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* * * * * * FRIDAY, MARCH 23, 2018 ~ VOL. CCLXXI NO. 68 WSJ.com HHHH $4.00
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What’s Trump Confronts China on Trade

News Moves would tighten
technology transfers,
$60 billion of imports and
tighter restrictions on acquisi-
tions and technology transfers,
At a White House ceremony,
the president signed a memo-
randum, citing Section 301 of
and recycled aluminum and
steel pipes. The country’s
Commerce Ministry said the
Stocks
hit about $60 billion
Business & Finance in Chinese imports
came in response to what it
said were Chinese efforts to
obtain U.S. technology through
the Trade Act of 1974, in-
structing the government to
respond to Chinese practices.
penalties are being imposed in
response to U.S. tariffs on Chi-
nese steel and aluminum prod-
Plummet
T he Dow tumbled
724.42 points, or 2.9%,
BY BOB DAVIS
intimidation, state-financed ac-
quisition and subterfuge.
The move followed previ-
Specific actions won’t occur
for at least one month, which
the administration hopes will
ucts, which it said violate
global trade rules.
The ministry warned of ad-
On Tariff,
to 23957.89, driven down
by trade-war fears and
concerns about tech com-
WASHINGTON—President
Donald Trump sought to re-
write the rules of global trade
ously announced tariffs on
global imports of steel and
aluminum, which take effect
push China to make conces-
sions as it contemplates a sub-
stantial cutoff in trade.
ditional action against the
U.S.’s latest proposed penalties
on Chinese goods.
Rate Fears
panies, economic growth on Thursday with a long- on Friday, although the admin- In a warning shot, China on The Trump administration BY MICHAEL WURSTHORN
and interest rates. Trea- pledged offensive against China. istration is negotiating exemp- Friday unveiled plans for tar- also released a report accusing AND AKANE OTANI
sury prices rallied. A1, B11 The administration’s actions, tions on those duties for many iffs against $3 billion in U.S. Beijing of undermining U.S.
including a threat of tariffs on of its closest allies. imports, from fruit to pork Please see TRADE page A2 Trade-war fears, along with
The top three U.S. banks
broader concerns about technol-
by assets added more than
$2.4 trillion in domestic de- Stocks fell broadly Thursday after President Trump moved to ogy companies and the outlook
reduce China's trade surplus with the U.S., with shares of certain for economic growth and inter-
posits over the past 10 years,
est rates, intensified Thursday,
cementing their dominance. A1 companies down sharply. sending the Dow Jones Indus-
Mon. Thurs. Mon. Thurs.
AT&T traded legal jabs Consumer goods U.S. imports trial Average tumbling more
with the Justice Department from China than 700 points and adding to
as the trial began over the Capital goods 2017 Century Caterpillar fears that stocks could be
telecom giant’s planned (except cars)
Aluminum –6.1% headed for a larger reckoning.
purchase of Time Warner. B1 $505.6B Thursday’s selling, which
Industrial –19.5%
supplies/materials since Friday sent shares of manufacturers,
Zuckerberg said Face-
aluminum producers and steel-
book’s probe into handling of Cars, parts, engines makers sharply lower, culmi-
user data will help identify
nates months of growing inves-
and deter bad actors but won’t Foods, feed, tor anxiety over U.S. trade
uncover all abuse. B1, B4 beverages US Steel Boeing policy. It came as many say the
Uber’s test operator in Other goods –13.7% –3.3% market was already under pres-
the self-driving car that sure, gripped by concern over
killed an Arizona woman rising interest rates and sliding
Percentage change, year to date
was a felon with a history technology shares.
.
Nasdaq +3.8%
of traffic citations. B1, B5 S&P 500 –1.1% Trade tensions ratcheted
ly
Dow Industrials –3.1% higher as the Trump administra-
Steve Wynn has sold his
U.S. exports tion said it would impose tariffs
entire stake in Wynn Resorts,
to China on tens of billions of dollars of
the company said, the final on 2017 Please see STOCKS page A2
step in his dramatic exit. B1
Dropbox priced its IPO at $129.14B
JONATHAN ERNST/REUTERS
$21 a share, above the al-

ready increased range. B11
Spending Bill
us l,
The Trump administration Is Approved

has issued a policy change
al a
e
that could drive up prices Jan. Feb. March
Congress adopts $1.3 trillion
of certain biologic drugs. B1 spending bill, averting a
ci on
Sources: Commerce Department (imports/exports); WSJ Market Data Group (markets) government shutdown...... A2
Pershing Square cashed President Donald Trump took steps Thursday to impose tariffs on imports from China, as well as restrict technology transfers.
out of its Nike holding, mak-
ing some $100 million. B3
Credit-reporting firms
Bolton Tapped to
er rs
TransUnion, Equifax and Ex-

perian plan to delete tax liens
from consumers’ reports. B3
Best Buy plans to stop Be Security Adviser
m e
selling phones in the U.S.

made by China’s Huawei. B4
BY REBECCA BALLHAUS third national security adviser
m rp
FABIOLA FERRERO FOR THE WALL STREET JOURNAL
World-Wide in 14 months.
President Donald Trump Mr. Bolton, who won’t need
named former Ambassador Senate confirmation, has been
Trump launched a trade John Bolton his new national a controversial figure in
offensive against China, in- security adviser, succeeding Lt. Washington and has pressed
co Fo
cluding a threat of tariffs Gen. H.R. McMaster. the White House to take
on $60 billion of imports “I am pleased to announce tougher positions on Iran and
and tighter restrictions on that, effective 4/9/18, @Amb- North Korea in editorials, tele-
acquisitions and technology JohnBolton will be my new Na- vision commentary and other
transfers. China unveiled tional Security Advisor,” Mr. conversations.
plans for tariffs against Trump tweeted Thursday. “I In a Fox News interview
$3 billion in U.S. imports. A1 am very thankful for the ser- Thursday evening, Mr. Bolton
The president formally vice of General H.R. McMaster seemed taken aback by the
approved temporary exclu- who has done an outstanding news of his appointment. “I re- A man forages for food in a Caracas, Venezuela, garbage bin, as the economic downturn worsens.
sions from metal tariffs for job & will always remain my ally didn’t expect the an-
six nations and the EU. A2 friend. There will be an official nouncement this afternoon,”
Officials are signaling
that they have cleared a road-
block on thorny auto-indus-
contact handover on 4/9.”
The 69-year-old Mr. Bolton,
the former U.S. ambassador to
he said. “I think I still am a Fox
News contributor,” he added.
Mr. Trump last week con-
With Venezuela in Crisis,
n-
try issues in Nafta talks. A18

The president named
Bolton, a former U.S. am-
the United Nations under Presi-
dent George W. Bush, has
openly discussed his interest in
veyed his decision to replace
Gen. McMaster to John Kelly,
Please see BOLTON page A6
Food Is a Political Weapon
bassador to the U.N., as taking the national-security
no
post in the Trump administra- Top Trump lawyer in Russia

national security adviser
tion. He will be the president’s probe quits.................................. A4
to succeed McMaster. A1 Nicolás Maduro’s government uses scarce rations to pressure voters
The Senate passed a $1.3
trillion spending bill early SANTA RITA, Vene- her state job and bene-
Friday, acting to avert a gov- zuela—Sara Meza is By Ryan Dube, Kejal Vyas fits—especially the
ernment shutdown with less just the kind of voter and Anatoly Kurmanaev monthly bags of rice,
than 24 hours to spare. A2 Venezuela’s opposition corn flour and other
Trump’s lead lawyer in could once count on at the ballot box. subsidized food she says keeps her family
the Russia investigation quit A 32-year-old teacher, she’s fed up with alive. She also plans to vote for Mr. Maduro
after the hiring of an attor- President Nicolás Maduro’s government. in the May 20 presidential election
ney expected to take a more Her salary has fallen to the equivalent of $2 “If I didn’t vote, there would be trouble, I
JOSHUA ROBERTS/REUTERS
confrontational approach. A4 a month with Venezuela’s currency collapse. was told,” she said in this arid town near
She struggles to feed her 10-year-old son the Colombian border. “They are playing
A U.S.-European rift over and is unable to treat the small tumor on with people’s hunger.”
parts of the Iran nuclear deal her breast because the health-care system Any government would struggle to win
threatens to scuttle efforts is in shambles. elections while presiding over widespread
to preserve the accord. A7 Still, Ms. Meza voted for the ruling So- food shortages, inflation expected to reach
The CIA gave some details cialist Party in recent mayoral elections, 13,000% this year, and an economy falling
John Bolton, President Trump’s pick for national security adviser. fearing that otherwise she would have lost Please see VOTE page A9
about Trump’s pick for direc-
tor, who has spent her career
in clandestine operations. A4
Strikes in France shut
schools and halted trains Largest U.S. Banks Extend INSIDE
amid protests against Ma-
cron’s economic overhauls. A8
The decision to dismiss U.S.
Their Dominance in Deposits
charges against most mem-
bers of the Turkish leader’s BY RACHEL LOUISE ENSIGN combined in 2007. its. By the end of 2017, they
security detail over a Washing- The outsize gain began held 32%, or $3.8 trillion.
ton melee drew criticism. A7 Americans are parking when the trio of lenders—JP- It marks a new phase of
more money with the biggest Morgan Chase & Co., Bank of consolidation in the banking
banks than ever before, ce- America Corp. and Wells industry, one driven first by
AFP/GETTY IMAGES
CONTENTS Opinion.............. A15-17 menting the firms’ domi- Fargo & Co.—did huge deals the acquisitions and then by
Business News B3,5-6 Sports....................... A14
Crossword.............. A13 Streetwise................. B1 nance of the financial indus- during the financial crisis. customers’ attraction to the
Heard on Street. B12 Technology............... B4 try less than a decade after Their heft has continued to digital tools and ubiquitous
Life & Arts...... A12-13 U.S. News............. A2-6 the 2008 crisis. increase in recent years as locations of the biggest
Mansion.............. M1-12 Weather................... A13
Markets............. B11-12 World News. A7-8,18
The three largest U.S. consumers opt to put their banks.
banks by assets have added money at the behemoths over Last year, about 45% of
>
more than $2.4 trillion in do-
mestic deposits over the past
smaller U.S. banks.
While the crisis led many
new checking accounts were
opened at the three national
AT HOME HUMAN
10 years, a 180% increase, ac- to question whether banks banks, even though those ON THE ‘DRIVER’ EYED
cording to a Wall Street
Journal analysis of regula-
had become too large, the
lead of the biggest lenders
lenders had 24% of U.S.
branches, according to re-
RAILROAD IN UBER CRASH
s Copyright 2018 Dow Jones &
tory data. That amount ex- has only widened. At the end search by consulting firm No-
Company. All Rights Reserved ceeds what the top eight of 2007, the three banks held vantas. Regional and commu- MANSION, M1 BUSINESS & FINANCE, B1
banks had in such deposits 20% of the country’s depos- Please see BANKS page A8
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Friday, March 23, 2018 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
Congress Passes $1.3 Trillion Spending Bill
Approval in Senate frustrated by its impact on the Trump’s border wall. the forest-naming language, in- cal barriers on the border with
deficit. White House officials The bill, which was un- furiating fellow senators. Mr. Mexico and other security
averts government said Thursday that Mr. Trump veiled Wednesday evening, is Risch had battled with Mr. An- measures.
shutdown; Trump would sign it. the first installation of the drus, who once called Mr. Risch Conservatives had said the
The Senate vote was 65-32 two-year agreement reached “one of the most partisan peo- bill spent too little money on
expected to sign and followed House passage last month between congres- ple I’ve ever had to deal with.” the border wall and too much
on Thursday. There were 24 sional leaders and Mr. Trump Mr. McConnell took to the on other policy items.
BY KRISTINA PETERSON Republican senators who to lift federal spending above floor to pass a measure as a House Speaker Paul Ryan
AND SIOBHAN HUGHES voted against the legislation, curbs set in 2011. technical correction that (R., Wis.), who met with Mr.
led by Sen. Rand Paul (R., Ky.), The Senate vote was de- passed without a roll call Trump yesterday to discuss
WASHINGTON—The Senate who complained about voting layed Thursday by objections vote. But the House bill still the bill, defended the bill’s
passed a $1.3 trillion spending just a day after the release of from Mr. Paul, but also one included the language, so it border security funding.
bill early Friday, acting to the 2,232-page measure. from Sen. Jim Risch (R., was unclear how that would “This actually has more wall
SHAWN THEW/EPA-EFE/REX/SHUTTERSTOCK
avert a government shutdown Senate Majority Leader Idaho), who was upset that the be resolved. Mr. McConnell funding, and more wall allot-
with less than 24 hours to Mitch McConnell (R., Ky.) de- measure included language to and other senators pressed ment than the administration’s
spare and bringing to a close a picted the bill as “legislation name an Idaho forest after one Mr. Risch to yield, escorting request had,” Mr. Ryan said.
messy negotiating process over that neither side sees as per- of his nemeses, Cecil Andrus, a him off the Senate floor to “We’re going to be getting a
the sprawling measure. fect, but which contains a host former Democratic Idaho gov- work through the matter pri- down payment and starting on
The bill, which now goes to of significant victories and im- ernor and Carter administra- vately. A spokesperson for Mr. the border security.”
President Donald Trump for portant achievements on be- tion Interior secretary. Mr. Risch didn’t reply to a request The bill passed the House
his signature, would lift mili- half of the American people.” Andrus died last year. for comment, and Mr. Risch with the support of 145 Re-
tary spending by $80 billion Among them, he said, are a Mr. Risch, who is in line to didn’t respond to reporters. publicans and 111 Democrats.
this year and domestic pro- 15% increase in military be the next chairman of the The repeated delays left It was opposed by 90 Republi-
grams by $63 billion, a deci- spending and funding to com- Senate Foreign Relations Com- senators tired and angry. cans and 77 Democrats.
sion lauded by defense hawks bat an opioid epidemic as well mittee, insisted on holding up The bill includes $1.57 bil- —Natalie Andrews Speaker Ryan praised the bill’s
and criticized by lawmakers as a down payment toward Mr. the bill so long as it included lion for construction of physi- contributed to this article. spending on border security.
TRADE [the U.S. Trade Representa-

tive] completes the process,” a
White House official said.
U.S. Trade Representative
Continued from Page One Robert Lighthizer said Thurs-
companies operating in China day in Senate hearings that
through unfair licensing deals the tariffs would probably tar-
and other improper practices. get high-technology industries
“It’s out of control,” said Mr. that China has singled out for
Trump, adding that past efforts development.
to negotiate with China had Yet the target list raises
failed and that the World Trade several difficult questions, crit-
.
Organization was a “disaster” ics said. For one, many in the
ly
and “very unfair” to the U.S. U.S. technology industry worry
Mr. Trump sees confrontation they will face higher costs
as the way to get results, feel- through tariffs, and even face
ing that past administrations on retaliation against their com-
haven’t been tough enough, se- panies doing business in China.
CHINATOPIX/ASSOCIATED PRESS
nior White House officials said. Tariffs on communications
The White House is putting products, “would make it more
together a package of 25% tar- expensive to expand and up-
us l,
iffs on Chinese imports, and grade American communica-

Mr. Trump’s advisers said they tion networks,” said Cinnamon
al a
e
had targeted 1,300 product Rogers, a senior vice president
categories. The president said of the Telecommunications In-
that action could affect im- dustry Association.
ci on
ports of “about $60 billion,” Chinese steel already faces U.S. tariffs. New White House policies would add actions against China. The tariffs also would be
but his advisers, speaking ear- levied without first bringing a
lier, said that it was more Allies Receive gentina, Australia, Brazil, temporary. According to a metal production that has led case to the WTO, which adju-
likely to be $50 billion, or Canada, Mexico, European White House statement, the to an export surge. But nearly dicates trade claims. Trade
roughly 10% of the more than Tariff Exemptions Union nations and South Korea. administration will decide all of Beijing’s exports of steel lawyers are split on whether
er rs
$500 billion the U.S. imported Effectively, that means tariffs whether to extend the exemp- and aluminum to the U.S. are the U.S. has the authority to
from China last year. will apply to three major steel ex- tions based on how negotia- already covered by different do so. But even if it is permit-
The administration says it WASHINGTON—President porters: China, Russia and Japan. tions are progressing. forms of import restrictions. ted under WTO rules, it would
will publish a formal list of Donald Trump formally ap- Political leaders had been fu- “These suspensions are It isn’t clear what the vari- upend the practice of bringing
m e
proposed tariffs in 15 days. U.S. proved temporary exclusions riously lobbying for exclusions based on factors including on- ous countries are pledging to disputes first to the Geneva
industry would get 30 days to from steel and aluminum tariffs before the Friday deadline. The going discussions regarding do to avoid tariffs. The EU, for trade body.
comment on which products until May 1 for six nations and U.S. initially granted them to measures to reduce global ex- instance, has said it wanted to The U.S. also is planning to
m rp
should be selected for tariffs, the European Union. Mexico and Canada as part of cess capacity in steel and alu- join the U.S. in addressing Chi- bring a case to the WTO argu-
said the office of the U.S. Trade Tariffs of 25% on steel im- negotiations to revamp the minum production by address- nese overcapacity. It won a ing that China is favoring do-
Representative. The goal, ac- ports and 10% on aluminum im- North American Free Trade ing its root causes,” it said. temporary exclusion. But Japan mestic companies when it
cording to USTR officials, is to ports go into effect Friday for Agreement. The U.S. is now con- The U.S. has been widely has pledged the same thing comes to licensing. The WTO
keep the pressure on China to nations not covered by exclu- ducting talks on steel and alumi- criticized for proposing to levy and tariffs go into effect on adjudicates trade cases and
co Fo
make changes in its practices, sions. The president late Thurs- num tariffs with other nations. tariffs globally when trade ex- Japanese exports. can authorize countries to as-
while giving U.S. industry a day suspended tariffs for Ar- The exclusions granted are perts blame Beijing for a glut of —Bob Davis sess tariffs when a country
chance to make its case about doesn’t comply with interna-
which tariffs would be espe- tional trade rules.
cially harmful to U.S. industry. the president. “I don’t agree is “now trying to form a com- Beijing contends that it has narrow the trade deficit, it China has been a big target
Mr. Trump has said he with President Trump on a mon front in the dispute improved its protection of in- should ease restrictions on ex- for cases brought by the U.S.,
wants Beijing to come up with whole lot, but today I want to against China,” said Eswar tellectual property and that it ports of U.S. high-technology Japan and the European Union,
a plan to slash the U.S. $375 give him a big pat on the back,” Prasad, a China expert at Cor- is moving fast to further liber- goods to China—precisely the and the U.S. hopes to sign up al-
billion merchandise trade defi- said Senate Minority Leader nell University. alize its economy. It also is opposite of what the U.S. is lies for its planned WTO action.
cit with China by $100 billion. Chuck Schumer (D., N.Y.). Chinese officials complain putting together an additional planning to do. Mr. Trump gave the U.S.
Many trade economists say The aim of the administra- that the U.S. has suspended package of retaliatory mea- The scope and substance of Treasury 60 days to come up
changing trade policies won’t tion’s steel and aluminum tar- formal trade talks and hasn’t sures against the latest U.S. the Chinese imports that will with a specific plan to restrict
have much of an impact. iffs was to get allies to pres- given them a clear idea of tariffs that include its own be targeted by the tariffs has Chinese investment. The U.S.
Rather, trade deficits are con- sure China to reduce its excess what the U.S. wants Beijing to tariffs on soy, sorghum and been a moving target. A White already has made it tough for
n-
trolled by macroeconomic capacity—and exports—in do. “We don’t want a trade live hogs—some of which are House official said that the Chinese firms to invest in the
measures, such as changing those commodities. Those tar- war,” said Chinese Ambassador exported from states that were harm to the U.S. from forced U.S., blocking the purchase of
national spending and saving iffs, though, have split the U.S. to the U.S. Cui Tiankai. “But big supporters of Mr. Trump technology transfer, once esti- a number of U.S. semiconduc-
patterns. and its allies and made Wash- we are not afraid of it. If in the 2016 presidential elec- mated at $30 billion, had been tor firms.
no
The White House’s actions ington the target of criticism, somebody tries to impose a tion. updated to $48 billion. —William Mauldin
did win praise from some Dem- rather than Beijing. trade war on us, we will cer- Chinese officials have also It’s “$50 billion and may be and Rebecca Ballhaus
ocrats who rarely line up with The Trump administration tainly fight back and retaliate.” said that if the U.S. wants to as high as $60 billion once contributed to this article.
STOCKS Trade Trepidation

Shares of Boeing and Caterpillar slumped along with
other manufacturers, pulling the Dow industrials lower.
States Steel sliding $4.26, or
11%, to $34.50.
As stocks across the board fell,
investors sought the safety of as-
companies sent other technol-
ogy shares lower, with Twitter
and Google parent Alphabet los-
ing more than 3% apiece.
of Facebook, Amazon.com, Net-
flix and Alphabet, which are
commonly known by that acro-
nym. “But this could be the first
Continued from Page One 0% sets like gold, the Japanese yen Tech stocks were a major time you see jitters.”
Chinese imports on top of duties Performance, minute by minute and U.S. Treasury bonds. contributor to the indexes’ re- —Daniel Kruger
on steel and aluminum imports, –1 Utilities stocks in the S&P 500, cord-setting year in 2017. Many contributed to this article.
Dow industrials
provoking the ire of officials from thought of as bondlike because of investors worry that their stum-
–2
China to Germany to Mexico. their relatively hefty dividend ble will exacerbate the recent
The stock selloff continued payouts, added 0.4% and were swings in the stock market. THE WALL STREET JOURNAL
–3 (USPS 664-880)
early Friday in Asia with Japan’s the only sector in the broad index The tech sector’s valuation
Boeing (Eastern Edition ISSN 0099-9660)
Nikkei down 3.7% and Hong –4 to finish the day higher. relative to the broader market (Central Edition ISSN 1092-0935)
Kong’s Hang Seng Index and the Gold for March delivery has climbed to its highest since (Western Edition ISSN 0193-2241)
Shanghai Composite each down –5 gained $5.90, or 0.45%, to late 2009, according to Bank of Editorial and publication headquarters:
1211 Avenue of the Americas,
about 3%. $1,326.60 a troy ounce, while the America Merrill Lynch, which New York, N.Y. 10036
–6 Caterpillar
Investors had widely brushed yield on the benchmark U.S. 10- leaves it exposed to any slow- Published daily except Sundays and general
off concerns about trade and ris- 9:30 10 11 noon 1 2 3 4 year Treasury note fell to down in expected earnings or legal holidays. Periodicals postage paid at
ing interest rates until earlier Thursday 2.832% from 2.901% Wednes- disappointing news. New York, N.Y., and other mailing offices.
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and renewed worries among in- 2643.69, sliding back into nega- to $151.58, while airplane giant interest rates. The KBW Nasdaq York, N.Y. 10036. The Journal reserves the right
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market is losing its momentum. the Nasdaq Composite lost 178.61 $319.61, and heavy-machinery slid 4.1%, posting its biggest final acceptance of the advertiser’s order.
“The stakes are getting
higher and larger, and that’s
points, or 2.4%, to 7166.68.
Investors still widely agree
maker Caterpillar shed $8.90,
or 5.7%, to $146.90.
one-day drop since stocks fell
into correction territory Feb. 8. AMPLIFICATIONS Letters to the Editor:
Fax: 212-416-2891; email: wsj.ltrs@wsj.com
what the market is thinking that the global economy looks “It seems like the whole pro- While industrial conglomer-
about,” said Ken Taubes, chief robust. Yet many worry that cess is skewed against success ates and other “old economy” NEED ASSISTANCE WITH
investment officer—U.S. invest- growth could stall if the White for the U.S.,” said Michael Scan- stocks struggled, some of last Tony Romo has a posted YOUR SUBSCRIPTION?
ment management at Amundi House’s trade measures lead to lon, a portfolio manager at Man- year’s best-performing tech golf handicap of +0.3. In a By web: customercenter.wsj.com;
Pioneer. Investors are concerned retaliatory moves by other coun- ulife Asset Management, refer- shares came under pressure. Sports article Thursday about By email: wsjsupport@wsj.com
By phone: 1-800-JOURNAL (1-800-568-7625);
that China will retaliate, leading tries, crimping the global trade ring to the trade tariffs. “Look at Facebook, whose shares have the former Dallas Cowboys Or by live chat at wsj.com/livechat
to “tit for tat” escalations of pol- recovery that has helped power companies in the crosshairs of skidded since the company said quarterback’s exemption to play
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Feb. 8, when they fell into correc- and 10% on aluminum imports cline since August, and United to tighten rules for social-media by calling 888-410-2667.
THE WALL STREET JOURNAL. * * Friday, March 23, 2018 | A3
U.S. NEWS
Newtown Teens Find a New Voice Las Vegas Gunman

BY JOSEPH DE AVILA
It took the Parkland shoot-

Court Signals Shift Video Clip Released
ing for Newtown students to On Student Safety BY ZUSHA ELINSON times gambling, eating at a
get jolted into action. restaurant on the casino floor,
The students from Marjory In the days leading up to and bringing in luggage. Al-
Stoneman Douglas High The California Supreme the deadliest shooting massa- most everything shown in the
School in Parkland, Fla., where Court ruled Thursday that the cre in modern U.S. history, Las footage has been described
a gunman killed 17 people in University of California can be Vegas gunman Stephen Pad- publicly by investigators.
February, have inspired young held liable for failing to pro- dock gambled, and chatted Debra DeShong, spokes-
people across the U.S. with tect a student from an attack with casino and hotel staff woman for MGM Resorts,
their social-media-savvy activ- by a classmate. who helped him carry some of said the footage shows that
ism. Their work has particu- The decision, which comes the 20-plus pieces of luggage “Paddock gave no indication
larly resonated in Newtown, as school shootings have be- he brought into his room, ac- of what he planned to do and
Conn., a community overshad- come more regular occur- cording to surveillance footage his interactions with staff
owed by a similar tragedy. rences across the nation, rep- released Thursday. and overall behavior were all
Jackson Mittleman was in resents a potential signal that The suitcases contained an normal.”
sixth grade in 2012, when a courts expect schools to be arsenal of 22 semiautomatic Michelle Tuegel, an attor-
gunman opened fire at an ele- increasingly proactive to pro- rifles, one bolt-action rifle and ney representing survivors
mentary school in his quiet tect their students. thousands of rounds of ammu- and families of the deceased,
suburban Connecticut town, The court ruled that a for- nition that Paddock used to said on Thursday MGM should
killing 26 students and adults, mer University of California, fire on a crowd of concertgo- have been tipped off by Pad-
including one of his friends. Los Angeles, student who ers from his 32nd-floor hotel dock’s behavior. Ms. Tuegel,
He is one of many Newtown was stabbed by a schizo- suite in the Mandalay Bay Re- who along with other attor-
children who were in elemen- phrenic classmate in 2009 sort & Casino, according to neys is planning to refile law-
tary and middle school during should be able to sue the police. The Oct. 1 massacre suits against MGM, said the
the Sandy Hook Elementary school for failing to protect left 58 dead. number of bags that were
School shooting and are now her. The decision overturns a The selected surveillance weighted down with guns, am-
JENNY WADHWA
coming of age and joining the ruling by a lower court in clips from the week before the munition and tools, as well as
wave of young people across 2015 that UCLA had no duty attack, released by MGM Re- other clues should have raised
the U.S. calling for stronger to protect the student. sorts International, which red flags at Mandalay Bay.
gun laws. —Douglas Belkin owns the Mandalay Bay, show “They had employees who
Jr. Newtown Action Alli- Newtown students are joining protests for stronger gun laws. Paddock on video for the first were handling these unusually
ance, along with its parent or- time. But they offer no clues heavy bags over and over and
ganization, the Newtown Ac- there is a room full of kids.” of what they had felt, it really completely changes a person.” to Paddock’s motive, which re- over,” said Ms. Tuegel. “I
tion Alliance, has rented eight Mr. Mittleman said the stu- galvanized them.” Tommy Murray, a Newtown mains a mystery, and little can don’t think that’s normal in
buses to transport 350 people, dent group had only a handful The Sandy Hook shooting High junior, said the Sandy be detected about his state of Vegas, I don’t think that’s nor-
including up to 250 students, of members at Newtown High had a profound impact on the Hook shooting motivated him mind from the footage. Pad- mal anywhere.”
to Washington, D.C., for Satur- School at the beginning of lives of young people who to join Jr. Newtown Action Al- dock’s dress and demeanor ap- Paddock checked into the
day’s March for Our Lives. 2018, but has grown to about grew up in the tightknit com- liance in his first year of high pear relaxed as he is shown at Mandalay Bay on Sept. 25.
The group is pushing for 100 since the Parkland shoot- munity. Jenny Wadhwa, a ju- school. His mother, Po Murray,
mandatory background checks ing. nior at Newtown High who is also the co-founder of the
for all firearms purchases, a “It especially hit home with was 11 at the time of the Newtown Action Alliance.
.
federal ban on assault-style Newtown,” said Ron Pinciaro, shooting, said the tragedy Mr. Murray said he is frus-
ly
weapons and raising the age former executive director of transformed her perception of trated by the federal govern-
to purchase any gun to 21. Connecticut Against Gun Vio- the world. ment’s inaction on gun laws.
“In the past, we struggled lence, an advocacy group that “It was the first time in my “Nothing has been changed at
to get kids that were inter- lobbies for stronger gun laws. on entire life that I realized that I all,” he said. “That has just
ested,” said Mr. Mittleman, a “When they felt that their had something to be afraid gotten people angry. It’s got-
high-school junior and co- whole generation now under- of,” she said. “After kids were ten more students motivated
chairman of the group. “Now stood something to the effect shot right down the road, that to make a change.”
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San Francisco’s Boom Leads to an Exodus

al a
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BY NOUR MALAS The broader Bay Area is

AND PAUL OVERBERG the most robust metro region
in the nation in terms of pay-
DAVID BUTOW FOR THE WALL STREET JOURNAL
San Francisco is such a roll job growth, according to

boomtown that people are the most recent regional anal-
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leaving in droves. ysis from the University of

In 2016 and 2017, more California-Los Angeles Ander-
people moved out of the San son Forecast, an economic
Francisco-Oakland-Hayward forecaster.
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metropolitan area—an urban Research and development

core of 4.7 million people in a spending in Silicon Valley
broader region known as the grew more between 2014 and
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Bay Area—than moved into it 2016 than similar spending in

from other parts of California other tech hubs, including Se-
or the U.S., according to U.S. attle and Austin, Texas, ac-
census data. The Bay Area has a thriving economy but also high housing costs. cording to the Silicon Valley
In the year that ended July Competitiveness and Innova-
co Fo
1, the region showed a net loss still grew 0.6% last year, but squeezed out—particularly se- tion Project.
of nearly 24,000 residents to that was less than the national nior citizens, workers in At the same time, the cost
the rest of the country, rate of 0.7%. lower-wage jobs in other sec- of living has surged, led by
roughly double the loss of the The ripple effect of explo- tors, and young families look- home prices and rents. Re-
previous year and a sharp re- sive growth is a familiar theme ing for a less expensive start. strictive home-building rules
versal from net annual gains of in Northern California, where “The two things can happen in California held back new TOD’S MEN’S DOCUMENT BAG - $1,995
about 15,000 as recently as the rise of the world’s tech simultaneously: A strong, supply even as the population
2013-14. capital, Silicon Valley, re- thriving, innovative economy, swelled.
Economists said the outflow shaped a vast region. and a housing crisis that “In some ways, given house
is being driven by the high But despite a continued pushes people at the margin, prices, it’s surprising how long 650 MADISON AVENUE
cost of housing in the area, technology boom, the sudden either to keep their jobs but the party has continued,” said
where the average home value outflow of people is raising move outside or move away Brian Brennan, a senior vice NEW YORK CITY - 212 644 5945
in several counties surpasses questions about the sustain- entirely,” said Stephen Levy, president at the Silicon Valley 800-457-TODS
$1 million. Thanks to immigra- ability of growth there. It illus- director of the Center for Con- Leadership Group, a public
n-
tion and more births than trates how people on the mar- tinuing Study of the California policy advocacy group that led SHOP TODS.COM
deaths, the overall population gins of the tech industry are Economy in Palo Alto. the report on competitiveness.
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U.S. NEWS
Top Trump Lawyer in Russia Probe Quits

BY PETER NICHOLAS
AND REBECCA BALLHAUS House Panel Adopts
John Dowd, the lead lawyer Republican Report
representing President Donald
Trump in the special counsel’s
Russia investigation, left the WASHINGTON—The House
legal team on Thursday partly Intelligence Committee adopted
because of the hiring of a new on Thursday a Republican-writ-
attorney who is expected to ten report into Russia’s alleged
take a more confrontational activity in the 2016 presidential
approach, two people close to election, bringing to an end an
the team said. investigation that inflamed par-
Mr. Dowd’s resignation tisan tensions on Capitol Hill.
stunned some of Mr. Trump’s The report concluded Rus-
advisers, who weren’t expect- sia orchestrated a campaign
ing him to depart at a phase of “to sow social discord and to
the investigation that involves undermine the U.S. electoral
sensitive dealings with special process.” It said the panel
counsel Robert Mueller. found no evidence Russia tried
Mr. Dowd has been a central to boost Donald Trump’s
player in negotiating terms of chances of winning the elec-
a possible interview between tion, nor could it find anything
BRENDAN MCDERMID/REUTERS
the Republican president and compromising in the presi-
Mr. Mueller, whose probe in- dent’s business background.
cludes whether Mr. Trump ob- Democrats, who plan to re-
structed justice in firing James lease a dissenting report, said
Comey as Federal Bureau of Congress had failed to to probe
Investigation director to try to a serious offense against the
stop the Russia probe. U.S. democratic process.
Mr. Trump has denied ob- —Byron Tau
structing justice. The negotia- John Dowd declined to say why he is leaving President Donald Trump’s legal team. ‘He was very gracious. I love the guy,’ Mr. Dowd said.
tions over an interview have
recently entered more-ad- was expanding the roster of at- wasn’t leaving because of Mr. out exposing himself to unnec- to step aside in the thick of an dling in the election.
vanced stages, according to a torneys to include Joseph diG- diGenova’s hiring. “That’s his essary risks or legal jeopardy. investigation. With Mr. Dowd’s departure,
person close to the legal team. enova, a former U.S. attorney [the president’s] call,” he said. Mr. Trump has appeared “Whatever is going on behind Mr. Trump’s legal team faces
Mr. Dowd told the president who has said that federal agents Asked his views on joining more receptive to the idea of the scenes, it must be pretty more pressure to hire new
of his move Thursday morn- have sought to frame Mr. Trump Mr. Trump’s legal team, Mr. testifying. When asked Thurs- chaotic—and this will make it lawyers—a step people famil-
ing. “He was very gracious. I for partisan political purposes. diGenova said it was “wonder- day if he was open to speaking more chaotic,” said Peter Hardy, iar with the team’s thinking
love the guy,” Mr. Dowd told Another person close to the ful” to be part of it. to Mr. Mueller, Mr. Trump a former federal prosecutor and said is necessary to help work
The Wall Street Journal. “I re- legal team said the addition of Inside the Trump team, Mr. said: “Yes, I would like to.” a white-collar defense lawyer. through the constitutional,
ally wish him well and I think Mr. diGenova was one of sev- Dowd argued against an inter- Mr. Trump has previously Apart from the obstruction practical and legal consider-
.
he’s got an excellent case.” eral reasons for Mr. Dowd’s view with Mr. Mueller, a per- said he would be willing to inquiry, Mr. Mueller is investi- ations involving the presi-
ly
Mr. Dowd declined to give his departure. In his new role, Mr. son familiar with the matter take part in such an interview, gating whether Mr. Trump’s dent’s possible testimony.
reasons for stepping down. One diGenova was expected to said. That put him at odds but noted the decision would associates colluded with Rus- One difficulty in finding at-
person familiar with the legal work with Mr. Dowd as his with some other legal advisers be up to his lawyers. sia’s alleged effort to interfere torneys to join the team is
team’s thinking said Mr. Dowd equal, according to a person on who believed that under cer- Legal experts said it is un- in the 2016 U.S. election. Mr. that many law firms in Wash-
felt blindsided by the announce- close to the legal team. tain conditions, Mr. Trump usual for an attorney who fig- Trump has denied collusion, ington represent other clients
ment Monday that Mr. Trump Mr. Dowd said Thursday he could give an interview with- ures so prominently in a case and Moscow has denied med- involved in the Russia probe.
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CIA Sheds Some Light on Nominee Democrat Urges Votes

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BY NANCY A.YOUSSEF first was Richard Helms, who sity of Louisville with a degree On Ambassador Picks
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served as the fifth director of in languages and journalism,

As President Donald Central Intelligence, from 1966 according to the agency biog- BY GERALD F. SEIB South Africa, Germany, obvi-
Trump’s nominee for one of the to 1973. raphy. ously—where we do not have
highest profile security posts in Forty-five years later, Ms. Upon leaving college, she A Democratic senator urged an ambassador,” he said.
the world—Central Intelligence Haspel is attempting to move traveled to Massachusetts to fellow lawmakers to stop Democrats, as well as some
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Agency director—Gina Haspel into an unusually public role— work as a contractor for the blocking votes on Trump ad- Republicans, have been block-
keeps a lower profile than al- the first woman to head the U.S. Army’s 10th Special ministration ambassadorial ing votes on a series of Trump
most anyone in the U.S. CIA—while the agency strives Forces Group, which was then nominees, arguing that the ab- administration appointees,
After a career as a CIA clan- to continue protecting ele- based there, working in the li- sence of ambassadors in key sometimes to acquire leverage
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destine officer, little, if any- ments of her decadeslong fur- brary and foreign language countries is hurting diplomacy. over the White House in policy
CIA/ASSOCIATED PRESS
thing, was known about Ms. tive career. lab. Sen. Chris Coons of Dela- disputes and sometimes for
Haspel’s private or public life. She became a spy before There, she ran into a young ware, a member of the Senate reasons that aren’t clear.
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Her hometown, family back- the internet age and remained officer named Michael Vickers, Foreign Relations Committee, President Donald Trump
ground, education, marital stain that secret life for three de- who would eventually become specifically called for a confir- has begun complaining more
tus, interests and other details cades, leaving behind no digi- the undersecretary of defense mation vote on Richard frequently about the holdups.
have remained shrouded in tal profile. She isn’t on any so- for intelligence, and he en- Grenell, the nominee for am- In some cases, though, the
mystery. Until last year, when cial-media page, LinkedIn, CIA chief nominee Gina Haspel couraged her to apply to the bassador to Germany, who has absence of ambassadors and
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she was named deputy direc- high-school or college alumni CIA, according to an agency been in limbo since last fall. other top State Department of-
tor of the agency, her name linkup group or even sites five children, and the daughter biography. “I’ll be glad to press for ficials is the result of the ad-
wasn’t publicly known. such as ancestry.com. She has of an airman who raised her When she heard that Grenell to get a vote, because ministration’s own problems in
On Thursday, however, the no record of public speeches, all around the world as he women could work there and we shouldn’t have a country as proposing candidates.
CIA began to release personal writing or congressional testi- served at various bases. She even go into clandestine ser- significant as Germany, we For example, the nominee
information about Ms. Haspel mony. graduated from high school in vices overseas, she applied shouldn’t have any country for assistant secretary of state
to Capitol Hill, where she has So it falls to the agency to the U.K., the agency said, with- and was accepted, according without an ambassador,” Mr. for Asian affairs, Susan Thorn-
been meeting with legislators share something about her out naming which city. to the agency. Coons told conservative radio ton, was delayed because of a
ahead of her coming confirma- and her interests. According to Ms. Haspel wanted to at- Senators of both parties host Hugh Hewitt. disagreement between the
tion hearing. the CIA, she is a Johnny Cash tend the U.S. Military Academy said they would seek answers But Mr. Coons said the issue State Department and White
If confirmed, Ms. Haspel, 61 fan and has a full-size cutout at West Point, but her father about her through her confir- is broader than a single coun- House. And the leading candi-
years old, would be the second of the music icon in her of- told her girls weren’t welcome mation hearing. try. “I think we have a signifi- date to be ambassador to
person to become director af- fice. She is single. at the time, according to the —Jim Oberman cant problem in that we have South Korea, Victor Cha, with-
ter spending an entire career The CIA said she is a native agency. Instead, she graduated and Siobhan Hughes more than 25 critical nations— drew in an apparent disagree-
n-
in clandestine operations. The of Ashland, Ky., the oldest of with honors from the Univer- contributed to this article. South Korea, for example, ment over North Korea.
no
THE WALL STREET JOURNAL. Friday, March 23, 2018 | A5
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A6 | Friday, March 23, 2018 * **** THE WALL STREET JOURNAL.
U.S. NEWS
Fed Tackles Mission Improbable on Jobs BY GREG IP Fed projects employers will theory, unemployment will idea that unemployment can employment.
Lower Target have to dig deep into a dimin- eventually have to go back to stay lower than in the past. It may seem absurd that the
The Federal Reserve projects the The Federal Reserve is at- ishing supply of workers. That 4.5%, or inflation will head And he noted that the link be- Fed could trigger a recession
unemployment rate will drop to tempting in the next few years will cause unemployment, al- even higher. Yet since records tween unemployment and in- by raising its short-term rate
3.6% by the fourth quarter of something it has never accom- ready at a 17-year low of 4.1%, began in 1948, unemployment flation has weakened. target, now between 1.5% and
2019. plished before: guiding unem- to sink to 3.6% by the fourth has never risen by 0.9 point, “We will know the labor 1.75%, to just above 3%. But re-
ployment up without causing a quarter of 2019, a level last except in a recession. market is getting tight when cessions aren’t caused simply
10% recession. It faces high odds of seen in the 1960s. That’s well Of course, this is not the we do see a more meaningful by higher interest rates, but by
failure—and few below the “natural rate” of Fed’s plan. Chairman Jerome upward move in wages,” he a complex series of events:
8 ANALYSIS alternative paths. 4.5%, which is the rate Fed of- Powell intends to gradually said. Higher rates cause asset prices
Massive tax ficials and many economists raise interest rates so that Yet allowing for the uncer- to fall, credit to tighten and
6 cuts, robust fed- think the economy can sustain growth and unemployment re- tainty around the future and businesses and households to
eral spending and a synchro- without eventually producing turn to their long-run sustain- the natural unemployment become more risk-averse.
4 nized global upswing are ex- inflation. able levels and inflation rate, the Fed faces long odds. Both the 2001 and 2007-09
pected to push annual growth For now, that’s to be wel- reaches the Fed’s target. Even the most optimistic Fed recessions were driven more by
Actual Federal in economic output to 2.7% this comed, as inflation has for At a press conference on official thinks the natural rate collapsing asset prices than by
2
unemployment Reserve year and 2.5% next—past what several years now been below Wednesday, Mr. Powell played of unemployment is still 4.2%. higher interest rates. By some
rate forecast Fed officials consider its long- the Fed’s 2% target. An over- down the significance of the It’s true that in the past the measures asset prices are even
0 run sustainable rate of 1.8%— heating labor market will help Fed’s longer-term projections, Fed has achieved “soft land- higher now. Fear is more pow-
2000 ’10 according to projections Fed of- push it back to 2%, or even saying they reflect a range of ings”—a rise in rates that erful than greed, so just as
Note: Seasonally adjusted ficials released after their slightly above that level, ac- disparate views. slows the economy without a markets fall faster than they
Source: Labor Department, Federal Reserve meeting Wednesday. cording to Fed projections. His comments suggest he is recession. But this has never rise, unemployment rises faster
THE WALL STREET JOURNAL. To sustain such growth, the But it faces a problem: In more open than some to the required actually raising un- than it falls.
BOLTON Bolton Urged Tough

Stance on Russia
mass destruction. Mr. Trump
has denounced the invasion as
Continued from Page One a mistake.
his chief of staff, according to The other area of potential
administration officials. The disagreement is how to ap-
president had sought a more In picking John Bolton as proach Russia. Mr. Trump has
graceful exit for his national national security adviser, Presi- said he wants to improve rela-
security adviser than the one dent Donald Trump appears to tions and ease tensions be-
he afforded his secretary of have found a longtime Wash- tween the two countries.
state, whom he fired via a ington hand who is in step Mr. Bolton has been deeply
tweet last week. with his views on major na- mistrustful of Russia. In Febru-
In recent weeks, Mr. Trump tional-security issues. ary, during a conference in Mu-
began discussing potential But Mr. Bolton’s foreign- nich, Mr. Bolton said the indict-
successors for Gen. McMaster, policy record could put him at ment of 13 Russians by a
according to former Trump ad- odds with his new boss on cer- federal grand jury for election
ministration officials. Mr. tain issues, namely how best meddling offered Mr. Trump an
.
Trump met last week with Mr. to deal with Russia and the opportunity to toughen his ap-
ly
Bolton, and met with him wisdom of the 2003 U.S. inva- proach to Russia. “This is a po-
again on Thursday. sion of Iraq. tential pivot point for Trump,”
SAUL LOEB/AFP/GETTY IMAGES
In a statement, Mr. Trump During the George W. Bush Mr. Bolton said.
thanked Gen. McMaster for his on administration, Mr. Bolton, then On Thursday, during a Fox
service. “He helped develop our undersecretary of state for News interview, Mr. Bolton de-
America First National Security arms control, staunchly sup- clined to say how he would ad-
Strategy, revitalize our alli- ported the invasion of Iraq, vise Mr. Trump on the adminis-
ances in the Middle East, championing the now-discred- tration’s relations with Russian
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smash ISIS, bring North Korea ited view that Saddam Hus- President Vladimir Putin.
to the table, and strengthen our sein’s regime had weapons of —Nancy A. Youssef
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nation’s prosperity,” he said. Lt. Gen. H.R. McMaster will step down as President Donald Trump’s national security adviser.
Gen. McMaster said Thurs-
day in a statement that he was retary of State Rex Tillerson rity. He has long been known nuclear deal, which Mr. Trump “excellent choice.” after he failed to gain support
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“requesting retirement from and others senior officials, left for his hawkish stances. has repeatedly criticized. Mr. Democrats and some Re- in Congress to be confirmed in
the U.S. Army effective this the West Wing in a downbeat In recent columns published Trump faces a deadline in May publicans have previously sug- 2006. Mr. Bush had originally
summer after which I will leave mood Thursday evening. by The Wall Street Journal, to extend sanctions relief gested that if Mr. Bolton were used a recess appointment to
public service.” He said he was Mr. Bolton, in addition to Mr. Bolton has urged the ad- granted to Iran under the accord. nominated for roles at the put him in the role after his
“thankful” to the president and his U.N. post, also served in ministration to strike first Some GOP lawmakers on State Department, they would nomination had been blocked
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proud to have served in the job. the Bush administration as un- against North Korea. Thursday praised the appoint- oppose him, citing his foreign- by a Democratic filibuster.
The announcement, coming dersecretary of state for arms Mr. Bolton has also said he fa- ment of Mr. Bolton. Sen. Tom policy views. —Peter Nicholas
so soon after the firing of Sec- control and international secu- vors withdrawing from the Iran Cotton (R., Ark.) called him an Mr. Bolton left his U.N. post contributed to this article.
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Thigh Noon: The Fight to Be Oprah’s Fried Chicken

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Two restaurants battle over her endorsement; ‘pretty darn good’

BY CHRIS KORNELIS
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SEATTLE—Inside Ezell’s
Famous Chicken in Seattle’s
Central District neighbor-
hood, there is the unmistak-
able smell of fried breading,
and an endorsement from
Oprah Winfrey.
“Ezell’s, I don’t know what I
like more, the chicken or the
sweet potato pie!” Ms. Winfrey
wrote on a framed photograph
RODERICK DEMMINGS
of herself displayed next to the

cash register. “Thank you. It
n-
was something special.”

Missing from Ezell’s: Ezell.
Ezell Stephens, the co-
founder of Ezell’s, left after a Ezell Stephens of Heaven Sent Fried Chicken.
no
falling out with partners who

started the business with Famous Chicken, the taster Ezell’s Famous Chicken has
him, and opened his own could present themselves as grown to 13 locations, not in-
chain of competing chicken loyalists and patriots,” wrote cluding food trucks. Heaven
restaurants. reviewer Hanna Raskin in Seat- Sent has three locations.
Nearly 30 years after her re- tle Weekly. “But aligning them- To this day, both companies
view, Ms. Winfrey’s bite of selves with the bird from continue to celebrate the de-
fried chicken has launched a Heaven Sent...would make cades-old endorsement from
drumstick war separating Se- them certifiable fans of the un- Ms. Winfrey.
attle into fowl factions. derdog—and, perhaps, discern- Mr. Stephens points out he’s
“Their chicken is called ing connoisseurs of chicken ge- the person who cooked for Ms.
Ezell’s,” said Mr. Stephens. “It’s nius.” Winfrey on her birthday in
not Ezell’s. Hell, it was only 1990, a fact he’s traded on
Ezell’s when Ezell was there.” heavily since he founded
Mr. Stephens’ restaurant, Heaven Sent. Says Mr. Ste-
Heaven Sent Fried Chicken, de- phens, “When you say Oprah
clares itself “Oprah’s Favorite liked it, I mean, what else you
Fried Chicken” on its website. need to know? She can have
Not so fast, says Lewis anything she wants.”
Rudd, president of Ezell’s Fa- Waiting to pick up an order
mous Chicken. He says Ezell’s Is this her favorite? of chicken tenders at Heaven
uses the same recipes today as Sent’s Lake City location, Brian
it did when it won raves from Seattle’s chicken saga Besley said he was introduced
Ms. Winfrey. started peacefully. Mr. Rudd to Ezell’s about a decade ago
Mr. Rudd said that he deliv- says he founded the restau- when a friend told him it was
ered chicken to Ms. Winfrey on rant with Mr. Stephens and Ms. Winfrey’s favorite fried
multiple occasions, and met other friends and family mem- chicken. But, he says: “I really
her in Chicago in 1990. He bers in 1984. don’t care what Oprah thinks.”
wouldn’t comment on Mr. Ste- On a visit to Seattle five He says the chicken more or
phens’ split with the company. years later, Ms. Winfrey asked less tastes the same at both
Ms. Winfrey said she still where she could get some good restaurants, but he prefers the
remembers her meals after all fried chicken and was pointed rolls at Ezell’s.
these years. “That was some toward Ezell’s. She liked it so That could be because Mr.
pretty darn good chicken and much she ordered it two days Stephens changed the rec-
I’d love to see a runoff be- in a row and talked it up on ipe—though he wouldn’t say
tween them (Heaven Sent, her show, according to Mr. Ste- how much.
Ezell’s) and Art Smith,” she phens. Later, Mr. Stephens said Mr. Stephens says he
said in a statement, referring he was hired to cook for her “tweaked everything” when he
to her former personal chef, birthday party in Chicago. opened Heaven Sent. “I made
“who has been making peace Several years after he it mine,” he says. “I’m Ezell. I
around the world with his cooked for Ms. Winfrey, Mr. make sure you can taste that.”
fried chicken.” Stephens started two restau- Ms. Winfrey, in her state-
Seattle residents host im- rants also called Ezell’s Fa- ment, also praised another
promptu taste tests and pick mous Chicken, separate from cook, a relative of her longtime
favorites—by dish. Some pre- the original company. partner, Stedman Graham:
fer Heaven Sent chicken, but The company sued, and Mr. “The other amazing chicken is
Ezell rolls. Stephens changed the name of made by Stedman’s cousin
“If they sided with Ezell’s his restaurants to Heaven Sent. Durkie in his own backyard!”
THE WALL STREET JOURNAL. NY Friday, March 23, 2018 | A7
WORLD NEWS
U.S.-Europe Rift Clouds Iran Deal Rescue
Officials disagree over Washington wants to en- the gap on the so-called sunset
shrine nuclear limits perma- clauses, suggested by people
parts of pact that are nently, but the Europeans have familiar with the talks, would
set to lapse, amid talks refused, saying doing so would be a European Union-U.S. dec-
amount to a renegotiation of laration of a joint policy goal
on supplemental accord the deal itself. of keeping Iran at a significant
Even if international officials distance from the ability to
BY FELICIA SCHWARTZ can find a way to somehow gather enough material for a
narrow their differences, no nuclear weapon. Those people
WASHINGTON—A disagree- one can say whether Mr. Trump said such a declaration
ment between Washington and will accept the result. National wouldn’t threaten specific Eu-
Europe over a key Trump ad- Security Council officials have ropean steps if Iran doesn’t
ministration concern about also been part of the talks. comply, but could exert pres-
the Iran nuclear agreement Departing Secretary of State sure on Iran’s future behavior.
threatens to scuttle efforts to Rex Tillerson appointed Brian American officials said Eu-
preserve the international ac- Hook to lead the State Depart- rope has recently begun to
cord, U.S. officials said, as ment’s policy-planning depart- move on nonnuclear issues of
talks continue on a supplement and tapped him to lead concern in Washington.
mental agreement. the effort to salvage the nuclear France, Germany and the
NAZANIN TABATABAEE YAZDI/REUTERS

The State Department has deal. Mr. Tillerson, fired last U.K. are drawing up a list of
been leading discussions with week by Mr. Trump, will leave sanctions over Iran’s ballistic
Germany, the U.K. and France the State Department along weapons and its backing and
since January, with a goal of with three of his closest aides. participation in the Syrian
agreeing on a side deal to ad- Mr. Hook is staying for now, and war, European diplomats said.
dress President Donald addressed the status of talks Some diplomats said the EU
Trump’s three main concerns with Europeans in a briefing could agree to such sanctions
about the 2015 deal: Iran’s bal- with reporters on Wednesday. in April, though some members
listic missiles, the eventual ex- “I can’t predict whether we of the bloc object to imposing
piration of restrictions on will reach an agreement with new sanctions when Iran has
Tehran’s nuclear program, and them or not. We have a goal in A display in Tehran depicts missiles and Iranian Supreme Leader Ayatollah Ali Khamenei. been deemed in compliance
limits on the authority of in- mind, and we either will reach with the 2015 deal by interna-
ternational inspectors. agreement or we won’t,” Mr. Adding to the uncertainty, out of the deal if Europe and once the new secretary of tional nuclear inspectors.
U.S. and European officials Hook said. several key U.S. officials who Congress can’t find a way to state, Mike Pompeo, currently The Trump administration
involved in the talks said they Mr. Hook led a delegation have been involved in deliber- address his concerns by then. the Central Intelligence also has considered a move to
have made significant prog- last week to Berlin for a third ations about the accord may Officials have said the Agency director, is in place. derail possible sales of hun-
ress on ballistic missiles and round of consultations on a leave the Trump administra- White House and the U.S. mili- U.S. and European officials dreds of jetliners to Iranian
inspections, but they funda- supplemental agreement to tion by May 12, when Mr. tary are seeking other jobs for currently are exchanging draft airlines by Boeing Co. and Air-
mentally disagree on the parts the nuclear accord. In the 2015 Trump faces a deadline to ex- Lt. Gen. H.R. McMaster, the versions of a possible side bus SE.
of the deal that are designed deal, Iran agreed to curb its tend sanctions relief granted national security adviser, and deal and could meet again in —Laurence Norman
to lapse in what are known as nuclear program in exchange to Iran under the accord. He some officials have suggested April. in Brussels
.
sunset clauses. for sanctions relief. threatened in January to pull Mr. Hook ultimately will leave One possible way to narrow contributed to this article.
ly
Dismissal of U.S. Charges Against Erdogan Guards Draws Ire on
BY DION NISSENBAUM Erdogan’s security team, The sion to drop the charges. with Mr. Erdogan, and the two the rule of law. “One cannot
Wall Street Journal reported on President In his private meeting with leaders agreed to keep work- avoid comparing this decision
us l,
WASHINGTON—Lawmak- Wednesday, in a case that cre- Erdogan’s Mr. Erdogan last month, Mr. ing together, according to the to President Trump’s decision
ers, activists and local officials ated a long-running rift be- bodyguards Tillerson mentioned the deci- White House. Relations have to congratulate [Russian Presi-
al a
e
expressed disappointment tween Turkey and the U.S. were charged sion to drop the charges, but been strained due to differ- dent Vladimir] Putin on a
over federal prosecutors’ deci- Prosecutors asked a judge to in the beatings not as any sort of quid pro ences over ways to contain the sham election while not rais-
sion to drop charges against drop charges against four of the of protesters quo, she said. war in Syria. ing either Russia’s attack on
ci on
most members of Turkish men on Nov. 7, the day Turkey’s in Washington. U.S. officials said prosecu- The decision to drop the U.S. elections or Russia’s
President Recep Tayyip Erdo- premier flew to Washington for tors dropped some of the charges triggered outrage and chemical-weapons attack in
gan’s security detail who were talks. They then dropped charges because several men skepticism from lawmakers, the U.K.,” Mr. Cardin said.
accused of playing a role in charges against seven other Heather Nauert, the State were able to show that they Washington leaders and activ- An official at the Turkish
the beating of protesters in members of the team Feb. 14, Department spokeswoman, said weren’t at the scene of the ists. Embassy said Thursday it had
er rs
May 2017 in Washington. the day before Secretary of Thursday that the timing was a beatings when they occurred. Sen. Ben Cardin (D., Md.) no comment on the matter. The
Prosecutors dropped charges State Rex Tillerson flew to An- coincidence and that no one at On Thursday, President said he was alarmed at what White House didn’t respond to
against 11 of 15 members of Mr. kara for talks with Mr. Erdogan. State played a role in the deci- Donald Trump spoke by phone appeared to be disregard for a request to comment.
m e
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co Fo
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A8 | Friday, March 23, 2018 * * THE WALL STREET JOURNAL.
WORLD NEWS
Strikes Test Macron’s Overhauls France’s

Sarkozy
French state workers
halt trains, close
schools as others rally
Assails
to knock labor reforms Accusers
YOAN VALAT/EPA/SHUTTERSTOCK; CHRISTOPHE SIMON/AGENCE FRANCE-PRESSE/GETTY IMAGES (BELOW)
BY WILLIAM HOROBIN BY MATTHEW DALTON
PARIS—French President PARIS—Former French

Emmanuel Macron got a taste President Nicolas Sarkozy
Thursday of paralyzing strikes fired back against allegations
and protests he is set to face that he accepted campaign
in the coming months as his cash from Moammar Gadhafi,
economic overhauls collide saying the late Libyan dicta-
with deeply entrenched con- tor’s family and associates had
stituencies in France’s public conspired to slander him after
sector. Mr. Sarkozy championed the
Many schools have closed, military campaign that led to
less than half of France’s Gadhafi’s downfall.
trains are running, some French authorities brought
flights have been canceled and preliminary charges Wednes-
unions have said they would day evening against Mr.
stage walkouts at power Sarkozy for alleged campaign-
plants. finance violations, corruption
Tens of thousands of pro- and accepting funds that had
testers converged on Paris, been diverted from Libya’s
ranging from rail workers pro- public coffers.
testing Mr. Macron’s plan to Judges restricted his travel
peel back their privileges to and forbade him from commu-
civil servants striking over pay nicating with other witnesses
and conditions. in the investigation.
The disruption marks the Protesters thronged Paris on Thursday to object to the president’s economic agenda. Below, a nearly empty rail station in the capital. Speaking on prime-time
start of several months of television on Thursday, Mr.
planned strikes and walkouts. from the young and jobless. tract workers and introducing Sarkozy said: “I am accused by
Rail workers plan to strike two Laurent Berger, the head of a higher dose of performance- people close to a dictator
days a week from April to the the reformist CFDT union, said related pay for the country’s whose terrorist regime we de-
end of June. on French radio Thursday that 5.5 million civil servants. stroyed. There isn’t the least
The strikes are a test of Mr. rail workers and civil servants Mr. Macron also wants to proof.”
Macron’s nerve as he seeks to are being “stigmatized” by the put an end to the recruitment He suggested that the alle-
transform France’s economic government. “People don’t un- of rail workers on lifelong con- gations against him—made
model with multiple over- derstand the choices that are tracts akin to those enjoyed by variously by Gadhafi’s son, his
.
hauls. A rebound of the French being made,” Mr. Berger said. civil servants. The move— brother-in-law, a Franco-Leba-
ly
economy drove an acceleration Overcoming the resistance which Mr. Macron is set to nese businessman close to the
in the eurozone last year, but from rail workers and civil pass by decree—aims to pre- regime and others—were part
France is still lumbered with servants would burnish Mr. pare the heavily indebted of an effort to sabotage his
high unemployment and Mr. Macron’s reputation as a bold, on SNCF for competition in the political career.
Macron’s government says it rapid reformer compared with rail sector. In April 2012, between the
must continue with overhauls his predecessors. If he is For now, surveys show a first and second round of the
of business regulations, wel- forced to scale back his plans, majority of French people French election, the French
fare and labor rules to keep up economists warn that France don’t support rail workers’ website Mediapart reported on
us l,
the momentum. risks slipping back into iner- with past attempts, largely be- resisted attempts to tinker plans for prolonged strikes. a Libyan document drafted in
Protesters in France are tia, hamstringing its growth cause unions representing pri- with their privileged status. But some union leaders are December 2006 that described
al a
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balking at the 40-year-old prospects compared with vate-sector employees were With about 4 million trips calling for private-sector a plan to funnel €50 million
leader’s push for greater flexi- other European countries. too divided to mobilize work- taken on French trains daily, workers and retirees angry ($61.2 million) to Mr.
bility and his challenge to so- For the private sector, Mr. ers. rail strikes can wreak havoc on about tax increases to join the Sarkozy’s 2007 presidential
ci on
called “insiders,” whose pro- Macron has already decreed But civil servants and rail the French economy. demonstrations. If different election. At the time, Mr.
tections and safety nets he more-flexible labor laws and workers at state-owned opera- The public-sector overhauls protests fuse into the broader Sarkozy was locked in a close
says are costly for state fi- slashed taxes that weigh on tor SNCF are powerful, more- aim for greater labor-market backlash, Mr. Macron could contest with the Socialist
nances, discourage risk taking investment. Those overhauls cohesive constituencies in flexibility by cutting back on find himself isolated and François Hollande, who would
and take opportunities away proceeded smoothly compared France that have for decades jobs for life, using more con- forced into retreat. go on to defeat Mr. Sarkozy.
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Ireland Has a Brexit Veto That Could Be Risky to Use

m e
BY PAUL HANNON May has said the U.K. must ment to Catholic doctrine.
m rp
leave. They were right. The big

Ireland’s leaders face a seri- Ireland has influence over surprise was how joint mem-
ous dilemma. They are push- Brexit that belies its size. EU bership in the bloc helped
ing hard to ensure the U.K.’s and British negotiators agreed bring an end to old antago-
departure from the European Monday on a 21-month transi- nisms between the two coun-
co Fo
Union doesn’t leave it with a tion for the U.K. after it leaves tries. Turning its gaze to the
visible land border, but they the bloc in March 2019. How- rest of Europe helped Ireland
want to avoid alienating the ever, Ireland effectively se- grow out of its obsession with
country’s larger neighbor, with cured a veto over the overall perceived mistreatment by
which it has only Brexit deal from other EU Britain, and by the time Irish
ANALYSIS lately become members should it be uncon- voters were asked to renounce
reconciled. vinced by the U.K.’s border a territorial claim on the part
As fellow EU proposals. Yet wielding the of the island that was in the
members, the U.K. and Ireland veto over the border issue U.K. in 1998, a staggering 94%
trade without customs checks would stir British animosity. assented.
and the two countries have an From the moment British But progress has been slow,
agreement to allow people to voters chose to leave the EU in and it wasn’t until 2011 that
freely cross their borders. June 2016, Ireland’s govern- Queen Elizabeth II made the
Since the 1998 Good Friday ment has sought to ensure first official visit by a British
n-
peace agreement, security that the Brexit negotiations monarch to Ireland in a cen-
checkpoints have been re- result in “the closest possible tury. The first official visit by
ERIC VIDAL/REUTERS
moved between Ireland and relationship” between the U.K. an Irish president to the U.K.
Northern Ireland, which is and the EU. Mrs. May’s stance followed two years later.
no
part of the U.K. on the customs union and sin- In a speech at Windsor Cas-
Both sides have pledged gle market makes that a chal- tle during that trip, President
that there will be no resurrec- lenge. Michael D. Higgins quoted an
tion of a physical land border At an economic level, Ire- Prime Minister Theresa May, in Brussels for a meeting with European Union leaders on Thursday. Irish language phrase: “Ar
after Brexit. Yet British Prime land can see little upside from scáth a chéile a mhairimid.”
Minister Theresa May has cat- Brexit, and only a range of 2% and 3.1%, with those on the U.K., and chair of the U.K. the EU at the same time, and That roughly translates as “We
egorically ruled out the one more- or less-bad outcomes. lower incomes suffering most. Group at Dublin’s Institute of Ireland was marginally the live in the shadow of each
concrete solution so far to Ireland’s Economic and Social But the potential damage International and European less enthusiastic of the two, other.”
have emerged: an EU proposal Research Institute on Wednes- goes beyond economics. Affairs. “It developed when with conservatives fearing That is the way it still is,
that would, in effect, have day estimated that a “hard” “The relationship with the both were members of the EU, membership in the bloc would and the way it will be after
Northern Ireland remain a Brexit that led to new tariffs U.K. will inevitably be set and the relationship will not dilute an idiosyncratic culture Brexit.
part of the EU’s customs union would increase the cost of liv- back,” said Daithi O’Ceallaigh, be as close.” built around the rejection of —Jason Douglas
and single market, which Mrs. ing for households by between a former Irish ambassador to The two countries joined modernity and a fierce attach- contributed to this article.
FROM PAGE ONE
BANKS these customers are picking

national banks because of
their well-known brands and
the perception that their
Dominating Deposits
The largest retail banks have a growing share of U.S. deposits
deposits is held in the banks’
retail units, which hold
money consumers leave in
their checking and savings
expanding by opening
branches in major U.S. cities
where they have none. Bank
of America has opened or an-
Continued from Page One technology is better, Mr. Fris- 2007 2017 accounts, according to bank nounced plans to open
nity banks, by contrast, had bie said. Bank of America Bank of America filings. These deposits, which around Denver, Indianapolis
76% of branches but got only Large banks’ deposit JPMorgan JPMorgan are considered “sticky,” or and other cities.
48% of new accounts, the growth is a major advantage Wachovia Wells Fargo less likely to leave, have be- JPMorgan hasn’t named
firm said. because it provides the banks Wells Fargo Citi come even more important the 15 to 20 new markets it is
New checking customers, with an increasing base of Citi U.S. Bank because of postcrisis rules. entering, but analysts think
who tend to be younger, are cheap financing that can be Washington Mutual PNC The biggest banks also they could include Boston,
valuable to banks because used to make loans. It also have improved customer-sat- Washington, D.C., and Phila-
U.S. Bank TD Bank
they often provide more allows them to avoid paying isfaction ratings that had delphia.
SunTrust Capital One
business later on by, for in- higher interest rates to de- been damaged by the finan- The strategy could steal
stance, taking out a mortgage positors, which disappoints 0% 5 10 0% 5 10 cial crisis and increase in business from Wells Fargo,
Note: In 2008, Wells Fargo purchased Wachovia and JPMorgan
or opening a brokerage ac- savers but boosts the firms’ purchased Washington Mutual after it failed. home foreclosures. which is struggling to move
count. profit margins. Sources: WSJ analysis of Federal Deposit Insurance Corp. data; S&P Global Market Intelligence And they are persuading past the image problems that
Before online and mobile “The biggest banks are THE WALL STREET JOURNAL. current customers to leave have come along with its var-
banking became popular fol- winning,” wrote Tom Brown, more money with them, in ious regulatory issues. It
lowing the financial crisis, CEO of hedge fund Second iting size still exist, in 1994, today’s biggest lenders. part by encouraging custom- could also accelerate deposit-
these consumers generally Curve Capital LLC, last lawmakers passed legislation Some of the deposit ers to keep their primary gathering problems for
opened a new account at the month. “Small banks should that paved the way for na- growth comes from busi- checking accounts with them. smaller banks, said Mr.
bank with the nearest be very concerned.” tional banks that could hold nesses parking their money For instance, the average Brown of Second Curve Capi-
branch, no matter the size of Through the 1980s, Ameri- customers’ deposits coast to in bank accounts that earn no checking-account balance at tal.
the institution, said Andrew can banks faced tough legal coast. At the end of that year, interest. That funding is of- Bank of America has in- And that can lead to other
Frisbie, executive vice presi- constraints on getting bigger the three largest banks held ten considered less valuable creased to about $7,000 from issues, from slowing loan
dent at Novantas. that ensured the country’s about 5% of the nation’s de- because it is seen as likelier $2,000 in 2007. growth to dwindling fees
But now that many bank- deposits remained spread out posits. Those firms eventually to leave as rates continue to Prohibited from doing from other relationships. The
ing transactions are done on- across thousands of small were a part of multibillion- rise. deals, JPMorgan and Bank of risk for small banks, he said,
line or through smartphones, banks. While some rules lim- dollar mergers that created But the biggest chunk of America are planning to keep is that “this is a slow death.”
THE WALL STREET JOURNAL. * * Friday, March 23, 2018 | A9
IN DEPTH
VOTE Spreading Misery

