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Business & Finance
roadcom made an unso-
B licited $105 billion bid for
Qualcomm, the chip indus-
try’s boldest bet yet that size
will equal strength at a time
of technological upheaval. A1
 Disney recently held talks
to purchase a large chunk of
Fox’s entertainment busi-
nesses, but the discussions
ran into an impasse over
price and other key terms. A1
 Saudi Arabia’s high-profile
arrests have raised the stakes
for global investors just as the
country embarks on a drive
to lure foreign capital. B1
 Oil prices surged to
more than two-year highs
on rising tensions in the
Mideast. U.S. crude rose
3.1% to $57.35 a barrel. B1
 Rallying energy shares
lifted U.S. stocks to new re-
cords. The Dow rose 9.23
points to 23548.42. B13
 Sprint said it would in-
crease spending on its net-
work after merger talks
with T-Mobile collapsed. B1
 Qatar Airways is buying a
9.6% stake in Cathay Pacific
for $661 million, its latest in-
vestment in a global rival. B3
 Valeant will sell Sprout to
Sprout ex-shareholders after
they said Valeant botched
the marketing of a drug. B6
 CVS will offer next-day
delivery of prescription
drugs as it faces potential
competition by Amazon. B6
 Goldman and CIC are
joining on a fund to help the
Chinese sovereign-wealth
fund invest in the U.S. B12
 Intel and AMD are team-
ing up on a laptop chip to
compete with Nvidia. B4
World-Wide
 The gunman who killed
26 people at a Texas church
was able to buy weapons de-
spite a history of violence in
part because the Air Force
failed to submit his record
to the FBI following a court-
martial conviction. A1, A2
 Trump urged Japan to
buy massive amounts of U.S.
military equipment, saying it
would help protect the coun-
try from North Korea. A6
 Saudi Arabia said a mis-
sile attack on Riyadh by Ye-
meni rebels, which was inter-
cepted, could be considered
an Iranian act of war. A8
 Russian-backed support
for Trump on social media
began much earlier than pre-
viously known, a new analy-
sis of Twitter data shows. A5
 Comey called Clinton’s use
of a private email server
“grossly negligent” in an
early draft of a statement. A5
 A House panel began con-
sidering the GOP tax plan,
but rifts over deductions,
child tax credits and deficits
could force changes. A4
 Sen. Paul faces an ex-
tended absence from the
Senate after he was injured
in an attack by a neighbor. A4
 Trump’s campaign team
was briefed before and after
adviser Page’s trip to Moscow
last year, testimony reveals. A4
 Gubernatorial races in
Virginia and New Jersey will
be closely watched for
broader political signals. A3
 Spain’s government and
Catalan independence forces
have begun maneuvering
ahead of December votes. A9
CONTENTS
Banking, Finance.. B12
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A law-enforcement officer helps put a flag at half-staff near the scene of the shooting at the First Baptist Church of Sutherland Springs, Texas.
Gunman Had Violent Past
Military failed to
submit attacker’s
domestic-assault
conviction to FBI
By Zusha Elinson,
Russell Gold
and Erin Ailworth
NEW BRAUNFELS, Texas—
The gunman who killed 26 peo-
ple at a Texas church on Sun-
day morning had a history of
domestic abuse, animal abuse
Investors Eye Saudi Crackdown
Saudi Arabia’s main stock index held steady Monday in the wake
of a government crackdown, but shares in a firm owned by a Saudi
billionaire who was detained fell sharply. B1, B14
Tadawul All Shares Index
7600
7400
7200
7000
6800
6600
6400
6200
6000
2016 ’17
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Amazon Studios
Boss Left Long
Trail of Allegations
Executives now wonder if the company’s
hands-off approach gave Roy Price leeway
Amazon.com Inc. is legend-
ary for trying to know every-
thing about its customers.
When it came to its entertain-
ment unit and the executive in
charge there, though, the com-
pany appears to have fallen
Markets.................... B13 down on the job.
Opinion.............. A15-17
Sports....................... A14
U.S. News............. A2-5 By Joe Flint,
Technology............... B4 Ben Fritz
Weather Watch.. A11
World News... A6,8-9 and Laura Stevens
>
Amazon Studios Chairman
Roy Price abruptly resigned in
mid-October after details
emerged publicly of an alleged
incident of sexual harass-
ment. Since then, Amazon
has made a series of manage-
ment changes at the studio to
TUESDAY, NOVEMBER 7, 2017 ~ VOL. CCLXX NO. 109
STOXX 600 396.59 À 0.1% 10-YR. TREAS. À 7/32 , yield 2.318%
and trouble holding down a
job, as well as a failed mar-
riage, records show.
But 26-year-old Devin Pat-
rick Kelley’s history of violence
didn’t prevent him from pur-
chasing weapons.
One reason, an Air Force
spokeswoman said, is because
the service failed to submit
Kelley’s record to the Federal
Bureau of Investigation follow-
ing a court-martial conviction,
including for slamming his
baby’s head. The military’s
lapse apparently explains why
Kelley passed an FBI back-
Kingdom Holding’s share price
13.0 Saudi riyals
12.5
12.0
11.5
11.0
Monday 10.5
6984.87
10.0
9.5
9.0
Monday
9 riyals
8.5
2016 ’17
THE WALL STREET JOURNAL.
address a range of concerns.
Three of Mr. Price’s top lieu-
tenants have been fired or left.
Interviews with current and
former executives, as well as
with producers who have
worked with Amazon Studios,
paint a picture of alleged mis-
conduct by Mr. Price that goes
well beyond the public allega-
tions that appear to have
played a role in his departure.
In addition, business troubles
were allowed to fester, some
of these people said.
Mr. Price appeared inebri-
ated at a number of profes-
sional functions, people who
worked with him said, and
Amazon executives had to
Please see STUDIO page A10
OIL $57.35 À $1.71
ground check and was allowed
to purchase guns.
Kelley was able to enter the
First Baptist Church of Suther-
land Springs on Sunday armed
with an assault-style rifle. Clad
in black, a ballistic vest and a
skeleton mask, he was angry
with his mother-in-law, au-
thorities said. He fired on the
small congregation, wiping out
families at worship together,
including a pregnant mother
and her children. His youngest
victim was 18 months old; the
oldest 77.
Kelley’s mother-in-law
Disney Approached Fox
For Entertainment Assets
Walt Disney Co. recently
held talks to purchase a large
chunk of 21st Century Fox’s en-
tertainment businesses, people
close to the discussions said,
signaling that Disney is serious
about bolstering its laggard TV
By Ben Fritz,
Joe Flint
and Keach Hagey
operations and that media mo-
gul Rupert Murdoch is open to
a surprising restructuring of
his empire.
Disney approached Fox in re-
cent weeks about buying its ca-
ble TV networks such as FX and
National Geographic Channel,
the Twentieth Century Fox stu-
dio and international distribu-
tion operations, the people said.
Such a deal would have left 21st
INSIDE
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Broadcom
Bid Marks
Upheaval
In Chips
BY TED GREENWALD
Broadcom Ltd. made an un-
solicited $105 billion takeover
bid for Qualcomm Inc., the chip
industry’s boldest bet yet that
size will equal strength at a
time of technological upheaval.
The approach, which would
mark the biggest technology
takeover ever, shows how tech
companies are positioning
themselves for a world where
a range of chip-driven de-
vices—from phones to cars to
factory robots—are transmit-
ting, receiving and processing
evermore information.
Broadcom Chief Executive
Hock Tan already has used ac-
quisitions to build the company
into the fourth-biggest chip
maker by market value, part of
a wave of industry consolida-
tion as profits on some chips,
such as those used in personal
computers, are squeezed by
sluggish sales and rising costs.
A combination with Qual-
comm would create a behemoth
whose chips manage communi-
cations among consumer de-
vices and appliances, phone ser-
vice providers, and data centers
wasn’t at church Sunday, au- that are becoming the work-
thorities said. A woman at the horses in artificial intelligence.
home of Kelley’s in-laws said The deal is far from certain.
the family didn’t want to speak. San Diego-based Qualcomm,
After firing on the church, which said it would consider
Kelley fled the scene, pursued the proposal, is expected ulti-
by an armed neighbor who mately to rebuff it on the
grabbed his own weapon and grounds that the price isn’t
shot at him. high enough, especially given
During the car chase, Kelley the significant risk that regu-
called his father to say he had lators would block it, accord-
been shot and didn’t expect to Please see DEAL page A5
survive, said Freeman Mar-
Please see ATTACK page A2  Intel and AMD team up to
offer laptop chip...................... B4
 Families are left with  Heard on the Street:
unspeakable losses................... A2 Broadcom’s big gamble...... B13
Century Fox focused on sports, prized assets would help Dis-
news and broadcast TV. ney upgrade its struggling
The talks, first reported by television business, which has
CNBC, ran into an impasse been hit by ratings troubles
over price and other key terms and subscriber declines at net-
and have cooled substantially, works such as Disney Channel
though they could be re- and ESPN. A deal would also
started, one of the people said. give Disney more content for
Traditional media compa- streaming services it plans to
nies are racing to adapt to launch in the next two years
sweeping industry changes and would significantly in-
that threaten their business, crease Disney’s exposure to
including the rise of stream- foreign markets in which Fox
ing-media services that are si- has a stronger presence.
phoning away cable TV sub- Fox wasn’t happy with the
scribers and mergers that have terms Disney proposed, but is
given tremendous clout to a open to the idea of selling the
handful of distributors such as assets, people familiar with
Comcast Corp., Charter Com- the matter said. Fox for years
munications and AT&T Inc. hasn’t been viewed on Wall
Fox shares rose 10% on Street or in the media indus-
news of the talks, while Disney try as an acquisition target be-
stock was up 2%. cause it was run by Mr. Mur-
Acquiring some of Fox’s Please see DISNEY page A8
Can a Ticklebox Have Fuzzywogs?
Now We May Never Know
i
Cash-strapped dialect dictionary shuts
i i
down, despite thriving U.S. regional lingo
BY DOUGLAS BELKIN It begins with “aa” (rough
lava in Hawaii) and moves
After 55 years, 60,000 words steadily through “fuzzywog” (a
and at least $25 million in re- roll of dust under the furniture
search grants, the Dictionary of in Wisconsin) and “rap jacket”
American Regional English has (a contest of endurance in
rung the knell, sugared off, fin- which people beat one another
ished out the row. with switches in the South).
The reason: the For 15 years, the
small tribe of lexi- project’s motto
cographers ran was “On to Z.”
out of cash. No When it finally got
more chink, boo- there in 2012 with
dle or do-re-mi. “zippy stick” (a
University of cricket in Ohio),
Wisconsin English “zune” (a go-getter
Professor Frederic in Georgia) and
Cassidy launched Shopping cart zydeco (a music
the project in or buggy? style in Louisiana),
1962. Lauded as federal grants and
“the greatest American lexico- private gifts began to dry up.
graphical project of the latter In 2013, it launched a web-
half of 20th century” by the based version.
American Dialect Society, it “People were happy to help
aimed to capture the nation’s us get to Z, but once we did,
regional words, pronunciation there was little or no incentive
and syntax. Please see WORDS page A10
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Tuesday, November 7, 2017 * **** THE WALL STREET JOURNAL.

THE TEXAS CHURCH SHOOTING

LOUIS DELUCA/THE DALLAS MORNING NEWS/ASSOCIATED PRESS

Irene and Kenneth Hernandez and their daughter Miranda said a prayer Monday in front of crosses placed in a field in Sutherland Springs, Texas, to honor the victims of Sunday’s mass shooting.

Families Left With Unspeakable Losses

SUTHERLAND SPRINGS,
Texas—At 18 months old, Noah
Holcombe was the youngest of
the 26 people shot to death in
the First Baptist Church here
Sunday. Her father, Marc Daniel
Holcombe, died with her.
So did her grandparents,
By Alejandro Lazo,
Nour Malas and
Tawnell D. Hobbs
Karla and Bryan Holcombe. So
did Noah’s aunt, Crystal Hol-
combe, who was pregnant, and
her three children from a previ-
ous marriage, Emily, Megan and
Greg Hill, friends and family
say.
The people of Sutherland
Springs knew the Holcombes as
a family who raised goats, made
cheese at home and loved to
bake together. In one cruel mo-
ment, eight people from that
one family were gone.
Somehow, Crystal’s husband,
John Holcombe, who led Sun-
day school prayer groups, sur-
vived the carnage. The town
and the families of 18 others
killed and 20 others wounded
are left to pick up the pieces
from a shattered Sunday in
their church sanctuary.
“That church was about all
we had in Sutherland Springs,”
said a family member via text
message. John Holcombe “just
lost everyone in his family that
was there with him—only one
daughter survived,” the family
member said. He “watched his
parents get shot to death, too.”
“They are wonderful, won-
derful people, the salt of the
earth,” D’Ann Shippty, 49 years
old, of Victoria, Texas, said of
the Holcombe family she has
known for decades. She said
Bryan and Karla Holcombe were
high school sweethearts and
their world revolved around
their devotion to church.
“Clearly, they maintained their
faith. That is the core of who
they are.”
In one cruel moment,
eight people from one
Sutherland Springs
family were gone.
Freeman Martin, a spokes-
man for the Texas Department
of Public Safety, said Monday
that all of the victims’ bodies
had been removed from the
church but that officials
couldn’t yet release their names.
He said law enforcement had
recovered hundreds of shell cas-
ings and 15 30-round clips from
the church, all of them emptied.
Other victims included 30-
year-old Joann Ward and her
daughters Brooke, 5, and Emily
Garza, 7, according to the
woman’s brother, Paul Looking-
bill. The children are two of
four in the family of Mrs. Ward
and her husband, Chris. The
couple celebrated their sixth
wedding anniversary this week-
end. On Sunday, Mrs. Ward took
their four children to church—
as they did most Sundays—but
only two of them made it out of
the service alive.
Emily was taken to a hospital
and died of her injuries, a rela-
tive said. Brooke died inside the
church. Mr. Ward is “doing as
well as expected in this kind of
situation,” another relative said.
Mrs. Ward loved her children
“more than life,” said Isabelle
Sanchez, who met Mrs. Ward
over Facebook. Mrs. Ward was
trying to get together a group
of women to help the elderly in
the community clean their
yards free of charge, she said.
“She was excited and over-
whelmed from the number of
responses she received,” Ms.
Sanchez said.
Rihanna Garza, the eldest of
Mrs. Ward’s children, survived
the shooting by rolling under a
pew. Her 5-year-old step-
brother, Ryland Ward, survived
multiple shots to different areas
of his body, according to the
relative.
Ryland was in his fourth or
fifth surgery Monday afternoon
at a hospital where relatives
and friends have gathered since
Sunday night, the relative said.
“It’s a lot to take in,” said
Mr. Lookingbill, who lives in a
nearby Texas city and added he
was too distraught to say more.
Dr. Brian Eastridge, chief of
trauma and emergency surgery
at University Hospital in San
Antonio, said the hospital re-
ceived nine patients from Sun-
day’s church shooting. Four of
those patients were children
and five were adults. One of the
children died as did two of
those adults.
The child who died was 8
years old and had been shot
multiple times, including an in-
jury to a blood vessel in the ab-
domen, Dr. Eastridge said. “The
efforts to save that child were
heroic,” he said. “Seeing an in-
jured kid, particularly when it’s
an injured child in your commu-
nity, it’s gut wrenching.”

ATTACK Shooting in Close Quarters

Continued from Page One
tin, a spokesman for the Texas
Department of Public Safety.
His car ran off the road, and
police found him dead inside.
Mr. Martin said the shooter
died from a gunshot wound to
the head consistent with a
self-inflicted wound. He also
sustained two wounds from
the neighbor, in his leg and
torso.
Authorities are still piecing
together the motive. Leading
up to the shooting, Kelley sent
threatening text messages to
his mother-in-law, Michelle
Shields, in what authorities
called a “domestic situation
going on with the family.”
Family strife was a recur-
ring theme in Kelley’s life in
recent years.
Kelley married Tessa Loge
in April 2011 in Comal County,
Texas, a few days before he
started as a traffic-manage-
ment apprentice at Holloman
Air Force Base in New Mexico,
according to county clerk and
military records. He was 20
and she 18, according to state
records. His ex-wife couldn’t
be reached for comment.
A year and a half later, in
October 2012, his then-wife
filed for divorce in New Mex-
ico, according to court records.
In 2013, Kelley was con-
victed in a general court-mar-
tial on two counts of domestic
assault on his spouse and
child. The military sentenced
the then-airman first class to
one year in a military jail, a
demotion to airman basic and
a bad-conduct discharge.
He pleaded guilty to two
specifications against his wife,
according to the court-martial.
The small First Baptist Church
of Sutherland Springs, Texas, is
a one-story building with a
low-pitched roof that the
church has occupied
since 1949.
Typically
50 people
attend
N started firing outside the
Note: Drawing is schematic
Source: Staff reports
Over the period of a year, he
was accused of striking, chok-
ing and kicking her. He also
pleaded guilty to striking a
child on the head and body
with force, “likely to produce
death or grievous bodily
harm.”
Kelley appealed the court-
martial, but it was upheld on
March 10, 2014, according to
court documents.
Kelley purchased one gun in
2016 and another this year at
two different Academy Sports
+ Outdoors shops in San Anto-
nio, according to a spokes-
woman for the retailer.
In each instance, Kelley’s re-
quest to purchase the guns
sailed through the FBI’s na-
tional background check sys-
tem, known as NICS, according
to the FBI.
Kelley would likely be dis-
qualified from possessing a
weapon under a 1996 amend-
Exit door
Pu
Pulpit
Exit door
Front door
Devin Patrick Kelley
church on Sunday during
services, then entered
and kept shooting.
THE WALL STREET JOURNAL.
ment to the Federal Gun Con-
trol Act that restricts guns
from anyone convicted of a
crime of domestic violence, ac-
cording to Eric Carpenter, a
former Army prosecutor and
defense counsel. The gun law
applies to military personnel
convicted through a court-
martial.
The Department of Defense
is supposed to feed court-mar-
tial information into the NICS
database, which is then used
to keep individuals with cer-
tain criminal histories or men-
tal health problems from pur-
chasing firearms.
But the U.S. military hadn’t
submitted Kelley’s name to
NICS, according to a review
conducted Monday, an admin-
istration official said. The rea-
son for the lapse wasn’t imme-
diately clear.
The Defense Department is
expected to announce a review
A Town’s Spiritual
And Social Hub
SUTHERLAND SPRINGS,
Texas—The First Baptist Church
of Sutherland Springs has long
been the social and spiritual
hub of this town. Tucked a
half-block from U.S. Highway
87, the church—along with two
convenience stores, the post of-
fice and the Dollar General—
was home to what bustle there
is in this once-anonymous dot
on a map 35 miles southeast
of San Antonio.
The church, which was es-
tablished in 1926, dates back to
the town’s glory days, when it
was a resort destination dotted
with mineral springs, said Rich-
ard B. McCaslin, a history pro-
across the services into how
the U.S. military ensures such
cases reach NICS.
Federally licensed firearm
dealers must check the creden-
tials of potential gun buyers
through the NICS system, a
clearinghouse of millions of
criminal history records.
States and the federal gov-
ernment populate the NICS
system with periodic updates
on criminal convictions. Those
convicted of violent crimes,
like murder, rape or assault
are under federal law banned
from purchasing guns.
Altogether, Kelley pur-
chased weapons in 2014, 2015,
2016 and 2017, records show.
Kelley bought a total of four
firearms in those years—two
in Colorado and two in Texas,
records show.
Three weapons were recov-
ered after the shooting, ac-
cording to Fred Milanowski,
fessor at the University of
North Texas who wrote a book
about Sutherland Springs. It is
housed in the same one-story
building, with a low-pitched
metal roof, that it has occupied
since 1949, according to a his-
tory of Sutherland Springs.
“This man came and shat-
tered one of the last symbols
that there was ever a town of
Sutherland Springs or that the
town was hanging on,” Mr. Mc-
Caslin said.
These days, about 50 peo-
ple showed up for services ev-
ery Sunday.
“When I heard, I thought im-
mediately, ‘That’s the whole
church,’ ” said Mitch Kolenovsky,
a field ministry strategist for the
Southern Baptists of Texas Con-
vention, who had occasionally
attended and preached there.
special agent in charge of the
Houston ATF. One was a Ruger
556 rifle recovered at the
scene of the church. Two
handguns were found in his
vehicle—a Glock 9mm and a
Ruger 22.
In April 2014, a month be-
fore he left the Air Force for
good, Kelley was married
again to Danielle Shields in
Comal County, according to
county documents. Ms. Shields
was 19, Kelley was 23.
On her Facebook page,
which lists her work as a
singer and teacher, Ms. Shields
said she studied at Texas A&M
University in Kingsville—
where Kelley once volunteered
at a Baptist church.
That same year, he volun-
teered one night as a helper
during the 2014 Vacation Bible
School at First Baptist Church
in Kingsville, according to the
church and his LinkedIn page.
Residents said it is known
as an inclusive place, where
anyone who dropped by for Bi-
ble study on Thursday night
was welcome, and could help
themselves to free dinner. Last
week, on Halloween, the con-
gregation threw a fall festival,
complete with hay rides and
ring-toss games with 2-liter
bottles of soda as prizes.
Nick Uhlig, a 34-year-old oil-
field worker who often attends
the church, described its mes-
sage as, “Come to God and love
everybody.”
The church is part of the
theologically conservative
Southern Baptists of Texas
Convention, which has a focus
on parishioners personally ac-
cepting Christ as their savior.
—Erin Ailworth
and Ian Lovett
“He was not a member of
the First Baptist Church of
Kingsville, nor did he serve in
any other capacity,” the church
said in a statement.
For a time, after he mar-
ried, Kelley briefly lived in Col-
orado. By August 2014, Kelley
was in trouble again. He was
charged with one count of ani-
mal cruelty involving a Sibe-
rian husky in El Paso County,
Colo., according to a court offi-
cial. He was given a deferred
sentence, and the misde-
meanor was dismissed after 18
months, the court official said.
Kelley appears to have re-
cently been living in New
Braunfels with his parents, ac-
cording to public records.
The Kelleys couldn’t be
reached for comment.
—Nancy A. Youssef,
Lynn Cook, Jim Oberman
and Lisa Schwartz
contributed to this article.

CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL

The first names of Karla and
Bryan Holcombe were misspelled
as Carla and Brian in a Page One
article Monday about the mass
shooting at a church in Texas.
Also, Ian Lovett contributed to
turns than stocks of the largest,
most profitable U.S. companies.
The word developed was incor-
rectly given as developing in the
Monthly Monitor column in
Monday’s Investing in Funds &
tighten much.” The word much
was incorrectly omitted from Mr.
Ellenberger’s quotation and the
word Bond was omitted from the
fund’s name in an article about
bond funds in the Investing in
Falls, Ohio. A Page One article
Saturday about him in one in-
stance incorrectly referred to
Cuyahoga County.
A Park City luxury home fea-
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THE WALL STREET JOURNAL.
All Eyes on Governor Races
In New Jersey and
Virginia, parties look
for clues to next year’s
midterm elections
BY DANTE CHINNI
Tuesday’s gubernatorial
races in Virginia and New Jer-
sey are the first big, statewide
elections since Donald Trump
won the presidency. Both par-
ties will be looking at the re-
sults for signals about the
broader political landscape
ahead of next year’s elections
for the House and Senate.
For Republicans, a victory in
Virginia would show that the
party has power in a state that
backed Democrats in the past
three presidential elec-
tions. Democrats, having lost
several special House elections
this year, want to show that
they can stay on top in Virginia
and gain ground in New Jersey.
As the returns come in, the
cities and counties below will
give clues as to how these
races might turn out.
Virginia
This is the race that gives
Republicans their best
chance for a win. Many polls
show Democrat Ralph Northam
with a slight edge, but Republi-
can Ed Gillespie’s numbers
have climbed.
Fairfax County: Democrats
likely will win here, and by a
lot. The question is how many
votes come from this suburban
county near Washington,
D.C. Higher turnout is likely to
be a good sign for Democrats.
In 2009, when Republican
Northeast States Bet on Gambling
BY JON KAMP
AND SCOTT CALVERT
The proliferation of legal-
ized gambling in the Northeast
is showing no signs of abating
with states and developers
continuing to push more casi-
nos, in some cases to help
fund state budgets and ward
off competition.
In Maine on Tuesday, voters
will decide via a ballot mea-
sure whether to create the
state’s third casino.
In Pennsylvania, which al-
ready has the second-biggest
gambling market in the U.S. af-
ter Nevada, the governor
signed a bill last week that will
significantly expand ways the
Keystone State residents can
wager. The bill allows for on-
line gambling, new machines
at airports and truck stops,
and up to 10 new satellite casi-
nos with as many as 750 slot
machines and 30 tables. “Penn-
sylvania really went for broke
on this one,” said Joe Weinert,
executive vice president at
Spectrum Gaming Group, an
U.S. NEWS
Republicans might have their best chance in Virginia, where GOP
candidate Ed Gillespie, left, faces Democrat Ralph Northam.
Bob McDonnell won the gover-
nor’s mansion, the county pro-
duced about 273,000 votes.
When Democrat Terry McAu-
liffe won four years later, more
than 306,000 gubernatorial
votes came from Fairfax.
The vote is unlikely to in-
crease by that much this year.
But if it’s up by an additional
10,000 votes, with the Demo-
crat winning 58% to 60% of
them, that would be a sign that
upper-income, suburban Demo-
crats are revved up—a good
sign for Mr. Northam.
Loudoun County: This
county on the outer edge of
the Washington suburbs may
be the one to watch for Mr.
Gillespie’s prospects. In his un-
successful 2014 Senate race, he
narrowly won Loudoun. If he
wins here again Tuesday night,
the Gillespie team may start
Leveling Off
Pennsylvania’s gambling revenue
flowing to various state and
local entities
$1.75 billion
1.50
1.25
1.00
0.75
0.50
0.25
0 International casino under con-
2006 ’08 ’10 ’12 ’14
Note: 2017 figures through Oct. 31
Source: Pennsylvania Gaming Control Board
THE WALL STREET JOURNAL.
industry consultant. “Pennsyl-
vania’s action is going to cause
a lot of legislators’ eyes in
other states to pop open.”
The region’s older casino
markets in states such as Con-
necticut, New Jersey and Dela-
ware have reported declining
* * Tuesday, November 7, 2017 | A3
© Verdura. All rights reserved.
Northam is from this area. His
career as an Army doctor may
carry weight with the area’s
most important employer, the
military. That makes the vote
margin important to watch:
The GOP may win, but the
ERICA YOON/THE ROANOKE TIMES/ASSOCIATED PRESS (PHOTOS)
question will be by how much.
New Jersey
By most measures, this race
looks to be a walk for Demo-
cratic diplomat Phil Murphy
over Lt. Gov. Kim Guadagno.
Not a single poll in the Real
Clear Politics average has the
race in single digits.
A big reason for this is cur-
rent GOP Gov. Chris Christie,
who never recovered from the
Bridgegate scandal.
Middlesex and Somerset
Counties: These largely subur-
ban counties between Trenton
and Newark went for Mr.
preparing for victory. Christie twice, in 2009 and T H E CR IS S CROS S CU FF
A win here probably won’t 2013. But they both also went
Ve rdura’s cl a ssic, wove n in 18k gol d
come easily. Loudoun’s popula- for Hillary Clinton in 2016.
tion growth is high—up 24% These counties have diverse Yellow gol d , $18 ,0 0 0 • White or rose gol d , $18 ,950
since 2010—and the influx of populations with high educa-
people could be creating a tional attainment, characteris-
more Democratic electorate. tics that signal Democratic
City of Richmond: The cap- strength. If Mrs. Guadagno 74 5 F I F T H AV E N U E , 12 T H F LO O R
ital is also a good place to wins here, it’s a sign she may
measure the African-American do better than expected.
212 .758 . 33 8 8 • V E R D U R A .CO M
vote in Virginia, as about half Essex, Union and Camden Original gouache by Duke Fulco di Verdura
the city’s population is black. Counties: These counties on
The number of votes cast in the east and west borders of
Richmond can swing substan- the state all lean Democratic
tially. In the 2005 election, the and have populations that are
city produced 51,000 votes. In 20% or more African-Ameri-
2009, only 45,000. But in 2013, can. They will offer a sense of
it produced 58,000 votes. black turnout in the state.
Democrats won the city in Salem and Gloucester
every election. But those dif- Counties: These counties will
ferences in turnout were im- offer a measure of turnout
portant to the state outcome. among Mr. Trump’s base in the
Virginia Beach: The Tide- state. Both supported Mr.
water region traditionally fa- Christie twice, and both
vors Republicans, but Mr. backed Mr. Trump in 2016.
revenue from casino taxes, due casinos have closed since 2014.
to rising competition from Revenue flowing to Pennsyl-
neighboring states, such as vania has leveled off for the
New York and Pennsylvania. last several years and neighbor-
The response, typically, has ing states—Maryland, Ohio and
been to approve yet-more ways New York—have rapidly built
to gamble as a way to keep the up their own gambling markets.
money flowing and fend off New Jersey and Delaware have
cross-border competition. each added internet gambling.
Earlier this year in cash- In Maine, the developer be-
strapped Connecticut, legisla- hind Tuesday’s controversial
tors passed a law allowing the ballot measure to license the
tribes behind the state’s two state’s third casino has pitched
existing casinos to open a third. the proposal as a way to keep
That was done in part to de- gambling dollars from flowing
fend against an expected reve- south to a large casino rising
nue hit from an MGM Resorts just outside Boston.
Republican Gov. Paul Le-
’16
struction in Springfield, Mass. Page has opposed the casino
Standard & Poor’s analysts plan, saying in a recent radio
said the Northeast’s casino address that he believes the
boom could yield short-term venue would saturate the mar- CLASSIMA Starting at
gains, but with potential long- ket without helping the state. Collection $990
term credit risks. Atlantic City, On Friday, a Maine ethics
N.J., which once held an East commission imposed a
Coast casino monopoly, re- $500,000 fine on several com-
mains a prime example of what mittees that backed the casino
competition can do. The New measure for failing to disclose Styles for Him & Her / Free Engraving
Jersey gambling market pro- sources of millions of dollars
duced revenue last year of in funding, including a com- www.baume-et-mercier.com
roughly $2.5 billion, a 50% drop pany co-owned by developer
from a decade earlier, and five Shawn Scott.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A4 | Tuesday, November 7, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

U.S. NEWS

Trump Trip Is Last Best Shot on North Korea already be too late to fully re-
verse the nuclear ambitions
of its 33-year-old leader, Kim
Jong Un. But if those ambi-
tions are to be reined in at
all, these three men are the
only ones who can accomplish
that, and now may be the last
CAPITAL JOURNAL time to do so. The stakes, in
By Gerald F. Seib short, are very high.
They feel few constraints at put into place an onerous set friends in Russia for re- Technically, at least, the
home that limit what they of United Nations economic lief. “The more China squeezes U.S., China and Russia share
can do abroad. sanctions designed to exert a North Korea, the more poten- the same long-term goal,
Moreover, China and Rus- much more painful economic tial there is that the North Ko- which is a Korean Peninsula
sia bear as much responsibil- squeeze on Mr. Kim. reans turn toward Russia,” without nuclear weapons. It’s
ity as any nation for the It may be working, to an says Stephen Hadley, national increasingly questionable
North Korean nuclear and extent. China appears, per- security adviser for President whether that is realistic. Still,
missile threat. Both have haps for the first time, to be George W. Bush. “I don’t think let’s assume it is. There’s only
provided military help over truly clamping down on trade [Russia and the Trump ad- one way to start down the
the years, and have been with North Korea to increase ministration] are on the path toward it: diplomatic en-
Pyongyang’s trading part- the economic price Mr. Kim same page at this point, and gagement to discuss the goal.

I
n meeting Chinese Presi-
President Donald Trump dent Xi Jinping and Rus-
will meet this week with the sian President Vladimir
two other most powerful men Putin at separate stops on his
in the world, the leaders of current Asian tour, Mr.
China and Russia. There will Trump will be seeing leaders
be much to discuss, but far at the top of their powers.
and away the most important The 64-year-old Mr. Xi just
item is this: finished a Communist Party
Can they congress in which he consoli-
together stop dated power, marginalized
a man half potential rivals and fostered a
their age, who cult of personality unlike any
leads a coun- seen since Mao Zedong. The
try smaller 65-year-old Mr. Putin has
than Mississippi, with a per been either president or
capita gross domestic product prime minister of Russia
that ranks just below that of since 2000, and is about to
Guinea-Bissau, from disrupt- announce that he’ll seek an-
ing the world order on which other six-year term, which he
their prosperity depends? doubtless will win.
That other country is, of Both may be on their way
course, North Korea. It may to being leaders for life.
ners. The Central Intelli- that is why I think it is im- Though it’s little appreci-
gence Agency estimates that portant for Trump to see ated, the Trump administra-
North Korea sends 85% of its both Xi and Putin.” tion has repeatedly signaled
exports to China, and re-
The danger now is its willingness to talk with
that North Korea
S
ceives 90% of its imports o let’s say this week’s North Korea. Mr. Trump did
from there. And when China talks produce agree- so again over the weekend,
began squeezing down its oil
turns to its friends in ment on exerting more reiterating that he’d actually
exports to North Korea re- Russia for relief. real and sustained economic be willing to meet Mr. Kim
cently, Russia stepped up to pressure on North Korea. personally at some point.
help fill the gap. What’s the broader goal? North Korea is refusing. It
So the 71-year-old Mr. So far, the main, joint Chi- apparently wants to wait un-
Trump this week will be see- pays for his nuclear brink- nese and Russian proposal til it has proven it has a nu-
ing the elder statesmen with manship. Certainly China has has been an unhelpful “freeze clear warhead that can fit on
the power to do something ample reasons to do so. Mr. for freeze” plan, in which a missile capable of reach-
about North Korea. But what Xi has expansive visions of North Korea would freeze its ing, say, Chicago, before
is that something? spreading China’s economic nuclear program in return for agreeing to talk. That’s the
Mr. Trump’s strategy ap- primacy across Asia with in- the U.S. and South Korea obstacle to diplomacy—and
pears to be to scare the vestments in infrastructure freezing any joint military ex- the one that Messrs. Trump,
world into believing he is ca- and friendships, and a Korean ercises. That proposal seems Xi and Putin can try this
pable of doing just about crisis could lay waste to to equate world-defying nu- week to knock down.
anything to stop North Ko- much of that dream. clear misbehavior with rou-
rea, including a military in- The danger now is that tine military exercises con-  Trump urges Japan to buy
vasion, while also helping North Korea turns to its ducted by longtime allies. U.S. military equipment....... A6

Tax Overhaul Faces Significant Obstacles Sen. Paul’s

BY RICHARD RUBIN
AND SIOBHAN HUGHES
Absence
WASHINGTON—A House
committee began considering
Poses Risk
a bill that would reduce taxes
by $1.4 trillion over 10 years,
but disagreements over key
To GOP
pieces of the measure could BY BYRON TAU
force the GOP to make changes
and slow down plans to pass it WASHINGTON—Sen. Rand
by year’s end. Paul faces an extended ab-
House Republicans are at sence from the Senate as he
odds over plans to eliminate recovers from serious injuries
deductions for state and local he suffered on Friday after po-
taxes. Senate Republicans dis- lice said he was attacked at
agree on child tax credits and his Kentucky home by his
whether to accept significantly longtime neighbor.
bigger budget deficits. Narrow The altercation between the
margins in both chambers two men was sparked by what
leave the party little room to an attorney for the alleged as-
maneuver. sailant described as a “trivial”
Here’s a look at the most dispute between the neighbors
significant fault lines: of 17 years.
A protracted convalescence
TOM WILLIAMS/CQ/ZUMA PRESS

Individual Deductions away from Washington for the

The tax breaks for mort- Kentucky Republican could
gage interest, state and local hinder the GOP legislative
taxes and medical expenses agenda just as the party’s ef-
are among the most popular in fort to advance an ambitious
the tax code, and the House tax bill gets under way. The
plan hits all of them. party controls 52 seats in the
State and local income and Senate, already a slim major-
sales taxes and medical costs A stack of the current income-tax regulations sits on the dais during Monday’s House committee markup of the GOP tax plan. ity, and GOP leaders are trying
would no longer be deductible. to pass the tax measure with-
Property-tax deductions would expense deductions. als at $115,000 and married Another issue is that the the first decade at $1.5 trillion. out Democratic votes.
be capped at $10,000. The The changes to the state couples at $230,000, up from credit might not be big enough That constraint means they ei- In a statement, Mr. Paul’s
mortgage-interest deduction and local tax breaks will cost $75,000 and $110,000 today. in the Senate. Sens. Marco Ru- ther need to find revenue-rais- chief political strategist, Doug
would no longer apply to in- Republicans at least several For many families, that is bio (R., Fla.) and Mike Lee (R., ing provisions or set tax cuts Stafford, revealed that the
terest on debt above House votes from New York enough to offset the loss of the Utah) want a credit of $1,800 to start later than 2018 or be second-term Republican had
$500,000, home-equity loans, and New Jersey. personal exemption, which sub- to $2,000 per child. set to expire. five rib fractures including
or second homes. tracts more than $4,000 from The bill also can’t increase three displaced fractures, in
The homeownership breaks Child tax credit taxable income for filers, their Debt and deficits deficits at all beyond those which a bone separated into
have powerful defenders in The House plan bumps the spouses and dependents. But Fiscal constraints are an- first 10 years. That encourages pieces and went out of align-
real-estate agents and home per-child credit from $1,000 to the credits expire over time, other barrier. Some lawmakers the GOP to set tax breaks to ment from its typical position.
builders. And lawmakers have $1,600 and moves it up the in- which could leave many house- don’t want to increase deficits. expire. Expirations, sunsets The senator is also suffering
been hearing from the influen- come scale. The credit would holds worse off by 2027 than if Republicans have set a cap and offsets are making the bill from lung contusions, Mr.
tial AARP about losing medical start phasing out for individu- Congress had done nothing. on the size of the tax cuts over unappealing to some. Stafford said.

Majority Leader Regains Sway Adviser Told

BY KRISTINA PETERSON
Campaign of
AND LOUISE RADNOFSKY

WASHINGTON—When Presi-
Moscow Visit
dent Donald Trump hosted BY BYRON TAU
leaders of a communications
company moving their head- WASHINGTON—President
quarters from Singapore to the Donald Trump’s campaign
U.S. in the Oval Office on Thurs- team was briefed before and
day, a single lawmaker was after foreign-policy adviser
JOSHUA ROBERTS/REUTERS

present: House Majority Leader Carter Page’s trip to Moscow

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Kevin McCarthy. last year, with Mr. Page saying
Mr. Trump later hosted upon his return that he had
other Republican leaders to of- gotten “incredible insights and
ficially congratulate them on outreach” from senior mem-
the release of the House GOP bers of Russian President
tax bill. But he celebrated early Vladimir Putin’s administra-
with Mr. McCarthy. House Majority Leader Kevin McCarthy on Capitol Hill last week tion, newly released testimony
“He’s working very hard on reveals.
tax cuts, in fact, so hard, I’m implied political motives in the gration policy fight to come, Mr. Page, an unpaid adviser
surprised to see you here,” Mr. House hearings into an attack said Marc Short, the White to the Trump campaign, ac-
Trump said, praising the Cali- on a U.S. compound in Libya, House director of legislative af- knowledged under questioning
fornia Republican for zipping Mr. McCarthy pulled out of the fairs. last Thursday in front of the
over from a “great press confer- race to succeed Rep. John Boe- The six-term congressman House Permanent Select Intelli-
ence.” hner as speaker. has carved out a niche on Capi- gence Committee that he had
Two years ago, Mr. McCar- These days, Mr. McCarthy tol Hill by capitalizing on his in- met with Russian Deputy Prime
thy’s political career appeared has regained his influence, terpersonal skills. His ability to Minister Arkady Dvorkovich
to be flatlining. In the wake of a buoyed by what many Republi- take the temperature of the last July at an event in Moscow.
television interview in which he cans describe as the strongest House GOP has helped defuse In a brief conversation, Mr.
personal connection with Mr. some of its tensest moments, Dvorkovich had “expressed
Trump and his top advisers of even if the group is still search- strong support for Mr. Trump
any GOP leader. ing for a major legislative win and a desire to work together
Crafted in gold & platinum
And while the GOP tax plan this year. While he has never towards devising better solu-
Rush!
Service unveiled Thursday was crafted been considered a policy heavy- tions in response to the vast
Available
by House Speaker Paul Ryan weight, the less-scrutinized, range of current international
(R., Wis.) and Ways and Means second-in-command post is problems,” according to a
Committee Chairman Kevin turning out to be the best posi- memo that Mr. Page sent to
Brady (R., Texas), its passage tion to maximize his other campaign officials following
will depend in large part on Mr. strengths. his trip.
McCarthy. “He feels to some degree The White House has de-
“We lean on Kevin con- empowered and freed by his de- nied any wrongdoing, and
stantly for understanding termination not to run for Moscow has said it didn’t in-
800.544.0880 Your Anniversary Immortalized where his conference is,” in- speaker,” said House Minority terfere in the 2016 presiden-
In Roman Numerals cluding on the coming tax-over- Whip Steny Hoyer (D., Md.), his tial campaign or collude with
JOHN-CHRISTIAN.COM 888.646.6466 haul debate, as well as an immi- Democratic counterpart. Trump campaign officials.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Comey
Originally
Tougher
On Clinton
BY BYRON TAU
WASHINGTON—Former FBI
Director James Comey’s early
draft of a statement concern-
ing allegations that Hillary
Clinton and her top aides mis-
handled classified information
called the former secretary of
state’s actions “grossly negli-
gent,” according to records de-
scribed Monday in a letter
from a top-ranking Republican
senator.
According to documents re-
ceived by Senate Judiciary
Chairman Chuck Grassley (R.,
Iowa), that language was in-
cluded twice in a draft of Mr.
Comey’s statement in May
2016. His final statement, de-
livered on July 5, 2016, used
the phrase “extremely care-
less” in describing Mrs. Clin-
ton’s use of a private server.
The phrase “gross negli-
gence” appears in a federal
law governing the handling of
classified information as the
standard that makes the loss
or removal of such informa-
tion a federal crime. In the ini-
tial drafts, Mr. Comey still rec-
ommended against prosecu-
tion.
“There is evidence to sup-
port a conclusion that Secre-
tary Clinton, and others, used
the private email server in a
manner that was grossly negli-
gent with respect to the han-
dling of classified material,”
Mr. Comey wrote in one sec-
tion of the draft.
Mr. Grassley received the
records from the Federal Bu-
reau of Investigation last
week.
He made the revelations
public in a new letter to the
FBI Monday, seeking addi-
tional information from the
bureau about who made the
changes and when. His office
declined to make the underly-
ing documents from the FBI
available.
DEAL
Continued from Page One
ing to some analysts. Under
typical circumstances, un-
friendly bids like this are diffi-
cult to pull off; given the sheer
size and complexity of Qual-
comm, this one could be espe-
cially challenging, analysts
said Monday.
Broadcom’s preference is to
strike a friendly deal, but if it
fails to do so, it would con-
sider nominating Qualcomm
directors who may be more
amenable to a transaction, a
person familiar with the mat-
ter said. The nomination dead-
line is Dec. 8 and the annual
meeting at which the director
vote would take place is likely
be around March.
Broadcom offered $70 a
share for Qualcomm, repre-
senting a 28% premium from
its closing price on Thursday—
before news reports on the ex-
pected approach.
Qualcomm shares ended
trading Monday up 1.2% to
$62.52, while Broadcom
shares were 1.4% higher at
$277.52.
Mr. Tan said he has been
talking with Qualcomm for
over a year about a possible
tie-up. “Our strategy has been
consistent,” Mr. Tan said in an
interview. “When a business is
No. 1 in technology and No. 1 in
market position, we acquire it
and put it on our Broadcom
platform and grow through
that strategy. Qualcomm has a
very large sustainable franchise
that meets those criteria.”
Should the deal be com-
pleted, Broadcom would take
on Qualcomm’s leadership in
developing the next wave of
cellular technology, known as
5G, which is expected to roll
out over the coming two years.
That could give Broadcom a
new growth engine, as 5G is ex-
pected to dramatically acceler-
ate the speed and responsive-
ness of cellular communications
necessary for applications like
self-driving cars.
Broadcom was formed
when Avago Technologies Ltd.
bought the former Broadcom
in 2015 for $39 billion and
kept the name, and Mr. Tan
has continued growing by ac-
quisition. The company sells a
diverse line of equipment for
networking and communica-
tions. Its products include
* *
Russians Supported Trump Early
Tweet history shows
social-media backing
started months before
U.S officials have said
BY MARK MAREMONT
AND ROB BARRY
Kremlin-backed support for
Donald Trump’s candidacy
over social media began much
earlier than previously known,
a new analysis of Twitter data
shows.
Russian Twitter accounts
posing as Americans began
lavishing praise on Mr. Trump
and attacking his rivals within
weeks after he announced his
bid for the presidency in June
2015, according to the analysis
by The Wall Street Journal.
A U.S. intelligence assess-
ment released this year con-
cluded the Kremlin developed
a “clear preference” for Mr.
Trump over his Democratic
opponent Hillary Clinton, but
cited December 2015 as the
earliest suspected time that
Russian social-media accounts
advocated for Mr. Trump.
The earlier starting point of
pro-Trump tweets highlights
the breadth of the Russian ef-
fort to manipulate social me-
dia during the 2016 election.
Kremlin-paid actors sowed di-
vision among Americans with
fake pages and accounts, in-
flammatory posts and thou-
sands of paid ads aimed at
both liberal and conservative
audiences, according to testi-
mony before Congress last
week.
The Journal analyzed
159,000 deleted tweets from
accounts that Twitter identi-
fied to congressional investi-
gators as operated by the
Kremlin-backed Internet Re-
search Agency.
Twitter said it has sus-
pended all 2,752 of the ac-
counts, which removes their
tweets from its platform. Con-
gress released the names of
the accounts on Nov. 1, during
hearings on Russian interfer-
ence in the 2016 elections.
In the three months after
Chipping In
Global semiconductor
M&A deal value
$175 billion 2017 $167B*
150
125
100
75
50
25
0 clined 18% in the 12 months
1995 2000 ’05 ’10 ’15
*Year-to-date; Includes Broadcom's
Qualcomm bid
Source: Dealogic
THE WALL STREET JOURNAL.
chips for Wi-Fi and Bluetooth
technology that connect de-
vices that are closer to-
gether—technologies that
some analysts say are likely to
grow less quickly than 5G.
“People will continue to use
short-proximity wireless like
Wi-Fi and Bluetooth, but the
growth and money is clearly in
5G,” said analyst Patrick
Moorhead of Moor Insights &
Strategy.
Overall, Broadcom and Qual-
comm have largely comple-
mentary product lines. But the
Broadcom would
prefer to strike a
friendly deal with
Qualcomm.
possible Broadcom takeover is
likely to face intense regula-
tory scrutiny, given the compa-
nies’ combined scale and the
fact that they are both leaders
in Wi-Fi and Bluetooth technol-
ogy. The companies share cus-
tomers including Apple Inc.,
whose iPhones and iPads in-
clude components from both
Qualcomm and Broadcom.
Qualcomm already has been
under pressure from antitrust
agencies in several jurisdic-
tions, including the U.S. The
company has paid hefty regu-
latory fines in China, South
Korea and Taiwan.
Qualcomm was riding high
as recently as a year ago after
U.S. NEWS
At a Nov. 1 hearing, the House Intelligence Committee viewed Russian-backed social-media posts.
Accounts Tweeted
During GOP Debate
Between the time Donald
Trump entered the 2016 presi-
dential race and Election Day,
about five months later, at least
104 Russian-controlled Twitter
accounts, including many of those
with tens of thousands of follow-
ers, posted hashtags supporting
Mr. Trump, including variations of
the campaign catchphrase Make
America Great Again.
Mr. Trump announced his can-
didacy on June 16, 2015, tweets
from Russian accounts re-
viewed by the Journal offered
far more praise for him than
criticism—by nearly a 10-to-1
ratio. At the same time, the ac-
counts generally were hostile
to Mrs. Clinton and the early
GOP front-runner, Jeb Bush, by
equal or greater ratios.
The Journal pieced together
the deleted tweets from data
it has collected as well as that
provided to it by several re-
searchers. The records contain
at least one tweet from more
unveiling the chip industry’s
largest-ever acquisition: a $39
billion proposed deal for NXP
Semiconductors NV. The deal
hasn’t closed yet, and Broad-
com said Monday that its pro-
posal would stand regardless
of whether Qualcomm’s pro-
posed acquisition of NXP is
consummated under the cur-
rent terms.
Since then, a string of hits
by regulators, competitors and
customers including Apple has
left the industry titan in a vul-
nerable position. Qualcomm’s
profit in the fiscal year that
ended Sept. 24 plummeted
57%, and its share price de-
through Thursday’s close com-
pared with a 58% rise in the
PHLX Semiconductor Sector
Index. That was before news
of Broadcom’s interest sent
Qualcomm shares up nearly
13% on Friday.
Funding for the deal would
come in the form of loans
from a gaggle of banks, with
additional cash from Silver
Lake Management LLC. The
private-equity firm, which al-
ready owns a stake in Broad-
com, provided a commitment
letter for $5 billion in convert-
ible debt. Silver Lake said a
substantial portion of that
capital would come in the
form of an equity investment
from its Silver Lake Partners
fund, with the remainder from
other sources.
Broadcom’s bid came days
after the Singapore-based
company announced plans to
relocate its headquarters to
the U.S., a move that could
make it easier to pursue acqui-
sitions of U.S. targets.
Broadcom’s earlier $5.5 bil-
lion offer to buy Brocade Com-
munication Systems, based in
San Jose, Calif., has been de-
layed due to a review by the
Committee on Foreign Invest-
ment in the United States,
which reviews international
deals that raise concerns
about national security.
Any deal to acquire Qual-
comm would also receive close
scrutiny, experts say. “Any-
thing that has the word semi-
conductor in it gets rapt atten-
tion from CFIUS,” said James
Lewis of the Center for Strate-
gic and International Studies,
a policy think tank. “The move
to the U.S. is an effort to tamp
down CFIUS concerns.”
—Dana Cimilluca
contributed to this article.
More than 90 accounts
posted negative messages
about Hillary Clinton’s health,
emails and alleged corruption.
The Russian accounts posted
only a handful of pro-Clinton
hashtags.
For the GOP debate on
Dec. 15, 2015, in Las Vegas,
dozens of the accounts live-
tweeted using the hashtag
#VegasGOPDebate. Many
showed a clear preference for
Mr. Trump.
“Trump is a real leader, I
believe debates will help to see
than 2,000 of the accounts.
A Twitter Inc. spokes-
woman declined to comment.
In Senate testimony last week,
a Twitter attorney said the
company takes seriously “that
the power of our service was
misused by a foreign actor for
the purpose of influencing the
U.S. presidential election,” and
said Twitter is beefing up its
efforts against such activities.
Mr. Trump, a regular user
of Twitter himself, has called
claims that the Russians ma-
nipulated the 2016 election via
social media “a hoax.”
New direction
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Be sure to consider all your available options,
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Tuesday, November 7, 2017 | A5
press to Adolf Hitler’s, adding:
“Heil Hillary.”
Many political messages
were sent out word-for word
by multiple Russian-backed
accounts, often within minutes
of each other, suggesting a co-
ordinated campaign.
Of the Russian-backed ac-
counts that tweeted about Mr.
Trump in the summer of 2015,
at least 40 served up positive
sentiment; just one account
captured by the Journal data
expressed strong negative
opinions.
As the 2016 election
ANDREW HARRER/BLOOMBERG NEWS
neared, the Kremlin prefer-
ence for Mr. Trump became
even more pronounced. Pro-
Trump tweets—either favoring
him or attacking his oppo-
nent—outnumbered those for
Mrs. Clinton by a 30-to-1 ratio
in the two weeks before the
election, the Journal analysis
found. There were about 236
pro-Trump or anti-Clinton
tweets captured in the Journal
it,” six of the accounts wrote. data during those two weeks
“Only Trump can deal with compared with seven that
#ISIS,” wrote @MarissaIm- were pro-Clinton or anti-
Strong to its 413 followers. Trump.
On Election Day, the ac- Much of the Russian social-
counts warned of rigged voting media disinformation cam-
machines and called for an in- paign has been linked to the
dictment of Mrs. Clinton. St. Petersburg-based Internet
As voting wound down Research Agency, a shadowy,
that day, @JacquelinIsBest so-called troll farm that
tweeted to its 2,100 followers: spread Russian propaganda
“I can’t believe I was able to across the Internet.
experience our potential presi- The Russian-backed Twitter
dent speak at his very last accounts were so successful at
rally. #HillaryForPrison2016 imitating Americans that they
#TrumpForPresident.” were frequently followed and
retweeted by prominent peo-
ple, including Trump cam-
“BOOM! DOWN GOES @jeb- paign insiders, and quoted in
bush,” wrote @DorothieBell, mainstream media.
three weeks after Mr. Trump One such account, @Pa-
entered the race. The account, mela_Moore13, which claimed
claiming to be run by an to be run by a Texan who was
American “Conservative wife, “Conservative. Pro God. Anti
mother” who wanted to “take Racism,” amassed an impres-
this once great country sive 70,000 followers—includ-
back!!!,” linked to a Breitbart ing retired Lt. Gen. Michael
News article about Mr. Trump Flynn and Fox News commen-
attacking Mr. Bush for being tator Sean Hannity—before
soft on immigration. being suspended by Twitter in
The numerous Russian the purge of Russian accounts.
Twitter attacks on Mrs. Clin- An attorney for Mr. Flynn
ton during this three-month and a spokeswoman for Fox
period included a tweet com- didn’t respond to requests to
paring her treatment of the comment.
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A6 | Tuesday, November 7, 2017
Trump Urges Japanese Military Purchases
President says deals
would raise security in
region, add jobs in U.S.;
Abe plans upgrades
BY MICHAEL C. BENDER
TOKYO—President Donald
Trump pushed for Japan to buy
massive amounts of military
equipment from the U.S., saying
it would help the country shoot
down missiles like the pair that
nearby North Korea has fired
overhead in recent months.
“It’s a lot of jobs for us, and
a lot of safety for Japan,” Mr.
Trump said on Monday during a
press conference with Japanese
Prime Minister Shinzo Abe.
Mr. Abe, in turn, anticipated
buying more military equip-
ment from the U.S., and men-
tioned plans for more-advanced
fighter jets and upgrades to
missile-defense systems. “We
believe that we must bolster
Japan’s defensive strength qual-
itatively and quantitatively,” he
said. “We will be buying more
from the United States.”
The two leaders spoke to re-
porters at the Akasaka Palace,
the site of several meetings be-
tween U.S. and Japanese lead-
ers, as their two days together
drew to a close. The men shared
several meals and a round of
golf and held formal meetings.
They opened the press con-
ference by lavishing praise on
one another. Mr. Abe referred
Uncertainty Dulls India’s Business Appetite
BY ANANT VIJAY KALA
NEW DELHI—India will
likely lose its title as the
fastest-expanding large econ-
omy this year, as a recent
growth spurt sputtered after
failing to spur new corporate
investment.
This was supposed to be the
year Asia’s third-largest econ-
omy could at last emerge from
China’s shadow. Instead, it is
struggling with a slowdown.
Executives say Prime Minis-
ter Narendra Modi’s heavy-
handed attempts to improve
the economy in the past 12
months have sapped them of
confidence. They have been
putting off investment plans,
which is hurting growth and
dousing job creation.
Krishna Kumar Jindal, a tex-
tile company owner, used to
have 48 looms running 24
hours a day, when Mr. Modi’s
rollout of a new national tax
left customers confused and re-
sulted in sales being slashed in
half. Now he worries whether
he can pay his loans and 150
employees.
Gross domestic product
growth slowed to a three-year
low of 5.7% in the quarter that
President Donald Trump and Japanese Prime Minister Shinzo Abe, left, shared toasts at a dinner in Tokyo on Monday.
to the two countries’ “unshak-
able” alliance and said he “for-
got how time flies” when he is
with Mr. Trump. The U.S. presi-
dent referred to their “extraor-
dinary” relationship, adding
that there has “never been such
a close relationship between
the leaders of two countries.”
Still, there were clear dif-
ferences between the two, par-
Weakening Growth
A slowdown in loans given by banks and falling spending of
companies have pulled down India's GDP growth to a three-year low.
Growth in
bank credit
40%
35
30
25
20
15
10
5 5
0 0
FY1992 2000
Source: Reserve Bank of India (Bank credit); Ministry of Statistics and
Programme Implementation (GDP growth, gross fixed capital)
ended in June, well behind
China’s 6.9% for the period. In
the first half, India grew an
average of 5.9% while China
grew 6.9%. Last year, Indian
growth beat China’s but is
now expected to fall behind
for all of 2017.
While growth of almost 6%
WORLD NEWS
ticularly on trade. While Mr.
Abe said they agreed to step
up negotiations on bilateral
trade issues, he also hinted at
his hope that the Trans-Pacific
Partnership or something like
it could be revived under U.S.
and Japanese leadership.
The TPP would have opened
Japanese agricultural markets
to the U.S. and tightened intel-
Gross fixed capital formation
as a percentage of GDP
40%
35
30
25
20
15
10
2010 FY’05 ’07 ’09 ’11 ’13
is nothing to sniff at, and opti-
mists expect growth to im-
prove in the last quarter, it
needs growth closer to 10% to
provide good jobs for the
roughly one million people en-
tering the workforce every
month.
Many blame Mr. Modi’s
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lectual property rules to bene-
fit drug and technology com-
panies, while attempting to
establish an economic bloc to
challenge China’s influence.
But critics worried that the
deal would have done little to
protect vulnerable U.S. indus-
tries or promote job creation.
Mr. Trump withdrew the
U.S. from the proposed multi-
Quarterly GDP
growth rates
9%
8 In the past quarter, private
7
6 lier to a 13-year low, according
5 think tank Centre for Monitor-
4 ing Indian Economy. Indian fac-
3 of capacity, according to latest
2
1 than 80% just five years ago.
0 eque Ahmed, says he has put
’15 ’17 FY’13 ’14 ’15 ’16 ’17 ’18
Note: fiscal year ends March 31
THE WALL STREET JOURNAL.
most aggressive economic ad-
justments: The surprise crack-
down on cash late last year and
the implementation of a na-
tionwide goods and services
tax this year. The double shock
treatment, aimed at bringing
more Indians into the tax net,
has chilled new investing by
THE WALL STREET JOURNAL.
The two leaders are much
closer in their views on North
Korea. Mr. Trump called North
Korea a “threat to the civilized
world,” again not ruling out
military action. “Look what
happened with very weak rhet-
oric over the last 25 years—
look where we are right now.”
The president called on
North Korean leader Kim Jong
Un to return Japanese citizens
his country abducted.
“It would be a tremendous
signal if Kim Jong Un would
send them back,” Mr. Trump
said. “That would be the start
SHIZUO KAMBAYASHI/PRESS POOL/AFP/GETTY IMAGES
of something very special.”
In 2014, during a rapproche-
ment with Japan, North Korea
said it would set up a commit-
tee to look into the abduction
issue. But Pyongyang disbanded
the committee in 2016, blaming
Japan’s “sinister intention.”
Mr. Abe called on the inter-
national community to exert
the “maximum level of pres-
sure” on North Korea.
“No one likes a conflict—I
don’t like it, Mr. Trump nei-
ther,” Mr. Abe said. “But North
Korea continues its provocation
national trade agreement at the against the international com-
start of his presidency, and has munity. So we need to cooper-
expressed interest in bilateral ate, so they change their policy.”
deals in place of wider ones. Mr. Trump travels to South
“President Trump and I will Korea on Tuesday as he contin-
lead the way not only on trade ues a five-country Asian tour
between our two countries but that will also include China,
also in setting high standards Vietnam and the Philippines.
for trade and investment
through the Asia-Pacific re-  China aircraft exports are set
gion,” Mr. Abe said. for takeoff.................................... B3
Censors Were
small and large companies and
Busy a Year
exacerbated anemic private in-
vestment and lending. Before China
Party Meeting
Companies have scaled back
investing because they still
have capacity left over from
better times, economists say. BY ALYSSA ABKOWITZ
And banks aren’t making it
easy to borrow. BEIJING—Online censorship
of comments about last
and state company investment month’s Communist Party con-
plans fell 66% from a year ear- gress began more than a year
in advance—showing a new
to estimates from Mumbai level of forethought by cen-
sors, according to a new study.
The report by the University
tories are operating at only 71% of Toronto’s Citizen Lab, re-
leased Monday, was based on a
Reserve Bank of India data, review of censorship on the
well below their peak of more messaging app, WeChat, which
has more than 960 million
A shoe factory owner, Rafe- monthly active users and is
run by Tencent Holdings Ltd.
expansion plans on hold until “It is not surprising to see a
he has more confidence about concentrated effort to block
New Delhi’s policy plans, par- keywords related to the 19th
ticularly about minimum Party Congress,” said Citizen
wages. The $16 million he was Lab research manager Masashi
going to invest to boost his Nishihata in an email. “What
production capacity by 20% was surprising is to see key-
may now go to setting up facili- words were being blocked
ties in Myanmar or Bangladesh. over a year prior to the Con-
“We are afraid to invest,” gress and the wide scope of
because the government could censorship.”
suddenly change policies and Tencent didn’t respond to
thus our costs, he said. requests to comment.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Tuesday, November 7, 2017 | A7

