Couples' Differing Travel Styles: Democrats' Battle Shifts

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Couples’ Differing Daniel Henninger

Trump Among
Travel Styles The Canaries
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THE MIDDLE SEAT | D1 OPINION | A11

* * * * * * THURSDAY, FEBRUARY 11, 2016 ~ VOL. CCLXVII NO. 34 WSJ.com HHHH $3.00
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Flush With Victory, Sanders Meets With Sharpton in Harlem Market

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with stocks in Hong Kong
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holiday. In Wednesday’s BY SAUMYA VAISHAMPAYAN
U.S. trading, the Dow indus-
trials ended 99.64 points Rising volatility this year in
lower at 15914.74. A1, C2, C4 stocks, bonds, currencies and
commodities has left investors
Yellen signaled caution
scrambling to figure out
over the path of rate increases
what’s going on.
in testimony before a House
Markets in Asia were again
panel, pointing to accumulat-
shaken Thursday morning, as
ing risks to the economy. A2
shares in Hong Kong fell
The Fed chief suggested
BRENDAN MCDERMID/REUTERS
sharply when the market re-

that the central bank could
opened after an extended holi-
turn to negative rates in an
day. The Hang Seng Index was
economic downturn. C1
down 4% in early trading.
Many health insurers, China’s main stock market in
including Humana and the Shanghai remained closed for
not-for-profit Blues, sus- the Lunar New Year, prompt-
tained mounting losses on ing fears stocks could tumble
their ACA plans last year. A1 BREAKFAST HUDDLE: Sen. Bernie Sanders had tea with the civil-rights activist Rev. Al Sharpton on Wednesday at Sylvia’s restaurant. when it reopens Monday as in-
Democrats’ Battle Shifts

vestors digest recent market
Twitter failed to show
events.
any user growth for the fourth
The drop in Asia followed
quarter, fueling investor anx-
the fourth consecutive day of
iety about the company. B1
losses for major indexes in the
Walgreens threatened to U.S. On Wednesday, Federal
end its relationship with Ther- As race moves to Party in the past few decades Reserve Chairwoman Janet
anos unless the blood-testing Different States of Mind and hold the promise of sus- Yellen flagged risks to the eco-
firm quickly fixes problems South Carolina and Nevada, which hold the next nominating contests,
friendlier ground for tained success in the future. nomic outlook that could delay
found at a California lab. B1 are less liberal and more diverse than Iowa and New Hampshire. Clinton, Sanders works Mr. Sanders’s first act after the central bank’s plans for
his 22-point victory in pre- raising interest rates.
Investor Kyle Bass told
IDEOLOGY OF DEMOCRATS LIBERAL MODERATE CONSERVATIVE to broaden his appeal dominantly white New Hamp- As investors and analysts
clients that China’s liquid
shire was to travel to Harlem Please see STOCKS page A10
foreign reserves are “already 68% 28 4
Iowa BY PETER NICHOLAS in New York on Wednesday
below a critical level.” C1
AND SIOBHAN HUGHES and have breakfast with high-
Maersk swung to a $2.51
New Hampshire
69 27 4 profile civil-rights leader Rev. Caution on Rates
billion loss as a slowdown 44 42 15 Democrats headed south Al Sharpton. Fed Chairwoman Janet
in global trade hit the con- South Carolina and west after Sen. Bernie In an interview, Rev. Sharp- Yellen hinted to Congress
tainer-shipping giant. B1 Nevada Sanders’s resounding New ton said that by coming to that the central bank had
45 41 14 Hampshire victory over Hil- Harlem after “such a big vic- grown more cautious about
Cisco reported a 31%
RACE WHITE NON-HISPANIC BLACK HISPANIC OTHER lary Clinton, facing the twin tory,” Mr. Sanders “wanted to the pace of interest-rate
jump in profit and boosted
Age 18 and older questions of whether his ap- send a signal” to the party’s increases................................. A2
its quarterly dividend and 90% 3 4 3
peal is broad enough to repli- minority voters. “She has
stock-buyback plan. B3 Iowa
cate his performance else- deeper ties [to the black com-
New Hampshire where—and whether her munity] and longstanding
World-Wide 92
66 26
1 3
4 3
4
support is strong enough to friends,” Mr. Sharpton said of Following Twitter
South Carolina reverse the tide. Mrs. Clinton, “but that doesn’t
Lying at the crossroads of mean he can’t win voters.” Twitter's user growth, change
Nevada from previous quarter
The presidential race is 56 8 24 12 those two questions are the Meanwhile, the Clinton
shifting south and west, Note: Numbers rounded. Iowa, N.H. exit poll data from 2016; S.C., Nev. exit polls from 2008 minority voters who have campaign arranged a confer- 10%
posing new challenges for Sources: Exit polls via CNN, Census Bureau Brian McGill/THE WALL STREET JOURNAL. transformed the Democratic Please see PARTY page A6
the contenders in both
8
parties. Republicans Chris-
The Man Behind Trump Being Trump

tie and Fiorina suspended
their campaigns after dis- 6
appointing showings in 4Q 2015
New Hampshire. A1, A4-7
BY MONICA LANGLEY ing any of your metrics with for the billionaire businessman 4
Diplomatic efforts on
the primary three weeks away.” after a disappointing second-
Syria are being dogged by
CONCORD, N. H.—In a stair- In the motorcade afterward, place finish in Iowa, but it was
disagreement over which 2
Blue-collar evangelicals to well behind the stage as Re- Mr. Lewandowski called a a do-or-die moment for the rel-
rebel groups to label ter-
test Trump............................ A4 publican presidential candi- longtime aide supervising an- atively anonymous Mr. Lewan-
rorist organizations. A8
Christie, Fiorina end bids... A4 date Donald Trump spoke at a other state: “Fly here to- dowski, who calls the state 0 0
The Supreme Court’s un- GOP race heats up in packed rally recently, cam- night and take over.” home and was prepared to re- 2013 ’14 ’15
expected move to block a South Carolina.................... A6 paign manager Corey R. Le- With that and other late sign if his boss lost the primary.
Note: Excludes SMS fast followers
carbon-emissions rule marks Survivors have cash to wandowski lashed out at his moves, the 41-year-old cam- “Corey has tremendous en-
Sources: the company
a significant blow to Obama’s soldier on in race............... A7 New Hampshire state director. paign manager helped assure ergy, a wonderful vision for
environmental agenda. A3 Bloomberg aides see boost “My boss is working 20-hour Mr. Trump’s decisive victory politics and the greatest candi- FLAT: Twitter said user-growth
for possible campaign.... A7 days; you’re not,” Mr. Lewan- Tuesday in the nation’s first date ever, without which none was flat from the prior quarter,
The Justice Department
dowski said. “You’re not meet- primary. It was a crucial win Please see TRUMP page A4 disappointing investors. B1
filed a lawsuit against the
city of Ferguson, Mo., seek-
Insurers Flag
ing to force broad changes
to its police department. A3 As Model Trains Near Line’s End,
NATO ministers ap-
proved a plan to post
troops on the alliance’s
borders for the first time
Aging Hobbyists Trundle On
i i i
Deepening
Losses on
Oracle #1
since the Cold War. A8
French lawmakers ap-
proved measures to boost
the government’s antiter-
Industry struggles to find new platforms
for once popular pastime; average age 64 Health Law Cloud ERP
BY JAMES R. HAGERTY to the hobby, members below BY ANNA WILDE MATHEWS
ror powers, but the plan
60 years old are the young
still faces hurdles. A8
For Christmas in 1960, Ron bucks. Some retirement After most health insurers
The Senate voted unani- Mei got a Lionel train set. homes provide model-rail- racked up financial losses on
mously to ratchet up sanc- More than 55 years later, he roading rooms for their resi- Affordable Care Act plans in
tions on North Korea follow- still hasn’t found a better toy. dents. 2014, many companies’ results
ing its rocket launch. A14 By creating model rail- “I’m a dinosaur,” said How- for last year worsened, creat-
A top general in North roads, “you learn carpentry,” ard Zane, 77, of Columbia, ing heavy pressure to improve
Korea was executed after be- said Mr. Mei, Md., a retired performance this year.
ing charged with corruption, 62 years old, industrial de- An analysis of filings by
South Korean officials say. A14 who runs a signer who not-for-profit Blue Cross and
m o to rc yc l e - has expanded Blue Shield insurers—among 1,675 150
parts business his basement the biggest players in the
CONTENTS In the Markets....... C4 in Phoenix twice to ac- law’s exchanges for buying in- Oracle Cloud Workday Cloud
Arts in Review...... D5
Business News.. B2-3,6,8
Opinion............... A11-13
Sports.......................... D6
and spends 20 commodate an dividual insurance—shows the ERP Customers ERP Customers
Crossword................. B6 Style & Travel.... D2-4 to 25 hours a ever-growing challenge facing the industry
Election 2016.... A4-7 U.S. News............. A2-3 week with his model rail- as it seeks a turnaround in the “Oracle has their act together better than SAP”
Global Finance........ C3 Weather..................... B6 trains. “You Model train road, now in- individual business. They paid
Heard on Street.... C8 World News A8-10,14
Aneel Bhusri, Workday CEO
learn electric. cluding more out more for health care in the
You learn painting. Kids today, than 1,000 railcars. “My wife first three quarters of 2015
> they have skill in one thing— says I’m collectible.” than they took in from premi-
that’s a videogame or a smart- Mr. Zane, Mr. Mei and ums on their individual plans.
phone.” other enthusiasts yearn to On Wednesday, Humana Inc.
Midsize and large scale Enterprise Fusion ERP Cloud customers.
Once thought of as every pass their pastime on to fu- became the latest of the big
boy’s dream toy, model trains ture generations. They fear it publicly traded companies to oracle.com/modern-finance or call 1.800.ORACLE.1
s Copyright 2016 Dow Jones &
Company. All Rights Reserved have become a domain mainly will be shunted onto a side- flag problems, saying its losses Copyright © 2015, Oracle and/or its affiliates. All rights reserved.
for old men. At clubs devoted Please see TRAINS page A10 Please see HEALTH page A10
A2 | Thursday, February 11, 2016 * **** THE WALL STREET JOURNAL.
U.S. NEWS
Economic Theory Gets Its Day
F
rench economist
Thomas Piketty took Points to Ponder
the U.S. by storm in French economist Thomas Piketty has highlighted growing inequality, while American economist
2014 with “Capital in the
™ and A Diamond is Forever™

Robert Gordon focuses on the slump in productivity growth.
Twenty-First Century,” a
pessimistic study of rising Percentage of total income in the U.S. going to the Average annual growth in total factor
inequality in Western soci- top 10% income earners, including capital gains productivity*, for decades ending in:
IT ’ S A LO N G J O U R N E Y TO ety. Now the American econ- 55% 3.5%
BECOME THE ONE. omist Robert Gordon follows
are Trade Marks used under license from The De Beers Group of Companies
with “The Rise and Fall of

American Growth,” an 50 3.0
In our constant pursuit of absolute beauty, equally dour
every Forevermark diamond undergoes a take on the fu-
45 2.5
journey of rigorous selection. ture of living
standards.
This is why less than one percent of the The two 40 2.0
© Forevermark Limited 2014-2015. Forevermark™, ™,
world’s diamonds are worthy of the books have a

Forevermark inscription – CAPITAL lot in common,
our promise of beauty, rarity ACCOUNT starting with 35 1.5
GREG IP their sheer 1890-2014
and responsible sourcing.
heft: The first average
runs 685 30 1.0
pages, the second 762. And
both have been surprise pub- 25 0.5
lic hits: Mr. Piketty’s book
reached No. 1 on Amazon,
and Mr. Gordon’s has 20 0
cracked the top 50. 1910s ’20s ’30s ’40s ’50s ’60s ’70s ’80s ’90s ’00s ’10s 1900 ’10 ’20 ’30 ’40 ’50 ’60 ’70 ’80 ’90 ’00 ’14†
From John Maynard
Keynes and Friedrich Hayek *Total factor productivity growth reflects gains in output that are not due to added labor and capital. †2001-14 period
to Milton Friedman and Paul Sources: World Wealth and Income Database, Thomas Piketty (income share); Robert Gordon (productivity); THE WALL STREET JOURNAL.
Forevermark is part of The De Beers Group of Companies. Krugman, leading academic
FOREVERMARK.COM economists have long found five times as many copies. Americans’ standard of liv- pelling? It depends on what
a ready reception with the The impact of Mr. ing advanced impressively you consider society’s great-
reading public. Piketty’s and Mr. Gordon’s during the “special century” est challenge. Mr. Piketty’s
But economic bestsellers books reflects the fact both of 1870 to 1970, thanks to a preoccupation is with the
have typically been aimed were the culmination of 15 series of revolutionary inno- distribution of income, Mr.
explicitly at the general pub- years’ work, much of which vations—from indoor plumb- Gordon’s with its growth.
lic, often with a streak of po- had appeared in academic ing, the internal-combustion Mr. Gordon’s thesis is less
litical advocacy. What sets journals, notes Seth Ditchik, engine and electricity to mu- revolutionary than Mr.
the books by Mr. Piketty, Mr. executive editor at Princeton nicipal water systems and Piketty’s, but more intuitive,
Gordon and several other ac- University Press. Other econ- antibiotics—that, once com- more plainly provable and
ademics apart is that with omists knew the books plete, could never be re- thus a bigger challenge to
their technical language, would be important even be- peated. the prevailing economic wis-
charts, tables and occasional fore they were published. dom. “Economic growth is
E
formulas, they are aimed as Mr. Piketty timed his ntrepreneurship is not a steady process that
much at other economists as book impeccably, as the de- central to Mr. Gordon’s creates economic advance at
at the lay public. That makes bate over inequality reached story. It wasn’t the a regular pace, century after
their popularity all the more fever pitch. With more than regulatory reforms spurred century,” Mr. Gordon notes.
remarkable—and for those two centuries of data on in- by Upton Sinclair’s “The Annual per-capita growth
who worry about the quality come and wealth across Eu- Jungle” that saved Ameri- from AD 1 to 1820, he notes,
of public discourse, encour- rope, the U.S. and Japan, and cans from contaminated food was close to zero.
aging. ample literary references, but refrigerated freight cars, Economists are thus
Such works once circu- Mr. Piketty argued that as home ice boxes, canning wrong to assume productiv-
lated primarily to libraries long as the return on capital technology, brand names and ity growth will eventually re-
and a small audience of like- exceeds the economic chain stores. vert to the more rapid mean
minded specialists. In 1963, growth rate, capitalism Mr. Gordon also credits of the special century, even
Princeton University Press tends to ever more inequal- government for nurturing la- if smartphones, artificial in-
published Mr. Friedman’s ity. The consequences, he bor unions and the eight- telligence and robotics de-
and Anna Schwartz’s “A writes, “are potentially terri- hour workday, which spurred liver everything their advo-
Monetary History of the fying.” rapid growth in wages and cates promise. Mr. Gordon
United States.” It became Mr. Gordon’s timing is productivity after the 1930s. predicts productivity will
one of the most influential equally auspicious. Produc- He attributes rising inequal- grow a little over 1% a year
works in economics, yet in tivity growth, the long-run ity not to the inexorable through 2040, better than
half a century has sold just determinant of a country’s workings of capitalism but the past five years but less
50,000 copies. By contrast, standard of living, has been societal shifts: the growing than half the rate of 1948 to
Carmen Reinhart’s and Ken- dismal since 2010, undermin- wage premium for skills, sin- 1970. If inequality continues
T O DAY– M O N DAY neth Rogoff’s “This Time Is ing wages and unsettling the gle parenthood and incarcer- to rise, that implies almost
Different,” an 800-year anal- public. ation that prevent poor chil- no growth in the typical
LUXE FUR SALE

ysis of financial crises pub- Like Mr. Piketty, Mr. Gor- dren from acquiring jobs and family’s income. It’s not a
lished in 2009 by the same don uses exhaustive historic skills, and declining unions. heartening message, but at
imprint, has sold roughly data to buttress his thesis: Whose story is more com- least it’s being heard.
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*Total savings of f regular and original prices.
BY JON HILSENRATH other foreign economies. then, said Jon Faust, an econom-
Maximilian Fur Salon. 59th Street on 4 and select stores.
Further complicating matters ics professor at Johns Hopkins
Federal Reserve Chairwoman for the Fed, she also pointed out University and former Fed re-
Janet Yellen hinted to Congress that market expectations for searcher.
Sale ends February 15, 2016. Reg./Orig. prices reflect offering prices. Savings may not be based on actual sales. Wednesday that the central bank consumer prices are sinking, a As has often been the case in
Intermediate markdowns may have been taken. Savings off regular, original and already reduced prices. Cannot be
combined with any other offer. No adjustments to prior purchases. Furs labeled to show country of origin of imported fur. had increased trepidation over sign investors might be losing recent years, the Fed leader
SUSAN WALSH/ASSOCIATED PRESS
Selection varies by store, limited quantities on designer furs. Prices, savings and selection may differ on bloomingdales.com. the path of interest-rate in- faith in the Fed’s ability to lift in- faced a hostile setting during her
creases, pointing to accumulat- flation to the 2% target it has un- testimony, with Republicans and
ing risks to the economy in re- dershot for more than three Democrats both challenging Ms.
cent weeks. years. “Financial conditions in Yellen on the Fed’s interest-rate
In the first of two days of the United States have recently policy, regulatory decisions and
semiannual testimony before become less supportive of governance.
House and Senate committees, growth,” Ms. Yellen said, point- Several Republicans argued
Ms. Yellen on Wednesday said ing to stock-market declines and that continuing low rates is the
falling stock prices and other fi- higher interest rates for riskier wrong approach. “Perhaps well-
nancial-market turbulence could borrowers, among other events. intended policies have had an
impede economic growth, as She warned of a possible impact
Ms. Yellen said stock adverse effect,” said Rep. Robert
could stresses in China and on economic activity and the la- prices and other Pittenger, (R., N.C.). “It seems to
bor market should the develop- me these accommodative poli-
ments persist.
turbulence could cies have contributed to where
CORRECTIONS Investors weren’t surprised
by Ms. Yellen’s caution. Yields on
impede growth. we are today.”
Fed forecasts for even modest
AMPLIFICATIONS 10-year Treasury notes were lit-
tle changed, dropping 0.022 per- beat view about the economy
growth have consistently proven
overly optimistic in the expan-
Readers can alert The Wall Street centage point to 1.706%. The that led to the December rate in- sion. While the official unem-
Journal to any errors in news
articles by emailing Dow Jones Industrial Average crease, Ms. Yellen hinted she’s ployment rate has receded to
wsjcontact@wsj.com or by calling turned lower in the afternoon, leaning in that direction but 4.9%, Ms. Yellen acknowledged
888-410-2667.
well after her testimony was fin- hasn’t yet made up her mind. labor markets are still heavy
ished, ending down 99.64 points, “Maybe, but the jury is out,” she with part-time workers who
THE WALL STREET JOURNAL or 0.62%, to 15914.74. said. want full-time employment and
(USPS 664-880) While Ms. Yellen on Wednes- Some Fed officials have said discouraged individuals who
(Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) day didn’t explicitly mention de- recently the central bank needs want work but aren’t looking.
(Western Edition ISSN 0193-2241) layed rate increases, her recita- to take a stance of “watchful A big worry now is the infla-
Editorial and publication headquarters:
1211 Avenue of the Americas, tion of increased risks was a waiting” before raising rates tion outlook. Fed officials pay
New York, N.Y. 10036 potentially telling sign of the again. Ms. Yellen echoed that. particular attention to market
Published daily except Sundays and general
legal holidays. Periodicals postage paid at New
Fed’s leanings. When the Fed pushed short- and household expectations for
York, N.Y., and other mailing offices. In December, when the Fed term interest rates higher in De- where inflation is going. If their
POSTMASTER: Send address changes to The raised short-term rates from cember, officials penciled in four expectations for future inflation
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MA 01020. near zero, officials in their offi- quarter-percentage-point rate sink, it could become a self-ful-
All Advertising published in The Wall Street cial policy statement described increases for 2016. Investors filling prophecy. The Fed doesn’t
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Letters to the Editor: meeting, they said the outlook chance of a move then and just a an important role in the inflation
Fax: 212-416-2891; email: wsj.ltrs@wsj.com
was too muddy to say for sure 19% chance the Fed will move at process, and the [Fed’s] confi-
NEED ASSISTANCE WITH whether the risks were still bal- all again this year, according to dence in the inflation outlook
YOUR SUBSCRIPTION? anced. the Chicago Mercantile Ex- depends importantly on the de-
CONTACT CUSTOMER SUPPORT. On Wednesday, Ms. Yellen’s change. The Fed’s current target gree to which longer-run infla-
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By email: wsjsupport@wsj.com outlook was far longer than rea- rate is between 0.25% and 0.5%. anchored,” Ms. Yellen said. “It is
By phone: 1-800-JOURNAL sons for optimism. “You would have to see an in- worth noting, in this regard, that
(1-800-568-7625) When pressed during her tes- credible boom between now and market-based measures of infla-
Or by live chat at wsj.com/
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was changing the relatively up- Fed officials they should move down to historically low levels.”
THE WALL STREET JOURNAL. * * Thursday, February 11, 2016 | A3
©T&CO. 2016
U.S. NEWS
Flint Mayor Testifies at House Hearing on Water Crisis
ANDREW HARNIK/ASSOCIATED PRESS
TIFFANY T COLLECTION
IN THE SPOTLIGHT: Karen Weaver, mayor of Flint, Mich., spoke Wednesday at a House hearing to spotlight the city’s water crisis and
keep pressure on government officials. Michigan Gov. Rick Snyder separately proposed $195 million in spending to tackle the crisis.
Climate Agenda on the Line 800 843 3269 | TIFFANY.COM
Carbon rule’s stay wetlands under federal protec- presidential overreach are tak- when an appeals court upheld
tion. The regulations are in ing place on other hot-button rules setting greenhouse-gas
marks unusual blow precarious positions less than issues. The Supreme Court emission standards for auto-
to the president’s a year before Mr. Obama this spring will consider the mobiles. That court also
leaves office. president’s plan to defer de- blessed a central EPA finding
environmental push “When the pendulum starts portation for millions of illegal that greenhouse gases like
to swing toward executive au- immigrants. A lower court is carbon dioxide are a danger to
BY AMY HARDER thority, there’s going to be a considering a suit by Republi- public health and likely have
AND BRENT KENDALL real likelihood that the courts cans alleging the Obama ad- been a driver of global warm-
are going to pull back a little ministration defied Congress ing over the past half-century.
WASHINGTON—The Su- bit,” said Jim W. Rubin of in how it paid for part of the The Supreme Court chose not
preme Court’s unexpected Dorsey & Whitney LLP, a for- Affordable Care Act. to review those findings.
move this week to block a fed- mer environmental lawyer White House officials said The tide seemed to turn in
eral carbon-emissions rule was with the Justice Department. they are confident the courts mid-2014 as courts began air-
a significant blow to President The president’s environmental will uphold the EPA rule, and ing concerns about executive
Barack Obama’s environmental legacy “will be determined by they suggested Mr. Obama authority. The justices chas-
agenda, underscoring the un- what survives court scrutiny.” won’t stop pursuing executive tised the EPA for seeking to
usual way in which that ambi- Behind these cases is a core actions despite legal setbacks. expand a clean-air permitting
tious agenda is now in a state battle between the executive “Litigation over this admin- program to include green-
of suspended animation. and legislative branches. Re- istration’s policies, and in par- house gases without clear con-
Mr. Obama’s administration publicans say Mr. Obama, in ticular Clean Air Act stan- gressional authorization.
has pushed rules on every- taking unilateral actions, is dards, is nothing new,” said The latest EPA rule would
thing from emissions to water- acting like a king and not a require a 32% cut in power-
ways to fracking. But the president. The White House plant carbon emissions by
courts have begun to question responds that Congress’s re-
The rule will remain 2030, based on 2005 emis-
whether it has exceeded its le- fusal to act on critical issues in place while courts sions levels.
gal authority, and their final like climate change—or even The Supreme Court consid-
decisions will determine recognize it as a problem—
consider more than ers several hard-to-meet crite-
whether Mr. Obama’s environ- leaves Mr. Obama little choice. 30 lawsuits. ria for stay requests, including
mental legacy will be monu- While the high court’s ac- whether the challengers will
mental or more modest. tion is far from final, it raises likely win their case and
The Supreme Court’s stay questions about a landmark Dan Utech, deputy assistant to whether the denial of a stay
of the rule limiting carbon international climate-change the president for energy and will result in irreparable harm.
emissions by power plants— accord reached last year in climate change. “In litigation Supporters of both sides
which will remain in place Paris that Mr. Obama sees as the pathway is not always said they couldn’t recall an-
while courts consider more the centerpiece of his environ- smooth. But at the end of the other instance when the jus-
than 30 lawsuits—is the third mental legacy. day, we prevail. And we are tices intervened to stay a new
instance since last fall of fed- Mr. Obama has rolled out confident we will do so here. regulation whose legality had
eral courts have halting major nearly two dozen major rules The Clean Air Act gives EPA yet to be fully evaluated by a
new environmental rules. and scores of smaller ones clear authority—and legal re- lower court. “It clearly indi-
Courts have blocked an In- during his tenure, aimed at sponsibility—to regulate car- cates that five justices have
terior Department rule setting clamping down on pollution bon pollution from the power grave doubts about EPA’s legal
stricter standards for hydrau- from oil, natural gas and coal, sector.” authority to do this rule,” said
lic fracturing on federal lands and at compelling industries to The administration’s recent Thomas Lorenzen of Crowell &
and an Environmental Protec- shift toward renewable energy legal difficulties follow notable Moring LLP, a former Justice
tion Agency rule that would sources such as wind and solar. earlier successes. The EPA Department lawyer who de-
bring smaller waterways and Similar clashes over alleged won a major ruling in 2012 fended earlier EPA rules.
Justice Department BARNEYS.COM
Sues City of Ferguson

NEW YORK B E V E R LY H I L L S SAN FRANCISCO CHICAGO
BOSTON LAS VEGAS SCOTTSDALE S E AT TLE
F O R I N S I D E R A C C E S S : T H E W I N D O W. B A R N E Y S . C O M
BY DEVLIN BARRETT not be forced to wait any lon-
AND MARK PETERS ger.”
Ms. Lynch said the city of
The Justice Department Ferguson, by trying to change
filed a lawsuit Wednesday details of the settlement after
against the city of Ferguson, the two sides had agreed on
Mo., seeking to force broad terms, had left the federal
changes to the police depart- government with no choice
ment in the wake of the 2014 but to file a lawsuit. “They’ve
police shooting that sparked a chosen to live in the past,’’ she
national outcry over law-en- said.
forcement practices. In its unanimous decision
The announcement comes a to approve the agreement with
day after the city council
voted to seek new terms to a
changes, Ferguson’s city coun-
cil cited citizen concerns over
ERMENEGILDO
negotiated settlement between the cost and “far-reaching
the city and the federal gov-
ernment to overhaul the city’s
scale” of the more than 100-
page pact. “We have worked
ZEGNA
police department and courts. very hard to ensure that our
The negotiations followed negotiations were feasible and JOIN US FOR THE
an investigation of the city af- realistic for the citizens of MADE TO MEASURE TRUNK SHOW
ter the August 2014 death of Ferguson,” said Mayor James
Michael Brown, who was shot Knowles III in a statement af- F R I D AY, M A R C H 1 8 T H
and killed by a Ferguson police ter Tuesday’s vote, which fol-
NEW YORK
officer. A federal probe con- lowed public hearings in re-
cluded that the 18-year-old Af- cent weeks on the proposed MAD ISO N + 61ST
rican-American fought with agreement
the white officer, and that the The conditions set by the
shooting wasn’t a crime. But council included that the city
the Justice Department deter- won’t be mandated to raise
mined there were extensive police salaries and the agree-
constitutional violations being ment won’t apply if another
committed by the Ferguson government agency takes over
police, particularly against mi- city services such as policing.
norities. There have been discussions
“Residents of Ferguson over having county authorities
have suffered the deprivation take over policing in the city
of their constitutional rights— of 21,000 residents.
the rights guaranteed to all City officials defended their
Americans—for decades,” said decision Wednesday, saying
Attorney General Loretta they support an agreement,
Lynch. “They have waited de- but that the existing one won’t
cades for justice. They should work.
A4 | Thursday, February 11, 2016 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.
Blue-Collar Evangelicals to Test Trump

In South Carolina, GOP opinion polls and results from
Carrying Clout
state’s biggest voting blocs, Many evangelicals will vote
the first two contests show. substantially bigger than col- on economic rather than on
contender faces battle Now, the Republican candi- Evangelical voters, particularly those without a college degree, will lege-educated evangelicals and social concerns, said Rep.
for one of the state’s dates head into states where play a large role in the Republican nominating contest. bigger than non-evangelicals Mark Sanford, a former South
blue-collar voters are more of all education levels. Carolina governor, who pre-
key voting blocs plentiful—and the largest Non-college College-educated Non-college College-educated
evangelical non-evangelical non-evangelical
Moreover, evangelicals dicted Mr. Trump’s message of
evangelical
share are evangelical Chris- without degrees made up one- ending illegal immigration
Donald Trump faces a new tians. That sets up a test of South Carolina third of all voters in nine would draw many of them.
primary 37% 28% 16% 19%
kind of test as the presidential whether blue-collar evangeli- states that vote by March “I don’t believe faith is what
nominating contest moves to cals will side with Mr. Trump All nominating 1 and were surveyed by exit is driving the evangelicals
contests up to 32 25 19 25
the South, where many of the or favor candidates such as polls in 2012, a Wall Street when they go to the polls,”
March 1*
blue-collar voters that have Sens. Ted Cruz and Marco Ru- *2012 exit poll data from Ala., Ga., Mass., Nev., Okla., S.C., Tenn., Vt. and Va. Journal analysis of exit polls said Mr. Sanford, who believes
formed his base of support are bio, who are more identified Source: 2012 Exit polls Note: Numbers rounded THE WALL STREET JOURNAL. from past elections shows. a larger factor among blue-col-
also evangelical Christians with the antiabortion move- In winning New Hampshire, lar evangelicals is the decline
open to appeals from social ment and other conservative Reagan Democrats, the blue- lege-educated voters has also by contrast, Mr. Trump carried of manufacturing and competi-
conservatives. social causes. collar voters who the Demo- appeared among evangelical a state where only 23% of pri- tion with migrant labor.
Mr. Cruz won evangelicals cratic Party has abandoned.’’ Christians. He won that group mary voters were evangelical “Cruz is clearly selling the
By Aaron Zitner, without a college degree in Education and income have in both nominating contests so Christians and 17% of all vot- idea that are values are under
Dante Chinni Iowa on his way to a first- proved to be broad dividing far, even topping Mr. Trump in ers were evangelicals with no threat. Trump is selling the
and Jennifer Levitz place finish in last week’s cau- lines within the GOP presiden- New Hampshire. college degree. idea that our livelihood and
cuses. Mr. Trump won them in tial field, national Wall Street But now more attention will Mr. Trump has put little country are under threat,’’ said
Mr. Trump carried a broad New Hampshire on Tuesday. Journal/NBC News polling has fall on evangelical Christians emphasis on abortion, gay Oran Smith, president of the
set of voter groups in winning Mr. Cruz signaled Tues- found. Only 38% of Mr. without a degree, who make marriage or social issues, and Palmetto Family Council, an
the New Hampshire pri- day night that the battle was Trump’s supporters had a up a large share of voters in his prominence in the media evangelical public policy group
mary Tuesday, including evan- on for such voters. Speaking four-year college degree in De- many states that vote next. has made many voters are in South Carolina. He said both
gelical Christians. But his sup- after his third-place finish in cember and January polling, Evangelicals without a de- aware of his three marriages. candidates, as well as Mr. Ru-
port has been strongest among New Hampshire, he said the while 46% of people backing gree made up 37% of all GOP While those factors might give bio, could do well among
secular, blue-collar voters— Republican Party needed to re- socially conservative candi- primary voters in 2012 in some religiously observant evangelicals, but that Mr.
those who attend religious ser- unite Ronald Reagan’s coali- dates as a group, including Mr. South Carolina, where Republi- voters pause, several Republi- Trump’s economic message
vices infrequently and who tion of conservatives, evangeli- Cruz, had college degrees. cans go to the polls on Feb. 20. cans in South Carolina said he could particularly resonate
don’t identify as evangelicals, cals and “especially, especially Mr. Cruz’s edge among col- That made them one of the would do well in the state. among blue-collar evangelicals.
TRUMP call every resident,” the cam-

paign manager said. “But most
important: If we remain positive
and focused on our message, we
Continued from Page One can win New Hampshire.”
of it works,” Mr. Trump said in That conversation produced
an interview Wednesday as he a more positive tone to the of-
left for South Carolina. ten-slashing Trump campaign
As the campaign moves style for the final days of the
south, Mr. Trump will face re- New Hampshire race.
newed resistance in his party; At the debate Saturday night,
an anti-Trump GOP super PAC and at his events until Tues-
is planning an ad blitz there. day’s vote, Mr. Trump hit his
Meanwhile, the GOP field is general themes of strengthening
narrowing, as New Jersey Gov. national security and the econ-
Chris Christie and former Hewl- omy, and largely refrained from
ett-Packard CEO Carly Fiorina attacking his rivals, saying, “I’ve
suspended their campaigns become friendly with a lot of
Wednesday after finishing sixth them.” But he couldn’t resist go-
and seventh in New Hampshire. ing after Mr. Bush and he
That still leaves four candi- slipped by repeating an audi-
RYAN COLLERD FOR THE WALL STREET JOURNAL
dates—Sens. Ted Cruz and ence member’s shout-out that

Marco Rubio, Ohio Gov. John Mr. Cruz was “a pussy.”
Kasich and former Florida Gov. Having won in New Hamp-
Jeb Bush—battling to derail Mr. shire, Mr. Trump now faces a
Trump. potentially stiffer challenge in
For Mr. Lewandowski, the South Carolina, where televi-
question is whether he can help sion advertising has often
his candidate replicate the ap- played a bigger role in helping
peal across demographic and candidates cover ground. The
income lines that propelled him more diverse population and a
to victory in New Hampshire, party establishment that has
and continue to improve the been partial over the years to
campaign’s turnout operation. Corey Lewandowski, campaign manager for GOP candidate Donald Trump, working backstage in Manchester, N.H., earlier this week. the Bush family may pose new
Mr. Trump acknowledged his obstacles. The state also has a
ground game wasn’t strong campaign has been hiring staff New Hampshire in which people fided he was weighing a presi- he bargained hard with consul- large share of evangelical vot-
enough in Iowa. In his Tuesday in Texas, Georgia, Alabama and with different ethnicities and dential bid. “Are you better than tants and vendors not only to ers, who drove Mr. Cruz to
victory speech, Mr. Trump Mississippi; adding to existing backgrounds said they were vot- all the campaign managers out hold down costs, but also to test victory over Mr. Trump in
credited Mr. Lewandowski with operations in Florida, Ohio and ing for Mr. Trump. there?” the billionaire asked. Mr. loyalty to Mr. Trump, he said. A Iowa.
fixing that ground game in New Missouri, and shifting the New Mr. Lewandowski, who Lewandowski recalls that he re- national phone vendor offered Mr. Lewandowski showed his
Hampshire, then recognized Hampshire staff to Massachu- downs a dozen Red Bull and plied: “I think I am, and I’ll work his services for a $25,000 determination to improve voter
him from the podium. setts and elsewhere. Monster Energy drinks daily, re- harder than any of them.” He monthly fee. “You can start an- outreach when he stopped Mr.
The playbook for Mr. “We’ll be growing strategi- sembles his boss in many ways. took the $240,000 a year job swering our phones for $2,500 a Trump as he was heading out
Trump’s double-digit first-place cally to put in place the tools to He’s brash and ambitious, de- without first telling his wife, month,” the manager told the after the last rally before the
finish here, according to Mr. Le- win, but remaining a good mands loyalty and subsists on with whom he has four children vendor, who declined. New Hampshire primary.
wandowski, has been the steward of Mr. Trump’s money,” little sleep. One key difference: under ten years old. Mr. Trump has “never said “Sir, we’ve got more to do
theory of the campaign from Mr. Lewandowski said. Indeed, Mr. Lewandowski sports a gray- From the start, the campaign no to any funding request,” Mr. here,” the campaign man-
day one and will continue going every two weeks, he reviews ing buzzcut rather than his manager set up a bare-bones Lewandowski said. “We’ve been ager said to his boss, who
forward: “Let Trump be campaign expenses with Mr. boss’s golden mane. fifth-floor headquarters in lean and all done multiple jobs, was departing for a steak din-
Trump.” Those words have Trump. And while the cam- Though Mr. Lewandowski, a Trump Tower with plastic fold- but that’s made us close.” ner with his family Monday
been scrawled on his office paign receives individual dona- political-science major at the ing tables on a concrete floor. After Iowa, Mr. Lewandowski night. Instead, Mr. Lewan-
white board since Mr. Trump tions and revenue from the sale University of Massachusetts, He brought in three aides who said he became “more moti- dowski diverted him to a hold-
announced his run June 16. of hats and other items, Mr. lacks the national profile of formed the core unit. vated, not distressed.” His 68- ing room with about 100 of his
Mr. Lewandowski already is Trump has largely been footing some other, more-famous politi- The quartet dresses the part. year-old mother made calls best volunteers in the state. “If
expanding the Trump team to the bill himself. cal operatives, he has worked in Mr. Lewandowski, political di- from one of four Trump phone we don’t have these guys, we
include top advisers from the After seeing Mr. Trump’s ef- GOP campaigns much of his ca- rector Michael Glassner and so- banks; his wife supervised their don’t win,” the campaign man-
campaigns of Mike Huckabee forts to be more positive play reer. In his previous job as New cial-media guru Daniel Scavino 9-year-old daughter, seven-year- ager said.
and Rick Santorum, who have well in the final days before Hampshire director of Ameri- sport Trump Collection silk ties. old twins, nieces, nephews and Mr. Trump then spent the
dropped out and Ben Carson, New Hampshire voting, the cans for Prosperity, the conser- “The price is right—free,” Mr. cousins to stuff envelopes next hour talking to and posing
who has struggled to attract campaign manager decided on vative group funded by the bil- Lewandowski quips. Hope Hicks, around the family dining-room with the volunteers, as Mr. Le-
support. He has also expanded Wednesday to pull a negative ad lionaire Koch brothers, he met the communications director table outside Manchester. wandowski took their pictures
the Trump campaign’s current running in South Carolina Mr. Trump backstage at its 2014 and one-time Ralph Lauren When Mr. Trump arrived in himself. Looking at his cam-
roster of 150 employees in 20 against Mr. Cruz. With only 10 conference in Concord. model, wears dresses and shoes New Hampshire late last week, paign manager and using his fa-
states. “There’s no substitute days until the primary there, the A few months later, Mr. Le- from Mr. Trump’s daughter Mr. Lewandowski and his boss mous line from “The Appren-
for direct personal interaction,” Trump campaign will begin air- wandowski got a call to visit Mr. Ivanka’s fashion line. went into a private office at the tice,” Mr. Trump told the group,
he said Wednesday. ing on Thursday positive com- Trump at his 26th floor office in When Mr. Lewandowski built Manchester headquarters. “We “If we don’t win tomorrow,
Since Tuesday night, the mercials, including one used in Trump Tower, where he con- out the operation last summer, can knock on every door and Corey, you’re fired.”
Christie, Fiorina Exit Republican Race

BY HEATHER HADDON petence and experience was nism and to “choose leader- the first-term senator of being
AND BYRON TAU “heard by and stood for by a lot ship.” unready for the White House
of people, but just not enough, Both Mr. Christie and Mrs. and reliant on canned sound
NASHUA, N.H.—Chris Chris- and that’s OK.” He added that Fiorina faced uncertain pros- bites to convey his message.
tie and Carly Fiorina sus- he is leaving the race “without pects in the next GOP contest, Mr. Rubio inadvertently
pended their bids for the an ounce of regret.” the South Carolina primary. gave resonance to the attack
White House Wednesday fol- As the only female candi- Due to their poor showings in when he responded by repeat-
lowing disappointing showings date in the GOP race, Mrs. New Hampshire and in opinion ing his talking points again.
in the New Hampshire Repub- Fiorina, a former Hewlett- polling, they were in danger of The senator, who had hovered
lican primary. Packard Co. chief executive, being cut from the CBS debate at second in New Hampshire
Mr. Christie’s decision was once considered a possi- on Saturday, which would polls after a third-place finish
marks an abrupt end to the sharply reduce their exposure in Iowa, dropped to fifth place
presidential bid of the two- to voters in the state. in the actual voting.
term New Jersey governor
Christie finished Mr. Christie came in sixth On Wednesday, Mr. Rubio
who shook up the GOP race by sixth in New in Tuesday’s contest with 7.4% showed no hard feelings toward
GRETCHEN ERTL/REUTERS, KAYANA SZYMCZAK/GETTY IMAGES
attacking Florida Sen. Marco of the vote. Mrs. Fiorina fin- Mr. Christie, when told of re-
Rubio in Saturday’s candidate
Hampshire and ished seventh with 4.1% of the ports he was dropping out. “I
debate. Exit polls showed Mr. Fiorina was seventh. vote. On primary night, Mr. think he has a future in public
Rubio was damaged by his de- Christie said he was returning service beyond what he’s doing
bate performance, but it did home to New Jersey to con- now in New Jersey,” Mr. Rubio
little to boost Mr. Christie’s ble rising star in the Republi- sider his options and canceled said. “The only thing I don’t
standing. Facing better fi- can Party. She was bolstered scheduled campaign appear- like about him is that he’s Dal-
nanced rivals and overshad- by a strong first debate per- ances in South Carolina. las Cowboys fan. But, you know,
owed by businessman Donald formance in August but strug- Mr. Christie’s candidacy will we can’t all be perfect.”
Trump, his campaign didn’t gled to pick up support. have a lasting impact on the Mr. Christie staked nearly
catch fire among voters. In a written statement, Mrs. GOP nomination process be- his entire campaign on placing
Mr. Christie made the an- Fiorina, a harsh critic of Dem- cause of his takedown of Mr. high in New Hampshire. He
nouncement in a staff meeting ocratic candidate Hillary Clin- Rubio in the New Hampshire spent more than 70 days in
in Morristown, N.J. In a state- ton, said she had a message debate, which wounded the the state, and joked that his
ment posted on Facebook, he for women and girls across the party’s young, rising star. wife, Mary Pat, had put
said his campaign’s message country—urging them to reject During the Manchester ex- enough days in the state to ri-
about the importance of com- a narrow definition of femi- change, Mr. Christie accused val some of his competitors. Carly Fiorina and Chris Christie ended their campaigns Wednesday.
THE WALL STREET JOURNAL. Thursday, February 11, 2016 | A5
Heard on the Stump

Next Debate to Be seven-day sprint,” said Sen. Tim
Kasich Voters Begin place, way ahead of everybody ‘I’m not just going
Scott, the junior senator from else, in New Hampshire,” Mr. Ka-
A ‘Reset’ for Rubio South Carolina, whose primary is ‘To Pay Attention’ sich told a crowd of about 150 to sit here and be
As Sen. Marco Rubio looks to Feb. 20. He acknowledged that John Kasich isn’t sure how he people. “Nobody even knew what
South Carolina to regain his foot- Mr. Rubio’s fumbled debate per- got to be the runner-up to Don- my name was, right?’’ He added: a marshmallow
ing, one of his most prominent formance in New Hampshire ald Trump in Tuesday’s New “People are starting to pay at-
supporters in the state said a contributed to his disappointing Hampshire GOP primary, an tention and they’re either going or some kind
standout performance in this showing. “He learned some valu- achievement that is drawing to like me or they’re not.”
Saturday’s GOP debate in Green- able lessons,” said Mr. Scott in more South Carolina voters to The pitch from the Ohio gov- of a pin cushion’
ville, S.C., was critical to the fu- an interview as he flew from his under-the-radar presidential ernor: I’m not an “establishment”
ture of his campaign. Washington to South Carolina to campaign. candidate, but I’m not “anti-es-
“The next debate will be the campaign with Mr. Rubio. “Frankly, no one would have tablishment” either. JOHN KASICH on CNN, on
reset of the campaign, then a —Janet Hook thought I would finish in second —Beth Reinhard how he will react to attack ads
Jewelry Collection.
Discover more.
A6 | Thursday, February 11, 2016 NY * *** THE WALL STREET JOURNAL.
H H H H H
CAMPAIGN
WIRE
GOP Rivals Hit New Battleground
South Carolina’s
H H H H H
primary intensifies
rivalry between Bush
VOTING RIGHTS
and Rubio
New Effort to Boost
Black, Latino Turnout BY JANET HOOK
The head of a super PAC AND BETH REINHARD
backing Democratic presidential
candidate Hillary Clinton is HILTON HEAD, S.C.—The Re-
launching a $25 million effort publican presidential campaign
aimed at expanding black and swept into South Carolina
Latino voter turnout and pro- Wednesday, throwing the candi-
tecting voting rights. dates onto fresh political terri-
SEAN RAYFORD/GETTY IMAGES, JACQUELYN MARTIN/ASSOCIATED PRESS

Organizers of Every Citizen tory and intensifying the rival-
Counts say it will stay out of ries—especially the one between
Mrs. Clinton’s primary race Marco Rubio and Jeb Bush.
against Vermont Sen. Bernie For both Florida Republi-
Sanders. “We are building for cans, the state is a promising
the long term beyond 2016,” venue for a surge, but the New
said Guy Cecil, who leads pro- Hampshire primary did little to
Clinton super PAC Priorities USA settle the question of which one
Action and will advise the group. has the advantage in taking on
Also involved in the group’s businessman Donald Trump,
leadership is Atlanta Mayor who trounced the rest of the
Kasim Reed, who endorsed Mrs. field in New Hampshire.
Clinton last fall. The group will Before they get to that show-
announce other leadership offi- down, the senator and former
cials in the next weeks. governor will first have to get
As a 501(c)(4) nonprofit, Ev- past the disparate campaigns of
ery Citizen Counts won’t have to Texas Sen. Ted Cruz, the Iowa
disclose its donors, as super PACs caucus winner who draws evan-
are required to do, which could gelicals, and Ohio Gov. John Ka- Sen. Marco Rubio on a plane with his family and staff Wednesday en route to South Carolina after the New Hampshire primary.
draw criticism from Mr. Sanders. sich, who came in second in
Mr. Sanders has repeatedly New Hampshire with a centrist say, a priority must be to deliver talked about,” he said aboard
criticized Mrs. Clinton’s reliance appeal. (New Jersey Gov. Chris a strong performance during a the plane.
on a multimillion-dollar super Christie, who placed sixth in GOP debate on Saturday to Beyond the Bush-Rubio ex-
PAC that has spent about Tuesday’s primary, and Carly erase the memory of his perfor- changes, Mr. Trump and Mr.
$500,000 promoting her— Fiorina, former head of Hewl- mance in New Hampshire. Cruz traded barbs in television
though he has also received ett-Packard who placed near In that showdown, Mr. Chris- ads and on the trail as they
about $1 million in support from bottom, both suspended their tie accused Mr. Rubio of being compete for the party’s anties-
a union-backed super PAC. campaigns Wednesday.) unready for the White House tablishment conservative voter.
—Rebecca Ballhaus In South Carolina, the con- and too reliant on canned re- Speaking to reporters in
test will play out in a state that marks; the Florida senator in- Myrtle Beach at his first cam-
REPUBLICAN PRIMARY is much more populous and advertently added resonance to paign stop after New Hamp-
conservative, and where mud- the criticism when he re- shire, Mr. Cruz argued that he
Rubio Team Signs Up slinging is as much a part of sponded by repeating his re- is the only other GOP candidate
Rand Paul Manager political culture as retail poli- hearsed lines. who can defeat Mr. Trump.
Rand Paul’s campaign man- ticking is in New Hampshire. “He learned some valuable “You can’t beat Donald coming
ager is jumping on board the “New Hampshire demands lessons,” said Sen. Tim Scott from the left.”
suddenly flagging Marco Rubio the candidates sit in their living Ohio Gov. John Kasich on Wednesday in Mount Pleasant, S.C. (R., S.C.) one of Mr. Rubio’s Mr. Kasich, who finished
campaign. room and on the sofa,” said Ka- key supporters in the race. second in New Hampshire, ar-
Chip Englander, who ran the ton Dawson, former chairman political consultant in the state dent that doesn’t give two “The next debate will be the rived here with a bounce in his
Kentucky senator’s campaign be- of the South Carolina GOP. “In who had been advising Mr. hoots about focus groups and reset of the campaign, then a step but he has little political
fore it ended last week, will be a South Carolina, 700,000 people Christie. “It is important to what’s popular, you’re looking seven-day sprint.” organization in the state and
senior political adviser responsi- are going to vote. They want to both teams.” at the guy who should be presi- Terry Sullivan, the Rubio voters here are less welcoming
ble for the Midwest. Based in see how you take a punch, and And the shots began fir- dent of the United States, be- campaign manager, acknowl- to his more moderate brand of
Chicago, Mr. Englander also ran the punches start as soon as ing immediately. cause they’ve written me off in edged in a conference call with Republicanism.
Illinois Gov. Bruce Rauner’s suc- church lets out on Sunday.” While touring the state’s this campaign over and over donors Wednesday that the Undaunted, he couldn’t help
cessful 2014 campaign. The battle will be especially coastal front, Mr. Bush re- again,” he told the crowd. candidate got as much bad marveling that he has even got-
The Rubio campaign, which intense between Mr. Bush and minded reporters of Mr. Rubio’s Mr. Bush was joined Thurs- press for the debate as “O.J. ten this far in the race.
placed fifth in Tuesday’s New Mr. Rubio because the state is fall from third place in the Iowa day by Sen. Lindsey Graham, Simpson during the white “Frankly, no one would have
Hampshire primary, hopes to important to both camps in caucuses to fifth in New Hamp- who threw his support to the Bronco chase,” according to a thought I would finish in sec-
capitalize on Mr. Englander’s personal as well as political shire. “The coronation after a former Florida governor after person listening to the call. ond place, way ahead of every-
connections to Mr. Paul’s liber- ways. South Carolina delivered third-place finish,” he said, he quit the race last And speaking to reporters body else, in New Hampshire,”
tarian supporters, even though a key victory for Mr. Bush’s “looks like they canceled it.” month. With one of the biggest on a flight from Manchester, Mr. Kasich told a crowd of
the two senators’ presidential brother, George W. Bush, in the Energized by the possibility defense hawks in Congress by N.H., to South Carolina about 150 people in Charleston.
efforts were based on very dif- 2000 campaign. Many of Mr. of staying competitive, Mr. Bush his side, Mr. Bush emphasized Wednesday morning, the can- “Nobody even knew what my
ferent ideas. Mr. Paul cam- Rubio’s senior advisers have jumped on a bench to wave at his support for a bigger and didate offered no excuses. “I name was, right?’’
paigned on a foreign policy South Carolina roots. the hundreds of people gathered more active military in this had a bad incident at the be- —Erica Orden, Bob Davis and
highly skeptical of intervention “This is the Bush-Rubio O.K. in an outdoor pavilion. veteran-rich state. ginning of this debate, and it Reid J. Epstein contributed to
abroad and government surveil- Corral,” said Robert Cahaly, a “If you’re looking for a presi- For Mr. Rubio, his supporters clouded everything that we this article.
lance, while Mr. Rubio backs a
far more robust American pres-
ence overseas and stresses his
support for electronic govern-
ment surveillance.
Rival Sen. Ted Cruz has made
PARTY cans.
“It’s good to have new
friends—I would prefer to
have true friends,” said Rep.
week. And the Democrats in
contests to come won’t look
like those in New Hampshire.
Where 93% of New Hamp-
a voting-rights protest.
Rep. Gregory Meeks (D.,
N.Y.), the chairman of the
black caucus’s political-action
March on Washington, accord-
ing to former South Carolina
Democratic Party Chairman
Richard Harpootlian.
several specific appeals to Mr. Continued from Page One Hakeem Jeffries (D., N.Y.), shire’s Democratic primary committee, said that the “His bona fides are beyond
Paul’s supporters, regularly airing ence call Wednesday with who plans to go to South Car- voters were white, only 43% group’s board last week over- question on civil rights, so
a video at his events that fea- prominent African-American olina to campaign for Mrs. of South Carolina primary whelmingly voted to endorse older African-American voters
tures a montage of testimonials figures who support the for- Clinton. voters and 65% of Nevada Mrs. Clinton. Their formal an- as they see the TV commer-
from people who backed Mr. mer secretary of state. They Mrs. Clinton now is calling caucus-goers in 2008 were nouncement is expected on cial or radio ad will under-
Paul’s father, Ron Paul, during cast Mr. Sanders as an arriv- on the Clinton network of Af- white. The New Hampshire Thursday. stand he’s not some new-
his 2012 campaign. iste who has ignored issues rican-American supporters, primary didn’t test one of the Brian Fallon, a Clinton comer to their cause,” Mr.
—Reid J. Epstein important to African-Ameri- looking to shore up the “fire- most important features of campaign spokesman, noted Harpootlian said.
wall” her campaign says it has the coming contests—whether The tug of war between the
built in coming contests in Mrs. Clinton is retaining the Clinton and Sanders camps is
South Carolina and other substantial advantages she
Black political putting pressure on one of
Southern states with large mi- has shown among African- leaders are heading South Carolina’s most promi-
nority populations. The cam- American and Hispanic voters nent officials to come forward
paign is also tapping into her in opinion polls.
to South Carolina to with an endorsement.
Hispanic network to sway Ne- Members of the Congres- help Mrs. Clinton. Rep. Jim Clyburn, the only
vada voters. sional Black Caucus are plan- Democrat in South Carolina’s
On primary night, the Clin- ning to fan out in South Caro- delegation and a civil-rights
7 1 7 F I F T H AV E N U E ( 2 1 2 ) 5 9 3 - 0 2 0 4 ton campaign understood that lina in advance of the state’s that the contests on March 1 leader with big sway in the
Entrance on 56th between 5th & Madison a defeat was coming in the primary on Feb. 27, talking up include Texas, Alabama and state, has stayed neutral, but
Granite State. But the breadth Mrs. Clinton’s credentials in a Georgia—states with substan- he may be coming off the
of the loss left some of her state where African-Ameri- tial “communities of color.” fence soon, people familiar
supporters rattled and former cans account for more than But Mr. Sanders is ceding with the matter said.
President Bill Clinton angry, half of the Democratic elec- no ground as his campaign “I’m feeling it,” said Mr.
according to two people fa- torate. has gained momentum. He Clyburn, declining to say
miliar with his thinking. “I’m going to preach and won the endorsement of for- whom he might endorse. “I
Mr. Sanders beat her teach, tell people to get out mer NAACP President Ben have a wife and three daugh-
among women voters and won and vote for Hillary,” said Jealous, and he is about to ters” and “they are telling me
every age category save for Rep. John Lewis (D., Ga.), who roll out an ad that shows him that I need to take a stand.”
voters over 65. He bested Mrs. was beaten by state troopers marching with Rev. Martin —Valerie Bauerlein
Clinton not only among inde- in Selma, Ala., in 1965 during Luther King Jr. in the 1963 contributed to this article.
pendents who participated in
the primary—and by a lop-
sided margin—but topped her
among Democratic Party
members, 52% to 48%, exit
polls showed.
That could prove impor-
tant, as the next primaries
and caucuses will have far
larger shares of Democrats
and smaller shares of inde-
pendents, who are barred en-
tirely from party primaries in
some states. Some 58% of vot-
ers in the New Hampshire pri-
mary were Democrats. By
contrast, Democrats ac-
A woman’s counted for 81% of Nevada
caucus-goers and 73% of
MATT ROURKE/ASSOCIATED PRESS
best accessory is a South Carolina primary voters

during the last competitive
contests, in 2008.
well-dressed But Mr. Sanders’s strength
within the party’s member-
ship remains an open ques-
man... tion. Mrs. Clinton carried
Democratic Party members by
17 points in her narrow vic-
tory in Iowa’s caucuses last Former Secretary of State Hillary Clinton campaigning in Hooksett, N.H., on Tuesday.
Survivors Have Cash