More than 60% of Venezuelans
now live in extreme poverty, up
election than in the 2015 con-
gressional election, which the
opposition won handily when
the economy was more stable.
from around 24% in 2014.
Continued from Page One The opposition’s support fell
apart so fast that it will soon Extreme poverty by almost 5 million votes.
be half the size it was five Under poverty level Voters who used their Fa-
years ago. Above poverty level therland Cards were given
100%
But the Maduro adminis- food at a quarter of the poll-
tration, which has just a 22% 90 ing stations surveyed in De-
approval rating, has devel- cember by Torino. At some
oped a broad strategy to pre- 80 other sites, voters were in-
vail through dirty tricks, fear stead told where they could
tactics and, crucially, using 70 pick up the food.
the lure of food to get the After voting, Katerina
country’s poorest voters to 60 Noriega, a street vendor in
support his administration, Santa Rita, was directed by
pollsters and elections ex- 50 Socialist activists to a ware-
perts in Venezuela say. Last house to receive a couple of
year, the ruling party won 40 pounds of rice and beans,
three elections for local, state worth about 10 days of work.
and national bodies. 30 “They bought our votes,”
Food is an enormously said Ms. Noriega, who ac-
powerful weapon in a country 20 knowledged supporting the
where babies die of malnutri- government candidate to get
tion, store shelves are often 10 the free food. “I did it be-
bare and three-quarters of the cause of our difficult situa-
population has lost an aver- 0 tion.”
age of 19 pounds. The grants In Valles del Tuy, a crime-
2014 ’15 ’16 ’17
to millions of poverty-stricken July Castellano, with three of her children in Los Valles del Tuy, above, feared food would be ridden region an hour drive
Source: EnCoV Research Group
voters might very well ensure withheld if she abstained. Below, Mayally Naguanagua relies on food handouts to survive. THE WALL STREET JOURNAL. south of Caracas, food helped
his leftist movement runs this the ruling party get 85% of
country for many years to the votes in some districts in
come. Mortal Threat December.
“It’s criminal,” said Maritza The homicide rate in Venezuela is one of the highest in the world, There, Mayally Naguana-
Landaeta, head of the Bengoa at 89 per 100,000 people. gua, 38, who lives in a tin-
Foundation, a group that roofed shack with her sister
studies nutrition and poverty 90 homicides per 100,000 inhabitants and her sister’s children, said
in Venezuela and has been a the family relies on the box of
80
FABIOLA FERRERO FOR THE WALL STREET JOURNAL (2)

strong critic of the govern- food to supplement whatever
ment. “The same people that 70
else she manages to buy with
asphyxiated the food industry the $4 she earns a month. The
and generated the shortages 60 help is vital: Ms. Naguana-
are now using food as a polit- gua’s sister’s two children,
ical tool.” 50 ages 2 and 3, roam the home
Interviews with voters with bloated bellies.
across Venezuela, from oppo- 40 July Castellano, 40, a
.
sition strongholds in Caracas mother of five, didn’t want to
ly
to remote towns that have 30 vote for anyone in last year’s
long been bastions of govern- elections, but feared the food
ment support, found that 20 would be withheld if she ab-
even poor communities dis- 1998 ’00 ’05
on ’10 ’15 ’17 stained. Ms. Castellano said
couraged by the rapidly wors- Source: Andrés Bello Catholic University THE WALL STREET JOURNAL. her two youngest daughters—
ening situation were willing aged 4 and 6—have lost about
to back Mr. Maduro. ships of the past did. Tomas Paez. Hundreds of requiring citizens to hold new ing party worked the levers of 10 pounds in recent months
Many of his critics, mean- “I don’t want to be part of thousands have fled to Colom- identification cards, which au- government to ensure that as the family is forced to eat
us l,
while, say all hope is lost. that so-called official opposi- bia and Brazil in recent thorities say have been issued likely supporters made it to just once a day.
“I won’t vote again,” said tion,” said Henrique Capriles, months, prompting the two to about half of Venezuela’s the polls. In a giant red tent, “They tell me, ‘Mommy,
al a
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Luis Alberto Guerra, 83, a re- a two-time presidential candi- countries to deploy troops to 30 million people. Socialist activists scanned please, I’m hungry, I want to
tired lawyer and opposition date whom the government their lawless borders with The so-called Fatherland voters’ Fatherland Cards. Us- eat.’ ” said Ms. Castellano. “I
supporter who said he was has barred from holding of- Venezuela. Card, using technology from ing a computerized database, voted swearing at the govern-
ci on
threatened by pro-govern- fice. “This country stopped The scarcity and cost of Chinese telecom giant ZTE they could determine who ment.”
ment activists in a Caracas being a democracy a while food is a main driver of the Corp., allows the government hasn’t voted and what bene- Nelly Cedeño, 62, runs the
slum where his voting center ago. I never thought Maduro exodus. Millions who remain to keep track of who has fits those people receive. Gov- CLAP program in the nearby
had moved last year. “What would take things this far.” here depend on the state. voted. That permits officials ernment supporters called town of Santa Lucia. During
am I doing voting if the gov- More than a dozen coun- About 3.5 million of Vene- to put pressure on food recip- “patrollers” were then dis- an election, she helps manage
er rs
ernment is always doing these tries in the hemisphere, in- zuela’s 6 million homes re- ients if they are reluctant to patched on motorbikes to the the ruling party’s tent, where
tricks? They will never accept cluding the U.S., Canada, Bra- ceive boxes of food through cast a ballot, according to homes of food recipients to Fatherland Cards are scanned.
defeat.” zil, Argentina and México say the military-run Local Com- election experts, government remind them of the benefits She has a team outfitted with
they won’t recognize the re- mittee for Supply and Produc- critics and ruling party activ- and convince them to turn cars and motorbikes to hunt
m e
sult of the May poll. Mr. Ma- tion, according to pollster ists. out, according to a local rul- down prospective voters.
duro said he wouldn’t be de- Delphos. That program— By law, the vote is sup- ing-party official. “Maintaining this system is
‘They bought our terred. known by its Spanish initials, posed to be secret. But at vot- If that isn’t enough, there a priority for us,” said Ms.
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votes,’ says a street “With or without an oppo- CLAP—is the main food ing centers in the capital, Ca- is also the practice of “as- Cedeño, whose family of 13
sition, in Venezuela there will source for 15% of Venezue- racas, and the westernmost sisted votes” in some polling gets everything from hot
vendor who says she be an election and the people lans, according to Caracas’s state of Zulia during the De- places, according to several meals to their concrete-block
was offered free food. are going to come out by the Catholic University. cember municipal elections, it people who monitor voting home from the state. “The
millions to vote,” the former “With an economy that is was easy to see how the rul- stations. They say ruling- government has guaranteed
co Fo
bus driver said in a recent destroyed, every day Venezu- party supporters sometimes that we get our little drop.”
televised news conference. elans become more dependent physically help voters cast The power of Mr. Maduro’s
The leading opposition po- Venezuela’s electoral coun- on the state,” said Mr. Hunger Pangs ballots. electoral machine has dis-
litical parties have said they’ll cil and information ministry Capriles. “If you’re not loyal More than 12 million Venezuelans “It is really a very powerful couraged opposition support-
abstain from the May vote, af- didn’t respond to emails and you don’t eat.” receive government food control system,” said Michael ers such as Larry Segovia, 36,
ter talks with the government phone calls seeking comment. In November, a month assistance, much more than for Penfold, a professor at the who lives in Santa Lucia.
to organize fair elections In the past, Mr. Maduro has ahead of the mayoral elec- healthcare or housing. IESA business school in Cara- Worn out from juggling his
broke down on Feb. 9. One op- dismissed criticism of Vene- tions, Mr. Maduro offered 15 million cas who has closely studied crumbling accounting busi-
position candidate, Henri Fal- zuela’s electoral system as pork joints to voters. Weeks how the Fatherland Cards ness, Mr. Segovia said he’s
cón, has defied the boycott part of a campaign led by the later, with people struggling work. “They are going to scale now thinking of backing the
and is looking to unseat the U.S. and his domestic political to pay for goods amid hyper- this up as much as they can.” government as he watches his
incumbent with a proposal to foes to destabilize his leftist inflation, he promised voters 10 State benefits have been pro-Socialist neighbors get
end hyperinflation by dollar- government. cash bonuses. And then on important to turning out vot- food and other perks.
izing the economy and prom- The president has hun- election day, with turnout Food ers, according to a study of “If you can’t beat them you
n-
ising amnesty for government kered down by forgoing calls slumping, he enticed voters 5 142 voting centers during the might as well join them, just
loyalists. Adversaries of Mr. for changes and blocking in- with what he said would be a December municipal elections to be able to take advantage
Falcón and the government ternational humanitarian aid, special gift. It was unclear Healthcare by Torino Capital, a New of something,” he said from
say taking part only validates exacerbating a crisis that has what the gift was, although Housing
York-based investment bank his cramped office. “How are
no
a manipulated electoral sys- pushed nearly three million many voters did get boxes of 0 which closely follows Venezu- you going to fight against
tem in which the president ef- people to leave the country in food. 2015 ’16 ’17 ela. The study showed Mr. that elephant?”
fectively picks his opponents, 19 years, according to sociolo- To receive benefits, the Source: EnCoV Research Group Maduro’s party received over —Maolis Castro in Caracas
as Latin American dictator- gist and migration expert, government is increasingly THE WALL STREET JOURNAL. 700,000 more votes in that contributed to this article.
Puerto Rico Grid Repair, Unfinished, Winds Down

BY ANDREW SCURRIA Twitter account. would accelerate the timetable
Yet electricity woes continue for power restoration. Prepa re-
The U.S. government is scal- to plague Puerto Rico, where ported last week that 32% of the
ing back the number of contrac- the roughly 100,000 customers, 755 towers and poles that were
tors working on Puerto Rico’s on an island of more than three downed in the hurricane still
storm-damaged electrical grid million, still lack service. Nearly aren’t repaired. Of 1,238 dam-
at a time when roughly 100,000 all power generation is back on- aged conductors and insulators,
island residents still lack power, line, but the grid system is 28% weren’t finished.
drawing fresh scrutiny from prone to sudden outages. “The average citizen on the
lawmakers over the federal re- The remaining repair work is street in those communities
sponse to Hurricane Maria. poised to fall largely to the is- cannot tolerate even the per-
The House Oversight and land’s bankrupt public power ception that at this point we
Government Reform committee monopoly, known as Prepa, af- will begin to wind down the ur-
heard testimony Thursday from ter Fluor stopped working Mon- gent relief mission and that the
U.S. officials about bureaucratic day under its $749 million con- process of finishing the job will
challenges to power-restoration tract. PowerSecure’s $200 slow down,” Rep. Jenniffer
efforts in the U.S. territory. million contract runs out April González-Colón, Puerto Rico’s
Members of Congress from both 7, a company spokesman said. Republican delegate to Con-
parties have questioned a draw- An Army Corps spokesman gress, wrote in a letter to Army
ALVIN BAEZ/REUTERS
down of personnel there by the said it “would do all possible Corps officials last week.
U.S. Army Corps of Engineers. work with the funds available” Michael Byrne, the federal
The Army Corps stepped in before the contractors leave. coordinating officer for the
after Hurricane Maria struck But documents compiled by hurricane response, testified
in September. It hired two Prepa and people familiar with on Thursday that the remain-
contractors, Fluor Corp. and the matter suggest a series of Puerto Rico’s power monopoly, known as PREPA, has to do most of repair work now. ing work would be the most
PowerSecure Inc., to spear- problems stemming from sup- difficult.
head reconstruction of dam- ply bottlenecks have hindered Andrew Phillips of the non- while the Army Corps was re- million into the island economy “It’s like working on a car en-
aged transmission and distri- the agency’s power restoration profit Electric Power Research sponsible for filling supply through hiring of local workers, gine,” he said. “You could bring
bution lines. The companies efforts. Institute, based in Palo Alto, Ca- shortfalls “as well as expedit- suppliers and subcontractors. in lots more mechanics, but you
are now demobilizing workers The Army Corps has ac- lif., advised repair crews in ing the delivery and distribu- PowerSecure said it “has can get only so many hands into
as those federal contracts knowledged the supply short- Puerto Rico and said they would tion of those supplies.” But a been responsible for restoring the vehicle at one time.”
reach their limits. ages and said natural disasters ask if they could safely use con- Fluor spokesman said the power to tens of thousands of The Army Corps said
Fluor and PowerSecure had last year in Texas, Florida and ductors, scavenged transform- Army Corps was charged with people despite facing difficult Wednesday it was “on track
1,141 contract workers in Puerto California strained supplies of ers and other parts that didn’t supplying materials. conditions and terrain.” with its contribution to the
Rico on Wednesday, down from construction materials across meet required specifications. Fluor said its work in Puerto Twelve Democratic senators goal” of restoring power to 95%
more than 4,000 in much of the U.S. A Prepa spokesman de- An Army Corps spokesman Rico turned the lights back on wrote a letter to Army Corps of- of Prepa customers by the end
February, according to tweets clined to comment, referring said Fluor was authorized to for more than a quarter-million ficials on March 16 asking if of the month. The final 5% could
from the official Army Corps questions to the Army Corps. purchase needed supplies customers and injected $185 keeping its contractors in place take until late May, it said.
A10 | Friday, March 23, 2018 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, March 23, 2018 | A11
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A11A | Friday, March 23, 2018 NY * * THE WALL STREET JOURNAL.
GREATER NEW YORK

Charter’s First Students Head to College
All 17 seniors at
Success Academy Seniors Could Face
have been accepted to Tough Transition
four-year schools
The path ahead for the
BY LESLIE BRODY Success Academy seniors
could be daunting.
Sydney McLeod kept up her KIPP, a national charter
studies at Success Academy network with similar demo-
Charter Schools despite exten- graphics, said 38% of its
sive absences to treat her alumni earned college de-
sickle cell anemia. Her hard grees, compared with an av-
work paid off: She is heading erage of about 10% for low-
to Stony Brook University on income students in general.
Long Island in the fall. Trouble paying fees, feel-
Her Success Academy class- ings of isolation and insuffi-
STEPHEN REMICH FOR THE WALL STREET JOURNAL (2)

mate Aida Bathily competes cient campus counseling can
on a national debate circuit derail them, studies show. A
and is weighing several college KIPP spokesman said it has
offers. And another senior, added academic advising
Moctar Fall, who spent two through college, with periodic
years of his childhood in a visits, emails or calls, to
homeless shelter, got a full boost graduation rates.
scholarship to study engineer- Jeffrey Henig, an educa-
ing at Massachusetts Institute tion professor at Teachers
of Technology. College, Columbia University,
“I don’t see myself getting said seniors who made it
to MIT if I wasn’t here” at the through Success Academy
charter school, the 17-year-old might well be ready to thrive
said. “With a lot of moving in college. But some students
and different neighborhoods, Success Academy students, above, gathered at the school to practice singing. Below, others participated in a physical-education class. who come from such highly
school has been my only home structured systems of re-
throughout my life.” failing district schools. But tion budget, and, in some wards and punishments can
All 17 seniors in the first teachers union leaders and other cases, facilities aid. lose motivation when extrinsic
.
graduating class of the city’s critics charge that her charters The seniors at Success incentives are gone, he said,
ly
largest charter network have impose excessive discipline and Academy High School of the and risk stumbling.
gotten into four-year colleges, systematically nudge out strug- Liberal Arts on East 33rd “It’s not necessarily disci-
including Boston College, Em- gling students, claims that Ms. Street in Manhattan are the plinary trouble, but an inabil-
ory University and Tufts Uni- Moskowitz disputes. on network’s pioneers. Their June ity to focus on the academic
versity. They all started to- graduation ceremony will be side without someone looking
gether in 2006, when the held at Lincoln Center’s Alice over their shoulder,” he said.
network opened its first ele- Tully Hall, with donors paying Ms. Moskowitz said Suc-
mentary school in Harlem. In
73 for the venue. “This is an edu- cess Academy sought to en-
us l,
addition to their own ambi- cational community that has courage more autonomy as
tion, they faced pressure to ex- defied gravity,” Ms. Moskowitz students matured, to get them
al a
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cel as a proof point for a char- Number of Class of 2018 pupils said in an interview. ready. “We have tried to really
ter network that has ardent that started at the school in 2006. Back when the Class of balance independence with
fans and fierce detractors. 2018 started, they were among avoiding fatal failure,” she said.
ci on
The Success Academy net- 73 students in first grade.

work has grown to 46 schools in Those remaining express deep
New York City serving 15,500 Advocates for traditional loyalty to their classmates and pools of classmates for social- trition rates compared with ing,” said Kelvin Jennings, who
students, who are mostly poor public schools also say the ex- teachers. For years, they izing, or the allure of selective other schools serving their de- wears a sweatshirt showing his
and nearly all black or Hispanic. panding charter network watched as friends left for district high schools. They mographic. “It’s rare to find an college pick, Tulane University.
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Its founder, Eva Moskowitz, has drains resources from them, schools that had less home- take pride in their persistence. environment with people who The charter high school in-
long championed her charters as because charters get per-pupil work, fewer rules, shorter Success Academy officials look like you…black and brown vests heavily in helping seniors
orderly, rigorous escapes from funding from the city’s educa- days, more sports and bigger say their charters have low at- kids, and world-class teach- Please see GRADS page A11B
m e
Tunnel Wins Some Funds

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BY TED MANN jobs to the region,” said Mr. The added funding for Am-
AND KRISTINA PETERSON Murphy, a Democrat. trak is subject to review by the
Yet the essential disagree- Transportation Department, one
co Fo
WASHINGTON—Lawmakers ment remains: Backers say they administration official noted, so

from New York and New Jersey need the federal government to the White House could try to
won hundreds of millions of dol- pay half of the $12.7 billion cost, block the railroad from doing
lars in new railroad funding in while the Trump administration any tunnel-related work until
the omnibus spending bill. But says New York and New Jersey the funding dispute is settled.
that won’t break an impasse on should pay for the majority of The omnibus funding is a
their biggest railroad funding the work. partial victory for lawmakers
question: How to pay for a new Transportation Secretary like Senate Minority Leader
tunnel under the Hudson River Elaine Chao told lawmakers ear- Chuck Schumer (D., N.Y.) and
connecting the two states. lier this month that New York Rep. Rodney Frelinghuysen, the
The bill would provide $650 and New Jersey need to put retiring New Jersey Republican
million to Amtrak for capital more “skin in the game.” and Appropriations Committee
projects along its busy North- The Transportation Depart- chairman. But conservative
east Corridor, an increase of ment gave the initial financing House Republicans were un-
n-
$322 million from 2017. The new plans for the Gateway tunnel happy that the spending bill
funding would enable the rail- project a “medium-low” rating, would include funding that
road to contribute $388 million which would make it ineligible might be put toward Gateway,
to infrastructure improvements to receive grants from the New which they have said the federal
no
in the approach to New York Starts program. government shouldn’t support.

City that the railroad calls the
Gateway Program, a person fa-
miliar with the legislation said.
The bill also would add $286
million to a federal program
known as New Starts, a pool of
$2.6 billion for new transit proj-
KEVIN HAGEN FOR THE WALL STREET JOURNAL
ects, which the New York-New

Jersey venture plans to apply to
for some of the funding to build
the tunnel and to replace a
nearby, failure-prone bridge.
New Jersey Gov. Phil Murphy
said he was pleased to hear the
spending bill would include
funding for the project. “It is vi-
tal to our economic security,
will generate billions in eco-
nomic development, and will
bring thousands of good-paying Backers say a new Hudson River tunnel is desperately needed.
Airport Workers Closer to Raise

BY PAUL BERGER mum-wage law passed in 2016, bers unanimously approved
employees at John F. Kennedy the measure. It now will go
About 20,000 cabin clean- International and LaGuardia through a public comment and
ers, baggage handlers, restau- airports earn $13 an hour. review period, and a final vote
rant staff and other minimum- Mr. Cotton said that raising will be held in June.
wage workers at New York’s wages would improve cus- For years, airport workers
three major airports could re- tomer service and productivity, have attended Port Authority
ceive a substantial pay raise, while reducing turnover. “Air- board meetings, testifying
following a proposal Thursday port workers deserve a fair and during public sessions about
by the Port Authority of New appropriate wage,” Mr. Cotton their struggles to pay for rent,
York and Jersey. said. “And today is a great day food and medicine, and to
Executive Director Rick Cot- for airport workers who strive raise a family on such low
ton proposed a phased infor economic justice.” wages. Most workers are em-
crease that would raise wages Port Authority Vice Chair- ployed by contractors or sub-
annually, reaching $19 an hour man Jeffrey Lynford said the contractors to airlines, termi-
in 2023, at a Port Authority increase would raise airport nal operators and concessions.
board meeting in Jersey City, salaries to $35,000 a year, a Hector Figueroa, the presi-
N.J. Currently, workers at 13.5% average increase each dent of 32BJ of the Service
Newark Liberty International year over the next six years Employees International
Airport earn $10.45 an hour. In for the lowest paid workers. Union, thanked commissioners
New York, where a state mini- Port Authority board mem- Thursday for taking action.
THE WALL STREET JOURNAL. * * NY Friday, March 23, 2018 | A11B
GREATER NEW YORK
Bill Allows Crave a Fancy Meal, but Can’t Afford It?

Workers to Some upscale restaurants are rolling out cheaper versions of their menus to broaden appeal
Disconnect BY CHARLES PASSY
After Work At Italienne, a restaurant

in Manhattan’s Flatiron Dis-
trict with French and Italian
BY MIKE VILENSKY influences, patrons once
could spend anywhere from
PETER FOLEY FOR THE WALL STREET JOURNAL; LE GRILL DE JOËL ROBUCHON (BELOW)
A measure protecting em- $40 to $55 on such menu
ployees from penalties for ig- items as Wagyu steak and
noring communications from venison paired with foie
work when they are off is gain- gras. For those who really
ing steam among New York wanted to make an evening
Democrats, while drawing con- of it, the dining spot offered
cern from business groups. a six-course tasting menu,
Councilman Rafael Espinal dubbed “un
(D., Brooklyn) introduced the FOOD & voyage d’itali-
bill in the New York City Coun- CULTURE enne,” for
cil on Thursday, and state Sen. $125, with an
Diane Savino (D., Staten Is- optional wine
land) is working on a version pairing for an additional $95.
in the state Legislature. “It’s But as of this month, the
important for workers to be restaurant, which opened in
able to draw a line between late 2016, has rebranded it-
their work lives and personal self as the more casual Trat-
lives,” said Mr. Espinal. toria Italienne, and is touting
Mr. Espinal’s legislation a new menu with many
would make it illegal for an lower-priced offerings.
employer with more than 10 Bar snacks can be had for
workers to require employees as little as $3 and entrees
to access their work-related generally top out at about Trattoria Italienne, above, is offering a new menu with lower-priced options. Below, lobster bisque is served at Le Grill de Joël Robuchon.
communications outside of $35. And while there is still
normal work hours. It doesn’t a tasting menu, it is a rela- same attention to detail” at lason, and is served on a bun
apply to government workers. tively modest four-course af- both restaurants. The main seasoned with smoked salt
Business groups said the fair that runs $65. difference is that L’Atelier and vegetable “ash.”
measure is too broad and- The idea, says general puts an emphasis on more The reason for the change,
would hamstring employers. manager and co-owner fanciful preparations. explains owner Claus Meyer,
“I think they have to refine James King, is to make the If anything, Mr. Gaudelet has to do with the difficulty
the industries this can be ap- restaurant more welcoming sees Le Grill as a starting the restaurant has faced at-
plied to,” said Helena Natt, ex- so diners stop by a few point for some diners, espe- tracting patrons since having
ecutive director of the Greater times a month rather than cially millennials, who appre- to shut down for a time be-
.
New York Chamber of Com- seeing it as an occasion-only ciate fine cuisine, but can’t cause of a flood in Grand
ly
merce. She pointed to indus- destination. “We’d have peo- necessarily pay to enjoy it in Central. “We felt the need to
tries like hospitality that call ple say, ‘We love this place. its most luxurious iteration— be slightly more relevant to
for on-the-fly labor. We’ll be back for our anni- at least not yet. “In four or hundreds of people who
The idea is still far from be- versary,’ ” Mr. King says. on five years, maybe they can don’t need a 10-course tast-
coming law. New York Gov. An- Trattoria Italienne is hardly afford to come to L’Atelier,” ing menu,” he says.
drew Cuomo, New York City the only New York City res- he says. “It’s like recruiting Ultimately, each restaurant
Mayor Bill de Blasio and City taurant taking a fresh look at the next generation.” may have its individual rea-
Council Speaker Corey John- pricing these days in an effort Agern, the Nordic-inspired sons for adopting lower-price
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son declined to take a position to broaden its customer base. restaurant in Grand Central models and approaches. But
on the bill Thursday. In some instances, dining Terminal that also offers if there is a common thread,
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New York state labor law al- spots are trying to offer two $100-plus tasting menus, has it is the increased emphasis
ready requires certain compa- concepts under a single roof taken another approach to on casual dining in our culi-
nies to pay hourly workers for and appeal to different mar- pricing. In recent weeks, it nary culture, says Arlene
ci on
work outside their usual hours. ket segments simultaneously. space with his “elegant, yet fixe menu for $65. All prices has expanded its a la carte Spiegel, a New York-based
But employers have more ju- When the Michelin- approachable” Le Grill de include tipping. offerings—even going so far hospitality consultant.
risdiction over when they can starred, Paris-based chef Joël Robuchon concept. Alex Gaudelet, CEO of In- as to add a burger and Today’s diner “doesn’t want
ask salaried employees to be Joël Robuchon opened his At the former, a main vest Hospitality, the New chicken wings, albeit in gour- the restaurant to tell them
on the job. high-end L’Atelier de Joël course can cost as much as York-based company that has met-minded versions. The what to wear or how much to
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Mr. Espina is planning a Robuchon restaurant in the $135 and tasting menus run partnered with Mr. Robu- $26 burger, for example, is spend,” she says. “They want
council hearing on the mea- Meatpacking District last $145 to $265. At the latter, chon on the restaurants, says made with a secret-spice mix, to feel welcome whether they
sure for this summer. November, he had it share there is a three-course prix- dishes are created with “the according to chef Gunnar Gís- are in jeans or tuxedos.”
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Digging Out After the Storm

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©2018 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated.
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SETH WENIG/ASSOCIATED PRESS
Live.
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SNOW DAY: Ruth Wertentheil shoveled her sidewalk in Englewood, N.J., while her children played
Thursday, a day after a spring nor’easter dropped up to a foot of snow in some parts of the region.
no
GREATER NEW YORK WATCH Yu dm .

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UNEMPLOYMENT uary to 4.2% in February, an all- medical marijuana for any diag- M vy sp
yu w.
time low based on records going nosed condition. The Assembly
City’s Jobless Rate back to 1976. The statewide job- health committee approved the
Is Lowest Since 1976 less rate dipped from 4.7% in measure on Thursday.
January to 4.6% last month, the Current law permits medical
The state Department of La- lowest level since July 2007. marijuana to be prescribed only
bor says New York City’s unem- —Associated Press for certain debilitating condi-
ployment rate has fallen to its tions. The measure also pro-
lowest since the nation’s bicen- NEW JERSEY poses a number of other
tennial, while the statewide job- changes, including authorizing a
less rate is at its lowest in more Bill Would Expand person to serve as a primary
than a decade. Medical-Pot Program caregiver for up to two patients.
The agency’s monthly unem- The bill comes as Democratic
ployment figures released Thurs- New Jersey lawmakers ad- Gov. Phil Murphy pushes for le-
day showed the city’s jobless vanced legislation that would galizing recreational marijuana.
rate had fallen from 4.3% in Jan- permit doctors to authorize —Associated Press
GRADS 615 in critical reading. The

New York City Department of
Education reported last year
that seniors in district high
tions in the fall.
“Whether it’s overt racism
or discrimination, or things
that are passive-aggressive
Continued from page A11A schools averaged 490 in math and small, we’ll run into prob-
get into college. Four counsel- and 491 in reading. lems,” Mr. Jennings said. “But
ors, who sit in a glass-walled Success Academy seniors just having our foot in the
office decorated with univer- joke about the intimate size of door to all these opportuni-
sity pennants, advise younger their class. The network has a ties, we’re going to set an ex-
grades as well. One of the sought-after lottery for enroll- ample for the kids behind us.”
counselors, Danielle Jakob, said ment in elementary grades, Plans aren’t fleshed out for
her office aims to avoid a com- but doesn’t add new students how the school will support
mon problem of “under-match- after fourth grade or fill seats graduates long-term. Ms. Ja-
ing” among low-income stu- when children leave. Many ed- kob said the college-counsel-
dents who often are the first in ucators argue that taxpayer- ing team would be available to neW York citY naSSaU MiaMi
their families to go to college. funded charters should offer offer advice when necessary. WeStcHeSter
She said her team facili- vacant spots to applicants, as But, she added, “It’s not going 3 05. 623. 8282
rockLanD HUDSon VaLLeY
tated visits from 73 college regular public schools do. Ms. to be like Success College.”
representatives since Septem- Moskowitz says newcomers This is the first of a two- 9 1 4 .5 9 2 .1 0 0 1
ber. The college reps received wouldn’t be prepared for the part series about Success
colorful handouts from the curriculum. Academy Charter Schools in
high school noting that on the Some seniors anticipate New York City. The second californiaclosets.com
SAT exams, the Class of 2018 they might experience culture part will focus on the net-
had an average score of 623 shock when they enter large, work’s first high school’s f
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out of 800 points in math, and predominantly white institu- growing pains.
A12 | Friday, March 23, 2018 THE WALL STREET JOURNAL.
LIFE&ARTS
TELEVISION REVIEW
By Dorothy Rabinowitz
From Russia
With
No Love
FOX SEARCHLIGHT PICTURES (3)

FILM REVIEW | By Joe Morgenstern
‘Isle of Dogs’:
Wes Anderson Unleashed
FX
Keri Russell as Elizabeth Jennings
IN THE FINAL SEASON of “The Ameri-

cans” the Jenningses—the KGB spy couple
dedicated to unremitting war against the
U.S.—are at war with one another, and a
bitter, masterfully dramatized war it is. The director’s explosively creative stop-action
Philip Jennings (Matthew Rhys), re- movie sees man’s best friend exiled to an island
.
pelled by years of a bloodstained career of garbage and includes the voices of Bryan
ly
of murder and deceit, and no longer will- Cranston, Scarlett Johansson, Bill Murray,
ing to serve the Kremlin, is interested Edward Norton, Tilda Swinton, Liev Schreiber,
now in pursuing a normal American life. Jeff Goldblum, Harvey Keitel, F. Murray
But Elizabeth Jennings (Keri Russell), on Abraham and Bob Balaban.
more devout then ever in her belief that
the Americans are simply awaiting their and Prokofiev’s “Midnight Sleighride”
chance to destroy her country, is enlisted played by the trailblazing Sauter-Finegan
in a KGB plot to sabotage a planned nu- Orchestra of the 1950s.
us l,
clear disarmament conference. She is, in “Fantastic Mr. Fox” was memorably clever
her now impenetrable dark tone, a new and very funny. “Isle of Dogs” is clever,
al a
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Elizabeth—sleepless, a chain-smoker funny, startlingly beautiful, politically acute
barely able to be in the same room with and surprisingly heartfelt. The silly stuff
her husband. Philip has not only turned isn’t cultural appropriation, but high-bur-
ci on
his back on their mission, he harbors lesque borrowing. The beauty can be eclectic
hopes for the success of that confer- WHEN WE WERE KIDS we didn’t know or rights. Japanese actors voice everyone else, to the point of wackiness—an overhead shot,
ence—a prospect abhorrent to her. care how movies were made. They were mag- from Kobayashi (Kunichi Nomura) down to as if from a hovering drone, of a sushi chef
The series, which has taken on added ical entities unto themselves, and we Assistant-Scientist Yoko-ono (Yoko Ono, of doing his samurai thing; kidney-transplant
relevance thanks to multiplying Russian- watched them rapt. Recapturing that state of course) and, most notably, Atari (Koyu surgery studied from the same point of view.
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directed assassinations in the U.K. and mind, eye and heart is certainly hard, but not Rankin), Mayor Kobayashi’s 12-year-old ward. But many settings and scenes take your
elsewhere, has now moved on to the era impossible, as “Isle of Dogs” shows. Wes An- Atari, the film’s hero, flies himself to the breath away with their bold graphics: a rab-
of Gorbachev and the prospect of change derson’s joyous stop-motion feature looks island in a hijacked plane to find and then ble-rousing rally worthy of Leni Riefenstahl;
in the U.S.S.R.—the kind Kremlin hardlin- and sounds like nothing we’ve encountered rescue his own beloved Spots. The plane, we an island trashscape that recalls “WALL-E”;
m e
ers are determined to prevent via action before, including his previous stop-motion are told, is a Junior-Turbo Prop XJ-750; that a furious dogfight enveloped by a giant cot-
by agents like Elizabeth and a far-flung feature, “Fantastic Mr. Fox,” which was is to say, it’s a sweet little toy that seems to ton ball of dust; a miniature mushroom
spy network working to penetrate, and pretty wonderful too. This one follows its have been cobbled together from mismatched cloud rising from a coal-and-copper cove to-
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undermine, the arms summit conference own goofy rules, fills the screen with aston- parts. Many of Mr. Anderson’s live-action ward a lowering gray sky.
on which Gorbachev has staked every- ishing images, tells a touching tale of outcast films evoke toys in dollhouse sets that are Had I been able to see the film again I
thing. Helping coordinate the plot is the dogs and a faithful boy, and does so with ul- photographed head-on, with an emphasis on might have watched it happily without
couple’s former handler, the richly com- tralively deadpan wit. My only regret after symmetrical planes—Matisse crossed with sound, just concentrating on the visuals, but
plicated, old-school communist Claudia— seeing it at a screening was that I couldn’t Joseph Cornell. Those elements recur here in then I would have missed the dialogue’s emo-
co Fo
an irresistible portrayal by Margo Mar- stay and see it again. tional content and real-world rele-
tindale. Claudia’s icy pragmatism comes The story is set 20 years in the vance. Mayor Kobayashi is a
mingled with motherly warmth, which future in a Japan that, for all its strongman in the modern mold,
she lavishes on the Jenningses’ daughter, advanced technology, recalls the fanning the flames of public fear
Paige, who has turned out, against all early gangster sagas of Akira Kuro- about a canine plague for which a
odds, to be an eager KGB spy-in-training. sawa, with their noirish plots and cure has already been found, but
To watch Paige (Holly Taylor) employ explosive consonants. Mayor Ko- secretly concealed. His opponent,
her lethal martial-arts skills on two col- bayashi, the scowling thug who the Science Party candidate, has
lege-age bozos is to grasp how much this runs Megasaki City—he looks a lot been sent to prison. His allies, the
former devotee of Bible-study classes has like Toshiro Mifune—has responded Clenched Fist Gang, have elimi-
learned. It’s a stunning scene, one of the to a surfeit of canines and an out- nated public opposition to deport-
many in these memorable final epi- break of snout fever by banishing ing Megasaki City’s beloved canines
sodes—among them, the impassioned re- all dogs to Trash Island, the isle of en masse, and prepared the way for
cital Claudia delivers, for Paige’s educa- the title, a vast garbage dump off a final solution.
n-
tion, on the battle of Stalingrad and the the Japanese coast. On Trash Island, though, the
world’s failure to grasp that it was the All of the dog barks, as a title card ex- a production designed by Paul Harrod and drama is less political than human, as it con-
Russians who delivered the death blow plains, have been rendered into English, Adam Stockhausen and photographed by cerns young Atari (who writes a haiku about
to the German forces in World War II. while humans speak in their native lan- Tristan Oliver. dogs, love, spring and eternity), and quasi-
no
Not the Americans. guages, with English subtitles where needed. But there’s a new explosion of creativity, but-deeply human in the case of the dogs,
The designs against Gorbachev are The movie’s pooches are played by a superb as well as consonants, that seems to have who yearn for the good old days with ador-
widespread and murderous—but they voice cast: Bryan Cranston (who voices the been ignited by drawing from the majesty ing masters or mistresses. It’s a defining mo-
don’t go unopposed. The retired Oleg Bu- alpha dog Chief) and Scarlett Johansson (as and oddity of great Japanese movies. One ment for these frightened and depressed ex-
rov (Costa Ronin), KGB agent with a con- the lovely and sophisticated Nutmeg), plus has a sense that this film, like “The Simp- iles, and for Chief, their leader. “We’re a pack
science, has been persuaded to return to Bill Murray, Edward Norton, Tilda Swinton, sons” over the years, was a receptacle for of scary, indestructible alpha dogs!” he tells
Washington to counter the efforts of Gor- Liev Schreiber, Jeff Goldblum, Harvey Keitel, comic ideas from who knows how many tal- them in an effort to lift their tails and stiffen
bachev’s enemies. Burov, loath to leave F. Murray Abraham and Bob Balaban. (Anjel- ented collaborators. Mr. Anderson wrote the their spines. Yet there’s also time for ro-
his happy life with his wife and infant ica Huston wins the prize for best screen screenplay, but he shares credit for the mance. “I’m not a violent dog,” Chief insists
son, is driven by one cause—saving Gor- credit as a mute poodle.) A couple of English story with Roman Coppola, Jason Schwartz- to the lissome Nutmeg. “I don’t know why I
bachev, and the hope for a freer Russia speakers play humans: Frances McDormand man and Mr. Nomura. Alexandre Desplat bite.” Her reply is all he could ask for: “I’m
he represents. Responding to his wife’s is Interpreter Nelson, and Greta Gerwig is wrote the score, which is supplemented by not attracted to tame animals.” Mr. Ander-
despairing plea that he stay at home Bu- Tracy Walker, an American foreign-exchange ominous taiko drumming, and by music that son’s film is all a movie lover could ask for.
Please see AMERICANS page A13 student who speaks out for the canines’ civil includes a mambo from “Seven Samurai” It’s the canine version of the cat’s meow.
THEATER REVIEW | By Terry Teachout
‘LATER LIFE’: FROM THE

Barbara
Garrick and
Laurence
BARD OF THE WASPS Lau
New York Life,” first produced by Play-

WHEN A PROLIFIC artist dies, it wrights Horizons in 1993 but rarely
takes time to sort through his out- seen since then, is a welcome re-
put and decide what—if anything— minder that there are glittering
is likely to last. That’s happening gems lurking amid the paste.
right now to the four-dozen plays According to Mr. Gurney, “Later
of A.R. Gurney, the bard of the up- Life” is “indebted to Henry
per-middle-class WASP, who died James.” In fact, it starts out as a
in June at the age of 86. “The Din- comic variation on “The Beast in
ing Room,” “The Cocktail Hour,” the Jungle,” one of James’s most
“Love Letters” and “Sylvia” con- disturbingly melancholy tales. The
tinue to hold the stage and assure protagonist, Austin (Laurence
him of a place in the history of Lau), is an affable Boston divorcé
postwar American theater. And of a certain age who has been
what of the others? Many, like haunted his whole life long by the
“Black Tie” and “Indian Blood,” are certitude that “something terri-
little more than high-class comfort ble” is destined to happen to him.
CAROL ROSEGG
food for country-club Republicans. He goes to a cocktail party and

But Mr. Gurney was no four-hit meets Ruth (Barbara Garrick), a
wonder, and the Keen Company’s divorcée of like vintage who
off-Broadway revival of “Later Please see THEATER page A13
LIFE & ARTS

FILM REVIEW | By Joe Morgenstern
Who’s Running the Asylum?

pursued by a love-crazed stalker
wherever she goes. (Her unam-
orato is played by Joshua Leonard,
who was first seen on the feature
screen playing a put-on version of
himself in “The Blair Witch Proj-
ect.”) A succession of misadven-
tures and misunderstandings, with-
FINGERPRINT RELEASING/BLEECKER STREET
CAROL ROSEGG
out which there would be no plot,
land Sawyer in a psychiatric hospi-
tal, which is just as clearly the
worst possible place for someone
who keeps insisting on her sanity. Barbara Garrick, Laurence Lau, Jodie Markell and Liam Craig
So is she sane? That’s one possi-
bility, though perhaps a simplistic
one in the fraught circumstances.
Another possibility, advanced by a
THEATER essentially eminent Bostonian.
Steven Kemp’s set, a high-rise
terrace overlooking Boston Har-
fellow patient named Nate Hoffman Continued from page A12 bor, is miraculously evocative,
(Jay Pharoah), is that Sawyer is the claims to have met him years and Jennifer Paar’s costumes for
Juno Temple and Claire Foy in ‘Unsane’ victim of a health-insurance scam. ago. They start to reminisce, in- the 10 characters played by Mr.
Nate’s notion seems plausible, terrupted at frequent intervals Craig and Ms. Markell (the wigs
PEOPLE HAVE a stilted way of fying everything that comes close given the state of our nation’s by the other guests, all of them in particular) are a big part of
talking in “Unsane,” and some- to it, including hands resting on health care, but, again, it may not variously eccentric (and all the reason their impersonations
times they seem to have huge tables, desks or sofa arms. The ef- explain everything that’s going on played with great variety and are so convincing.
hands. Both of these oddities are fect, like the film as a whole, is in the heroine’s life, and head. flair by the same two actors, As for the play, it put me in
intentional. Steven Soderbergh’s more peculiar than anything else, What I can tell you without giving Liam Craig and Jodie Markell). mind of Terence Rattigan, an-
paranoid thriller riffs on, and cele- but you’ve got to hand it to an art- too much away is that everything In between, they strike romantic other insufficiently appreciated
brates, genre gems of an earlier ist who’s always up for doing in the film, which was written by sparks—until an unexpected oc- specialist in sharply drawn por-
era, when characters on screen something new. (New for him, that Jonathan Bernstein and James currence throws them off course, traits of men and women who
emitted dialogue that barely re- is. Sean Baker shot his 2015 “Tan- Greer, is meant to evoke such dis- at which point “Later Life” takes are prisoners of self, looking in
sembled everyday street talk. And gerine” on an iPhone, which is tinctive examples of the genre as on an appropriately Jamesian vain for a way to crash out. No
Mr. Soderbergh, who loves to ex- turning out to be a surprisingly “Shock Corridor,” “The Snake Pit” darkness and emotional gravity. more than Rattigan was Mr. Gur-
periment and often serves as his practical filmmaker’s tool.) and, on a much grander scale, “One Unflashy conversation pieces ney a poet of the stage—his vir-
own cinematographer, shot this The heroine, Sawyer Valentini, Flew Over the Cuckoo’s Nest.” And like “Later Life” don’t play them- tues lie elsewhere—but he knew
spare, chilly feature on an iPhone is played by Claire Foy, recently of it’s also safe to say that whether or selves. They must be knowingly how to write dialogue that bites,
7 Plus, with auxiliary optics rang- “The Crown.” Far from queenly, or not you enjoy “Unsane”—I didn’t, cast and intelligently directed to and you’ll catch your breath at
ing from telephoto to extreme for that matter English, Sawyer is for the most part—there’s a terrific make their full effect, and Keen evening’s end when Austin
wide angle. His wide-angle lens a clearly troubled American scene in a padded cell. It’s when Company, here as always, is up speaks what turns out to be his
suggests a sense of unhingement, woman who analyzes data for a Sawyer confronts her figurative de- to the challenge. Jonathan Silver- spiritual epitaph: “People don’t
.
if not flat-out unsanity, by magni- living and believes herself to be mons, and her demon in the flesh. stein, who directed Keen’s very change. Not at our age. We are
ly
fine 2007 revival of “The Dining who we are, only more so.”
Room,” has staged “Later Life”
with identical skill and sensitiv- Later Life
on ity, striking just the right balance Keen Company, Clurman Theatre,
TELEVISION REVIEW | By Dorothy Rabinowitz between the growing seriousness 410 W. 42nd St. ($65-$80),
of Austin and Ruth and the fri- 212-239- 6200, closes April 14
A ‘ROSEANNE’ FOR OUR TIMES

volity of the other guests. The
cast is satisfying, especially Mr. Mr. Teachout, the Journal’s
us l,
Lau, who carries himself like a drama critic, is the author, most
collateral descendant of George recently, of “Billy and Me.” Write
al a
e
Apley, John P. Marquand’s quint- to him at tteachout@wsj.com.
WITHIN ITS FIRST half hour cial tastes and their impor-
the sparkling, if somewhat tance. Better still if the pro-
ci on
message heavy, “Roseanne” ducers had managed to

reboot touches on every ma- imagine a character bearing
jor social problem in America
today, including the one re-
sulting from the recent presi-
some resemblance to an ac-
tual child.
There’s a drug problem in
AMERICANS
er rs
dential election. Their elec- the family too, and the addict Continued from page A12
tion choices have caused a in question is Roseanne, rov points to his son and asks,
furious dispute between Rose- caught by husband Dan (John what kind of a life can he expect
anne (Roseanne Barr), a Goodman) stocking pain med- if his father takes no action?
m e
Trump voter, and her sister, ication from illicit sources. He’s not the only former So-
Jackie (Laurie Metcalf), who It’s a situation given a tone of viet agent responding to the call
ABC
chose Green Party star Jill great seriousness—unlike a of conscience. Philip Jennings,
m rp
Stein. This, it turns out, is the John Goodman and Roseanne Barr much earlier scene, a fore- who had quietly retreated from
easiest solved of the thorny shadowing of sorts, in which active work for the Kremlin, will
issues up for discussion in the whom, the prepubescent Mark Dan and Roseanne dive into a huge do so as well—not without con-
packed Conner household. The sis- (Ames McNamara)—a boy who pile of their medications and trade flict, but not without certainty,
ters forgive one another, grudg- takes care not to smudge his freshly pills: an exchange they play for either, of the path he must fol-
co Fo
ingly. What they don’t do—as is applied nail polish—is a committed comedy, and genuine comedy it is. low. He had come to America to
true of most people who’ve experi- cross-dresser with a dazzling taste Much the same can be said about do battle and had lost his heart
enced ruptured relationships as a in scarves and skirts. It’s explained most of the episodes available for to the country and its people,
FX
result of that election—is forget. that Mark is undergoing a pro- review. The writing is sharp, the and is now, like any entrepre- Matthew Rhys as Philip Jennings
Other matters are more compli- cess—he’s searching. The show’s performances skilled. Ms. Barr and neur, a man who wants to suc-
cated. Daughter Becky (Lecy Goran- creators were apparently impelled, Mr. Goodman are their splendidly ceed in business. The Philip It comes as no surprise that
son) is looking forward to becoming in honor of current orthodoxy, to seasoned comic selves, and that’s shown this season giving heart- one of the greatest drama series
a surrogate mother for a payoff of include a young character of uncer- more than enough reason to wel- felt pep talks to the sales staff in television history should come
$50,000. Daughter Darlene (Sara tain sexual identity. All would have come the return of “Roseanne.” of his travel agency—once a to its end as powerful as ever.
Gilbert), now jobless, has moved worked far better if Mark, a 9-year- mere front for his spying activi-
back in with her parents. She brings old, weren’t so impossibly perfect, Roseanne ties—is a far cry from the per- The Americans, season 6
with her two children, one of so serenely confident about his spe- Begins Tuesday, 8 p.m., ABC son he once was. Begins Wednesday, 10 p.m., FX
n-
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
20s 1 2 3 4 5 6 7 8 9 10 11 12 13 61 “Can you find PUZZLE
CONTEST
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t
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28 29 30 31
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Buffalo 60s
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l l Miami
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UNDERSTATED | By Marie Kelly 46 Chant
7 Org. that
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
The answer to 22 Merchant vessel 40 Size shower recovers black 47 Hit letters
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’s contest officer 41 Noisy boxes 49 Not quite right
Omaha 54 37 r 45 31 c Frankfurt 48 35 c 51 33 pc
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 73 49 s 80 56 s Geneva 50 33 pc 55 39 s
crossword is an 23 Prone altercation 8 In the future
Today Tomorrow adjective. 51 Drag-racing fuel
Philadelphia 45 28 pc 46 30 pc Havana 78 56 s 83 60 s 25 Layers of bricks 43 Objective 9 Fanciful 52 Flip decision?
City Hi Lo W Hi Lo W Phoenix 82 59 pc 81 53 pc Hong Kong 75 67 s 76 67 pc Across 28 Honorific for 44 Murderous Mr. 10 “La Forza del
Anchorage 32 20 s 35 19 pc Pittsburgh 38 17 pc 39 20 pc Istanbul 60 46 sh 52 44 sh 54 Regatta team
Atlanta 61 47 pc 72 59 c Portland, Maine 41 30 pc 41 29 c Jakarta 90 76 sh 89 76 t 1 Andalusian aunts Lyonnaise 45 Hit’s back Destino” heroine
lawyers 56 Patella’s place
Austin 83 63 pc 84 65 c Portland, Ore. 48 36 r 52 34 c Jerusalem 83 61 pc 66 49 c 5 Jargon 46 To be safe 11 Nuptial promise
Baltimore 46 27 pc 45 27 pc Sacramento 59 44 pc 56 39 sh Johannesburg 62 56 sh 72 57 pc
30 Offer an address 57 Routine unit
Boise 53 38 c 50 34 c St. Louis 51 42 c 53 35 r London 55 43 r 51 37 c
9 Duper’s 48 ASAP part 12 Goddess of the
declaration 32 Regatta team 58 Wish undone
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16 Seduced (narrow part of
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Dallas 82 68 pc 89 67 pc Wash., D.C. 47 31 pc 48 31 pc Moscow 37 16 c 29 15 s the Malay
17 Can opener? than a few 55 First capital of
Denver 69 35 c 68 36 s Mumbai 88 75 s 92 79 s 21 Hawks’ org. Peninsula)
18 Where the f-bombs, perhaps Russia’s
Detroit
Honolulu
44 25 s
82 72 r
43 25 s
80 70 t
International Paris
Rio de Janeiro
44 41 r
89 76 s
54 41 c
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Today Tomorrow Riyadh 91 63 s 91 61 s
Houston 81 68 pc 83 68 c plays 38 Site of the colonies Y A WP S A C E I T F O E
Indianapolis 49 31 c 33 26 sn City Hi Lo W Hi Lo W Rome 53 37 s 55 41 pc O C E A N D O N D I E L M
Kansas City 63 48 t 51 34 c Amsterdam 48 37 c 51 37 c San Juan 86 74 sh 84 74 sh 20 Capital featured Archway, 57 Site of the G E N R E D R E AM T E A M
Las Vegas 72 53 pc 69 49 s Athens 64 51 s 63 48 t Seoul 51 36 s 55 41 s in William honoring the local King’s Walk Golf A R T D E A L E R E A S Y A
T O R N T O O L S
Little Rock 77 60 pc 80 49 c Baghdad 89 64 s 93 69 pc Shanghai 65 49 s 67 52 pc Kennedy’s role in westward Course, designed A T O N T I E A I K M A N
Los Angeles 65 51 pc 62 49 pc Bangkok 91 78 pc 93 79 pc Singapore 92 79 pc 90 79 pc “Ironweed” expansion by Arnold Palmer R H OM B S M A R M E L O
Miami 76 61 s 78 65 s Beijing 68 41 pc 72 43 s Sydney 75 68 sh 81 70 pc O R F E O A P E I P A D S
Email your answer—in the subject line—to crosswordcontest@wsj.com
s
Milwaukee 40 31 pc 41 29 c Berlin 41 32 c 45 31 c Taipei City 77 58 s 79 62 s M O A B A Y E R T O S E E

Minneapolis 43 28 c 42 28 sn Brussels 46 38 pc 52 37 c Tokyo 56 46 sh 58 48 pc A B R O A D R O D L U N D
by 11:59 p.m. Eastern Time Sunday, March 25. A solver selected at random E N O L A N O I R
Nashville 54 47 c 69 44 t Buenos Aires 82 61 pc 79 47 pc Toronto 38 20 pc 38 20 s will win a WSJ mug. Last week’s winner: Zachary Viders, Katonah, NY. B O U N D I T S A S T E A L
New Orleans 76 62 pc 81 62 pc Dubai 86 72 s 94 74 s Vancouver 47 32 sh 47 33 pc I G N O R A MU S C I S C O
New York City 45 31 pc 46 32 pc Dublin 50 35 r 50 33 pc Warsaw 42 29 c 44 26 pc Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. A L I A B O R T A C U R A
Oklahoma City 77 55 pc 76 49 pc Edinburgh 48 34 r 49 35 pc Zurich 45 29 c 52 30 s Void where prohibited. U.S. residents 18 and over only.) S E T Y E S E S R O P E D
A14 | Friday, March 23, 2018 THE WALL STREET JOURNAL.
SPORTS
NCAA TOURNAMENT
Dylan Went Electric. Duke Went Zone.

Mike Krzyzewski’s teams played man-to-man. Then he became U.S. national coach and picked the brains of those around him.
BY ANDREW BEATON
AND BEN COHEN
MIKE KRZYZEWSKI’S team

needed a stop. Up by one before the
last possession of the game, his col-
lection of extraordinarily talented
players went to the bench to hear
Krzyzewski’s defensive strategy. Be-
fore he could say anything, though,
Jim Boeheim suggested an idea.
“How about zone?” he said.
Krzyzewski and Boeheim won’t
T-B: STREETER LECKA/GETTY IMAGES; ALAN SCHWARTZ/CSM/ZUMA PRESS

be in the same huddle when No. 2
seed Duke plays No. 11 seed Syra-
cuse on Friday night in the NCAA
tournament’s Sweet 16. They were
only sitting next to each other on
the bench that day in 2010 as
coaches for Team USA in an exhibi-
tion against Spain. And they both
knew the very last thing Spain ex-
pected was a zone defense.
The Americans had never played
zone before under Krzyzewski.
They would never play zone again.
But this time, and only this time,
the zone that Krzyzewski called
“Orange,” in honor of Boeheim,
was exactly what they needed.
Spain was so bewildered that it
forced two 3-pointers even though
it was only down one point. Both
.
threes were blocked by Kevin Du- Above, Syracuse’s Oshae Brissett throws the ball in during a game against
ly
rant. Team USA won that day be- Duke on Feb. 24. Left, Jim Boeheim greets Mike Krzyzewski.
cause of the zone.
What happens on Friday won’t team starring freshmen that had fensive performance in the last
be so different. Krzyzewski’s team on been heralded as the top recruit- five years of ACC play.
will either win or lose because of ing class in the country (again) “I don’t think that Coach K
the way it uses Boeheim’s zone. was playing lousy defense (again). should really be allowed to play
Krzyzewski playing zone defense “There are very few freshmen zone,” Boeheim said. “I’m surprised
is about as stunning as Krzyzewski that understand how to play de- that he would even do that.”
us l,
coaching in a Speedo. This is the fense,” says Duke associate coach He was so deadpan that Boeheim
coach who literally wrote the book Jeff Capel. had to clarify that he was joking.
al a
e
on playing man-to-man defense. It’s It didn’t take long for Duke’s Syracuse’s zone is so effective
called “Duke’s Team Man-to-Man coaches to realize why their de- because Boeheim recruits athletic
Defense Book.” fense was getting torched. They players with long reaches who are
ci on
He was a man-to-man doctrinaire saw other teams spreading the perfectly suited for his style. Duke
who sneered at the idea of a zone court, drawing Duke’s bigs to the already had players whom Boeheim
defense—which, in the simplest of perimeter and getting them in foul could’ve plugged into his zone.
terms, requires a player to defend thony, who won a national champi- loathing a defense that baits other trouble. The solution was so obvi- Four of Duke’s eight rotation play-
an area of the court instead of a onship in his one year at Syracuse. teams into long-range shots, this ous that Duke had already experi- ers have wingspans longer than 7
er rs
specific player. Then he became the Those practices may have been the was a nightmare scenario. “I think mented with it. When they beat No. feet. When they go big with Mar-
U.S. national coach and picked the only time that NBA stars looked to guys who don’t use the zone a lot, 2 Michigan State in November, the vin Bagley III, Wendell Carter and
brains of those around him. Minne- him for defensive expertise. as soon as someone hits two Blue Devils had played zone. They Javin Delaurier or Marques Bolden,
sota Timberwolves coach Tom Thi- “Melo would talk a lot of trash,” threes, they say: ‘Man, that’s not decided that’s what they would they’re bigger than some NBA
m e
bodeau on “icing” defenders in the Collins said. working,’” he said in a Dan Patrick play for the rest of the season. teams. And even their 6-foot-3
pick-and-roll. Houston Rockets It wasn’t until 2015, the same Show interview this week. Krzyzewski’s assistants say there point guard Trevon Duval has a
coach Mike D’Antoni on spacing. year he won his first title with The Cardinals took three more was a time they never would have wingspan longer than 6-foot-9.
m rp
And his old friend Boeheim on zone. one-and-done players, that Krzyze- threes before the first media time- believed that could happen. But he It’s only natural that Duke’s
Chris Collins, the Northwestern wski gritted his teeth and adopted out. They missed all three. Duke adapted, and it worked. Duke’s de- matchup zone looks similar to Syr-
coach who was a Duke assistant a zone at Duke. The Blue Devils stuck with the zone and won the fense ranked 108th nationally in acuse’s. Krzyzewski and Boeheim
and Team USA scout, says Boe- had lost two straight games in game. Krzyzewski slowly became January, according to KenPom.com. are close, and their assistants
heim was the only person who January of that year to unranked comfortable enough with the zone It’s now ranked No. 8. trade ideas and spent time to-
co Fo
could have convinced Krzyzewski teams, in large part because its to use it in Duke’s biggest games The highlight of this transfor- gether in Japan, Beijing, Turkey,
to practice zone with LeBron man-to-man defense was putrid. of that season. They even played mation came in February against London, Spain and Rio de Janeiro
James, Kobe Bryant and the best The next game was on the road zone in their last win of the sea- the coach who made it possible. during Team USA competitions
players on the planet for 10 min- against a highly ranked Louisville son: the national championship. Syracuse walked onto Duke’s home over a decade. But the coaches say
utes every day. team. They came out in zone. But it didn’t become their de- court and had to watch the Blue that Duke and Syracuse aren’t ex-
The one player on that team al- The Cardinals opened the game fault until Duke found itself with a Devils running their defense—only actly identical.
ready comfortable with Boeheim’s with a wide open 3-pointer. For a familiar problem this year. It had better. Duke held Syracuse to 44 “I’m sure they didn’t give us ev-
matchup zone was Carmelo An- coach who spent his entire career lost two in a row (again) because a points. It was the team’s best de- erything,” Capel said.
FOOTBALL | By Jason Gay
ARE YOU READY FOR

n-
(MORE) FOOTBALL?
no
L-R: DOUG PIZAC/ASSOCIATED PRESS; CHRISTOPHER RUPPEL/ALLSPORT/GETTY IMAGES
Big news everybody: Isn’t there growing concern in