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A8 | Tuesday, November 7, 2017
Saudis Fault Iran for Rebel Missile Attack
Houthis’ assault on
capital was Iranian ‘act
of military aggression’;
Tehran dismisses claim
BY ASA FITCH
A missile attack by Yemeni
rebels on the Saudi capital
Saturday could be considered
an Iranian act of war, Saudi
Arabia said, in a statement
likely to intensify tensions be-
tween the archrivals.
Saudi Arabia intercepted
the ballistic missile east of Ri-
yadh’s main airport after it
flew more than 500 miles from
Yemen. It was fired by Houthi
rebels, who are seen by Saudi
Arabia as proxies of Iran.
The Saudi-led military co-
alition that has been at war
with the Houthis in Yemen for
more than 2½ years “consid-
ers this a blatant act of mili-
tary aggression by the Iranian
regime and could rise to be
considered as an act of war
against the Kingdom of Saudi
Arabia,” according to a state-
ment carried by the official
Saudi Press Agency.
Debris from the missile
showed it was made in Iran,
the statement said, adding
that the coalition “reserves its
right to respond to Iran in the
appropriate time and manner,
Echoes of Putin and Xi in Kingdom’s Purge of Power Brokers
MIDDLE EAST
CROSSROADS
By Yaroslav Trofimov
In a country with endemic
corruption, going after fat
cats has always generated
popular support, no matter
the actual reasons for the
crackdown.
Russia’s President Vladi-
mir Putin cemented his au-
thority in the early years of
the century by
jailing, dispos-
sessing or
driving into
exile many of
his nation’s
oligarchs, par-
ticularly those with political
ambitions. China’s leader Xi
Jinping harnessed a wide-
ranging anticorruption cam-
paign launched in 2012 in a
similar fashion, eliminating
potential rivals and consoli-
dating power for the foresee-
able future.
By having much of the
kingdom’s ancien regime de-
tained on Saturday, Saudi
Arabia’s Crown Prince Mo-
hammed bin Salman seems to
be using the same playbook.
The 32-year-old heir to the
throne is, among other
DISNEY
Continued from Page One
doch, who it was thought
wanted to hand over the busi-
ness to his sons, James and
Lachlan Murdoch. The Mur-
dochs have a 39% voting stake
in 21st Century Fox.
Mr. Murdoch had spent the
past several years setting up
his sons to take the helm. In
2013, he split his media empire
into News Corp, owner of The
Wall Street Journal and other
publishing businesses, and 21st
Century Fox, home to the ma-
jor entertainment assets.
Two years later, the elder
Mr. Murdoch stepped aside as
chief executive of 21st Century
Fox and handed the title to his
son James, while Lachlan was
named executive co-chairman
at Fox. The elder Mr. Murdoch
remains executive co-chairman.
A deal like the one contem-
plated with Disney would
throw into question that suc-
cession planning.
These days, the elder Mr.
Murdoch, who has spent de-
cades building his interests in
entertainment, has much of his
attention focused on Fox News,
which would remain in the fold
of 21st Century Fox under the
deal considered with Disney,
A video image shows Saturday’s missile launch by rebels Riyadh sees as Iran’s proxies. Lebanon’s Saad Hariri, at left with Saudi King Salman, says Iran has unsettled the region.
in accordance with interna-
tional law and based on the
right of self-defense.”
Maj. Gen. Mohammad Ali
Jafari, the commander of
Iran’s Islamic Revolutionary
Guard Corps, dismissed the
claim.
“We are not basically capa-
ble of transferring missiles to
Yemen,” he said Sunday, ac-
cording to the official Islamic
Republic News Agency. Houthi
missiles, he said, are home-
grown.
Iran’s foreign ministry
spokesman, Bahram Ghasemi,
things, appealing to Saudi
youths who are disgusted by
decades of unpunished graft
at a time when the general
population is being asked to
accept relative austerity.
“His base are the mostly
young Saudis under 30 years
old who have seen a great
deal of turmoil, and who feel
there is a great deal of cor-
ruption and decadence,” said
Fawaz Gerges, chair of con-
temporary Middle East stud-
ies at the London School of
Economics. “Mohammed bin
Salman is sending a very
clear message to the king-
dom’s power elites: he will
not tolerate any opposition to
his worldview.”
T
his weekend’s purge,
which follows an ear-
lier wave of arrests and
the dismissal of Prince Mo-
hammed’s predecessor as
crown prince, former interior
minister Mohammed bin
Nayef, is unprecedented in
modern Saudi history. Those
detained include leading
business and media tycoons,
senior princes and the main
policy makers of previous
Saudi administrations.
While corruption is wide-
spread at the top rungs of
the Saudi royal family and
business elite, the reasons
for targeting these individu-
als—just as was the case in
Russia’s and China’s anti-
graft campaigns—have more
to do with Prince Moham-
med’s consolidation of
power than administering
the people say. Fox News has
been dealing with the fallout of
sexual-harassment scandals
and adjusting to a prime-time
lineup with new faces after
high-profile departures, though
it has maintained its No. 1 po-
sition in the cable-news rat-
ings. The elder Mr. Murdoch
took the reins at Fox News last
year after longtime boss Roger
Ailes was forced out over sex-
ual-harassment allegations,
over which the company has
paid out tens of millions of
dollars in settlements. Mr.
Ailes, who died this year, had
denied the allegations.
Fox felt that if it sold off
entertainment assets to Dis-
ney, the slimmed-down news
and sports-focused media
company that remained could
be successful, just as CBS
Corp. has been a top per-
former despite not being
among the largest media con-
glomerates, one person famil-
iar with the situation said.
In 2014, the Murdochs at-
tempted to purchase Time
Warner Inc., the owner of CNN,
HBO and Warner Bros. But Fox
abandoned its pursuit after
Time Warner rebuffed its ad-
vances and Fox’s stock price
declined. AT&T Inc. is now in
the process of acquiring Time
Warner, pending regulatory ap-
proval. Since the failed pursuit
WORLD NEWS
on Monday called Saudi accu-
sations against Iran “unfair, ir-
responsible, destructive and
provocative,” according to a
state television news website.
He advised the kingdom to
stop its assault on Yemen to
pave the way for peace talks.
Iranian Foreign Minister Ja-
vad Zarif tweeted that Saudi
Arabia was bombing Yemen
and killing thousands of inno-
cent people and spreading
famine.
The kingdom “is engaged in
wars of aggression, regional
bullying, destabilizing behav-
Crown Prince Mohammed bin Salman’s crackdown shows he ‘will
not tolerate any opposition to his worldview,’ one observer says.
justice, according to analysts
and diplomats.
“It is very selective. Right
now, there is corruption hap-
pening around him,” said Ja-
mal Khashoggi, a prominent
Saudi commentator and for-
mer TV and newspaper exec-
utive who left the kingdom
FROM PAGE ONE
of Time Warner, Fox shares
had fallen 17% before Monday’s
news as the broader market
climbed.
Under the deal that was
discussed, Disney would have
acquired Fox’s 39% stake in
U.K. pay-TV company Sky. Fox
has bid $15.5 billion to buy the
rest of Sky to help expand its
global media empire, but the
deal has been held up by the
U.K. government as it contin-
ues to review whether the ac-
quisition would put too much
power in the hands of one me-
dia company.
The talks with Disney could
“put a question mark” over
Fox’s Sky acquisition proposal,
according to Credit Suisse ana-
lyst Omar Sheikh. One of the
people familiar with the situa-
tion said in light of the stalled
talks, the company will continue
to pursue the Sky transaction.
Disney’s TV unit, driven by
ESPN and to a lesser extent by
the Disney Channel and ABC
broadcast network, reported
an 11% drop in profit in the
nine months ended July 1. The
company has been hit hard by
cord-cutting and viewership is
down at its family-targeted
channels.
Disney also has less TV
business in developing mar-
kets than competitors like Fox,
making it more vulnerable to
ior and risky provocations,” he
said. “It blames Iran for the
consequences.”
Saudi foreign minister Adel
al-Jubeir tweeted that Iranian
intervention in the region was
undermining security and re-
peated that Saudi Arabia had
the right to respond.
The Houthis, who in the
past have presented missiles
as domestically sourced, have
fired dozens at Saudi Arabia
since the coalition began a
campaign to oust them from
Yemen’s capital, San’a, in 2015.
The range of some, like the
ahead of the crackdown and
now lives in the U.S. “The
royal family used to be part-
ners: you steal and I steal,
you take a cut and I take a
cut. Now he has ultimate
power. It’s a game-changer.”
The question now is
whether Prince Mohammed,
U.S. trends like declining sub-
scriptions to traditional cable
and satellite TV packages.
Disney Chief Executive Rob-
ert Iger in July announced plans
to launch a pair of subscription
streaming services to help bat-
Entertaining a Deal
The talks between Disney and 21st Century Fox centered on the
acquisition of some of Fox's cable networks and its studio.
A breakdown of the company's current divisions:
$17.0
REVENUE*
$55.6B
$5.5
$7.1
CABLE NETWORKS
PARKS/RESORTS CONSUMER PRODUCTS/INTERACTIVE MEDIA
MARKET CAP, in billions
$155.3
*Latest fiscal year. Rev. excludes intracompany adjustments. Sum may not equal total due to
rounding. Note: market caps as of Nov. 6.
Sources: S&P Capital IQ; the companies;
FactSet (market cap)
* * THE WALL STREET JOURNAL.
“Volcano H2” the group fired
Saturday, has increased mark-
edly in 2017, putting signifi-
cant Saudi population centers
and energy infrastructure
within range.
Saudi Arabia, which controls
Yemeni airspace and oversees
shipping traffic through its
ports, said all land, sea and air
borders with the country
would be closed temporarily to
address the missile threat, al-
though humanitarian supplies
would still be allowed in.
Tensions between Saudi
Arabia, the leading Sunni Mus-
who is Saudi Arabia’s day-
to-day ruler and the desig-
nated successor to King Sal-
man, will be able to carry
out this campaign without
sparking an exodus by the
remaining business elites—
and without spooking for-
eign investors whose money
he needs for his ambitious
transformation plans.
That’s a particularly sensi-
tive issue as Saudi Arabia
plans the initial public offer-
ing of a minority stake in its
giant state-owned oil firm,
known as Aramco. In Russia’s
case, after all, Mr. Putin’s se-
lective crackdown on oli-
garchs had precisely that
chilling effect, hampering the
development of non-oil in-
dustries and denting overall
investor interest.
This crackdown played “a
AGENCE FRANCE-PRESSE/GETTY IMAGES
vital role in helping Saudi
Arabia to realize its dream of
a happy and prosperous soci-
ety,” Khalid al Mehaisen,
president of the national an-
ticorruption commission,
which is part of the new su-
preme committee alongside
other government agencies,
said Monday. “This will only
be possible when we com-
pletely weed out the cancer
of corruption, which is one of
the biggest stumbling blocks
to progress.”
No charges or evidence
against the detainees have
been made public, and they
all remain in custody—many
of them in the comman-
deered Ritz-Carlton hotel in
Riyadh. The new supreme
tle rivals like Netflix Inc., from
which it is pulling its new mov-
ies at the end of next year.
While the purchase of Fox as-
sets under discussion wouldn’t
have affected a planned ESPN
streaming offering in 2018, it
$16.6 $8.2 $16.1
$30.0B
$5.6
$9.4
BROADCASTING FILM STUDIO
$50.2
THE WALL STREET JOURNAL.
SAUDI PRESS AGENCY/ASSOCIATED PRESS; REUTERS TV/REUTERS (LEFT)
lim power in the region, and
Iran, its main Shiite rival, have
risen in recent days. Lebanese
Prime Minister Saad Hariri, a
close Saudi ally, resigned Sat-
urday, blaming Iran for desta-
bilizing the region and saying
his life was under threat.
Saudi Arabia has more ag-
gressively confronted Iran un-
der 32-year-old Crown Prince
Mohammed bin Salman, who
orchestrated Saudi involve-
ment in Yemen.
 Global investors measure
risks of Saudi crackdown.... B1
committee, according to Mr.
Mehaisen, has the authority
to seize the suspects’ assets
and freeze their bank ac-
counts.
“This weekend’s purge
demonstrates that there is no
transparent predictable rule
of law in Saudi Arabia, there
is no due process, there is no
accountable government. So
if you’re a business that cares
about the rule of law, this
should concern you,” said Ta-
mara Cofman Wittes, a senior
fellow at the Brookings Insti-
tution and a former deputy
assistant U.S. secretary of
state for near eastern affairs.
P
rince Mohammed may
have more immediate
priorities as he seeks
the repatriation of vast for-
tunes that some of the de-
tained princes and business-
men—and others not yet
touched by the purge—have
amassed overseas, said An-
drew Bowen, a specialist on
Saudi Arabia at the American
Enterprise Institute, a Wash-
ington think tank.
“For Xi and Putin, there is
a lot of domestic popularity
in going after corruption, and
this is also popular with
Saudi youth,” Mr. Bowen said.
“But Mohammed bin Salman
is also facing a fiscal hole in
Saudi Arabia. A lot of these
corrupt Saudi princes who
have taken money out of the
country are easy sitting tar-
gets to bring money back into
the kingdom, regardless of
the value of the Aramco IPO.”
could have bolstered a family-
entertainment offering planned
for 2019. A deal would also give
Disney majority control of the
streaming service Hulu, which
could be positioned as an adult-
targeted streaming service. Dis-
ney and Fox each owns 30% of
Hulu. Comcast Corp.’s NBCUni-
versal and Time Warner Inc.
own the rest.
“We see the real strategy here
as Fox content helping Disney
build out its direct-to-consumer
strategy,” said RBC Capital Mar-
kets analyst Steven Cahill.
The assets Disney was look-
ing to acquire include Twenti-
eth Century Fox Television,
which produces content for the
Fox network and rival networks,
including the NBC hit “This Is
Us,” ABC’s “Modern Family”
and CBS’s “Life in Pieces.”
Fox’s cable channels such as
FX, known for edgy fare with
adult language and content,
contrast with Disney’s sweet
spot of family-oriented fare.
The international business
could be a key attraction for
Disney. Fox says its interna-
tional holdings help it reach
more than one billion subscrib-
ers in roughly 50 languages in
more than 170 countries, span-
ning Europe, Asia, the Middle
East and Latin America.
—Dana Mattioli
contributed to this article.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * NY Tuesday, November 7, 2017 | A9

WORLD WATCH WORLD NEWS

CANADA
Report Fuels Criticism
Of Trudeau Tax Plan
The government of Canadian
Prime Minister Justin Trudeau
was under fire after leaked docu-
ments showed a close Trudeau
confidant and Liberal Party fund-
raiser had ties to an offshore trust
established in the Cayman Islands.
The link has fueled criticism
of Mr. Trudeau as he pushes a
new tax policy that would crack
down on loopholes used by small
businesses and the self-em-
ployed to reduce their tax bills.
The link between the fund-
raiser, Stephen Bronfman, and
the trust was revealed over the
weekend in a trove of internal
documents from Appleby, a Ber-
muda firm specializing in offshore
legal advice.
According the International
Consortium of Investigative
Journalists, and a person familiar
ber trust, Mr. Bronfman said, in-
volved a single loan made over a
quarter-century ago, and was re-
paid five months later “in full com-
pliance with all legal requirements.”
The use of offshore trusts by
Canadians is legal, although legis-
lation over the past two decades
has tried to limit their tax benefits.
Mr. Trudeau “has accused
small-business owners of using
tax loopholes of saving money on
taxes, but what will he do now
that close Liberal advisers are the
ones that allegedly used tax loop-
holes to shelter their fortunes?”
asked Andrew Scheer, leader of
Canada’s Conservative Party.
Mr. Trudeau told Parliament
the government “is fully commit-
ted to fighting tax avoidance
and tax evasion, and we will
continue to ensure [authorities]
pursue all [tax] infringes.”
—Paul Vieira
and Jacquie McNish
MYANMAR

with the documents, the Bronf-
man family lent millions of dol-
lars to help fund the offshore
trust, set up in 1991 by Leo Kol-
ber for the benefit of Mr. Kol-
ber’s son, Jonathan. At the time,
Mr. Kolber was chairman of the
Bronfman family’s investment
LA SEXTA TV/REUTERS
U.N. Security Council
Presses on Rohingya
The United Nations Security
Council stepped up pressure on
Myanmar by unanimously adopt- A video still shows former Catalan leader Carles Puigdemont, right, with his Belgian lawyer Paul Bekaert during a meeting in Brussels.
ing a presidential statement de-

Catalonia, Madrid Gird for Election

arm, Claridge Inc. Mr. Kolber is a
longstanding Liberal Party sup-
porter and former senator.
In a statement Monday, Mr.
Bronfman denied wrongdoing.
He said he has “always fully
complied” with tax laws, and he
has “never funded nor used off-
shore trusts.” Any trusts “have
paid all taxes on all their income
to the Canadian government.”
The money moved to the Kol-
CHRIS JACKSON/PA WIRE/ZUMA PRESS
manding an end to the violent
treatment of the country’s Roh-
ingya Muslim community.
Diplomats hailed the move as
a unified international stand
against a humanitarian crisis that
has been called “ethnic cleansing.”
Myanmar’s U.N. ambassador,
Hau Do Suan, said the statement
would “lead to further polariza-
tion and escalation of tensions.”
—Farnaz Fassihi
BY JEANNETTE NEUMANN
MADRID — Pro-indepen-
dence forces in Catalonia and
the Rajoy government have be-
gun maneuvering ahead of re-
gional elections in December
that will determine the near-
term fate of a secessionist
movement that has riven Spain.
With leaders of the indepen-
dence drive now in jail or hav-
ing fled abroad, and the seces-
sionist movement weakened
following the imposition of di-
rect rule from Madrid, the Rajoy
government is pressing its case
much more prosperity to Cata-
lan society.”
A victory by pro-union
forces could take the wind out
of a separatist movement that
felt in recent weeks as if it had
independence within its
grasp. By contrast, the election
of a pro-independence govern-
ment in Catalonia could keep
secession on the table for years.
Prime Minister Mariano
Rajoy’s decision to call re-
gional elections so quickly left
Catalan separatist parties
somewhat flat-footed after
their declaration of indepen-
alonia’s regional parlia-
ment, said in an interview.
“Are they going to sell inter-
national recognition from
many different countries? No
one has recognized the decla-
ration of independence.”
Former Catalan leader Car-
Regional polls next
month will determine
the near-term fate of
the push for secession.
might have been expected,
said Oriol Molas, director of
Barcelona-based pollster
GAPS, which focuses on pro-
independence parties.
Indeed, a poll published on
Sunday suggested that Catalo-
nia’s three pro-independence
parties could win a parliamen-
tary majority in December,
taking as many as 69 of the
135 seats in the regional legis-
lature. The survey by Madrid-
based GAD3 for La Vanguardia
newspaper was conducted
from Oct. 30 to Nov. 3 and
suggests a record voter turn-

ahead of the Dec. 21 vote that
will seat a new government for
Catalonia and return control of
the region to Catalan officials.
“The independence of Cata-
lonia is not possible,” Spanish
Finance Minister Luis de Guin-
dos said in an interview. The
future of a Catalonia that re-
mains part of Spain “could be
ROYAL GREETING: The Prince of Wales fed an orangutan during a much better, could be much
visit Monday to a wildlife rehabilitation center in Kuching, Malaysia. more brilliant and could bring
dence in late October failed to
achieve secession for the
northeastern region.
“What are the pro-indepen-
dence parties going to sell in
the next elections? Are they
going to sell the idea that
they’re going to declare a re-
public if they’ve already done
so and it didn’t amount to
anything?” Inés Arrimadas,
head of the opposition in Cat-
les Puigdemont’s flight to Bel-
gium has also divided separat-
ists, with some saying he
should have remained in Bar-
celona and continued to lead
the independence movement,
even if it were from jail.
But his decision to leave
Spain hasn’t turned off as
many separatist voters as
out of more than 80%.
In the interview, Mr. de
Guindos warned that a pro-
tracted independence drive
could dent the economic
health of Catalonia, one of
Spain’s richest regions.
The finance minister
cracked open the door to the
possibility of talks that could
grant more fiscal autonomy to
Catalonia.

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 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A10 | Tuesday, November 7, 2017
STUDIO
Continued from Page One
help him into a cab on one occa-
sion. He once suggested to a
producer that they have an af-
fair to help promote her series,
and on two occasions made ac-
tresses so uncomfortable with
his advances that colleagues had
to move them away from him,
said people who witnessed the
events.
Some people in Hollywood
also said they came to know Mr.
Price as appearing aloof and of-
ten uninterested in the details of
the multibillion-dollar business
he ran for Amazon.
People who work at Amazon
are now asking how the Seattle
giant let those issues build for
so long. The issues raise ques-
tions about the role of a core
feature of Amazon’s business
model, current and former exec-
utives said. The company gives
divisions tremendous autonomy
to maintain an innovative start-
up culture. Because entertain-
ment is so different from the
rest of Amazon’s operations,
some of these executives said,
Mr. Price enjoyed particularly
wide leeway.
That allowed Amazon Stu-
dios—based near Los Angeles,
far from headquarters—not only
to run its business in a way that
didn’t always hew to Amazon’s
trademark obsession with con-
trolling costs, but also to be
tainted by a Hollywood culture
in which norms of professional
behavior are often ignored,
some of these executives said.
In one case, when an allega-
tion of misconduct against Mr.
Price was brought to the atten-
tion of the parent company by
producer Isa Hackett in 2015,
Amazon conducted an investiga-
tion but didn’t appear to seri-
ously discipline Mr. Price, peo-
ple who worked with him at the
time said. That led some inside
the unit to believe complaints
about the studio chairman
wouldn’t lead to changes.
On Oct. 12, Ms. Hackett went
public with allegations Mr. Price
had sexually harassed her. Ama-
zon placed the 51-year-old Mr.
Price on leave that day. The next
week, he resigned.
Amazon declined to make ex-
ecutives available for interviews.
In a recent letter to studio em-
ployees, Mr. Price’s boss, Jeffrey
AMAZON STUDIOS/ASSOCIATED PRESS
Amazon made a big push into television and movies—such as ‘The
Lost City of Z,’ above—under its studio’s chairman, Roy Price.
WORDS
Continued from Page One
to continue the support,” said
Joan Houston Hall, a former
chief editor. “Fundraising be-
gan to get really difficult be-
cause it’s not sexy to say we
need more money to update
the digital version.”
Purchases—mostly by librar-
ies—didn’t generate enough
funds. The web version, which
costs $49 a year for individuals
and about $5,000 for institu-
tions, will continue to operate
and occasionally be updated by
volunteer editors, DARE said.
The dictionary closes shop
even as the evolution of Ameri-
can English forges energeti-
cally, and chaotically,
ahead, lexicographers say. De-
spite the influence of mass
communications and social me-
dia, new words and pronuncia-
tions rise up in one region as
others fade away.
“Dialects are changing but
they’re not disappearing,” said
Laurel MacKenzie, a linguist at
New York University. “Some-
one who grew up in New York
today doesn’t sound like some-
one who grew up in New York
50 or 100 years ago, but they
don’t sound like someone from
Alabama.”
In recent years, locals of
eastern Vermont have found
long lost R’s they had been
dropping for 200 years—but
they still hold fast to Vermon-
Blackburn, wrote that “Roy’s
resignation followed new infor-
mation that surfaced last week”
and that “we will use these
events as an opportunity to re-
view our sexual harassment pol-
icy and processes to ensure they
are doing their job to provide a
harassment-free workplace. And
if they are not, we will make the
necessary changes.”
Mr. Price’s lawyer, Eric
George, said: “In a career span-
ning three decades, Roy Price
has never once been accused of
engaging in unwanted physical
contact. Nor has he ever been
accused of sexual harassment—
with the sole exception of the
incident alleged by Ms. Hackett,
the portrayal of which he vigor-
ously contests. Any attempt to
equate Roy with other stories
that have emerged recently in
Hollywood is false and mislead-
ing.”
Just a week before Mr.
Price’s exit, Mr. Blackburn, a Se-
attle-based Amazon senior vice
president close to Chief Execu-
tive Jeff Bezos, said at a confer-
ence that the company had a
“fantastic team” in Hollywood.
Two weeks later, visiting Am-
azon Studios following Mr.
Price’s departure, Mr. Blackburn
said, “We have to do better,”
said a person present. People
who have spoken to Mr. Black-
burn said he appeared shocked
by the revelations and disap-
pointed that the trust he placed
in the studio chief was violated.
Mr. Blackburn was aware of
the 2015 investigation into Mr.
Price’s conduct, said a person
with knowledge of the probe.
Hollywood cred
Amazon Studios isn’t a big
revenue generator but plays an
important role in attracting
members to Amazon’s Prime
service. It has become one of
the most prominent studios in
Hollywood due to its big budget
and record of critical success in
a short time. It produces the
Emmy-winning comedy “Trans-
parent,” crime drama “Bosch”
and reality show “The Grand
Tour.” Earlier this year it won
two Academy Awards for its
film “Manchester by the Sea.”
Mr. Price arrived there with
Hollywood credentials. The son
of a former Columbia Pictures
chairman, he spent about five
years in the 1990s at Walt Dis-
ney Co., where he supervised
tisms like “griddle” (a cooking
surface), “leaf peeper” (a tour-
ist looking at foliage) and “frog
run” (the last run of the maple
sugar sap).
Most Philadelphians still call
submarine sandwiches “hoa-
gies,” but the pronunciation of
“path” as pee-ath is disappear-
ing. The word “days,” though,
is morphing into “deeze.”
Words for objects that
didn’t exist a century ago are
also diverging. In Califor-
nia, Northerners and Southern-
ers giving directions on driving
routes disagree about whether
to take “5” or “the 5.” In the
Midwest, a supermarket cart is
a “buggy” south of Ohio and
Pennsylvania.
Research for the Dictionary
of American Regional English
began in 1965 and the team
grew to 80 field workers.
They carried surveys with
more than 1,600 questions such
as, “What’s another word for a
person’s mouth?” Among the
77 answers: maw, clam, jug,
flytrap, boose and bugle.
Over the next five years, the
crew interviewed 2,777 mostly
older residents of 1,002 com-
munities from Hawaii to Maine.
After that, researchers added
words they found in books,
magazines and newspapers.
The troop blew past the ini-
tial 1976 completion target but
managed to publish the first
volume—A to C—in 1985. Prog-
ress slowed with the advent of
the internet because there was
that much more to examine
IN DEPTH
Allegations of misconduct going beyond previous reports simmered inside Amazon Studios regarding
its chief, Roy Price, who resigned last month. Mr. Price, right, with Amazon CEO Jeff Bezos in 2016.
development of animated televi-
sion series. He joined Amazon in
2004 and oversaw the com-
pany’s video-on-demand service
from its Seattle headquarters.
He returned to Southern Cali-
fornia in 2014 as Amazon ex-
panded its foray into original
movie and TV production.
Mr. Price enjoyed a close re-
lationship with Messrs. Black-
burn and Bezos, several current
and former executives said. He
sometimes watched movies with
Mr. Bezos at the CEO’s boat-
house, one said.
Some former executives of
Amazon Studios said what they
saw as Mr. Price’s troubling be-
havior, including heavy drinking
and inappropriate remarks, was
apparent when he began spend-
ing more time in Hollywood and
New York as Amazon ramped up
its studio unit.
In 2013, at a dinner for the
cast and producers of the politi-
cal comedy “Alpha House,” Mr.
Price drank excessively and
made raunchy remarks to one of
the show’s female co-stars, ac-
cording to some attendees.
Mr. Price slurred his words
and crudely propositioned the
young actress, one attendee
said. Another said Amazon exec-
utives tried to move the target
of Mr. Price’s come-ons—Yara
Martinez—away from him. At
the end of the evening, he had
to be helped to a cab by two
Amazon executives, this person
said. A spokesman for Ms. Mar-
tinez didn’t respond to a re-
quest for comment.
At another party later that
year for the talent in Amazon’s
shows, Mr. Price appeared in-
ebriated and told a group of ex-
ecutives he was looking for a
young actress to sleep with that
night, said a person present.
Mr. Price disputes the two
accounts of his behavior at the
events, said a person close to
him.
In July 2015, at a dinner with
the cast and producers of the
and record, said Dr. Hall.
The final six-volume set has
come in handy for police exam-
ining ransom notes, actors
mastering dialects and histori-
ans deciphering old letters,
DARE said. John P. Kaminski,
director of the Center for the
Study of the American Consti-
tution at the University of Wis-
consin, has asked Dr. Hall to
help decipher words in news-
papers used to describe cele-
brations following the docu-
ment’s ratification in the 1780s.
A “bumper,” he learned, was a
tankard from which to drink
rum.
Douglas Kelling, a medical
doctor from rural Missouri who
practices in North Carolina, has
been flummoxed by the South-
ern dialect several times
throughout his career. An 80-
year-old woman asked him af-
ter a recent examination how
her “ticklebox” was faring. She
was referring to her heart.
Another man complained of
“having lost his nature,” Dr.
Kelling said. He was suffering
from erectile dysfunction.
Allan Metcalf, a professor of
English at MacMurray College
in Jacksonville, Ill., and execu-
tive secretary of the American
Dialect Society, said language,
no less than people and events,
is an important record of his-
tory.
The dialect dictionary is sig-
nificant because it is designed
to capture not how people
should speak, but how they do
speak, said William Kretz-
Business Picture
Amazon Studios, which has quickly become a major player
in Hollywood, is still a small piece of its Seattle parent's business.
Amazon
sales
$117.41 billion
*According to people familiar with Amazon’s spending
Note: Sales and expenses are for nine months ended Sept. 30, 2017; Amazon Studios' spending
is an estimate for all of 2017.
Source: the company
Amazon drama “Man in the
High Castle,” Mr. Price was in-
troduced to Ms. Hackett, a pro-
ducer on the show and daughter
of Philip K. Dick, author of the
book on which the series is
based. During that evening, Mr.
Price suggested he and Ms.
Hackett “have an affair” to help
promote the series. He then also
bragged about his sexual prow-
ess and grilled her about her
lifestyle and made vulgar propo-
sitions, according to people who
were present. Ms. Hackett con-
firmed this account.
Later Mr. Price told others at
the party he thought Ms. Hack-
ett liked him, people who were
there said.
The morning after the inci-
dent, Ms. Hackett complained to
two senior Amazon Studios pro-
gramming executives, said one
of the people familiar with the
episode. Ajay Patel, the studio’s
associate general counsel, was
made aware of the incident, this
person said. Mr. Patel declined
to comment, Amazon said.
Amazon executives in Seattle
brought in an outside investiga-
tor, Public Interest Investiga-
tions Inc., a few weeks later,
people who took part in the
probe said. Public Interest de-
clined to comment.
Regional dialects still thrive in the U.S. Above, a merry-go-round, or spinning jenny, or flying Dutchman.
schmar, a professor at the Uni-
versity of Georgia and editor of
the Linguistic Atlas Project,
which studies language as it is
spoken in the U.S.
Contrary to conventional
wisdom, American English is
growing less homogenized, not
more, he said.
That may appear counterin-
tuitive to professionals, who
tend to speak mostly to others
like them, he said. But at a lo-
cal level, American English is
more regional than ever. This
complexity is fueled by people’s
movement from one region of
the country to another, where
they introduce their own quirks
into new communities. These
are absorbed into an ever-
changing local dialect, he said.
THE WALL STREET JOURNAL.
some executives and producers
who worked with him. It wasn’t
unusual for him to come late to
meetings and to scowl at who-
ever was speaking, even a top
producer. Dana Calvo, creator of
the 2016 Amazon series “Good
Girls Revolt,” said Mr. Price
didn’t know names of the char-
acters or many other details
about her show.
After Weinstein
Ms. Hackett told the Holly-
wood Reporter she was spurred
to go public with her story by
the public allegations of sexual
misconduct against movie mo-
gul Harvey Weinstein.
That week, actress Rose
McGowan criticized Mr. Price on
Twitter for his ties to Mr. Wein-
stein, also directing complaints
at Mr. Bezos. Amazon and Wein-
stein Co. were working together
on two television shows.
Amazon canceled one series
GREG DOHERTY/GETTY IMAGES
it was producing with Weinstein
Co. that would have been di-
rected by David O. Russell and
featured Robert De Niro and Ju-
lianne Moore. It is seeking to
end a relationship on another in
which the independent studio
had foreign rights, said people
familiar with the discussions.
Some current and former ex-
ecutives and top creative talent
said they had been frustrated
for years with other problems at
Amazon Studios, including what
they described as low viewer-
ship for its television series,
abrupt changes in strategy and
Amazon Studios' lax oversight of its productions.
annual spending In the wake of Mr. Price’s de-
on original and parture, Amazon has made
licensed content
Amazon operating changes in the studio’s leader-
expenses $4.5 billion* ship. Another top executive,
head of drama and comedy-TV
$115.43 billion series Joe Lewis, has left his
post and is negotiating for a
producing deal with the com-
pany, an Amazon spokesman
said. Head of reality television
Conrad Riggs was fired, said
people familiar with the matter.
THE WALL STREET JOURNAL. Head of international produc-
tions Morgan Wandell left for a
Initially, Ms. Hackett wasn’t similar job at Apple Inc.
provided details about the in- Senior Amazon executives,
vestigation’s conclusion, said including Mr. Blackburn, are
one of the people familiar with now getting a clear-eyed look at
the episode. This past summer, the studio’s business problems,
Ms. Hackett again inquired and said another person close to the
was told by Mr. Patel that Mr. company. Among issues they
Price was “counseled.” No other have identified are a lack of a
specific reprimands were de- consistent strategy and cost
scribed to her, this person said. overruns on series.
Some people familiar with A number of Amazon pro-
the episode said Mr. Price was grams including “The Tick” and
told to steer clear of Ms. Hack- “Goliath” have shut down pro-
ett and events involving the duction due to disputes about
show, and to watch his drinking the shows’ directions, in some
at events. cases multiple times, costing
At last year’s Edinburgh Tele- millions of dollars, said people
vision Festival, where Mr. Price close to the series.
was a speaker, he repeatedly ex- “We’re going to start acting a
pressed interest in pursuing the lot more like Amazon” when it
actress Anna Friel, said a person comes to strategic focus and
present. At events with other in- keeping a lid on costs, the per-
dustry executives, he asked mul- son close to Amazon said.
tiple times where she was and Since Mr. Price’s departure,
whether she was attending. Peo- Amazon has promoted women
ple close to Ms. Friel worked to to top roles in the television di-
keep the two of them separate vision.
because she was uncomfortable At a recent town-hall meet-
with his interest, this person ing at Amazon Studios, Brad
said. A spokesman for Ms. Friel Beale, Amazon’s Seattle-based
declined to comment. The per- head of digital-video-content ac-
son close to Mr. Price said he quisition, told employees, “We
disputed that account. broke your trust and we’re very
Frustration with Mr. Price ex- sorry,” said a person present.
tended to his demeanor in busi- Mr. Beale promised Amazon was
ness. He often struck colleagues embarking on a “cultural shift”
as aloof and disengaged, said at its studio.
TODD BERKEY/THE TRIBUNE-DEMOCRAT/ASSOCIATED PRESS
“People are endlessly cre- For 200 years, the Green
ative,” Dr. Kretzschmar said. Mountains, a north-south range
There are dozens of words for splitting the state, marked the
a heavy rain, from “toad-stran- line between dropped R’s in
gler” in the Gulf states to words like “car” and “park”
“turd-floater” in Texas and and pronounced R’s. But a 2012
“gully washer” out West. Dartmouth College study
Country singer Mark Leach showed the line of demarcation
grew up outside Cleveland and has moved about 50 miles east
learned to sing country songs as New Yorkers invaded Ver-
listening to artists from the mont and the younger genera-
Deep South. Now he speaks like tion began to favor harder R’s
he’s from Cleveland but sings to sound less “backwoods.”
like he’s from Georgia. “When I Other New England stal-
sing it’s like a different part of warts hold strong, said James
my brain takes over,” he said. Stanford, the Dartmouth pa-
The dropped R that Bosto- per’s co-author. Rotaries are
nians imported from southeast still New Englandese for traffic
England in the 17th and circles, packies are places that
18th centuries and exported sell liquor and something that
into New Hampshire and Ver- is exceptionally good is, of
mont has been in retreat. course, a “wicked pissah.”
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Mayor Likely to Win,
But Voter Turnout Is
Critical to His Margin
BY MARA GAY
New York City Mayor Bill de
Blasio is expected to win a sec-
ond term on Tuesday, but the
margin of victory is important.
Polls show the Democratic
mayor coasting to victory
over GOP state Assemblywoman
Nicole Malliotakis, in a city
where Democrats outnumber
Republicans more than 6 to 1.
More difficult for Mr. de
Blasio will be getting his vot-
ers to the polls in large num-
bers, a show of strength that
would carry him into his sec-
ond term with momentum. But
that kind of big win may be
difficult to achieve after a non-
competitive race that has
largely been a snooze.
“There are people who go
out to vote every Election Day,
just as there are people who go
to religious services every
week. There are devoted parti-
sans,” said Kenneth Sherrill, a
professor emeritus of political
science at Hunter College. “But
for normal people, in a race
where there is no race, there’s
no reason to come out other
than civic duty.”
Mr. Sherrill said the mayor’s
significant lead in the polls
was at least in part due to a
city that had become solidly
Democratic in recent years. But
Mr. Sherrill said voters were
also won over by initiatives
like the mayor’s prekindergar-
ten program, as well as a sense
JOHN TAGGART FOR THE WALL STREET JOURNAL
Delrawn Small’s family and his supporters exited Brooklyn Supreme Court on Monday after an off-duty officer was acquitted in his death.
Police Officer Acquitted in Road-Rage Killing
BY ZOLAN KANNO-YOUNGS
A Brooklyn jury acquitted a
New York City police officer
Monday in the fatal shooting
of a motorist after a road rage
incident.
The case centered on
whether Officer Wayne Isaacs,
who was off-duty, acted in
self-defense when he shot Del-
rawn Small, 37 years old, on
July 4, 2016.
Officer Isaacs, who is cur-
rently suspended with pay
from the NYPD, was charged
with second-degree murder
and first-degree manslaughter.
Stephen Worth, the attor-
ney for Officer Isaacs, credited
testimony by medical profes-
sionals who said they treated
the officer after the shooting
as crucial in convincing the
jury of the self-defense argu-
Elegance is an attitude
Kate Winslet
* *
GREATER NEW YORK
that the city is continuing to
enjoy a period of record-low
crime. Other than the subway,
which isn’t under the mayor’s
control, Mr. Sherrill said New
Yorkers feel the city is overall
running smoothly.
De Blasio campaign spokes-
man Dan Levitan said the
mayor was confident his voters
would make it to the polls.
“The mayor knows he and
New York City do best the
more people who turn out to
vote, and that is why we have a
vigorous turnout operation in
the field to encourage every
New Yorker we can to vote,”
Mr. Levitan said in a statement.
Ms. Malliotakis, who is from
Staten Island, has cast herself
as a common-sense alternative
to the mayor. She has assumed
a traditional Republican man-
tle and argued that quality of
life has declined under Mr. de
Blasio.
Ms. Malliotakis has spoken
frequently on the campaign
trail of the rise in homeless-
ness on the mayor’s watch,
and lamented reduced penal-
ties for minor infractions like
public urination. She has also
criticized the mayor as cor-
rupt, a line of attack drawn
from federal and state investi-
gations into the fundraising
activities of his administration
and its allies. Prosecutors de-
clined to bring charges earlier
this year. The mayor denied
any wrongdoing.
ment. He also pointed to a 911
call Officer Isaacs, 38, made in
which he said he was injured.
“Those are not the actions of a
guilty man,” Mr. Worth said.
The trial in Brooklyn Su-
preme Court was the first case
prosecuted by New York Attor-
ney General Eric Schneiderman
‘We are disappointed
by the verdict. But we
respect the jury’s
determination.’
under a 2015 executive order
Gov. Andrew Cuomo signed in
the wake of protests sparked
by the 2014 case of Eric Gar-
ner, who died after a police of-
NY
Governor’s Race Focuses on Taxes
BY KATE KING
New Jersey’s voters will de-
cide Tuesday who will take over
running the state from outgo-
ing Republican Gov. Chris
Christie, who, af-
ELECTION ter two terms in
2018 office, is leaving
Trenton with one
of the lowest job-approval rat-
ings of any U.S. governor.
The winner of the election
will inherit a state facing large
and expensive problems, from
underfunded public pensions to
crumbling transportation infra-
structure, at a time when the
electorate is loath to accept
more tax increases. The average
residential property-tax bill in
New Jersey has increased 32%
during the past decade, reach-
ing $8,200 in 2016, and public
polls consistently have found
that the state’s voters list taxes
as their top concern.
Tuesday’s election pits Dem-
ocratic nominee Phil Murphy, a
former Wall Street executive
who has never held elected of-
fice, against Republican Kim
Guadagno, a former county
sheriff who has been Mr. Chris-
tie’s lieutenant governor since
2010. Five other third-party
candidates also are on the bal-
lot.
Public polls have shown Mr.
Murphy leading Ms. Guadagno
throughout the campaign, and
a survey of likely voters con-
ducted last week by Quinnipiac
University found the Democrat
with a 12-point lead.
Mr. Christie, dogged by the
George Washington Bridge
lane-closure scandal and his
ficer placed him in a chokehold
during an arrest on Staten Is-
land. The governor gave Mr.
Schneiderman the authority to
prosecute cases in which an
unarmed civilian was killed by
police or there is a question as
to whether the civilian was
armed and dangerous.
Those questions surfaced in
the trial when surveillance
video was discovered in the
days after the shooting that
appeared to show Officer
Isaacs shoot Mr. Small almost
immediately when the motor-
ist came up to his car.
Mr. Small, driving with his
girlfriend and two children,
believed the officer had cut
him off as he was trying to
turn on Atlantic Avenue just
after midnight, law-enforce-
ment officials said. He then
followed Officer Isaacs for a
Democratic nominee Phil Murphy, left, and Republican Kim
Guadagno are vying to succeed New Jersey Gov. Chris Christie.
unsuccessful run for the GOP
presidential nomination, has a
job approval rating of about
15% among New Jersey voters.
He is prevented by term limits
from running for a third term.
New Jersey average
residential property-
taxes have increased
32% in past decade.
The gubernatorial contests
in New Jersey and Virginia are
the first major statewide elec-
tions since Republican Donald
Trump won the presidency. The
results could indicate the
broader political landscape
ahead of next year’s midterm
elections.
New Jersey’s financial prob-
lems are significant: Its $88.8
couple blocks before ap-
proaching the vehicle. Mr.
Small is then shown on the
video stumbling back from the
car and falling down.
Prosecutors used that video,
and testimony from Mr. Small’s
relatives who were in the car
in an attempt to sway the jury.
“We are disappointed by the
verdict,” Mr. Schneiderman
said in a statement. “But we re-
spect the jury’s determination.”
The courtroom erupted
when the verdict was read.
One activist shouted that the
jury were murderers and criti-
cized the justice system.
Victor Dempsey and Victo-
ria Davis, Mr. Small’s siblings,
issued a joint statement say-
ing they felt an independent
prosecutor was still valuable
for cases in which civilians are
killed by police.
Tuesday, November 7, 2017 | A10A
Brigid Harrison, a professor
of political science and law at
Montclair State University, said
the winner likely would seek to
stimulate economic growth to
boost revenues without raising
taxes to pay for the funding
needs.
Ms. Guadagno, 58 years old,
has staked her political future
JULIO CORTEZ/PRESS POOL
on her promise to lower prop-
erty taxes, saying she won’t run
for reelection if she’s unsuc-
cessful. She has proposed im-
plementing a “circuit breaker”
that would cap the school por-
tion of residents’ property tax
bills at 5% of their household
income. She estimates her plan
would cost the state $1.5 bil-
billion public-pension liability lion. She has said she would ad-
is 41% unfunded, and that $36.5 dress the deficit with savings
billion deficit will weigh on fu- from an audit of state depart-
ture state budgets. State fund- ments and services and by re-
ing for K-12 public schools working New Jersey’s school-
hasn’t kept pace with a funding funding formula.
formula outlined in state law, Mr. Murphy, 60, has run on a
infuriating education activists progressive platform that
and putting pressure on local promises higher spending for
property taxes. state employee-retirement ben-
And a host of transportation efits, public schools and higher
challenges will require signifi- education. Throughout the
cant investment by New Jer- campaign, he has been critical
sey’s next governor. of Mr. Christie’s record and
At the same time, New Jer- sought to link Ms. Guadagno to
sey’s real gross domestic prod- what he describes as Mr. Chris-
uct, a measure of economic tie’s “failed administration.”
strength, saw a compound an- Mr. Murphy, who was en-
nual growth rate of only 0.2% dorsed early on by New Jer-
between 2006 and 2016 com- sey’s teachers union, has
pared with 1.1% nationwide, ac- pledged to fully fund the state’s
cording to the Department of pension payments “as fast as
Commerce. And weighed down possible.” He said he would pay
by pension woes, general-obli- for the increased contributions
gation bonds have been down- and other priorities by growing
graded 11 times across three the economy, legalizing mari-
credit-rating firms since Mr. juana and closing loopholes for
Christie took office in 2010. corporations.
Convention Is a Hot Issue
BY MIKE VILENSKY spokeswoman said.
Meanwhile, Mr. Cuomo’s ex-
Supporters and opponents wife, Kerry Kennedy, president
of a New York state constitu- of Robert F. Kennedy Human
tional convention made their Rights, an advocacy group, is-
closing cases Monday, ahead sued a statement of support.
of a ballot referendum on one “A convention can solve many
of the most heated issues of of our most intractable prob-
this year’s campaign season. lems around political corrup-
Voters on Tuesday will get tion and transparency in Al-
their say on whether to hold the bany,” she said.
event, where specially elected At City Hall on Monday, the
delegates could amend the League of Women Voters held
state’s constitution. Supporters an event arguing that a con-
have argued that the convention vention would give women
is a way to bypass the bureau- more of a say in the constitu-
cracy and political barriers in tion. New Yorkers Against Cor-
Albany and implement sweep- ruption, an opposition group,
ing government reforms. Oppo- is planning to attend a town
nents have said the convention hall in Brooklyn on Monday
is vulnerable to special-interest evening to make its case about
spending and would risk rolling the risks of a convention.
back hard-fought protections Polling has swung on the is-
enshrined in state law. sue during the past few
Gov. Andrew Cuomo said months, with the “no” vote
Monday he will vote against strengthening as online and
the event. “The current dele- TV advertising on both sides
gate system does not offer has amped up. In a recent Si-
enough protections to prevent ena College poll, 57% of New
the status quo and special in- Yorkers surveyed said they
terests from governing,” his would vote no.
Terror-Attack Victims Mourned
JEWEL SAMAD/AGENCE FRANCE-PRESSE/GETTY IMAGES
TRIBUTE: Argentina’s President Mauricio Macri on Monday laid
flowers at the Manhattan bike path where eight people, including
five Argentines, were killed by a man driving a rented truck.
Longines Symphonette
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10B | Tuesday, November 7, 2017
New Restaurants
Are Spicing Up
Newark Nightlife
BY JEANETTE SETTEMBRE
Newark has long catered to
the business-lunch crowd. Now,
it is aiming to get commuters
to hang around for dinner.
New York City restaurateurs
are devouring New Jersey’s larg-
est city with plans to transform
the nine-to-five culture into a
late-night hub as Newark’s once-
struggling downtown continues
to undergo a renaissance.
For newcomers such as Bar-
cade, a craft beer, videogame
lounge and gastropub with lo-
cations in Manhattan and
Brooklyn, that means staying
open until 2 a.m. on weekdays
and 4 a.m. on weekends.
Restaurateurs move to
transform Newark’s
nine-to-five culture
into a late-night hub.
“We looked at is as a great
opportunity to get in while the
city was in a comeback period
and hopefully to recreate a
nightlife scene,” co-owner Paul
Kermizian said.
A restaurant-sized retail
space under 5,000 square feet
in Newark costs about
$100,000 annually. That is a
fraction of the cost in Manhat-
tan, where the same space
would average $550,000 a year,
or Brooklyn, where it could run
$350,000 a year, according to
real-estate firm CoStar.
About 36 new restaurants
have opened in the downtown
area alone in the past year, ac-
cording to a representative
with the mayor’s office. They
are keeping up with an influx
of people moving in. More than
1,000 multifamily units have
A Camel Crossing in Midtown
JOHN TAGGART FOR THE WALL STREET JOURNAL
ANIMAL ATTRACTION: Camels, sheep and donkeys arrived at
Radio City Music Hall on Monday for their first day of rehearsals
for the 2017 ‘Christmas Spectacular,’ starring the Rockettes.
ROBERTO COIN BOUTIQUE
Westfield World Trade Center
Oculus | Main Level C2
New York, NY | 212.287.1299
NEW BAROCCO & CENTO COLLECTIONS | robertocoin.com
been built in Newark since
2014, and another 900 units
are under construction, accord-
ing to CoStar. Total investment
for residential, commercial and
industrial projects is $1.7 bil-
lion since 2015, said Newark’s
Department of Economic and
Housing Development.
Newark got its first Whole
Foods on the ground floor of
the Hahne & Co. building in
March. The former depart-
ment-store building underwent
a $174 million renovation and
will house celebrity chef Mar-
cus Samuelsson’s new restau-
rant Marcus B&P in November.
The Ethiopian-born chef,
who got diners to travel above
96th Street in Harlem to his
high-end soul-food restaurants
Red Rooster and Streetbird
Rotisserie, sees Newark as a
similar opportunity. “We’re
not a restaurant that’s going to
close once the businesses are
closing,” Mr. Samuelsson said.
Newark has come a long way.
In 2015, WalletHub released a
list of its 150 best and worst cit-
ies to start a business and New-
ark ranked as one of the worst
due to its limited employee
availability and high local cost
of living. In 2013, it had the
third-highest murder rate in the
nation. The city’s overall crime
rate decreased by 13% in 2016,
according to Newark officials.
“When I was back in school,
Halsey Street was empty.
There was nothing there,” said
Luis Valls-Amabile, who
opened his first restaurant
Ono Grinds Poke, a fast-casual
spot on Newark’s Raymond
Boulevard serving Hawaiian-
inspired bowls of sushi-grade
tuna, salmon and tofu.
“Everybody was saying,
‘You’ve got to open up in Jer-
sey City or Hoboken.’ Those
places are saturated. We’d
rather be a part of something
NY
GREATER NEW YORK
Barcade, above, is among the new establishments in Newark. Below, Ferry Street is a melting pot of cultures in the Ironbound district.
that’s on its way up,” he said.
Some lunch spots are be-
ginning to extend their hours,
too. Middle Eastern eatery
Green Chicpea, serving fast-
casual kosher falafel and sha-
warma, will stay open until 7
p.m. on weekdays starting
next month. Newly opened
Playa Bowls on Bleeker Street
in Newark serves as a late-
night healthy-food hangout of-
fering smoothie and açaí
bowls until 10 p.m. And the
Ainsworth, a luxury sports bar
with locations in Manhattan
MENENDEZ TRIAL
Jurors Deliberating
In Senator’s Case
After final arguments in a
Newark federal courtroom, a jury
on Monday afternoon began to
decide the fate of U.S. Sen. Bob
Menendez.
Mr. Menendez, a New Jersey
Democrat, faces 18 counts in-
cluding fraud, bribery, conspiracy,
and making false statements.
Prosecutors allege the sena-
tor was part of a yearslong ar-
rangement in which he traded
political favors for gifts from a
wealthy Florida eye doctor, Salo-
mon Melgen. Dr. Melgen, a co-
defendant in the trial, is accused
of bribing Mr. Menendez with
flights on his private jet, luxury
Caribbean vacations, and a stay
in a fancy Paris hotel, plus hun-
dreds of thousands of dollars in
campaign contributions.
In exchange, prosecutors say,
Mr. Menendez helped secure vi-
sas for several of the doctor’s
girlfriends and sought to inter-
Grammy Winner Boosts ‘Waitress’ Ticket Sales
BY CHARLES PASSY
“Waitress” has found a new
recipe for box-office success.
The Broadway musical,
which chronicles the trials of
a pie-obsessed waitress, saw
its grosses climb by 23% to
$900,167 this past week with
the arrival of Grammy Award-
winning singer and songwriter
Jason Mraz to the cast.
The figures come from the
Broadway League, a trade
group that monitors the indus-
try.
Mr. Mraz, who is known for
such hits as “I’m Yours” and “I
Won’t Give Up,” joined the
show this past Friday for a 10-
week run. He plays Dr. Pomat-
ter, the love interest of Jenna,
the waitress.
Casting a pop star in a
long-running show is hardly a
new formula for boosting
sales.
Earlier this year, “Kinky
Boots” welcomed Brendon
Urie, lead singer for the group
Panic! at the Disco, and saw its
grosses increase significantly
during the 10-week stretch.
“Waitress” also has gone the
star-casting route before.
Sara Bareilles, the singer-
and Hoboken serves half-
priced steaks on Monday
nights at its newly opened
space in the Hotel Indigo.
Newark’s downtown, how-
ever, is a long way from be-
coming an evening dining des-
tination. Many restaurants
still close at about 5 p.m. on
weekdays and shutter entirely
on weekends. “It’s mostly
commuters. There’s really not
a lot of business,” said Manny
Beovides, owner of Cuban buf-
fet-style restaurant La Cocina
on New Street.
GREATER NEW YORK WATCH
vene on a port-security matter
and a Medicare billing dispute in-
volving Dr. Melgen.
Defense attorneys have said
the government is misconstruing
a longstanding and genuine
friendship between the doctor
and the senator. Any gifts given
and advocacy action stemmed
from that friendship, not a brib-
ery scheme, they argued.
—Thomas MacMillan
ANTHONY WEINER
Former Congressman
Reports to Prison
Former U.S. Rep. Anthony
Weiner began a 21-month prison
sentence Monday for exchanging
sexually explicit text messages
with a 15-year-old girl.
Mr. Weiner, 53 years old, en-
tered the Federal Medical Center,
Devens, in Massachusetts, said
the Federal Bureau of Prisons.
The case intersected with the
2016 presidential campaign
when, two weeks before the
election, James Comey, then di-
David Josefsberg, left, Sara Bareilles and Jason Mraz at the curtain call of Broadway's ‘Waitress.’
songwriter who wrote the
show’s music and lyrics, took
on the role of Jenna for a
stretch this spring. During that
time, weekly grosses climbed as
* * THE WALL STREET JOURNAL.
Old-School Enclave
Attracts Millennials
Newark’s Ironbound district
is known for two things: Its
hard-working immigrant com-
munity and no-frills, good food.
The city’s culinary crown-
jewel neighborhood east of
downtown and Penn Station is
rich in diversity and economic
activity, with about 200 res-
taurants and markets reflect-
ing a melting pot of Portu-
guese, Spanish, Brazilian,
Ecuadorean and Mexican cul-
tures. The enclave that often is
overlooked, is preserving the
old despite new development.
“There’s a gentrification that’s
happening because all of the
companies coming into down-
town Newark,” said Tony Marti-
nez, owner of Mompou, a Span-
ish-style tapas restaurant that
has been around for more than a
decade. “We have a modern, yet
rustic feel. We tend to appeal
more to millennials these days
that are working in the area and
coming to us for happy hour.”
The main drag of Ferry
rector of the Federal Bureau of
Investigation, announced that
emails found on Mr. Weiner’s
laptop might be relevant to the
agency’s probe into Democratic
candidate Hillary Clinton’s use of
a private-email server while she
was secretary of state. Mr. Wei-
ner’s wife, Huma Abedin, was a
top aide to Mrs. Clinton. Mr.
Comey later said there was
nothing new in the emails. Mrs.
Clinton has said Mr. Comey’s ac-
tions played a role in her defeat.
Mr. Weiner and Ms. Abedin
are in divorce proceedings.
In 2011, Mr. Weiner, then a
Democratic congressman repre-
senting Brooklyn and Queens, re-
signed after he posted a sugges-
tive photo of himself online and
admitted to exchanging lewd
messages with women. In 2013,
he ran for New York City mayor
but that campaign was derailed
by another sexting scandal.
At his sentencing in Septem-
ber, Mr. Weiner said he was a
“sick” person. “I have a disease
but I have no excuse,” he said.
—Mike Vilensky
high as $1.3 million.
Barry Weissler, a “Wait-
ress” lead producer, said that
while it costs more to book a
name talent, the payoffs often
MARK BONIFACIO FOR THE WALL STREET JOURNAL (2)
Street is a feast for the eyes.
Portuguese flags hang inside
windows of tiny markets with
terra-cotta style rooftops in
the neighborhood that feels a
bit like Lisbon. Fare such as
Mexican tortilla soup, seafood
paella, calamari and spicy
chorizo entice patrons all
within a one-block radius.
In the early 19th century,
the Ironbound became a pow-
erhouse for urban develop-
ment, amid an industrial boom
that shaped the neighborhood
as a result of the completion
of the first railroads. With
more job opportunities came
an influx of European immi-
grants who brought culinary
traditions with them.
Today, 72 percent of Iron-
bound residents are foreign
born, according to a report by
East Ward councilman Augusto
Amador. A new wave of peo-
ple are discovering it—mostly
Brooklyn and Manhattan trans-
plants. “It’s a good investment
because it’s trending up,” said
Seth Grossman, director of the
Ironbound Business Improve-
ment District.
CRIME
Detectives Accused
Of Rape Quit NYPD
Two New York City Police
Department detectives accused
of sexually assaulting a hand-
cuffed 18-year-old woman in a
van have quit the force.
Eddie Martins, 37 years old,
and Richard Hall, 32, resigned
on Monday before they were to
face an administrative proceed-
ing that could have resulted in
their firing.
They were arraigned last
week on kidnapping, rape and
other criminal charges in Brook-
lyn Supreme Court.
Prosecutors say the detec-
tives stopped the woman in
September for suspicion of drug
possession and then handcuffed
her, drove her around and raped
her. DNA evidence matches the
detectives, they say.
The detectives’ lawyers have
said the woman’s account isn’t
credible.
—Associated Press
NICHOLAS HUNT/GETTY IMAGES
are significant. He wouldn’t
disclose details of what Mr.
Mraz is earning for his run.
In any case, “it’s a calcu-
lated risk,” Mr. Weissler said.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Tuesday, November 7, 2017 | A11