To Stay the Course
Bloomberg Aides See Boost
BY MARA GAY
AND JOSH DAWSEY
BY REBECCA BALLHAUS ond-place finisher Mr. Kasich
had just $2.5 million in his bank Far from the New Hamp-
The New Hampshire primary account at the end of the year, shire primary, aides to former
gave Ohio Gov. John Kasich and but his strong performance in New York City Mayor Michael
former Florida Gov. Jeb Bush a New Hampshire is likely to give Bloomberg eyed the solid vic-
boost in the GOP race, while him a fundraising boost heading tories Tuesday by Bernie Sand-
bolstering Sen. Bernie Sanders’s into the next primaries. His su- ers and Donald Trump as po-
credibility on the Democratic per PAC also raised more than tential boosts to a Bloomberg
side. Now the question be- $14 million last year. candidacy.
comes: Who has the cash to go Mr. Bush is in perhaps the The results, Bloomberg ad-
the distance? strongest financial position of visers said, were a fresh sign
On the Democratic side, for- candidates who received a he may have an opening, as
mer Secretary of State Hillary boost Tuesday night. The for- Democrats and Republicans
Clinton has more than enough mer governor, who pulled out a embraced candidates the aides
funds to keep her campaign go- fourth-place finish—better said were unlikely to resonate
ing well into primary season, than his sixth place in Iowa— with voters in a general elec-
despite losing in New Hamp- had about $7.5 million left to tion.
shire. Although Mr. Sanders’s spend at the end of the year. Steve Schmidt, a Republican
fundraising has caught up to He also has the support of a strategist who served as a se-
hers in recent months—and super PAC that had nearly $60 nior adviser to Sen. John Mc-
outpaced it in January—Mrs. million in the bank at the end Cain during his 2008 cam-
Clinton had a $10 million cash of the year. paign, said the field of
STEPHANE MAHE/REUTERS
advantage over her rival at the Sens. Ted Cruz and Marco candidates was weak and that
end of December. Rubio—who finished in third the former mayor could win.
For Mr. Sanders, who was and fifth place, respectively— “Any combination of them
the heavy favorite to win New had the most cash in the bank in a general election would
Hampshire, the path to the at the end of December, with open a path for an indepen-
nomination grows tougher in $18.7 million for Mr. Cruz and dent candidate,” said Mr.
the next two state contests. $10.4 million for Mr. Rubio. Schmidt, who isn’t advising
Mrs. Clinton is ahead by nearly Those funds, coupled with mil- Mr. Bloomberg. “There’s a big Advisers to Michael Bloomberg, above, said victories for Donald Trump and Bernie Sanders on
30 percentage points in polls of lions left in the bank accounts opening in the middle of the Tuesday could be a boost to a potential White House run by the former New York City mayor.
South Carolina Democrats, and of their allied super PACs, sug- electorate, and Bloomberg is
leads by nearly 20 points in Ne- gest the senators won’t have on point in that space.” be insurmountable. he is a three-term mayor cred- natural campaigner, though
vada. She also has a 13-point trouble keeping going, despite Bloomberg aides say they Other obstacles loom. Some ited with revitalizing the na- his aides said he grew increas-
advantage nationally, according results in the primary that were are looking far more closely at conservative voters, particu- tion’s most populous city and ingly easy on the trail as the
to a Real Clear Politics average more lackluster than they might the results of Super Tuesday, larly in the South, have criti- driving down crime. years passed. “He was used to
of recent polls. have preferred. on March 1, when more states cized him for his positions on “There is a degree of polar- business groups, marketing
Still, the surge in fundraising Donald Trump, the winner of will vote in the primaries and guns and for a measure in New ization, division and I daresay professionals—the political
for Mr. Sanders in recent the New Hampshire GOP pri- it will be easier to gauge the York City, later turned aside by lack of focus on the major is- media was a very different
months suggests he has enough mary, is in a unique situation. strength of Hillary Clinton and a court, to curb the sale of sues facing the country that is kind of thing,” said Bill Cun-
cash to stay on the air and the While his campaign technically others in the race. large, sugary drinks. exemplified by the entire pri- ningham, a former aide.
campaign trail for the next few had only $7 million left at the But the biggest hurdle to a Mr. Bloomberg would also mary process to date. Includ- A third-party candidate has
months. He outraised Mrs. Clin- end of December, the billionaire Bloomberg bid may not hinge likely face skepticism among ing but not limited to New never succeeded in winning
ton by $5 million in January, businessman has already on the shifting fortunes of the Democrats, for his defense of Hampshire,” said Douglas E. the presidency, though they
bringing his total take for the poured more than $12 million of other candidates, but on the big corporations and his re- Schoen, a longtime Bloomberg have shaped contests. Entering
cycle to $95 million. his own funds into the cam- former mayor’s political brand. cord on race and policing. A adviser who has conducted the race late, Mr. Bloomberg
In the 18 hours after polls paign and has said he would Mr. Bloomberg is a fiscally police tactic he embraced polls for the ex-mayor recently. would face challenges getting
closed Tuesday in New Hamp- spend unlimited amounts. So, conservative technocrat with known as “stop-and-frisk” was Mr. Bloomberg has other on ballots and building cam-
shire, Mr. Sanders raised $5.2 his cash-on-hand totals are vir- Wall Street roots, a liberal on seen as unfairly targeting mi- potential advantages. He is paign machinery in each state.
million, a large amount. Mrs. tually meaningless. many social issues, and a gun- norities and its use by the city worth more than $30 billion James McCann, a political-
Clinton hasn’t released a com- Meanwhile, the campaign of control advocate. He identified was ruled unconstitutional in and has signaled he is ready to science professor at Purdue
parable fundraising total. retired neurosurgeon Ben Car- as a Democrat but ran for 2013 by a federal judge. spend. He has a stable of loyal University who studies third-
In a sign of his longevity, Mr. son, who finished last, might mayor in 2001 as a Republican, Bloomberg aides said those aides ready to jump in. party bids, said Mr. Bloomberg
Sanders has already reserved not be long for this world. and later as an independent. handicaps could be overcome. The campaign trail could be faces an uphill battle. “It still
television airtime in at least While Mr. Carson has consis- “He would have zero chance One aide broke down Mr. awkward for Mr. Bloomberg, is difficult to come in from out
four states that vote March 1, tently posted some of the high- here,” said Matt Borges, the Bloomberg’s appeal this way: who frequently grew irritated of the blue and get the traction
Super Tuesday, the campaign est fundraising totals in the chairman of the Republican he is a political outsider unbe- with the New York City press you need, even when things
confirmed. Those states are field, he has devoted a large Party in Ohio, a swing state. holden to party machinery; he corps for asking personal are really seemingly divisive
Minnesota, Colorado, Massa- portion of his spending to fund- Mr. Borges said he believed has had private-sector success questions about his life, in- and there’s a great deal of dis-
chusetts and Oklahoma. raising, rather than to other Mr. Bloomberg’s positions on running Bloomberg LP, his cluding his weekend travels to enchantment, even when
On the Republican side, sec- campaign expenses. issues like gun control would data and media company; and his vacation homes. He isn’t a you’re a billionaire,” he said.
The Youth Vote
BECAUSE SOMEDAY
I’ll shoot my age.

Fidelity doesn’t believe in “set it and forget it” plans.
We work with you as your needs change.
• We’ll help you build a plan that can adapt as your life — and the
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SMILE: Presidential candidate Jeb Bush makes a face as he talks with a child after a campaign Every someday needs a plan.SM
event Wednesday in Mount Pleasant, S.C. The former Florida governor is looking for a boost in We’ll work together on yours the way you want.
South Carolina’s GOP primary Feb. 20 after his fourth-place finish Tuesday in New Hampshire. In person, by phone, or online.
Three Campaign Ads Make

YouTube List for First Time
BY NATALIE ANDREWS commercials ahead of other down the wages in the press.
videos. Another factor in the Then we would see stories on
In another piece of evidence ranking is the length of time the calamity that is befalling
that the presidential election viewers stay with an ad. our nation.”
is drawing the nation’s atten- Fifth on the top-10 list is The Cruz ad was uploaded
tion, three of the top 10 most- Democratic Sen. Bernie Sand- Jan. 5 and viewed 624,000
viewed YouTube ads in Janu- ers’s “America” ad, in which times last month.
ary were tied to the 2016 Simon and Garfunkel’s “Amer- The 10th ad comes from
campaigns. ica” plays over images from Our Principles PAC, an anti-
It was the first time politi- the campaign trail. Published Donald Trump super PAC. The
cal ads cracked the online online Jan. 21, a week before ad is a compilation of past in-
video service’s top-10 list and the Iowa caucuses, it racked terview clips in which the bil-
made it to YouTube’s U.S. Ads up 2.8 million views last lionaire businessman contra-
Leaderboard, said Google, month. dicts his current political
which owns YouTube. Ninth on the list is “Inva- platform and compliments Hil-
Presidential campaigns used sion,” a commercial about im- lary Clinton and President Ba-
YouTube to aggressively target migration from the campaign rack Obama.
residents in Iowa, where the of Republican Sen. Ted Cruz of The spot was published on-
first balloting in the primaries Texas. line Jan. 21 and picked up
took place last week. Candi- In the spot, men in suits 587,000 views during the
dates deployed the ads to in- and ties and women wearing month.
troduce themselves to voters— heels are seen running across In all, the 10 ads on the list
and to attack opponents in the the dessert and struggling to drew 50 million views for a to- Fidelity.com/someday
fiercely competitive races. cross a river. “I will say the tal of 39 million minutes of
Google’s list is determined politics of it would be very dif- watch time, Google said. 800.FIDELITY
by an algorithm that takes into ferent if a bunch of lawyers or Other commercials on the list Investing involves risk, including risk of loss.
account both the number of bankers were crossing the Rio include promotions for games Guidance provided is educational.
times viewers watch an ad on Grande,” Mr. Cruz says in a played on mobile devices and a The trademarks and/or service marks appearing above are the property of FMR LLC and may be registered.
their own and how often clips voice-over, “or a bunch of peo- cat-food spot.
Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2016 FMR LLC. All rights reserved. 748124.1.2
of the spots are played as au- ple with journalism degrees —Mike Shields
tomatically launched “pre-roll” were coming over and driving contributed to this article.
A8 | Thursday, February 11, 2016 THE WALL STREET JOURNAL.
WORLD NEWS
‘Terrorist’ Labels Bedevil Talks on Syria
Deciding who can lah, which the U.S. and Europe
have designated a terrorist or-
attend and who can’t ganization, at least in part.
proves difficult in the Both Islamic State and
Nusra Front are already desig-
multifaceted war nated terrorist organizations
by the U.S. and the U.N.
BY NOUR MALAS The international effort has
been focused, however, on get-
BEIRUT—As diplomatic ef- ting a consensus first on the
forts to secure a cease-fire in rebel side.
Syria resume in Munich on Moscow is trying to exclude
Thursday, they are dogged by a Islamist rebel groups that Rus-
fundamental disagreement: sia and Syria’s government
Which rebel groups fighting the view as dangerous extremists,
government of President Arab and U.S. officials said.
FABRICE COFFRINI/AGENCE FRANCE-PRESSE/GETTY IMAGES

Bashar al-Assad to label terror- Jaish al-Islam, or Army of Is-
ist organizations? lam, and Ahrar al-Sham espouse
At stake is who will be alan ultraconservative Salafist
lowed a seat in any formal peace brand of Islam and feature Is-
talks and beyond that, who lamic political agendas and anti-
would participate in any power- Shiite sectarian rhetoric. The
sharing arrangement in Syria. groups, like many rebels, have
More immediately, the dis- fought alongside Nusra Front.
agreement is at the root of the Both also have fought against Is-
spiraling humanitarian crisis in lamic State in Syria.
northern Syria, as Syrian gov- Saudi Arabia, leading the
ernment and allied forces and bloc of Gulf countries, doesn’t
Russian warplanes carry out at- want Jaish al-Islam and Ahrar
tacks on antiregime fighters al-Sham designated terrorists,
across the political spectrum, said Jamal Khashoggi, a Saudi
deeming them all “terrorists.” Mohammed Alloush, chief negotiator for the Army of Islam, in Geneva on Feb. 3. Russia and Iran protested his inclusion at the talks. political analyst.
The Munich meeting will But Syrian and Russian offi-
convene the International Syria little headway was made at a ring sides to a truce if the cease-fire and humanitarian aid eign fighters. Government cials protested the appearance
Support Group, which includes December meeting, “given the parties involved can’t agree on don’t want to combat terrorism forces, meanwhile, are backed in Geneva of Jaish al-Islam’s
U.S., Russia, Turkey and Saudi differences of opinions.” who should be defeated, be- or realize stability in the Mid- by dozens of Shiite armed representative in the opposi-
Arabia. They will seek agree- The question has grown yond the Sunni Muslim extrem- dle East,” Syrian presidential groups from Iran, Iraq, Leba- tion delegation.
ment for a pause in the fighting more complicated as the multi- ists of Islamic State, and who adviser Bouthaina Shaaban, non and beyond. U.S. officials recognize the
as a first step to reviving the front war has drawn in more should be protected. said Tuesday, according to the Some of the rebel groups group as a legitimate part of
peace talks that broke down in regional and global players. The Geneva talks collapsed state news agency. deemed terrorist and targeted the opposition that should take
Geneva last week. Yet the attempt to get seri- in part over those disagree- Hundreds of Sunni rebel by Syrian and Russian forces part in peace talks.
A U.S. State Department of- ous peace negotiations under ments, and the Syrian govern- groups are fighting Mr. Assad’s are U.S.-trained allies. Turkey, meanwhile, has in-
ficial said the Munich meeting way has made it even more ur- ment gave no sign this week of Shiite-linked Alawite regime, Meanwhile, the Shiite militias sisted the Syrian Kurdish mili-
would again take up the issue gent. The international commu- shifting its position. including al Qaeda’s Syrian fighting on behalf of the regime tia YPG should be included on
of terrorist designations, after nity can’t easily bring the war- “The sides which talk about branch, Nusra Front and its for- include groups such as Hezbol- the terrorist list.
Gulf Regimes Weigh Taxes as Oil Prices Drop NATO

BY NICOLAS PARASIE
Light Touch
Economic expansion has
been accompanied by a popu-
To Position
Dubai’s year-round sun- Five Persian Gulf states are lation boom, a vast infusion of
Troops on
KARIM SAHIB/AGENCE FRANCE-PRESSE/GETTY IMAGES
shine and near-zero taxes have among countries and territories foreign influences and head-
been easy sells for foreign in- ranked globally with the lowest long urban growth, not all of
vestors and expatriate work-
ers. Oil’s plummet below $30 a
barrel might change that for
total tax rates.
Total tax rate,
which has been welcomed by
Emiratis. In an apparent at-
tempt to pre-empt any social
Its Borders
the glitzy emirate and its Arab as a percent of profits* disruption, authorities appear BY JULIAN E. BARNES
Gulf neighbors. Vanuatu 8.5%
to be introducing any changes
Gulf states have spent hun- to subsidies or taxes at a dis- BRUSSELS—NATO ministers
dreds of billions of their pet- Brunei 8.7 creet, measured pace. approved a new deterrence
rodollars in recent decades East Timor 11.2 Tax revenues in the U.A.E. strategy that will set the stage
building economies virtually Qatar 11.3
and other Arab Gulf countries for the alliance to position
from scratch. Lacking enough as a percentage of their gross troops on its borders for the
people and know-how to Macedonia 12.9 domestic product are still first time since the Cold War.
achieve their ambitions, they Kuwait 13 among the world’s lowest, ac- The size of the land and
have relied on millions of for- Construction workers in Dubai, where fees for services have risen. Bahrain 13.5 cording to World Bank figures. maritime forces to take part in
eign workers lured by, among But Dubai government reve- the North Atlantic Treaty Or-
other things, minimal taxa- The Wall Street Journal. change in all of the Middle Lesotho 13.6 nues are expected to increase ganization mission won’t be
tion—and in the case of Dubai, Mr. Khoori said a VAT in Eastern countries,” said Sherif Saudi Arabia 15 12% to $12.6 billion in the cur- decided until closer to the alli-
no income tax at all. the range of 3% to 5% would El Kilany, who oversees Ernst Kosovo 15.2 rent fiscal year. Besides con- ance summit in July. But the
Now, with the plunge in “hardly be noticeable” to con- & Young’s tax services depart- sidering new taxes, authorities U.S. has said it would contrib-
crude prices, governments sumers because food pur- ment for the Middle East and West Bank and Gaza 15.3 here have increased fees for ute an additional 3,000 sol-
from Riyadh to Muscat are re- chases would be exempted North Africa. United Arab Emirates 15.9 government services, includ- diers to European defense next
assessing their light-touch tax from the charge. How to navigate these wa- Georgia 16.4 ing visa extensions and busi- year, and Britain on Wednes-
regimes as they search for Across the region, there is a ters is shaping up as an enor- ness licenses. Those payments day said it would provide addi-
fresh sources of income to pay growing realization that wid- mous political challenge for Samoa 18.1 now account for nearly three- tional naval warships to alli-
for trophy projects and meet ening budget deficits have the Gulf’s Sunni Arab monar- Singapore 18.4 quarters of all Dubai governance operations in the Baltic
the demands of their burgeon- brought an end to an era of chies. *Taxes and contributions payable in
ment revenue. Sea this year.
ing youthful populations for oil-enriched budget surpluses. Most remain wary about businesses' second year of operation. Still wary of frightening off NATO Secretary-General
better housing, hospitals and Oman is set to raise corporate adopting a heavier tax regime, Sources: PWC, World Bank multinational companies and Jens Stoltenberg said the deci-
schools. income taxes, and Kuwait is reluctant both to risk damag- THE WALL STREET JOURNAL. skilled foreign workers, Dubai sions by the defense ministers
After toying with the idea drafting new tax proposals. ing the region’s status as a tax officials are devising new would “enhance our forward
for nearly a decade, six mem- The International Monetary haven or to alarm indigenous bearer of innovation in a re- names for taxes. presence” on the alliance’s
bers of the Gulf Cooperation Fund recently warned that the populations accustomed to an gion mostly associated with So Dubai residents must eastern flank.
Council group of countries— Middle East’s oil exporters often lavish, cradle-to-grave oil and conflict. With most of now pay an “innovation fee” While NATO members have
Saudi Arabia, the United Arab face a $1 trillion budget short- welfare system. the U.A.E.’s oil next door in to fund the $136 million Mu- not made official pledges to
Emirates, Qatar, Kuwait, Bah- fall if crude prices stay low For Dubai, one of seven Abu Dhabi, it has created an seum of the Future. Similarly, contribute troops, Mr. Stolten-
rain and Oman—agreed to in- and economic reforms aren’t sheikdoms that make up the economy that depends mainly a hotel occupancy tax to help berg said the new force would
troduce a value-added tax introduced more quickly. U.A.E., the stakes are espe- on non-oil sectors such as pay for Expo 2020 in Dubai be multinational. “That is a
across the region in 2018, You- “Because of the budget cially high. The city and emir- tourism, transport and trade— has been dubbed the “tourism key thing because that will
nis Al Khoori, the U.A.E.’s un- gaps, there is no doubt that ate have built a reputation all made more attractive by a dirham,” after the name of the send a very clear signal that
dersecretary of finance, told tax policies will significantly globally as the standard- tax-friendly environment. Emirati currency. an attack on one ally will be an
attack on the whole alliance.”
NATO officials and alliance
Security Laws Spur Divide in French Parliament members said the decision
would be an important step to-
ward bolstering the defense of
Europe.
BY WILLIAM HOROBIN Mr. Hollande proposed Adam Thomson, the British
changing the constitution in a NATO ambassador, said the al-
PA R I S — C o n s t i t u t i o n a l solemn address at the Ver- liance was getting “back to the
amendments that President sailles Palace just three days basics” of focusing on the de-
François Hollande proposed in after gunmen and suicide fense of its members. But, he
response to Paris terror attacks bombers—several of them said, the modern deterrence
JACQUES DEMARTHON/AGENCE FRANCE-PRESSE/GETTY IMAGES
cleared a first hurdle in parlia- French citizens—killed 130 on being embraced is completely
ment, but tepid support for his the streets of Paris. different than its approach to
push to strip some terrorists of With his own majority split, the Cold War. “Deterrence is
French nationality raised Mr. Hollande is relying on the NATO’s core business. It is the
doubts over whether the support of the opposition to best form of defense. It’s about
changes will be adopted. pass the measures. His ap- being strong enough not ever
The National Assembly, the proval ratings have sunk back to have to fight.”
lower house of parliament, to near-record lows for a A crucial question for the
voted 317-199 on Wednesday in French president and some So- alliance will be how much
favor of a package of amend- cialists are calling for prima- other allies contribute, and
ments that includes a measure ries, challenging the assump- whether the U.S. pledge of an
to enshrine the government’s tion that Mr. Hollande should additional $3.4 billion will
state-of-emergency powers in be a candidate in 2017. spur contributions from allies
the constitution. Lawmakers close to former or have the opposite effect.
Earlier in the day, however, conservative President Nicolas The bulk of the interna-
the National Assembly held a Sarkozy argued the constitutional forces conducting train-
separate vote on one amend- Prime Minister Valls answering questions in parliament before the amendments passed Wednesday. tional measures are necessary ing in Poland and the Baltic
ment in the package that strips to send a message that terror- States are American and Brit-
citizenship from some terror- which needs a three-fifths ma- mired in acrimony over Socialist Party showed luke- ists cannot be part of the ish. Some alliance officials
ists. That passed 162-148, indi- jority to pass. whether the plan violates the warm support for constitutional French nation. But others in hope all alliance members with
cating Mr. Hollande faces The divisions undercut Mr. principles of the French Re- changes as a package, backing it the center-right opposition military forces will pledge to
strong opposition as he seeks Hollande’s push to build unity public: liberty, equality and 165-83. The vote on stripping said the measures won't pre- make some contribution.
to push all of the constitu- and assert his leadership after fraternity. nationality alone was even vent terrorism. The alliance wants to avoid
tional changes through the rest the Nov. 13 terror attacks. “The debate in itself has di- tighter with 119 Socialists voting Socialists loyal to Mr. Hol- describing the force as perma-
of parliament. Most lawmakers from both vided the country. It’s of no for the measure and 92 against. lande accused dissenters of ne- nent, so as to not violate the
Ultimately, Mr. Hollande sides of the political divide ap- use to national unity,” Chris- The measures now face a glecting the memory of people spirit of an agreement with
must bring together both plauded Mr. Hollande’s initial tian Paul, a Socialist lawmaker, vote in the Senate, where the killed in the Paris attacks and Russia not to station perma-
houses of parliament to vote proposal, but since then his said Tuesday. center-right majority is threat- ignoring the flow of French nent or substantial forces on
on the constitutional changes, political fortunes have become Lawmakers in Mr. Hollande’s ening to rewrite the plans. citizens to Islamic State. its borders.
THE WALL STREET JOURNAL. * * * * * NY Thursday, February 11, 2016 | A9
WORLD NEWS
PowerCuttoVenezuelaMalls Study Links Zika

BY KEJAL VYAS
AND ANATOLY KURMANAEV
To Birth Defect
CARACAS—Venezuela Presi- BY BETSY MCKAY virus is passed from infected
dent Nicolás Maduro’s govern- mothers to their unborn ba-
ment began implementing a A study published Wednes- bies through the placenta and
power-rationing program that day in the New England Jour- have found the virus in the
will force more than 100 malls nal of Medicine provides new placentas and brains of fetuses
to close for hours on weekdays evidence of a link between the and babies with microcephaly.
unless they can generate their Zika virus and microcephaly, a But they don’t know how
own electricity. birth defect in which babies the virus causes or is linked to
Under the three-month are born with undersized the birth defect. Nor do they
plan, malls have to find their brains and skulls. know how widespread the
own power sources from 1 to 3 Researchers in Ljubljana, problem is. Hoping to find an-
p.m. and again from 7 to 9 Slovenia, found the mosquito- swers to such questions, the
p.m., according to the Electric- borne virus in the brain tissue World Health Organization
MARCO BELLO/REUTERS
ity Ministry, adding the mea- of a microcephalic fetus that last week declared the compli-
sure would help Venezuela had been carried by a 25-year- cations of Zika to be a global
cope with a severe drought old European woman who had public-health emergency, call-
weighing on its hydroelectric symptoms of the disease in ing for urgent research, sur-
plants. the 13th week of her preg- veillance and other steps to
“That hour between 7 and 8 nancy, when she was living in pinpoint the suspected links.
is when we make most of our People stood waiting outside closed stores on Wednesday at a shopping mall in Caracas. Brazil. Thousands of suspected mi-
sales,” said Ruben Peña, a The study came as federal crocephaly cases have been re-
shoe-store manager at a mall worst-performing economy. a week in advance, giving mall only clothing boutiques and health officials told lawmakers ported in Brazil, but health au-
in the Caracas neighborhood “This is completely unwork- operators little time to adjust. pharmacies, but also health- the U.S. can expect to see a thorities have confirmed
of Bello Campo. “We’re not able,” said Jorge Puerta, co- The group countered by re- care labs and even embassies. significant number of Zika microcephaly in only 404 of
sure how we’re going to make owner of a restaurant in the questing that the government “You’re asking everyone to cases in Puerto Rico and other those cases. The health minis-
it out of this.” high-end Caracas shopping supply power from noon to 7 cut their work hours for three U.S. territories. On the U.S. try said last week 17 of those
The oil-rich South American center Altamira Village. “We p.m., seeking to save stores months at the beginning of the mainland, its impact would babies were confirmed with
country has long struggled can’t just turn off the fridges from opening and shutting year when you’ve just come out likely mirror that of dengue, Zika-related microcephaly.
with a shaky nationalized for half a day.” down twice a day. of a major recession. That’s a said Tom Frieden, director of The findings in the new
power grid despite billions of He said his 40 employees Electricity Minister Luis serious situation,” said Cipriana the Centers for Disease Con- study “do not provide absolute
dollars in state investment would suffer, receiving fewer Motta said on state television Ramos, president of Consecom- trol and Prevention. That mos- proof that Zika virus causes
since a 2009 electricity emer- tips from customers. “A lot of Wednesday that power cuts ercio, the country’s largest quito-borne virus has ap- microcephaly,” Eric J. Rubin,
gency. Business leaders warn people depend on malls for wouldn’t be applied on week- commerce advocacy group. peared in Hawaii, Florida and professor of immunology and
that the latest cuts are likely employment, and most of ends and denied that his min- Ms. Ramos also said she Texas but hasn’t been wide- infectious diseases at the Har-
to further cripple commercial them are not well off,” he said. istry was limiting business doubts the benefits of ration- spread in the country. vard School of Public Health,
activity in an economy already The measures potentially hours. “We’re just asking for ing when malls consume about The case presented by the and colleagues wrote in an ac-
rattled by triple-digit inflation put at risk the jobs of some self-generation,” he said. 5% of the national power sup- researchers in Slovenia adds companying editorial. But it
and chronic product shortages. 500,000 people working in Malls are an integral part of ply. Mr. Motta said the govern- to growing evidence of the “makes the link stronger,”
The International Monetary malls across the country, ac- Venezuelan life, places where ment expects to save 1,000 Zika virus’s role in a startling they said, noting that proving
Fund estimated the economy cording to the Venezuelan many citizens gather at nights, megawatts of power, enough rise in the number of cases in causation in certain situations
would contract 8% this year Shopping Center Chamber. The when the country’s crime-rid- to light up half of Caracas. Brazil of microcephaly. Brazil- can be difficult.
after shrinking 10% in 2015, trade group said it was noti- den streets are too unsafe to —Mayela Armas ian and international health —Stephanie Armour
making Venezuela the world’s fied of the rationing plan only stroll. Some malls contain not contributed to this article. officials strongly suspect the contributed to this article.
to better manage the influx of FRANCE Mr. Fabius will stay on as for- lender’s bailout of Ukraine could the economy and fight corrup-
World migrants, as the continent
struggles to avoid a repeat of
Foreign Minister eign minister while the French
legislature considers his nomina-
be in jeopardy without “a sub-
stantial new effort” by the coun-
tion had been stymied.
“I am concerned about
Watch last year’s massive wave of mi-
gration.
To Become a Judge
Foreign Minister Laurent Fa-
tion, the spokesman said. He is
expected to start in March when
try to accelerate overhauls.
IMF Managing Director Chris-
Ukraine’s slow progress in im-
proving governance and fighting
Greece bore the brunt of the bius, an architect of France’s one of the judges is set to re- tine Lagarde’s remarks under- corruption, and reducing the in-
commission’s criticism for fail- hawkish polices in the Middle tire. score concerns in the West that fluence of vested interests in
ing to protect its external bor- East and Africa, is stepping —Matthew Dalton Ukraine isn’t moving fast enough policy making,” Ms. Lagarde said.
ders. down to become a judge on the to make its recession-hit econ- Ukrainian President Petro Po-
EUROPEAN UNION The commission warned country’s constitutional court. UKRAINE omy more competitive and root roshenko spoke with Ms.
Greece that its Balkan neigh- President François Hollande out graft. Lagarde later in the day, pledg-
Greece Is Pressured bors may seal off their borders has decided to nominate Mr. Fa-
IMF Tells Kiev to They came a week after the ing Ukraine would stick to
To Curb Migration completely if the flow of mi- bius to a nine-year term on the Speed Overhauls surprise resignation of Economy planned overhauls, Mr. Porosh-
The European Commission is grants isn’t reduced. court, a spokesman for Mr. Hol- The head of the International Minister Aivaras Abromavicius, enko’s office said.
increasing pressure on Greece —Valentina Pop lande said. Monetary Fund warned that the who said his efforts to overhaul —James Marson
POWER to the
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A10 | Thursday, February 11, 2016 * **** THE WALL STREET JOURNAL.
FROM PAGE ONE
STOCKS Puzzled
Low interest rates a thorn for banks
10-YEAR GOVERNMENT S&P FINANCIAL
Devaluation unnerves investors
CHINESE YUAN STOCK INDEX
U.S. equities or equities in gen-
eral,” said Ben Mandel, global
strategist of multiasset solutions
at J.P. Morgan Asset Manage-
BOND YIELDS SECTOR VS. DOLLAR PERFORMANCE
Continued from Page One ment.
search for reasons for the global Sharp moves in 3% 340 6.00 60%
volatility, what seems plausible markets this year have U.S. Europe
one day is quickly disqualified 2 320 6.15 40 U.S. Worry about U.S.
when the market veers in the baffled investors and China Many investors are worried
other direction. sparked many 1 GERMANY 300 6.30 20 that the U.S., in recent years the
It wasn’t long ago that the strongest-performing economy
plunge in oil prices seemed to be different theories 0 280 6.45 0 in the developed world, is about
the biggest factor about what's going on. JAPAN to be dragged down by global
ANALYSIS driving down eq- –1 260 6.60 Scale inverted –20
forces including the rise of the
uity indexes. But dollar.
now the S&P 500 2015 ’16 2015 ’16 2015 ’16 2015 ’16 The U.S. manufacturing sec-
is down more this year than its tor contracted for the fourth
energy subsector, both declines month in a row in January. Jobs
dwarfed by the plunge in finan- Global slowdown a risk for U.S. growth Oil’s tumble reflects demand worries Exposure to sovereign wealth funds growth, long the bright spot of
cial shares. the economic expansion, slowed
MSCI EMERGING- IMF’S CUT TO GROWTH NYMEX CRUDE- WORLD DEMAND, CHANGE COMPANY PERCENTAGE OWNED BY
Finding a widely accepted, MARKETS INDEX PROJECTIONS OIL FUTURES FROM A YEAR EARLIER OIL-RICH COUNTRIES
last month. Fed officials have
overarching thesis has proved signaled concern. At the same
1100 World $60 a barrel 2.0% Projection Nasdaq
elusive, leading to the rise of time, unemployment slipped last
–0.2 pct. pt. 2016 18% U.A.E.
multiple, competing, largely un- month and wages rose, and
satisfactory explanations. 1000 –0.2 2017 50 1.5 many market indicators that
Tiffany
“There’s a confluence of bad Emerging markets
may point to future economic
900 40 1.0 12% Qatar
news around the world that re- –0.2 difficulties seem overwrought
ally shakes investor confidence,” –0.2 Aflac (consider the decline in bank
said Brad McMillan, chief invest- 800 30 0.5 9% Norway stocks that has left many major
ment officer for Commonwealth Advanced economies U.S. lenders trading below the
Financial Network, which over- 700 –0.1 20 0 BlackRock stated value of their net assets),
sees about $100 billion. “This 2015 ’16 –0.1 2015 ’16 2012 ’14 ’16 7% Norway accentuating uncertainty.
volatility is perceived as being
very unusual and scary, which is
exacerbating the problem.” Sources: Ryan ALM (Treasurys); Tradeweb (yields); FactSet (financial sector, Stoxx Europe 600, DJIA, Shanghai Composite, MSCI); Tullett Prebon (yuan); International Monetary Fund
Growth isn’t growing
So what is the best way to ex- (October vs. January growth projections); SIX Financial (futures); International Energy Agency (demand); Deutsche Bank (wealth funds as of Feb. 2) THE WALL STREET JOURNAL. The slump in oil prices since
plain market moves? Here are June 2014 has largely been attri-
five theories: ing forecast that rates won’t Jaffee, a senior portfolio Analysts are watching this market selloff, some theorize. buted to oversupply, as oil pro-
rise much for years. The Bank manager at TCW Group Inc. struggle closely after an August Of course, data on who is and ducers continue pumping crude
of Japan shocked an already yuan devaluation triggered a isn’t selling is scarce, and there even at depressed prices. But as
Blame fast money reeling global financial sector global selloff, amid concerns is some reason to wonder if benchmark prices dropped be-
As the Federal Reserve when it cut rates into nega- Yuan anxiety that China—long viewed by Wall these funds, however large, low $30 this year, investors
prepared to raise short-term tive territory on Jan. 29. Some say the current market Street as miserly with reliable could really exert a large effect started pointing to a slowdown
interest rates for much of The episode highlights turmoil has its roots in China. data—is headed for an economic on U.S. markets. in demand as well.
2015, investors bet that both the gloom over the Many investors believe the reckoning. While J.P. Morgan forecasts “If commodities prices as a
banks would pocket an ex- global economy and the country will have no choice but that sovereign-wealth funds will whole are generally weak, that
panding difference between whipsaw trading that has de- to devalue the yuan, a move that be forced to sell $75 billion in tells me that generally speaking,
what they charge on loans veloped on major “macro” would likely deepen global eco- Sovereign-wealth funds stocks around the world this global demand is weak,” said
and what they pay on depos- questions over the past year. nomic woes. Officials say they Oil-producing countries year, the U.S. market recently Paul Nolte, portfolio manager at
its. “The fast money moved don’t intend to devalue but poured billions into investment weighed in at $20.95 trillion. Kingsview Asset Management,
But financial shares have into banks at the end of 2015 some hedge funds are trying to funds when crude prices were “Oil prices will be persis- which manages about $150 mil-
tumbled this year as inves- because they anticipated rate force their hand by making bil- higher. Now, those funds are liq- tently challenged, but I don’t see lion.
tors pivoted to embrace hikes, and then the fast lion-dollar bets against the cur- uidating stocks bought in hap- oil-driven sovereign wealth —Chao Deng
“lower for longer”—a sober- money went out,” said Diane rency. pier times, accelerating the U.S. flows being a mortal threat to contributed to this article
HEALTH people buying insurance on the

exchanges is much higher than
planned for,” in part because
the law hasn’t attracted
Health-Law Blues
Nonprofit Blue Cross and Blue
Shield insurers paid out a higher
UnitedHealth Group Inc.
said it had losses of about $475
million on its 2015 ACA-plan
business, and booked $245 mil-
some issues of potential gam-
ing of the system,” said Eric
Earling, a spokesman for Prem-
era Blue Cross. In its main
changes for this year, including
significant rate increases and
paring of product offerings.
Federal regulators have also
Continued from Page One enough healthy enrollees. The share of individual-plan premiums lion of projected 2016 losses as market, Washington state, Pre- made tweaks, including more
on individual plans deepened insurer said such losses “can- in medical claims in the first nine part of 2015 results; it is con- mera was 8% in the black for limits on consumers’ ability to
last year. Humana included in not be sustained long-term.” months of 2015. sidering withdrawing from ex- its individual plans in 2014, but sign up for coverage outside
its 2015 results $176 million in In an interview, Kevin Coun- changes. it swung to a roughly 6% loss open enrollment.
losses it expects to incur on ihan, the head of the Centers Medical-loss ratio 2014 2015 Aetna said it saw a negative in 2015. Mr. Counihan of the federal
such plans in 2016. for Medicare and Medicaid Ser- 100% margin of 3% to 4% in 2015 on Analysts said insurers them- CMS said regulators are also
Though the health law has vices unit charged with imple- individual plans. Anthem Inc., selves may have misfired in looking closely at data about
added customers to many in- menting the health law, said 80 which achieved profits on indi- setting rates too low, either be- the off-season enrollees, and in
surers’ rolls, much of that there were many new custom- vidual plans in 2014, fell back cause they were hoping to grab situations where there “could
growth has been unprofitable, ers among the 12.7 million peo- 60 to roughly break-even in 2015, market share or because they be potential abuse, we’re going
reflecting medical costs that ple who chose plans during en- amid enrollment that came in had little data on which to base to address that and fix them.”
have often run ahead of what rollment for 2016, signaling 40 below what it once expected. their projections. “Some of it is Some insurers are project-
insurers projected when they that “the market is getting Among the nonprofit Blues, based on insurers somewhat ing improvement this year.
set premiums, among other stronger; it’s going to be in- 20 the results in the state filings Aetna is expecting to break
factors. creasingly more attractive” for likely indicated overall loss even. Anthem has forecast a
The nonprofit Blues in- insurers. 0 margins of around 11% to 16%
Though insurers positive margin.
cluded in the regulatory-filings In 2014, the year the health 1Q 2Q 3Q on individual plans in the first added customers, Other companies, echoing
Note: Medical-loss ratios are year to date.
analysis—which was done by law’s marketplace plans three quarters of 2015, once UnitedHealth and Humana, are
J.P. Morgan—had roughly $20.4 launched, 70% of insurers lost
Certain subsidiaries and most California
other expenses were factored
much of that growth already worried about 2016.
business not included.
billion in individual-plan pre- money on individual plans in Source: J.P. Morgan in, said Gary Taylor, a J.P. Mor- has been unprofitable. BlueCross BlueShield of Ten-
miums over the first three the end, McKinsey & Co. calcu- THE WALL STREET JOURNAL. gan analyst. He also said medi- nessee, which estimates it lost
quarters of 2015. Those enroll- lates. cal claims often tick up in the more than $150 million on its
ees incurred about $20.7 billion There were some brighter which reported strong overall fourth quarter, for which state aggressively pricing this busi- individual business in 2015, is
in medical claims. The result spots; plans in a few states— results—have highlighted set- filings aren’t yet public. ness,” said Deep Banerjee, an projecting a significant loss for
was sharply worse than a year notably California, which runs backs with the ACA business. In explaining losses on indi- analyst with Standard & Poor’s 2016, said Roy Vaughn, a
earlier, when the premium to- its own marketplace—produced Typically, the ACA plans repre- vidual plans sold on the state Ratings Services. spokesman. That would come
tal was larger than the claims profits. Some Medicaid-focused sent a relatively small share of health exchanges or the federal The losses put a spotlight despite a rate increase of
payout. companies, such as Molina total revenue. Humana said it one, insurers have complained on 2016. “If 2016 is like 2015, around 36.3% for this year’s
Blue Cross and Blue Shield Healthcare Inc. and Centene “continues to evaluate its par- of higher expenses from con- we’ll have a real problem, be- ACA plans.
of Louisiana, which estimated Corp., have been profitable on ticipation in the individual sumers who sign up for cover- cause carriers could just start The insurer will need to
it had a loss of $77 million on the exchanges. commercial business for 2017.” age outside the annual open- pulling out,” said Tom Snook, seek another rate boost for
individual plans for 2015, com- But for 2015, recent earn- The insurer has agreed to be enrollment period, often as an actuary with consultants 2017 “to try to get us to a level
pared with a $66 million loss in ings calls by the largest pub- acquired by Aetna Inc. in a deal they appear to need medical Milliman Inc. that makes it sustainable,” Mr.
2014, said the “overall risk of licly traded insurers—many of awaiting antitrust clearance. care. “We’re starting to see Many insurers made Vaughn said.
TRAINS opening Feb. 13, Lionel plans to

introduce a train product
called Mega Tracks, aimed at
children eight years old and up.
has been working since 1992
on a train layout that fills an
825-square-foot room in his
basement. An 83-year-old re-
Continued from Page One The tracks will be more like tired chemist, Mr. Izzo long
track of toy history. those of a roller-coaster, and ago stopped trying to convert
Toddlers still adore Thomas the trains will be remote-con- his 10 grandchildren to the
the Tank Engine, of course. trolled. cause. He knows of no children
Nostalgic parents still buy train “It really won’t resemble a in his neighborhood who might
sets to trundle around the train,” said Howard Hitchcock, take an interest. Nonetheless,
Christmas tree. Yet today’s chief executive of Lionel. construction proceeds.
younger set generally isn’t tak- “They’re almost more like Guiding a recent visitor
ing up model railroading as a spacecraft, to be quite honest through his basement, Mr. Izzo
lifelong mission. with you.” Plain old trains said: “What you’re looking at is
“If it’s not a hand-held de- wouldn’t do: “We have to come the makings of a limestone
JAMES R. HAGERTY/THE WALL STREET JOURNAL
vice or something free on the up with things that jazz up the pit.” He pointed to a pinewood
Internet, it’s of very little value kids of today,” Mr. Hitchcock train table, stacked with sup-
to them,” said Charlie Getz, 67, said. plies and surrounded by coiling
president of the National Lionel still makes authentic train tracks. The limestone pit
Model Railroad Association, trains and associated gear for would go with the coking-coal
which calculates that the aver- serious hobbyists, who account plant he already has built for
age age of its nearly 19,000 for about 60% of sales. Owned his loosely historical steel
members is 64, up from 39 in by the private-equity firm town. It also includes Louie’s
the mid-1970s. Guggenheim Partners, Lionel bar, in memory of a tavern run
Mr. Mei’s 26-year-old son, doesn’t disclose financial re- by one of his uncles in Dunbar,
Tony, said he is impressed by sults. Pa.
the fine detail that goes into The Western Pennsylvania “Right here,” he said, ges-
his father’s layout, re-creating Model Railroad Museum, near Carl Izzo, 83, has been building his current model train layout since 1992. The retired chemist, of turing toward another minia-
train scenes of the mid-1950s, Pittsburgh, promotes the Murrysville, Pa., has long stopped trying to convince his 10 grandchildren to pick up the hobby. ture construction site, “is going
right down to the pigeons at hobby by offering a 20-hour to be a short stretch of water—
the train stations and the rust Model Railroading 101 course isn’t just chugging along with employee, Allen Montgomery, Once a month, Mr. Fosnight barges—and this is the gantry
streaks on box cars. each winter for $60. antiquated technology: Com- to help him create his diorama. holds an open house for people crane that is going to pick up
Is the younger Mr. Mei Last year, no one signed up. puterized controls are com- “I am the luckiest guy in Ari- who want to operate his trains. the iron ore from the barges.”
tempted to take up the hobby? This year, 11 people attended mon, and “you can download zona,” said Mr. Montgomery, Most participants are adults, Mr. Izzo isn’t sure when he
“To be honest,” he said, “not the opening session. Six were all these diesel sounds.” who describes himself as a but some teenagers and chil- will finish but promises it will
really.” over 60 years old. The youn- Perhaps the most ambitious “model railroad super geek.” At dren show up. happen by 2032, when he will
Lionel LLC, a 116-year-old gest was 15-year-old Alex Ed- advocate for the hobby is Ver- 41, Mr. Montgomery is younger They include Steven Hill, be 100. “At the rate I’m going,”
company now based in Con- der, who recently earned a Boy ryl Fosnight, 73, a real-estate than most such geeks but, he age 11. He described Mr. Fos- he said, “it’s going to take that
cord, N.C., isn’t giving up. In- Scout merit badge in model investor in Sedona, Ariz. In a said, “I never felt part of my night’s layout as “a little more long.”
stead, it is concocting trains railroading and wanted to steel building he erected for generation.” He spent days re- realistic than a videogame.”
that old-timers wouldn’t recog- learn more. the purpose, Mr. Fosnight is searching the freight depot at Few of Steven’s friends share VIDEO
nize. Along with its traditional Bill Humphrey, 70, a volun- replicating a stretch of the the Cheyenne train station as it his enthusiasm, however. “They
train sets, mostly made in teer who led the class, warned Union Pacific railroad as it was looked in 1957 so he could don’t even know how fun it is,” Watch a video
China, Lionel offers video-
games, including Battle Train
and City Builder 3D.
newbies that brass tracks tend
to oxidize and don’t conduct
electricity “worth a damn.” He
in 1957 in Wyoming and Utah.
It covers nearly 4,000 square
feet.
build a replica, including “the
scratches and the dings and
the gouges” on the loading
he said. “I try to bring it up in
conversation, but they start
talking about football.”
WSJ
.COM
about Howard
Zane’s massive
model railroad at
At the New York Toy Fair, also stressed that the hobby Mr. Fosnight has a full-time dock. In Murrysville, Pa., Carl Izzo wsj.com/ahedvideo.
THE WALL STREET JOURNAL. NY Thursday, February 11, 2016 | A10A
A10B | Thursday, February 11, 2016 NY THE WALL STREET JOURNAL.
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OPINION
Trump Among the Canaries BOOKSHELF | By Willard Spiegelman
The one reli-