I’ve decided to launch football about player safety and
my own professional long-term head injuries? Aren’t
football league. the television ratings for the pro
I’m not sure what game in decline?
to call it, though. The More football? It’s like hearing
Jason Football League, aka the Hey everybody—I just warmed up
JFL? The Gay Football League, another delicious round of micro-
aka the GFL? wave pizza!
My wife suggests Another Terri- I spoke to Charlie Ebersol on
ble Idea from My Idiot Husband, Wednesday. He congratulated me
aka ATAMIH, but ATAMIH doesn’t on my plans for the JFL/GFL, and
really roll off the tongue. insisted that reports of football’s
I’ll workshop the name. Maybe demise are quite exaggerated.
I’ll do some focus grouping with “There are millions of Ameri-
the neighborhood squirrels. cans who watch football—and
But I’m definitely doing some- don’t watch professional sports
thing. Pro football is where it’s at the rest of the year,” Ebersol said.
right now. At least it seems that It’s true that for all the doom-
way. Earlier this winter, the wres- saying, pro and college football re-
tling czar Vince McMahon an- mains a reliable television jugger- Left, The USFL played for three seasons from 1983 to 1985. Right, the XFL lasted for one season in 2001.
nounced that he was reviving the naut. The NFL ratings still dwarf—
XFL, his sizzly failure with NBC in by multiples—the ratings of the “This Was the XFL,” argued that for capitalizing on devices and the ap- for a year and a half. But McMa-
2001. Player agent Don Yee is other professional sports and en- all its rowdy bluster, it was medio- petite for fantasy sports with in- hon beat his unveiling—and in-
working on a developmental tertainment. Sunday Night Foot- cre football which undid the league. game contests and incentives. He stalled his new XFL as a competi-
league called Pacific Pro Football. ball is the No. 1 show on TV. Fox “We can build a version of foot- talks of the audience as a “partner” tor. What was going on?
This week, Charlie Ebersol—the just paid $660 million a season for ball that is more appetizing to the and insists his football games will Here, Charlie Ebersol
filmmaker/producer and son of Thursday Night Football! fans,” Charlie Ebersol said. be anything but a passive watch. sounded…Bill Belichickian.
former NBC Sports titan/XFL part- But still—that’s the NFL. How is I do like one aspect of the Alli- “I don’t see this as just a foot- “We’re thinking about our own
ner Dick Ebersol—announced he Ebersol’s Alliance possibly going to ance already—they’re trying to ball league,” Ebersol said. “I see organization,” he said.
was getting into the game with an put out an intriguing product? He speed up the game. Watching an this as a media [company] and Oh well, it doesn’t matter. My
outfit called the Alliance of Ameri- points to the thousands of unsigned NFL or college contest can feel like football league and an opportunity JFL/GFL is going to steamroll McMa-
can Football, which will make its college players—how many over- a day-sucking slog. The Alliance is to make changes in the market.” hon or Ebersol or anybody else who
debut the weekend after the Super looked Kurt Warners are out there? getting rid of kickoffs and onside It’s hard to talk to Ebersol and tries to get into the game. I’m going
Bowl, on Feb. 9, 2019. He’s lined up He’s also signed up heavies like for- kicks—the former a move that will not hear traces of his father’s fa- to play 15 minute games. I’ll use ro-
investors like the Chernin Group mer Colts exec Bill Polian and ex- also have safety benefits, Ebersol mous brio and taste for risk. Dick bot quarterbacks. I’m going to create
and Peter Thiel’s Founders Fund. players Justin Tuck, Jared Allen said—shaving the play clock from Ebersol was a master of making a a Howard Cosell hologram. My refs
Sounds bold but…wait a minute. and Troy Polamalu to oversee and 45 to 30, and cutting back on com- big TV bet that often paid off—the will know what a #$%* catch is.
Didn’t we just get through a sea- tweak the game in interesting ways. mercials and other interruptions. XFL being a rare exception. He’ll Ebersol didn’t sound too worried
son complaining about how the av- “The single most important Optimally, the Alliance wants two also be on the Alliance board. about my start-up.
erage NFL game looked like cats thing is to put good football on and a half hour football. And what about Vince McMa- “I wish you all the luck in the
trying on pajamas? Does’t it seem the field,” Ebersol said. The Alliance’s biggest innovation hon? Charlie Ebersol’s XFL doc world,” he said.
like there are there, like, only nine Ebersol would know—his recent may come in the area of viewer ex- portrayed the WWE chief as a I don’t need luck, man. I just
people on earth capable of playing ESPN documentary on his father’s perience. Ebersol wants Alliance close family friend. Ebersol said need a name. And players. My first
above-average quarterback? and McMahon’s XFL co-adventure, telecasts to be fully interactive, he’s been working on his league game is next Tuesday.
OPINION
Russia, the NRA and Fake News BOOKSHELF | BY Moira Hodgson
Washington in
2016 saw one
of most auda-
weird was that so many jour-
nalists were simultaneously
doing this story—among them
“an effort by Russia to create
a back channel or assist the
Trump campaign through the
publication that this was false,
that she has spoken to no one
about the NRA’s actions in
The Affair
cious dirty
tricks in polit-
ical history:
Michael Isikoff of Yahoo News,
the self-described “old friend”
of Fusion GPS co-founder
NRA.” Another flurry of arti-
cles. All still based on nothing
but Mr. Simpson’s infiltration
2016, and that she believes
the entire NRA-Russia story
line is preposterous. She
L’Étoile de Mer
POTOMAC the Donald Glenn Simpson, who was also claim. asked the reporters to explain
WATCH Trump-Rus-
sia collusion
among the first to write about
the dossier—at Mr. Simpson’s
In a response to Mr.
Wyden, the NRA flatly denied
to whom she supposedly said
this, when and in what con-
Diving for Starfish
By Kimberley
claim. Now pitch. the accusation. It explained text. They couldn’t, but ran By Cherie Burns
A. Strassel
it’s happening This January, the House In- how it scrupulously monitors the story anyway. Ms. Mitchell (St. Martin’s, 230 pages. $26.99)
T
again—same telligence Committee released its donations and noted that calls it “the quintessential
partisans, same media; new its transcript of Mr. Simpson’s all its political decisions are definition of fake news.” he starfish brooch is huge and heavy, the size of the
conspiracy, new victims, in- November testimony, in which made by U.S. citizens. It also Ms. Mitchell notes that palm of your hand. Its five gold rays, studded with 71
cluding the National Rifle he regaled incredulous com- reported it had had no contact other news outlets backed off rubies and 241 amethysts, are articulated so that if
Association. mittee Republicans with a the story after she denied it, you touch them they curl up, as though alive. Three
Remember how the Trump- wild new tale—of how the with one reporter agreeing in versions of this pin were made in the mid-1930s by a
Russia trick played? Hillary Russians had “infiltrated the Journalists propagate email that he did not want to famous Parisian jeweler. What kind of woman would wear
Clinton’s campaign hired op- NRA.” Fusion GPS had “spent “be associated with some left- such a splashy piece of jewelry? One was the film star
position-research firm Fusion a lot of time investigating” a another wild tale wing conspiracy.” A Mc- Claudette Colbert. The second was the Standard Oil heiress
GPS to compile a dossier of “Mafia leader named Alexan- from Fusion GPS’s Clatchy investigative editor Millicent Rogers. The third is a mystery.
salacious Trump allegations. der Torshin” and a “suspi- emailed me that since the Freelance journalist Cherie Burns became obsessed with
The Fusion team delivered it cious” and “big Trump fan,” Glenn Simpson. “central assertion” of the the brooch after seeing one of them at a book launch for
to the Federal Bureau of In- Maria Butina. Mr. Simpson story was that “congressional her 2011 life of Rogers, “Searching for Beauty.” During the
vestigation, then, when brief- provided zero detail to back investigators are looking at party, which was held in a private Manhattan jewelry salon,
ing reporters, cited the bu- up this claim—no names, with the FBI. House Intelli- information” that Ms. Mitchell the owner took her over to a glass showcase. Ms. Burns
reau’s interest to establish dates, money transfers or spe- gence Committee Democrats said something, it didn’t mat- writes, “The starfish looked real enough to climb out of the
the document’s credibility. To cific actions. nonetheless last week issued a ter if she had denied it. The case and march up my arm. . . . It seemed not just to spar-
this day the accusations in But never mind. The day document demanding they get editor noted that McClatchy kle, but also to effervesce as
the dossier have not been Mr. Simpson’s conspiracy- to continue investigating the had published her denial, and if it were visibly radioactive.”
corroborated. laden transcript was due to go “NRA’s relationship” with Mr. corrected its headline to re- She was dazzled by it, so
To pull this off, Clinton par- public, McClatchy ran this Torshin and Ms. Butina as flect that she is not a current much so that she returned the
tisans needed government offi- headline: “FBI investigating well as . . . Washington lawyer NRA lawyer. Fusion GPS did next day for another look. But
cials willing to entertain wild whether Russian money went Cleta Mitchell, who hasn’t not respond to a request for the brooch was gone. Where
claims and media willing to to NRA to help Trump.” The done legal work for the NRA comment. was it? The owner of the jew-
propagate them. Both still exist story cited only two unnamed in a decade. No one has provided a scin- elry store was tight-lipped and
in abundance, as we now wit- “sources familiar with the mat- A few days later, the same tilla of evidence to support vague. “ ‘A jeweler in London, I
ness a new conspiracy theory ter.” The article admitted it two McClatchy reporters were the claim the NRA was “infil- think,’ he said before he waved
elevated into news. “could not be learned” out with this: “NRA lawyer ex- trated”—and it is appalling good-bye and jauntily retreated
Starting in February 2017, whether the FBI had any evi- pressed concerns about that it or Ms. Mitchell must down the hall to his office.”
media outlets began issuing dence involving the NRA, but it group’s Russia ties, investiga- defend against baseless Obsessed with the starfish
.
stories about a Russian central nonetheless went on at length tors told.” It again cited two claims. But these days all it now, Ms. Burns was determined
ly
banker named Alexander Tor- about the group. A flurry of ar- anonymous sources claiming takes to turn the most out- to try to find out more about all
shin and a Russian gun-rights ticles from other news organ- Congress was investigating landish accusation into three brooches, who had worn
activist named Maria Butina. izations followed, while Dem- Ms. Mitchell’s worries that the “news” is the whispers of a them and where they had ended up.
Most broadly claimed the duo ocratic Sen. Ron Wyden fired NRA had been “channeling
on couple of Democratic lawmak- Part history, part investigative journalism,
had been cozying up to U.S. off letters demanding the Russia funds into the 2016 ers or an anonymous refer- part personal quest, “Diving for Starfish” is filled with
conservatives; they specifi- NRA account for itself. House elections to help Donald ence to the FBI. Let’s see drama and intrigue, and peopled by a cast of characters
cally noted that they had an Democrats jumped in, with Trump.” Ms. Mitchell tells me what’s next. worthy of “The Maltese Falcon.” Like Dashiell Hammett’s
interest in the NRA. What was Rep. Adam Schiff positing she told McClatchy before Write to kim@wsj.com. hard-boiled detective Sam Spade, Ms. Burns comes up
us l,
against more than she had bargained for when she first set
out on her search for information. Her trail takes her to
al a
The Democrats Abandon Catholics

e
London, Paris, Hollywood and Miami, turning hot and cold
along the way.
She quickly discovers that the high-end jewelry business
ci on
HOUSES OF A couple of three decades ago by Cardinal the needs of poor and middle- soon be even more morbidly is deeply secretive and doesn’t welcome even the most
WORSHIP events over John O’Connor; she was the class children in Catholic expanded. For instance, under innocent of questions. She calls it a “shadow business.” The
By Cardinal the past few first layperson and first schools, and the right to life the proposed Reproductive worst sin a person in the trade can commit is to reveal the
Timothy Dolan w e e k s woman to hold the prestigious of the baby in the womb— Health Act, doctors would not name of a buyer. Jewelry may be kept secret for tax
brought to position. Grier was passionate largely have been rejected by be required to care for a baby reasons. Men usually buy it for women, and some estab-
er rs
mind two about civil rights, especially the party of our youth. An es- who survives an abortion. The lishments even have two entrances in case a wife and a
towering people who had a the right to life of babies in teemed pro-life Democrat in newborn simply would be al- mistress arrive at the same time.
tremendous effect on the the womb. She never missed Illinois, Rep. Dan Lipinski, ef- lowed to die without any legal The jeweler that created the starfish was the House of
Archdiocese of New York and an opportunity to defend, lov- fectively was blacklisted by implications. And abortions Boivin, which opened in the 1890s. In the 1930s it came out
m e
the U.S. more broadly. Their ingly but forcefully, their right his own party. Last year, Dem- would be legal up to the mo- with complex, innovative creations that were a radical
witness is worth remember- to life. ocratic National Committee ment of birth. departure from the geometric Art Deco pieces that had
ing, especially in this political Grier attributed her pro-life Chairman Tom Perez insisted The “big tent” of the Dem- been so popular in the previous decade. Boivin’s designers,
m rp
moment. sensitivity to the Rev. Jesse that pro-life candidates have ocratic Party now seems a three women (unusual for the time), had a playful sense of
Last Saturday’s feast of St. Jackson, who preached that no place in the modern Demo- pup tent. Annafi Wahed, a for- humor. They made shells, sea creatures and flowers such as
Patrick, the patron saint of abortion was an act of geno- cratic Party. mer staffer to Hillary Clinton, orchids and foxgloves—but their work wasn’t sentimental.
our cathedral and archdiocese, cide against minorities. No recently wrote in this newspa- The craftsmanship established the value of the jewelry, not
reminded me of Archbishop wonder, she often observed, per about her experience at- the gems. The pieces weren’t signed—and they didn’t need
co Fo
John Hughes. As the first abortuaries were clustered in If you value religious tending the Conservative Po- to be. The jewelry was an art form, the designers (who
archbishop of New York poor black and brown neigh- litical Action Conference. She often didn’t even bother to keep the drawings) immediately
(1842-64), “Dagger John” dis- borhoods. The statistics today education or life’s complimented the conserva- recognizable.
played dramatic reverence for confirm her observation: In sanctity, you’re not tive attendees, pointing out
the dignity of Irish immi- 2013 there were more black that most made her feel wel-
grants. Thousands arrived babies aborted in New York welcome in the party. come at their meeting. They A journalist traces the hidden history of three
daily in New York—penniless, City (29,007) than were born listened attentively to her alluring, witty, starfish-shaped brooches and
starving and sometimes ill— here (24,758), according to a views—a courtesy, she had to
only to be met with hostility, report from the New York City It is particularly chilly for admit, that would not be the remarkable women who wore them.
bigotry and injustice. Department of Health and us here in the state Hughes given to them at a meeting of
An immigrant himself, Mental Hygiene. and Grier proudly called their political liberals.
Hughes prophetically and vig- The values Archbishop earthly home. In recent years, I’m a pastor, not a politi- Boivin was nothing if not exclusive. It never advertised
orously defended their dig- Hughes and Dolores Grier some Democrats in the New cian, and I’ve certainly had and had no ground-floor window displays. Patrons were
nity. Because the schools at cherished—the dignity and York state Assembly repeat- spats and disappointments admitted by referral only. The look of the store was very
n-
the time were hostile to these sanctity of human life, the edly blocked education tax with politicians from both of different from the traditional silk, velvet and wood
immigrants, he initiated Cath- importance of Catholic credit legislation, which America’s leading parties. But paneling of other establishments. Straw marquetry covered
olic schools to provide chil- schools, the defense of a would have helped middle- it saddens me, and weakens the walls, wood fretwork was painted to look like white
dren with a good education baby’s civil rights—were, and class and low-income families the democracy millions of enamel, and the air was filled with the aroma of
no
sensitive to their religion and still are, widely embraced by make the choice to select Americans cherish, when the sandalwood incense. The showroom was like a salon. In
to prepare them as responsi- Catholics. This often led Cath- Catholic or other nonpublic party that once embraced addition to the usual panoply of royals and socialites, the
ble, patriotic citizens. The olics to become loyal Demo- schools for their children. Op- Catholics now slams the door group that gathered there included Freud, Satie, Bonnard,
schools worked. Many remain crats. I remember my own posing the bill reduces the on us. Degas, Colette, Cocteau and Cole Porter. What did they talk
open to this day, their mission grandmother whispering to ability of fine Catholic To Archbishop Hughes, Do- about as they looked over such treasures as a chameleon
unchanged. me, “We Catholics don’t trust schools across the state to lores Grier, and Grandma brooch that could change its color with a push of its
The second event was the those Republicans.” continue their mission of Dolan, I’m sorry to have to tongue?
recent funeral of a great Afri- Such is no longer the case, serving the poor, many of write this. But not as sad as While Ms. Burns was able to learn a great deal about
can-American woman, Dolores a cause of sadness to many them immigrants. you are to know it is true. Boivin’s history, she had less luck when it came to
Grier. A convert to Catholi- Catholics, me included. The More sobering, what is al- information from the jeweler about its starfish. Intrigue
cism, she was named vice two causes so vigorously pro- ready the most radical abor- Cardinal Dolan is arch- and conjecture surrounded the provenance of its pieces,
chancellor of the archdiocese moted by Hughes and Grier— tion license in the country may bishop of New York. since the archive has been kept for the most part private.
Nathalie Hocq, the owner of Boivin since 2000, wants to
keep it that way. Françoise Cailles, the house authenticator,
The Orange Is the Apple of My Eye whose certification is needed for a sale, is equally close-
mouthed: “She steadfastly refuses to show what she has, or
as she explains most things, they are a secret.”
By Andrew Furman claims of orange juice’s tonic “fresh” foods—the industry I can still taste on my tongue The person who might have helped Ms. Burns the most
effects. began advertising “not from the impossibly sweet, sun- in her quest was the legendary Fred Leighton. The son of a
F
Boca Raton, Fla. Demand began to spike in concentrate” juice. warmed juice. Bronx cabdriver whose real name was Murray Mondschein,
lorida, which typically the 1930s, bolstered by enthu- Since those halcyon days, I can’t be the only one con- he was a major presence in the world of fancy jewelry.
produces more than 70% siasm for the newly identified natural calamities like canker cerned that an increasing Every great piece, it seemed, had passed though his hands,
of America’s citrus sup- Vitamin C and the industry’s and greening have proved amount of the orange juice including the Millicent Rogers starfish. When Ms. Burns
ply, may have lost about 70% ingenious “Drink an Orange” costly. Yet nutritionists and Americans consume might be finally runs into him, “a man in a black raincoat with a
of its crop this season. That ad campaign. Throughout the pediatricians may represent sourced in Brazil and Mexico stringy ponytail comb-over covering his bald spots,” he
would make 2018 the worst 20th century the industry the greatest threat today. rather than Florida and Cali- won’t talk to her. “What’s it benefit me?” he asks unsmiling
year for Florida’s citrus crop continued responding to, and Sugar has replaced fat as the fornia. If there’s one thing the before he disappears. He died two years later.
in decades. Hurricane Irma dominant bugaboo in Amer- U.S. ought not to outsource, As for Claudette Colbert’s brooch, the executor of her
decimated citrus groves as it ica’s perennial obsessiveness it’s the food supply. Shoppers estate tells her it may have been lost some time in the
tore through the state last But the miraculous over what foods to avoid. Or- who wish to support U.S. 1950s, left in a blue Pan Am bag on a seat in a waiting
year, and citrus production in citrus is falling on ange juice—along with other growers ought to read those room. But Ms. Burns is not done yet. She asks the opinion
Florida had already declined fruit juices and sodas—has be- labels carefully at the super- of a former close friend of Colbert’s, a crusty 88-year-old
roughly 50% during the five hard times in Florida. come a target. Even so, in a market and shell out a bit who is a major collector of Asian art. She shows him a life-
years prior to Irma. What’s time of heavily processed, more money for domestic size photograph of the starfish, hoping he might shed
going on? powdered protein drinks and juice. I think it seemed a mira- further light upon the subject. He’s unimpressed. Too big
First, consider how the or- even shaping, the capricious souped-up “water,” I still put cle to my parents, hailing from and too gaudy. If he’d seen it, he says, “I would have
ange made its way into the demands of consumers. Fro- my faith in actual food. That frigid Pennsylvania, that they thrown it in the fireplace.”
American kitchen. The notion zen concentrate orange juice, includes fresh-squeezed or- could raise their own citrus
of drinking oranges was an developed soon after World ange juice. trees and pick oranges to juice Ms. Hodgson is the author of “It Seemed Like a Good
alien concept at the beginning War II, promised to save While I’ve lived in Florida and enjoy over their breakfast. Idea at the Time: My Adventures in Life and Food.”
of the 20th century. Then the housewives hours of domestic most of my adult life, I was It sure seemed like a miracle
Spanish Flu pandemic of 1918 labor. Readers of a certain age raised in California’s San Fer- to me, and it still does.
struck, claiming some 675,000 will remember teasing the fro- nando Valley, that other orange Coming in BOOKS this weekend
American lives. Parents were zen mass out of cylindrical mecca. Surviving trees from a Mr. Furman, a professor at Freeman Dyson in his letters • Joseph Epstein on class
primed for dietary solutions to containers with a wooden defunct grove could be found Florida Atlantic University, is and capitalism • The world on the streets of Calcutta •
stave off future scourges. The spoon. When tastes shifted in in backyards across my subdi- the author of “Goldens Are A new history of Roman religion • Blues, rock and soul
citrus industry responded by the late 1980s—from labora- vision. I remember my father Here,” forthcoming from Green in Memphis • Sam Sacks on new fiction • & much more
advancing often exaggerated tory-spawned products to picking oranges from our trees. Writers Press.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Trump’s China Tariffs Online Market Has Matured, Should Be Taxed
P
resident Trump announced his long- their exports from China, but then other coun- Your editorial “The GOP’s Internet Court, “technology has simply
awaited trade assault on China Thursday, tries would supply that $100 billion in goods. The Tax” (March 16) questioning Con- eroded” that concern since the Quill
gress’s consideration of the proposed decision was handed down in 1992. A
and this time at least he is closer to the overall trade deficit wouldn’t change much.
federal law authorizing states to im- variety of software is available today
right target. But his decision Then there’s the matter of pose their respective sales tax on re- to automatically calculate the tax
seems unconnected to any Stocks fall as markets how China will retaliate. Bei- mote sellers mentions that South Da- owed, much of it available free or at
larger trade strategy, and his doubt the White House jing officials have easy targets kota’s sales tax has risen 30% since low cost. The calculation is no more
main remedy of tariffs will among the $130 billion in an- 2013, but fails to mention that South burdensome than knowing how much
harm American consumers and has a trade strategy. nual U.S. exports. One will be Dakota increased its sales-tax rate in shipping to charge.
businesses as much as they U.S. farm goods that have a 2016, accounting for much of this in- Furthermore, the legislation sup-
will the People’s Republic. large market share in China crease. You note that retailers such as ported by the retail industry—includ-
No one should be surprised by the $60 billion but also have global competition. U.S. farmers Amazon already voluntarily comply ing both local and online sellers—
in border taxes on China, given that Mr. Trump sell $12.4 billion in soybeans to China that Brazil with local sales obligations but don’t wouldn’t apply to truly small
campaigned on worse. He is also responding to could replace. Ditto for $1 billion in pork exports mention that over one-half of the businesses, exempting those with less
commerce on Amazon’s website is than $500,000 in annual sales. The
the genuine problem of Chinese mercantilism. that Canada or Europe could supply.
sold by a third party and that such bill proposed by Rep. Bob Goodlatte
China’s government steals the intellectual prop- The collateral damage in a tariff war with third parties aren’t subject to this that you favor is complex and confus-
erty of U.S. companies or forces them to turn it China is likely to include the economies of voluntary agreement. A number of lo- ing and wouldn’t create the true level
over, and Beijing uses regulation to discriminate states that supplied Mr. Trump with his Elec- cal retailers in my legislative district, playing field sought by our industry.
against foreign firms. toral College victory: Iowa, Indiana, Wisconsin, the growing and vibrant community You also say that online sales-tax
This might have been tolerable when China Michigan and Texas. Other victims are likely to of Sioux Falls, have closed in the last collection amounts to “raising taxes.”
was a smaller economy trying to reform, and the be companies that Mr. Trump touts as the win- two years. Although there were many In fact, consumers who don’t pay
U.S. made a reasonable bet in 2001 when it let ners from his tax and regulatory reform. Boeing factors, the unfair competition from sales tax at time of purchase are al-
China enter the World Trade Organization. The fell more than 5% Thursday amid investor wor- remote sellers exempt from the com- ready legally required to report the
gamble was that China would continue to re- ries about the trade fallout. China can always bined state and local sales-tax rate of purchases and pay “use” tax instead,
6.5% was certainly one. and are at risk of audit or prosecution
form, adapt to global trade norms, and eventu- buy Airbus planes.
South Dakota has the second-low- if they don’t.
ally become a genuine market economy. i i i
est amount of general state revenue As an organization that represents
That hope showed early promise but has be- Which brings us to Mr. Trump’s overall trade per citizen of the 50 states; we are a both bricks-and-mortar and online
come forlorn as President Xi Jinping has pushed strategy, which is hard to discern. If bad Chinese low-tax, business-friendly jurisdic- sellers of all sizes, we believe the
“national champions” like Huawei and Tencent. practices are his main target, then he’ll need al- tion. We expect business to compete time has come for all retailers to play
Facebook still can’t operate in China, and Tesla lies in Europe and Asia to present a united front. on an even, fair playing field. Having by the same tax rules regardless of
is punished with a 25% tariff on imported elec- Yet the President began his protectionist bar- an evenly applied sales-tax obligation whether they sell and deliver their
tric cars. The U.S. tariff on cars from China is rage this year by announcing a global tariff on on all retailers would allow South Da- merchandise in a store, through the
2.5%. China’s predatory behavior has eroded po- steel and aluminum imports. Mr. Trump then ex- kota to provide for a fairer competi- mail or over the internet.
litical support in the West for the very free- empted Canada and Mexico, and Thursday he tive environment while maintaining MATTHEW SHAY
trade rules that have lifted hundreds of millions added the European Union, Australia, Argentina, our low-tax, business-friendly climate. President and CEO
G. MARK MICKELSON National Retail Federation
of Chinese out of poverty. Brazil and South Korea to the exemption list. But
Speaker, South Dakota Washington
i i i then why alienate these trading partners in the House of Representatives
In typical Trumpian fashion, however, the first place? Sioux Falls, S.D. Article 1, Section 9 of the Constitu-
.
President combines a useful focus on these prac- The economic worry is that Mr. Trump has tion says, “No Tax or Duty shall be
ly
tices with nonsense trade economics. He said no real strategy other than to show he’s “tough” You contend that small businesses laid on Articles exported from any
Thursday that he’s asked China to “reduce the on trade. Liu He, China’s main economic policy lack the resources to know how much State.” It is not clear how Congress,
trade deficit” with the U.S. “immediately by maker, visited Washington recently to negotiate tax to collect given different sales-tax or the Supreme Court, can sidestep
$100 billion,” as if that would be a political or on trade but found no one willing or able to
on rates and lists of taxable items from this simple protection.
economic victory. make decisions. state to state. But as we wrote in a ANSON J. GLACY JR., CFA
The reality is that the $375 billion annual U.S. The President’s trade hawks, led by White brief filed with the U.S. Supreme New York
trade deficit with China has many causes, and House aide Peter Navarro, want to punish China
us l,
it is the reverse of America’s capital surplus. more than they want to change its behavior. Mr.
Faster growth under Mr. Trump’s policies will Navarro really does believe that China today is
attract more global capital, which under na- the equivalent of Germany a century ago. Mr. Toys ‘R’ Us Didn’t Die, It Was Suffocated
al a
e
tional trade accounting means a larger trade Trump said Thursday that this tariff action Regarding “Toys ‘R’ Us Set to Close excessive debt, self-dealing dividends
deficit. Someone in America is buying that $100 would be “the first of many.” All U.S. Stores” (Business, March 15) and payouts and bankruptcy leading to
ci on
billion in goods, and those Americans would suf- This is the mentality that could lead to a and “Chain of Nursing Homes Files for tens of thousands of job losses for av-
fer if they suddenly couldn’t. trade war and economic damage for everyone. Chapter 11” (Business, March 6): The erage Americans.
Apple’s iPhones are assembled in China, for Equity markets reflected that worry Thursday Toys “R” Us and HCR ManorCare bank- RAM KELKAR
example, but China’s contribution is mainly la- by falling nearly 3% on the day, and 724 points ruptcies in recent weeks are perfect Chicago
bor. Most of the value, including the phone’s de- on the Dow Jones Industrial Average. examples of how private-equity firms
er rs
are buying companies, saddling them It is a true loss to have an iconic

sign from California, is imported from elsewhere If Mr. Trump is smart, he’ll take this market
with excessive debt or spinning off brand like Toys “R” Us decline into
and then re-exported by China to the U.S. Yet the reaction as a useful warning. Investors sent him real estate to pay themselves cash div- bankruptcy and liquidation, but let’s
trade figures count most of the value of the a similar jolt when he announced his steel tar- idends, and then declaring bankruptcy. not buy the poor holiday season and
iPhone as part of the U.S.-China deficit. iffs, and markets recovered as he allowed ex-
m e
Creation and destruction of enter- vendor issues as a driver of this loss.

Is Mr. Trump going to impose a tariff on emptions. But the stock rally that followed the prises is part and parcel of free-market This merely exposes the risk of a lev-
iPhones? Mr. Trump has given his trade rep, Republican triumph on tax reform has essen- capitalism, and private ownership can eraged buyout with the lead weight of
m rp
Robert Lighthizer, 15 days to come up with a list tially ended amid fears of a trade war. in theory free management to think enormous debt pulling it under.
of tariff targets. Presumably Apple has enough A rising and aggressive China poses consider- long term and take the hard decisions Would the result be the same with a
clout to win an exemption. able risks to world order, but persuading its needed to make a business successful. sound balance sheet with a strong eq-
But the tariff process is inherently political leaders to conform to trading norms requires However, due to the greed or inepti- uity base and the liquidity available
and introduces new uncertainty to investment more than scattershot tariffs. It demands pa- tude of private-equity firms in an age from safely leveraging a great brand
co Fo
of cheap debt, they don’t seem to be name, customer loyalty and a strong
decisions. Over time Apple and other companies tient, sophisticated American leadership to rally
capable of actually reviving failing net worth?
could adapt their global supply chains to reduce other nations to join the effort. companies. In most instances, it seems High risk and high reward some-
these firms do the reverse and destroy times equals crash and burn. It is too
John Bolton for National Security companies that could be saved by

bringing in better management and
bad that 33,000 employees and mil-
lions of customers also lose along
P
the discipline of private ownership. with the private-equity funding that
resident Trump has said he is at last as- Secretary of State last year and has discussed It would be interesting to see how flew a good company into a mountain
sembling a Cabinet team to his liking, foreign issues often with him since. many success stories private-equity of debt.
and late Thursday he announced that The charge that Mr. Bolton can be an un- firms can point to for reviving failing JEFF SOLBERG
John Bolton will replace General H.R. McMaster guided missile misconstrues his ideas and expe- businesses versus the typical story of Bonita Springs, Fla.
as his National Security Adviser. It is a solid and rience. He served in the State Department dur-
experienced choice. ing both Bush Presidencies. Under George W.
Lay Off, Notre Dame Hasn’t Become Pagan
n-
General McMaster, like others, reportedly had Bush he created the multinational Proliferation
fallen out of favor with Mr. Trump. But there Security Initiative in 2003, a useful effort explic- As a Notre Dame graduate and life- Happily, Notre Dame seems to rec-
should be no doubt that General McMaster itly designed to deter North Korea’s efforts to long Catholic, I find Alexandra DeSanc- ognize that Catholic teaching about
helped the President through a challenging first smuggle weapons materials. tis’s criticism of the university’s recent birth control has been a source of ma-
no
year, which included an array of problems inher- Those wanting an understanding of John Bol- decision to provide “simple contracep- jor controversy among Catholics at
ited from the Obama Administration, not least ton’s thinking on security issues should read the tives” to employees and students least since Vatican II, with surveys
the North Korean nuclear threat. many essays he has written for these pages in through its health-insurance program showing that Catholics are no different
Mr. Bolton’s critics often accuse him of bellig- recent years—most recently “The Legal Case for to be rigid and arrogant (“Notre Dame than other groups in supporting the
erence and reactive saber-rattling. He is indeed Striking North Korea First” on Feb. 28. Becomes a Bit Less Catholic,” Houses appropriate use of its many forms.
of Worship, March 9). To say that Notre Dame “caved in”
direct. No listener comes away from a conversa- Mr. Bolton’s first job will be to prepare the
While briefly acknowledging that and may have “abused the legal pro-
tion with John Bolton in doubt about where he President for an historic meeting with Kim Jong Catholic teaching on moral matters cess when it sued the Obama adminis-
stands. That must include Mr. Trump, who had Un. We may assume Pyongyang knows now that emphasizes an individual’s primacy of tration for relief” from the ObamaCare
Mr. Bolton under consideration to be his first bluffing the U.S. won’t work. conscience, Ms. DeSanctis insists that contraception mandate is extreme at
Notre Dame abdicated its status as an best. Instead, Notre Dame has demon-
Macron’s Biggest Reform Test authentic Catholic campus by covering

some types of birth control through
strated an adult respect for the exer-
cise of individual conscience by its em-
F
medical insurance. Obviously, neither ployees and students while still
rench President Emmanuel Macron is ment. Unions failed to rally opposition to those employees nor students, some of whom providing universitywide forums for
facing the biggest challenge so far to his measures, not least because Mr. Macron cam- aren’t Catholic, will be forced to accept discussion of dissimilar moral views
economic reform program amid nation- paigned and won on a promise to do all of it. or use birth-control items available among Catholics and others on the
through university insurance. They will topic of birth control. Notre Dame will
wide strikes, and the labor disruption will get By contrast, Mr. Macron didn’t campaign on
be free to reject them as their own in- continue to be a thoroughly Catholic
worse as the spring progresses. Having chosen the rail overhaul. And though polls show the pub- formed consciences may suggest. pre-eminent university.
this battlefield, he has to win or risk jeopardiz- lic is broadly on Mr. Macron’s side against the JOHN LEDDY
ing his entire reform agenda. strikers, unions hope voters will be sufficiently Naples, Fla.
Railway workers, teachers, air-traffic control- surprised by his “attack” on France’s beloved rail- An Epitaph for the New Czar
lers and other government workers walked out ways to support the union anti-reform agenda. If
Regarding Tunku Varadarajan’s
Thursday in the largest labor action in Mr. Ma- unions can’t sway public opinion now, they may “The Weekend Interview with Ste-
Pepper ...
cron’s tenure. The strikes forced the cancellation struggle to win the coming war against Mr. Ma- phen Kotkin: Will Putin Ever Leave? And Salt
of 30% of flights in and out of Paris, and at least cron’s other promised overhauls of government Could He if He Wanted?” (March 10):
half of local and long-distance train services employment. The biggest fight, set for later this While Prof. Kotkin makes some inter- THE WALL STREET JOURNAL
were cut. Rail unions are threatening to strike year, concerns pension reform to consolidate an esting points about Russian President
on and off until June. array of overly generous public retirement plans Vladimir Putin, the probable outcome
The unions are trying to defeat Mr. Macron’s into a single benefit. of his hold on power may be found in
plan to reform employment practices at SNCF, Mr. Macron did campaign on a promise to re- the dispositive words of Cardinal
the heavily indebted national rail operator. His form pensions and unemployment insurance. John Henry Newman: “Flagrant evils
plan would end lifetime employment guarantees But he might not get the chance if he can’t defeat cure themselves by being flagrant.” It
is as good an epitaph for Mr. Putin as
and early retirement for new hires to boost pro- unions on the railway showdown. He cam-
one is likely to find.
ductivity and restore financial stability as SNCF paigned against the “insiders” whose influence ANTHONY CREBBIN
prepares to face new competition under Euro- has ossified France’s economy, and now he has Kansas City, Mo.
pean Union rules. Other civil servants are un- to persuade voters that this includes railway em-
happy about Mr. Macron’s goal of introducing ployees with jobs for life who can retire nearly
more merit pay and contracting out some func- a decade before most workers. Letters intended for publication should
tions to private companies. Mr. Macron has taken an enormous political be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
The unions also think they’ve sniffed a bigger risk by choosing to tackle the railways now, or emailed to wsj.ltrs@wsj.com. Please
political vulnerability. In a year in office Mr. Ma- when more consequential reforms for which he include your city and state. All letters
cron has pushed through the most significant has clear electoral support remain to be done. are subject to editing, and unpublished
overhaul of France’s employment laws in at least This is a fight he ought to win on the policy mer- letters can be neither acknowledged nor “Wake up, it’s your
returned.
a generation and a major cut in taxes on invest- its, and it’s one he can’t afford to lose. tooth-whitening fairy.”
OPINION
The University of Denial

By Amy L. Wax Of course the numbers can be ig- relevant to such differences, which
‘R
nored. When it comes to grades— amounts to predetermining a verdict
eality is that which, which measure students’ knowledge, of “guilty as charged,” violates basic
when you stop be- proficiency and achievement—we principles of fair play and gives rise
lieving in it, doesn’t can declare they don’t matter and to justified resentment.
go away,” observed that complete nondisclosure is Universities, like other institutions,
Philip K. Dick in “I therefore a wise course. scheme relentlessly to keep such facts
Hope I Shall Arrive Soon.” The problem is that students, in- from view. Yet although the culture
Somewhere deep in a file drawer, cluding law students, go out into the war is now tilted against those ac-
or on a computer server humming real world. They are hired, paid and cused of discrimination, politics per-
away in a basement, are thousands expected to perform, and their ac- sists, and frustration tells at the bal-
upon thousands of numbers, with tions have real consequences for oth- lot box. The deeper price is that
names and identities attached. ers. Whether we like it or not, grades people come to believe that truth
They’re called grades. They repre- help predict future performance. yields to power, and that political
sent an objective reality, which ex- Some social actors acknowledge this, pressure should be brought to bear to
ists independent of what people implicitly or overtly. As a law profes- avoid inconvenient realities.
want reality to be. They sit silently, sor, I observe, for example, that fed- Some in this camp claim benign
completely indifferent to indigna- eral judges unapologetically select motives. They seek to safeguard the
CHAD CROWE
tion, angry petitions, irritable ges- clerks based on academic record and feelings of those who might be dis-
tures, teachers’ removal from class- rank, and that elite law firms are tressed by public knowledge. One
rooms—all the furor and clamor of also highly grade-conscious. can argue about when, how and in
institutional politics. Another reason measures of aca- what form the disclosure will best
demic performance are hard to ig- conversation behind closed doors, in well-established. Viewing these facts balance personal privacy and our
nore is that students often expect offices and hallways, around kitchen as offensive will not make them go society’s need to know. But when
Aggressive suppression equality of results and—especially tables, in living rooms and in private away.” facts are concealed, they do not
in our identity-conscious world—is- correspondence. The mindset that values openness change. They have consequences
of the truth is a central sue loud demands for equality in But what everyone currently un- understands that the truth can be whether or not we are prepared to
feature of American group outcomes. When that doesn’t derstands, and recent events rein- inconvenient and uncomfortable, face them.
happen, frustration and disappoint- force, is that these conversations may doesn’t always respect our wishes, That belief that political force de-
higher education. ment ensue, followed by charges of not take place publicly or even be ac- and sometimes hurts. Good feelings termines objective reality has charac-
racism, sexism and other forms of knowledged openly. My students and reality don’t always mix. But terized totalitarian regimes world-
discrimination. know that. So do working lawyers there is a price to be paid for put- wide and throughout history—
Those numbers are now solely Those accusations are bound to and judges, and everyone else trying ting the quest for psychological regimes that are responsible for
within the control of the individual provoke concern from the accused, to run institutions, decide cases, comfort over openness on matters untold amounts of human misery.
students who earn them and the especially those who deny that big- serve clients, and make a buck. So do central to how our society is orga- That mindset is dangerously incon-
educational institutions that gener- otry is the chief cause of certain in- employers and other citizens, includ- nized. While some people benefit sistent with the kind of free society
ate them—powerful entities ruled equalities by pointing to possible ing many people, young and old, from from the favored view, others lose Americans have painstakingly built
by bureaucracies that serve as alternatives—including group dis- around the country who have deluged out. People accused of bigotry and and defended over many centuries, at
gatekeepers to privileged positions parities in qualifications, skills, per- me with letters, phone calls, and discrimination—claims that are the cost of blood and treasure. Per-
in our society. They are jealously formance or life choices. Keeping emails setting out forthright, com- more pervasive than ever—are un- haps we no longer want such a soci-
guarded, protected by cloaks of key documentation about the mon-sense observations, such as this derstandably unhappy about being ety. But we relinquish it at our peril.
confidentiality and secrecy. But sources of disparities out of view one: “The facts about the comparative deprived of the ability to defend
.
they are what they are. Hiding does not prevent people from dis- performance of the different groups themselves by pointing to alterna- Ms. Wax is the Robert Mundheim
ly
facts is not the same as changing cussing them and their conse- on [for example] the bar, medical tive reasons for group differences. Professor at the University of Penn-
them. quences. They are a regular topic of boards, SATs, MCATs, LSATs etc. are Hoarding and hiding information sylvania Law School.
Narendra Modi Isn’t Quite a Shoo-In for Re-Election in 2019

on
Mumbai was held for nearly 20 years by Yogi corrupt cash hoarders it was meant nationalist obsession with beef has four states, with 7.5% of India’s popu-
us l,
Is Narendra Modi Adityanath, a hard-line Hindu monk to target. sparked several high profile mob lation and about 11% of gross domes-
beatable in next elevated to chief minister of Uttar Though the government has es- lynchings of Muslims accused of tic product.
al a
e
year’s national elec- Pradesh last year. For Mr. Adityanath’s caped being tarred by a major cor- eating it or of transporting cattle Should Congress lose the southern
tions? A few months critics, the BJP’s defeat rebukes the ruption scandal, it has become hard for illegal slaughter. state of Karnataka later this year, it
ago, the prime min- party for handing the state to a zealot for it to argue that it has vanquished To sum up the opposition narra- will not control a state that houses
ci on
ister’s grip on Indian best known for inflammatory anti- the problem. Earlier this year, a tive, four years ago Indians elected any of India’s 20 largest cities. As
EAST IS
voters appeared so Muslim rhetoric. high-profile jeweler, Nirav Modi—no Mr. Modi to deliver development. In- elections become more expensive,
EAST
firm that the ques- Nor have the BJP’s recent troubles relation to the prime minister— stead they got economic mismanage- Congress may find it difficult to
By Sadanand
tion barely seemed been confined to Uttar Pradesh. scooted overseas after allegedly de- ment and religious zealotry. If an compete with a well-funded BJP.
Dhume
worth asking. But af- Since February, the party has also frauding a state-owned bank of $1.8 electoral wave gave the prime minis- The BJP also benefits from the
er rs
ter a string of de- lost parliamentary and state legisla- billion. ter India’s first single-party majority grass-roots strength of the Hindu
feats for the ruling Bharatiya Janata tive by-elections in Rajasthan, Ma- in 30 years, then a counterwave could nationalist Rashtriya Swayamsevak
Party in the populous Hindi heart- dhya Pradesh and Bihar. Together just as easily depose him. Sangh and its army of khaki-clad
land, Mr. Modi no longer appears a these four Hindi belt states account The opposition has a case How likely is it? At this point Mr. volunteers. Party president Amit
m e
shoo-in. for nearly a third of 543 seats in the Modi still appears to be the front- Shah has built a reputation for the
Earlier this month, two rival lower house of Parliament. Four that his economic policies runner, Over the past four years the strongest “ground game” in Indian
caste-based parties cobbled together years ago, the BJP stormed to power have failed to deliver on his BJP has emerged as India’s dominant politics.
m rp
an unlikely alliance that wrested in large part by virtually sweeping political party, and Mr. Modi as its Control of the national broad-
two parliamentary seats from the them. promise of ‘good days.’ most popular politician. Parliamen- caster, and support from a clutch of
BJP in Uttar Pradesh, India’s most The opposition now has a story to tary by-election losses notwithstand- breathless propaganda channels and
populous state. The seats had be- tell. As it goes, Mr. Modi has failed to ing, the BJP has continued to con- fake news sites give the BJP the
come vacant after sitting BJP mem- deliver the achhe din—“good days”— Entrepreneurs complain about a quer new territory. Barely 10 days power to shape the national conver-
co Fo
bers moved to the state legislature that he promised. Job growth remains convoluted goods-and-services tax before the shock defeats in Uttar sation that it once lacked. And al-
following the party’s crushing vic- sluggish. As private-sector opportuni- introduced last year. The World Bank Pradesh, the BJP and its allies cap- though WhatsApp jokes about Con-
tory in state elections last year. ties fail to materialize, even tradition- recently called it among the most tured power in three small states in gress president Rahul Gandhi have
These opposition triumphs barely ally dominant castes have taken to complex taxes of its kind in the the northeast, including two with subsided of late, many middle-class
change the balance of power in Par- the streets in several states demand- world, and with the second-highest large Christian majorities. Indians continue to view the 47-year-
liament, where the BJP and its allies ing quotas in government jobs. rates. Currently the BJP and its allies old Mr. Gandhi as too callow for high
enjoy a comfortable majority. But The Modi government’s hare- Meanwhile, harsh new rules on control 20 states, which account for office.
they give the opposition a confi- brained decision in 2016 to invalidate cattle sales have hurt many farmers nearly two-thirds of India’s popula- As 2019 approaches, there’s no
dence boost. suddenly nearly 90% of India’s cur- and damaged dairy and leather tion and nearly 55% of economic out- doubt Mr. Modi has handed his oppo-
One of the two seats the BJP lost, rency by value crushed the working businesses that employ millions of put. By contrast, the opposition Con- nents a club. Whether they can wield
the party stronghold of Gorakhpur, poor while doing little to trouble the people. In north India, the Hindu gress Party and its allies run only it effectively is an open question.
For Some Class-Action Lawyers, Charity Begins and Ends at Home

n-
By Ted Frank the March of Dimes could turn its California over Google’s practice of lawyers to double-dip in the settle- have gone to those charities even
I
focus to other childhood diseases divulging consumers’ search queries ment fund. Class counsels Michael without a settlement. Worse, a
no
f an attorney raids a client’s once polio was eradicated. While to third-party websites. The plain- Aschenbrener and Kassra Powell judge might have designs on what
settlement money, he’ll get dis- appropriate in the trust context, cy tiffs’ lawyers alleged that because Nassiri graduated, respectively, from has become essentially a slush fund,
barred and could go to prison pres’s application to class-action this search data could be traced Chicago-Kent and Harvard Law. Both and encourage the parties to steer
for embezzlement. But if the same suits enables attorneys to bilk their back to the individual, Google had institutions happened to receive money to his own particular favor-
attorney raids settlement money clients by claiming it would be too violated federal privacy laws that funds in the settlement. ite charity—as happened in yet an-
from a class-action suit, charities difficult to distribute the money to provide statutory damages of $1,000 other Google case, in which now-re-
may laud him and courts award him class members. per violation. If the plaintiffs had a tired federal district judge James
millions of dollars. My colleagues Right away there is a conflict of real case, the damages would be in They funnel millions in Ware rewrote the settlement to di-
and I are asking the Supreme Court interest. Any attorney with a choice the trillions of dollars. But the law- rect $500,000 to Santa Clara Law
to put an end to the abuse of a between sending out a million $5 yers must not have thought much of settlement money to select School, where he taught. The
trust-law doctrine known as cy checks to clients he’s never met or their claims—they settled for a pal- causes—including their money went to fund a center for
pres, under which class-action law- being part of a ceremony to hand try $8.5 million. ethics.
yers have funneled millions of dol- over oversize $1 million novelty Because of cy pres, however, that own alma maters. The Ninth U.S. Circuit Court of
lars of settlement money to select checks to five of his favorite chari- number is entirely imaginary. Under Appeals approved the Google settle-
charities. ties—and receiving a full fee either the settlement, class members get ment my firm challenged because it
In French, cy pres (pronounced way—will have a strong incentive to nothing and Google makes no mate- Tech companies that settle class thought actually distributing the
see-PRAY) means, roughly, “as near leave the clients with nothing. rial change to its practices—but the actions often tacitly collude with money to such a large class would
as possible.” As a legal doctrine it That’s exactly what happened in the attorneys collect more than $2 mil- plaintiffs’ attorneys to funnel be too difficult. But under the new
typically applies to charitable trusts case we’re asking the justices to lion. The rest of the money is going money to the defendants’ preferred standard they created, almost any
that have outlived the cause or issue take up. to a variety of charities affiliated charities. In such cases the “relief” class-action lawyer can claim the
they were originally established to Paloma Gaos filed a class action with Google and the plaintiffs’ at- to the class can be entirely illusory, same thing. When other appellate
address. Under cy pres, for instance, in 2010 in the Northern District of torneys, essentially allowing the because the money would likely courts have applied the correct
standard and agreed that attorneys
shouldn’t get paid unless their cli-
Notable & Quotable: Batman

ents do, lawyers have magically dis-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY covered ways to get money to class
Rupert Murdoch Robert Thomson members, even when the payment
Executive Chairman, News Corp Chief Executive Officer, News Corp
From “Dear Madam President: An [James] Comey in this category. Pres- per class member was as small as it
Gerard Baker William Lewis
Editor in Chief Chief Executive Officer and Publisher
Open Letter to the Women Who Will ident Obama was Commissioner Gor- is in our current case. Incentives
Matthew J. Murray Karen Miller Pensiero DOW JONES MANAGEMENT:
Run the World,” a campaign memoir don. And the fate of the world hung work.
Executive Editor Managing Editor Mark Musgrave, Chief People Officer; by Jennifer Palmieri, excerpted at in the balance. A bipartisan coalition of 16 state
Jason Anders, Chief News Editor; Thorold Barker,
Edward Roussel, Innovation & Communications; Time.com, March 21: It was a funny comparison in July. attorneys general is also urging the
Anna Sedgley, Chief Operating Officer;
Europe; Elena Cherney, Coverage Planning;
Katie Vanneck-Smith, President
In October, it almost felt too apt to Supreme Court to hear Frank v.
Andrew Dowell, Asia; Neal Lipschutz, Standards; Earlier in the summer, Hillary, Sen- be considered a metaphor. The trail Gaos. They agree that the Ninth
Meg Marco, Digital Content Strategy; OPERATING EXECUTIVES:
Alex Martin, Writing; Mike Miller, Features & Ramin Beheshti, Product & Technology; ator Tim Kaine, his wife, Anne Holton, was a scary place. Circuit has created a standard that
Weekend; Shazna Nessa, Visuals; Rajiv Pant, Jason P. Conti, General Counsel; and I laughed over the absurdities we Emotions were running so high in will make it far too easy for attor-
Technology; Ann Podd, News Production; Frank Filippo, Print Products & Services;
Steve Grycuk, Customer Service;
encountered in the campaign, talking the country that I feared there was neys to siphon millions of dollars of
Matthew Rose, Enterprise; Michael Siconolfi,
Investigations; Nikki Waller, Live Journalism; Kristin Heitmann, Chief Commercial Officer; on our bus one morning in Harris- going to be some violence before the consumers’ money into their own
Stephen Wisnefski, Professional News; Nancy McNeill, Advertising & Corporate Sales; burg, Pa. I told them the campaign election. I even half-jokingly said to slush funds. Chief Justice John Rob-
Carla Zanoni, Audience & Analytics Christina Van Tassell, Chief Financial Officer;
Jonathan Wright, International
felt like a Batman-movie version of a Hillary one day in October that it erts has previously expressed con-
Paul A. Gigot, Editor of the Editorial Page;
DJ Media Group: presidential campaign—Christopher was beginning to feel like we were cern about cy pres abuses. We hope
Daniel Henninger, Deputy Editor, Editorial Page
Almar Latour, Publisher; Nolan-style. Both candidates were upsetting some cosmic natural bal- the Supreme Court will protect con-
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial from Gotham. Trump was our lead ance by seeking to “upend the patri- sumers who take part in class ac-
Suzi Watford, Marketing and Circulation; Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; villain but had help from side charac- archy.” I didn’t really believe it, of tions from being preyed upon by
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head ters like [Vladimir] Putin and [Julian] course, but a large part of the coun- their attorneys.
EDITORIAL AND CORPORATE HEADQUARTERS: Assange. We had other characters try seemed to believe Hillary repre-
1211 Avenue of the Americas, New York, N.Y., 10036 who, like Catwoman, were sometimes sented an existential threat to the Mr. Frank is an attorney at the
Telephone 1-800-DOWJONES
on our side, sometimes not. I put proper order of things. Competitive Enterprise Institute.
WORLD NEWS
Demand for U.S. Sperm Soars in Brazil

Single women and sign is—that’s it,” said Alessan-
dra Oliva, 31, of the informa-
lesbian couples are tion available on local donors.
turning to primarily She has 29 pages of informa-
tion on the American father of
white U.S. donors her 14-month-old son, from a
photo of him as a child to ge-
BY SAMANTHA PEARSON netic tests for cystic fibrosis.
Globally, 5% to 8% of sperm
SÃO PAULO—With “jewel- sales are from donors who
tone eyes,” blond hair and a identify as black, said Ms. Ot-
“smattering of light freckles,” tey of Fairfax Cryobank. Bra-
Othello looks nothing like most zil, however, buys almost all of
Brazilians, the majority of its imported sperm from do-
whom are black or mixed-race. nors characterized as Cauca-
Yet the “Caucasian” American sian, with a smattering of
cashier, described in those Asian or Latino donors, ac-
terms by the Seattle Sperm cording to Brazil’s health-care
Bank and known as Donor regulator, Anvisa. Almost a
9601, is one of the sperm pro- third of the specimens are
MAURO PIMENTEL/AFP/GETTY IMAGES

viders most often requested by from blond donors, and 52%
wealthy Brazilian women im- from men with blue eyes.
porting the DNA of young U.S. The trend speaks in part to
men at unprecedented rates. social changes in Brazilian so-
Over the past seven years, ciety. Success in reducing gen-
human semen imports from der inequality means more
the U.S. to Brazil have surged women are pursuing profes-
as more rich single women sional careers and delaying
and lesbian couples select do- childbirth. Some have little
nors whose online profiles The mixed racial makeup of Brazil contrasts starkly with the country’s sperm imports from overwhelmingly white American donors. time or inclination to find hus-
suggest they will yield light- bands, and many can afford to
complexioned and preferably Everyone wants a “pretty ting parameters for the DNA raise a child alone. Meanwhile,
blue-eyed children. kid” and for many parents in Favored Offspring import boom. Carefully catego- more lesbian couples are seek-
Brazil is one of the fastest- Brazil, where prejudice often Sperm buyers in Brazil, which is more than 50% black or mixed-race, rized and genetically vetted ing sperm donors after recent
growing markets for imported runs deep, that means “the have an overwhelming preference for white, blue-eyed donors. sperm from U.S. providers has regulatory changes made it
semen, said Michelle Ottey, lab- white biotype—light-colored to be procured from Brazilian easier to register a child in
oratory director of Virginia- eyes and skin,” said Susy Pom- Brazil’s semen imports from the U.S., 2014-16 fertility clinics at a cost of some both of their names.
based Fairfax Cryobank, a large mer, a 28-year-old data analyst By donor’s ancestry Eye color Hair color $1,500 a vial, often as part of In 2016, heterosexual cou-
distributor and the biggest ex- from São Paulo who decided to an in vitro fertilization proce- ples bought 41% of Brazil’s im-
porter to Brazil. More than 500 get pregnant last year after a White 95.4% Blue 51.8 Brown 63.5 dure that costs roughly $7,000 ported sperm, single women
tubes of foreign semen frozen breast-cancer scare left her ea- Latino 1.8 Brown 23.7 Blonde 27.2 an attempt. Whites are more purchased 38%, and lesbian
in liquid nitrogen arrived at ger to raise a child right away likely able to afford that in a couples bought 21%, but de-
.
Mixed 1.5 Green 12.8 Black 7.2
Brazilian airports last year, offi- with her partner, Priscilla. country where about 80% of the mand is growing fastest
ly
cials and sperm-bank directors The preference for white Asian 1.2 Hazel 11.6 Red 2.1 richest 1% are white, according among the latter two groups.
said, up from 16 in 2011. donors reflects a persistent Black 0.2 Black 0.1 to Brazil’s statistics agency. Eduardo Motta, a director at
U.S. sperm-bank directors preoccupation with race in a Imports are rising in part the Huntington fertility clinic
said preferences like those of country where social class and on Source: Brazil's national health surveillance agency THE WALL STREET JOURNAL. because many Brazilians sim- here, said his well-off patients
Brazilian purchasers hold skin color correlate with glar- ply don’t trust the national often insist on blue-eyed donors
across their global market. ing accuracy. More than 50% of colonizers and immigrants— In such a racially divided product. Unlike in the U.S., it because they see that character-
“The vast majority of what we Brazilians are black or mixed- many of whom were lured to society, having fair-skinned is illegal to pay men to donate istic as a surefire way to get a
have and what we sell are the race, a legacy of Brazil having Brazil in the late 19th and offspring is often viewed as a their sperm here, so domestic donor that “doesn’t put in jeop-
us l,
Caucasian blond-haired, blue- imported more than 10 times early 20th centuries when the way to provide a child with stocks are low and information ardy the color of the skin.”
eyed donors,” said Fredrik An- as many African slaves than ruling elite explicitly sought to better prospects, from a about Brazilian donors sparse. White heterosexual couples con-
al a
e
dreasson, CFO of Seattle Sperm the U.S.; it was the last West- “whiten” the population—con- higher salary to fairer treat- “It basically says ‘brown sider this important, he said,
Bank, which provides about a ern country to ban slavery, in trol most of the country’s po- ment by the police. eyes, brown hair, likes ham- when an infertile husband plans
quarter of Brazil’s imports. 1888. The descendants of white litical power and wealth. Money is also a factor set- burgers’ and what their zodiac to pass the child off as his own.
ci on
Nafta Negotiators See Progress on Auto Rules Malaysia

Struggles
er rs
BY PAUL VIEIRA Negotiating parties have ex-

AND WILLIAM MAULDIN Rising Tide pressed concerns that Mex-
Growth in the number of Americans employed in the auto industry ico’s July presidential vote
In Kim Case
m e
American, Canadian and has slowed while U.S. imports of vehicles and parts have risen. could alter the pace of talks.
Mexican officials are signaling At the end of the latest
they have cleared a roadblock U.S. auto and parts workers, U.S. imports of passenger round of Nafta talks in Mexico BY JAKE MAXWELL WATTS
m rp
on auto-industry issues that change from previous year cars and parts earlier this month, Mr. Light- AND YANTOULTRA NGUI
PEDRO PARDO/AGENCE FRANCE-PRESSE/GETTY IMAGES
have been some of the thorni- 8% $100 million

hizer said officials from the
est in talks to overhaul the three countries had “a month SHAH ALAM, Malaysia—Six
North American Free Trade From Mexico or a month and a half or months into the trial of two
Agreement. 6 75 something” to get an agree- women accused of murdering
co Fo
U.S. Trade Representative ment in principle. Mr. Gua- the half brother of North Ko-
Robert Lighthizer struck a jardo said last week that the rea’s leader, prosecutors have
conciliatory tone on Wednes- 4 50 three countries need to reach yet to establish a clear mo-
day in testimony before Con- From Canada a deal by the end of April, or tive—raising the prospect no
gress on the auto proposal, they might extend talks until one will be convicted.
which includes the U.S. de- 2 25 late 2018 because of the Mexi- The chief investigator had
mand that a revised Nafta re- can and U.S. votes. to defend his case against an
quire light vehicles to contain Leftist nationalist Andrés increasingly glaring weak-
0 0
50% U.S. content to cross U.S. Manuel López Obrador, the ness—the absence of the main
borders duty-free. 2010 ’15 ’17 2010 ’15 ’17 presidential candidate who North Korean suspects, who
Mr. Lighthizer told mem- Employees at a Volkswagen Sources: U.S. Census Bureau (imports); Labor Department via Federal Reserve Bank of St. currently leads Mexican polls escaped after the killing.
bers of the House Ways and car plant in Puebla, Mexico. Louis (employees) THE WALL STREET JOURNAL by a wide margin, warned on Wan Azirul Nizam Che Wan
Means Committee the U.S. Tuesday that negotiations Aziz has become the face of a
auto proposal—widely seen as to reach a deal as early as next “Did we get to somewhere quirement for every car. shouldn’t conclude before beleaguered prosecution strug-
n-
the most contentious issue in month, people familiar with where you could shake hands A senior Mexico official this July’s election. He named a gling to identify a motive for
the negotiations—is meant to the talks say, before a likely and say, ‘We’ve got a deal?’ ” week also pointed to a more former World Bank economist the only suspects arrested. The
draw more manufacturing jobs stall in the run-up to Mexican he said. “Absolutely not. But I compromising tone on the auto who once represented Mexico women say they were aspiring
back to the U.S., especially elections in July and U.S. mid- took it as being a positive issue, saying the parties were at the World Trade Organiza- actresses manipulated into
no
from Mexico. He added Canada term elections in November. thing that they had another weighing proposals that don’t tion to lead the country’s murdering Kim Jong Nam on
likely has a similar objective, On Tuesday, Canada’s am- way of getting at that issue.” necessarily require national Nafta negotiating team should Feb. 13 last year at Malaysia’s
since its manufacturing sector bassador to the U.S., David Mr. MacNaughton said the content. Mexico’s Economy he win the election. main airport, as part of an in-
has lost capacity to lower-cost MacNaughton, told reporters ideas build on proposals Cana- Minister Ildefonso Guajardo The Trump administration tricate hoax.
jurisdictions such as Mexico. in Washington that U.S. offi- dian officials presented in Jan- plans to meet with Mr. Lighthi- might also want a quick end to The slaying added fuel to a
“Our hope is we get some- cials appeared to have soft- uary to broaden the definition zer before Easter and ahead of the Nafta talks in view of U.S. drive to isolate North Ko-
thing that some of the large ened their approach on auto- of what could be counted to- the next round of talks, tenta- Thursday’s announcement on rea and its leader, Kim Jong
manufacturers will find useful,” content rules. ward U.S. content, including tively scheduled for April 8, trade actions against China, Un, to counter its worsening
Mr. Lighthizer said. As for talks “They put some interesting items such as software, tech- one Mexican official said. according to one trade analyst. nuclear menace.
among the three Nafta coun- ideas on the table…which were nological components, and raw Mr. Guajardo said last week The U.S. “will need all its The investigator, Mr. Wan
tries on autos, “we are trying actually quite creative. To materials like steel. He also that rules of origin for the au- trade resources on China and Azirul, said Thursday he didn’t
to work our way through that,” which we sort of said, ‘Yeah, said the recent American pro- tomotive sector would have to not on fighting North Amer- agree with the defense that the
he said. “And I think we are in we can work with that,’ ” Mr. posals could help the U.S. change in the renegotiation of ica,” said Eric Miller, global absence of the four North Ko-
a position where we are start- MacNaughton said in remarks achieve its goal of safeguard- Nafta. Current rules aren’t fellow at the Washington- reans suspected of orchestrat-
ing to converge.” to the Canadian Press news ing auto production there, po- sustainable, he said, as they based Wilson Center. ing the killing would prejudice
A breakthrough on autos agency, confirmed by the Ca- tentially without a strict were defined nearly 26 years —Santiago Pérez the trial of the two, who face
could put the parties on track nadian embassy. American-made content re- ago based on 1992 model cars. contributed to this article. the death penalty if convicted.
WORLD WATCH
EUROPEAN UNION bury,” EU leaders said in their The evacuation in Harasta on
statement. “It agrees with the Thursday is the first of its kind
Leaders Back U.K. United Kingdom government’s since the rebel enclave of East-
Over Spy Poisoning assessment that it is highly ern Ghouta was besieged by
likely that the Russian Federa- Syrian regime forces in February,
European Union leaders pointed tion is responsible.” forcing thousands of civilians to
the finger of blame at Russia over For now, new EU-wide sanc- flee a relentless ground assault.
the poisoning of a Russian former tions aren’t on the table but the It brings the regime of Syrian
double agent in Britain, backing bloc’s leaders signaled that could President Bashar al-Assad,
U.K. Prime Minister Theresa May’s change if Russia doesn’t cooperate backed by Russia and Iran, within
claim that there was no other with investigations into the attack. reach of capturing the area and
plausible explanation. —Laurence Norman eliminating the main opposition
In a significant show of soli- and Jenny Gross bastion near Damascus. Mr.
AMMAR SAFARJALANI/XINHUA/ZUMA PRESS
darity with Britain, EU leaders Assad has been gaining ground

set aside their internal differ- SYRIA for months, seeking to consoli-
ences over Russia and lined up date territorial control in Syria.
with the U.K. amid one of Brit- Rebels Begin to Leave As part of an evacuation
ain’s biggest foreign-policy tests Suburb of Capital agreement, the rebels released
in years. Thursday’s response about a dozen prisoners to the
will reinforce hopes that even A first wave of more than government. But the rebels said
after Brexit, Europe and the U.K. 1,500 Syrian rebel fighters began they hadn’t participated in any
can maintain a strong defense leaving the Damascus suburbs, actual negotiation and had ac-
and security partnership. in what could mark a decisive cepted the offer to evacuate un-
“The European Council con- moment in the Assad regime’s der pressure only from heavy
demns in the strongest possible monthlong campaign to secure bombardments of civilians. Syrian rebel fighters and family members began to leave Harasta, Syria, near Damascus, on
terms the recent attack in Salis- the capital. —Sune Engel Rasmussen Thursday, as the Assad regime moved to secure control of the capital and surrounding areas.
TECHNOLOGY: BEST BUY DROPS SALES OF HUAWEI SMARTPHONES B4
BUSINESS & FINANCE

© 2018 Dow Jones & Company. All Rights Reserved. * * * * ** THE WALL STREET JOURNAL. Friday, March 23, 2018 | B1
S&P 2643.69 g 2.52% S&P FIN g 3.70% S&P IT g 2.69% DJ TRANS g 2.85% WSJ $ IDX À 0.14% LIBOR 3M 2.286 NIKKEI (Midday) 20827.92 g 3.54% See more at WSJMarkets.com
U.S. and AT&T Square Off at Trial