LIFE&ARTS
massively profitable hit.
Last year, concerned that their
superhero pictures were becoming
too dark and violent, Warner lead-
ers assigned comic-book
writer Geoff Johns and
production executive
Jon Berg to over-
see the DC movie
slate and give it a
more optimistic
tone. Their first
task was a re-
write of “Justice
League,” done with
the “Batman v Super-
man” team of Zack Sny-
der and screenwriter Chris Ter-
rio, to make the movie less serious
and more hopeful.
Mr. Tsujihara also made clear he
wanted “Justice League” to be un-
der two hours, said a person close
to the movie. “Batman v Super-
man,” by contrast, ran 151 minutes.
CLOCKWISE FROM TOP RIGHT: BRIAN ACH/GETTY IMAGES; WARNER BROS. PICTURES (2)

Production ran from March

through October of 2016. When di-
rector Zack Snyder delivered his
cut early this year, studio execu-
tives felt he had made progress
with the lighter elements but that
more work was needed.
Joss Whedon, the “Buffy the
Vampire Slayer” creator and
writer/director of two “Avengers”
movies for Marvel, already was
working with Warner on a movie
MOVIES about DC heroine Batgirl and was
given the “Justice League” rewrite.

The Quest to Save ‘Justice League’

When Mr. Snyder’s daughter died,
Mr. Whedon oversaw several
weeks of reshoots, with his prede-
cessor’s endorsement, said Mr.
Emmerich.
Aficionados likely will be able
The $300 million superhero extravaganza has faced a rocky road to release to pick out the clever, dialogue-
heavy scenes shot by Mr. Whedon
and the more stylish action
Above, from left, Ben Affleck, Gal scenes shot by Mr. Snyder, but the
BY BEN FRITZ
Gadot, Ray Fisher, Ezra Miller and creative team has tried to meld
Jason Momoa in ‘Justice League,’ the two. “A lot of the work was
SUPERMAN, Batman and Wonder which was rewritten by Joss Whedon, integrating the two tones and
Woman join forces to save the inset. At left, Ben Affleck and Gal making it feel like one movie,”
world in “Justice League,” but Gadot with director Zack Snyder. said a person close to the post-
their long-awaited team-up may production process. Early cuts
not be the automatic superhero president of Warner’s motion pic- didn’t achieve that goal, but a test
movie triumph it once seemed. ture division in December, said he screening of the final version re-
The Nov. 17 release, which wants DC to worry less about a cently earned audience scores
unites the well-known trio with comprehensive strategy than close to those of “Wonder
big-screen newcomers Aquaman, about making great films. “We Woman,” said people who have
Cyborg and the Flash, has had per- don’t want to limit the creativity seen the data. Pre-release surveys
haps the rockiest road to release filmmakers can bring to the table indicate it should open to more
of any big-budget movie this year. by saying these characters have to than $100 million.
In the past 18 months it has come in a particular order and all In “Justice League,” Ezra
sustained a switch in directors and fit into the same universe,” he Miller’s Flash, who is young, so-
creative tinkering before and after said. DC is a financial pillar for cially awkward, and hides his fear
production to lighten the tone. Warner Bros., CEO Kevin Tsuji- through humor, is viewed at War-
Significant reshoots brought an al- hara has said, in every area of its ner as the movie’s breakout char-
ready big budget up to nearly business from movies to TV to acter. Mr. Emmerich said a solo
$300 million, said people close to consumer products and video- Flash film is a priority. “Aqua-
the picture. movie as a crowd-pleaser in which the studio for 13 months. One per- games. Catching up to rival Mar- man” is scheduled for release in
“Justice League” is hitting the- a few superheroes team up and son close to the DC film effort vel Entertainment’s big-screen December 2018, after which the
aters at a time when Hollywood is beat the bad guys. In the movie, called 2018 a “reset year” when success is crucial. only other movie with a release
shifting from by-the-books por- Ben Affleck’s Batman and Gal Ga- executives and producers will fo- Originally, “Justice League” was date is “Wonder Woman 2” in De-
trayals of superhero stalwarts. The dot’s Wonder Woman recruit cus on a slate of pictures to be expected to be Warner’s financial cember 2019.
success of films like “Logan,” War- Aquaman, Cyborg and the Flash to driven more by directors’ visions anchor this year. But it has turned Messrs. Berg and Johns are de-
ner’s own “Wonder Woman,” and the team. for individual characters than a out not to be critical. June’s “Won- veloping what Mr. Emmerich de-
current box-office juggernaut Last year’s DC movies “Batman corporate mandate to put out par- der Woman”—which had been seen scribed as a “super robust slate”
“Thor Ragnarok” indicate audi- v Superman: Dawn of Justice” and ticular films in a given order, as as the riskier DC film—was a criti- of other DC movies, including Mr.
ences are hungry for unique pic- “Suicide Squad” were financial Warner’s chief executive three cal and commercial smash. “It,” Whedon’s “Batgirl,” a solo Batman
tures about particular characters. successes despite being savaged by years ago announced the studio which cost $35 million to make and picture, the interstellar Green Lan-
“Justice League” doesn’t fit that critics and diehard fans. There are would do. grossed $671 million world-wide, tern Corps, and two different takes
mold. Supporters describe the no more superhero releases from Toby Emmerich, who became shocked Hollywood as it became a on the Joker.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

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A12 | Tuesday, November 7, 2017
A Link Between Sleep and ADHD
COULD ADHD be a problem
caused by a disruption in circadian
rhythms?
It’s an area of research that some
experts say holds promise for de-
veloping new treatments for atten-
tion-deficit hyperactivity disorder.
Many adults and children diag-
nosed with ADHD report sleep
problems. Some have difficulty
falling asleep or staying asleep,
and some develop sleep apnea.
Sandra Kooij, an associate pro-
fessor of psychiatry at VU Univer-
sity Medical Centre in Amsterdam,
says ADHD and sleep may be more
intertwined than previously
thought. She proposed a theory at
a conference in September that
ADHD may be caused by a lack of
regular circadian sleep.
Her research has found that 78%
of adults diagnosed with ADHD
have a delayed-sleep phase or cir-
cadian rhythm, which means they
are night owls and don’t get sleepy
or tired enough to fall asleep until
2 or 3 a.m. In the normal adult
population about 20 to 25% have
such a chronotype, or sleep-wake
rhythm, she says.
“Everyone who treats people
with ADHD recognizes the day and
night difficulties,” she says.
The researchers measured the
sleep hormone melatonin in the
saliva of 40 subjects and found
that its production began 105 min-
utes later in the ADHD group: at
11:15 p.m., compared with 9:30
p.m. in a control group. They also
found that the adults in the con-
trol group fell asleep on average
two hours after melatonin produc-
tion began, compared with three
hours later for the ADHD group.
The hyperactivity that manifests
itself during the day for those with
ADHD may be a coping mechanism
for exhaustion, Dr. Kooij says.
In another 24-person study, Dr.
Kooij and colleagues found that
core body temperature and moving
patterns associated with sleep
were also delayed in people with
ADHD, compared with a control
group. The body’s core tempera-
ture drops during sleep, and move-
ment slows.
Her patients will try going to
sleep early to compensate for lack
of sleep, then return to their usual
rhythm of going to bed late, which
results in a disrupted rhythm. “My
hypothesis is that because ADHD
and circadian sleep delay overlap
in around 80% of patients, they
might both be an expression of a
circadian-rhythm disorder,” she
says.
ADHD patients have low levels
of dopamine, a neurotransmitter in
the brain whose levels start in-
creasing in the morning. Many
EXHIBITION REVIEW
COMMEMORATING
A BATTLE
AND BOGIE
BY MARK YOST
Natick, Mass.
THERE WILL BE many retrospec-
tives marking the 75th anniversary
of “Casablanca,” the November
1942 motion picture of World War
II intrigue starring Humphrey Bog-
art and Ingrid Bergman. But none
will integrate the actual battle of
Casablanca, Nov. 8-16, 1942, quite
like “The Real and Reel Casa-
blanca,” a new exhibit opening
Nov. 8 and running through Feb. 3,
2018 at the International Museum
of World War II.
This special exhibit consists of
four large display cases, three of
which feature maps, telegrams,
posters, letters, propaganda leaflets,
photos and weapons from the brief
but strategically important Opera-
tion Torch, the joint British-Ameri-
can attack on North Africa that
would be the largest amphibious
operation in history to date and in-
cluded the capture of Casablanca,
Morocco. The fourth display case,
along with posters and stills on the
walls from the museum’s collection,
is dedicated to the film.
With 100,000 troops and more
than 800 ships, Operation Torch
was mostly an American operation
with minimal naval and air sup-
port from the British. This was
necessary, the exhibit explains, be-
cause in July 1940 Churchill had
ordered the sinking of the French
fleet in Algeria, worried that the
Germans would use the ships
against Britain. The British naval
YOUR HEALTH | By Sumathi Reddy
ADHD medications boost dop-
amine levels.
Dr. Kooij notes that ADHD pa-
tients also tend to suffer from sea-
sonal affective disorder (SAD)
more often than others, meaning
they get more depressed in the
winter when days are shorter. And
they experience more fatigue and
weight gain.
Researchers are now studying
whether ADHD patients with a
delayed sleep phase can be
treated with light therapy, which
is often used to treat SAD. In
such treatments, patients are ex-
posed to bright light for 30 min-
utes in the morning when they
wake up to reset their body’s in-
ternal clock.
“Even if it’s not curing ADHD
but only diminishing its severity, it
will be very, very helpful,” Dr.
Kooij says.
Robert Levitan, a professor of
Aerial leaflet dropped over Casablanca, left, and Humphrey Bogart and Peter Lorre in ‘Casablanca’ (1942), above
attack, while understandable in
the broader context of the war, be-
came a rallying point for anti-Brit-
ish, pro-French partisans in North
Africa. On display is one of the
propaganda posters, showing des-
perate Frenchmen drowning dur-
ing the attack.
Also here is an Oct. 24, 1942,
Naval Intelligence report on a pos-
sible security leak at a Naval Hos-
pital in Portsmouth, Va. A young
ensign who was a patient told his
wife and another visitor, the report
states, that “A large force, com-
posed of three Task Groups, would
be leaving Norfolk within short
time for the North Coast of Africa.”
LIFE & ARTS
psychiatry at the University of To-
ronto, says he was doing a genetic
study on SAD when he noticed
large numbers of people with SAD
also had ADHD.
‘It’s probably the ADHD
pathology that leads to a
sleep problem,’
one researcher says.
He subsequently sampled a
group of adults with ADHD and
found a very high number re-
ported having SAD. “ADHD is
thought to be a disorder of under-
stimulation of the brain, so you
treat it with stimulant medica-
tion,” he says. “Similarly, we use
light therapy to stimulate the
Secrecy was important, the ex-
hibit explains, because the Ameri-
cans were unsure whether Vichy
France, which had collaborated
with the Germans to save monu-
ments and lives, would greet them
as liberators or invaders. On dis-
play here are propaganda leaflets
in French and Arabic with images
of the American flag and Presi-
dent Roosevelt, dropped over Cas-
ablanca, telling Moroccans that
the Americans are their allies,
there only to wage war against
the Germans.
The second display case is dedi-
cated almost entirely to Gen.
George S. Patton Jr., then a two-star
THE WALL STREET JOURNAL.
JON KRAUSE
brain in SAD.” neuroscientist and head of the
He has used the same light psychology department at May-
treatments used to treat SAD pa- nooth University in Ireland, has
tients—30 minutes of ultraviolet- researched ADHD and sleep. He
filtered light exposure in the examined levels of cortisol, a
morning—on those who also have stress hormone with ebbs and
ADHD. He found that they subse- flows over a 24-hour period in the
quently performed better on neu- body controlled by the master cir-
ropsychology tests. They com- cadian clock in our brains. Cortisol
pleted more of their tasks levels generally peak on awaken-
accurately and more quickly. ing. Dr. Coogan found it peaks
Other groups have replicated about 30 to 40 minutes later in
the findings. More researchers are adults with ADHD, suggesting a
showing interest in using light for delay in the internal body clocks
ADHD treatment, he says. of those patients.
Dr. Levitan wouldn’t go so far as Dr. Coogan says that genes
to say that ADHD is a sleep disor- aside, adults with ADHD may also
der. But he does believe there’s a be affected by medications they
consistent pattern in a large num- are taking, which can impact sleep.
ber of ADHD patients related to The interplay between ADHD
sleep. and sleep in children is trickier,
“It’s probably the ADHD pathol- because their sleep patterns and
ogy that leads to a sleep problem,” circadian rhythms change as they
he says. grow. “In adults, sleep is a little
Andrew Coogan, a behavioral bit more set,” Dr. Coogan says.
“Your majesty must realize the
painful sentiments which I enter-
tain in contemplating the necessity
of shedding the blood of my
friends, but the stern necessity of
war demands that if the French
armed forces continue to demon-
strate the hostility they have al-
ready shown, it is my military duty
and purpose to attack by air, by
sea, and by land, with the utmost
violence known to modern war.”
Patton’s words must have been
FROM LEFT: THE INTERNATIONAL MUSEUM OF WORLD WAR II, BOSTON; EVERETT COLLECTION
well-received, because also here
are the ornamental daggers pre-
sented to Patton by the sultan.
A third collection of artifacts is
dedicated to the Casablanca Confer-
ence, the January 1943 confab at
the Anfa Hotel in Casablanca, which
featured Churchill and Roosevelt
and all their military commanders,
gathered to plan the next phase of
the war. The museum has a signed
photo of the participants, as well as
Churchill’s early manuscript for his
memoir “The Second World War.”
Handwritten in the margins: “All
our great affairs marched forward
together…’the End of the Beginning’
was at hand…”
Film memorabilia includes a
copy of the script, eight colorized
stills, and a prop chair from Rick’s
Café Americain. But most impres-
sive is a photo of Bogart, as sa-
loon-keeper Rick Blaine, playing
chess across from Peter Lorre. A
nearby panel explains that the
general relatively unknown to the chess board seen in the film was a
American public. Patton com- real game Bogart was playing by
manded some 33,000 ground troops mail with Irving Kovner of Brook-
around Casablanca, and kept some lyn, N.Y. Bogart suggested to direc-
of the exhibit’s most impressive ar- tor Michael Curtiz that showing
tifacts, including a map of the inva- Rick playing chess would add
sion beaches with Patton’s hand- depth to the character. That’s an
written notations. There’s also a exquisite detail that both Bogart
copy of the telegram Patton re- and Patton, the two main actors of
ceived at the start of the landings this fine exhibit, could drink to.
with the code words “Play Ball.”
Perhaps the most impressive The Real and Reel Casablanca;
piece here is a carbon copy of the American Troops Enter World War
Nov. 10, 1942, letter that Patton II, Landing in North Africa
sent to the sultan of Morocco, two The International Museum of World
days after the landings, pleading War II, Nov. 8-Feb. 3, 2018
for as little bloodshed as possible.
But Patton minced no words: Mr. Yost is a writer in Houston.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Tuesday, November 7, 2017 | A13

LIFE & ARTS

ARE YOU MAD? Maybe you
should be.
We spend a lot of time trying to
regulate our emotions. Most often,
we seek to increase positive feel-
ings, such as happiness and joy,
and diminish negative ones, such
as sadness or irritation.
But anger—what we feel when
we think something is unjust and
we believe we have the ability to
change it—can be highly motivat-
ing in certain circumstances. It can
make us take action to create
change, and even help others in
some cases. And so psychologists
say it’s sometimes beneficial to
boost it. We just have to do it very
carefully.
In four yet-to-be-published
studies, researchers at the Univer-
sity of Pennsylvania’s Wharton
School looked at the role of anger
in negotiations and competition.
They found that people often seek
to boost their anger before they
hope to win.
In three of the studies, the re-
searchers told half the participants
that they would take part in a ne-
gotiation, and the other half that
they would just chat with another
person. In the fourth study, half
the participants were told they
were going to play a videogame
against an opponent and the other
half were told that they would play
a financial computer game with a
partner as a teammate. Then all
participants were told to choose
between two videos to watch: a
clip of Robin Williams performing
standup or a scene from the movie
“Witness,” where Harrison Ford’s
character gets harassed.
The participants who were told
they were going to negotiate or
play the videogame against an op-
ponent picked the upsetting clip
much more often than those who
were told they were simply going
to talk to another person or play
as part of a team.
“People intuitively chose to be-
come angry,” says Maurice
Schweitzer, a professor at Whar-
ton. “They believed they would be-
come more effective competitors.”
BONDS | By Elizabeth Bernstein
How to Make
Anger Work to
To Win a Negotiation? Get Mad Your Advantage
Stay in control. Remember, we’re
talking about measured, well-ar-
New studies show anger can be highly motivating in competition ticulated anger. Yelling, name-call-
ing, swearing and accusing are
not likely to be received well. Ex-
press your displeasure in a calm
and controlled manner.
Pick your timing. Gearing up for
a negotiation or competition? It’s
best to get mad right before or
during it, says Maurice Schweit-
zer, a professor at the University
of Pennsylvania’s Wharton
School, who has studied how an-
ger can benefit a negotiation. Be-
coming angry too far in advance
will distract and consume you, Dr.
Schweitzer says. Distract yourself
in the meantime.
Focus on your objective. The
point isn’t simply to express your
anger—to yell at your neighbor
because his dog barks inces-
santly. That isn’t beneficial. You
want to decide what will make
the situation better and use your
anger to help you reach that
goal.
Believe it will work. Research
shows that expectations matter.
If you expect your anger to bene-
fit you, you will be more likely to
behave confidently and assert-
ively and to make stronger argu-
ments for your case, says Dr.
Tamir. If you don’t believe it will
work, you should avoid it.
Avoid anger if you want to be
creative. “Anger narrows our fo-
cus,” Dr. Schweitzer says. “It
doesn’t allow us to use our
minds in a free-flowing way and
to think expansively.” If you’re
trying to accomplish a creative
task or think big, try to minimize
But an- Jerusalem, has first study then were asked to ne- your anger by distracting your-
ger is danger- been studying gotiate with another person for self. Read a funny book,
ous, too. It can harm our how people boost an- money, and those in the second watch a comedy,
relationships if we aren’t ger for more than a de- study played an aggressive com- go exercise.
careful in how we express it. cade. Her recent research shows puter game.
It’s distracting, consuming and can that our expectations influence the The results for both studies were
narrow our focus. And sometimes outcome. In two studies, published similar: The angry participants who

JONATHAN CARLSON (2)

They were right. Anger is what
psychologists call an “approach”
emotion—it makes us move to-
ward or attack something. It can
help us tackle problems, such as
when we get mad about something
political and rally to a cause. And
getting mad before a negotiation,
competition or sporting event can
fire us up. That’s why coaches
trash talk rivals.
it’s not even warranted.
And there are some situations
when anger just isn’t useful. While
it can boost persistence, it may
drain your coordination and cre-
ativity because it can drain you
emotionally. So you’ll want to try
and avoid it if you’re golfing or
writing a novel.
Maya Tamir, a psychology pro-
fessor at the Hebrew University in
as part of a larger series in the
journal “Emotion” in July 2017, Dr.
Tamir and a colleague had partici-
pants listen to either heavy metal
or calming instrumental music.
Some people were told that anger
would help them perform better
on a task they were about to be-
gin, while others were told that
anger would harm their perfor-
mance. The participants in the
listened to the heavy-metal music
performed better: They made more
money in the negotiation or killed
more enemies in the computer
game—but only when they expected
their anger to help them.
Write to Elizabeth Bernstein at
elizabeth.bernstein@wsj.com or
follow her on Facebook, Twitter or
Instagram at EBernsteinWSJ.

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A14 | Tuesday, November 7, 2017
Coming to Campus: The $100,000 Hotel Room
BY LAINE HIGGINS
TEXAS A&M University on
Thursday will hold a lottery in
which the winners walk away with
an unusual—and very expensive—
prize: The right to pay $100,000
for a hotel reservation.
The six-figure price tag is
largely based on a single amenity:
The yet-to-be-built hotel will sit
across the street—96 feet away, to
be exact—from Kyle Field, where
the Aggie football team plays six
or seven games each year.
Sound absurd? Thus far more
than 750 Texas A&M alumni have
expressed interest in the program,
though not all of them have put
down the required refundable
$5,000 deposit as of Monday. Less
than a third of that number will
win. For sleeping quarters on the
hotel’s top floor—13 suites and 36
standard rooms—the deposit was
$10,000. Those reservations, where
the starting point for bids ranges
from $125,000 to $475,000, will be
auctioned off on Tuesday.
The clamor for the “guaranteed
room options,” as they are called,
is possibly the apogee of college
efforts to wring extra revenue
from well-heeled alumni on foot-
ball game days. Already, most ma-
jor universities require mandatory
donations, usually thousands of
dollars, for fans wanting premium
season tickets. Some schools sell
licenses for primo parking spaces.
“These folks are working every
single angle that they can possibly
think of to squeeze more juice out
of the athletic machine,” says John
Gerdy, a former associate commis-
sioner of the Southeastern Confer-
ence and author of several books
on collegiate athletic reform. “On
one hand, it’s brilliant.”
The guaranteed room options,
or GROs, work much like the per-
sonal seat licenses now offered by
many professional sports teams—
only for hotel rooms rather than
season tickets. At A&M, the hold-
ers will make a one-time, tax-de-
ductible $100,000 donation to the
university in exchange for the
right to reserve a specific room on
any day for the next 10 years. They
also get a plaque engraved with
their names on the door.
The hotel and conference center,
THE COUNT
GREATEST SHOW ON TURF, 2.0?
The Los Angeles Rams made
some bold bets this offseason.
They hired the youngest coach in
NFL history. They shelled out big
money for a veteran offensive
tackle who was four years older
than that coach. And then they
traded from their already-depleted
draft stores for wide receiver
Sammy Watkins.
It was a curious set of moves
for a team that went 4-12 with the
worst offense in the NFL. And yet
the result isn’t just stunning. It’s
unprecedented. The Rams are 6-2
and averaging 32.9 points per
game. That’s not only the most in
the NFL this year. It’s the biggest
single-season offensive leap in the
Super Bowl era.
But not even the Rams’ 18.9
points-per-game increase from last
year captures how bewildering this
is. Some context: Their 14.0 points
per game last year weren’t just the
fewest in the NFL, it left them light
years behind the Browns, who had
the league’s second worst offense
at 16.5 points per game. No team
had scored worse since 2012.
Now all the team’s questions
from a year ago are its biggest
strengths. The Rams have gone
from having disastrous coaching
situation to one of the best, with
31-year-old Sean McVay a
favorite for Coach of the
Year.
Jared Goff (pictured),
the quarterback who Los
Angeles had mortgaged
its future to get but
looked like a flop,
has emerged as a
star. Todd Gurley,
the running back
who broke out
as a rookie
in 2015
and fell
apart a
year ago,
is back on
track as
one of the
league’s most dan-
gerous weapons.
And the
moves that once
looked head
THE WALL STREET JOURNAL.
SPORTS
COLLEGE FOOTBALL
Stadium in Arlington, the Dallas
Cowboys charge $262,500 for a
30-year license on front-row seats
at the 50-yard line.
To hear Jack Lafield tell it, the
project came about partly at his
instigation. The Dallas oilman, a
1972 A&M graduate and current
chairman of Caiman Energy, said
he complained to Texas A&M
chancellor John Sharp on a hunt-
ing trip several years ago how dif-
ficult it was to find hotel rooms on
football game days, especially
since kickoff times often fluctuate
based on television schedules.
That makes it difficult to plan
trips in advance. Lafield told Sharp
he’d be willing to pay good money
to solve that hassle.
“The bottom line is, he called
me a few years back and said, ‘Re-
member that idea? I think we’re
gonna go ahead and build one on
campus,” Lafield recalls. “I said,
‘Count me in!’”
Lafield, who already put down
the $5,000 deposit, said he is now
pressuring the university to make
the facility dog-friendly, as his
wife likes to bring their miniature
labradoodle, Camo, on game days.
If all the options sell as ex-
pected, the GRO program will raise
more than $28.5 million for Texas
Texas A&M mascot Reveille, above, A&M, adding to the windfall al-
runs onto Kyle Field. At left, a ready generated by the football
rendering of the hotel-conference program. In the 2015-16 fiscal year,
center slated to open in 2018. for example, Texas A&M raised
$38.5 million from season ticket
price points of $25,000, $50,000 or donations at Kyle Field. That fig-
$100,000 when it opened in 2011. ure almost reached the $42.2 mil-
After Texas A&M announced the lion raised from traditional ticket
details of its program, LSU dou- sales for all of the university’s
bled the cost and shortened its li- sports teams.
cense from perpetuity to 10 years, Dr. David Ridpath, a professor
says John Grubb, Cook Hotel’s vice of sports administration at Ohio
T-B: JOHN GLASER/CSM/ZUMA PRESS; TEXAS A&M HOTEL & CONFERENCE CENTER
president of hotel and conference University, said around the coun-
scheduled to be ready for the 2018 ends at many schools. In College operations. try there is a growing gap between
home opener against Northwest- Station, a city of around 100,000 A handful of other schools the haves and have-nots on game
ern State, will include two pent- residents about a 90-minute drive within the Southeastern Confer- days. He said, only partly kidding,
houses, 11 luxury suites, and 237 from Houston, the problem be- ence offer similar perks for donors that he could envision a day when
standard rooms, according to came even more acute after the at campus-affiliated hotels, includ- wealthy fans will be able to pur-
school officials. Texas A&M this university renovated Kyle Field to ing Alabama and Ole Miss. chase licenses on bathroom stalls.
year is a disappointing 5-4, lead- raise the capacity to 102,733, start- “In college sports, it’s kind of an “We’re really out-pricing the fan,”
ing to speculation that coach ing in 2016. arms race,” says Phillip Ray, A&M’s Ridpath says.
Kevin Sumlin may not be on the Last weekend, when the Aggies vice chancellor of business affairs. Lafield, though, says raising
sideline in 2018. hosted Auburn, a room at the up- The price tag at Texas A&M sets money this way is better than
The project aims to address an scale George Hotel in College Sta- its program apart. The average A&M issuing debt of some kind.
issue common to college towns tion was going for $409. yearly cost of an Aggie GRO will And at the end of the day, he be-
around the country: the scarcity of The Aggies took inspiration for exceed that of luxury suites in lieves, the hotel will be another
hotel rooms on football game days. the hotel from rival LSU, whose most college football stadiums and point of pride for all Aggies.
It is routine for room rates to tri- Cook Hotel started offering alumni personal seat licenses in the NFL. “You like to see it and your
ple or quadruple on football week- lifetime rights to reserve rooms at Almost 200 miles north, at AT&T school be number one,” he says.
SOCCER
MAN CITY LOOKS UNSTOPPABLE
On the Offensive BY JOSHUA ROBINSON
Largest year over year points per
game increases: London
TEAM SEASONS DIFF. PEP GUARDIOLA was barely six
Rams 2016-2017 +18.9 months into his first season as
Rams 1998-1999 +15.1 Manchester City manager last sea-
Colts 1974-1975 +14.6 son when the high-minded world
of soccer Twitter and British tab-
Chiefs 2012-2013 +13.7
loids first labeled him a disaster.
Raiders 2009-2010 +13.3 The critics’ preferred nickname for
Panthers 2010-2011 +13.1 the man—one of the most deco-
OLI SCARFF/AGENCE FRANCE-PRESSE/GETTY IMAGES
Patriots 2006-2007 +12.7 rated, most influential coaches of
Redskins 1982-1983 +12.7 the modern game—was Fraudiola.
Vikings 1997-1998 +12.7 Guardiola finishing the year in
third place, without a trophy for
Falcons 2015-2016 +12.6
the first time in his career despite
Source: Stats LLC; WSJ spending more than $200 million,
was all the proof his detractors
needed. That is, until club soccer’s
scratching are the cruxes of this most basic rule kicked in: brilliant
evolution. Watkins is starting to manager plus unlimited funds for
look like the big-play threat the players plus just a little time al-
Rams have lacked for years, high- most always equals a contender.
lighted by his 67-yard touchdown Which brings us to Guardiola’s
catch in Sunday’s 51-17 win against second season in England. Six Manchester City’s Sergio Aguero, center, and Leroy Sané, right, celebrate.
the Giants. months and another $260 million
Andrew Whitworth, the 35-year- worth of players later, it’s barely Sergio Aguero if it means freeing Wembley Stadium. And Liverpool
old offensive tackle who they November and Manchester City up Raheem Sterling or Leroy suddenly discovered it had the
signed this offseason, has shored seems a lock for a championship. Sané? Can you even cut off the leakiest defense in the top eight.
up one of the league’s worst offen- Between Sunday’s 3-1 win over supply to them when the team is United, meanwhile, matched
sive lines to give Goff and Gurley Arsenal and second-place Man- quarterbacked by two of the best City’s pace through September be-
the time and space they need. The chester United’s 1-0 defeat at Chel- passers in Europe in Kevin de fore its momentum ground to a
Rams gave up 49 sacks last year, sea, City has an eight-point lead Bruyne and David Silva? halt when Mourinho deployed a
second most in the NFL, and this atop the standings. The gap be- No one has figured it out yet, particularly defensive approach for
year they have allowed only 10— tween City and United is now the leaving City as the only team in a 0-0 draw at Liverpool in mid-Oc-
the second fewest. same as the gap between United the league to average more than 10 tober. His side has since lost twice
There’s really only one and Huddersfield Town in 10th. shots per game from inside the in three league matches.
team that can understand “We are worried,” Manchester penalty area. Opponents are forced The over-heated comparisons to
such a wild turn- United manager Jose Mourinho to play on the counter, because the historic Premier League teams of
around. In 1999, the said on Sunday, but “there are 18 club also averages 65.4% posses- the past have already begun. City
“Greatest Show teams more worried than us, be- sion, the highest in Europe. is comfortably on pace to beat the
on Turf” involved cause we are second.” In other words, Guardiola-ball, record points total of 95, posted
an offense Premier League front-runners the possession-based soccer he de- by Mourinho’s Chelsea in 2005.
that, at the have thrown away larger leads veloped at Barcelona and refined Unless someone figures out how to
time, had later in the season. But the 2017 at Bayern Munich, is alive and well defuse its attacking weapons, City
the big- version of Manchester City is al- and ruining the season for every- could also take aim at Arsenal’s
gest of- ready in a class of its own. The one else in the Premier League. 2003-04 undefeated season. And if
fensive club’s 31 points from 11 games, “The way they have started, the its form carries over into other
leap (15.1 earned with 10 victories and a way they are on a run, the quality competitions, could it even match
ppg increase draw, are the most anyone has they have, they will be difficult to Manchester United’s 1999 “treble”
over 1998) in posted at this stage of a season stop,” Arsenal manager Arsene by winning the league, FA Cup and
league history. since the Premier League began in Wenger said on Sunday. Champions League?
JULIO CORTEZ/ASSOCIATED PRESS
That team was the 1992. Guardiola’s side has been so Especially when, one by one, the “We are still only in November
St. Louis Rams. And overwhelming—averaging 3.5 goals other title contenders found ways and it is too early to talk of winning
the season ended with per game and conceding just 0.6. to spot City points early on. the league, never mind anything
the team’s first—and For teams trying to stop City, Defending champion Chelsea else,” Guardiola said last week. “It
only—Super Bowl win. there seems to be no right answer had already lost three games by would be a big mistake.”
—Andrew Beaton when three of the Premier mid-October. Tottenham dropped But as City runs away with the
League’s top 10 scorers are in the seven points in its first three league, the club’s attempt at a tre-
lineup. Do you beef up coverage on games at its temporary home of ble may be the only intrigue left.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
How Dare the GOP Pray for Texas?
Imagine you
are a sane
Democrat who
recognizes
that a big rea-
son Hillary
Clinton lost to
MAIN
STREET Donald Trump
in November
By William
was that she
McGurn
alienated
many mem-
bers of the white working
class. In the year since, you
have been working on your fel-
low Democrats to change their
message in hopes of wooing
these voters back into the fold.
Then a gunman opens fire at a
Baptist church in Texas, and
suddenly progressives are in
full deplorable mode, attacking
anyone who dares offer . . .
prayers.
This is the extraordinary
turn of events since Devin Pat-
rick Kelley turned his rifle on
the innocent churchgoers in-
side First Baptist Church in
Sutherland Springs, Texas.
What provoked the left, if it
can really be called a provoca-
tion, was President Trump’s
statement from Japan Sunday,
in which he said that “our
thoughts and prayers are with
the victims and families of to-
day’s horrible and murderous
attack.” House Speaker Paul
Ryan likewise set off the furies
by tweeting, “The people of
Sutherland Springs need our
prayers right now.”
The responses have to be
read to be believed. Here’s one
of the more charming: “The
murdered victims were in a
church,” tweeted actor Wil
Wheaton to Mr. Ryan. “If
Trump, ISIS and the Crisis of Meaning
By Eliora Katz
T
hree years and many be-
headings after Abu Bakr
al-Baghdadi declared a
caliphate, Americans are re-
joicing in its demise. “With the
liberation of ISIS’s capital and
the vast majority of its terri-
tory,” President Trump said in
a statement, “the end of the
ISIS caliphate is in sight.”
But does the fall of Raqqa
really mean the fall of Islamic
State? One needs merely a
sharp object—or as we saw
last week, a rented truck—and
a nearby group of “infidels” to
be an ISIS soldier.
After the Oct. 31 New York
attack, Mr. Trump tweeted:
“We must not allow ISIS to re-
turn, or enter, our country af-
ter defeating them in the Mid-
dle East and elsewhere.
Enough!” But ISIS’ most im-
portant battlefield is not in the
Levant; it is online, in hearts
and minds. ISIS’ power comes
from ideas, not territory.
The threat is from within as
well as without. Sayfullo
Saipov, the Uber driver who al-
legedly murdered eight in ISIS’
name, had been living an unre-
markable life in the U.S. for
seven years. Thousands of
young Muslims have left Eu-
rope and the U.S. for Syria and
Iraq to answer Mr. Baghdadi’s
call. Seduced via social media,
young men and women, some
of them converts, are also tak-
ing up arms in the West, or
leaving their homes in Chicago,
By Claudia Tenney
T
ax reform is the key to
unlocking the American
dream for millions of
people. The Tax Cuts and Jobs
Act, released last week, would
raise the standard deduction
for families from $12,700 to
$24,000, increase the Child
Tax Credit from $1,000 to
$1,600, and cut the tax rate on
workers with low and middle
incomes.
Each of these provisions is
aimed squarely at providing
necessary and overdue relief.
Today’s tax code is not only out-
dated and onerous, it favors the
wealthy and well connected.
But I worry about the way
this bill erodes the deduction
for state and local taxes, which
has been in place since 1913.
Although the Tax Cuts and
Jobs Act would let Americans
continue deducting up to
$10,000 of property taxes, it
would eliminate the deduction
for state income taxes.
This would compound the al-
ready excruciating financial
burden that my state’s lawmak-
ers have placed on New Yorkers.
prayers did anything, they’d
still be alive, you worthless
sack of [expletive].”
Sen. Elizabeth Warren
chose less inflammatory word-
ing for her own tweet.
“Thoughts & prayers are not
enough, GOP,” wrote the Mas-
sachusetts Democrat. “We
must end this violence. We
must stop these tragedies.
People are dying while you
wait.” In short, if you are a Re-
publican praying instead of
passing gun control, you’ve got
blood on your hands.
The Huffington Post de-
voted an entire piece to the
phenomenon, under the head-
line “People Fed Up With
‘Thoughts and Prayers’ De-
mand Action After Texas
Church Massacre.” It featured
tweets from celebrities and
gun-control advocates who be-
lieve they had discovered
something big: Prayers aren’t
always answered.
Here’s how these new theo-
logians put it. Keith Olber-
mann: “ ‘Thoughts and prayers’
again, @realDonaldTrump, id-
iot? These people were in
CHURCH. They WERE praying.”
Actress Marina Sirtis: “To all
those asking for thoughts and
prayers for the victims in
#churchshooting, it seems that
your direct line to God is not
working.” Or MSNBC’s Joy
Reid: “Remember when Jesus
of Nazareth came upon thou-
sands of hungry people, and
rather than feeding them,
thought and prayed?”
The smugness is illuminat-
ing in three important ways.
First and most obvious, pro-
gressives simply cannot contain
London and Paris, to live, and
perhaps die, for a cause.
The Obama administration
argued that young people join
ISIS because of poor economic
prospects. “We can work with
countries around the world to
help improve their gover-
nance,” State Department
spokeswoman Marie Harf said
in 2015. “We can help them
When politics limits
itself to the material,
people seek spiritual
purpose elsewhere.
build their economies so they
can have job opportunities for
these people.” That’s myopic.
Physicians, computer scientists
and star high-school students
have been radicalized, too.
People are motivated by mean-
ing more than money.
While Western states do
(or used to) provide good so-
cial services, economic oppor-
tunity and consumer goods,
they are increasingly indiffer-
ent to questions of meaning—
to principles worth living, and
perhaps dying, for. In the U.S.
we are proud of our free-
dom—but freedom to do and
care for what? For a small but
not negligible number of
young people, answering a
call to build a caliphate, alleg-
edly based on the dictums of a
holy book, will seem a more
Please Pass the SALT
Politicians in Albany have inter-
nalized the state motto, “ever
upward,” and applied it to
taxes, with little regard to what
families and small businesses
can afford. New York’s many
The deduction is
New Yorkers’ only
relief from Albany.
taxes—income, property, sales
and excise—are among the
highest in the nation, and New
York is often ranked the least
tax- friendly state.
Albany has also increased
the weight of local taxes by
imposing one unfunded man-
date after another on local
governments. Nowhere is this
more apparent than in the
property taxes my constitu-
ents pay. A 2013 study from
the Brookings Tax Policy Cen-
ter ranked more than 3,000
counties by their ratio of
property tax to home value.
All eight of the counties I rep-
resent in upstate New York
are in the top 36 nationwide.
OPINION
their distaste toward symbols
and beliefs important to ordi-
nary Americans. Until Sunday
this columnist thought it im-
possible to match the obtuse-
ness of millionaire athletes
showing disrespect for the na-
tional anthem and the fans who
pay their salaries. But give
credit where it’s due: the
thoughts-and-prayers police
make the NFL protesters look
like Gandhis.
It is now deplorable
to offer ‘thoughts
and prayers’ for
the First Baptist
church families.
Second, those doing the
taunting apparently have no
idea how childish their under-
standing of prayer is. As the
families that come each week
to the First Baptist Church ap-
preciate, prayer is not a magic
talisman against suffering. In a
faith that commands its adher-
ents to pick up their crosses,
prayer is a way to praise the
Almighty and, when necessary,
ask for courage and resolve to
do the right thing.
Finally, isn’t it curious how
the same folks who blasted Mr.
Trump for politicizing the re-
cent attack in Manhattan by an
Islamic terrorist are now de-
nouncing prayer because of a
political preference?
They believe the answer is
federal gun control, and this is
their right. But it’s hard not to
notice they believe this with
genuine choice than ambition
or consumerism.
Mr. Trump should know this.
His campaign was a kind of call
for meaning. Whatever the
merits of Mr. Trump’s positions,
he framed his views on trade,
immigration and foreign policy
in terms of America’s national
identity: “Make America Great
Again.” Hillary Clinton empha-
sized technical solutions. Can
anyone remember her slogans,
her rallying cries? There was
“breaking down barriers” and
“fighting for us” and “I’m with
her.” None stuck. She ended on
“stronger together.” Together
with what or whom?
It’s not a new problem. In
Germany’s Weimar era, the ju-
rist Carl Schmitt argued that
political liberalism, in deriving
supreme political value from
individual liberty, gave rise to
a paradox he called “depolitici-
zation.” For Schmitt, politics
boiled down to disputes over
fundamental principles. A state
that enshrines individual free-
dom must allow citizens to
pursue their private ideas of
the good, as the state itself is
barred from laying claim on
transcendent values. Liberal-
ism thereby shrinks politics to
a series of technical arguments
over the most efficient means
for achieving material ends.
For an example of depoliti-
cization, consider Mrs. Clin-
ton’s “basket of deplorables”
remarks. Half of Mr. Trump’s
supporters, she said, “are ir-
redeemable, but thankfully
Cortland County comes in at
No. 6 and Oswego County at
No. 15. But these areas are far
from wealthy. To the contrary,
average family incomes are well
below the national average. My
constituents are struggling to
pay for Albany’s litany of costly
rules and regulations.
The ability to deduct state
and local taxes on their federal
return matters because these
New Yorkers cannot count on
Albany to protect them. While
families are falling behind or
leaving the state, spendthrift
liberals in the capital continue
to waste money on boondog-
gles like the Buffalo Billion,
Gov. Andrew Cuomo’s costly
effort to revitalize Western
New York’s economy, which
has so far led to nine federal
corruption charges; Start-Up
NY, the governor’s signature
job-creation program, which
has produced a tiny fraction of
the jobs it promised despite a
$53 million advertising budget;
and “film tax credit” give-
aways to Hollywood elites
worth hundreds of millions of
dollars.
Each year, taxpayers fund
an absolute faith that seems
immune to reason or evidence
to the contrary—a secular
faith even the most fervent
Christian might envy. Or that
in their disdain for prayer they
ironically appear to have more
in common with the shooter
than his victims.
Surely it is possible to make
the case for gun control with-
out mocking prayer. But as
with Mrs. Clinton and her infa-
mous remarks about Trump
voters—not only deplorable
but irredeemable—those de-
nouncing Messrs. Trump and
Ryan’s offer of prayers don’t
really want an argument. They
want to express their feelings
of moral superiority.
Never mind, too, that Ba-
rack Obama offered his
“thoughts and prayers” as of-
ten as any president, such as
after a 2013 shooting in
Washington when he said,
“We send our thoughts and
prayers to all at the Navy Yard
who’ve been touched by this
tragedy.” No one complained
then, either because they
were comfortable that Mr.
Obama didn’t really believe in
prayer or his faith in gun con-
trol was absolute.
Over the next few weeks,
the surviving members of the
First Baptist Church in Suther-
land Springs will wrap their
fallen in love and lay them to
rest. What these survivors may
individually believe about gun
control is anyone’s guess. But
it’s hard to believe that the
way to their hearts is by mock-
ing offers of prayer, even from
Republicans.
Write to mcgurn@wsj.com.
they are not America.” The
other half “are people who
feel that the government has
let them down, the economy
has let them down, nobody
cares about them, nobody
worries about what happens
to their lives and their fu-
tures, and they’re just desper-
ate for change.” The implica-
tion is that the only
legitimate basis of political
disagreement is over the
means of attaining prosperity
and material security. The
Trump movement perceived
that political differences run
deeper—that they are civiliza-
tional and cultural.
The search for meaning can
lead in monstrous directions—
as it does for ISIS recruits, and
as it did for Carl Schmitt, who
would become known as “the
crown jurist of the Third
Reich.” That danger is all the
more reason to regard the
matter seriously.
The Trump presidency, the
European Union’s crisis and
the threat of ISIS all, in very
different ways, point to a
yearning for a political ap-
proach to life’s fundamental
questions rather than a merely
technocratic one. By all means,
celebrate setbacks to the ca-
liphate. But recognize that in
the absence of good answers
about what we’re fighting for
at home, some people will be
attracted to very bad ones.
Ms. Katz is a Robert L. Bar-
tley Fellow at the Journal.
Mr. Cuomo’s economic-devel-
opment and job-creation pro-
grams to the tune of nearly $8
billion. Although New York
spends more than any other
state on these programs, we
have little to show in return
except record out-migration
of jobs and people. Much of
this spending is corporate
welfare designed to curry fa-
vor with Mr. Cuomo’s donor
class at the expense of the
taxpayers.
The bad habits in Albany
won’t change. That’s why it’s
vital to retain the SALT deduc-
tion, which for now will remain
the taxpayers’ only source of
significant relief.
Congress has a historic op-
portunity to pass a compre-
hensive tax reform that would
truly level the playing field for
American families and small
businesses. Then the onus will
be on Democrats in Albany to
get on board, put taxpayers
first, and make New York com-
petitive again.
Ms. Tenney, a Republican, is
a U.S. representative from New
York.
Tuesday, November 7, 2017 | A15
BOOKSHELF | By Douglas Smith
The Man
At the Vanguard
Lenin
By Victor Sebestyen
(Pantheon, 569 pages, $35)
H
istorians used to debate whether Stalin had been Lenin’s
rightful heir or an evil usurper. Following the collapse of
the Soviet Union and the opening of archives in Russia
during the 1990s, the debates stopped. Once the true Lenin had
been exposed, no one in good conscience could deny the
similarities between the two dictators. Dmitri Volkogonov’s
“Lenin: A New Biography” (1994), the first work based on
access to evidence in once-closed archives, exploded like a
bomb, with its horrifying quotations of Lenin’s calls to hang,
shoot and destroy anyone who stood in the Bolsheviks’ way.
Two years later a collection of hitherto-secret documents under
the title “The Unknown Lenin,” edited by the eminent historian
Richard Pipes, appeared and confirmed Volkogonov’s dark por-
trait. And Robert Service, arguably the world’s greatest author-
ity on Lenin, came to a similar conclusion in his meticulously
researched studies of the man published around the same time.
Lenin, we now know for certain, spawned Stalin.
Now, to coincide with the occasion of the centenary of
the Bolshevik coup,
comes an accessible, fair
and marvelously written
biography that reinforces
what we have learned in
the past three decades. Vic-
tor Sebestyen, a Hungarian-
born journalist and histo-
rian, signals his view of his
subject in the book’s punchy
subtitle: “The Man, the Dicta-
tor, and the Master of Ter-
ror.” For anyone interested in
an introduction to the world’s
greatest revolutionary that
draws on the latest research, Mr.
Sebestyen’s “Lenin” would be the place
to start.
The man who dedicated his life to destroying the czarist
regime was one of its favored sons. Like other Russian
radicals before him—the Decembrists, Mikhail Bakunin,
Prince Pyotr Kropotkin—Vladimir Ulyanov was born into
gentile luxury. He grew up in a manor house in the
provinces, his days spent playing out of doors, fishing, hunt-
ing, flying kites. He liked to have fun but was a serious child
and showed an early love of reading.
This idyll came to an end when Vladimir’s brother Alex-
ander was hanged in 1887 for his participation in a plot on
the life of Czar Alexander III. Vladimir, then 17, had wor-
shiped Alexander, but worse than the loss of his brother
was the reaction of polite society. Henceforth, it shunned
the Ulyanov family, as friends turned their backs and
stopped visiting. “The bourgeois . . . they will always be
traitors and cowards,” he would write later. Under his nom
du guerre Lenin, it was a maxim he would repeat through-
out his life.
This double tragedy of his childhood, according to Mr.
Sebestyen, politicized Lenin and turned him onto the path
of revolutionary struggle. “He was driven by emotion as
much as by ideology,” the author writes. “His thirst for
revenge after his elder brother was executed . . . motivated
Lenin as powerfully as did his belief in Marx’s theory of sur-
plus value.” Indeed, there’s little about Lenin’s writings or
his theories in Mr. Sebestyen’s book. This is very much an
intimate portrait, squarely focused on Lenin the man.
In his quest to overthrow the czar, Lenin was
motivated both by Marxist theory and by
revenge for the execution of his older brother.
If, after the death of his brother, Lenin became withdrawn
and intensely focused, he was never the cool and self-
controlled figure of later mythology. Lenin was so maniacally
obsessed with the question of revolution that, at several
points in his life, he teetered on the verge of a nervous break-
down. The person who kept him whole and stood watch over
his volatile temperament was Nadya Krupskaya, Lenin’s
dutiful wife of 25 years. They shared a commitment to radical
politics, and Lenin proposed to Nadya in a letter penned in in-
visible ink—Mr. Sebestyen calls this “the ultimate romantic
gesture” for young revolutionaries.
Much of their life together was spent in exile in western
Europe, theorizing and arguing with other revolutionaries.
When the pressure became too great, Nadya would take
Lenin hiking up in the Swiss alps or bicycling in the woods
outside Paris. Lenin became a fanatic cyclist and was
forever cleaning his bike and checking to see that the chain
was well-oiled. (Mr. Sebestyen’s book is full of little gems
like this.) But the intellectual battles of the exiles were
ruthless, thanks largely to Lenin’s win-at-all-costs attitude.
Though he could be kind and courteous when he wanted,
Lenin had to win every argument, regardless of how insig-
nificant the point of contention. Yuli Martov, leader of the
Mensheviks, once remarked he hoped there was no afterlife:
“Do you think it would be fun to continue arguing with
Lenin even after death and in the hereafter listening to his
gutter abuse?”
Lenin’s belligerent style that aimed to destroy his
opponent as much as his ideas would leave its mark on
the Bolshevik party. From the moment of the Bolshevik
coup in October 1917, he showed not the least hesitation in
crushing any threat to his party’s hold on power. A
stifling censorship of the press was introduced, political
parties were outlawed, opponents were jailed, and terror
was unleashed on society in the form of the Cheka, the
brutal political police. Mr. Sebestyen correctly notes, how-
ever, that although these tactics were taken to a height-
ened level of savagery by the revolutionaries, none of
them were new. In fact, they had all been learned from the
czarist regime, the “violent, tyrannical and corrupt Rus-
sia” that had produced Lenin. His being a Russian was as
important as being a Marxist.
As Chairman of the Council of People’s Commissars
(effectively the prime minister) Lenin subjected himself to a
punishing schedule, often working 17-hour days in his Krem-
lin office. He suffered his first stroke in May 1922; more fol-
lowed. Lenin died in January 1924 at the age of 53. His
corpse still lies encased in glass for all to see on Red
Square, although his star no longer shines as it once did.
According to the latest poll, Russians now consider Lenin
only the fourth most outstanding man of all time, behind
Stalin, Pushkin and Vladimir Putin.
Mr. Smith, the author of “Former People” and “Rasputin,”
is writing a book on the Soviet famine of 1921-23.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A16 | Tuesday, November 7, 2017 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Sorry State of New Jersey The Government and Free Speech on Campus