ably true thing
we are wit-
other candidates is they can-
not possibly compete with
Donald Trump on his terms,
on. Ben Carson won’t quit.
John Kasich is talking about
winning Michigan—in a
tween 200 and 300 nuclear
warheads and 2.4 million
active-duty forces. Irrelevant?
Everyone’s
nessing in this
2016 election
season is a bi-
partisan repu-
on display in his victory
speech Tuesday, which began
contained and ended semi-un-
hinged.
month.
If Mr. Trump’s persona is
impermeable, the other candi-
dates will have to go after him
He said Tuesday about
drugs: “We’re going to end it
at the southern border. It’s
gonna be over.” How?
A Critic
WONDER
LAND diation of Ba-
rack Obama’s
A story from the political
past will illustrate. In 1958,
on substance.
Mr. Trump has been float-
He said: “I am going to be
the greatest jobs president
Better Living Through Criticism
By Daniel
presidency. when George Wallace, then ing in an inch-deep pool of that God ever created.” How? By A.O. Scott
Henninger
When Dem- considered something of a policy and shows no inclina- Another campaign venue (Penguin Press, 277 pages, $28)
A
ocratic voters Southern liberal, lost the tion to expand his pre-existing Donald Trump owns is the
in Iowa and New Hampshire Alabama governorship to a knowledge of anything. It will national debates. In New clever student of mine once began a paper, “Critics
vote for a socialist senator segregationist candidate, he require patience and persis- Hampshire, 67% said the love to take sides,” and then quoted something of
because 79% of them say they remarked, “I will never be tence, but his opponents have debates were important to mine. He got an A, of course, but not just for appealing
are worried about the direction out-segged again.” Wallace no choice but to start chal- their decision, suggesting the to my vanity. Critics do take sides.
of the economy, the incumbent became the premier angry- lenging the implications of debates are backing out retail My student was referring to academic scholars from a rar-
president’s seven years in man populist of his era, run- what he says and criticizing it politics. If so, the survivor efied sphere. Professors write for one another. We bolster
office takes the fall. ning in four presidential races. in detail. candidates need a new debate opinions with facts and hope our ideas and arguments will
When Republican voters At the core of the Trump strategy. suffice to persuade a few readers to see things our way.
make clear that their state of campaign is one policy idea: They will always finish be- But what about the more noticed and more hated garden-
angst and anger is such that Trump owns persona. imposing a 45% tariff on hind Donald Trump if they let variety critic, the reviewer for the local newspaper? He or
they will cast their unhappy goods imported from China. In the moderators design their she is writing to all of us, trying to do the three things that
lot with Donald Trump, that His opponents have to his shouted, red-faced victory performances by making the all good criticism must accomplish: to describe, to analyze
reflects disgust with Barack go after him on policy speech Tuesday, he extended debate a pinball machine, as and to evaluate the matter at hand. Whether that matter is a
Obama’s conduct of the Amer- the trade offensive to Japan ABC did in New Hampshire. book, a play, a movie, a bal-
ican presidency. and substance. and Mexico. The randomness, baiting and let, an art exhibit, a rock
This isn’t raised merely to Some detail: Combining the irrelevance (immigration, the concert or an opera, the goal
throw sand on Mr. Obama’s value of goods we sell to them inevitable debate whipping is always the same. The critic
last year. It is more serious No one is going to out-rant and they to us, China, Mexico post is the lowest-rated issue informs about the work and
than that. New Hampshire’s Donald Trump about the state and Japan are the U.S’s Nos. 1, in exit polls) make it hard for helps us decide whether we
voters, all present for the of America. Chris Christie got 3 and 4 trading partners (Can- voters to shape an impression should experience it for our-
Obama experience, are the in as the tough-guy candidate. ada is No. 2). They are 35% of beyond persona, which Mr. selves. He is our guide before
canaries in the coal mines of He’s gone, unable to compete the U.S.’s trade activity with Trump owns. we venture into the fray—and
American political life. with the Marvel Comics char- the world. The total annual Iowa and New Hampshire perhaps our whipping boy after.
Just as dying canaries acter Donald Trump created. value of what U.S. producers— revealed there are three GOP A.O. Scott is such a creature: a
warned coal workers that the Ted Cruz especially had bet- and of course the workers voting issues in the primaries: film critic for the New York
shaft was filling with toxic ter reflect. Mr. Cruz’s path to they employ—sell to those economic anxiety, Islamic Times. Before he was a critic, he
gases, New Hampshire’s vot- the nomination runs through three countries is $415 billion. terrorism and voters’ emo- was an English major, and he has
ers have told the political the Southern states and leans Wal-Mart has 1.4 million tional belief in their candi- several of a literary person’s best
status quo, to coin a phrase, heavily on evocative rhetoric U.S. employees in stores filled date. A competitive Trump gifts: a keen eye (and ear); a
you are killing us. and buzzwords—primarily im- with foreign-made consumer opponent will find a way to knowledge of history, sociology,
Donald Trump owns the migration and attacking Wash- goods. With a 45% price in- drive those subjects—and philosophy and aesthetics; and an inter-
35% of the Republican elector- ington and “them.” crease, many won’t be work- ignore the rest—across two est in popular as well as highbrow culture. He is
ate that is hacked off about But Donald Trump owns all ing for long. hours in 30 to 60-second in- always engaging, even when wandering by the way.
everything. In nearly every of that, and will so long as Mr. Trump says the threat crements. “Better Living Through Criticism: How to Think About
exit-poll category—age, ideol- four or five candidates are alone of a tariff will cause Donald J. Trump reinvented Art, Pleasure, Beauty, and Truth” wanders a great deal. The
ogy, the economy, terror—Mr. dispersing the other 65% of China to cave. Someone modern media politics. Some- book is a series of investigations—“essays” (from the
Trump has at least 35% the GOP vote. Jeb Bush and should ask: What happens if body has about three months French word for “try-outs”) in the vein of Montaigne, who
secured. Marco Rubio have the money they don’t cave? Incidentally, to reinvent his invention. invented the form in the 16th century. Mr. Scott does not
What this means for the and mutual animosity to go unlike Mexico, China has be- Write to henninger@wsj.com bludgeon us with a thesis or theory. In six chapters and four
“dialogues” (self-interviews), he investigates the nature of
the critical act; the relationship of a critic to his public; the
GOP Infighters Need to Focus on Trump history of criticism; the inevitable fact of being wrong at
least some of the time (history overturns many a judg-
ment); and the new models of publication and review-mak-
By Karl Rove Second-place finisher John Wednesday. Poor showings and that he “took advantage of the ing in our democratic Internet age.
T
Kasich benefited enormously an empty war chest will end laws.” Thoroughly airing the Mr. Scott concentrates on the universal human capacity
uesday’s outcome in New from having hosted 106 New the candidacy of surgeon Ben issue will provide an opportu- “to find fault.” It’s unfortunate that English does not ade-
Hampshire means two Hampshire town halls, a feat Carson. Still, five candidates is nity for him to give a better quately distinguish between the two things a “critic” does: He
things: First, Donald he cannot replicate in South too many. If they all hang on answer—or for Republicans to or she “criticizes” (an activity with mostly negative connota-
Trump, while not unstoppable, Carolina before its Feb. 20 pri- until mid-March, the chances decide they don’t want a nom- tions) and also “critiques,” or tries to make a case. A nagging
is more likely than any other mary. The Ohio governor is of nominating a mainstream inee with such baggage. critic is a niggling naysayer. One who critiques may disap-
Republican to be the GOP nomi- likely a one-state candidate— Republican may dissipate. Democrats are also in a prove of something but explains in great detail the reasons
nee. Bet on Donald, but heavier or, at best, a regional one, pickle. Mr. Sanders beat Hil- for his preferences. The judgments are cool and analytical.
on the field. Second, Bernie with future strength only in lary Clinton across the board:
Sanders will win plenty of dele- the central Midwest. The four mainstream among voters of both genders
gates, enough to influence the The overwhelming nature and most racial, age, educa- Is watching all the ‘Star Wars’ films in a single
Democratic platform. of Mr. Trump’s victory threat- candidates are only tion, income and ideological sitting (‘for purposes of research, naturally’)
Mr. Trump had a very good ens Tuesday’s third-place fin- wasting time if they groups. Mrs. Clinton won only
night. He outperformed his isher, Ted Cruz. He played voters 65 and older and those a reasonable way for an adult to make a living?
poll numbers, receiving 35% of down his chances in New go after each other. making over $200,000 a year.
the vote, four points higher Hampshire but quietly focused The self-proclaimed social-
than his Real Clear Politics av- on carrying the state’s evan- ist celebrated by promising a Most people have little good to say about this scribbling
erage going into Tuesday. The gelicals, who made up 23% of Messrs. Kasich, Cruz, Bush raft of free things, and stirring race. The actress Tyne Daly sounded a military note: “A
businessman ran equally well the GOP turnout. Even so, Mr. and Rubio must resist the up envy and class resentment. critic is someone who never actually goes to the battle, yet
among Republicans and inde- Trump beat Mr. Cruz among temptation to go after one an- He is firmly inside Hillary who afterwards comes out shooting the wounded.” Mark
pendents (who can vote in the evangelicals, 28% to 24%. If other—which only wastes vital Clinton’s head, causing her to Twain said the public was the only legitimate critic. John
state’s open primary). that happens in South Caro- time—and instead concentrate offer a paler version of his Steinbeck took a different tack: “Time is the only critic with-
The Donald’s tone in his vic- lina, and in the southern “SEC fire on Mr. Trump. South Caro- left-wing agenda. Still, she out ambition.” The film critic Pauline Kael defended the pro-
tory speech was much im- primaries” on March 1, the lina is a great venue to pop him leads in states coming up, fession: “In the arts, the critic is the only independent
proved. He movingly paid trib- Texas Senator is toast. Mr. on defense spending and health where the Democratic elector- source of information. All the rest is advertising.” These
ute to his parents. Gone were Cruz must confront the New care. They must also bring up ate is not 93% white, as in days, a lot of what passes for criticism is advertising or pub-
incessant references to polls. So, York hotelier, and not just on the front-runner’s greatest New Hampshire. And even lic relations, or just “playing nice.” Even more, with the In-
too, were insults about his com- social issues as he pledged to weakness: Americans have Democrats may realize how ternet as a testing ground (or battle ground), and with
petitors, replaced by praise of do Tuesday night. never elected a serial bankrupt. toxic his socialist vision is. crowd assessors like Yelp and Rotten Tomatoes, we have
them as “really talented people Then there are the Floridi- Populist South Carolinians may If you had predicted last come to undervalue the thoughtful, individual voice, prefer-
. . . terrific.” ans, former Gov. Jeb Bush, fin- not understand why, when Mr. summer that Donald Trump ring the collective judgments of the mass.
Mr. Trump even strung to- ishing fourth, and Sen. Marco Trump’s companies went un- and Bernie Sanders would over- Mr. Scott turns his defense of the profession into an “apo-
gether a rudimentary plat- Rubio, fifth. After his surprise der, such a wealthy man didn’t whelmingly win New Hamp- logia pro vita sua,” psychoanalyzing himself for his benefit
form, pledging to negotiate Iowa performance, Mr. Rubio dip into his fortune to do right shire, you might have been as well as ours. He knows that his work is both necessary
better trade deals, take care of was expected to do well in New by the people who were hurt. placed in an institution. Now, and ridiculous. In one of his self-analyses, he’s very funny
veterans, build a border wall, Hampshire—until his robotic There is also Mr. Trump’s you would be seen as prophetic. about trying to explain to a 13-year-old boy what he does for
replace ObamaCare, create meltdown in Saturday’s debate. claim to be a great business- a living. He says his job is both “cool” and “fairly bizarre.”
jobs and “knock the hell out of Now Mr. Bush is the one with a man: His casinos never re- Mr. Rove helped organize And he worries that his own children might grow up think-
ISIS.” He now must flesh out semblance of momentum. ported a profit. The only the political-action committee ing that watching all the “Star Wars” DVDs in a single sitting
and defend these platitudes, as The Granite State winnowed person who may have made American Crossroads and is (“for purposes of research, naturally”) might be considered
Republicans hit him for sup- the GOP field to those five. big money on them was The the author of “The Triumph of “a reasonable way for an adult to make a living.” The critic
porting single-payer health New Jersey Gov. Chris Christie Donald, when he sold. So far William McKinley: Why the critiques and criticizes himself. And he acknowledges, too,
care and saying that he won’t and former Hewlett-Packard Mr. Trump’s response to the 1896 Election Still Matters” that “there is, axiomatically, no disputing taste, and also no
increase the defense budget. CEO Carly Fiorina dropped out bankruptcy charge has been (Simon & Schuster, 2015). accounting for it.” Criticism in its fullest form—analysis and
discrimination—is always work.
What may matter more is that Mr. Scott is fun to read. His
Taking the Profit Out of Police Work prose includes epigrams and metaphors: “Thinking is where
criticism begins.” In I.M. Pei’s pyramid at the Louvre, “you
are cocooned in the cosmos of modern global tourism.” He
By Brad Cates important because they remove tice Department exacerbated 13% of Justice Department for- offers lessons in style to would-be critics: Regarding some
N
the profit motive for law en- the problem of policing for feitures from 1997-2013 were tics in contemporary criticism, he bemoans “the promiscu-
ew Mexico has become a forcement. Many agencies are profit when it launched its criminal forfeitures, while 87% ous hurling of adjectives” and recommends that the critic
leader in criminal-justice able to spend the funds they “equitable sharing” program were civil forfeitures. “avoid what might be called the fallacy of the decoy intransi-
reform by passing a state seize directly or in conjunction directing portions of its seized Federal civil-forfeiture law tive,” verbs like “frustrates,” “disappoints” and “satisfies”
law that abolishes civil-asset with federal officials. assets back to state and local has a 200-year history of use to lacking direct objects.
forfeiture and strengthens the During the Reagan adminis- law enforcement, giving them seize vessels and assets owned His commentaries range far and wide. The literature major
authority of prosecutors to tration I helped establish these an incentive to assist with sei- by foreign or unknown entities in him cannot resist references to Hesiod, Plato, Vasari, T.S. El-
seize assets from convicted programs because I believed zures and bypassing many located outside of the U.S. In iot, George Steiner, Immanuel Kant and Edmund Burke and
criminals. Now Virginia, Okla- they would quickly channel state-level efforts to rein in this age of international terror- more expansive explications of passages from Rilke, Henry
homa, New Hampshire and seized criminals’ profits into these direct funding streams. ism and drug trafficking, such James, Teju Cole and Philip Larkin. Yet these are helpful and
other states are considering the fight against organized In January 2015, the Justice federal use is still justified. But not show-offy. His discussions of the critical history of Howard
similar legislation to protect crime and drug cartels. Yet over Department temporarily sus- states taking assets from un- Hawks’s “Bringing Up Baby” and the poetry of Keats (the origi-
private citizens from the pitfalls time we have created a new bad pended the “sharing” program. tried individuals who are easily nal critics got it all wrong!) are illuminating—indeed, spot-on.
of “policing for profit.” incentive: policing for profit, But nationwide these seizures summoned before the courts is He writes persuasively about conceptual and performance art,
Signed by Gov. Susana Mar- out of the reach of the proper continue. In Oklahoma, for unconscionable. especially Marina Abramović’s 2010 event at MoMA, “The Art-
tinez in April 2015, New Mex- legislative budget process. example, the average amount Considering the intertwined ist Is Present,” which literally made people cry.
ico’s law also requires that all The amount of money at of cash seized by police is financial incentives, reform In our age of competing ideologies, political stances and
assets seized from convicted stake has exploded. In 1986 the $1,200, while the average cost must happen at both the state “isms,” it is well to remember T.S. Eliot’s dictum that the
criminals be deposited into the Justice Department’s Assets of hiring an attorney to reclaim and federal level. States and the best thing for a critic to be is very intelligent. Mr. Scott is
state treasury rather than kept Forfeiture Fund took in $93.7 that money is $5,000, accord- federal government can look to very intelligent. At the opposite end of the ideological spec-
by the state or local law-en- million. By 2014 it was $4.5 ing to an investigative report what New Mexico had done as a trum, Susan Sontag famously called for “an erotics of art” to
forcement agency that seized billion, according to an exten- by Oklahoma Watch. template for broad-based ac- replace dry interpretation. Mr. Scott complies. He says that
the assets. Ms. Martinez, an sive study published by the Defenders of civil-asset for- tion. Three decades ago I helped the simple questions—always with complex answers—that
attorney and former prosecutor, Institute for Justice. Moreover, feiture programs argue that create our civil-asset forfeiture criticism poses are: “Did you feel that? Was it good for you?
explained that the law would the study concluded that most it’s an effective crime-fighting system; now it is time to end it. Tell the Truth.” He reminds us that critical judgments, like
“improve the transparency and jurisdictions “force innocent technique, especially when art itself, demand intellectual and sensuous, even sexual, re-
accountability of the forfeiture property owners to prove their dealing with drug trafficking. Mr. Cates, an attorney in sponses. Mr. Scott answers his own demands.
process and provide further innocence in order to recover But that doesn’t make up for New Mexico, was the director
protections to innocent prop- property.” the fact that, according to the of the Justice Department’s As- Mr. Spiegelman is the Hughes Professor of English at South-
erty owners.” Such reforms are In the early 1980s, the Jus- Institute for Justice study, just set Forfeiture Office (1985-89). ern Methodist University.
A12 | Thursday, February 11, 2016 * *** THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
A Supreme Carbon Rebuke Excising Dangerous Bad Apples in Medicine
W
hen President Obama hasn’t had his the ground that he won’t be able to undo, or I’ve always thought it ridiculous pensive litigation—often phony
way on climate, immigration and so won’t want to undo?” Mr. Robinson asked. that the public can be informed of the claims of antitrust violations—
names of johns soliciting sex yet is brought by the challenged physicians.
much else, he’s rewritten the law “That’s my belief,” Mr. McDonough replied. kept totally in the dark about the sub- My experience was that this type of
and dared critics to stop him. The White House has been standard physicians described in Dr. litigation had an extraordinary chill-
Well, the Supreme Court has The Justices issue an right about the success of its Lawrence B. Schlachter’s “More Must ing effect on physicians who volun-
accepted his invitation with an historic stay on Obama’s damn-the-law strategy—so far. Be Done to Expose Bad Doctors” (op- teered to engage in peer review and
extraordinary rebuke. Last year in Michigan v. EPA ed, Feb. 3). Common sense cries out made them gun-shy when it came to
On Tuesday the High Court Clean Power Plan. the Court voided a 2012 rule on for what Dr. Schlachter is proposing. removing a physician who posed a
put a legal stay on the Admin- mercury emissions. The chief ROSE COON threat to patient safety. Why engage
istration’s rules to control car- EPA air administrator then Topeka, Kan. in peer review if only to end up as a
bon emissions in the states, known as the Clean gloated on the EPA website that the ruling didn’t defendant having to expend time, en-
Power Plan, pending judicial review. Challeng- matter because “the majority of power plants are Gone are the days when a slovenly ergy and money, not to mention the
ill-prepared intern, student or resi- extraordinary stress? In addition, the
ers seeking stays must overcome fearsome legal already in compliance or well on their way to
dent could be fired for not measuring State Board of Medical Examiners al-
criteria, and they are rarely granted. compliance” and “we are still on track.” up to the intellectual and moral stan- ways seemed to have difficulty find-
Yet for the first time five Justices blocked The stay suggests that a majority of the dards of classical medical education. ing physicians willing to serve as ex-
what’s known as a “generally applicable regula- Court won’t allow this deliberate gaming of the As long as the harsh lessons of perts in regard to the licensure issues
tion.” The one-page order prohibits the Envi- slow pace of the legal process to become de medicine are taught in a warm and raised when one of these physicians
ronmental Protection Agency from enforcing facto immunity for anything the EPA favors. It’s nurturing environment, which pays was reported to the board, often re-
the Clean Power Plan until the D.C. Circuit Court especially notable because courts tend to be full attention to the psychosocial and sulting in continued licensure even if
of Appeals rules on the merits, presumably with highly deferential to executive regulation. ethno-cultural development of the there was substantial evidence that
the Supreme Court as the final word. The stay is also a warning to the D.C. Circuit, doctors in training, while working to the physician was unfit to practice.
The Clean Power Plan nominally applies to which will hear the case in June. Harry Reid enhance their self-esteem, the dan- MIKE EISNER
power plants, but the EPA is instructing states packed that appellate court with liberal judges gerous 1% Dr. Schlachter describes New Haven, Conn.
will only increase.
to reorganize their energy economies across in- to serve as adjuncts of the regulatory state. The
LEO A. GORDON, M.D. The number of malpractice cases is
dustries and even households. The Court did not panel hearing the Clean Power Plan case denied Los Angeles directly proportional to a state’s laws
explain its reasoning, and the four liberal Jus- the states’ request for a stay. When the Michi- regarding malpractice, lawyer popula-
tices dissented. David Rivkin and Andrew Gross- gan case was remanded last year, the D.C. Cir- Another partial solution would be tion and social circumstances produc-
man, among the counsel to the 27 states that cuit even refused to vacate the mercury rule to change how physicians are charged ing demographic risk, and cannot be
brought the suit, have more legal details nearby. that the Supreme Court said was illegal—on the for their malpractice insurance. Cur- universally correlated with physician
The stay is an important rebuke to the politi- circular logic that most power plants had al- rently, everyone in the same specialty competence. The case for each physi-
cal method of the anticarbon activists in the ready obeyed. The Justices seem more willing pays the same amount regardless of cian needs to be individually assessed
EPA and White House. Ditching fossils fuels will to defend the authority of the Constitution’s Ar- how many lawsuits they have had to avoid destroying the career of an
be a capital-intensive and generation-long tran- ticle III courts. and, more important, how many excellent physician simply because of
sition, to the extent it is possible, and states The stay means in practice that the Clean times they have been found negligent. the circumstances of his or her loca-
I strongly believe, and have advocated tion, willingness to incur risk, the le-
must submit compliance plans as soon as this Power Plan is stopped cold through Mr. Obama’s for years, that malpractice premiums gal circumstances regarding jury se-
September that are supposed to last through Presidency, and states can safely ignore the be determined as car insurance pre- lection and jury bias negatively
2030, or be subject to a federal takeover. EPA’s threats until the courts rule on the merits. miums are. Under the current system, influencing claims outcomes in cer-
The legal challenges will take years, but the Even Democratic Governors may decide to wait the “worst 1%” have no incentive to tain locations.
EPA hopes to engineer a fait accompli by bull- given the uncertainty and billions of dollars stop practicing because their insur- Exercising judgment via the Na-
rushing the states into making permanent revi- their taxpayers would have to foot. ance costs are supplemented by the tional Practitioner Data Bank in no
sions immediately. Once the Clean Power Plan Credit here goes to some rebellious state At- good doctors. way satisfies the right to due process
starts, it becomes self-executing. If the EPA torneys General like West Virginia’s Patrick RYAN SEARLE, M.D., ABEM and can have inappropriate destruc-
loses down the road, it will laugh that the opin- Morrisey who haven’t acquiesced when Mr. Newburyport, Mass. tive consequences. Special care in de-
ion is too late and thus pointless. Obama’s government has violated sovereign veloping special processes to exercise
Over the years I’ve represented nu- such scrutiny should be developed in-
Speaking last month with the Washington state prerogatives. Oklahoma AG Scott Pruitt
merous hospitals attempting to re- stead of merely placing a name in the
Post’s Eugene Robinson, White House chief of deserves particular credit for developing the move or limit the clinical privileges of National Practitioner Data Bank.
staff Denis McDonough mused, “Do I wish that federalist arguments and exposing how the physicians who had serious deficien- ALLAN DOBZYNIAK, M.D.
Congress would have passed cap and trade sev- Clean Power Plan commandeers states. cies, only to face exhausting and ex- Sneads Ferry, N.C.
eral years ago? Sure.” But he added that “what’s The larger point is that Mr. Obama’s six years
actually happening on the ground” because of of governance-through-executive-order make
the Clean Power Plan and subsidies for wind and his a fragile legacy. Unilateral gambits can be
solar amounts to “a continuing revolution in the reversed by the next President, and the other
generation of electricity . . . The next President branches of government are finally reasserting
Mulling Michael Bloomberg’s Mulling a Run
will not be inclined—or be able to, whether he their constitutional powers. As anarchic as poli- Political pollster Douglas Schoen’s dominate the primaries. Because the
or she wants to—to change it.” tics can seem these days, the American system case for “Why Mike Bloomberg Can broad center of moderate and inde-
Win” (op-ed, Feb. 4) should he decide pendent voters seldom vote in party
“So President Trump will confront facts on of government is still on track—sometimes.
to run as a third-party candidate for primaries, decisions are abdicated to
president is an amusing and delightful tiny groups of motivated extremists of
Trump’s Eminent Disdain proposition for conservative voters. If

the “centrist” former New York City
the left or the right. Current pressures
push the Democrats to the left and the
Y
Mayor runs for president, the political Republicans to the right. And the new
ou can’t build a real estate empire un- determining fair compensation. gift to conservatives should rival the sort of boss system may be worse than
less government helps you snatch pri- In other words, market negotiations have gift that independent candidate Ross the old.” Now, almost four decades
vate property, or so says Donald determined what TransCanada offers an owner Perot gave to Mr. Schoen’s former cli- later, things have gotten even worse.
Trump, who routinely de- for using his property in an ent President Bill Clinton in 1992. As- NEWTON N. MINOW
fends eminent domain as an Donald is wrong about overwhelming majority of suming that the GOP candidate isn’t Chicago
inevitable business reality. Donald Trump, Mr. Bloomberg’s candi-
Maybe he needs broader
the Keystone Pipeline cases. By the way, the com-
pany plans to build the 1,179-
dacy is likely to capture a larger share I can give you 125 million reasons
of the left-leaning independent vote why Michael Bloomberg could never
business experience. and property rights. mile Keystone XL pipeline al- than the right-of-center vote and in- win the presidency. That’s the number
In Saturday’s Republican most entirely underground, so crease the odds that a conservative is of guns purchased by Americans since
debate, Mr. Trump fielded a property owners could forget our next president. Barack Obama took office. All those
question about eminent domain and had a about the gusher once it was buried. Mr. Bloomberg was a Democrat be- guns weren’t sold to “gun nuts” or
ready answer. “You need eminent domain,” Mr. Trump’s version of eminent domain is fore becoming a Republican so he hunters or fanatics. They were sold to
Mr. Trump said. “A lot of the big conservatives to bulldoze your house, and he tends to haul could run for mayor of New York City, people who no longer have faith in the
that tell me how conservative they are,” they in government when he doesn’t get his way. and before he left the GOP to declare government and its ability to protect
“all want the Keystone Pipeline. The Keystone In the 1990s a house owned by an elderly himself an independent. With regard their lives and property. Mr.
Pipeline, without eminent domain, it wouldn’t widow in Atlantic City blocked a potential lim- to social issues, he is as progressive as Bloomberg’s messianic appeals for a
Hillary Clinton or Bernie Sanders. His total gun ban would disqualify him
go 10 feet, OK?” ousine parking lot outside a Trump casino. Af-
positions on immigration policy, gun from consideration by many of those
Not OK, or accurate. In the decade since ter Vera Coking refused to sell, the state casino control and climate change are indis- gun owners—including me.
TransCanada proposed the pipeline system, authority tried to condemn the place. Ms. Cok- tinguishable from those of the Demo- L.D. METZ, PH.D.
which includes the Keystone XL route President ing prevailed against Mr. Trump after a long cratic left. His nanny-state inclinations Champaign, Ill.
Obama rejected last year, the company says it legal fight. When Jeb Bush mentioned this tale were on full display during his tenure
has negotiated voluntary easements with 96% at Saturday’s debate, Mr. Trump assailed the as mayor. Mr. Schoen is correct that Michael
of 2,600 landowners across 3,000 miles and booing audience as Bush partisans. RAY PARKER Bloomberg will appeal to centrist vot-
nine states. That includes 100% of landowners Mr. Trump is spinning property seizure as Annapolis, Md. ers. But unless he can win a majority
on the Keystone XL path in Montana and South the price of admission for economic progress, of the nation’s 538 electoral votes—a
Dakota, and 91% in Nebraska. TransCanada has whether bridges or factories, but it isn’t true. Mr. Schoen describes how millions tall order for a third-party candidate—
on rare occasion turned to eminent domain, a TransCanada shows that not all developers go of Americans do not participate in the election would shift to the House
Democratic or Republican primaries, of Representatives, which would cast
process that usually involves a panel of experts the Trump route when closing a deal.
leaving a silent majority of moderate its ballots on a one-state-one-vote ba-
centrists out of the nominating pro- sis. Wyoming’s vote would equal Cali-
Nobody Likes the Obama Economy cess. This reminds me of an op-ed I

wrote in the Journal 37 years ago
fornia’s, and the votes of the Southern,
Great Plains and Rocky Mountain
P
(Aug. 13, 1979): “Today, a small unrep- states would be enough to ensure a
resident Obama strode into the White ing. (Substitute smoking if you live in Vermont.) resentative handful of primary activ- Republican victory.
House press room last Friday to deliver But lest you think this anxiety is partisan, ists, often concerned with only one is- MARK WESTON
an economic pep talk. “So unemploy- the mood among Democrats is little better. A sue, or with narrow, special interests, Sarasota, Fla.
ment, deficits, gas prices are all down. Jobs, total of 79% of Democratic voters said they
wages, and the rate of the insured are up,” he were either very or somewhat worried, with
said. “The United States of America, right now, 29% very worried. Bernie Sanders beat Hillary N. Korea Agreed Framework Wasn’t Bad Deal
has the strongest, most durable economy in the Clinton by 3 to 1 among the very worried. Add In his review of “My Journey at the small one it now has. Dr. Schoenfeld
world. I know that’s still inconvenient for Repub- up the totals in both parties and some 86% of Nuclear Brink” (Bookshelf, Feb. 1) Ga- also accuses the North of cheating by
lican stump speeches the state’s voters are briel Schoenfeld accuses former Sec- enriching uranium, yet neither ura-
as their doom and de- at least somewhat
spair tour plays in New Obama’s Economic Legacy worried.
retary of Defense William Perry of be-
ing “snookered” by the 1994 Agreed
nium nor enrichment appears any-
where in the Agreed Framework.
Hampshire. I guess you How worried are you about the direction of the nation’s To put it another Framework with North Korea, and of While not a violation of the letter of
cannot please every- economy in the next few years? way, the most persua- being “naive” by backing the nuclear the agreement, uranium enrichment
body.” Democrats Republicans sive repudiation of Mr. agreement with Iran. I disagree and did violate the spirit. But our record
Or anybody. Mr. Very worried 29% 72% Obama’s economic re- am writing to prevent your readers also is far from perfect.
Obama is right about Somewhat worried cord is coming from from being snookered by Dr. Shoen- As to Iran, it would be a very
50 21 feld’s incomplete description of the much more formidable military ad-
New Hampshire but Democrats. Mr. Sand-
Agreed Framework and his apparent versary than we have faced in either
wrong that the doom Not too worried 17 6 ers and Mrs. Clinton naïvety about our military options Afghanistan or Iraq. Attacking Iran
and despair are lim- Not at all worried 3 1 are both campaigning against Iran—the most likely alterna- may be the one thing that would co-
ited to Republicans. A Source: Exit poll of voters in the Feb. 9 New Hampshire primary
against the economic tive to the current agreement. alesce the now divided Iranian popu-
striking finding in status quo, deploring The Agreed Framework worked rea- lation around the need for a nuclear
Tuesday’s voter exit the lack of income sonably well until President George W. deterrent.
poll is how anxious nearly everybody in the growth, rising income inequality and unafford- Bush cut off heavy fuel oil shipments EM. PROF. MARTIN HELLMAN
Granite State is about the U.S. economy—even able health care, among other problems. designed to make up for the energy Stanford University
more than six years into the expansion that Mr. Mr. Obama once let slip in 2008 that he that two large North Korean reactors, Stanford, Calif.
Obama so vigorously salutes. wanted to become the progressive version of then close to completion, would have
As the nearby table shows, pollsters asked Ronald Reagan by changing the terms of Amer- produced. The agreement halted con- Letters intended for publication should
struction of those reactors and their be addressed to: The Editor, 1211 Avenue
voters in both parties how worried they are ica’s political debate. Yet when George H.W.
exposure to the elements has made of the Americas, New York, NY 10036,
about “the direction of the nation’s economy Bush campaigned to succeed the Gipper in 1988, them useless. If it weren’t for the or emailed to wsj.ltrs@wsj.com. Please
in the next few years.” An astonishing 93% of he ran to extend the undeniable prosperity of Agreed Framework, those reactors include your city and state. All letters
Republicans said they were either very or the Reagan years. No one in either party is run- would have produced enough pluto- are subject to editing, and unpublished
somewhat worried. It makes you wonder what ning to extend Mr. Obama’s prosperity because nium for a truly devastating North Ko- letters can be neither acknowledged nor
returned.
the 1% who said they aren’t worried are drink- the voters know it doesn’t exist. rean nuclear arsenal, instead of the
OPINION
Bloomberg Could Start a Third Party

By Morton Kondracke ate. In recent surveys reported by perhaps modeled on the Democratic
I
the nonpartisan PollingReport.com, Leadership Council that (temporar-
f former New York City Mayor 57% want stricter gun control, 69% ily) shifted the Democratic Party
Michael Bloomberg decides to want the government to do more toward the center in the 1980s and
run for president this year—as about climate change (only 9% think provided Bill Clinton with a base to
seems likelier after Iowa and it’s a hoax), and 57% think abortion run in 1992.
New Hampshire—he should do should be legal in most cases (but A Centrist Leadership Council
it not as a one-off, but to establish a 48% want abortion banned after 20 could fashion a reform agenda—pro-
moderate political movement that weeks). Also, 58% of voters favor growth economics (including tax
lasts beyond 2016. Even if he doesn’t allowing illegal immigrants a chance reform, infrastructure-building, enti-
run, he would perform a great ser- to become citizens (26% would tlement reform and free trade), immi-
vice by organizing and helping fund deport them), but a majority (51%) gration reform, action on climate
a robust centrist movement. don’t want to accept Syrian refugees. change, moderate social policy, fight-
This deeply polarized country Americans want a president who is ing poverty and fostering more
needs one. It might develop into a tough on terrorism, but 60% oppose economic opportunity, and a strong
genuine third party—or have enough banning all Muslims from entering defense. Such a council could also
influence countering ideological ex- the U.S. gather like-minded leaders and voters
tremism that such a party wouldn’t This year, there is a tilt toward around that agenda through a well-fi-
WIREIMAGE
be necessary. populism: 63% favor raising taxes on nanced, national network.
the rich to reduce income inequality, Whether this developed into a full-
and 80% favor requiring employers blown political party would depend
The largest group of voters to offer paid leave. But a majority Former New York City Mayor Michael Bloomberg. on how well—or badly—the next
also thinks adjustments need to be president governed. A powerful cen-
in America are moderate. made in Social Security benefits to deeds knock her out of the race. While Mr. Bloomberg wouldn’t trist movement might help bolster
Neither party offers save the program. To be sure, there is next to no win, he could, by attracting support creative conservative House Speaker
Mr. Bloomberg has confirmed that chance that Mr. Bloomberg could from marginalized moderates and Paul Ryan in battles with President
them a voice, or a home. he is considering a presidential run, actually be elected this year. He isn’t independents, make a big dent—and Trump and Freedom Caucus crazies.
while denouncing (justifiably) the well known outside New York. He put both parties on notice that Or it might encourage President
current campaigns as banal and would be late starting to get on 50 polarized business as usual isn’t ac- Clinton to resist her left wing, tame
Consider: Presidential election insulting. Aides suggest that he would state ballots. He isn’t charismatic ceptable. her enmity toward Republicans, and
exit polls consistently show that enter the race if Donald Trump or Ted and doesn’t have a national support The prospect of a right-wing compromise with Mr. Ryan. Or sup-
more than 40% of voters say they are Cruz wins the GOP nomination and if base. And there is no centrist party. Republican—or a big-government port President Rubio (or Kasich or
moderate (more than 30% self-iden- Bernie Sanders wins the Democratic Moreover, Mr. Bloomberg’s agenda Democratic—regime makes the need Ryan) when he’s right and oppose him
tify as conservative, more than 20% nomination. is unclear to most Americans. During for an organized, well-financed mod- when he’s wrong.
as liberal). The Gallup poll shows Indeed, there would be a huge his years as mayor (2002-13), he was erate counterweight all the more With a net worth of $36.8 billion,
that a record 43% say they are inde- centrist hole between Mr. Trump, the known for driving cigarettes out of important. Lots of centrist groups Michael Bloomberg is the eighth
pendent (30% identify as Democrat, nativist-authoritarian bully-blow- public places and trying to ban big, and antipolarization groups now richest person in America, according
26% as Republican). hard, and Mr. Sanders, the left-wing sugary soft drinks—“nanny state” exist—Third Way, No Labels, the Cen- to Forbes magazine. (At $4.5 billion,
Various political scientists con- democratic socialist. The hole would stuff. He is also known for being pro- trist Party, the Bipartisan Policy Cen- Donald Trump comes in at No. 121.)
tend that such data are misleading— be even larger if Mr. Cruz ended up choice, pro-gun control and pro-gay ter, the Centrist Project—but none has Mr. Bloomberg is a major philanthro-
that moderates and independents are as the GOP nominee. marriage. the money, clear agenda or political pist, having given away, so far, $3.7
really Democrats and Republicans in If Hillary Clinton wins the Demo- But Mr. Bloomberg also closed support to challenge the prevailing billion. Spending $1 billion to save
disguise. But maybe that’s because cratic nomination and Marco Rubio New York City’s $6 billion deficit in political order. Mr. Bloomberg can. He the American political system from
we’re always forced to choose be- the Republican, Mr. Bloomberg prob- 2002 and left his successor with a now weighs in on specific issues like extremism would be the best act of
tween a Democratic Party heading ably wouldn’t run. If—one can only balanced city budget in 2013. He gun control and climate change. He philanthropy I can imagine.
further left and a GOP gone far right. hope—John Kasich or Jeb Bush wins, battled teachers unions to improve should put his mind and money into a
If offered a viable alternative— or the Republican Party convention New York public schools, and cham- bigger cause. Mr. Kondracke, the retired execu-
well-funded, activist, idea-rich and deadlocks and turns to Paul Ryan, pioned tough anticrime and antiter- If Mr. Bloomberg is, as rumored, tive editor of Roll Call, is the co-au-
populated by political heavy- Mr. Bloomberg won’t need to. But for rorism policies. He’s emphatically willing to spend $1 billion on a presi- thor, with Fred Barnes, of “Jack
weights—I think millions of unhappy now he should keep his options open, pro-business and pro-free trade. He dential bid, he shouldn’t devote it all Kemp: The Bleeding-Heart Conserva-
moderate centrists would rally. in case FBI probes into Mrs. Clinton’s is not, in other words, a knee-jerk just to a single election. He also tive Who Changed America” (Senti-
On issues, most voters are moder- email or Clinton Foundation mis- liberal. He is a moderate. should establish something lasting— nel, 2015).
Don’t Blame the Fed’s Interest-Rate Baby Step

By David Malpass credit. In the past five years, total safety of the financial system. Yet rather than address the real the already bloated banking system.
T
U.S. credit grew only 20%, com- In her testimony, Ms. Yellen said problem—excessive Fed bank debt Some had hoped the negative rates
he market turmoil of 2016 pared with at least a 40% increase that a reduction in the Fed’s assets and slow credit growth biased would weaken the yen, but markets
continues, with financial in most previous expansions. would harm growth, but that’s not toward bonds—the Fed is being reached a different conclusion—
stocks getting hammered this To make matters worse, 80% of taking enough account of the simul- pressured to reverse its recent rate since no new money or credit is
week and markets still testing high- the increase in credit went to gov- taneous reduction in the Fed’s bank increase, buy more bonds and even created, the negative rates cause
yield bonds and technology darlings. ernment and corporate bonds, leav- debt and the corresponding in- follow the European Central Bank deflation, not inflation, leaving the
Some blame the Federal Reserve’s ing only 20% for the rest of the crease in the banking system’s and the Bank of Japan’s lead and yen stronger than before.
decision in December to inch the economy and only a fraction of that lendable cash. push interest rates into negative A better course for the Fed is to
federal-funds rate up by a quarter of to the small and new businesses Adding to the problem, the territory. That would please gov- reduce its bank debt, reduce its
a percentage point. But that’s not that are so critical for growth. Treasury Department announced ernment bondholders but make the bondholdings, shorten their average
the cause. In other words, the Fed is rely- last week that it would reduce its stagnation worse. maturity, and encourage Treasury
Stock prices had been gaining ing almost entirely on liabilities to bond issuance and rely more on Japanese equities have plunged to reduce its short-term debt,
faster than corporate earnings for the banking system to maintain its short-term funding for the growing for over a week after the BOJ’s Jan. creating more space for banks to
years, earnings peaked in 2014 and enlarged bond portfolio, in effect fiscal deficit. The result is that 29 announcement that it was im- make loans to businesses that inno-
GDP growth slowed to 1.8% in 2015 paying banks not to lend to the small and new businesses will have plementing negative rates, and a vate, grow and add jobs.
from about 2.5% in 2013 and 2014. businesses that create jobs and real to compete even harder with the dozen top Japanese money-market
economic growth. Fed and Treasury in short-term funds said they would stop accept- Mr. Malpass is the president of
What can be done? A good first credit markets. ing deposits, throwing savers onto Encima Global LLC.
The stage was set for the step would be for the Fed to lower
the 0.5% interest rate it is paying
2016 market slide well
before the Fed’s long
for its $2.4 trillion in bank loans,
shifting to other, cheaper funding
sources. Loans from money-market
Pulling the Plug on Obama’s Power Plan
overdue rate increase. funds are available to the Fed at By David B. Rivkin Jr. the agency to pick winners (solar, spikes in electricity prices.
0.25%, so shifting away from bank And Andrew M. Grossman wind) and losers (coal) and order The EPA defended this approach
P
debt would improve the fiscal defi- generation to be shifted from one to before the Supreme Court during
In her testimony on Wednesday, cit by lowering the Fed’s interest resident Obama’s Clean Power the other, disrupting billion-dollar legal arguments leading up to Tues-
Fed Chair Janet Yellen noted that expense. Plan is dead and will not be industries in the process. day’s stay order as a “textbook exer-
limited access to credit for some The stimulus will come when the resurrected. The cause of The agency also overstepped its cise of cooperative federalism.” But
borrowers is one factor weighing Fed reduces its bank debt and re- death was hubris. As a result, the legal authority by using a tortured the textbook—our Constitution as
on growth. Yet the Fed isn’t taking leases cash to the banking system. plan’s intended victims—including redefinition of “system of emission interpreted by the court in case after
steps to increase the overall money Each bank will react differently, but the national coal industry, the rule of reduction.” That statutory term has case—guarantees that the states
supply enough to reach the commu- many of their activities will add to law and state sovereignty—will live always been taken to give authority can’t be dragooned into administer-
nity banks, small businesses and growth. As their cash balances to fight another day. to regulate plant-level equipment ing federal law and implementing
startups needed to create faster increase, banks will make more On Tuesday the Supreme Court and practices. Instead the EPA con- federal policy. Their sovereignty and
growth. The result has been falling small-business loans and unfreeze put President Obama’s signature cli- torted the term to apply to the political accountability require that
prices for many goods, services and the interbank market so that banks mate initiative on hold while a lower entire power grid. That redefinition, they have the power to decline any
assets. lend to each other to meet loan court considers challenges brought federal entreaty. The Clean Power
The solution is for the Fed to re- demand. by industry opponents and 27 states. Plan denies them that choice.
duce its bank debt, which is crowd- To continue the normalization That stay will remain in effect The Supreme Court sent a No doubt the court was swayed by
ing out commercial loans. The Fed’s process, the Fed should also grad- through the end of Mr. Obama’s evidence that the states already are
bank liabilities take up 16% of the ually taper its reinvestment policy presidency, until the Supreme Court clear message: Your clean- laboring to accommodate the plan’s
assets of the U.S. banking system, as it did with its bond buying, and has a chance to hear the case—in energy strong-arming forced retirement and reduced utili-
way too much for a healthy econ- shorten the maturity of its bond- 2017 at the earliest. The stay sends zation of massive amounts of gener-
omy. holdings. The Fed’s maturity mis- the strongest possible signal that the campaign must stop. ating capacity. Given the years that
The current system perpetuates match—borrow short, lend long—is court is prepared to strike down the it takes to bring new capacity online,
deflation and dollar strength: expected to get worse in 2016-17 Clean Power Plan on the merits, not even opponents of the plan could
Washington regulators microman- due to the Fed’s insistence on assuming the next president doesn’t while necessary for the EPA to afford to wait for the conclusion of
age leverage and liquidity in the 100% reinvestment into long-term revoke it. mount its attack on traditional judicial review to begin carrying out
banking system while the Fed bor- bonds as its bondholdings mature. Not since the court blocked Presi- power sources, violates the rule that the EPA’s mandate.
rows from banks to drive bond It still maintains the view that dent Harry Truman’s seizure of the federal statutes must be interpreted, By all appearances, that was the
yields lower. The result has been superlow bond yields are stim- steel industry has it so severely re- absent a clear indication to the con- Obama administration’s strategy for
very low yields for bond issuers but ulative, not recognizing the dam- buked a president’s abuse of power. trary, to maintain the existing forcing the Clean Power Plan, legal
a shortage and misallocation of age to savers, investors and the The dubious legal premise of the balance of power between the fed- warts and all, into effect. After the
Clean Power Plan was that Congress, eral government and the states. Fed- court ruled last term that the EPA’s
in an all-but-forgotten 1970s-era pro- eral law has long recognized states’ rule regulating power plants’ haz-
vision of the Clean Air Act, had primacy in regulating their electric ardous air emissions was unlawful,
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY empowered the Environmental Pro- utilities, the economic aspects of the agency bragged that the judg-
tection Agency to displace the states power generation and transmission, ment wouldn’t make a difference
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp in regulating power generation. The and electric reliability. because the plants had already been
Gerard Baker William Lewis EPA, in turn, would use that author- Worse, the Clean Power Plan com- forced to comply or retire during
Editor in Chief Chief Executive Officer and Publisher ity to mandate a shift from fossil- mandeers the states and their offi- the years of litigation. The Clean
Rebecca Blumenstein, Matthew J. Murray DOW JONES MANAGEMENT:
fuel-fired plants to renewables. The cials to do the dirty work that the Power Plan doubled down on that
Deputy Editors in Chief Ashley Huston, Chief Communications Officer; effect would be to institute by fiat EPA can’t. The agency seeks to phase approach.
DEPUTY MANAGING EDITORS: Paul Meller, Chief Technology Officer; the “cap and trade” scheme for out coal-fired plants, but it lacks any It’s one thing for a rule to be
Mark Musgrave, Chief People Officer;
Michael W. Miller, Senior Deputy;
Edward Roussel, Chief Innovation Officer;
carbon emissions that the Obama ability to regulate electric reliability, unlawful—which happens, and rarely
Thorold Barker, Europe; Paul Beckett, Asia;
Christine Glancey, Operations; Jennifer J. Hicks, Anna Sedgley, Chief Financial Officer; administration failed to push control how and when plants are merits a stay—but another for it to
Digital; Neal Lipschutz, Standards; Alex Martin, Katie Vanneck-Smith, Chief Customer Officer through Congress in 2009. run, oversee the planning and con- be lawless. This one was lawless.
News; Ann Podd, Initiatives; Andrew Regal, Video;
OPERATING EXECUTIVES: The legal defects inherent in this struction of new generators and That is why the court had to act: to
Matthew Rose, Enterprise; Stephen Wisnefski,
Professional News; Jessica Yu, Visuals
Nancy McNeill, Corporate Sales; scheme are legion. For one, in a rul- transmission lines, or take any other reassert the rule of law over an exec-
Steve Grycuk, Customer Service; ing two years ago the court held that of the many steps necessary to bring utive who believes himself above it.
Paul A. Gigot, Editor of the Editorial Page; Jonathan Wright, International;
Daniel Henninger, Deputy Editor, Editorial Page DJ Media Group: the EPA couldn’t conjure up author- the plan to fruition.
WALL STREET JOURNAL MANAGEMENT: Almar Latour, Publisher; Kenneth Breen, ity to make “decisions of vast Only the states can do those Messrs. Rivkin and Grossman
Trevor Fellows, Head of Global Sales; Commercial; Edwin A. Finn, Jr., Barron’s; economic and political significance” things, and the plan simply assumes practice appellate and constitutional
Chris Collins, Advertising; Jason P. Conti, Legal; Professional Information Business:
Suzi Watford, Marketing and Circulation; Christopher Lloyd, Head; absent a clear statement from Con- that they will: Because, if they law in Washington, D.C., and are
Joseph B. Vincent, Operations; Ingrid Verschuren, Deputy Head gress. Thus, the EPA may have the refuse, and the federal government counsel in the case on behalf of plan
Larry L. Hoffman, Production authority to require power plants to forces coal-plan retirements, the re- challengers. Mr. Rivkin served in the
EDITORIAL AND CORPORATE HEADQUARTERS: operate more efficiently and to in- sult would be catastrophic, featuring White House Counsel’s Office and the
1211 Avenue of the Americas, New York, N.Y., 10036 stall reasonable emissions-reduction regular blackouts, threats to public Justice Department in the Reagan and
Telephone 1-800-DOWJONES
technologies. But nothing authorizes health and safety and unprecedented George H.W. Bush administrations.
A14 | Thursday, February 11, 2016 * ***** THE WALL STREET JOURNAL.
WORLD NEWS
‘Abenomics’ Hits an Impasse in Japan