Antitrust case against merger could mean at least this historic merger,” Mr. Pet- prices out of rival cable pro- ecutive the service would be
$400 million in pay-TV price rocelli said. viders who need that pro- “crap” if it didn’t carry
the $85 billion deal increases for viewers because The fireworks came on the gramming for their packages. Turner’s networks. (Mr. Con-
for Time Warner AT&T, which owns the Di- first official day of a trial that The government also argued rath said Mr. Martin used a
recTV satellite service, would could take six to eight weeks. AT&T would try to deter more profane word best kept
opens in D.C. court have newfound marketplace People lined up in snow- emerging online rivals who out of the courtroom.)
leverage if it folds in Time covered D.C. early Thursday are offering pay-TV packages Sling TV today offers two
STEPHEN LAM/REUTERS
BY BRENT KENDALL Warner’s stable of program- morning for a chance to wit- at cheaper prices. basic $20-a-month TV pack-
AND DREW FITZGERALD ming, including the Turner ness the start of the proceed- ages, both of which carry
networks and HBO. ings. The crowd filled two Turner channels.
WASHINGTON—The Justice “If the merger goes for- courtrooms and included the Google’s YouTube TV of-
Department and AT&T Inc.
traded legal jabs Thursday as
a federal judge opened pro-
ceedings on whether the tele-
ward, consumers all across
America will be worse off as a
result,” said Justice Depart-
ment lawyer Craig Conrath.
companies’ chief executives,
AT&T’s Randall Stephenson
and Time Warner’s Jeff
Bewkes, as well as U.S. anti-
$400M
DOJ estimate of added cost to
fered more proof of Turner’s
power, the Justice Department
lawyer said. The cablelike
streaming service launched
Mark Zuckerberg
com giant’s planned purchase

of Time Warner Inc. violates
antitrust laws.
AT&T and Time Warner
lawyer Daniel Petrocelli called
the government’s claims “pre-
trust chief Makan Delrahim.
Both sides used their open-
ing presentations to empha-
consumers if merger proceeds last year without channels like
CNN, TBS and TNT. “Guess
what happened next. It turned
Zuckerberg
U.S. District Judge Richard
Leon said little while the gov-
ernment and the companies
posterous” and “dead wrong,”
saying the case was simple
because the Justice Depart-
size key points they made in
written legal briefs submitted
ahead of the trial. They also
Mr. Conrath highlighted
Dish Network Corp.’s Sling TV,
out that apparently launching
without Turner content didn’t
work out that well,” Mr. Con-
Sees Limits
spent about 90 minutes of
opening arguments attacking
the opposing side’s legal posi-
ment couldn’t offer proof that
the deal would lessen compe-
tition.
revealed new details for the
first time publicly and hinted
at their strategic focus.
a new online-only TV package
that competes against AT&T’s
DirecTV Now streaming ser-
rath said, and YouTube TV
added them to the package in
February.
To Probe at
tion.
The Justice Department,
which is seeking to block the
“It is a case where there is
only one just, clear-cut out-
come, and that is to deny the
The Justice Department ar-
gued a postmerger AT&T
would use Turner’s valuable
vice, as proof of Time War-
ner’s importance.
He said Turner chief John
AT&T’s Mr. Petrocelli, in
turn, said the deal would al-
low the companies to compete
Facebook
$85 billion deal, said the government’s case to block channels to wring higher Martin warned a Sling TV ex- Please see AT&T page B2 BY DEEPA SEETHARAMAN
Facebook Inc.’s investiga-
Wynn Sells Policy Shift Is a Win for Drugmakers

tion into outsiders’ handling
.
of its users’ information will
ly
help identify and deter bad ac-
Entire BY JOSEPH WALKER

onCostly Therapy
tors but won’t be able to un-
cover where all the data ended
up and how it is being de-
Holding The Trump administration

has issued a policy change that
could drive up prices of certain
Just 10 drugs make up nearly half of total Medicare Part B drug spending.
Eight of them are biologics.
ployed, Chief Executive Mark
Zuckerberg said Thursday.
Facebook will examine tens
In Empire biologic drugs, implementing a Top 10 drugs (2015) of thousands of apps that col-
us l,
new industry-backed measure lected large amounts of user

that overturns an existing regu- Name Manufacturer Biologic Synthetic data, an effort that may cost
al a
BY CHRIS KIRKHAM
e
lation that promoted lower Eylea Regeneron $1.84 billion “many millions of dollars,” Mr.
AND KATE O’KEEFFE prices. Zuckerberg said in an inter-
The move came after months Rituxan Genentech/Biogen $1.58 view.
ci on
Steve Wynn sold his entire of intense lobbying last year by Facebook will dispatch au-
Neulasta Amgen $1.27
stake in Wynn Resorts Ltd. on pharmaceutical companies to ditors to analyze the servers
Wednesday and Thursday, the overturn an Obama administra- Remicade Johnson & Johnson $1.26 of developers who scooped up
company said, the final step in tion policy, introduced in 2015, Total a suspicious amount of data
a dramatic exit after female that rewarded doctors with $23 billion Lucentis Genentech $1.17 and interrogate them about
er rs
employees made allegations of larger profits if they used the (2015) their business practices. It
sexual misconduct against the lowest-price biosimilars, which Avastin Genentech $1.13 isn’t clear how many apps will
casino giant’s co-founder. are genericlike copies of brand- Xgeva Amgen $0.93 need audits—which Facebook
The sale of $2.1 billion name biologic drugs. The ratio- expects will be most expensive
m e
worth of stock over two days nale was that steering doctors Herceptin Genentech $0.65 part of the process—and Face-
followed a series of moves he to lower-price products would book still doesn’t know
and the company made in re- compel drugmakers to cut Alimta Eli Lilly $0.55 whether its investigation will
m rp
cent weeks to allow Mr. Wynn prices to capture market share. take a matter of months or
Velcade Takeda $0.51
to untangle himself from the Drugmakers argued the old longer to complete, Mr. Zuck-
casino corporation amid a se- rule would discourage invest- erberg said.
ries of investigations by state ment in biosimilars. “Like any security precau-
Drug type (2014) Generic alternatives available (2014)
gambling regulators. The Trump administration’s tion, it’s not that this is a bul-
co Fo
Until Wednesday, Mr. Wynn new policy is an industry- Spending on expensive biological medicines Drugs lacking generic competition represent letproof solve,” Mr. Zucker-
had been the company’s larg- backed approach that drugmak- dwarfs their usage among patients vast majority of spending, but only a third of berg said. “It’s not that any
est shareholder, owning about ers say will help them earn suf- administrations to patients process by itself is ever going
12% of its stock. ficient profit on their to find every single thing,” but
Drug spending Drug administrations Drug spending Drug administrations
That day Mr. Wynn sold investments in biosimilars. In it will be a strong deterrent to
4,104,999 shares of common turn, drugmakers say, the policy Synthetic Biologic Synthetic Biologic Yes No Yes No stop developers who are “do-
stock in open market transac- will attract more competitors to 32% 68% 76% 24% 11% 89% 66% 34% ing bad things” and help Face-
tions at $180 a share, Wynn the market and reduce drug book track down what users’
Resorts said in a Thursday fil- costs over the long term. It is data was mishandled, he
ing, for a combined $738.9 an argument industry lobbyists added.
million. Wynn Resorts had made repeatedly last year in “The real point of what
said earlier on Wednesday dozens of meetings with mem- we’re trying to do is to make
that Mr. Wynn “intends to sell bers of Congress and federal it a lot harder for anybody to
all or a portion” of his stock. and White House officials, ac- misuse the data,” he said.
n-
On Thursday evening the cording to a Wall Street Journal Note: Only includes drugs paid based on average sales price. The comments underscore
company said two existing in- analysis of federal lobbying dis- Source: U.S. Government Accountability Office THE WALL STREET JOURNAL. the challenge confronting
stitutional shareholders pur- closure records. Facebook as it seeks to quell a
chased Mr. Wynn’s remaining Coherus BioSciences Inc., a ing, Coherus executive vice costliest drugs in Medicare Part Plans, the health insurer trade controversy that has knocked
no
8 million shares, for a com- biosimilar developer that lob- president for sales and market- B were biologics and repre- group. its stock price lower and trig-
bined $1.4 billion. A company bied for the change, has called ing, on a recent conference call sented $9.8 billion in spending. “Such a policy would de- gered renewed calls for gov-
spokesman did not respond to the new policy a significant vic- with analysts. Opponents of the change increase price competition be- ernments to better regulate
a request for comment on tory. “We view that as very, The new payment policy will cluded the Medicare Payment tween the biosimilars and result technology businesses that
which investors bought the very positive for our company affect biosimilars paid for under Advisory Commission, an inde- in higher spending for benefi- hold mountains of information
shares. and our industry because it es- Medicare Part B, which covers pendent agency that advises ciaries and taxpayers,” MedPac about their users. It is notori-
It was also unclear Thurs- sentially means that we’re in outpatient doctor and hospital Congress; AARP, the large advo- wrote in a September 2017 let- ously difficult to track down
day evening who the com- command of our own pricing services for the elderly and dis- cacy group for older adults; and ter to federal officials. and secure personal informa-
pany’s largest shareholder is. strategy,” said Michael A. Flem- abled. In 2015, eight of the 10 America’s Health Insurance Please see BIO page B2 Please see DATA page B4
As of Thursday morning, be-
fore Mr. Wynn sold off the re-
mainder of his stake, his ex-
wife, Elaine Wynn, would have
been the largest shareholder
INSIDE Role of Human ‘Driver’ Is
with a 9.3% stake in the com-
pany, followed by Vanguard
Group, which owned 8.5%.
The sales by Mr. Wynn had
Scrutinized in Uber Fatality
earlier been restricted by a
complex shareholder agree- TEMPE, Ariz.—The test op- Vasquez, is seen in a video ground-check requirements
ment with two other parties. erator in the Uber Technolo- looking down for several sec- and remains an employee.
Wynn Resorts also an- gies Inc. self-driving car that onds as the car moved at about Uber generally screens for vio-
nounced Thursday that Hong killed an Arizona woman was 40 miles an hour, right before lations or criminal history dat-
Kong-listed casino operator a felon with a history of traffic it hit and killed a pedestrian. ing back seven years, part of a
Galaxy Entertainment Group According to Arizona De- policy that gives a second
has agreed to purchase 5.3 By Tim Higgins, partment of Corrections re- chance to potential drivers
million shares of Wynn Re- Greg Bensinger cords, the driver was convicted who made prior bad decisions,
sorts at $175 each, resulting in and Alejandro Lazo and received a five-year sen- according to the spokeswoman.
$927.5 million in gross pro- tence in Maricopa County for More than three moving vi-
ceeds for the U.S. company. citations who wasn’t watching attempted armed robbery in olations within the past three
The purchase of these new the road before the accident 2000 and served the sentence years is typically enough to
shares will give Galaxy a 4.9% happened, facts that raise new concurrently with a one-year disqualify a potential driver,
stake in Wynn Resorts, which questions about the company’s sentence for a false-statement according to Uber’s poli-
competes against Galaxy in the testing process for autono- conviction in 1999. In 1998, the cies. Uber declined to com-
Chinese territory of Macau, mous technology. driver pleaded guilty to driv- ment further.
which is the world’s largest The accident and its resulting with a suspended, revoked Uber has tussled with regu-
gambling hub and Wynn’s ing disclosures are a potential or canceled license in Tucson lators about background
most important market. setback in the progress of self- City Court and was cited for checks of drivers.
Grant Govertsen, an analyst driving cars and to Uber, failing to produce proof of in- In November, Colorado offi-
at Macau-based Union Gaming, which has grappled with a surance and for driving with- cials fined Uber $8.9 million
praised the move as strategic number of problems including out a current registration. after discovering it had al-
in a note. “We think the mar-
ket was largely ignoring the PRIVATE EQUITY HOLDS legal woes and clashes among
its board and investors that
The case wasn’t fully re-
solved until 2012. The driver
lowed several dozen drivers
Please see CRASH page B5
significant risks to the Wynn
Macau licenses should the
$1 TRILLION IN TIGHT FIST led to the replacement last
year of its founder and chief
couldn’t be reached.
An Uber spokeswoman said Car’s failure to brake puts
company continue to operate executive. the driver, who identifies as focus on sensor........................ B5
as is without a takeover or sig- VENTURE CAPITAL, B6 The driver, whom police Rafaela, fell well within the Uber gets $1.5 billion in
Please see WYNN page B10 have identified as Rafael company’s standard back- leveraged-loan deal.............. B10
B2 | Friday, March 23, 2018 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Equifax ........................ B3 Pfizer...........................B2 Flashing Red

Ablynx ....................... B10 Experian ...................... B3 PowerSecure...............A9
Allen Media.................B3 F R A gauge of bank risk is worse …but there is no shortage of Government borrowing costs …and short-dated, high-quality
Alphabet................A2,B4 Facebook................A2,B1 RELX Group.................B3 than in the euro crisis… dollars. have moved to the top of the corporate bonds have sold
Amazon.com..........A2,B2 Fluor............................A9 R.J. O'Brien & Federal Reserve's overnight off a little.
AT&T............................B1 Ford Motor..................B3
Three-month Libor-OIS spread* Three-month euro
Associates .............. B11 target range…
B G 4 percentage points cross-currency basis swap Spread of Bloomberg Barclays
S
Bain Capital ................ B3 Galaxy Entertainment 0 basis points 2.0% U.S. corporate one-to-three-
Samsung Bioepis........B2 One-month Treasury-
Bank of America.........A1 Group.........................B1 Sanofi........................B10 bill yield
year maturity over Treasurys†
Berkshire Hathaway...B6 Grail...........................B11 3 euro crisis –20
Schweizerische 2.0 percentage points
Best Buy ..................... B4 H Nationalbank .......... B10 1.5 Federal funds
Blackstone Group..B3,B6 –40 target range
Henkel ....................... B10 Second Curve Capital.A8
Blackwells Capital......B3 DOLLARS 1.5
Huawei Technologies Shanghai Xunmeng 2
Boeing.........................A2 Lehman –60 PLENTIFUL 1.0
............................. B4,B12 Information
C Technology................B4
bankruptcy
J-K 1.0
Cambridge Analytica..B4 Supervalu....................B3 –80
Caterpillar...................A2 Johnson & Johnson....B2 1
JPMorgan Chase.........A1
Sycamore Partners.....B6 DOLLARS 0.5
Century Aluminum.....A2 –100 0.5
KKR..............................B6 T SCARCE
Coherus BioSciences .. B1
Comcast.......................B3 M Takata..........................B3
Tencent Holdings.B4,B10 0 –120 0 0
Conagra Brands...........B3 Mahindra & Mahindra B3
Time Warner...............B1 2006 ’08 ’10 ’12 ’14 ’16 ’18 2012 ’13 ’14 ’15 ’16 ’17 ’18 2016 ’17 ’18
D Merck...................B2,B10
Toys “R” Us ................ B6 2012 ’13 ’14 ’15 ’16 ’17 ’18
Deere...........................A2 Micron Technology....B12
Microsoft...................B12 TransUnion..................B3 * London interbank offered rate minus overnight indexed swaps †Option-adjusted spread
de Haen-Carstanjen & Twitter........................A2 Sources: Thomson Reuters Datastream (Libor-OIS spread, yield, fed-funds range); Thomson Reuters (basis swap); FactSet (corporates) THE WALL STREET JOURNAL.
Söhne......................B10 Moderna Therapeutics
DirecTV........................B1 ...................................B11 U-V
Monsanto....................B3
Dropbox.....................B11
N
Uber Technologies STREETWISE By James Mackintosh
E ........................ B1,B5,B10
Naspers.....................B10 United States Steel ... A2
The Money Markets Are Messed Up

Energy Capital Partners Vornado Realty Trust.B6
Netflix.........................A2
.....................................B6
Entertainment Studios
Nike.............................B3 W-Z
.....................................B3 P Wells Fargo.................A1
Envision HealthCare...B6 Pershing Square Capital Wynn Resorts.............B1
E.ON .......................... B10 Management.............B3 Z Capital Group...........B6
The Federal Reserve other—the London interbank raised rates twice this week, outside the U.S., with cross-
raised rates just 0.25 per- offered rate—above where rather than once. The gov- currency basis swaps—a way
INDEX TO PEOPLE centage point this week, but
distortions in the money
Federal Reserve rates are ex-
pected to be over the next
ernment is paying more on
its short-term borrowing,
to borrow dollars using for-
eign currency as security—
markets mean many borrow- three months, measured us- too. The one-year Treasury the least stressed they have
A-B Frisbie, Andrew..........A8 Petrocelli, Daniel ........ B1 ers are seeing ing the almost risk-free over- bill previously tracked the been in years.
Ackman, William ........ B3 G-K R their interest night indexed swaps. In the bottom of the interest-rate A bigger danger is what
Allen, Byron................B3 Gal, Ronny...................B2 Rainey, Brenda............B6 rates rise far 2007 credit crunch and 2012 range set by the Fed, but we don’t know. Back in 2007,
Brown, Tom.................A8 Kessel, Steve..............B2 S faster. euro crisis, the rising Libor- since the Trump tax cut it the turning of the financial
C Kuijs, Louis ............... B12
Scanlon, Michael ........ A2 The good OIS spread was a sign that has moved up toward the cycle showed up first in sub-
Chintawongvanich, M Siegert, Theo............B10 news is that banks were wobbling. top of the range, 0.25 per- prime mortgages, then
Pravit.......................B11 Mackey, John..............B2 Swanson, Jim..............B3
Conrath, Craig.............B1 Mardarovici, Daniela.B12
what look like flashing red Something else is going centage point higher even money markets, and finally
T alerts about imminent trou- on, though. Other measures before the Fed increase. troubles at British banks.
Creswel, John.............A2 Martin, Jayme ............ B3
Taubes, Ken ................ A2 ble for the banks are nothing of bank credit risk such as None of this is cata- Stock markets carried on up
E McGillian, Gene.........B11
N W of the sort. The bad news is credit-default swaps are strophic, but investors until the autumn, assuming
Edwards, Trevor..........B3
Wright-Casparius, that blockages in the plumb- tranquil, and there is no should be ready for hidden each was an isolated event,
F Navy, Ric...................B11
Gemma....................B12
O-P ing of the financial system global shortage of dollars. nasties to emerge. before the true crisis arrived
.
Fenwick, Suzanne.......B2 Wu Shenyi...................B4
Fleming, Michael A. ... B1 Okada, Kazuo..............B1 Wynn, Elaine...............B1 could lead to unpredictable Instead, the money markets in 2008.
ly
Freund, Matt.............B12 Parker, Mark ............... B3 Wynn, Steve...............B1 ruptures as the markets are being distorted by a The regime shift in 1994
adapt to a new monetary re- combination of vast U.S. gov- may be a better parallel, be-
gime. The danger signals at ernment borrowing needed
The trouble is that cause banks are stronger and
BIO Unlike traditional pills made the moment are coming from for the deficit-financed tax distorted money structured finance is less
from chemicals, biologic drugs
are proteins made in living
on the money markets, where
banks are having to pay a
cut and companies shifting
offshore money from corpo-
markets have real- prevalent than a decade ago.
The Fed’s surprise rate in-
cells, which are sometimes ad- bigger premium to borrow rate bonds into cash ready to world effects. creases in early 1994 hum-
Continued from the prior page ministered via infusion or injec- than during the 2012 euro spend. Regulatory restric- bled some of the biggest
us l,
The change is one example of tion at a doctor’s office or hos- crisis. Savers are directing tions on balance sheets limit names in finance, with
how the Trump administration’s pital. Physician practices and their money to the U.S. Trea- banks’ ability to step in and hedge-fund legend Michael
al a
e
efforts to make regulations hospitals typically purchase sury rather than the banks, even out the distortions. When markets shift re- Steinhardt closing up shop
more business-friendly have these pharmaceuticals upfront just as they did in the past The trouble is that dis- gime, those who gambled ev- the following year. But Mex-
benefited drugmakers. The ad- and bill Medicare or other in- two major crises. torted money markets have erything on the old model ico was bailed out, and U.S.
ci on
ministration made cuts to a surers. The cause this time isn’t a real-world effects. The U.S. get crushed. The first symp- stocks came through without
government program requiring Biosimilars, which are just panicked flight to safety. Yet, Treasury is crowding out tom of change came last a serious selloff.
pharmaceutical companies to starting to come on the U.S. the money-market stress short-term financing for the month, when structured History won’t repeat pre-
provide steep discounts to cer- market, are cheaper than their comes amid a transition to a private sector, while the products designed to bet on cisely. But tighter financial
tain hospitals, and proposed brand-name counterparts. So new phase of the financial huge cash piles that compa- volatility were cleaned out. conditions expose those who
er rs
limits on Medicare beneficia- far, only two products are di- and economic cycle. It is a nies built up are no longer What else is lurking? have been, as Warren Buffett
ries’ annual out-of-pocket costs rectly affected by the new pol- time when those who fail to available to finance other The first to face problems puts it, swimming naked.
for drugs, which would make it icy: Inflectra from Pfizer Inc. prepare can be exposed—and companies’ bonds. from higher dollar costs are The change in the regime is
easier for patients to afford ex- and Renflexis from Merck & Co. in the past such shifts have The result is that the tril- usually offshore dollar bor- big: from dovish to hawkish,
m e
pensive medicines. and Samsung Bioepis. Both led to the collapse of hedge lions of dollars of loans tied rowers. Speculators have midcycle to late cycle, fear-
“The Trump administration drugs are biosimilar versions of funds and banks, and even to Libor cost more than they piled into the biggest-ever ing deflation to fearing infla-
may be talking against [high] Johnson & Johnson’s Remi- sovereign defaults. otherwise would, while high- futures bets on rising cash tion.
m rp
cade, an anti-inflammatory drug Today’s insistent warning quality, short-term corporate yields for offshore dollars, Hopefully the victims of
with $4.5 billion in U.S. sales is coming from the extra bond yields are up, albeit known as eurodollars. But so the shift this time won’t be
last year. cost that banks pay to bor- from low levels. The effect is far, there are few signs of big enough to shake the en-
Drugmakers argued Under the previous policy, row dollars from each similar to the Fed having stress for dollar borrowers tire system.
the old rule would Medicare reimbursed doctors
co Fo
based on the average U.S. sales

discourage investment
Whole Foods Managers Are Leaving
price of all biosimilars corre-
in biosimilars. sponding to a particular brand-
name drug, grouped under a
single billing code. If doctors
used a biosimilar priced lower BY HEATHER HADDON
drug pricing, but every action than the average, they got to AND LAURA STEVENS
they’ve taken so far has been keep the difference as profit.
highly supportive of the indus- Drugmakers opposed the An executive exodus is under
try,” said Ronny Gal, a Sanford policy, arguing it would drive way at Whole Foods, as Ama-
C. Bernstein & Co. analyst. biosimilar prices so low that zon.com Inc. integrates the pio-
A senior official with the companies would flee the bio- neering natural grocer into its
White House Office of Manage- similar market. retail empire.
ment and Budget disputed the The industry wanted each More than a dozen execu-
n-
idea that the administration drug reimbursed under its own tives and senior managers have
seeks to accommodate drug- code, at the price negotiated by left since Amazon acquired
makers. its maker. Whole Foods last year, accord-
The OMB official said the After Mr. Trump’s election, ing to former employees and
no
administration is grappling with the industry began a lobbying recruiters steering them to new
how to lower costs while also effort to have the Department jobs. People who have left in-
promoting innovation. of Health and Human Services clude leaders of the bakery,
“The president wants to change the payment rule, ac- produce, sustainability and lo-
lower drug prices, but he is cording to federal lobbying re- cal-foods divisions.
TAMPA BAY TIMES/ZUMA PRESS
sympathetic to the fact we want ports and congressional aides. Some veterans have left even
a robust drug industry that can The Journal’s analysis of those though higher-ups asked them
develop new medicines for the reports shows 16 drugmakers, to stay. Others say they were
American people,” the official industry trade groups and non- pushed out after the deal was
said. profits lobbied Congress or fed- announced but before it closed,
The new biosimilar policy is eral agencies about biosimilar as Whole Foods sought to
a market-friendly approach that reimbursement in 2017. tighten command.
will bring savings, the official —Tom McGinty Executives from Amazon and
said. contributed to this article. Whole Foods said that the two The natural grocer has lost more than a dozen executives and managers since its acquisition by Amazon.
companies share a customer fo-
AT&T tice Department’s economic

calculations that assert the
deal would lead to higher
prices, a signal that AT&T be-
cus, are fitting together well
and have made great strides in
the merger in a short time. But
the exodus has raised concerns
“We…have maintained our
distinctive culture while em-
bracing many of Amazon’s lead-
ership principles,” Mr. Mackey
Tighter Ship
Whole Foods' sales had slipped
when Amazon bought it in
Some Whole Foods depart-
ment managers described Am-
azon executives as respectful
and eager to learn from the
Continued from the prior page lieves the two sides’ compet- among employees and suppliers said. August 2017 but have started to grocer’s decades of experience
better with major online rivals ing math could be crucial in that the distinctive approach “We are off to a great start, bounce back. sourcing food and handling
and to offer a more attractive the case. that made Whole Foods a natu- and look forward to many years produce.
Comparable store sales, annual
advertising platform that tai- After opening arguments, ral and organic powerhouse of future success together,” Mr. Some Whole Foods employ-
change
lors commercials to specific the government began pre- won’t endure under Amazon’s Kessel said. ees want Amazon executives to
viewers based on their inter- senting its case, calling Cox ownership. Executive departures are 10% tackle the grocer’s problems
ests and preferences. Communications Inc. negotia- “Culturally it’s been a rough common after mergers. Amazon 8 more aggressively. Already,
The platform would bring tor Suzanne Fenwick as its start,” said a procurement vet- and Whole Foods have held Amazon executives have ques-
in new ad dollars and relieve first witness. eran who left Whole Foods ear- town halls for store employees 6 tioned an inventory-manage-
higher pricing pressures on The regional cable company lier this year after nearly a de- to discuss their concerns. ment system that has left
consumer pay-TV packages, executive said a combined cade. This week, executives invited 4 many Whole Foods stores
Mr. Petrocelli said. AT&T-Time Warner would Some of the grocer’s top top suppliers to Whole Foods’ 2
short of some products, ac-
Withholding Turner con- have worrisome leverage to managers have bristled at re- Austin headquarters to discuss cording to a person familiar
tent from rivals would be “ru- force Cox to pay more for porting to younger Amazon ex- their frustration with opera- 0 with the discussions.
inous” for the newly merged Turner programming and ac- ecutives, people who work with tional changes, including fee in- But other Whole Foods vet-
company because it would cept unfavorable conditions. them say. Other employees say creases that predate the –2 erans have been frustrated by
mean less revenue, Mr. Petro- “We are very concerned Amazon hasn’t explained the merger. Some suppliers said the what they see as Amazon’s in-
–4
celli said. He also objected to that we are going to get pre- specifics of its plans to inte- additional cost could force sular culture and penchant for
Justice Department claims sented with a horribly ugly grate the grocer into its busi- them to raise prices or defect to 2012 ’13 ’14 ’15 ’16 ’17 secrecy, according to current
that a postmerger AT&T, deal,” Ms. Fenwick said. And if ness. other retailers. Source: the company and former employees. “There
along with Comcast Corp., Cox can’t get a new, fair deal Whole Foods Chief Executive The fee increases are over- THE WALL STREET JOURNAL. really hasn’t been very much
could act in tandem to put a to carry Turner, “we think and co-founder John Mackey and due and the changes are provid- Some Whole Foods execu- communication,” one former
stranglehold on the industry we’re going to lose a lot of Steve Kessel, an Amazon senior ing more consistency for sup- tives are urging their colleagues executive said. Some cited the
and slow the innovation that customers,” she added. vice president who oversees the pliers, a spokeswoman said. to be patient. They say Amazon organizations’ fundamental
has upended the traditional Proceedings will continue grocer, said in separate state- Whole Foods leaders at the can help the grocer make tech- differences on issues such as
cable business model. Monday with two witnesses, ments that Whole Foods has meeting discussed new mer- nology improvements, and new promoting and grooming tal-
Mr. Petrocelli spent a con- Warren Schlichting, president thrived in the seven months since chandising opportunities and ownership has relieved the ent, and whether to focus
siderable portion of his pre- of Sling TV at Dish Network, the e-commerce giant bought it growth plans with roughly 200 company of shareholder pres- more on needs of customers or
sentation attacking the Jus- and Turner’s Mr. Martin. for roughly $13.5 billion. suppliers, she said. sure to reverse falling sales. employees.
THE WALL STREET JOURNAL. * * * * Friday, March 23, 2018 | B3
BUSINESS NEWS
Credit
Reports
Ackman Nets $100 Million in Nike
Pershing Square sold
To Remove stock after a 32% rise;
activist needs a gain
Tax Liens to hold on to investors
BY ANNAMARIA ANDRIOTIS BY DAVID BENOIT
The three big credit-report- William Ackman’s Pershing

ing firms plan to remove tax Square Capital Management
liens from Americans’ credit LP cashed out of its brief hold-
reports, a move that will make ing in Nike Inc. in recent
some risky borrowers appear weeks, for a profit of around
more creditworthy and in- $100 million.
RICHARD B. LEVINE/LEVINE ROBERTS/NEWSCOM/ZUMA PRESS
crease the chance they will get The activist investor dis-
new loans from banks. closed in January that it had
The firms, TransUnion, taken the stake in the fourth
Equifax Inc. and Experian quarter, intending to keep it as
PLC, have decided to delete a passive bet on a company it
the liens from credit reports believed was undervalued. But
and to stop adding new tax- after the stock jumped some
lien information, according to 32% from Pershing Square’s
a court document and two of purchasing costs, it sold the
the companies. The changes stake, people familiar with the
will go into effect as soon as matter said.
April. Pershing Square owned
The effort to remove the about 5.8 million shares at the
tax liens could affect millions end of 2017, which would
of borrowers. More than 5.5 mean the bet scored about
million liens will be removed $100 million in profit. The ex-
from consumers’ credit react size of the take couldn’t be The sportswear maker’s sales rose 7% to $9 billion for the three months ended Feb. 28. Its sales in North America declined 6%.
ports as a result of the determined, given the poten-
changes, according to esti- tial for other trading tied to 6.2% this year through Tues- Nike last recorded a quar-
mates by LexisNexis Risk Solu- Nike that the firm didn’t dis- day with bets on Fannie Mae terly net loss in May 1998. Nike CEO Cites ‘Deep provide additional details.
tions, a unit of RELX Group close. and Freddie Mac, Mondelez Sales in Nike’s home mar- Last week, The Wall Street
PLC that provides lien and This year is critical for Per- International Inc. and Auto- ket, North America, declined Leadership Bench’ Journal reported that Nike had
judgment information to shing Square and Mr. Ackman. matic Data Processing Inc., 6% to $3.6 billion for the latest received internal complaints that
credit-reporting firms and As a result of bad bets on com- which are all in the red. period. Executives said they preceded the exits of two execu-
lenders. panies including Valeant Phar- On Thursday, Nike re- expect the region to be Nike Inc. Chief Executive tives. Nike said Trevor Edwards,
For consumers, the change maceuticals International Inc. ported its latest results after roughly flat in the current Mark Parker told investors the the company’s No. 2 executive,
means that a negative event and Herbalife Ltd., the firm has the stock market closed. The quarter and to return to sales company has “a deep leader- resigned as Nike brand president
.
that could have held them suffered three straight years of company’s sales rose 7% to growth in the quarter that be- ship bench,” a week after com- and is retiring in August. Jayme
ly
back from getting approved declines that have spurred in- $9 billion for the three gins in June. plaints about workplace behav- Martin, a vice president and gen-
for financing will be wiped off vestor withdrawals and months ended Feb. 28. Shares of Nike fell 2.9% to ior triggered a management eral manager of global categories,
their credit reports. That dragged down assets. It needs The company posted a net close at $64.42 amid broad shuffle and the resignation of was forced out, people familiar
could increase their credit some wins to persuade remain- on loss of $921 million, because stock-market declines on his heir apparent. Mr. Parker with the matter said. Nike has
score and make them look ing investors to hang on. of a $2 billion charge on for- Thursday, but rallied in after- began a conference call Thurs- received complaints pertaining to
more creditworthy to lenders. The publicly traded Persh- eign earnings after the U.S. tax hours trading and were up day by saying there have been Mr. Martin but no direct com-
The three companies, which ing Square Holdings Ltd., overhaul. Pretax income was nearly 6% at $68.20. “behavioral issues” at the plaints about Mr. Edwards, a per-
provide vital, behind-the- which closely tracks Mr. Ack- $1.2 billion, down 12% from —Sara Germano sportswear company but didn’t son familiar with the matter said.
us l,
scenes services in consumer man’s private funds, had lost the previous year. contributed to this article.
credit, have been grappling
al a
BUSINESS WATCH
e
with class-action lawsuits over
Weather Channel Is Sold

their handling of consumers’
tax liens and judgment infor-
ci on
mation.
In TransUnion’s case, the CONAGRA BRANDS The grocery chain said Thurs-
lawsuits are playing a role in
its decision to remove tax
liens from credit reports, ac-
To Comedian’s Media Firm Food Maker Lifts
Outlook for Profit
day it doesn’t believe proposed
board changes from Blackwells
are necessary to boost share-
er rs
cording to a court paper. Ex- holder value.

perian and Equifax say the BY JOE FLINT Conagra Brands Inc., the —Heather Haddon
lawsuits weren’t involved in maker of Hunt’s ketchup and and Imani Moise
their decisions. Comedian-turned-media-en- Slim Jim meat snacks, on Thurs-
m e
This would be the second trepreneur Byron Allen struck day raised its profit outlook de- FORD MOTOR
time in about nine months a deal to acquire the Weather spite rising costs for ingredients
that the credit-reporting firms Channel from Comcast Corp. and shipping. Auto Maker Deepens
m rp
have moved to remove public and private-equity firms Conagra on Thursday pro- Partnership in India
records information from Blackstone Group LP and jected adjusted earnings of up to
credit reports. In July, they Bain Capital for $300 million. $2.05 a share for its fiscal year Ford Motor Co. is taking
began removing most civil Mr. Allen said Thursday ending in May, about 8% higher steps to solidify its partnership
judgments and many tax liens. that he is buying the Atlanta- than expected. It expects sales with Indian auto maker Mahin-
co Fo
That effort was focused on based television network to grow 2% on a comparable ba- dra & Mahindra Ltd. by jointly
TIFFANY ROSE/GETTY IMAGES FOR LUPUS LA
removing judgments and liens through his company, Allen sis in the current quarter. developing several new models,
on which the companies didn’t Media LLC. Conagra also followed General an attempt at lowering costs in
have enough personal infor- The head of Entertainment Mills this week in saying it an important emerging market.
mation to be certain that they Studios Inc., which owns eight might raise prices to reflect The Dearborn, Mich., based
were matching the events to cable networks such as Pets.TV higher costs. Chief Executive car maker said Thursday it would
the correct consumer credit and Comedy.TV and produces Sean Connolly said keeping develop new sport-utility vehicles
reports. movies and television shows, prices flat while costs rise would and a small electric car through
Mr. Allen said the Weather cut into product-development in- the partnership and sell them in
Channel will provide leverage to vestments that grocery stores India and other emerging mar-
expand the rest of his holdings. want Conagra to make. kets where demand is high for
The effort to remove “It is a stronger relative to Net income for its latest low-cost cars that return only
the tax liens could help pull us along,” Mr. Allen Byron Allen’s company plans to buy the network for $300 million. quarter rose to $362.8 million. slim margins.
said. He plans to acquire other Adjusted earnings, excluding The move is part of a broader
affect millions
n-
independent media assets to favor of lower-priced stream- work’s format beyond more in- one-time events like a lower tax strategy under Chief Executive
of borrowers. better position his company in ing services, an issue facing vestment. rate, came to 61 cents a share. Jim Hackett to cut costs by us-
the wake of consolidation cable networks across the dial. For Comcast, Bain and Revenue rose 0.7% to $2 billion. ing partnerships to help defray
among bigger media firms, in- The Weather Channel does Blackstone, the sale ends a less- —Annie Gasparro the hefty expense of engineering
no
cluding AT&T Inc.’s purchase of have its own special set of is- than-stellar run with the and building new models.
An Experian spokesman satellite broadcaster DirecTV sues that could make future Weather Channel assets. NBC- SUPERVALU —Christina Rogers
said the company removed and proposed acquisition of growth challenging. Weather Universal, then owned by GE,
about half of tax liens from its Time Warner Inc., which is be- information is now readily along with the private-equity Blackwells Mounts MONSANTO
credit-report information da- ing challenged in court by the available to consumers via mo- firms bought the Weather Fight for Board Artificial Intelligence
tabase last year and that it has Justice Department. bile devices. Efforts by the Channel from closely held
continued to monitor tax-lien Once in more than 95 mil- Weather Channel to go beyond Landmark Communications in A proxy fight is under way at Is Brought to Bear
submissions for compliance lion homes, the Weather Chan- rain and snow and into enter- 2008 for $3.5 billion. Comcast Supervalu Inc. as an activist in-
with a settlement the three nel’s national distribution has tainment and reality program- inherited NBCUniversal’s 25% vestor seeks to overhaul the Monsanto Co. is using artifi-
credit-reporting firms reached fallen over the past decade to ming have fallen flat, and ca- stake in the Weather Channel board at one of the largest gro- cial intelligence to forecast farm-
with state attorneys generals just over 80 million homes. ble and satellite operators when it bought NBCUniversal cery companies in the U.S. ers’ need for crop seeds, and
dating back to 2015. Much of the subscriber losses have squeezed the network to from GE. In 2015, the owners Blackwells Capital LLC, save money.
An Equifax spokes- can be attributed to consum- lower its distribution fees. sold the digital assets to Inter- which was already pushing for Jim Swanson, chief informa-
woman said that “after a con- ers cutting the cord to their Mr. Allen said he doesn’t national Business Machines change at Supervalu, has nomi- tion officer, said machine-learning
tinued review of tax liens, traditional pay-TV packages in plan major changes in the net- Corp. for $2 billion. nated candidates for six seats techniques have produced more
Equifax determined that with on the nine-person board. accurate projections of how much
only a small amount of tax Supervalu officials said the extra seed Monsanto needs to
liens remaining on our files,
all tax liens would be removed
and no longer be reported.”
For lenders, the move cre-
Ex-Takata Staffers Settle Fight advancement of six candidates
constitutes an effort to take
control of the company. Super-
valu said it is outsize to the
keep on hand, helping to reduce
its “safety stock.” Whereas the
world’s largest seed supplier used
to maintain a safety stock of
ates a potential blind spot for BY MIKE SPECTOR case, the people said. $850 million Takata owed to stake the firm holds and is un- about 5% of production, AI has in
risk. Lenders rely on credit re- The settlement is expected car companies set aside while fair to other shareholders. some cases helped get that down
ports to help determine Three former Takata Corp. to be outlined in court docu- awaiting a review of their as- Supervalu said excluding cer- to 2%, Mr. Swanson said at an
whether consumers are likely employees calling themselves ments during coming days, the sertions by the U.S. transpor- tain options, Blackwells has a 2% event in Chicago. “That’s signifi-
to pay back loans that they are whistleblowers settled a legal people said. tation secretary. stake. Including those options, cant dollars,” he added.
applying for. A tax lien, which battle over $850 million the Lawyers were still in the Auto makers, federal prose- Blackwells put the stake at 4.9%. —Jacob Bunge
basically follows when a tax- supplier of exploding air bags process of signing settlement cutors and a court-appointed
payer hasn’t paid what is due owes to car companies shoul- documents on Thursday that official overseeing the restitu-
in taxes, is a negative event dering costs for unprece- would require a bankruptcy tion fund had opposed the for-
that can result in lenders de- dented safety recalls. judge’s approval, so a deal mer employees’ attempt to
clining loan applicants. The former employees isn’t guaranteed, they said. freeze the money.
Lenders who want to keep reached a settlement this A settlement would clear The former employees said
SARAH L. VOISIN/THE WASHINGTON POST/GETTY IMAGES
tabs on such liens and other week with the Japanese auto- the way for payouts to auto in court filings that they pro-
judgments will need to take motive supplier that would makers recalling tens of mil- vided evidence to U.S. officials
the extra step of finding a end their attempt to freeze lions of air bags that risk ex- that Takata concealed design
company that will sell them $255 million of a legally man- ploding in crashes and spray- flaws and problems that
that information or go through dated restitution fund for car ing metal shards, a defect emerged in testing of the air
public records themselves. companies, people familiar linked to nearly two dozen bags. The information assisted
The latest move comes as with the discussions said. deaths, hundreds of injuries authorities in criminally pros-
credit-reporting firms face In exchange for dropping and the largest automotive re- ecuting Takata, they said.
class-action lawsuits. Allega- their pursuit of the auto mak- call in U.S. history. The court-appointed official
tions in those suits include ers’ restitution, the former The former employees had overseeing the compensation
that the companies haven’t Takata employees are ex- made claims for financial fund for auto makers disputed
been accurately updating tax- pected to be considered awards under a nascent fed- the former employees’ claims,
lien information to reflect among other creditors for a eral law covering whistleblow- in part arguing they didn’t
when the matter is withdrawn potential financial recovery in ers at automotive companies. provide crucial information to
or otherwise put to rest. the supplier’s U.S. bankruptcy They wanted a portion of the authorities. Supervalu opposes board changes proposed by Blackwells Capital.
B4 | Friday, March 23, 2018 * **** THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
Angry Users Pose Threat to Facebook

BY KIRSTEN GRIND cies. “We have a responsibility on Facebook’s Instagram app.
to protect your data, and if we A Facebook spokeswoman
Facebook Inc.’s handling of can’t, then we don’t deserve to declined to comment.
user data has upset lawmakers serve you,” Mr. Zuckerberg The number of people
and regulators in multiple wrote in a Facebook post. world-wide who use Facebook
countries. But the biggest risk On Thursday, Facebook oper- at least once a month has more
to its business could come from ating chief Sheryl Sandberg ad- than doubled since it went pub-
angry users. dressed criticism that company lic in 2012, hitting 2.13 billion
Throughout previous contro- leaders are too slow to respond in last year’s final quarter. Rev-
versies in recent years, Face- to crises. “Sometimes, and I enue and profit have grown
book’s user population climbed would say certainly this past even faster, thanks to Face-
steadily, fortifying the basis for week, we speak too slowly,” she book’s use of its wealth of data
an ever-growing gusher of ad- said on CNBC. “If I could live to help advertisers target their
vertising revenue. this past week again, I would messages to those users.
Now Facebook is contending definitely have had Mark and Warning signs began ap-
with a groundswell of users— myself out speaking earlier.” pearing last year. Facebook’s
PATRICK T. FALLON/BLOOMBERG NEWS

some of whom are tweeting un- Facebook “definitely didn’t U.S. users spent 7% less time
der the hashtag #DeleteFace- realize the gravity of this issue on the site in August compared
book—who claim to be sooner,” Ms. Sandberg said. with a year earlier and 4.7%
abandoning the social-media The criticism of Facebook less time in September, accord-
giant, prompting some analysts could ease. For now, its ing an analysis of Nielsen data
to warn that its growth jugger- founder’s reassurances aren’t done by Pivotal Research
naut could sputter. enough for some users already Group.
“The biggest issue we see put off by Facebook’s handling Last month, Facebook said
for Facebook is if the DeleteFa- of Russian interference on the its users collectively spent 5%
cebook leads to user attrition platform around the 2016 U.S. less time on the platform a day
and eventually ad dollars allo- Sheryl Sandberg says Facebook ‘definitely didn’t realize the gravity’ of the issue earlier. election. in the last three months of
cated elsewhere,” Barclays ana- Sabine Stanley, a 42-year- 2017, translating to a little
lysts said in a research note unanswered,” Rep. Greg Wal- and process.” total of 9%, or $50 billion, off old professor at Johns Hopkins more than two minutes per
Tuesday. The public backlash den (R. Ore.), chairman of the The latest crisis began late Facebook’s market value Mon- University, says she had been day, per user.
also could impinge on Face- committee, and Rep. Frank Pal- Friday when Facebook said it day and Tuesday, before shares thinking about deleting her So far, there’s little indica-
book’s ability to recruit tal- lone, Jr. (D., N.J.) said in a was looking into reports that rebounded 0.7% on Wednesday. Facebook account for months tion that advertisers will
ented engineers, they said. statement. analytics firm Cambridge Ana- The stock lost another 2.7% to as the company battled one cri- change their view of Facebook
Facebook’s crisis escalated Late Wednesday, financial- lytica, which worked with the close at $164.89 on Thursday. sis after another, and the reve- because of the latest furor—
Thursday as members of the services firm Stifel slashed its Donald Trump campaign in Facebook is facing legislative lation about Cambridge Analyt- though some prominent execu-
U.S. House Energy and Com- target price for Facebook 2016, improperly accessed data inquiries on two continents and ica and Facebook’s slow tives have criticized the firm in
merce Committee called on shares to $168 from $195, say- from its platform on tens of an investigation by the Federal response pushed her over the recent months. Investors will
Chief Executive Mark Zucker- ing, “Facebook’s current plight millions of users, and then re- Trade Commission. edge. get their next glimpse of Face-
berg to testify. reminds us of eBay in 2004— tained it even after having Mr. Zuckerberg broke his si- “You combine that with the book’s performance with its
“After committee staff re- an unstructured content busi- agreed to delete it. Cambridge lence on the issue Wednesday, election scandal, and I decided first-quarter report more than
ceived a briefing yesterday ness built on trust that lost Analytica said it followed Face- admitting mistakes and pledg- I couldn’t support Facebook a month from now.
from Facebook officials, we felt that trust prior to implement- book policies. ing an investigation and im- anymore,” says Ms. Stanley, —Deepa Seetharaman
.
that many questions were left ing policies to add structure The controversy knocked a provements to user-data poli- who also deleted her account contributed to this article.
ly
DATA internet advertising industry
should have a lower transpar-
ency standard than print or
TV ads,” he said. But he didn’t
onreview process. “Because of
the tools that we have...we can
get leverage and we hire
20,000, 30,000, 40,000 people
Mr. Zuckerberg
noted his openness
quiz app in 2013 that plugged
directly into Facebook’s plat-
form.
At the time, the social-me-
other developers might have
done the same.
Many of the offending
apps may no longer exist and
Continued from page B1 say other specific areas where and that is a reasonable dia company’s platform al- it is hard to pin down how
tion once it has been un- Facebook would be open to amount,” he said.
to rules requiring lowed outsiders access to ex- much of the data they col-
us l,
leashed online, experts and more regulation. Facebook’s current crisis more disclosure. tensive data about its users as lected was copied or distrib-
former Facebook employees Over the past 18 months, began last Friday, when it said well as their Facebook connec- uted or where those copies
al a
e
say. Facebook has promised to hire it was looking into reports tions. By 2015, Facebook had might exist.
Mr. Zuckerberg reiterated more content moderators and that data-analytics firm Cam- severely restricted the amount Mr. Zuckerberg said, inter-
his openness to regulation re- security experts to help the bridge Analytica, which sity of Cambridge, years after of data available to outsiders, nally, company officials dis-
ci on
quiring more disclosure company handle its various worked with the Trump cam- the parties certified to Face- but by then app developers cussed whether “there are
about online advertising—an challenges. Mr. Zuckerberg paign in 2016, retained Face- book that the records had like Mr. Kogan already had enough trained audit teams in
area Facebook is already said the company’s artificial book user data obtained by been expunged. data about Facebook users in the world to go audit the
working on. intelligence tools will help Aleksandr Kogan, a psychol- Mr. Kogan collected the hand. number of apps that were us-
“There’s no reason why the Facebook bolster its human- ogy professor at the Univer- data by creating a personality- It isn’t clear how many ing our platform.”
er rs
CHINA CIRCUIT | By Li Yuan

m e
Web Firms Chase Low-End Users

m rp
Kong Xi- thousands of articles and vid- said, were early adopters, huge online population that
aohua, a mid- eos. She posts links to recruit while the second was driven by isn’t shopping on Alibaba
dle-aged his- users for the app, an effort young people in major cities. Group Holding’s Taobao—the
co Fo
tory teacher in that comes with cash rewards. “About half of the Chinese dominant online market-
WANG DINGCHANG/XINHUA//GETTY IMAGES
a small town China’s relatively young in- population is not yet heavy place—with 400 million
near the bor- ternet industry is facing a internet users, and they’re monthly users. “We serve the
der with Russia, is among the mature-market problem: User the third wave of the demo- demographics not reached by
online world’s most sought- growth for popular online graphic dividend,” he says. Taobao,” says Wu Shenyi,
after users right now. Going services such as instant mes- “And they’re usually the ones chief financial officer of Pin-
after users like her marks the saging, search, online news that are in charge of a fam- duoduo. “They’re older, have
Chinese internet’s race to go and video has fallen to single ily’s daily consumption.” lower income and live in
low: lower income, lower-tier digits. Online population Only 56% of 1.4 billion Chi- smaller cities.”
cities and lower internet-ser- growth has hovered around nese—about 772 million peo- Pinduoduo works directly
vice penetration. 5% to 6% annually since 2014, ple—use the internet, accord- with factories to offer low
Ms. Kong shopped online which is only slightly higher ing to official data. The U.S. prices. The company orga-
for the first time last year. than in mature economies. reached that level of penetra- nizes group buying among us- Chinese Internet companies are now aiming to attract older
Using a social commerce app Unlike in many developed tion in 2002, according to the ers by tapping the power of Internet users as well as people in smaller cities.
n-
called Pinduoduo, she’s markets, a vast number of Chi- United Nations. WeChat, the ubiquitous so-
bought clothes and household nese are unconnected. As they Interest in the lower end of cial-media app developed by comparison, China’s top two for every article they read and
products. slowly come online, they’re the internet market has been Tencent Holdings, which is a news apps, Tencent News every new user they recruit.
She also started spending a creating a sizable market that building; live-streaming ser- Pinduoduo investor. and Jinri Toutiao, draw Mr. Tan says the program is
no
lot of time on Qutoutiao, a companies can tap into—if vices have attracted working- For news app Qutoutiao, about one-third of their us- like a game that adds fun to
news app that runs content they can figure out how. class Chinese. This time, the which means “interesting ers from smaller cities and reading because rewards are
based mostly around relation- “The Chinese internet is ex- spread of e-commerce and headlines,” more than 70% of rural areas, and women make capped at about one-tenth of
ships, cheap comedy and sen- periencing the third wave of new business models are units 80-million-plus registered up only 27% of their reader- a yuan—or less than 2 cents—
sational social news. The app [a] demographic dividend,” locking more potential. users live in cities with a ship, according to Analysys per day per user.
pays its users small sums to said Wang Hua, a partner at Pinduoduo, which is devel- million people or fewer, and International.
read. Ms. Kong says she’s re- venture-capital firm Sinovation oped by Shanghai Xunmeng about 60% of its readers are Qutoutiao, developed by Follow Li Yuan on Twitter
ceived 60 yuan ($9.50) from Ventures, at a speech in De- Information Technology, women, according to founder Shanghai Jifen Culture Com- @LiYuan6 or write to
the app by browsing through cember. The first wave, he saw an opportunity in the and Chairman Eric Tan. By munication, rewards readers li.yuan@wsj.com.
Best Buy Deals Huawei

Another Setback in U.S.
BY DAN STRUMPF made it difficult for the hand- and related infrastructure.
AND STU WOO set maker to secure partner- The U.S. government’s
ships with the wireless carri- broad concern is that the Chi-
Best Buy Co. plans to stop ers that dominate access to nese government could order
selling phones in the U.S. the U.S. phone market. In Jan- Huawei to exploit knowledge
made by Huawei Technolo- uary, AT&T Inc. dropped plans of how its electronics are de-
gies Co., according to a person to sell Huawei phones in the signed to spy or launch cyber-
familiar with the matter, the U.S. attacks.
latest blow for the Chinese Huawei ranks 14th in U.S. Huawei says it is employee-
wireless-equipment giant in smartphone market share, owned and that no govern-
the U.S. with 0.2% of smartphones ment has ever asked the com-
The electronics chain will shipped in 2017, according to pany to spy on or sabotage
RICHARD B. LEVINE/LEVINE ROBERTS/NEWSCOM/ZUMA PRESS
cease selling Huawei phones in research firm IDC. Huawei also another country.
the next few weeks, this per- runs a lower-end brand called The company’s prominence
son said. Best Buy is one of Honor, which had 0.1% of the as a network-equipment maker
several U.S. retailers, including U.S. market last year. also entered into President
Amazon.com Inc., that offer In a written statement, Donald Trump’s recent deci-
the brand. Huawei said it “values the re- sion to scuttle a proposed $117
Huawei is the world’s third- lationship it has with Best Buy billion takeover attempt by
largest smartphone vendor by and all our other retail part- Broadcom Ltd. of rival chip
units shipped, but its share of ners. As a policy, we do not company Qualcomm Inc.
the U.S. smartphone market discuss the details of our part- A government advisory
has been tiny since a 2012 ner relationships.” panel had warned that the
congressional report advised CNET reported on Best deal could blunt San Diego-
carriers against doing busi- Buy’s decision on Wednesday. based Qualcomm’s edge over
ness with the Chinese tech gi- In addition to selling smart- Huawei in wireless-technology
ant over security concerns. phones, Huawei is the world’s research.
The report about the threat, top maker of the equipment —Khadeeja Safdar
which Huawei has denied, has that goes into cellular towers contributed to this article. The electronics retailer is dropping sales of smartphones made by the Chinese wireless-equipment firm.
THE WALL STREET JOURNAL. * * * * * * Friday, March 23, 2018 | B5
TECHNOLOGY
Uber Car’s Failure to Brake Eyes on the Road Autonomous cars use an array of cameras, radar, lidar and sensors
Lidar
Puts Focus on Sensor

to guide them.
Paints a picture of the environment
A self driving vehicle GPS antenna by bouncing lasers off objects
Pros: Accurate to a few centimeters
Experts reviewing ing while cooperating with in- dent occurred, but the video Lidar
360° 3D images Cons: Some sensors may struggle to
vestigators. suggests it happened as the work in bad weather, such as snow.
video are surprised Some experts said the acci- avenue takes a slight curve Forward
vehicle didn’t seem dent might have been more and then opens into four camera array
Monitors
Side and
rear cameras
Cameras
understandable had a person lanes.
to detect victim been driving the car. The pe- The video confirms the car traffic
destrian, Elaine Herzberg, was is in the right lane, possibly
BY TIM HIGGINS crossing the street in the dark giving it a clear view of the Read road signs and traffic signals;
track other cars
a few hundred feet from a other lanes where the pedes-
Pros: Pick up color, object structure
TEMPE, Ariz.—The roads crosswalk, and she seems to trian would have been coming
north of Arizona State Univer- come out of nowhere in the from. Cons: Need external light; bad
weather affects function
sity are in many ways ideal for video. A median with shrubs lines
testing self-driving cars, with But an autonomous car is the left side of the road, while
Radar
wide, clearly marked lanes and designed to “see” objects in the far right lane abuts a bike
Radar
minimal traffic late at night, the dark from hundreds of feet path and a wide sidewalk lined
when the vehicle’s laser sen- away. The promise of autono- with some shrubs.
sors work best. mous-car technology is that On Monday at around 10 Bounces beneath a car to see
The optimal conditions robot eyes are supposed to de- p.m., the same time as the Computer processing ahead of it
make it especially troubling tect things humans can’t, and crash the night before, the Vehicles compute the probability Some cars have machine Pros: Can work in bad weather
that an Uber Technologies anticipate and react faster to area was quiet with little traf- of events happening, then use the learning or share information Cons: Low resolution, can
Inc. self-driving car plowed reduce accidents like this one. fic, though several pedestrians information to adjust driving. between other cars. return confusing signals
straight into and killed a pe- “She absolutely should have were walking around, includ-
destrian walking across a been detected by their sys- ing some pushing bicycles Intersection of North Mill
Avenue and Washington Right-hand Where bike
street here at night, without tem,” Missy Cummings, a pro- with bags. turn lane was found
Street in Tempe, Ariz.
appearing to brake or veer, ac- fessor of mechanical engineer- While police said the speed
cording to a video from the ing and material science at limit on the stretch where the
vehicle released by police Duke University, said Wednes- crash occurred is 35 miles per
Wednesday. day by email. hour, a nearby sign states 45
The incident raises ques- Making matters worse, the mph. The Uber vehicle is be-
tions about whether the sen- human safety operator in the lieved to have been traveling
Bike lane
sors that serve as a self-driv- car appeared to be distracted, at about 40, the police said.
ing vehicle’s eyes are ready for according to the video, and Most companies developing e. Approximate
ill Av
the complexities of city life. was looking down for five sec- autonomous cars, including N. M site of accident
Several autonomous-vehicle onds just before impact. Uber, use cameras and laser
fic
experts who reviewed the 21- An analysis of the acci- and radar sensors to gather f traf ve.
tion o N. Mill A
second video expressed sur- dent’s circumstances points to data for the onboard artificial Direc
prise that the car never possible shortcomings of the intelligence system to trans-
seemed to detect the 49-year- vision technology that dozens late. That information then is
old woman as she pushed a bi- of auto makers and tech giants used to predict what might
.
cycle across multiple lanes of have hailed as a fundamental happen and how the car
ly
traffic. They say it is clear the part of bringing driverless should respond.
system failed, though some cars to the road. Because it was night, Uber’s Sources: Srikanth Saripalli, Texas A&M University (sensor details); Uber (sensor locations);
pointed to hazards that can The collision occurred as system was likely relying WSJ analysis of Google Maps (crash scene); THE WALL STREET JOURNAL.
confuse a robot’s brain and the car was headed north- on heavily on laser sensors, called
eyes, such as shrubs that en- bound on North Mill Avenue, lidar, which emit beams that and detect objects hundreds of an object. Snowflakes, for ex- say Uber’s system could have
croach on the roadway or the which rapidly widens from bounce off objects to paint a feet away. ample, can appear to be men- been confused by the shrub
woman’s bike with bags on it. two lanes to five as it ap- picture of the world, outside But lidar sometimes strug- acing solid obstacles. It works alongside the roadway and
Uber called the video “dis- proaches a vast intersection. experts say. The bulky box of gles to create a complete pic- best at night, when there is no may not have discerned the
us l,
turbing and heartbreaking” Police on Tuesday wouldn’t sensors, mounted on the car’s ture, especially if only a few sun interference. difference between shrub
and said it has suspended test- say precisely where the inci- roof, can see in 360 degrees laser points are bouncing off Some driverless-car experts branches and a pedestrian.
al a
e
CRASH tention was a concern and fo- istential” to Uber’s future. Fully
ci on
cused on developing vehicles autonomous vehicles could

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with no humans behind the eliminate about three-quarters
wheel. of the cost of a typical Uber
Continued from page B1
onto its service who had prior
Executives had put test ve-
hicles into the hands of em-
ride by removing the human
driver, Uber has said.
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felony convictions, a violation ployees and instructed them Internally, though, some ex-
of state rules for ride-hailing to monitor the roadway. The ecutives have called on Uber to
firms. Uber attributed the hir- employees were video re- consider paring back spending CLASS ACTIONS
ings to a “process error.” It has corded. The videos showed on it as the firm seeks an initial
m e
resisted allowing fingerprint- employees quickly became public offering in 2019.

ing in most markets, saying comfortable with the self-driv- Uber said it has a total of
the process can be lengthy and ing technology and their at- some 400 drivers in Tempe,

m rp
produce misleading results. tention wandered. Videos Toronto, San Francisco and
Drivers of autonomous ve-
hicles, called test operators or
show one employee sleeping;
another applied makeup.
Pittsburgh, where it is testing
self-driving cars. It has pulled

safety drivers, are trained to
monitor the road and to take
Sunday’s fatal crash,
thought to be the first by a
the vehicles from public roads
while the crash investigation

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B6 | Friday, March 23, 2018 THE WALL STREET JOURNAL.
BUSINESS NEWS
Private Equity Hoards $1 Trillion in Cash

Firms are tight with It is a problem Warren Buffett
recently bemoaned. His Berk-
money after some shire Hathaway Inc. has more
high-profile precrisis than $100 billion in cash but
faces a lack of reasonably
buyouts went bust priced assets to buy.
Meanwhile, corporate ac-
BY MIRIAM GOTTFRIED quisition activity has been ro-
bust, crowding out buyout
It has been more than a de- firms.
cade since private-equity firms Only two U.S. LBOs an-
went on a buyout binge on the nounced in 2017—Sycamore
eve of the financial crisis, but Partners’ $6.8 billion deal to
as the recent bankruptcies of buy office supplier Staples Inc.
Toys “R” Us Inc. and iHeart- and Energy Capital Partners
Media Inc. show, many of the LLC’s roughly $5.6 billion ac-
deals continue to haunt their quisition of power generator
owners and are forcing them Calpine Corp.—crossed the $5
RICH FURY/GETTY IMAGES FOR IHEARTMEDIA

to find new ways to spend an billion mark, according to
epic pile of cash. Dealogic.
Private-equity firms are sit- By comparison, there were
ting on more than $1 trillion in 14 such deals in 2006 and 16 in
uninvested capital, data pro- 2007. That was the
vider Preqin estimates, which year Thomas H. Lee Partners
they will need to spend if they and Bain Capital LP—the pri-
want to earn the hefty fees vate-equity firm started by for-
they collect on investment mer consultants at Bain & Co.—
gains. Their problem: The agreed to buy iHeartMedia, the
most efficient way to put the radio broadcaster then known
money to work is on big deals, A concert during the 2017 iHeartRadio Music Festival in Las Vegas. In 2007, Thomas H. Lee Partners and Bain Capital agreed to buy iHeart. as Clear Channel Communica-
but the raft of failures of pre- tions, in a debt-laden takeover
crisis buyouts—including jected the proposed takeover, in North America and Europe valued at $17.8 billion.
those of Caesar’s Entertain- Silver Lake Partners was pre- Holding Fire that raised a buyout fund be- Toys “R” Us was purchased
ment Corp., Energy Future pared to invest around $3.5 Private-equity firms have more …but the number of U.S. tween 2003 and 2008 and ha- for $6.6 billion in 2005 by Bain
Holdings Corp. and now Toys billion—its biggest equity than $1 trillion to spend… leveraged buyouts worth ven’t raised any money since Capital, KKR and Vornado Re-
“R” Us and iHeartMedia— check ever—to back Broadcom over $5 billion has tumbled. or executed a buyout since alty Trust. They saddled the
shows how hard that is to do. Ltd.’s $117 billion hostile bid $1.2 trillion 16
2015. These funds, which Bain toy retailer with debt that
So the firms are scouring for Qualcomm Inc. declined to name, hold more stood at about $5 billion when
the corporate landscape for Other strategies include 14 than 100 companies. it filed for bankruptcy in Sep-
1.0
other ways to deploy all that taking on more troubled busi- 12 Looking more broadly at tember. IHeartMedia filed for
cash. There have been some nesses, such as in KKR & Co.’s 0.8 companies that have been sit- bankruptcy in March.
large deals in recent months, $8 billion planned acquisition 10 ting in funds beyond the stan- For some firms, the failed
.
but they haven’t been outright of Unilever PLC’s spreads unit, 0.6 8 dard fund life of 10 years, the deals of the past spell oppor-
ly
purchases for double-digit bil- which has struggled in the face list gets much longer. Univi- tunity.
lions. In January, for example, of declining margarine con- 6 sion Communications Inc., for Private-equity firm Z Capi-
0.4
Blackstone Group LP an- sumption. 4 example, was taken private in tal Group has found at least
nounced a deal to take a 55% “What we’re in is a situa- 0.2
on 2007 in a $13.7 billion lever- three of its recent deals scour-
stake in the financial-information where you leave no stone 2 aged buyout by a consortium ing old funds it defines as
tion and terminal business of unturned in terms of trying to 0 0 0 0 0 of private-equity firms. Most zombies, with the help of a
Thomson Reuters Corp. that find your next deal,” said of its owners hold it in funds proprietary database on more
2000 ’05 ’10 ’15 ’18* 2005 ’10 ’15 ’18*
values the operation at $20 Brenda Rainey, global practice that closed in 2006 and 2007, than 35,000 companies. Last
us l,
billion including debt. It is director at Bain & Co., the con- *As of March 21 according to people familiar year, it bought the parent of
Blackstone’s largest non-real- sulting firm. Sources: Preqin (dry powder); Dealogic (buyouts) THE WALL STREET JOURNAL. with the matter. Univision re- horse-racing publication Daily
al a
e
estate transaction. In a sign Armed with easy credit and cently canceled plans for an Racing Form for less than $100
the private-equity firm may a lack of competition from cor- Hilton Worldwide Holdings hampered flexibility. initial public offering, said its million from lenders after a re-
have gotten a good deal, porate buyers, buyout shops Inc. is one of the most-suc- That has contributed to a chief executive would retire, structuring process, according
ci on
Thomson Reuters’s chairman made a series of big bets in cessful private-equity invest- mushrooming in zombie pri- and is undergoing a strategic to a person familiar with the
privately harbored concerns the years leading up to the cri- ments ever. But in a number of vate-equity funds, so called be- review. matter. Arlington Capital Part-
that directors had failed to sis, often joining with rivals others, the buyers failed to cause they are stuck with It isn’t just painful memo- ners, another buyout shop, had
seek a higher price or consider and loading their targets with find a profitable exit path as holdings well beyond the point ries holding buyout firms back. purchased the company for
other potential buyers, The debt. In some cases, these onerous debt restricted their by which they should have Booming equity markets have $200 million in 2007. It held
er rs
Wall Street Journal has re- deals led to big profits through ability to respond to competi- sold them. There is no stan- stretched valuations, causing the asset in a $575 million
ported. sales or initial public offer- tive threats and multiheaded dard definition of zombie concern that potential deals fund, which closed in 2006,
Before the government re- ings—Blackstone’s purchase of ownership structures further funds. Bain identified 19 firms won’t clear return thresholds. the person said.
m e
m rp
co Fo
n-
April 23, 2018 | New York, NY

no
Join Wall Street Journal Live Journalism and Special Coverage Editor Nikki
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PAID ADVERTISEMENT
CHINA DAILY
ALL YOU NEED TO KNOW
This supplement was paid for and prepared solely

by China Daily, an official publication of the People’s
Republic of China.The Wall Street Journal news
organization and advertising department were
not involved in the creation of this content.
SECOND EXPOSURE
DAYS OF THE POLAROID AND
INSTAMATIC ARE BACK, P4 President Xi Jinping joins deputies from the Inner Mongolia autonomous region for a group discussion of the Government Work Report during
the first session of the 13th National People’s Congress, which opened at the Great Hall of the People in Beijing on March 5. XIE HUANCHI / XINHUA
Focus Moves to
Quality of Growth
.
ly
on 6.2% annual rise in GDP needed over next three years to meet goal of
‘moderately prosperous society’ by 2020. Andrew Moody reports
us l,
A Bite of China III

C
al a
e
hina is at an important stressed the need for a more sustainable
stage of its economic growth model — namely, by shifting
ci on
development as it moves from resource-intensive manufacturing
Feeds Appetite on to a new growth model,

according to Chinese
Premier Li Keqiang.
to resource-light services. Only then can
China enjoy the quality dimension of the
growth experience,” he said.
Li, who delivered the Government “China is making good progress
for Wok Wonders Work Report at the annual two sessions toward higher quality growth. But the
er rs
meeting in Beijing on March 5, stressed journey has just begun.”

the importance of the quality of China’s In pursuing higher quality growth,Li set
growth rather than just the quantity. out nine key policy proposals: stepping
By CUI JIA and XIN WEN cuisines that even Chinese “China’s economy is now in a pivotal up supply-side structural reforms;
m e
people know little about. period in the transformation of its growth increasing innovation efforts; deepening
The popular documentary “What’s more, A Bite of model, its structural improvement and reforms, particularly those of State-
m rp
A Bite of China , which China brings me closer to its shift to new growth drivers,” he said. owned enterprises; dealing with what
explores the relationship home.” “China’s economy is transitioning were described as three critical battles
between Chinese people and Ji, who watched the from a phase of rapid growth to a stage (defusing financial risks, targeting
food, returned for its third episode online, said she of high-quality development.” poverty and dealing with pollution);
season last month during the plans to buy a handcrafted The report, which sets the revitalizing rural areas; regional
Spring Festival holiday. wok featured in the episode. government’s agenda for the year development; boosting consumption
co Fo
Some viewers tuned in She has watched the ahead, is one of the keynote events of and effective investment; opening up
to watch the show’s new previous seasons at least the National People’s Congress, China’s the economy to foreign investment; and
season with the hope of twice, she said. highest legislature. The NPC sits at the China’s economy is transitioning improving people’s well-being.
understanding Chinese A Bite of China III has eight same time as the National Committee from a phase of rapid growth Li said the government must now act on
c u l t u re t h ro u g h fo o d , episodes, each of which of the Chinese People’s Political to a stage of high-quality Xi Jinping Thought on Socialist Economy
while others just wanted lasts 50 minutes. Besides Consultative Conference, the country’s with Chinese Characteristics for a New
the mouth-watering effect cookware, it also covers the top political advisory body, during the development.” Era in its economic policy making.
of seeing the delicacies themes of snacks, banquets, two sessions. LI KEQIANG “We will strongly promote high-quality
featured in the documentary. diet therapy, chefs, dim The GDP growth target was set at CHINESE PREMIER development. Development is the
Following the huge success sums, food associated with “around 6.5%,” in line with almost all underpinning and the key for solving all
of A Bite of China I in 2012 traditional Chinese solar forecasts. our country’s problems,” he said.
and A Bite of China II in 2014, terms and fusion cuisine. The government’s central aim and more efficient energy consumption Zhu Ning, professor of finance at
the public has high hopes Liu said she wants people remains to meet the centennial target focused on achieving that overall goal. Tsinghua University, said the work report
n-
for the show’s third season, t o a d m i re t h e b ea u ty of achieving a “moderately prosperous “ T h e a b ove t a rge t s t a ke i n t o was in line with the Central Economic
which is also produced by of Chinese food while society in all respects” by 2020, in time consideration the need to secure a Work Conference, a key economic policy
China Central Television. discovering the rich culture for the 100th anniversary of the founding decisive victory in building a moderately meeting held in Beijing in December.
The first episode of the behind it. of the Communist Party of China the prosperous society in all respects,” he “The focus now is on the development
no
latest season, broadcast on Wei Dichun, deputy head following year. said. of the overall economy. People have
CCTV on Feb. 19, is about a of CCTV, said earlier that the To do this it needs to double its 2010 Stephen Roach, senior fellow at Yale criticized China’s growth being all
variety of cookware used in third season will resonate GDP per capita level, which requires an University’s Jackson Institute for Global about growth’s sake and not about
Chinese cooking, including with people at home and average growth rate of 6.2% over the Affairs and former Asia head and chief development. We want a broader based
the famous iron wok and abroad. next three years. economist of investment bank Morgan more inclusive development than just
bakeware made of stone. The handcrafted iron wok Li said the GDP target and others such Stanley, said China is right to focus on the growth of the number,” he said.
Cookwareisthefoundation has become a must-have as creating 11 million new urban jobs the quality of its growth.
of Chinese cooking, but item for many people after it this year, more equal income growth “The senior Chinese leadership has SEE “TARGET” ON P3
people often forget about was featured in the popular
its importance in forming TV documentary, sparking
cooking techniques, said Liu the industry to recruit more
Hongyan, chief director of A
Bite of China III.
Ji Chi, who works in New
York, said, “It makes me
young craftsmen to meet the
booming demand.
The episode focused
on cookware and featured
Cartoon Emotions Rake in the Cash
$2.2 million
hungry every time I watch a brand of iron wok that is By CHENG YU downloaded more than 800 million
the documentary, which handmade in Zhangqiu times through WeChat.
demonstrates the beauty of district in Jinan, Shandong The emoji is the newest piece of Through donations from WeChat
Chinese food so well. Also, province. intellectual property in China’s creative the amount paid by WeChat users to emoji users doting on Budding Pop, its creator
artists in China last year
it is surprising to see that sphere that is spawning millions of yuan today earns a decent monthly income.
there are so many Chinese SEE “FOOD” ON P2 for its creators as well as peddlers. Tens of thousands of people in China
The digital-age art form is also creating WeChat, a widely used emoji could such as her are now using their artistic
a whole new line of business that some prove a money-spinner and a precious talent to create emojis and make money.
are forecasting will experience huge commodity. Their investment, besides their talent
growth over the next few years. A 22-year-old collegian in Anhui for creative drawings, includes hardware
Emojis are standardized sets of province using the name Mao Tui can like a PC or an electronic drawing board
stylized images such as smileys that testify to the power of emojis. Four years and software such as open-source
express a range of emotions or short ago, just for fun, she drew a cartoon drawing apps, all costing no more than
messages (like “Hello” and other kinds character and named it Zhangcao a few thousand yuan.
of greetings, exclamations, snubs). Yantuanzi, or Budding Pop, a chubby, Returns on such investment can be
Emojis, an evolution of yester-year text adorable, genderless character, about handsome. A WeChat user can donate
character-based emoticons, are part 4 years old, with a tuft of grass, rather up to 200 yuan ($33) per emoji at a
and parcel of most messages exchanged a couple of green leaves on a stem, for time. Tencent, which owns WeChat,
by users of instant messengers, social hair. said the app had more than 900 million
media, email and the like. Soon, Budding Pop evolved into a active users in China alone at the end of
Many users like emojis because they series of drawings expressing a range September. They are said to send out
help spice up their messages with slick of emotions for different occasions 38 billion messages every day. Tencent
meanings, or moods or mind states, that and moods. They were digitalized and declined to divulge the number of emoji
they feel are better expressed through animated later. downloads and the number of messages
images rather than words. M o re t h an h al f of Ch in a ’s 1 . 3 with emojis last year.
Craftsmen hammer out iron woks in Zhangqiu district, Jinan, With hundreds of millions of users billion people have had dealings with
Shandong province. CHEN ZEBING / CHINA DAILY now using social media such as Budding Pop since. The emoji has been SEE “ECOSYSTEM” ON P2
China Watch materials are distributed by China Daily Distribution Corp., on behalf of China Daily Beijing, China.
Additional information is on file with the Department of Justice, Washington, D.C.
B6B | Friday, March 23, 2018 NY THE WALL STREET JOURNAL.
PAID ADVERTISEMENT
2 | China CHINA DAILY
It’s an emoji ecosystem all right.