G
ov. Chris Christie’s election in New Jer- raised the retirement age for new employees to Frederick M. Hess and Grant Addi- In practice, the authors’ suggestion
sey in 2009 augured a bumper crop of 65 years. But the reforms didn’t do enough to son contend that colleges and univer- would have unintended consequences
sities should be subject to federal including more regulation, more bu-
GOP reformers, and now progressives are curb the rich benefits for current workers.
funding risk if they fail to enforce reaucracy (on the part of both the
hoping that a victory by Demo- Mr. Christie has also con- free-speech standards (“Colleges government and the university) and
crat Phil Murphy in the state’s After Christie, Trenton tinued his predecessors’ habit Should Protect Speech—or Lose harmful impacts on many innocent in-
gubernatorial election on Tues- is headed toward more of skimping on pensions. The Funds.” op-ed, Oct. 31). That risk al- dividuals who have in no way im-
day will presage an upswell of state has lost billions in com- ready exists. It is precisely federal peded free speech.
Sandernistas. One lesson from tax-and-spend decline. pound interest on the more legislation—Title VI of the Civil There are other ways to address
Mr. Christie’s tenure is that than $20 billion in missed Rights Act—that has university ad- the problem. One is being tried in
voters will turn left if Republi- payments, and the state’s pen- ministrations tripping over them- North Carolina, where the legislature
cans fail to deliver on growth and reform. sion shortfall has ballooned to $136 billion from selves to avoid a violation with po- has passed a law requiring its public
Mr. Christie defeated Democrat Jon Corzine $54 billion in 2010. Democrats and Mr. Christie tentially deep legal, financial and universities to protect speech, includ-
in 2009 by promising to drain the swamp in this year decided to raid the state lottery to pay reputational ramifications. ing protests, and to discipline stu-
The concept of discrimination, dents or others who prevent other
Trenton, challenge public union rule and revive for pensions, but this isn’t sustainable.
which Title VI addresses, has been so people’s free speech. Experiments in
the state’s economy. But after some modest Better solutions are within reach. In 2015 a ideologically empowered that broad the states like this law will lead to
early successes, the Governor gave up to run for bipartisan commission convened by the Gover- speech acts, or merely protests, rallies more effective and fairer efforts to
President and now the state is heading back to nor recommended scaling back public workers or other forms of assembly, can be in- foster freedom.
the policies that brought it low. platinum health benefits to levels offered by terpreted as per se hostile, and JANE S. SHAW
New Jersey (like Connecticut) was once a tax private employers, which could save $3.7 bil- thereby construed as discrimination. Raleigh, N.C.
haven for New Yorkers, but in 1968 the state al- lion. Replacing defined-benefit plans for cur- Moreover, it isn’t just running afoul
lowed collective bargaining by public unions. rent workers with a defined-contribution hy- of federal rules and financial largess Forget about focusing on campus
Eight years later the state adopted an income brid could yield an additional $1.5 billion. that frightens college administrators, administrators and faculty members.
tax with a 2.5% top rate to boost spending on Yet after winning re-election in 2013 in a but the potential interruption of cor- Instead, focus on students. A large
education and reduce property taxes. Thus be- 22-point landslide, Mr. Christie invested little porate donations that may arise in the proportion of college students receive
face of campus unrest and conten- federal assistance. Most aren’t left-
gan the state’s road to fiscal perdition. political capital into persuading the legislature tions. That tells us the nature of the wing fascists, and they want to keep
Politicians captive to public unions have re- and public to support more reforms. He in- current speech issue on America’s their federal aid. They are the most
peatedly raised income taxes to sweeten worker stead hit the road to run for President. The campuses isn’t so much about the effective lobbyists for free speech on
salaries and benefits. The state’s 8.97% top rate Governor’s public support also sank after his Constitution or First Amendment, as it campus.
on households earning more than $500,000 is aides shut down the George Washington is about tort law and liability. And it’s The Education Department should
the highest in the Northeast after New York Bridge to spite a Democratic mayor who re- also about university economics, or issue a regulation that all federal fi-
City. Revenues have been steered to low-income fused to endorse him. A court-approved gerry- what the University of Chicago calls nancial student assistance can only
school districts but have produced little im- mander in 2011 locked in Democratic majori- “its vital interests.” Those include the be available to students attending
provement in student learning. Asbury Park re- ties in the legislature. economic well-being of the institute “safe” institutions of higher learning.
ceives $28,884 in state per-pupil aid. The Governor has vetoed tax increases and and its employees, many enjoying un- Then define safe as one in which
precedented pay and benefits. Colleges there are no speech codes or free-
School districts have also piled on property protected Garden Staters from Democrats’
should get out of the way, and out of speech zones, etc. This regulation
taxes, which are the highest in the country. Be- worst impulses, but he has alienated would-be the speech business. Then student ed- would exempt the military academies
tween 1980 and 2007, property taxes increased supporters and his 18% approval rating is half ucation will really begin. and religious institutions.
by more than 100% on a per capita basis while of President Trump’s in the state. Democrats in MATT ANDERSSON JOEL MARGOLIS
school spending per pupil grew by nearly 140%. Trenton concluded they were better off oppos- Oak Brook, Ill. Albany, N.Y.
The average property tax bill on a median ing Mr. Christie while unions figured they could
$427,000 home in Essex County is $11,597— wait him out.
about twice as much as in Bucks County, Penn-
sylvania.
Voter frustration with higher taxes, deterio-
rating public services (e.g., New Jersey Transit)
On Getting Children’s First Three Years Right
All of this has hurt the economy, which has and slow growth has fueled Mr. Murphy’s popu- Thank you for publishing letters what babies need from mothers for
depressed tax revenues. Since 2010 the state’s list campaign. The former Goldman Sachs exec- (Nov. 2) that thoughtfully engage in emotional stability.
the discussion of what is best for our I must also call into question her
GDP has grown at an annual 0.9%, less than half utive has endorsed a millionaire surtax, single-
children. Open dialogue, especially claim that the NICHD study “laid to
as fast as the U.S. A net $8.5 billion in adjusted payer health care and a $15 minimum wage, all that which references research, must rest” the idea that day care is univer-
gross income left the state between 2012 and of which would accelerate the exodus of people be encouraged. Too often this conver- sally harmful. That research suggests
2015, according to the IRS. and employers. sation takes place not in an open fo- that children who have spent in-
During his first year, Mr. Christie midwifed The state would need to impose a tax of rum but behind each other’s backs, to creased time in day care “show some-
a 2% annual cap on property tax increases with nearly 20% on millionaires to pay for pensions. the detriment of our children and so- what more behavior problems.” Mod-
exceptions for debt service, emergencies and The GOP nominee is Lieutenant Governor Kim ciety. ern research on early day care is also
pension and health benefits. The cap has kept Guadagno, who has pitched sound ideas to re- I must disagree with Angeline S. problematic. See Allan Schore’s 2017
annual property tax increases to less than 2.1% duce property taxes and fix pensions. But she Lillard’s reference to Ruth Feldman’s article “All our sons: . . . The Neuro-
on average. In 2011 the Governor struck a deal trails Mr. Murphy by double digits in the polls research that fathers and mothers are pendocrinology of Boys at Risk” in the
interchangeable to children. Ms. Feld- Infant Mental Health Journal. Incon-
with Democratic Senate president Steve as she struggles against the anti-Christie un-
man’s findings suggest that oxytocin sistency in caregivers, improper ratios
Sweeney on pension reform that eliminated re- dertow. Sorry to say, New Jersey’s tax-and- has different effects on each parent’s of children to adults and overstimula-
tirees’ automatic cost-of-living adjustments and spend decline seems likely to accelerate. interactions with their offspring. tion are issues that make it impossi-
Mother’s oxytocin is associated with ble for me to recommend it as an al-
nurturing and affection, while father’s ternative to maternal care.
A Plumber With a Rifle oxytocin levels associate with tactile, We are all ultimately on the same

T
roughhousing-like behavior. Fathers team as women and as mothers.
he world is trying to figure out what evil, who was discharged from the Air Force for bad will always be important, but they ERICA KOMISAR, LCSW
or madness, caused Devin Kelley to kill conduct, should not have been able to obtain a provide something different from New York
26 people and wound 20 more at the gun legally, but the Journal reports that the mil-
First Baptist Church in Suther- itary failed to send his convic-
land Springs, Texas, on Sunday A neighbor saves lives in tion record to the FBI. The
morning. But forgive us if we Texas with a legal gun harsh reality of mass murders Think of the Public Before the Broadcasters
focus on Stephen Willeford, is that often only the presence As the son of a broadcast pioneer this?” Using that measure, it was of-
the local plumber who saved and some quick action. of someone with a legal who got his license from the Depart- ten difficult to fill the four news-
lives by grabbing his rifle and weapon to shoot back can stop ment of Commerce in 1923 and as a casts we did each day. News quality
firing at Kelley. the rampage. former broadcaster myself, I read went downhill fast when the 24/7
Freeman Martin, the Texas Department of We saw this in Virginia this year when Capitol with great sadness “FCC to Lift Lim- news formats began. The Kar-
Public Safety chief, said Mr. Willeford “grabbed Hill police saved the lives of many Members of its on Media Deals” (page one, Oct. dashians never would have made it
his rifle and engaged the suspect” as he left the Congress. Security officers in Garland, Texas, 26). Although FCC Chairman Ajit Pai into a legitimate news broadcast
church. Kelley dropped his Ruger AR-15 and fled, prevented mass casualties by killing two jihad- justifies his proposal by saying it back then.
and Mr. Willeford jumped in a truck driven by ists in 2015 trying to shoot up a contest featuring will lead to more news gathering lo- Second, allowing ownership of
cally and more news for consumers, multiple stations in a given market
another local resident, Johnnie Langendorff, cartoons of the Prophet Muhammad.
my experience tells me it will be the will drive the last nail in the coffin
and pursued the killer. After a 95-mile-per-hour No one wants crowds of vigilantes looking for opposite. of the local “multiplicity of voices”
chase, Kelley crashed his vehicle, where police someone to shoot, but we’re sure glad Stephen First, viewers and listeners don’t that broadcasting originally sought
found him dead a short time later. Police believe Willeford had a rifle and knew how to use it. need more news, they need better to bring to the public. There will be
Kelley killed himself. Like the passengers aboard Flight 93 on 9/11, or news. In my day the yardstick by but one voice, that of the corporate
The two locals are being hailed as heroes the Yanks who foiled a terror attack on a train which we decided what we covered owner of the stations.
since their quick action was the only deterrent in Belgium in 2015, he didn’t wait for orders to was “Does the public need to know Mr. Pai’s proposed changes are all
to more murders until police arrived. Kelley, protect his fellow human beings. about allowing the broadcasters to
get bigger and make more money,
Remembering the Golden and nothing about getting the public
Bad Marks for a Good Military Age of Open-Outcry Markets the fact-based, credible news we so
drastically need.

T
I empathize with David Tung TOM MORGAN
he military is one of the few institutions Fitzgerald and USS John S. McCain. The colli- Wai’s sadness for watching the de- Oviedo, Fla.
that Americans still hold in high esteem, sions—off the coast of Japan, and in the Singa- mise of the Hong Kong stock ex-
but that should never be taken for pore Strait, respectively—resulted in the deaths change trading floor (“At 87, a Sto-
granted. Two events late last of 17 sailors. gie-Toting Legend Mourns the End Watch That First Step Up
week suggest that even the The Bergdahl sentence The 71-page report, which of Trading Floors,” page one, Oct.
Regarding the Oct. 24 letters:
military’s culture of high per- and a Navy report says both collisions were 26). My first visits to the Chicago
Eliminating the step-up basis on
formance can be eroded with- “avoidable,” is damning about Mercantile Exchange began in 1956,
death would create huge bookkeep-
out constant attention. are dispiriting. the Navy’s training practices when I would go downtown to visit
ing problems for taxpayers who
The first was a military and makes for dispiriting read- my father and grandfather who
hold assets which have passed
traded for themselves, speculators
judge’s decision to let off U.S. ing if you are a civilian who through multiple generations with-
and their butter, egg and onion
Army Sergeant Bowe Bergdahl with a slap on thinks the U.S. Navy is the best in the world. The hedging clients. I started working
out being sold. Imagine winding up
the wrist for desertion in Afghanistan in 2009. report says watch team members on the Fitzger- with stock which has had an auto-
on the CME floor in 1967 and later
After a court martial, Army Colonel Jeffery ald “were not familiar with basic radar funda- matic dividend reinvestment fea-
on the Chicago Board of Trade floor,
Nance recommended that Bergdahl be dishon- mentals.” And it cites a failure to plan for safety, ture for decades.
first in high school and then as a
JAMES M. KLEBBA
orably discharged, demoted to private and for- adhere to sound navigation practices, properly college student. I couldn’t imagine
New Orleans
feit $10,000 in pay. Prosecutors had sought 14 use available navigation tools, and respond ef- doing anything else. Years later I
years in prison. fectively in a crisis. taught courses for the CME as men
Bergdahl was captured by the Taliban and As for the McCain, the Navy cited a loss of sit- and women flocked to Chicago to
held prisoner for nearly five years, a terrible or- uational awareness in response to mistakes in learn the art of open outcry. I recall Pepper ...
how crowded the visitors’ galleries
deal to be sure. But those most outraged by the operating the ship’s steering and propulsion sys-
were. The trading floors in the
And Salt
wrist slap are other members of the armed ser- tem. It also cited the failure to follow the Inter-
1970s and ’80s were major tourist THE WALL STREET JOURNAL
vices who fear the damage to military discipline. national Nautical Rules of the Road that govern attractions for the city of Chicago.
Bergdahl deserted on the battlefield in a forward maneuvering vessels amid high-density mari- But like the village blacksmith or
post—the worst betrayal you can make against time traffic. These are mistakes of basic seaman- the attendant who’d pump your gas
your fellow soldiers save for fragging them with ship that suggest inadequate training, or shifts and clean your windshield, technol-
friendly fire. that are too long and cause a loss of concentra- ogy changed the way stocks and de-
Members of Bergdahl’s unit were killed or tion and crew cohesion. rivatives will forever be traded.
maimed when they were sent to search for him, The Navy had already relieved the ship cap- LAWRENCE SCHNEIDER
not knowing that he had been preparing to walk tains and even the commander of the Pacific Lincolnshire, Ill.
away for weeks and had even dispatched per- Fleet. This accountability is a credit to the Navy
sonal effects to the U.S. before he walked off the and will be a lesson to other commanders. But Letters intended for publication should
forward base. The court-martial sentence must it should also be a warning that Congress needs be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
be demoralizing to those who do their duty and to allocate enough money to adequately train or emailed to wsj.ltrs@wsj.com. Please
risk their lives without fanfare. sailors so they can fulfill their missions. Colli- include your city and state. All letters
Even more distressing is the Navy’s report on sions with civilian ships in peacetime are awful, are subject to editing, and unpublished
its investigation into the collisions with civilian but seamanship failures during wartime would letters can be neither acknowledged nor
returned.
vessels this year in the Pacific theater by the USS be disastrous. “Your fake news or mine?”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Tuesday, November 7, 2017 | A17

OPINION

The Strategy Behind the Saudi Strife

By Karen Elliott House unlikely the opposition will grow such as gyms, movie theaters and are putting money down. Oil contin- Cinema, banned for four decades,
much, as the crown prince has spent night clubs. ues to account for nearly 80% of will be restored by year’s end, the

C
Riyadh, Saudi Arabia
hange is accelerating in
Saudi Arabia. Over the
weekend King Salman bin
Abdulaziz removed his pre-
decessor’s powerful son as
head of the national guard. The king
detained 11 princes along with cur-
rent and former ministers on corrup-
tion charges. Behind the move is
Saudi Arabia’s young reformer,
Crown Prince Mohammed bin Sal-
man. He is gambling that the moves
will be seen at home and abroad as
cleansing the kingdom of tarnished
old ways—not as the whim of an au-
thoritarian ruler.
This crackdown is intended to
frighten anyone with power—not
only the prince’s royal and religious
opponents. In a monarchy infamous
for widespread malfeasance, an anti-
corruption campaign means almost
every prince and current or former
minister is vulnerable to being tar-
geted, detained, blocked from travel,
and stripped of his assets. Not even
aides and associates are safe. But it’s
the past year taking control of inter-
nal security and defense. The mes-
sage is clear: Get behind reform or be
silenced.
Already the Saudi public is tweet-
ing its support. Yet Western inves-
tors, whose money and expertise the
kingdom needs, are unsure if this
campaign is proof of modernization
or autocratic business as usual. In
Saudi Arabia, the rule of law is the
king. So long as he lives, he is all-
powerful; once dead, his legacy and
projects are at risk. Foreign investors
may think this system still entails too
many risks.
Prince Mohammed, a millennial
popular with young Saudis, is not so
much an idealistic social reformer as
a pragmatist. He desperately wants
to diversify the economy. Standing in
his way are decades of dependence
on oil and an exploding population of
young people lacking education and
the will to work. Western assistance
will not come without a modern work
environment that includes female
employees and after-work options
The international audience is as im-
portant to Prince Mohammed as are
the opinions of his own people. To ap-
peal to both, over the past 18 months
he has overseen a remarkable liberal-
ization of Saudi society. Citizens now
enjoy many long forbidden social free-
doms, including the public mixing of
unrelated men and women.
The young crown prince
is gambling that personal
freedom will encourage
financial responsibility.
The young prince clearly believes
that social change is the essential
prerequisite for economic moderniza-
tion. While some of his reforms have
been dramatic, the country is still a
long way from becoming a diversi-
fied, post-oil economy. The growth
forecast for this year is zero. Foreign
investors are intrigued, but so far few
Saudi government revenues, and re-
straining production hasn’t led to
higher prices. The prince may well be
right that social change will usher in
his economic goals, but freeing soci-
ety is so far proving easier than re-
tooling the stultified economy.
Saudi Arabia, with its austere brand
of fundamentalist Islam, has been a
global outlier for decades. It has been
a segregated, repressive society that
has subjected women to men’s rule
and micromanaged every aspect of cit-
izens’ lives—down to the proper way
to enter and exit a toilet and how
menstruating women must behave. All
this to align Muslims with the Islam of
the Prophet Muhammad.
Prince Mohammed is rapidly re-
moving the traditional guardrails on
Saudi society. Gone are the religious
police who enforced gender segrega-
tion. Women will be allowed to
drive beginning next June. Already
some dare to congregate in restau-
rants without a male guardian. Jog-
ging, hiking and bike riding in mixed
company is becoming more popular.
prince says.
All over Riyadh young Saudis are
buying and operating portable food
trucks to earn cash, as government
cuts generous subsidies. Saudi men
are notorious for refusing to do me-
nial work, but these entrepreneurial
young men hustle to serve customers
hamburgers, chicken wings, tacos,
pasta or whatever the truck special-
izes in. One young man told me last
week that he learned business in
China while on university scholar-
ship. He works seven-hour days for
Airbus—then sells from his food
truck late into the night.
Some 40 of these trucks are con-
gregated on an empty lot in northern
Riyadh, forming a small outdoor vil-
lage where young Saudis relax with
family or friends. Among the food
trucks is one operated by a mother
and daughter who are selling Arabic
coffee to a line of male customers.
The women chat casually with their
clients. Only a year ago such forbid-
den interaction between women and
unrelated males most likely would
have landed them in jail.
Prince Mohammed is gambling

100 Years of Communism—and 100 Million Dead that once Saudis control their per-
sonal lives, they will take responsibil-
ity for their livelihoods, reducing de-
By David Satter Such convictions set the stage for While the Soviet Union redefined Today the Soviet Union and the pendence on government handouts.

A
rmed Bolsheviks seized the
Winter Palace in Petrograd—
now St. Petersburg—100 years
ago this week and arrested minis-
ters of Russia’s provisional govern-
ment. They set in motion a chain of
events that would kill millions and
inflict a near-fatal wound on West-
ern civilization.
The revolutionaries’ capture of
train stations, post offices and
telegraphs took place as the city
slept and resembled a changing of
the guard. But when residents of
the Russian capital awoke, they
found they were living in a differ-
ent universe.
The Bolshevik plague
that began in Russia was
the greatest catastrophe
in human history.
Although the Bolsheviks called
for the abolition of private property,
their real goal was spiritual: to
translate Marxist-Leninist ideology
into reality. For the first time, a
state was created that was based ex-
plicitly on atheism and claimed in-
fallibility. This was totally incompat-
ible with Western civilization, which
presumes the existence of a higher
power over and above society and
the state.
The Bolshevik coup had two con-
sequences. In countries where com-
munism came to hold sway, it hol-
lowed out society’s moral core,
degrading the individual and turning
him into a cog in the machinery of
the state. Communists committed
murder on such a scale as to all but
eliminate the value of life and to de-
stroy the individual conscience in
survivors.
But the Bolsheviks’ influence was
not limited to these countries. In the
West, communism inverted society’s
understanding of the source of its
values, creating political confusion
that persists to this day.
In a 1920 speech to the Komso-
mol, Lenin said that communists
subordinate morality to the class
struggle. Good was anything that
destroyed “the old exploiting soci-
ety” and helped to build a “new
communist society.”
This approach separated guilt
from responsibility. Martyn Latsis,
an official of the Cheka, Lenin’s se-
cret police, in a 1918 instruction to
interrogators, wrote: “We are not
waging war against individuals. We
are exterminating the bourgeoisie as
a class. . . . Do not look for evidence
that the accused acted in word or
deed against Soviet power. The first
question should be to what class
does he belong. . . . It is this that
should determine his fate.”
decades of murder on an industrial human nature, it also spread intel- international communist system But food trucks and cinema do not a
scale. In total, no fewer than 20 mil- lectual chaos. The term “political that once ruled a third of the modern economy make.
lion Soviet citizens were put to correctness” has its origin in the as- world’s territory are things of the So far, the social liberalization has
death by the regime or died as a di- sumption that socialism, a system of past. But the need to keep higher wide support among young Saudis and
rect result of its repressive policies. collective ownership, was virtuous moral values pre-eminent is as im- the acquiescence of the silent majority.
This does not include the millions in itself, without need to evaluate its portant now as it was in the early The Saudi religious establishment is
who died in the wars, epidemics and operations in light of transcendent 19th century when they first began largely silent while some other conser-
famines that were predictable con- moral criteria. to be seriously challenged. vative critics have been silenced by se-
sequences of Bolshevik policies, if When the Bolsheviks seized In 1909, the Russian religious phi- lective arrest. But if economic growth
not directly caused by them. power in Russia, Western intellectu- losopher Nikolai Berdyaev wrote remains stuck at zero, unhappy royals
The victims include 200,000 als, influenced by the same lack of that “our educated youth cannot ad- may not be Prince Mohammed’s great-
killed during the Red Terror an ethical point of reference that led mit the independent significance of est threat. A society liberated from its
(1918-22); 11 million dead from fam- to Bolshevism in the first place, scholarship, philosophy, enlighten- traditional moorings and disappointed
ine and dekulakization; 700,000 exe- closed their eyes to the atrocities. ment and universities. To this day, with its economic prospects may
cuted during the Great Terror When the killing became too obvious they subordinate them to the inter- prove difficult to control.
(1937-38); 400,000 more executed to deny, sympathizers excused what ests of politics, parties, movements Prince Mohammed acknowledged
between 1929 and 1953; 1.6 million was happening because of the Sovi- and circles.” as much last month, when he labeled
dead during forced population ets’ supposed noble intentions. If there is one lesson the commu- the young generation a “double-
transfers; and a minimum 2.7 mil- Many in the West were deeply in- nist century should have taught, it edged sword.” Young Saudis, he said,
lion dead in the Gulag, labor colo- different. They used Russia to settle is that the independent authority of can create a new Saudi Arabia “but if
nies and special settlements. their own quarrels. Their reasoning, universal moral principles cannot be they go the other way, they will bring
To this list should be added as the historian Robert Conquest an afterthought, since it is the con- destruction.”
nearly a million Gulag prisoners re- wrote, was simple: Capitalism was viction on which all of civilization
leased during World War II into Red unjust; socialism would end this in- depends. Ms. House, a former publisher of
Army penal battalions, where they justice; so socialism had to be sup- The Wall Street Journal, is author of
faced almost certain death; the par- ported unconditionally, notwith- Mr. Satter is the author of “Age “On Saudi Arabia: Its People, Past,
tisans and civilians killed in the standing any amount of its own of Delirium: the Decline and Fall of Religion, Fault Lines—and Future”
postwar revolts against Soviet rule injustice. the Soviet Union” (Yale). (Knopf, 2012).
in Ukraine and the Baltics; and dy-
ing Gulag inmates freed so that
their deaths would not count in offi-
cial statistics.
If we add to this list the deaths
caused by communist regimes that
the Soviet Union created and sup-
ported—including those in Eastern
Europe, China, Cuba, North Korea,
Vietnam and Cambodia—the total
number of victims is closer to 100
million. That makes communism
the greatest catastrophe in human
history.
The effect of murder on this scale
was to create a “new man” suppos-
edly influenced by nothing but the
good of the Soviet cause. The mean-
ing of this was demonstrated during
the battle of Stalingrad, when Red
Army blocking units shot thousands
of their fellow soldiers who tried to
flee. Soviet forces also shot civilians
who sought shelter on the German
side, children who filled German wa-
ter bottles in the Volga, and civilians
forced at gunpoint to recover the
bodies of German soldiers. Gen. Vas-
ily Chuikov, the army commander in
Stalingrad, justified these tactics in
his memoirs by saying “a Soviet citi-
zen cannot conceive of his life apart
from his Soviet country.”
That these sentiments were nei-
ther accidental nor ephemeral was
made clear in 2008, when the Rus-
sian Parliament, the Duma, for the
first time adopted a resolution re-
garding the 1932-33 famine that had
killed millions. The famine was
caused by draconian grain requisi-
tion undertaken to finance Soviet
industrialization. Although the
Duma acknowledged the tragedy, it
added that “the industrial giants of
the Soviet Union,” the Magnitogorsk
steel mill and the Dnieper dam,
would be “eternal monuments” to
the victims.

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BUSINESS & FINANCE
© 2017 Dow Jones & Company. All Rights Reserved.
S&P 2591.13 À 0.13%
Saudi Arrests Upset Financial Outlook
Moves come at a
delicate time as crown
prince tries to diversify
kingdom’s economy
A far-reaching crackdown
that extends into Saudi Arabia’s
business elite has abruptly
raised the stakes for global in-
vestors just as the kingdom em-
barks on a campaign to lure
foreign capital to help overhaul
its oil-dependent economy.
Dozens of princes, senior
Lifting the Fog of Warrants
Investments designed to enable taxpayers to
participate in banks' recovery have been a
winner for investors who purchased them
at auction after the crisis ended.
November 2012
Treasury sells Zions
warrants for $1.35 apiece.
2012 ’13
Capital One performance
Warrants Common stock
400%
300
200
100
0 0
2009 ’10 ’11 ’12 ’13 ’14
*Class B warrants †Class A warrants
Source: FactSet
Bank Investors Made a Mint on Crisis
BY RACHEL LOUISE ENSIGN
The U.S. banking industry
is booming—a development
that is bringing windfall gains
to a small group of investors
who had the gumption to buy
esoteric bank securities when
the outlook for financial
firms and the economy was
far less clear cut.
After years of banks grap-
pling with the fallout of the
crisis and low interest rates,
the bets on what are known as
TARP warrants are finally pay-
ing off. The investors, who in-
clude fund managers John
Paulson and Bill Miller, bought
these warrants for bank stocks
secondhand, after they were
initially issued to the govern-
ment during the 2008 bank
bailout.
The investors’ unpopular
Sprint Adds Billions
To Network Spending
BY RYAN KNUTSON
Sprint Corp. said it would
increase spending on its net-
work, laying out its plan as a
stand-alone company after
talks to merge with T-Mobile
US Inc. fell apart over the
weekend.
Sprint, the fourth largest
U.S. carrier by subscribers,
said it would spend $5 billion
to $6 billion annually on its
network over the coming
years, up from the $3.5 billion
to $4 billion it projected for
this fiscal year.
The carrier also announced
a partnership with Altice USA
S&P FIN g 0.13% S&P IT À 0.35%
Saudi officials and prominent
businessmen were arrested
over the weekend as part of
what the government cast as an
effort to root out corruption.
By Nicolas Parasie
in Dubai and Julie
Wernau in New York
Prince al-Waleed bin Talal, a
billionaire whose firm holds
significant stakes in Apple Inc.,
Citigroup Inc. and Twitter Inc.,
was among those detained. An
attempt to reach him through
February 2016
Warrants hit 58 cents as
share price languishes
Zions Bancorp performance
Warrants Common stock
’14 ’15
SunTrust performance
Warrants*
1,400%
1,200
1,000
800
600
400
200
’15 ’16 ’17 2011 ’12
view at the time was that
banks and their stock prices
would recover to precrisis lev-
els. By betting on warrants, a
high-octane security similar to
an option, the fund managers
basically doubled down on
that opinion, risking their en-
tire investment if it didn’t
happen by 2018 or 2019.
“If the subprime credit-de-
fault swaps were this asym-
metric, beautiful investment to
express what was wrong with
American capitalism…, these
securities are the opposite,”
said Django Davidson, a found-
ing partner at London-based
Hosking Partners LLP, which
bought about $200 million of
the warrants for banks includ-
ing Bank of America Corp.
The warrants date to the fi-
nancial crisis, when the gov-
ernment invested about $250
Inc., a cable company that op-
erates primarily in the New
York area. Under the deal, Al-
tice will be allowed to sell
within its footprint Sprint’s
wireless service under its own
brand, and Sprint will have
special access to Altice’s cable
network to connect its cell
sites to the internet.
Sprint and T-Mobile had
been in merger talks for
months but called them off
over the weekend after they
couldn’t reach an agreement.
Please see SPRINT page B2
 Heard on the Street: Vision
blurs at SoftBank.................. B13
TECHNOLOGY: KFC GOES DIGITAL IN CHINA B4
* * * * THE WALL STREET JOURNAL.
DJ TRANS g 0.24% WSJ $ IDX g 0.33%
the firm, Kingdom Holding Co.,
was unsuccessful.
The crackdown comes at a
delicate moment for Saudi Ara-
bia. Crown Prince Mohammed
bin Salman, the 32-year-old
son of King Salman, is leading
efforts to diversify the econ-
omy. Central to that strategy
are plans for an initial public
offering of shares in the state-
owned oil giant, known as
Aramco. The kingdom is also
maneuvering for regional influ-
ence with rival Iran, and mired
in a war in neighboring Yemen.
November 2016
Share price surges amid Returns on warrants exceed
postelection bank rally. 700% for early buyers.
’16
Gains since 2016 U.S. election
Common stock Warrants
Bank of
America†
Wells Fargo
J.P. Morgan
PNC
’13 ’14 ’15 ’16 ’17
billion in about 700 banks as a
part of the Troubled Asset Re-
lief Program. As part of
TARP, which aimed to shore up
bank capital and restart lend-
ing, the government got war-
rants to buy shares in the
banks. The Treasury Depart-
ment started getting rid of the
warrants in 2009, a process
that included selling some off
to investors.
For years after the crisis,
many investors hated bank
stocks, comparing them to
heavily regulated utilities no
longer able to take risks and
grow. The warrants also
slumped; some of Citigroup
Inc.’s fell so much they were
delisted from the New York
Stock Exchange in 2016.
But since the November
2016 presidential election,
bank stocks have helped lead a
INSIDE
CHINA JOINS
RANKS OF
JET EXPORTERS
TRADE, B3
LIBOR 3M 1.397
Now, investors confront dis-
tinct potential outcomes from
the crackdown: a Saudi busi-
ness environment that is less
opaque and easier for outsid-
ers to navigate, or an in-
creased risk of political up-
heaval or legal uncertainty.
“What’s confusing for West-
ern investors is that [the
purge] is achieving moderniza-
tion and Westernization
through some very aggressive
means,” said Christopher
Johnson, chairman of the
American Business Group of
November 2017
800%
700
600
500
400
300
200
100
0 wave of arrests in Saudi Ara-
–100
’17
Common stock
219%
63%
65%
23%
111%
44%
145%
43%
THE WALL STREET JOURNAL.
broad stock-market rally tied
to renewed confidence and
hopes of tax and regulatory
overhaul. Meanwhile, banks’
crisis-era legal problems have
subsided and interest rates
have started to rise, making
lending more profitable.
The change in sentiment
has made the warrants a
turnaround story. Some from
big banks have surged 65% to
1,440% since the election,
easily outpacing the 36% rally
in the KBW Nasdaq Bank
stock index. One group of
Bank of America’s warrants,
once left for dead, are up the
most in the group. With the
recent jump, J.P. Morgan
Chase & Co. warrants are up
426% since they started trad-
ing in late 2009, compared
with a 146% increase for the
Please see BANKS page B2
ENERGY DRIVES
STOCKS TO
LATEST RECORD
MONDAY’S MARKETS, B13
Tuesday, November 7, 2017 | B1
NIKKEI (Midday) 22733.68 À 0.82%
Riyadh, which promotes and
represents U.S. business inter-
ests in the kingdom.
President Donald Trump
tweeted from Asia on Tuesday
that he has great confidence in
King Salman and the crown
prince, saying “they know ex-
actly what they are doing.” He
added in another tweet that
“Some of those they are harshly
treating have been “milking”
their country for years!”
King Salman shook up the
kingdom’s succession plan in
June by removing the then-
Crude Prices Climb
As Tensions Build
In Middle East
BY ALISON SIDER
Oil prices surged to more
than two-year highs after a
bia and a missile attack on Ri-
yadh signaled escalating ten-
sions in the Middle East.
Crude for December deliv-
ery gained 3.1%, to $57.35 a
barrel, on the New York Mer-
cantile Exchange on Monday,
while Brent for January deliv-
ery, the global benchmark,
rose 3.5% to $64.27 on ICE Fu-
tures Europe. Both settlements
are the highest since June
2015.
Over the weekend, officials
in Saudi Arabia detained more
than five dozen princes, min-
isters and prominent busi-
nessmen in a bid to tackle al-
leged corruption. Analysts
described the sweep as a
shake-up as Crown Prince Mo-
hammed bin Salman consoli-
dates power.
Oil prices also were
buoyed Monday after Yemen’s
Houthi rebels fired a ballistic
missile on Saturday that
reached the outskirts of Saudi
Arabia’s capital before being
shot down. Saudi Arabia said
Monday that the attack could
be considered an Iranian act
of war.
Oil has rallied from 2017
STREETWISE | By James Mackintosh
It’s Time to Change
Game Plan for Stocks
Sharehold-
ers are luxuri-
ating in the
ideal environ-
ment as the
global econ-
omy delivers growth without
inflation. It is hard to be
cautious when the funda-
mentals look great, but this
might be just the time to
start worrying.
The fundamentals offer
little cause for concern, with
models suggesting recession
and runaway inflation are
both unlikely (although the
models aren’t very reliable
in either case).
So what could possibly go
wrong? If the economy is un-
likely to threaten stocks, the
biggest danger comes from
the market itself. History
shows that a loss approach-
ing 20%, the standard defini-
tion of a bear market, has
been almost as likely when
the economy is expanding as
it has been during reces-
sions.
It is obvious why reces-
sions hurt stocks, as sales
shrink and caution replaces
See more at WSJMarkets.com
crown prince and elevating his
son. Since then, the kingdom
has taken steps to show it is
opening up to the world.
In September, the king is-
sued a decree giving Saudi
women the right to drive, a
move that was condemned by
Saudi conservatives and wel-
comed by the U.S. Two weeks
ago, Prince Mohammed pre-
sided over an investment con-
Please see SAUDI page B2
 Investors face new turmoil in
Middle East and beyond... B14
lows hit in June as investors
have become more attuned to
whether conflicts in the Mid-
dle East could disrupt oil
flows as supplies have tight-
ened around the world.
“It is an extremely long list
reminding the market how
fragile the oil market is,” said
Gary Ross, head of global oil
analytics at S&P Global Platts.
Investors are concerned
that the power struggles in
Saudi Arabia, the world’s top
exporter of crude, bring a new
source of uncertainty to the
global oil market.
Breakthrough
U.S. crude-oil prices rose Monday
to a more than two-year high.
$70 a barrel
60
50
40
30
20
2015 ’16 ’17
Source: WSJ Market Data Group
THE WALL STREET JOURNAL.
confidence. Big market drops
outside recessions are
harder to get a grip on, but
fall into two categories.
The first is a simple mis-
take. In 1998, the S&P 500
fell 19% by anticipating im-
minent economic troubles
that failed to materialize af-
ter Russia’s default; in 2011,
when the U.S. credit rating
was downgraded and the eu-
rozone imploded; and in
1978, when investors—
wrongly—thought stagflation
meant recession was immi-
nent (it took until 1980 to
arrive).
Such a mistake is easy to
imagine today. A simple
model used by the Federal
Reserve Bank of New York
already puts a 9% chance on
a recession in the next 12
months, the highest since
the last recession ended.
Forecasting recessions is
hard, so it doesn’t take much
evidence of economic weak-
ness to create fear of reces-
sion.
The second category, and
the bigger danger, involves
Please see STREET page B2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Tuesday, November 7, 2017 * *** 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
Advanced Micro Devices
............................. B4,B13
Airbus..........................B3
Altice USA .................. B1
Amazon..................A1,B4
Anthem ....................... B6
Apple ............ A10,B1,B13
B Intel.............................B4
Boeing ......................... B3
Broadcom.............A1,B13
C J
Cardinal Health...........B6
Cathay Pacific Airways
.....................................B3
CenturyLink.................B6
China Chengxin
International Credit
Rating......................B12
China Investment.....B12
China Lianhe Credit
Rating......................B12
Citigroup......................B1
CVS Health..................B6
D V
Dandong Port Group
...................................B12
Dongfeng Motor Group
...................................B12
DowDuPont...............B12
E P
Equifax ...................... B12
F Priceline Group ........... B6
Fast Retailing ............. B7
Federated Total Return
Bond Fund.................A2
G
General Electric ........ B12
Goldman Sachs Group
...................................B12
Google ......................... B4
I Saudi Electricity ....... B13
International
Consolidated Airlines
Group.........................B3
Jana Partners ........... B13
J. Crew Group.............B7
K T
Kingboard Chemical
Holdings....................B3
Kingdom Holding........B1
M 21st Century Fox........A1
Maltese Capital
Management.............B2
Michael Kors Holdings
.....................................B6
Microsoft.....................B4
N International.............B6
Nvidia...................B4,B13
NXP Semiconductors
...................................B13
PHLX Semiconductor . A5
Q Yum Brands.................B4
Qatar Airways.............B3
Qualcomm............A1,B13
R
Rockwell Collins..........B3
S
Salesforce ................... B4
Saudi Aramco............B13
Shanghai Brilliance
Credit Rating &
Investors Service....B12
Silver Lake
Management ............ A5
SoftBank Group...B2,B13
Sprint...................B1,B13
Swire Pacific...............B3
T-Mobile US.........B1,B13
TripAdvisor..................B6
Twitter ........................ B1
U nickname for T-Mobile. “These
UnitedHealth Group....B6
United Technologies...B3
Valeant Pharmaceuticals
W
Walt Disney
.................. A1,A10,B4,B6
Weight Watchers
International.............B6
Y
Yum China Holdings...B4
SPRINT
Continued from the prior page
Shares in Sprint fell 12% on
Monday, while T-Mobile
shares declined 5.7%.
During a call with analysts
on Monday, Sprint finance
chief Tarek Robbiati acknowl-
edged investors’ disappoint-
ment with the scuttled talks.
“I will not venture in selling
this [Altice] transaction as
making up for the tens of bil-
lions of dollars of synergies
that we would have had jointly
with T-Mo had we merged
with them,” he said, using a
synergies were enormous by
every analyst’s account.”
Still, Mr. Robbiati said the
Altice partnership would de-
liver real value, primarily be-
cause it would help Sprint in-
stall antennas more quickly.
The Altice partnership would
have happened regardless of a
T-Mobile deal, he said.
Meanwhile, Sprint parent
company SoftBank Group
Corp., based in Japan, said it
would buy shares of Sprint in
the open market and increase
its stake from roughly 82% to
closer to 85%. If it exceeds
85%, it would have to make an
offer to buy out the remaining
shareholders—a provision of
the acquisition of its stake in
Sprint.
At a Tokyo news conference
on Monday, SoftBank Chair-
man Masayoshi Son said he
still sees value in Sprint as
network connectivity becomes
increasingly important to de-
vice makers, and he defended
his decision to end the merger
talks. “Sprint will become crit-
Calling Plans
Sprint’s spending on its wireless
network, in billions
would have hurt the company
over the long term.”
Sprint said it plans to raise
money to fund its network in-
vestment. Because the carrier
$5-6
has struggled to turn a profit,
$5.4 traditional debt is expensive.
$4.7 In recent years, it has found
$3.5-4 creative ways to use its assets
to finance cheaper loans.
Mr. Robbiati said the car-
rier would do that again and
$2.0 raise money using its airwaves
licenses as collateral.
For Altice, the Sprint part-
nership will allow it to con-
projected
tinue growing in the U.S. Al-
FY ’14 ’15 ’16 ’17 ’18 tice, whose parent company
has significant operations in
Note: Fiscal year runs from April 1 to March 31
Source: the company France, entered the U.S. in
THE WALL STREET JOURNAL. 2015 when it acquired regional
cable company Suddenlink.
ical for SoftBank as a group in In 2016, it acquired New
five years’ to 10 years’ time,” York-based Cablevision.
he said. “I’m glad we were not —Mayumi Negishi
rushed into a decision that contributed to this article.

INDEX TO PEOPLE
A Kelley, John J............B12 Ross, Gary...................B1
Ackman, William ........ B6 Kenny, Gregory ........... B6 S
B L Salman, Mohammed Bin
Barrett, George...........B6 Lewis, James..............A5 ............................. B1,B13
Blankfein, Lloyd........B12 Liveris, Andrew N.....B12 Short, Marc.................A4
Boudreaux, Gail K.......B6 Loeys, Jan...................B2 Smith, Richard..........B12
Brady, Kevin................A4 M Son, Masayoshi ........ B13
Broderick, Craig W....B12 Maltese, Terry ............ B2 Spajic, Luke...............B12

NIALL MCDIARMID FOR THE WALL STREET JOURNAL

G Mauldin, Susan.........B12 Spencer, Phil...............B4
McCarthy, Kevin.........A4 Swedish, Joseph R.....B6
Gamble, John............B12
Gomez, Jorge..............B6
Miller, Dan ................ B13 T
Moorhead, Patrick......A5
H Tan, Hock....................A1
N Teunissen, Ernst.........B6
Hadley, Stephen.........A4
Nelson, Erik...............B13 V
Hammack, Beth........B12
Hottovy, R.J................B4 P-R Vince, Robin..............B12
J Pant, Muktesh “Micky” W
.....................................B4
Jin, Simon.................B12 Webb, David..............B12
Papa, Joseph...............B6
K Paulson, John..............B1 Y
Kaufmann, Mike ......... B6 Rice, John G..............B12 Yanai, Tadashi.............B7
Django Davidson learned about the warrants a few years ago while mingling with attendees at Berkshire Hathaway’s annual meeting.

STREET execute a quick U-turn when

Continued from the prior page
exuberance. Three of the big-
gest losses since the S&P
500 index began in 1957 ap-
peared to be mainly about
exuberant markets going
into reverse, with no specific
trigger. These led to losses
of a third in October 1987
and the drops of 21% and
28%, respectively, in 1966
and 1962.
Just as the market was
exuberant in 1962, 1966 and
1998, it is exuberant today.
Stock and debt markets are
expensive on almost every
measure.
Of course, everything
might continue to be fine or
have a big drop and recover.
After all, in 1998 stocks still
had two more years of pow-
ering ahead before they
crashed.
Investors have three op-
tions. At one extreme is to
push the pedal to the metal
while the going is good and
be ready to slam on the
brakes and get out quick
when trouble arrives. At the
other extreme, investors
could sit safely on the side-
lines with cash and bonds,
and wait to pick up the
pieces after a crash.
Both approaches are prob-
lematic, as strategist Jan Lo-
eys at J.P. Morgan points
out. Those going hell for
leather will find it hard to
An Expensive Market
The S&P 500 is pricey on most measures,
including price to 12-month forward earnings
25 times
20 Recession
15
10
5
0
1985 ’90
Recessions typically bring big stock-price falls, but bear markets don’t
require recession. S&P 500 maximum drawdown: amount below peak
of prior two years
0%
–10
–20
–30
–40
Recession
–50
–60
1960 ’70
Sources: Thomson Reuters Datastream; Thomson Reuters
everyone tries to sell at
once; few timed it right in
2000 or 2007, when with
hindsight the sell signals
were everywhere. Equally,
those sitting on the sidelines
will need extraordinary se-
renity not to regret missing
out on gains like the 20% the
S&P delivered in 1999, let
alone the 86% of the technol-
ogy-oriented Nasdaq Com-
posite Index that year. This
year, the cautious are al-
ready hurting, missing gains
of 16% in the S&P and 26% in
the Nasdaq.
For Mr. Loeys, the solu-
tion is to temper regret and
reward, taking profits regu-
larly from the riskiest posi-
tions and shifting the money
toward more defensive hold-
ings. He likes long-dated op-
tions that might profit from
a recession further in the fu-
ture, and he doesn’t like
high-yield bonds, as at just
5.5% junk bonds no longer
offer a high yield. A similar
but simpler approach would
just move some money each
month out of go-go tech
stocks into less expensive
stocks and into Treasurys.
Investors are treating
each drop as an opportunity
to get into stocks by buying
the dip. The safer strategy is
to treat each fresh high as
an opportunity to sell the
most expensive stocks and
shift to cheaper assets and
those better able to resist a
downturn.
2000 ’10
’80 ’90 2000
THE WALL STREET JOURNAL.
BANKS
Continued from the prior page
bank’s stock.
The warrants give investors
the right to buy a stock at a
predetermined price. If the
stock rises far above that
“strike price,” the warrant is
like a winning lottery ticket. If
it stays below that price, the
warrant ends up worthless.
While exchange-traded
stock options usually go out
only a couple of years, war-
rants often last longer. “We
were lucky it was a 10-year
warrant,” said Philippe Jabre,
a Geneva-based fund manager
who bought warrants in Sun-
Trust Banks Inc., among oth-
ers. He said the recovery took
longer than he had expected.
“There were good days and
other days when I felt like cry-
ing,” said John Hadwen, a port-
folio manager at CI Invest-
ments’ Signature Global Asset
SAUDI
Continued from the prior page
ference dubbed “Davos in the
Desert” that attracted luminar-
ies from the global financial
community such as Christine
Lagarde, the head of the Inter-
national Monetary Fund, and
billionaire entrepreneur Rich-
ard Branson. At the event, the
crown prince called for Saudi
Arabia to return to a more tol-
erant form of Islam.
Mr. Johnson and some for-
eign investors predicted the
Saudi government’s crackdown
would result in a more open
and welcoming business envi-
ronment in Saudi Arabia.
“There are always powerful
vested interests, which resist
change and which need to be
dislodged in order to effect
change,” said Jan Dehn, head
of research at fund manager
Ashmore Group in London,
which opened a local asset
management office in Riyadh
in 2014. “Mohammed Bin Sal-
man is going to change Saudi
Arabia more than people imag-
ine—and for the better.”
Yet the crackdown is touch-
ing prominent members of
Saudi society. Among the de-
tainees is Ibrahim Al-Assaf, the
country’s former finance min-
ister and a member of the
Aramco board of directors, ac-
cording to Saudi officials. An
attempt to reach Mr. Al-Assaf
through Aramco was unsuc-
cessful.
And it could create new po-
’10 tential sources of uncertainty
for investors.
Management, which has held
TARP warrants since 2010.
When his J.P. Morgan warrants
fell in value after the bank’s
pretty dire scenarios,” said Sa-
mantha McLemore, co-man-
ager on the portfolio with Mr.
Miller.
them off to investors. In other
cases, Treasury sold the war-
rants back to the banks.
That has transferred the
2012 London whale trading Mr. Paulson, who made bil- rest of the gains to private
loss, Mr. Hadwen pushed to lions of dollars betting against hands. The TARP warrants still
buy the rest available, but the subprime mortgages a decade trading in Bank of America,
Canadian asset manager’s chief ago, turned a roughly $100 mil- J.P. Morgan, Wells Fargo & Co.
investment officer said no. lion profit on about $600 mil- and PNC Financial Services
Mr. Davidson said he lion in bank warrant invest- Group Inc., for example, are
learned about the warrants a ments, according to a person worth more than $2 billion
few years ago at an Omaha, familiar with the matter. But more on paper than when the
Neb., bar where he was min- he could have earned more if government sold. At banks
gling with attendees at Berk- his funds hadn’t sold their J.P. such as J.P. Morgan that hit
shire Hathaway’s annual meet- Morgan warrants in 2012. Mr. their strike price a while ago,
ing. Warren Buffett, the Miller’s fund similarly lost out investors have likely netted
conglomerate’s chairman, got by selling Bank of America additional profits by exercis-
warrants unrelated to TARP as warrants around that time, ing the warrants.
a part of Berkshire’s crisis-era though Ms. McLemore said the New York-based Maltese
investments in Goldman Sachs fund has done well by hanging Capital Management bought
Group and Bank of America. on to the bank’s common stock. 2.2 million TARP warrants in
The Miller Opportunity Investors got the warrants Salt Lake City-based Zions
Trust mutual fund said it has only because the U.S. govern- Bancorp. from the government
notched gains of about $77 ment didn’t want to hold on to for about $1.35 apiece and
million on a $24 million in- them. By late 2009, the biggest held on to most of them. To-
vestment in J.P. Morgan war- banks had paid TARP money day, they are worth about
rants. back and the Treasury started $11.15 a share, a return of
When the fund bought the auctioning the warrants. By around 726%. “We’d like a few
warrants, “the market hated the end of 2012, it had made more of those,” said Terry
financials and was pricing in about $5 billion auctioning Maltese, the firm’s founder.
“The speed and breadth of
the clampdown could deal a
blow to the economy,” Jason
Tuvey, a Middle East analyst
at Capital Economics, a Lon-
don-based economic-research
firm, wrote in a note to clients
on Monday. “Firms might de-
lay investment plans as they
why did
await to see if they will get
caught up in the allegations.”
There are signs that inves-
tors are wary. Oil prices surged
the turtle cross
to two-year highs on Monday,
with U.S. crude prices up 3.1% to
$57.35 a barrel. Saudi Arabia is
the ocean?
the world’s top crude exporter.
The cost to insure against
the risk of default in Saudi
Arabia and elsewhere in the
Middle East rose on Monday,
as measured by the market for
credit default swaps.
“It’s a lot of change really
fast in a region that isn’t really
prone to a lot of quick change.
And that causes a lot of uncer-
tainty,” said Jason Trujillo, a
portfolio manager at Invesco
Ltd. in Atlanta. Discover a world of investment
Invesco has been broadly
negative on the Middle East opportunities with Ariel’s international
since several countries includ- and global strategies. We offer
ing Saudi Arabia cut off diplo-
matic relations with the tiny mutual funds and separate accounts
Gulf emirate of Qatar in June, spanning the market cap spectrum
Mr. Trujillo said.
Many executives whose com-
and covering the globe.
panies are active in Saudi Ara- arielinvestments.com/think-global
bia were reluctant to discuss
the arrests for what they said Investors should consider carefully the investment objectives, risks, and
charges and expenses before investing. For a current summary prospectus
was fear of losing business in
the kingdom in the near future. or full prospectus which contains this and other information about
the funds offered by Ariel Investment Trust, call us at 800.292.7435.
Kingdom Holding, whose Please read the summary prospectus or full prospectus carefully
shares have fallen sharply over before investing. Distributed by Ariel Distributors, LLC, a wholly-
Sunday and Monday, said on owned subsidiary of Ariel Investments, LLC. Ariel Distributors, LLC is a
member of the Securities Investor Protection Corporation. WSJ ©2017
Sunday it was “business as
usual” and that it still has the Slow and steady wins the race.
government’s support.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * Tuesday, November 7, 2017 | B3

BUSINESS NEWS

Qatar Air
To Acquire
China Jet Exports Set for Takeoff
Pact with FAA opens
9.6% Stake door to the sale of
airplanes, parts in the
In Cathay U.S., other nations
BY GAURAV RAGHUVANSHI BY TREFOR MOSS

Qatar Airways Co. is buy- SHANGHAI—Just ahead of

ing a stake in Cathay Pacific
Airways Ltd. for $661 million,
the latest in a string of invest-
ments in global rivals by the
Middle East carrier.
In a surprise deal, state-
owned Qatar Airways agreed
to acquire the 9.6% stake in
the dominant Hong Kong car-
rier from industrial company
Kingboard Chemical Holdings
U.S. President Donald Trump’s
visit to China, U.S. aviation
regulators signed a new pact
with their Chinese counter-
parts that effectively opens
the door to selling China-made
airplanes and parts to the U.S.
and other countries.
The agreement boosts Bei-
jing’s hopes of eventually be-
coming a global supplier of

DING TING/XINHUA/ZUMA PRESS

Ltd., which has been amassing
shares in the airline for some
time.
“Cathay Pacific is a fellow
Oneworld [marketing alliance]
member and is one of the
strongest airlines in the world,
respected throughout the in-
dustry and with massive po-
tential for the future,” said
Akbar Al Baker, chief execu-
tive of Qatar Airways, in a
statement Monday.
Cathay Pacific, which has a
reputation for stable owner-
ship, said in a statement it in-
tends to continue its construc-
tive relationship with the
Qatari airline.
Hong Kong conglomerate
Swire Pacific Ltd. has care-
fully guarded its control of Ca-
thay Pacific, which is known
for its premium service and is
popular with business travel-
ers. Swire Pacific owns 45% of
the carrier, while Air China
Ltd. holds a 30% equity stake,
according to information on
Cathay Pacific’s website.
Qatar Airways’ investment
supports its strategy of taking
stakes in airlines around the
world, the airline said. The
company recently bought 49%
of Italian carrier Meridiana
and increased its stake in Brit-
ish Airways parent Interna-
tional Consolidated Airlines
Group SA to 20%. The carrier
also owns a stake in South
America’s LATAM Airlines
Group SA.
commercial jetliners and of
breaking into a market cur-
rently dominated by Boeing
Co. and Airbus SE.
The U.S. has a huge trade
surplus with China in the aero-
space sector, some $14.5 billion
in 2015. China accounts for
about 20% of Boeing aircraft de-
liveries, and companies includ-
ing General Electric Co, United
Technologies Corp. and Rock-
well Collins Inc. provide parts
for the new China-built Comac
C919 jetliner, which is spear-
heading the country’s effort to
establish a top-tier industry.
The pact signed last month
by the Federal Aviation Ad-
ministration and the Civil Avi-
ation Administration of China,
or CAAC, follows years of talks
between the two agencies
aimed at speeding approval of
planes and parts.
The new regulatory pact
would help Comac market the
jetliner overseas, and it is hold-
ing parallel talks with the Euro-
pean Aviation Safety Agency.
Mr. Trump is scheduled to
arrive in Beijing on Wednesday,
bringing a tough message on the
balance of Sino-U.S. trade, which
he has long argued is skewed
unfairly against America.
In that context, completing a
pact with China in the lead-up to
the president’s visit underscored
that cooperating with the Chi-
nese authorities to retain access
to the China’s aerospace market
remains as much of a priority as
The new China-built Comac C919 jetliner plays a big role in the country’s effort to establish a top-tier global aerospace industry.
Air Superiority
Chinese airlines now buy far more passenger jetliners than their U.S.
counterparts. Number of jets delivered:
300
250
200
150
100
50
0
2000 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16
Source: Teal Group
extracting trade concessions.
“From a purely symbolic
standpoint this is a significant
step in U.S.-China trade, and it
happened under a president
who promised protectionism,
particularly with China trade
policy,” said Richard Aboula-
fia, vice president at Teal
Group Corp., an aerospace in-
telligence company.
U.S. China
THE WALL STREET JOURNAL.
The new C919 seats up to
180 passengers and competes
with the Boeing 737 and Air-
bus A320 jets, with the first
expected to enter service
around 2020.
However, while Comac has
garnered 300 firm orders for
the C919, almost all are from
Chinese buyers.
Analysts are wary of the
C919’s appeal in export markets,
partly because its performance
is expected to trail that of Air-
bus and Boeing jets and Comac
lacks a global support system to
finance and maintain aircraft.
The new pact is a step to-
ward securing better recogni-
tion for Chinese aerospace
products in export markets. It
grants China “comprehensive
peer recognition” as an aero-
space supplier, the CAAC said.
Previously, all American avia-
tion products were eligible for
use in China, whereas only a
handful of Chinese aviation
products could enter the U.S..
But now all Chinese-built
aircraft and aviation compo-
nents can potentially be sold
to U.S. customers, thanks to
the “mutual recognition” en-
shrined in the new agreement,
the CAAC said.
Airplanes certified by China
won’t automatically be allowed
to fly in U.S. airspace, the FAA
stressed: “these products are
subject to a validation pro-
cess…defined in the agree-
ment,” which could still include
a full technical review. This
stops short of similar agree-
ments the U.S. has with regula-
tors in Europe, Canada and Bra-
zil, which all recognize each
other’s aerospace products.
For Boeing, the new pact
also opened the door to secur-
ing permission to deliver its
new 737 Max jet to Chinese
airlines, having warned this
year that approval could be
delayed until 2018. Boeing de-
livered the first of those
planes to Air China on Friday.
The plane maker is set to
open a facility near Shanghai
next year in partnership with
Comac to paint 737s destined
for Chinese airlines and install
seats and other fittings.
Boeing Chief Executive Den-
nis Muilenburg has credited
the new administration with
revising its own thinking on
how global supply chains inter-
act. “We know as we’re invest-
ing there we’re also creating a
competitor,” Mr. Muilenburg
said of China in May.
—Kersten Zhang in Beijing
and Doug Cameron
in Chicago
contributed to this article.