Premier’s program for Dai-ichi Life Research Institute have gone fundamentally off
chief economist Hideo Ku- Faltering Plan track. In his speech this
reviving growth has mano. “You can’t stop the month, Mr. Kuroda maintained
Japan's economic growth has been patchy since Prime Minister Shinzo Abe took office in December
failed to generate a markets from worsening, so
2012. In recent weeks, the Nikkei Stock Average fell sharply while the yen strengthened.
that the economy “has contin-
the question now is, ‘What’s ued to recover moderately,”
sustained upswing second-best?’ ” Annualized quarterly GDP Nikkei Stock Average How many yen one U.S. dollar while acknowledging that a
When Mr. Abe took office in growth, seasonally adjusted buys virtuous cycle of profits and
BY ELEANOR WARNOCK December 2012, Japan had wage growth was “somewhat
6% 22000 ¥60
AND PETER LANDERS settled into a lackluster stabil- weak.”
ity more than two decades af- 4 20000 70 SCALE INVERTED Mr. Abe told parliament on
TOKYO—At its core, Prime ter the bursting of its stock Wednesday that he still has
Minister Shinzo Abe’s eco- and real-estate bubble. The 2 18000 80 faith in Mr. Kuroda and in eco-
nomic-revitalization plan was economy wasn’t growing much nomic recovery, despite econo-
a bet that a committed central and the population was aging 0 16000 90 mists’ projection of a slight
bank could jolt Japan out of fast, but Japan remained a –2 14000 100 contraction in the fourth quar-
decades of decline. safe society. ter of 2015. “It’s wrong to view
But the failure of the bank That wasn’t good enough, –4 Dec. 26, 4Q: -1.2* 12000 110 Abenomics as being at the end
to generate a sustained up- Mr. Abe said. He pledged to 2012: stage,” he said.
swing, even after its most rad- jump-start growth and get –6 Abe takes 10000 120 While headline inflation is
office
ical step yet in cutting interest prices and wages rising again near zero, Mr. Kuroda argues
–8 8000 130
rates to negative territory, with “three arrows” of change: that another price measure ex-
suggests the “Abenomics” pro- monetary easing, more gov- 2012 ’13 ’14 ’15 2012 ’13 ’14 ’15 ’16 2012 ’13 ’14 ’15 ’16 cluding energy is rising about
gram has reached an impasse. ernment spending and struc- *Consensus economist forecast 1%. He says there is no risk of a
With the economy stum- tural overhaul. Sources: Cabinet Office (GDP); news reports (GDP consensus forecast); Thomson Reuters (Nikkei, yen) THE WALL STREET JOURNAL. return to deflation, and—once
bling, Tokyo shares fell 2.3% Of those three, only the energy prices stabilize—Japan
on Wednesday, erasing nearly first could offer much hope of generate 2% inflation with the sion and health costs. But the bringing dividends to energy- can reach the 2% target, albeit
all of the gains since the Bank quick results. The second ar- view that “there is no limit to higher taxes chilled consumer poor Japan. years later than he originally
of Japan ratcheted up its eas- row, increased public spend- measures for monetary eas- spending and sent a message Fighting to keep the mo- planned.
ing program in October 2014. ing, quickly fell to earth under ing,” as he put it in a speech of belt-tightening. mentum, on Jan. 29 Mr. Corporate leaders also are
And the yen was trading near pressure from the Ministry of this month. Inflation remained around Kuroda tried a last-ditch step shrugging off market troubles.
its highest level in more than Finance. Structural changes What Mr. Kuroda couldn’t zero, and Mr. Kuroda repeat- he had denied the previous Under Mr. Abe, “I think there’s
a year—highlighting a flight to under the third arrow, such as do is force companies to use edly had to push back his tar- week he was even considering. a lot to praise in the way the
safety that was opposite what bringing more women into the their profits to raise wages or get for getting it to 2%. Com- For the first time, the Bank of economy has gotten on a
the central bank intended. workforce, weren’t designed invest in new technology. He panies were sitting on piles of Japan said it would place a growth track,” said Tsutomu
The Bank of Japan-led ef- for the short term, and Mr. couldn’t push Japanese con- cash. It was a sign, said No- negative interest rate on some Kamijo, president of beer
fort offers lessons for other Abe didn’t seriously consider sumers into stores and make mura Research Institute chief deposits it accepts from com- maker Sapporo Holdings Ltd.,
major economies that have more radical steps such as them buy more—although the economist Richard Koo, of the mercial banks—in essence, on Wednesday.
followed a strategy of leaning opening the door wide to for- cheap yen led many Asian visi- “severity of the debt trauma” charging them for parking SoftBank Group Corp.’s
on central bankers to not only eign workers. tors to do exactly that. Japan experienced in the bub- their money there. chief executive, Masayoshi
operate monetary levers, but So all of the pressure fell on By late last year, there were ble hangover of the 1990s. Initially, stock prices rose Son, said he expected the neg-
also reboot societies to take Haruhiko Kuroda, Mr. Abe’s plenty of signs that Japan re- Then, in recent weeks, came and the yen fell, as designed. ative interest rates would
on more risk. Changing psy- handpicked choice to lead the mained in hibernation. Part of a series of ill winds from But both markets quickly re- eventually boost the economy.
chology, it turns out, isn’t as Bank of Japan. Mr. Kuroda it was contradictory govern- abroad: a slowdown in Chinese versed course, leaving the cen- “It’s actually a good thing for
easy as changing interest flooded the economy with ment policy: Mr. Abe carried growth, concerns about Euro- tral bank further from its goal SoftBank,” he said. The market
rates. cash, pushed down the yen through a sales-tax increase in pean banks and an oil-price than when it started. movements, he said, “won’t
“Abenomics has to go back and helped trigger a boom in April 2014 that was designed collapse that destabilized the Messrs. Abe and Kuroda say have a direct effect on our re-
to its foundation point,” said corporate profits. He vowed to to deal with fast-rising pen- global economy, even while they don’t believe their plans sults.”
Senate Approves North Korea Sanctions Bill Lawmaker

Blocks Deal
BY KRISTINA PETERSON
AND CAROL E. LEE
To Sell F-16s
To Pakistan
WASHINGTON—The Senate
voted unanimously to ratchet
up sanctions on North Korea
on Wednesday, less than a BY GORDON LUBOLD
week after the country
launched a long-range rocket WASHINGTON — A senior
that sparked fresh alarm about Republican senator is blocking
its nuclear program. the Obama administration’s
The move came the same subsidized sale of as many as
day as Japan and South Korea eight new F-16 jet fighters to
also took steps to penalize Pakistan because of Islam-
North Korea for its latest nu- abad’s relationship with a mil-
clear test and rocket launch, itant group known for target-
as Tokyo imposed its own ing U.S.-trained security forces
KCNA/REUTERS
sanctions and Seoul shut an in Afghanistan.

inter-Korean industrial park Sen. Bob Corker (R., Tenn.),
that provides a key source of chairman of the Senate For-
income to Pyongyang. eign Relations Committee, told
In a 96-0 vote, the Senate North Koreans celebrated as members of the operation that launched a long-rage rocket on Sunday arrived in Pyongyang this week. Secretary of State John Kerry
passed legislation that would in a letter that he couldn’t al-
impose new sanctions on com- posal to stop Pyongyang.” which already have been low the Obama administration
panies and individuals in-
volved in North Korea’s nu-
The legislation now heads
to the House, which passed
strained by territorial dis-
putes. However, those second-
Top General Executed, Officials Say to use taxpayer funds to sup-
port the sale of the jets. He
clear-weapons program and similar but not identical legis- ary sanctions are expected to SEOUL—A top North Korean according to South Korean gov- cited attacks by the group
cyberwarfare operations. The lation last month. have less of an impact on general was executed this ernment estimates. known as the Haqqani net-
bill would also target anyone Imposing new sanctions on North Korea than similar ones month after being charged The impact of the purges on work, saying the government
doing business with those en- North Korea had broad bipar- targeting Iran because North with corruption, the latest in a the stability of the regime is a in Islamabad continues to pro-
tities—including Chinese tisan support in the Senate Korea does less regular com- series of purges by leader Kim frequent subject of speculation vide haven to its leaders.
firms—in an effort to inflict even before North Korea said mercial activity, a senior ad- Jong Un, according to South in South Korea, but there have The planned sale through
serious economic conse- over the weekend that it had ministration official said. Korean intelligence officials. been no clear signs of political the State Department’s foreign
quences for supporting North put a satellite into space from Although the White House Ri Yong Gil, chief of the mili- instability in North Korea. military sales program aims to
Korea’s nuclear ambitions. a multistage rocket. would retain the power to tary’s general staff, was exe- Pyongyang rarely confirms reward Pakistan for its efforts
“North Korea poses a seri- The U.S. and other nations waive sanctions in certain cuted around the time of a purges. It has said nothing against militants. Administra-
ous and growing threat,” said view North Korea’s satellite cases, it would be required to Feb. 2-3 meeting of top offi- about the fate of Mr. Ri, who tion officials said the U.S. has
Sen. Cory Gardner (R., Colo.), program as covert testing of report its reasons to Congress. cials presided over by Mr. Kim was last mentioned by North provided equipment and tech-
who introduced the bill with missiles because of the simi- Democrats said that while all that called for rooting out cor- Korea’s state media in mid-Jan- nology to the Pakistanis “to
Sen. Bob Menendez (D., N.J.). larities between the launching administrations are reluctant to ruption, according to an ac- uary. significant effect” in counter-
“We have to send a strong of a satellite and the firing of cede authority to Congress, count from South Korean offi- Mr. Ri was appointed to his terrorism efforts. A Pakistani
message to China, North Ko- a warhead at a target. they expected President Barack cials that cited multiple position in 2013. He often ac- embassy spokesman called
rea’s diplomatic protector and The new sanctions—and the Obama would give his stamp of unnamed sources. companied Mr. Kim on visits to suggestions the country was
largest trading partner, that damage they could inflict on approval to the sanctions. Mr. Kim has purged around military exercises and facilities, contributing to the Haqqani
the United States will use ev- Chinese companies—could ex- —Jay Solomon 100 North Korean officials according to official accounts. network’s destabilizing role in
ery economic tool at its dis- acerbate U.S.-China tensions, contributed to this article. since taking power in late 2011, —Alastair Gale Afghanistan “unfortunate.”
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CITY NEWS A16, A17 | SPACES THURSDAY A18 | ARTS & ENTERTAINMENT A19 | SPORTS A20
Singing the
Ducky in Love
STEVE REMICH FOR WSJ

Brooklyn Blues
SPORTS | A20 Tying the knot in NYC URBAN GARDNER | A16
WSJ.com/NY * * * * THE WALL STREET JOURNAL. Thursday, February 11, 2016 | A15
Christie Comes Back Home

Governor faces many bers plummet and his admin- versity Polling Institute. his remaining time in office
istration endure escalating Among the challenges won’t be easy because of the
challenges in Trenton criticism as Democrats awaiting Mr. Christie are At- governor’s record-low popu-
after bowing out of pounded him on issues rang- lantic City’s fiscal crisis and a larity among residents and
ing from the state’s economy large unfunded public-pension lack of political capital in
the race for president to a nearly broke transporta- liability. The governor is ten- Trenton.
RICHARD DREW/ASSOCIATED PRESS
tion fund. tatively scheduled to deliver “All of his actions as gover-

BY KATE KING Now, as he ends his presi- his budget address on Tues- nor really have been part of
dential campaign, Mr. Christie day. setting the stage for a presi-
New Jersey Gov. Chris is expected to try to burnish Mr. Christie, who spent 261 dential nomination,” Ms. Har-
Christie, who suspended his his gubernatorial legacy as he days outside of the state last rison said. “Now what’s left is
presidential bid after his sixth- reassesses his political future. year, has nearly two years left some long-term, systemic
place finish in the GOP pri- Observers said it was too soon in his second four-year term. problems.”
mary in New Hampshire, re- to tell if Mr. Christie would an- Term limits bar him from run- A spokesman for the gover-
turned home Wednesday with gle for a vice-presidential nom- ning for re-election, and the nor declined to comment
Democratic presidential candidate Sen. Bernie Sanders with the his White House dreams ination or cabinet position. race for his successor will take Wednesday. But both the gov-
Rev. Al Sharpton outside Sylvia’s restaurant on Wednesday. crushed and a heap of prob- “Knowing Chris Christie, center stage after the Novem- ernor and his aides have re-
lems on his desk in Trenton. there’s no way he’s not har- ber presidential election. peatedly rejected the notion
Please see RACE page A16
Tea in Harlem:
Accused by some of aban- boring ambitions for another Brigid Harrison, a professor
doning the state as he pursued run four or eight years from of political science and law at
the Oval Office, Mr. Christie now,” said Patrick Murray, di- Montclair State University, Campaign will have lasting
has seen his in-state poll num- rector of the Monmouth Uni- said building consensus during impact on GOP contest....... A4
Sanders Meets
With Sharpton
BY ZOLAN KANNO-YOUNGS kins, a Manhattan Democrat.
Both have endorsed Mr. Sand-
The morning after Bernie ers.
Sanders’s sweeping victory in “Harlem represents the
the New Hampshire presiden- black community and other
tial primary, the Vermont sen- communities of color in gen-
ator took his momentum to a eral but he’s going to make
Harlem landmark to have tea sure that he’s in all those com-
with the Rev. Al Sharpton. munities so everybody gets to
Mr. Sanders arrived at the have the Bern,” Mr. Perkins
famed Sylvia’s restaurant said.
around 9:50 a.m. Wednesday Also Wednesday, Mr. Sand-
and waved to a crowd chant- ers appeared on the ABC tele-
ing his name. Mr. Sharpton vision show “The View,” and a
said the meeting lasted 20 CBS spokeswoman said he
minutes and that the senator’s would appear Wednesday
visit sent the right message to night on “The Late Show with
the black community. Stephen Colbert.”
Mr. Sharpton said he asked Tren’ness Woods-Black, the
Mr. Sanders, who is seeking director of communications
the Democratic nomination, for Sylvia’s (and granddaugh-
SETH WENIG/ASSOCIATED PRESS
about the water crisis in Flint, ter of Sylvia), said the restau-
Mich., affirmative action and rant remained open to the
police misconduct. public during the senator’s
visit.
“We wanted to allow every-
Mr. Sharpton said he one to be able to interact and
hadn’t decided who get a just up-close and per-
sonal look at who’s actually
to endorse in the running,” said Ms. Woods- Police in bulletproof vests entered the Ramada Staten Island, where a woman and her three children were stabbed Wednesday.
presidential race. Black.
Mother, Children Stabbed in Hotel

Some, however, were disap-
pointed Mr. Sanders didn’t do
“My concern is that in Jan- more to interact with the pub-
uary of next year, for the first lic. After a quick wave to the
time in American history, a crowd, the senator departed in BY PERVAIZ SHALLWANI large, bloodstained kitchen
black family will be moving his car after the breakfast. Yo AND HENRICK KAROLISZYN knife that police believe was
out of the White House,” Mr. Akalu, a 27-year-old City Uni- used in the attack was recov-
Sharpton said. “I do not want versity of New York student, New York City police were ered near the hotel, NYPD
black concerns to be moved didn’t believe the visit was searching Wednesday for a Chief of Detectives Robert
out with them.” genuine. Brooklyn man in the fatal stab- Boyce said.
He said he hadn’t decided “If he really wants our bings of his girlfriend and two The incident prompted a
NEW YORK POLICE DEPARTMENT
on an endorsement in the 2016 votes he really needs to come of her children in a Staten Is- state agency that oversees
race, and he will meet with into these projects, he really land hotel used to house the temporary and disability assis-
Hillary Clinton next Tuesday. needs to go into these schools, homeless, an attack that reig- tance to order the city to take
Mrs. Clinton’s camp confirmed he really needs to speak to nited fears about safety at immediate steps to protect res-
the meeting. these families,” Ms. Akalu shelters. idents of shelters.
“Sen. Sanders coming here said. “Him coming out here to Michael Sykes, 23 years old, Ms. Cutler had been placed
this morning further makes it Harlem, coming straight to is wanted in connection with in the Ramada Staten Island
clear that we will not be ig- Sylvia’s…what is that?” the deaths of Rebecca Cutler, hotel, which was being used be-
nored,” Mr. Sharpton said. But Charles Mannings, a res- 26, and two of her daughters: Rebecca Cutler, in an image from Facebook, and Michael Sykes cause of overcrowding at other
“Our votes must be earned.” ident of Harlem for 20 years, 4-month-old Maiya Sykes and shelters, two months ago by an
He added Mr. Sanders was said he thought the short visit 1-year-old Ziana Cutler, author- “We want to get him,” Police ficers on patrol and posters advocacy group, officials said.
also meeting with Kirsten John was “inspiring.” The 70-year- ities said. Commissioner William Bratton asking for help finding him On Tuesday, Ms. Cutler filed
Foy, Northeast regional direc- old retired chef said politicians A third daughter, who is 2 said at a news conference. “We were released to the public. a domestic incident report with
tor of National Action Net- tended to ignore Harlem. years old, underwent surgery want to get him very, very Mr. Sykes was last seen the NYPD against Mr. Sykes—
work, a civil-rights organiza- “I’m glad to see in this par- after the attack, which led the quickly, and get him off the boarding a Staten Island Ferry who is the father of the youn-
tion founded by Mr. Sharpton. ticular instance that is not the city to reconsider how it se- streets as fast as we can.” to Manhattan around 9:30 a.m. gest girl—after he allegedly
Also on hand was former case,” Mr. Mannings said. cures hotels that are used as Photos of Mr. Sykes were Wednesday, authorities said. stole her phone and accused
head of the NAACP, Ben Jeal- “Maybe it’s indicative of better shelters. She was listed in criti- distributed to the New York Mr. Sykes was believed to be her of cheating on him with the
ous, and State Sen. Bill Per- things to come.” cal but stable condition. Police Department’s 25,000 of- armed and dangerous, but the Please see ATTACK page A16
Finally, ‘Mockingbird’ 28° TODAY’S

Weather
Real Feel
9 a.m. 9°
To Hit Broadway Stage HIGH
5 p.m. 4°
Record High
BY PIA CATTON cific,” will direct.
65° (2009)
AND JENNIFER MALONEY The move is the latest in a
series of reversals by Ms. Lee, WINDY, Sunrise/Sunset
It has been a five-decade who, after “To Kill a Mocking- COLD 6:55 a.m./5:26 p.m.
wait, but Broadway has landed bird” was published in 1960,
“To Kill a Mockingbird.” made it clear she didn’t want Friday’s High
On Wednesday, Scott Rudin, a Broadway adaptation, ac-
one of New York’s most promi- cording to the archives of her
28°
nent and prolific theater pro- former literary agent Annie
ducers, announced the first Laurie Williams at Columbia
Broadway production of University. N.Y. Sports Lineup
Harper Lee’s Pulitzer Prize- Last year, she shocked the
winning novel. literary world with the release 7 p.m.
Slated for the 2017-2018 of “Go Set a Watchman,” the Thursday
season, the play will be novel she submitted to pub- Kings @
adapted by writer Aaron Sor- lisher J.B. Lippincott in 1957 Islanders
ASSOCIATED PRESS
kin, best known for TV’s “The and then revised to produce
West Wing” and movies in- “Mockingbird.” (HarperCollins, 7 p.m. Friday
cluding “The Social Network.” her U.S. publisher, is owned by Kings @
Bartlett Sher, who has made a News Corp, as is The Wall Rangers
career in high-profile stage re- Street Journal.)
An amateur-theater adaptation of ‘To Kill a Mockingbird’ that has been performed by schools across vivals, including the Tony And last year, it was an-
the U.S. is often compared with the Academy Award-winning film version starring Gregory Peck. Award-winning “South Pa- Please see PLAY page A19 For N.Y. sports coverage, see A20
CITY NEWS
ATTACK continue using that hotel as a

shelter facility.
The city also began reaching
out to the 41 hotels the city
Continued from page A15 contracts to offer security free
father of one of her other chil- of charge, Mr. de Blasio said.
dren, authorities said. “There is nothing more hor-
Authorities said Mr. Sykes, rible than the notion of an
Ms. Cutler and the three girls adult who would attack an in-
visited a nearby deli around nocent child,” Mr. de Blasio
7:30 a.m. Wednesday. The five said. “This is an atrocious
returned to the hotel at 8 a.m., crime.”
and Mr. Sykes initially stayed This the second time in re-
in the hallway, Chief Boyce cent weeks that city officials
said. have pledged to increase secu-
Video shows him going into rity at city shelters.
the room about 8:50 a.m. and Following the fatal stabbing
leaving about four minutes in January of a man at an East
later, Chief Boyce said. Police Harlem shelter—where the sus-
determined he then boarded a pect was able to get a knife
bus to the ferry. past a metal detectors—Mr.
Blasio announced extra secu-
rity guards were being de-
‘It’s outrageous…I’m ployed at shelters. At mental-
worried about my health shelters, the guards will
be on hand 24 hours a day.
family,’ said one Wednesday’s attack is the
shelter resident. most recent in a spate of slash-
ings and stabbings, which have
increased across the city even
A hotel housekeeper found as violent crime overall has
the victims Wednesday around plummeted.
10 a.m. and called police, Chief At the Brooklyn home where
Boyce said. Around 10:30 a.m., Ms. Cutler grew up, her uncle,
For Valentine’s Day, Enjoy a Wedding

Mr. Sykes called his mother James Mathis, 78, said his
and “informed her that he niece and her children seemed
killed his girlfriend and was “very happy” when he last saw
going to kill himself,” a law-en- them, three weeks ago.
forcement official said. “She’s a nice girl. She’s a If you’re suffering from They invited us to join
A preliminary investigation good girl,” Mr. Mathis said. “It’s seasonal affective disorder, their ceremony, too. So we
determined the four victims sad that it happened to her.” or just looking for a special all headed into the marriage
were each stabbed multiple Shaquia Williams, 24, who way to celebrate the spirit of chapel where Edwina
times, the official said. Ms. lives at the shelter, described Valentine’s Day, my sugges- Townes, an officiant with the
Cutler had more than two Ms. Cutler as “a good mom.” tion is to take a trip to the City Clerk’s office, presided.
dozen stab wounds, and one of “She was always with her New York City Marriage Bu- I know from personal ex-
the girls had at least nine, the kids,” Ms. Williams said. reau on Worth Street. perience that your wedding
official said. The killings unnerved resi- Not to get married— can be something of a blur.
The stabbing once again put dents at the shelter. Rashon though that can also be ar- But my hunch is that years
security at city homeless-ser- Jones, 21, said he has been liv- ranged, in from now, Messrs. Harrop
vice facilities in the spotlight, ing there for a month with his 24 hours or and Ridley-Tyson will re-
particularly hotels serving as girlfriend and 4-month-old less. member the officiant’s hair,
shelters, which Mayor Bill de twins. He criticized security at But sim- a becoming shade of blue.
Blasio said are being phased the facility. ply to bask They approached the lec-
out long term. “It’s outrageous,” he said of in the time- tern.
On Wednesday, Mr. de Blasio the slayings. “I want to transfer URBAN less atmo- “Talk to me,” Ms. Townes
announced that the 28 other immediately. I’m worried about GARDNER sphere of said. “Who’s Adrian and
families at the Staten Island my family.” RALPH the place. who’s Daniel?”
hotel were being moved imme- —Mark Morales GARDNER JR. You’ll find From top, Seth Kurke and Boni Thompson wait their turn with What the ceremony may
diately, and the city will dis- contributed to this article. people of ev- daughter Amara; one of the offerings at the City Clerk’s Marriage have lacked in pomp, it more
ery race, Bureau store; Daniel Ridley-Tyson and Adrian Harrop tie the knot. than made up for in the af-
ethnicity, sexual orientation, See more photos of Marriage Bureau nuptials at WSJ.com/NY. fection that flowed between
State: Shelter Violence ‘Horrific’ age and circumstance cele-
brating that most human of
the couple.
“You’re such a special,
A state agency directed Blasio indicated Wednesday al- triumphs—having found special beautiful person,”
New York City to toughen se- ready were under way—includ- someone they feel excited Mr. Harrop declared when
curity at its emergency home- ing that shelter residents be about waking up next to in Ms. Townes asked him
less shelters following the fatal removed from the Ramada the morning. whether there was anything
stabbings Wednesday of a Staten Island, where the kill- And you might even get he wanted to say to his part-
mother and her young children ings occurred, and that more asked to be a witness. ner. “And you accept me for
at a Staten Island hotel used effective security be put in Because based on my everything I am and I’m not.
to house the homeless. place at shelters. visit there Tuesday after- I love you so, so much and
The stabbings, along with a “We are already doing what noon, some couples’ wed- thank you for giving me the
Jan. 27 slaying in a Manhattan the state is asking,” mayoral dings are rather impromptu. opportunity to spend the
shelter and a third incident, are spokeswoman Karen Hinton “All my classes were can- rest of our lives together.”
“simply unacceptable,” accord- said Wednesday after the celed,” explained Seth Kurke, Ms. Townes declared the
ing to a letter sent Wednesday state letter became public. who was about to get mar- spouses married by the pow-
to Steve Banks, the city’s Hu- As its regular shelters have ried to Boni Thompson. ers vested in her by the
STEVE REMICH FOR THE WALL STREET JOURNAL (3)
man Resources Administration become packed, the city has “ ‘Shall we go to a museum? state of New York, and Ms.
commissioner, from Sharon relied on hotels to handle over- Should we go to MoMA? Atkinson broke afresh into
Devin, executive deputy com- flow. The mayor said the city Let’s get married!’ ” joyful tears.
missioner of the state Office of “will develop a specific strat- He and Ms. Thompson Mr. Kurke and Ms.
Temporary and Disability Assis- egy for getting out of the use met two years ago at a Thompson were up next.
tance. of hotels across the board.” nearby Belgian bar where he “How does this work?” Mr.
“This is the third incident of The city uses 41 hotels to was bartending. The place Kurke said, perhaps wanting
horrific violence in one of your shelter 2,656 homeless people, no longer exists, but the City to add a late sprinkle of maj-
facilities in less than a month,” including 637 children. The Hall area still breathes ro- esty to the ceremony, and
the letter reads. “We expect practice dates to at least the mance for the couple. breaking into “Here Comes
and demand that you take im- early 2000s, under former Going the unembellished The Bride.”
mediate action to protect shel- Mayor Michael Bloomberg, marriage route also made I offered to take Amara so
ter residents.” when the homeless population economic sense. “We’d that Ms. Thompson’s sister
Ms. Devin directs the city to started to rise. rather go to Europe,” the could use her cellphone to ful-
take steps that Mayor Bill de —Mara Gay groom explained. “Do some- And my photographer “I’ve got a lot of family fill her obligation as the cou-
thing with that money.” Steve Remich, or I, could that live on the Jersey ple’s wedding photographer.
And for those who believe have stepped in in a pinch. Shore,” Mr. Harrop ex- The ceremony concluded,
that procreation is one of Mr. Kurke and Ms. Thomp- plained. The New York City as these things typically do,
matrimony’s blessings, Mr. son graciously invited us to area “is a very special and with Ms. Townes—who
Kurke and Ms. Thompson al- attend their ceremony in one important place to me. would preside over 26 wed-
ready had that covered. of the Marriage Bureau’s two “It’s my mom’s 50th dings by 2 p.m. on what she
ANNUAL Their modest wedding party

included the couple’s well-
behaved 4-month-old daugh-
chapels.
As they awaited their
turn, I also met Dr. Adrian
birthday,” he added, explain-
ing that they’d broken the
news to her only that morn-
said was a slow day—giving
the couple permission to
kiss. They took full advan-
WATCH & JEWELRY ter, Amara, resplendent in a
burgundy baby dress.
Harrop and Daniel Ridley-Ty-
son, the couple on line in
ing over a brioche French-
toast breakfast at Le Parker
tage of the opportunity.
“We don’t need any more
SALE I don’t know whether

Amara qualified as a wit-
ness. But Ms. Thompson’s
front of them. Messrs. Har-
rop and Ridley-Tyson are
Brits who live in England.
Meridien hotel.
“I’m just so over-
whelmed,” Mr. Harrop’s
babies,” said Mrs. Kurke’s
sister as I handed Amara
back to her.
sister, who was also present, But they decided to tie the mother, Alice Atkinson, said
January 29th through certainly did. knot in New York City. as she broke into tears. ralph.gardner@wsj.com
February 13th
RACE past year was a disservice to

the state.
“In order for us to get any-
thing done, we need both the
Democrats have proposed rais-
ing the state’s gasoline tax,
which hasn’t increased since
1988, to replenish the fund.
the campaign trail to an-
nounce a state takeover of At-
lantic City. Mr. Christie’s an-
nouncement brought together
Continued from page A15 legislative and executive Mr. Christie has said he is key leaders from both parties
that Mr. Christie neglected his branches to reach some com- opposed to a gas tax increase and appeared to quash bank-
job while campaigning or that promises,” Ms. Weinberg said. unless there is a correspond- ruptcy threats from Atlantic
any of his policy decisions The state Assembly’s top ing tax cut, such as to the City officials.
have been politically moti- Republican said Democrats state’s estate tax. The troubled resort city,
vated. shoulder much of the respon- The governor’s former chief though, is still teetering on
Mr. Christie, who easily sibility for not resolving many economist, Charles Steindel, the edge of bankruptcy. The
won re-election in 2013, has a of the state’s long-standing is- said he wouldn’t expect Mr. city projected to run out of
33% approval rating among sues, such as the transporta- Christie to change his eco- cash by April 1, or earlier, and
New Jersey residents, accord- tion trust fund. nomic positions significantly elected officials are deeply di-
ing to a Rutgers-Eagleton poll “Don’t blame the governor,” after leaving the campaign vided on how to address the
in December. said Jon Bramnick, the Assem- trail. crisis.
Mr. Christie faces the next bly’s minority leader. “If “I think what he’s been say- —Heather Haddon
two years with a reduced you’ve got brilliant policies, ing in this campaign—to the contributed to this article.
brain trust after several key enact them.” extent on economic issues—
officials left his administration In the coming months, two isn’t that different from what
as he campaigned for presi- of Mr. Christie’s former allies he’s done in New Jersey,” Mr. We Want to Hear
dent. face a criminal trial for their Steindel said. From You
In the past two years, Mr. alleged roles in the 2013 lane On pensions, Democrats Have something to say about
Christie has lost a trusted closures at the George Wash- have proposed a constitutional an article in Greater New
chief of staff, his legal counsel ington Bridge. Mr. Christie de- amendment that would require York? Email us, along with
and commissioners overseeing nied knowledge of the alleged the state to make its public- your contact information, at
health, human services, bank- conspiracy and hasn’t been pension payments on time, a gnyltrs@wsj.com. Your letter
ing and community affairs. charged. move Mr. Christie opposes. could be published in our
State Senate Majority Some elected officials said Despite his frequent ab- weekly Feedback column on
Leader Loretta Weinberg, a they hope Mr. Christie focuses sences, the governor demon- Friday. Letters will be edited
Democrat and a frequent critic first on the state’s transporta- strated his ability to forge for brevity and clarity. Please
of the governor, said Mr. tion trust fund, which is set to deals as recently as last include your city and state.
Christie’s absence over the run out of money by July 1. month, when he briefly left
THE WALL STREET JOURNAL. * * * * Thursday, February 11, 2016 | A17
CITY NEWS
Ash Wednesday at St. Patrick’s Cathedral
Race to Address Man Guilty
Of Three
Water Problems Murders
In Upstate Town BY THOMAS MACMILLAN
It took more than three

BY MIKE VILENSKY need to be scrutinized.” years for the case against ac-
According to a timeline re- cused triple-murderer Salva-
The New York Assembly on leased by the Village of Hoosick tore Perrone to come to trial,
Wednesday announced plans to Falls, county officials first in- but less than three hours for
hold a hearing on water quality formed the state of concerns the jury to return a verdict:
in the state as officials scramble about the contaminant in Au- “Guilty. Guilty. Guilty.”
to address contamination in the gust of 2014. A little over a The jury forewoman in-
upstate Village of Hoosick Falls. year later, village officials re- toned those words Wednesday
The issue has gained momen- quested a meeting with Mr. in Brooklyn Supreme Court,
tum as Gov. Andrew Cuomo’s Cuomo and his office “in- where Mr. Perrone, a once-
administration faces scrutiny form[ed] village officials that successful clothing merchant,
over its handling of the problem. the governor is unavailable,” was on trial, accused of stak-
The Cuomo administration according to the village’s time- ing out and killing three
ANDREW RENNEISEN/GETTY IMAGES

late last month declared parts line. A spokesman for the gov- Brooklyn shopkeepers in 2012.
of the Rensselaer County com- ernor said Wednesday that the “We are grateful to this jury
munity a state Superfund site, office offered senior Cuomo of- for reaching the right verdict
classifying a contaminant found ficials instead. and convicting a coldblooded
in the area’s water supply as In a November 2015 letter to serial killer who murdered
hazardous. the village, the federal Environ- three very decent, hardworking
mental Protection Agency rec- and innocent men,” Brooklyn
ommended that residents avoid District Attorney Ken Thomp-
The EPA advised the municipal water. son said after the verdict.
Hoosick Falls Assemblyman Steve FAITH: Cardinal Timothy Dolan made the sign of the cross as he marked a worshiper’s forehead Mr. Perrone, who testified
McLaughlin, a Republican who with ashes. Ash Wednesday begins Lent, the season of penitence and reflection before Easter. at the trial, maintained he was
residents to avoid represents Hoosick Falls in the framed by a business associ-
the municipal water. state legislature, has been call- ate. He faces 25 years to life in
ing for hearings that would also prison when he is sentenced
examine the state’s communica- making “inflammatory and inap- Interim NJ Transit Executive on March 4.
The designation authorizes
the state to investigate the
tions on the issue with other
agencies and its responses.
Greater propriate” remarks during his
summation on Tuesday.
Director Dennis Martin didn’t
comment Wednesday on specific
Family members of the
three victims—65-year-old
source of the contaminant, Per-
fluorooctanoic acid, and remove
Mr. McLaughlin said the
Cuomo administration has New York Justice Danny Chun denied the
bid for a mistrial, saying Mr.
proposals. “We’re focused on the
negotiations and finding an af-
Mohamed Gebeli, 59-year-old
Isaac Kadare, and 78-year-old
it from the water supply. State
and local officials have said the
stoked fear in the area because
it has released misinformation, Watch Alexis’s remarks fell “way, way
short” of the threshold for a mis-
fordable solution to the issue,” he
said.
Rahmatollah Vahidipour—
wept and held one another as
contaminant, which has been saying in January 2015 that the trial. Juror deliberations resume The deadline for a possible the verdict was announced.
linked to cancer in some studies levels of the contaminant de- Thursday. walkout or lockout is 12:01 a.m. But Mr. Perrone wasn’t in the
but hasn’t been labeled a car- tected don’t constitute an im- —Rebecca Davis O’Brien March 13. courtroom to hear it.
cinogen, may have come from mediate health hazard. A —Associated Press Mr. Perrone—who had
an area plastics plant. Cuomo administration official BROOKLYN NEW JERSEY fought unsuccessfully for
Some in Hoosick Falls say said Wednesday that the levels MANHATTAN years to be his own attorney—
the response has come too late. of containment found at that
Mistrial Bid Rejected Union at NJ Transit was ejected from the court-
“I think it could have come time were below the federal In Officer Liang Case Warns of a Strike Just Steam, No Fire, room Wednesday morning
quicker,” said Michael Hickey, a standard of an immediate A New York state Supreme Union officials representing At One World Trade when he sought to take the
37-year-old resident who began health hazard. Court justice rejected a motion for rail workers said Wednesday that What appeared to some as stand to make a statement be-
investigating the area’s water Other lawmakers have criti- a mistrial Wednesday in the case their members are prepared to smoke billowing out of One fore closing arguments. It was
supply after his father died of cized the state response as of a New York City police officer strike unless NJ Transit improves World Trade Center on Tuesday the latest in a series of such
cancer three years ago. slow. But some have also com- charged with manslaughter, as juan offer they say would increase evening was just steam from a ejections during the trial.
In a joint statement on mended the Cuomo administra- rors spent their first full day delib- workers’ health premiums by heating, ventilation and air-condi- Justice Alan Marrus an-
Wednesday, the heads of the tion for its recent actions. erating without reaching a verdict. hundreds of dollars a month. tioning system atop the 104- nounced that he wouldn’t al-
Assembly’s environmental and In Albany on Monday, Mr. Rae Koshetz, a lawyer repre- “We have done everything in story skyscraper, the Durst Or- low Mr. Perrone back into the
health committees, both Demo- Cuomo said his administration senting Officer Peter Liang, who our power to avert this, but at ganization said Wednesday. courtroom to hear the verdict.
crats, said of their planned has been “going over and is charged with manslaughter in some point I can’t ask anyone to The steam is similar to what “He knows that this is the
hearings: “The recent events in above” in tackling the issue but the November 2014 shooting sign an agreement for a pay cut,” evaporates from other buildings end of the road for him,” Jus-
Flint, Michigan and most re- is still gathering facts. “What- death of 28-year-old Akai Gurley, said Stephen Burkert, general when it gets cold, according to a tice Marrus said. “There’s no
cently in Hoosick Falls highlight ever the facts are, we can han- accused Brooklyn Assistant Dis- chairman of the SMART union’s spokesman for the developer. reason to cause an uproar by
the threats to water purity and dle this,” he said. trict Attorney Joseph Alexis of transportation division. —Andrew Tangel bringing him back in here.”
SPACES THURSDAY
On West Side,
This Pair Looks
Like a Full House
Twin Naftali projects rise on the same street
O
n the northern side of of turning zoning require-
West 77th Street, an ments into art.
18-story building of Then, the developer’s
luxury condominiums is un- head of acquisitions rented a
der construction. On its fa- car from a garage located
cade, which has Juliet balco- nearly across the street from
nies, greenery will cascade the construction site. A light-
down terraces that give the bulb went off.
illusion of stairsteps. “He said, ‘We should re-
On the southern side of ally go for this,’” said Mat-
West 77th, an 18-story build- thew Van Damm, the devel-
ing of luxury oper’s executive vice
THOMAS JUUL-HANSEN
SPACES condos under president for marketing.
CORINNE construction “‘We’ve already unlocked the
RAMEY also will have puzzle.’”
Juliet balco- They bought site No. 2 for
nies, and $63 million in October 2014.
greenery that cascades down It was the same size and
terraces, providing the illu- had the same zoning. Above, a rendering of 210 W. 77th St. Below left, the projects straddle the street. A drawing by Australian artist James Gulliver Hancock
sion of stairsteps. So, having already poured covers the building’s scaffolding, at left in this westward view. Below right, architect Thomas Juul-Hansen with a model of 221 W. 77th.
Developer the Naftali time, money and love into
Group expects the northern the architectural plans, the
building, 221 W. 77th St., to Naftali Group used the same
be complete in spring 2017, basic design.
and the southern, 210 W. “It was basically a no-
77th St., to be finished this brainer,” said Miki Naftali,
fall. the developer’s chairman and
STEVE REMICH FOR THE WALL STREET JOURNAL (2)

The twin buildings were, chief executive.
for the developer, a happy So one 18-story building
coincidence. became two.
In June 2013, the Naftali This week, Mr. Juul-Han-
Group, looking to build lux- sen stood in the sales gallery
ury condos, spent $55 million for the northern building,
for a site occupied by a which had replicas of some
rental-car garage on the of the condos’ interiors.
south side of West 77th He pointed to the
Street, between Amsterdam kitchen’s floor, of stained
and Broadway on the Upper white oak. Natural materials
West Side. create a sense of timeless-
They hired Thomas Juul- ness, he said: “Nobody looks
Hansen as the architect for at oak and says, ‘Oh, that’s so
the design, layout and fa- 1752.’ ” brick, some with tiny im- bedrooms, eight four-bed- The northern building has into the condos. An advan-
cade. He designed a building The buildings aren’t quite prints from the fingers that rooms and eight five-bed- a half basketball court and tage of developing two build-
he felt was modern but had identical. The northern build- made them. rooms. wood-paneled library with ings is the chance to visually
Upper West Side character ing’s facade uses a metal “Every brick is different, The southern has nine billiards. The southern has change the entire block, Mr.
within the site’s zoning recalled Muntz, a mix of cop- and, like we humans, they all three-bedrooms, 11 four-bed- steam rooms and a sports Naftali said.
quirements, which dictate per and zinc that has been carry imperfections,” Mr. rooms and five five-bed- court with soccer goals and In front of the buildings,
building height and setbacks. used on the bottoms of Juul-Hansen said. rooms. eight private parking spots, Naftali plans trees and land-
“You have to figure out boats. The building’s interiors Asking prices range from priced from $300,000 to scaping, and will repave the
how to rationalize aestheti- The facade of the south- are different as well. The $4 million for a two-bedroom $400,000 each. sidewalks with glass-infused
cally a form that’s been ern building has long, thin northern building has three to $23 million for the 6,000- Both have roof decks and concrete, to create, its web-
given,” said Mr. Juul-Hansen, pieces of handmade Danish two-bedrooms, seven three- square-foot penthouse. elevators that open directly site says, a “subtle shimmer.”
ADVERTISEMENT
Tri-State Luxury Properties

To advertise: 800-366-3975 or WSJ.com/classifieds
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ARTS & ENTERTAINMENT
Gallery Settles Art-Fraud Case

BY JENNIFER SMITH
A trial over a multimillion-

AARON VINCENT ELKAIM/ASSOCIATED PRESS
dollar art-forgery scandal that

toppled one of New York’s
most respected art galleries
abruptly came to a close when
the gallery, Knoedler & Co.,
and a related company settled
a $25 million lawsuit filed by
art collectors Domenico and
Eleanore De Sole.
Lawyers for Knoedler and
the De Soles announced the
Aaron Sorkin, known for ‘The West Wing’ and movies like ‘The agreement Wednesday morn-
Social Network,’ will adapt ‘To Kill a Mockingbird’ for Broadway. ing, the day the gallery’s for-
mer president, Ann Freedman,
PLAY drama, said Marion Castle-

berry, a biographer of Horton
Foote and professor of Theatre
and owner, Michael Hammer,
were expected to testify in
Manhattan federal court.
JENNIFER SMITH/THE WALL STREET JOURNAL

Arts at Baylor University in Until a few days ago, Ms.
Continued from page A15 Texas. Freedman had also been a de-
nounced that she and her at- “Sergel was trying very fendant in the lawsuit, which
torney Tonja Carter would hard to put something onstage accused her and the gallery of
take over production of the that would work. But it is al- fraud and racketeering for sell-
amateur-theater adaptation of ways compared with the film ing forged paintings attributed
“Mockingbird” at her home- version,” he said. “A lot of to Mark Rothko, Jackson Pol-
town museum, a play she had people try to combine the lock and other major midcen-
never been to see. two.” tury American artists. The
Ms. Lee’s representatives Broadway is always a high- claims against Ms. Freedman
couldn’t be reached for com- stakes gamble, but this pro- were dismissed after she and
ment Wednesday. duction raises the game even the De Soles agreed to a sepa- The De Soles’s lawyers after settling a lawsuit over a fake Mark Rothko painting on Wednesday.
In a 1961 letter to a theatri- more. rate settlement on Sunday.
cal-publishing company, Ms. The release of “Watchman” Lawyers for both sides de- All were painted by a man Mr. Hammer as a defendant said the gallery had not been
Williams wrote: “Before we boosted sales of “Mocking- clined to comment on the living in Queens and supplied and sought to hold 8-31 Hold- able to verify the paintings’ al-
sold the motion picture rights bird.” The play could do the terms of the Wednesday deal. to Knoedler by a Long Island ings, which he heads, liable for leged provenance. Others,
of ‘To Kill a Mockingbird,’ sev- same. Domenico De Sole, chair- art dealer, Glafira Rosales, who claims against the gallery. whom Knoedler had included
eral Broadway producers tried Announcement of the redis- man of auction house So- pleaded guilty in 2013 to crim- The De Soles’ claims against on a list of experts who had
to get Miss Lee to consent to covered “Watchman” manu- theby’s, and his wife, Eleanore, inal charges in the scheme. Mr. Hammer were dismissed viewed the paintings, said they
having a dramatization of her script sparked a debate over filed the lawsuit in 2012 over a No criminal charges have last year by the judge oversee- weren’t in the business of au-
book made for Broadway. She Ms. Lee’s capacity to consent counterfeit Rothko painting been filed against Knoedler or ing the case. thenticating artwork.
said she did not want her book to its publication. An Alabama they bought from Knoedler for Ms. Freedman. Both have said The trial, which began in The scandal riveted the art
made into a play.” state investigation found she $8.3 million in 2004. they were also duped by Ms. late January, has cast a some- world and prompted a raft of
Still, the 1962 film signaled was capable of making her Gregory Clarick, an attorney times harsh light on the way lawsuits. Six of 10 complaints
the material’s potential for the own decisions. for the De Soles, called his cli- business is conducted in the filed over the fakes Knoedler
stage: Among its three Acad- “Watchman” also triggered ents “extremely satisfied” with
Six of 10 complaints art world. Buyers spend mil- sold have been settled.
emy Awards was a win for its widespread disappointment the outcome. He said they filed over the fakes lions on works by a handful of “We’ve been making good-
screenplay, adapted by the from readers reacting to the were pleased to have told their in-demand artists, and deals faith efforts to resolve all
great American playwright portrayal of the character At- story in court and shown that
Knoedler sold have are often shrouded in secrecy. these cases for several years,
Horton Foote. ticus Finch as a bigot, after his the “so-called research” Knoe- been settled. Mr. De Sole said earlier in and the De Sole settlement
Ms. Lee, in an introduction enlightened leadership in dler did on a trove of fake art- the trial that he didn’t ask any was part of our broader efforts
to the published screenplay, “Mockingbird.” In that novel, works it sold for millions of experts to authenticate the to bring them to a close,” Luke
praised his work as “quiet and he is depicted as a lawyer de- dollars “didn’t add up.” Rosales, who told them the work because he trusted in Nikas, a lawyer for Ms. Freed-
unobtrusive excellence.” fending a black man wrongly Charles Schmerler, a lawyer paintings came from a trove Ann Freedman and in Knoe- man, said Wednesday.
In the mid-1960s, Ms. Lee accused of rape. for Knoedler and the related acquired by a collector known dler’s reputation. “I went to Mr. Schmerler said the set-
did sell rights for an amateur- The change in the percep- company, 8-31 Holdings Inc., only as “Mr. X.” the best gallery in America. I tlement in the De Sole case
theater adaptation to Christo- tion of the character could said the settlement was fair The De Soles’ lawsuit al- had absolutely no reason to doesn’t impact the four pend-
pher Sergel of Illinois-based weigh heavily on the new and “we were pleased to see leged that Ms. Freedman and believe that I wasn’t being ing lawsuits, which name Mr.
Dramatic Publishing Co. His Broadway production. that happen on the heels of Knoedler knew, or should have careful,” he said. Hammer as a defendant. He
play has been performed by “He is the great father-hero Ms. Freedman’s settlement.” known, the works were fakes. The weeks leading up to the said they plan to vigorously
schools and regional theaters and he needs to be,” said Mr. The forged Rothko is one of It said the gallery, which settlement included testimony defend those cases, adding
across the U.S. Castleberry. “I would hate to more than 30 counterfeit art- closed in 2011, made about from witnesses who said they that 8-31 has no liability and
But a lack of complexity in see an Atticus that was less works Knoedler sold between $40 million in profits from the had questioned whether the Mr. Hammer had no involve-
the relationships limited the than that.” 1994 and 2008. forgeries. The suit also named works were genuine. Some ment in the forgery scheme.
The New
Anti-Corruption
Landscape
CHRIS KILLIP/YOSSI MILO GALLERY, NEW YORK
T U E S D A Y, F E B R U A R Y 2 3, 2 0 1 6
8. 3 0 A M – 1 0. 3 0 A M E S T
C O R E : club
6 6 E. 5 5 T H S T R E E T
N E W Y O R K, N Y 1 0 0 2 2
‘Two girls, Grangetown, Middleborough, Teeside’ (1975), part of Chris Killip’s show at Yossi Milo Gallery.
Classics, Take Two, Plus Calotypes The U.S. Department of Justice introduced major
Chris Killip: Killip (b. 1946) photographed are Fox Talbot; the series of calot- changes to its anti-bribery enforcement, with
In Flagrante Two a troubled lot. The five members ypes he entered in the 1851
new guidelines and a focus on high-impact cases.
Yossi Milo Gallery of the “Family, Whitley Bay, Tyne- Great Exhibition so impressed
245 10th Ave., 212-414-0370 side” (1976) sit on the beach with the commissioners that they Join our panel of government decision makers
Through Feb. 27 introspective expressions. The hired him to photograph the dis- and industry executives as they discuss the new
This is the reprise of a classic: skinhead “‘Angelic Upstarts,’ con- plays. The 15 pictures at Kraus
These 50 black-and-white photo- cert, Sunderland, Wearside” show the thought Owen took in anti-corruption landscape.
graphs, taken by Chris Killip in (1984) is chaos. In “Two girls, selecting his subjects and fram-
Northeast England between 1973 Grangetown, Middlebrough, ing them. It is interesting, for in-
and 1985, were last exhibited to- Teeside” (1975), the children sit stance, that although Owen
on the curb being friends while in worked in Bristol as a cashier for
ON PHOTOGRAPHY the distance factories spew the Great Western Railway, an
WILLIAM MEYERS smoke. “‘Bever,’ Skinningrove, N. emblematic concern of the In-
Yorkshire” (1980) was photo- dustrial Revolution, several of his
graphed with a chum on the day pictures present idyllic images of
gether in 1988, when they were he got out of jail; he turns his rural life. “Harvest scene with Reserve your space at
published as a photo book, “In head to show “Bever” tattooed on stooks and trees” (all pictures dowjones.com/corruption-landscape
Flagrante.” The work has been his neck. The woman in “Alice and are dated before 1855) is one
celebrated since, and this year the little dog, Seacoal Beach, Ly- such, and “Cart and thatched kin- Space is limited to this exclusive event. RSVP today.
Steidl Verlag published “In Fla- nemouth, Northumberland” (1983) dling storehouse” is another. The
grante Two.” The pictures show pays rapt attention to the dog; only images of the coming order
a region suffering the economic there seems to be nothing else. are two pictures of a derailed
consequences of deindustrializa- train on the Bristol & Exeter line;
tion. The red-brick “Terraced Hugh Owen Rediscovered the engine is deep in a ditch and
housing, Wallsend, Tyneside” Hans P. Kraus Jr. Fine one of the cars is upside-down,
(1975) is attractive enough in the Photographs its wheels toward the sky.
snow, and one of the two boys 962 Park Ave., 212-794-2064 Owen prized the calotype
in the picture is pulling a sled up Through March 18 process for its fine detail and
the hill, but graffiti on the wall to There is virtually no unit cost subtle rendering of tones. He
the left reads, “Don’t Vote. Pre- and little effort in taking a pic- took advantage of these attri-
pare for Revolution.” A picture ture with a digital camera, but butes to show the texture of
taken from the same spot two when each shot meant expense the weathered wood in “Oyster
years later, “Demolished housing, and concentrated exertion, pho- boats, ‘Wm & Jane of Swansea’”
Wallsend, Tyneside,” shows the tographers picked their subjects and of the aged timbers, the
houses being torn down and the with care. Hugh Owen (English, sagging shingles, the wattle and
street covered with litter. The 1808-1897) was a master of the daub in “Cart in barnyard.” © 2016 Dow Jones & Co., Inc. All rights reserved. 3AO1490
graffiti is still there. calotype, the paper-negative pro- —Mr. Meyers writes on
The working-class people Mr. cess invented by William Henry photography for the Journal.
A20 | Thursday, February 11, 2016 * * THE WALL STREET JOURNAL.
SPORTS
The Brooklyn Nets have had five head coaches since 2012, including (from left) current interim head coach Tony Brown, Avery Johnson, P.J. Carlesimo, Jason Kidd and Lionel Hollins.
Nets Have a Knack for Acting Like Knicks

BY CHRIS HERRING that’s the team they’re on for the next four Boston this year and in 2018, while the Celtics Knicks fans exert constant pressure on the
years,” said Larkin, who played for the Knicks can swap picks with Brooklyn in 2017 if the team to improve on the court and earn their
After weeks of flattering coverage, with last season. “They find a niche. But I haven’t Nets’ draft spot is higher, which it almost cer- cheers, a growing legion of fans in Brooklyn is
pundits congratulating the team for appearing had any consistency. Got drafted. Got traded. tainly will be. These are the Nets of 2016: A ma- often forgotten.
to turn a corner and drafting a player who Learned a new system. Signed somewhere else jor transition is under way, but no one knows Loyal Nets supporters have already gone
looks like he could be the real deal, the Knicks and learned another system. And now another how long it will take because the rudderless or- against the grain to root for the city’s less popu-
this week finally made the kind of headlines coach.” ganization—reportedly in the process of inter- lar team. Take the seven members of the Mush-
we’re used to: They fired another coach. Interim head coach Tony Brown might say viewing general manager candidates this week, alla family, for instance, who piled into a van for
But here’s some good news for the Knicks: something similar in his own defense. “I’ve days before the NBA’s trade deadline—will have a three-hour ride from Binghamton, N.Y., to Phil-
Phil Jackson’s decision to jettison Derek Fisher had conversations with people in the organiza- far less opportunity to repair itself through the adelphia to cheer the Nets from behind the visi-
after just a season and a half also served to re- tion, and the thought is to have a little more draft than it should. tors’ bench on Saturday—only to watch the Nets
mind New York fans that when it comes to entertaining style of basketball,” Brown said Some bad teams, like the NBA-worst Phila- lose, 103-98, to the worst team in the NBA.
dysfunction, Brooklyn still takes the cake. The delphia 76ers, endure constant criticism, but at Some of the siblings, ranging in age from 16
Nets have been without a permanent coach least Philly appears to have a clear plan in to 26 years old, wore shirts that read “Believe
and a legitimate general manager since Lionel
In Brooklyn, a restoration place. The club owns ample salary-cap space, in Bojan,” with an image of Nets forward Bojan
Hollins and Billy King vacated those posts one project that could take years. has stockpiled draft picks, and seems content to Bogdanovic’s face. (“I was very surprised. I
month ago—never mind any sense of direction lose games for as long as it needs to in order to mean, they had my face on their shirts,” Bog-
as a franchise. land a singular star via the draft. danovic said, smiling.)
Veteran guard Joe Johnson, who provided a recently when asked if he’d been given the In the interim, the 76ers have focused on “I don’t know what makes me hang in there
rare moment to celebrate on Monday when he space to experiment. fostering a stable of young, talented players, in- anymore. I guess we’re just loyal,” said Nick
hit a buzzer-beater to beat the Denver Nuggets, When a team’s executive branch prioritizes cluding Nerlens Noel and rookie big man Jahlil Mushalla, 21, whose family has a dog named
summed up the arc of his tenure with the Nets. a “more entertaining” brand of basketball—as Okafor, who could be solid building blocks go- Brooklyn and holds viewing parties whenever
“Trades, the firing of coaches—it happens,” opposed, say, to finding ways to win or focusing forward. “We’re still in the early days [of the Nets make the playoffs.
said Johnson, the seven-time All-Star who has ing on development—it helps explain why the rebuild], but it’s never to a point where it Nick’s brother Alex, 24, has little choice but
seen more than a dozen trades and played for things are already so un-entertaining. drowns me or it’s, ‘Woe is me.’ I’m excited to remain a fan of the team: He has a pair of
five different coaches since coming to Brooklyn Since moving to Brooklyn, the Nets have about where we’re at. I see daylight,” said 76ers Nets tattoos on his arms. Nick is realistic
in 2012. “It’s obviously nothing new to me. spent so much time and money trying to act coach and straight-talker Brett Brown, who re- about the long-term plan. “[Kevin] Durant’s
You’ve just got to roll with the punches as best like the Knicks, eschewing chemistry for flashy cently got a contract extension. not happening,” he said. “You keep Thad and
you can at this point.” names, that they now ... look something like That foresight and optimism separates the Brook, and hope someday that some mediocre
At least a veteran like Johnson, making over the Knicks. 76ers’ experiment from what could be a years- free agents come. That’s all there is.”
$20 million this season, can put it in perspec- It all goes back to 2013, their second year in long restoration project in Brooklyn, even if It isn’t glitzy, and won’t steal headlines from
tive. Younger players like Shane Larkin, the Brooklyn, when the Nets mortgaged nearly ev- the Nets manage to hang on to the talent they the Knicks anytime soon. But Nick’s plan might
Nets’ 23-year-old point guard, aren’t so good ery asset they had in the horrendous win-now have, namely center Brook Lopez and young just be a path back to respectability. And that
at withstanding those punches. trade for Boston’s Kevin Garnett and Paul forwards Thaddeus Young and Rondae Hollis- would be a start for a franchise that hasn’t re-
“Some rookies get drafted to a team, and Pierce. The Nets now owe first-round picks to Jefferson. And unlike in Manhattan, where ally settled into its new home quite yet.
These New York Minutes Take Forever Crunched Time

The Knicks’ season is like a recurring night- Here are the NBA teams with the worst records this
closer to playoff contention rather than five
mare for fans who are still getting over the Gi- season in games in which they were trailing by five points
games out of the eighth and final Eastern Con-
ants’ 2015 campaign: watching another New York or fewer during the final five minutes of play.*
ference playoff spot.
team let victories slip through their fingers in the Tuesday’s loss to the mediocre Washington TEAM GAMES RECORD PCT
Wizards was typical. The Knicks battled back Philadelphia 21 1-20 4.8%
Take a Number twice to overcome double-digit deficits, the lat-
ter time in the final two minutes. But they fell
Phoenix
Sacramento
25
26
4-21
5-21
16.0%
19.2%
short by inches when Langston Galloway
L.A. Lakers 25 5-20 20.0%
closing moments of games. Failure in crunch time caught the front of the rim on a wide-open 3-
turns potential playoff seasons into the types of pointer that would have tied the Wizards at New Orleans 30 7-23 23.3%
campaigns that get coaches fired. the buzzer. Brooklyn 30 7-23 23.3%
As poorly as they’ve played recently, the It was the eighth time this season that the Boston 24 6-18 25.0%
Knicks are usually in games late—something Knicks took a shot in the final 30 seconds of a Minnesota 37 10-27 27.0%
that’s true for even the league’s worst teams. game with a chance to win or tie—and they N.Y. Knicks 28 8-20 28.6%
They have been trailing bye five points or fewer have hit just one of them, a Carmelo Anthony
Milwaukee 25 8-17 32.0%
in the final five minutes 28 times already this 3-pointer with 3.4 seconds in a Jan. 18 game
season. That’s not far above the NBA average against the 76ers they went on to win in dou- NBA AVERAGE 24.8 8.8-16 35.5%
of 24.8, according to Stats, LLC. But they have ble overtime. The other seven shots, including *entering Wednesday The Wall Street Journal.
won just eight of those games, a rate of 28.6%, Galloway’s on Tuesday, were off the mark. Arron Source: Stats, LLC
well below the league average of 35.5%. Afflalo is the team leader with three late misses
If the Knicks were merely average in coming to win or tie a game in the final 30 seconds, in Knicks guard Langston Galloway missed a last-
back and the closing out these games, they three attempts. second shot against Washington on Tuesday.
would have two more wins, and they’d be much —Michael Salfino
FEATURE: ASSOCIATED PRESS (5); TAN: EUROPEAN PRESSPHOTO AGENCY
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WSJ.D B4 | EARNINGS B5 | CROSSWORD B6
BUSINESS & TECH.