So much so that WeChat now has
an emoji store where artists, either
individually or in groups, can upload
Food: Iron Wok Is Far
their work and make money.
Tencent said there are about
23,000 sets on its emoji store, most
Too Successful
of them free. Only seven sets were
added to the category of paid emojis FROM PAGE 1 caused Liu to close his online store
(about 6 yuan a set) last year. on Feb. 23.
“I can now earn extra money by “I’m glad to see our products
drawing emojis,” Zhang said. In the A detailed explanation was given are selling well, but I’m concerned
WeChat online store users are given of how a wok is made in 12 steps, about the irrational market.”
the opportunity to express their including being hammered 36,000 It is not easy to produce an iron
appreciation for his work by donating times to make its bottom like a wok, he said. A total of 18 levels of
money. mirror. heat are used under strict quality
A reproduction of Zhangcao Yantuanzi. PROVIDED TO CHINA DAILY Tencent says that more than Liu Zimu, 40, who runs the controls, while those making them
690,000 users made donations to wok factory that appeared in the must withstand high temperatures
Ecosystem: Emojis
emoji artists last year, parting with documentary, said that only 10 and lift heavy hammers weighing
nearly 14 million yuan in all, up 13% minutes after the first episode was at least 7.5 kilograms.
year-on-year. broadcast his business had sold The traditional craft was once
Encouraging by the evolving its complete stock of nearly 2,000 close to vanishing. The demand
business, other media players are pans. for high-quality products stoked
Are All the Rage jumping on the emoji bandwagon.

For example, Vision News, a
department of the new media center
of China Daily,has published an emoji
“In less than 10 days hundreds
of thousands of orders came in,”
he said.
“We have about 50 craftsmen
by A Bite of China has shored up
confidence for them to save and
redevelop the industry.
“The artisans realized that they
in Cyberspace
called Dao Jun or Dao Knowhow, a producing a little over 100 pans a once were ‘only’ blacksmiths, but
teal-hued dolphin-like imaginary day. It’d take us two years to fill the now they have more pride in what
creature, on the WeChat emoji store. orders we’ve received.” they are doing,” Liu said.
“This image is now used in some Liu said iron woks normally sell L i u a n d h i s two pa r t n e rs
of our comics,” said Wang Xiaoying, for between 339 and 1,000 yuan planned to recruit more young
FROM PAGE 1 times and exchanged more than 400 head of Vision News. “We want to ($54 to $158), while one made by people as apprentices to enlarge
million times in e-messages. take advantage of this lovely image a seasoned master is 1,299 yuan. the business and bring in fresh
It is not just individual artists who to create some amusing visual news On the Tmall online marketplace, energy.
“The income of emoji creators stand to earn from emojis. Creative products.” sales of Zhangqiu woks have Wu Han, 26, a native of Jining,
depends on the popularity of their design firms and groups of artists Cheng Yanbo, an independent increased 6,000-fold since the said he was fortunate to join four
work,” said Zhang Xuchen, 39, a part- are sprouting up everywhere. They game analyst, said, “In the internet broadcast. years ago and become trained so
.
time emoji artist in Beijing.“The more pay artists to create emojis,which are era,users have short attention spans. The overwhelming demand he could earn a better living.
ly
users like their work, the more they then peddled to WeChat and the like. They don’t pay attention to one emoji
earn. The maximum I’ve earned is For its part, WeChat gains the for a long time. So, emoji painters
tens of thousands yuan for a set. I loyalty of users by providing them need to keep innovating and creating
know some emoji artists who earn with content that appeals to them.
on new ones.”
hundreds of thousands of yuan.” Although Tencent declined to Protecting intellectual property
Zhang, who is a forklift truck driver disclose financial figures relating to rights would help increase revenues
in Tianjin, has created 12 sets of emojis,it is conceivable the company for the emojis, Cheng said.
emojis.A set takes at least one or two may be earning commission on paid- From a business point of view, the
us l,
months to create, he said. Typically, for emojis, if not taking a cut from growing Chinese emoji segment
other emoji artists may spend one to money that users donate to emoji is not very different from Japan’s
al a
e
three months to create a set. artists. cartoon industry, where emojis first
The most popular set of emoji Then there are IP specialists such emerged in the 1990s as a way for
ci on
among Zhang’s creations — it is as Block 12 that leverage emojis for people to quickly communicate
called Huaijiu Xiyouji, inspired by the licensing deals with movie producers, through pictures.
ancient Chinese novel Journey to the TV channels, product makers, comic Japan then created an array of
West, a story about four characters book publishers and such. For cartoon figures such as Kumamon
who go on a pilgrimage in search instance, Budding Pop is already and Poinko. Similarly, Chinese emojis
of Buddhist scriptures — has been featured on toys, bank cards and in now integrate some special Chinese
er rs
A cameraman of A Bite of China I films the fungus-picking process in 2012.

downloaded more than 22 million films. cultural elements. PROVIDED TO CHINA DAILY
m e
Nobel Laureate: Growth Goes

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Hand-in-Hand With Happiness

By LI YOU provide better support for the
co Fo
elderly, the economist said.

Strong economic growth has Deaton, who is also a member
helped to enhance people’s sense of the Global Advisory Council
of happiness in China, said Angus of China Minsheng Investment
Deaton, winner of the Nobel Prize Group, said CMIG had achieved
in Economics in 2015. outstanding results in exploring
The feeling of happiness among new elderly care models in China.
Chinese people experienced a CMIG’s community-based care
remarkable increase from 2006 service model not only successfully
to 2016, a period during which expands its aging care service
the Chinese economy reported network, but also allows senior
significant growth, Deaton said, people to enjoy life independently
delivering a keynote speech to and happily, he said.
n-
the 2018 Sina and CMIG Business At the summit, Wang Hui,
Lead e rs S u m m it in Davos, chairperson of CMIG Futurelife,
An elderly service center in Shanghai operated by CMIG Futurelife, one of CMIG’s subsidiaries. PHOTOS PROVIDED TO CHINA DAILY Switzerland, on Jan. 23. explained CMIG’s business model
“There is no evidence to show to participants.
no
any conflict between economic “Community is the place where

growth and happiness.And indeed, most ordinary people spend most
Open China ‘Positive’ for Firms Globally quite the reverse.”

Deaton, whose research focuses
on poverty, health, well-being and
of the daytime,” Wang said. “It is
also the place which is tied closely
to people’s daily lives, so it should
economic development, also said be the main platform for them to
By LI YOU the contradictions provides “the China’s rapidly growing elderly upgrade their lifestyles.
biggest opportunity over the next population was having little impact “Moreover, along with the
China’s determination to take decade or two.” on people’s feelings of happiness, a consumptionupgradeandbusiness
on more responsibilities and The value of business ethics and situation that is at variance with the innovation in the community, the
contribute to more inclusive social responsibility was becoming way some experts see things. sense of happiness of residents can
economic growth is a positive more important in China, he said. Senior citizens in China have be directly improved.”
sign for companies both in China “At CMIG we’ve been practising the high savings rates, Deaton said. CMIG, a private investment
and worldwide, said Kevin E. Lee, principle of responsible investment Moreover, young people, who tend company initiated by the All-
executive vice-chairman of China since our establishment in 2014, and to have higher incomes than their China Federation of Industry and
Minsheng Investment Group. focusing on emerging sectors closely parents, often provide financial Commerce,wasfoundedinShanghai
The country’s proposal at last tied to people’s livelihoods. support to them or even their in 2014 with 50 billion yuan ($7.6
year’s World Economic Forum in “Our rapid development and social grandparents, which enables the billion) in registered capital.
Davos, Switzerland, which called for Kevin E. Lee, executive vice-chairman recognition from both government elderly in China to live happy lives. CMIG Futurelife, a key player in
a shared future for mankind, an open of CMIG and society is evidence of this trend.” The Ministry of Civil Affairs the layout of CMIG’s elderly care
economy, globalization and fighting Through bringing together private estimates that China had more than business, has grown into one of the
protectionism and isolationism, has demonstrates its determination capital and investment, CMIG 220 million people aged above 60 biggest community management
been widely welcomed,and is turning to take on more responsibilities has grown into a company with a in 2015. and services companies in China,
into action. and contribute more to inclusive number of subsidiaries in fields such An effort has to be made to with nearly 200,000 acres of
“In the past year,poverty reduction economic growth, Lee said. as clean energy, green buildings, upgrade the current elderly care residential and commercial
and environmental protection “For companies both in China aviation and elderly health care. and welfare systems in China to property under its management.
initiatives have gained tremendous and worldwide, this is a positive It has also helped foreign partners,
progress in China,” Lee said during sign and means opportunities in a such as the U.S. reinsurance
this year’s forum, which opened on series of sectors in relation to the company Sirius and the Luxembourg
Jan. 23. improvement of people’s livelihoods.” private jet company Luxaviation, to
At the event, China’s senior As a foreigner living in China expand their business in China.
officials stressed again that the for many years, Lee said he had The world economy is expected
country stood firm against all forms witnessed the country’s economic to remain stable in 2018 and 2019
of protectionism over the past year. rise, but also some “unbalanced following firm growth in 2017, and
China has strengthened the development.” China’s growth momentum and the
protection of intellectual property “But now the Chinese government recovery in developed economies is
rights, promoted fair competition, has noticed this problem.” restoring confidence, Lee said.
deepened the opening-up of financial The country has begun to deal “We should always bear in
markets and increased imports, with the contradictions that had mind that the key to sustained
according to China’s senior officials. pitted unbalanced and inadequate growth, as it was proved by the Silk
China’s continuing progress development against people’s Road thousands of years ago, is
in reform, economic openness ever-growing needs for better lives, openness and collaboration in global Angus Deaton and Wang Hui share their opinions in Davos, Switzerland, on Jan.
and the Belt and Road Initiative he said, and an effort to deal with governance,” Lee said. 23. PROVIDED TO CHINA DAILY
The section is sponsored by China Minsheng Investment Group.

THE WALL STREET JOURNAL. NY Friday, March 23, 2018 | B6C
PAID ADVERTISEMENT
CHINA DAILY China | 3
COMMENT
THE
Building a Community BIG

DATA
With a Shared Future The major targets

and goals of 2018
By WANG YI on the Belt and Road Initiative by Peninsula presents all parties with an
implementing the deliverables of the opportunity to demonstrate greater
O
ver the past year, under first forum and starting preparations sincerity for dialogue and negotiation
the strong leadership for the second one. and to facilitate constructive or less
of the Communist This will enable us to break new interactions. To put it more broadly, trillion in local 4.5% registered urban
Party of China Central
Committee with
ground in opening-up. We will host
a number of events, including the
as a partner that all sides can count
on, China will continue to uphold the
1.35 government
special bonds
unemployment
rate
issued, in yuan
Comrade Xi Jinping annual conference of the Boao equality of countries regardless of
at its core, China’s diplomacy has Forum for Asia, the Summit of the their size, strength and wealth, stand
minimum
3%
honored its solemn commitment Shanghai Cooperation Organization, for dialogue and consultation as the
cut in energy
with real actions to serve the Chinese the Summit of the Forum on China- only approach to solving disputes
2.6%
deficit as a consumption
Dream of national rejuvenation with Africa Cooperation, and the China and differences, support political percentage per unit of GDP
a strong sense International Import Expo, to add settlement to regional hotspots and of GDP
of mission and momentum to the trend of openness act constructively to that end. It is
contribute and development. our sincere hope that dialogue and
30
to the world In 2018, we look forward to a cooperation will prevail in our world. million metric tons
dream of world of more cooperation and less Given that China is still the world’s minimum cut in of steel production
lasting peace
and shared
friction. In this age of globalization,
the world is in fact a global village.
largest developing country, serving
development at home remains
30% rates for mobile
internet services
capacity reduced
prosperity in Instead of showing off power by the top priority on its diplomatic
a pioneering flexing muscles, countries should agenda. We will act upon the new
150
spirit. embrace cooperation to face development philosophy, present million tons cut
The year common challenges and make Chinese provinces, regions and cities million minimum in coal production
Wang Yi, Chinese
foreign minister
2018 is the first
year following
the pie of shared interests larger.
In that spirit, China will expand
to the world under the theme “China
in the New Era,” and contribute to
10 reduction of poor
rural population
capacity
the 19th CPC its global network of partnerships the coordinated development of
.
National Congress and marks the and build a framework for major the Beijing-Tianjin-Hebei region, the
100
ly
40th anniversary of China’s reform country relations featuring overall planning and development of the million acres
cut in emissions
3%
and opening-up policy. The world stability and balanced development. Xiongan New Area and the hosting of afforestation
of sulfur dioxide
is watching closely how China will With regard to our relations with of the 2022 Winter Olympics. We will and nitrogen
handle its relations with other neighbors, we will follow the
on explore a mechanism for protecting oxide
countries in this new era. principles of amity, sincerity, mutual the safety and security of Chinese
My message is, China’s diplomacy
will follow the guidance of Xi Jinping
benefit and inclusiveness.
We will broaden cooperation and
nationals and entities abroad to
effectively safeguard our legitimate
billion tax cut
125,000
800
Thought on Socialism with Chinese narrow differences with them to rights and interests. China will work miles expansion
us l,
on businesses
Characteristics for a New Era, stay jointly build a community with a with the parties involved to properly of rural roads
and individuals,
committed to peaceful development, shared future in Asia. We will uphold address trade disagreements on the in yuan
al a
e
work with other countries to build a justice while pursuing shared basis of mutual respect, equality and
new form of international relations interests for greater solidarity mutual benefit. billion
732
investment
ci on
and a community with a shared and cooperation with other The year 2018 is the Year of the
in railway
1.8
future for humankind, and make new developing countries. We will add Dog. In another Year of the Dog 120 trillion investment
in highways and construction,
progress in major country diplomacy new dimensions to our cooperation years ago, when China was poor and in yuan
with Chinese characteristics. mechanisms with Africa, Latin weak because of domestic turmoil waterways, in yuan
In 2018, we look forward to a America and the Caribbean, and Arab and foreign aggression, a group
world of greater openness and less countries to keep the mechanisms of patriotic Chinese pushed for a
er rs
isolation. The green shoots in the vibrant in changing circumstances. “Hundred Days’ Reform.” They tried
1 trillion investment in
water conservation,
2.8
new round of global growth must be Such efforts will enable us to but eventually failed to find a way to million people to
be relocated from in yuan
nurtured by all countries. What China set an example for a new type national rejuvenation and prosperity.
inhospitable areas
has learnt in its 40 years of reform of international relations. With Today, 120 years on, China has
m e
and opening-up is that prosperity a commitment to extensive not only found a path of socialism
only comes to those who embrace consultation, joint contribution and with Chinese characteristics
13
million people to
m rp
the world with open arms. China will shared benefit, we will take an active but also achieved a remarkable yuan increase in the gain permanent
remain committed to opening-up as
a fundamental policy and a mutually
part in multilateral cooperation and
the establishment of a global system
transformation — it has stood up,
grown rich and is becoming strong. 40 per capita financial
subsidy for basic
urban residency
beneficial strategy. of governance. A sea change has taken place medical insurance
We will get more in line with in China, which represents new
international economic and trade Finding solutions to thorny issues opportunities for the peace and
co Fo
rules, significantly widen market In 2018, we look forward to a world development of the world. The world
access, open the services sector, of more trust and less estrangement. that we look forward to is what we will
especially the financial sector, To navigate the complicated strive for in our diplomatic work in
wider, and create a more appealing international landscape, countries 2018. I encourage our friends around
Economic and social
investment environment. We will
promote trade and investment
need to have more mutual trust and
less suspicion. Efforts must be made
the world to continue to follow
China’s development and diplomacy.
development of China
liberalization and facilitation, and to find political solutions to long- Together, let us write a new chapter as measured in 2017
develop the global governance running hotspots and thorny issues in the win-win cooperation between
system to make economic and bring about outcomes that are in China and the rest of the world.
globalization more open, inclusive the interest of all parties.
and balanced so that its benefits The current momentum of The author is minister of foreign
can be shared by all. We will work de-escalation on the Korean affairs of China.
n-
15% 6.9% 30% 58.8%

Target: Reform to Be ‘Even Bolder’
Share Growth China’s Consumption’s
of global of GDP contribution contribution
no
economy, up to global growth to growth, up

from 11.4% from 54.9% in
in 2013 2013
FROM PAGE 1 to become a “great modern socialist
country.”
“Reform and opening-up was a game- 3.1%
Kerry Brown, director of the Lau changing move in making China what Poverty head count
Institute at King’s College London and it is today; it now remains a game- ratio, down from
author of China’s World: What Does Reform and opening-up was changing move for us to achieve China’s 10.2% in 2013
China Want, said broadening out the about the market playing two centenary goals,” he said.
goals makes sense. an increasingly big role in Zhu at Tsinghua University said Li 51.6% 58.5% 7.4%
“Just focusing on this one statistic was right to stress continuity and that Share of China’s Annual average
(GDPgrowth) is really not fit for purpose.
determining the allocation of China was not moving away from the service sector urbanization rate, growth rate
People get so excited when it moves up resources.” principles that were the basis of reform in economy, up from 52.6% of personal
and down and there is a real need to get and opening-up. up from in 2013 income,
ZHU NING 45.3% in 2013 2013-17
a more nuanced message out.” PROFESSOR OF FINANCE ATTSINGHUA UNIVERSITY “I don’t think we are approaching
The growth target itself was the a big watershed moment where we
same that was set in 2017, although
without the proviso this year of “higher, “On my reckoning 6.2% per annum
are moving in to a new growth model.
Reform and opening-up was about the
20% 50%
Amount by Amount by which
if possible.” for each of the next three years should market playing an increasingly big role in which energy the number of
Growth actually came in last year at do it. So there is even a bit of a cushion determining the allocation of resources. and water days of heavy
6.9%, the first time it was higher than if things go slightly awry for any reason. I think this path will remain the same. consumption air pollution in
the previous year since 2010. China can now afford a bit of a trade- The difference is that the targets are per unit of GDP key cities fell,
The level of China’s growth is still off between the quantity and quality of changing fundamentally,” he said. fell, 2013-17 2013-17
seen as important since the world’s growth in future,” he said. The work report placed great
second-largest economy is set to
contribute 35% of global growth this
Do u g l a s M cWi l l i a m s, d e p u ty
chairman of the Centre for Economics
emphasis on poverty reduction, which
is one of President Xi’s key aims.
11% 57.5%
Average annual Contribution
year, according to the International and Business Research, the London- The target will be to lift 10 million growth rate of of tech advances
Monetary Fund. based economics consultancy, said the people out of poverty in rural areas over China’s to economic
Louis Kuijs, Hong Kong-based major risk to China comes from global the next year with the goal to eliminate investment in growth, up from
Asia head of Oxford Economics, the factors outside of Beijing’s control. extreme poverty by 2020. R&D, 2013-17 52.2% from
economics consultancy, believes the “The (2020) goal is likely to be met “We will tailor measures to individuals 2013
6.5% target is still ambitious for China. but it is not certain. There is a major andindividualhouseholdstoensurethat
“Since China’s leadership is intent world recession building up as the global targeted poor populations, including
on meeting the 2020 target, it is likely debt problem unwinds.My best guess is elderly people, people with disabilities
it will be met, even though this implies that this will emerge between 2020 and and people with serious diseases, 82.7 trillion 17 million
only a moderate slowdown in credit 2025. China will be much more affected receive the assistance they need.” GDP in yuan Dilapidated houses
growth with credit already continuing this time than it was by the financial Rana Mitter, director of the Oxford that were renovated
to outpace nominal GDP growth this
year,” he said.
crisis,” he said.
Premier Li said the reforms that
University China Centre, said that rural
revitalization was seen as a key strategy
17.3 trillion in rural areas, 2013-17
Government revenue
George Magnus, an associate at the
Oxford University China Centre and an
China needed to make remained
a continuation of Deng Xiaoping’s
in removing poverty.
“There has been a shift away from
in yuan 26 million
Housing units that
expert on the Chinese economy, said
the higher than expected growth last
reform and opening-up, whose 40th
anniversary is this year, but that it was
urbanization being the solution to
deal with poverty to improving the
68 million were rebuilt in
year has made accomplishing the key now time to be “even bolder” to achieve countryside and making people better People lifted out of rundown urban
2020 target much easier. both the 2020 and the 2050 goals off in the countryside,” he said. poverty, 2013-17 areas, 2013-17
B6D | Friday, March 23, 2018 NY THE WALL STREET JOURNAL.
PAID ADVERTISEMENT
4 | Life CHINA DAILY
Celebrated City
A collector (left) shows off
his extensive collection of
vintage cameras to camera
enthusiasts in Beijing.
Tied Up With Bows
PHOTOS PROVIDED TO CHINA DAILY
By ALYWIN CHEW in Wuxi, at least among older folk.
Since 2013 well-known erhu
It is one of the art and cultural players from around the country
centers in China’s Jiangnan have been invited to perform at
region, the area south of the the city’s New Year concerts at
Yangtze River. So, it comes as little the Wuxi Grand Theater as well as
surprise that Wuxi’s most famous on other occasions at the Meicun
product, the two-stringed bowed Erhu Cultural Park.
instrument the erhu, is related to But Zhou Sujiang, a music
the field music. teacher at the Wuxi Arts and
Such is the city’s reputation for Culture Institute, said that while
crafting the instruments that it many Chinese are captivated by
was officially recognized as the the heart-wrenching and poignant
Land of the Erhu in China by the sounds of the erhu, children and
Chinese Musicians Association young adults are slow to warm to
in 2011. the instrument.
Also known as the Chinese violin “There is no other instrument
in the West, the erhu comprises a that can produce as melancholic
long neck with two tuning pegs and bittersweet a sound as the
located at the top and a sound box erhu . But young people today
partially covered with snake skin don’t like such music. They prefer
at the bottom. more upbeat and edgy tunes.
Typically made with either Interest in erhu classes at the
Film, Pronounced
redwood, rosewood or black institute is dwindling.”
sandalwood, the erhu produces Most erhu makers in Wuxi are
a hauntingly beautiful sound based in Meicun, a quiet town
that typically evokes a sense of northeast of the city center that
melancholy among listeners. is said to have more than 3,200
Dead, Lives Again

Indeed, some of the most well- years of history as a vibrant arts-
known tunes played on the erhu, and-culture center.
.
such as Moon Reflected in the The town’s links with the erhu
ly
Second Spring by China’s most date back to 1965 when the first
famous erhu player, Hua Yanjun, folk-music workshop was founded
depict this mood. there, officials say.
Hua, more commonly known as Chen Shasha, a prominent
Old brands and cameras are finding acceptance among
on A Bing, was born in Wuxi in 1893,
and learned how to play a variety
young erhu player from Meicun,
said there are now about 20 erhu
consumers who crave nostalgia. Ren Xiaojin reports of Chinese instruments, including makers in the town who produce a
the erhu, when he was a child. total of about 50,000 instruments
us l,
He would then play these every year,accounting for between

instruments as his father, who 25% and 30% of the market share
al a
e
was a Taoist priest, performed in China.
T
echnology has been medium, compared with a digital religious rites. Gu Yue is one of the best-known
ci on
shaping modern life, record in a smartphone or a camera. Hua’s life took a downward companies making the instrument
and many things can We make the memory warmer by spiral following his father’s death, in China. And the company —
be done by the preserving it in film.” and he fell prey to opium addiction founded by Wan Qixing more than
simple click of a Rather than considering and lost sight in both his eyes after 60 years ago — has a factory in
mobile phone. it as a dying business that contracting syphilis. Meicun, which is home to dozens
But that has not deterred thrives on nostalgia, Fujifilm Homeless and penniless, he of middle-aged artisans who
er rs
some young Chinese has turned traditional took to the streets as an itinerant painstakingly assemble each erhu
people from immersing film photography into erhu performer, and this was by hand.
themselves in nostalgia a modern fashion by ironically how he eventually came There is no high-tech production
and bringing new life to developing an instant into fame. line here, just rudimentary tools
m e
items from the past. camera and turning the But the erhu is more than just a such as sewing machines, drills,
Nowadays, anyone camera roll into instant local product — it is the way of life saws and disc sanders.
m rp
can shoot a picture color print film.

and, within minutes, “In 2007 the Instax was
Photoshop it and then first shown in a television
upload it online to share soap, and it has been a hit
with millions. But some in the Asian market since
still prefer the old ways of then,” Matsuura said.
co Fo
photography — mechanical Leica, one of the most

single-lens reflex, range finders, expensive camera brands, also
instant cameras and point-and- Camera maker Fujifilm’s instant camera believes that film photography will
shoots, whose names have been is now enjoying a boom. not die out in the digital age and may
forgotten by many — which has even make a comeback.
opened the door to making money Jane Cui, president of Leica’s Asia
from people’s obsession with the shops and hand pick the cameras.” division, said while Leica values the
past. Now her shop sells thousands of traditional photography culture, it
Lin Fei, 22, a university student, is cameras every year, and there are will not turn a blind eye to modern
one of them. Born and raised in the many shops online like hers that sell technology.
digital age, she is fascinated by the film cameras. “Many people choose to use
texture of a film picture and prefers Today most brands have stopped social media to save and share
to stay in the darkroom, process the selling film cameras, and film rolls their photos. But just like the movie
n-
film and wait for it to be developed, are also hard to find as they are industry, there is a growing demand Playing the erhu, which for many in Wuxi is a way of life. ALYWIN CHEW / CHINA DAILY
even though it takes a day or two. replaced by memory sticks. But for movies shot on real film.
“Unlike digital cameras that can Fujifilm of Japan, one of the earliest “The demand for real pictures
take loads of photographs in a commercial film manufacturers, h a s m a d e a c o m e b a c k . Fo r
CONTACT US
no
minute, the old ways really make is still carrying on the mission of example, people are using their China Daily Asia Pacific
you think about framing and lighting reviving film photography. photos to decorate their walls, and China Daily Hong Kong
before pressing the shutter,” she The company has put high hopes smartphones cannot meet this new China Daily Room 1818, Hing Wai Centre,
said. on the Chinese market, which demand.” 15 Huixin Dongjie, 7 Tin Wan Praya Road,Aberdeen,
Besides her studies, she runs contributed 12% to 13% of the Film photography is not the only Chaoyang, Beijing, Hong Kong
an online shop that sells vintage company’s global revenue last year. classic that is witnessing a revival. China 100029 +852 2518 5111
cameras she collects from all “Since the advent of digital Late in 2017, many classic games, +86 (0) 10 64918366 editor@chinadailyhk.com
around the world. (camera) in 2000,global demand for such as Mario Bros, Punch-Out!!, chinawatch@chinadaily.com.cn editor@chinadailyasia.com
“Most vintage cameras you see color film has fallen sharply by 20% The King of Fighters ’95, announced Advertising:
on the market are incredibly cheap, to 30% every year,” said Hiroyuki their return to Nintendo Switch, the +86 (0) 10 64918631; China Daily U.K.
ranging from 50 yuan ($7.90) to 100 Matsuura, general manager of the Japanese game giant’s new product ads@chinadaily.com.cn 90 Cannon Street, London
yuan,” she said.“Those sellers import photo imaging production division released last year. Website: EC4N6HA
electronic product waste from Japan of Fujifilm (China) Investment Co. The development is going to make www.chinadaily.com.cn +44 (0) 207 398 8270
and Europe by metric tons, pick Ltd. gaming enthusiasts who grew up Follow us on: editor@chinadailyuk.com
cameras from the garbage, and then “Since then, the company has in the 1980s and 1990s nostalgic. Facebook.com/chinadaily
sell them whether they are working faced the biggest crisis since its Cafes and restaurants with vintage twitter.com/ChinaDailyUSA China Daily Africa
or not.” inception.” loft designs can also be found P.O.Box 27281-00100,
Lin realized from her observations Matsuura said the company everywhere in Beijing and Shanghai. China Daily U.S.A. Nairobi, Kenya
that there was a huge market for decided to preserve its business Maybe just as F. Scott Fitzgerald 1500 Broadway, Suite 2800, +254 (0) 20 2428589
quality vintage cameras in China and and even expand it globally. once wrote in his signature novella New York, editor@chinadailyafrica.com
decided to launch her own business “First of all,it is more reliable to use The Great Gatsby, “So we beat on, NY 10036
two years ago. “I have buyers in film to preserve historical moments. boats against the current, borne +1 212 537 8888 © 2018 China Daily
Europe and Japan who go to vintage Also, film is a more sentimental back ceaselessly into the past.” editor@chinadailyusa.com All Rights Reserved
THE WALL STREET JOURNAL. Friday, March 23, 2018 | B7
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago
Last Year ago
23957.89 t 724.42, or 2.93% Trailing P/E ratio 25.07 21.07 2643.69 t 68.24, or 2.52% Trailing P/E ratio * 25.68 24.89 7166.68 t 178.61, or 2.43% Trailing P/E ratio * 26.84 26.02
High, low, open and close for each P/E estimate * 16.90 17.92 High, low, open and close for each P/E estimate * 17.60 18.35 P/E estimate * 21.10 20.32
Dividend yield 2.23 2.36 Dividend yield 1.86 1.97
High, low, open and close for each
trading day of the past three months. trading day of the past three months. trading day of the past three months. Dividend yield 0.98 1.12
All-time high 26616.71, 01/26/18 All-time high 2872.87, 01/26/18 All-time high: 7588.32, 03/12/18
Current divisor 0.14523396877348

26800 2900 7500
26000 2825 7300
25200 2750 7100
24400 2675 6900
Session high 65-day moving average

DOWN UP 23600 2600 6700
t
Session open Close

65-day moving average 65-day moving average
Close Open 6500
t
22800 2525
Bars measure the point change from session's open Session low
22000 2450 6300
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 947,158,874 11,210,870
Industrial Average 24526.01 23938.74 23957.89 -724.42 -2.93 26616.71 20404.49 16.0 -3.1 9.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 89,288,230 3,390,656
Transportation Avg 10612.86 10346.85 10353.46 -304.27 -2.85 11373.38 8783.74 15.9 -2.4 4.2 Most-active issues in late trading Decl. volume* 848,625,848 7,591,668
Utility Average 693.84 678.86 683.15 3.59 0.53 774.47 647.90 -2.8 -5.6 4.7 Volume After Hours Issues traded 3,074 327
Company Symbol (000) Last Net chg % chg High Low Advances 572 101
Total Stock Market 27980.14 27430.45 27441.45 -695.77 -2.47 29630.47 24125.20 13.0 -0.8 7.5
SPDR S&P 500 SPY 17,924.7 263.55 -0.12 -0.05 270.44 263.19 Declines 2,420 206
Barron's 400 729.62 714.80 714.81 -18.60 -2.54 757.37 610.89 16.1 0.5 7.6
Blackstone Group BX 10,296.8 32.50 0.01 0.03 32.62 32.48 Unchanged 82 20
Nasdaq Stock Market Micron Technology MU 6,846.4 56.71 -2.21 -3.75 59.45 53.85 New highs 25 3
Nasdaq Composite 7303.19 7164.38 7166.68 -178.61 -2.43 7588.32 5805.15 23.2 3.8 12.6 KKR KKR 5,950.3 21.08 0.01 0.05 21.15 21.01 New lows 128 10
6809.94 6679.35 Closing tick 100 6
Nasdaq 100 6682.26 -171.20 -2.50 7131.12 5353.59 24.8 4.5 14.4 iShares MSCI Emg Markets EEM 5,579.9 47.87 0.01 0.02 47.88 47.73
Closing Arms† 2.22 1.14
iShares MSCI EAFE ETF EFA 3,913.7 68.50 -0.20 -0.29 69.88 68.50
S&P Block trades* 6,961 107
-2.52
PwrShrs QQQ Tr Series 1 QQQ 3,628.2 162.45 -0.35 -0.21 164.88 162.27
500 Index 2695.68 2641.59 2643.69 -68.24 2872.87 2328.95 12.7 -1.1 7.8
.
Nasdaq NYSE Arca
iSh iBoxx $ Invt Gr Cp Bd LQD 2,800.2 116.01 -0.08 -0.07 116.09 116.00
MidCap 400 1915.40 1875.86 1875.86 -48.83 -2.54 1995.23 1681.04 10.6 -1.3 6.8 Total volume*2,317,083,008 356,088,861
ly
SmallCap 600 962.24 943.35 943.41 -20.74 -2.15 979.57 815.62 14.2 0.8 9.1 Percentage gainers… Adv. volume* 500,323,197 72,920,067
Decl. volume*1,797,780,428 282,995,043
Other Indexes SMART Global Holdings SGH 75.7 48.00 3.93 8.92 49.50 46.39
Issues traded 3,090 1,359
Russell 2000 1576.59 1543.87 1543.87 -35.43 -2.24
on 1610.71 1345.24 14.1 0.5 6.8 Nike Cl B NKE 1,212.7 68.20 3.78 5.87 69.30 63.06
Advances 583 265
NYSE Composite 12597.10 12369.73 12377.39 -306.37 -2.42 13637.02 11324.53 8.3 -3.4 3.8 Office Depot ODP 154.5 2.27 0.12 5.58 2.27 2.13 Declines 2,385 1,089
Value Line 560.29 547.68 547.71 -12.58 -2.25 589.69 503.24 7.0 -2.6 2.0 Geron GERN 133.4 5.43 0.17 3.23 5.44 5.26 Unchanged 122 5
NYSE Arca Biotech 4711.86 4598.31 4600.10 -108.20 -2.30 4939.86 3449.61 31.9 8.9 2.8
Macquarie Infrastructure MIC 50.1 37.80 0.97 2.63 37.80 36.80 New highs 39 2
us l,
New lows 62 29
NYSE Arca Pharma 534.36 523.21 524.21 -15.87 -2.94 593.12 498.46 2.7 -3.8 -3.5 ...And losers
Closing tick 422 150
KBW Bank 111.44 107.24 107.54 -4.64 -4.14 116.52 88.02 18.5 0.8 13.3 Progenics Pharmaceuticals PGNX 266.3 6.77 -1.59 -19.02 8.36 6.53 Closing Arms† 0.88 0.82
al a
PHLX§ Gold/Silver
e
80.62 79.28 79.39 -1.20 -1.49 93.26 76.42 -6.0 -6.9 4.7 American Tower REIT AMT 75.8 137.00 -6.01 -4.20 143.51 137.00 Block trades* 8,926 1,636
PHLX§ Oil Service 140.57 136.62 137.00 -4.36 -3.08 171.55 117.79 -16.4 -8.4 -10.0 Micron Technology MU 6,846.4 56.71 -2.21 -3.75 59.45 53.85 * Primary market NYSE, NYSE American NYSE Arca only.
ci on
PHLX§ Semiconductor 1399.63 1368.50 1368.98 -39.00 -2.77 1445.90 960.01 37.3 9.3 23.3 ProSharesUltVIXST UVXY 902.4 18.38 -0.30 -1.61 18.70 18.19 †(TRIN) A comparison of the number of advancing and declining
23.81 18.12 5.48 37.32 9.14 issues with the volume of shares rising and falling. An
Cboe Volatility 23.34 30.68 77.9 111.4 21.5 Twilio Cl A TWLO 66.3 41.00 -0.65 -1.56 41.72 40.85 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

er rs
Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3039.36 –48.75 –1.58 –1.5 Odyssey Marine Expln OMEX 8.30 4.50 118.42 13.75 2.98 144.2 Century Aluminum CENX 16.76 -3.64 -17.84 24.77 11.26 39.7
DJ Global Index 394.07 –6.20 –1.55 –0.8
m e
Omeros Corp OMER 15.75 4.11 35.31 27.09 8.36 38.6 China Auto Logistics CALI 4.41 -0.91 -17.11 8.77 1.30 186.4
DJ Global ex U.S. 265.00 –1.60 –0.60 –0.7 Guess GES 19.91 4.39 28.29 20.21 9.56 82.2 Herman Miller MLHR 32.20 -5.13 -13.73 41.85 29.25 1.9
Americas DJ Americas 634.82 –15.60 –2.40 –1.2 iFresh IFMK 7.60 1.59 26.35 18.24 4.62 -54.8 AbbVie ABBV 98.10 -14.35 -12.76 125.86 63.12 49.4
m rp
Brazil Sao Paulo Bovespa 84767.88 –208.70 –0.25 10.9 Lands' End LE 21.25 4.40 26.11 24.80 10.55 9.5 Commercial Metals CMC 20.91 -2.92 -12.25 26.72 17.05 10.6
Canada S&P/TSX Comp 15399.93 –275.35 –1.76 –5.0 VS 2x VIX Short Term TVIX 9.52 1.90 24.93 47.19 4.66 -76.8 Direxion CSI China Int CWEB 57.37 -7.86 -12.05 69.08 28.35 103.8
Mexico S&P/BMV IPC 47361.04 –160.80 –0.34 –4.0 ProSharesUltVIXST UVXY 18.68 3.09 19.82 87.00 8.52 -75.4 G-III Apparel Group GIII 33.01 -4.50 -12.00 40.96 18.00 43.8
Chile Santiago IPSA 4153.59 –19.67 –0.47 –1.4 Innovate Biopharm INNT 21.34 3.28 18.16 25.80 3.43 62.9 InterNAP INAP 11.22 -1.49 -11.72 22.36 11.22 -23.6
VivoPower International VVPR 2.36 0.35 17.36 4.73 1.72 -46.3 Direxion China Bull 3X YINN 33.90 -4.43 -11.56 53.89 18.41 59.4
EMEA Stoxx Europe 600 369.15 –5.81 –1.55 –5.1
co Fo
Velocity VIX Tail RiskETN BSWN 12.20 1.75 16.75 24.95 9.02 -46.9 ProShs UltraPro Finl Sel FINU 98.80 -12.74 -11.42 134.30 59.70 51.5
Eurozone Euro Stoxx 373.13 –5.90 –1.56 –3.2
Belgium Bel-20 3858.50 –67.28 –1.71 –3.0 American Realty Investors ARL 17.94 2.41 15.52 17.94 7.00 140.5 Remark Holdings MARK 7.35 -0.92 -11.12 15.10 1.93 148.3
Denmark OMX Copenhagen 885.54 –13.64 –1.52 –4.5 Fusion Telecomm Intl FSNN 3.11 0.40 14.76 4.42 1.11 106.0 US Steel X 34.50 -4.26 -10.99 47.64 18.55 1.4
France CAC 40 5167.21 –72.53 –1.38 –2.7 LiveXLive Media LIVX 3.97 0.51 14.74 30.00 3.43 -80.2 Direxion Rg Banks Bull 3X DPST 78.49 -9.65 -10.95 95.94 43.51 37.0
Germany DAX 12100.08 –209.07 –1.70 –6.3 ProShs UltraPro Shrt Finl FINZ 7.88 0.92 13.22 16.27 6.47 -47.9 Resonant Inc. RESN 3.77 -0.44 -10.45 8.55 3.64 -21.3
1470.44 –2.6 iPath S&P 500 VIX ST Fut VXX 47.47 5.52 13.16 73.60 25.59 -30.5 Biostar Pharmaceuticals BSPM 3.46 -0.40 -10.36 5.97 1.18 53.1
Israel Tel Aviv –12.98 –0.88
Italy FTSE MIB 22397.84 –422.28 –1.85 2.5
Netherlands AEX 528.37 –8.11 –1.51 –3.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1258.89 –11.19 –0.88 9.0 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 57224.60 –1064.27 –1.83 –3.8
Spain IBEX 35 9487.40 –143.50 –1.49 –5.5 SPDR S&P 500 SPY 130,160 18.2 263.67 -2.50 286.63 231.61 Stellar Acquisition III STLR 1,264 6725 10.32 -0.06 10.49 9.99
Sweden SX All Share 552.49 –11.32 –2.01 –2.9 Bank of America BAC 107,919 49.2 30.55 -4.14 33.05 22.07 MTech Acquisition Cl A MTEC 210 3893 9.60 -0.21 9.62 9.58
Switzerland Swiss Market 8637.87 –145.83 –1.66 –7.9 VS 2x VIX Short Term TVIX 84,992 157.9 9.52 24.93 47.19 4.66 Fidelity Corporate Bd FCOR 298 2338 48.91 -0.12 51.30 48.87
n-
Turkey BIST 100 117110.25 –541.05 –0.46 1.5 Finl Select Sector SPDR XLF 83,761 37.0 27.66 -3.69 30.33 22.89 Gaia Cl A GAIA 1,474 1693 16.10 ... 17.70 9.05
–9.6
iShares MSCI Emg Markets EEM 82,039 15.7 47.86 -3.33 52.08 38.71 Nabriva Therapeutics NBRV 3,734 1654 5.63 -0.88 14.10 4.75
U.K. FTSE 100 6952.59 –86.38 –1.23
U.K. FTSE 250 19393.89 –274.15 –1.39 –6.4 Neovasc NVCN 80,650 474.1 0.11 6.67 2.04 0.10 Omeros Corp OMER 15,403 1468 15.75 35.31 27.09 8.36
ProSharesUltVIXST UVXY 75,841 86.9 18.68 19.82 87.00 8.52 Guess GES 14,735 1037 19.91 28.29 20.21 9.56
Asia-Pacific
no
Facebook Cl A FB 73,298 182.0 164.89 -2.66 195.32 138.77 Cadiz CDZI 837 961 13.85 -1.42 16.25 9.65
Australia S&P/ASX 200 5937.20 –13.10 –0.22 –2.1
General Electric GE 69,828 -22.2 13.35 -3.82 30.54 13.32 WisdomTree Glbl xMexico XMX 357 939 29.65 -2.19 31.68 25.58
China Shanghai Composite 3263.48 –17.47 –0.53 –1.3
Micron Technology MU 66,581 35.0 58.92 -3.52 63.42 26.04 Arena Pharmaceuticals ARNA 8,847 836 41.18 -6.41 45.85 11.30
Hong Kong Hang Seng 31071.05 –343.47 –1.09 3.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 33006.27 –129.91 –0.39 –3.1 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 21591.99 211.02 0.99 –5.2
Singapore Straits Times 3491.37 –19.76 –0.56 2.6 Track the Markets
South Korea Kospi 2496.02 11.05 0.44 1.2 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan Weighted 11005.84 –5.23 –0.05 3.4 global stock indexes, bond ETFs,
Thailand SET 1798.55 –2.88 –0.16 2.6
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: SIX Financial Information; WSJ Market Data Group
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004391 22773 0.3
Americas
Argentina peso .0495 20.2177 8.7 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Brazil real .3017 3.3149 0.1 Czech Rep. koruna .04842 20.652 –2.9
U.S. consumer rates Selected rates andtoRates

Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7728 1.2941 2.9 Denmark krone
Euro area euro
.1652 6.0545
1.2304 .8128
–2.4
–2.4
notes and bonds major U.S. trading partners Chile peso .001642 609.10 –1.0
30-year mortgage, Rate Ecuador US dollar 1 1 unch Hungary forint .003942 253.71 –2.0
A consumer rate against its .010059 99.41
Mexico peso .0537 18.6357 –5.3 Iceland krona –4.0
benchmark over the past year 3.75% 15% Norway krone .1290 7.7500 –5.6
Bankrate.com avg†: 4.49% Uruguay peso .03509 28.5000 –1.0
Euro Poland zloty .2913 3.4330 –1.3
Lincoln Savings Bank 3.63% 3.00
s Venezuela b. fuerte .00002343912.5001 424509.7
10 Russia ruble .01746 57.260 –0.7
4.00% Waterloo, IA 866-235-2098 Thursday Asia-Pacific Sweden krona .1211 8.2569 0.9
t t 2.25 5 Australian dollar .7692 1.3001 1.5
FCN Bank, NA 3.88% Switzerland franc 1.0534 .9493 –2.6
30-year fixed-rate 3.00 Yen .1578 6.3375
s China yuan –2.5 Turkey lira .2541 3.9349 3.7
mortgage Brookville, IN 765-647-4116 1.50 0 Hong Kong dollar .1274 7.8480 0.4 Ukraine hryvnia .0380 26.2895 –6.6
t 2.00 Anchor Bank 4.00% 0.75 India rupee .01534 65.171 2.0 UK pound 1.4096 .7094 –4.1
t
–5 s Indonesia rupiah .0000726 13770 2.1
10-year Treasury Aberdeen, WA 800-562-9744 Middle East/Africa
One year ago WSJ Dollar index
note yield 1.00 0.00 Japan yen .009499 105.28 –6.6 2.6525 .3770 –0.03
Dearborn Federal Svgs Bk 4.00% –10 Bahrain dinar
Kazakhstan tenge .003113 321.22 –3.4 Egypt pound .0567 17.6325 –0.8
Dearborn, MI 313-565-3100 1 3 6 1 2 3 5 710 30 2017 2018
0.00 Macau pataca .1236 8.0914 0.6 Israel shekel .2871 3.4827 0.1
United Mutual Funding Corp 4.00% month(s) years Malaysia ringgit .2555 3.9138 –3.6
AM J J A S O N D J FM Kuwait dinar 3.3316 .3002 –0.4
Brandon, FL 800-752-5116 maturity New Zealand dollar .7206 1.3877 –1.6 Oman sul rial 2.5973 .3850 0.02
2017 2018
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Pakistan rupee .00865 115.600 4.5 Qatar rial .2742 3.647 –0.05
Yield/Rate (%) 52-Week Range (%) 3-yr chg Philippines peso .0191 52.381 4.8 Saudi Arabia riyal .2667 3.7502 –0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Singapore dollar .7591 1.3173 –1.5 South Africa rand .0844 11.8509 –4.1
Federal-funds rate target 1.50-1.75 1.25-1.50 0.75 l 1.50 1.50 South Korea won .0009249 1081.21 1.3
Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0064049 156.13 1.7
Prime rate* 4.75 4.50 4.00 l 4.75 1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Taiwan dollar .03426 29.192 –1.6 WSJ Dollar Index 83.66 0.12 0.14 –2.70
Libor, 3-month 2.29 2.18 1.15 l 2.29 2.02 Treasury, Ryan ALM 1431.172 2.668 2.662 2.736 1.818 –0.072 0.058 Thailand baht .03194 31.310 –3.9 Sources: Tullett Prebon, WSJ Market Data Group
Money market, annual yield 0.35 0.34 0.25 l 0.36 -0.07 10-yr Treasury, Ryan ALM 1675.329 2.832 2.824 2.943 2.058 –1.409 –0.742
Five-year CD, annual yield 1.65 1.64 1.28 l 1.65 0.16
DJ Corporate 369.751 3.785 3.741 3.814 2.879 1.667 1.907
Commodities Thursday 52-Week YTD
30-year mortgage, fixed† 4.49 4.41 3.73 l 4.49 0.66 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Aggregate, Barclays Capital 1905.820 3.200 3.160 3.230 2.380 0.742 1.061
15-year mortgage, fixed† 3.95 3.88 2.99 l 3.95 0.82
High Yield 100, Merrill Lynch 2823.616 6.246 6.116 6.319 4.948 3.750 3.630 DJ Commodity 627.59 -2.74 -0.43 645.87 532.01 12.05 0.35
Jumbo mortgages, $424,100-plus† 4.78 4.71 4.21 l 4.96 0.44
Fixed-Rate MBS, Barclays 1956.940 3.410 3.340 3.410 2.660 0.436 1.045 TR/CC CRB Index 195.23 -0.79 -0.40 200.52 166.50 6.31 0.71
Five-year adj mortgage (ARM)† 4.50 4.24 3.20 l 4.50 1.07
Muni Master, Merrill 515.449 2.502 2.491 2.520 1.736 2.081 1.722 Crude oil, $ per barrel 64.30 -0.87 -1.33 66.14 42.53 34.80 6.42
New-car loan, 48-month 3.62 3.55 2.85 l 3.62 0.60
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 788.888 6.062 5.997 6.077 5.279 2.851 5.533 Natural gas, $/MMBtu 2.617 -0.021 -0.80 3.63 2.55 -14.22 -11.38
banks.† Excludes closing costs. Gold, $ per troy oz. 1326.60 5.90 0.45 1362.40 1208.60 6.39 1.55
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
B8 | Friday, March 23, 2018 THE WALL STREET JOURNAL.
COMMODITIES WSJ.com/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures Cocoa (ICE-US)-10 metric tons; $ per ton.
Agriculture Futures May 2,550 2,567 2,506 2,535 11 113,651 Currency Futures
Contract Open July 2,570 2,589 2,532 2,560 11 74,163
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥
May 375.50 377.50 374.00 376.00 1.00 674,516 Coffee (ICE-US)-37,500 lbs.; cents per lb. April .9468 .9512 .9446 .9486 .0045 824
Copper-High (CMX)-25,000 lbs.; $ per lb. July 383.00 385.50 382.00 384.25 1.25 469,629 May 119.35 119.65 118.15 119.00 .15 141,188 June .9495 .9556 .9482 .9524 .0044 159,345
March 3.0485 3.0485 t 2.9955 3.0120 –0.0365 1,136 121.45 121.80 120.35 121.20 .20 53,516 Canadian Dollar (CME)-CAD 100,000; $ per CAD
May 3.0785 3.0890 t 3.0030 3.0200 –0.0385 150,898
Oats (CBT)-5,000 bu.; cents per bu. July
May 229.50 232.50 228.25 228.75 –2.75 4,250 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. April .7754 .7798 .7742 .7746 .0002 279
Gold (CMX)-100 troy oz.; $ per troy oz. July 236.50 240.50 236.50 237.00 –1.50 1,057 May 12.64 12.81 12.60 12.77 .10 426,265 June .7763 .7807 .7736 .7754 .0002 117,956
April 1332.00 1335.00 1324.60 1327.40 5.90 198,405 British Pound (CME)-£62,500; $ per £
June 1338.00 1340.80 1330.30 1333.20 5.90 252,515
Soybeans (CBT)-5,000 bu.; cents per bu. July 12.86 12.98 12.80 12.95 .08 225,188
May 1032.00 1035.50 1022.25 1029.75 … 366,203 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. April 1.4177 1.4225 1.4095 1.4126 –.0023 1,017
Aug 1343.70 1345.70 1336.80 1339.30 5.90 45,187 June 1.4194 1.4272 1.4126 1.4161 –.0023 166,749
July 1042.25 1045.75 1033.00 1040.75 .25 226,634 May 24.71 24.71 24.65 24.66 .01 3,221
Oct 1350.10 1352.30 1344.10 1345.30 6.00 6,117 Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec 1356.50 1358.30 1350.40 1351.70 5.90 43,392
Soybean Meal (CBT)-100 tons; $ per ton. July 25.35 25.35 25.34 25.34 –.01 2,678
May 366.00 368.90 365.00 368.00 3.50 189,026 June 1.0616 1.0647 1.0587 1.0596 –.0004 45,637
Feb'19 1361.70 1361.70 1358.80 1357.90 5.70 2,776 Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
July 368.20 371.10 367.60 370.40 3.60 120,468
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 82.66 83.21 81.77 82.15 –.44 118,942 April .7782 .7782 .7692 .7710 –.0046 1,106
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 77.88 78.00 77.59 77.95 –.05 70,974
June 984.50 991.35 968.00 981.80 –4.65 23,379 Dec May .7782 .7782 .7696 .7711 –.0046 469
May 32.35 32.41 31.71 31.88 –.49 235,395
Sept 983.55 983.55 963.50 976.95 –4.70 1,103
July 32.58 32.64 31.94 32.12 –.48 113,219 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June .7777 .7788 .7689 .7712 –.0045 98,191
Dec ... ... ... 971.95 –4.50 33 Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 137.50 137.65 135.85 136.00 –1.15 9,497 Sept .7788 .7788 .7701 .7717 –.0046 524
Platinum (NYM)-50 troy oz.; $ per troy oz. May 1230.50 1235.00 1226.00 1232.50 1.00 5,859 July 137.85 137.85 136.70 136.80 –.90 1,828 Dec .7693 .7719 t .7693 .7724 –.0045 342
April 958.30 963.80 945.80 949.10 –1.50 36,628 July 1245.50 1250.00 1239.00 1247.50 2.00 1,274 Mexican Peso (CME)-MXN 500,000; $ per MXN
July 963.30 969.00 951.80 954.90 –1.20 38,196 Wheat (CBT)-5,000 bu.; cents per bu. June .05349 .05357 .05287 .05328 –.00004 189,903
Silver (CMX)-5,000 troy oz.; $ per troy oz. Interest Rate Futures
May 453.50 459.75 451.25 455.75 2.25 218,415 Euro (CME)-€125,000; $ per €
March 16.490 16.505 16.490 16.328 –0.029 126 July 468.75 475.25 467.00 472.00 2.75 120,532 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% April 1.2364 1.2406 1.2311 1.2330 –.0025 1,953
May 16.565 16.610 16.330 16.387 –0.032 150,407 Wheat (KC)-5,000 bu.; cents per bu. June 143-230 145-160 143-220 144-240 1-08.0 785,409 June 1.2420 1.2468 1.2365 1.2387 –.0025 486,889
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 467.50 475.00 463.25 471.00 5.50 110,078 Sept 144-120 144-150 143-160 143-240 1-08.0 76
May 65.62 65.74 64.14 64.30 –0.87 535,408 July 484.25 493.50 481.75 490.00 6.25 72,567 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures
June 65.41 65.52 s 64.00 64.18 –0.77 350,689 Wheat (MPLS)-5,000 bu.; cents per bu. June 120-035 120-250 120-030 120-165 18.0 3,545,808 Mini DJ Industrial Average (CBT)-$5 x index
July 65.01 65.11 s 63.65 63.83 –0.71 143,839 May 589.75 594.75 587.00 593.00 3.75 32,080 Sept 119-310 120-080 119-310 120-070 19.0 463 June 24732 24803 23932 23963 –764 106,660
Sept 63.88 64.00 s 62.63 62.84 –0.58 156,021 July 598.75 603.25 596.00 601.50 2.75 12,237
Dec 62.23 62.46 s 61.08 61.35 –0.43 245,776
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 24776 24803 24012 24008 –765 248
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 114-075 114-145 114-075 114-127 9.2 15,271 S&P 500 Index (CME)-$250 x index
Dec'19 57.48 57.65 56.57 56.90 –0.23 126,993 March 136.800 137.925 t 136.250 137.525 .750 3,575
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 113-280 114-082 113-275 114-032 9.7 3,396,737 June 2718.30 2722.30 2642.20 2643.30 –75.00 34,663
May 137.000 138.800 t 136.400 138.525 1.575 17,671 2696.50 2699.50 2655.50 2654.30 –76.20 300
April 2.0156 2.0156 1.9807 1.9923 –.0114 47,607 Cattle-Live (CME)-40,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec
May 2.0179 2.0192 1.9839 1.9950 –.0124 115,040 March 106-157 106-180 106-157 106-167 1.0 14,919 Mini S&P 500 (CME)-$50 x index
April 117.950 118.425 117.450 118.150 .450 52,112 June 2718.25 2726.25 2641.75 2643.30 –75.00 2,722,391
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 107.300 108.775 107.075 108.400 1.025 158,430 June 106-070 106-100 106-060 106-080 1.5 1,892,704
April 2.0212 2.0227 1.9890 2.0096 –.0026 51,389 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 2724.25 2733.00 2647.00 2648.50 –76.25 29,757
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
May 2.0306 2.0322 1.9978 2.0179 –.0043 157,594 April 62.625 t 60.850
62.725 61.325 –1.250 30,549 March 98.498 98.498 t 98.495 98.498 … 119,331
June 1930.30 1935.50 1875.40 1878.10 –50.10 79,927
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 76.825 t 74.900
77.150 75.475 –1.750 91,448 April 98.320 98.320 t 98.310 98.315 –.005 377,317
Sept 1924.40 1924.40 t 1914.00 1884.10 –49.80 1
April 2.650 2.667 2.611 2.617 –.021 61,447 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
May 2.680 2.699 2.650 2.656 –.011 365,341
Mini Nasdaq 100 (CME)-$20 x index
May 481.30 487.30 480.70 484.80 2.00 5,450 June 93.922 94.297 s 93.688 94.031 .703 28,993 June 6883.3 6915.0 6686.0 6692.0 –192.0 224,175
June 2.740 2.754 2.710 2.715 –.009 92,555 July 475.70 475.70 474.60 475.10 2.70 728 1 Month Libor (CME)-$3,000,000; pts of 100% Sept 6921.5 6946.3 6720.0 6725.5 –192.3 2,110
July 2.795 2.811 2.769 2.776 –.008 141,387 Milk (CME)-200,000 lbs., cents per lb. 98.1025 98.1050 98.1025 98.1100 .0125 4,096
Sept 2.797 2.810 2.777 2.783 –.004 91,986
April Mini Russell 2000 (ICE-US)-$100 x index
March 14.21 14.22 14.19 14.21 –.07 4,284 May 98.0800 98.0800 98.0800 98.0800 .0275 1,410 June 1583.70 1589.50 1542.40 1544.20 –39.80 8,029
Oct 2.803 2.820 2.788 2.794 –.005 127,750 April 14.43 14.49 14.29 14.31 –.16 3,365 Eurodollar (CME)-$1,000,000; pts of 100% Mini Russell 1000 (ICE-US)-$100 x index
April 97.7050 97.7225 97.6900 97.7125 .0225 278,573 June 1493.60 t 1467.90 1467.00 –39.30
1494.10 25
June 97.6750 97.7100 97.6550 97.6900 .0300 1,737,634 U.S. Dollar Index (ICE-US)-$1,000 x index
Cash Prices | WSJ.com/commodities Thursday, March 22, 2018 Dec
Dec'19
97.4550
97.0950
97.5100
97.1700
97.4350
97.0750
97.4750
97.1350
.0350
.0700
2,115,543
2,267,988
June
Sept
89.27
88.75
89.58
89.05
88.99
88.60
89.47
89.05
.10
.10
30,212
889
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Source: SIX Financial Information
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Thursday Thursday Thursday Bonds | WSJ.com/bonds
(U.S.$ equivalent) 16.5200 SoybeanMeal,Cent IL,rail,ton48%-u 372.50
Energy
Coins,wholesale $1,000 face-a 12106 Soybeans,No.1 yllw IL-bp,u 9.7950 Tracking Bond Benchmarks
Propane,tet,Mont Belvieu-g 0.8106 Other metals Wheat,Spring14%-pro Mnpls-u 7.5300
Butane,normal,Mont Belvieu-g 0.8979 Wheat,No.2 soft red,St.Louis-bp,u 4.5600 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
LBMA Platinum Price PM *947.0
NaturalGas,HenryHub-i 2.620 Platinum,Engelhard industrial 953.0 Wheat - Hard - KC (USDA) $ per bu-u 4.6100 highs and lows for different types of bonds
NaturalGas,TranscoZone3-i 2.590 Platinum,Engelhard fabricated 1053.0 Wheat,No.1soft white,Portld,OR-u 5.5288 Total Total
NaturalGas,TranscoZone6NY-i 2.740 return YTD total Yield (%) return YTD total Yield (%)
Palladium,Engelhard industrial 989.0 Food
NaturalGas,PanhandleEast-i 2.060 close return (%) Index Latest Low High close return (%) Index Latest Low High
Palladium,Engelhard fabricated 1089.0
NaturalGas,Opal-i 2.070 Aluminum, LME, $ per metric ton *2056.5 Beef,carcass equiv. index Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
.
NaturalGas,MarcellusNE PA-i 2.410 Copper,Comex spot 3.0120
choice 1-3,600-900 lbs.-u 201.82
NaturalGas,HaynesvilleN.LA-i 2.530 select 1-3,600-900 lbs.-u 193.92 1905.82 -2.0 U.S. Aggregate 3.200 2.380 3.230 1956.94 -1.6 Mortgage-Backed 3.410 2.660 3.410
67.7
ly
Iron Ore, 62% Fe CFR China-s
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 63.000 Broilers, National comp wghtd-u,w 0.9904 1921.12 -1.7 Ginnie Mae (GNMA) 3.410 2.630 3.410
Shredded Scrap, US Midwest-s,m 366 U.S. Corporate Indexes Bloomberg Barclays
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.400 Butter,AA Chicago 2.1875
Steel, HRC USA, FOB Midwest Mill-s 851
Cheddar cheese,bbl,Chicago 151.25 2714.99 -3.0 U.S. Corporate 3.830 3.030 3.860 1148.01 -1.5 Fannie mae (FNMA) 3.410 2.670 3.410
Metals Fibers and Textiles Cheddar cheese,blk,Chicago 156.50
on 2571.04 -1.9 Intermediate 3.520 2.530 3.550 1768.49 -1.6 Freddie Mac (FHLMC) 3.420 2.680 3.420
Gold, per troy oz Milk,Nonfat dry,Chicago lb. 69.25
Burlap,10-oz,40-inch NY yd-n,w 0.6150 -1.3
Engelhard industrial 1338.92
Cocoa,Ivory Coast-w n.a. 3725.24 -5.4 Long term 4.490 3.990 4.530 515.45 Muni Master 2.502 1.736 2.520
Cotton,1 1/16 std lw-mdMphs-u 0.8115 Coffee,Brazilian,Comp 1.1953
Engelhard fabricated 1439.34 Cotlook 'A' Index-t *92.45 554.36 -2.4 Double-A-rated 3.290 2.470 3.320 358.14 -2.0 7-12 year 2.608 1.744 2.635
Coffee,Colombian, NY 1.3877
Handy & Harman base 1329.15 Hides,hvy native steers piece fob-u 66.000 Eggs,large white,Chicago-u 2.2650 701.09 -2.8 Triple-B-rated 4.100 3.340 4.120 404.64 -1.8 12-22 year 2.877 2.213 2.905
Handy & Harman fabricated 1475.35
us l,
Wool,64s,staple,Terr del-u,w n.a. Flour,hard winter KC 15.15