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B4 | Tuesday, November 7, 2017 * * THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

KFC Spices Up China Business Intel, AMD

Team Up
Fast-food chain tests
new payment models
and heathier offerings
To Offer
after parent’s spinoff PC Chips
BY WAYNE MA BY TED GREENWALD

HANGZHOU, China—When Intel Corp. and Advanced

Michelle Xian wandered into Micro Devices Inc., rivals for
one of the fast-food restau- decades, are teaming up to
rants at a shopping mall here thwart a common competitor,
on a recent weekday, she Nvidia Corp.
didn’t realize it was a KFC. Intel announced Monday a
The décor featured an open laptop-computer chip that com-
kitchen and hanging plants, bines an Intel processor and an
and the menu included tuna- AMD graphics unit. The chip is
and-pesto paninis and quinoa- intended for laptops that are
and-corn salads. Customers thin and lightweight but pow-
were busy placing orders via erful enough to run high-end
smartphones, using QR codes videogames—attributes that
printed on tables, or through a lately have been driving sales
facial-recognition system that in an otherwise waning market
matches their images to their for personal computers.
Alipay digital wallets. It will be the competitors’
WAYNE MA/THE WALL STREET JOURNAL

“I don’t normally go to KFC first collaboration since the

because it’s not that healthy,” 1980s, said analyst Patrick
said Ms. Xian, 30 years old, Moorhead of Moor Insights &
who ordered a chicken sand- Strategy, and reflectscomplex
wich before being told where shifting dynamics in the semi-
she was. “This is more aligned conductor industry.
with new trends.” For decades, Intel and AMD
The KFC concept store, have competed for market
known as KPRO, is a testing share in PC chips. Intel has been
ground for owner Yum China dominant for much of that time,
Holdings Inc. as it tries to cap- Self-serve kiosks at a KFC concept store in Hangzhou, China, accept customer payments through a facial-recognition system. lately holding a nearly 100%
ture a new audience and drive share, according to Mercury Re-
growth after its spinoff from skeptical of the emphasis on than 127 million members— chain-restaurant sales. speed of service and authentic- search. But AMD recently
U.S. parent Yum Brands Inc. a apps at first, telling his team dwarfing industry leader Pan- One not-so-bright spot for ity is more important to U.S. launched chips that represent
year ago last week. In a strate- they were too complicated. era Bread Co. of the U.S., which Yum China is Pizza Hut. Sales consumers,” said Morningstar the first real competition for In-
gic break from its American “They very politely told me has about 25 million members. at its stores open at least a analyst R.J. Hottovy, in an tel in that market for years.
counterpart, which is going to just hang on, and I’m glad I Net income in the first eight year were flat in the most re- email. AMD also recently revamped
back to finger-lickin’ basics in didn’t interfere,” he said in a months of this year rose 19% cent quarter, compared with Technology also figures its graphics-chip designs,
the U.S., Yum China is pushing recent interview. “People have over the year-earlier period, 7% sales growth at KFC. heavily in Yum China’s strat- looking to take share away
healthier offerings and tech- far more apps on their phones, while system sales, which in- Yum Brands was the first egy. The company has formed from Nvidia, which has nearly
nology. and they are able to navigate clude revenue from franchises major Western fast-food com- a partnership with Alibaba 80% of the market for stand-
Since the spinoff, China’s them effectively.” and joint ventures, rose 10% in pany to enter China, beating Group Holding Ltd. affiliate alone graphics chips by
biggest fast-food chain, with Mobile payments at Yum the latest quarter. McDonald’s Corp. by three Ant Financial to offer its revenue.
more than 7,700 KFC and Pizza China’s restaurants repre- “To the U.S. investor, the years when it opened a KFC “smile to pay” system at the Intel competes head-on with
Hut stores, has bought a con- sented 45% of sales in the numbers look meteoric,” said near Tiananmen Square in KPRO in Hangzhou, Alibaba’s Nvidia in driving artificial-intel-
trolling stake in an online quarter ended Aug. 31, up from Sara Senatore, an analyst at 1987. Its success was dimmed headquarters city. ligence calculations for large in-
food-delivery company, forged 17% for all of 2016. Delivery or- Sanford Bernstein. Shares in in recent years by food-safety Customers go to a self-serve ternet companies. For several
a partnership with China’s ders, most of which come from Yum China are up more than scares and stronger competi- kiosk to choose items on a quarters, Nvidia’s business sell-
most popular digital wallet online apps, were 14% of sales 65% since the company was tion, leading the parent com- video screen, then pay by look- ing chips to data centers has
service and improved its in the period, up from 10% last listed on the New York Stock pany to spin it off and instead ing at a camera, provided they been up by triple digits from
smartphone apps. year. The company’s two-year- Exchange in November 2016. collect a percentage of sales. have enabled facial-recognition the previous year, presumably
Yum China’s 63-year-old old loyalty program, mean- “But Yum, broadly speaking, “Food safety and nutrition on their Alipay app. For secu- displacing sales of Intel proces-
chief executive, Muktesh while, has become one of the is holding its own,” she added, is a greater consideration for rity, they must also enter their sors. Intel last year acquired
“Micky” Pant, concedes he was largest in the world, with more keeping pace with Chinese Chinese consumers, while phone number. technology to compete for that
business with the purchase of
Nervana Systems, and it expects

Microsoft Gears Up for Videogame Turnaround

BY SARAH E. NEEDLEMAN said his new role is designed, in
part, to give him more latitude
Microsoft Corp. debuts its to reach gamers on any device,
new Xbox One X console Tues- rather than using “gaming to
day, hoping a focus on live ser- make Windows more successful.”
vices and high-end hardware That means, one day, more
can reverse its flagging fortunes Microsoft first-party games
in the videogame business. could appear on other plat-
Microsoft in September forms, he said, such as Apple
named Xbox chief Phil Spencer Inc.’s iPhones or perhaps even
executive vice president, re- Sony Corp.’s PlayStation 4, as its
porting directly to Chief Exec- building game “Minecraft” does.
utive Satya Nadella rather Mr. Spencer is overseeing
than Windows chief Terry My- the release of the $499 Xbox
erson. One X, which Microsoft hails
In an interview, Mr. Spencer as the most powerful console
in the world. The machine en-
ters a marketplace crowded
not only with the cheaper
Xbox One S, but also Sony’s
dominant PlayStation 4 ma-
chines and a resurgent Nin-
tendo Co., whose popular
Switch handheld-console hy-
brid launched this year.
The companies are vying for
a share of the $33.5 billion pro-
jected to be spent on video-
game console software world-
wide this year, according to
industry tracker Newzoo BV.
Microsoft, trailing Sony,
stopped reporting Xbox One
sales in late 2014, a little more
than a year after its launch.
Analysts believe the Xbox One
still lags behind in sales today.
Mr. Spencer acknowledged
console sales are important,
but said Microsoft is more fo-
cused on expanding game soft-
ware and services. He said the
company measures the success
of its gaming business by re-
vealing the number of people
who use its online service
Xbox Live, for example.
In its fiscal first quarter
ended Sept. 30, Xbox Live had
53 million monthly active us-
ers, up 13% from a year earlier,
Microsoft said. Overall gaming
revenue, though, inched up 1%
to $1.9 billion, as a 48% drop
in hardware sales offset a 21%
gain in software and services.
Microsoft hopes to lure
shoppers this holiday by
bringing one of the hottest
games of the year—“PlayerUn-
known’s Battlegrounds”—to
the Xbox One.
—Jay Greene
contributed to this article.
those chips to start shipping by
the end of the year.
Game PCs typically require
both Intel processors and high-
end graphics chips from AMD
or Nvidia. Intel’s new product
gives it a shot at some of the
revenue that usually goes to
those graphics chips, while gen-
erating new sales for AMD and
muscling in on Nvidia’s domi-
nance in graphics units.
An AMD spokesman said
that laptops built on Intel’s
new chip won’t compete di-
rectly with those based on
AMD’s coming Ryzen Mobile,
another power-efficient chip
that combines general-purpose
processing and graphics.

Google, Apple Works on Fix

Salesforce
Clinch Deal For Autocorrect Bug
BY JOANNA STERN included in this week’s public
On Services Ah, the A[?]rony.
and developer beta releases,
with wide rollout to follow.
BY JAY GREENE Some people using iPhone, Luckily, the workaround
iPad and iPod Touch devices that Apple suggested does
Google Cloud has picked up have started seeing a bug that work. Go to Settings > Gen-
a marquee customer, Sales- autocorrects a stand-alone eral > Keyboard > Text Re-
force.com Inc., as the Alphabet letter “i” to an ! or A and an placement. Select the “+” in
Inc. unit tries to keep pace obscure symbol that often the upper left corner. In the
with Amazon.com Inc. and Mi- shows up as [?]. phrase field, type “I” and
crosoft Corp. in the increas- In a support document, Ap- then in the shortcut field “i”
MICHAEL SHORT/BLOOMBERG NEWS

ingly competitive business of ple pinned the problem on the and then tap Save in the up-
providing web-based, on-de- newly released iOS 11.1 and per right corner. Then do the
mand computing services. suggested a workaround. opposite: Add “i” for the
The deal, announced Mon- However, in our testing, sev- phrase and “I” for the short-
day at the start of Salesforce’s eral phones that were still on cut.
Dreamforce customer confer- iOS 11.0.3 were manifesting I began to see the bug on
ence in San Francisco, comes a the bug. Apple now says the the iPhone X this weekend,
year and a half after the cloud- bug could also appear in ear- after I completed my review.
based business software ven- lier versions of iOS 11. Being unable to type the let-
dor said it would move some Marc Benioff, chief executive of Salesforce.com, which is a cloud-based business software vendor. Some are floating theories ter “I” in emails, tweets, In-
computing operations to data on why this is just popping stagram posts was madden-
centers run by the market regulators to scrutinize Micro- Executive Marc Benioff said in something else that they are up and why it is only affect- ing—certainly there are
leader, Amazon Web Services. soft’s $27 billion acquisition of an interview. using, this gives them a ing some users. Apple better ways to get us to re-
Salesforce also operates its LinkedIn Inc., though the deal “We will in short order have chance to experience” Google’s wouldn’t comment on the flect on how self-absorbed we
own data centers. ultimately won approval and all of our products running on apps with Salesforce services, bug’s characteristics. are on social media.
World-wide revenue for the closed in December. Google Cloud,” he said. Google Cloud CEO Diane Nevertheless, Apple said it Needless to say, people
business of providing cloud in- Google Cloud, meanwhile, is As part of their deal, Sales- Greene said in an interview. would patch the problem in quickly began making fun of
frastructure—that is, comput- working to build credibility force will offer Google’s G Suite “It’s a change for us to bring an iOS update. “A fix will be Apple and the fact that the
ing processing and storage among corporations wary of productivity applications free all of this to Salesforce’s cus- released very soon,” an Apple company’s beloved letter “i”
service—hit $22.2 billion last committing to a company that tomers with very little fric- spokeswoman said. It will be was affected.
year, and is expected to climb has little experience supporting tion.”
to $67 billion by 2020, accord- the technology needs of big Salesforce also intends to
ing to industry research firm companies other than its own.
Global revenue for weave Google Analytics, which
Gartner Inc. Its cloud-infrastructure service, firms providing cloud helps marketers analyze cus-
One big cloud-infrastructure which provides computing pro- tomer behavior, with its own
provider Salesforce hasn’t cessing and storage from its
infrastructure hit Sales Cloud and Marketing
partnered with: Microsoft’s massive data centers around $22.2 billion last year. Cloud services. The combined
Azure service. Salesforce and the globe, trails Amazon, Mi- services are aimed at helping
Microsoft announced an alli- crosoft and Alibaba Group marketers more effectively tar-
ance in 2014 to enable their Holding Ltd., according to in- get email campaigns.
products to work together dustry research firm Gartner for up to one year to its cus- Mr. Benioff acknowledged
smoothly, but Salesforce is fac- Inc. tomers who aren’t already us- that money was being ex-
ing increased competition in its Salesforce already is run- ing them. Salesforce has more changed between the compa-
core sales-force automation ning its Advertising Studio ser- than 150,000 customers, and nies as part of the deal, but
business from Microsoft’s Dy- vice, which helps companies the company said less than half both he and Ms. Greene
APPLE

namics applications. run digital ad campaigns, on of them currently use G Suite. declined to disclose terms of
Salesforce last year pressed Google Cloud, Salesforce Chief “If people already have the deal. Apple pins the problem on the newly released iOS 11.1.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Tuesday, November 7, 2017 | B5

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B6 | Tuesday, November 7, 2017
Cardinal Health CEO to Step Down CVS Sets
Next-Day
Move comes as lower
generics prices squeeze
profits, and company
faces suits over opioids
BY ALLISON PRANG
Cardinal Health Inc. said
Monday that Chief Executive
George Barrett will step down
in January after more than
eight years in the post, as
pricing pressure for generic
drugs has weighed on the
company in recent months.
Mr. Barrett, 62 years old,
will remain in his role as exec-
Valeant to Sell Maker
Of Libido Treatment
At Center of Dispute
BY CARA LOMBARDO
Valeant Pharmaceuticals
International Inc. will sell
Sprout Pharmaceuticals to for-
mer Sprout shareholders, the
company said Monday, after
they accused the struggling
pharmaceutical giant of botch-
ing the marketing of a female-
libido treatment.
Valeant purchased Sprout
and its only drug, Addyi, two
years ago for about $1 billion.
Sales of the drug haven’t pro-
vided close to a return on the
investment, and this year RBC
Capital Markets predicted the
drug will generate less than
$10 million in sales.
In a lawsuit filed last year,
former Sprout shareholders al-
leged Valeant didn’t market
the drug effectively. Women’s
health advocates also have
questioned whether Addyi, at
one point dubbed “female Via-
gra,” actually increases libido.
As part of the sale agree-
ment, the lawsuit will be per-
manently dismissed, Valeant
said.
Valeant will receive a 6%
royalty on Addyi sales begin-
ning 18 months after signing
the agreement to sell Sprout
and will lend Sprout $25 mil-
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In accordance with the provisions of the Fiscal Agency Agreement dated
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utive chairman until the com-
pany’s shareholder meeting in
November 2018. Lead indepen-
dent director Gregory Kenny
will then become nonexecutive
chairman, the company said.
Chief Financial Officer Mike
Kaufmann, 54 years old, will
become the chief executive of
the pharmaceutical and medi-
cal-supplies distributor on
Jan. 1.
Cardinal Health also an-
nounced that Jorge Gomez,
CFO of Cardinal Health’s medi-
cal division, will be taking over
as finance chief of the entire
company.
Cardinal Health, similar to
lion to fund initial expenses.
Valeant also will be re-
leased from obligations of the
original purchase.
The companies didn’t dis-
close the sale price. They ex-
pect the sale to close by the
end of the year, subject to cer-
tain approvals.
Activist investor William
Ackman, who had personally
invested in Sprout before it
was acquired by Valeant, isn’t
among the former sharehold-
ers purchasing Sprout and
wasn’t involved with the law-
suit, according to a person fa-
miliar with the matter.
Valeant, weighed down by
more than $27 billion in debt,
is in the middle of what Chief
Executive Joseph Papa says is
a turnaround. Mr. Papa said in
prepared remarks Monday
that selling Sprout will allow
Valeant to streamline its busi-
ness and focus resources on
three core areas: eye health,
gastroenterology and derma-
tology.
Shares in the company,
down 17% this year, rose 4.8%
on the New York Stock Ex-
change on Monday.
—David Benoit
and Jonathan D. Rockoff
contributed to this article.
BUSINESS OPPORTUNITIES
$1,000,000 Yearly - $5,000 DAILY
Owner/Operator FDA Approved
THE WALL STREET JOURNAL.
BUSINESS NEWS
other pharmaceutical whole- lysts’ estimates of $1. Revenue holder meeting.
salers and manufacturers, has
been hurt by lower generic-
drug prices, which the com-
rose 2% to $32.6 billion.
Cardinal Health is also fac-
ing lawsuits filed by New Mex-
Last month, the Interna-
tional Brotherhood of Team-
sters sent a letter to share-
Delivery
pany said in April won’t im-
prove until the middle of 2018.
On Monday, the company
ico and dozens of counties na-
tionwide, alleging
company contributed to wide-
the
holders saying the structure of
Cardinal Health’s board was
“inadequate” to respond to its
Of Drugs
said first-quarter profits in its spread addiction to opioid “decadelong role in fueling the BY SHARON TERLEP
pharmaceutical division fell painkillers by failing to control opioid crisis.” The Teamsters,
13% compared with last year, distribution of the drugs. In its whose funds own over $27 CVS Health Corp. is launch-
partly due to the decline in ge- 2017 annual report, the com- million of shares of Cardinal ing next-day delivery of pre-
neric drug prices. pany said it was “vigorously Health, asked shareholders to scription medication, a move
Overall profit fell 63% from defending” itself against those vote to remove Mr. Barrett as that comes as the drugstore
a year ago to $115 million, as suits, which in part allege chairman. giant faces declining retail
higher expenses also weighed companies violated controlled- Cardinal Health said in an sales and potential competi-
on the firm. On an adjusted substance laws. emailed statement that “the tion from Amazon.com Inc.
basis, earnings fell 13% to $346 Cardinal Health announced separation of chairman and CVS on Monday said it
million. Adjusted earnings per Mr. Barrett’s planned depar- CEO was not in response to would offer the service nation-
share were $1.09, beating ana- ture two days before its share- any group.” wide starting early next year,
and same-day delivery in some
urban areas. In Manhattan, the
Anthem Turns to Industry Veteran for Top Job company will offer free same-
day delivery service starting
Dec. 4.
CVS declined to say what
company it paired with to of-
fer nationwide delivery. The
prescriptions will be shipped
from pharmacies and a selec-
tion of store products also will
be eligible for delivery.
As the pharmacy industry
shifts, CVS’s revenue has de-
clined in its retail locations.
On Monday, it reported that
retail sales, including prescrip-
tions, fell 2.7% to roughly 42%
of overall revenue in the pe-
riod ended Sept. 30, while rev-
enue in its pharmacy benefit
manager, or PBM, operations
jumped 8.1%.
Meanwhile, Amazon is con-
sidering entering the phar-
macy business, which is a fac-
tor in CVS’s decision to pursue
a $66 billion bid for insurer
Aetna Inc. CVS executives, in
discussing quarterly earnings
ANTHEM
results on Monday, didn’t ad-
dress talks with Aetna, re-
ported last month by The Wall
Anthem Inc. Chief Executive care investors, previously serving ever, since the beginning of the Street Journal.
Joseph R. Swedish will step as chief executive of the biggest year, Anthem shares have risen Asked how much delivery
down, and veteran managed- U.S. health insurer, the insurance by 47%, along with strong re- would cost, Helena Foulkes,
care executive Gail K. Boudreaux arm of UnitedHealth Group Inc. sults across the health-insurance who runs the company’s retail
will take over as the insurance She has experience overseeing sector and Anthem’s announced business, didn’t specify but
giant’s next leader Nov. 20. Blue Cross Blue Shield plans like pullback from the Affordable said CVS was able to “use our
Ms. Boudreaux will take the ti- those that Anthem operates. Care Act exchange business. scale to secure a low-cost,
tles of chief executive and presi- Anthem, the second-biggest The Cigna deal was blocked by competitive option” that the
dent, the company said. She also health insurer, had revenue of courts on antitrust grounds, but it company believes customers
will join Anthem’s board. Mr. Swed- around $84.9 billion last year. was already mired in acrimony be- will pay for.
ish will remain as executive chair- Mr. Swedish, 66, would be tween the companies’ top execu- For the quarter, CVS re-
man until May 2018 and will be a leaving after his signature stra- tives. Anthem and Cigna are cur- ported a profit of $1.3 billion,
senior adviser through May 2020. tegic effort, Anthem’s $48 billion rently suing each other for billions or $1.26 a share, down 1.3%
Ms. Boudreaux, 57 years old, bid to buy Cigna Corp., ran of dollars in damages. from $1.5 billion, or $1.43 a
is well known among managed- aground earlier this year. How- —Anna Wilde Mathews share, a year ago.
BUSINESS WATCH
PRICELINE GROUP
Outlook Dims
Despite Growth
Priceline Group Inc. lowered
its profit outlook for the final
quarter of the year even as it
continued to report rapid reve-
nue growth from customers
booking vacations and hotels on
its travel sites.
The company forecast ad-
justed per-share earnings in the
current quarter at $13.40 to $14,
significantly below the $15.56 a
share analysts had expected.
The Connecticut company
said travel bookings—the total
dollar value of travel services
purchased by customers includ-
SPENCER PLATT/GETTY IMAGES
ing taxes and fees—grew 18%
during the third quarter, outpac-
ing its prior guidance of up to
15% growth. A year earlier, the

    metric showed growth of 25%.


  
 Medical Equipment
       !!  !  Proprietary Software and Testing Priceline reported a profit of
 " 
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'   Call Today! up from $506 million, or $10.13

 "#    #  & #   202.710.8675 a share, a year earlier. On an ad- Michael Kors and other brands have tried to reduce promotions and sell more items at full price.
   (& ! &    
  justed basis, the company re-

 )  %$ 

 
 *
+
 
, %    
  - ,   
 GLACIER VALLEY MINING AND ported per-share earnings of nue well under expectations. weight-loss company last sum- other brands have tried to re-
    .#  /  ,  $ & $35.22, compared with $29.69 a The company, whose stock mer after serving as CEO of HSN. duce promotions and sell more

  METALS IS FOR SALE - INVEST

 
  
  

  Included is a $47 million dollar tax shelter that year earlier. Revenue jumped fell $3.48 to $36.05 in extended “Since I’ve been at the com- items at full price. In a sign the

   !&   0#  was created in 1984 via the IRS regulations of 20% to $4.43 billion. Analysts trading Monday, tempered its pany, one thing I’ve really fo- strategy is working, sales of Mi-
       the U.S. Treasury Dept. Never used, and intact. polled by Thomson Reuters had sales outlook in the second cused on is an assessment of all chael Kors products at depart-
#   12341 gjdeden@aol.com
  5 & forecast earnings of $34.25 a quarter, but sales of $439 mil- our products around the globe,” ment stores rose 2.5% in the
www.gvmtaxshelter.com share on $4.34 billion in sales. lion still missed revised esti- Ms. Grossman said. “My back- second quarter as the company
—Imani Moise mates of about $454 million. ground is in licensing and prod- replenished items it had sold at
BUSINESS FOR SALE
  


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Exchange Monday.
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TripAdvisor Inc. shares tum- Hotel-related revenue, which
bled 8.8% after hours as the makes up for over 70% of sales,
travel review site reported reve- slipped 3% during the quarter.
“Reigniting near-term hotel
growth has been more difficult
Dividend Notice than expected,” finance chief
Ernst Teunissen said.
The Board of Directors of Canadian
—Imani Moise
National Railway Company has declared
a quarterly dividend of CDN$ 0.4125
per share on the outstanding common
shares. The quarterly dividend is WEIGHT WATCHERS
payable on December 29, 2017 to
shareholders of record at the close New CEO Promotes
of business on December 8, 2017.
Home Deliveries
By order of the Board
Sean Finn
Executive Vice-President Weight Watchers Interna-
Corporate Services and tional Inc. continues to test
Chief Legal Officer
Montreal, Quebec meal-delivery services, the com-
October 24, 2017
pany’s chief executive officer,
Mindy Grossman, said.
“We feel that will be an op-
www.cn.ca
portunity in the year ahead,” said
Ms. Grossman, who joined the
MICHAEL KORS
Strong Earnings
Propel Stock
Shares in Michael Kors Hold-
ings Ltd. shares rose nearly 15%
Monday after the company re-
ported fiscal second-quarter earn-
ings that beat analyst estimates.
The company warned, how-
ever, that third-quarter sales
would face headwinds as it re-
duces promotions further in its
retail and department stores.
It expects sales at stores
open at least a year to decline
more than 5% in the third quar-
ter. Additionally, third-quarter
earnings will be hurt by a shift
in some expenses from the sec-
ond quarter.
Michael Kors, Coach and
—Suzanne Kapner
CENTURYLINK
Landline Giant
Suffers Disruption
Landline giant CenturyLink Inc.
said it suffered a network disrup-
tion that affected internet-proto-
col services for some customers.
“The disruption was caused
by a configuration error,” a
spokeswoman said, adding
“technicians were able to restore
service within approximately 90
minutes.”
Service hiccups are nothing
new, but the outage raised eye-
brows days after CenturyLink
closed its merger with Level 3,
another internet backbone owner.
—Drew FitzGerald
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * Tuesday, November 7, 2017 | B7

BUSINESS NEWS

Uniqlo Founder Thinks U.S. Needs Fewer Malls

In interview, billionaire discusses apparel chain’s expansion plans and what kinds of deals he would do
BY KHADEEJA SAFDAR in New York, Mr. Yanai WSJ: You had explored some because you do not have to
talked about why he thinks acquisitions, like J. Crew. carry it. In the case of cloth-
Tadashi Yanai, the Japa- there is still room for his Would you ever consider do- ing, the fabric, the size, the
nese billionaire behind the chain in a crowded U.S. ing an acquisition to enter color or the thread could be
biggest apparel maker in market. the U.S. market? different [from the last pur-
Asia, is taking another crack Below are edited excerpts MR. YANAI: I have no in- chase]. You need to verify

MICHAEL BUCHER/THE WALL STREET JOURNAL

at the U.S. market. from the conversation: tention to acquire any brand how it feels. Some people
The 68-year-old chairman and company. If we acquired may prefer to buy on a
and chief executive of Fast WSJ: What can retailers do a company, [we] would have smartphone and some people
Retailing Co., which oper- to encourage more shoppers to go through the painstak- may prefer to come to the
ates more than 1,700 Uniqlo to visit their stores? ing process of converting the store.
stores in Asia, once planned MR. YANAI: First and fore- culture to assimilate into
to add hundreds of locations most in the United States, ours. WSJ: There’s a debate at
across the U.S. you tend to have way too If you look at U.S. retail- many retailers: data versus
He slowed those expan- many malls. ers, in particular the apparel the skill of a merchant. Do
sion plans in 2015 after sales You tend to build another segment, the performance is you think the age of mer-
at stores he initially opened, shopping mall next to the ex- not impressive at the mo- chants is over?
particularly in suburbs, isting mall, and people could ment. So I remain not inter- MR. YANAI: Data would
missed forecasts. be at a loss to which mall ested. Tadashi Yanai, chairman and CEO of Uniqlo owner Fast Retailing never substitute the mer-
In 2014, he also consid- they should go to. chant. How do you interpret
ered buying J. Crew Group All of the tenants look WSJ: Since you aren’t inter- of expertise. But whether or MR. YANAI: I don’t think the data? That’s the mer-
Inc., but talks eventually alike and that’s not necessar- ested in acquisitions, what is not it’s worthwhile to invest 100% of the sales will go on- chant’s skill set. You need to
broke down. ily appetizing for the shop- your strategy to grow your or to acquire is yet to be line. Probably the mix of the uncover the insight that is
Uniqlo has been moving pers, I’m afraid… online business? known. online business will be 30%. buried in the data and the
into the U.S. with stores in What we found out was MR. YANAI: Potential acqui- If you are looking for bottled merchants need to uncover
major cities and vending ma- that we need to focus on ma- sitions and partnerships [in WSJ: As more sales shift on- water, detergent, you need it. Even if you employ artifi-
chines in airports. jor cities in the United States digital or delivery] could be line, do you think any stores the same product time and cial intelligence to help you,
Speaking through a and have multiple stores and [conceivable] because these in the U.S. are doing an ex- time again. Online could be the numbers [don’t tell] the
translator in an interview footprints. are not necessarily our areas emplary job? the better channel [for that] future.

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 Stock
52-Wk %
Sym Hi/Lo Chg
ResoluteForest RFP 9.00 8.1 CBL Assoc CBL 5.54 -6.1 ColumbiaSustIntl ESGN 31.11 -0.5 iPathBloomNickelTR JJN 15.88 2.1 PwrShUsRealEst PSR 81.88 1.3 USAACoreST USTB 50.23 0.1 GlbXSuperIncPfd SPFF 12.28 0.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE RoyalDutchA RDS.A 65.83 2.2 CVS Health CVS 66.45 -3.5 CSAxela3xLgBrent UBRT 153.00 10.6 iPathAIGCarbon GRN 10.15 4.1 PwrShDBComTr DBC 16.55 1.9 USAA USA ValMom ULVM 50.74 0.6 GuggBS2025HYCpBd BSJP 24.92 -0.3
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in RoyalDutchB RDS.B 67.40 2.1 Cambrex CBM 42.55 -3.4 CS FI LC Grwth FLGE 214.95 0.2 iPathGSCI nts GSP 15.17 3.4 PwrShDBEnergy DBE 14.42 2.9 USBrentOilFd BNO 17.31 3.4 ProShShtDow30 DOG 15.73 -0.2
RoyceValue RVT 16.11 0.4 CapsteadMtg CMO 8.52 -0.3 DirexCSI300CnABl2 CHAU 28.95 2.5 iPath MSCI India INP 86.95 0.6 PwrShDynLC Grwth PWB 40.59 0.1 USDieselHeatingOil UHN 18.33 3.0 ProShShortQQQ PSQ 36.06 -0.3
the latest session. % CHG-Daily percentage change from the previous trading session. SabineRoyalty SBR 43.60 1.5 CardinalHealth CAH 57.55 -1.8 DirexFinlBull3 FAS 62.18 0.7 iShCoreMSCIEmgMk IEMG 56.51 1.0 PwrShRussMCGrw PXMG 40.59 0.4 USGasolineFd UGA 33.07 2.0 ProShShrtS&P500 SH 31.22 -0.2
SafeBulkers SB 3.79 3.8 CenturyLink CTL 16.04 1.8 DirexJapanBl3 JPNL 74.39 -0.1 iShCoreMSCIPacific IPAC 59.16 0.1 PwrShRuss1000EqWt EQAL 30.12 0.5 US3xOilFd USOU 39.52 17.3 ProShUltTelecom LTL 38.69 -3.7
Monday, November 6, 2017 SantanderConUSA SC 17.05 -0.2 DeanFoods DF 9.18 -1.3 DirexIndiaBull3 INDL 99.88 1.3 iShModAllocation AOM 38.38 0.3 PwrShRussTop200G PXLG 44.75 0.4 VanEckGaming BJK 43.50 0.8 ProShUltVIXST UVXY 14.73 -1.9
ScorpioBulkNt19 SLTB 25.75 -0.4 EdgewellPersonal EPC 59.89 -0.5 DirexS&P500Bl3 SPXL 41.73 0.4 iShCoreS&P500ETF IVV 260.77 0.2 PwrShS&P500Down PHDG 26.85 ... VanEckIndiaSC SCIF 64.37 0.8 ProShUltShtDow30 SDOW 22.87 -0.2
52-Wk % 52-Wk % 52-Wk %
SemicondctrMfg SMI 9.14 4.2 EnvisionHlthcr EVHC 26.34 -0.7 DirexS&P500Bull2X SPUU 46.89 0.9 iShCoreS&PMdCp IJH 184.14 0.4 PwrShS&P500Mom SPMO 33.63 0.3 VanEckOilRefin CRAK 29.29 0.8 ProShUltProShS&P SPXU 12.61 -0.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SCI 36.37 1.2 EvolentHealth EVH 10.48 -17.0 DirexS&P500Bl1.25 LLSP 34.69 0.3 iShS&PTotlUSStkMkt ITOT 59.33 0.2 PwrShS&P400LowVol XMLV 45.35 0.3 VanEckRussiaSC RSXJ 43.94 1.1
ServiceCorp ProShUlt3xShCrude OILD 12.48 -8.9
CLSelPrTechGrFd STK 24.01 1.5 JonesLangLaSalle JLL 140.99 4.1 Sony SNE 45.96 2.4 FT SrFR Incm FCT 12.94 0.1 DirexSemiBl3 SOXL 163.25 4.3 iShCurHdgMSCIACWI HACW 29.00 0.8 PwrShWldrClean PBW 25.44 1.9 VanEckSemiconduc SMH 104.27 1.3 ProShUltBloomCrd SCO 26.98 -5.9
NYSE highs - 168 ConocoPhillips COP 53.94
CrownCastlePfdA CCIpA 1142.00
1.3
3.7
KAR Auction KAR
KB Home KBH
49.38
27.98
1.5
3.2
SpiritAeroSys SPR
Square SQ
83.41
37.75
1.0
0.8
GameStop
GeneralMills
GME
GIS
17.71 -1.5
50.08 -2.4
DirexTechBull3 TECL
EmgMktInternetEcom EMQQ
111.15
38.06
0.6
1.9
iShCurHdgMSCIUS HAWX
iShCurHdgMSCIEAFE HSCZ
27.13
30.93
0.1
0.3
ProShShtVIXST SVXY
ProShrUltraDow30 DDM
109.31
119.51
0.8
0.1
VangdInfoTech VGT
VangdAWxUSSC VSS
165.38
117.57
0.4
0.5
ProShUltShDow30 DXD
ProShrUS MSCI EAFE EFU
9.66
23.59
...
-0.3
AdamsDivEquityFd ADX 15.80 0.6 CrownCastle CCI 114.84 5.0 KBR KBR 21.16 4.0 Statoil STO 20.87 2.6 GranitePointMtg GPMT 17.54 0.7 ETFMG VideoGame GAMR 46.30 0.6 iShCurrHdgMSCISK HEWY 32.01 3.1 ProShrUltraQQQ QLD 71.61 0.7 VangdFTSE Pac VPL 71.99 0.1 ProShUltShtQQQ QID 13.80 -0.7
AlamoGroup ALG 114.57 2.6 CubeSmart CUBE 28.61 1.2 Kemper KMPR 68.13 4.0 STMicroelec STM 24.80 0.8 HarleyDavidson HOG 44.99 -4.0 E-TRACS CMCI UCI 15.19 2.1 iShCurHdgMSCISwitz HEWL 27.62 ... ProShrUltraS&P SSO 102.53 0.3 VangdGrowth VUG 137.71 0.3 ProShUltShtS&P500 SDS 43.98 -0.3
AlexandriaRealEst ARE 126.52 0.3 Deere DE 135.83 0.2 KeysightTechs KEYS 45.11 0.7 SunCommunities SUI 93.40 0.9 Interpublic IPG 18.81 0.8 ElemntsRogrMrngstr WMW 29.19 -1.2 iShU.S.Technology IYW 163.86 0.4 ProShrUlSemi USD 134.14 2.4 VangdLC VV 118.90 0.1 ProShrUSSemi SSG 9.75 -3.1
Allstate ALL 99.44 1.3 DelekUS DK 28.61 2.3 KosmosEnergy KOS 8.57 4.6 SuncorEnergy SU 35.73 1.3 KimberlyClark KMB 109.69 -0.8 ElemntsRogrTr RJI 5.36 2.1 iShEdgeMSCIMinJapn JPMV 67.34 0.1 ProShrUlTech ROM 89.54 1.0 VangdMegaCap MGC 89.08 0.1 ProShrUSTech REW 16.53 -1.0
AllyFinancial ALLY 26.93 0.6 DriveShackPfdB DSpB 26.00 0.2 Kraton KRA 51.23 1.7 TE Connectivity TEL 93.68 0.3 Macy's M 17.94 -1.1 FIEnhancedGlbHiYd FIEG 166.08 0.7 iShEdgeMSCIMlIntSC ISCF 31.82 0.3 ProShUltDow30 UDOW 81.16 ... VangdMegaGrwth MGK 108.92 0.3 ProShrUSUtil SDP 23.50 0.8
AlonUSAPartners ALDW 13.87 4.6 EMCOR EME 81.77 0.3 LambWeston LW 52.47 -0.1 TaiwanFund TWN 21.73 0.4 NewSeniorInvt SNR 8.11 -0.4 FidelityMSCIIT FTEC 50.20 0.4 iShEdgeMSCIMultUSA LRGF 31.08 0.2 ProShUltS&P500 UPRO 127.10 0.4 VangdS&P500 VOO 237.89 0.2 ProShsVIXSTFut VIXY 27.63 -1.0
Ameresco AMRC 8.80 10.8 EtnVncEqtyInco EOI 14.51 0.8 LasVegasSands LVS 67.38 1.0 TeekayOffshrPfB TOOpB 26.00 3.6 NordicAmerTankers NAT 4.09 -1.7 FidelityMomFactor FDMO 30.75 0.3 iShGlobal100 IOO 91.94 0.3 SPDRBloomBarCvSecs CWB 52.03 0.8 VangdS&P500 Grw VOOG 134.26 0.3 UBSProSh3xInvCrd WTID 17.81 -8.9
AmericanExpress AXP 96.73 -0.1 EtnVncTxAdvDiv EVT 22.65 0.2 LibertyAllStar USA 6.22 0.2 TeledyneTech TDY 183.60 0.6 Nordstrom JWN 38.16 2.0 FT FinlsAlpDx FXO 30.54 0.3 iShJPX-Nikkei400 JPXN 64.24 0.2 SPDRFactSetInnTech XITK 80.25 0.7 VangdS&P400Grwth IVOG 130.60 0.4 US ShortOilFd DNO 59.53 -3.1
AmHomes4RentPfdF AMHpF 26.21 -0.1 Ecopetrol EC 11.88 5.7 LiveNationEnt LYV 44.51 1.5 Total TOT 56.97 1.1 PQ Group PQG 15.45 -1.3 FT GlbEngg FLM 59.53 1.3 iShACWILowCarbon CRBN 115.47 0.2 SPDRGlobalDow DGT 82.76 0.4 VangdTotalStk VTI 133.17 0.2 US3xShrtOilFd USOD 13.25 -8.7
AmerTowerPfdB AMTpB 132.22 5.7 EquityResdntl EQR 69.63 1.5 MI Homes MHO 34.11 2.1 TotalSystem TSS 73.84 1.9 PandoraMedia P 5.19 -5.5 FT TechAlphaDEX FXL 51.55 0.6 iShMSCIAllPeruCap EPU 42.70 0.7 SPDR NYSE Tech XNTK 84.43 0.5 VangdTotlWrld VT 72.72 0.3 VangdTelecom VOX 84.00 -1.4
AmerTowerREIT AMT 150.96 5.7 ExtraSpaceSt EXR 86.75 1.2 MSCI MSCI 127.78 1.3 ToyotaMotor TM 125.75 ... PartyCity PRTY 9.50 -1.8 FT USEquityOpp FPX 66.24 0.2 iShMSCIBRICETF BKF 44.87 1.6 SPDRPtfLTCorpBd SPLB 28.30 0.1 VirtusWMCGlb VGFO 25.49 0.4 VelocityShLIBOR DLBR 23.21 -2.6
Andeavor ANDV 112.21 1.3 FangHoldings SFUN 5.00 2.5 MainStreetCap MAIN 41.21 0.3 TrancntlRlty TCI 30.19 0.3 PennyMacTr PMT 14.94 -1.6 FlexGlbUpstmNatRsc GUNR 32.31 1.2 iShMSCIEmgMarkets EEM 46.87 1.1 SPDRS&P500Growth SPYG 32.34 0.4 WBITacticalHiIncm WBIH 24.90 0.3 Velocity3xInvCrude DWT 16.31 -9.0
Anthem ANTM 220.00 2.1 FederatedInvest FII 31.82 0.8 ManchesterUnited MANU 18.75 1.6 Tri-Continental TY 26.19 0.2 PIMCOCAMuniIII PZC 10.31 -0.4 FlexShMDevMktxUS TLTD 68.35 0.3 iShMSCIGloblEnProd FILL 21.30 1.5 SPDR Ptf TSM SPTM 32.20 0.1 WBITacticalLCGD WBIE 25.10 0.2 VirtusEnhShrtUS VESH 23.79 -0.8
AnthemUn ANTX 54.72 1.0 FidelityNatlFin FNF 38.48 0.5 Manitowoc MTW 10.36 1.2 TritonIntl TRTN 41.37 0.8 PitneyBowes PBI 10.96 -2.4 GlbX ChinaEner CHIE 11.87 2.1 iShMSCIKLD400Soc DSI 95.71 0.2 SPDR S&P500MidGr MDYG 153.48 0.4 WBITacticalRotatn WBIR 25.37 0.3
Aquantia
AristaNetworks ANET
AQ 10.71
207.35
9.7
2.6
FirstAmerFin FAF
FT EnhEquity FFA
55.95 1.8
15.69 0.4
Manpower MAN
MarriottVacations VAC
126.26
143.53
-0.7
0.2
TwoHarborsPfdB TWOpB
UnitedRentals URI
26.79
148.52
...
2.5
RAIT Financial RAS
RR Donnelley RRD
0.36 -10.0
8.20 -4.4
GlbX FTSE SE Asia ASEA
GlbX GuruIndex GURU
16.02
28.90
0.4
0.8
iShMSCIKokusaiETF TOK
iShMSCIPhilippines EPHE
63.89
38.02
0.2
1.9
SPDRS&P500Fossil SPYX
SPDRS&PGlbNatRes GNR
62.91
47.84
...
0.9
WisdTrCBOES&P500 PUTW
WisdTrEMxSOE XSOE
29.74
31.11
...
1.1
NYSE American highs - 7
ArtisanPtrsAsset APAM 36.80 0.8 FirstCash FCFS 65.60 1.0 McDonalds MCD 170.42 0.8 UnitedHealth UNH 213.93 -0.4 RubiconProject RUBI 1.98 -3.9 GlbXMSCIArgentina ARGT 33.28 1.2 iShMSCIUSAEqWeight EUSA 53.46 0.5 SPDRS&PSft&Svs XSW 69.00 -0.1 WisdTrIndiaEarn EPI 27.37 0.4 Ashford AINC 81.81 10.4
AspenAerogels ASPN 4.96 2.3 Fortis FTS 37.90 1.6 MichaelKors KORS 55.01 14.7 UnumGroup UNM 53.17 1.2 Smucker SJM 99.86 -2.2 GlbXSciBetaAsiaXJ SCIX 26.27 0.3 iShMSCIWorldETF URTH 86.41 0.4 SPDRSSgAGlbAll GAL 37.69 0.3 WisdTrIntDivxFin DOO 43.56 0.6 Chase CCF 127.65 4.6
BP BP 41.46 2.1 GTT Comm GTT 36.90 4.1 MiXTelematics MIXT 11.40 3.2 Visa V 112.15 0.5 Sprint S 5.72 -11.5 GSActiveBetaEM GEM 35.13 1.1 iShMorningstarLC JKD 155.26 0.2 SPDRSSgAMultiAsset RLY 25.88 0.9 WisdTrJpnHlthCare DXJH 36.11 ... CloughGlblDiv GLV 14.35 1.0
BkNovaScotia BNS 65.85 0.4 Gallagher AJG 64.24 0.7 ModineMfg MOD 23.70 -1.7 VailResorts MTN 236.86 0.5 StandardMotor SMP 42.27 -0.8 GSActiveBetaUSLC GSLC 51.46 -0.1 iShMornLCGrowth JKE 152.92 0.4 SchwabFundIntLrgCo FNDF 30.54 0.2 WisdTrUSEarn500 EPS 89.76 -0.1 CloughGlblOpp GLO 11.62 0.1
BectonDickinson BDX 225.23 -1.0 GasLog GLOG 18.75 2.2 MolinaHealthcare MOH 80.65 -0.3 VirtusGlbDiv&Incm ZTR 13.61 1.3 Switch SWCH 18.00 0.2 GSHedgeIndVIP GVIP 52.86 0.6 iShMornMCGrowth JKH 197.17 0.4 SchwabFundIntlSmCo FNDC 35.73 0.4 WisdTrUSLCValueFd EZY 78.51 -0.1 LadenburgThalmann LTS 3.25 3.2
BectonDickinsonPfA BDXA 59.93 -0.8 GlobalPayments GPN 104.83 0.6 NRG Energy NRG 28.49 2.3 WNS WNS 41.82 1.0 Tegna TGNA 11.59 0.2 GraniteBloomComm COMB 26.27 1.4 iShRussell1000Gwth IWF 131.05 0.2 SchwabFundUSBrd FNDB 35.74 0.2 XtrkrsHarvCSI300 ASHR 30.83 1.3 SparkNetworks LOVw 10.20 910.1
Bio-RadLab B BIO.B 261.55 2.6 GoDaddy GDDY 47.37 0.8 NatlPrestoInds NPK 121.40 0.5 W.P.Carey WPC 70.50 -0.6 3D Systems DDD 8.09 -5.7 GraniteS&P Comm COMG 27.22 2.9 iShRussell1000ETF IWB 144.16 0.1 SchwabIntlSC SCHC 36.55 0.3 XtrkrsMSCIAllChina CN 37.54 1.0 StoneEnergyWt SGY.WS 6.66 6.6
Bio-RadLab A BIO 265.88 -0.6 GraniteConstr GVA 66.19 2.7 NatlStorage NSA 26.27 1.9 WellCareHealth WCG 208.89 -0.7 TwoHarbors TWO 15.22 -2.4 GuggBRIC EEB 38.11 1.7 iShRussell3000ETF IWV 153.48 0.2 Schwab1000Index SCHK 25.45 0.2 XtrkrsMSCIAWxUS DBAW 28.23 0.1
BlkRkRscs&Comm BCX
BlkRkSci&Tech BST
9.09
27.05
0.6
1.7
GreatPlainsEner GXP
GreenDot GDOT
33.75 0.3
57.70 0.6
NexPointResidentl NXRT
Oppenheimer A OPY
27.82
23.65
3.3
0.2
WstAstVarRte GFY
Workiva WK
17.52
23.00
...
-0.2
UnderArmour A UAA
UnderArmour C UA
11.40 3.5
10.36 3.6
GuggChinaAllCap YAO
GuggChinaTech CQQQ
35.42
62.38
0.8
3.2
iShRussellTop200Gr IWY
iShRussellTop200 IWL
71.33
59.63
0.2
0.1
SchwabUS BrdMkt SCHB
SchwabUS LC SCHX
62.63
61.88
0.2
0.2
XtrkrsMSCIAPxJapan DBAP
XtrkrsMSCIEM DBEM
29.14
24.38
1.3
0.6
NYSE American lows - 5
BroadridgeFinl BR 87.71 0.4 GrubHub GRUB 63.16 1.2 OrionEngCarbons OEC 25.45 0.6 XPO Logistics XPO 74.41 0.8 VoyaPrimeRate PPR 5.08 -0.4 GuggS&P500EWTech RYT 143.49 0.5 iShS&P100 OEF 114.81 0.1 SchwabUS LC Grw SCHG 68.72 0.3 AmericanLorain ALN 0.20 -3.8
CBRE Group
CF Industries CF
CBG 41.11
39.32
2.1
1.6
GuidewireSoftware GWRE
HFF HF
83.47 0.7
44.84 0.5
PBF Energy PBF
PGT Innovations PGTI
31.78
15.20
2.1
1.0
ZTO Express ZTO
Zoetis ZTS
17.37
70.48
3.7
1.5
WashingtonPrime WPG
WeisMarkets WMK
6.85 -1.9
31.26 -15.8
GuggS&P500PureGr RPG
GuggS&P400PrGrwth RFG
104.16
150.65
0.3
0.5
iShS&PMC400Growth IJK
iShS&P500Growth IVW
210.63
149.65
0.4
0.2
SchwabUS MC SCHM
SPDR DJIA Tr DIA
51.51
235.59
0.5
0.1
NYSE Arca lows - 37 AurynResources AUG
BlkRkMD Muni BZM
1.55
13.70
3.1
...
CNOOC CEO 143.39 2.7 HeritageInsurance HRTG 16.97 2.1 PaycomSoftware PAYC 83.11 2.0 WideOpenWest WOW 12.33 0.8 GuggS&P400PureVal RFV 66.00 0.9 iShGlobalTechETF IXN 155.32 0.5 SPDR MSCI exUS CWI 38.85 0.5 iPathS&P500VIXST VXX 33.29 -1.0 CRH Medical CRHM 1.69 -5.4
CVR Energy CVI 31.61 3.6 Hilton HLT 73.45 0.3 Penumbra PEN 104.05 2.5
NYSE lows - 51 GuggIntlMltAst HGI 17.33 0.4 iShGlobalConsDiscr RXI 104.83 0.5 SPDR S&PMdCpTr MDY 335.71 0.4 BrandValueETF BVAL 14.46 ... Cohen COHN 8.80 -1.0
CVR Refining CVRR
Cabot CBT
12.90
64.66
2.4
0.4
HollyFrontier
HondaMotor
HFC
HMC
42.23 4.8
33.58 2.0
PrincipalFin
Progressive
PFG
PGR
69.46
50.40
1.3
0.1 AES AES 10.34 -1.3
NYSE Arca highs - 205 GuggS&P500Top50 XLG
GuggS&PGlblWtr CGW
184.33
35.40
0.1
0.5
iShrsSP GSCI Cmdty GSG
iShNorthAmerTech IGM
16.07
168.91
2.1
0.5
SPDR S&P 500 SPY
SPDR SP China GXC
259.00
108.05
0.2
1.3
CSAxela3xInvBrent DBRT
DBCrudeOilDblShrt DTO
64.33
97.25
-6.6
-5.7 Nasdaq highs - 182
CabotOil COG 29.03 1.9 DR Horton DHI 44.99 1.2 PureStorage PSTG 16.65 0.5 AMC Ent AMC 11.45 2.5 ALPS EqSecWgh EQL 67.75 0.4 GuggS&P100EW OEW 32.97 0.6 iShDowJonesUS IYY 129.70 0.2 SPDR SP EmAsPac GMF 104.73 0.7 DirexCSI300CnA CHAD 31.80 -1.3
CadenceBancorp CADE 25.49 0.9 HuntingtonIngalls HII 237.94 0.5 QTS Realty QTS 59.91 2.0 ARCDocumentSolns ARC 2.60 -1.8 AdvShKIMKorea KOR 31.98 -1.5 GuggSolar TAN 24.90 1.8 HancockTech JHMT 41.36 0.5 SPDR IntlSC GWX 35.99 0.7 DirexEM Bear3 EDZ 9.72 -3.5 ALPS/DorseyMom SWIN 29.80 0.9
CanNaturalRes CNQ 36.78 2.0 IDACORP IDA 94.00 0.7 QuakerChemical KWR 163.36 1.6 AT&T T 32.55 -1.3 AdvShNewTech FNG 23.08 0.7 HartfordMultiUSEqu ROUS 29.79 0.2 JPMDivRetEurCur JPEH 29.43 ... SPDR S&P Semi XSD 73.29 3.0 DirexFinlBear3 FAZ 13.04 -0.8 ASML ASML 185.39 0.2
Care.com CRCM 20.88 4.9 IONGeophysical IO 14.85 1.8 QuintilesIMS Q 109.29 0.5 ArcherDaniels ADM 39.10 -1.3 AlphaCloneAltAlpha ALFA 42.57 0.9 HullTacticalUS HTUS 28.34 0.1 JPM DivRetGlEq JPGE 61.67 0.3 Whiskey&SpiritsETF WSKY 32.12 0.3 DirexS&P500Br3 SPXS 33.22 -0.4 Abiomed ABMD 198.29 0.8
Carters CRI 99.90 1.6 Ingevity NGVT 76.00 -0.2 RPC RES 26.45 3.0 ArmstrongFlooring AFI 13.32 5.7 CSOPFTSEChinaA50 AFTY 18.09 0.6 IQ50%HdgFTSEEur HFXE 20.37 0.2 KnowldgLdrDevWrld KLDW 32.89 0.2 TechSelectSector XLK 63.65 0.2 DirexS&P500Br1 SPDN 31.68 -0.2 Aegion AEGN 27.18 4.2
ChathamLodging CLDT 22.70 0.8 InvestorsRE PfdC IRETpC 25.67 0.5 Rayonier RYN 31.00 0.6 BlueCapReins BCRH 12.55 -1.9 ColumbiaIndiaCnsmr INCO 46.74 1.8 IQ HedMacrTrac MCRO 26.55 0.3 KraneBoseraChinaA KBA 34.71 1.2 UBS FIEnhLCGrw FBGX 214.07 0.5 DirexSemiBear3 SOXS 14.65 -4.2 AlignTech ALGN 246.83 1.3
ChoiceHotels CHH 74.70 5.7 JapanSmlCap JOF 13.20 0.1 Renren RENN 11.98 -2.5 Build-A-Bear BBW 7.55 -3.2 ColumbiaIndiaSC SCIN 22.24 1.0 Inspire100ETF BIBL 25.27 0.6 OppGlbESGRevenue ESGF 30.77 0.2 USAACoreInterBd UITB 50.29 ... DirexTechBear3 TECS 7.12 -0.7 Continues on Page B11
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B8 | Tuesday, November 7, 2017 THE WALL STREET JOURNAL.