Asahi Offers $2.9 Billion Tesla’s Stock Jumps
For Beer Giant’s Brands On Hopes for New Model
BEER | B3 EARNINGS | B5
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Thursday, February 11, 2016 | B1
Twitter Woes Mount as Growth Stalls

For the first time, ing those who access Twitter Twitter executives at- tive Jack Dorsey said on the after the earnings report but
through messaging platforms, tempted to assuage concerns earnings call. leveled off as the conference call Flying Low
social media firm fails the company said it lost 2 mil- Wednesday. He described quirky parts of progressed, falling 3% to $14.53. Twitter’s share price
to show any user gains; lion monthly active users. In a letter to shareholders, the service, such as the need Mr. Dorsey was supposed to
$80
Shrinking user growth has the company pointed out that to at times use an @ sign and be the company’s savior when
shares fall to new lows plagued Twitter since it went it has seen user growth as of a period in responding to an- he permanently took over as
public in 2013 at an outsize the end of January return to CEO for Dick Costolo in Octo-
320M
BY YOREE KOH valuation of $25 billion. It has third-quarter levels, when it ber. The 39-year-old co- 60
since fallen to under $10 bil- gained four million users. founder is said to have imme- Wednesday:
Twitter Inc. for the first lion. Investors have stayed On a conference call, finan- diately boosted employee $14.98
time failed to show any user stubbornly fixated on user cial chief Anthony Noto said Number of users who signed morale, brought some stability
40
growth in an earnings report, gains in the shadow of much growth is coming from both into Twitter at least once a to the leadership ranks and
pushing its shares to new lows larger rival Facebook Inc. new users and those who had month in fourth quarter, the gone to work fixing confusing
and fueling investor anxiety The more users that sign up previously abandoned the ser- same as three months earlier. product features.
that the company doesn’t have and spend time on Twitter, the vice and that they are sticking In the months since Mr. 20
IPO price:
a turnaround plan. more potential for targeted ad- around. Dorsey rejoined, he has reorga- $26
The San Francisco social- vertising, the main revenue “We think there’s a lot of other person, as being con- nized and trimmed its work-
media company said 320 mil- source. Twitter’s revenue was a opportunity in our product to fined by “weird rules” that force by up to 8%. He has over- 0
lion users signed into the ser- bright spot, rising 48% to $710.5 fix some broken windows and “just nobody understands.” seen major product releases,
vice at least once a month in million thanks to the popularity some confusing aspects of our The comments appeared to such as a much-hyped news cu- 2013 ’14 ’15
the fourth quarter, the same as of its video ads. But the stalled service that we know are in- work. Shares of the company ration tool called Moments and Sources: FactSet
three months earlier. Exclud- growth remained the focus. hibiting growth,” Chief Execu- fell more than 11% immediately Please see TWITTER page B4 THE WALL STREET JOURNAL.
Shipping Firms Walgreens

Threatens
Get Swamped in To End
Trade Slowdown Theranos
Overcapacity, softer China demand take toll;
Maersk reports $2.51 billion quarterly loss Agreement
Theranos Inc.’s main retail
BY COSTAS PARIS look of almost all of our busi- partner threatened to termi-
AND DOMINIC CHOPPING nesses,” the company said in a nate its relationship with the
written statement. blood-testing company unless
Amid years of falling freight The International Monetary it quickly fixes the problems
rates and overcapacity, the big- Fund last month lowered its
gest players in the global con- growth forecast for this year’s By Christopher Weaver,
tainer-shipping industry tried global trade volumes to 3.4%, Michael Siconolfi
to use their scale and deep from 4.1% in October. It re- and John Carreyrou
pockets to out-navigate their duced its outlook for 2017 to
smaller competitors. 4.1%, from 4.6%. found by federal inspectors at
But now a growing slow- Jonathan Roach, container- a laboratory in California, peo-
down in global trade is slam- shipping analyst at London- ple familiar with the matter
ming these giants, too, with lit- based Braemar ACM Shipbrok- said.
tle relief on the horizon. ing, said he expects fourth- The warning from drugstore
A.P. Moeller-Maersk A/S, quarter results to be “particularly chain Walgreens was issued in a
the Danish conglomerate and bad” for all major container-ship letter to Theranos late last
the world’s biggest container- operators. He added that the sit- month and gives closely held
ship operator by capacity, on uation isn’t likely to improve in Theranos, based in Palo Alto, Ca-
Wednesday reported a fourth- the first half of 2016, given the lif., a 30-day deadline that ex-
quarter net loss of $2.51 billion industry’s overcapacity and pires near the end of February
and a sharp drop in return on weakened demand related to to resolve major infractions that
capital for last year. Investors slower growth in China. violate the U.S. law governing
sent Maersk’s shares down “This is the worst we’ve clinical labs, these people said.
more than 6% at one point, be- seen in the shipping industry The 40 Theranos “wellness
fore paring those declines. The since the 2008 financial crisis,” centers” at Walgreens stores
company’s stock closed off Mr. Roach said. in Arizona are the primary
3.6% in Copenhagen. Maersk has faced deeper Troubled Waters source of revenue for the
Maersk had warned inves- challenges compared with Maersk and others have suffered from low rates and slowing volumes. blood-testing company and its
tors that it wouldn’t meet pre- many of its shipping peers be- conduit to consumers. Thera-
vious profit guidance and said cause of its separate, globe- Shipping freight rates, Asia to Europe Global container volumes nos and Walgreens, a unit of
late last year that it would make spanning oil business. Saying it 140 million Walgreens Boots Alliance
$1,400 per 20-foot container
sizable cuts in staff, while slow- didn’t expect oil prices to re- 140 million containers Inc., have been in negotiations
ing an ambitious fleet expan- cover soon, Maersk said it 1,200 Break-even point $1,300 about the future of their part-
120
sion. The company has reduced would write down $2.5 billion 1,000 nership since shortly after an
100
costs sharply—some analysts in energy assets. 800 Estimate: $431 October article in The Wall
say more efficiently than many In the past, falling oil prices 80 Street Journal that raised
600
peers—but posted even lower have acted somewhat like a 60 questions about the blood-
annual profit than many ex- natural hedge for Maersk. 400 testing company’s technology.
40
pected. It said Wednesday that While they can hurt the com- 200
20
The two companies origi-
near-term fundamentals would pany’s oil business, they often 0 nally planned to offer blood
continue to weigh heavily. help shipping companies’ bot- 0 tests nationwide. Walgreens
2015 2016 ’11 ’12 ’13 ’14 ’15
“Low global economic tom lines, because they drag has more than 8,000 stores. In
growth, with resulting low down fuel costs. Sources: Shanghai Containerized Freight Index (rates); Container the past few months, though,
container freight rates and oil In 2015, however, freight Trades Statistics (volumes); Bloomberg News (photo) THE WALL STREET JOURNAL. the drugstore chain has frozen
price, has fundamentally rates fell so fast that most of the plans to expand, stopped
changed the short-term out- Please see MAERSK page B2 Please see LABS page B2
Storied Film Studio Looks to a Sale A Youth-Culture Fan

BY JANA SIMMONS
AND ERICH SCHWARTZEL
Revives Saint Laurent
BY JASON CHOW has translated into rock-in-
The owner of the British spired looks that almost dou-
studio where the latest “Star PARIS—French fashion de- bled the brand’s revenue in his
Wars” as well as James Bond signer Hedi Slimane brought a first two years on the job.
movies such as “Spectre” and video crew to Lucia Santina “The magic is Hedi,” said
“Dr. No” were shot said it is Ribisi’s bedroom in Los Ange- one executive who has worked
considering selling the busi- les last month to film the 18- with him.
ness, sending its shares year-old artist hanging out The buzz around the de-
sharply higher. with her friend. signer continues to get
Pinewood Group PLC said The four-hour shoot, which louder: On Wednesday night,
it has appointed investment led to a 15-second online ad Mr. Slimane was scheduled to
bank Rothschild to assist with promoting Saint Laurent’s unveil parts of his fall collec-
a strategic review of its capital runway show, was typical of tion in Los Angeles, his ad-
base and structure. Mr. Slimane’s impromptu ap- opted hometown. In homage
The company’s shares on proach, which is driving the to the local music scene, he
EVERETT COLLECTION
London’s small-capitalization brand’s renaissance. decided to host the show at

AIM market rose 18% to close “It’s like he’s living his life to the historic Palladium, a popu-
at 530 pence Wednesday, giv- document this L.A. scene,” said lar concert venue, positioning
ing it a market capitalization Ms. Ribisi, daughter of actor Gio- the event to become a star-
of £304 million ($440 million). vanni Ribisi. She collaborated studded party, rather than an
Chief Executive Ivan Dun- ‘The Prince and the Showgirl,’ with Marilyn Monroe and Laurence Olivier, was filmed at Pinewood. with the 47-year-old Mr. Slimane industry affair dominated by
leavy said in an interview that on a $7,765 baseball jacket em- fashion writers and buyers.
the company hasn’t been ap- it’s a speedy process,” he said. Awakens,” in December re- than 80 years. Films shot at its blazoned with a graphic from The show comes amid per-
proached yet and that there is Europe’s largest stage and ported operating profit for its facilities range from “Oliver one of her paintings and the sistent speculation within the
no timetable for the review. studio space provider, which is fiscal first half ended Sept. 30 Twist,” “The Omen” and 1978’s word “Baby” on the back. fashion industry that Mr. Sli-
“We will be updating the mar- thriving thanks to large-scale of £7 million, up from £2.5 mil- “Superman” to more recent The Saint Laurent creative mane is set to resign.
ket on the process and…we productions such as the block- lion a year earlier. megaproductions including director’s close attention to Women’s Wear Daily reported
want to get on with it so that buster “Star Wars: The Force Pinewood dates back more Please see STUDIO page B8 youth culture in Los Angeles Please see FASHION page B2
B2 | Thursday, February 11, 2016 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS NEWS

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
Activision Blizzard......C4
Alphabet......................B4
General Motors...........B3
Google.........................D2
H
PetroChina...................C4
Pinewood Group..........B1
Piper Jaffray...............B2
FASHION
American International Hayman Capital
Pratt & Whitney.........B3 Continued from the prior page
Group.........................C1 Management.............C1 Prudential Financial....C1 last month that he was in a
AMG Services ............. C4 Heineken ..................... B3 Q contract dispute with Saint
Andreessen Horowitz.B3 Hermes International.B6 Qihoo 360 Technology B4
Laurent’s owner, Paris-based
Anheuser-Busch InBev Humana.......................A1 Quest Diagnostics......B2
luxury group Kering SA.
.....................................B3 I
Kering declined to comment
R on the rumors. Mr. Slimane
Anthem.....................A10
Intercontinental Restaurant Brands declined to comment for this
A. P. Moller-Maersk ... B1
Exchange...................C3 International.............B6
Apple...........................D2 article.
International Business
Asahi Group Holdings B3 S Mr. Slimane’s reign at Saint
Machines...................B6
Audi.............................B6 Irvin Automotive SABMiller....................B3 Laurent hasn’t been without
B Products....................B6 Samson Resources......C2 controversy. He drew the ire
SoftBank Group..........B5 of the French fashion industry
BAE..............................B3 K
Sprint .......................... B5 and press for moving the la-
Beam ........................... B3 Kerig............................B2 bel’s design studio to Los An-
Square.........................B4
Beijing Kunlun Tech....B4 Kingdom Holding........B3 geles from Paris and changing
Starbucks....................D2
Blue Cross and Blue KKR..............................C2 the brand’s name and logo,
Shield of Louisiana A10 Suntory Holdings........B3
L dropping the Yves, the first
BMW ........................... B6 T
Lincoln National..........C1 name of the brand’s founder.
C Takata..........................B6 His early collections got
IAN LANGSDON/EUROPEAN PRESSPHOTO AGENCY

LinkedIn.......................B3
China Petroleum & Tesla Motors..........B5,C8 mixed reactions from fashion
Lockheed Martin.........B3
Chemical....................C4 Theranos......................B1 critics. Some applauded his
Lyft..............................B3
Chipotle Mexican GrillB6 Time Warner...............B8 youthful energy, while others
M Twitter ................... B1,C8
Cisco Systems.............B3 criticized his designs as an in-
Meda............................B3 TXU..............................C2
CME Group..................C3 sult to the storied French label.
Cnooc...........................C4 MetLife...................C1,C3 U But Saint Laurent’s striking
Morgan Stanley.....C1,C8 financial turnaround since Mr.
D Uber Technologies ...... B4
Mylan...........................B3 Slimane came on board in
Daimler........................B6 V
N March 2012 may have put it
Dell..............................D2 Volkswagen.................B6
Northrop Grumman....B3 on track to become the next
Deutsche Bank............C3
W luxury megabrand. In 2014, its
DP World.....................B2 O
Walgreens Boots revenue jumped to €707 mil-
F-G Opera Software .......... B4
Alliance.....................B1 lion ($794 million) from €354 A design shown last year from Saint Laurent’s Hedi Slimane, who has revived the fashion brand.
Founders Fund ............ B3 P Wal-Mart.....................D2 million in 2011.
Freeport-McMoRan.....C2 Paulson........................C2 Whole Foods Market..B5 Saint Laurent Chief Execu- excludes currency effects, was has smoothed its entry into Aside from designing clothes
tive Francesca Bellitini, a lux- an impressive 25%. By con- new markets, most notably in and accessories, Mr. Slimane
INDEX TO PEOPLE ury-industry veteran who

joined the brand in 2013, has
also contributed to its revival.
trast, Gucci’s revenue for the
period fell 1%, on an organic
basis, while Bottega Veneta’s
Asia. Its retail network has
grown by 45 stores to 142 over
the past two years, including
takes all photographs for Saint
Laurent’s ad campaigns and is
heavily involved in store de-
A Jensen, Lars................B2 Pratt, Stephen............B6 Ms. Bellitini succeeded Paul rose 6%. its largest flagship location, sign, according to people who
Andersen, Nils............B2 Jonas, Adam...............B4 R Deneve, who left for Apple Inc. With his rock chic, Mr. Sli- which opened in December in work with him.
Andreessen, Marc.......B3 Jones, Mary MargaretD2 Ribisi, Lucia Santina .. B1 For Kering, which is sched- mane reinvigorated Saint Lau- Tokyo. His strong role in the
Averill, Howard...........B8 K Roach, Jonathan.........B1 uled to report full-year 2015 rent, putting together runway “Hedi was able to refocus brand’s success isn’t without
B Karp, Amit .................. B3 Robbins, Chuck ........... B3 results on Feb. 19, the fashion shows that became known as the brand on young, urban hazards for Kering. Given
Kravis, Henry .............. C2 Roberts, George..........C2 house’s strong performance much for their slim-cut and people and a demographic Saint Laurent’s rise and the
Bass, Kyle....................C1
Bellitini, Francesca.....B2 L S has cushioned the flagging grunge looks as loud music that’s consistent across all re- many vacant jobs at Paris
Benmosche, Robert.....C2 Lee, Peter....................C4 Simi, Bonny.................B2 fortunes of its flagship Gucci and starlets. gions. He sells well every- fashion houses, some in the
Brain, Paul...................C4 Lewandowski, Corey R Simphal, Thibaud........B4 label, which is getting a make- Justin O’Shea, fashion di- where,” said the luxury execu- luxury world wonder if he is
C .....................................A1 Slimane, Hedi..............B1 over aimed at recapturing its rector at European online re- tive who has worked with him. looking to jump to a new job
Son, Masayoshi .......... B5 lost allure. Saint Laurent tailer mytheresa.com, said the “He’s made Saint Laurent at a larger brand.
Chambers, John..........B3 Lipschultz, Marc..........C2
Sundaram, Eash..........B2
Cryan, John ................. C3 M also is making up for slower rock makeover is what draws into a well-balanced portfolio “Hedi Slimane has been
T growth at once-hot Bottega people to the brand, which is between ready-to-wear, hand- central to the rebound at Saint
D Muir, Timothy.............C4
Tanious, Joseph .......... C4 Veneta, Kering’s No. 2 luxury among the site’s best sellers. bags, accessories. It doesn’t Laurent,” said Mario Ortelli,
Deneve, Paul...............B2 Murphy, Charles..........C2
Thiel, Peter ................. B3 brand. “Slimane designs for a life- rely only on a logo, and luxury analyst with Sanford C.
Dorsey, Jack................B1 Musk, Elon..................B5 Tucker, Scott...............C4
Dunleavy, Ivan ............ B1 N
In the first nine months of style, rather than for seasons,” doesn’t have an ‘it’ bag,” the Bernstein. “There is a risk the
U 2015, Saint Laurent’s sales he said. “People feel part of executive said. brand loses its allure when
G Noto, Anthony............B1 Urmson, Chris.............B4 jumped 38% from a year ear- something, rather than purely Mr. Slimane, known for be- there’s a change of designer. It
Gore-Coty, Pierre- O W lier to €686 million. The la- being a consumer.” ing a perfectionist, also took would be a pity for Kering if
Dimitri.......................B4
O'Malia, Scott.............C3 Wang, Nelson..............C4 bel’s organic growth, which Saint Laurent’s popularity over promoting the brand. they lose Slimane.”
H Ortelli, Mario..............B2 Wansleben, Martin.....C3
Hancock, Peter............C1 O'Shea, Justin ............ B2 Wheeler, Jason...........B5
MAERSK
Holmes, Elizabeth ...... B2 P Wright, Tom................C4 previously lowered company In an interview last month,
I-J Paulson, John.........C1,C2 Y guidance of $3.4 billion. Mr. Andersen said Maersk was
Icahn, Carl ................... C1 Pick, Edward................C8 Yarbrough, Brian.........B5 The results come amid signs girding for container demand
that world-wide trade—which growth in 2015 of 3% to 4%. In-
Continued from the prior page never fully recovered from the stead, it came in at 1%—and
LABS In a telephone call that day,

Walgreens officials told Ms.
Holmes the drugstore chain
would continue working with
those savings were passed on
to customers.
Maersk Group Chief Execu-
tive Nils Andersen told investors
global financial crisis—sud-
denly slowed last year.
Earlier this week, DP World,
one of the world’s biggest port
fell as much as 5% on a key
route between Europe and
Asia. On Wednesday, Maersk
forecast global demand would
Continued from the prior page Theranos if she agreed to sus- freight rates declined “much operators, said global volume rise just 1% to 3% in 2016.
sending patients’ blood sam- pend all blood testing and cer- faster than expected” during the slowed sharply. The Dubai- Maersk Line, the company’s
ples to the California lab and tain other operations until the final weeks of 2015. Return on based company operates 70 ter-
The container- shipping unit, posted a fourth-
been assessing the overall via- problems identified by federal capital for the year, an impor- minals across six continents and shipping industry is quarter net loss of $182 mil-
bility of its relationship with inspectors were resolved, ac- tant investor metric, fell to 6.5% said the second half of 2015 was lion, having contributed a net
Theranos. cording to the people familiar from 11.5% in 2014. Mr. Ander- hit especially hard by currency
often a bellwether profit of $655 million a year
Brooke Buchanan, a Thera- with the matter. sen said the company’s results weakness and lower commodi- for global trade. earlier. Maersk Oil reported a
nos spokeswoman, declined to Ms. Holmes declined, the were “quite strong,” given the ties prices, all lowering trade net loss of $2.52 billion in the
comment for this article, as people said. She also sug- circumstances. flows. It reported volumes at its quarter, compared with a loss
did Walgreens spokesman Mi- gested Walgreens might be in “Maersk has been hit by the ports rose 2.4%, compared with of smaller operators hoping to of $32 million a year earlier.
chael Polzin. breach of its contract with perfect storm,” said Lars Jen- 8% growth in 2014. stay in business until the in- Maersk Oil said it needs oil
Talks between the two com- Theranos for suggesting the sen, chief executive of Copen- The container-shipping industry recovers. prices to hit $45-$55 a barrel
panies are continuing, said suspension. hagen-based SeaIntelligence dustry often serves as a bell- Freight rates in 2015 aver- to break even. Oil is now trad-
people familiar with the mat- Ms. Holmes, 32 years old, Consulting. Low energy prices wether for global trade. It is aged a monthly $620 per con- ing under $30 a barrel. The
ter. Theranos has previously started Theranos in 2003 and dealt a serious blow to the oil responsible for moving 95% of tainer on the Asia-to-Europe unit’s impairment charge was
said the inspection findings steered it to a valuation of unit and provided “minimal the world’s manufactured trade route. Typically, ship op- primarily related to production
don’t “reflect the current state about $9 billion in a funding benefits for the container busi- goods, from clothing, electron- erators need more than $1,000 assets in Kazakhstan, Kurdis-
of the lab.” round in 2014. ness, with any cost savings ics and toys to industrial to break even. In February, the tan and the U.K., as well as
The company has said it The discussions with Ms. from the lower fuel bill being equipment. But lower demand cost of moving a container deep-water assets in Angola
“addressed many of the obser- Holmes occurred during a reg- largely passed to cargo own- from China, anemic growth in from Shanghai to Rotterdam and Brazil.
vations during the survey” and ularly scheduled Walgreens ers,” he said. Europe and an estimated 30% fell to $431, according to the In October, Maersk Lines
is “actively continuing to take board meeting at the Park Maersk’s quarterly net loss overcapacity of ships on the Shanghai Containerized Index, said it would cut its head
corrective action.” Hyatt hotel in New York City. of $2.51 billion, including the water have all hit the industry barely covering fuel costs. count by 4,000 over the next
“Should the Theranos-Wal- Walgreens executives shuf- oil-related charge, compared hard over the past three years. The industry is dominated two years and merge its Asia
greens partnership dissolve, fled between the phone call with a profit of $189 million a Data provider Container by just over a dozen European Pacific and North Asia regions.
that would effectively mean with Ms. Holmes, briefing di- year earlier. Analysts had ex- Trades Statistics said this and Asian operators. They have It also canceled options to buy
they’d cease to be a competitor rectors on the matter and pre- pected a profit of $305 million. week that Asia-to-Europe trade sought to seal operating alli- six Triple-E ships that can
to other labs,” said William paring a news release about Full-year underlying profit, fell nearly 4% last year. Freight ances—and in a few cases, full- move in excess of 19,000 con-
Quirk, a laboratory-industry the decision to stop for now which excludes unusual items, rates on the route are consis- blown mergers—to help reduce tainers each. Maersk currently
analyst at Piper Jaffray Cos. sending samples to Theranos’s came in at $3.1 billion, shy of tently undercut by a plethora capacity. operates 20 Triple-E vessels.
Without Walgreens, Thera- lab in California, according to
nos would need to forge a new the people familiar with the
retail partnership to regain ac-
cess to consumers, Mr. Quirk
added. Otherwise, Theranos
situation. The drugstore chain
also announced the temporary
closure of the wellness center
JetBlueFormsTechUnit HAIRMAX®
would have to battle other lab
companies, including giants
in its Palo Alto store.
The contract with Theranos
BY SUSAN CAREY JetBlue could add money if
a particularly promising idea
REGROW YOUR HAIR
Laboratory Corp. of America hasn’t generated revenue for JetBlue Airways Corp. is comes along, she said. With The Ultimate Hair Loss Treatment
Holdings and Quest Diagnos- Walgreens, and the drugstore launching a subsidiary in Sili- Ms. Simi said the initiative
tics Inc., for blood-testing chain lent Theranos at least con Valley to find and help de- is focused on using technology NEW • FDA Cleared*
business through doctors’ of- $50 million in the form of debt velop new technology ventures in three areas: making passen- • Clinically Proven
fices. that is convertible to equity, in travel and hospitality sec- ger and employee experiences • Doctor Recommended
Theranos faces a separate people familiar with the mat- tors. smoother, using the massive
deadline of Friday to submit to ter said. The New York-based carrier amounts of data airlines ac-
the Centers for Medicare and Separately, Theranos and says JetBlue Technology Ven- quire, and improving airline
Medicaid Services a plan to fix the Cleveland Clinic haven’t tures is the first corporate operations and logistics. She A New Breakthrough in Hair thinning process, increase
the problems uncovered dur- reached an agreement on the venture-capital unit in Silicon said potential technologies in- Growth, the LaserBand 82 is density and fullness and
ing an inspection completed terms of a study they would Valley backed by a U.S. airline. clude geolocation, virtual real- the most technologically revitalize damaged hair.
last fall at the company’s lab in jointly run to compare Thera- The unit, which JetBlue ity, big data, connectivity and advanced hair growth laser
treatment yet. The HairMax Advantage
Newark, Calif. nos’s technology with more- plans to disclose in its 2015 artificial intelligence. HairMax is proven safe and
The infractions found in one traditional blood-testing tech- annual report in the coming Ms. Simi, 53 years old, Super-Fast Technology effective in 7 clinical studies -
area “pose immediate jeopardy niques, according to a person days, plans to work with three holds master’s degrees in busi- Designed by Italian designer demonstrating a success rate
to patient health and safety,” familiar with the relationship. startup incubators, and will be ness and engineering from Pininfarina, the LaserBand is of over 90% - and had its
the agency said. The hospital system’s chief based in the Redwood City, Stanford University and was a built with an unprecedented findings published in 6 peer-
The deadline has been ex- executive, Toby Cosgrove, said Calif., campus of one of them, United Airlines pilot before 82 medical grade lasers. It reviewed medical journals.
tended once, and additional in October that Theranos had GSVlabs. The two others are joining JetBlue, 12 years ago. delivers nourishing light
energy directly to your 5 Month Money Back Guarantee+
extensions are possible. The agreed to run such a study Plug and Play Ventures of Sun- She is relocating to Northern
federal agency could begin im- with the Cleveland Clinic. The nyvale, Calif., and San Fran- California, although she will follicles to regrow your hair
posing sanctions if Theranos Cleveland Clinic also has a cisco-based RocketSpace. continue to fly for the carrier. with a super-fast treatment in
as little as 90 seconds.
FREE SHIPPING
ON NEW LASER DEVICES
remains out of compliance as “long-term strategic alliance” JetBlue, the fifth-largest Eash Sundaram, chief infor-
LaserBand, Ultima 12 & Prima 7
of late March, according to a to use Theranos’s technology. U.S. carrier by traffic, declined mation officer, will oversee Clinically Proven
person familiar with the mat- In January, three Cleveland to specify exactly how much the unit and run a group that HairMax laser treatments are Call to speak to a HairMax specialist
ter. Clinic scientists visited Thera- the unit will invest, but it is can import successful startup proven to treat hair loss in
Walgreens issued its warn- nos’s headquarters, where they being launched with millions programs into JetBlue’s over- men and women, stimulate
1.800.973.4769
ing letter to Theranos after were shown the company’s of dollars in capital, said all corporate innovation and hair growth, reverse the HAIRMAX.COM
discussions on Jan. 28 with proprietary devices but not Bonny Simi, the unit’s presi- technology initiatives. JetBlue *HairMax laser devices are indicated to treat Androgenetic Alopecia, and promote hair growth in males who
the blood-testing company’s told how the devices work, this dent, who is a JetBlue captain has long embraced technology, have Norwood Hamilton Classifications of IIa to V and in females who have Ludwig (Savin) I-4, II-1, II-2, or frontal
patterns of hair loss and who both have Fitzpatrick Skin Types I to IV. Laser Light - Avoid Direct Eye Exposure.
founder and chief executive, person said. Mr. Cosgrove de- and most recently served as putting free satellite television + Valid only on orders made through HairMax. 20% Restocking Fee Applies.
Elizabeth Holmes. clined to comment. vice president of talent. at every seat from 2000.
THE WALL STREET JOURNAL. * * * * Thursday, February 11, 2016 | B3
BUSINESS NEWS
Cisco’sDividend,
BuybackIncrease
BY DON CLARK a category of hardware largely
purchased by communications
Cisco Systems Inc. posted a carriers. Video equipment pur-
31% jump in quarterly net chased by carriers rose 37%.
profit on Wednesday, but But sales of switching
showed signs that weakening gear—Cisco’s largest single
economic conditions have business—declined 4%, revers-
taken a toll on the businesses ing a recent pattern. Revenue
that the networking equipment for Cisco’s data center group,
giant serves. led by sales of server systems,
The San Jose, Calif.-based declined 3% after growing 24%
company, whose results are in the period ending in Octo-
closely watched as an indicator ber.
of corporate technology de- Chuck Robbins, Cisco’s chief
mand, also boosted its quar- executive, said the company
GARY CAMERON/REUTERS
terly dividend and stock-buy- began hearing signs of caution
back plan, and projected among some corporate cus-
stronger revenue for the cur- tomers in January, toward the
rent quarter than some ana- end of the quarter. In response
lysts had expected. to developments such as de-
clining stock prices, he said,
companies began holding up A Lockheed Martin F-35 Lightning II jet fighter. Production is expected to rise every year until the mid-2020s, peaking at 160 to 170.
F-35 Plan Stays on Track

orders on nonessential pur-
chases such as some types of
the switching systems used on
corporate campuses.
On the other hand, Cisco
seems to have gotten past a
long-term slide in its business Though fiscal 2017 looks for more export deals at to around 100 by 2018. could cut the cost further. The
in China. a time when the U.S. has again “The program right now is Pentagon has pushed back plans
Cisco has faced an industry- fighter-plane order slowed its own purchases. accelerating, growing and for a block-buy of the planes by
wide shift of some networking decreased, long-term The Pentagon had at one changing” Gen. Bogdan said. a year until fiscal 2019.
functions to software from the point hoped to build as many He said that this week’s move The Pentagon plans to in-
Cisco’s quarterly hardware that has been its boost remains intact as 200 jets a year, though the to trim orders for the Air vest up to $100 million during
numbers showed specialty. Mr. Robbins and pre- proposed rise to 170 is at the Force wouldn’t harm the effort the next year on cost-cutting
decessor John Chambers, who BY DOUG CAMERON top end of many analysts’ to cut the average cost of the efforts, building on the com-
both positive and gave up the CEO job last sum- forecasts. The defense depart- main model to between $80 bined $170 million spent by
negative signs. mer, have responded by trying Plans by the Air Force to ment budget for fiscal 2017 million and $85 million, by Lockheed and its two largest
to build new software and ser- trim its F-35 Joint Strike cut more than $11 billion from 2019, when adjusted for infla- partners—Northrop Grumman
vices that can generate recur- Fighter order this year won’t weapons spending, including tion. This compares to around Corp. and BAE Systems PLC—
Its shares, off 17% since the ring revenues. affect a planned long-term in- five F-35s. $100 million for the batch cur- during the past three years on
beginning of 2016, rose 7% in To underscore Cisco’s belief crease in output to make the Gen. Bogdan’s comments rently being negotiated. reducing the cost of the plane.
after-hours trading following that it can weather the current plane more affordable, a se- contrasted with concerns Gen. Bogdan said he ex- Gen. Bogdan said he ex-
the news. turbulence, the company on nior Pentagon official said raised this week by a senior pected to reach a final agree- pected overseas deals would
Cisco’s numbers for the pe- Wednesday raised its quarterly Wednesday. Pentagon official about efforts ment in March with Lockheed fill most of the gap left by the
riod ended in January showed dividend by 24% and increased Production is expected to to boost production. on the next round of aircraft. Pentagon’s reduced purchase.
both positive and negative its stock-buyback plan by $15 rise from more than 50 this “It’s unclear we’ll be able to The Pentagon reached a He forecast total domestic and
signs, which the company at- billion. year and climb every year un- get this program back to the preliminary deal with United international sales of 873 jets
tributed partly to steady buy- In all, Cisco reported that til the mid-2020s, peaking at [production] ramps that we Technologies Corp’s Pratt & between now and 2021—20
ing by telecom services and net profit for the period ended 160 to 170 jets, Gen. Chris Bog- had hoped for previously,” Whitney unit last month for fewer than expected a year ago.
caution among other corporate Jan. 23 rose to $3.15 billion, or dan, the military chief of the Pentagon Comptroller Mike two more batches of engines However, this includes a
customers. 62 cents a share, up from $2.4 F-35 program, told reporters. McCord said Tuesday. for the jets. hoped-for deal involving as
For example, the company billion, or 46 cents a share. Boosting production is cru- Lockheed Martin Corp., the He said efforts to secure a many as 60 jets from Canada,
said revenue grew 5% in a Total revenue slipped cial to efforts to reduce the lead contractor, delivered 45 three-year deal potentially cov- whose new Liberal government
routing equipment segment slightly to $11.93 billion from average cost of the radar- planes last year and expects ering hundreds of jets and land has reopened a long-running
that had been shrinking lately, $11.94 billion a year ago. evading jets as the Pentagon this to rise to 53 in 2016 and two new overseas customers competition to supply new jets.
Two Investors Sell $148 Million in Lyft Stock Mylan Sets

BY DOUGLAS MACMILLAN
AND ROLFE WINKLER
where he sends dozens of
tweets a day, he often de-
“The bet on Lyft is that
ride-sharing is a bigger market
$7.2 Billion
Two of the most prominent
investors in ride-hailing service
fends the lofty valuations of
startups. Mr. Andreessen has
also been a champion of Lyft in
than just a car for hire and we
are bringing the full resources
of the firm to bear to advance
Deal for
Lyft Inc. quietly sold $148 mil-
lion in company shares in recent
weeks, according to people fa-
his musings on Twitter, writing
in November that the company
has an opportunity because
their success,” Mr. Weiss said
in the statement.
In August, the sentiment for
Drugmaker
miliar with the matter. “there are a lot more people highly valued startups began to BY CHELSEY DULANEY
Andreessen Horowitz and who want rides than own cars.” shift after the stock market
MIKE COPPOLA/GETTY IMAGES
Founders Fund, a venture The Lyft transaction marks sank over surprisingly slow Mylan NV said Wednesday
firm founded by Peter Thiel, the first time Andreessen Horo- growth in China. Talk of a pos- that it has agreed to buy
each sold a portion of their witz has sold shares of a closely sible world-wide recession has Swedish pharmaceutical
stakes in Lyft to Saudi Arabia’s held company on the secondary further spooked the markets, company Meda AB for $7.2
Prince al-Waleed bin Talal and market, said one of the people. and last week Silicon Valley billion in cash and stock,
his Kingdom Holding Co. in Mr. Andreessen is on the board was rattled by a selloff in public while the drugmaker also re-
a December deal authorized by of Facebook Inc., a company tech stocks, including a 50% ported slower-than-expected
the company, the people said. whose shares were widely collapse of LinkedIn Inc. growth in its fourth quarter.
The secondary transaction co- A Lyft driver on the job earlier this month in San Francisco. traded on the secondary market Amit Karp, vice president of Shares of Mylan fell 9.4% to
incided with Lyft’s larger se- ahead of its 2012 public offering. venture firm Bessemer Venture $45.80 a share in after-hours
ries F round of funding, in But they may also be a sign $5.5 billion in the funding round Scott Weiss, the Andreessen Partners, wrote in a blog that trading.
which the company raised $1 Andreessen Horowitz and it closed last month, up from Horowitz partner who led the recent equity funding rounds Mylan had attempted to
billion directly from investors Founders Fund want to take just $275 million when Andrees- firm’s investment in Lyft, said had routinely valued closely buy Meda back in 2014 but
including General Motors Co. money off the table at a time sen Horowitz invested in May in a blog post last week he held software startups at four was rebuffed.
and Mr. al-Waleed. when Lyft’s future is far 2013 and around $90 million would step back from invest- times the valuation multi- The deal comes after Mylan
The share sales may reflect a from certain. The ride-hailing when Founders Fund invested in ments to spend more time ple where LinkedIn now trades. in November lost its $26 bil-
desire by the venture funds to service is locked in brutal com- January of the same year. with his family. “Unless the public market lion hostile bid for Perrigo Co.
return cash to their own inves- petition with Uber Technologies Andreessen Horowitz’s sale Mr. Weiss, who remains a quickly corrects back up, pri- Mylan said the deal to buy
tors, called limited partners, Inc. in markets across the U.S., is especially notable given Lyft board member, said in an vate investors will need to cor- Meda will build on its portfo-
which in recent years have where both are burning cash to the firm’s co-founder, Marc An- emailed statement that An- rect down to eliminate the lio of specialty generic and
waited longer to realize gains tap new markets and subsidize dreessen, has been a particu- dreessen Horowitz remains op- wide valuation gap be- over-the-counter products.
from highflying startups that the cost of low-price rides. larly vocal evangelist of the lat- timistic around Lyft’s prospects tween the private and the pub- The acquisition will also give
have delayed plans to go public. Lyft’s valuation soared to est tech boom. On Twitter, and supportive of the company. lic market,” he wrote. Mylan access to new markets
like China, Russia and the
Middle East.
Asahi Offers Beer Giant $2.9 Billion for Brands

Mylan expects the deal to
contribute up to 40 cents to
its per-share earnings in 2017.
About a year ago, Mylan
BY TRIPP MICKLE, South Africa. bought part of Abbott Labora-
AND ATSUKO FUKASE The deal would be Asahi’s tories’ generic-drugs business
biggest overseas acquisition for $5.3 billion in a deal struc-
Anheuser-Busch InBev NV and largest acquisition in tured as a tax inversion, by
is moving toward selling the Japan’s beverage and liquor which it shifted its headquar-
Peroni and Grolsch brands to industry since Suntory Hold- ters to the Netherlands and
Asahi Group Holdings Ltd. in ings Ltd. bought Beam Inc., lowered its tax rate.
a deal designed to help the owner of Jim Beam, for about Separately, Mylan reported
Belgian brewer close its take- $13.6 billion in 2014. weaker-than-expected growth
over of SABMiller PLC. Asahi’s binding was offer for its fourth quarter.
The company said Wednes- presented to AB InBev in a For the period ended Dec.
day it received a binding offer strategic effort to outflank 31, Mylan reported a profit of
from Japan’s Asahi valued at competitors and private-eq- $194.6 million, or 38 cents a
SIMON DAWSON/BLOOMBERG NEWS
about $2.9 billion in cash. The uity firms vying for Italy’s Per- share, up from $189.2 million,
potential sale of Peroni, oni and the Netherlands’ or 47 cents a share, a year
Grolsch and U.K. craft brewer Grolsch in an auction process earlier.
Meantime, which are owned that began early this year, a Excluding special items,
by SABMiller, is aimed at help- person familiar with the proper-share earnings were $1.22
ing AB InBev secure European cess said. a share. Analysts polled by
regulatory approval for its The deal would increase Thomson Reuters had ex-
roughly $108 billion acquisi- Asahi’s global market share by pected $1.28 a share.
tion of SABMiller. volume to 1.9% from 1.5% and Revenue rose 20% to $2.49
If AB InBev accepts Asahi’s make it the world’s ninth-larg- AB InBev wants to sell Peroni and Grolsch to get European regulatory approval to acquire SABMiller. billion. Analysts had forecast
bid, the deal would close after est brewer, according to in- $2.7 billion in revenue.
the SABMiller takeover is dustry research firm Plato portunity to bundle Asahi Su- Heineken NV and Carlsberg strong sales in Asia, Mexico For 2016, the company said
completed this year, as ex- Logic. per Dry, its signature brand, A/S, the world’s third and and Brazil. it expects earning, excluding
pected. The SABMiller agree- Acquiring the brands would with Peroni, Grolsch and fourth largest brewers by vol- Carlsberg reported a sur- items, of $4.85 to $5.15 a
ment, announced in Novem- give the Japanese brewer a Meantime to create a stable of ume, respectively, on Wednes- prise profit for the fourth share, bracketing analysts’
ber, would create a brewing bigger footprint outside its high-end beers. Peroni, day brought some cheer to quarter of about $12 million, forecast for $5 a share in
behemoth with about 30% of home country, where a shrink- Grolsch and Meantime com- shareholders. down from around $25 million earnings. Mylan forecast reve-
the global beer market. It re- ing and aging population and bine for operating profit in It- Heineken raised its divi- during the same period a year nue of $10.5 billion to $11.5
quires regulatory approval in tough competition have cut aly, the Netherlands and the dend by 18% and reported a earlier, but better than the billion, while analysts had ex-
a host of markets, including into sales. U.K. of more than $80 million, 25% increase in net profit in loss of roughly $38 million pected $10.6 billion in reve-
Europe, the U.S., China and The company sees an op- according to Asahi. 2015 to $2.1 billion behind that analysts expected. nue.
B4 | Thursday, February 11, 2016 * **** THE WALL STREET JOURNAL.
TECHNOLOGY @wsjd | wsjd.com
UberGearsUpforFrenchTrial
Car-hailing app’s top
brass will face six
charges in an
emblematic battle
ELIJAH NOUVELAGE/REUTERS
BY SAM SCHECHNER
PARIS—Two top executives

at Uber Technologies Inc. will
face criminal charges in
France on Thursday, in an em-
A Google self-driving car in Mountain View, Calif., last year. blematic battle for the car-
hailing company in a market
ComputersCan
that is one of its biggest, but
also one of its most fraught.
Pierre-Dimitri Gore-Coty,
head of Uber’s operations in
DriveCars,Legally
Europe, the Middle East and
Africa, and Thibaud Simphal,
its chief in France, face six
PHILIPPE WOJAZER/REUTERS
charges on counts including il-
BY MIKE RAMSEY with semiautonomous features licit storage of personal data
and planning to develop that and operating a service that
Federal auto-safety regula- technology aggressively, the puts passengers in touch with
tors are willing to consider a Google car design takes a driver car-service drivers that have
computer running an autono- out of the equation entirely. Al- no professional licenses.
mous vehicle as a legal driver, phabet recently began testing The charges are punishable
aiming to help designers of au- the vehicles in Seattle, the third by up to five years in prison Uber executives Thibaud Simphal, center, and Pierre-Dimitri Gore-Coty, right, at court last year.
tonomous-driving vehicles U.S. city where it operates fully and a €300,000 ($337,000)
meet existing safety standards. autonomous cars. fine, and the company itself had underestimated opposition businesses in France, and put vices, specifically. It argues
The National Highway Traf- NHTSA’s decision could help could face further fines. the company would face in Eu- drivers out of work. that Uber violated privacy laws
fic Safety Administration’s de- the entire auto industry, but it The trial, which is expected rope from taxi companies and They have been supporting by keeping files on drivers, in-
cision, a response to a query is a vote of confidence for Al- to last at least two days, is a regulators. a series of counterstrikes by cluding sensitive information
from Alphabet Inc.’s Google X phabet. The company is facing proving ground for a broader The trial in France comes car-service drivers that also such as their criminal records,
self-driving car program, likely a challenge in its home state of fight between governments as Uber is under new pressure have caused traffic jams. Uber, without notifying the French
would provide flexibility in California, which has drafted and Silicon Valley companies from taxis and the French gov- earlier this week, suspended privacy regulator or following
meeting federal safety stan- regulations prohibiting a car about how to regulate the dig- ernment. The company was the functioning of its app for other privacy rules.
dards that govern everything that is designed with no mech- ital economy. ordered to pay €1.2 million to four hours in France in what it A central charge, however,
from the location of a turn sig- anism by which a driver can Its outcome will help deter- a taxi union last month, and a said was solidarity with its is that Uber acted as an inter-
nal stock to how an accelerator take over from a computer. Cal- mine the cost Uber will pay €150,000 fine in December. drivers. mediary between drivers with-
pedal functions. These rules ifornia also would require a for bumping up against regu- Two weeks ago, taxis snarled Thursday’s case resumes a out professional licenses.
were crafted largely without specific license to offer such latory barriers in Europe, roads around Paris during a trial that started in September, In 2014 and 2015, Uber ex-
considering how self-driving vehicles. slowing its growth. three-day strike against Uber but was delayed when Uber ar- ecutives argued that the provi-
vehicles function, and Alphabet “We are surprised at how Uber already has beat a re- and other car-hailing apps. gued that its lawyers hadn’t re- sion in the law banning such a
needed clarification because it soon the federal agency has treat in much of Europe on the In response, the French ceived full copies of all of the service didn’t apply because it
is developing vehicle cockpits given such recognition to this type of services that are at issue government announced a se- hard drives and other evidence was unconstitutional. France’s
for passengers who let a com- technology as potentially rein the French case: services that ries of new enforcement mea- seized by police. constitutional court, however,
puter make driving decisions. placing a human operator in use drivers without any kind of sures against car-hailing apps, In charging Mr. Gore-Coty, rejected Uber’s appeal of that
such a critical transport sys- professional license. Uber called including making the drivers France is taking on one of provision in September.
tem,” said Morgan Stanley ana- those services Uberpop in Eu- return to garages between Uber’s most senior executives Uber executives argue they
U.S. safety regulator lyst Adam Jonas in a note to in- rope, and used them to boost fares, and stopping these com- in the region. He started, in have been unfairly targeted by
relaxes rule to vestors. “In our view, this growth in countries with strict panies from using drivers li- 2012, as head of Uber’s Paris the French government to ap-
points to the agency’s desire to rules on taxis. Following the in- censed to transport between office, later took over its oper- pease taxis.
remove requirements address the large and growing dictments, it ended the service two and eight passengers and ations in Western Europe, and The company still has a
for a human driver. incidence of motor vehicle-rein France and closed Uberpop in not an individual passenger. in January was promoted to complaint pending against the
lated fatalities and injuries on the Netherlands, Belgium and Uber and other French car- operational chief for EMEA. French law before the Euro-
U.S. roads.” Germany. People close to Uber hailing companies say those Part of the government’s pean Commission, the Euro-
The move is a win for the Chris Urmson, technical have said in recent months they measures would weaken their case doesn’t involve taxi ser- pean Union’s executive arm.
Google autonomous-car pro- leader of the Google car pro-
gram, which has been in place gram, recently spoke at a Cali-
Chinese Group Bids for Browser Maker

since 2009, and other compa- fornia’s Department of Motor
nies looking to build vehicles Vehicles hearing to ask that the
that don’t require a driver. proposed regulations be
The decision, however, changed to allow Alphabet to
doesn’t give unlimited leeway move forward with its plans. A consortium of Chinese Beijing Kunlun Tech Co., on whose browsers are less lion in takeover offers this
to designers—NHTSA said the The company aims to open up companies has bid $1.2 billion Wednesday offered to acquire known than rival products year, including state-owned
Mountain View, Calif., company, driving to the young, old and in cash to buy Opera Soft- Opera shares at 71 Norwegian made by Alphabet Inc.’s China National Chemical
and any others doing the same disabled. The Obama adminis- ware ASA, a Norwegian kroner ($8.27) apiece, a 46% Google or Microsoft Corp., Corp.’s recent agreement to
thing, would have to request an tration last month proposed a premium to their last trading could gain the financial mus- acquire Swiss pesticide and
exemption from regulations $3.9 billion program to invest By Rick Carew price on Friday. Trading in cle it has lacked to place its seed company Syngenta AG for
that have specifications meant in testing and researching au- in Hong Kong and Opera shares was suspended software in more electronic $43 billion.
to protect human drivers. tonomous vehicles. The invest- Kjetil Malkenes on Friday amid takeover ru- devices, analysts said. Opera Qihoo said the bid for Opera
Alphabet can press for ment would span a decade. Hovland in Oslo mors. When trading resumed said it expected revenue of was part of its strategy of ex-
changes to the law because “Our interpretation that the on Wednesday, the stock $690 million to $740 million panding into overseas mar-
NHTSA interprets rules instead self-driving computer system of maker of Internet browsers, soared more than 40%, and this year, compared with $616 kets.
of making them. The agency a car could, in fact, be a driver, the latest sign of how a weak- closed up 33% at 65.10 kroner. million in 2015. “Even though we’re prepar-
posted its decision on its web- is significant,” said Transporta- ening currency hasn’t af- Opera’s board said it sup- The proposed deal is the ing to delist, we want to make
site this week. Reuters earlier tion Secretary Anthony Foxx in fected China’s appetite for ac- ported the bid, adding that latest in a wave of outbound bigger moves in the interna-
reported on the regulator’s re- a statement. “But the burden quisitions. shareholders holding a com- acquisitions by Chinese com- tional market and have a more
sponse to Google’s letter. An Al- remains on self-driving car The Chinese bidders, in- bined 33% interest in the panies this year amid China’s global viewpoint,” said Yu Li-
phabet spokesman declined to manufacturers to prove that cluding security-software company intended to tender slowing economy and falling ang, Qihoo’s international
comment. While many auto their vehicles meet rigorous firm Qihoo 360 Technology their shares. currency. Chinese companies spokeswoman. “This acquisi-
makers are introducing vehicles federal safety standards.” Co. and online-game company The Norwegian company, have made more than $60 bil- tion is a part of that.”
TWITTER
That Loving Feeling
INCOMPARABLE, TRANSCENDENT MASSAGE FOR YOU AND THE ONE YOU LOVE
Continued from page B1
earlier Wednesday a feature
that shows tweets users missed
while they were signed out.
MICHAEL NAGLE/BLOOMBERG NEWS
But as Wednesday’s user