LBMA Gold Price AM *1316.35 High Yield Bonds Merrill Lynch 392.74 -1.9 22-plus year 3.263 2.716 3.296
Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
LBMA Gold Price PM *1321.35
Hogs,Iowa-So. Minnesota-u 61.29 413.85 -0.9 High Yield Constrained 6.371 5.373 6.394 Global Government J.P. Morgan†
Krugerrand,wholesale-e 1380.70
al a
Barley,top-quality Mnpls-u n.a.

e
Pork bellies,12-14 lb MidUS-u n.a.
Maple Leaf-e 1393.98 Bran,wheat middlings, KC-u 100 422.63 0.6 Triple-C-rated 10.734 9.640 11.091 542.48 -0.3 Global Government 1.520 1.300 1.650
Pork loins,13-19 lb MidUS-u 0.9013
American Eagle-e 1393.98 Corn,No. 2 yellow,Cent IL-bp,u 3.4100 Steers,Tex.-Okla. Choice-u 125.00 2823.62 -1.3 High Yield 100 6.246 4.948 6.319 753.52 -0.2 Canada 2.190 1.570 2.340
1608.69
ci on
Mexican peso-e Corn gluten feed,Midwest-u,w 107.8 Steers,feeder,Okla. City-u,w 162.00

Austria crown-e 1304.31 Corn gluten meal,Midwest-u,w 529.6 376.27 -0.7 Global High Yield Constrained 5.711 4.934 5.711 374.47 1.1 EMU§ 1.078 0.956 1.311
Austria phil-e 1393.98 Cottonseed meal-u,w 325 Fats and Oils
Silver, troy oz. 305.05 -0.4 Europe High Yield Constrained 2.827 1.897 3.145 714.83 0.6 France 0.840 0.690 1.120
Hominy feed,Cent IL-u,w 98 Corn oil,crude wet/dry mill-u,w 30.9100
Engelhard industrial 16.4800 Meat-bonemeal,50% pro Mnpls-u,w 293 Grease,choice white,Chicago-h 0.2200 U.S Agency Bloomberg Barclays 507.87 0.1 Germany 0.530 0.210 0.740
Engelhard fabricated 19.7760 Oats,No.2 milling,Mnpls-u 2.6125 Lard,Chicago-u n.a. 1623.80 -0.8 U.S Agency 2.600 1.690 2.650 290.03 0.5 Japan 0.360 0.340 0.460
Handy & Harman base 16.4000 Rice, Long Grain Milled, No. 2 AR-u,w 25.50 Soybean oil,crude;Centl IL-u 0.3023
er rs
Handy & Harman fabricated 20.5000 Sorghum,(Milo) No.2 Gulf-u 8.0988 Tallow,bleach;Chicago-h 0.2525 1454.52 -0.5 10-20 years 2.490 1.490 2.530 561.41 0.2 Netherlands 0.630 0.390 0.830
LBMA spot price £11.6400 Tallow,edible,Chicago-u n.a.
3296.59 -2.7 20-plus years 3.250 2.730 3.400 930.62 -0.02 U.K. 1.550 1.340 1.830
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence; 2414.71 -2.0 Yankee 3.470 2.610 3.500 788.89 -2.4 Emerging Markets ** 6.062 5.279 6.077
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 3/21
m e
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Source: WSJ Market Data Group
** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
m rp
Global Government Bonds: Mapping Yields

Borrowing Benchmarks | WSJ.com/bonds Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Money Rates March 22, 2018 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
guide to general levels but don’t always represent actual transactions.
co Fo
2.250 U.S. 2 2.287 t l 2.299 2.254 1.252

Week —52-WEEK— Week —52-WEEK— 2.750 10 2.831 t l 2.883 2.920 2.408
Inflation Latest ago High Low Latest ago High Low 4.500 Australia 2 2.071 s l 2.028 2.011 1.788 -21.6 -27.2 53.6
Feb. index Chg From (%)
level Jan. '18 Feb. '17 Overnight repurchase Secondary market 2.250 10 2.713 s l 2.708 2.859 2.772 -11.9 -17.6 36.4
U.S. 1.48 1.60 1.62 0.76 Fannie Mae 0.000 France 2 -0.482 t l -0.467 -0.436 -0.469 -276.9 -276.6 -172.1
U.S. consumer price index
All items 248.991 0.45 2.2 U.S. government rates 30-year mortgage yields 0.750 10 0.769 t l 0.835 0.980 1.043 -206.2 -204.8 -136.5
Core 255.783 0.45 1.8 30 days 4.058 4.010 4.109 3.253 0.000 Germany 2 -0.609 t l -0.586 -0.572 -0.783 -289.6 -288.5 -203.4
Discount 60 days 4.086 4.046 4.139 3.281
International rates 0.500 10 0.530 t l 0.594 0.707 0.406 -230.1 -228.9 -200.2
2.25 2.00 2.25 1.50
Other short-term rates 0.050 Italy 2 -0.280 t l -0.270 -0.191 -0.038 -256.7 -256.9 -128.9
Week 52-Week
Federal funds
Latest ago High Low Week 52-Week 2.000 10 1.887 t l 1.931 2.073 2.261 -94.4 -95.3 -14.7
Effective rate 1.6800 1.4500 1.6800 0.8400 Latest ago high low
Prime rates High 1.8125 1.5625 1.8125 1.0625
0.100 Japan 2 -0.154 s l -0.156 -0.153 -0.266 -244.1 -245.6 -151.7
U.S. 4.75 4.50 4.75 4.00 Low 1.6000 1.4000 1.6000 0.7000 Call money 0.100 10 0.036 t l 0.040 0.053 0.062 -279.5 -284.4 -234.6
n-
Canada 3.45 3.45 3.45 2.70 Bid 1.6700 1.4000 1.6700 0.8100 3.50 3.25 3.50 2.75 1.400 Spain 2 -0.320 t l -0.307 -0.383 -0.204 -260.7 -260.7 -145.6
Japan 1.475 1.475 1.475 1.475 Offer 1.6900 1.4600 1.6900 0.8200
Commercial paper (AA financial) 1.400 10 1.283 t l 1.331 1.521 1.728 -154.8 -155.3 -68.0
Policy Rates Treasury bill auction 90 days 2.25 1.92 2.25 0.95 2.000 U.K. 2 0.901 t l 0.929 0.673 0.106 -138.6 -137.1 -114.6
Euro zone 0.00 0.00 0.00 0.00
4 weeks 1.720 1.650 1.720 0.695
no
Switzerland 0.50 0.50 0.50 0.50 4.250 10 1.440 t l 1.532 1.551 1.176 -139.1 -135.1 -123.2
Britain 0.50 0.50 0.50 0.25 13 weeks 1.780 1.670 1.780 0.760 Libor
26 weeks 1.950 1.850 1.950 0.890 Source: Tullett Prebon
Australia 1.50 1.50 1.50 1.50 One month 1.87150 1.80820 1.87150 0.98167
Three month 2.28557 2.17750 2.28557 1.14678 Corporate Debt
2.44730 2.34175 2.44730 1.39072 in that same company’s share price.
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Six month
One year 2.67700 2.60138 2.67700 1.69511
Investment-grade spreads that tightened the most…
Euro Libor Spread*, in basis points Stock Performance
Largest 100 exchange-traded funds, latest session Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
One month -0.409 -0.411 -0.391 -0.420
Thursday, March 22, 2018 Closing Chg YTD General Electric GE 5.300 Feb. 11, ’21 87 –36 109 13.35 –3.82
ETF Symbol Price (%) (%) Three month -0.386 -0.379 -0.356 -0.389
Closing Chg YTD General Motors Financial GM 3.200 July 6, ’21 78 –32 109 … …
ETF Symbol Price (%) (%) 108.79
Six month -0.330 -0.330 -0.247 -0.339
iShS&P500Value IVE –2.33 –4.8
iShUSPfdStk PFF 37.47 –0.32 –1.6 One year -0.251 -0.254 -0.110 -0.263 Washington Prime WPG 5.950 Aug. 15, ’24 393 –26 402 6.45 3.70
AlerianMLPETF AMLP 9.38 –2.60 –13.1
CnsmrDiscSelSector XLY 102.19 –2.13 3.5 iShShortTreaBd SHV 110.27 –0.02 0.0 Sherwin–Williams SHW 2.250 May 15, ’20 52 –23 75 393.10 –2.99
CnsStapleSelSector XLP 51.50 –0.83 –9.5 iShTIPSBondETF TIP 112.52 0.29 –1.4 Euro interbank offered rate (Euribor) Reckitt Benckiser Treasury Services RBLN 2.750 June 26, ’24 101 –22 n.a. ... ...
EnSelectSectorSPDR XLE 67.18 –2.04 –7.0 iSh1-3YTreasuryBd SHY 83.48 0.05 –0.4 One month -0.371 -0.371 -0.366 -0.375
iSh7-10YTreasuryBd IEF 102.56 0.41 –2.9
AT&T T 2.450 June 30, ’20 51 –22 71 35.37 –1.75
FinSelSectorSPDR XLF 27.66 –3.69 –0.9 -0.328 -0.325 -0.332
123.50 2.4
Three month -0.329 Morgan Stanley MS 2.800 June 16, ’20 65 –15 83 54.64 –4.32
GuggS&P500EW RSP 99.18 –2.22 –1.8 iShRussellMCGrowth IWP –2.46
PIMCOEnhShMaturity MINT 101.54 0.02 –0.0 Six month -0.271 -0.271 -0.241 -0.279 Barclays Bank BACR 2.650 Jan. 11, ’21 70 –14 84 ... ...
HealthCareSelSect XLV 81.36 –2.88 –1.6
IndSelSectorSPDR XLI 73.82 –3.30 –2.4 PwrShQQQ 1 QQQ 162.80 –2.47 4.5 One year -0.191 -0.191 -0.107 -0.194
iShIntermCredBd CIU 106.79 0.08 –2.2 PwrShSrLoanPtf BKLN 23.08 –0.09 0.2
Value 52-Week
…And spreads that widened the most
iSh1-3YCreditBond CSJ 103.72 0.02 –0.8 SPDR BlmBarcHYBd JNK 35.71 –0.61 –2.8
iSh3-7YTreasuryBd IEI 120.24 0.20 –1.6 SPDR Gold GLD 125.98 –0.40 1.9 Latest Traded High Low Cox Communications COXENT 3.250 Dec. 15, ’22 112 22 88 ... ...
iShCoreMSCIEAFE IEFA 64.91 –1.82 –1.8 SchwabIntEquity SCHF 33.23 –1.92 –2.5 Deutsche Bank AG* DB 7.500 April 30, ’49 434 21 369 14.19 –4.06
SchwabUS BrdMkt SCHB 63.94 –2.43 –0.9 DTCC GCF Repo Index
iShCoreMSCIEmgMk IEMG 57.73 –3.25 1.5 HSBC Holdings HSBC 6.250 March 23, ’49 306 21 n.a. 48.03 –2.66
SchwabUS Div SCHD 48.52 –2.18 –5.2 Treasury 1.755 27.950 1.836 0.791
iShCoreMSCITotInt IXUS 62.31 –2.15 –1.2
SchwabUS LC SCHX 63.16 –2.49 –1.0
Nordstrom* JWN 5.000 Jan. 15, ’44 249 17 225 46.87 –1.74
iShCoreS&P500 IVV 265.47 –2.52 –1.3 MBS 1.746 94.000 1.852 0.794
iShCoreS&P MC IJH 187.19 –2.49 –1.4
SPDR DJIA Tr DIA 239.36 –2.94 –3.2 Barclays BACR 4.836 May 9, ’28 247 15 229 ... ...
SPDR S&PMdCpTr MDY 340.86 –2.51 –1.3 Open Implied Hartford Financial Services HIG 5.125 April 15, ’22 77 15 70 51.88 –2.85
iShCoreS&P SC IJR 77.46 –2.06 0.8
SPDR S&P 500 SPY 263.67 –2.50 –1.2 Settle Change Interest Rate
iShS&PTotlUSStkMkt ITOT 60.55 –2.47 –1.0
SPDR S&P Div SDY 90.21 –2.08 –4.5
Kraft Heinz Foods KHC 5.200 July 15, ’45 215 15 203 … …
iShCoreUSAggBd AGG 106.61 0.19 –2.5
TechSelectSector XLK 66.04 –2.58 3.3 DTCC GCF Repo Index Futures Fifth Third Bancorp* FITB 4.300 Jan. 16, ’24 125 14 117 32.30 –3.93
iShSelectDividend DVY 94.03 –1.70 –4.6
VanEckGoldMiner GDX 21.50 –1.65 –7.5
iShEdgeMSCIMinEAFE EFAV 72.70 –1.30 –0.4 Treasury Mar 98.360 0.010 2122 1.640 High-yield issues with the biggest price increases…
VangdInfoTech VGT 173.25 –2.68 5.2
iShEdgeMSCIMinUSA USMV 51.45 –1.86 –2.5 Treasury Apr 98.235 0.010 1446 1.765
VangdSC Val VBR 129.20 –2.34 –2.7 Bond Price as % of face value Stock Performance
iShEdgeMSCIUSAMom MTUM 106.88 –3.27 3.6
VangdSC Grwth VBK 165.07 –2.13 2.6 Treasury May 98.220 0.005 811 1.780 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShFloatingRateBd FLOT 50.89 –0.06 0.1
VangdDivApp VIG 100.53 –2.51 –1.5
iShGoldTr IAU 12.75 –0.39 1.9 9.000 March 15, ’19 55.500 2.00 n.a. ... ...
VangdFTSEDevMk VEA 43.85 –1.84 –2.3 Weekly survey Claire's Stores CLE
iShiBoxx$InvGrCpBd LQD 116.09 0.17 –4.5
iShiBoxx$HYCpBd HYG 85.14 –0.60 –2.4
VangdFTSE EM VWO 46.55 –3.16 1.4
Latest Week ago Year ago
First Quantum Minerals FMCN 7.500 April 1, ’25 98.950 1.70 n.a. ... ...
VangdFTSE Europe VGK 57.55 –2.24 –2.7
iShJPMUSDEmgBd EMB 111.54 –0.29 –3.9 T–Mobile USA TMUS 4.750 Feb. 1, ’28 97.364 1.11 96.625 61.25 –2.14
VangdFinls VFH 69.70 –3.52 –0.5
iShMBSETF MBB 104.27 0.24 –2.2
VangdFTSEAWxUS VEU 53.85 –2.18 –1.6 Freddie Mac CF Industries CF 3.400 Dec. 1, ’21 99.653 1.02 n.a. 37.27 –3.60
iShMSCI ACWI ACWI 71.31 –2.37 –1.1 VangdGrowth VUG 143.06 –2.53 1.7 30-year fixed 4.45 4.44 4.23 ZF North America Capital ZFFNGR 4.750 April 29, ’25 101.625 1.00 102.700 ... ...
iShMSCIBrazil EWZ 43.91 –2.38 8.6 VangdHlthCr VHT 153.80 –2.83 –0.2
iShMSCI EAFE EFA 68.70 –1.86 –2.3
15-year fixed 3.91 3.90 3.44 Charter Communications Operating CHTR 5.375 May 1, ’47 94.962 0.78 96.087 … …
VangdHiDiv VYM 82.56 –2.53 –3.6
iShMSCI EAFE SC SCZ 64.61 –1.64 0.2 VangdIntermBd BIV 81.35 0.21 –3.0
Five-year ARM 3.68 3.67 3.24 McClatchy MNI 6.875 March 15, ’29 117.250 0.75 113.500 9.01 –0.11
iShMSCIEmgMarkets EEM 47.86 –3.33 1.6 VangdIntrCorpBd VCIT 84.26 0.15 –3.6
iShMSCIEurozone EZU 42.82 –2.15 –1.3 VangdLC VV 121.31 –2.52 –1.0 Notes on data: …And with the biggest price decreases
iShMSCIJapan EWJ 59.53 –0.92 –0.7 VangdMC VO 154.35 –2.33 –0.3 U.S. prime rate is the base rate on corporate
iShNasdaqBiotech IBB 108.13 –2.30 1.3 loans posted by at least 70% of the 10 largest Teva Pharmaceutical Finance IV TEVA 2.250 March 18, ’20 90.500 –4.50 95.000 … …
VangdMC Val VOE 109.03 –2.25 –2.3
iShNatlMuniBd MUB 108.68 0.28 –1.9 VangdRealEst VNQ 74.64 –0.59 –10.1 U.S. banks, and is effective March 22, 2018. CHS/Community Health Systems CYH 7.125 July 15, ’20 76.750 –2.75 80.500 … …
iShRussell1000Gwth IWF 136.80 –2.61 1.6 Other prime rates aren’t directly comparable; Weatherford International WFT 9.875 March 1, ’25 91.000 –2.50 94.750 2.39 –2.85
VangdS&P500 VOO 243.27 –2.49 –0.8
lending practices vary widely by location;
iShRussell1000 IWB 146.99 –2.47 –1.1 VangdST Bond BSV 78.34 0.12 –1.0 Acosta ACOSTA 7.750 Oct. 1, ’22 67.500 –2.25 71.750 ... ...
Discount rate is effective March 22, 2018. DTCC
iShRussell1000Val IWD 119.49 –2.38 –3.9 VangdSTCpBd VCSH 78.23 0.01 –1.3 GCF Repo Index is Depository Trust & Clearing
iShRussell2000Gwth IWO 193.16 –2.25 3.5 VangdSC VB 147.19 –2.24 –0.4 Corp.'s weighted average for overnight trades in Revlon Consumer Products REV 5.750 Feb. 15, ’21 76.000 –2.25 78.000 … …
iShRussell2000 IWM 153.35 –2.19 0.6 VangdTotalBd BND 79.50 0.16 –2.5 applicable CUSIPs. Value traded is in billions of James Hardie International Finance Dac JHXAU 5.000 Jan. 15, ’28 97.000 –2.22 98.000 ... ...
U.S. dollars. Federal-funds rates are Tullett
iShRussell2000Val IWN 122.59 –2.12 –2.5 VangdTotIntlBd BNDX 54.58 0.31 0.4
Prebon rates as of 5:30 p.m. ET. Futures on the
Intelsat Jackson Holdings S.A. INTEL 7.250 Oct. 15, ’20 92.250 –2.00 93.750 ... ...
iShRussell3000 IWV 156.59 –2.44 –1.0 VangdTotIntlStk VXUS 55.99 –2.17 –1.4
DTCC GCF Repo Index are traded on NYSE Liffe DISH DBS DISH 7.750 July 1, ’26 92.438 –1.90 96.125 37.77 –3.30
iShRussellMid-Cap IWR 206.21 –2.31 –0.9 VangdTotalStk VTI 135.95 –2.45 –0.9 US.
iShRussellMCValue IWS 86.01 –2.14 –3.5 VangdTotlWrld VT 73.54 –2.34 –1.0 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; Bureau of Labor
iShS&PMC400Growth IJK 218.59 –2.45 1.3 VangdValue VTV 102.67 –2.48 –3.4 Statistics; DTCC; SIX Financial Information; Note: Data are for the most active issue of bonds with maturities of two years or more
iShS&P500Growth IVW 156.02 –2.65 2.1 WisdTrJapanHdg DXJ 54.42 –1.77 –8.3 Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
THE WALL STREET JOURNAL. Friday, March 23, 2018 | B9
BIGGEST 1,000 STOCKS

WSJ.com/stocks
Net Net Net Net Net Net

How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Eaton ETN 79.43 -2.05 Hologic HOLX 38.15 -0.04 LyondellBasell LYB 106.60 -4.61 PaycomSoftware PAYC 110.73 -2.28 Shopify SHOP 145.45 -3.95 UltaBeauty ULTA 207.36 -5.64
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EatonVance EV 55.07 -2.41 HomeDepot HD 175.29 -2.73 PayPal PYPL 78.56 -2.48 SignatureBank SBNY 146.78 -6.52 UltSoftware ULTI 244.84 -5.92
listed securities. Prices are composite quotations
that include primary market trades as well as
dd-Indicates loss in the most recent four
quarters.
eBay EBAY 40.58 -1.09 HondaMotor HMC 33.94 -0.55 M N Pearson PSO 10.68 -0.02 SimonProperty SPG 152.53 -1.81 UltraparPart UGP 21.11 -0.47
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Ecolab ECL 134.12 -2.30 Honeywell HON 146.88 -4.48 PembinaPipeline PBA 31.17 -0.68 SiriusXM SIRI 6.26 -0.11 UnderArmour A UAA 15.73 -0.22
M&T Bank MTB 182.45 -7.20
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Ecopetrol EC 18.35 -1.03 HormelFoods HRL 32.70 -0.09 Pentair PNR 69.61 -2.14 SkechersUSA SKX 39.47 -1.19 UnderArmour C UA 13.71 -0.36
MGM Resorts MGM 34.53 -1.59
Nasdaq ISE. standards EdisonInt EIX 62.92 0.99 DR Horton DHI 43.56 -0.88 People'sUtdFin PBCT 18.89 -0.75 Skyworks SWKS 105.24 -3.23 Unilever UN 53.18 0.10
MKS Instrum MKSI 122.25 -3.20
The list comprises the 1,000 largest companies lf-Late filing EdwardsLife EW 137.30 -1.77 HostHotels HST 18.40 -0.35 PepsiCo PEP 107.94 -0.80 SmithAO AOS 64.48 -1.17 Unilever UL 52.57 0.14
MPLX MPLX 32.80 -0.84
based on market capitalization. q-Temporary exemption from Nasdaq ElectronicArts EA 122.98 -3.02 HowardHughes HHC 136.53 -0.60
s MSCI
PerkinElmer PKI 75.24 -1.96 Smith&Nephew SNN 37.29 -0.52 UnionPacific UNP 134.87 -3.69
MSCI 156.13 -2.13
Underlined quotations are those stocks with requirements. EmersonElec EMR 68.77 -2.38 HuanengPower HNP 25.78 -0.55 Perrigo PRGO 81.55 -0.79 Smucker SJM 118.28 -1.88 UnitedContinental UAL 68.45 -1.49
large changes in volume compared with the t-NYSE bankruptcy Macerich MAC 57.88 0.40
EnbridgeEnPtrs EEP 9.79 0.05 Hubbell HUBB 121.55 -3.81 PetroChina PTR 69.02 -2.23 Snap SNAP 16.57 ... UnitedMicro UMC 2.58 -0.02
issue’s average trading volume. v-Trading halted on primary market. Macy's M 28.27 -0.41
Enbridge ENB 30.63 -0.50 Humana HUM 265.72 -5.09 PetroleoBrasil PBR 14.19 -0.29 SnapOn SNA 148.41 -3.29 UPS B UPS 104.45 -3.20
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being MagellanMid MMP 58.79 -0.53
Encana ECA 11.84 -0.33 JBHunt JBHT 118.82 -1.77 PetroleoBrasilA PBR.A 13.13 -0.36 SOQUIMICH SQM 46.82 -0.88 UnitedRentals URI 180.26 -7.01
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, MagnaIntl MGA 54.47 -3.25
Pfizer
previous closing price was $2 or higher. or securities assumed by such companies. EnelAmericas ENIA 11.14 -0.27 HuntingtonBcshs HBAN 15.31 -0.57 PFE 35.60 -0.67 Sony SNE 48.13 -0.56 US Bancorp USB 50.65 -1.90
Manpower MAN 115.81 -5.34
EnelChile ENIC 6.15 -0.07 HuntingIngalls HII 249.15 -6.52 PhilipMorris PM 97.67 -0.08 Southern SO 43.81 -0.09 US Steel X 34.50 -4.26
ManulifeFin MFC 18.72 -0.39 Phillips66 PSX 94.70 -1.45 SoCopper
EnelGenChile EOCC 27.62 0.02 Huntsman HUN 29.58 -1.41 SCCO 54.31 -1.54 UnitedTech UTX 124.07 -2.93
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and MarathonOil MRO 15.84 -0.48 PilgrimPride PPC 24.10 -0.79
EnergyTransferEq ETE 14.42 -0.24 HyattHotels H 78.24 -1.78 SouthwestAir LUV 57.00 -0.78 UnitedHealth UNH 215.21 -7.61
changes in the closing prices from 4 p.m. the previous day. s MarathonPetrol MPC 72.97 -0.24
EnergyTransfer ETP 16.56 -0.30 IAC/InterActive IAC 158.30 -4.21 PinnacleFoods PF 53.69 0.19 t SpectraEnerPtrs SEP 32.74 -0.96 UniversalHealthB UHS 123.03 -1.19
Markel MKL 1155.60 -14.60 PinnacleWest PNW 77.99 0.04
Entergy ETR 78.35 0.10 ICICI Bank IBN 8.71 -0.27 SpiritAeroSys SPR 83.46 -2.89 UnumGroup UNM 48.62 -2.01
Thursday, March 22, 2018 Net Net EnterpriseProd EPD 24.59 -0.57 MarketAxess MKTX 221.24 -2.13 PioneerNatRscs PXD 172.34 -3.03
IdexxLab IDXX 193.88 -6.35 Splunk SPLK 105.88 -3.00 VEREIT VER 6.79 -0.05
Stock Sym Close Chg Stock Sym Close Chg Equifax Marriott MAR 137.25 -3.17 PlainsAllAmPipe PAA 21.77 -0.21
Net EFX 117.63 -3.44 IHSMarkit INFO 47.77 -1.02 Sprint S 5.03 -0.13 VF VFC 72.39 -2.23
Marsh&McLen MMC 82.43 -2.06 PlainsGP
Stock Sym Close Chg Equinix EQIX 417.58 5.74 ING Groep ING 16.60 -0.68 PAGP 21.84 -0.42 Square SQ 55.16 -1.93 VICI Prop VICI 18.80 -0.17
AxaltaCoating AXTA 30.21 -0.29 CenterPointEner CNP 26.73 -0.11 MartinMarietta MLM 201.71 -5.03 PolarisIndustries PII 116.00 -4.70
BB&T BBT 52.31 -2.41 CentraisElBras EBR 6.48 -0.15
EquityLife ELS 84.40 -0.77 Invesco IVZ 31.45 -1.49 StanleyBlackDck SWK 154.46 -5.78 Visa V 119.99 -3.23
A B C t BCE BCE 42.71 -0.39 CenturyLink CTL 15.79 -0.56
EquityResdntl EQR 59.75 -0.38 IPG Photonics IPGP 239.73 -11.35
MarvellTech MRVL 22.06 -0.94 Pool
Masco MAS 41.03 -0.52 Praxair
POOL 144.58 -0.14 Starbucks SBUX 57.77 -0.70 VailResorts MTN 227.95 -1.75
Ericsson ERIC 6.41 -0.19 IQVIA IQV 101.88 -2.23 PX 146.09 -5.62 StateStreet STT 101.50 -5.31 Vale VALE 12.58 -0.41
ABB ABB 23.17 -0.69 BHPBilliton BHP 44.01 -1.81 Cerner CERN 57.47 -2.39
IRCP 44.50 -0.10 Mastercard MA 175.52 -5.23 PrincipalFin PFG 59.93 -2.27 Statoil
EssexProp ESS 233.60 -3.19 IRSA Prop STO 23.20 -0.50 ValeroEnergy VLO 93.04 -2.41
ADT ADT 8.67 -0.30 BHPBilliton BBL 39.15 -1.88 CharterComms CHTR 322.97 -2.50 EsteeLauder EL 144.50 -1.63 IcahnEnterprises IEP 56.90 -1.10
MatchGroup MTCH 44.20 -1.50 t Procter&Gamble PG 76.41 -0.63 SteelDynamics STLD 42.92 -3.48 VarianMed VAR 121.09 -2.32
AECOM ACM 36.09 -1.10 BOK Fin BOKF 98.71 -2.28 CheckPoint CHKP 101.20 -1.83
EverestRe RE 253.29 -6.30 Icon ICLR 117.82 -1.87 MaximIntProducts MXIM 60.04 -1.38 Progressive PGR 60.55 -1.46 STMicroelec STM 23.52 -1.45 Vedanta VEDL 17.81 -0.20
AES AES 10.82 0.02 BP BP 39.03 -1.10 Chemours CC 48.65 -1.29
IEX 144.71 -4.94 McCormick MKC 106.56 -0.48 Prologis PLD 61.71 -0.92 Stryker
EversourceEner ES 57.51 0.05 IDEX SYK 160.81 -3.92 VeevaSystems VEEV 75.08 -1.22
Aflac AFL 44.37 -1.00 BRF BRFS 7.36 -0.09 CheniereEnergy LNG 52.02 -2.12
Exelixis EXEL 23.31 -0.82 IllinoisToolWks ITW 162.75 -5.47 McDonalds MCD 157.04 -1.62 Proofpoint PFPT 117.34 -4.45 SumitomoMits SMFG 8.37 -0.17 Ventas VTR 49.32 0.86
AGNC Invt AGNC 18.76 0.04 t BT Group BT 15.49 -0.23 CheniereEnerPtrs CQP 28.16 -1.12
ILMN 241.12 -5.72 McKesson MCK 141.69 -1.23 PrudentialFin PRU 105.06 -3.82
Exelon EXC 38.37 0.30 Illumina SunComms SUI 89.40 -0.21 VeriSign VRSN 122.65 -1.95
ANGI Homesvcs ANGI 14.08 -0.37 BWX Tech BWXT 65.29 -0.94 CheniereEnHldgs CQH 27.58 -0.63
Expedia EXPE 106.98 -2.26 ImperialOil IMO 26.77 -0.80 Medtronic MDT 78.14 -1.44 Prudential PUK 51.58 -1.67 VeriskAnalytics VRSK 103.99 -1.06
Ansys ANSS 162.41 -4.00 Baidu BIDU 236.11 -13.94 Chevron CVX 113.70 -3.34
ExpeditorsIntl EXPD 62.47 -1.59 Incyte INCY 85.25 -3.54 MelcoResorts MLCO 27.60 -0.37 PublicServiceEnt PEG 48.26 -0.13 SunLifeFinancial SLF 41.80 -1.12 Verizon VZ 46.88 -0.40
ASML 204.72 -9.01 BakerHughes BHGE 29.78 -1.18 ChinaEastrnAir CEA 37.67 -1.77 ExpressScripts ESRX 70.47 -1.21 SuncorEnergy SU 33.16 -0.62
ASML Infosys INFY 17.69 -0.35 MercadoLibre MELI 350.60 -11.25 PublicStorage PSA 195.69 -2.83 SunTrustBanks STI 68.40 -2.47 VertxPharm VRTX 166.10 -4.24
35.37 -0.63 Ball BLL 39.14 -0.68 t ChinaLifeIns LFC 13.99 -0.43
AT&T T ExtraSpaceSt EXR 84.31 -0.88 Ingersoll-Rand IR 86.08 -2.91 Merck MRK 54.12 -0.57 PulteGroup PHM 29.00 -0.39
Symantec SYMC 26.60 -0.33 Viacom A VIA 38.75 -0.40
AbbottLabs ABT 60.93 -1.49 BancoBilbaoViz BBVA 7.82 -0.20 ChinaLodging HTHT 129.02 0.16 t ExxonMobil XOM 73.50 -1.54 INGR 128.51 -1.74 MetLife MET 45.71 -1.51 Qiagen QGEN 32.46 -1.14
AbbVie ABBV 98.10 -14.35 BancodeChile BCH 101.92 0.50 t ChinaMobile CHL 45.51 -0.30 F5Networks FFIV 146.27 -3.28
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MettlerToledo MTD 585.39 -21.02 SynchronyFin SYF 33.73 -1.57 Viacom B VIAB 30.63 -0.67
Intel INTC 50.83 -0.73 Qorvo QRVO 72.65 -1.53 VIPS 17.02 -1.85
Abiomed ABMD 286.39 -5.92 BancoMacro BMA 107.46 -1.74 ChinaPetrol SNP 83.62 -3.41 FMC MichaelKors KORS 62.10 -1.16 Qualcomm Synopsys SNPS 84.80 -1.79 Vipshop
InteractiveBrkrs IBKR 68.06 -4.16 QCOM 55.58 -1.23
Accenture ACN 150.23 -11.80 BcoSantChile BSAC 32.52 -0.59 ChinaSoAirlines ZNH 56.18 -4.89 Facebook
FMC 77.36 -2.99
t MicroFocus MFGP 12.99 -0.26 QuestDiag SynovusFin SNV 49.87 -1.83 VirtuFinancial VIRT 32.40 -0.35
FB 164.89 -4.50 ICE ICE 71.73 -2.29 DGX 102.30 -1.33 VistraEnergy VST 20.35 0.20
Sysco SYY 59.77 -0.53
ActivisionBliz ATVI 69.76 -1.85 BcoSantMex BSMX 6.90 -0.15 t ChinaTelecom CHA 42.30 -0.71 FactSet FDS 206.52 -7.95 InterContinentl IHG 61.91 -1.28 MicrochipTech MCHP 96.55 -2.66 VMware VMW 122.10 -2.25
t AcuityBrands AYI 134.66 -12.38 BancoSantander SAN 6.35 -0.21 ChinaUnicom CHU 12.26 -0.23 Fastenal FAST 55.28 -1.54 IBM IBM 152.09 -4.60 MicronTech MU 58.92 -2.15 R S T U V Vodafone VOD 27.36 -0.81
AdobeSystems ADBE 220.52 -6.33 BanColombia CIB 41.99 -0.82 Chipotle CMG 336.71 2.19 FederalRealty FRT 114.03 -0.64
IntlFlavors IFF 133.25 -2.83 Microsemi MSCC 65.51 -0.52 VornadoRealty VNO 67.16 -0.48
AdvanceAuto AAP 111.71 -3.47 BankofAmerica BAC 30.55 -1.32 Chubb CB 137.64 -2.62 FedEx FDX 236.27 -12.75 IntlGameTech IGT 27.82 -0.98
Microsoft MSFT 89.79 -2.69 RELX RENX 20.34 -0.11
TAL Education TAL 37.74 -1.63 VoyaFinancial VOYA 51.28 -2.15
AdvMicroDevices AMD 10.91 -0.35 BankofMontreal BMO 75.84 -1.25 ChunghwaTel CHT 37.77 -0.19
Ferrari RACE 120.42 -3.11 IntlPaper IP 51.41 -2.12 MidAmApt MAA 88.16 -1.31 RELX RELX 20.53 -0.20
TD Ameritrade AMTD 58.42 -2.88 VulcanMatls VMC 113.60 -1.21
AdvSemiEngg ASX 7.23 -0.15 BankNY Mellon BK 52.02 -2.59 Church&Dwight CHD 48.38 -0.61
FiatChrysler FCAU 20.55 -0.98 Interpublic IPG 22.23 -0.68 Middleby MIDD 124.56 -3.69 RPM RPM 47.88 -1.28
TE Connectivity TEL 100.49 -4.19
RSP Permian RSPP 38.55 -1.03
Aegon AEG 6.61 -0.25 BkNovaScotia BNS 62.33 -0.92 Cigna CI 165.34 -1.71
FibriaCelulose FBR 19.17 -0.23 Intuit INTU 174.83 -1.83 MitsubishiUFJ MTU 6.56 -0.12 RalphLauren RL 107.66 -1.81 Telus TU 35.03 -0.51 W X Y Z
AerCap AER 50.12 -0.99 BankofOzarks OZRK 47.35 -3.45 CimarexEnergy XEC 94.25 -0.42 FidNatlFin IntuitiveSurgical ISRG 413.90 -11.09 MizuhoFin MFG 3.62 -0.04 31.88 -1.99
FNF 40.72 -0.39 RandgoldRscs GOLD 80.52 -1.48 Ternium TX
WABCO WBC 133.39 -5.14
Aetna AET 169.45 -0.56 Barclays BCS 11.73 -0.34 CincinnatiFin CINF 73.44 -2.11
FidNatlInfo FIS 97.52 -3.06 InvitatHomes INVH 22.08 -0.12 MobileTeleSys MBT 11.45 -0.19 TIM Part TSU 21.26 -0.60
RaymondJames RJF 91.60 -5.25 WEC Energy WEC 61.42 0.13
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Allstate ALL 94.65 -2.19 Fortive FTV 76.69 -1.66 Telefonica TEF 9.49 -0.21
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Leidos
Anthem ANTM 218.85 -7.14 CRH CRH 33.46 -0.70 DexCom DXCM 66.74 -0.97 Grifols GRFS 20.48 -0.46 Lennar A LEN 58.68 -1.22 OReillyAuto ORLY 241.16 -5.89 SherwinWilliams SHW 393.10 -12.13 UDR UDR 34.77 -0.52 ZimmerBiomet ZBH 111.38 -3.00
Aon AON 139.31 -4.10 CSRA CSRA 41.44 -0.13 Diageo DEO 132.95 -0.71 GrubHub GRUB 105.91 -4.11 Lennar B LEN.B 47.49 -0.82 OccidentalPetrol OXY 65.18 -0.86 ShinhanFin SHG 41.58 -0.73 UGI UGI 43.48 -0.09 ZionsBancorp ZION 53.07 -2.03
Apache APA 37.28 -0.82 CSX CSX 55.29 -1.61 DiamondbkEner FANG 127.78 -2.40 GpoAvalAcc AVAL 8.40 -0.02 LennoxIntl LII 206.05 -5.22 OldDomFreight ODFL 146.64 -3.93 Shire SHPG 126.39 -2.33 US Foods USFD 33.35 -0.69 Zoetis ZTS 82.06 -2.04
ApartmtInv AIV 39.11 -0.68 t CVS Health CVS 61.79 -0.63 DigitalRealty DLR 102.91 -0.46 GpoFinGalicia GGAL 65.01 -0.50 LeucadiaNatl LUK 22.36 -0.80 OldRepublic ORI 21.17 -0.36
ApolloGlbMgmt APO 30.52 -1.47 CabotOil COG 23.96 -0.43 DiscoverFinSvcs DFS 71.89 -2.97 GrupoTelevisa TV 15.30 0.72 LibertyBroadbandA LBRDA 85.27 -0.98 Omnicom OMC 70.80 -1.64
Apple AAPL 168.85 -2.42 CadenceDesign CDNS 37.39 -0.96 DiscovComm C DISCK 19.88 -0.62 Guidewire GWRE 82.99 -3.32 LibertyBroadbandC LBRDK 85.76 -1.26 ON Semi ON 25.90 -0.60
CZR 11.80 -0.40 s DiscovComm B DISCB 38.00 2.40 HCA Healthcare HCA 99.79 -1.11
ApplMaterials AMAT 58.96 -1.82 CaesarsEnt
Aptiv APTV 83.79 -4.35 CamdenProperty CPT 82.03 -0.96 DiscovComm A DISCA 21.52 -0.64 HCP HCP 22.61 0.09
LibertyGlobal C LBTYK 31.13 -0.13 OpenText
LibertyGlobal A LBTYA 32.06 -0.22 Oracle
OTEX 34.71 -1.02
ORCL 45.89 -1.13 Dividend Changes
co Fo
AquaAmerica WTR 33.26 -0.36 CampbellSoup CPB 42.10 -0.07 Disney DIS 100.60 -1.22 HDFC Bank HDB 96.88 -0.71 LibertyQVC B QRTEB 26.00 0.21 Orange ORAN 16.74 -0.27
Aramark ARMK 39.79 -1.02 CIBC CM 89.79 -1.55 DolbyLab DLB 65.23 -1.36 HD Supply HDS 37.98 -0.74 LibertyQVC A QRTEA 25.58 -0.65 OrbitalATK OA 132.29 -0.01 Dividend announcements from March 22.
ArcelorMittal MT 31.46 -2.01 CanNtlRlwy CNI 71.90 -1.73 DollarGeneral DG 91.75 -1.23 HP HPQ 22.47 -0.81 t LibertyFormOne A FWONA 29.00 -0.67 Orix IX 88.57 -0.05
Amount Payable /
ArchCapital ACGL 84.36 -1.46 CanNaturalRes CNQ 30.26 -1.19 DollarTree DLTR 93.54 -1.18 HSBC HSBC 48.03 -1.31 t LibertyFormOne C FWONK 30.36 -0.59 Oshkosh OSK 76.98 -2.62
ArcherDaniels ADM 41.94 -0.68 CanPacRlwy CP 173.29 -4.11 t DominionEner D 67.87 0.23 Halliburton
Company Symbol Yld % New/Old Frq Record
HAL 46.38 -0.73 LibertyBraves A BATRA 23.11 -0.05 OwensCorning OC 79.08 -1.62
Arconic ARNC 22.68 -1.48 Canon CAJ 37.06 0.24 Domino's DPZ 226.40 -1.86 t Hanesbrands HBI 18.59 -0.40 LibertyBraves C BATRK 23.29 0.02 PG&E PCG 44.13 1.17 Increased
AristaNetworks ANET 273.74 -8.96 CapitalOne COF 94.65 -3.53 Donaldson DCI 44.15 -1.76 t HarleyDavidson HOG 42.13 -1.15 LibertySirius B LSXMB 44.75 -0.78 PLDT PHI 28.22 0.34
ArrowElec ARW 77.21 -2.76 CardinalHealth CAH 63.86 -1.83 DouglasEmmett DEI 36.36 -0.37 Harris
Great Southern Bancorp GSBC 2.3 .28 /.24 Q Apr16 /Apr02
HRS 154.57 -5.24 LibertySirius C LSXMK 41.04 -1.16 PNC Fin PNC 153.28 -5.61
PKX 76.93 -3.85 Horizon Bancorp (Indiana) 2.0 .15 /.13 Apr20 /Apr06
AstraZeneca AZN 34.47 -0.14 Carlisle CSL 105.34 -1.85 Dover DOV 98.98 -4.09 HartfordFinl HIG 51.88 -1.52 HBNC Q
LibertySirius A LSXMA 41.11 -1.20 POSCO
AthenaHealth ATHN 141.56 -4.12 Carlyle CG 21.80 -0.40 DowDuPont DWDP 65.62 -1.81 t Hasbro HAS 84.66 -1.94 LibertyProperty LPT 39.20 -0.43 PPG Ind PPG 111.31 -2.64 Raytheon RTN 1.7 .8675 /.7975 Q May10 /Apr11
Athene ATH 49.19 -1.12 CarMax KMX 60.00 -1.51 DrPepperSnap DPS 118.02 0.02 Heico A HEI.A 70.40 -2.35 EliLilly LLY 76.53 -1.71 PPL PPL 27.32 0.10
Atlassian TEAM 57.51 -0.81 Carnival CCL 66.20 -0.86 DukeEnergy DUK 76.19 0.01 Heico HEI 86.61 -2.94 LincolnElectric LECO 90.78 -3.44 PTC PTC 78.92 -1.18
Foreign
AtmosEnergy ATO 81.17 -0.21 Carnival CUK 65.88 -0.75 DukeRealty DRE 25.75 -0.27 Helm&Payne HP 66.35 -2.53 LincolnNational LNC 73.60 -3.60 PVH PVH 141.45 -1.55 City Office REIT CIO 8.2 .235 Q Apr25 /Apr11
Autodesk ADSK 131.41 -4.13 Caterpillar CAT 146.90 -8.90 ENI E 34.80 -0.50 HenrySchein HSIC 65.93 0.26 LiveNationEnt LYV 42.50 -0.59 Paccar PCAR 64.32 -2.50 City Office REIT Pfd A CIOpA 7.0 .41406 Q Apr25 /Apr11
Autohome ATHM 89.60 -2.64 Cavium CAVM 84.20 -1.84 EOG Rscs EOG 104.29 -0.49 Herbalife HLF 97.53 -0.35 LloydsBanking LYG 3.74 -0.11 PackagingCpAm PKG 112.98 -4.67
Autoliv ALV 147.47 -2.65 CboeGlobalMkts CBOE 112.62 -4.71 EPAM Systems EPAM 116.75 -4.06 Hershey HSY 97.05 -1.42 LockheedMartin LMT 327.15 -8.32 PacWestBancorp PACW 49.52 -2.16
Special
ADP ADP 113.14 -3.22 Celanese A CE 100.38 -3.70 EQT EQT 48.77 -0.77 Hess HES 50.10 -0.59 Loews L 50.24 -1.35 PagSeguroDig PAGS 35.60 -0.40 Ocean Bio-Chem OBCI .06 Apr16 /Apr02
AutoZone AZO 643.37 -4.75 Celgene CELG 86.91 -1.40 E*TRADE ETFC 54.97 -2.64 HewlettPackard HPE 18.32 -0.39 LogitechIntl LOGI 37.52 -1.14 PaloAltoNtwks PANW 184.83 -3.14
Avalonbay AVB 160.26 -2.98 Cemex CX 6.64 -0.17 EXACT Sci EXAS 45.99 -3.07 Hexcel HXL 64.56 -2.36 LogMeIn LOGM 119.30 -5.35 ParkerHannifin PH 175.87 -5.88
27.50 -0.64 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
n-
Avangrid AGR 49.91 0.44 CenovusEnergy CVE 8.41 -0.52 EastWestBncp EWBC 62.98 -2.23 Hilton HLT 80.44 -1.40 Lowe's LOW 85.70 -1.55 ParsleyEnergy PE
AveryDennison AVY 105.92 -4.22 Centene CNC 103.84 -0.85 EastmanChem EMN 103.97 -3.50 HollyFrontier HFC 48.18 -0.85 lululemon LULU 81.10 0.40 Paychex PAYX 63.49 -2.06 spin-off.
New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
no
Rayonier RYN 36.31 1.0 BigLots BIG 43.99 -3.1 CyclacelPharm CYCC 1.42 -5.3 GoPro GPRO 4.76 -2.8 LibertyFormOne A FWONA 28.78 -2.3 Pulmatrix PULM 1.06 -1.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American SPS Commerce SPSC 65.29 1.6 Bitauto BITA 22.41 -6.5 DISH Network DISH 37.75 -3.3 GraceWR GRA 61.53 -3.2 MDC Partners MDCA 6.60 -5.0 Resonant RESN 3.64 -10.5
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest SSLJ.com SSLJ 5.25 7.4 BluerockResPfdA
BRGpA 24.78 -0.3 Dave&Buster's PLAY 42.06 -1.6 GrayTelevision A GTN.A 10.40 -3.3 MIIIAcquisition MIII 8.93 -4.7 resTORbio TORC 13.04 -10.3
session. % CHG-Daily percentage change from the previous trading session. SinovacBiotech SVA 8.75 -0.2 Boxlight
BOXL 3.08 -16.7 DeutscheBank DB 14.17 -4.1 GreenlightCapRe GLRE 15.45 -1.3 MacquarieInfr MIC 36.81 -2.3 RoadrunnerTrans RRTS 3.37 -5.6
SoundFinBancorp SFBC 36.25 1.1 BritishAmTob
BTI 53.38 0.6 DominionEner D 67.32 0.3 Hanesbrands HBI 18.54 -2.1 MeetGroup MEET 2.01 -5.1 SapiensInt SPNS 8.58 5.0
Thursday, March 22, 2018 Strats GSG GJS GJS 21.27 1.3 BrookfieldProp
BPY 19.53 -1.2 DominionEnerUn DCUD 46.04 0.5 HarleyDavidson HOG 42.13 -2.7 MelintaTherap MLNT 9.32 -1.6 ScrippsEW SSP 12.11 -2.9
52-Wk % 52-Wk % 52-Wk % SuperiorDrilling SDPI 1.78 1.2 BuckeyePtrs
BPL 39.05 -2.9 DominionEnerMid DM 15.75 -1.5 HarvestCap6.125Nt HCAPZ 24.89 -0.2 MeridianWasteWt MRDNW 0.05 -0.6 ShawComm B SJR 18.50 -0.8
TabulaRasaHlth TRHC 41.30 3.2 CVS Health
CVS 61.74 -1.0 EdgewellPersonal EPC 46.37 -1.2 Hasbro HAS 84.51 -2.2 MerrimackPharm MACK 9.32 -3.6 ShellMidstream SHLX 21.00 -4.8
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
TechTarget TTGT 19.92 0.8 Caesarstone
CSTE 18.55 -5.5 EldoradoGold EGO 0.92 -11.5 HavertyFurn HVT 19.20 -3.3 MicroFocus MFGP 12.67 -2.0 SolidBiosci SLDB 7.95 -2.7
Durect DRRX 2.30 1.8 NextEraEnergy NEE 164.25 1.1 Twilio TWLO 42.41 0.8 CellcomIsrael SonocoProducts SON 46.55 -2.8
CEL 7.25 -4.9 EnLinkMidPtrs ENLK 13.10 -3.3 HelenofTroy HELE 83.30 -2.0 MilestoneSci MLSS 0.88 -1.1
Highs Floor&Decor FND 52.78 0.4 NextEraEnergyUn NEEpQ 72.74 2.1 US Cellular USM 41.41 -1.7 Check-Cap Wt
CHEKW 0.11 -31.0 EnzoBiochem ENZ 5.83 -3.2 HollyEnergy HEP 27.00 -2.3 Netlist NLST 0.25 -1.7
SpectraEnerPtrs SEP 32.70 -2.8
Geron GERN 6.68 5.4 NextEraEnergyUn NEEpR 58.10 0.5 Ultralife ULBI 10.25 2.0 Check-Cap Sphere3D ANY 1.70 -8.4
AAON AAON 40.25 -1.3 CHEK 0.47 4.1 EstreAmbWt ESTRW 0.53 -0.4 HudsonTech HDSN 4.68 -4.1 NielsenHoldings NLSN 31.81 -1.9
Guess GES 20.21 28.3 NAmerEnergyPtr NOA 5.75 -2.8 UnionAcqnUn LTN.U 10.23 1.5 ChinaLifeIns StericyclePfdA SRCLP 45.76 -3.7
AMN Healthcare AMN 60.80 1.0 LFC 13.97 -3.0 EthanAllen ETH 22.70 -2.2 IMPAC Mortgage IMH 7.45 -2.6 NorwegCruise NCLH 52.55 -2.7
HealthEquity HQY 68.75 2.1 Nutanix NTNX 55.25 -1.0 UplandSoftware UPLD 30.50 2.7 ChinaMobile SuburbanPropane SPH 22.65 -1.3
AddusHomeCare ADUS 46.10 3.0 CHL 44.90 -0.7 ExxonMobil XOM 73.39 -2.1 Innophos IPHS 40.43 -2.3 Nutrisystem NTRI 27.95 -3.3
ICF Intl ICFI 62.00 -0.6 OdysseyMarine OMEX 13.75 118.4 UsanaHealth USNA 84.40 0.1 ChinaTelecom TC PipeLines TCP 34.57 -2.5
Ameresco AMRC 12.55 0.8 CHA 42.30 -1.7 EyegatePharm EYEG 0.48 -5.5 Inovalon INOV 10.45 -5.9 OaktreeCapital OAK 39.60 -0.4
JasonIndustries JASN 3.65 0.8 OldLineBcshs OLBK 33.90 -1.8 VaronisSystems VRNS 63.50 -2.4 CidaraTherap Tegna TGNA 11.29 -2.1
AmRltyInv ARL 17.94 15.5 CDTX 5.25 ... Flexsteel FLXS 36.31 -2.6 Inpixon INPX 1.13 -7.0 OfficeDepot ODP 2.15 -6.5
LegacyReserves LGCY 4.52 -0.5 OneMadisonWt OMAD.WS 1.00 3.1 TataMotors TTM 25.46 -1.2
ArQule ARQL 2.99 -1.4 CincinnatiBell CBB 13.50 -2.9 FourSeasonsEduc FEDU 6.10 -6.1 InterNAP INAP 11.22 -11.7 OncoCyte OCX 1.10 -13.3
Avaya AVYA 23.76 -0.7
LeisureAcqnWt LACQW
LunaInnov LUNA
0.72 2.9
2.93 7.8
OpesAcqn
PCSB Fin
OPESU
PCSB
10.06 0.1
21.75 -0.8
Lows CitigroupWt19 C.WS.A 0.04 -28.6 Francesca's FRAN 4.64 -0.6 Intersections INTX 1.69 -2.2 OrexigenTherap OREX 0.21 -4.9
ThomsonReuters TRI
TootsieRoll TR
38.68
29.35
-1.7
-2.2
AxoGen AXGN 39.95 0.4 MSCI MSCI 159.47 -1.3 PFSweb PFSW 8.96 1.8 Ability ABIL 0.32 -12.8 ClearSignWt CLIRW 0.22 0.7 Gafisa GFA 5.92 -3.9 JAKKS Pacific JAKK 1.95 -2.4 PBF Logistics PBFX 18.45 -2.1 TrueCar TRUE 9.50 -1.3
Bandwidth BAND 33.18 0.2 ManhattanBridge LOAN 6.95 2.2 PacificMercBncp PMBC 9.90 -1.5 AcuityBrands AYI 133.09 -8.4 Coca-Cola Bottl COKE 174.50 -0.5 GameStop GME 13.59 -1.4 KimberlyClark KMB 107.42 -0.8 Patterson PDCO 22.10 -1.9 Tuniu TOUR 6.50 -3.8
BlackRidgeAcqn BRAC 9.72 0.6 MarathonPetrol MPC 73.89 -0.3 PalatinTech PTN 1.20 5.4 Adecoagro AGRO 7.57 0.1 Comcast A CMCSA 33.21 -3.7 GeneralElec GE 13.32 -3.8 KingswayFin KFS 3.75 -1.3 PA REIT PfdD PEIpD 20.16 -0.2 UnitedTherap UTHR 106.30 -0.6
CallawayGolf ELY 16.59 -1.2 McGrathRentCorp MGRC 55.65 -0.7 Pareteum TEUM 3.59 -3.0 Altria MO 59.65 0.7 CompassPfdA CODIpA 22.55 -0.9 GeneralMills GIS 44.44 -2.3 Knowles KN 12.96 -3.3 PA Reit Pfd B PEIpB 21.59 -0.1 WPP WPP 76.89 -1.3
Crocs CROX 15.85 -0.3 MerchantsBancorp MBIN 23.04 0.4 PureCycle PCYO 9.60 -1.6 AscentCapital A ASCMA 4.45 -6.5 CooperT&R CTB 29.55 -1.3 GladstonePfdD GAINM 25.07 -0.2 KraftHeinz KHC 60.49 -2.4 PennREITPfdC PEIpC 20.88 -0.2 WeatherfordIntl WFT 2.33 -2.8
CryoPortWt CYRXW 7.38 -3.4 NGL EnergyPfdB NGLpB 25.56 7.5 QTSRealtyPfdA QTSpA 25.59 -0.4 Atento ATTO 8.00 ... CorpAmAirports CAAP 12.45 -1.4 GlobalIndemnity GBLI 34.13 -3.1 LG Display LPL 12.31 -3.7 PlymouthREITPfdA PLYMpA 24.02 -0.4 WesternGasEquity WGP 33.29 -2.8
DenburyRscs DNR 2.76 -4.1 NRG Energy NRG 30.85 0.4 Quidel QDEL 50.68 0.7 BCE BCE 42.62 -0.9 CrossAmerPtrs CAPL 20.54 -0.1 GolarLNGPartners GMLP 17.07 -2.4 LegacyAcqn LGC 9.51 -0.5 PostHoldings POST 70.66 0.3 Whirlpool WHR 155.47 -1.7
DiscovComm B DISCB 38.00 6.7 NewMediaInvt NEWM 17.95 -0.2 RadNet RDNT 14.15 3.0 BT Group BT 15.41 -1.5 CrownHoldings CCK 48.50 -2.3 Goodyear GT 27.34 -2.9 LibertyFormOne C FWONK 30.14 -1.9 Procter&Gamble PG 76.37 -0.8 ZK Intl ZKIN 6.55 -2.4
Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
FF2025 14.33 -0.19 -0.5 FrankTemp/Temp A Oakmark NA ... NA R2040 27.28 -0.53 0.1 MuShtAdml 15.70 ... 0.2 TgtRe2045 22.31 -0.46 -0.8
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least FF2030 17.98 -0.30 -0.4 GlBond A p 11.84 -0.06 0.3 OakmrkInt NA ... NA Value 36.43 -0.89 -2.4 PrmcpAdml r 136.61 -3.90 2.2 TgtRe2050 35.91 -0.73 -0.8
$500 million each. Freedom2020 K 16.46 -0.20 -0.5 Growth A p 26.50 -0.57 -2.8 Old Westbury Fds PRIMECAP Odyssey Fds RealEstatAdml 105.79 -0.64 -10.0 TgtRetInc 13.40 -0.07 -0.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s Freedom2025 K 14.30 -0.20 -0.6 FrankTemp/Temp Adv LrgCpStr 14.38 -0.33 -0.6 AggGrowth r 50.39 -1.30 13.7 SmCapAdml 70.54 -1.64 ... TotIntBdIxInv 10.90 +0.03 0.6
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- Freedom2030 K 17.96 -0.30 -0.4 GlBondAdv p 11.79 -0.06 0.3 Oppenheimer Y Growth r 40.66 -1.14 9.2 STBondAdml 10.27 +0.01 -0.7 WellsI 25.96 -0.17 -3.1
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes Freedom2035 K 15.17 -0.31 -0.3 Harbor Funds DevMktY 44.07 -0.88 2.6 Principal Investors STIGradeAdml 10.49 ... -0.8 Welltn 40.77 -0.63 -2.4
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete Freedom2040 K 10.65 -0.23 -0.4 CapApInst 73.37 -2.48 5.7 IntGrowY 43.58 -0.83 -0.1 DivIntlInst 13.66 -0.30 -1.7 TotBdAdml 10.48 +0.02 -1.9 WndsrII 36.54 -0.88 -3.4
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not Fidelity Invest IntlInst r 66.39 -1.15 -1.7 Parnassus Fds Prudential Cl Z & I TotIntBdIdxAdm 21.80 +0.06 0.6 VANGUARD INDEX FDS
tracked. NS-Fund didn’t exist at start of period. Balanc 23.80 -0.37 0.3 Harding Loevner ParnEqFd 42.39 -0.83 -0.7 TRBdZ 14.19 +0.05 -2.0 TotIntlAdmIdx r 30.12 -0.57 -1.3 500 245.07 -6.32 -0.7
BluCh 91.81 -2.32 4.6 IntlEq NA ... NA PIMCO Fds Instl Schwab Funds TotStAdml 66.16 -1.68 -0.4 ExtndIstPl 210.69 -4.93 0.7
Contra 125.90 -3.62 4.4 Invesco Funds A AllAsset NA ... NA S&P Sel 40.91 -1.05 -0.7 TxMIn r 14.10 -0.24 -2.2 SmValAdml 55.51 -1.33 -2.2
Thursday, March 22, 2018 ContraK 125.85 -3.61 4.4 EqIncA 10.72 -0.24 -1.8 TotRt 10.06 +0.02 -1.5 TIAA/CREF Funds ValAdml 40.05 -1.01 -2.7 TotBd2 10.44 +0.02 -2.1
Net YTD Net YTD Net YTD CpInc r 10.18 -0.08 -0.4 John Hancock Class 1 PIMCO Funds A EqIdxInst 19.56 -0.49 -0.5 WdsrllAdml 64.85 -1.56 -3.4 TotIntl 18.00 -0.35 -1.3
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret DivIntl 39.07 -0.80 -2.4 LSBalncd 15.11 -0.20 -0.5 IncomeFd 12.16 +0.01 -0.9 IntlEqIdxInst 19.77 -0.34 -2.0 WellsIAdml 62.87 -0.42 -3.1 TotSt 66.14 -1.68 -0.5
GroCo 192.03 -4.94 7.5 LSGwth 16.05 -0.28 -0.2 PIMCO Funds D Tweedy Browne Fds WelltnAdml 70.40 -1.09 -2.4 VANGUARD INSTL FDS
American Century Inv BlackRock Funds A GblStock 13.54 -0.34 -2.3
GrowCoK 192.04 -4.93 7.5 John Hancock Instl IncomeFd 12.16 +0.01 -0.9 GblValue 27.86 -0.32 -2.2 WndsrAdml 78.60 -1.98 -0.5 BalInst 34.21 -0.49 -1.0
Ultra 45.07 -1.21 3.8 GlblAlloc p 19.55 -0.21 -0.8 Income 13.59 ... -1.2
BlackRock Funds Inst InvGB 7.73 +0.01 -1.9 DispValMCI 23.18 -0.62 -0.6 PIMCO Funds Instl VANGUARD ADMIRAL VANGUARD FDS DevMktsIndInst 14.12 -0.24 -2.1
American Funds Cl A Intl Stk 45.34 -1.06 -2.1
EqtyDivd 22.11 -0.49 -2.9 Stock InvGrBd 10.98 +0.03 -1.8 JPMorgan Funds IncomeFd 12.16 +0.01 -0.8 500Adml 245.13 -6.32 -0.7 DivdGro 26.03 -0.59 -2.0 DevMktsInxInst 22.07 -0.38 -2.2
AmcpA p 32.73 -0.93 3.9 200.55 -5.58 -1.5 MdCpVal L 39.29 -0.82 -2.5 PIMCO Funds P BalAdml
GlblAlloc 19.67 -0.21 -0.7 LowP r 53.84 -1.03 -1.2 34.21 -0.48 -1.0 HlthCare r 205.88 -3.46 0.2 ExtndInst 85.37 -2.00 0.7
AMutlA p 39.48 -0.97 -2.8 DoubleLine Funds JPMorgan R Class IncomeP -0.8 CAITAdml GrwthInst
HiYldBd 7.65 -0.02 -0.7 MagIn 106.28 -2.82 1.6 12.16 +0.01 11.57 +0.02 -1.2 INSTTRF2020 22.33 -0.26 -0.9 73.61 -1.94 2.0
BalA p 26.61 -0.36 -1.6 TotRetBdI 10.48 +0.02 -0.8
OTC 115.87 -2.89 5.5 CoreBond 11.35 +0.02 -1.6 Price Funds CapOpAdml r 158.20 -4.66 3.0 INSTTRF2025 22.66 -0.31 -0.9 InPrSeIn 10.25 +0.02 -1.4
BondA p 12.59 +0.04 -1.9 StratIncOpptyIns 9.94 ... 0.5 Edgewood Growth Instituti
Bridge Builder Trust Puritn 23.39 -0.41 -0.1 Lazard Instl BlChip 102.90 -3.24 6.8 EMAdmr 38.97 -0.92 2.1 INSTTRF2030 22.92 -0.36 -0.9 InstIdx 240.83 -6.21 -0.7
CapIBA p 59.95 -1.01 -3.8 EdgewoodGrInst 31.82 -0.74 7.6 SrsEmrgMkt 21.94 -0.63 2.5 EmgMktEq 20.53 -0.37 2.5 CapApp 28.33 -0.35 0.2 EqIncAdml 74.98 -1.75 -3.3 INSTTRF2035 23.18 -0.40 -0.8 InstPlus 240.84 -6.21 -0.7
CapWGrA 51.04 -1.31 0.2 CoreBond 9.92 +0.02 -1.8 Federated Instl
Dimensional Fds SrsGroCoRetail 17.94 -0.46 7.9 Lord Abbett A EqInc 32.44 -0.78 -2.7 ExplrAdml 92.61 -2.13 4.8 INSTTRF2040 23.43 -0.45 -0.8 InstTStPlus 58.81 -1.50 -0.4
EupacA p 56.53 -1.23 0.6 StraValDivIS NA ... NA SrsIntlGrw 16.08 -0.33 -0.4 ShtDurIncmA p 4.20 ... -0.4 EqIndex 71.19 -1.83 -0.7 ExtndAdml 85.37 -2.00 0.7 INSTTRF2045 23.60 -0.49 -0.8 MidCpInst 42.22 -1.01 0.1
FdInvA p 61.64 -1.48 -0.7 5GlbFxdInc 10.81 +0.02 -0.6 Fidelity
EmgMktVa 31.79 -0.52 1.8 SrsIntlVal 10.41 -0.23 -2.6 Lord Abbett F Growth 65.78 -1.85 5.0 GNMAAdml 10.24 +0.02 -1.5 IntlVal 39.28 -0.85 -1.5 MidCpIstPl 208.21 -5.01 0.1
GwthA p 51.46 -1.30 3.9 500IdxInst 92.81 -2.39 -0.7 TotalBond 10.41 +0.02 -1.6 ShtDurIncm 4.20 ... -0.3 HelSci 71.74 -1.92 2.0 GrwthAdml 73.61 -1.94 2.0 LifeCon 19.69 -0.16 -1.0 SmCapInst 70.53 -1.65 ...
EmMktCorEq 23.53 -0.43 1.3
HI TrA p 10.21 -0.01 -0.3 500IdxInstPrem 92.81 -2.39 -0.7 First Eagle Funds Metropolitan West InstlCapG 39.17 -1.07 6.1 HlthCareAdml r 86.84 -1.45 0.2 LifeGro 33.39 -0.60 -0.8 SmCapIstPl 203.59 -4.75 ...
IntlCoreEq 14.26 -0.27 -1.9
ICAA p 39.72 -1.16 -1.3 500IdxPrem 92.81 -2.39 -0.7 GlbA 57.94 -0.88 -1.9 TotRetBd 10.41 +0.03 -1.9 IntlStk 18.46 -0.35 -1.1 HYCorAdml r 5.76 -0.01 -1.6 LifeMod 26.90 -0.34 -0.9 STIGradeInst 10.49 ... -0.8
IntlVal 19.95 -0.43 -2.6
IncoA p 22.55 -0.32 -2.8
IntSmCo 21.08 -0.35 -0.9
ExtMktIdxPrem r 62.52 -1.46 0.8 FPA Funds TotRetBdI 10.41 +0.03 -1.8 IntlValEq 14.76 -0.29 -2.4 InfProAd 25.17 +0.06 -1.4 PrmcpCor 26.99 -0.75 0.3 TotBdInst 10.48 +0.02 -1.9
N PerA p 44.29 -1.06 2.6 IntSmVa 22.36 -0.40 -2.7 IntlIdxPrem r 42.25 -0.82 -2.2 FPACres 34.49 -0.50 -0.6 TRBdPlan 9.80 +0.03 -1.8 MCapGro 90.80 -1.99 4.3 IntlGrAdml 98.80 -2.90 3.4 SelValu r 30.00 -0.74 -4.1 TotBdInst2 10.44 +0.02 -2.0
NEcoA p 47.37 -1.43 6.1 US CoreEq1 22.69 -0.59 -0.4 SAIUSLgCpIndxFd 14.19 -0.36 -0.6 FrankTemp/Frank Adv MFS Funds Class I MCapVal 30.00 -0.53 -1.3 ITBondAdml 11.02 +0.03 -2.4 STAR 26.69 -0.42 -0.4 TotBdInstPl 10.48 +0.02 -1.9
NwWrldA 67.61 -1.44 1.0 US CoreEq2 21.37 -0.56 -0.9 TMktIdxF r 76.05 -1.93 -0.4 IncomeAdv 2.26 -0.02 -3.0 ValueI 39.38 -1.10 -3.5 N Horiz 56.18 -1.21 6.9 ITIGradeAdml 9.46 +0.01 -2.3 STIGrade 10.49 ... -0.8 TotIntBdIdxInst 32.71 +0.09 0.6
SmCpA p 56.75 -1.09 1.7 US Small 35.62 -0.89 -0.9 TMktIdxPrem 76.04 -1.93 -0.4 FrankTemp/Franklin A MFS Funds Instl N Inc 9.25 +0.01 -1.9 LTGradeAdml 9.96 +0.02 -5.6 TgtRe2015 15.20 -0.13 -0.8 TotIntlInstIdx r 120.45 -2.28 -1.3
TxExA p 12.79 +0.02 -1.3 US SmCpVal 37.29 -0.98 -1.7 USBdIdxInstPrem 11.29 +0.02 -2.0 CA TF A p 7.29 +0.02 -1.8 IntlEq 24.84 -0.46 -2.4 OverS SF r 11.20 -0.22 -1.0 MidCpAdml 191.11 -4.60 0.1 TgtRe2020 31.11 -0.36 -0.9 TotItlInstPlId r 120.48 -2.28 -1.3
WshA p 44.52 -1.13 -2.1 US TgdVal 24.45 -0.66 -1.8 Fidelity Advisor I IncomeA p 2.28 -0.02 -3.0 Mutual Series R2020 22.46 -0.28 -0.4 MuHYAdml 11.20 +0.02 -1.3 TgtRe2025 18.33 -0.25 -0.9 TotStInst 66.17 -1.69 -0.4
Baird Funds USLgVa 38.21 -1.04 -2.3 NwInsghtI 32.40 -0.84 3.3 RisDv A p 59.23 -1.71 -3.2 GlbDiscA 30.94 -0.62 -2.7 R2025 17.55 -0.26 -0.2 MuIntAdml 13.87 +0.02 -1.2 TgtRe2030 33.34 -0.52 -0.9 ValueInst 40.05 -1.01 -2.7
AggBdInst 10.61 +0.03 -2.0 Dodge & Cox Fidelity Freedom FrankTemp/Franklin C Oakmark Funds Invest R2030 25.90 -0.43 -0.1 MuLTAdml 11.39 +0.02 -1.6 TgtRe2035 20.51 -0.36 -0.9 Western Asset
CorBdInst 10.96 +0.03 -1.9 Balanced 105.48 -1.77 -1.4 FF2020 16.48 -0.20 -0.5 Income C t 2.31 -0.02 -3.1 EqtyInc r NA ... NA R2035 18.98 -0.34 0.1 MuLtdAdml 10.83 +0.01 -0.2 TgtRe2040 35.48 -0.69 -0.8 CorePlusBdI NA ... NA
B10 | Friday, March 23, 2018 * *** THE WALL STREET JOURNAL.
BANKING & FINANCE
Wager on Neighbor
Proves Lucrative
BY BRIAN BLACKSTONE
comment on his investments.
ZURICH—The biggest win- Mr. Siegert, 70 years old,
ner of one of the past year’s isn’t a household name even in
best stock bets is a German in- Germany, where he runs his
vestor who bought into Swit- family business, de Haen-
zerland’s central bank. Carstanjen & Söhne. It was
Düsseldorf, Germany-based originally set up as a trading
businessman Theo Siegert’s business 200 years ago, deal-
stake in the Swiss National ing with goods for drugstores,
Bank soared in value over the among other things. Today, it
past year as the central bank’s is a family office, managing in-
stock price gained more than vestments. He sits on the
250%. boards of several large Ger-
The SNB is a rarity among man companies, including
QILAI SHEN/BLOOMBERG NEWS
central banks—Japan and Bel- E.ON SE, Henkel AG and

gium are others—in that it has Merck KGaA, according to his
listed shares. The SNB’s shares company’s website.
have more than tripled since Still, the root of the gains
the start of last year, even for Mr. Siegert and the SNB’s
though analysts struggle to other 2,191 private investors is
explain why. On Thursday, the a bit of a mystery. The SNB
shares closed at 5,800 Swiss isn’t like other stocks and pays
Naspers’s share of Tencent will be 31.2% after the sale. QR codes are displayed at Tencent’s WeChat conference in January. francs ($6,107.98), flat for the
day. Only one stock on the
Naspers Reduces Stake in Tencent