Annual
Meeting
November 13–14,
2017
Washington, D.C.
In a time of political tumult, the new administration in Washington
is already recasting trade relations, health-care policy, tax rates,
regulation and America’s role in the world.

Join The Wall Street Journal as we explore these topics with key
officials, industry leaders and global CEOs.

Speakers include:
Anne Case Kevin Hassett Mike Pence
Professor, Economics and Public Affairs Chairman, White House Council Vice President of the United States
Emeritus, Princeton University of Economic Advisers
Wilbur L. Ross, Jr.
Angus Deaton Jerry Kaplan U.S. Secretary of Commerce
Nobel Laureate in Economics; Adjunct Professor, Stanford University;
Senior Scholar, Princeton University Author, “Humans Need Not Apply: Lawrence H. Summers
A Guide to Wealth and Work in the Age President Emeritus, Harvard University;
Betsy DeVos of Artificial Intelligence” U.S. Secretary of the Treasury
U.S. Secretary of Education (1999-2001)
Amy Klobuchar
John Ferriola U.S. Senator (D., Minn.) Jay Walker
Chairman, President and CEO Founder and CEO, Upside;
Nucor Corporation Chris Liddell Founder, Priceline.com;
Assistant to the President and Director Founder, Library of the History
Martin Ford of Strategic Initiatives of Human Imagination
Author, "Rise of the Robots:
Technology and the Threat Steven Mnuchin Mark Warner
of a Jobless Future" U.S. Secretary of the Treasury U.S. Senator (D., Va.)

CEO Council membership is by invitation.

Learn more at CEOCouncil.wsj.com

Proudly supported by:

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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Tuesday, November 7, 2017 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23548.42 s 9.23, or 0.04% Trailing P/E ratio 21.29 19.97 2591.13 s 3.29, or 0.13% Trailing P/E ratio 24.33 23.02 6786.44 s 22.00, or 0.33% Trailing P/E ratio * 16.10 23.75
High, low, open and close for each P/E estimate * 19.35 16.91 High, low, open and close for each P/E estimate * 19.39 17.78 High, low, open and close for each P/E estimate * 21.55 18.79
trading day of the past three months. Dividend yield 2.16 2.55 trading day of the past three months. Dividend yield 1.92 2.20 trading day of the past three months. Dividend yield 1.05 1.25
All-time high 23548.42, 11/06/17 All-time high: 2591.13, 11/06/17 All-time high: 6786.44, 11/06/17

Current divisor 0.14523396877348

23500 2580 6750

Session high
DOWN UP 23000 2550 6650
t

Session open Close

Close Open
t

22500 2520 6550

Session low
22000 2490 6450

21500 2460 6350

65-day moving average 65-day moving average
65-day moving average
21000 2430 6250

Bars measure the point change from session's open

20500 2400 6150
Aug. Sept. Oct. Aug. Sept. Oct. Aug. Sept. Oct.
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* 850,773,752 8,665,273
Industrial Average 23574.86 23520.75 23548.42 9.23 0.04 23548.42 18259.60 29.0 19.2 10.3 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 533,292,592 6,425,446
Transportation Avg 9759.94 9720.62 9731.79 -23.21 -0.24 10038.13 8328.29 16.8 7.6 2.8 Most-active issues in late trading Decl. volume* 312,264,646 2,012,994
Utility Average 753.68 748.85 749.25 -4.18 -0.55 754.80 625.44 12.8 13.6 7.8 Volume After Hours Issues traded 3,074 332
Company Symbol (000) Last Net chg % chg High Low Advances 1,735 206
Total Stock Market 26853.56 26771.67 26830.60 41.60 0.16 26830.60 21989.42 22.0 15.3 8.3
SPDR S&P 500 SPY 9,752.4 258.79 -0.06 -0.02 258.88 258.46 Declines 1,235 110
Barron's 400 687.59 685.16 687.30 1.09 0.16 691.56 534.90 28.5 14.2 8.5
SPDR S&P O&G Exp Prd XOP 7,159.1 36.85 0.02 0.05 36.87 36.75 Unchanged 104 16
Nasdaq Stock Market VanEck Vectors Gold Miner GDX 6,670.2 22.87 -0.04 -0.17 22.92 22.83 New highs 168 7
Nasdaq Composite 6790.67 6763.17 6786.44 22.00 0.33 6786.44 5166.17 31.4 26.1 13.5 General Electric GE 4,843.9 20.11 -0.02 -0.10 20.20 20.08 New lows 51 5
Nasdaq 100 6318.58 6291.84 18.03 6313.61 4702.04 29.8 Closing tick 94 21
6313.61 0.29 32.3 14.9 Twitter TWTR 3,818.6 19.62 0.23 1.19 20.00 19.36
Closing Arms† 0.83 0.49
iShares Russell 2000 ETF IWM 3,126.3 148.83 0.05 0.03 148.91 148.56
Standard & Poor's Block trades* 6,815 112
Intel INTC 2,976.3 46.80 0.10 0.21 46.80 46.18
500 Index 2593.38 2585.66 2591.13 3.29 0.13 2591.13 2131.52 21.6 15.7 8.5 Nasdaq NYSE Arca
Bank of America BAC 2,910.8 27.77 0.02 0.07 27.77 27.70
MidCap 400 1845.20 1835.80 1843.36 7.38 0.40 1843.36 1509.80 22.1 11.0 8.8 Total volume*2,111,140,693 219,828,335
SmallCap 600 905.83 900.69 902.74 1.86 0.21 918.72 724.26 24.6 7.7 10.0 Percentage gainers… Adv. volume*1,343,670,722 164,041,035
Decl. volume* 733,830,879 54,858,798
Other Indexes Myomo MYO 93.3 7.20 2.96 69.81 8.42 4.47
Issues traded 3,053 1,321
Russell 2000 1501.49 1494.74 1497.96 3.05 0.20 1512.09 1192.25 25.6 10.4 8.5 NeoPhotonics NPTN 27.6 5.30 0.55 11.58 5.47 4.75
Advances 1,560 930
NYSE Composite 12410.66 12365.51 12400.93 27.87 0.23 12430.52 10500.16 18.1 12.2 4.6 Lannett Co LCI 5.0 23.00 1.80 8.47 23.50 21.20 Declines 1,337 359
Value Line 542.54 540.13 542.07 1.94 0.36 545.98 465.78 16.4 7.1 3.1 AmTrust Financial AFSI 7.9 13.50 0.96 7.66 13.73 12.54 Unchanged 156 32
NYSE Arca Biotech 4206.13 4152.13 4154.65 -52.58 -1.25 4304.77 3005.13 38.3 35.1 7.7
Weight Watchers WTW 519.0 48.21 3.41 7.61 51.98 44.80 New highs 182 205
New lows 68 37
NYSE Arca Pharma 537.95 535.95 536.54 -0.57 -0.11 560.52 463.78 13.1 11.4 0.3 ...And losers
Closing tick 394 29
KBW Bank 102.20 101.66 102.00 -0.13 -0.12 102.31 75.14 35.3 11.1 11.7 Teligent TLGT 76.6 3.50 -1.75 -33.33 5.25 3.40 Closing Arms† 0.64 0.88
PHLX§ Gold/Silver 82.64 80.82 82.28 1.55 1.92 96.72 73.03 -5.1 4.3 8.6 TrueCar True 1,509.8 11.90 -4.44 -27.17 16.34 11.30 Block trades* 7,474 1,267
PHLX§ Oil Service 141.21 135.37 140.94 6.06 4.49 192.66 117.79 -7.0 -23.3 -16.7 Quantenna Communications QTNA 90.5 11.40 -3.47 -23.34 15.00 10.60 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1318.32 1302.24 1317.34 17.37 1.34 1317.34 806.09 59.5 45.3 27.0 PCM Inc. PCMI 27.8 11.30 -2.85 -20.14 14.15 11.30 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 9.74 9.38 0.26 18.74 9.14 -49.8 -33.0 -11.7 issues with the volume of shares rising and falling. An
9.40 2.84 Red Robin Gourmet Burgers RRGB 471.1 54.30 -12.75 -19.02 67.05 48.00 Arms of less than 1 indicates buying demand; above 1

Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2978.48 2.20 0.07 17.7 Diana Containerships DCIX 20.19 8.98 80.11 1131015.06 1.56 -99.9 Tivity Health TVTY 31.60 -16.45 -34.24 48.50 19.50 58.8
DJ Global Index 386.27 0.44 0.11 18.5 Helios Matheson Analy HMNY 14.20 4.55 47.15 38.86 2.20 167.9 Xunlei ADR XNET 8.51 -2.85 -25.09 13.28 3.11 85.0
DJ Global ex U.S. 260.24 0.20 0.08 21.6 Basic Energy Services BAS 23.75 3.64 18.10 44.81 14.03 ... Med Transcription Billing MTBC 3.01 -0.98 -24.56 5.44 0.29 258.3
Americas DJ Americas 623.08 1.23 0.20 15.3 California Resources CRC 14.13 2.09 17.36 23.42 6.47 28.8 Crawford Co A CRD.A 7.15 -2.11 -22.79 10.50 6.86 -18.3
Brazil Sao Paulo Bovespa 74310.79 395.37 0.53 23.4 United States 3x Oil Fund USOU 39.52 5.82 17.27 39.52 22.46 ... Crawford Co B CRD.B 8.90 -2.46 -21.65 14.37 8.22 -19.5
Canada S&P/TSX Comp 16092.20 72.04 0.45 5.3 Fulgent Genetics FLGT 4.05 0.59 17.14 13.90 3.41 -53.4 Par Technology PAR 9.06 -1.89 -17.26 11.79 4.69 65.3
Mexico S&P/BMV IPC 48967.01 432.17 0.89 7.3 TDH Holdings PETZ 25.32 3.58 16.47 31.75 6.02 ... Evolent Health Cl A EVH 11.00 -2.25 -16.98 27.50 10.48 -41.8
Chile Santiago IPSA 4194.38 31.62 0.76 30.1 Energy Focus EFOI 2.90 0.41 16.47 5.32 1.51 -10.5 Neos Therapeutics NEOS 10.83 -2.08 -16.09 13.15 4.85 96.8
0.13 Carvana Cl A CVNA 16.36 2.30 16.36 23.70 8.14 ... Weis Markets WMK 34.00 -6.37 -15.78 68.88 31.26 -39.1
EMEA Stoxx Europe 600 396.59 0.53 9.7
Tel Instrument Elec TIK 2.80 0.39 16.01 6.25 2.35 -23.3 Vical VICL 1.81 -0.29 -13.81 3.70 1.80 -26.1
Eurozone Euro Stoxx 399.40 –0.61 –0.15 14.0
Belgium Bel-20 4118.51 5.96 0.14 14.2 Diana Shipping DSX 4.57 0.63 15.99 6.20 2.44 83.5 Hexindai ADR HX 10.98 -1.68 -13.27 17.00 10.00 ...
France CAC 40 5507.25 –10.72 –0.19 13.3 Michael Kors Holdings KORS 54.62 7.00 14.70 55.01 32.38 8.6 VelocityShares 3x DGAZ 24.92 -3.78 -13.17 47.55 13.50 -31.1
Germany DAX 13468.79 –10.07 –0.07 17.3 Kala Pharmaceuticals KALA 18.70 2.38 14.58 26.75 13.51 ... U.S. Global Investors A GROW 2.84 -0.43 -13.15 4.30 1.25 94.5
Israel Tel Aviv 1427.31 2.52 0.18 –3.0 Energy Recovery ERII 9.86 1.25 14.52 12.73 6.13 -2.1 Finjan Holdings FNJN 1.83 -0.27 -12.86 4.06 1.00 45.2
19.6 Emerge Energy Services EMES 8.71 1.09 14.30 24.45 5.65 -4.2 Colfax CFX 36.92 -5.41 -12.78 43.29 32.84 10.6
Italy FTSE MIB 23002.85 –11.28 –0.05
Netherlands AEX 555.22 0.07 0.01 14.9
Russia RTS Index 1109.38 … Closed –3.7 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10316.50 –41.30 –0.40 10.3
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 598.70 –1.49 –0.25 12.0 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9288.78 –33.27 –0.36 13.0
TOP Ships TOPS 99,606 3815.6 1.68 133.33 151200.00 0.32 WisdomTree Bloom USD BullUSDU 907 3058 26.25 -0.44 28.53 25.22
U.K. FTSE 100 7562.28 1.93 0.03 5.9
Advanced Micro Devices AMD 95,191 65.1 11.93 7.28 15.65 6.22 Diana Containerships DCIX 15,113 2658 20.19 80.11 1131015.06 1.56
Asia-Pacific Sprint Corp. S 61,564 351.4 5.90 -11.54 9.65 5.72 iSh Edge MSCI USA Size SIZE 478 2172 81.01 0.24 81.31 67.98
Australia S&P/ASX 200 5953.80 –6.10 –0.10 5.1 Teva Pharmaceutical ADR TEVA 58,823 116.9 12.41 8.86 42.90 10.85 Tivity Health TVTY 8,973 2046 31.60 -34.24 48.50 19.50
China Shanghai Composite 3388.17 16.43 0.49 9.2 Qualcomm QCOM 58,526 535.5 62.52 1.15 70.24 48.92 ChineseYuanDimSumBd DSUM 320 1676 23.37 0.88 24.00 21.36
Hong Kong Hang Seng 28596.80 –6.81 –0.02 30.0 General Electric GE 55,818 0.6 20.13 -0.05 32.38 19.63 Ascent Capital Grp A ASCMA 899 1489 12.95 9.56 21.29 8.87
India S&P BSE Sensex 33731.19 45.63 0.14 26.7 Chesapeake Energy CHK 49,606 71.9 4.18 11.76 8.20 3.41 Granite Point Mtg Trust GPMT 3,564 1371 17.96 0.73 19.30 17.54
Japan Nikkei Stock Avg 22548.35 9.23 0.04 18.0 VelocityShares 3x Lg Nat UGAZ 47,207 200.6 10.34 12.64 52.49 8.08 M III Acquisition MIII 215 1147 9.91 0.10 10.09 9.43
Singapore Straits Times 3381.85 –0.46 –0.01 17.4 AT&T T 46,823 63.6 32.86 -1.32 43.03 32.55 First Bank FRBA 177 1072 12.95 -2.26 14.80 9.00
South Korea Kospi 2549.41 –8.56 –0.33 25.8 VanEck Vectors Gold Miner GDX 44,553 6.8 22.91 2.14 25.71 18.58 iSh Fallen Angels USD Bd FALN 106 988 27.68 -0.32 29.44 25.90
Taiwan Weighted 10786.19 –14.58 –0.13 16.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS & CURRENCIES Currencies

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency
Mon YTDchg
in US$ per US$ (%) Country/currency
Mon YTDchg
in US$ per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .03021 33.100 –7.6
A consumer rate against its New car loan Vietnam dong .00004402 22715 –0.2
3.75% Argentina peso .0567 17.6410 11.2
benchmark over the past year 10% Brazil real .3078 3.2493 –0.2 Europe
Bankrate.com avg†: 3.01%
WSJ Dollar index Canada dollar .7872 1.2704 –5.5 Czech Rep. koruna .04542 22.017 –14.3
Think Mutual Bank 1.89% 3.00 5
s
s Chile peso .001580 633.00 –5.5 Denmark krone .1560 6.4101 –9.3
4.00% Rochester, MN 800-288-3425 Euro .0003289 3040.16 1.1610 .8614 –9.4
t 2.25 0 Colombia peso 1.3 Euro area euro
TrustCo Bank 2.37% Monday Ecuador US dollar 1 1 unch Hungary forint .003735 267.77 –9.0
t

Prime rate 3.50

Orlando, FL 407-422-7129 1.50 –5 Mexico peso .0526 19.0182 –8.3 Iceland krona .009451 105.81 –6.3
Peru new sol .3089 3.238 –3.4 Norway krone .1229 8.1342 –5.9
t 3.00 Lake City Bank 2.49% 0.75 –10 Uruguay peso .03420 29.2400 –0.4 Poland zloty .2740 3.6496 –12.8
Warsaw, IN 888-522-2265 One year ago s Yen
t

New car loan Venezuela b. fuerte .097427 10.2641 2.7 Russia ruble .01716 58.281 –4.9
2.50 0.00 –15
Broadway National Bank 2.50% Asia-Pacific Sweden krona .1191 8.3980 –7.8
1 3 6 1 2 3 5 710 30 2017 Switzerland franc 1.0026 .9974 –2.1
San Antonio, TX 210-283-6500 Australian dollar .7691 1.3002 –6.4
2.00 month(s) years Turkey lira .2612 3.8280 8.6
Cambridge Savings Bank 2.59% China yuan .1507 6.6348 –4.5
ND J FMAM J J A S O N maturity Ukraine hryvnia .0373 26.8050 –1.0
Hong Kong dollar .1282 7.8020 0.6
2017 Cambridge, MA 888-418-5626 UK pound 1.3171 .7592 –6.3
India rupee .01548 64.599 –4.9
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000742 13486 –0.3
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008795 113.71 –2.8 Bahrain dinar 2.6470 .3778 0.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .002978 335.74 0.6 Egypt pound .0567 17.6515 –2.7
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields Macau pataca .1239 8.0710 2.0 Israel shekel .2851 3.5070 –8.9
Malaysia ringgit .2362 4.2331 –5.6 Kuwait dinar 3.3038 .3027 –1.0
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .6944 1.4401 –0.3 Oman sul rial 2.5972 .3850 0.02
Libor, 3-month 1.40 1.38 0.88 l 1.40 1.17 Pakistan rupee .00950 105.300 0.9 Qatar rial .2618 3.820 4.9
Money market, annual yield 0.33 0.32 0.26 l 0.36 -0.09 Treasury, Ryan ALM 1464.514 2.102 2.127 2.237 1.520 –0.871 2.209 Philippines peso .0196 51.116 3.0 Saudi Arabia riyal .2667 3.7499 –0.02
Five-year CD, annual yield 1.47 1.47 1.19 l 1.47 -0.07 10-yr Treasury, Ryan ALM 1739.136 2.318 2.374 2.609 1.826 2.382 2.101 Singapore dollar .7345 1.3614 –5.9 South Africa rand .0709 14.0970 2.9
30-year mortgage, fixed† 3.90 3.99 3.61 l 4.33 -0.20 South Korea won .0008986 1112.84 –7.9
DJ Corporate 379.766 3.063 3.026 3.390 2.750 2.973 4.076 Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0065108 153.59 3.5
15-year mortgage, fixed† 3.23 3.28 2.85 l 3.50 -0.03 Aggregate, Barclays Capital 1945.330 2.590 2.590 2.790 2.130 1.022 2.559 Taiwan dollar .03311 30.198 –7.0 WSJ Dollar Index 87.67 –0.29–0.33 –5.67
Jumbo mortgages, $424,100-plus† 4.28 4.34 4.23 l 4.88 -0.04 High Yield 100, Merrill Lynch 2865.366 5.213 5.193 6.448 4.948 8.558 4.134 Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM)† 3.45 3.50 3.13 l 4.03 -0.31
Fixed-Rate MBS, Barclays 1991.160 2.840 2.860 3.120 2.290 0.688 2.216
New-car loan, 48-month 3.01 3.02 2.85 l 3.36 -0.25
HELOC, $30,000 5.03 5.19 4.57 l 5.30 0.58
Muni Master, Merrill 522.602 1.962 1.968 2.516 1.680 1.924 2.824 COMMODITIES
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 800.735 5.547 5.450 6.290 5.279 5.153 5.676 Commodities Monday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
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 Net chg % Chg High Low % Chg % chg

DJ Commodity 616.46 9.96 1.64 616.46 531.80 15.92 8.68

Get real-time U.S. stock quotes and track most-active Track the Markets 192.57 1.68 195.14 4.94

WSJ
TR/CC CRB Index 3.19 166.50 0.03
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 57.35 1.71 3.07 57.35 42.53 27.76 6.76
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.134 0.150 5.03 3.93 2.56 11.29 -15.84
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1279.40 12.90 1.02 1346.00 1127.80 0.09 11.25
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B10 | Tuesday, November 7, 2017 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Milk (CME)-200,000 lbs., cents per lb.
Agriculture Futures Nov 16.54 16.63 16.54 16.56 .02 4,527 Currency Futures
Contract Open Dec 15.74 15.74 15.59 15.62 –.07 4,212
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥
Cocoa (ICE-US)-10 metric tons; $ per ton. Nov .8761 .8799 t .8719 .8792 .0031 2,682
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 348.50 350.25 347.75 348.00 –.25 761,359 Dec 2,059 2,123 2,052 2,117 56 65,377 Dec .8777 .8812 .8731 .8805 .0031 276,460
Nov 3.1490 3.1530 3.1440 3.1505 0.0400 934 March'18 362.25 364.00 361.25 361.50 –.50 381,471 March'18 2,051 2,113 2,049 2,109 53 121,302 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Dec 3.1130 3.1730 3.1115 3.1575 0.0400 146,579 Oats (CBT)-5,000 bu.; cents per bu. Coffee (ICE-US)-37,500 lbs.; cents per lb. Nov .7835 .7870 .7832 .7863 .0026 1,259
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 262.50 270.00 260.50 269.00 6.00 4,597 Dec 123.95 126.40 122.25 125.55 1.60 108,465 Dec .7838 .7875 .7825 .7865 .0026 146,226
Nov 1269.00 1280.50 1269.00 1279.40 12.90 140 March'18 268.00 273.00 266.25 272.25 3.75 2,905 March'18 127.50 129.80 125.85 129.05 1.55 72,865 British Pound (CME)-£62,500; $ per £
Dec 1270.70 1283.90 1266.40 1281.60 12.40 358,880 Soybeans (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Nov 1.3084 1.3173 1.3081 1.3175 .0104 1,280
Feb'18 1274.70 1288.10 1270.90 1285.90 12.50 107,147 Nov 977.25 985.50 975.25 984.00 7.00 4,451 March 14.38 14.58 14.23 14.56 .18 410,704 Dec 1.3096 1.3190 1.3073 1.3187 .0104 173,149
April 1277.00 1292.00 1277.00 1290.00 12.60 16,685 Jan'18 987.25 995.75 985.00 994.00 7.25 328,977 May 14.47 14.67 14.34 14.65 .17 136,970
Swiss Franc (CME)-CHF 125,000; $ per CHF
June 1279.30 1296.00 1279.30 1294.00 12.60 15,321 Soybean Meal (CBT)-100 tons; $ per ton. Dec 1.0021 1.0054 .9997 1.0047 .0028 79,627
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March'18 1.0070 1.0117 1.0067 1.0116 .0029 195
Dec 1294.60 1308.10 1294.60 1306.40 12.60 11,025 Dec 314.30 316.80 313.70 316.10 2.20 119,690 March 27.16 27.25 27.10 27.24 –.05 2,816
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan'18 316.40 318.70 315.90 318.10 2.10 96,053
Australian Dollar (CME)-AUD 100,000; $ per AUD
May 27.10 27.15 27.10 27.15 .05 1,805 Nov .7645 .7687 .7640 .7687 .0039 1,324
Dec 995.60 1003.10 990.30 995.10 3.60 29,403 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Cotton (ICE-US)-50,000 lbs.; cents per lb. Dec .7650 .7690 .7635 .7685 .0039 120,495
March'18 987.75 995.15 s 982.95 987.10 3.40 5,406 Dec 34.40 34.99 34.26 34.73 .31 140,804 Dec 68.86 69.12 68.23 68.85 .13 97,267 Jan'18 .7643 .7686 .7636 .7683 .0039 705
Platinum (NYM)-50 troy oz.; $ per troy oz. Jan'18 34.59 35.16 34.42 34.89 .30 109,023 March'18 68.75 69.25 68.37 69.10 .33 93,503 Feb .7641 .7681 .7634 .7682 .0039 504
Nov 931.70 933.80 931.60 931.00 12.50 9 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March .7639 .7680 .7636 .7681 .0039 924
Jan'18 922.10 938.50 919.60 935.00 13.10 69,944 Nov 1119.50 1121.50 1119.50 1124.00 –4.50 37 Nov 151.90 152.80 151.90 160.40 2.55 47 June .7667 .7667 .7667 .7678 .0039 244
Silver (CMX)-5,000 troy oz.; $ per troy oz. Jan'18 1159.00 1159.00 1142.50 1152.00 –5.50 9,283 Jan'18 157.00 160.00 155.85 159.90 3.30 5,700 Mexican Peso (CME)-MXN 500,000; $ per MXN
Nov 17.205 17.225 17.205 17.195 0.401 13 Wheat (CBT)-5,000 bu.; cents per bu. Dec .05171 .05221 .05170 .05212 .00027 177,435
Dec 16.835 17.270 16.795 17.235 0.401 137,547 Dec 427.00 431.25 427.00 430.75 5.00 279,025 March'18 .05119 .05139 .05096 .05134 .00027 550
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'18 445.50 449.50 445.50 448.25 3.75 144,986
Interest Rate Futures Euro (CME)-€125,000; $ per €
Dec 55.97 57.61 55.66 57.35 1.71 540,082 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Nov 1.1618 1.1628 1.1586 1.1612 –.0001 5,357
Wheat (KC)-5,000 bu.; cents per bu. Dec 1.1640 1.1650 1.1606 1.1633 –.0002 426,649
Jan'18 56.20 57.83 55.88 57.57 1.71 353,925 Dec 427.75 431.00 427.00 430.00 3.25 156,057 Dec 153-240 154-120 153-120 154-070 18.0 737,362
Feb 56.25 57.95 s 56.02 57.70 1.72 157,371 March'18 445.25 448.50 444.75 447.00 2.50 97,374 March'18 152-170 153-070 152-100 153-020 18.0 10,308
March 56.27 57.98 s 56.07 57.72 1.70 248,901 Index Futures
Wheat (MPLS)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
June 55.70 57.40 55.60 57.21 1.63 226,050 Dec 624.75 631.75 624.75 631.00 6.25 34,630 Dec 125-075 125-135 125-035 125-115 6.5 3,195,816 Mini DJ Industrial Average (CBT)-$5 x index
Dec 53.92 55.20 53.72 55.04 1.27 265,597 March'18 638.25 644.75 638.25 644.00 5.50 26,241 March'18 124-290 125-040 124-265 125-025 7.5 33,480 Dec 23444 23507 s 23407 23487 38 155,788
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'18 23441 23496 s 23401 23477 36 1,673
Dec 1.8830 1.9468 s 1.8814 1.9422 .0556 132,851 Nov 160.875 161.100 159.000 160.150 –.725 7,603 Dec 117-077 117-105 117-057 117-087 2.5 3,077,750 S&P 500 Index (CME)-$250 x index
Jan'18 1.8864 1.9493 s 1.8835 1.9449 .0560 88,029 Dec 2581.30 2590.00 s 2575.00 2588.70 6.00 60,444
Jan'18 161.550 161.875 159.275 160.875 –.650 29,702 March'18 117-030 117-032 117-010 117-017 2.7 42,992
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Mini S&P 500 (CME)-$50 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 2580.00 2590.00 s 2575.50 2588.75 6.00 3,163,563
Dec 1.7902 1.8390 s 1.7767 1.8300 .0366 150,433 Dec 127.250 127.675 124.825 125.325 –1.975 124,174 Dec 107-205 107-212 107-200 107-205 .2 1,696,803
Jan'18 1.7575 1.8057 s 1.7442 1.8017 .0457 89,564 March'18 2580.50 2590.50 s 2575.75 2589.00 6.00 71,890
Feb'18 131.650 131.950 s 129.825 130.650 –1.100 107,816 March'18 107-160 107-160 107-152 107-157 .7 35,805 Mini S&P Midcap 400 (CME)-$100 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Hogs-Lean (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 1832.40 1845.20 1829.20 1842.30 7.50 91,983
Dec 3.085 3.143 3.051 3.134 .150 306,161 98.845 98.845 98.843 98.843 … 211,883 Mini Nasdaq 100 (CME)-$20 x index
Dec 65.075 65.150 64.425 64.625 –.475 98,756 Nov
Jan'18 3.180 3.242 3.154 3.232 .135 232,808 98.620 98.620 t 98.615 98.620 … 354,635 Dec 6285.3 6317.5 s 6268.0 6313.5 23.0 267,910
Feb'18 71.875 72.325 71.700 72.225 .250 68,808 Jan'18
Feb 3.184 3.240 3.157 3.231 .129 85,917 March'18 6298.8 6330.8 s 6281.5 6327.3 23.8 1,755
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
March 3.153 3.197 3.118 3.189 .121 171,846 Mini Russell 2000 (ICE-US)-$100 x index
Nov 448.60 464.20 448.40 461.60 12.60 565 Dec 101.281 101.469 101.281 101.438 .297 28,538
April 2.950 2.968 2.928 2.953 .050 122,526 Dec 1493.30 1503.30 1489.50 1497.10 2.10 68,392
Jan'18 437.50 449.60 437.50 449.60 10.00 5,436 1 Month Libor (CME)-$3,000,000; pts of 100%
May 2.915 2.944 2.909 2.928 .043 78,345
Nov ... ... ... 98.7500 … 928
Mini Russell 1000 (ICE-US)-$100 x index
Dec 1432.00 1435.80 s 1432.00 1434.60 3.10 256
Eurodollar (CME)-$1,000,000; pts of 100% U.S. Dollar Index (ICE-US)-$1,000 x index
Nov 98.5850 98.5850 98.5825 98.5825 –.0025 94,703
94.83 95.00 94.61 94.66 –.20 48,971
Cash Prices | WSJ.com/commodities
Dec
Dec 98.4800 98.4850 98.4750 98.4750 –.0050 1,666,525
Monday, November 06, 2017 March'18 98.3350 98.3400 98.3250 98.3300 … 1,275,193
March'18 94.54 94.67 94.33 94.37 –.20 2,295

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Dec 98.0750 98.0850 98.0600 98.0700 .0050 1,623,624 Source: SIX Financial Information
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Monday Monday Monday Bonds | WSJ.com/bonds
(U.S.$ equivalent) 16.9150 SoybeanMeal,Cent IL,rail,ton48%-u 312.10
Energy Coins,wholesale $1,000 face-a 12983 Soybeans,No.1 yllw IL-bp,u 9.4700 Tracking Bond Benchmarks
Propane,tet,Mont Belvieu-g 0.9573 Other metals Wheat,Spring14%-pro Mnpls-u 7.6100
Butane,normal,Mont Belvieu-g 1.0436 LBMA Platinum Price PM *922.0 Wheat,No.2 soft red,St.Louis-bp,u 4.3750 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
NaturalGas,HenryHub-i 3.030 Platinum,Engelhard industrial 922.0 Wheat - Hard - KC (USDA) $ per bu-u 3.7250 highs and lows for different types of bonds
NaturalGas,TranscoZone3-i 3.000 Platinum,Engelhard fabricated 1022.0 Wheat,No.1soft white,Portld,OR-u 5.3038 Total Total
NaturalGas,TranscoZone6NY-i 3.030 Palladium,Engelhard industrial 999.0 return YTD total Yield (%) return YTD total Yield (%)
Food close return (%) Index Latest Low High close return (%) Index Latest Low High
NaturalGas,PanhandleEast-i 2.700 Palladium,Engelhard fabricated 1099.0
NaturalGas,Opal-i 2.980 Aluminum, LME, $ per metric ton *2165.0 Beef,carcass equiv. index Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
NaturalGas,MarcellusNE PA-i 1.540 Copper,Comex spot 3.1505 choice 1-3,600-900 lbs.-u 191.82
NaturalGas,HaynesvilleN.LA-i 2.930 Iron Ore, 62% Fe CFR China-s 62.7 select 1-3,600-900 lbs.-u 177.68 1945.33 3.5 U.S. Aggregate 2.590 2.130 2.790 1991.16 2.5 Mortgage-Backed 2.840 2.290 3.120
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.850 Shredded Scrap, US Midwest-s,w n.a. Broilers, National comp wghtd-u,w 0.8635 1957.78 2.0 Ginnie Mae (GNMA) 2.790 2.200 3.090
U.S. Corporate Indexes Bloomberg Barclays
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Steel, HRC USA, FOB Midwest Mill-s 615 Butter,AA Chicago 2.2250
Cheddar cheese,bbl,Chicago 171.50 2787.01 5.9 U.S. Corporate 3.150 2.970 3.520 1167.93 2.7 Fannie mae (FNMA) 2.860 2.320 3.120
Metals Fibers and Textiles Cheddar cheese,blk,Chicago 169.25
2625.03 4.1 Intermediate 2.710 2.390 3.010 1798.60 2.8 Freddie Mac (FHLMC) 2.870 2.330 3.130
Gold, per troy oz Burlap,10-oz,40-inch NY yd-n,w 0.6100 Milk,Nonfat dry,Chicago lb. 72.75
Engelhard industrial 1275.31 Cotton,1 1/16 std lw-mdMphs-u 0.6810 Cocoa,Ivory Coast-w n.a. 3868.37 10.0 Long term 4.100 4.100 4.710 522.60 4.8 Muni Master 1.962 1.680 2.516
Cotlook 'A' Index-t *79.75 Coffee,Brazilian,Comp 1.2315
Engelhard fabricated 1370.96 568.85 4.4 Double-A-rated 2.640 2.320 2.870 365.74 5.3 7-12 year 1.968 1.678 2.618
Hides,hvy native steers piece fob-u 68.500 Coffee,Colombian, NY 1.4341
Handy & Harman base 1270.90
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.0150 719.81 6.5 Triple-B-rated 3.430 3.340 3.870 410.36 6.4 12-22 year 2.401 2.119 3.047
Handy & Harman fabricated 1410.69
Flour,hard winter KC 15.70
LBMA Gold Price AM *1275.30 Grains and Feeds High Yield Bonds Merrill Lynch 396.46 6.8 22-plus year 2.849 2.601 3.622
Hams,17-20 lbs,Mid-US fob-u 0.81
LBMA Gold Price PM *1267.20
Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 66.92 417.49 7.4 High Yield Constrained 5.546 5.373 6.858 Global Government J.P. Morgan†
Krugerrand,wholesale-e 1332.45
Bran,wheat middlings, KC-u 74 Pork bellies,12-14 lb MidUS-u 1.2449
Maple Leaf-e 1345.26 418.32 8.8 Triple-C-rated 10.465 9.584 13.189 545.11 1.5 Global Government 1.400 1.080 1.560
Corn,No. 2 yellow,Cent IL-bp,u 3.1550 Pork loins,13-19 lb MidUS-u 0.9188
American Eagle-e 1345.26
Corn gluten feed,Midwest-u,w 93.2 Steers,Tex.-Okla. Choice-u 125.00 2865.37 6.8 High Yield 100 5.213 4.948 6.448 757.68 0.6 Canada 1.990 1.390 2.190
Mexican peso-e 1552.74
Corn gluten meal,Midwest-u,w 473.0 Steers,feeder,Okla. City-u,w 165.75
Austria crown-e 1258.83 379.24 7.7 Global High Yield Constrained 5.035 4.934 6.450 373.01 1.1 EMU§ 1.028 0.835 1.363
Cottonseed meal-u,w 230 Fats and Oils
Austria phil-e 1345.26
Hominy feed,Cent IL-u,w 88 308.64 7.5 Europe High Yield Constrained 1.900 1.900 3.814 713.99 1.1 France 0.790 0.540 1.210
Silver, troy oz. Meat-bonemeal,50% pro Mnpls-u,w 220 Corn oil,crude wet/dry mill-u,w 34.5000
Engelhard industrial 16.9500 Oats,No.2 milling,Mnpls-u 2.9900 Grease,choice white,Chicago-h 0.2400 U.S Agency Bloomberg Barclays 510.86 -0.7 Germany 0.410 0.170 0.620
Engelhard fabricated 20.3400 Rice, 5% Broken White, Thailand-l,w 370.00 Lard,Chicago-u n.a. 1641.46 2.2 U.S Agency 1.980 1.360 2.010 288.50 0.1 Japan 0.390 0.170 0.460
Handy & Harman base 17.1900 Rice, Long Grain Milled, No. 2 AR-u,w 24.00 Soybean oil,crude;Centl IL-u 0.3336
Handy & Harman fabricated 21.4880 Sorghum,(Milo) No.2 Gulf-u 7.6875 Tallow,bleach;Chicago-h 0.2550 1467.07 1.4 10-20 years 1.820 1.170 1.840 563.72 -0.5 Netherlands 0.540 0.290 0.760
LBMA spot price £12.9000 Tallow,edible,Chicago-u n.a.
3374.01 7.9 20-plus years 2.900 2.710 3.460 920.50 0.8 U.K. 1.590 1.340 1.790
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; 2462.01 5.0 Yankee 2.810 2.490 3.090 800.73 8.3 Emerging Markets ** 5.547 5.279 6.290
L=livericeindex.com; M=midday; 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 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
as of 11/3
Source: WSJ Market Data Group ** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan

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 November 6, 2017
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) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
guide to general levels but don’t always represent actual transactions.
1.500 U.S. 2 1.617 s l 1.613 1.520 0.794
Week —52-WEEK— Week —52-WEEK— 2.250 10 2.319 t l 2.334 2.361 1.776
Inflation Latest ago High Low Latest ago High Low 2.750 Australia 2 1.781 s l 1.779 1.931 1.655 16.5 16.7 86.1
Sept. index Chg From (%)
level Aug. '17 Sept. '16 Britain 0.50 0.25 0.50 0.25 Treasury bill auction 2.750 10 2.582 s l 2.581 2.824 2.337 26.3 24.7 56.0
Australia 1.50 1.50 1.50 1.50 4 weeks 1.020 1.005 1.300 0.240 0.000 France 2 -0.601 t l -0.591 -0.494 -0.606 -221.7 -220.3 -140.0
U.S. consumer price index 13 weeks 1.185 1.130 1.185 0.420 2.750 10 0.593 t l 0.617 0.735 0.460 -171.6 -131.6
All items 246.819 0.53 2.2 Overnight repurchase -172.6
26 weeks 1.300 1.260 1.300 0.535
Core 252.941 0.19 1.7 U.S. 1.21 1.14 1.38 0.15
0.000 Germany 2 -0.760 t l -0.754 -0.691 -0.635 -237.7 -236.7 -142.8
Secondary market 0.500 10 0.340 t l 0.365 0.461 0.137 -197.9 -196.9 -164.0
International rates
U.S. government rates Fannie Mae 0.050 Italy 2 -0.230 t l -0.211 -0.117 0.001 -182.4 -79.2
-184.7
Week 52-Week
Latest High Low Discount 30-year mortgage yields 2.050 10 1.780 t l 1.794 2.148 1.676 -53.9 -54.0 -10.1
ago
1.75 1.75 1.75 1.00 30 days 3.436 3.491 3.865 3.039 0.100 Japan 2 -0.184 t l -0.161 -0.139 -0.261 -180.0 -177.3 -105.5
Prime rates 60 days 3.457 3.519 3.899 3.070
0.100 10 0.024 t l 0.053 0.055 -0.060 -229.5 -228.1 -183.6
U.S. 4.25 4.25 4.25 3.50 Federal funds
Canada 3.20 3.20 3.20 2.70
Other short-term rates 2.750 Spain 2 -0.374 t l -0.363 -0.260 -0.205 -199.0 -197.6 -99.9
Effective rate 1.1700 1.1700 1.2000 0.3500
Japan 1.475 1.475 1.475 1.475 1.450 10 1.466 t l 1.470 1.661 1.260 -85.4 -86.4 -51.6
High 1.3125 1.3125 1.3125 0.5625 Week 52-Week
Policy Rates Low 1.0500 1.0500 1.1600 0.2500 Latest ago high low 1.750 U.K. 2 0.447 t l 0.448 0.435 0.160 -117.0 -116.5 -63.4
Euro zone 0.00 0.00 0.00 0.00 Bid 1.1600 1.1600 1.1700 0.3000 4.250 10 1.259 t l 1.267 1.369 1.025 -106.0 -106.6 -75.2
Call money
Switzerland 0.50 0.50 0.50 0.50 Offer 1.1700 1.1700 1.1900 0.3200 Source: Tullett Prebon
3.00 3.00 3.00 2.25

Commercial paper (AA financial)

Corporate Debt
in that same company’s share price.
Key Interest Rates 90 days 1.29 1.27 1.31 0.62
Investment-grade spreads that tightened the most…
Data are annualized on a 360-day basis. Treasury yields are per annum, Libor Spread*, in basis points Stock Performance
on actively traded noninflation and inflation-indexed issues that are One month 1.24424 1.24214 1.24424 0.53533 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
adjusted to constant maturities. Data are from weekly Federal Reserve Three month 1.39703 1.37678 1.39703 0.88233 Teva Pharmaceutical Finance IV TEVA 2.250 March 18, ’20 205 –21 140 … …
release H.15. Six month 1.59406 1.57306 1.59406 1.24267 JPMorgan Chase JPM 4.500 Jan. 24, ’22 45 –16 50 100.78 –0.62
Week Ended 52-Week Week Ended 52-Week One year 1.86428 1.84233 1.86428 1.55622 ConocoPhillips COP 2.400 Dec. 15, ’22 53 –8 50 53.67 1.34
Nov 3 Oct 27 High Low Nov 3 Oct 27 High Low
Euro Libor Pitney Bowes PBI 3.625 Sept. 15, ’20 275 –8 n.a. 10.98 –2.40
Federal funds (effective) Treasury yields (secondary market) Boston Properties BXP 5.625 Nov. 15, ’20 41 –7 n.a. 123.43 2.28
One month -0.400 -0.401 -0.376 -0.405
1.15 1.16 1.16 0.40 1-month 0.99 0.98 1.05 0.22
Three month -0.378 -0.380 -0.322 -0.381 Coca–Cola KO 1.875 Oct. 27, ’20 15 –7 19 45.47 –1.09
3-month 1.14 1.09 1.14 0.36
Commercial paper 6-month 1.26 1.25 1.26 0.51 Six month -0.314 -0.322 -0.212 -0.322 Mitsubishi UFJ Trust And Banking MUFG 2.650 Oct. 19, ’20 53 –7 n.a. ... ...
Nonfinancial TIPS One year -0.237 -0.233 -0.075 -0.237 AerCap Ireland Capital Dac AER 4.500 May 15, ’21 65 –6 64 … …
1-month 1.14 1.14 1.14 0.41 5-year 0.24 0.31 0.31 -0.28
2-month 1.19 1.16 1.19 0.51 7-year 0.41 0.48 0.49 -0.10 Euro interbank offered rate (Euribor) …And spreads that widened the most
3-month 1.23 1.23 1.23 0.56 10-year 0.49 0.55 0.63 0.12 -0.371 -0.372 -0.366 -0.375
One month Qualcomm QCOM 4.800 May 20, ’45 183 40 127 62.52 1.15
Financial 20-year 0.75 0.81 0.97 0.53 Three month -0.329 -0.331 -0.311 -0.332
1-month 1.17 1.15 1.19 0.44 0.78
Broadcom AVGO 3.500 Jan. 15, ’28 153 29 113 277.52 1.42
Long-term avg 0.85 0.97 0.54 Six month -0.276 -0.276 -0.210 -0.276 Biogen BIIB 2.900 Sept. 15, ’20 62 21 n.a. 315.47 0.42
2-month 1.21 1.21 1.22 0.57
3-month 1.26 1.28 1.28 0.66 Interest rate swaps One year -0.191 -0.185 -0.069 -0.191 Discovery Communications DISCA 5.000 Sept. 20, ’37 216 20 190 17.10 3.51
1-year n.a. n.a. n.a. n.a.
Discount window primary credit 2-year n.a. n.a. n.a. n.a. Value 52-Week CBL & Associates CBL 5.950 Dec. 15, ’26 460 18 350 5.56 –6.08
1.75 1.75 1.75 1.00 3-year n.a. n.a. n.a. n.a. Latest Traded High Low Teva Pharmaceutical Finance Netherlands Iii TEVA 3.150 Oct. 1, ’26 304 16 238 … …
4-year n.a. n.a. n.a. n.a. Citigroup C 4.650 July 30, ’45 122 12 111 73.80 –0.34
Conventional mortgages 5-year n.a. n.a. n.a. n.a. DTCC GCF Repo Index
7-year n.a. n.a. n.a. n.a. Fifth Third Bancorp FITB 8.250 March 1, ’38 165 11 n.a. 29.24 0.41
n.a. n.a. n.a. n.a. Treasury 1.171 31.100 1.366 0.244
10-year n.a. n.a. n.a. n.a.
Treasury yields at constant 30-year n.a. n.a. n.a. n.a. MBS 1.182 106.260 1.506 0.257 High-yield issues with the biggest price increases…
Bond Price as % of face value Stock Performance
maturities Corporate bonds, Moody's seasoned Open Implied Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
1-month 1.01 1.00 1.07 0.23 Aaa n.a. n.a. n.a. n.a. Settle Change Interest Rate
3-month 1.16 1.11 1.16 0.36 Baa n.a. n.a. n.a. n.a. California Resources CRC 6.000 Nov. 15, ’24 55.000 5.50 46.375 14.13 17.36
6-month 1.28 1.27 1.28 0.51 DTCC GCF Repo Index Futures Denbury Resources DNR 4.625 July 15, ’23 62.750 3.75 55.500 1.54 16.67
1-year 1.45 1.43 1.45 0.64 State and local bonds
Treasury Nov 98.845 0.005 8068 1.155 Sanchez Energy SN 6.125 Jan. 15, ’23 89.250 2.75 83.750 4.99 7.78
2-year 1.61 1.60 1.61 0.82 n.a. n.a. n.a. n.a.
3-year 1.73 1.73 1.73 0.98 Treasury Dec 98.700 unch. 2044 1.300 EP Energy EPENEG 8.000 Feb. 15, ’25 73.875 2.13 74.250 ... ...
5-year 2.00 2.04 2.08 1.27 Eurodollars Treasury Jan 98.605 unch. 450 1.395 Cenovus Energy CVECN 5.400 June 15, ’47 107.035 2.05 103.614 ... ...
7-year 2.21 2.26 2.37 1.59 1 month n.a. n.a. n.a. n.a.
3 month n.a. n.a. n.a. n.a.
Hornbeck Offshore Services HOS 5.875 April 1, ’20 68.250 1.75 65.500 4.37 7.37
10-year 2.36 2.42 2.55 1.82
20-year 2.63 2.71 2.91 2.24 6 month n.a. n.a. n.a. n.a. Notes on data:
MEG Energy MEGCN 7.000 March 31, ’24 94.250 1.72 88.845 ... ...
DISH DBS DISH 5.875 Nov. 15, ’24 100.750 1.45 100.500 … …
U.S. prime rate is the base rate on corporate
Notes on data:
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective June 15, 2017. Other
…And with the biggest price decreases
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by prime rates aren’t directly comparable; lending Sprint Capital S 8.750 March 15, ’32 116.000 –6.50 121.625 … …
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window practices vary widely by location; Discount rate
primary credit rate is charged for discounts made and advances extended under the Federal
CCO Holdings CHTR 5.875 May 1, ’27 104.875 –2.93 104.438 348.40 3.87
is effective June 15, 2017. DTCC GCF Repo Index
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; CenturyLink CTL 6.150 Sept. 15, ’19 101.531 –2.47 n.a. 16.67 1.83
is Depository Trust & Clearing Corp.'s weighted
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid average for overnight trades in applicable
Embarq EQ 7.995 June 1, ’36 98.625 –1.88 101.375 ... ...
yields for all TIPS with remaining terms to maturity of 10 years or more; Swap rates are International
CUSIPs. Value traded is in billions of U.S. dollars. Frontier Communications FTR 8.875 Sept. 15, ’20 94.500 –1.75 97.417 8.07 8.91
Swaps and Derivatives Association (ISDA(R)) mid-market par rates for a fixed-rate payer, who in
return receives three-month Libor, and are based on rates collected at 11:00 a.m. ET by Garban
Federal-funds rates are Tullett Prebon rates as Uniti UNIT 8.250 Oct. 15, ’23 95.500 –1.75 96.250 16.80 2.00
of 5:30 p.m. ET. Futures on the DTCC GCF Repo
Intercapital PLC; Source is Reuters; Moody's triple-AAA rates are averages of industrial bonds only; Rite Aid RAD 7.700 Feb. 15, ’27 82.875 –1.46 85.875 1.58 2.60
Index are traded on NYSE Liffe US.
Muni rates are Thursday quotes based on the Bond Buyer Index for general obligation, 20 years to NXP BV* NXPI 4.625 June 1, ’23 106.488 –1.26 107.625 … …
maturity, mixed quality debt; Mortgage rates are contract rates on commitments for fixed-rate first Sources: Federal Reserve; Bureau of Labor
mortgages Statistics; DTCC; SIX Financial Information; *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; for additional information on these rate data and their derivation, General Electric Capital Corp.; Tullett Prebon Note: Data are for the most active issue of bonds with maturities of two years or more
please see, www.federalreserve.gov/releases/h15/data.htm Information, Ltd. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. Tuesday, November 7, 2017 | B11