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THE WALL STREET JOURNAL. * * Thursday, February 11, 2016 | B5
EARNINGS
Whole Foods Sees

Drop in Store Sales
BY ILAN BRAT number of items it discounts
each week, while analysts have
Whole Foods Market Inc. noted more signs peppering
said sales growth slowed again its stores calling out low
in its latest quarter despite an prices and deals. Yet, a recent
increase in discounts and pro- survey by BMO Capital Mar-
motions, underscoring the kets found shoppers detected
challenges the upscale grocer essentially no change in Whole
faces as it seeks to win back Foods’ prices since late 2014.
market share and counter its Despite Whole Foods’
image as an expensive place to heavier investments in promo-
shop. tions, “I just don’t think the
The Austin, Texas, company customer is responding” by
said Wednesday that sales at buying more overall or visiting
established stores in the 16 its stores more often, said
weeks ending Jan. 17 fell 1.8% Brian Yarbrough, consumer-
from the comparable period a sector analyst with Edward
year earlier, while total sales Jones. Part of the challenge
increased 3%. The quarter was for Whole Foods is competi-
GEORGE FREY/REUTERS
longer than usual because last tion from a raft of grocers of-
fiscal year the company said it fering similar fare of natural-
would use a 57-week period to and organic-products, often at
evaluate comparable-store lower prices, company execu-
sales instead of the more-typi- tives have said.
cal 52-week or 53-week period. Whole Foods executives, on
It was the second consecu- Wednesday, indicated that A Tesla Model S being charged in Salt Lake City last year. The auto maker said it could build up to 90,000 vehicles overall this year.
tive period of sales declines at they plan to focus on its price
Tesla Quarterly Loss Widens

established Whole Foods image. The company launched
stores and a steeper fall than a program for nationwide digi-
the prior quarter, which was tal coupons through its mobile
the weakest since at least app on Wednesday, and execu-
2010. Total number of transac- tives said “increased value ef-
tions also declined 1.6% in the forts” would further pressure Electric car-maker’s slim operating profit for the The Palo Alto, Calif.-based Tesla had been burning cash
latest period, accelerating Whole Foods’ gross-profit quarter excluding stock-based company said it could achieve a rate of more than $400 mil-
from the 0.8% fall in the Sep- margin in the current fiscal revenue jumps 27% compensation and lease ac- a net profit in the final quarter lion a quarter for more than a
tember period—a sign that year beyond the 0.83% con- but costs of Model X counting. It reported an oper- of 2016 and post an operating year as its spending ramped
shoppers may not be respond- traction in the latest period. ating loss of $113.9 million, or profit for the full year includ- up and deliveries of the Model
ing yet to the company’s move Partly as a result, the com- overshadow sales gain 87 cents a share. ing adjustments. Wall Street X hadn’t begun. With the
to portray itself as an afford- pany expects sales at estab- “I feel very good about forecasts an adjusted profit of fourth quarter’s revenue gains,
able place to shop. lished stores in the current BY MIKE RAMSEY things,” said Chief Executive $1.71 a share, or about $224 Tesla generated about $179
In recent months, Whole fiscal year to be flat or decline Officer Elon Musk in a call af- million, this year. million in cash from opera-
Foods has ratcheted up the as much as 2%. Luxury electric car maker ter the earnings. Mr. Musk said Tesla’s fourth quarter reve- tions in the quarter even as
Tesla Motors Inc. said its the company has moved past a nue rose 27% to $1.21 billion capital spending of $411 mil-
fourth-quarter net loss nearly difficult period and is set for from $956.6 million a year ear- lion dragged down its cash.
tripled to $320.4 million as the smoother times. “The last sev- lier as deliveries of its new ve- Chief Financial Officer Ja-
costs of launching its Model X eral months have been quite hicles jumped 76% in the quar- son Wheeler said his marching
sport-utility vehicle led to an excruciating, really.” ter. Its full year net loss was orders were to maintain or in-
11th consecutive quarterly loss. Shares gained as Tesla af- $889 million on revenue of crease cash. The company’s in-
However, Tesla held to a firmed plans to sell its next- $4.05 billion. crease in net cash for the year
strong sales forecast in 2016 generation Model 3 electric car The auto maker projected will include taking some
and the 2017 launch of its next by the end of 2017, and said it that it would become net cash money from a recently ex-
PATRICK T. FALLON/BLOOMBERG
product, giving investors would be producing nearly flow positive for the year after panded asset-backed line of
something to cheer. 1,000 a week of its $81,000 investing $1.5 billion in capital credit.
The stock jumped nearly 9% and up Model X SUV by the expenses, a figure slightly Tesla’s results suggested its
in after-hours trading after end of March. lower than the $1.6 billion it used car business is starting to
closing down $4.58 at $143.67 Overall, Tesla said it could invested in 2015. Tesla’s supply have an impact. Used vehicle
in 4 p.m. Nasdaq trading on build up to 90,000 vehicles of cash on hand fell to $1.2 bil- revenues are included in its
Wednesday. It released results overall this year, which would lion at year end, down from general “services” category,
after 4 p.m. be about 80% higher than its $1.4 billion at the end of the which jumped 47% to $97 mil-
Whole Foods indicated it plans to focus on its price image. Wall Street had expected a 2015 production. third quarter. lion in the quarter.
SoftBank Still Sees Sprint as ‘Cash Cow’

BY ALEXANDER MARTIN its third quarter ended Dec. 31 scriber numbers while cutting
of ¥189.6 billion ($1.65 billion), costs. Last month, it also
TOKYO—SoftBank Group up 7% from the year-earlier raised its financial outlook for
Corp., which controls Sprint period, as revenue grew 4% to the year ending in March.
Corp., said it sees signs of a ¥2.39 trillion. “I think we’re beginning to
turnaround at the U.S. wire- The results followed better- see clear signs of a Sprint
less carrier, as the Japanese than-expected earnings from turnaround,” SoftBank Chair-
telecommunications and Inter- Sprint, which SoftBank pur- man Masayoshi Son said at a
net company reported its lat- chased for $22 billion in 2013. news conference.
est results. After several difficult quar- Though operating profit
SoftBank on Wednesday ters, Sprint in the latest pe- rose, net income fell 88% from
posted operating income for riod increased its overall sub- a year earlier to ¥2.29 billion.
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BUSINESS NEWS
Business Burger King Enlists Hot Dogs in Fast-Food Wars

Burger King plans to start
Takata
Watch selling hot dogs, making its big-
gest menu change in decades as
the unit of Restaurant Brands
Puts Unit
International Inc. seeks to ex-
tend recent sales gains.
The planned launch of
Up for Sale
IBM Burger King wieners on Feb. BY MIKE SPECTOR
23 comes as some rival restau-
Head of New Unit rant chains are emphasizing Takata Corp., the Japanese
Leaves After Months healthier fare, driven by so- manufacturer of rupture-prone
The head of International called fast-casual chains like air bags linked to 10 deaths,
Business Machines Corp.’s newly Chipotle Mexican Grill Inc. has put up for sale its automo-
formed Cognitive Business Solu- that tout fresh ingredients. tive interiors division in a
tions group left the company af- Burger King by contrast says it move that could shore up the
ter just months on the job. is returning to its roots as a company’s balance sheet as re-
Stephen Pratt confirmed his traditional fast-food outlet, af- call costs mount.
departure but declined to say ter trying to offer salads and Takata is seeking buyers for
why he left IBM or what he other healthier fare in the past Irvin Automotive Products
would do next. with little success. Inc., a Pontiac, Mich., supplier of
“IBM is a great company with The company in 2013, for ex- seat-trim and headrest covers,
great people and a bright future ample, introduced lower-calorie and sun visors, armrests and
in cognitive computing,” he said. French fries dubbed “Satisfries,” console lids, said a person famil-
IBM launched the 2,000-per- but pulled them from menus iar with the matter. Takata is
son Cognitive Business Solutions less than a year later due to low working with Japanese bank
group in October with Mr. Pratt sales. More recent product intro- SMBC Nikko Securities Inc. and
as its leader, saying the unit ductions include chicken fries U.S. bank Moelis & Co. on the
would focus on selling data ana- and an extra-long jalapeño potential sale, the person said.
lytics and artificial intelligence cheeseburger. In the third quar- It isn’t clear whether
services to business customers. ter ended Sept. 30, Burger King’s Takata is seeking strategic or
“We have no comment on same-store sales rose 6.2%. financial buyers for the busi-
personnel matters,” an IBM Burger King said adding hot ness, or how much money the
spokesman said. dogs marks its biggest menu company hopes the business
IBM’s revenue has taken a hit addition since it started selling will fetch.
as its corporate customers shift chicken in the 1970s. Burger Irvin employs roughly 7,100
CANDICE CHOI/ASSOCIATED PRESS
their buying habits toward soft- King will be the largest na- people and takes in about
ware and services delivered tional fast-food chain to offer $500 million of annual reve-
through the Internet. The com- hot dogs as part of its perma- nue. The company’s sales have
pany has bet its future on new- nent, year-round menu. increased significantly over
breed offerings including the arti- McDonald’s Corp. has tried sell- the past several years, and it
ficial-intelligence and analytics ing hot dogs in various mar- has factories running at full
services sold by Mr. Pratt’s group. kets, but they never became a capacity producing parts.
—Robert McMillan national menu item. Auto makers in the U.S. are
—Julie Jargon recalling more than 24 million
HERMÈS INTERNATIONAL vehicles equipped with Takata
air bags at risk of rupturing
Luxury-Goods Brand siasm for the world’s most AUTOS Analysts said Mercedes could uary, but Audi’s growth paled in and spraying shrapnel in vehi-
Warns on Revenue expensive watches, leather hand-
Mercedes Gets Off retake the throne this year as comparison to Mercedes. cle cabins. The safety problem
French luxury-goods brand bags and other baubles. While the world’s leading premium car Audi global sales grew 4% to has been linked to 10 deaths
Hermès International SCA Hermès remains the industry To a Strong Start brand by sales, which it lost to 143,150 vehicles in January, globally and dozens of inju-
warned on Wednesday that its leader, in both its prices and reve- In the tight race for leader- BMW a decade ago. compared with 137,702 vehicles ries. The cause of death hasn’t
2016 revenue growth would de- nue growth, the company’s new ship among Germany’s big Daimler reported on Feb. 5 a year earlier. Audi sales were yet been determined for an
cline as a weakening global econ- forecast shows that even the three premium car makers, that January sales of its Mer- driven higher by more than additional fatality in India
omy and geopolitical tensions re- sector’s front-runner is affected. Daimler AG’s Mercedes-Benz cedes-Benz brand rose nearly 20% growth in sales of its Q3, linked to a vehicle in which a
duce consumer demand for The maker of Birkin and Kelly brand has started off the year 20% to 150,814 vehicles world- Q5 and Q7 sport-utility vehicles. Takata air bag ruptured last
expensive handbags and fashion. bags said its sales rose to €1.4 in pole position, ahead of ri- wide. Audi and BMW released Munich-based BMW said year. More than 60 million ve-
Hermès said 2016 sales billion ($1.58 billion) in the last vals Audi AG and BMW AG, their January sales figures on January sales of its BMW hicles have been recalled glob-
wouldn’t meet its 8% growth tar- quarter of 2015, from €1.2 billion and looks set to stay out front Wednesday, showing slower brand rose 7.5% to 133,883, ally on account of the air bags.
get due to “economic, geopolitical in the same period in 2014. A this year. growth than Mercedes in most putting it behind Mercedes and Volkswagen AG and its Audi
and monetary uncertainties.” weak euro and strong demand in With January sales data major markets. Audi. The luxury compact 1-Se- luxury unit on Wednesday re-
The luxury sector has been hit Japan boosted sales, offsetting a now in for all three brands, it is It isn’t clear how much ries and SUVs drove BMW called a combined 850,000 ve-
with difficulties in recent months sluggish quarter in France that clear that Mercedes started the Volkswagen AG’s emissions- sales higher. The X1 small SUV hicles with Takata air bags.
as a slowing global economy, cur- was affected by the fallout from year with a substantial lead cheating scandal is affecting posted 60% growth in sales for Daimler AG on Tuesday re-
rency volatility and terrorist at- the Nov. 13 Paris terror attacks. and is growing considerably sales of its luxury brand Audi, the month. called roughly 840,000 vehi-
tacks have hurt consumer enthu- —Jason Chow faster than its German rivals. which posted its best-ever Jan- —William Boston cles with Takata air bags.
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d
Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 61 Result of some 26 Figs. on
-0s 0s
bargaining mountains
V
Vancouver 13 14 15 16
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l l Miami 43 Like some
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PERIOD PIECES | By Samuel A. Donaldson repository
44 “Your point
10 When savings
U.S. Forecasts City
Today
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Tomorrow
Hi Lo W City
Today
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Tomorrow
Hi Lo W
Across 23 Apt subject in 41 KLM competitor are spent,
being?”
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Urban irritant Comp Sci 101 42 “Walking on ___ metaphorically 45 Boiler room
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t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 64 45 s 75 53 s Geneva 42 26 sn 39 37 r 24 Storage unit Line” (Huey worker
Today Tomorrow
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Atlanta 54 33 s 58 31 pc Portland, Maine 30 4 sf 23 14 pc Jakarta 85 77 c 85 76 c uniform? French Opens 43 Consider 15 Told all 49 Eagerly excited
Austin 81 47 s 79 47 s Portland, Ore. 56 49 r 58 46 sh Jerusalem 52 39 pc 58 44 s
Baltimore 30 13 pc 33 20 pc Sacramento 73 47 pc 71 47 pc Johannesburg 81 59 t 86 59 pc 13 Unsubstantial 30 George Harrison’s 46 It has a lot of 21 Shapiro of NPR 50 Historic caravel
Boise 50 32 pc 52 33 c St. Louis 30 22 pc 37 11 pc London 46 34 sh 47 37 c
14 Construction “Isn’t ___ Pity” moving pieces 22 Frenzied
Boston 31 11 sf 26 17 pc Salt Lake City 45 27 s 49 30 s Madrid 60 46 sh 57 52 sh 51 Moved furtively
Burlington 20 2 sf 25 8 sn San Francisco 65 51 pc 63 50 pc Manila 87 76 s 88 75 s supports 33 Switzerland’s 48 Like some 25 She played 53 Famed terrier
Charlotte 46 27 s 46 29 c Santa Fe 60 29 s 65 28 s Melbourne 77 58 s 82 59 pc 16 Interest group Weisshorn, e.g. paperless books Marlon’s
Chicago 22 13 s 23 2 pc Seattle 56 49 r 56 45 sh Mexico City 68 38 s 70 34 s daughter in 54 Crank (up)
Cleveland 21 11 sf 25 7 sn Sioux Falls 23 13 sn 16 -8 pc Milan 50 27 pc 46 31 c with over 34 It may be grand 52 Nickname for a
Dallas 69 39 s 70 41 s Wash., D.C. 32 19 pc 35 21 pc Moscow 30 27 pc 34 29 c 37 million peddler of fake “The Godfather” 55 Paul’s “Exodus”
35 Dismiss the
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18 Smallest nation 38 Tumultuous
Kansas City 36 26 pc 38 9 pc Amsterdam 45 34 sh 44 34 pc San Juan 86 72 pc 85 72 pc 57 Face in a hand I L L W A S H I N G T I P S
Las Vegas 73 47 s 74 47 pc Athens 64 53 s 64 54 c Seoul 55 41 c 50 40 r in the European hookup in P L O W I N T O AMA Z E S
Little Rock 53 29 s 62 32 s Bangkok 93 72 s 93 76 s Shanghai 65 55 sh 71 57 pc Union intensive care? 58 1966 Broadway C A S T G U S H
F L A S H Y
B A L L A C T S
Los Angeles 85 55 s 84 55 s Beijing 50 37 sh 57 37 pc Singapore 86 79 c 89 79 c role for Angela R A T A L I T R A U L
Miami 68 54 s 75 56 s Berlin 42 33 pc 42 31 pc Sydney 82 70 pc 82 69 s 19 Quirks 39 One might have
Lansbury O H I O B L O T S I S L E
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New York City 29 17 sf 29 16 pc Dublin 43 32 pc 42 35 sh Warsaw 41 33 sh 42 31 pc E L S A T I N C T S C S T
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
Oklahoma City 56 33 s 65 28 s Edinburgh 41 29 pc 40 32 c Zurich 42 28 sn 43 32 sh S L O T S P A T E A S H

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B8 | Thursday, February 11, 2016 * * THE WALL STREET JOURNAL.
BUSINESS NEWS
STUDIO
Continued from page B1
“Avengers: Age of Ultron” and
“Mission: Impossible—Rogue
Nation.”
Though its main operation is
in the U.K., Pinewood has taken
on a new global relevance in an
age when generous tax breaks
have sent film and television
productions scattering around
the world. In recent years, Pine-
wood has crafted a business
strategy around catering to
those new markets, and has
built or managed seven loca-
tions in six countries.
The company often sets up
operations in a given country
soon after the local govern-
ment approves a credit pro-
gram, and in some cases lob-
bies for such breaks before
going in. Some sites are built
in less than a year.
EON PRODUCTIONS/ZUMA PRESS

The company’s first U.S. lo-
cation opened in 2014 in Geor-
gia, a state that has lured
many projects away from Los
Angeles soundstages. Walt Dis-
ney Co.’s “Ant-Man” filmed at
the Pinewood location in At-
lanta.
Pinewood’s commitment to Several James Bond movies have been filmed at Pinewood Studios, including ‘The Spy Who Loved Me,’ above, as well as the latest Bond adventure, ‘Spectre.’
building in Atlanta was
cheered by local supporters of have popped up in Toronto, surrounding business zone. planned to move to the main a main-market listing. 26%; and Aviva PLC, with
the program who took it as a Germany, the Dominican Re- “We believe Pinewood has market of the London Stock More than 78% of the com- about 13%.
sign that the tax breaks were public and Malaysia, where the potential to build on the Exchange but said its “tightly pany’s shares are held by three In the past, Pinewood has
politically safe, even as Cali- Netflix Inc. films its epic series strong performance of the last held” shareholder base has sti- shareholders: Goodweather In- told investors that the political
fornia fights to win back pro- “Marco Polo.” The Pinewood few years to grow further,” Mr. fled liquidity in its shares and vestment Management Ltd., sensitivity of tax-break pro-
ductions. facility in Malaysia is hoping Dunleavy said. prevented the company from with about 39%; Warren James grams is a risk to its business
Other Pinewood projects to kickstart development in a Pinewood previously achieving its aim of obtaining Holdings Ltd., with roughly strategy.
Time Warner Sees Strong Subscriber Gains, Despite Signs of Weakness

BY KEACH HAGEY generally beat analysts’ expec- scriber growth at HBO. first quarter of this year, now over the past year, the com- pected 15% amid a dearth of
AND LISA BEILFUSS tations for its advertising per- Signs of weakness in its that it has achieved the rate pany disclosed on the call. The blockbusters.
formance, but came up short in pay-TV bundle did take a toll increases it was targeting at company said it plans to more Overall revenue declined
Time Warner Inc. offered subscription revenue for its ca- on Time Warner’s earnings for all of its biggest distributors, aggressively market its HBO 5.9% from a year earlier to
an upbeat forecast for the year ble networks that include TBS, the December quarter. Sub- the company said. Now product. $7.08 billion.
after delivering fourth quarter CNN and HBO. That slowdown scription growth at Turner was HBO also saw some signs of Time Warner Chief Finan- In all for the quarter, Time
earnings that topped expecta- stoked investors’ concerns just 1%, below analysts’ expec- weaker-than-expected growth, cial Officer Howard Averill Warner reported profit of
tions largely thanks to lower about the long-term strength tations, because of the impact with subscriber revenue rising predicted that over the next $857 million, or $1.06 a share,
tax expense. of the affiliate fee revenue of foreign currency fluctua- 3% in the fourth quarter. That couple of years HBO subscrip- up from $718 million, or 84
But operationally, the pic- from TV networks. tions at its international chan- fell short of 4% growth ana- tion revenue growth would be cents, a year earlier.
ture was more mixed, as ad- Time Warner shares fell 5% nels. Domestically, higher pric- lysts expected. by a percentage in the “high- Analysts generally attri-
justed operating income to $60.07 in 4 p.m. trading on ing was partially offset by HBO Now, its broadband- single-digits.” buted the higher-than-ex-
dropped at each of its three Wednesday, their lowest point lower subscriber numbers at only offering, contributed Strength in HBO helped off- pected earnings to a low tax
divisions: Turner Broadcast- in more than two years. its channels. meaningfully to subscriber set weakness in Time Warner’s rate. Its income-tax provision
ing, HBO and Warner Bros. However, Time Warner was But Turner predicted that growth, though not quite at film segment. HBO revenue was $280 million last quarter,
Like other media companies able to forecast a significant subscriber revenue would ac- the level that some analysts rose 5.5% to $1.41 billion, versus $381 million a year ear-
that have reported earnings so uptick in affiliate fee revenue celerate to “low teens” per- had been estimating. HBO Now while Warner Bros. revenue lier on operating profit that
far this season, Time Warner growth at Turner and sub- centage growth starting in the signed up 800,000 subscribers tumbled a worse-than-ex- was roughly flat.
THE SHORT ANSWER by Willa Plank and Luis A. Santiago

What are the U.S. sales of these Grammy nominees?
Physical and digital sales of entire albums vary widely among these Grammy nominees
up for album of the year. But some have seen more digital track sales and streams than
others. For example, ‘Beauty Behind the Madness’ sold under a
million albums, but has gotten a lot of additional traction
through digital track sales and streaming.
42% 58%
Nominees for album of the year digital physical
Taylor Swift ‘1989’
5.7
(released Oct. 2014)
million
albums sold
16.9M digital tracks sold 1.2B streams*
The Weeknd
‘Beauty Behind 59% 41%
the Madness’
(Aug. 2015)
9.1M digital tracks 1.8B streams 0.9
Chris Stapleton 57% 43%

‘Traveller’
(May 2015)
1.1M digital tracks 91.4M streams

0.8
Kendrick Lamar 66% 34%

‘To Pimp a Butterfly’
(March 2015)
0.8
0.7M digital tracks 443.8M streams
50% 50%
Alabama Shakes
‘Sound & Color’
(April 2015) 0.4
*Includes audio and video
0.3M digital tracks 74.8M streams Note: Data are as of February 4
Photos: Getty Images; Becky Fluke (Stapleton); Associated Press (Alabama Shakes) Source: Nielsen Music THE WALL STREET JOURNAL.
PRIVATE EQUITY C2 | IN THE MARKETS C4 | MARKETS DIGEST C5
Tesla: Not Built

Derivatives Pact For Speed
HEARD ON
U.S., Europe regulators in deal GLOBAL FINANCE | C3 THE STREET | C8
© 2016 Dow Jones & Company. All Rights Reserved. * * * * ** THE WALL STREET JOURNAL. Thursday, February 11, 2016 | C1
DJIA 15914.74 g 99.64 0.62% S&P 1851.86 g 0.02% NASDAQ 4283.59 À 0.35% 10–YR. TREAS. À 7/32, yield 1.706% OIL $27.45 g $0.49 EURO $1.1292 YEN 113.35 See more at WSJMarkets.com
A Dance at Activists’ Ball Yields Fall After

AIG CEO to find out by
this weekend if Icahn
Negative-Rate Talk
will launch proxy fight BY MICHAEL S. DERBY interest rates to spur their
AND JOSH ZUMBRUN moribund economies. The idea
for seats on board that their U.S. counterpart
Federal Reserve Chair- might follow suit is unlikely
BY LESLIE SCISM woman Janet Yellen waded but not impossible. The Fed
AND JOANN S. LUBLIN into fraught territory before raised interest rates in Decem-
KEITH BEDFORD FOR THE WALL STREET JOURNAL

Congress, suggesting the cen- ber for the first time in a de-
When billionaire investor tral bank could turn to nega- cade and is weighing whether
Carl Icahn last year called for tive interest rates in an eco- to raise them further. Ms. Yel-
a breakup of American Inter- nomic downturn despite legal len in her testimony said it
national Group Inc., Chief Ex- and other uncertainties. was unlikely the central bank
ecutive Peter Hancock Her comments Wednesday would need to cut rates soon,
shrugged it off, telling col- came as concerns about unset- much less go negative.
leagues it was an overly sim- tled markets and weak global When questioned about the
plistic idea that wouldn’t work growth pushed benchmark possibility, however, she said
in insurance. U.S. Treasury rates to a one- it could be done if necessary.
Yet days after Mr. Icahn un- year low. The yield on the 10- “I’m not aware of anything
veiled his plan in October, Mr. year note fell to 1.706%, leav- that would prevent us from
Hancock traveled to the inves- AIG Chief Executive Peter Hancock recently introduced a plan to slim down the insurer over time. ing it down more than half a doing it,” Ms. Yellen said.
tor’s Fifth Avenue offices to percentage point so far this That the question even
hear him out, according to year. comes up is a sign of the bind
people briefed on the matter. Peer Pressure Central banks in Europe central banks find themselves
The AIG chief subsequently AIG has beaten many competitors when it comes to shareholder return, but and Japan have turned to the in seven years after the finan-
hired Morgan Stanley bank- analysts are less optimistic about the conglomerate's profitability. once-radical idea of negative Please see RATES page C2
ers to study potential divesti-
tures. He also instructed exec- Total shareholder Analyst projections for
utives to avoid a siege return, last 12 months 2016 return on equity*
mentality, saying there could 7.5 %
1.4 % AIG
be some truth in Mr. Icahn’s
generic formula, the people 2.4 Chubb 13.6
said.
Mr. Hancock recently made
–15.5 Prudential Financial 10.8
his move, introducing a plan
last month that could slim
down the insurer over time –24.0 MetLife 11.2
but falls well short of a three-
way breakup that Mr. Icahn
RAINIER EHRHARDT/ZUMA PRESS

*Calculated by dividing 2016 consensus operating earnings per share by book value per share, with some adjustments
wants.
Sources: FactSet, SNL Financial, Sanford C. Bernstein THE WALL STREET JOURNAL.
Now, the CEO will find out
whether a bigger battle
awaits. Mr. Icahn must decide Mr. Hancock’s steps lack the in the past 12 months, com- that CEOs often walk to with-
by this weekend whether to “drastic strategic shift” that pared with a 10% decline in stand an attack. The head of
launch a proxy fight for AIG he wants. the S&P 500 index. the $65 billion insurance con-
board seats at this spring’s AIG is to report fourth- The jousting between the glomerate in recent weeks has
annual meeting. Mr. Icahn de- quarter earnings on Thursday two men reflects the rising tried to engage Mr. Icahn and
clined to comment on the after the closing bell. The in- role of activists in a range of demonstrate a sense of ur- Scott Tucker in 2011. The FBI arrested the racer on Wednesday.
plans but previously has said surer’s stock has gained 0.4% industries and the tightrope Please see AIG page C2
Race Driver Charged

Investor Sounds Alarm on China’s Reserves In Payday-Loan Fraud
BY CAROLYN CUI January. nomic growth. China devalued
AND JULIET CHUNG The comments from the Dal- the yuan in August, but officials BY CHRISTOPHER M. MATTHEWS of the Truth in Lending Act and
las hedge-fund manager high- have said they would like to the Racketeer Influenced Cor-
Investor Kyle Bass said light mounting investor unease maintain it at a stable level. Federal prosecutors charged rupt Organizations Act and run-
Wednesday that China’s liquid about the degree to which the China hasn’t fully disclosed a businessman-turned-race-car ning an illegal loan business
DAVID A. GROGAN/NBCU PHOTO BANK/GETTY IMAGES
foreign reserves are “already official Chinese number reflects the composition of its foreign driver and his attorney that generated more than $2
below a critical level,” intensify- reserves the nation can quickly reserves, making it a conten- Wednesday with overcharging billion in revenue between 2003
ing a debate over China’s ability use to prop up the value of its tious point between bulls and customers hundred of millions and 2012.
to keep its currency from fall- currency. bears. Official data showed that of dollars in undisclosed fees in Agents of the Federal Bureau
ing. Market sentiment about China’s foreign reserves had one of the largest federal crimi- of Investigation arrested Mr.
Mr. Bass, whose Hayman China has turned sharply nega- dropped 19% from its peak in nal payday-lending cases ever. Tucker and his lawyer, Timothy
Capital Management LP has a tive in recent months amid a mid-2014. But questions have Prosecutors said Scott Muir, in Kansas City, Kan.,
multibillion-dollar bet that the torrent of capital outflows from been raised as to what com- Tucker used $100 million of Wednesday morning, according
yuan and Hong Kong dollar will the world’s most populous na- prises the reserves and how proceeds from the fraudulent to an FBI spokeswoman.
fall, told clients in a letter that tion. Investors fear that devel- quickly China can liquidate the loans to finance his professional The pair are scheduled to ap-
his firm estimates that China’s opment presages a sharp deval- assets, if needed, to meet the racing team and purchase race pear in federal court in Kansas
liquid foreign reserves are $2.2 uation of the yuan that could demand for foreign currencies. cars and other luxury items. City, where prosecutors will re-
trillion at most. That compares threaten to intensify the cur- Mr. Bass said in his letter The Manhattan U.S. attor- quest their transfer to New
with the $3.23 trillion reported rency wars encircling the globe that some of China’s reserves al- ‘The view that China has years ney’s office unsealed an indict- York.
by the People’s Bank of China, and send a wave of deflation ready are tied up in institutions of reserves to burn through is ment against the two men A lawyer for Mr. Tucker de-
the central bank, for the end of that would further enfeeble eco- Please see BASS page C3 misinformed.’—Kyle Bass charging them with violations Please see RACER page C4
The Value of Togetherness

BY STEVEN RUSSOLILLO Lincoln National Corp.
Heady Premium In essence, the market is
American International Forward price/earnings ratios giving AIG a pass that many
Group Inc. has repeatedly re- for the next 12 months other insurers aren’t getting.
sisted overtures from inves- Low rates hurt the profitabil-
tors Carl Icahn and John AIG ity of life insurers, which hold
Paulson to break up the busi- 10.2 times long-term assets to pay future
ness. The more claims. That is because falling
AHEAD OF that interest Prudential Financial rates inflate the present-value
THE TAPE rates fall, the 6.4 terms of those claims.
better that AIG’s But AIG has a buffer: It
MetLife
argument looks. also has a property-casualty
More than a month after 6.4 business that is less afflicted
the Federal Reserve raised its Lincoln National by low interest rates. And
benchmark rate from zero, the market is suggesting
5.4
both short- and long-term that the more-lucrative
rates have fallen. Now, many Source: FactSet property-casualty insurance
investors anticipate low rates business is, in effect, subsi-
won’t go away anytime soon value than many of its peers. dizing the life business.
amid economic risks and That bolstered Mr. Icahn’s In a strategy update last
broad market turmoil. case for a breakup, as it sug- month, AIG laid out plans to
While those conditions gested AIG isn’t reflective of reorganize its core opera-
tend to hurt large insurers, its full value. tions into nine units, part of
AIG, for now at least, has the But things have changed. an effort to increase trans-
benefit of diversification on AIG shares are down about parency. AIG also committed
its side. That should help 15% this year, which isn’t as to returning at least $25 bil-
when it reports fourth-quar- bad as some other insurance lion to shareholders over the
ter results Thursday. Analysts or bank stocks. And trading at next two years through buy-
expect a loss of 92 cents a about 10 times projected backs and dividends.
share, although that is mainly earnings, AIG commands a In this tough market for
due to an announced $3.6 bil- more expensive price/earnings financials, an undivided AIG
lion reserve charge. multiple than life-insurance offers a bit of hope.
For years, AIG traded at a rivals such as MetLife Inc.,
steeper discount to book Prudential Financial Inc. and Email: tape@wsj.com
INDEX Credit Markets............................................... C8 Exchange-Traded Funds......................... C6 Heard on the Street................................... C8 Mutual Funds........................................... C6
Cash Prices................................................. C7 Currency Trading.......................................... C5 Finance Watch................................................ C3 IPO Scorecard.................................................. C6 New Highs & Lows............................... C6
Commodities............................................. C7 Dividend News............................................... C8 Global Finance................................................. C3 Money Rates................................................... C6 Stock Listings....................................... C4,6
C2 | Thursday, February 11, 2016 * **** THE WALL STREET JOURNAL.
MONEY & INVESTING
RATES KKR’s Lesson From Energy Bets

public release late last month.
Negative rates also could
pinch bank profits and the
$2.7 trillion money-market
Continued from the prior page fund industry that households BY RYAN DEZEMBER traded exploration-and-pro-
cial crisis. Growth remains and corporations rely on as a duction companies have lost
weak, and investors have replace to keep money readily Oil and debt don’t mix. more than $20 billion in value.
treated from risky assets this accessible. KKR & Co. learned that les- A buyout group’s stake in
year, putting pressure on mon- “We would need to see re- son the hard way after falling EP Energy Corp. is down more
etary-policy makers to find cession-like conditions before commodity prices doomed two than $4 billion as the Houston
more aggressive ways to stim- the Fed seriously considered of its biggest investments: the energy producer’s shares have
ulate demand. this option,” Michael Feroli, an multibillion-dollar buyouts of fallen 87%. The group led by
The Bank of Japan adopted economist with J.P. Morgan power producer TXU Corp. Apollo Global Management
negative rates in January, fol- Chase, said in a recent note to and oil explorer Samson Re- LLC and Riverstone Holdings
lowing the example of the Eu- clients. sources Corp. LLC hedged nearly all of EP’s
ropean Central Bank and pol- Meanwhile, the yield on the Now, the private-equity output this year and last to
icy makers elsewhere in 10-year U.S. government note firm is backing away from ensure enough revenue to
Europe. Countries represent- fell after an auction of govern- debt-fueled takeovers of en- cover interest payments on
MIKE STONE/REUTERS
ing more than a fifth of global ment debt Wednesday drew ergy companies, which are the company’s $4.9 billion of
economic output now are ex- strong demand from investors vulnerable to unpredictable debt, most of which was taken
perimenting with negative at home and abroad. Investors moves in oil and gas prices. on to fund the buyout.
rates. accepted a 1.73% yield on new The firm instead is focusing KKR’s founders grew up in
Fed officials are taking the 10-year Treasury notes, the on smaller drilling deals that oil country with fathers who
idea seriously after watching lowest auctioned yield on that are usually funded with less KKR lost money when TXU filed for bankruptcy protection in 2014. worked in the business.
the efforts overseas. Negative maturity since 2012. debt and are better able to Messrs. Kravis and Roberts
rates are “working more than Those results reflect inves- survive swoons. eyed energy deals early on but
I could say I expected” only a tors’ struggle to obtain assets The move is punctuated by Losing Energy had little success winning
few years ago, Fed Vice Chair- that offer a good mix of safety the exit of Marc Lipschultz, Private-equity investors' stakes in several energy producers have lost them at first.
man Stanley Fischer said this and income. Thanks to nega- the executive who spear- much of their value since June 2014, when oil prices began to slide. Around 2000, KKR began
month. The Fed said in recent tive rates elsewhere around headed both megadeals, which assigning its deal-makers to
materials related to its annual ended in bankruptcy, and a Decrease in value specific sectors. Mr. Lipschultz
of private-equity stake Change in share price*
1.706%
bank “stress tests” that big fi- shift of the firm’s energy lead- got energy. In 2007, after a
nancial institutions need to ership from New York finan- Antero Resources $7.94 billion –60% few other utility deals gener-
model how they would per- ciers to industry specialists in ated big profits, KKR and oth-
form under negative borrow- Yield on benchmark 10-year Houston. It marks the end of EP Energy 4.22 –87 ers paid $32 billion to take
ing costs. Treasury note on Wednesday an era for the firm, which, un- TXU private in the biggest lev-
The prospect would face a der Mr. Lipschultz, made a Eclipse Resources 3.16 –97 eraged buyout on record.
number of challenges. A cen- huge push into energy buyouts A string of relatively small
Laredo Petroleum 1.63 –82
tral impediment is the law au- the globe, U.S. Treasury bonds at the behest of its co-found- but lucrative deals flipping
thorizing the Fed to pay inter- offer some of the highest ers, Henry Kravis and George drilling properties to big oil
Cobalt Int’l Energy 1.14 –87
est to banks on reserves they yields in the developed world. Roberts. companies followed. In one,
deposit with the central bank. “U.S. yields are still much Mr. Lipschultz said the Memorial Resources KKR invested about $330 mil-
Development 0.99 –54
The Fed now is paying 0.5%, a higher than many other move away from big energy lion in Pennsylvania gas fields
rate it moved up from 0.25% in peers, creating demand,” said buyouts started not long after Kosmos Energy 0.92 –64 and the next year came away
December in hopes the econ- Mary Ann Hurley, vice presi- the Samson buyout, which with $1.5 billion when Royal
omy and job market would dent of trading at D.A. David- quickly soured when natural- Rice Energy 0.43 –70 Dutch Shell PLC. bought the
keep improving. son & Co. gas prices plummeted. properties.
The 2006 law granting the Should the economy sink, “Starting in 2012, we *As of Feb. 10 Sources: FactSet; company filings THE WALL STREET JOURNAL. In 2011, KKR and other in-
Fed that authority says depos- some economists say the Fed viewed the market for energy vestors paid $7.2 billion for
itory institutions “may receive will have no choice but to find private equity as becoming quarter results Thursday, ruptcy protection in 2014 and family-owned Samson in the
earnings to be paid by the a way around the impediments overheated and overcapital- stressed the lack of energy- 2015, respectively. biggest-ever leveraged buyout
Federal Reserve.” That lan- to engineering negative rates. ized,” Mr. Lipschultz, who is price exposure in the firm’s $9 Though KKR has absorbed of an oil-and-gas producer.
guage—“to be paid”—might In almost any likely reces- leaving KKR to launch a lend- billion buyout fund in a memo losses from those deals, en- They paid about half the price
prevent the Fed from charging sion scenario, the Fed won’t ing firm, said in an interview to employees last week outlin- ergy investments continue to with cash, more than the 30%
interest on deposits without have been able to raise rates Tuesday. “While others were ing the changes to its energy exact a toll. One energy-spe- or so typical in buyouts, but
new legislation from Congress. high enough to then lower forming dedicated energy pri- team. Messrs. Kravis and Rob- cific fund KKR raised in 2010 even that left too much debt
The Fed looked at the legality them enough to provide real vate-equity funds to do even erts wrote that smaller wagers had annualized losses of on Samson’s books.
of negative interest rates in economic lift, said Scott Sum- more energy private-equity in- on oil and gas have been “a roughly 47%, after fees, Samson, which had nearly
2010 but didn’t reach firm ner, an economics professor vesting, we pulled back.” very intentional portfolio con- through September. Outstand- enough cash on hand to pay
conclusions, Ms. Yellen said with George Mason Univer- Founded in 1976, KKR made struction feature.” Without ing investments made by two off all of its debt before the
Wednesday. sity’s Mercatus research cen- its name acquiring companies much drag from energy prices, newer resources funds were buyout, suddenly had hun-
The Fed faces more practi- ter. So to get there, the Fed with a combination of inves- that fund has annualized gains marked well below cost. dreds of millions of dollars of
cal barriers, too. Fed computer will have to go under zero tors’ cash and borrowed of 18.7%, after fees, according KKR’s rivals haven’t been annual interest expenses.
systems for calculating inter- with its short-term rate target, money, which can amplify re- to a regulatory filing. immune to the decline in en- Shortly after closing the
est on reserves don’t allow for he said. “When we next go turns. But for energy compa- KKR lost roughly $4 billion ergy prices. Since June 2014, deal, natural-gas prices fell to
negative rates, though they into recession, we’ll go nega- nies, buyout debt can be too for itself and its investors when oil prices began a slide their lowest level in a decade.
could be modified, according tive,” he said. big a burden when oil and gas when TXU, now known as En- to below $30 a barrel from The decline ultimately bank-
to an internal Fed memo from —Min Zeng contributed to prices drop sharply. ergy Future Holdings Corp., above $100, private-equity rupted both Samson and En-
2010 that was authorized for this article. KKR, which reports fourth- and Samson filed for bank- firms’ stakes in 12 publicly ergy Future.
PayPal Stops Ad Parody Hong Kong Reopens, and Shares Fall

BY TELIS DEMOS ers shared it, PayPal re- BY CHAO DENG tralia’s S&P ASX 200 was up age has shed 7.6% over the 35% in Japan.
sponded by asking websites to 0.5% after a choppy morning. past two sessions, amid wor- Shares of HSBC Holdings
PayPal Holdings Inc. this remove the video. As of Mon- Stocks in Hong Kong fell Overnight, U.S. Federal Re- ries about the course of the PLC were last off 5.2%.
week blocked a parody of its day, the parody ad had been sharply Thursday, catching up serve Chairwoman Janet Yel- U.S. interest-rate policy and Sentiment in the Asian cur-
“New Money” Super Bowl ad blocked. with deep selloffs in the re- len flagged risks to the eco- the health of global banks. rencies market was better.
that swapped in “bitcoin” as “Our vision of New Money gion as the market reopened nomic outlook that could Shares in Australia have fallen Most currencies in the region
the future of money. includes Bitcoin,” a PayPal after an extended holiday. delay the central bank’s plans for four-straight sessions, hit- were up.
PayPal, which lets users and spokeswoman said in an email The Hang Seng Index was for raising interest rates. Low ting their lowest levels since The Indonesian rupiah, last
businesses pay digitally in a on Wednesday. “But to avoid down 4% at 18526.03, near the interest rates in the U.S. have July 2013 on Wednesday and up 0.5% against the U.S. dol-
variety of ways, was one of a customer confusion, we asked lows of the session, at the stoked gains in global shares falling more than 20% from lar, touched its strongest level
few financial upstarts to spend them for the video to be re- lunch break. for years. their recent peak, defined as since October 2015, at 13,325
big money on a spot during moved.” The Hang Seng China En- Still, the S&P 500 edged entering bear-market terri- to one greenback.
last Sunday’s Super Bowl 50 PayPal primarily helps peo- terprises Index of Chinese lower as investors remained tory. But investors were still
football game. ple transfer money in tradi- firms trading in Hong Kong hesitant amid wild swings in On Thursday, Japanese seeking havens, amid market
The commercial that was tional currencies, but it also plunged 4.8% at 7665.74, be- markets this year. markets were closed for a na- volatility.
published online earlier this works with bitcoin. It has low the key 8000 level. “It was not all rosy in Yel- tional holiday. The Japanese yen was up
month and ran during the partnered with companies Markets in Hong Kong were len’s eyes,” Bernard Aw, mar- Financial stocks in Hong another 0.5% at ¥112.72 to one
game touts PayPal as “New such as digital wallet provider closed Monday to Wednesday ket strategist at brokerage IG, Kong fell 4.5%, leading that U.S. dollar, near its highest
Money” against “Old Money” CoinBase to accept bitcoin for the Lunar New Year holi- wrote in a note. “Market vola- market’s losses. level in more than a year.
like paper cash and banks that payment via PayPal’s Braintree day. Mainland China markets tility is a major consider- The banking sector has Gold prices rose to an
close at 5 p.m. platform. Braintree powers on- remain closed until Monday. ation” in the bank’s plans to been one of the worst per- eight-month high above the
But the message apparently line payments for companies Elsewhere, South Korea’s raise rates, he added. formers in Asia this year, psychological level of $1,200
riled some backers of bitcoin, such as Uber Technologies Inc. Kospi was off 2.9%, while Aus- Japan’s Nikkei Stock Aver- down 20% in Hong Kong and an ounce.
who consider the digital cur- “Imitation is the sincerest
rency “the new money.” form of flattery,” the PayPal
Shiloh Silverman, who runs
a video production firm called
Silver Park Studio, created a
version of the ad that swapped
spokeswoman said in the
email. “I think this demon-
strates just how excited cus-
tomers are about the concept
AIG cial-services companies, it re-
ceived a U.S. government bail-
out in the 2008 financial crisis
that approached $185 billion.
son. They thought they
“dodged a bullet.”
Still, AIG subsequently re-
tained Morgan Stanley bank-
sage as, “This isn’t personal.
It’s just business.” He also
cautioned directors about a
potentially bruising battle
in images of people using bit- behind PayPal’s ‘New Continued from the prior page AIG had paid back the entire ers to focus on possible dives- from a proxy fight.
coin and substituted “PayPal” Money’ campaign.” gency while persuading share- bailout by late 2012. titures, several people said. “We shouldn’t adopt a siege
to proclaim “Bitcoin is newer “I’m not a bitcoin fanatic, I holders that the activist inves- Mr. Hancock has been un- As summer was ending, Mr. mentality,’’ Mr. Hancock told
money.” just love the whole world of tor’s plan won’t fix—and may der pressure to improve per- Hancock had more reason for company executives and board
After Mr. Silverman posted it,” Mr. Silverman said in an exacerbate—the company’s formance for much of his ten- concern: AIG’s third-quarter members. Mr. Icahn “has a
the video to YouTube and oth- interview. problems. ure since he succeeded Robert results were shaping up very substantial following,’’
Mr. Icahn wants to break Benmosche, now deceased, in poorly. and the CEO needed to assess
apart AIG’s three main insur- September 2014. Then Mr. Icahn surfaced. whether AIG was kidding itself
ADVERTISEMENT ance businesses—life, prop- In March 2015, Mr. Hancock In mid-October, a letter ar- in rejecting a breakup.
erty-and-casualty, and mort- met with John Paulson, of rived at the office of AIG’s Mr. Hancock also began
Legal Notices
gage—a move he said would
help AIG escape new federal
Paulson & Co., and the hedge-
fund manager proposed split-
general counsel in which Mr.
Icahn said he was buying AIG
sounding out big investors. At
one mid-November session at
regulations and boost share- ting the company apart to al- shares. Though the letter was AIG, he had a testy exchange
holder returns. Mr. Hancock low it to escape designation addressed to AIG, the saluta- with Mr. Paulson’s lieutenant,
DEA has said the benefits of being by federal regulators as a tion contained the name of the Charles Murphy.
a conglomerate far outweigh “systemically important finan- general counsel of mining Asking about a report that
LEGAL
the regulatory burdens and is cial institution.” That label re- company Freeport-McMoRan AIG might sell a financial-ad-

advocating his alternative quires thick capital buffers for Inc., where Mr. Icahn had ob- visory business, Mr. Murphy

plan, which includes $25 bil- absorbing potential losses, tained two board seats that questioned if AIG’s sales pro-
NOTICES
!" # $% &
' ( )(# ) lion in share buybacks and and Mr. Paulson and a lieuten- same month. The mistake was cess was rigorous enough to
) '
( dividends, select divestitures ant argued that firms not des- met with derision inside AIG, fetch about $1 billion. Mr.
' (( ) ( *+ ' and more-aggressive cost-cut- ignated as systemically impor- where some saw it as evidence Hancock responded: “If you
( )( ,- ADVERTISE TODAY ting. tant have higher stock of Mr. Icahn’s cookie-cutter want to buy it for that price,
*+ ' (
' #(( & ' “There is no easy way to multiples than those that are. approach. we’ll sell it to you today.” AIG
( '
( # # *+ '
(
(800) 366-3975 make this company valuable. Mr. Hancock replied that he On Oct. 28, Mr. Icahn announced the unit’s sale, for
' ) ( ((# . //
& # $% $ 0++00
sales.legalnotices There are no shortcuts,” Mr. realized he needed to do more posted a letter on his website an undisclosed price, in Janu-
(. +120021+03 ) @wsj.com Hancock said in an interview. turnaround work and would promoting a breakup, quoting ary.
( ( This account of AIG’s reconsider their ideas, but also