Stoxx Europe 600 index gained
BY STEVEN RUSSOLILLO
by more: Belgian drugmaker
Ablynx NV surged after being
bought out by French rival
Sanofi SA in January.
250%
Rise in Swiss National Bank’s
AND ALEXANDRA WEXLER Investor Is Africa’s National Party, which came to “You never lose with Koos” Mr. Siegert was the SNB’s stock price over past year
power in 1948 and instituted became a popular saying in second-largest shareholder
One of the oldest and largest Most Valuable Firm the system of racial segrega- South African investment cir- last year, according to the
investors in Tencent Holdings tion known as apartheid. cles as the company’s fortunes SNB’s annual report released
Ltd. is selling close to $10 billion In the 1980s, the company soared, alongside those of Ten- Thursday, ceding the top spot a tiny dividend. It is governed
of shares in the Chinese internet A $34 million bet in 2001 began expanding beyond its cent. Mr. Bekker is the com- he held at the end of 2016 to under laws for both public and
giant, reducing one of the on China’s Tencent Holdings publishing roots. In 1991, a pany’s chairman. the Swiss canton of Berne. Mr. private institutions, and
world’s most lucrative tech bets Ltd. transformed Naspers Ltd. team lead by Koos Bekker— Recently, Naspers has taken Siegert reduced his stake by owned primarily by individual
at a time of turbulence for the into a media and internet jug- who served as chief executive on industry giants in other sec- 650 shares last year, leaving Swiss states, known as can-
.
sector. gernaut and one of the world’s from 1997 to 2014—and other tors. The company launched a him with 6,070 shares at year- tons, and cantonal banks. Pub-
ly
Naspers Ltd., a South African savviest—if little known—tech partners launched the mobile video-streaming service called end. Those 650 shares could lic-sector bodies own almost
media and internet firm, said investors. phone operator MTN Group ShowMax across Africa in 2015, have been valued at well over 80% of voting shares.
Thursday it will sell 190 million Founded in the wine capital Ltd., now Africa’s largest tele- just ahead of Netflix Inc.’s entry 2 million francs, depending on Shareholders have no say in
shares of Tencent, cutting its of South Africa—Stellenbosch— on com company. on the continent. when they were sold. the SNB’s monetary policy or
stake in the company to 31.2% in 1915, Naspers was originally After the end of apartheid, Naspers is also going toe- Even accounting for the how it manages its 790 billion
from 33.2%. The shares were De Nationale Pers Beperkt, or Mr. Bekker oversaw Naspers’s to-toe with Craigslist Inc. in the lower number of shares, Mr. franc war chest of foreign-cur-
priced at HK$405 each on Friday the National Press Ltd., which transformation to Africa’s biggest U.S. with mobile app Letgo. In Siegert’s stake doubled in rency stocks and bonds, built
morning in Hong Kong, a 7.8% produced a Dutch-language company, including the acquisi- 2016, the company opened a value last year, to nearly 24 up through years of interven-
us l,
discount to Tencent’s closing newspaper for the country’s Af- tion of the firm’s Tencent stake. venture-capital outfit in Silicon million francs, based on the tions to weaken the franc.
share price the previous day. rikaner population. The com- Naspers now has investments in Valley to be closer to the tech- year-end closing price. His On the plus side, the SNB is
al a
e
The sale represents a windfall pany and its publications be- about 50 brands that operate in innovation hub. 6,070 shares were valued at perceived as ultrasafe. It
for Naspers, which paid just $34 came propagandists for the more than 120 countries. —Alexandra Wexler 35.2 million francs on Thurs- prints its own currency—and
million for its Tencent stake in day, assuming he has held on the franc is among the world’s
ci on
2001—before it went public—a to them this year. strongest—which it uses to

position that is now valued at Tencent’s stock fella further time for global technology Asia, are routinely compared Mr. Siegert didn’t respond buy assets. When the SNB
roughly $175 billion. It hadn’t 8% shortly after Hong Kong’s stocks, which have been on a with the U.S.’s closely watched to requests for comment. He loses money, it can always
sold any of its Tencent stock be- market opened Friday as inves- tear for much of the past year. FAANG stocks—Facebook, Ama- has previously declined to print more.
fore and said it won’t sell any tors reassessed the company in Facebook shares have tum- zon.com Inc., Apple Inc., Netflix
er rs
more of its shares for at least light of the Naspers sale. bled this week after criticism Inc. and Alphabet Inc.-owned
three years. A Tencent representative said over its handling of user infor- Google. Swiss Bliss
Tencent, best known in China the company was aware of mation. The controversy has A survey this week by Bank of German investor Theo Siegert is the Swiss National Bank's largest
for its WeChat messaging app Naspers’s intention to sell a stake prompted renewed calls for gov- America Merrill Lynch found private shareholder, and the value of his stake has soared along with
m e
and being the world’s largest vid- and said the company’s commit- ernments around the world to that the “long FAANG+BAT” the SNB's share price.
eogame publisher by revenue, ment to not sell any more shares better regulate giant technology trade—meaning investors who
has become one of the world’s for several years “indicates con- companies that have amassed have piled into these technology Stake in the Swiss National Swiss National Bank's weekly
m rp
most valuable technology com- fidence in our long-term growth large volumes of user data. The giants—was the most crowded Bank owned by Mr. Siegert share price
panies. Its shares have nearly and management.” tech-heavy Nasdaq Composite trade on Wall Street. 8,000 shares 6,000 Swiss francs
doubled over the past year, cata- Naspers, which has become has fallen in six of the past eight Nevertheless, Naspers will
pulting the company’s market Africa’s most valuable company trading days, and is down 5.6% still be a major shareholder in 6,000
capitalization to about $532 bil- in large part because of its Ten- from its record earlier this Tencent and several other tech 4,000
co Fo
lion, putting it ahead of Face- cent stake, said it would use the month. companies. The company,
book Inc. and Berkshire Hatha- proceeds from the share sale to The sale of Tencent shares founded in 1915, also holds 4,000
way Inc. invest in its classifieds, online could add more pressure to stakes in a host of other tech 2,000
Tencent’s shares fell 5% on food delivery and financial-tech- global tech stocks. Tencent, firms, including Mail.ru Group, a 2,000
Thursday in Hong Kong after the nology businesses, as well as to along with search giant Russian internet company that
company’s quarterly results, re- pursue other growth opportuni- Baidu.com Inc. and e-commerce runs two of the country’s three 0 0
ported a day earlier, showed ties. Naspers shares dropped titan Alibaba Group Holding Ltd., biggest social networks; Delivery 2008 ’10 ’12 ’14 ’16 2008 ’10 ’12 ’14 ’16 ’18
slowing revenue growth from 4.6% on Thursday in South Africa make up the three so-called BAT Hero, a food-delivery company 100 Swiss francs = $105.34
mobile and PC games, one of its trading. stocks that, because of their size, based in Germany; and Flipkart, Sources: Swiss National Bank (stake);
main profit drivers. The sale comes at a sensitive clout and market dominance in India’s biggest e-commerce site. WSJ Market Data Group (share price) THE WALL STREET JOURNAL.
Uber Gets $1.5 Billion WYNN in the late 1980s and 1990s,
only to lose them in a sale to
misconduct against employees.
His position as a major
share by late January before
plunging after the Jan. 26 arti-
n-
Kirk Kerkorian’s MGM Grand shareholder in Wynn Resorts cle in the Journal and hover-
In Leveraged-Loan Deal Continued from page B1

nificant outside investment,”
Inc. in 2000, he returned in
2005 with the opulent Wynn
Las Vegas resort on the Strip.
had left him and the company
subject to additional scrutiny
by regulators in Nevada and
ing around the low $160s for
much of February.
The shares regained ground
no
BY SAM GOLDFARB centage points above the he wrote. Casino industry ex- The company later went on Massachusetts, who are inves- in March following the com-
AND MATT WIRZ benchmark London interbank ecutives and analysts have dis- to build two resorts in Macau tigating the claims. pany’s efforts to distance itself
offered rate, down from an ini- cussed growing concerns and is building a $2.4 billion Mr. Wynn has said it was from Mr. Wynn and to resolve
Uber Technologies Inc. tial proposal of 4.25 to 4.5 per- about whether the Macau gov- casino in the Boston area. “preposterous” that he would outstanding litigation. In
raised $1.5 billion from its sec- centage points. ernment will renew licenses All that remains of Mr. Wynn assault a woman; he hasn’t re- 2002, underwriters priced
ond-ever high-yield loan issu- Uber raised $1.15 billion for the territory’s six licensees at the casino empire—aside sponded to other allegations. A Wynn Resorts’ initial public
ance, highlighting the strength through its first leveraged loan when they begin expiring in from the fact that he is allowed lawyer for Mr. Wynn didn’t im- offering at $13 a share. The
of the leveraged-loan market, in July 2016. 2020. They have said that U.S. to reside in a villa at the Las mediately provide comment stock price peaked at just over
which has benefited from rising Leveraged loans are a pri- operators such as Wynn are Vegas casino through May—is Thursday beyond an earlier $247 in March 2014.
interest rates while other risk- vate variant of junk bonds. more at risk than Chinese op- his signature splashed as a logo statement he had issued saying Over the past month, the
ier assets have wobbled. Banks typically make the loans erators such as Galaxy. atop its casino resorts. that Mr. Wynn would decline company and Mr. Wynn had
Uber completed the loan to companies with below-in- Mr. Wynn founded Wynn Mr. Wynn resigned last to cooperate with the Journal worked to remove several
deal the same week one of its vestment-grade credit ratings Resorts in 2002 along with month as chairman and chief because he doesn’t believe the roadblocks that prevented him
self-driving cars struck and and sell them to professional Ms. Wynn, and Japanese pa- executive of Wynn Resorts fol- newspaper will treat him fairly. from being able to sell his
killed a pedestrian in Arizona, investors such as mutual funds, chinko magnate Kazuo Okada. lowing a January article in Mr. Wynn sold his shares in stock. A shareholder agree-
causing the ride-sharing com- hedge funds and insurance Having built a series of mega- The Wall Street Journal that the middle of their recent ment dating to 2010 had pre-
pany to pull such cars from the companies. Issuers of the loans resorts including the Mirage, detailed allegations of a de- trading range. Wynn Resorts vented Mr. Wynn, Ms. Wynn
road in the four cities where it don’t need to publicly report fi- Treasure Island and Bellagio cadeslong pattern of his sexual stock had risen to over $200 a and a former business partner,
has been testing them. nancial information because the Universal Entertainment Corp.,
Uber also continues to lose debt is sold privately to inves- from selling without the per-
money, a characteristic that tors who are thought to be mission of the other parties.
would typically reduce the ap- more sophisticated. Wynn Resorts earlier this
peal of its debt to creditors, An attractive feature of lev- month agreed to pay $2.6 bil-
who generally care more about eraged loans is that they typi- lion to settle litigation with
companies’ near-term abilities cally are secured by corporate Universal, which then agreed
to generate cash and meet their assets, giving creditors higher to drop its rights in the share-
loan obligations than their recoveries in a default than holder agreement. Last week,
growth prospects. owners of unsecured bonds. Mr. Wynn and Ms. Wynn
Not including certain items Their coupons also rise and fall agreed in a Nevada state court
like interest, taxes, depreciation with benchmark interest rates, to dissolve their part of the
and amortization, Uber’s loss making them especially popular shareholder agreement.
was $775 million in the fourth when rates are rising. Another complication re-
quarter, compared with $1.02 Underscoring the appeal of solved Tuesday involved an
billion in last year’s third quar- the asset class in the current agreement with the company’s
ter. Uber also reported net rev- environment, mutual funds that bondholders. Under the previ-
enue increased 12% to $2.26 bil- specialize in leveraged loans ous terms of one set of notes,
lion from three months earlier, have recorded net inflows of the company could have been
but it continues to operate at a $2.3 billion through the past 10 forced to offer to buy back all
loss as it invests in growth ini- weeks ended March 14, accord- of the bonds issued by its Wynn
tiatives like expansion overseas ing to data service Thomson Las Vegas subsidiary if any in-
and driverless car technology. Reuters Lipper. High-yield bond vestor were to gain a larger
Despite its unconventional mutual funds and exchange- share in the company than Mr.
CHARLES KRUPA/AP
profile, Uber met with strong traded funds have experienced and Ms. Wynn combined.
demand from investors, allow- outflows of $13.9 billion over The company on Tuesday
ing it to increase the size of the the same period. said it had reached a deal with
deal from its initial proposal of —Ben Eisen bondholders to rewrite that
$1.25 billion. It also cut the and Greg Bensinger provision in exchange for $25
loan’s interest rate to 4 per- contributed to this article. Steve Wynn and the company worked to remove roadblocks preventing him from selling his stock. million.
THE WALL STREET JOURNAL. * * Friday, March 23, 2018 | B11
MARKETS
Treasurys
Rally on
Dropbox IPO Tops Expectations
BY MAUREEN FARRELL heavily oversubscribed, valued tech startups still wait- Dropbox won’t surpass the $10 into the consumer-storage
Back of Dropbox Inc. priced its ini-

tial public offering above the
meaning investors only re-
ceived a portion of the
shares they requested, ac-
ing on the sidelines to list.
As one of the few compa-
nies valued at $1 billion or
billion valuation that private
investors gave it in 2014, even
as major indexes have risen
space. Dropbox also has begun
offering storage for busi-
nesses.
Trade Fear already increased price range

it gave investors earlier this
week, a sign of the strong de-
cording to people familiar
with the deal.
That dynamic should set
more to test the public mar-
kets in recent years, Dropbox
is expected to be a barome-
sharply.
Investors from top venture-
capital firms such as Sequoia
The 11-year-old company
has never turned a yearly
profit, which isn’t uncommon
BY DANIEL KRUGER mand for the stock. Dropbox up for a solid inter for others, and a solid de- Capital and Accel Partners as for tech startups seeking to go
The offering priced at $21, crease in its share price on the well as mutual funds including public. For last year it re-
U.S. government bonds ral- topping the boosted range of first day of trading Friday on Fidelity Investments and T. ported a net loss of $111.7 mil-
lied Thursday amid investor $18 to $20 the data-storage Nasdaq under the symbol Rowe Price have collectively lion on $1.11 billion of revenue.
concerns about trade tensions and collaboration company “DBX,” but a volatile market
Strong demand for pumped more than $600 mil- While Dropbox’s losses have
with China and a Federal Re- had given earlier this week. backdrop could cast a shadow Dropbox shares bodes lion into Dropbox, viewing the been shrinking, its revenue
serve statement perceived as Initially, the company had set on Dropbox’s debut. U.S. company as having enormous growth has also slowed. It now
more dovish a range of $16 to $18 for the stocks declined sharply Thurs-
well for other richly potential to dominate the con- has more than 500 million reg-
CREDIT than expected. shares when it kicked off its day, with the Dow Jones In- valued tech startups. sumer business of file storage. istered users, most of whom
MARKETS The yield on meetings with investors last dustrial Average falling more Dropbox, which lets users use its free, basic service with
the benchmark week. than 700 points, on investors’ store, share and collaborate on limited storage. It has roughly
10-year Treasury With IPOs of large tech concern over the prospects of documents, photos and other 11 million paying users.
note fell to 2.832% from companies in short supply, in- a trade war. but could entice more of files online, is among the old- Despite a pushback against
2.901% Wednesday, notching vestors said they are eager to Dropbox’s IPO would raise them to enter the public est of the billion-dollar start- dual-class shares from index
its biggest one-day fall in own shares of a firm that has $756 million, in addition to markets. Most of the startups. The company was funds and the SEC in recent
more than six months. Yields already generated $1 billion in $100 million Salesforce.com ups with the highest valua- founded in 2007 by Drew months, Dropbox will have a
fall as bond prices rise. revenue as of last year and has Inc. invested in the company tions have put off IPOs as Houston and Arash Ferdowsi. dual-class structure that gives
Stocks and bond yields fell high growth potential. through a private placement they still have access to am- Over the past few years, the founders and some inves-
after the Trump administra- At that price, Dropbox ahead of the listing. ple amounts of private capi- Dropbox has faced intense tors 10 votes a share, com-
tion announced anti-China tar- would achieve a valuation of Strong demand for Drop- tal from big investors. competition from tech giants pared with one vote a share
iffs that could affect $50 bil- roughly $9.2 billion on a fully box’s shares could also bode Still, even with a valuation like Alphabet Inc.’s Google and for investors buying shares in
lion of imports. The White diluted basis. The deal was well for the long line of richly of $9.2 billion at its IPO price, Apple Inc., which have pushed the public markets.
House also said the U.S. will
bring a case to the World
Hong Kong to Ease Rules for Biotech Firms

Trade Organization arguing
that China is favoring domes-
tic companies on licensing.
“Tariffs and trade friction”
led investors to buy bonds on BY PREETIKA RANA
fears that they will lead to AND JULIE STEINBERG
slower economic growth, said
Aaron Kohli, an interest-rate Hong Kong’s stock exchange
strategist at BMO Capital Mar- is gearing up to allow biotech-
kets. “It’s a drag on the stock nology companies to sell
market.” shares before generating any
.
The anxiety over trade is- revenue—and companies are
ly
sues followed a Fed meeting preparing to rush in.
where policy makers showed a Dozens of early-stage drug-
reluctance to pencil in an ad- makers and other biotech
ditional increase in interest firms are planning to list in on
rates in 2018, which bond in- Hong Kong over the next two
vestors saw as a dovish signal. years, say executives, bankers
Fed officials on Wednesday and investors, as the exchange
increased their benchmark pushes through its biggest
us l,
federal-funds rate to a range regulatory overhaul in de-

between 1.5% and 1.75% and cades.
al a
e
maintained a median forecast U.S. companies looking to
for three rate increases for go public include Moderna
this year. Nevertheless, seven Therapeutics Inc., a Cam-
ci on
of 15 participants now expect bridge, Mass.-based startup

at least four rate increases that is considering a dual list-
this year, an increase from ing on Nasdaq and Hong Kong
ADAM GLANZMAN/BLOOMBERG NEWS

four of 16 at the December as early as next year, accord-
meeting. ing to a person familiar with
er rs
Analysts said the consensus the company’s plans.

holding at three increases ap- Moderna earlier this year
peared dovish, potentially sup- raised $500 million in a pri-
porting higher bond prices. vate financing round that val-
m e
ued it at close to $7 billion.

AUCTION RESULTS The seven-year-old company is
testing vaccines and experi-
m rp
Here are the results of Thursday's Treasury auction.

All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference mental drugs designed to in-
between that price and the face value. struct the body’s cells to pro- Moderna Therapeutics is looking at a dual listing on Nasdaq and in Hong Kong. Inside one of its labs in Cambridge, Mass.
NINE-YEAR, 10-MONTH TIPS duce proteins that could
Applications $28,118,982,700
Accepted bids $11,000,002,700
prevent and treat a host of exchange after Nasdaq to do Charles Li, the exchange’s mans over three phases.
" noncompetitively $16,102,700 diseases. so. chief executive, acknowledged Hundreds of industry exec- Booming Biotech
co Fo
Auction price (rate) 97.935177

(0.764%)
Grail Inc., a Menlo Park, The looser requirements the potential pitfalls in an in- utives, investors and bankers U.S. biotech stocks have
Interest rate 0.500% Calif., company whose backers would give early-stage biotech terview this week. from the U.S., China and other outperformed the broader
Bids at clearing yield accepted 94.40%
Cusip number 9128283R9
include Bill Gates and Alpha- firms another option to raise “The last thing we want to countries gathered Thursday market by a wide margin.
The Treasury inflation-protected securities, dated bet Inc.’s venture-capital arm, funds to help pay for costly do is open up a new sector in Hong Kong at a biotech
Nasdaq Biotech S&P 500
March 29, 2018, mature on Jan. 15, 2028. is also planning a Hong Kong drug trials and research, and and have a big bust,” he said. event organized by the ex-
listing, according to a person allow them to tap into a wider “Do I lose sleep? Yes, I do.” change, with many others tun- 400%
familiar with the matter. pool of investors—including Still, he said he wants in- ing in via a live stream.
Treasury Auctions Grail, which hopes to de- those from China. vestors and companies to be David Lau, head of global 300
velop blood tests for early- To be sure, there are signif- in a position to reap potential investment banking for Hong
The U.S. Treasury Department stage cancer detection, last icant risks for investors. outsize returns. Since 2010, Kong at JPMorgan Chase & 200
will auction $229 billion in securi- year merged with a Hong Buying into pre-revenue the Nasdaq Biotech Index has Co., said his bank has fielded
ties next week, comprising $163 Kong-based startup that biotech companies can be a returned 312%, compared with inquiries from biotechs in
billion in new debt and $66 billion claims to have developed such boom-or-bust proposition: For 143% for the broader S&P 500, mainland China, South Korea, 100
in previously sold debt. Details a test to detect a rare head every company that turns out excluding dividends. Taiwan and the U.S. about list-
n-
(all with minimum denominations and neck cancer. to be a success, there are Mr. Li said the Hong Kong ing in the city. Bankers expect 0
of $100): Hong Kong Exchanges & many that end up failing. One listings won’t be a free-for-all. offering sizes to span a few
Monday: $51 billion in 13- Clearing Ltd. is expected to concern is that Hong Kong is Pre-revenue biotech compa- hundred million dollars on av-
–100
week bills, a reopening of an is- complete rules by late April inviting new listings in a mar- nies need to have successfully erage.
no
sue first sold on Dec. 28, 2017, that will allow biotech compa- ket that has relatively few in- completed a phase-1 drug trial Hong Kong’s opening up is 2010
maturing June 28, 2018. Cusip nies that have yet to generate stitutional investors and bro- to list, among other require- also drawing companies that Source: Thomson Reuters
number: 912796PM5. any revenue or profit to list in kerages specializing in biotech ments being discussed. Drug have been listed in other mar- THE WALL STREET JOURNAL.
Also, $45 billion in 26-week the city, making it the second stocks. candidates are tested on hu- kets.
bills, dated March 29, 2018, ma-
turing Sept. 27, 2018. Cusip
Oil Slips From 7-Week High ‘Fear Gauge’ Needle

number: 912796QA0.
Also, $30 billion in two-year
notes, dated April 2, 2018, ma-
turing March 31, 2020. Cusip
number: 9128284C1.
Noncompetitive tenders for
the bills must be received by 11
BY ALISON SIDER
AND SARAH MCFARLANE Pushes Into the Red
a.m. EDT Monday and competi- Oil prices had their worst BY ASJYLYN LODER ket reversal.
tive tenders, by 11:30 a.m. For day in two weeks, retreating U.S. stocks fell sharply on
the notes, the deadlines are from a seven-week high as the Wall Street’s “fear gauge” Thursday. The Dow Jones In-
noon and 1 p.m. EDT Monday. White House announced new has hit a record-breaking bout dustrial Average dropped
Tuesday: $24 billion in 52- tariffs aimed at China, raising of turbulence. 2.9%, and the S&P 500 de-
week bills, dated March 29, fears that The Cboe Volatility Index, a clined 2.5%, amid fresh wor-
2018, maturing March 28, 2019. COMMODITIES c u r t a i l e d measure that investors use to ries over whether plans for
Cusip number: 912796PX1. trade could track the speed and severity of tariffs would fan the threat of
Also, $35 billion in five-year c r i m p market moves, climbed 31% a trade war. The resurgence in
notes, dated April 2, 2018, ma- global economic growth. Thursday as U.S. stocks fell for volatility comes amid concerns
turing March 31, 2023. Cusip U.S. crude prices for May a second consecutive day. among investors that the nine-
number: 9128284D9. delivery fell 87 cents, or 1.3%, Stock-market reversals have year bull market may be losing
Noncompetitive tenders for to $64.30 a barrel on the New made 2018 one of the most tu- its momentum.
MATTHEW BUSCH/BLOOMBERG
the bills must be received by 11 York Mercantile Exchange on multuous on record for the “There’s more risk premium
a.m. EDT Tuesday and competi- Thursday. volatility index, better known being priced into stocks right
tive tenders, by 11:30 a.m. For Brent, the global bench- as the VIX. now,” said Pravit Chintawong-
the notes, the deadlines are mark, dropped 56 cents, or The gauge has surged by vanich, head of derivatives
noon and 1 p.m. EDT Tuesday. 0.8%, to $68.91 a barrel on ICE more than 20% six times this strategy at broker-dealer
Wednesday: $15 billion in Futures Europe. year, sending the Cboe VIX of Macro Risk Advisors. “People
one-year, 10-month 0% floating- Oil has often come under VIX index, which measures think stocks are riskier than
rate notes, a reopening of an is- the sway of broader financial moves of the VIX itself, to a they were before. Why that
sue first sold on Jan. 31, 2018, markets in recent weeks, and Worries about a possible trade war pressured crude oil. record during the quarter. is—it could be tariffs, they
maturing Jan. 31, 2020. Cusip escalating trade tensions with The VIX of VIX has aver- could have woken up on the
number: 9128283T5. China weighed on stock and omy has triggered a little soft- more than 5% Tuesday and aged 113.73 this year, the high- wrong side of the bed—who
Also, $29 billion in seven-year oil prices Thursday. President ening,” said Gene McGillian, Wednesday, testing recent est quarterly average in Cboe knows?”
notes, dated April 2, 2018, ma- Donald Trump said Thursday research manager at Tradition highs amid concerns about data going back to 2007. Last month’s sudden mar-
turing March 31, 2025. Cusip that the U.S. is planning to Energy. U.S. relations with major oil The VIX uses options on the ket downturn shattered a pro-
number: 9128284F4. levy tariffs on about $60 bil- Meanwhile, the U.S. dollar producers Venezuela and Iran. S&P 500 index to measure longed period of quiet during
Noncompetitive tenders for lion of imports from China and strengthened slightly, some- “It’s a good area to back off. traders’ expectations for which the VIX remained sub-
the FRNs must be received by to impose restrictions on the thing that often makes com- The question now is how much short-term market moves. It dued. But when stocks plunged
11 a.m. EDT Wednesday and country’s technology transfers modities that are priced in does it give back before find- typically rises when stocks on Feb. 5, the VIX more than
competitive tenders by 11:30 and acquisitions. dollars more expensive for ing its legs again,” said Ric fall, which is why traders buy doubled. Three days later, as
a.m. For the notes, the deadlines “Concerns about these tar- buyers using foreign curren- Navy, senior vice president for volatility futures, options and stocks plummeted again, the
are noon and 1 p.m. EDT on iffs and what it’s going to do cies. energy futures at R.J. O’Brien exchange-traded funds as in- VIX of VIX hit a record of
Wednesday. to trade and the global econ- Crude prices had increased & Associates. surance against a sudden mar- 180.61, according to Cboe data.
B12 | Friday, March 23, 2018 * * THE WALL STREET JOURNAL.
MARKETS
Air Is Coming Out of Inflation Wagers
BY DANIEL KRUGER 2.25% while signaling it could raise
short-term interest rates at a
Measures of investors’ bets 2.20 Gauges of investors' expectations slightly more aggressive pace
on a pickup in inflation are
2.15
for inflation in coming years have U.S. five-year, in coming years to keep the
falling from recent highs, a retreated from recent highs. five-year strengthening economy on an
sign that many believe tax cuts 2.10 forward inflation even keel. And compared with
and increased government break-even rate December, more officials think
spending aren’t likely to jolt 2.05 they will need to raise interest
the U.S. economy from its tepid U.S. 10-year rates at least four times this
postcrisis expansion for long. 2.00 break-even year if the economy performs
The 10-year break-even rate, inflation rate in line with their expectations.
which tracks investors’ expec- 1.95 While inflation expectations
tations for average annual in- appear stalled, investors sub-
flation over the next 10 years, 1.90 mitted an above-average
settled Thursday at 2.10%, ac- amount of bids at the govern-
cording to Thomson Reuters, 1.85 ment’s $11 billion auction of
after hitting 2.16% last Treasury inflation-protected se-
1.80
month—its highest level in curities, a sign that demand per-
more than three years. A mea- sists among some investors for
1.75
sure of inflation expectations a hedge against higher prices.
for the five-year period begin- 1.70 The price index for per-
ning in 2023 closed Thursday sonal-consumption expendi-
at 2.10%, down from a recent 1.65 tures, the Fed’s preferred infla-
peak of 2.25% in February. tion measure, advanced 0.4%
The moderation of those April 2017 June Aug. Oct. Dec. Feb. ’18 in January from a month ear-
wagers marks a significant re- lier and 1.7% from a year ear-
versal from earlier in the year, Still, Treasury yields and oil prices have risen recently and the Fed has raised rates. lier. The annual gain was the
when signs of accelerating in- same as recorded in December
10-year Treasury yield Front-month crude oil Federal-funds target rate
flation upended financial mar- and November. The index has
kets, spurring sharp selling in 3.0% $65 a barrel 2.00% Wednesday undershot the Fed’s 2% target
stocks and helping send Trea- Fed raises rates to for annual inflation in 67 of
sury yields to multiyear highs. 1.75 a range between the past 69 months.
1.5% and 1.75%
In one sign that expecta- 2.8 60 At the same time, tighter fi-
tions have shifted, the climb in 1.50 nancial conditions and rising
Treasury yields has stalled, market volatility have “in-
with the yield on the bench- 1.25 creased the probability of a
2.6 55
mark 10-year Treasury note policy error” as the Fed con-
still below 3%—a level it last 1.00 tinues to raise rates, said Dan-
reached at the end of 2013. In- 2.4 50 iela Mardarovici, who helps
flation poses a threat to the 0.75 manage the BMO TCH Core
.
value of government bonds be- Plus Bond Fund. Such mistakes
ly
cause it erodes the purchasing 0.50 could slow growth or tip the
2.2 45
power of their fixed payments. U.S. into recession.
The day after the Federal 0.25 Some analysts said inflation
Reserve raised interest rates on remains hindered by structural
2.0 40 0
Wednesday, noting average an- forces, such as improving tech-
nual inflation is expected to March 2017 July Oct. Jan. ’18 March 2017 July Oct. Jan. ’18 March 2017 July Oct. Jan ’18 nology, an aging population
“move up in coming months,” Sources: Thomson Reuters (inflation rates); Ryan ALM (Treasury yield); SIX Financial (oil); FactSet (Fed target rate) THE WALL STREET JOURNAL. and the possibility of a decline
the 10-year yield had its big- in immigration, which could
us l,
gest drop in more than six 2018, nine years into one of Yet recent data have sug- earlier in the year—was re- Freund said. He noted a rise in reduce the available workforce.
months, settling at 2.832%, the longest expansions on re- gested inflationary pressures vised downward. personal savings in January That means investors would
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compared with its 2018 high of cord, was rooted in the recent are still relatively muted— Many investors and econo- suggested consumers earning need to see higher wages,
2.943% reached Feb. 21. $1.5 trillion tax cut. Investors something that could help cap mists had speculated that ris- incomes near the national me- stronger demand or higher
“Inflation pressures have anticipated that overhaul a rise in bond yields for now. A ing worker pay would lead to dian may have felt the need to commodity prices, such as for
ci on
been more expected than real- would spur business invest- gauge of consumer prices rose an increase in consumer improve their personal balance oil, to bet on a further climb.
ized,” said Matt Freund, co- ment and lead companies to less than expected in February, spending and higher prices, the sheets after overspending. “The market has fully dis-
chief investment officer and raise pay for their employees. while wage growth slowed kind of inflation widely re- The Fed noted Wednesday counted all of the imminent
head of fixed-income strate- A $300 billion, two-year fed- from the previous month and garded as healthy. Yet consum- that economic data on spend- upticks to inflation,” said
gies at Calamos Investments. eral funding increase also the annual wage gain in Janu- ers may already have acceler- ing and business investment Gemma Wright-Casparius, who
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Much of the belief that in- boosted expectations for ary—one element behind the ated spending in anticipation have moderated from strong manages the Vanguard Infla-
flation might accelerate in growth and rising prices. selling in stocks and bonds of tax cuts or higher wages, Mr. readings at the end of last year, tion-Protected Securities Fund.
HEARD ON THE STREET

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Email: heard@wsj.com FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
U.S. Leverage on China Weakens

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OVERHEARD Hurdles Get

So, it turns out winning electronics and electrical Women around the world
Ever Higher
Factory Floor
trade wars isn’t easy.
As President Donald
Trump unveiled wide-rang-
Chinese workers employed, percent of total
equipment, much of which
are produced by American
firms in China like Apple.
earn less than their male
peers and that extends to
perhaps the most promising
For Micron
ing tariffs on Chinese im- 50% Big tariffs would immedi- career field, technology. Euro- Sometimes there really is
ports Thursday, China is Services ately hit U.S. companies’ bot- pean tech-career platform nowhere to go but down.
readying its own counter- 40 Industry tom lines or push up the Honeypot surveyed 41 coun- Things have been going
measures, including poten- price of popular U.S. con- tries and found a persistent very well at Micron Technol-
tial levies on big-ticket U.S. 30
sumer electronics, or both. gap, but also major differ- ogy for a while now. Strong
farm exports like soybeans, Top Chinese tech brands ences. demand and pricing for mem-
n-
hogs and cereal crop sor- like Huawei Technologies, The largest wage shortfall ory chips have driven the chip
ghum. Not coincidentally, 20 meanwhile, are already was found in tech juggernaut maker’s sales and earnings to
those are all items produced Electrical machinery largely excluded from U.S. South Korea, where 3.7% of record levels. Fiscal second-
mainly by Farm Belt states 10 and electronics markets, a key difference people overall work in tech quarter results reported late
no
that overwhelmingly voted Textiles with the last trade war with but women earn 41% less Thursday were no exception.
for Mr. Trump in 2016. Japan in the 1980s. than their male counterparts. Revenue surged 58% year
0
But wait, China has a gar- Another target for Mr. The country surveyed with over year to $7.4 billion, beat-
gantuan trade surplus with 1998 2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 Trump could be textiles and the smallest share of people ing Wall Street’s estimates,
the U.S., and millions of Chi- Source: CEIC THE WALL STREET JOURNAL. the like: Furniture, bedding, engaged in tech, Turkey, also while operating earnings
nese jobs depend on Ameri- apparel and footwear were had the smallest wage gap at surged to $3.6 billion, more
can exports. Surely the U.S. China has also become a nese sectors to go after isn’t close to 15% of Chinese ex- a bit over 8%. than triple the previous year’s
has the upper hand? large customer for U.S. farm straightforward either. ports to the U.S. last year. The differences are strik- result.
Actually, less than you products. Purchases have China’s leaders aren’t likely Even there, the shift away ing, but the best place for But great numbers from
might think. roughly tripled since the to be concerned with the from manufacturing is clear. women in tech actually may Micron were never likely to
China is still the factory middle part of the last de- overall impact of Mr. In 2008, close to 1% of the be a country that wasn’t the be great enough this time.
of the world, but that’s not cade, making it the second- Trump’s plans: a 25% tariff Chinese workforce was em- most equitable on any mea- The company’s stock price
all it is anymore. Ten years largest U.S. agricultural im- on $60 billion of exports to ployed in textiles, according sure: the U.S. has been running hot, up
ago, the number of Chinese porter, just a smidgen below the U.S. would knock Chinese to Chinese data. Now, it is Female tech workers in more than 40% just in the
workers employed in indus- Canada in 2017. Those prod- growth off only about 0.1% only half a percent. the U.S. earn nearly 12% less past two months on strong
try was still rising. Today, ucts tend to be produced in in 2018, according to Louis Mr. Trump seems intent than male peers but make by signs for memory demand
less than a third of the Chi- relatively poor, undiversified Kuijs at Oxford Economics. on punishing China’s trade far the most, nearly four this year. That easily beats
nese workforce is there, state economies, meaning What they would worry practices. He should be times as much as their coun- any of Micron’s semiconduc-
while services accounted for political pain would be swift about is an increase in un- aware he’s aiming at a mov- terparts in South Korea and tor peers. The shares tipped a
44% of jobs in 2016, up from if China pulls the trigger. employment. But the biggest ing target. about twice those in Turkey. high just above $61 this week,
31% in 2005. Figuring out which Chi- Chinese export to the U.S. is —Nathaniel Taplin putting them close to Wall
Street’s median price target.
Micron’s shares fell 3.8% fol-
The Treasury Market Looks to Be a Hostile Place to Hide lowing the report Thursday,
even after losing 3.5% during
the market’s brutal selloff in
For bond investors, a con- the bond is purchased. That gap between short- and ropean Central Bank’s nega- the regular session.
cept called “rolldown” is like Higher, Flatter offers protection for bond in- long-maturity bonds shrink- tive-rate policy, which it is Fears of a downturn in
a virtuous form of financial U.S. Treasury yields vestors in a rising-rate envi- ing in both yield and spread in no rush to change, is act- memory prices haunted Mi-
gravity, a force that gener- ronment, notes TwentyFour terms. A number of forces ing as an anchor for yields, cron late last year. The com-
ates returns without doing 3% Now Asset Management. are potentially at play here, reassuring bond investors. pany and others in the busi-
much work. A flattening The U.S. yield curve still as with the rise in London Coupled with the cost for ness have argued the sharp
yield curve, however, is 2 slopes upward, with 10-year interbank offered rates. foreign investors to hedge volatility of years past should
threatening the physics that One year ago Treasurys yielding 0.57 per- Higher U.S. Treasury bill dollar-denominated bonds, moderate due to rising de-
investors rely upon. centage point more than issuance is competing for in- U.S. bonds lose out despite mand from new markets such
The signals sent by the 1 two-year securities. But the vestors’ cash. And the pool of their higher yields. All of as data centers and autos.
Federal Reserve on Wednes- further out you go, the flat- funding for short-dated debt that may lead to tighter U.S. But Micron is entering the
day suggest the yield curve ter the curve gets. There is may also have shrunk due to financial conditions. second year of its strong
0
could flatten further: Its rate now only a 0.07 percentage- corporate cash repatriation, The absence of rolldown growth phase, and the com-
increases will raise short- 2 year 5 7 10 point gap between seven- Citigroup suggests. If dollars is just one factor in the in- parisons are becoming harder.
dated yields, but there is still Source: FactSet and 10-year Treasury yields, can be repatriated and spent, vestment equation. But piled The company projected reve-
skepticism that rates in the a gap that has more than they don’t need to be tied up on top of a Fed that looks nue growth of 29% to 37% for
long term will be materially curve. As a 10-year bond halved from a year ago. The in bond investments. set to carry on raising rates the fiscal third quarter, which
higher. over time becomes a nine- potential for rolldown gains By contrast, steeper and concerns about inflation, is ahead of Wall Street’s esti-
When the yield curve is year bond, all else being is small. curves in eurozone govern- it makes the U.S. bond mar- mates but pales in compari-
steep, investors benefit from equal, its yield falls and its A similar phenomenon is ment and corporate bond ket an unfriendly place for son with last year’s 92%.
the yield on a long-term price rises, producing a gain showing up in U.S. corporate markets may make them at- investors. Chips can’t run hot forever.
bond “rolling down” the above the initial yield when bond markets, too, with the tractive to investors. The Eu- —Richard Barley —Dan Gallagher
MANSION
‘Neither a wise man nor a brave
R.O. Blechman’s man lies down on the tracks of
success with history to wait for the train
shaky lines
M5 of the future to run over him.’
—Dwight D. Eisenhower
HOMES | MARKETS | PEOPLE | UPKEEP | VALUES | NEIGHBORHOODS | REDOS | SALES | FIXTURES | BROKERS
© 2018 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Friday, March 23, 2018 | M1
.
ly
on
JOE SCHMELZER FOR THE WALL STREET JOURNAL

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ci on
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RAIL PALACE John Paul DeJoria, founder of Patrón Spirits Co., has completed a $2 million renovation on his vintage 1927 railcar, the Patrón Tequila Express, done in what he describes as a maharajah’s
palace style. The train costs the billionaire about $10,000 a month for maintenance, insurance, storage and crew.
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How the Rich Ride the Rails

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Train buffs travel cross-country in luxury private railcars hooked to Amtrak trains;
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vintage cars can top $800,000, and an interior restoration can cost millions.
says he and his 10-year-old son and 8-year-old pending on the condition.
BY NANCY KEATES
daughter prefer it to their family’s second home Renovating and restoring cars at the highest
in the Adirondacks because every day they wake end can cost more than $1 million. To travel,
WHEN JOHN WEBB takes his family to Califor- up somewhere different. owners pay Amtrak $2.90 per mile, plus addi-
nia, Washington and Oregon for vacation from “It touches places you can’t get to by road,” tional fees for services. Add the expenses of
his home in Dutchess County, N.Y., they don’t fly says Mr. Webb, head of an insurance brokerage crew and connection transportation, and a
or drive. They travel hooked to the back of an in Fishkill, N.Y. cross-country trip can cost tens of thousands of
n-
Amtrak train in a 1950s-era private railcar that There currently are about 150 private railcars dollars. Storing the cars costs about $600 to
Mr. Webb spent three years and nearly $1 mil- (also called “varnish”) in good enough shape to $1,000 a month.
lion restoring. be certified to run attached to Amtrak trains in Private rail travel evokes images of the Van-
Traveling across the country by private rail the U.S., according to the American Association derbilts and Woolworths sipping tea as they re-
no
takes a lot of planning, requiring connections to of Private Railroad Car Owners. Cost of the cars cline in plush leather armchairs, trundling
various trains and layovers. But Mr. Webb, 35, ranges from $25,000 to more than $800,000, de- Please turn to page M12
ONE BILLIONAIRE, FIVE HOMES:

MICHAEL DELL’S HABITATS
Based in Austin, Texas, the tech mogul has recently snapped up
super-deluxe condominiums in New York and Boston.
BY KATHERINE CLARKE
KNOWN FOR his lavish purchase, people familiar and a third retreat on the
spreads in his hometown of with the transaction said. Big Island of Hawaii’s Kohala
Austin, Texas, and on the Big Last year, he snapped up a coast.
Island of Hawaii, tech mogul penthouse seeking $40 mil- A college dropout, Mr.
Michael Dell has expanded lion at the Four Seasons Pri- Dell earned his fortune by
east, buying two super-de- vate Residences One Dalton starting Dell Technologies,
luxe high-rise homes in Bos- Street in Boston. which makes and sells per-
ton and in New York City in The purchases signifi- sonal computers and other
recent years. cantly add to Mr. Dell’s real- technology products. Most of
In 2014, Mr. Dell, 53, spent estate holdings, according to that fortune lies in his pri-
$100.47 million on a pent- a Wall Street Journal analy- vate-investment firm MSD
house on New York Billion- sis. Before these buys he Capital, which was set up to
aire’s Row, setting a record owned two homes around his manage his family’s fortune.
for the city’s priciest home hometown of Austin, Texas, Please turn to page M7
INSIDE
HOOP VILLAGE
DREAMS PEOPLE
L.A. home Country
with sports charm that’s
galore seeks still close to
$49.9 million London
M2 M6
M2 | Friday, March 23, 2018 THE WALL STREET JOURNAL.
ESTATE ON NEARLY -ACRES

MANSION
SURROUNDED BY “RED ROCKS OF SEDONA”
PRIVATE PROPERTIES | KATHERINE CLARKE
Palatial Estate Lists for $49.9 Million

LIVE
LIVE
ABSOLUTE
AUCTION
ON-SITE
Saturday, April at AM, MT

Badger Drive, Sedona, Arizona
(T-B) MATTHEW MOMBERGER; JIM BARTSCH; RICHARD CAPLAN

OPEN HOUSE EVERY WEEKEND from - PM
Private Appointments & Phone Bidding Available
Broker Cooperation

VIDEO TOUR & DETAILS
AT DECAROAU CTIONSCOM
A Los Angeles compound There are several large living

dating back to the late 1920s is rooms, offices, a dining room
In cooperation with Taylor Daml,
Long Realty The FOX Group
slated to hit the market for and a children’s play room.
$49.9 million. There are eight bedrooms and
The gated property totals 20 bathrooms, in total. Outside,
approximately 36,000 square there’s an in-ground swimming
feet, including more than pool, kitchen and dining area.
A TUSCAN PALACE WITH FEET OF WATERFRONT
.
20,000 square feet of indoor The property has been reno-
ly
entertainment space with a spa, vated several times was recently
an indoor pool, a game room, a redesigned by prominent English
LIVE
LIVE wine cellar, a bowling alley, a designer Gavin Brodin, Ms. Rey
ABSOLUTE
on cinema, a bar and a basketball said. Mr. Brodin also designed
AUCTION and a racquetball court. billionaire British heiress Petra
The house, built in 1927, is Ecclestone’s Holmby Hills
ON-SITE
ON-SITE located on tony St. Pierre Road manse.
us l,
in the affluent East Gate area “It really feels like your own
of Bel-Air, made up of storied personal resort,” Ms. Rey said.
estates that were largely built nian family with homes in Lon- Joyce Rey, one of the listing “It has everything.”
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e
before World War II. don and Los Angeles. A agents, but the price is not Ms. Rey, of Coldwell Banker
Property records show it is spokesman for the family de- available in public records. The Global Luxury, is co-listing the
ci on
owned by St. Pierre Holdings, a clined to comment. main house features a vaulted property with Aaron Kirman
limited-liability company linked The Mossanen family pur- entryway with a sweeping stair- and Marco Naggar of Pacific
to the Mossanen family, an Ira- chased it in 2008, according to case, according to the listing. Union International.
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JAPANESE BILLIONAIRE SELLS NYC APARTMENT FOR $25 MILLION

Japanese billionaire Katsumi and gold-leaf gilded doors and
Tada has sold his apartment at custom moldings and overhead
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Trump International Hotel & lighting.

Tower in New York for $25 mil- The great room has views
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Saturday, April at AM, ET lion, after almost two years on of Columbus Circle and the
Royal Plaza Drive, Fort Lauderdale, Florida the market, according to people south end of Central Park and
with knowledge of the deal. has parquet de Versailles wood
The sale represents a small floors that were saved and re-
OPEN HOUSE EVERY WEEKEND from - PM loss for Mr. Tada, a real-estate constructed from a French cha-
co Fo
Private Appointments & Phone Bidding Available developer who bought the teau, the listing shows.
Broker Cooperation property for $26.022 million in Mr. Tada heads Tokyo-based
2008, property records show. Daisho Development, a com-

He first listed it for $40 million pany that develops and owns
VIDEO TOUR & DETAILS
AT DECAROAU CTIONSCOM in May 2016 but reduced the office buildings in cities such
price several times, most re- as Sydney, Singapore and To-
cently to $27.5 million, accord- kyo, according to its website.
In cooperation with Sheryl Hodor, ing to listings website Street- Forbes magazine pegs his net
Coldwell Banker
Residential Real Estate, LLC Easy.com. showed the property was no The unit measures approxi- worth at $2.1 billion.
The listing agents, Howard longer available, and a spokes- mately 6,360 square feet, with
Property listed and offered for sale by Coldwell Banker Residential Real Estate, LLC. Listing agent Sheryl Hodor.
Daniel DeCaro Real Estate Auctions, Inc., is a licensed Florida Real Estate Broker (#AU3074) performing
Margolis, Marie Espinal and man for the firm confirmed six bedrooms and six bath- See more photos of notable
auction and auction-marketing services as part of this transaction. Coldwell Banker Residential Real Estate, LLC and Jeff Adler of Douglas Elliman, that it had closed. rooms, according to the listing. homes at WSJ.com/Mansion.
affiliate logos are registered (or unregistered) service marks used with permission. Neither Coldwell Banker
Residential Real Estate, LLC, nor any of their affiliated companies is providing any product or service in connection declined to comment on the Mr. Tada could not immedi- Features include a marble- Email: privateproperties@
n-
with this event other than as required by applicable law. Review the Terms and Conditions for further details
at DeCaroAuctions.com. sale, but Elliman’s website ately be reached for comment. floored foyer, black-lacquered wsj.com
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THE WALL STREET JOURNAL. NY Friday, March 23, 2018 | M2A
W H E R E E XC E L L E NC E L I V E S
CONCORD, MASSACHUSETTS CAMBRIDGE, MASSACHUSETTS GREENWICH, CONNECTICUT WESTPORT, CONNECTICUT REDDING, CONNECTICUT
Exquisite property on 14+ acres offering 18 rooms, Impeccably restored Victorian home with exquisite Amazing Granoff Architects/Silver Properties new The ultimate modern farmhouse, featuring resort- Gorgeous entertaining home, exquisitely detailed &
antique fireplaces, intricate millwork, high-end woodwork, stained glass, ornate fireplaces, chef’s construction home w/elegant custom marble & worthy entertaining spaces, walls of glass, collector designed w/gallery hall, 2 rec. rooms, 1st fl. master.
kitchen, 5 bedrooms, ponds, terraces, pool, tennis kitchen, 4 to 5 bedrooms, and upper cupula deck hardware, rift sawn oak paneling, elevator. 3.03 garage, geotherm, elevator, cottage & cabana. Private 19 acres w/ stunning pool, charming Koi
court, and cottage. $12,000,000 with panoramic views. Price Upon Request Mid country acres & pool. $9,975,000 73OldHillRoad.com $6,285,000 ponds, waterfall. $6,000,000
Brigitte Senkler & Peggy Dowcett, Broker Assoc & Sales Assoc Lili Banani, Sales Associate Tamar Lurie, Sales Associate Joni Usdan, Sales Associate Gail Zawacki, Sales Associate
B. 508.935.7496 | P. 978.302.3988 C. 617.407.0402 C. 203.536.6953 C. 203.216.7654 C. 203.856.9949
ENGLEWOOD, NEW JERSEY GREENWICH, CONNECTICUT SADDLE RIVER, NEW JERSEY GREENWICH, CONNECTICUT NORWALK, CONNECTICUT
This East Hill estate on nearly three acres includes New construction Georgian Col. w/gorgeous It’s the fine custom touches like a mahogany foyer, Shingle home radiates beauty. Custom light, 5 On quaint Bell Island is this magnificent, 5 bedroom/5
entry foyer with elevator, formal living room, grand custom millwork, 5 fireplaces. Wolf commercial stone fireplaces, indoor pool & spa, cedar closets, fireplaces, Savant Smart Home. 4 flrs of bath home with open floor plan & commanding
dining room, chef’s kitchen, deluxe master and kitchen, 6 en suite bedrooms. Control 4 comfort slate roof & more that welcome you home to this exceptional living space featuring 5 bdrms, 8 baths. views. Has Beach, dock & mooring rights. Walking
guest cottage. $5,995,000 systems. Serene 1.41 acres w/pool. $5,895,000 stunning mansion. $4,595,000 Less than 5 mins to Greenwich Ave! $4,250,000 distance to town. $3,999,000
Michele Kolsky-Assatly, Sales Associate Rose Russo, Sales Associate Michael Randy & Elizabeth T. Boggia, Sales Associates Diana Baxter Heidenreich, Sales Associate Isabelle Morrison, Associate Broker
C. 201.310.6136 | O. 201.461.5000 C. 203.803.7142 C. 201.218.5850 | O. 201.327.5050 C. 203.505.2545 C. 203.249.8989
.
NEWTON, MASSACHUSETTS RYE, NEW YORK WESTON, MASSACHUSETTS STAMFORD, CONNECTICUT GREENWICH, CONNECTICUT
ly
Sophisticated new Contemporary Colonial home European-inspired Flagler Mathews luxury estate Masterfully rebuilt home with formal rooms, stone Wraparound harbor/shoreline views. Sunny, Gated, long sweeping driveway to Classic Manor
with amazing craftsmanship, 12 rooms, gourmet on gated lawns w/beautiful pool/cabana. Palladian fireplaces, office, mudroom, chef’s kitchen with 2 re-imagined, beautifully decorated 5-bedroom House exuding unerring taste. Opulent custom
kitchen, 2 fireplaces, 5 bedroom suites, patio, great room; Magnificent rms open to verandas & islands, 5 BRs, recreation rooms & bluestone patio. waterfront home. Has its very own pool & deepwater appointments, foyer w/heated floor, versatile game
recreation, plus 3-car garage. $3,699,000 terraces. 3BeechwoodCircle.com $3,595,000
on 4 levels of living. $3,500,000 dock plus Dolphin Cove amenities! $3,395,000 room & master sanctuary. $3,300,000
Jeff Groper, Sales Associate Michele C. Flood, Associate Real Estate Broker Deena Powell & Elly Pendergast, Sales Associates Emile P. de Neree, Sales Associate Barbara Zaccagnini, Sales Associate
C. 617.240.8000 C. 914.420.6468 | O. 914.967.0059 D. 781.718.6555 | E. 781.718.5152 C. 914.572.4526 C. 203.249.1454
us l,
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NEWTON, MASSACHUSETTS MILL NECK, NEW YORK NEWTON, MASSACHUSETTS IRVINGTON, NEW YORK WEEHAWKEN, NEW JERSEY
Stunning contemporary home set on ½ acre cul de This equestrian dream estate offers a glorious, sun- Spectacular Georgian Revival on W. Newton Hill Exquisite English Arts & Crafts home beautifully Offering timeless details and countless updates,
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sac offering inlaid cherry hardwoods, 2 offices, filled modern design, 12-stall barn & foaling barn, featuring columns, pilasters, archways, Palladian renovated to accommodate today’s modern living. this Colonial features living room with parlor and
cathedral ceilings, chef’s kitchen, 5 bedrooms, Olympic jumping ring, paddocks & more only 30 windows, fireplaces, bridal staircase, widow’s walk, Chef’s kitchen, guest house & pool/spa on 1.25 solarium, spacious eat-in kitchen, deluxe master
gym, wine room, and patio. $3,299,000 miles from Midtown. $2,988,000 and porte-cochère. $2,950,000 acres, approx. 36 mins. to NYC. $2,695,000 suite and guesthouse. $2,600,000
Jennifer Lafleur, Sales Associate Eva Lee, Real Estate Salesperson Ilene Solomon, Broker Sales Associate Therese Militana Valvano, Associate Real Estate Broker Francesco Mazzaferro, Sales Associate
C. 617.852.6070 C. 516.859.1887 | O. 516.365.5780 C. 617.702.6050 C. 914.715.2715 | O. 914.693.5476 C. 201.410.3020 | O. 201.604.4200
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COHASSET, MASSACHUSETTS MONTVILLE, NEW JERSEY CONCORD, MASSACHUSETTS CARLISLE, MASSACHUSETTS WHITEHOUSE STATION, NEW JERSEY
Historic building in Cohasset Harbor transformed Pamper yourself in the endless luxuries & smart Traditional New England-style home with 2-story Remodeled historic farmhouse with carriage house, The Stone Manor on Cushetunk Mt. Built 2003.
into 5 luxury condominiums, each with high-end home technologies of this builder’s personal chef’s kitchen, open floor plan, elegant family room, barn and pool. 5+ acres with panoramic water, Yesterday’s charm, today’s finest features. Views, 6
kitchen, luxurious baths, Jacuzzi, and hardwood custom-built Hampton-style manor home on a cul screened porch, 5 bedrooms, 3rd floor, mudroom, meadow & woodland views over 21 acres of acres, 4 bedrooms, 4 full & 2 half bathrooms,
floors. Parking included. $2,495,000 de sac with easy access to NYC. $2,488,000 and 3-car garage. $2,333,000 co-owned agricultural land. $2,200,000 private suite, 4-car gar. A unique jewel. $2,160,000
Todd Glaskin, Premier Agent Joshua M. Baris, Sales Associate Brigitte Senkler & Peggy Dowcett, Broker Assoc & Sales Assoc Brigitte Senkler & Peggy Dowcett, Broker Assoc & Sales Assoc Sharon Ortepio, Sales Associate
C. 617.843.5685 C. 201.741.4999 | O. 201.461.5000 B. 508.935.7496 | P. 978.302.3988 B. 508.935.7496 | P. 978.302.3988 C. 908.310.8800 | O. 908.766.2900
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CHESTER, NEW JERSEY RYE, NEW YORK WESTON, MASSACHUSETTS MADISON, CONNECTICUT MASSAPEQUA, NEW YORK
Set on over four acres, this custom staycation Spectacular & spacious rebuilt colonial. Corner Custom shingle-style home set on 2.67 acres with Sunny, remodeled, Liberty St. home. Surround Breathtaking bay front views illuminate window
home includes six en-suite bedrooms, open floor location in enviable Rye Gardens. Sunny rms, rich details, high-tech systems, custom kitchen, sound, chef kitchen, updated baths, 2 offices, 2 walls & balconies of this Mediterranean-inspired
plan, chef’s kitchen, walkout lower level, luxurious custom marble/stainless kitchen, 2 family rms, sunken family/living room, 2 masters, sports court, driveways. 1+ acre, gardens, 3 outbuildings, home with terracotta roof, spa-like marble baths &
pool and sports court. $2,100,000 bonus rm, 50ClaremontAvenue.com. $2,095,000 and 3 garage spaces. $2,000,000 association beach. $2,000,000 stunning chef’s kitchen. $1,975,000
Kelly Peterpaul, Sales Associate Michele C. Flood, Associate Real Estate Broker Deborah S. Bernat, Broker Associate Cathy Lynch, Sales Associate Nick Sakalis & Harriet Trastelis, Real Estate Salespersons
C. 908.410.6777 | O. 908.766.0808 C. 914.420.6468 | O. 914.967.0059 C. 617.699.5878 C. 203.627.2331 C. 917.545.8050 | O. 516.864.8100
DANBURY, CONNECTICUT WESTFIELD, NEW JERSEY DEEP RIVER, CONNECTICUT WESTFIELD, NEW JERSEY WESTFIELD, NEW JERSEY
West Exposed waterfront with panoramic vistas, Accented by exquisite details, this Frank Lloyd Breathtaking CT River views! Lovely Brockway Elegantly appointed and extensively renovated, this Impressive new Colonial offers 5 bedrooms and 6
walls of windows, hardwoods, 4 stone fireplaces, Wright-inspired home features main level master Landing home has ultimate spaciousness, updated classic English Tudor is set within a prime Westfield baths. Gourmet kitchen, fabulous master suite,
chef’s kitchen, vaulted great room, wrap decks, suite, gourmet kitchen and lower level recreation Carrera marble kitchen, 1st fl. master. Steps from a neighborhood and blends vintage beauty with third floor bedroom and bath and spacious finished
spa, dock, guest cottage & more! $1,795,000 room and indoor lap pool. $1,776,000 deep water dock w/lift. $1,750,000 modern luxury. $1,699,000 basement. $1,625,000
Barbara Sivba, Associate Broker Kimberley Haley, Sales Associate Terry Kemper, Sales Associate Kimberley Haley, Sales Associate Frank D. Isoldi, Broker Sales Associate
C. 203.667.4336 C. 908.377.7174 | O. 908.233.5555 C. 860.908.7820 C. 908.377.7174 | O. 908.233.5555 C. 908.787.5990 | O. 908.233.5555
MILFORD, CONNECTICUT SCOTCH PLAINS, NEW JERSEY WESTFIELD, NEW JERSEY EDGEWATER, NEW JERSEY BEDFORD, NEW HAMPSHIRE
The Bonsilene Hotel circa 1920s, rebuilt top to Sprawling custom home offering gourmet kitchen, Fabulous, custom home offers five levels of living. This tri-level townhome in a premier luxury Beautiful custom home set on 1.6+ acres with 12
bottom in 2011. 12 rooms, 5 fireplaces, gas fabulous family room, 1st floor MBR suite. Set on Situated on the 15th fairway of Echo Lake Country waterfront community features gourmet chef’s rooms, 4 bedrooms, hand carved millwork, built-
utilities, custom porches, chef’s kitchen. Beach & over two acres of property, this fabulous home is Club, this outstanding residence enjoys kitchen, large living room, formal dining room, and ins, 2 fireplaces, chef’s kitchen, cathedral family
stunning LI Sound views! $1,599,999 not to be missed. $1,500,000 breathtaking views. $1,399,000 outdoor space on every level. $1,398,888 room, and updated deck. Price Upon Request
Barbara Lehrer, Sales Associate Frank D. Isoldi, Broker Sales Associate Frank D. Isoldi, Broker Sales Associate Joshua M. Baris, Sales Associate Jennifer Riley, Sales Associate
C. 203.640.6407 C. 908.787.5990 | O. 908.233.5555 C. 908.787.5990 | O. 908. 233.5555 C. 201.741.4999 | O. 201.461.5000 C. 603.674.0278 | O. 603.471.0777
COLDWELLBANKERLUXURY.COM C O L D W E L L B A N K E R R ES I D E N T I A L B R O K E R AG E
The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without
personal verification. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company. ©2018 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the
principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are service marks registered or pending registration owned by Coldwell Banker
Real Estate LLC. 298552_3/18
M2B | Friday, March 23, 2018 NY THE WALL STREET JOURNAL.
FIFTH AVENUE PENTHOUSE CONDO MULTI-FAMILY TOWNHOUSE AMAZING SKYLINE & RIVER VIEW
MidtowN EAst, NYC ChElsEA, NYC MidtowN EAst, NYC
$15,750,000 | we#17307685 $8,750,000 | we#18150133 $6,395,000 | we#18222965
dna sc enman 212.381.2319 sana “lr” Feer-Fuger 212.381.6532 Rex Gnae 212.381.4245
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STUNNING TOP FLOOR HOME MAJESTIC & HISTORIC ESTATE SPECTACULAR DUPLEX
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UppER EAst sidE, NYC shoRt hills, NJ UppER EAst sidE, NYC
$6,395,000 | we#17988517 $5,499,000 | we#16228839 $5,745,000 | we#17142157
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GORGEOUS NEW CONSTRUCTION STUNNING RIVER VIEW CONDO LOFT MAGNIFICENT PANORAMIC VIEWS
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RivERsidE, Ct dUMbo, bRooklYN, NY UppER wEst sidE, NYC

