-up “should be
Big pharma companies, whose making a contribution to the team fering from Covid-era concert lower under a Trump administra-
blockbuster drugs eventually face a certain element of luck. The key, compared with a late one. Likewise, shutdowns and an embarrassing tion.”
generic competition, are unique in says Holz, is being prepared for bets a drug in midstage clinical trials debacle in late 2022, when Taylor Live Nation’s stock is now up
the business world in having to con- to fail. with some promising early data Swift had to cancel ticket sales to 10% since last week’s election.
stantly acquire biotech companies “Every year the Giants have such as the one AbbVie bet on has her then upcoming Eras tour af- —Dan Gallagher
to replenish their drug pipelines. In seven picks, and maybe one of those far better chances of reaching mar-
addition to in-house research and guys winds up being good. The ket than one in preclinical trials. Share-price and index performance, past three years
development, they simply can’t af- other six you never hear from There is no shame in AbbVie get-
Taylor Swift WSJ reports
ford to stop doing deals year after again,” says Holz. “But the fan bases ting it wrong. The difference is that %0% cancels ticket sale DOJ will sue
year. Due to the binary nature of are usually forgiving because a year a mistake at this stage hurts a lot
clinical trials, some of those bets later you get to do it again. You more. Holding out for even more 20
turn into blockbusters while others have to keep going.” certainty—the equivalent of going to
fail miserably. The last thing any management the free agent market—ups the 10
It is a game of probabilities that team should do is take their foot off price: Bristol spent $14 billion for a
S&P 500
mirrors the draft-picking process in the pedal—but that doesn’t mean company with a similar drug that 0
sports leagues like the National there aren’t lessons to be learned. had already made it through clinical
Football League and the National Given the uncertainty of draft picks testing. –10
Basketball Association. Every year and biotech investments, leadership But as in sports, big pharma
teams have an opportunity to build teams have to balance two key ele- bosses should be careful not to let –20
up their pipelines of new talent as ments: price and probability of suc- buzz influence their decision about
Live Nation
older players retire or get traded. In cess. The higher the price, the more what is worth investing in. Some- –%0
both C-suites and front offices, ex- certainty a sports team or a pharma times, an earlier-stage drug that
ecutives do their best to predict— executive should demand of the isn’t yet hyped up holds more value. –40
based on data and management’s choice they are making. At a lower After all, superstar Tom Brady was
2022 ’2% ’24
gut instincts—what is going to be price point, less certainty is accept- famously the 199th pick in the 2000
successful in the future. But there is able. draft. —David Wainer Source: FactSet