,) -00+ 4'.
Mr. Paulson. In talking about the future
!0" 56 () -
Place an ad with the sponse to recent pressure described benefits of remain- During an earnings call lately, Mr. Hancock has repeat-
(71+6+06+ 8 self-service tool at: from Mr. Icahn and other big ing a diversified conglomer- on Nov. 3, Mr. Hancock said edly qualified comments by
+*20121++* . 1*6 9*
7 * $ $ 0++19:
wsj.com/classifieds investors is based on inter- ate. AIG was already on course to adding, jokingly, “if I still have

,) -/; 4' !0" < %(
=( 56 () - - views with more than 20 cur- After that meeting, senior simplify its operations, and a a job,” two people said. One
( 7+155*9 8 rent and former AIG execu- AIG executives concluded that breakup wasn’t in sharehold- person who knows him said it
+52+521++0 1+00
&
>, $ 0+56;:

tives, investors and others Mr. Paulson understood the ers’ best interests. reflects that “he knows he’s
,) -11 4' !0" who have talked to the com- company’s perspective and Days later, he visited Mr. up against a huge, powerful
? *9 ( ?&(& (7
@66;5+3 8 +520*21++0 - pany or board members. would give the company time Icahn’s office. adversary” in Mr. Icahn. “That
. 4 (( 0+3-01 A
? 6 >%(' $ 0010+ © 2016 Dow Jones & Company, Inc.
AIG is in some ways an un- to improve results. “There was Afterward, the CEO met doesn’t mean he’s petrified.”
All Rights Reserved. likely activist target. Once one this high-fiving going on,” re- with fellow directors and —David Benoit
of the world’s largest finan- called a knowledgeable per- summed up Mr. Icahn’s mes- contributed to this article.
THE WALL STREET JOURNAL. * * * * * Thursday, February 11, 2016 | C3
GLOBAL FINANCE
A Look at Deutsche Bank’s Bond Buyback
BY CHRISTOPHER WHITTALL exacerbated by weak financial bond payment and expects to What’s the likely plan? tives book. A lower swaps tal issues remain, particularly
AND JENNY STRASBURG results, uncertainty about a be able to make 2017 pay- A debt buyback would likely spread typically makes deriva- with uncertainty over broader
restructuring of the bank, and ments as well. Deutsche is focus on the bank’s senior tives positions less costly to markets that are key to
The news that Deutsche market moves beyond the considering buying back sev- debt, not its CoCos. The bank fund and would reassure other Deutsche’s bottom line. Inves-
Bank AG is considering buying bank’s control. The worries eral billion euros of its debt, a could either start purchasing banks that trade with tors have been concerned it
back a chunk of its own debt spread to bond prices, which move aimed at shoring up its its own bonds on the open Deutsche. The bank also needs won’t be able to cut costs ade-
has sparked a rally in Euro- are usually more resilient than bonds. Separately, Deutsche’s market or announce a formal to hold on to corporate clients, quately and meet regulatory
pean banking shares, which stocks, with the bank’s debt new co-chief executive, John tender. In the latter case, it who might otherwise be requirements to boost its capi-
had taken a beating this year. selling off sharply. Fears that Cryan, told employees the would announce a pool of tempted to move deposits and tal levels. Buying back a few
We step through what Ger- Deutsche may not be able to bank is “rock solid.” bonds trading below face business elsewhere. By doing a billions euros of its debt at a
many’s largest lender by as- pay an interest payment due How have the moves been value that it intends to buy at buyback, Deutsche could sig- discount would increase capi-
sets is contemplating and why. in April on one of its junior received? a set price, most likely above nal to investors that the mar- tal levels marginally and
Why is Deutsche Bank in bonds—contingent convertible On Wednesday, Deutsche’s market levels to tempt inves- ket is undervaluing these se- shrink its balance sheet,
the headlines? debt, known as CoCos—fur- shares rose 10%. Its bonds also tors to participate. curities. It also would boosting its capital ratios. But
It is troubled. Deutsche ther fanned the flames. rallied. The cost of insuring Why buy its own bonds? underscore that Deutsche has questions about the bank’s
Bank stock was down 34% year What has it done? against a default for five years To show strength. One goal access to the cash it needs to ability to generate profits
to date through early after- Several things. Late Mon- on Deutsche senior debt using would be lowering its funding take such a step. would remain. The road ahead
noon Wednesday. Long-stand- day, the bank released a rare credit-default swaps fell costs, which are tied to its So, is the crisis over? is likely to be long and rocky.
ing worries that the bank is statement saying it had $28,000, to $225,000 a year, credit-default-swaps spread. Hardly. Some pressure has —Paul Davis
too thinly capitalized had been enough funds to make that according to Markit. Deutsche has a large deriva- been relieved, but fundamen- contributed to this article.
Debt Talk Finance

METLIFE
Judge Sets Challenge
Bolsters Watch For U.S. Lawyers

A U.S. district judge in Wash-
ington challenged government
Shares lawyers in a hearing on MetLife

Inc.’s push to overturn its desig-
nation as a “systemically impor-
Of Lender EUROPEAN UNION

Market Revamp
tant financial institution”—a tag
created by the 2010 Dodd-Frank
law that comes with strict fed-
BY ANDREA THOMAS OLIVIER HOSLET/EUROPEAN PRESSPHOTO AGENCY Delayed by a Year eral oversight.
The European Union proposed Judge Rosemary Collyer told
Shares in Deutsche Bank a one-year delay for financial- Justice Department lawyers, rep-
AG rose 10% Wednesday fol- market overhauls set to take ef- resenting the Financial Stability
lowing news that the German fect in 2017 because of the Oversight Council, that she was
lender is considering buying technical challenges regulators “trying to figure out” how their
back some of its debt. and market participants would process for tagging the company
Deutsche Bank’s share price face in putting the rules into was reasonable.
has fallen sharply in recent practice on time. Her questions went to the
sessions and is down more The Markets in Financial In- heart of criticism, raised by
than 30% this year amid a struments Directive II was MetLife and others, that U.S.
broader selloff of European agreed upon in 2014 in response regulators have swept compa-
lenders over concerns about to the 2008 financial crisis and nies in for stricter regulation
banks’ capital buffers and abil- aims to curb risky securities without sufficient cause or ex-
ity to navigate volatile mar- ‘This is an important step forward,’ said Jonathan Hill, the EU’s financial-services chief. trading. planation.
kets. The legislation was scheduled She also expressed skepti-
U.S., European Regulators

The selloff has raised con- to take effect Jan. 3, 2017. But cism about some of MetLife’s
cerns in Germany that insta- the “exceptional technical imple- arguments, however.
bility in the financial sector mentation challenges” faced by She said that the legal stan-
could spread to the broader financial firms and the complex dard Congress set for labeling a
Reach Deal on Derivatives

economy. infrastructure that must be set company systemically important
The German Chambers of up to comply with the rules was a relatively low bar—imply-
Commerce, or DIHK, which have necessitated a delay, ac- ing that policy makers didn’t
represents three million busi- cording to the European Com- need to do much to justify their
nesses, said that the ability of BY ANDREW ACKERMAN Hill, the EU’s financial-services est economies, ordered most mission, the EU’s executive arm. actions.
small and medium-size compa- AND VIKTORIA DENDRINOU chief. of the trades onto open plat- —Viktoria Dendrinou —Ryan Tracy
nies to secure financing could “Our agreement is critical forms and routed through
be compromised. Regulators in Washington to ensuring that our global de- clearinghouses that take fees
“There is nobody who is and Brussels struck a deal ad- rivatives markets remain ro- to guarantee trades.
happy about what’s happening vancing a central plank of bust, while keeping our finan- A goal is to provide regula-
right now,” said DIHK Manag- post-financial-crisis efforts to cial system as stable and tors with a better view of po-
ing Director Martin Wansle- coordinate rules for deriva- resilient as possible,” CFTC tential risks to the financial
JASPER JUINEN/BLOOMBERG NEWS
ben. “We need strong banks.” tives, which played a central Chairman Timothy Massad system.
Signs or suggestions that role in the 2008 financial melt- said. Though the CFTC has com-
businesses and individuals are down. Wednesday’s agreement is a pleted the bulk of its swaps
feeling knock-on effects could The long-awaited deal be- win for U.S. entities like CME rules, progress abroad has
deepen concerns expressed by tween the Commodity Futures Group Inc. and Intercontinen- been slow, particularly in Eu-
investors over the vulnerabil- Trading Commission and the tal Exchange Inc. Without the rope.
ity of the banking sector and European Commission, the Eu- equivalence blessing, European Scott O’Malia, chief execu-
the strength of global growth. ropean Union’s executive arm, banks that choose to clear tive of the International Swaps
Deutsche Bank’s shares re- revolves around the regulation their trades in the U.S. would and Derivatives Association, a
bounded Wednesday after a of clearinghouses—entities financial trade group, said the European Union flags fly outside the European Council building.
person familiar with the mat-
ter confirmed that the lender’s
that are supposed to help pre-
vent a marketwide collapse by
A goal is to give deal avoids the risk of market
disruption that could have
executives had been discussing ensuring either party in a de- regulators a better been triggered by certain Eu-
buying a chunk of bank debt
to convey their view that the
rivatives transaction would get
paid if the other side defaults.
view of potential ropean regulations that go into
effect later this month.
market is undervaluing its se- Under the agreement, Euro- risks to the system. Mr. O’Malia said he hoped
curities. The plans were re- pean policy makers will accept the agreement would pave the
ported Wednesday by the Fi- U.S. clearing regulations as way for additional deals be-
nancial Times. equivalent to their own, end- have faced steep capital tween the U.S. and Europe.
Germany’s finance minister, ing an impasse that had lasted charges, which industry offi- As part of Wednesday’s
Wolfgang Schäuble, said Tues- for more than two years and cials said would have been un- deal, both sides agreed to
day at a finance conference in complicated efforts to estab- duly costly. make tweaks to their respec-
Paris that he had “no concerns lish a system of oversight for The agreement also means tive rules related to margin,
about Deutsche Bank.” the multitrillion-dollar deriva- European clearinghouses will capital collected to offset pos-
A Finance Ministry spokes- tives market that is “largely be able to do business in the sible losses if one side of the
woman said Wednesday that equivalent” across borders. U.S. more easily, Mr. Hill said. derivative trade defaults.
the government had no plans Derivatives, including Policy makers weren’t spe- Broadly speaking, the deal
to hold top-level talks about swaps, are used by firms to cific about the timetable for entails European policy mak-
Germany’s banks. hedge or speculate on every- implementing the deal, saying ers moving closer to the U.S.
Deutsche Bank co-Chief Ex- thing from moves in interest the changes would occur as on rules regarding the amount
ecutive John Cryan wrote in a rates to fuel costs. U.S. and Eu- soon as is practicable. of margin that clients of banks
letter to colleagues on Tues- ropean regulators oversee the For decades, trading in must post to clearinghouses,
day that the lender remained vast majority of the deriva- swaps was conducted pri- CFTC officials said. In ex-
“rock solid,” despite the dras- tives markets. vately, away from transparent change, the U.S. will move
tic drop in its share price. “This is an important step exchanges. But after the finan- closer to European standards
—Christian Grimm forward for global regulatory cial crisis, global regulators, on margin that banks post at
contributed to this article. convergence,” said Jonathan backed by the world’s 20 larg- clearinghouses, they said.
BASS ment bonds, agency debt and

stocks—that totaled $1.76 tril-
lion as of last October. China
also held about $100 billion in
sets at CIC were at $652.7 bil-
lion as of 2014, according to the
company.
The letter from Mr. Bass
ing its portfolio after studying
China’s banking system and
being stunned at its rapid ex-
pansion of debt. The firm’s
Continued from page C1 bonds in Japan and $60 billion marks the latest effort by hedge analysis suggested that past-
such as policy banks and one of in German securities, according funds and other investors to due loans would rise sharply
its sovereign-wealth funds. to Goldman Sachs Group Inc. raise doubts about the underly- and eventually require a huge
“The view that China has Beyond that it isn’t clear ing health of the Chinese econ- injection by the central gov-
years of reserves to burn whether China’s total includes omy, which has slowed sharply ernment to recapitalize the
through is misinformed,” Mr. capital injected into China’s pol- in recent years amid a global banks.
Bass wrote. “China’s back is icy banks, foreign-currency commodity bust, and whether In the letter, Mr. Bass wrote
completely up against the wall loans to other countries and its officials in China will be able to that the assets in China’s
MONEYBEAT
today, which is one of the pri- commitments for multilateral avoid devaluing their currency, banking system are equivalent
mary reasons why the govern- initiatives, such as the Asian In- the yuan. to 340% of the country’s gross
ment is hypersensitive to any frastructure Investment Bank. The 11-page letter, Mr. Bass’s domestic product and that the
comments regarding its reserve It also isn’t known whether first to his investors in more PBOC would need to print
levels or a hard landing.” China’s sovereign-wealth fund, than two years, contains some more than $10 trillion worth of
Last month, a spokeswoman China Investment Corp., is of his most-detailed comments yuan to recapitalize its banks. MAKE TIME FOR YOUR GUIDE TO WHAT’S
of the State Administration of counted. In 2007, China’s Fi- yet on the thinking behind his The magnitude of losses by SHAPING TODAY’S GLOBAL MARKETS.
Foreign Exchange said China nance Ministry issued 1.55 tril- fund’s China short. Hayman, China’s banking system “could Get the pulse on deals and dealmakers, banks,
has ample foreign-exchange re- lion yuan in specialty treasury starting last year, sold off the exceed 400% of the U.S. bank- private equity, hedge funds, and bankruptcies.
serves as measured by the abso- bonds and used the proceeds to bulk of its investments in ing losses incurred during the
lute amount and against other purchase $200 billion in for- stocks, commodities and bonds subprime crisis,” he wrote.
adequacy ratios such as imports eign-exchange reserves, which to focus on shorting Asian cur- China has several levers to Visit WSJ.com/Moneybeat
and external debt. was injected into CIC. Though rencies in the biggest concen- pull, including cutting interest
“It’s a robust foundation for the initial capital infusion came trated wager it has made since rates to zero and using re-
the country to withstand any from a reduction in the reported its profitable bet years ago serves to recapitalize its
external shocks,” said Wang reserves at the time, it is un- against the U.S. housing market, banks, the letter said, but “ul-
Chunying, the spokeswoman. clear whether any of the subse- The Wall Street Journal re- timately a large devaluation
China’s reserve holdings in- quent injections were taken ported last month. will be a centerpiece of the re-
clude U.S. securities—govern- from the same source. Total as- Hayman began reposition- sponse.”
C4 | Thursday, February 11, 2016 * **** THE WALL STREET JOURNAL.
IN THE MARKETS
U.S. Stocks China Grabs Attention
Give Back As a Producer of Oil
The Day’s China’s role as a big oil con-
sumer has become a crucial
factor in energy markets in re-
news for prices, which have
been languishing near multi-
year lows amid a global glut
Advances cent years. Now, its role as a

producer is gaining attention.
and weak demand in the rest
of the world.
“The situation in China is
BY SAUMYA VAISHAMPAYAN By Brian Spegele that they know there is signifi-
in Beijing and cant below-ground potential in
PATRICK T. FALLON/BLOOMBERG NEWS
U.S. stocks gave up gains Jenny W. Hsu China, but it is cheaper to im-
heading into the close, drag- in Hong Kong port,” said Peter Lee, an en-
ging major indexes to a fourth ergy analyst at BMI Research,
consecutive session of losses. China is among the world’s a unit of Fitch Group.
The Dow Jones Industrial top five oil producers, but its While production cuts else-
Average fell 99.64 points, or fields are growing depleted where have been minimal, in-
0.6%, to 15914.74. The blue-chip and are increasingly expensive dustry analysts say China’s out-
index earlier rose as much as to pump. The country’s leading put could fall by between
188 points. compa- 100,000 and 200,000 barrels a
The S&P 500 finished near COMMODITIES nies are day this year. Domestic output
the flatline, slipping less than a Trade-show attendees play a game by Activision Blizzard. Its shares were among the day’s top gainers. choosing reached a record of about 4.3
point to to leave million barrels a day in 2015,
WEDNESDAY’S 1851.86. “When you get this kind of Bessemer Trust. Still, Mr. Tan- “There was a bit of a panic more of their oil in the ground, based on government data.
MARKETS The only [move], it creates caution,” ious, who still favors stocks, [around European banks] Mon- and some analysts say Chinese “China’s declining crude
two S&P said Tom Wright, director of said this year’s declines have day and Tuesday, and I think oil output may have peaked. production will help narrow
sectors to equities at JMP Securities. “It been overdone, driven by anxi- there’s a realization things China Petroleum & Chemi- the supply surplus in the
end higher were health care take some time or a new cata- ety. “I don’t know that the un- aren’t quite that bad,” said cal Corp., better known as Sin- global market,” said Nelson
and technology, which have lyst to change the level of cau- derlying fundamentals justify Paul Brain, head of fixed in- opec, recently said its crude Wang, an oil analyst at the
tumbled more than the broader tion.” these wild swings,” he added. come at Newton Investment production fell nearly 5% last brokerage CLSA in Hong Kong.
index this year. Activision Federal Reserve Chair- Treasurys rose slightly, Management. year. Its rival, state-owned Analysts doubt domestic
Blizzard was among the top woman Janet Yellen high- erasing earlier losses. The 10- —Riva Gold PetroChina Co., said oil out- production will rebound soon,
gainers, rising $1.34, or 4.7%, lighted several risks to the eco- year Treasury yield slipped to contributed to this article. put fell 1.5% over the first given scant investment by
to $30.15. nomic outlook that could affect 1.706%, hitting a fresh one-year three quarters of 2015; it China’s oil giants in domestic
The Nasdaq Composite rose plans to raise rates, giving a low, from 1.728% Tuesday. AUCTION RESULTS hasn’t released fourth-quarter projects. Cnooc says its capital
Here are the results of Wednesday's Treasury
14.83 points, or 0.3%, to downbeat tone to her semian- U.S. crude oil fell 1.8% to auction. All bids are awarded at a single price at the data yet. Together, Sinopec spending will be down 40%
market-clearing yield. Rates are determined by the
4283.59. Hard-hit biotechnol- nual testimony to Congress. $27.45 a barrel, while Brent difference between that price and the face value. and PetroChina account for this year from its 2014 peak.
ogy stocks rose 0.7%. Her comments played into the crude, the global benchmark, 10-YEAR NOTES about 75% of Chinese oil pro- The marginal cost of pro-
Recent stock-market rallies concern that after years of un- rose 1.7% to $30.84 a barrel. Applications $60,686,093,700 duction, according to research duction at some of China’s
Accepted bids $24,806,001,500
have been short-lived as wor- even growth, the U.S. economy European stocks rallied af- " noncompetitively $24,374,000
firm Energy Aspects. most expensive fields is now
ries persist about global is becoming more vulnerable ter a sharp pullback. The Stoxx " foreign noncompetitively $0 Cnooc Ltd., China’s third- around $40 a barrel, versus
Auction price (rate) 99.039809
growth, the sharp decline in oil to the global slowdown. Europe 600 advanced 1.9% af- (1.730%)
largest oil producer—which the $30 at which oil has been
prices and uncertainty around “Statistically speaking, this ter declining for seven consec- Interest rate 1.625% produces most of its oil from selling recently. That makes it
Bids at clearing yield accepted 4.46%
central-bank policy. The S&P cycle is getting long in the utive sessions. Bank stocks in Cusip number 912828P46
offshore fields—also said last unprofitable for Chinese oil
500 has fallen more than 9% so tooth,” said Joseph Tanious, the index rallied 4.9%, but have The notes, dated Feb. 16, 2016, mature on Feb. 15, month it expected output to companies to keep producing.
far in 2016. senior investment strategist at tumbled 24% this year. 2026. decline by 5% this year, after Even with a drop in Chinese
years of rapid growth. output, global supply likely
As China’s production starts will exceed demand by about
RACER “Scott Tucker and Timothy

Muir targeted and exploited mil-
lions of struggling, everyday
people by charging illegally high
Among self-funded race car
drivers, Mr. Tucker was rela-
tively successful, finishing 10th
overall and third in his class in
The FTC named Level 5 as a de-
fendant in the lawsuit. A lawyer
for Level 5 didn’t respond to a
request for comment.
to decline, demand for oil
from overseas should remain
firm. That would be good
1.5 million barrels of oil in the
first half of 2016, the Interna-
tional Energy Agency says.
Continued from page C1 interest rates—as much as 700 the 2011 Le Mans, a race that AMG Services and several
clined to comment. A lawyer for percent,” U.S. Attorney Preet attracts the rich and famous other lending businesses agreed China's Oil Slide
Mr. Muir didn’t respond to a re- Bharara said in a statement. who can afford to assemble the to pay about $25 million in a Oil output from China is likely to fall this year and companies are
quest for comment. According to prosecutors, equipment and personnel re- series of settlements to settle investing less.
Mr. Tucker, a businessman Mr. Tucker used proceeds from quired to compete: the late Paul charges brought by the FTC last
who reinvented himself as a the illegal operation to pur- Newman, for example, finished year that alleged the companies China oil production in millions Capital spending by China’s
race-car driver, had drawn scru- chase race cars and finance his second in the 1979 edition. were part of an online loan op- of barrels a day three largest oil companies
tiny through several payday- racing team, Level 5 Motor- Mr. Tucker also isn’t the first eration that charged consumers Est.: 4.1-4.2
PetroChina
lending operations, including sports, as well as buy a luxury to have potentially funded his undisclosed fees. 4 400 billion yuan
Sinopec
AMG Services Inc., that regula- home in Aspen, Colo., and other car-racing sideshow through ill- The FTC said the operation
Cnooc
tors have said he controlled. expenses. gotten means. Randy Lanier, the misled consumers, telling them
Prosecutors said Mr. Tucker Mr. Tucker has raced on 1986 Indianapolis 500 Rookie of in loan documents, for example, 3 300
tried to hide his $2 billion busi- American and European cir- the Year, was convicted in 1988 that a $300 loan would cost
ness by claiming it was owned cuits, including the renowned for operating a widespread $390 to pay back, but then
and operated by Native Ameri- 24-hour Le Mans race.In 2006 drug- smuggling operation. charging $975. The agency said 2 200
can tribes. he founded Level 5 and estab- The FTC has been investigat- the lenders, who operated un-
Prosecutors also announced lished the team as a player in ing Mr. Tucker for several years der the brand names Ameril-
a settlement with two tribal the American Le Mans Series, a and asked a Nevada federal oan, United Cash Loans, US Fast 1 100
corporations controlled by the tour of endurance races. The judge in January to order Mr. Cash, Advantage Cash Services
Miami Tribe of Oklahoma, a Na- team has won four champion- Tucker to pay $1.3 billion in and Star Cash Processing, didn’t
tive American tribe, under ships, according to its website. damages that the agency said accurately disclose the annual- 0 0
which the companies agreed to But, according to prosecutors were due to borrowers over- ized interest rates of loans ex- 2006 ’08 ’10 ’12 ’14 ’16 2010 ’11 ’12 ’13 ’14 ’15*
forfeit $48 million in criminal and the Federal Trade Commis- charged by Mr. Tucker’s payday- tended to consumers. *Analysts’ estimates
proceeds from Mr. Tucker’s sion, the team was mostly lending companies. The judge —Andrew Beaton Sources: China’s National Bureau of Statistics (production);
payday lending enterprise. funded by predatory loans. has yet to rule on the lawsuit. contributed to this article. the companies (capital spending) THE WALL STREET JOURNAL.
Biggest 1,000 Stocks | WSJ.com/stocks Stock

Net
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Net
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Net
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How to Read the Stock Tables ChinaMobileADR CHL 52.76 0.40 Embraer ADR ERJ 28.76 0.21 Hanesbrands HBI 25.04 1.01 LennoxIntl LII 115.79 1.82 Novartis ADR NVS 72.99 0.37 RepublicServices RSG 44.29 0.45
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed ChinaPetroleumADR SNP 53.54 0.63 EmersonElectric EMR 45.77 -0.66 HarleyDavidson HOG 38.99 0.28 LeucadiaNational LUK 14.92 -0.04 NovoNordiskADR NVO 47.91 1.33 ResMed RMD 57.74 0.56
securities. Prices are composite quotations that include primary market trades as well as trades ChinaSoAirlinesADR ZNH 25.79 0.35 EmpresaNacADR EOC 38.79 0.26 HarmanIntlInds HAR 69.37 1.73 Level3Comm LVLT 45.65 1.33 Nucor NUE 38.95 0.04 RestaurantBrands QSR 30.53 0.28
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock ChinaTelecomADR CHA 45.68 0.67 EnbridgePtnr EEP 15.60 -0.40 Harris HRS 72.72 -0.01 LibertyPropertyTr LPT 27.60 0.03 NuSTAREnergy NS 28.54 -0.20 ReynoldsAmer RAI 47.46 -0.23
Exchange, ISE and BATS. ChinaUnicomADR CHU 10.53 0.09 Enbridge ENB 31.57 -0.67 HrtfrdFnl HIG 39.74 -0.26 EliLilly LLY 73.07 -0.16 OGEEnergy OGE 26.24 -0.04 RioTinto ADR RIO 25.25 -0.11
The list comprises the 1,000 largest companies based on market capitalization. ChipotleMex CMG 448.81 7.88 ECA 3.49 HealthNet HNT 61.44 -0.50 LincolnNational LNC 34.28 0.48 ONEOK OKE 20.91 0.28 RiteAid RAD 7.78 0.02
Underlined quotations are those stocks with large changes in volume compared with the issue’s
Encana -0.34
average trading volume. Chubb CB 111.69 1.11 EnduranceHldgs ENH 61.53 0.54 Helmerich&Payne HP 46.26 -1.07 t LinkedInA LNKD101.76 0.78 ONEOKPartners OKS 25.34 -0.54 t RobHalfIntl RHI 37.70 -0.52
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous ChunghwaTelecomADR CHT 31.32 -0.05 EngyTrnsfrEqty ETE 5.25 0.68 Herbalife HLF 43.98 -0.01 LloydsBankingADR LYG 3.41 -0.01 OccidentalPetrol OXY 65.66 0.44 Rockwell ROK 95.55 -1.72
closing price was $2 or higher. Church&Dwight CHD 88.42 -0.07 EnergyTransfer ETP 21.63 1.29 Hershey HSY 89.75 -0.07 LockheedMartin LMT 213.95 -2.03 Och-ZiffCapMgmt OZM 4.73 0.18 RockwellCollins COL 79.57 -1.18
Footnotes: listing standards vj-In bankruptcy or Cigna CI 129.50 1.32 Enerplus ERF 2.76 -0.09 Hess HES 39.29 0.59 Loews L 36.28 -0.10 OldRepublic ORI 17.55 ... RogerComm B RCI 33.80 -0.31
s-New 52-week high. lf-Late filing receivership or being CimarexEngy XEC 83.37 1.58 EnersisAmericasADR ENI 12.17 0.17 HewlettPackardEnt HPE 12.86 0.14 Lowe's LOW 64.06 -0.09 OmegaHealthcare OHI 27.46 -0.06 RollinsInc ROL 25.19 0.31
t-New 52-week low. q-Temporary exemption from reorganized under the Citigroup C 37.41 -0.10 Entergy ETR 71.44 0.70 HiltonWorldwide HLT 18.08 0.44 LuxotticaGroupADR LUX 57.33 1.74 OmnicomGroup OMC 73.47 1.85 RoperTechnologies ROP 160.25 -1.58
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities t CitizensFinancial CFG 18.86 -0.69 EntPdtsPtnr EPD 20.74 -0.06 HollyFrontier HFC 30.41 -0.63 LyondellBasell LYB 75.02 -0.70 OpkoHealth OPK 7.85 0.09 RoyalBkCanada RY 47.51 -1.22
recent four quarters. t-NYSE bankruptcy assumed by such companies. Clorox CLX 127.91 -0.77 Equifax EFX 94.52 1.30 HomeDepot HD 114.33 0.47 M&T Bnk MTB 105.47 -2.05 Oracle ORCL 35.20 0.12 RoyalBkScotlandADR RBS 6.69 0.14
FD-First day of trading. v-Trading halted on primary Coach COH 33.65 -0.40 HondaMotorADR HMC 25.33 0.01 MGMResortsIntl MGM 17.17 0.61 OrangeADR ORAN 16.59 ... RoyalCaribbean RCL 69.39 1.37
h-Does not meet continued market. EquityLife ELS 65.94 1.50
CocaCola KO 42.55 -0.75 EqResdntl EQR 71.77 0.43 Honeywell HON 102.60 -0.12 MPLX MPLX 18.00 -0.05 OrbitalATK OA 84.57 0.31 RoyalDutchADRA RDS/A 42.30 -0.34
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
Coca-ColaFemsaADR KOF 68.78 1.08 EssexProp ESS 196.79 3.30 s HormelFoods HRL 41.67 0.24 MSCI MSCI 66.02 0.94 OrixADR IX 62.92 -3.07 RoyalDutchADRB RDS/B 42.33 -0.29
changes in the closing prices from 4 p.m. the previous day. CocaColaEnt CCE 47.57 -0.05 EsteeLaudr A EL 88.47 -1.97 DR Horton DHI 24.47 0.43 MSCIndlDirect MSM 65.63 -1.36 OwensCorning OC 43.00 1.07 SAPADR SAP 74.95 0.07
ColgatePalmolive CL 65.81 -0.07 EvrstReGrp RE 184.59 -3.32 HostHotels&Resorts HST 14.08 0.23 Macerich MAC 74.84 -0.08 PG&E PCG 56.17 0.25 SINOPECShanghaiADR SHI 39.47 0.25
Wednesday, February 10, 2016 Net Net ColumbiaPipeline CPGX 16.22 0.29 EversourceEnergy ES 54.94 0.25 HuanengPowerADR HNP 30.50 0.54 t MacquarieInfr MIC 54.72 0.62 PNC FnlSvcs PNC 81.51 -0.69 SKTelecomADR SKM 19.20 0.24
Net Stock Sym Close Chg Stock Sym Close Chg Comerica CMA 32.05 -0.40 Exelon EXC 31.12 -0.51 Hubbell HUBB 89.80 -0.16 Macys M 38.81 -0.70 POSCOADR PKX 36.27 0.27 SLGreenRealty SLG 82.72 1.53
Stock Sym Close Chg
AnheuserBuschADR BUD 116.29 0.18 BlackstoneGroup BX 24.50 0.04
t CSC CSC 27.72 -3.08 ExtraSpaceStorage EXR 79.86 0.58 Humana HUM 161.07 1.54 MagelnPtnrs MMP 59.30 -0.13 PPG Ind PPG 91.34 0.35 Salesforce.com CRM 58.76 1.43
AnnalyCap NLY 9.75 -0.02 BlockHR HRB 34.02 -0.16 ConAgraFoods CAG 40.24 0.54 ExxonMobil XOM 79.35 -0.73 HuntingtonIngalls HII 129.44 3.98 MagnaInt MGA 31.65 0.28 PPL PPL 36.27 0.14 SallyBeauty SBH 30.09 -0.09
NYSE AnteroResources AR 25.96 -0.27 BdwlkPipePtnr BWP 11.40 0.19 ConchoResources CXO 85.97 0.39 FMC FMC 34.21 -0.32 HyattHotels H 39.36 -0.09 Mallinckrodt MNK 62.49 -0.52 PVH Corp. PVH 71.58 0.49 t SanofiADR SNY 38.49 -0.38
Anthem ANTM 121.47 1.65 Boeing BA 116.36 -1.43 ConocoPhillips COP 32.34 -1.24 FMCTechnologies FTI 23.16 0.18 ICICIBankADR IBN 5.85 -0.03 ManpowerGroup MAN 72.55 -0.76 PackCpAm PKG 48.82 -1.02 SasolADR SSL 24.56 -0.90
ABBADR ABB 16.91 -0.07 ED 73.39 -0.22 IHS 95.33 -0.41 ManulifeFinancial MFC 12.45 -0.19 PaloAltoNetworks PANW 120.42 2.36 SCANA SCG 65.18 -0.10
Aon AON 92.83 -0.05 BorgWarner BWA 30.35 0.74 ConEd FactSetResearchSys FDS 139.03 1.44 IHSClA
ADTCorp. ADT 27.34 -0.06 ConstBrands A STZ 138.80 2.71 FRT 146.70 IMSHealthHoldings IMS 23.43 0.13 t MarathonOil MRO 7.13 -0.16 ParkerHannifin PH 96.07 -3.66 Schlumberger SLB 67.73 -0.07
Apache APA 35.33 -0.25 BostonProperties BXP 111.19 2.22 FedRlty -0.07
AES AES 9.53 0.02 ConstBrands B STZ/B 140.00 2.00 FDX 127.64 INGGroepADR ING 10.96 0.28 MarathonPetroleum MPC 31.67 0.27 PartnerRe PRE 140.41 0.06 t SchwabC SCHW 22.70 -0.58
ApartmtInv AIV 36.32 0.87 BosSci BSX 16.92 0.05 FedEx -2.13
Aflac AFL 57.49 -0.44 ContinentalRscs CLR 18.08 -0.10 t Ferrari RACE 33.27 IVZ 26.31 0.66 MarineHarvestADR MHG 13.47 0.25 PearsonADR PSO 10.75 -0.07 ScrippsNetA SNI 53.92 -1.08
ApolloGlobalMgmtA APO 12.95 -0.22 BristolMyers BMY 61.08 0.06 -0.69 Invesco
AGLResources GAS 64.77 0.11 Cooper COO 132.29 4.29 ITCHoldings ITC 38.89 0.24 Markel MKL 842.52 12.07 PembinaPipeline PBA 21.35 -0.09 SealedAir SEE 43.63 3.20
Aptargroup ATR 74.19 -0.22 BrixmorPropertyGrp BRX 22.14 -0.01 FiatChryslerAutos FCAU 6.18 0.30
AT&T T 36.43 -0.22 CoreLabs CLB 94.72 -1.45 t FibriaCelulose ADR FBR 9.67 IDEX IEX 71.25 -0.22 Marsh&McLennan MMC 55.51 0.23 Pentair PNR 42.88 -2.32 SempraEnergy SRE 97.11 1.21
AquaAmerica WTR 32.03 0.19 BdridgeFnlSol BR 53.53 1.31 -0.11
AbbottLabs ABT 37.21 0.21 Corning GLW 18.14 -0.33 FidNtlFnl FNF 29.79 IllinoisToolWorks ITW 90.42 0.06 MrtnMarMat MLM131.38 2.50 PepcoHoldings POM 26.34 0.14 ServiceCp SCI 22.11 -0.02
Aramark ARMK 31.26 1.05 BrookfieldMgt BAM 27.77 0.21 0.18
AbbVie ABBV 52.72 -0.76 CotyClA COTY 27.03 -0.38 t FNFVGroup FNFV 8.59 InfosysADR INFY 16.35 0.01 MAS 25.51 0.12 PepsiCo PEP 97.62 -0.66 ServiceMasterGlb SERV 36.60 0.87
t ArcelorMittalADR MT 3.10 -0.13 BrookfieldInfr BIP 35.10 -0.39 -0.06 Masco
AccentureClA ACN 94.21 0.89 Credicorp BAP 104.21 5.72 FidelityNtlInfo FIS 57.40 Ingersoll-Rand IR 49.55 -0.60 MasterCard MA 83.31 1.34 PerkinElmer PKI 43.99 1.52 ServiceNow NOW 49.99 1.47
ArcherDan ADM 33.18 -0.40 Brown&Brown BRO 31.23 -0.33 -0.53
AcuityBrands AYI 183.06 3.05 CreditSuisseADR CS 13.61 0.14 58.comADR WUBA 45.65 IngramMicroClA IM 28.02 0.63 s McCormick MKC 90.50 2.26 Perrigo PRGO 137.46 -1.31 ShawCom B SJR 16.58 -0.16
ArrowElec ARW 54.33 1.42 BrownFormanClA BF/A 104.29 -1.32 -1.19
AdvanceAuto AAP 138.57 -2.93 CrescentPntEnrg CPG 9.80 -0.22 t FirstDataClA FDC 9.35 s Ingredion INGR 100.28 -2.71 s McCormickVtg MKC/V 90.53 2.53 PetroChinaADR PTR 56.77 0.32 SherwinWilliams SHW 252.71 0.28
t Ashland ASH 90.47 -1.02 BrownFormanClB BF/B 95.28 -0.58 -1.75
AdvSemiEnggADR ASX 5.02 -0.02 t CrestwoodEquity CEQP 9.03 -0.12 FirstRepublicBank FRC 58.64 ICE ICE 236.46 -6.34 McDonalds MCD 117.54 0.53 PetroleoBrasilADR PBR 3.07 0.08 ShinhanFinADR SHG 31.84 0.12
Assurant AIZ 66.23-10.26 BuckeyePartners BPL 52.47 0.92 0.74
AegonADR AEG 4.92 0.09 CrownCastl CCI 81.83 -0.37 FirstEnergy FE 33.63 0.31 InterContinentlADR IHG 33.11 0.59 McGrawHillFin MHFI 84.77 1.18 PetroleoBrasilADRA PBR/A 2.15 0.09 SignetJewelers SIG 96.91 0.63
AerCapHoldings AER 27.05 0.26 AstraZenecaADR AZN 29.04 0.45 Bunge BG 58.43 1.68
AtmosEnergy ATO 70.28 -0.52 CBRE Group CBG 24.01 0.69 CrownHoldings CCK 44.97 0.18 FleetCorTechs FLT 114.99 1.12 IBM IBM 120.19 -3.88 McKesson MCK 152.99 2.61 Pfizer PFE 29.49 0.39 SilverWheaton SLW 14.13 -0.03
Aetna AET 99.74 2.54 CubeSmart CUBE 27.79 -0.02 FlwrsFoods FLO 20.94 0.57 IntFlavor IFF 115.33 -1.50 MeadJohnNutr MJN 70.72 2.80 PhilipMorrisIntl PM 89.23 -0.79 SimonPropertyGroup SPG 181.21 3.88
AffiliatedManagers AMG 120.99 1.05 Autoliv ALV 99.97 2.00 CBSClA CBS/A 47.56 -0.07
AutoNation AN 46.73 0.29 CBSClB CBS 42.88 0.23 Cummins CMI 96.33 -3.37 Flowserve FLS 39.22 -0.37 InternationalPaper IP 34.78 -0.35 Mednax MD 67.02 1.04 PhilippineLgDisADR PHI 45.86 0.70 SixFlagsEnt SIX 47.77 0.02
AgilentTechs A 35.85 0.48 DDR Corp DDR 16.04 -0.20 Fluor FLR 42.71 -0.45 Interpublic IPG 20.42 -0.08 Medtronic MDT 74.16 1.08 Phillips66 PSX 75.29 -0.15 SkechersUSAClA SKX 27.17 0.29
AgnicoEagleMines AEM 33.30 0.19 AutoZone AZO 697.17 -0.41 CFIndustries CF 27.83 -0.34
Avalonbay AVB 164.53 3.42 CGI Gp A GIB 40.91 -0.30 DTEEnergy DTE 85.79 -1.06 FomentoEconMexADR FMX 89.48 2.23 IronMountain IRM 26.73 0.17 Merck MRK 49.53 0.37 PiedmontNaturalGas PNY 59.00 -0.14 SmithAO AOS 64.38 0.64
Agrium AGU 82.11 -1.58 Danaher DHR 85.21 0.02 FootLocker FL 63.97 0.33 IsraelChemicals ICL 4.10 -0.13 MetLife MET 36.87 -0.29 PinnacleFoods PF 40.81 0.92 Smith&NephewADR SNN 31.48 0.30
AirProducts&Chems APD 130.45 -2.01 Avangrid AGR 41.58 0.34 CIT Grp CIT 26.79 0.20
Darden DRI 57.59 -0.89 FordMotor F 11.34 -0.01 ItauUnibancoADR ITUB 6.24 0.17 MettlerToledo MTD 307.56 0.56 PinnacleWestCap PNW 68.75 0.27 Smucker SJM 127.82 1.14
ARG 140.46 AveryDennison AVY 63.04 0.15 CMSEnergy CMS 39.48 -0.39
Airgas 0.32 DaVitaHlthcrPtrs DVA 63.66 1.41 ForestCityRealtyA FCE/A 17.02 0.24 JPMorganChase JPM 55.52 -0.68 MichaelKorsHldgs KORS 50.16 -0.07 PioneerNaturalRscs PXD 108.79 -2.50 SnapOn SNA141.36 5.58
AlaskaAirGroup ALK 66.84 Aviva ADR AV 12.11 0.24 CNAFinancial CNA 30.06 -0.04
1.21 Deere DE 77.41 -0.67 FortBrandsHomeSec FBHS 46.00 0.39 JacobsEngineering JEC 35.40 -0.10 MidAmApt MAA 86.22 1.04 PlainsAllAmPipe PAA 16.51 0.63 SOQUIMICH ADR SQM 15.30 0.01
Avnet AVT 39.19 0.32 CNOOCADR CEO 95.26 0.61
Albemarle ALB 50.09 0.20 DelhaizeGroupADR DEG 24.38 -0.03 Franco-Nevada FNV 50.35 -1.18 JamesHardieADR JHX 11.26 0.15 MindrayMedADR MR 27.23 -0.02 t PlumCrk PCL 36.10 -0.78 SonocoProducts SON 40.41 0.16
AxaltaCoatingSys AXTA 23.58 1.82 CPFLEnergiaADR CPL 8.44 0.19
AlcatelLucentADR ALU 3.27 -0.04 DelphiAutomotive DLPH 58.96 1.32 FranklinResources BEN 32.45 0.36 Jarden JAH 49.55 0.62 t MitsubishiUFJADR MTU 4.05 -0.13 PolarisIndustries PII 78.65 0.48 SonyADR SNE 20.79 0.04
AxisCapital AXS 53.03 0.83 CRHADR CRH 24.60 0.71
Alcoa AA 7.54 -0.27 DeltaAir DAL 43.27 1.29 Freeport-McMoRan FCX 4.98 -0.02 JohnsJohns JNJ 101.73 -0.24 t MizuhoFinancialADR MFG 2.83 -0.09 PotashCp POT 15.28 -0.56 Southern SO 49.21 0.01
BB&T BBT 31.27 -0.06 CVSHealth CVS 93.11 2.60
Alere ALR 53.13 -0.01 BCE BCE 41.36 -0.52 Cablevision CVC 32.23 0.61 DeutscheBank DB 16.21 0.83 FreseniusMedADR FMS 42.21 0.75 JohnsonControls JCI 34.90 -0.43 MobileTeleSysADR MBT 6.89 0.10 Praxair PX 103.37 -0.45 SoCopper SCCO 25.10 -0.28
t AlexREEq ARE 72.85 0.75 DevonEnergy DVN 21.63 -1.03 Gallagr AJG 38.00 0.18 JonesLangLaSalle JLL 103.96 -0.96 MohawkIndustries MHK 157.86 4.16 PrincipalFinancial PFG 36.01 0.03 SowestAir LUV 35.54 0.29
BHPBillitonADR BHP 21.65 -0.14 CabotO&G COG 19.75 0.16
AlibabaGroupADR BABA 61.78 0.39 BHPBillitonADR BBL 19.03 -0.40 Calpine CPN 14.37 -0.21 DiageoADR DEO 103.00 -0.55 Gap GPS 22.55 -0.72 JoyGlobal JOY 10.70 -0.05 MolsonCoors B TAP 84.18 0.31 Procter&Gamble PG 81.62 -1.02 SpectraEnergy SE 28.06 -0.69
Alleghany Y 457.80 0.25 BPADR BP 28.04 -0.31 CamdenPropertyTr CPT 72.62 -0.03 DicksSprtgGds DKS 37.42 -0.46 Gartner IT 81.13 0.19 t JuniperNetworks JNPR 21.62 -0.37 Monsanto MON 87.58 -4.12 ProgressiveCorp PGR 30.91 0.03 SpectraEnergyPtrs SEP 42.76 -0.31
Allegion ALLE 54.85 0.57 BRFADR BRFS 12.77 0.15 Cameco CCJ 10.66 -0.20 DigitalRealtyTrust DLR 77.93 0.78 Gazit-Globe GZT 7.48 -0.22 KARAuctionServices KAR 32.55 0.40 Moodys MCO 80.07 0.04 ProgressWasteSol BIN 27.46 0.26 SpectrumBrndsHldgs SPB 93.51 -2.30
Allergan AGN 279.77 7.43 BTGroupADR BT 33.67 0.15 CameronIntl CAM 62.04 -0.08 DiscoverFinSvcs DFS 45.77 -0.10 GenDynam GD 133.07 0.94 KBFinancialGrpADR KB 23.63 0.01 MorganStanley MS 22.70 -0.23 Prologis PLD 37.30 -0.10 SpiritAeroSystemsA SPR 44.93 -0.32
AllianceData ADS 182.10 4.98 s
BakerHughes BHI 41.51 -0.24 CampbellSoup CPB 57.89 0.68 t Disney DIS 88.85 -3.47 GenElec GE 28.30 0.02 KKR KKR 11.71 -0.91 Mosaic MOS 23.42 -0.44 PrudentialFin PRU 64.06 0.47 SpiritRealtyCap SRC 10.36 0.28
AllncBrnstnHldg AB 17.28 0.01 Ball BLL 65.26 0.11 CIBC CM 60.81 -1.30 DollarGeneral DG 69.67 0.15 GeneralGrowthProp GGP 24.97 -0.03 KTADR KT 11.90 0.18 MotorolaSolutions MSI 60.97 -1.27 PrudentialADR PUK 33.81 1.13 Sprint S 2.72 0.07
s AlliantEnergy LNT 68.29 -0.06 BancoBilbaoVizADR BBVA 6.31 0.22 CanNtlRlwy CNI 54.34 -0.78 DominionResources D 70.29 -0.14 GeneralMills GIS 56.09 0.15 KSCitySo KSU 78.25 -0.34 NTTDoCoMoADR DCM 23.06 -0.68 PublicServiceEnt PEG 42.64 0.26 StJudeMedical STJ 50.72 0.27
Allstate ALL 62.98 -0.03 BancodeChileADR BCH 60.62 -0.19 CndNatRes CNQ 19.63 -0.63 Dominos DPZ 107.00 1.38 GeneralMotors GM 27.71 -0.16 Kellogg K 70.86 -0.54 NVR NVR 1558.10 7.97 PublicStorage PSA 235.87 2.95 StanCorpFinancial SFG 114.82 -0.01
AllyFinancial ALLY 16.75 0.55 BcoSantChileADR BSAC 16.78 0.14 CanPacRlwy CP 124.84 0.74 t DouglasEmmett DEI 26.33 -0.13 Genpact G 25.04 ... KeyCp KEY 10.52 -0.12 NationalGridADR NGG 69.21 0.11 PulteGroup PHM 16.35 0.35 StanleyBlDck SWK 91.27 0.64
AltriaGroup MO 60.05 -0.40 BancoSantanderADR SAN 3.92 0.10 CanonADR CAJ 27.18 -0.57 Dover DOV 57.01 -1.12 GenuineParts GPC 86.22 -0.17 KilroyRealty KRC 48.28 0.11 NtlOilwellVarco NOV 26.69 -0.87 Qihoo360Technology QIHU 69.60 0.77 StarwoodHotels HOT 62.03 0.83
AlumofChinaADR ACH 7.81 ... BanColombiaADR CIB 28.80 0.11 CapOneFnl COF 62.24 -0.18 DowChemical DOW 46.16 -0.44 Gildan GIL 23.22 0.51 s KimberlyClark KMB 129.96 -0.83 s NtlRetailProp NNN 44.18 -0.31 QuestDiag DGX 62.12 1.57 StarwoodPrTr STWD 17.68 0.16
AmbevADR ABEV 4.49 0.04 t BankAm BAC 11.98 -0.22 CardinalHealth CAH 78.22 1.57 DrPepperSnap DPS 89.97 -0.35 GlaxoSmithKlineADR GSK 39.13 -0.21 KimcoRealty KIM 26.74 -0.28 NetSuite N 54.07 0.41 Questar STR 24.93 0.03 StateSt STT 53.73 0.33
Ameren AEE 46.20 0.12 BkMntrl BMO 50.49 -1.02 Carlisle CSL 85.59 -0.24 DrReddysLabADR RDY 41.71 -0.21 GlblPymts GPN 54.48 2.02 KinderMorgan KMI 14.60 -0.01 NewOrientalEducADR EDU 29.29 0.43 QuintilesTransnat Q 58.35 1.65 StatoilADR STO 13.13 -0.32
AmericaMovilADR AMX 12.52 -0.77 BankNY Mellon BK 33.56 -0.04 CarMax KMX 43.13 0.27 DuPont DD 57.91 -0.79 Goldcp GG 14.57 0.41 KingDigitalEnt KING 17.95 -0.01 NY CmntyBcp NYCB 15.15 -0.31 RELXADR RENX 15.75 0.01 Steris STE 64.20 -2.27
AmCampus ACC 43.34 0.05 BkNovaScotia BNS 37.78 -1.21 Carnival CCL 43.41 0.44 DukeEnergy DUK 78.12 0.02 GoldmanSachs GS 147.23 -1.02 t Kohl's KSS 40.09 -1.31 Newell NWL 34.87 0.60 RELXADR RELX 16.78 -0.03 STMicroelectronics STM 5.31 -0.04
AEP AEP 62.90 0.53 BarclaysADR BCS 9.20 0.06 Carnival ADR CUK 45.25 0.49 DukeRealty DRE 19.31 0.35 GraceWR GRA 67.99 -0.32 KoninklijkePhilADR PHG 24.31 -0.14 NewmontMining NEM 24.31 0.01 RPM RPM 37.96 -0.16 Stryker SYK 98.10 1.46
AmericanExpress AXP 52.29 -0.34 Bard CR BCR 186.16 4.72 Carters CRI 85.04 -0.77 EMC EMC 24.55 0.38 Grainger GWW 204.08 -5.71 KoreaElcPwrADR KEP 21.73 0.13 NextEraEnergy NEE 113.74 -1.61 RalphLaurenA RL 84.50 0.80 t SumitomoMitsADR SMFG 5.16 -0.10
AmericanFinancial AFG 66.16 -0.33 BarrickGold ABX 11.58 0.36 Caterpillar CAT 62.14 -1.79 t ENIADR E 25.97 -0.25 GreatPlainsEnergy GXP 28.92 -0.03 Kroger KR 36.85 0.23 t Nidec ADR NJ 15.29 -0.49 RangeResources RRC 27.00 -1.04 SunLifeFinancial SLF 27.26 -0.07
AmericanIntl AIG 52.45 0.20 Baxalta BXLT 37.46 0.68 Celanese A CE 56.94 -0.60 EOG Res EOG 65.79 0.20 GpoAeroportuarADR PAC 78.99 -0.05 KyoceraADR KYO 39.32 0.79 NielsenHoldings NLSN 45.42 0.29 RayJamFnl RJF 41.85 -0.55 SuncorEnergy SU 21.22 -0.35
AmericanTowerREIT AMT 85.84 0.27 BaxterIntl BAX 36.91 0.72 CemexADR CX 4.39 -0.04 EQT EQT 58.78 1.81 GpoAvalAccionesADR AVAL 6.17 -0.06 LBrands LB 84.03 1.72 NikeClB NKE 57.41 1.73 Raytheon RTN 126.57 0.18 SunocoLogistics SXL 17.72 0.53
s AmericanWaterWorks AWK 66.68 0.96 BectonDickinson BDX 136.14 1.80 CencosudADR CNCO 6.00 -0.09 EQTMidstreamPtrs EQM 66.46 -0.56 GpFinSantandMexADR BSMX 7.07 0.07 LGDisplayADR LPL 8.65 0.01 NipponTelegraphADR NTT 43.00 -1.07 RealogyHoldings RLGY 28.77 -0.06 SunTrustBanks STI 32.84 -0.32
Amerigas APU 37.60 0.47 Bemis t
BMS 48.52 -0.01 CenovusEnergy CVE 9.72 -0.90 EastmanChemical EMN 58.65 0.22 GrupoTelevisaADR TV 23.68 0.17 L-3Communications LLL 118.10 -0.05 NiSource NI 21.48 0.24 RealtyIncome O 56.78 0.42 SynchronyFinancial SYF 25.01 -0.07
AmerprsFncl AMP 80.31 1.81 Berkley WRB 51.31 -0.08 Centene CNC 54.90 -0.61 EatonCorp.PLC ETN 53.70 -0.78 HCAHoldings HCA 67.30 0.80 LabCpAm LH 104.59 2.06 NobleEnergy NBL 28.09 0.23 RedHat RHT 63.54 1.94 SyngentaADR SYT 81.00 0.85
AmeriSrcBrg ABC 85.60 0.85 BerkHathwy A BRK/A 190520-2115.00 CenterPointEnergy CNP 18.51 -0.04 Ecolab ECL 106.21 -0.99 t HCP HCP 27.21 -1.12 LasVegasSands LVS 40.13 0.55 NokiaADR NOK 5.82 -0.06 RegencyCtrs REG 70.87 -0.18 Sysco SYY 42.71 0.10
Ametek AME 45.62 -0.13 BerkHathwy B BRK/B 126.58 -1.14 CenturyLink CTL 24.59 -0.22 EcopetrolADR EC 6.03 0.02 HDFCBankADR HDB 57.06 0.04 LearCorp LEA 98.23 1.23 t NomuraHoldingsADR NMR 4.18 -0.24 RegionsFinancial RF 7.51 -0.14 TEConnectivity TEL 53.14 0.87
AmphenolClA APH 49.72 0.68 BestBuy BBY 27.30 -0.62 Chevron CVX 83.04 0.12 EdgewellPersonal EPC 74.36 0.46 HP HPQ 9.28 0.09 Leggett&Platt LEG 41.63 0.67 Nordstrom JWN 49.19 -1.15 ReinsuranceGrp RGA 84.95 0.26 TEGNA TGNA 21.70 0.33
AnadarkoPetroleum APC 37.39 0.15 BlackKnightFinSvcs BKFS 26.35 -0.65 ChinaEasternAirADR CEA 21.66 0.18 EdisonInt EIX 63.51 0.11 HSBCHoldingsADR HSBC 31.85 0.22 LennarClA LEN 38.99 0.57 NorfolkSouthern NSC 73.02 1.60 RelianceStl RS 57.25 -0.21 TELUS TU 28.63 0.03
AngloGoldAshADR AU 10.77 0.36 BlackRock BLK 298.56 4.03 ChinaLifeInsADR LFC 10.68 0.06 EdwardsLife EW 79.00 2.66 Halliburton HAL 29.59 ... LennarClB LEN/B 31.38 0.17 NorthropGrumman NOC 188.33 1.01 RenaissanceRe RNR 113.21 0.06 Continued on Page C6
THE WALL STREET JOURNAL. Thursday, February 11, 2016 | C5
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
15914.74 t 99.64, or 0.62% Trailing P/E ratio * 16.90 16.81 1851.86 t 0.35, or 0.02% Trailing P/E ratio * 21.40 20.03 4283.59 s 14.83, or 0.35% Trailing P/E ratio * 20.85 22.75
High, low, open and close for each P/E estimate * 15.31 16.64 High, low, open and close for each P/E estimate * 15.87 17.15 High, low, open and close for each P/E estimate * 17.12 18.00
trading day of the past three months. Dividend yield 2.80 2.45 trading day of the past three months. Dividend yield 2.32 1.98 trading day of the past three months. Dividend yield 1.29 1.29
All-time high 18312.39, 05/19/15 All-time high: 2130.82, 05/21/15 All-time high: 5218.86, 07/20/15
Current divisor 0.14602128057775