$5,250,000 | we#170049003 $5,200,000 | we#17953125 $5,100,000 | we#16707779
An Farn-leg 203.667.7832 Jue leee benc 212.521.5785 dean R. Feman 212.381.2213 | bara dunayer 212.381.2248
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CHIC FULL FLOOR LOFT 15 ROOM MANSION – RIVER VIEW PARK AVENUE CLASSIC 6
soho, NYC NYACk, NY UppER EAst sidE, NYC
$3,650,000 | we#17881436 $2,700,000 | we#4804117 $2,595,000 | we#17835796
Anne prer 212.381.3348 dan dane 212.381.3325 | Ann sanc ez 718.878.1726 la Ma a 212.381.3213
TIMELESS ELEGANCE THE FIG TREE – FOUR CONDOS UNSURPASSED PREWAR QUALITY
UppER EAst sidE, NYC hobokEN, NJ GRAMERCY pARk, NYC
$2,225,000 | we#18004376 Frm $1,900,000 | we#18052212 $1,595,000 | we#18170922
Arene weerg 212.381.3321 | ira M. weerg 212.381.3241 Ma brn 201.478.6709 | peer C 201.478.6710 Anna ka n 212.381.2214
Halstead Property, LLC; Halstead Brooklyn, LLC; Halstead Connecticut, LLC; Halstead Property New Jersey, LLC; Halstead Property Hudson Valley, LLC; A nfrman frm urce eeme
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THE WALL STREET JOURNAL. Friday, March 23, 2018 | M3
MANSION
JUMBO JUNGLE | ROBYN A. FRIEDMAN
WHAT TO KNOW WHEN SELLING SOLO

Listing a home without a real-estate agent could save thousands in commissions, but many owners don’t want the hassle
THE fied the prospective buyer’s

CHANCE credit, income and assets
TO avoid and that the approval is sub-
paying the ject only to a property ap-
typical 6% praisal that is satisfactory to
commission the lender. Here are some
to a real-es- things to consider:
tate agent—saving poten- • Importance of earnest
tially tens of thousands of money. Potential buyers
dollars on a luxury home— who plan to pay in cash
motivates a lot of home- should provide the seller
owners to list their homes with bank or investment
themselves. statements to prove they
But many sellers lack the have sufficient assets. For
time or skills necessary to buyers unwilling to provide
market a home, prepare a this information, Mr. Nilsen
contract, deal with inspec- suggests that sellers ask for
tions and ensure buyers have at least 20% upfront in ear-
the financial wherewithal to nest money that would be
purchase their property. Per- forfeited if money issues
haps that is why only 8% of scuttle the sale. “That is a
all home sellers in 2017 were method to ensure perfor-
for sale by owner, or FSBO, mance or at least provide
according to a survey of fair compensation for tying
7,866 home buyers released up your home,” he says.
by the National Association • Hire an appraiser. Pric-
of Realtors in October. ing correctly is essential to
Giving real-estate agents a ensure the seller gets top dol-
selling edge is the Multiple lar without turning off poten-
Listing Service, a database of tial buyers by overpricing the
home listings that fee-paying house. But sellers often be-
agents contribute to. With- lieve their house is worth
out use of the MLS, solo sell- more than it actually is. Ac-
ers have a tough time mar- cording to the National
CHRIS GASH
.
keting their homes. “Even if Quicken Loans Home Price
ly
they create a website for Perception Index for Febru-
their property, how are they ary, appraisers valued homes
pushing that out to potential an average of 0.53% lower
buyers using search-engine 2017 survey. Even factoring on Sellers wanting to list hired a full-service real-es- director of residential lend- than what owners estimated.
optimization or other tools?” in the typical 6% commis- their home in the local MLS tate agent to sell the house. ing for Boston Private, a pri- An appraisal can provide a re-
asks David Dweck, a real-es- sion, the agent-assisted sale can opt for a $295 package, Another hurdle for home- vate bank. liable valuation and may even
tate agent with Signature would still net $235,000. although that will obligate owners who list their homes While the exact definition help buyer and seller arrive
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Real Estate in Boca Raton, Still, there are numerous them to pay a real-estate is ensuring that a buyer has of each term varies by at an agreeable sales price.
Fla. “How are they using so- websites that provide ser- commission to the selling sufficient cash—or a mort- lender, in general, a prequal- • Hire an attorney. With-
cial media properly unless vices to FSBOs. For exam- agent, typically 3%. gage—to pay for the house. ification letter indicates that out a real-estate agent to
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they are marketing-savvy, ple, Ladera Ranch, Calif.- PJ Mitchell, Fizber’s presi- A broker typically ensures a prospective buyer would guide them, FSBOs should
which most aren’t and don’t based Fizber.com will list a dent, says only 18% of homes that the buyer is financially qualify for a mortgage based seek out the help of a real-
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have the time for?” house on its website free. that sold after being listed qualified by reviewing the on verbal representations estate attorney. An attorney
Last year, homes listed For $99, the company will on Fizber were sold without preapproval letter or con- made to the lender and con- can help qualify a buyer, ne-
with a real-estate agent had prepare a digital brochure the MLS, so sellers may want tacting a lender. There is an tingent upon providing sup- gotiate contract terms, han-
a median sales price of and video tour of the prop- to keep that option open. He important distinction be- porting documentation. A dle title problems, advocate
$250,000, compared with erty and list it on Zillow, also says that 70% of sellers tween a prequalification let- preapproval letter, on the for the seller after inspec-
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$190,000 for owner-listed Trulia and Redfin for addi- who initially posted a FSBO ter and a preapproval letter, other hand, typically indi- tions are completed and han-
homes, NAR reported in the tional exposure. listing with Fizber ultimately says Charles Nilsen, national cates that a lender has veri- dle the settlement.
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M4 | Friday, March 23, 2018 NY THE WALL STREET JOURNAL.
MANSION
1. Ms. Murray wanted the

1 cream-colored fireplace to
6 stand out, so she opted
4 for a darker color on the
walls, specifically Benjamin
Moore’s Kendall Charcoal.
Price: $42.99 to $74.99
per gallon
2. Upholstered in pink
linen, these Lawson-Fen-
ning chairs combine a
masculine, Midcentury
shape with a feminine,
contemporary color. “I en-
joy those pink chairs every
single day,” Ms. Mak said.
Price: Each, $1,450 plus
$550 for fabric
3. The custom sofa is

covered in stain-resistant,
light-gray leather and blue
velvet. Ms. Murray said
she avoided repeating fab-
2 rics to bring depth to the
7 3 space.
Price: $1,700 for sofa,
$600 for fabric
4. The Consort Design

paintings create symmetry
without detracting from
the fireplace.
5 Price: $2,400 for both
ERON RAUCH
5. The J.H. Minassian &

Co. rug in a black-and-
white, graphic pattern
echoes the paintings
ANNOTATED ROOM flanking the fireplace.
Price: $7,500
.
Midcentury Modern, Colorful but Not Kitschy 6. The pendant light helps
ly
anchor the room along
with the rug, Ms. Murray
The period design was preserved, then got a boost from bright colors, custom fabrics on said. The Arteriors fixture
is retro without going “full
’50s,” she said.
Price: $2,100
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PRESERVE A Midcentury Modern rate, including Caitlin Murray, pet completed the humdrum look. fresh look with offbeat colors and 7. Ms. Mak wanted tod-
vibe without crossing into kitschy: founder of Los Angeles-based Black “Mainly we were trying to bring a contemporary fabrics. dler-friendly, durable furni-
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This was the goal of the redesign of Lacquer Design, who redid the living little bit of life into a kind of bland To tie everything together, she ture, so no sharp edges.
a 1963 house in San Marino, Calif. and dining rooms. This phase of the room,” said Ms. Mak, a 36-year-old asked Ms. Mak, an amateur artist The couple already had a
ci on
Jennifer and Jason Mak spent a project, costing nearly $30,000, was veterinarian. Mr. Mak, 37, is a com- whose subjects are often her dogs, West Elm bentwood coffee
year updating the four-bedroom, finished in January 2017. mercial real-estate developer. The to paint a statement piece to hang table, which fortunately
3½-bathroom home. Mr. Mak’s fa- The 18-by-30-foot living room couple has a 2-year-old son and a over the sofa. matched the original stain
ther had paid $2.52 million for the was dauntingly large, with a con- newborn baby. Here’s a look at some of the other on the doorframes.
property in 2013, and later trans- temporary sectional in the middle Ms. Murray wanted to showcase elements that went into the design Price: N/A. The item is
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ferred it to the couple. The couple but hardly any other furniture. the original travertine fireplace, update. discontinued
enlisted two designers to redeco- White walls and a white shag car- while giving the Midcentury decor a —Leigh Kamping-Carder
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Engel & Völkers Portfolio of Fine Homes

co Fo
New York, NY: Rarely available oasis in the sky! This New York, NY: This loft dweller’s dream is the Crown Jewel
sprawling Midtown West duplex with 5 bedrooms and 5.5 of Tribeca. Full-floor, 4 bedroom home with high ceilings,
baths boasts spectacular panoramic NYC views. $8,750,000 wood paneling and wood burning fireplace. $8,500,000
Engel & Völkers New York City evre.nyc Engel & Völkers New York City evre.nyc
Julie Zelman +1 917-848-8500 Howard Morell +1 917-843-3210
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New York, NY: Stunning and light-filled, this 4 bedroom, New York, NY: Park Avenue Glamour – be the first to
L I V E W E L L AT C A N YO N R A N C H
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3 bathroom grand scale loft with soaring ceilings offers

panoramic downtown skyline views. $ 5,695,900
enjoy this newly, exquisitely renovated and designed
expansive 3 bedroom Park Avenue residence. $4,950,000 THE BERKSHIRES
Julianne Bond +1 917-709-2076 Noel Berk + 1 212-371-4065
Be one of a select few who purchase at Canyon Ranch Living® Lenox and have the
distinct privilege of calling Canyon Ranch home. With only 19 residences, you will
have access to the 100,000 sq.ft. spa complex, indoor and outdoor fitness activities,
wellness programs, nutritious cuisine, medical professionals and the boundless
healthy choices of award-winning Canyon Ranch. Nestled in the heart of the
Berkshires and minutes from charming Lenox - yet a mere three hour drive from
New York, NY: Light-filled and spacious, this corner 2 bed- New York, NY: Elegant and modern, this Midtown West New York City - your enhanced lifestyle awaits.
room, 3 bath UES home with wall-to-wall windows show- corner 2 bedroom, 2 bath residence with floor-to-ceiling
cases expansive open views in every direction. $3,995,000 glass windows offers unobstructed city views. $1,895,000
Robb Saar + 1 917-597-0404 Kathy McFarland +1 917-838-4218 BERKSHIRESLUXURYLIVING.COM
New York, NY: This exquisitely renovated, spacious and Flathead Lake, MT: Montana’s Shelter Island estate on 22+
very private UWS home features 2 grand bedrooms, a private island acre in the middle of Flathead Lake. Includes a
home office and 2 newly renovated baths. $1,795,000 boat/guest house on island, mainland properties. $17,750,000
Engel & Völkers New York City evre.nyc Engel & Völkers Missoula westernfrontier.evusa.com
Julie Zelman +1 917-848-8500 Dawn Maddux +1 406-550-4131
Gladys Montgomery, Real Estate Salesperson 413.822.0929

Leslie Chesloff, Real Estate Salesperson 917.838.5357
Nikki Field, Referral Associate Broker 212.606.7669
Berkshire Brokerage I 413.528.4192 I williampitt.com
Santa Monica, CA: Stunning 5 bedroom Villa in Santa Wellington, FL: Large waterfront 4/3 home in a terrific low HOA
Monica neighborhood. Beautiful finishes, perfect floor plan, gated community. Close to stables, equestrian venues, country
Tuscan and Craftsman touches, streaming light. $4,895,000 club, golf, tennis and dog park, 25 min to Palm Beach. $599,500
Engel & Völkers Santa Monica santamonica.evusa.com Engel & Völkers Wellington wellington.evusa.com
Andrea Martin +1 310-460-2525 Jacqueline Abramson +1 561-908-4777
CR Lenox Residences, LLC (“Developer”) is developer of Canyon Ranch Living® in Lenox. This is not an offering of property in any jurisdiction where
prior registration is required unless Developer has met such requirements. Sketches, renderings, graphic materials, plans, specifications, prices, terms,
conditions and statements contained in this advertisement are proposed only, and Developer reserves the right to modify or withdraw any or all of same
in its sole discretion and without prior notice. Actual improvements may vary from those shown and views may not be available from all Residences.
Copyright © 2018 – CR Lenox Residences, LLC - All rights reserved.
Each Office Is Independently Owned and Operated. Equal Housing Opportunity.

©2018 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. All information provided is deemed reliable but is not guaranteed and should
be independently verified. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.
EAST SIDE
FOREVER FIFTH AVENUE Upper East Side. Prewar 7 on Fifth across from Met
and park. Open south views. WBF, FDR, 2 MBR, 2 maid rooms, 3 baths, W/D, 24hr DM.
$3.75M. WEB# 18171027.
Marjorie Flannigan MacLachlan 212-588-5643
Amanda Brainerd 212-452-4515
TRIPLE MINT HOME W/ PANORAMIC VIEW +:: ; < )
LUXURY LIVING DEFINED Upper East Side. Stunning home designed by Peter Pennoyer w/ Victoria Hagan. 7 stories, 6BR, grand corner apt w/ balcony & W/D. Top Co-op w/ gym, garage, playground & storage. Pets OK.
entertaining rooms, roof terrace & English cellar. $30M. WEB# 18171685. $2.595M. WEB# 18077406.
Heather Sargent 212-712-1116 Daniella G. Schlisser 212-906-9348
Caitlin Williams 212-712-1117 Matthew D. Hughes 212-906-9351
SUNNY & SPACIOUS CLASSIC 6 90th/Lexington. Renovated 3BR, 2 baths, closeted
GRAND RIVER DUPLEX Beekman Place. 12 room w/ spectacular BEST OF CARNEGIE HILL !"%' ( ) *
maid’s room, dining, WBF, W/D, eat-in kitchen, 10.5’ beamed ceilings, storage. $2.15M.

3 baths w/ amazing city, park & reservoir views. Excellent closets, WEB# 18196360.
wine cellar. 3 WBF. $8.995M. WEB# 17976001. balcony & W/D. Steps from CP, fab amenities, excellent Condop. Allison Kahn 212-317-7749
Jill Roosevelt 212-906-9340 $3.45M. WEB# 18140706.
50 EAST 79TH STREET, 15D +:: ; = > ) > )
Nada Rizk 212-317-7705
GRAND 8 ROOM PREWAR RESIDENCE Park Ave & 62nd. 1,600SF+/- 5 room home near Central Park. $2M. WEB# 17930087.
Joanne Greene 212-906-9341
Excellent 2BR, 3.5 bath apt w/ open city views & great light. Private Ellen G. Victor 212-906-9386
landing, LR, FDR, lib, renovated EIK, staff room. $4.495M. EXCELLENT VALUE 2BR AT TOP CONDO Off Park.
CLASSIC PREWAR 6 ON SUTTON Sutton Place South. Spacious 2BR, 3 bath in
WEB# 16559094. Only $1,475 psf, 2BR, 2 baths plus den, approx. 1,831SF. Lots
Leslie R. Coleman 212-906-9387 of closets, W/D. FS w/ gym, sky lounge/terrace, garage. $2.7M. Candela bldg. LR w/ WBF, FDR, maids, many architectural details, pets OK. $1.73M.
Mary K. Rutherfurd 212-906-9211 WEB# 16523794. WEB# 16885934.
Noah D. Dopkins 212-906-9263 Linda De Luca 212-906-9208 Daniel G. Farris 212-906-9296
Corinne Vitale 212-906-9249 Burt F. Savitsky 212-906-9337
WEST SIDE
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DUPLEX IN THE SKY Columbus Circle/W. 58th. Mint 3BR duplex w/ top-of-the-line
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Ileen G. Schoenfeld 212-396-5878
Aracely Moran 212-588-5649
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CLASSIC 6 PLUS W/ BIG PARK VIEWS Upper West Side. 2-3BR, 3.5 baths w/
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PANORAMIC CENTRAL PARK VIEWS One57. Newly renovated 4BR Condo with park views, central AC, 24hr DM, pool & gym, hotel WEB# 18181909.
services. $21.995M. WEB# 18034415. Lisa K. Lippman 212-588-5606
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David E. Kornmeier 212-588-5642 Gerard “Scott” Moore 212-588-5608

LINCOLN CENTER 1 BEDROOM Upper West Side. Mint condition 1BR, 1 bath.
CREATE YOUR DREAM TOWNHOUSE Upper West Side. BREATHTAKING VIEWS AT 80 CPW CPW & 68th. Panoramic South-facing, extremely sunny w/ open views, FS luxury Condo. $1.099M. WEB# 17934500.
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Elegant, 20’ wide brownstone on quiet tree-lined street w/ plans for Central Park & midtown views from mint corner 2BR, 2 bath w/ Judith A. Furgiuele 212-588-5693
single family conversion. $9.995M. WEB# 15882687. private balcony, chef’s kit, doorman. $5.95M. WEB# 18159364.
QUIET, NEW TO MARKET 55th off 5th Ave. Fab deco tranquil 1BR, 1 bath w/ lovely
Wolf Jakubowski 212-588-5630 Edward F. Joseph 212-588-5646
garden views in arts and crafts masterpiece landmark bldg. $900K. WEB# 17815660.
Thomas “Nat” Chandler 212-452-6288
Leslie A. Crossley 212-906-9218
DOWNTOWN
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FASHION FORWARD DUPLEX PH North Chelsea. One-of-a-kind rare offering,

1BR, 2 baths, chic, ultra-bright south expos, private terrace, open city and sky. $1.5M.
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WEB# 18030994.
Mike Lubin 212-317-3672
Mark J. Policarpio 212-452-6259
MINT, 3BR GOLD COAST CONDO > ; > ]; > ) *

DREAM LOFT ON WEST 14TH STREET \: ]
] )X> X@ " : Z 3 bath Condo at Devonshire House. Corner unit w/ prewar detail. $4.85M. WEB# 17673897.
Meatpacking District/Chelsea. $3.495M. WEB# 18181386. Rachel A. Glazer 212-317-3661
Timea Ferber Greenberg 212-452-6278 Douglas Bellitto 212-906-0542
Paul Anand 212-452-6275
PERFECTION IN WEST VILLAGE 45 Christopher St. Beautiful and bright 1BR,
1 bath Condo w/ fantastic city views. Sunken living room, WBF, a wow home. $1.875M.
STUNNING TRIPLEX PENTHOUSE ;( ; X) X@Z SUPER CHIC CONDO LOFT SoHo. Exquisite 2BR, 2 bath w/ WEB# 18134381.
triplex penthouse in heart of SoHo, 16’ ceilings, private terrace, 3BR, west-facing exposure overlooking cobblestone Greene street. $5.125M. Wendy L. Richardson 212-906-9257
3 baths. $9.35M. WEB# 17966327. WEB# 17504376.
Wendy Maitland 212-452-6255 Judith M. Gillis 212-452-4490 SUN-FLOODED PIED-A-TERRE Greenwich Village. Soaring 14’ ceilings, huge industrial
Ginger C. Brokaw 212-906-0593 Liz Dworkin 212-906-0509 windows, open kitchen, vast views. 24hr DM, roof terrace. $1.225M. WEB# 17890379.
Emma Maitland 212-906-0543 Caroline Gatewood Buck 212-396-5889
BROOKLYN
LIMESTONE MANSION Park Slope. Perfectly restored & upgraded single-family home,
legal 2-family. Prewar details, 5 stories. $8.5M. WEB# 16254860.
Terry Naini 212-452-6267
EXTRA WIDE FEDERAL ERA TOWNHOUSE Brooklyn Heights. Elegantly proportioned
XZ *XYZ :\ : > Y Z >XYZ
$7M. WEB# 17987570.
Jill Seligson Braver 718-858-5905
25’ MIXED-USE ESTATE SALE Williamsburg. 4,800SF and 2,700SF of air rights.
> ) : ] : <Y ^_'' `
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Sal “Cappi” Capozucca 718-399-4103
27 WINDOWS ON PARK SLOPE Park Slope. 4BR, 4 baths overlooking Grand Army
<~ Y~ > Y |] ) ' > ]%} ; ] ^*
WEB# 17918641.
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1903 ROMANESQUE REVIVAL Park Slope. 2-unit brownstone w/ original stained
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block in Center Slope. $3.5M. WEB# 18102637.
Alex Weider 718-399-4104
Rosalie Weider 718-399-4115
PERFECT LOCATION Brooklyn Heights. Spacious 2BR, 1 bath Co-op in prewar elevator
bldg. Great potential, original condition, near everything. $1.1M. WEB# 18042628.
Nancy Giddins 718-858-3914
SUPERBLY RENOVATED BROWNSTONE <@ ;: Q> >XYZ [ Y@ > XZ :
basement, 5BR, 3 full baths, 2 half baths, stunning throughout. $4.95M. WEB# 18000944.
Lee Solomon 718-399-4105
All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal
without notice. All rights to content, photographs and graphics reserved to Broker. Equal Housing Opportunity Broker.
M4B | Friday, March 23, 2018 NY THE WALL STREET JOURNAL.
PRIME UES TRIPLE MINT TOWNHOUSE PARK AVENUE FULL FLOOR CONDO YOUR OWN FLOOR SUN FLOODED TRIPLEX HOME
36 East 64th Street WEB# 5189046 515 Park Avenue WEB# 5324330 UES/Park Avenue WEB# 5266707 15 East 82nd St WEB# 5249177
$16.5M – Stunning 5-story townhouse across from the Plaza $15.9M – 8 rooms & studio. Rarely available 4 BR/4 bath full $13.9M – Spectacular high floor condo; 5 bedroom plus $11.95M – Unique and grand with approximately 4,000 SF,
Athenee. Grand scale, high ceilings, 5 bedrooms, garden floor condo with panoramic Central Park views, formal dining library; 5 bath; 4,653 SF; private entrance; wood burning this 4 bedroom, 4 full and 2 half bath home is in excellent
and roof terrace, elevator, top-of-the-line everything. room, 18 closets, separate studio & storage in modern, white- fireplace; sweeping City and Park 360 views. condition. Located just off Fifth Avenue and steps to the
Approximately 8,000 SF. A must see. glove building of only 33 residences. Betsy Messerschmitt : 212.836.1059 Metropolitan Museum of Arts.
Leighton Candler : 212.937.6677 Brian Philpott : 212.605.9244 Meredith Verona : 212.893.1759 Carrie Chiang : 212.836.1088
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PENTHOUSE SOUTH AT 10 GRACIE SQUARE EXQUISITE 7-ROOM ON PRIVATE FLOOR SKY-HIGH FULL FLOOR 9 ROOM PRISTINE & RARE PARK AVENUE CLASSIC
10 Gracie Square WEB# 5358399 60 EAST 86TH STREET, 4 FL WEB# 5359844 733 Park Avenue, 22nd floor WEB# 5314020 930 Park Avenue WEB# 5358422
$11.5M – Grand 12-rm Residence with unobstructed East $9.45M – 3,209 SF – living/dining, 4 BRs, 4.5 baths, custom $9M – Elegant, grand living & entertaining space throughout. $7.85M – Sun-filled home in mint condition in white-glove
River views & beyond. Grand scale rm w/soaring 12.5-ft ceils chef’s Kit with breakfast area, top appliances & finishes;
on Great room, dining room, 3 BRs+ staff, 4.5 baths, chef’s EIK. bldg. LR with WBFP, Library, stunning DR with view. 3 BR,
& floor-to-ceil windows. 4 BR/4 bath, double staff rm & bath. laundry room. New development condo with excellent Open city views – N/S/W exposures. Luxury F/S white-glove 3 bath, gourmet EIK + bonus room with view.
Significant terraces, 4 wood burning fireplaces. amenities. Immediate occupancy. post-war co-op; private storage, gym. Helen Strilec Schatiloff : 212.875.2831
Maria & Joanna Pashby : (m) 917.520.0592 Sharon E. Baum : 212.836.1036 Sharon E. Baum & John Gasdaska: 212.836.1036 Maria Pashby : 212.893.1436, (m) 917.520.0592
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LANDMARK CLASSIC 7 LUXURY MANHATTAN CONDO ARCHITECTURAL PERFECTION OFF FIFTH PERFECT FOR INVESTORS
325 West End Ave WEB# 5277149 524 East 72nd Street WEB# 5143672 31 West 11th Street WEB# 5341010 1 Central Park South WEB# 3626217
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$6.55M – 4 bedroom, 3.5 bath with brilliant sun, gorgeous $5.39M – Stunning 3 BR, 4 bath home with panoramic city and $5.265M – Luxurious Village condo. 3 BR, 3.5 marble baths, $4.95M – Stunning views over Central Park from this beautiful
architectural detail, high ceilings, best West End Avenue river views Downtown loft feel with grand open layout. F/S expansive great rm, top-of-the-line open chef’s Kit, high 1 bedroom, 1.5 bath home. Oversized windows and 11’
location. Impeccably restored 9 into 7 mansion style home at building with access to gym, pool and spa. Co-exclusive. ceils & W/D. Property has highly crafted details throughout. ceilings add to the grand proportions. Beautiful finishes
white-glove address, huge eat-in kitchen. Patricia Cliff : 212.836.1063 Sprawling elegance meets modern allure. F/S building. complete this special residence. Tenant in place until 2/2019.
Daniel Douglas : 212.875.2835 John Gasdaska : 212.821.9138 Thomas Di Domenico : 212.848.0486 Elyse Gutman : (m) 917.796.3144
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TRIPLE MINT CONDO STUNNER PENTHOUSE WITH WRAP TERRACE EXTRAORDINARY 2 BR/2.5 BATH CONDO BRIGHT & AIRY TOP FLOOR, 7-ROOM GEM
400 East 51st Street WEB# 5323293 169 East 78th St WEB# 5252019 160 West 66th Street WEB# 5188192 156 East 79th Street WEB# 5321545
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$4.75M – Grand 3-4 BR at the highly sought after Grand $4.65M – Dramatic sun-filled duplex penthouse with wood $3.895M – Mesmerizing views from every room in the only $3.3M – Beautifully appointed prewar home. LR with 10’ ceils,
Beekman. Every room of this 2,347 SF+/-, high floor apt has burning fireplace & grand 40’ living/dining room with 11’ ceils. condo in the footprint of Lincoln Center. Elegant foyer WBFP, FDR, library/media room, 3 BRs, 2.5 baths, windowed
picturesque views of the River & NYC skyline. Everything has Entertainers dream. 2-3 BR/2.5 bath and windowed EIK. leads to stunning corner LR. Split en-suite BR layout & top chef’s EIK. F/S, pet-friendly building close to Central Park.
been newly designed with no detail overlooked. Douglas J. Albert : (m) 917.744.8820 appliances in windowed Kit & W/D in unit. FSB w/gym & pool. Sharon E. Baum : 212.836.1036
Leighton Candler & Gilda Shani: 212.937.6677 Brian G. Rice : (m) 917.658.1685 Maria & Joanna Pashby : (m) 917.520.0592 John Gasdaska : 212.821.9138
PREWAR CLASSIC SEVEN PARLOR FLOOR PERFECTION THREE BEDROOM LUXURY CONDO IN HARLEM HOTEL LIVING ON FIFTH
410 East 57th Street WEB# 4970720 347 West 22nd Street WEB# 5349346 380 Lenox Avenue WEB# 5288794 988 Fif th Avenue WEB# 5201581
$2,399,999 – Prewar classic 7-room apt in one of Sutton $2.35M - Mint 2 BR/2 bath+ dining w/11’4’ ceils, oversized $1.45M – Rare corner 3 BR/2 bath in the heart of Harlem w/ $100,000/mo. Stunning duplex penthouse with 2 enormous
Place’s most desirable white-glove doorman building. 3 pic winds, gorgeous oak floors, PW details, WBFP, balcony, open city views. Oversized windows allows for spectacular landscaped terraces. Each room of this 3 BR, 3.5 bath PH has
bedroom, 3 bath, dining room, eat-in kitchen, wood burning sound/lighting system, central AC/Heat, w/d permitted, priv. eastern & northern light. Soaring 10’ ceils, reno Kit custom- breathtaking views of Central Park and the NYC skyline. Rent
fireplace, washer/dryer, pets OK. storage & more. Mt $2,200 fitted closets. FSB w/gym & gar. Tax abatment until 2032. includes daily staff service with laundry, flowers & utilities.
Kedakai Lipton : 212.893.1435 John Gasdaska & Jonathan Conlon : 212.821.9138 Christina Lee & Maria Pashby : 212.893.1418 Leighton Candler : 212.937.6677
Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All listing phone numbers
indicate listing agent direct line unless otherwise noted. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is
presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer.
MANSION
HOUSE CALL | R.O. BLECHMAN
Doing Crazy Stuff to Stand Out

The illustrator with a ‘shaky line’ was inspired by a bohemian neighbor; now, a studio in upstate New York
I smelled smoke. It was late at night in 1940

and everyone in our Brooklyn home was
asleep. I was 10 and ran into my parents’ bed-
room to tell them. My father rushed down-
stairs to see what was going on. The furnace
had caught fire. We cleared out quickly.
(L-R) R.O. BLECHMAN; JULIE BIDWELL FOR THE WALL STREET JOURNAL; ILLUSTRATION BY R.O. BLECHMAN
The damage was so great that
we were forced to move to an
apartment building on Ocean Ave-
nue. My parents never thanked me
for saving everyone. They weren’t brought in “The Juggler of Our
very complimentary people. Lady.” Holt published it in ’53.
I hated living in an apartment My shaky-line drawing style be-
instead of a home. The social expe- gan in the early ’60s. It came natu-
rience each day was fighting or rally, mostly as an expression of
watching others fight. Fist-fighting who I was.
was a way of life then. Most took Today, my wife, Moisha, and I
place in vacant lots. I wasn’t espe- live in Ancram, N.Y. About 15 years
cially strong but I was fast. ago we moved into a Victorian
I never drew as a kid. I did put home here built in the 1850s on 125
out my own newspaper, though. acres. I have a gorgeous studio in a
Someone had given me a little nearby stand-alone structure that
printing press with rubber type. we gutted and enlarged. It has its
You set the type and then printed own kitchen and bathroom. Big
pages by inking the letters. windows let in lots of light. Other
As a kid, I was a showoff. But I windows are antique stained glass.
was very shy and often sat in back LINED UP R.O. Blechman in his stu- In the 1960s, Moisha and I were
of the class. Yet every now and dio in Ancram, N.Y., right, and at age in Paris browsing used-book sell-
.
then I’d step out from the shadows 6 in Brooklyn, above. Far right, a self- ers. I came across “Contes pour
ly
and do something crazy to com- portrait for The Wall Street Journal. Maxa” (“Tales for Maxa”). It’s a
mand attention. series of children’s stories written
My real name was Oscar and my pianist. She was a beautiful of the park. But from our living My big break came later when I by Max Nordau in 1929 and illus-
middle name was Robert. I re- woman who played popular music on room I became an avid student of returned to New York from Ober- trated by his daughter, Maxa, my
versed the initials in later years. I and jazz, and had taken lessons street life. The room I shared with lin. In the bus terminal, someone former neighbor. I keep the book
hated Oscar. One day, in my aunt’s with Teddy Wilson. my brother overlooked the build- shouted, “Don’t move.” It was Bob in my studio now. The drawings
car, I told her I wanted to change My brother, Burt, was older ing’s courtyard. Every so often, an Gill, a former Music & Art class- are charming and distinctive. I’m a
us l,
my name. Buddy was popular then. than me by a few years. I hated organ-grinder would show up with mate. He was there sketching peo- little intimidated by them. I think I
She liked Buddy and encouraged him. We fought like cats and dogs. his monkey and play there. People ple for Seventeen magazine. was as much in love with her art
me to use it. So I did, but I made I was the cat. He was a vicious, would shower him with coins. To help me start selling my work, as I was with her.
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the mistake of keeping it through mean guy with me. Next door was an artist, Maxa Bob gave me a list of contacts. One —As told to Marc Myers
college. To this day, I’m still When I was 11, we moved into Nordau, a beautiful bohemian was a book-jacket designer who
ci on
known as Buddy at Oberlin re- Manhattan. World War II had just French woman. She encouraged me sent me to an editor at publisher R.O. Blechman, 87, is a New Yorker
unions. And I cringe. started, along with gas rationing. to apply to Manhattan’s High Henry Holt. The editor wanted holi- magazine cover artist, animated
My father, Samuel, was known The car trip from our new apart- School of Music & Art. I guess I day-theme stories. A friend sug- filmmaker and illustrator. His lat-
as Chick. He was a partner in a 10- ment to his store was much shorter. wanted to impress her. She helped gested I adapt a medieval one about est book is “Amadeo & Maladeo”
story dry-goods store on Lower Our home was on Central Park West me with my portfolio, which led to a juggler. So I set to work on a (Fantagraphics), a graphic novel
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Broadway. My mother, Mae, was a and 91st Street. We were on the an entrance exam that I passed. book, drawing the illustrations and fictionalizing the life of Mozart
homemaker and an accomplished third floor, so we didn’t have a view This was the start of my art career. writing minimal text in longhand. I and his imaginary brother.
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Engel & Völkers Portfolio of Fine Homes

co Fo
CENTRAL VIRGINIA
New York, NY: Rarely available oasis in the sky! This New York, NY: This loft dweller’s dream is the Crown Jewel
sprawling Midtown West duplex with 5 bedrooms and 5.5 of Tribeca. Full-floor, 4 bedroom home with high ceilings,
baths boasts spectacular panoramic NYC views. $8,750,000 wood paneling and wood burning fireplace. $8,500,000
Julie Zelman +1 917-848-8500 Howard Morell +1 917-843-3210
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New York, NY: Stunning and light-filled, this 4 bedroom, New York, NY: Park Avenue Glamour – be the first to
no
3 bathroom grand scale loft with soaring ceilings offers enjoy this newly, exquisitely renovated and designed
panoramic downtown skyline views. $ 5,695,900 expansive 3 bedroom Park Avenue residence. $4,950,000
Julianne Bond +1 917-709-2076 Noel Berk + 1 212-371-4065
RAPIDAN FARM
Extraordinary 1,674-acre farm/estate in the Piedmont Hills of Orange County,
Virginia! The property showcases a gorgeous manor home with pool, cabana,
and tennis court with magnificent views of the surrounding countryside. Set in
total privacy, this agricultural treasure offers fertile soil, gently rolling cropland
and pastureland, and boarders the clear waters of the Rapidan River for almost 4
miles.Includes several residences,extensive grain handling facilities and multiple
New York, NY: Light-filled and spacious, this corner 2 bed- New York, NY: Elegant and modern, this Midtown West
equipment, storage, and livestock buildings. Additional offerings available.
room, 3 bath UES home with wall-to-wall windows show- corner 2 bedroom, 2 bath residence with floor-to-ceiling
cases expansive open views in every direction. $3,995,000 glass windows offers unobstructed city views. $1,895,000
Robb Saar + 1 917-597-0404 Kathy McFarland +1 917-838-4218
New York, NY: This exquisitely renovated, spacious and Flathead Lake, MT: Montana’s Shelter Island estate on 22+
very private UWS home features 2 grand bedrooms, a private island acre in the middle of Flathead Lake. Includes a
home office and 2 newly renovated baths. $1,795,000 boat/guest house on island, mainland properties. $17,750,000
Engel & Völkers New York City evre.nyc Engel & Völkers Missoula westernfrontier.evusa.com
Julie Zelman +1 917-848-8500 Dawn Maddux +1 406-550-4131
GALLISON HALL
Glorious Blue Ridge Mountain views from this one-of-a-kind architectural gem,
just 3 miles west of UVA! Sited amidst 43 acres of expansive lawns and gardens
stands this extraordinary, c. 1931-1933, Georgian Revival-style residence noted
Santa Monica, CA: Stunning 5 bedroom Villa in Santa Wellington, FL: Large waterfront 4/3 home in a terrific low HOA
for its quality workmanship, elaborate woodwork, and exquisite architectural
Monica neighborhood. Beautiful finishes, perfect floor plan, gated community. Close to stables, equestrian venues, country details inspired by some of Virginia finest estates. This rare offering includes
Tuscan and Craftsman touches, streaming light. $4,895,000 club, golf, tennis and dog park, 25 min to Palm Beach. $599,500
Engel & Völkers Santa Monica santamonica.evusa.com Engel & Völkers Wellington wellington.evusa.com a spectacular indoor pool pavilion; tennis pavilion with gallery; log cabin; and
Andrea Martin +1 310-460-2525 Jacqueline Abramson +1 561-908-4777 additional improvements—all in excellent condition. On Historic Registers.
Steve McLean | 434.981.1863 | smclean@mcleanfaulconer.com

503 Faulconer Drive | Charlottesville | VA 22903
office: 434.295.1131 | fax: 434.293.7377
web: www.mcleanfaulconer.com
©2018 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. All information provided is deemed reliable but is not guaranteed and should
be independently verified. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.
MANSION
THE MARKET
Country Charm That’s Close to Town

Surrey Hills, a 163-square-mile pastoral milieu, is popular among Londoners who want to live
in the country but work in the city; for sale, a historic home with a ‘priest hole’ to hide clergymen
BY RUTH BLOOMFIELD
LONDON
WHEN MOVIE PRODUCERS

SURREY
were hunting for a quintes- HILLS Abinger
sential English village to film Shere Hammer
Guilford
“The Holiday,” they had two Abinger Common
Peaslake
key requirements. They Sutton
needed a picturesque set- Abinger
ting, plus proximity to Lon- ENGLAND

don for the convenience of
their stars, Cameron Diaz,
Jude Law and Kate Winslet. in a trio of villages known as
They chose Shere, a the Abingers—Abinger Com-
VANESSA BERBERIAN FOR THE WALL STREET JOURNAL; MAP BY JASON LEE
charming English village in mon, Abinger Hammer and
the Surrey Hills, a 163- Sutton Abinger. Abinger
square-mile pastoral milieu Hammer, with its village
just west of London and a green and pub, is a quintes-
popular location for people sentially charming village
who want to live in the where a 16th-century timber-
country but work in the city. framed farmhouse, with five
Sales prices in the Surrey bedrooms and two bath-
Hills increased 3.2% last rooms is currently listed
year, and 7.9% in 2016, ac- with both Strutt & Parker
cording to a recent report and Hamptons International
from real-estate agency and for about $1.5 million.
research firm Knight Frank. Its period features include
This performance easily out- a “priest hole” beside the
paces prime central London, fireplace in the master bed-
where prices have fallen room, where Catholic fami-
.
around 7% since the 2014 lies would hide priests dur-
ly
peak. And Knight Frank ex- ing the years of Elizabethan
pects growth of around 3% persecution.
this year, while prime Lon- SMALL-TOWN FEEL The historic town of Guildford, above, is within a 40-minute train ride from London. In Abinger Common, a five- A more typical Surrey
don remains flat. bedroom house with a redbrick facade and leaded-glass windows, below left and right, is on the market for about $2 million.
on Hills house is available in
Most movers to the Sur- Abinger Common, where
rey Hills are families. The Jackson-Stops is listing a
area has highly regarded five-bedroom house with a
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schools, and its property redbrick facade and leaded-

stock is heavy on large, de- glass windows for about $2
tached homes, from ancient million. This particular ar-
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cottages and farmhouses to chitectural style—with inte-
larger properties from the riors heavy on wood-paneled
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Victorian and Edwardian walls and carved-oak doors—

eras. is known as Arts and Crafts,
Buyers tend to be well- and was particularly popular
JACKSON-STOPS (2)
heeled City workers in the fi- for country houses built at

nancial field. “At the upper around the turn of the 20th
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end of the market, the best century.

houses get snapped up by According to Mr. Grillo
these villages are, right now,
company owners, bankers, Frank. The area is popular the preserve of the British
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stockbrokers and chief exec- for golf and horseback rid- buyer. “A foreign billionaire
utives,” said buying agent ing, but its biggest sport is would tend to prefer a home
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Mark Crampton of Middleton cycling. The chef Gordon on one of Surrey’s golf es-
Advisors. Ramsay credits his recent tates, even closer to London
On the western fringes of weight loss to a vigorous and with more security,” he
Westchester & the hills and around a 40-

minute train ride from Lon-
sports regimen, which in-
cluded 75 mile Sunday races
said. “The Surrey Hills are
not exactly wild but they are
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don is the historic town of in the Surrey Hills. a little wilder and a little
Guildford, beloved of fami- Also in demand are homes less polished.”
Fairfield Homes lies not quite ready to give

up the convenience of
nearby movie theaters,
shops, cafes, bars and res-
taurants. “It is a traditional,
very English sort of town, Rural Retreats
with cobbled streets and a
castle,” said John Fisher,
head of country office at
U.K. Sotheby’s International
Realty. “What it has is a
n-
sense of history.”
Education is a driver for
ambitious parents hoping to
win a place at its trio of
no
high-performing private
schools: Royal Grammar
STRUTT AND PARKER
School, Guildford High

School and Tormead School.
An average detached
house in Guildford, according
to property website Right-
move, would cost £886,101,
or $1.235 million, up 5% in $3.97 million
the past year. Mr. Fisher said High Wykehurst
the best streets are in south- Village of Ewhurst
Reach an affluent audience of real estate buyers looking for luxury
west Guildford—where the
properties in your area. The Wall Street Journal’s upcoming special houses tend to be large and This neo-Georgian-style home was built around 1906 for a
advertising feature will highlight the local communities, neighborhood have good views. Here, he wealthy gold merchant. The grand, 6,398-square-foot home has
estimated, a five-bedroom, six bedrooms, four bathrooms and modern luxuries, including a
amenities and other factors that drive sales in your market.
detached Victorian or Ed- gym and movie theater, plus tennis courts in the backyard.
wardian home would cost Agent: Strutt & Parker
The section, distributed to our New York audience, provides a between around $3 million
and $3.5 million.
targeted opportunity to reach serious local buyers within engaging
It is, however, possible to
and relevant content. spend significantly more.
Knight Frank is listing a
seven-bedroom, 8,618-
square-foot Victorian home
Issue Date: 5/3 | Close Date: 4/30 | Section: Mansion half a mile south of Guild-
ford town center, with a
guide price of about $7 mil-
lion.
HAMPTONS INTERNATIONAL
For advertising opportunities, please contact: However most people

Liam Jerome at 212.416.3711 | liam.jerome@dowjones.com come to the Surrey Hills for
pristine villages like Shere,
where buyers could pick up a
three-bedroom, 16th-century
cottage for around $1.4 mil-
lion, or a five-bedroom, Vic-
torian home for around $2 $4.11 million
million. High Barn
Peaslake, right in the mid- Village of Abinger Hammer
dle of the hills, offers the
kind of healthy, outdoorsy This 6,846-square-foot home was built in the 1930s in the Arts
lifestyle most people associ- and Crafts style. It has five bedrooms and two bathrooms. A sep-
© 2018 Dow Jones & Company, Inc. All Rights Reserved. ate with the Surrey Hills, arate annex features a playroom, gym and steam room. Set on
said James Grillo, a senior 3.2 acres, the property includes a pool, tennis court and stables.
negotiator with Knight Agent: Hamptons International
27 FATHER PETERS LANE, NEW CANAAN, CT 5 PINE ISLAND, RYE, NY

$5,595,000 I 6 Beds I 7.3 Baths I 4 Acres I Distinguished Stone & Clapboard Georgian I Pool & Spa $7,699,999 I 5 Beds I 5.1 Baths I 6,075 Sq. Ft.
First Time on the Market I Designed by Alex Kaali-Nagy I Prettiest of all CT Villages Waterfront Home I Private Dock
New Canaan Brokerage I Rita Kirby 203.984.7665 I 27FatherPetersLane.com Rye Brokerage I Fiona Dogan 914.414.5147
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50 CROWS NEST, BRONXVILLE VILLAGE, NY
$6,900,000 I 9 Beds I 5.1 Baths I 10,442 Sq. Ft.
on 274 PONDFIELD ROAD, BRONXVILLE VILLAGE, NY
6 NORTHERN AVENUE, BRONXVILLE VILLAGE, NY
Exquisite Estate I Commanding Manhattan Views Open House: Sunday, March 25th 2:00pm - 4:00pm Open House: Sunday, March 25th 2:00pm - 4:00pm
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Bronxville Brokerage I Kathleen Collins 914.715.6052 Bronxville Brokerage I Kathleen Collins 914.715.6052 Bronxville Brokerage I Bill Dowling 917.837.5037
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12 ORCHARD PLACE, BRONXVILLE VILLAGE, NY 51 CENTRE STREET, RYE, NY 6 PLATEAU CIRCLE WEST, BRONXVILLE VILLAGE, NY
$3,695,000 I 5 Beds I 6.1 Baths I 4,418 Sq. Ft. $3,499,000 I 5 Beds I 4 Baths I 3,528 Sq. Ft. $3,250,000 I 5 Beds I 5.1 Baths I 5,400 Sq. Ft.
Open House: Sunday, March 25th 2:00pm - 4:00pm Private and Quiet Location in Rye I Walk to All Open House: Sunday, March 25th 2:00pm - 4:00pm
Bronxville Brokerage I Kathleen Collins 914.715.6052 Rye Brokerage I Fiona Dogan 914.414.5147 Bronxville Brokerage I Kathleen Collins 914.715.6052
co Fo
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180 BAYBERRY ROAD, NEW CANAAN, CT 16 COURSEVIEW ROAD, BRONXVILLE VILLAGE, NY 142 MONTEREY AVENUE, PELHAM, NY
$2,895,000 I 5 Beds I 4.3 Baths I 7,281 Sq. Ft. $2,895,000 I 4 Beds I 3.1 Baths I 3,532 Sq. Ft. $2,598,000 I 6 Beds I 4.1 Baths I 5,375 Sq. Ft.
Quality Craftsmanship I Walk to Park, Town & Train Open House: Sunday, March 25th 2:00pm - 4:00pm Pelham Heights I A Victorian Masterpiece
New Canaan Brokerage I Janis Hennessy 203.856.8827 Bronxville Brokerage I Kathleen Collins 914.715.6052 Bronxville Brokerage I Holly Mellstrom 914.224.3867
1 NORTHGATE, UNIT 3A, BRONXVILLE VILLAGE, NY 98 PARK AVE, BRONXVILLE P.O./EASTCHESTER, NY 53 NORTHWAY, BRONXVILLE P.O./EASTCHESTER, NY
$1,995,000 I 4 Beds I 3 Baths I 2,607 Sq. Ft. $1,825,000 I 5 Beds I 3.1 Baths I 3,380 Sq. Ft. $1,595,000 I 5 Beds I 3 Baths I 3,229 Sq. Ft.
Open House: Sunday, March 25th 2:00pm - 4:00pm Exceptionally Lovely Home I Walk to Village & Train Open House: Sunday, March 25th 2:00pm - 4:00pm
Bronxville Brokerage I Kathleen Collins 914.715.6052 Bronxville Brokerage I Kathleen Collins 914.715.6052 Bronxville Brokerage I Kathleen Collins 914.715.6052
williampitt.com juliabfee.com
Each Office is Independently Owned and Operated. Equal Housing Opportunity.
or personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com
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THE WALL STREET JOURNAL. NY Friday, March 23, 2018 | M7
MANSION
MICHAEL DELL
LUXURY PROPERTIES | TIMBERLAND | CONSULTING
MA1874

New York
AGENCE FRANCE-PRESSE/GETTY IMAGES; GETTY IMAGES (PORTRAIT)
MA2088
Winsor Way Compound 33 Proctor Street
4.57± Acres, Weston, MA | $18,500,000 2± Acres, Manchester-by-the-Sea, MA | $13,750,000
Terrence Maitland Lanse Robb
617-357-8949 • tmaitland@landvest.com 617-357-8996 • robb@landvest.com
ME1381
ME1437
ABOVE IT ALL Michael Dell, pictured below, spent $100.47 million on a penthouse in One57, above, Nimaha Eastern Point Cottage
the more than 1,000-foot tower in an area of New York City referred to as Billionaire’s Row. 1.91± Acres, Rockport, ME | $7,500,000 1.14± Acres, York Harbor, ME | $5,800,000
Terry Sortwell Karen N. Reiche
207-236-3543 • tsortwell@landvest.com 207-874-6159 • kreiche@landvest.com
ME1434
Austin
CT0117
Continued from page M1 School House Road, Manson’s Island Swans Island Head
4.79± Acres, Stonington, CT | $1,895,000 165± Acres, Swans Island, ME | $1,600,000
PICTOMETRY
.
MSD Capital’s real-estate Joanna Dresser Story Litchfield
ly
holdings are purely for in- 617-357-0444 • jdresser@landvest.com 207-276-3840 • slitchfield@landvest.com
vestment purposes, a person NY0328
familiar with his investment HOMESTEAD This roughly 33,000-square-foot compound in

strategies said, such as a Austin was built by Mr. Dell and his wife, Susan, for their family.
on
home in Los Cabos, Mexico,
which is on the market for
$18.5 million. Boston
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Here is a snapshot of Mr.

Dell’s personal properties.
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JASON GROW FOR THE WALL STREET JOURNAL
AUSTIN
MA2099
In Austin, Mr. Dell built an

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approximately 33,000- 5 Pine Ridge Lane at the Bay Club Sky View
square-foot compound for .77± Acres, Mattapoisett, MA | $1,475,000 26.07± Acres, Old Chatham, NY | $1,375,000
his family. He and his wife, Joanna Dresser Cindy Welch
Susan, completed the prop- 617-357-0444 • jdresser@landvest.com 413-329-3999 • cwelch@landvest.com
erty in 1996, according to a
er rs
person familiar with the Sound Advice, Exceptional Results

project, the same year his www.landvest.com
company launched its web-
site Dell.com.
m e
Mr. Dell tapped New York BIG DEAL In Boston, Mr. Dell purchased a penthouse asking $40
City firm Gwathmey Siegel & million in the Four Seasons Private Residences One Dalton Street.
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Associates Architects—
whose founder Charles
WSJ TALK / E XPE RIENCE / OFFER / GE TAWAY
Gwathmey was best known Hawaii
for designing homes for the
likes of Steven Spielberg and
co Fo
David Geffen. Juan Miro, an

architect from the firm, was
dispatched to Texas to over-
see its completion, the per-
son said. Gwathmey Siegel’s
style is famously modernist
and geometrically compli-
cated, and Mr. Dell’s granite
and stainless-steel house is
PICTOMETRY
no exception. It has eight

bedrooms and 16 bathrooms,
a home gym and an indoor
lap pool. A stairwell includes FLYING HIGH Called Raptor Residence, this property sits in the
n-
polished wood panels and a exclusive Kukio community on the Big Island of Hawaii.
bowed steel banister, which
frames a sculpture by artist operations in Hopkinton, in a lot of negative stories
Joel Shapiro. Mass., where it is located, ac- about unsold units and new
no
Property records show cording to a statement from competition from other proj-
that Mr. and Mrs. Dell own the company at the time. ects.” A buyer who paid $32
several vacant lots adjacent In 2017, Mr. Dell inked a million for an apartment at
to their property, bringing contract for a penthouse at One57 in 2014 sold it for
the total compound to about the Four Seasons Private $23.5 million in 2016, public
119 acres. The adjacent lots Residences One Dalton records show.
all have a conservation ease- Street, according to people
ment, meaning they are per- familiar with the transaction. HAWAII
manently restricted from be- The tower will be Boston’s MSD Capital has been a
ing developed. The property
is a 20-mile drive from
Round Rock, Texas, where
tallest residential building
when it is completed next
year. The unit is one of three
major investor in Hawaii
since 2004, when it bought
the Four Seasons Maui. In
Attend the
Dell Technologies is based.
In 1997, Mr. Dell chal-
lenged his $600,000 prop-
penthouses and was most re-
cently on the market for
about $40 million. The build-
partnership with former
Walmart chairman Rob Wal-
ton, it also owns the entirety
Riders Masters
erty-tax bill after county as-
sessors valued the home at
$22.5 million, according to
ing’s three penthouses have
soaring ceilings and double-
height terraces with outdoor
of Hualalai, a master-
planned residential commu-
nity on the Big Island sur-
Cup as a VIP
legal filings. At the time, Mr. fireplaces, according to the rounding the highly rated
Dell’s attorney said his client project’s website. Four Seasons there.
had spent about $30 million Mr. Dell’s personal home Witness the best equestrians from the United
on improvements to the NEW YORK is located in the nearby, ex- States and Europe face off in a transatlantic
property. The resolution Mr. Dell’s $100.47 million clusive residential commu- battle at the Riders Masters Cup Hosted by
wasn’t disclosed. purchase at One57, the more nity of Kukio. Unlike other the Longines Masters of New York. As a WSJ
In the hills about 12 miles than 1,000-foot condo tower Hawaiian coastal communi-
member, enjoy an exclusive rate on VIP tickets
away, Mr. Dell also owns a on Manhattan’s West 57th ties, Kukio is accessible only
quirky geometric house street, set the record for the to homeowners and their that give you access to prime seats and more.
known as 6D Ranch. Named most expensive home ever guests. Visitors need permis-
after the six members of the sold in New York City. His sion of a homeowner to en-
family, it is where their Ara- aerie totals 10,923 square ter. A clubhouse in the com- EXCLUSIVE TO WSJ MEMBERS
bian horses are kept, accord- feet, with six bedrooms and munity fronts Hawaiian fish BOOK NOW AT
ing to a person familiar with six bathrooms, according to ponds and an archaeological
WSJPLUS.COM/LONGINES-MASTERS
the property. an offering plan for the proj- reserve, with views of the is-
ect. The building’s glassy land of Maui, according to
BOSTON units have sprawling views the community’s website.
In September 2016, Dell of Central Park. Mr. Dell’s home appears to
Technologies completed an Luxury agents say build- be the largest in the commu-
approximately $67 billion ing’s reputation as the pin- nity at 18,500 square feet
deal to acquire EMC, a com- nacle of prestige has faded. and with seven bedrooms, ac-
pany dealing in data storage “When he bought it, it was cording to plans. People call
and data protection, marking the symbol of success for su- the property Raptor Resi-
what was then the largest pertalls,” said New York ap- dence, as Mr. Dell purchased
technology merger in U.S. praiser Jonathan Miller. it in under a limited-liability © 2018 Dow Jones & Co., Inc. All rights reserved. 3DJ6423
history. EMC would keep its “Since then, it’s been mired company of that name.
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Ocean Drive Classic – ‘Hexagon House’ offers sweeping views of the A luxurious transitional single-family residence just steps away Live a fabulous Urban Lifestyle in vibrant downtown St. Petersburg. 3
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e
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setting directly on Lily Pond. Private walking paths and waterside pool. SmartHome infrastructure, large open great room, wine cellar, game room, car garage, private elevator, and amazing rooftop terrace. Low HOA fees.
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marina, and Tampa Bay.
$5,500,000 GustaveWhite.com $2,390,000 avivaeyal.keyes.com From the $800’s to $900’s www.RegentLane.com
Keyes Luxury Portfolio
er rs
Gustave White Sotheby’s International Realty Aviva Eyal NJR Property Investments LLC
phone: 401.849.3000 phone: 561.452.4422 phone: 727.515.5556 email: natalie@njrdevelopment.com
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Upland bird and waterfowl hunting areas, along with a 6,000 sq. ft. lodge, 13,000 sq. ft. clubhouse, resort pool, fitness, tennis, indoor sports court and wildlife. Large gracious stone & frame home on 120 private wooded acres
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no
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$5,000,000 From the $400’s to the $800’s glhomes.com/StoneCreek $2,950,000 www.rock-ridge.com
Berkshire Hathaway Real Estate
Jeff Ashley GL Homes Leslie Serenyi
phone: 903.277.2456 phone: 800.281.9239 phone: 724.238.7600 leslieserenyi@thepreferredrealty.com
AUSTIN, TEXAS NAPLES, FLORIDA 55+ LIVING IN 3 GREAT FLORIDA LOCATIONS

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community is a lakeside opportunity you will not find again. pickleball courts, kayak launch and 8 miles of scenic kayak, hiking and biking ft. and include luxury standard features. 3 amazing locations -
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$3,650,000 PeninsulaLakeTravis.com From the mid $300s to over $1.5 million MintoUSA.com From the $200’s to $1 million ValenciaGL.com
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To Advertise Call: 800-366-3975

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

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MULTI STATE OFFERINGS

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MANSION
RELATIVE VALUES | SANDRA WARD
LUXURY HOMES THAT INVITE OUTDOOR LIVING

Properties for sale with plenty of outdoor deck space; a home with five patios overlooking a pool and fountains; a private roof deck
(L-R) WALT DANLEY REALTY/HIGH RES MEDIA (2); ANDY WARREN (2)
VALA/MW STUDIO (2)

$16.850 million $2.599 million $3.825 million
Phoenix Winston-Salem, N.C. Manhattan
Six bedrooms, seven bathrooms, two half-baths Five bedrooms, six bathrooms, one half-bath Two bedrooms, two baths, one half-bath
The 12,000-square-foot main house on 5 acres has five patios This 8,076-square-foot French Provincial-style house in the Stone This 1,600-square-foot postwar triplex penthouse has a private
overlooking a pool and fountains. A family room by the kitchen Oaks community has several covered patios, plus one surrounding roof deck with 1,000 square feet of outdoor space and an adja-
and breakfast room connects to a covered patio running the an in-ground pool. A basement rec room opens onto its own pa- cent sunroom. The living and dining areas on the first level, and
length of the home. An office and gym are in separate buildings. tio. The kitchen, dining and living rooms also look onto a patio. the master bedroom on the second, have access to balconies.
Agent: Libby Cohen, Walt Danley Christie’s International Agent: Dee Priddy, Coldwell Banker Agent: Gail Bomze, Compass
ADVERTISEMENT
Distinctive Properties
.
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
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MANSION
RUNS ON TEQUILA The private railcar of tequila tycoon

John Paul DeJoria, above, has an ornately decorated interior,
including a dining area, right, and master suite, below.
JOE SCHMELZER FOR THE WALL STREET JOURNAL (3)

HOW THE RICH RIDE THE RAILS
Continued from page M1
through the countryside down to
Palm Beach. Most cars come with
a history of famous riders, such as
Franklin D. Roosevelt, Henry Ford
.
and Clark Gable.
ly
It’s a tradition that harks back
to the late 1800s in the U.S., until
it was diminished by the Great De-
pression and replaced by air on
travel, virtually disappearing for a
while after the 1950s. It wasn’t un-
til the creation of Amtrak in 1971
us l,
and a selloff of old cars by railroad

companies that private rail started
up again.
al a
e
The restored private railcars that
travel today tend to be luxuriously
ci on
decorated mini-mansions, with mul-

tiple bedrooms, private chefs,
domed glass ceilings and observa-
tion decks. Many are owned by ordi-
nary train enthusiasts, who run
er rs
charter trips to help defray costs.

Borden Black does the cooking
on trips on her 1925 Pullman, JENNIFER MAY FOR THE WALL STREET JOURNAL (3)
named the Dearing, with an obser-

m e
vation lounge, dining room and

three bedrooms. She charges
m rp
$6,600 a bedroom for a 10-day

round trip from Washington to
New Orleans.
“It’s like a super vacation house.
It’s one of the coolest things in the
co Fo
world,” says billionaire John Paul

DeJoria, founder of Patrón Spirits
Co., whose private 1927 vintage
railcar, the Patrón Tequila Express,
carries him and his guests, who
have included actor Dan Aykroyd EAST COAST TO WEST COAST John Webb and his children, Caitlin and John, in the family’s 1949 Budd Sleeper/Observation car named the Babbling Brook, at
and several presidential candi- the Albany, N.Y., Amtrak station. The Webbs use the train, decorated in 1950s style, for cross-country vacations.
dates, around the country on Am-
trak’s 21,000 miles of routes.
Mr. DeJoria spent $2 million ren-
ovating his 85-foot car—with a din-
ing room, modern kitchen, observa-
tion room, master suite and two
n-
bedrooms—in what he describes as

a maharajah’s palace style, with
green velvet sofas, gold-frame
paintings and brocade drapes. It
no
costs him about $10,000 a month

for maintenance, insurance, storage
and crew.
Jack Heard, 69, a funeral direc-
tor who lives in Fernandina Beach,
STEPHEN VOSS FOR THE WALL STREET JOURNAL (3)
Fla., bought his private car, called

the Georgia 300, in 1986 for about
$42,000. The 1930 Pullman was in
good shape, so Mr. Heard esti-
mates he spent only about $50,000
and a lot of “blood and sweat” to
get it ready to run on the Amtrak
rails. “It’s like someone buying an
antique car or house,” he says.
“They want to enjoy a way of life
that’s not there anymore.”
The freedom to roam the rails is
threatened. Some private railcar
owners worry Amtrak will stop WASHINGTON TO NEW ORLEANS Borden Black, left, does the cooking for dinners served in her
letting them hitch rides, deciding restored 1925 railcar, the Dearing, above. She runs chartered trips from Union Station in Washing-
that the pressure on its on-time ton, top left, to defray the costs, charging $6,600 for a 10-day, round-trip to New Orleans.
arrivals and the costs and hassles
of keeping private owners in line Amtrak standards,” says Wick tracks with a safety technology travel within their own states. private railcar is more interesting
isn’t worth the roughly $4 million Moorman, former Amtrak presi- called Positive Train Control by Meanwhile, private railcars con- than buying a Lamborghini. While
it says it earns in annual revenue dent and CEO, who now serves in the end of 2018. Some of the tinue to change hands, albeit at this point he says he’d probably
from the service. an advisory capacity. (A spokes- tracks are owned by freight com- slowly. About five a year are sold, charter a railcar instead of buying
In November, Amtrak’s office of woman for the owners association panies that won’t have complied says David Thebado of Rail Mer- one, Mr. McBride hasn’t given up
inspector general initiated an audit says it has zero tolerance for dis- by then. chants International, who doesn’t on the idea. His wife has gone
of its private railcar services. Last orderly conduct.) “Things are very grim,” says list prices of the cars he sells on- from “a solid no to a maybe.”
month, Amtrak halted all private Mr. Moorman, who owns his Bennett Levin, who owns the line. The kind of people who buy Mr. Webb says owning private
rail travel between Los Angeles own private railcar called the Pennsylvania 120, which carried these cars are “big dreamers,” he railcars can become an obsession.
and San Diego until the passenger Sandy Creek, bought for “about Robert Kennedy’s body to Wash- says. He attributes his divorce in part to
service’s on-time performance im- the price of a nice fishing boat,” ington, D.C., for burial at Arlington Mark McBride, 42, a software the time and money he spent buy-
proves, and is considering other says he isn’t particularly worried National Cemetery in 1968 and professional in Palo Alto, Calif., ing and renovating his cars. The
changes to ensure these operations Amtrak will stop allowing private which Mr. Levin spent about $1 who has been researching a pur- three-year restoration of the Bab-
don’t interfere with its core busi- rail travel. “If it does, it does,” he million to restore, following origi- chase for the past couple of years, bling Brook into what he calls a
ness and service to its passengers. says, adding that the historical nal engineering drawings. He has came close to buying a private retro-modern 1950s diner look was
Reports of bad behavior—loud significance can be appreciated by hosted Pennsylvania transporta- railcar for $500,000. He reasons it “comparable to watching paint
parties and disorderly conduct—by seeing these old cars in museums. tion-committee representatives would set him back about same dry.” That didn’t stop him from
some private railcar owners and Private railcar owners also aboard his cars to show them the price as buying a vacation house buying two more cars in 2016 that
their guests in Amtrak yards are worry many of Amtrak’s longer importance of supporting state- in Tahoe, “only you can go more are now being restored—bringing
exacerbating these fears. routes might disappear because of funded Amtrak routes. At the very places.” his private railcar ownership total
“It’s up to the private car own- the congressional mandate requir- least, if states are on board, pri- He says that in Silicon Valley, to six cars. His current girlfriend is
ers to make sure they conform to ing that Amtrak trains only ride on vate railcar owners could still where ostentation is shunned, a “very supportive,” he says.

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