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high. s Amazon.com AMZN 1120.66 9.06
Kroger KR 21.33 -0.17 RedHat RHT 121.08 -0.56 VoyaFinancial VOYA 42.06 0.21 ElbitSystems ESLT 148.26 -1.78 LibertyQVC B QVCB 22.19 -0.45 RossStores ROST 64.14 0.01
NYSE Arca, NYSE MKT and Nasdaq Stock t-New 52-week low.
Kyocera KYO 69.01 -1.11 RegencyCtrs REG 64.24 0.14 VulcanMaterials VMC 124.61 -1.82 Amdocs DOX 63.20 -0.35 ElectronicArts EA 112.46 -0.74 LibertyQVC A QVCA 22.24 -0.21 Ryanair RYAAY 113.04 0.62
Market listed securities. Prices are composite dd-Indicates loss in the most recent s Equinix s SBA Comm SBAC 164.42
LATAMAirlines LTM 13.47 0.15 RegionsFin RF 15.88 0.07 WABCO WBC 149.98 -0.48 Amerco UHAL 384.20 -2.46 EQIX 491.62 4.97 LibertyVenturesA LVNTA 58.39 1.82 9.89
quotations that include primary market trades four quarters. s SEI Investments SEIC 65.75
L Brands LB 47.58 0.86 ReinsuranceGrp RGA 150.88 1.11 WEC Energy WEC 67.65 -0.52 AmericanAirlines AAL 47.51 0.06 Ericsson ERIC 6.51 0.18 LibertyFormOne A FWONA 36.92 0.76 0.84
as well as trades reported by Nasdaq OMX FD-First day of trading.
LG Display LPL 13.21 0.03 RepublicServices RSG 63.55 -0.35 s W.P.Carey WPC 69.89 -0.45 Amgen AMGN 170.80 -2.64 ErieIndemnity A ERIE 122.52 -0.31 LibertyFormOne C FWONK 38.72 0.85 Sina SINA 110.03 0.57
BXSM (formerly Boston), Chicago Stock h-Does not meet continued listing s AnalogDevices ADI 92.28 0.47
LINE LN 42.12 0.24 ResMed RMD 83.24 0.12 Wabtec WAB 77.05 0.02 Exelixis EXEL 27.38 1.13 LibertyBraves A BATRA 22.66 0.17 SS&C Tech SSNC 40.77 0.22
Exchange, CBOE, National Stock Exchange, ISE standards L3 Tech s Apple SVB Fin
LLL 186.40 -0.12 RestaurantBrands QSR 65.90 0.24 Wal-Mart WMT 88.70 -0.98 AAPL 174.25 1.75 Expedia EXPE 122.98 -0.07 LibertyBraves C BATRK 22.82 0.10 SIVB 217.69 -1.83
and BATS. lf-Late filing LabCpAm LH 151.74 -2.00 RiceEnergy RICE 28.93 ScrippsNetworks SNI 80.13
0.48 WasteConnections WCN 68.88 -0.74 AppliedMaterials AMAT 56.33 -0.22 ExpeditorsIntl EXPD 57.49 -0.46 LibertySirius A LSXMA 40.94 0.09 0.52
The list comprises the 1,000 largest q-Temporary exemption from Nasdaq s LambWeston LW 52.06 -0.06 RioTinto RIO 50.39 Seagate STX 37.46 1.13
1.15 WasteMgt WM 81.24 -0.46 ArchCapital ACGL 95.55 1.05 ExpressScripts ESRX 60.62 0.08 LibertySirius C LSXMK 40.98 0.05
companies based on market capitalization. requirements. s LasVegasSands LVS 66.55 0.67 RobertHalf RHI 52.25 s Atlassian SeattleGenetics SGEN 58.76 -2.62
-0.09 Waters WAT 195.63 -2.29 TEAM 52.06 1.07 F5Networks FFIV 120.20 0.55 LincolnElectric LECO 89.49 -0.33
Underlined quotations are those stocks with t-NYSE bankruptcy Lazard LAZ 47.11 0.10 Rockwell ROK 196.83 Facebook LogitechIntl LOGI 36.49 0.44 Shire SHPG 147.14 0.95
-1.55 Watsco WSO 166.16 0.46 Autodesk ADSK 123.82 -1.03 FB 180.17 1.25
large changes in volume compared with the v-Trading halted on primary market. Lear LEA 174.47 -1.32 RockwellCollins COL 135.04 -0.89 ADP ADP 111.33 -0.91 Fastenal FAST 48.06 0.15 LogMeIn LOGM 125.25 2.50 SignatureBank SBNY 130.32 -1.28
issue’s average trading volume. vj-In bankruptcy or receivership or Wayfair W 64.05 -3.45
Leggett&Platt LEG 45.86 -0.14 RogersComm B RCI 52.08 0.16 s WellCareHealth WCG 205.11 -1.39 BOK Fin BOKF 86.61 -0.21 FifthThirdBncp FITB 29.24 0.12 lululemon LULU 61.79 0.64 SiriusXM SIRI 5.35 0.05
Boldfaced quotations highlight those issues being reorganized under the Leidos LDOS 62.95 -0.71 Rollins ROL 45.11 -0.17 Baidu BIDU 244.53 2.99 s FirstSolar FSLR 61.47 1.60 MKS Instrum MKSI 107.50 -0.10 s Skyworks SWKS116.33 3.14
whose price changed by 5% or more if their Bankruptcy Code, or securities WellsFargo WFC 56.18 -0.17
Lennar A LEN 56.14 1.52 RoperTech ROP 258.20 0.14 Welltower HCN 68.00 0.72 BankofOzarks OZRK 46.23 -0.06 Fiserv FISV 127.77 0.74 MarketAxess MKTX 179.95 2.95 Splunk SPLK 68.41 0.78
previous closing price was $2 or higher. assumed by such companies. Lennar B LEN.B 48.39 1.45 RoyalBkCanada RY 79.75 0.33 Biogen BIIB 315.47 1.33 s Flex FLEX 18.44 0.17 s Marriott MAR 121.98 0.43 Starbucks SBUX 56.57 0.54
WestPharmSvcs WST 100.60 -0.35
LennoxIntl LII 191.28 1.11 RoyalBkScotland RBS 7.38 0.01 WestarEnergy WR 54.00 ... BioMarinPharm BMRN 82.96 -1.17 FlirSystems FLIR 47.06 0.09 s MarvellTech MRVL 20.20 1.69 SteelDynamics STLD 37.61 0.10
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and LeucadiaNatl LUK 25.98 0.23 RoyalCaribbean RCL 125.34 2.16 WestAllianceBcp WAL 56.45 -0.23 Bioverativ BIVV 52.85 -1.16 Fortinet FTNT 39.25 0.24 MatchGroup MTCH 27.75 0.74 t Stericycle SRCL 67.26 -0.06
changes in the closing prices from 4 p.m. the previous day. LibertyProperty LPT 44.04 -0.03 s RoyalDutchA RDS.A 65.52 1.42 WesternGasEquity WGP 38.12 0.06 bluebirdbio BLUE 144.75-11.50 Gaming&Leisure GLPI 36.69 -0.03 s MaximIntProducts MXIM 54.79 1.34 Symantec SYMC 28.90 -0.98
EliLilly LLY 82.94 -0.57 s RoyalDutchB RDS.B 67.28 1.40 WesternGasPtrs WES 46.90 0.40 BrighthouseFin BHF 56.66 -1.16 Garmin GRMN 59.30 -0.25 s MelcoResorts MLCO 25.85 -0.06 Synopsys SNPS 87.22 0.30
LincolnNational LNC 76.64 1.00 SAP SAP 114.99 0.08 WesternUnion WU 19.43 -0.07 s Broadcom AVGO277.52 3.89 GileadSciences GILD 72.38 -1.08 MercadoLibre MELI 268.53 1.18 TD Ameritrade AMTD 49.24 -0.28
Monday, November 6, 2017 Net Net LionsGate A LGF.A 28.71 0.96 S&P Global SPGI 158.64 -0.05 Goodyear GT 29.29 -0.16 MicrochipTech MCHP 95.36 1.70 TESARO TSRO 112.50 1.59
WestlakeChem WLK 86.02 0.25 CA CA 32.45 -0.20
Net Stock Sym Close Chg Stock Sym Close Chg LionsGate B LGF.B 27.86 1.03 SINOPECShanghai SHI 59.84 0.02 Grifols GRFS 23.58 -0.31 MicronTech MU 43.25 -0.46 T-MobileUS TMUS 55.54 -3.37
WestpacBanking WBK 24.82 -0.71 CDK Global CDK 64.43 -0.31
Stock Sym Close Chg Brown-Forman B BF.B 55.10 -0.51 EssexProp ESS 253.81 -0.17 s LiveNationEnt LYV 44.48 0.66 SK Telecom SKM 25.87 -0.38 WestRock WRK 59.27 -0.68 CDW CDW 70.20 0.16 HD Supply HDS 36.55 0.43 Microsemi MSCC 55.16 1.29 TRowePrice TROW 94.95 0.38
BuckeyePtrs BPL 52.90 0.87 EsteeLauder EL 121.12 -0.59 LloydsBanking LYG 3.62 0.02 SLGreenRealty SLG 95.30 1.15 Weyerhaeuser WY 35.66 -0.05 CH Robinson CHRW 79.08 -0.36 Hasbro HAS 91.01 0.32 Microsoft MSFT 84.47 0.33 TakeTwoSoftware TTWO 107.00 -1.93
NYSE Bunge BG 67.64 -0.22 EverestRe RE 228.46 0.62 LockheedMartin LMT 310.08 0.09 Salesforce.com CRM 102.42 -0.29 WheatonPrecMetals WPM 21.01 0.54 CME Group CME 138.16 -1.90 t HenrySchein HSIC 70.04 -7.60 Middleby MIDD 119.96 1.01 Tesla TSLA 302.78 -3.31
BurlingtonStores BURL 98.61 0.84 EversourceEner ES 63.70 0.16 Loews L 49.68 0.07 Sanofi SNY 46.07 0.33 CSX CSX 51.15 -0.16 Hologic HOLX 39.06 -0.50 Momo MOMO 29.32 -0.48 s TexasInstruments TXN 98.54 0.56
Whirlpool WHR 163.42 -0.44
ABB ABB 26.28 0.08 CBD Pao CBD 22.97 0.38 Exelon EXC 40.69 -0.25 Lowe's LOW 77.41 -0.51 s SantanderConUSA SC 16.93 -0.03 Williams WMB 28.79 0.53 s CadenceDesign CDNS 44.29 0.39 JBHunt JBHT 107.84 0.62 Mondelez MDLZ 40.42 -0.55 TractorSupply TSCO 59.62 0.65
t AES AES 10.35 -0.14 s CBRE Group CBG 40.75 0.85 s ExtraSpaceSt EXR 86.02 0.98 LyondellBasell LYB 106.49 0.91 Sasol SSL 30.38 0.48 CaesarsEnt CZR 13.10 0.15 HuntingtonBcshs HBAN 13.78 ... MonsterBeverage MNST 57.52 -0.15 Trimble TRMB 40.65 0.55
WilliamsPartners WPZ 37.18 0.73
Aflac AFL 84.57 0.59 CBS A CBS.A 57.31 0.90 ExxonMobil XOM 83.75 0.57 M&T Bank MTB 168.71 -0.05 Scana SCG 43.90 2.23 Carlyle CG 22.25 -0.30 IAC/InterActive IAC 129.97 0.82 Mylan MYL 37.39 1.67 t 21stCenturyFoxA FOXA 27.45 2.48
Wipro WIT 5.12 -0.01
t AT&T T 32.86 -0.44 CBS B CBS 56.96 FMC FMC 90.96 -0.15 MGM Resorts MGM 31.71 0.45 Schlumberger SLB 67.08 3.50 CboeGlobalMkts CBOE 114.44 -0.58 IdexxLab IDXX 151.49 -4.00 NXP Semi NXPI116.72 1.70 t 21stCenturyFoxB FOX 26.62 2.19
1.56 WooriBank WF 42.95 -1.20
AbbottLabs ABT 55.01 -0.46 s CF Industries CF 39.21 0.61 FactSet FDS 191.03 0.40 MPLX MPLX 34.70 0.58 SchwabC SCHW 44.65 -0.17 Celgene CELG 101.64 1.60 IHSMarkit INFO 43.61 0.12 Nasdaq NDAQ 71.97 -0.43 UltaBeauty ULTA 201.33 -0.72
Wyndham WYN 109.04 0.13
AbbVie ABBV 92.96 0.65 CGI Group GIB 53.60 0.35 FederalRealty FRT 126.92 0.36 s MSCI MSCI 127.70 1.66 ScottsMiracleGro SMG 99.11 -0.43 s XPO Logistics XPO 73.83 0.58 Cerner CERN 65.71 0.28 INC Research INCR 59.00 0.60 NatlInstruments NATI 45.69 0.99 UltimateSoftware ULTI 201.88 -4.90
Accenture ACN 143.93 -0.11 FedEx FDX 220.95 Macerich MAC 54.19 -0.20 SealedAir SEE 43.81 -0.33 CharterComms CHTR 348.40 12.97 IPG Photonics IPGP 219.25 5.39 NetApp NTAP 45.00 0.76 s UniversalDisplay OLED 163.40 5.30
CIT Group CIT 45.95 0.07 -3.29 XcelEnergy XEL 49.40 -0.19
AcuityBrands AYI 166.07 4.00 CMS Energy CMS 48.05 -0.08 Ferrari RACE 117.25 -0.18 MacquarieInfr MIC 68.78 0.53 s SemicondctrMfg SMI 9.11 0.37 CheckPointSftw CHKP 105.21 -0.44 IRSA Prop IRCP 55.75 -0.25 Netease NTES 309.69 29.17 VEON VEON 3.74 -0.07
Xerox XRX 29.08 0.02
VeriSign VRSN 109.85 1.36
Adient ADNT 78.64 -0.06 CNA Fin CNA 54.92 -0.06 FiatChrysler FCAU 18.13 -0.02 MagellanMid MMP 69.39 1.25 SempraEnergy SRE 118.87 -0.11 ChinaLodging HTHT 124.63 1.47 IcahnEnterprises IEP 59.20 1.20 Netflix NFLX 200.13 0.12
Xylem XYL 66.54 -0.03 s VeriskAnalytics VRSK 91.10 0.07
AdvanceAuto AAP 80.71 -1.09 s CNOOC CEO 143.36 3.80 FibriaCelulose FBR 15.64 -0.52 MagnaIntl MGA 54.33 -0.79 SensataTech ST 48.35 0.48 CincinnatiFin CINF 73.27 0.70 s Icon ICLR 122.88 -0.17 s Neurocrine NBIX 74.51 1.03
YPF YPF 25.16 0.55 VertxPharm VRTX 148.98
AdvSemiEngg ASX 6.20 0.04 CPFLEnergia CPL 16.85 0.29 s FidelityNatlFin FNF 38.18 0.20 s Manpower MAN 125.14 -0.86 s ServiceCorp SCI 36.27 0.42 YumBrands YUM 79.87 0.96 Cintas CTAS 147.57 -0.80 Illumina ILMN 209.19 -4.80 NewsCorp A NWSA 14.28 0.41 -0.99
Aegon AEG 5.91 0.02 FNFV Group FNFV 17.65 0.05 ManulifeFin MFC 20.84 0.01 ServiceMaster SERV 47.23 0.05 CiscoSystems CSCO 34.41 -0.06 Incyte INCY 105.43 0.35 NewsCorp B NWS 14.55 0.35 Viacom A VIA 29.80 1.40
CRH CRH 36.40 -0.14 YumChina YUMC 41.16 -0.65
AerCap AER 52.30 -0.21 t CVS Health CVS 66.80 FidelityNtlInfo FIS 93.13 MarathonOil MRO 16.33 0.75 ServiceNow NOW 124.73 -0.18 CitrixSystems CTXS 84.34 -0.56 Intel INTC 46.70 0.63 Nordson NDSN 126.72 -0.01 Viacom B VIAB 24.18 0.91
-2.45 -0.05 s ZTO Express ZTO 17.19 0.61 Vodafone VOD 29.21 0.11
Aetna AET 176.95 -0.04 s CabotOil COG 28.78 0.55 58.com WUBA 68.23 -0.06 MarathonPetrol MPC 62.35 0.15 ShawComm B SJR 22.84 -0.14 s Cognex CGNX 134.54 1.66 InteractiveBrkrs IBKR 54.36 0.43 NorthernTrust NTRS 94.22 -0.17
ZayoGroup ZAYO 34.36 -0.04 WPP WPPGY 87.09 0.85
AffiliatedMgrs AMG 186.06 0.71 CamdenProperty CPT 93.68 1.19 s FirstAmerFin FAF 55.66 0.98 Markel MKL 1084.32 11.32 SherwinWilliams SHW 393.94 -3.17 CognizantTech CTSH 74.78 0.51 s Intuit INTU 152.68 -0.96 NorwegianCruise NCLH 55.26 0.23
ZimmerBiomet ZBH 109.34 0.09 WalgreensBoots WBA 65.94 -0.93
AgilentTechs A 68.22 -0.15 FirstData FDC 17.38 Marsh&McLennan MMC 82.63 0.25 ShinhanFin SHG 45.34 -0.30 Coherent COHR 266.14 6.27 IntuitiveSurgical ISRG 384.83 0.58 s NVIDIA NVDA 209.63 0.94
CampbellSoup CPB 45.43 -1.05 0.25 s Zoetis ZTS 69.71 1.02 Weibo WB 99.21 2.80
AgnicoEagle AEM 45.19 1.08 CIBC CM 90.13 0.73 FirstRepBank FRC 94.43 -0.02 MartinMarietta MLM 212.57 0.76 Shopify SHOP 99.84 1.13 Comcast A CMCSA 35.54 -0.14 IonisPharma IONS 54.25 0.09 OReillyAuto ORLY 208.86 -3.64
Agrium AGU 107.83 -0.26 WesternDigital WDC 87.85 0.84
AirProducts APD 158.80 -0.45
CanNtlRlwy CNI 80.34 0.07 FirstEnergy FE 32.77 0.38 Masco MAS 39.22 0.20
Mastercard MA 150.09 0.80
SimonProperty SPG 154.99 -0.01 NASDAQ CommerceBcshrs CBSH 57.67 -0.18 JD.com JD 39.01
s JackHenry JKHY 111.80
0.59 OldDomFreight ODFL 120.64 -0.39
WillisTwrsWatson WLTW 161.19 1.60
s CanNaturalRes CNQ 36.73 0.71 FleetCorTech FLT 179.86 1.06 SmithAO AOS 59.67 0.13 CommScope COMM 34.80 1.29 0.19 ON Semi ON 21.41 -0.24
AlaskaAir ALK 63.94 0.29 McCormick MKC 93.99 -2.91 Smith&Nephew SNN 37.42 0.02 AGNC Invt AGNC 19.43 -0.35 Copart CPRT 36.22 -0.19 JazzPharma JAZZ 140.25 2.36 OpenText OTEX 34.25 -0.23 Workday WDAY 108.42 -1.34
CanPacRlwy CP 173.13 0.18 Fluor FLR 48.57 1.71
s WynnResorts WYNN 151.39
Albemarle ALB 141.97 1.93 McCormickVtg MKC.V 93.70 -3.81 t Smucker SJM 99.99 -2.23 Ansys ANSS 151.20 2.10 1.30
Canon CAJ 37.70 -0.08 FomentoEconMex FMX 87.75 1.97 CoStarGroup CSGP 299.88 4.10 JetBlue JBLU 19.32 0.13 PTC PTC 65.50 -0.75
Alcoa AA 47.29 0.17 s McDonalds MCD 170.07 1.42 Snap SNAP 14.83 -0.44 s ASML ASML 184.92 0.34
s Xilinx XLNX 74.50 1.70
CapitalOne COF 92.30 0.70 FordMotor F 12.33 -0.03 Costco COST 165.05 -1.39 JunoTherap JUNO 56.45 -2.03 Paccar PCAR 70.61 -0.71
s AlexandriaRealEst ARE 125.67 0.37 McKesson MCK 135.21 -2.40 s Abiomed Yandex YNDX 33.55 0.54
t CardinalHealth CAH 60.25 -1.13 ForestCIty A FCE.A 25.01 0.11 SnapOn SNA 159.15 0.93 ABMD 196.55 1.65 Ctrip.com CTRP 45.91 -0.49 KLA Tencor KLAC 105.51 -0.79 PacWestBancorp PACW 47.28 -0.24
Alibaba BABA 187.84 4.63 Medtronic MDT 77.69 -0.74 ZebraTech ZBRA 115.79 1.46
Carlisle CSL 110.56 0.83 s Fortis FTS 37.81 0.59 SOQUIMICH SQM 58.94 0.09 ActivisionBliz ATVI 60.87 -2.33 DISH Network DISH 50.82 2.75 KraftHeinz KHC 77.00 -1.00 Paychex PAYX 64.00 0.01
Alleghany Y 580.51 -3.17 Merck MRK 55.88 -0.18 s Sony SNE 45.87 1.06 AdobeSystems ADBE 180.80 s DentsplySirona XRAY 63.87 -0.93 s PayPal Zillow A ZG 40.97 0.35
CarMax KMX 74.91 -0.28 Fortive FTV 72.86 -0.78 -1.50 LKQ LKQ 37.63 -0.08 PYPL 74.74 1.35
Allegion ALLE 83.09 1.07 MetLife MET 54.33 -0.30 Southern SO 51.65 -0.79
Zillow C Z 40.82 0.34
Carnival CCL 65.67 0.24 FortBrandsHome FBHS 64.22 0.05 AkamaiTech AKAM 53.74 0.73 DiamondbackEner FANG 113.69 2.54 LamResearch LRCX 206.67 -0.40 People'sUtdFin PBCT 18.42 -0.07
Allergan AGN 174.34 -0.58 MettlerToledo MTD 635.11-10.89 SoCopper SCCO 44.46 ZionsBancorp ZION 46.45 -0.36
Carnival CUK 66.04 0.16 Franco-Nevada FNV 84.50 4.89 1.57 AlexionPharm ALXN 115.94 -2.01 DiscoveryComm B DISCB 22.00 -1.55 LamarAdvertising LAMR 74.91 4.94 PilgrimPride PPC 30.52 -0.87
AllianceData ADS 230.69 5.10 s MichaelKors KORS 54.62 7.00 SouthwestAirlines LUV 54.52 0.38 s AlignTech ALGN 244.50
AllianceBernstein AB 25.45 -0.20
Caterpillar CAT 137.71
Celanese A CE 106.30
1.08
0.17
FranklinRscs BEN 42.59
Freeport-McMoRan FCX 14.64
-0.20
0.49 MicroFocus MFGP 34.72 -0.12 SpectraEnerPtrs SEP 42.99 0.35 Alkermes ALKS 48.76
3.15
-2.23
DiscoveryComm A DISCA 17.10 0.58
DiscoveryComm C DISCK 16.01 0.62
LibertyBroadbandA LBRDA 89.53
LibertyBroadbandC LBRDK 90.55
3.10
3.20
Priceline
Qiagen
PCLN 1903.00 8.51
QGEN 33.45 -0.25
NYSE AMER
AlliantEnergy LNT 43.59 -0.24 Cemex CX 8.05 0.15 FreseniusMed FMS 48.51 0.19 MidAmApt MAA 104.28 0.89 SpectrumBrands SPB 104.24 0.20 AlnylamPharm ALNY 130.50 -1.86 DollarTree DLTR 93.39 -0.36 LibertyGlobal A LBTYA 30.67 0.16 Qorvo QRVO 78.49 4.65 CheniereEnergy LNG 50.35 1.39
AllisonTransm ALSN 43.84 0.16 CenovusEnergy CVE 11.23 0.57 GGP GGP 19.01 -0.09 MitsubishiUFJ MTU 6.71 -0.11 s SpiritAeroSys SPR 83.22 0.82 Alphabet A GOOGL 1042.68 -7.31 E*TRADE ETFC 44.10 0.08 LibertyGlobal C LBTYK 29.64 0.04 Qualcomm QCOM 62.52 0.71 CheniereEnerPtrs CQP 28.68 0.35
s Allstate ALL 99.09 1.25 Centene CNC 95.32 -0.71 s Gallagher AJG 64.14 0.45 MizuhoFin MFG 3.63 -0.04 t Sprint S 5.90 -0.77 Alphabet C GOOG 1025.90 -6.58 EastWestBancorp EWBC 59.18 -0.54 LibertyLiLAC A LILA 21.89 -0.12 RandgoldRscs GOLD 92.01 0.75 CheniereEnHldgs CQH 27.02 0.78
s AllyFinancial ALLY 26.85 0.17 CenterPointEner CNP 29.72 0.13 Gap GPS 26.06 -0.32 MobileTeleSys MBT 11.11 0.30 s Square SQ 37.18 0.29 Altaba AABA 71.71 1.48 eBay EBAY 37.37 -0.13 LibertyLiLAC C LILAK 21.97 0.06 RegenPharm REGN 406.63 -1.78 ImperialOil IMO 31.38 0.16
AlticeUSA ATUS 23.91 1.32 CentraisElBras EBR 6.29 0.38 Gartner IT 118.55 -0.11 MohawkIndustries MHK 260.62 3.29 StanleyBlackDck SWK 163.56 0.43
Altria MO 63.45 -0.46 t CenturyLink CTL 16.67 0.30 Gazit-Globe GZT 9.32 -0.11 MolsonCoors B TAP 78.89 -0.87 StateStreet STT 92.29 -0.24
AlumofChina ACH 19.24 0.07 Chemours CC 52.10 -0.06 GeneralDynamics GD 202.37 -1.69 Monsanto MON 119.53 -0.34 s Statoil STO 20.85 0.53
Ambev
Ameren
ABEV 6.24 0.07
AEE 62.12 -0.07
Chevron CVX 117.04
ChinaEastrnAir CEA 25.48
2.05
-0.28
GeneralElec GE 20.13
t GeneralMills GIS 50.10
-0.01
-1.24
Moody's MCO 144.51 -1.78
MorganStanley MS 50.14 0.12
Steris STE 87.20
s STMicroelec STM 24.78
-1.43
0.20 Exchange-Traded Portfolios | WSJ.com/ETFresearch
AmericaMovil AMX 17.55 0.30 ChinaLifeIns LFC 17.44 -0.14 GeneralMotors GM 42.14 -0.20 Mosaic MOS 22.49 0.11 Stryker SYK 155.65 -0.53
AmericaMovil A AMOV 17.32 0.25 ChinaMobile CHL 50.66 -0.19 Genpact G 30.46 0.22 MotorolaSolutions MSI 92.43 -1.82 SumitomoMits SMFG 7.97 -0.12 Closing Chg YTD
AmCampus ACC 42.02 0.15 ChinaPetrol SNP 75.54 1.96 GenuineParts GPC 87.26 -0.54 s NRG Energy NRG 28.25 0.63 s SunCommunities SUI 93.05 0.86 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
AEP AEP 73.73 -0.35 ChinaSoAirlines ZNH 38.33 -0.31 Gildan GIL 29.38 0.43 NTTDoCoMo DCM 24.50 0.24 SunLifeFinancial SLF 39.62 0.16
s AmericanExpress AXP 96.29 -0.14 NVR NVR 3263.58 52.93 s SuncorEnergy SU 35.68 SPDR DJIA Tr DIA 235.41 0.10 19.2
ChinaTelecom CHA 50.23 0.11 GlaxoSmithKline GSK 36.14 -0.01 0.45 Monday, November 6, 2017 Closing Chg YTD
AmericanFin AFG 103.97 1.21 NationalGrid NGG 61.27 0.41 SPDR S&PMdCpTr MDY 335.19 0.40 11.1
ChinaUnicom CHU 14.95 -0.01 s GlobalPayments GPN 104.27 0.66 SunTrustBanks STI 60.15 -0.25 ETF Symbol Price (%) (%)
AIG AIG 62.49 0.49 NatlOilwell NOV 35.50 2.08 Closing Chg YTD SPDR S&P 500 SPY 258.85 0.15 15.8
Chipotle CMG 275.77 2.24 s GoDaddy GDDY 47.22 0.36 SynchronyFin SYF 32.77 -0.34
s AmerTowerREIT AMT 150.16 8.06 NatlRetailProp NNN 41.06 0.25 Syngenta SYT 92.30 0.04
ETF Symbol Price (%) (%) iShMSCIEAFESC SCZ 63.33 0.22 27.1 SPDR S&P Div SDY 92.12 –0.28 7.7
Chubb CB 149.20 0.93 Goldcorp GG 13.31 0.21
AmerWaterWorks AWK 88.61 -0.15 NewOrientalEduc EDU 88.00 6.46 Sysco SYY 54.17 -2.49 AlerianMLPETF AMLP 10.92 1.39 –13.3 iShMSCIEmgMarkets EEM 46.86 1.12 33.8 TechSelectSector XLK 63.63 0.22 31.6
ChunghwaTelecom CHT 33.94 0.15 GoldmanSachs GS 243.49 -0.91
Amerigas APU 45.75 0.55 NY CmntyBcp NYCB 12.41 -0.01 iShMSCIEurozoneETF EZU 43.80 –0.09 26.6 UtilitiesSelSector XLU 55.00 –0.38 13.2
Church&Dwight CHD 43.32 -0.60 Graco GGG 132.16 0.05 TAL Education TAL 30.14 1.63 CnsmrDiscSelSector XLY 92.37 0.73 13.5
Ameriprise AMP 160.65 1.06 NewellBrands NWL 30.82 0.05 s TE Connectivity TEL 92.97 iShMSCIJapanETF EWJ 59.18 –0.02 21.1 VanEckGoldMiner GDX 22.91 2.14 9.5
Cigna CI 205.00 3.10 Grainger GWW 203.58 3.57 0.24 CnsStapleSelSector XLP 52.57 –1.07 1.7
AmerisourceBrgn ABC 74.86 0.06 s GreatPlainsEner GXP 33.38 NewfieldExpln NFX 33.07 2.41 Telus iShNasdaqBiotech IBB 315.59 –0.40 18.9 VangdInfoTech VGT 165.33 0.45 36.1
CimarexEnergy XEC 125.36 2.83 0.10 TU 36.60 0.18 DBGoldDoubleLgETN DGP 24.37 2.22 21.1
Ametek AME 68.55 0.89 GpoAvalAcciones AVAL 8.24 NewmontMining NEM 36.37 0.33 Ternium TX 28.98 -0.33 iShNatlMuniBdETF MUB 110.85 0.10 2.5 VangdSC Val VBR 129.08 0.26 6.7
Citigroup C 73.80 -0.25 -0.20 DBGoldDoubleShrt DZZ 5.55 –1.85 –19.0
Amphenol APH 87.24 -0.09 GpFinSantandMex BSMX 8.27 -0.09 NextEraEnergy NEE 151.86 -0.79 TIM Part TSU 17.98 0.05 iShRussell1000Gwth IWF 130.97 0.19 24.9 VangdDivApp VIG 96.86 –0.36 13.7
CitizensFin CFG 38.72 -0.10 EnSelectSectorSPDR XLE 70.25 2.29 –6.7
AnadarkoPetrol APC 51.83 2.32 GrupoTelevisa TV 20.69 -0.04 NielsenHoldings NLSN 37.38 0.54 TJX TJX 68.23 -0.37 iShRussell1000ETF IWB 144.02 0.13 15.7 VangdFTSEDevMk VEA 44.41 0.18 21.5
Clorox CLX 127.73 -0.38 FinSelSectorSPDR XLF 26.75 –0.11 15.1
s Andeavor ANDV 111.57 1.40 s GuidewireSoftware GWRE 81.54 0.58 Nike NKE 56.04 0.33 TableauSoftware DATA 71.40 -3.20 iShRussell1000Val IWD 120.07 0.17 7.2 VangdFTSE EM VWO 45.05 0.96 25.9
Coca-Cola KO 45.47 -0.50 GuggS&P500EW RSP 97.13 0.41 12.1
AB InBev BUD 120.58 -1.15 HCA Healthcare HCA 76.87 0.44 NiSource NI 27.21 -0.12 TaiwanSemi TSM 42.43 0.24 iShRussell2000Gwth IWO 180.86 0.04 17.5 VangdFTSE Europe VGK 58.67 0.15 22.4
Coca-Cola Euro CCE 39.86 -0.07 HealthCareSelSect XLV 81.36 –0.31 18.0
AnnalyCap NLY 11.04 -0.19 HCP HCP 26.84 -0.30 NobleEnergy NBL 29.00 0.70 Tapestry TPR 41.48 0.33 iShRussell2000ETF IWM 148.78 0.11 10.3 VangdFTSEAWxUS VEU 54.12 0.37 22.5
Coca-Cola Femsa KOF 68.21 1.16 IndSelSectorSPDR XLI 71.87 0.06 15.5
AnteroResources AR 20.09 0.85 HDFC Bank HDB 95.47 1.26 Nokia NOK 5.09 0.12 TargaResources TRGP 45.28 1.39 iShRussell2000Val IWN 123.87 0.23 4.1 VangdGrowth VUG 137.53 0.26 23.4
Colgate-Palmolive CL 70.25 0.10 iShIntermCredBd CIU 109.82 –0.01 1.5
s Anthem ANTM 216.30 4.50 ColonyNorthStar CLNS 12.42 0.04 HP HPQ 21.44 -0.03 NomuraHoldings NMR 5.68 -0.03 Target TGT 59.29 -0.07 iShRussell3000ETF IWV 153.39 0.19 15.3 VangdHlthCr VHT 151.56 –0.37 19.6
iSh1-3YCreditBond CSJ 105.00 ... 0.1 iShRussellMid-Cap 0.38 VangdHiDiv VYM 82.68 –0.17 9.1
Aon AON 140.18 1.54 Comerica CMA 79.54 -0.21 HSBC HSBC 48.26 -0.09 t Nordstrom JWN 39.26 0.76 TataMotors TTM 35.00 1.18 IWR 201.57 12.7
iSh3-7YTreasuryBd IEI 123.20 0.06 0.6 iShRussellMCValue IWS 86.21 0.48 7.2 VangdIntermBd BIV 84.54 0.07 1.8
Apache APA 45.74 2.99 SABESP SBS 9.07 0.22 Halliburton HAL 45.08 1.85 NorfolkSouthern NSC 130.12 -0.24 TechnipFMC FTI 29.35 0.77 iShCoreMSCIEAFEETF IEFA 65.53 0.17 22.2 iShS&PMC400Growth IJK 210.48 0.35 15.5 VangdIntrCorpBd VCIT 87.85 0.07 2.5
ApartmtInv AIV 44.74 0.52 ConagraBrands CAG 33.32 -0.59 Hanesbrands HBI 19.34 -0.02 NorthropGrumman NOC 301.86 0.20 TeckRscsB TECK 21.46 0.62 iShCoreMSCIEmgMk IEMG 56.48 1.02 33.1 iShS&P500Growth IVW 149.50 0.24 22.8 VangdLC VV 118.83 0.13 16.1
ApolloGlobalMgmt APO 31.11 -0.18 ConchoRscs CXO 146.62 3.77 t HarleyDavidson HOG 45.15 -1.89 Novartis NVS 83.50 -0.20 TelecomArgentina TEO 33.04 -0.46
AquaAmerica WTR 36.08 0.05 iShCoreMSCITotInt IXUS 62.59 0.32 24.0 iShS&P500ValueETF IVE 109.44 –0.05 8.0 VangdMC VO 149.59 0.45 13.6
s ConocoPhillips COP 53.67 0.71 Harris HRS 138.99 -0.42 NovoNordisk NVO 49.70 -0.24 TelecomItalia TI 8.77 -0.06
iShCoreS&P500ETF IVV 260.62 0.17 15.8
Aramark ARMK 43.45 -0.30 ConEd ED 86.32 -0.72 HartfordFinl HIG 55.89 0.05 Nucor NUE 57.98 -0.02 TelecomItalia A TI.A 7.13 0.02 iShUSPfdStk PFF 38.23 –0.17 2.7 VangdMC Val VOE 106.71 0.52 9.8
ArcelorMittal MT 29.73 0.31 NuSTAREnergy NS 33.22 1.22 s TeledyneTech TDY 183.49 iShCoreS&PMdCp IJH 183.83 0.37 11.2 iShTIPSBondETF TIP 114.14 0.17 0.9 VangdREIT VNQ 83.65 0.67 1.4
ConstBrands A STZ 215.80 0.41 HealthcareAmer HTA 30.38 0.30 1.09
t ArcherDaniels ADM 39.27 -0.51 OGE Energy OGE 35.38 -0.25 iShCoreS&PSmCpETF IJR 74.10 0.22 7.8 iSh1-3YTreasuryBd SHY 84.23 0.06 –0.3 VangdS&P500 VOO 237.79 0.15 15.8
ContinentalRscs CLR 43.94 1.57 Heico HEI 91.26 0.39 Teleflex TFX 256.58 0.17
Arconic ARNC 25.61 0.27 Heico A HEI.A 77.45 0.65 ONEOK OKE 52.80 0.15 TelefonicaBras VIV 15.25 0.39
iShS&PTotlUSStkMkt ITOT 59.31 0.19 15.6 iSh7-10YTreasuryBd IEF 106.50 0.12 1.6 VangdST Bond BSV 79.54 0.01 0.1
Cooper COO 227.64 -1.63
s AristaNetworks ANET 206.68 5.19 Helmerich&Payne HP 58.30 OccidentalPetrol OXY 68.82 0.56 iShCoreUSAggBd AGG 109.55 0.09 1.4 iSh20+YTreasuryBd TLT 126.11 0.37 5.9 VangdSTCpBd VCSH 79.84 0.06 0.6
Corning GLW 31.84 0.17 3.39 Telefonica TEF 10.22 -0.04
ArrowElec ARW 78.13 -0.04 Coty COTY 14.52 0.16 Herbalife HLF 66.60 -1.81 Och-Ziff OZM 3.28 -0.04 TelekmIndonesia TLK 30.74 0.65 iShSelectDividend DVY 94.76 –0.03 7.0 iShRussellMCGrowth IWP 116.78 0.18 19.9 VangdSC VB 143.89 0.28 11.6
AstraZeneca AZN 34.22 -0.26 Credicorp BAP 211.68 4.36 Hershey HSY 104.38 -1.54 Olin OLN 35.86 0.39 Tenaris TS 30.68 0.43 iShEdgeMSCIMinEAFE EFAV 71.82 0.29 17.3 PIMCOEnhShMaturity MINT 101.74 0.01 0.4 VangdTotalBd BND 81.86 0.07 1.3
Athene ATH 48.53 0.96 CreditSuisse CS 16.16 -0.01 Hess HES 48.23 2.77 Omnicom OMC 66.55 0.34 Teradyne TER 43.45 0.57 iShEdgeMSCIMinUSA USMV 51.36 –0.19 13.6 PwrShQQQ 1 QQQ 153.79 0.34 29.8 VangdTotIntlBd BNDX 55.03 0.15 1.4
AtmosEnergy ATO 87.84 0.25 CrestwoodEquity CEQP 24.35 ... HewlettPackard HPE 13.63 0.13 Oracle ORCL 50.40 0.22 TevaPharm TEVA 12.41 1.01 iShGoldTr IAU 12.31 0.82 11.1 PwrShS&P500LoVol SPLV 46.72 –0.15 12.4 VangdTotIntlStk VXUS 56.22 0.34 22.5
Autohome ATHM 59.08 -0.48 s CrownCastle CCI 111.81 5.30 s Hilton HLT 73.39 0.23 Orange ORAN 16.54 0.01 Textron TXT 54.43 -0.12 iShiBoxx$InvGrCpBd LQD 121.16 0.02 3.4 PwrShSrLoanPtf BKLN 23.09 ... –1.2 VangdTotalStk VTI 133.07 0.19 15.4
Autoliv ALV 125.21 -0.46 CrownHoldings CCK 60.42 ... s HollyFrontier HFC 42.07 1.93 OrbitalATK OA 132.85 -0.02 ThermoFisherSci TMO 193.53 -0.18 iShiBoxx$HYCpBd HYG 87.99 0.01 1.7 SPDRBloomBarcHYBd JNK 36.98 –0.05 1.5 VangdTotlWrld VT 72.70 0.26 19.2
AutoZone AZO 607.00 0.59 Cullen/Frost CFR 97.80 -0.06 HomeDepot HD 164.22 -0.17 Orix IX 87.77 -1.65 ThomsonReuters TRI 44.66 0.08 iShJPMUSDEmgBd EMB 115.26 –0.14 4.6 SPDR Gold GLD 121.65 0.85 11.0 VangdValue VTV 102.12 –0.09 9.8
Avalonbay AVB 183.39 1.42 Cummins CMI 172.59 -0.48 s HondaMotor HMC 33.52 0.65 Oshkosh OSK 88.12 1.48 ThorIndustries THO 133.10 -3.17 iShMBSETF MBB 106.93 0.02 0.6 SchwabIntEquity SCHF 34.30 0.26 23.9 WisdTrEuropeHdg HEDJ 66.61 –0.08 16.0
Avangrid AGR 50.83 -0.26 DTE Energy DTE 111.58 0.68 Honeywell HON 145.60 0.63 OwensCorning OC 82.43 0.87 3M MMM 230.31 -1.91 iShMSCIACWIETF ACWI 70.79 0.28 19.6 SchwabUS BrdMkt SCHB 62.58 0.19 15.5 WisdTrJapanHdg DXJ 58.54 –0.36 18.2
AveryDennison AVY 107.07 -1.02 DXC Tech DXC 93.02 1.57 HormelFoods HRL 30.77 -0.55 PG&E PCG 56.77 -0.03 Tiffany TIF 92.99 0.43 iShMSCI EAFE EFA 69.90 0.14 21.1 SchwabUS LC SCHX 61.85 0.18 16.1 XtrkrsMSCIEAFE DBEF 32.25 –0.12 14.9
AxaltaCoating AXTA 32.80 -0.04 Danaher DHR 92.62 -0.51 s DR Horton DHI 44.84 0.52 PLDT PHI 33.55 0.55 TimeWarner TWX 94.46 1.18
BB&T BBT 49.48 -0.06 Darden DRI 82.40 0.12 HostHotels HST 19.79 0.16 PNC Fin PNC 138.59 -0.05 Toll Bros TOL 44.84 0.94
BCE BCE 47.73 0.28 DaVita DVA 59.41 -0.50 HuanengPower HNP 26.71 0.19 POSCO PKX 72.50 0.01 Torchmark TMK 85.68 0.26
BHPBilliton BHP 43.41 1.26 s Deere DE 135.31 0.28 Hubbell HUBB 125.55 0.43 PPG Ind PPG 116.34 -0.19 Toro TTC 62.98 0.03
BHPBilliton BBL 38.64 1.38
s BP BP 41.41 0.85
DellTechnologies DVMT 81.52
DelphiAutomotive DLPH 97.27
0.65
0.38
Humana HUM 254.48
s HuntingtonIngalls HII 236.21
-2.21
1.14
PPL
PVH
PPL 36.51 -0.23
PVH 127.39 0.51
TorontoDomBk TD 57.60
s Total TOT 56.96
0.18
0.63
Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
BRF BRFS 13.05 0.15 DeltaAir DAL 50.57 0.17 Huntsman HUN 30.99 -0.73 PackagingCpAm PKG 110.96 -4.78 s TotalSystem TSS 73.66 1.40 Pioneer Mun Hi Inc Adv Tr MAV 5.5 .0525 M Nov30 /Nov16
BT Group BT 16.77 0.26 DeutscheBank DB 16.83 0.01 HyattHotels H 68.85 1.49 PaloAltoNtwks PANW 147.97 1.61 s ToyotaMotor TM 125.63 0.01
Dividend announcements from November 6. Pioneer Mun Hi Incm Tr MHI 5.4 .0525 M Nov30 /Nov16
BWX Tech BWXT 61.03 ... DevonEnergy DVN 40.86 1.59 ICICI Bank IBN 9.70 0.14 ParkHotels PK 29.26 0.18 TransCanada TRP 48.55 0.66 Amount Payable /
BakerHughes BHGE 33.92 2.74 Diageo DEO 136.90 1.09 ING Groep ING 18.28 ... ParkerHannifin PH 184.62 -0.76 TransDigm TDG 283.00 0.48
Company Symbol Yld % New/Old Frq Record
Foreign
Ball BLL 41.45 -0.30 DigitalRealty DLR 121.83 2.77 Invesco IVZ 35.87 -0.18 ParsleyEnergy PE 28.25 0.72 TransUnion TRU 53.90 0.01 Brookfield Property Ptrs BPY 5.1 .295 Q Dec29 /Nov30
BancoBilbaoViz BBVA 8.47 -0.04 DiscoverFinSvcs DFS 67.02 -0.42 IDEX IEX 127.87 0.06 Pearson PSO 9.14 0.12 Travelers TRV 133.44 0.12
BancodeChile BCH 90.49 -0.27 Disney DIS 100.64 2.00 IllinoisToolWks ITW 157.99 0.69 PembinaPipeline PBA 35.44 0.63 TurkcellIletism TKC 9.48 0.36
Increased Brookfield Renewable Ptrs BEP 5.5 .4675 Q Dec29 /Nov30
BancoMacro BMA 123.29 4.94 DolbyLab DLB 59.17 0.19 Infosys INFY 14.82 0.19 Pentair PNR 69.48 0.12 TurquoiseHill TRQ 3.21 0.09 Aircastle Ltd AYR 4.7 .28 /.26 Q Dec15 /Nov30 Cementos Pacasmayo ADR CPAC 4.2 .53904 A Dec07 /Nov15
BcoSantChile BSAC 31.02 -0.05 DollarGeneral DG 80.68 -1.19 Ingersoll-Rand IR 86.15 -0.10 PepsiCo PEP 109.26 -0.96 Twitter TWTR 19.39 -0.51 Arbor Realty Trust ABR 8.9 .19 /.18 Q Nov30 /Nov15 Deutsche Bk Contgt Cap DTK 7.3 .475 Q Feb20 /Feb16
BancoSantander SAN 6.56 -0.04 DominionEner D 80.56 -0.11 Ingredion INGR129.62 -0.37 PerkinElmer PKI 70.55 -0.07 TylerTech TYL 174.56 -1.36 Ares Management ARES 8.7 .41 /.31 Q Dec01 /Nov17 Deutsche Bk Contgt Cap DTK 7.3 .475 Q Nov20 /Nov17
BanColombia CIB 37.28 0.29 Domino's DPZ 173.46 -4.48 ICE ICE 66.20 -0.04 Perrigo PRGO 83.43 1.07 TysonFoods TSN 72.18 -0.62 Black Hills BKH 3.2 .475 /.445 Q Dec01 /Nov17 DJ 2xSelect Div ETN DVYL 2.1 .1183 M Nov20 /Nov10
BankofAmerica BAC 27.75 -0.07 Donaldson DCI 47.82 0.05 InterContinentl IHG 57.41 0.26 PetroChina PTR 71.33 3.54 UBS Group UBS 17.05 -0.03 ETRACS 2xLev MSCI US REIT LRET 3.8 .0835 M Nov20 /Nov10
BankofMontreal BMO 77.97 0.20 DouglasEmmett DEI 40.02 0.23 IBM IBM 150.84 -0.74 PetroleoBrasil PBR 11.17 0.48 UDR UDR 38.89 0.42
DTE Energy DTE 3.2 .8825 /.825 Q Jan15 /Dec18
BankNY Mellon BK 51.35 0.02 Dover DOV 96.12 PetroleoBrasilA PBR.A 10.72 0.51 UGI UGI 47.64 0.05 Easterly Govt Properties DEA 5.1 .26 /.25 Q Dec21 /Dec06 ETRACS 2xLev US Hi Div HDLV 7.8 .196 M Nov20 /Nov10
0.20 IntlFlavors IFF 146.45 -1.86
s BkNovaScotia BNS 65.82 0.29 DowDuPont DWDP 70.24 -0.92 IntlPaper IP 55.81 -1.31 Pfizer PFE 35.32 -0.23 US Foods USFD 26.96 -0.68 Sabine Royalty Tr UBI SBR 4.4 .1572 /.1509 M Nov29 /Nov15 ETRACS Monthly 2xLev ETN SMHD 8.8 .1276 M Nov20 /Nov10
Barclays BCS 9.59 0.02 DrPepperSnap DPS 84.47 -1.15 t Interpublic IPG 19.09 0.16 PhilipMorris PM 102.14 -0.52 UltraparPart UGP 24.01 0.81 Starbucks SBUX 2.1 .30 /.25 Q Dec01 /Nov16 ETRACS Monthly 2xLev xEn LMLP 3.8 .0511 M Nov20 /Nov10
Bard CR BCR 334.39 0.53 DrReddy'sLab RDY 36.74 -0.01 InvitationHomes INVH 23.12 0.28 Phillips66 PSX 94.43 0.85 Unilever UN 57.08 -0.19 ETRACS Monthly Pay 2xLev DVHL 6.4 .1068 M Nov20 /Nov10
BarrickGold ABX 14.01 0.01 DukeEnergy DUK 87.87 -0.65 IronMountain IRM 40.64 0.52 PinnacleFoods PF 53.09 -1.16 Unilever UL 55.78 -0.06 Reduced ETRACS Monthly Pay 2xLev MRRL 7.4 .0988 M Nov20 /Nov10
BaxterIntl BAX 64.36 -0.54 DukeRealty DRE 28.92 0.10 IsraelChemicals ICL 4.24 0.04 PinnacleWest PNW 88.91 -0.21 UnionPacific UNP 117.33 0.15 Computer Programs & Sys CPSI 1.4 .10 /.30 Q Dec01 /Nov16 ETRACS Monthly Pay 2xLev CEFL 12.7 .1962 M Nov20 /Nov10
s BectonDickinson BDX 222.20 -2.21 ENI E 33.85 0.44 ItauUnibanco ITUB 12.91 0.26 PioneerNatRscs PXD 158.80 8.51 UnitedContinental UAL 59.92 0.27
Berkley WRB 69.42 0.17 EOG Rscs EOG 106.96 2.46 JPMorganChase JPM 100.78 -0.63 PlainsAllAmPipe PAA 20.77 0.53 UnitedMicro UMC 2.55 0.01
Popular Cap Tr II 6.125% BPOPM 6.7 .126 /.1276 M Dec01 /Nov15 ETRACS Mortgage REIT MORL 7.4 .0988 M Nov20 /Nov10
BerkHathwy A BRK.A 280170-300.01 EQT EQT 63.83 1.05 JacobsEngineering JEC 61.11 1.82 PlainsGP PAGP 20.91 0.67 UPS B UPS 113.92 -1.54 Fresh Del Monte Produce FDP 1.3 .15 Q Dec08 /Nov15
BerkHathwy B BRK.B 186.68 -0.59 EQT Midstream EQM 72.73 0.52 JamesHardie JHX 15.10 0.19 PolarisIndustries PII 115.28 -1.46 s UnitedRentals URI 148.40 3.69
Initial GasLog Ltd GLOG 3.0 .14 Q Nov22 /Nov13
BerryGlobal BERY 58.61 -0.39 EastmanChem EMN 90.36 -0.96 JanusHenderson JHG 35.07 0.27 Potash POT 19.27 -0.05 US Bancorp USB 54.85 0.20 BancorpSouth Bank BXS .14 Jan02 /Dec15 MiX Telematics ADR MIXT 1.6 .04397 Q Dec07 /Nov24
BestBuy BBY 56.39 -0.53 Eaton ETN 78.31 0.21 J&J JNJ 139.76 -0.32 Praxair PX 147.47 -0.03 US Steel X 27.51 0.47 Digital Realty Pfd. C DLRpC .49227 Dec29 /Dec15 OM Asset Management OMAM 2.3 .09 Q Dec29 /Dec15
s Bio-RadLab A BIO 259.82 -1.60 EatonVance EV 50.97 -0.10 JohnsonControls JCI 41.09 0.41 s PrincipalFin PFG 69.22 0.90 UnitedTech UTX 120.39 -0.68 Digital Realty Tr Pfd J DLRpJ .525 Dec29 /Dec15
s Bio-RadLab B BIO.B261.55 6.55 s UnitedHealth UNH 212.12
PartnerRe Pfd. G PREpG 6.0 .40625 Q Dec01 /Nov20
Ecolab ECL 131.91 0.53 s JonesLangLaSalle JLL 138.97 5.47 Procter&Gamble PG 86.05 -0.53 -0.75 PS Bus Parks Pfd. X PSBpX .36458 Dec28 /Dec13
BlackKnight BKI 46.15 0.40 s Ecopetrol EC 11.86 0.64 JuniperNetworks JNPR 24.74 0.19 s Progressive PGR 50.21 0.06 UniversalHealthB UHS 101.75 0.14 PartnerRe Pfd. H PREpH 6.3 .45313 Q Dec01 /Nov20
BlackBerry BB 10.97 0.02 EdisonInt EIX 78.85 -0.67 s KAR Auction KAR 49.26 0.75 Prologis PLD 66.54 0.27 s UnumGroup UNM 53.07 0.61 PartnerRe Pfd. I PREpI 5.5 .36719 Q Dec01 /Nov20
Funds and investment companies PartnerRe Pfd. Series F PREpF 5.7 .36719 Q Dec01 /Nov20
BlackRock BLK 475.61 -3.50 EdwardsLife EW 103.16 0.44 KB Fin KB 52.63 -0.92 PrudentialFin PRU 112.39 0.55 VEREIT VER 8.06 0.14
BlackstoneGroup BX 33.03 0.14 EmersonElectric EMR 64.52 0.42 KKR KKR 20.07 0.05 Prudential PUK 48.87 -0.01 VF VFC 69.07 -0.40 Brookfield Real Assets RA 9.9 .199 M Nov27 /Nov15 Perrigo Co. PLC PRGO 0.8 .16 Q Dec19 /Dec01
BoardwalkPipe BWP 14.53 0.35 EnbridgeEnPtrs EEP 14.66 0.11 KT KT 14.10 0.02 PublicServiceEnt PEG 49.65 -0.66 s Visa V 111.92 0.56 BrookfieldGlblLstdInfrInc INF 7.5 .0817 M Nov27 /Nov15 S&P 2xDiv Aristo ETN SDYL 4.3 .2795 M Nov20 /Nov10
Boeing BA 264.07 2.32 Enbridge ENB 36.82 0.13 KSCitySouthern KSU 105.99 1.13 PublicStorage PSA 209.32 0.35 s VailResorts MTN 236.71 1.09 Central Securities CET 6.0 .80 SA Dec21 /Nov13
BorgWarner BWA 52.64 -0.33 PulteGroup PHM 30.50 0.19 Vale VALE 10.53
Santander Fin 6.41%s 1 SANpI 6.3 .40063 Q Dec11 /Nov26
Encana ECA 12.91 0.58 Kellogg K 60.20 -1.76 0.44 CLSeligmn Prem Tech Gr Fd STK 7.7 .4625 Q Nov21 /Nov13
BostonProperties BXP 123.43 2.75 EnelAmericas ENIA 10.90 0.08 KeyCorp KEY 18.58 0.07 Qudian QD 27.10 2.08 ValeroEnergy VLO 81.45 0.57 Teva Pharmaceutical ADR TEVA 2.7 .085 Q Dec12 /Nov28
BostonScientific BSX 27.81 -0.05 EnelChile ENIC 5.81 0.01 s KeysightTechs KEYS 45.08 0.30 QuestDiag DGX 93.15 -0.94 Vantiv VNTV 69.37 0.53 Credit Suisse High Yld DHY 9.3 .022 M Nov24 /Nov17 Validus Holdings VR 2.9 .38 Q Dec29 /Dec15
Braskem BAK 31.46 1.09 EnelGenChile EOCC 26.45 0.46 KilroyRealty KRC 73.70 1.06 s QuintilesIMS Q 108.56 0.54 VarianMed VAR 106.18 0.09 Goldman Sachs MLP Energy GER 10.3 .16 Q Nov29 /Nov21
Bristol-Myers BMY 61.68 -0.54 EnergyTrfrEquity ETE 18.07 0.57 t KimberlyClark KMB 109.87 -0.92 RELX RENX 22.35 -0.03 Vedanta VEDL 21.22 0.30 Goldman Sachs MLP Inc Opp GMZ 9.6 .21 Q Nov29 /Nov21 Special
BritishAmTob BTI 65.05 -0.30 EnergyTransfer ETP 17.19 0.25 KimcoRealty KIM 18.62 0.05 RELX RELX 23.17 0.02 VeevaSystems VEEV 61.35 -0.27 OFS Capital OFS 10.8 .34 Q Dec29 /Dec15 James River Group Hldgs JRVR 2.9 .50 Dec28 /Dec15
s BroadridgeFinl BR 87.16 0.32 Entergy ETR 86.36 -0.64 KinderMorgan KMI 18.08 0.34 RPM RPM 52.65 -0.26 Ventas VTR 64.09 -0.01 PennantPark Floatg Rt Cap PFLT 8.2 .095 M Dec01 /Nov17 Warrior Met Coal HCC 0.8 11.21 Nov22 /Nov13
BrookfieldMgt BAM 41.95 0.25 EnterpriseProd EPD 25.11 0.11 Knight-Swift KNX 40.78 -0.44 RalphLauren RL 88.03 -2.64 Verizon VZ 45.53 -1.89
BrookfieldInfr BIP 43.19 0.89 Equifax EFX 108.03 -0.67 Kohl's KSS 42.62 0.59 RaymondJames RJF 85.32 -0.38 VistraEnergy VST 19.36 0.13
Pioneer Divers Hi Incm Tr HNW 7.2 .095 M Nov30 /Nov16
Brown&Brown BRO 50.54 0.15 EquityLife ELS 89.60 -0.30 KoninklijkePhil PHG 41.15 -0.31 Raytheon RTN 184.46 -0.25 VMware VMW 119.21 1.27 Pioneer Floating Rate Tr PHD 6.1 .06 M Dec01 /Nov16 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Brown-Forman A BF.A 55.34 -0.55 s EquityResdntl EQR 69.21 1.00 KoreaElcPwr KEP 17.52 -0.08 RealtyIncome O 55.26 0.08 VornadoRealty VNO 74.25 1.00 Pioneer High Income Trust PHT 7.8 .065 M Nov30 /Nov16 S2:1: stock split and ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs Stock

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

Continued From Page B7 52-Wk % 52-Wk % GlbX Robotics&AI BOTZ 23.84 0.7 JackHenry JKHY 111.99 0.2 PayPal PYPL 74.76 1.8 SEI Investments SEIC 65.83 1.3 VicShUS500Vol CFA 46.86 0.1 ClearOne CLRO 7.00 -1.0 NumereX NMRX 3.65 -5.6
Sym Hi/Lo Chg GlbXS&P500Catholic CATH 32.08 0.2 KellyServices A KELYA 27.31 0.1 PennNational PENN 26.84 2.1 SMTC SMTX 1.70 4.5 ViperEnergyPtrs VNOM 20.65 5.4 ConsldComm CNSL 15.48 -2.7 OriginAgritech SEED 1.25 -2.3
52-Wk % Stock Sym Hi/Lo Chg Stock
GoldenEnt GDEN 29.68 3.6 Kulicke&Soffa KLIC 23.71 3.8 PinnacleEnt PNK 27.13 1.4 SareptaTherap SRPT 57.29 3.9 WisdTrChinaxSOE CXSE 84.05 2.0 DarioHealth DRIO 1.43 -2.6 PacBiosciCA PACB 2.85 -5.0
Stock Sym Hi/Lo Chg Celcuity CELC 21.35 7.7 FT APxJapan FPA 35.45 0.7 Groupon GRPN 5.63 0.4 LGI Homes LGIH 62.19 3.0 PlugPower PLUG 3.15 9.8 Skyworks SWKS 117.65 2.8 WynnResorts WYNN 154.28 0.9 ElPolloLoco LOCO 9.60 -0.8 PapaJohn's PZZA 58.64 -4.2
CenturyCasinos CNTY 9.50 3.9 FT CloudComp SKYY 44.21 0.1 H&E Equipment HEES 34.03 2.4 Lantheus LNTH 24.10 2.9 PwrShDWA Mom PDP 51.16 0.6 SolarEdgeTech SEDG 34.65 -0.4 Xilinx XLNX 74.51 2.3 2.33 1.1 Patterson PDCO 34.17 -3.2
AlliedMotionTech AMOT 34.83 -0.8 ElbitImaging EMITF
ChemungFinl CHMG 48.92 1.2 FT DevMktsXUS FDTS 42.94 0.4 HealthEquity HQY 55.31 6.2 LendingTree TREE 276.60 1.0 PwrShDWATactical DWTR 28.45 0.3 StarsGroup TSG 20.95 1.7 Zogenix ZGNX 42.60 0.6 Precipio PRPO 1.30 -1.7
AltairEngg ALTR 19.60 -2.1 Energous WATT 7.07 -4.2
ClearBrLCGrw LRGE 27.90 1.5 FT DorseyIntl5 IFV 21.97 0.8 HeritageFin HFWA 31.65 1.6 LigandPharm LGND 147.13 0.4 PwrShDynFinl PFI 34.69 1.0 SunHydraulics SNHY 59.97 1.2 ProfDiversity IPDN 2.45 -4.2
Amazon.com AMZN1125.41 0.8 Essendant ESND 9.10 -0.4
AnalogDevices ADI 92.96 0.5
Cognex CGNX
CumberlandPharm CPIX
134.92
7.90
1.2
-1.2
FT NasdTechDiv TDIV
FT GlbNatRscs FTRI
34.80
12.29
0.5
1.1
HorizNasd100 QYLD
Hortonworks HDP
24.47
18.69
0.3
1.8
LimelightNetworks LLNW
LivaNova LIVN
5.47
81.85
4.8
-1.3
PwrShDynHlthcr PTH
PwrShDynTech PTF
70.25
54.42
-0.3
0.6
SuperCom
Talend
SPCB
TLND
4.58 1.2
44.72 3.2
Nasdaq lows - 68 FTD
Finisar
FTD
FNSR
10.24 4.3
18.77 -0.8
ProShUltraProShQQQ SQQQ
ProteostasisTher PTI
22.56 -1.0
1.61 1.2
Apple AAPL 174.99 1.0 CypressSemi CY 16.51 2.5 FT LC US Equity RNLC 20.93 0.4 ADMA Biologics ADMA 2.01 -8.0
I-AM Capital IAM 10.52 0.6 MMACapitalMgmt MMAC 25.75 6.2 PwrShFTSEIntlLow IDLB 29.63 ... TexasInstruments TXN 98.67 0.6 Fred's FRED 4.22 -0.2 RaPharm RARX 11.20 0.9
ArenaPharm ARNA 28.97 -1.3 DASAN Zhone DZSI 8.57 9.9 FT MC GrwthAlpha FNY 38.39 0.2 AMC Networks AMCX 47.13 5.4
ILG ILG 30.70 0.7 Marriott MAR 123.03 0.4 PwrShGlbWater PIO 25.45 0.2 TivityHealth TVTY 48.50 -34.2 FrontierCommPfA FTRPR 13.00 6.0 RestorationRob HAIR 6.50 -6.1
Atlassian TEAM 52.09 2.1 DavisUSEquity DUSA 22.88 0.5 FT MC US Equity RNMC 21.05 0.5 AcaciaComms ACIA 36.50 ...
Icon ICLR 124.48 -0.1 MarvellTech MRVL 21.08 9.1 PwrShQQQ 1 QQQ 153.85 0.3 TransActTechs TACT 13.25 0.8 Sanfilippo JBSS 56.48 -2.3
AxoGen AXGN 24.95 -3.5 DavisWorldwide DWLD 25.74 1.5 FT MCGrAlpDX FAD 64.00 0.1 1.29 -13.0 FulgentGenetics FLGT 3.41 17.1
Insulet PODD 71.16 0.6 MaximIntProducts MXIM 54.84 2.5 PwrShWaterRscs PHO 29.53 0.2 TrilliumTherap TRIL 10.00 3.9 AchieveLifeSci ACHV SearsHoldingsWt SHLDW 0.42 -13.2
BldrsAsia50ADS ADRA 34.35 0.5 DentsplySirona XRAY 67.95 -1.4 FT NasdCleanEdge QCLN 20.70 1.6 Airgain AIRG 7.50 -3.1 GenMarkDiagn GNMK 3.63 -10.6
IntegratedDevice IDTI 33.02 5.5 MelcoResorts MLCO 26.54 -0.2 PrincplMillennials GENY 32.70 1.8 Trupanion TRUP 33.00 3.0 Shutterfly SFLY 40.22 -1.9
BallardPower BLDP 5.90 3.9 Diodes DIOD 35.36 1.8 FT NasdGlblAuto CARZ 42.18 0.2 AmbacFin AMBC 15.52 -2.5 GenoceaBiosci GNCA 1.03 21.0
Intuit INTU 154.19 -0.6 MonolithicPower MPWR 124.81 2.0 ProShEquRising EQRR 43.81 ... TrustcoBank TRST 9.38 3.9 SonomaPharm SNOA 4.16 -2.6
Biomerica BMRA 3.85 -3.0 DoubleEagleWt EAGLW 0.85 5.2 FT Nasd100Tech QTEC 73.62 0.8 iShAsia50ETF AIA 65.78 0.5 NVE NVEC 88.62 2.6 ProShUltPrQQQ TQQQ 134.28 1.0 TwinDisc TWIN 25.76 12.3 Astrotech ASTC 2.48 -5.3 GreatElmCap GECC 9.75 -1.1 Stericycle SRCL 66.27 -0.1
BisonCapAcqn BCAC 9.95 1.0 EXACT Sci EXAS 58.96 2.8 FT NasdSmartphone FONE 52.43 1.0 iShCommodSelStrat COMT 37.02 1.8 NektarTherap NKTR 25.35 2.2 ProvidentBancorp PVBC 25.80 3.0 2U TWOU 65.90 0.1 Atomera ATOM 2.45 -6.3 HabitRestaurants HABT 9.00 -1.1 Teligent TLGT 4.99 1.5
BldrsDev100 ADRD 23.23 0.4 Ebix EBIX 69.20 0.4 FirstUnited FUNC 18.30 2.3 iShCoreS&PUSGrowth IUSG 52.65 0.3 Neurocrine NBIX 75.22 1.4 PumaBiotech PBYI 132.35 0.6 USA Truck USAK 15.50 7.1 BedBath BBBY 19.31 2.1 HalladorEnergy HNRG 4.79 -3.0 21stCenturyFoxB FOX 24.30 9.0
BlueprintMed BPMC 74.42 -5.1 ElectroScientific ESIO 23.10 4.6 Flex FLEX 18.47 0.9 iShMSCIACWIETF ACWI 70.82 0.3 NewaterTech NEWA 16.25 -2.4 QAD A QADA 39.60 -0.1 UniversalDisplay OLED 164.00 3.4 Big5SportingGoods BGFV 6.05 -7.6 HenrySchein HSIC 69.51 -9.8 21stCenturyFoxA FOXA 24.81 9.9
Broadcom AVGO 281.80 1.4 EnantaPharma ENTA 50.92 -0.7 FoundationMed FMI 55.95 4.0 iShMSCIACWIexUSETF ACWX 49.64 0.4 NuvNasd100Dyn QQQX 23.92 0.2 QAD B QADB 31.85 1.3 VangdRuss1000 VONE 118.94 0.2 BisonCapAcqn BCAC 9.67 1.0 IconixBrand ICON 1.44 -8.6 UnivElectro UEIC 48.50 -4.5
CadenceDesign CDNS 44.34 0.9 EntegraFin ENFC 28.05 1.6 FullHouse FLL 3.10 11.1 iShMSCIACxJpn AAXJ 76.53 0.8 NVIDIA NVDA 209.98 0.5 Qualys QLYS 58.25 ... VangdRuss1000Grw VONG 134.36 0.2 CafePress PRSS 1.67 4.0 iShMSCIQatarCapped QAT 14.75 -0.8 VS2xVIXShortTerm TVIX 8.05 -2.1
CalamosGlblTot CGO 14.52 0.4 Equinix EQIX 493.09 1.0 GilatSatellite GILT 7.56 1.2 iShMSCIChinaETF MCHI 66.88 1.5 OptiNose OPTN 21.46 3.4 ROBOGlblRobotics ROBO 40.98 0.7 VangdRuss3000 VTHR 118.99 0.2 CambridgeBncp CATC 70.00 ... KayneAnAcqn KAAC 9.68 -0.1 VSVIXShortTerm VIIX 14.06 -0.9
CallidusSoftware CALD 29.70 0.3 Exactech EXAC 42.75 -0.2 GladstoneInvt GAIN 10.75 1.7 iShMSCIEmMkAsia EEMA 74.21 0.3 Orbotech ORBK 52.90 8.2 Radware RDWR 19.68 0.7 VascularBiogenics VBLT 7.35 4.9 Cardtronics CATM 16.99 -1.5 LexiconPharm LXRX 9.79 -1.9 Vical VICL 1.80 -13.8
CalumetSpecialty CLMT 9.95 3.7 FSB Bancorp FSBC 16.77 0.7 GlbXFinTech FINX 21.82 1.2 iShMSCIEMxChina EMXC 53.26 1.3 OrthoPediatrics KIDS 23.00 4.9 RedRockResorts RRR 25.23 0.7 VSInverseVIXSTerm XIV 113.81 1.0 Cemtrex CETX 2.61 -4.3 MartinMidstream MMLP 15.30 1.3 WestmorelandCoal WLB 1.64 7.7
CanadianSolar CSIQ 19.09 -0.2 FidelityNasdComp ONEQ 267.11 0.4 GlbXInternetThings SNSR 20.30 0.8 iShMSCIUSAESGOpt ESGU 56.82 0.1 PCSB Fin PCSB 19.68 -0.2 Retrophin RTRX 26.44 4.1 VeriskAnalytics VRSK 91.73 0.1 Ceragon CRNT 1.82 -11.1 Net1UEPS UEPS 8.90 -1.3 WestwaterRscs WWR 0.76 -3.6
Cavium CAVM 76.75 12.0 FirstSolar FSLR 62.57 2.7 GlbXMillThematic MILN 18.75 0.6 iShPHLXSemicond SOXX 178.57 1.4 PatriotNatlBncp PNBK 17.70 0.6 SBA Comm SBAC 167.44 6.4 VicShIntlVolWtd CIL 40.12 0.1 Cherokee CHKE 1.95 -6.0 Novogen NVGN 1.63 -4.7 WheelerREITPfdD WHLRD 19.02 -0.8

Mutual Funds | WSJ.com/fundresearch Fund

Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Intl Stk 46.73 +0.21 22.7 GrowCoK 182.99 -0.05 33.9 IntlEq NA ... NA DevMktY NA ... NA Growth r 35.92 +0.02 25.4 SmCapAdml 68.97 +0.25 12.7 TgtRe2050 35.94 +0.07 18.3
Stock 203.23 +1.12 13.4 InvGB 7.95 +0.01 3.8 Invesco Funds A IntGrowY 43.49 +0.10 25.4 Principal Investors STBondAdml 10.44 ... 1.5 TgtRetInc 13.62 +0.02 7.6
Explanatory Notes Data provided by DoubleLine Funds InvGrBd 11.32 +0.01 4.3 EqIncA 11.36 +0.05 8.7 Parnassus Fds DivIntlInst NA ... NA STIGradeAdml 10.69 +0.01 2.4 TotIntBdIxInv 10.99 +0.01 2.2
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of TotRetBdI NA ... NA LowP r 52.96 +0.18 15.6 John Hancock Class 1 ParnEqFd NA ... NA Prudential Cl Z & I TotBdAdml 10.80 +0.01 3.6 WellsI 27.04 +0.01 8.4
at least $500 million each. NAV is net asset value. Percentage performance figures Edgewood Growth Instituti LowPriStkK r 52.93 +0.19 15.7 LSBalncd 16.03 +0.03 13.5 PIMCO Fds Instl TRBdZ 14.58 +0.02 6.1 TotIntBdIdxAdm 21.98 +0.04 2.3 Welltn 42.87 +0.01 11.8
are total returns, assuming reinvestment of all distributions and after subtracting EdgewoodGrInst 29.75 +0.16 33.9 MagIn 106.74 +0.31 23.7 LSGwth 17.22 +0.05 17.1 AllAsset NA ... NA Schwab Funds TotIntlAdmIdx r 30.15 +0.08 24.8 WndsrII 39.05 +0.08 12.2
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. Federated Instl OTC 108.80 -0.07 36.5 John Hancock Instl TotRt 10.31 +0.01 5.2 S&P Sel NA ... NA TotStAdml 64.77 +0.10 17.1 VANGUARD INDEX FDS
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date StraValDivIS 6.37 ... 10.9 Puritn 23.30 +0.05 16.8 DispValMCI 24.13 +0.09 12.4 PIMCO Funds A TIAA/CREF Funds TxMIn r 14.27 +0.03 24.0 500 239.50 +0.33 17.5
return. 3-YR%RET is trailing three-year return annualized. Fidelity SrsEmrgMkt 21.65 +0.17 37.9 JPMorgan Funds IncomeFd NA ... NA EqIdxInst 19.42 +0.03 17.1 ValAdml 39.85 -0.01 12.0 ExtndIstPl 203.66 +0.58 14.5
500IdxInst 90.71 +0.12 17.6 SrsGroCoRetail 17.98 ... 34.6 MdCpVal L 39.84 +0.11 9.5 PIMCO Funds D IntlEqIdxInst 20.38 +0.01 23.1 WdsrllAdml 69.30 +0.14 12.3 SmValAdml 55.46 +0.17 8.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 500IdxInstPrem 90.71 +0.12 17.6 SrsIntlGrw 16.30 +0.06 27.3 JPMorgan R Class IncomeFd NA ... NA Tweedy Browne Fds WellsIAdml 65.50 +0.02 8.5 TotBd2 10.76 +0.01 3.5
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r 500IdxPrem 90.71 +0.12 17.6 SrsIntlVal 10.87 +0.01 18.7 CoreBond 11.67 +0.01 3.9 PIMCO Funds Instl GblValue 28.56 -0.03 14.1 WelltnAdml 74.04 +0.02 11.9 TotIntl 18.03 +0.05 24.7
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not ExtMktIdxPrem r 62.83 +0.19 14.5 TotalBond 10.70 +0.01 4.2 Lazard Instl IncomeFd NA ... NA VANGUARD ADMIRAL WndsrAdml 79.56 +0.37 15.9 TotSt 64.74 +0.10 17.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; IntlIdxPrem r 43.42 +0.05 23.0 Fidelity Selects EmgMktEq 19.79 +0.18 24.6 PIMCO Funds P 500Adml 239.53 +0.33 17.6 VANGUARD FDS VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SAIUSLgCpIndxFd 13.91 +0.02 17.6 Biotech r 220.11 -1.37 26.5 Loomis Sayles Fds IncomeP NA ... NA BalAdml 34.18 +0.04 11.5 BalInst 34.19 +0.04 11.5
DivdGro 26.29 +0.02 13.9
TMktIdxF r 75.22 +0.12 17.1 First Eagle Funds LSBondI 14.21 +0.04 7.2 Price Funds CAITAdml 11.83 +0.01 4.9 DevMktsIndInst 14.29 +0.03 24.0
HlthCare r 210.66 -0.26 17.2
TMktIdxPrem 75.21 +0.13 17.1 GlbA 60.80 +0.29 12.1 Lord Abbett A BlChip NA ... NA CapOpAdml r155.50 ... 25.2 DevMktsInxInst 22.33 +0.03 24.0
Monday, November 6, 2017 ShtDurIncmA p 4.27 ... 2.2 CapApp
INSTTRF2020 22.61 +0.04 12.3
USBdIdxInstPrem 11.63 ... 3.4 FPA Funds NA ... NA EMAdmr 37.37 +0.27 28.0 ExtndInst 82.53 +0.24 14.5
Net YTD Net YTD Net YTD INSTTRF2025 22.89 +0.04 13.8
Fidelity Advisor I FPACres 35.36 +0.12 9.7 Lord Abbett F EqInc NA ... NA EqIncAdml 76.52 -0.01 14.1 GrwthInst 70.81 +0.22 24.7
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret NwInsghtI 33.60 +0.04 25.8 FrankTemp/Frank Adv ShtDurIncm 4.27 ... 2.5 EqIndex NA ... NA ExtndAdml 82.53 +0.24 14.5 INSTTRF2030 23.08 +0.04 15.1
InPrSeIn 10.53 +0.02 2.4
American Century Inv NwWrldA NA ... NA 5GlbFxdInc 11.04 ... 2.4 Fidelity Freedom IncomeAdv NA ... NA Metropolitan West Growth NA ... NA GNMAAdml 10.54 +0.01 2.3 INSTTRF2035 23.28 +0.04 16.4
InstIdx 236.32 +0.32 17.6
Ultra 45.10 +0.15 29.3 SmCpA p NA ... NA EmgMktVa 30.64 +0.10 29.7 FF2020 16.79 +0.04 13.8 FrankTemp/Franklin A TotRetBd 10.69 +0.01 3.1 HelSci NA ... NA GrwthAdml 70.81 +0.22 24.7 INSTTRF2040 23.48 +0.05 17.8 InstPlus 236.34 +0.32 17.6
American Funds Cl A TxExA p NA ... NA EmMktCorEq 22.62 +0.12 32.2 FF2025 14.53 +0.03 14.8 CA TF A p 7.47 +0.02 5.5 TotRetBdI 10.69 +0.01 3.4 InstlCapG NA ... NA HlthCareAdml r 88.87 -0.11 17.2 INSTTRF2045 23.62 +0.04 18.3 InstTStPlus 58.10 +0.09 17.0
AmcpA p NA ... NA WshA p NA ... NA IntlCoreEq 14.32 +0.03 25.0 FF2030 18.21 +0.05 17.3 Fed TF A p 11.98 +0.02 3.3 TRBdPlan 10.06 +0.01 3.4 IntlStk NA ... NA HYCorAdml r 5.96 -0.01 7.0 IntlVal 39.58 +0.19 24.7 MidCpInst 40.92 +0.18 14.9
AMutlA p NA ... NA Baird Funds IntlVal 20.12 +0.04 22.8 Freedom2020 K 16.79 +0.04 NS IncomeA p NA ... NA MFS Funds Class I IntlValEq NA ... NA InfProAd 25.86 +0.05 2.4 LifeGro 33.29 +0.07 16.5 MidCpIstPl 201.83 +0.91 14.9
BalA p NA ... NA AggBdInst 10.92 +0.01 4.2 IntSmCo 21.64 +0.07 26.5 Freedom2025 K 14.53 +0.03 NS RisDv A p 60.80 +0.03 16.5 ValueI 40.63 -0.04 13.4 MCapGro NA ... NA IntlGrAdml 95.60 +0.45 42.0 LifeMod 27.03 +0.04 13.0 SmCapInst 68.97 +0.25 12.7
BondA p NA ... NA CorBdInst 11.28 +0.01 4.6 IntSmVa 23.57 +0.03 24.6 Freedom2030 K 18.21 +0.04 NS FrankTemp/Franklin C MFS Funds Instl MCapVal NA ... NA ITBondAdml 11.45 ... 4.1 PrmcpCor 26.93 ... 21.4 STIGradeInst 10.69 +0.01 2.4
CapIBA p NA ... NA BlackRock Funds A US CoreEq1 22.10 +0.03 16.0 Freedom2035 K 15.28 +0.04 NS Income C t NA ... NA IntlEq 25.55 +0.04 26.1 N Horiz NA ... NA ITIGradeAdml 9.83 ... 4.4 SelValu r 33.42 +0.24 16.1 TotBdInst 10.80 +0.01 3.6
CapWGrA NA ... NA GlblAlloc p 20.34 ... 11.9 US CoreEq2 20.99 +0.05 14.1 Freedom2040 K 10.74 +0.03 NS FrankTemp/Temp A Mutual Series N Inc NA ... NA LTGradeAdml 10.69 +0.01 10.1 STAR 27.32 +0.07 16.2 TotBdInst2 10.76 +0.01 3.6
EupacA p NA ... NA BlackRock Funds Inst US Small 36.28 +0.09 7.9 Fidelity Invest GlBond A p 12.20 +0.03 4.0 GlbDiscA 32.57 +0.06 8.3 OverS SF r NA ... NA MidCpAdml 185.25 +0.83 14.8 STIGrade 10.69 +0.01 2.3 TotBdInstPl 10.80 +0.01 3.6
FdInvA p NA ... NA EqtyDivd 23.18 ... 13.5 US SmCpVal 38.98 +0.17 4.7 Balanc 23.77 +0.03 14.5 Growth A p 26.87 +0.10 14.0 Oakmark Funds Invest R2020 NA ... NA MuHYAdml 11.42 +0.02 7.1 TgtRe2015 15.98 +0.03 10.1 TotIntBdIdxInst 32.98 +0.05 2.3
GwthA p NA ... NA GlblAlloc 20.47 ... 12.1 US TgdVal 25.15 +0.13 5.6 BluCh 88.04 +0.23 33.4 FrankTemp/Temp Adv EqtyInc r 34.04 +0.07 11.9 R2025 NA ... NA MuIntAdml 14.20 +0.02 4.7 TgtRe2020 31.72 +0.05 12.2 TotIntlInstIdx r120.58 +0.31 24.8
HI TrA p NA ... NA HiYldBd 7.85 -0.01 7.8 USLgVa 39.10 +0.08 13.0 Contra 127.56 +0.05 30.4 GlBondAdv p 12.15 +0.02 4.2 Oakmark 85.42 +0.37 17.9 R2030 NA ... NA MuLTAdml 11.70 +0.02 6.0 TgtRe2025 18.60 +0.03 13.8 TotItlInstPlId r120.60 +0.31 24.8
ICAA p NA ... NA StratIncOpptyIns 9.97 ... 4.4 Dodge & Cox ContraK 127.56 +0.05 30.5 Harbor Funds OakmrkInt 29.09 -0.04 28.1 R2035 NA ... NA MuLtdAdml 10.97 ... 2.6 TgtRe2030 33.61 +0.06 15.1 TotStInst 64.78 +0.10 17.1
IncoA p NA ... NA Bridge Builder Trust Balanced 109.69 +0.43 9.6 CpInc r 10.35 +0.02 11.2 CapApInst 76.44 +0.33 34.9 Old Westbury Fds R2040 NA ... NA MuShtAdml 15.78 ... 1.3 TgtRe2035 20.65 +0.04 16.4 ValueInst 39.84 -0.02 12.0
N PerA p NA ... NA CoreBond 10.22 +0.01 4.1 GblStock 14.03 +0.08 17.8 DivIntl 41.60 +0.11 24.9 IntlInst r 70.23 +0.35 20.2 LrgCpStr 14.98 +0.04 16.8 Value NA ... NA PrmcpAdml r135.89 +0.02 24.9 TgtRe2040 35.56 +0.07 17.7 Western Asset
NEcoA p NA ... NA Dimensional Fds Income 13.85 ... 4.2 GroCo 183.03 -0.05 33.8 Harding Loevner Oppenheimer Y PRIMECAP Odyssey Fds REITAdml r 118.56 +0.74 4.2 TgtRe2045 22.34 +0.04 18.3 CorePlusBdI NA ... NA
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B12 | Tuesday, November 7, 2017
WANG HE/XINHUA/ZUMA PRESS
A production line at a Dongfeng-Renault plant in Wuhan. Moody’s has lowered its rating on Dongfeng Motor Group, while a domestic firm has maintained it at triple-A.
Ratings Firms Ready China Push
Concerns remain over
Beijing’s willingness
to open up sector to
international rivals
BY SHEN HONG, MANJU DALAL
AND GUNJAN BANERJI
The world’s largest bond-
rating firms are on the verge
of gaining unfettered access to
an arena they have long cov-
eted: China’s booming market
for corporate debt.
It won’t be an easy task.
Even before the big credit
raters gain the right to oper-
ate independently within
China, they are already in Bei-
jing’s crosshairs. Both Moody’s
Investors Service and S&P
Global Ratings this year low-
ered their ratings on China’s
sovereign debt, citing con-
cerns about the country’s in-
creasing debt pile.
The downgrades drew a
hostile response from China’s
government. And when China
last month issued $2 billion in
U.S. dollar bonds—its first
such sale outside the country
in 13 years—it didn’t seek a
rating from any of the big for-
eign firms.
The tension comes at an
important juncture. After be-
ing restricted for decades
from operating freely in China,
Moody’s, S&P and smaller ri-
val Fitch Ratings now have a
path to start offering credit-
rating services in the country
under a trade deal Beijing and
Washington struck in May.
When they can actually do so
is unclear. The companies
need to be licensed to operate
on the mainland, and Beijing
has made little progress on its
Veteran Risk Manager
To Leave Wall Street
BY LIZ HOFFMAN
AND WILLIAM LOUCH
Craig W. Broderick, a mem-
ber of Goldman Sachs Group
Inc.’s management committee
and the firm’s chief risk offi-
cer, is retiring in January, ac-
cording to an internal memo.
Mr. Broderick is Wall
Street’s longest-serving chief
risk officer and held the post
through most of the financial
crisis, during which Goldman,
while bruised, made out better
than others. He will become a
senior director at the firm
upon retirement, signaling he
won’t be heading to a rival,
according to the memo re-
viewed by The Wall Street
Journal.
Robin Vince will succeed
Mr. Broderick effective Jan. 31,
the memo said. A Goldman
veteran who has been at the
firm for more than two de-
cades, Mr. Vince is currently
the firm’s treasurer.
Mr. Vince was named to
that position in 2015, succeed-
ing Liz Beshel. He is co-chair-
man of the firmwide finance
committee and will become a
member of the management
committee.
Mr. Broderick became Gold-
man’s chief risk officer in
2008 and later testified in
front of the congressional fi-
Diverging Assessments
Moody's Investors Service and its Chinese joint venture, China
Chengxin International Credit Rating*, have sharply differing credit
ratings on some debt issuers.
Noninvestment
grade
Rating scale
C B1
China Moody’s
(sovereign)
China Chengxin
Postal
Savings Bank
of China
Dongfeng
Motor Group
Anhui Conch
Cement
Yanzhou
Coal Mining
*Moody’s owns 30%.
Sources: the rating companies
pledge to open up the sector.
The deeper dilemma for the
U.S. raters is whether they can
be successful in a country
where most bond issuers,
which pay for credit ratings,
are used to lofty grades from
domestic assessors. Among
the 4,484 corporate bond issu-
ers in China, 3,883, or 87%,
have a domestic credit rating
of AA or higher, grades that
nancial-crisis commission. The
firm’s memo highlighted the
central role he played in deal-
ing with the ramifications of
the financial crisis, praising
his “sure and steady hand”
and “deep understanding of
risk.”
A 32-year Goldman vet-
eran—he joined the firm from
Chase Manhattan in 1985 as a
credit officer—Mr. Broderick
became the first chief risk of-
ficer in Goldman’s history to
be appointed to the firm’s
management committee. That
move was widely viewed as
marking the ascendancy of
risk and control functions in
the wake of the crisis.
Earlier this year, he helped
oversee a reorganization
meant to ensure the risk divi-
sion remains independent from
the businesses it oversees.
“People sometimes talk
about building an airplane
while it’s flying,” Mr. Broder-
ick told The Wall Street Jour-
nal in 2014, speaking about his
firm’s efforts to revamp its
oversight and management
systems. “To me, it feels like
we’re turning a two-engine
plane into a four-engine plane
in flight.”
Beth Hammack, Goldman’s
global head of rates trading,
will become treasurer in Mr.
Vince’s stead.
BANKING & FINANCE
Investment
grade
AAA
A1
AAA
A2
AAA
A2
AAA
A3
AAA
B1
AAA
THE WALL STREET JOURNAL.
Moody’s, S&P and Fitch re-
serve for only the safest and
most financially sound compa-
nies.
Bond defaults in China’s $9
trillion debt market are rare,
because many firms are widely
perceived to have some sort of
implicit support from the gov-
ernment, which could step in
to backstop issuers that run
into financial trouble. Trying
Equifax Continues Probe
BY ANNAMARIA ANDRIOTIS
An Equifax Inc. board com-
mittee is continuing to exam-
ine the role of the company’s
chief legal officer in approving
share sales by four executives
days after suspicious activity
was discovered in the com-
pany’s systems, according to
people familiar with the mat-
ter.
That inquiry remains open
even though the committee,
comprised of independent di-
rectors, on Friday issued a re-
port exonerating the execu-
tives who sold stock. Three of
the four executives sold
around $1.8 million of com-
pany shares combined.
The share sales were called
into question after Equifax in
early September disclosed that
it was the subject of a massive
data breach that exposed vital
personal information of poten-
tially 145.5 million Americans.
The board committee said
the executives who sold stock,
including finance chief John
Gamble, didn’t have knowl-
edge of the suspicious activity.
It added that “none of the four
executives engaged in insider
trading.”
But the report didn’t ad-
dress the level of knowledge
John J. Kelley, Equifax’s chief
legal officer, had about the
suspicious activity when his
office approved the share
THE WALL STREET JOURNAL.
to accurately assess risk in Group Co., a company in a
such an environment can be northern Chinese city with the
challenging. same name, missed a payment
The fate of the ratings on a 1 billion yuan ($150.6 mil-
firms in China isn’t a matter lion) bond issued in 2014. Just
only for the industry. The before its default, Dandong
country has been trying to in- had a high investment-grade
ternationalize its bond mar- rating of AA from China Li-
kets, and while many yield- anhe Credit Rating Co., a
hungry foreign investors are company that is 49%-owned
eager to buy Chinese debt, a by Fitch. The domestic firm
lack of faith in the grading downgraded its rating to C af-
system has given some pause. ter the default.
Foreign bond raters could The international raters are
potentially “bring expertise allowed to assess offshore
and, more importantly, inde- bond deals. That has resulted
pendent thinking” to the Chi- in diverging credit ratings on
nese market, said Luke Spajic, some companies.
an emerging-markets portfolio Consider the case of Dong-
manager at Pacific Investment feng Motor Group Co., a
Management Co. in Singapore. state-run car maker in central
The ultimate test will come Hubei province that in May
when domestic and foreign was downgraded by Moody’s
raters have vastly diverging to A2 from A1, shortly after it
views on credit risk, he said, lowered its China rating. China
adding, “Calling out bond de- Chengxin, the domestic rater
faults should be the credibility in which Moody’s has a stake,
marker.” has a AAA rating on Dongfeng
In the late 1990s, interna- Motor.
tional rating firms were al- As of Oct. 10, Moody’s had
lowed to establish a limited upgraded 13 and downgraded
foothold in China, and they 40 Chinese companies’ off-
took minority stakes in com- shore ratings since the start of
panies controlled by Chinese this year. Its joint venture in
firms. China upgraded 99 and down-
Moody’s owns 30% of a graded 18 onshore ratings over
joint venture called China the period.
Chengxin International The international raters are
Credit Rating Co. S&P doesn’t considering options that could
have ownership interest in a include exiting their joint ven-
domestic ratings firm but has tures and setting up their own
a partnership with Shanghai China subsidiaries, or boosting
Brilliance Credit Rating & In- their presence under the cur-
vestors Service Co. and rent structures, people famil-
mostly provides help with iar with the matter said.
technology and training. Simon Jin, S&P’s president
The foreign firms don’t for Greater China, said he ex-
control the joint ventures, pects Chinese regulators, who
whose ratings are in some are in talks with the three big
cases different from the for- firms, to release a framework
eign raters’ own assessments. before the end of the year that
Last week, Dandong Port would guide how they operate.
people familiar with the mat-
ter.
On July 31, Mr. Kelley
emailed Richard Smith, the
company’s CEO at the time, to
tell him David Webb, chief in-
formation officer at the time,
would likely be sharing some
RON SACHS/CNP/ZUMA PRESS
news pertaining to suspicious
activity, according to another
person familiar with the mat-
ter.
Mr. Smith has said in writ-
ten testimony that he learned
of the suspicious activity on
July 31 in a conversation with
Equifax’s ex-CEO Richard Smith Mr. Webb. Messrs. Smith and
Webb retired after the breach
sales. In addition to his legal was disclosed.
duties, Mr. Kelley was in The board committee is
charge of security at Equifax continuing to review the level
and the company’s former of information Mr. Kelley had
chief security officer reported at that time, the people added.
to him. That executive, Susan The executives, after receiving
Mauldin, retired after the approval from Mr. Kelley’s of-
breach disclosure. fice, sold their shares on Aug.
Mr. Kelley is no longer 1 and Aug. 2.
overseeing security, according The board committee re-
to people familiar with the port did say that neither Equi-
matter. The change occurred fax’s “chief legal officer nor
after the breach disclosure, his designated preclearance
they added. officer had reason to believe”
Equifax didn’t respond to that the four executives knew
requests to comment. about the security incident
Neither Mr. Kelley nor Ms. when they submitted their
Mauldin could be reached to preclearance requests or on
comment. the date of their trades.
Equifax became aware of Mr. Kelley himself, though,
the suspicious activity on its was aware of the suspicious
systems on July 29. Mr. Kelley activity on Equifax’s systems
was made aware of this when his office approved the
on July 30, according to the trades, the people said.
Goldman,
CIC Plan
Joint Fund
To Invest
Goldman Sachs Group Inc.
and China Investment Corp.
are joining on a multibillion-
dollar fund to help the Chinese
sovereign-wealth fund invest
By Chao Deng and
Lingling Wei in Beijing
and Julie Steinberg
in Hong Kong
in U.S. manufacturing and
other sectors, according to
people familiar with the mat-
ter.
The fund is targeting as
much as $5 billion and is a co-
investment partnership be-
tween Goldman and CIC,
which plan to announce their
venture jointly this week dur-
ing President Donald Trump’s
visit to Beijing, these people
said. How much capital Gold-
man and CIC will each contrib-
ute to the fund is still being
worked out, one of the people
said.
If completed, the deal is
one of a number of agree-
ments U.S. and Chinese busi-
nesses are expected to an-
nounce on Thursday in a
ceremony presided over by Mr.
Trump and Chinese President
Xi Jinping in Beijing’s Great
Hall of the People.
Other contracts, letters of
intent and agreements involve
aviation, liquefied natural gas
and soybeans, and the deals
are being presented as prog-
ress in a trade relationship
that Mr. Trump has criticized
as lopsided in China’s favor.
Goldman Sachs Chairman and
Chief Executive Officer Lloyd
Blankfein, General Electric
Co. Vice Chairman John G.
Rice and DowDupont Inc. Ex-
ecutive Chairman Andrew N.
Liveris are among the dozens
of U.S. executives coming to
Beijing during Mr. Trump’s
visit.
The delegation and the
deals are meant to show that
the Trump administration is
working to reduce the U.S.
trade deficit with China and
The fund is targeting
as much as $5 billion
to invest in various
U.S. industries.
promote American jobs, ac-
cording to U.S. business
groups. In pushing for deals,
some executives with these
groups are concerned that Bei-
jing is deflecting pressure to
provide greater access to the
Chinese market for foreign
businesses.
Mr. Trump has railed about
the trade deficit, which came
to $347 billion last year. Over
the past year, Chinese acquisi-
tions of U.S. companies have
come under scrutiny from a
government review panel. The
Trump administration has
launched an investigation into
allegations that China pres-
sures U.S. high-tech firms to
turn over intellectual prop-
erty.
For China’s sovereign-
wealth fund, the tie-up with
Goldman will help it expand
its U.S. investments to include
more than publicly traded se-
curities, real estate and pri-
vate-equity assets.
With more than $200 bil-
lion in foreign assets, CIC is
casting an eager eye at U.S.
high-tech manufacturing, high-
ways, rail lines and other proj-
ects, looking to generate
steady, long-term returns for
the fund and acquire the tech-
nological know-how to help
upgrade China’s industrial
base. In return, CIC officials
have said the fund can serve
as a stable source of long-term
capital for U.S. projects.
CIC has complained about
what it says is an unfair re-
view process by the Commit-
tee on Foreign Investment in
the U.S. By collaborating with
a top Wall Street firm, CIC is
seeking to diminish the
chances its investments will
be blocked, one of the people
familiar with the matter said.
CIC went to Goldman with the
idea for the fund, a second
person said.
For Goldman, it may better
position the New York firm if
Chinese authorities grant for-
eign firms greater access to
China’s financial sector.
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THE WALL STREET JOURNAL.
Email: heard@wsj.com
Broadcom’s Risky Qualcomm Bet
Broadcom’s bold offer
may not be enough to net
Qualcomm. But time may
not be on Qualcomm’s side.
In offering $70 a share for
Qualcomm in a mix of cash
and stock, Broadcom is mak-
ing two very large gambles.
One is that it can quickly
settle Qualcomm’s legal bat-
tles with regulators and Ap-
ple over the royalty rates
the company charges. The
other is that the company
can either quickly close
Qualcomm’s pending acquisi-
tion of NXP Semiconductors
or let the deal go.
Neither is a simple option,
at least not as simple as in-
vestors currently seem to be
contemplating. Broadcom
and Qualcomm have gained
more than $18 billion in
combined market value since
reports of the unsolicited bid
surfaced on Friday. Broad-
com made it official Monday,
formally offering $60 in cash
and $10 in stock for Qual-
comm. That is about what
Qualcomm’s shares were
fetching at this time last
year, after the company an-
nounced its offer for NXP
A Saudi Crackdown Doesn’t Guarantee an Aramco IPO
A sweeping palace crack-
down in the dead of night
under the Arabian stars: It is
the stuff of novels and, ap-
parently, oil investors’
dreams.
Oil prices are now up 3%
since Thursday’s close. Driv-
ing the action is slowing sup-
ply growth in the U.S., and a
lightning strike against po-
tential rivals by Saudi crown
prince Mohammed bin Sal-
man on Saturday night that
left more than 60 Saudi roy-
als and other elites in deten-
tion, including the former
head of the country’s Na-
tional Guard.
Oil markets seem to be in-
terpreting the arrests as a
sign of the crown prince’s
Bonds Extend Gains as
Investors Rethink Risks
BY SAM GOLDFARB
U.S. government bonds
strengthened Monday, picking
up where they left off last
week as investors reassess
risks that led
CREDIT them to sell
MARKETS bonds for much
of the previous
two months.
The yield on the benchmark
10-year Treasury note settled
at 2.318%, compared with
2.343% Friday.
Yields, which fall when bond
prices rise, have been on a
steady retreat since the 10-
year yield came close to reach-
ing 2.5% near the end of Octo-
ber.
Analysts have pointed to
several reasons behind the
move, including President
Donald Trump’s nomination of
Federal Reserve Board gover-
nor Jerome Powell as the next
Fed chairman. Among the po-
tential candidates, Mr. Powell
Yield Seekers Flee Dollar
BY DANIEL KRUGER
The U.S. dollar fell, losing
ground against emerging mar-
kets as relatively high govern-
ment-bond
CURRENCIES yields in
some of
those coun-
tries made their currencies at-
tractive versus the dollar.
The Wall Street Journal
Dollar Index, which tracks the
currency against a basket of
others, weakened 0.3%, to
87.67, its largest decline since
Oct. 10.
The dollar dropped 2%
against the Brazilian real, 1.5%
against the Turkish lira and 1%
against the Mexican peso.
U.S. bond yields have re-
mained low even as the Fed-
eral Reserve has raised inter-
est rates three times since last
December and has suggested it
is likely to lift them again be-
fore the end of the year.
Those persistent low bond
yields have made the U.S. cur-
* * * *
HEARD ON THE STREET
Patently Painful
Qualcomm’s technology licensing revenue
$8 billion
6
4 But hostile acquisitions often
2 huge, complex deals bring on
0 battle with Apple.
FY 2007 ’08 ’09 ’10 ’11 ’12
Note: Fiscal years ended September
Sources: the company; FactSet (projection)
and months before its rela-
tionship with Apple deterio-
rated into a nasty legal fight.
Broadcom’s investors
should consider that this
proposed deal isn’t simply
about combining two chip
businesses and wringing out
cost overlap. Most of Qual-
comm’s operating profit
comes from the licensing
business at the heart of its
dispute with Apple. And Ap-
ple clearly wants to pay a lot
less. So Broadcom’s path to
Mind the Lag
Change from a year earlier
200%
U.S. oil rig count
100 Oil price
0 of instability at the top of
–100
2007 ’09 ’11 ’13 ’15 ’17
Sources: Baker Hughes;
Energy Information Administration (oil price)
strength, and that makes it
more likely the initial public
offering of Saudi Aramco—
his pet policy—will go ahead.
An Aramco float would fly
better if oil prices are high,
was seen as the least likely to
shift to a more aggressive pace
of interest-rate increases.
Prices of 10-year notes also
have been supported by sig-
nals from the Treasury De-
partment that it would meet
additional borrowing needs
largely through sales of short-
term debt, keeping the
weighted average maturity of
outstanding debt at roughly
current levels. Some investors
had expected more issuance of
long-term debt, possibly in-
cluding new ultralong bonds
such as those with 50-year
maturities.
Investors sold bonds in re-
cent months partly out of the
expectation that Congress
would pass deficit-expanding
tax cuts, but they have turned
more skeptical recently as law-
makers move to advance a bill
and political obstacles come
into focus, Gennadiy Goldberg,
senior U.S. rates strategist at
TD Securities, said.
rency less attractive to yield-
seeking investors.
While investors see Fed
policy as being broadly sup-
portive for the dollar, the cen-
tral bank still has many steps
to take before it completely
retreats from years of easy
money. The Fed announced a
plan in September to gradually
reduce the $4.2 trillion of
Treasury and mortgage bonds
it accumulated during the fi-
nancial crisis.
“It’s the relative yield
story,” said Erik Nelson, a cur-
rency strategist at Wells Fargo
Securities. Currencies such as
the lira and the real are “par-
ticularly sensitive to the 10-
year” U.S. Treasury note yield,
he said.
The dollar may resume ris-
ing against emerging markets
should bond yields resume ris-
ing, said Win Thin, a currency
strategist at Brown Brothers
Harriman. “We need some-
thing to get U.S. yields
higher,” he said.
FINANCIAL ANALYSIS & COMMENTARY
Projection
’13 ’14 ’15 ’16 ’17 ’18
THE WALL STREET JOURNAL.
peace would need to involve
either sharply reducing
those royalty rates or divest-
ing the licensing business al-
together.
That won’t be easy. Qual-
comm—under the watch of
activist Jana Partners—con-
sidered splitting its chipset
business from the royalty
side two years ago, only to
find it unworkable given
their intertwined nature.
Cutting the royalty rate sig-
nificantly could buy peace
so the Saudis, under their as-
sertive leader, will be more
likely to carry out production
cuts.
Or so the theory goes.
Still, Saudi elite politics are a
black box. If this intrigue
ushers in a significant period
Saudi government, pushing
through a contentious $2
trillion IPO might prove
tricky, to say nothing of en-
forcing painful oil-production
cuts.
The legal and technical
barriers to Aramco’s IPO re-
main formidable. President
Donald Trump may have
tweeted in favor of a New
York listing, but Saudi Arabia
has long feared that would
MARKETS
The S&P 500 energy sector jumped 2.2%, posting its second-biggest one-day percentage gain of 2017. A natural-gas operation in Texas.
U.S. Stock Indexes Post Records
BY AKANE OTANI AND MIKE BIRD
Rallying energy shares
pushed U.S. stock indexes to
another set of records.
The S&P 500, Dow Jones In-
dustrial Average and Nasdaq
Composite posted fresh highs
together Monday for the 26th
time this year.
A recovery in commodity
prices, a pickup in growth
across econo-
MONDAY’S mies around
MARKETS the world and
a weaker dollar
have helped
major indexes climb double-
digit percentages this year, in-
vestors and analysts say. Some
also said they would be watch-
ing for signs of progress on a
Republican tax bill, which was
unveiled last week.
“The question is whether
valuations are already reflect-
ing all of the good news—
whether it’s economic growth
or tax reform—and then trying
to determine where that
leaves us with stocks,” said
Dan Miller, director of equities
at GW&K Investment Manage-
ment.
The Dow industrials rose
9.23 points, or less than 0.1%,
to 23548.42. The S&P 500
added 3.29 points, or 0.1%, to
2591.13 and the Nasdaq Com-
posite gained 22 points, or
with Apple, but the licensing
business is a strong cash-
flow machine that would
come in handy for Broadcom
to pay down the $25 billion
in net debt the combined
company would carry.
Broadcom certainly has a
strong track record in M&A.
don’t do well in tech because
key employees leave. And
a lot of additional risk—even
without an escalating legal
The fact that Qualcomm’s
stock price still sits about
10% below the deal price in-
dicates investors are skepti-
cal the deal will happen. But
Qualcomm shouldn’t be too
sanguine, as its stock price
has sharply underperformed
peers—including Broadcom—
over the past three years.
With the coming onset of 5G
wireless technology and its
pending NXP deal, Qual-
comm can rightfully argue it
is worth more in the long
run. But its tired sharehold-
ers won’t need much more
motivation to get out of the
race now. —Dan Gallagher
open the kingdom to lawsuits
related to 9/11. A London list-
ing would require rule
changes to allow smaller free
floats, and similar time zones
mean it would compete for
funds with any listing in Ri-
yadh. And in Hong Kong, Chi-
nese capital controls mean a
big chunk of mainland cash
would be locked out of any
IPO. Given all this, the king-
dom has been considering
selling a chunk of Aramco
privately to deep-pocketed
Chinese investors reportedly
including China National Pe-
troleum Corp. and Sinopec,
instead.
Finally, even if Prince Mo-
hammed successfully consoli-
dates power, there is no
Contemplating Consolidation
Shares of chip makers rose after Broadcom launched
a takeover bid for Qualcomm.
6%
5 Street Journal reported the
4 Qualcomm
3 Sprint shed 77 cents, or
2 fell 3.37, or 5.7%, to 55.54, af-
1
0 Saturday, putting an end to a
–1
–2
9:30 a.m. 10 11 noon
EDT
Source: FactSet
0.3%, to 6786.44.
The energy sector in the
S&P 500 jumped 2.2%, posting
its second-biggest one-day
percentage gain of the year.
Chesapeake Energy climbed 44
cents, or 12%, to $4.18, leading
gains in the sector.
U.S. crude for December de-
livery added 3.1% to $57.35 a
barrel Monday—its highest
settlement since June 2015—
with several analysts attribut-
ing the move to a wave of ar-
rests in Saudi Arabia that
raised concerns of a possible
Tuesday, November 7, 2017 | B13
OVERHEARD
There are lists that people
clamor to be on—and then
there are lists to avoid. In
markets, the “fragile five”—a
term that was coined by
Morgan Stanley in 2013 to
define emerging economies
vulnerable when U.S. mone-
tary largess fades and the
dollar strengthens—is one of
the latter.
Now Standard & Poor’s
has come up with a new list
based on seven variables that
look at a sovereign’s external
financial risk, including cur-
rent-account, reserves and
debt metrics.
The good news is that
four of the original fragile
five—Brazil, India, Indonesia
and South Africa—no longer
feature in the list, S&P says,
replaced by Argentina, Paki-
stan, Egypt and Qatar.
That leaves poor Turkey.
Indeed the country is the only
sovereign S&P looked at that
is among the most vulnerable
on all seven variables consid-
ered.
When it comes to fragility,
that is an uncomfortable level
of distinction.
guarantee U.S. shale drillers
will sit on their hands as
prices move higher. Oil bulls
are taking comfort from the
falling oil rig count in the
U.S. But even for nimble U.S.
wildcatters, supply adjust-
ments don’t happen in-
stantly. After oil prices began
rebounding in early 2016, the
U.S. rig count kept falling for
three to four months more,
about as long as the current
oil rally has lasted so far.
A triumphant crown
prince and desultory supply
growth in the U.S. next year
would indeed be bullish for
Aramco and for oil—but it is
still early days to conclude
that both those chickens are
hatched. —Nathaniel Taplin
Broadcom
iShares PHLX Semiconductor ETF
S&P 500
1 2 3 Tuesday, Japan’s Nikkei was
THE WALL STREET JOURNAL.
disruption to oil flows.
Despite the recent rebound
in oil prices, energy shares in
the S&P 500 are still lagging
behind.
The sector is down 6.3%
this year, making it the sec-
ond-biggest decliner in the
S&P 500 after telecom.
Meanwhile, corporate news
drove swings in other areas of
the stock market.
Qualcomm rose 71 cents, or
1.1%, to 62.52, after Broadcom
launched a $105 billion take-
over bid for the chip maker.
WSJ.com/Heard
SoftBank’s
Vision Is
Going Blurry
For Masayoshi Son, con-
trol is all important. The
question is if too much is
slipping from the SoftBank
chief executive’s grasp.
Mr. Son spent much of
SoftBank’s latest earnings
call Monday explaining that
Sprint had abandoned
merger talks with T-Mobile
because it didn’t want to lose
control of the company: A
deal with the larger T-Mobile
now would likely see Sprint
as the junior partner. In-
stead, SoftBank is raising its
stake in Sprint to 85%.
The decision, however,
means Sprint will have to
carry on fighting alone
against its three bigger rivals
while stretching its already
indebted balance sheet to
fund billions of dollars of
new investment in next-gen-
eration networks.
Sprint isn’t the only prob-
lem for Mr. Son. The $93 bil-
lion SoftBank Vision Fund
that SoftBank launched in
May along with the Saudi
government reported an op-
erating profit of $1.6 billion
so far. Much of that came
from its 4.9% stake in chip
designer Nvidia.
The fund’s other invest-
ments seem odd, including a
minority stake in Saudi Elec-
tricity Co. It also plans to
build the world’s biggest so-
lar power plant in a new city
in Saudi Arabia called Neom,
which has yet to be built.
How are such investments
consistent with SoftBank’s
aim of leading the “informa-
tion revolution”? Mr. Son’s
answer: Saudi Arabia “has
great sunshine” and that
“without electricity, you
can’t use phones.” That is a
practical response, but not
one that burnishes his cre-
dentials as a tech-investing
visionary or gives confidence
he can solve problems faced
by Sprint. —Jacky Wong
SPENCER PLATT/GETTY IMAGES
Broadcom jumped 3.89, or
1.4%, to 277.52.
Intel rose 63 cents, or 1.4%,
to 46.70, and Advanced Micro
Devices jumped 81 cents, or
7.3%, to 11.93, after The Wall
two companies were teaming
up to battle a common com-
petitor, Nvidia.
12%, to 5.90, and T-Mobile US
ter the two companies offi-
cially called off their merger
deal that would have com-
bined the No. 3 and No. 4
wireless carriers in the U.S.
At the lunch break in Tokyo
up 0.8%. At the same time,
Hong Kong’s Hang Seng Index
was up 0.9%.
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
13-WEEK AND 26-WEEK BILLS
13-Week 26-Week
Applications $133,310,962,700 $116,135,361,400
Accepted bids $42,000,237,700 $36,000,081,400
" noncomp $577,929,700 $485,439,400
" foreign noncomp $644,000,000 $200,000,000
Auction price (rate) 99.700458 99.342778
(1.185%) (1.300%)
Coupon equivalent 1.205% 1.327%
Bids at clearing yield accepted 98.82% 9.76%
Cusip number 912796NR6 912796PF0
Both issues are dated Nov. 9, 2017. The 13-week bills
mature on Feb. 8, 2018; the 26-week bills mature on
May 10, 2018.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B14 | Tuesday, November 7, 2017 THE WALL STREET JOURNAL.

MARKETS
Investors Face New Turmoil in Mideast Recent high-profile arrests in Saudi Arabia are raising concerns outside the country’s
borders. Some investors are revisiting their expectations for the prices of crude oil
and domestic stocks, markets in which the kingdom plays a significant role.
Americas
$34.9 trillion Saudi stock market’s total value
in relation to the rest of the world Asia-Pacific
New York Stock Exchange Nasdaq
21.22 9.26 $27.1 trillion
Europe, Africa
and Middle East Japan Shanghai Stock
$19.4 trillion Exchange Exchange
Group 4.92
5.72
Euronext Deutsche SIX
4.34 Boerse AG Swiss
2.18 Exchange
1.68

Rest of
Asia-Pacific
Nasdaq Johan- BME 16.48
Nordic nesburg Spanish
Exchanges Stock Exchanges
London 1.56 Exchange 0.89
Stock Exchange 1.11
Group
4.26
Moscow Rest of
Exchange Europe
0.62 and Africa
Rest of Americas 1.47
4.39

Saudi Stock Exchange Rest of

(Tadawul) Middle East
0.46 0.78

The sharp decline in recent years of the global oil price A yawning fiscal deficit as a result of lower oil prices Risk-sensitive investors pushed up yields
forced changes in the economics of Saudi Arabia, has forced the Saudis to raise revenue by selling Monday for Saudi Arabia’s benchmark bond.
bolstering the case for seeking out foreign investment. bonds and a possible initial offering of the state oil
company, Aramco.
Percentage change since end of 2013 Largest bond deals in emerging markets Saudi Arabia’s benchmark bond due 2046
40% Saudi Arabia (2016) $17.5B 4.6%

Argentina (2016) 16.5

MSCI Emerging Markets 4.5
Teva Pharmaceutical Finance Netherlands III BV (2016) 15.0
0 Saudi Arabia (2017) 12.5
Petrobras Global Finance BV (2013) 11.0 4.4

Emirate of Abu Dhabi (2017) 10.0

–40
Saudi Arabia All Share (TASI) Rosneft Oil Co OAO (2016) 9.4 4.3

Qatar (2016) 9.0

Brent crude-oil price 4.2
–80 Saudi Arabia (2017) 9.0
2014 ’15 ’16 ’17 Petrobras Global Finance BV (2014) 8.5 Sept. Oct. Nov.

Sources: World Federation of Exchanges (market value); FactSet (indexes); WSJ Market Data Group (brent); Dealogic (bond deals); Thomson Reuters (yield) THE WALL STREET JOURNAL.

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