18000 2100 5080
65-day moving average
17500 2050 4930
17000 2000 4780
Session high
65-day moving average
DOWN UP 16500 1950 65-day moving average 4630
t
Session open Close
Close Open
t
16000 1900 4480
Session low
15500 1850 4330
Bars measure the point change from session's open

15000 1800 4180
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week Range % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT 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 MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 1,082,198,317 9,721,703
Industrial Average 16201.89 15899.91 15914.74 -99.64 -0.62 18312.39 15666.44 -10.9 -8.7 4.4 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 495,897,258 3,746,964
Transportation Avg 7100.31 6979.34 6983.94 -12.36 -0.18 9178.48 6625.53 -21.9 -7.0 5.7 Most-active issues in late trading Decl. volume* 579,920,155 5,702,092
Utility Average 628.80 614.69 626.02 -0.75 -0.12 626.77 541.97 3.4 8.3 9.7 Volume After Hours Issues traded 3,212 366
Company Symbol (000) Last Net chg % chg High Low Advances 1,665 180
Total Stock Market 19206.54 18884.89 18897.62 5.43 0.03 22287.78 18892.19 -12.4 -10.4 6.0
Bank Of America BAC 22,419.2 11.94 -0.04 -0.33 13.08 11.88 Declines 1,465 164
Barron's 400 460.43 451.95 452.03 0.15 0.03 586.75 451.88 -17.5 -12.5 4.5
Mkt Vectors Gold Miners GDX 13,789.3 17.18 0.04 0.23 17.70 16.61 Unchanged 82 22
Nasdaq Stock Market Twitter TWTR 10,196.4 14.49 -0.49 -3.27 15.98 12.82 New highs 47 7
Nasdaq Composite 4369.62 4280.73 4283.59 14.83 0.35 5218.86 4268.76 -10.8 -14.5 10.3 Energy Transfer Eqty ETE 9,001.6 5.28 0.03 0.57 5.30 5.20 New lows 174 14
Nasdaq 100 4045.48 3962.70 18.47 4719.05 3947.80 -13.7 Closing tick 136 11
3966.28 0.47 -7.7 12.6 Ford Motor F 7,256.3 11.34 … unch. 11.55 11.33
Closing Arms† 1.31 1.51
SPDR S&P 500 SPY 5,713.0 184.77 -0.50 -0.27 207.75 183.36
Standard & Poor's Block trades* 5,915 79
PwrShrs QQQ Tr Series 1 QQQ 4,976.4 96.76 0.07 0.07 97.62 96.19
500 Index 1881.60 1850.32 1851.86 -0.35 -0.02 2130.82 1851.86 -10.5 -9.4 6.9 Nasdaq NYSE Arca
Cisco Systems CSCO 4,790.5 24.15 1.64 7.29 25.05 22.32
MidCap 400 1276.35 1256.28 1256.50 3.75 0.30 1549.44 1252.75 -15.1 -10.2 4.2 Total volume* 2,420,519,705 434,108,712
SmallCap 600 607.43 595.05 595.27 -1.76 -0.29 742.13 595.27 -14.1 -11.4 5.1 Percentage gainers… Adv. volume* 1,473,084,328 194,174,513
Decl. volume* 927,410,971 237,672,228
Other Indexes HubSpot HUBS 6.4 32.89 3.85 13.26 33.12 27.52
Issues traded 2,926 1,391
Expedia EXPE 1,335.2 105.28 10.93 11.58 111.00 81.41
Russell 2000 983.45 963.32 963.48 -0.41 -0.04 1295.80 963.48 -19.8 -15.2 1.8 Advances 1,411 738
NYSE Composite 9315.96 9170.93 9176.72 -11.07 -0.12 11239.66 9156.84 -15.7 -9.5 0.9 CSRA CSRA 6.6 24.50 2.16 9.67 25.24 22.34 Declines 1,418 627
Tesla Motors TSLA 1,896.2 156.00 12.33 8.58 164.90 135.00 97 26
Value Line 396.46 389.30 389.40 -0.03 -0.01 522.42 389.40 -22.7 -12.7 -0.6 Unchanged
NYSE Arca Biotech 2769.03 2662.98 2666.38 11.94 0.45 4431.87 2646.62 -26.5 -30.1 16.4
Hortonworks HDP 83.5 8.50 0.67 8.56 9.00 7.44 New highs 7 14
New lows 214 66
NYSE Arca Pharma 490.44 481.83 483.25 1.74 0.36 605.94 480.87 -12.1 -10.7 7.0 ...And losers
Closing tick 109 37
KBW Bank 60.71 58.93 58.98 -0.61 -1.03 80.41 58.98 -17.0 -19.3 2.4 Flowers Foods FLO 81.9 18.00 -2.94 -14.04 22.68 18.00 Closing Arms† 0.63 1.68
PHLX§ Gold/Silver 55.46 51.85 55.40 1.06 1.94 77.12 38.84 -26.5 22.3 -28.6 Pilgrim's Pride PPC 5.6 20.27 -2.17 -9.67 22.46 19.00 Block trades* 9,176 2,597
PHLX§ Oil Service 135.85 130.19 130.31 -2.99 -2.24 224.32 128.61 -34.5 -17.4 -19.4 AMN Healthcare Svcs AHS 7.7 21.22 -2.17 -9.28 23.64 21.22 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 577.98 563.33 563.65 -4.34 -0.76 746.08 559.59 -18.2 -15.0 9.9 Mylan MYL 846.1 45.99 -4.55 -9.00 51.50 45.68 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 26.60 24.47 -0.25 -0.94 40.74 11.95 44.4 issues with the volume of shares rising and falling. An
26.29 55.0 26.4 iRobot IRBT 16.2 30.75 -2.34 -7.07 34.20 28.25 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 Latest Session 52-Week Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2079.97 –4.67 –0.22 –11.0 Criteo ADR CRTO 33.39 7.35 28.23 57.30 24.23 -17.3 Orion Energy Systems OESX 1.37 -0.73 -34.76 4.71 1.34 -70.9
The Global Dow Euro 1749.52 13.90 0.80 –13.6 Natural Alternatives Intl NAII 9.10 1.92 26.74 11.37 5.02 70.4 KapStone Paper Pkg KS 10.00 -4.38 -30.46 35.88 9.02 -67.9
DJ Global Index 275.65 –0.33 –0.12 –10.5 Overstock.com OSTK 13.05 2.69 25.97 25.93 10.03 -43.0 SolarCity Corp. SCTY 18.63 -7.72 -29.30 63.79 18.26 -66.8
World DJ Global ex U.S. 187.39 –0.52 –0.28 –10.9 Akamai Technologies AKAM 47.96 8.39 21.20 78.44 39.43 -24.8 SPX FLOW FLOW 15.76 -5.05 -24.27 42.06 15.40 ...
KemPharm KMPH 12.67 2.16 20.55 26.15 10.16 ... NewStar Financial NEWS 4.38 -1.18 -21.22 12.86 4.38 -58.3
Americas DJ Americas 438.93 –0.24 –0.05 –9.9
–6.9 ScanSource SCSC 36.80 5.50 17.57 41.95 27.46 1.2 USANA Health Sciences USNA 94.82 -24.72 -20.68 176.88 92.00 -4.4
Brazil Sao Paulo Bovespa 40376.58 –215.51 –0.53
–6.3
Empire District Electric EDE 33.06 4.86 17.23 33.13 20.69 29.2 Kforce KFRC 15.45 -3.78 -19.66 29.33 14.91 -33.5
Canada S&P/TSX Comp 12185.72 –96.93 –0.79
0.32 Qualys Inc. QLYS 19.99 2.63 15.15 55.47 16.96 -56.4 NGL Energy Partners NGL 6.30 -1.36 -17.75 33.64 6.21 -78.2
Mexico IPC All-Share 42535.74 136.55 –1.0
0.73 A10 Networks ATEN 5.66 0.74 15.04 8.30 3.96 41.1 Phibro Animal Health PAHC 27.87 -6.00 -17.71 40.54 25.77 -6.2
Chile Santiago IPSA 2932.04 21.14 –0.4
Energy Transfer Eqty ETE 5.25 0.68 14.88 35.44 4.00 -81.8 RPX RPXC 9.49 -2.02 -17.55 17.31 9.30 -29.5
Europe Stoxx Europe 600 315.19 5.80 1.87 –13.8
Collegium Pharmaceutical COLL 17.63 2.22 14.41 30.58 11.92 ... Aspen Aerogels ASPN 3.71 -0.78 -17.37 9.03 3.46 -53.2
Euro zone Euro Stoxx 295.83 5.31 1.83 –14.3
ACCO Brands ACCO 6.70 0.84 14.33 8.75 5.47 -10.8 Presbia LENS 3.52 -0.74 -17.37 9.38 3.51 -46.9
Belgium Bel-20 3220.14 51.85 1.64 –13.0
Histogenics HSGX 2.64 0.32 13.79 11.01 1.95 -69.4 Amedica AMDA 2.15 -0.45 -17.31 13.20 1.16 -77.6
France CAC 40 4061.20 63.66 1.59 –12.4 Trimble Navigation TRMB 21.38 2.56 13.60 27.62 15.90 -19.1 Ryerson Holding RYI 2.65 -0.54 -16.93 9.61 2.53 -59.1
Germany DAX 9017.29 137.89 1.55 –16.1 Plains GP Holdings Cl A PAGP 6.01 0.69 12.97 29.87 4.72 -77.7 Bellerophon Therapeutics BLPH 2.36 -0.48 -16.92 12.92 1.90 ...
Israel Tel Aviv 1422.49 4.59 0.32 –7.0
Italy FTSE MIB 16714.14 801.02 5.03 –22.0
Netherlands AEX 394.63 2.05 0.52 –10.7 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 8143.70 216.10 2.73 –14.7 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Sweden SX All Share 447.49 8.59 1.96 –11.4
Switzerland Swiss Market 7731.93 148.66 1.96 –12.3 Vapor VPCO 325,429 6836.1 0.002 6.67 7.70 0.00 Heritage Oaks Bancorp HEOP 1,880 2151 7.21 -0.28 9.25 7.04
0.71 –9.1 VelocityShares 3x Lg UWTI 236,557 251.0 1.31 -7.75 42.80 1.29 Empire District Electric EDE 6,321 1531 33.06 17.23 33.13 20.69
U.K. FTSE 100 5672.30 40.11
Bank Of America BAC 204,887 91.8 11.98 -1.80 18.48 11.91 ProShares RAFI Long/Short RALS 220 1482 39.24 -0.81 41.56 38.02
Asia-Pacific DJ Asia-Pacific TSM 1229.94 –16.19 –1.30 –11.5 SPDR S&P 500 SPY 142,100 -2.8 185.27 -0.09 213.78 181.02 Euronet Worldwide EEFT 5,192 1355 57.93 -15.60 82.49 51.65
Australia S&P/ASX 200 4775.70 –56.40 –1.17 –9.8 iShares MSCI Japan ETF EWJ 89,636 95.3 10.53 -1.77 13.35 10.50 SPDR S&P Telecom XTL 50 882 47.68 0.68 61.09 47.03
China Shanghai Composite 2763.49 … Closed –21.9
iPath SP 500 VIX Sht Tm VXX 87,763 14.8 28.07 0.68 33.96 15.48 Medidata Solutions MDSO 3,371 799 32.30 -10.28 61.31 30.22
Hong Kong Hang Seng 19288.17 … Closed –12.0
Mkt Vectors Gold Miners GDX 66,498 13.1 17.14 2.33 21.56 12.40 ITC Holdings ITC 22,300 791 38.89 0.62 40.79 30.33
India S&P BSE Sensex 23758.90 –262.08 –1.09 –9.0
iShares MSCI Emg Markets EEM 66,177 -2.2 29.31 0.41 44.19 27.61 RPX RPXC 3,390 788 9.49 -17.55 17.31 9.30
Japan Nikkei Stock Avg 15713.39 –372.05 –2.31 –17.4
Finl Select Sector SPDR XLF 65,260 18.1 20.28 -0.54 25.62 18.52 Natural Alternatives Intl NAII 379 785 9.10 26.74 11.37 5.02
Singapore Straits Times 2582.10 –41.11 –1.57 –10.4 PwrShrs QQQ Tr Series 1 QQQ 54,386 29.4 96.69 0.38 115.75 84.74 Criteo ADR CRTO 5,519 754 33.39 28.23 57.30 24.23
South Korea Kospi 1917.79 … Closed –2.2
* 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
Taiwan Weighted 8063.00 … Closed –3.3 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group
Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Home Equity US$vs, US$vs,
A consumer rate against its Wed YTDchg Wed YTDchg
benchmark over the past year 5.00% 10% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 4.75%
4.00 WSJ Dollar index Americas Thailand baht .02833 35.300 –2.0
Bank of North Carolina 1.99% 5 s
Vietnam dong .00004488 22282 0.6
Home equity loan 5.00% High Point, NC Argentina peso .0710 14.0810 8.8
877-842-4180 3.00 Europe
t 0 Brazil real .2546 3.9285 –0.8
Salem Five 3.00% Canada dollar .7181 1.3927 0.6 Czech Rep. koruna .04177 23.939 –3.8
4.00 One year ago 2.00
t
Salem, MA 978-745-5555 –5 Chile peso .001403 713.00 0.6 Denmark krone .1513 6.6099 –3.8
t s s Colombia peso .0002949 3391.55 6.8 Euro area euro 1.1292 .8856 –3.8
t 3.00 Savings Bank of Danbury 3.00% 1.00 –10 Yen Euro
Ecuador US dollar 1 1 unch Hungary forint .003624 275.94 –5.0
Prime rate Danbury, CT 203-743-3849 Wednesday
0.00 Mexico peso .0528 18.9384 10.1 Iceland krona .007876 126.96 –2.5
2.00 The Torrington Savings Bank 3.00% –15
Peru new sol .2855 3.503 2.6 Norway krone .1175 8.5132 –3.7
1 3 6 1 2 3 5 710 30 2015 2016
Torrington, CT 860-496-2152 Uruguay peso .03192 31.3300 4.7 Poland zloty .2561 3.9046 –0.5
1.00 month(s) years Venezuela b. fuerte .158595 6.3054 unch Russia ruble .01276 78.369 9.0
MAM J J A S O N D J F Brookline Bank 3.24%
maturity Asia-Pacific Sweden krona .1194 8.3772 –0.8
2015 2016 Brookline, MA 877-668-2265 Switzerland franc 1.0273 .9734 –2.9
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .7096 1.4092 2.7
Turkey lira .3423 2.9218 0.1
China yuan .1521 6.5745 1.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0388 25.7725 7.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1283 7.7934 0.5
UK pound 1.4523 .6886 1.5
India rupee .01474 67.861 2.5
Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000743 13457 –2.7 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008822 113.35 –5.8 Bahrain dinar 2.6516 .3771 unch
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002790 358.46 5.8 Egypt pound .1277 7.8307 unch
Libor, 3-month 0.62 0.62 0.26 l 0.62 0.33
Macau pataca .1246 8.0289 0.3 Israel shekel .2579 3.8781 –0.4
Money market, annual yield 0.27 0.27 0.24 l 0.42 -0.23 Treasury, Ryan ALM 1468.509 1.400 1.519 1.957 1.400 3.583 3.165
Malaysia ringgit .2423 4.1266 –4.1 Kuwait dinar 3.3446 .2990 –1.5
Five-year CD, annual yield 1.32 1.29 1.29 l 1.53 0.01 10-yr Treasury, Ryan ALM 1777.579 1.706 1.881 2.480 1.706 2.497 3.596 New Zealand dollar .6686 1.4957 2.2 Oman sul rial 2.5971 .3850 unch
30-year mortgage, fixed† 3.62 3.68 3.62 l 4.22 -0.17 DJ Corporate 344.818 3.337 3.378 3.462 2.641 –0.672 2.515 Pakistan rupee .00955 104.700 –0.2 Qatar rial .2745 3.643 unch
15-year mortgage, fixed† 2.88 2.96 2.88 l 3.42 -0.20 Aggregate, Barclays Capital 1866.180 2.250 2.330 2.630 2.000 1.783 2.363 Philippines peso .0211 47.437 1.2 Saudi Arabia riyal .2666 3.7505 –0.1
Jumbo mortgages, $417,000-plus† 4.25 4.33 4.00 l 4.97 0.05 Singapore dollar .7186 1.3916 –1.9 South Africa rand .0630 15.8854 2.6
High Yield 100, Merrill Lynch 2288.001 8.313 7.905 8.696 5.016 –9.657 –0.159 South Korea won .0008410 1189.05 1.1
Five-year adj mortgage (ARM)† 3.31 3.29 3.14 l 3.99 0.23 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1938.720 2.360 2.460 2.900 2.320 2.694 2.757 Sri Lanka rupee .0069901 143.06 –0.8
New-car loan, 48-month 3.28 3.24 2.71 l 3.33 0.77 Taiwan dollar .03036 32.938 0.1 WSJ Dollar Index 88.88 –0.40–0.44 –1.43
Muni Master, Merrill 507.367 1.479 1.540 2.099 1.479 4.005 3.071
HELOC, $30,000 4.75 5.01 4.24 l 5.01 -0.20
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 666.010 6.936 6.884 7.128 5.679 0.528 0.118 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
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
Commodities Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 432.70 0.01 0.002 584.70 420.23 -21.09 -4.65

ONLINE
WSJ
Reuters-Jefferies CRB 156.40 -0.18 -0.11 231.77 156.32 -29.55 -11.27
Crude oil, $ per barrel 27.45 -0.49 -1.75 61.43 26.55 -43.80 -25.89
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and
.COM Natural gas, $/MMBtu 2.046 -0.052 -2.48 3.02 1.76 -26.85 -12.45
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
Gold, $ per troy oz. 1194.70 -4.00 -0.33 1227.80 1050.80 -1.99 12.68
WSJMarkets.com
C6 | Thursday, February 11, 2016 THE WALL STREET JOURNAL.
NEW HIGHS AND LOWS MUTUAL FUNDS

52-Wk % 52-Wk % 52-Wk % 52-Wk %
The following explanations apply to the New York Stock Exchange, NYSE
Arca, NYSE MKT and Nasdaq Stock Market stocks that hit a new 52- Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Explanatory Notes Data provided by Fund
Net YTD
NAV Chg % Ret
week intraday high or low in the latest session. Top 250 mutual-funds listings for Nasdaq-published share classes with
% CHG-Daily percentage change from the previous trading session. IvyHiIncomeOppsFd IVH 10.84 -0.5 TribunePublishing TPUB 5.65 -8.1 CastleBrands ROX 0.90 -8.6 Joint JYNT 3.67 -4.3 net assets of at least $500 million each. NAV is net asset value. IntlStk 13.63 +0.03-10.8
JPEnergyPartners JPEP 2.45 -17.2 TsakosEnergy TNP 5.04 -0.6 CorindusVascular CVRS 1.44 -5.5 Kforce KFRC 14.91 -19.7 Percentage performance figures are total returns, assuming reinvestment MCapGro 63.54 +0.37-13.3
Wednesday, February 10, 2016
JonesEnergyClA JONE 1.30 -12.7 Univar UNVR 11.07 -2.4 CrSuisInco CIK 2.58 -0.8 LakelandBcp LBAI 10.10 -1.4 of all distributions and after subtracting annual expenses. Figures don’t MCapVal 22.97 -0.06 -7.9
52-Wk % 52-Wk % JuniperNetworks JNPR 21.60 -1.7 UsanaHlth USNA 92.00 -20.7 CrSuisHighYld DHY 1.98 -2.0 LantheusHoldings LNTH 1.76 -2.6 reflect sales charges (“loads”) or redemption fees. NET CHG is change in N Horiz 35.09 -0.29-17.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg KpStnPaprPckg KS 9.02 -30.5 VaalcoEnergy EGY 1.05 -6.8 Flanigans BDL 17.24 -4.0 LawsonProducts LAWS 17.84 -2.7 NAV from previous trading day. YTD%RET is year-to-date return. 3-YR N Inc 9.47 +0.02 1.5
BA DepShs II BMLpH Kemper Corp KMPR 24.70 -3.3 WPGLIMCHERPfdI WPGpI 24.27 -0.7 GastarExplnPfdA GSTpA 4.55 -14.7 LegacyReserves LGCY 0.91 2.1 %RET is trailing three-year return annualized. OverS SF r 8.03 +0.02-10.7
16.96 -0.3
NYSE highs - 47 BA DepShs I BMLpG 16.74 -0.5 KennedyWilsonNts KWN 24.91 -0.2 WalterInvMgmt WAC 7.42 -6.8 GastarExplnPfdB GSTpB 5.45 -12.9 LibertyBroadbandC LBRDK 41.30 -2.1 e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. R2015 12.97 +0.02 -5.2
BankAm BAC 11.91 -1.8 Kohl's KSS 39.44 -3.2 WstAstIncoFd PAI 12.63 -0.6 Goldfield GV 1.17 -1.7 LibertyBroadbandA LBRDA 42.03 -2.6 j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. R2020 18.41 +0.03 -6.5
AlliantEnergy LNT 68.80 -0.1 p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock
AmericanWaterWorks AWK 66.74 1.5 BioAmber BIOA 2.87 -1.4 CBTCS 04-6 JBK 22.42 -1.7 WstAstVarRte GFY 14.91 -0.2 MadCatzInt MCZ 0.18 -10.2 LibertyInteractQVC QVCA 22.51 0.3 R2025 13.82 +0.02 -7.6
WesternRefining WNR MastTherapeutics MSTX 0.21 -44.6 LibertyTripAdvA LTRPA 17.23 -0.7 split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply.
BlackHillsUn BKHU 60.62 1.9 BlackStoneMinerals BSM 10.71 -5.2 LejuHoldingsADR LEJU 3.28 -6.8 25.86 0.6 x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to R2030 19.96 +0.04 -8.5
BlackHills BKH 53.26 2.1 BlackstoneLSCrInco BGX 12.24 -0.9 LexmarkInt LXK 25.13 -0.7 WestRock WRK 31.29 -3.0 MilestoneSci MLSS 1.21 -5.9 LinnCo LNCO 0.19 7.6 incomplete price, performance or cost data. NE-Not released by Lipper; data R2035 14.32 +0.03 -9.3
BlackRockIncmTr BKT 6.58 -0.2 Bristow BRS 12.50 -14.2 LincolnNationalWt LNC/WS 26.25 0.2 Weyerhaeuser WY 22.62 -1.7 ViconInd VII 1.13 -13.6 MEIPharma MEIP 1.00 -10.6 under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. R2040 20.33 +0.05-10.0
BrookfieldPropPtrs BPY 19.37 -1.2 LinkedInA LNKD 98.25 0.8 WeyerhaeuserPfdA WYpA 41.25 -0.3 Manitex MNTX 4.45 0.2 SmCapStk 33.48 -0.13-13.3
BlkRkLngTrm Muni BTA 11.81 0.1
BlkRkMuniIntrDur MUI 14.82 0.3 CAIInternational CAI 5.18 -8.4 MRCGlobal MRC 8.76 -5.2 Xactly XTLY 5.41 -3.6 Nasdaq highs - 7 Marketo MKTO 12.86 -5.8 Wednesday, February 10, 2016
Value 28.26 +0.01 -9.6
MSGNetworksClA MSGN 15.84 -0.4 Zions pfA ZBpA 20.82 -0.3 Affymtrix AFFX 14.15 -0.4 Mattersight MATR 4.30 -3.1 Net YTD Net YTD
BlackrockTerm BTT 22.50 0.3 CDI CDI 4.35 -3.1 Fund NAV Chg % Ret Fund NAV Chg % Ret Schwab Funds
BlkRkMuniHldgFd II MUH 16.10 -0.6 CEB CEB 50.55 -1.9 MacquarieInfr MIC 53.65 1.1 Zoe'sKitchen ZOES 23.17 2.2 CincinnatiFin CINF 61.63 0.1 MedidataSolutions MDSO 30.22 -10.3 S&P Sel 28.66 ... -9.2
BlkRkMuniHldg MFL 15.07 0.3 CVREnergy CVI 27.27 0.3 MaidenHldgsNts2043 MHNC 24.98 1.1 GreeneCnty GCBC 33.01 6.7 MemorialResDev MRD 11.08 -1.9 American Century Inv Fidelity Spartan Adv TIAA/CREF Funds
BlRkMuHldgNYQlty MHN 15.15 1.4 CAE CAE 9.76 -4.9 MaidenNA8.25%2041 MHNA 25.01 0.5 NYSE Arca highs - 14 iSh20+YTreasuryBd TLT 132.84 0.9 MesoblastADR MESO 4.37 -10.0 Ultra 30.70 +0.10-12.3 500IdxAd 65.22 +0.01 -9.2 EqIdxInst 13.54 +0.01-10.2
BlRkMunHldQltyII MUE 13.98 0.2 CaliforniaRscs CRC 0.80 -2.6 Manning&Napier MN 6.04 -4.7 CSXLinksWTICrude OIIL 23.83 -0.6 MGEEnergy MGEE 51.90 -0.8 MidPennBancorp MPB 14.90 0.8 American Funds Cl A ExtMktAd r 42.72 +0.11-14.9 Tweedy Browne Fds
BlkRkMunivestFdII MVT 16.90 0.8 Calix CALX 6.00 -14.8 MarathonOil MRO 7.01 -2.2 CurrShrsJpnYen FXY 85.60 1.6 SenecaFoodsB SENEB 44.88 39.4 MillerHerman MLHR 23.20 -0.8 AmcpA p 23.30 +0.11-10.2 IntAd r 31.92 +0.05-11.2 GblValue 22.31 +0.07 -8.8
BlkRkMuniyldFd MYD 15.56 0.4 CareCapProperties CCP 24.23 -4.1 MarinSoftware MRIN 2.72 -0.7 DBCrudeOilDblShrt DTO 266.90 2.6 WD-40 WDFC 105.87 -0.3 Misonix MSON 6.51 -13.4 AMutlA p 32.00 -0.07 -5.5 TotMktAd r 52.66 +0.03-10.2 VANGUARD ADMIRAL
CastlightHealthB CSLT 2.59 -6.6 MedleyCapNotes2019 MCQ 23.70 -3.7 DBCrudeOilShortETN SZO 122.00 1.2 ModusLink MLNK 1.75 2.7 BalA p 22.62 -0.03 -5.1 First Eagle Funds 500Adml 171.18 +0.02 -9.2
BlkRkMuniyldInvst MYF 16.16 0.1
BlkrckMunYdMIQlty MIY 14.44 0.1 Catalent CTLT 18.92 -0.5 MedleyCapNts21 MCX 22.70 -6.0 ETRACS2xMLvAlerian MLPQ 23.62 1.5 Nasdaq lows - 214 MomentaPharm MNTA 10.39 -3.5 BondA p 12.76 +0.02 1.6 GlbA 48.60 -0.11 -5.4 BalAdml 27.67 +0.03 -5.3
BlkRkMuniyldQltyII MQT 14.02 0.1 CenovusEnergy CVE 9.70 -8.5 MedleyCapital MCC 5.37 -7.7 iShCoreUSTreaBd GOVT 26.25 0.3 ADMABiologics ADMA 4.42 4.7 MomoADR MOMO 7.78 -1.9 CapIBA p 53.57 -0.11 -4.1 FMI Funds CAITAdml 12.02 ... 1.7
BlueCapReins BCRH 19.00 1.6 Chegg CHGG 4.89 -1.4 MitsubishiUFJADR MTU 4.03 -3.1 iShSTNatAMTFrMunBd SUB 106.67 ... ARMHoldingsADR ARMH 37.65 -8.8 MorgansHotelGroup MHGC 0.79 -15.7 CapWGrA 39.31 +0.10 -9.3 LgCap 17.29 -0.06 -7.1 CapOpAdml r 101.32 +0.51-14.6
CampbellSoup CPB 58.63 1.2 ChespkeEngy pfD CHKpD 5.00 -10.4 MizuhoFinancialADR MFG 2.80 -3.1 iSh7-10YTreasuryBd IEF 110.96 0.3 AbengoaADR ABGB 0.76 -12.9 MultiColor LABL 40.37 -14.9 EupacA p 40.07 +0.13-11.7 FPA Funds EMAdmr 24.80 +0.03 -9.3
DeanFoods DF 20.67 5.2 Chesapeake7.75% CHSPpA 24.09 -5.5 MS ChinaShrFd CAF 14.14 0.1 MVAMTFrInterMuni ITM 24.48 ... Actua ACTA 8.02 -0.7 MyoKardia MYOK 6.62 -5.6 FdInvA p 45.56 -0.11-10.2 FPACres 28.45 +0.03 -8.4 EqIncAdml 58.16 -0.17 -6.1
MyersIndustries MYE 10.43 -3.4 PwrShrsLadTrsr PLW 34.19 0.5 Alico ALCO 24.57 -3.9 NantKwest NK 6.15 -6.5 GwthA p 35.80 +0.10-13.3 FrankTemp/Frank Adv
DreyfStMnBd DSM 8.52 0.1 ChinaXiniyaFashADR XNY 1.11 -0.5 ExplrAdml 62.98 +0.02-15.8
EatonVanceMunInc28 ETX 19.59 -0.8 CitizensFinancial CFG 18.80 -3.5 NCR NCR 18.02 -2.5 ProSharUlt Yen YCL 61.46 2.9 AlliedHealthcare AHPI 0.76 -5.1 NationalAmerUniv NAUH 1.76 -11.0 HI TrA p 8.90 +0.03 -4.1 IncomeAdv 1.93 ... -6.3 ExtndAdml 54.10 +0.14-14.9
EmpireDistrictElc EDE 33.13 17.2 CivitasSolutions CIVI 16.22 -16.5 NGLEnergyPartners NGL 6.21 -17.8 ProShrUS MSCI Jpn EWV 63.25 3.7 AmericanPubEdu APEI 14.47 -0.9 NatureSunshine NATR 7.22 -0.4 ICAA p 30.91 -0.04 -7.4 FrankTemp/Franklin A GNMAAdml 10.79 +0.01 1.5
FedPrmrIntMuni FPT 13.94 -0.1 CobaltIntlEnergy CIE 2.34 -11.3 NationstarMortgage NSM 8.29 ... SPDRBarclaysLgTrea TLO 76.55 0.8 AmericanSci&Engg ASEI 22.84 -7.9 Neothetics NEOT 0.71 2.6 IncoA p 19.24 -0.03 -4.9 CA TF A p 7.58 ... 1.4 GrwthAdml 48.58 +0.18-11.3
HormelFoods HRL 42.10 0.6 CSC CSC 24.27 -10.0 NaturalGasSvcs NGS 16.29 -1.9 SPDRNuveenNYMun INY 24.26 ... AmTrustFinSvcs AFSI 25.24 -3.7 Net1UEPS UEPS 9.31 -3.6
N PerA p 31.53 +0.15-12.5 Fed TF A p 12.47 ... 1.4 HlthCareAdml r 81.06 +0.64-12.8
IDACORP IDA 70.59 -0.3 CrestwoodEquity CEQP 8.55 -1.3 NaviosMaritime NNA 1.76 -2.6 AratanaTherapeutic PETX 2.60 2.6 NewLinkGenetics NLNK 19.75 3.8 NEcoA p 31.00 +0.20-13.8 Growth A p 66.23 +0.26 -9.7 HYCorAdml r 5.33 +0.01 -3.2
Ingredion INGR 103.77 -2.6 DHTHoldings DHT 4.94 -1.7 NewHome NWHM 7.64 -2.0 NYSE Arca lows - 66 Argo6.5%SrNts2042 AGIIL 23.18 2.2 NewStarFinancial NEWS 4.38 -21.2 NwWrldA 44.82 +0.07-10.4 IncomeA p 1.94 ... -6.7 InfProAd 25.65 +0.09 1.7
NorthwestPipe NWPX 7.88 -2.6
InvescoQtyInc IQI 13.10 0.1 DarlingIngredients DAR 8.05 -1.0 NewMarket NEU 322.54 1.8 AdvShsPeritusHiYd HYLD 29.96 0.3 AscenaRetail ASNA 6.33 -2.0 NovadaqTechs NVDQ 9.00 -2.0 SmCpA p 37.26 +0.05-14.6 RisDv A p 45.13 -0.04 -5.5 IntlGrAdml 57.97 +0.35-13.6
KimberlyClark KMB 132.43 -0.6 Demandware DWRE 26.58 -8.8 Nidec ADR NJ 15.25 -3.1 AlerianMLPETF AMLP 8.15 0.3 AscentCapGrpA ASCMA 7.96 -9.3 OHAInvestment OHAI 2.86 -7.9 TxExA p 13.22 ... 1.3 FrankTemp/Franklin C ITBondAdml 11.56 +0.02 3.0
LacledeGroup LG 66.43 -0.3 Disney DIS 86.25 -3.8 NimbleStorage NMBL 5.71 2.3 CSXLinksWTICrude OIIL 23.34 -0.6 AspenTech AZPN 29.25 0.1 OceanRigUDW ORIG 0.77 -6.1 WshA p 35.45 -0.11 -7.8 Income C t 1.97 ... -6.3 ITIGradeAdml 9.76 +0.01 1.6
MFS HiYldMuni CMU 4.85 0.6 DouglasEmmett DEI 26.25 -0.5 NomuraHoldingsADR NMR 4.17 -5.4 DBAgricDoubleLgETN DAG 2.98 -1.3 aTyrPharma LIFE 3.56 -2.8 AMG Managers Funds FrankTemp/Temp A LTGradeAdml 10.17 +0.06 3.2
MFS MuniTr MFM 7.04 0.9 DynegyPfdA DYNpA 38.14 -4.5 NorthstarRealtyPfC NRFpD 15.06 1.8 DB3xShrt25+YTreaBd SBND 3.56 -1.9 AviatNet AVNW 0.58 -9.1 OrionEnergySystems OESX 1.34 -34.8 YacktmanFd 19.88 -0.06 -4.7 GlBond A p 10.90 -0.05 -5.6
PCM PCMI 7.67 -1.0 MidCpAdml 130.69 +0.59-12.1
MainStayMuniFd MMD 19.50 0.3 ENIADR E 25.64 -1.0 NuvShrtDurCrOppFd JSD 13.73 0.4 DeutschextrkrsCSI300ChinaA-SharesHdgEquity ASHX 18.95 -1.7 BINDTherapeutics BIND 1.14 -5.9 PRGXGlobal PRGX 3.25 -1.5 AQR Funds Growth A p 19.15 +0.14-12.6 MorgAdml 67.60 +0.39-12.4
McCormick MKC 91.25 2.6 ENSCO ESV 8.08 -4.5 OceaneeringIntl OII 27.94 -1.9 DBXHighYieldCorpBd HYIH 20.08 -2.1 BeiGeneADR BGNE 25.30 -2.8 PacificSpecialWt PAACW 0.06 14.2 MgdFutStrI 10.77 +0.01 5.8 FrankTemp/Temp Adv MuHYAdml 11.45 ... 1.5
McCormickVtg MKC/V 91.00 2.9 EclipseResources ECR 0.68 2.0 OnAssignment ASGN 30.56 -3.0 DBXInvGradeBd IGIH 22.54 1.8 BioSpecificsTechs BSTC 30.70 3.4 ParnellPharmaceutl PARN 1.85 -6.9 Artisan Funds GlBondAdv p 10.86 -0.05 -5.5 MuIntAdml 14.47 ... 1.8
NtlRetailProp NNN 45.13 -0.7 EnableMidstream ENBL 5.95 -1.0 PandoraMedia P 7.37 5.4 DeutscheXNikkei400 JPN 20.52 -0.2 BrynMawrBank BMTC 24.66 -1.6 PatternEnergyGroup PEGI 15.44 -3.7 Intl Inv 25.67 +0.29-10.5 GMO Trust Class IV MuLTAdml 11.90 -0.01 1.7
NowestNG NWN 53.53 -0.2 EndoChoiceHoldings GI 4.30 -6.9 ParkwayProperties PKY 11.65 -0.5 DeutscheXMSCIJapan DBJP 30.95 -3.6 CMFinance CMFN 7.12 -9.1 PennTexMidstream PTXP 9.21 0.2 BlackRock Funds A IntlEq 17.85 -0.09-11.1
MuLtdAdml 11.12 ... 1.1
NuveenCalAMT NKX 15.92 -0.2 Energen EGN 25.34 -2.2 PhoenixNewMediaADR FENG 3.35 -2.9 DeutscheXMSCIUK DBUK 19.89 -4.2 CTIBioPharma CTIC 0.25 -40.0
PointsIntl PCOM 6.80 -1.4 GlblAlloc p 16.65 -0.02 -6.7 Harbor Funds MuShtAdml 15.85 ... 0.4
NuvTX Qual NTX 14.79 0.9 EnLinkMidstream ENLC 8.76 2.9 PlumCrk PCL 36.05 -2.1 DrxIndBull 3x INDL 9.20 -4.0 CabotMicro CCMP 36.13 -4.1 PowerSolutions PSIX 10.43 -1.6 BlackRock Funds C CapApInst 50.83 +0.45-16.4
PrmcpAdml r 90.80 +0.26-12.1
PIMCOCAMuniII PCK 10.40 -0.5 EnLinkMidstream ENLK 8.25 -1.4 PrimeroMining PPP 1.51 -4.9 DirexionJpnBull3x JPNL 28.65 -5.5 CaesarsAcqnClA CACQ 4.48 2.2 Presbia LENS 3.51 -17.4 GlblAlloc t 15.16 -0.02 -6.8 IntlInst r 53.45 +0.49-10.1
REITAdml r 102.74 +0.76 -9.1
PutnmMunOpp PMO 12.62 0.3 EraGroup ERA 7.46 -4.2 RentechNitrogen RNF 6.79 -1.9 DXN DL 20+YR1XBR TYBS 20.52 -0.7 CaesarStoneSdotYam CSTE 28.50 -3.4 ProfessionalDivers IPDN 0.25 -6.1 BlackRock Funds Inst Invesco Funds A
SmCapAdml 46.04 +0.05-13.2
TelekmIndonesiaADR TLK 50.89 2.6 EveriHoldings EVRI 2.27 0.4 RestorationHardwr RH 49.40 -2.7 20+YrTreaBear TMV 20.47 -2.5 CalamosMgmt A CLMS 8.28 -8.4 Pulmatrix PULM 2.40 -3.5 EqtyDivd 19.22 -0.07 -8.5 EqIncA 8.77 -0.03 -8.8
STBondAdml 10.54 ... 1.2
TysonFoodsUn TSNU 69.08 1.3 ExtendedStayAmer STAY 11.17 -2.5 RobHalfIntl RHI 37.69 -1.4 ETRACS2xMLvAlerian MLPQ 22.90 1.5 CallidusSoftware CALD 11.48 -7.4 QIWIADR QIWI 12.15 0.2 GlblAlloc 16.75 -0.02 -6.6 John Hancock Class 1 STIGradeAdml 10.60 -0.01 0.6
TysonFoodsClA TSN 62.09 1.2 Ferrari RACE 33.08 -2.0 RoseRockMidstream RRMS 7.01 0.1 ElemntsGrain GRU 3.97 -0.2 CalumetSpecialty CLMT 13.40 0.6 QlikTechnologies QLIK 18.81 -1.5 HiYldBd 6.84 +0.02 -3.5 LSBalncd 13.16 +0.02 -7.5
TotBdAdml 10.85 +0.02 2.2
UNITIL UTL 40.31 1.1 FibriaCelulose ADR FBR 9.65 -1.1 RuckusWireless RKUS 7.25 8.6 FidelityCorpBd FCOR 46.60 -0.1 CareTrustREIT CTRE 9.63 -3.9 Qorvo QRVO 34.60 0.6 StratIncOpptyIns 9.64 ... -1.1 LSGwth 13.36 +0.02 -9.9
TotIntBdIdxAdm 21.48 ... 1.9
WGLHoldings WGL 69.06 0.5 FNFVGroup FNFV 8.56 -0.7 SPXFLOW FLOW 15.40 -24.3 GlblX ChEnrgy CHIE 8.33 -0.5 CatabasisPharma CATB 4.45 -5.4 QuinStreet QNST 2.89 -9.3 Davis Funds A John Hancock Instl
TotIntlAdmIdx r 21.71 +0.02-10.4
WstAstMuniPtnr MNP 16.54 0.6 FirstDataClA FDC 8.76 -15.8 SanofiADR SNY 38.31 -1.0 GlblXFTSEGreece20 GREK 5.64 -1.9 Cavium CAVM 46.52 -0.9 DispValMCI 16.70 +0.07-12.8
FTDynamicEurope FDEU SchwabC SCHW 22.68 -2.5 GuggenheimBS2017HY BSJH 24.40 -0.1 CECO Env CECE 6.17 -5.5 Quotient QTNT 6.50 -2.0 NYVen A 26.29 +0.05-14.9
JPMorgan Inst Class TotStAdml 45.61 +0.02-10.2
14.25 ... RCIHospitality RICK 7.50 6.7 Dimensional Fds
NYSE lows - 174 GMACCapTrSer2 ALLYpA 24.07 -0.1 ScorpioBulkers SALT 1.94 -6.2 GuggenheimBS2018HY BSJI 22.93 -0.3 CelldexTher CLDX 6.43 -7.6 RPX RPXC 9.30 -17.5 5GlbFxdInc 11.07 +0.01 1.6 MdCpVal 30.88 +0.04 -9.1 TxMIn r
ValAdml
10.53 +0.02-10.9
29.22 -0.06 -8.2
AdvntClymrSecII AGC 4.57 -0.7 GencoShipping GNK 0.49 -16.9 ScorpioTankers STNG 4.82 -4.7 GuggenS&P500RlEst EWRE 22.97 -5.3 Celsion CLSN 1.10 -2.6
RadioOneClA ROIA 1.22 -1.5 EmgMktVa 18.75 +0.01 -8.1 JPMorgan R Class
GuggenheimSolar TAN 21.38 -3.9 CeruleanPharma CERU 2.01 -0.5 Radware CoreBond 11.79 +0.02 2.2 WdsrllAdml 53.49 -0.15-10.0
AdvntClEnhGrth LCM 7.26 -0.8 Gener8Maritime GNRT 5.08 -4.5 SeadrillPartners SDLP 1.91 -1.5 RDWR 10.30 -0.3 EmMktCorEq 14.67 ... -6.9
HighlandHFRGlblETF HHFR 17.62 -5.7 Charles&Colvard CTHR 0.76 -3.4 RandLogistics RLOG 0.74 -11.0 WellsIAdml 58.92 ... -0.8
AlexREEq ARE 71.93 1.0 GlobalShipLeaseClA GSL 1.51 -4.3 SeaspanPfd.SeriesE SSWpE 20.75 -2.7 IntlCoreEq 10.09 ...-11.4 JPMorgan Select Cls WelltnAdml 60.39 ... -5.0
AltisourceResid RESI 8.90 -2.4 HCP HCP 26.56 -4.0 ShipFinInt SFL 10.65 -12.5 IQ50%HdgFTSEJapan HFXJ 15.83 -2.3 ChinaXDPlastics CXDC 2.65 ... ReadingA RDI 9.71 0.7 IntSmCo 15.34 +0.05-10.9 CoreBond 11.77 +0.01 2.2
iPathBloomCottonTR BAL 38.56 0.3 CiscoSystems CSCO 22.46 -0.6 RealNetworks RNWK 3.04 -0.9 WndsrAdml 55.61 ...-13.9
ArborRltyTr ABR 6.02 -2.6 HoraceMn HMN 27.15 -4.2 SilverBayRealtyTr SBY 12.22 1.2 IntSmVa 16.43 +0.05-12.0 USLgCpCorPls 23.19 +0.09-13.5
ArcelorMittalADR MT 3.05 -4.0 HospitalityPropPfD HPTpD 25.02 -1.3 SouthcrossEnPtrs SXE 0.40 ... iPathBloomNickelTR JJN 9.53 -1.8 CommsSales&Leasing CSAL 16.23 -1.8 Rentech RTK 1.66 -3.4 Dimensional Fds Lazard Instl VANGUARD FDS
ArcosDoradosHldgsA ARCO 2.31 -5.6 HubSpot HUBS 27.00 5.5 StellusCapitalInvt SCM 8.03 -1.8 iPathAIGCarbon GRN 6.00 -2.4 ConforMIS CFMS 8.05 6.8 ReprosThera RPRX 0.80 -11.7 US CoreEq1 15.41 ...-10.3 EmgMktEq 12.68 +0.02 -5.7 DivdGro 21.19 +0.04 -5.5
iPathGSCrdOil nts OIL Conmed CNMD 35.51 -0.1 Loomis Sayles Fds GNMA 10.79 +0.01 1.5
AresDynamicCredit ARDC 12.06 -1.5 IONGeophysical IO 3.21 -14.3 Strats Dom GJP GJP 20.23 -2.1 4.40 -1.0 Retrophin RTRX 11.75 -0.7 US CoreEq2 14.62 -0.01-10.6
ArtisanPtrsAsset APAM 24.03 -8.8 InvenSense INVN 6.75 -1.2 SumitomoMitsADR SMFG 5.15 -1.9 iPathShortTmFturs XXV 37.98 -0.2 Crossroads CRDS 0.21 5.0 RigNet RNET 11.72 -1.2 LSBondI 12.35 ... -4.0 HlthCare r 192.17 +1.52-12.8
Cutera CUTR 10.19 -5.6 US Small 25.05 -0.02-11.7 IntlVal 27.69 ...-10.9
Ashland ASH 90.33 -1.1 InvescoMrtg IVR 10.15 -1.6 TRC Cos TRR 6.55 -6.7 iPath MSCI India INP 56.28 -1.0 RubiconTech RBCN 0.72 -7.6 Lord Abbett A
US SmCpVal 26.67 -0.04-12.5
AspenAerogels ASPN 3.46 -17.4 InvescoSeniorIncm VVR 3.68 -0.1 TallgrassEnPtrs TEP 28.76 -0.1 iShCurrHdgIntlHY HHYX 23.11 -1.2 CymaBayTherapeutic CBAY 0.88 -2.0 RushEnt B RUSHB 15.65 -14.6 ShtDurIncmA p 4.28 ... -0.2 INSTTRF2025 17.90 +0.01 -6.1
iShCurrHdgNikk400 HJPX 21.89 -2.3 CypressSemi CY 6.57 -0.4 USLgVa 27.35 -0.08-11.3 LifeCon 17.32 +0.01 -2.9
AtlasResourcesPfdD ARPpD 2.29 -25.9 InvRlEst IRET 6.05 -1.3 Tanger SKT 29.65 -2.3 RushEnt A RUSHA 15.67 -14.6 Lord Abbett F
iShCurrHdMSCIJapan HEWJ 23.32 -3.7
Cytosorbents CTSO 3.40 -4.2 Dodge & Cox LifeGro 25.12 +0.02 -7.9
AvenueIncmCrStrat ACP 9.61 -1.3 Invitae NVTA 5.94 -13.0 TaubmanCtr TCO 66.69 -0.1 SLM nts 2018 ISM 21.09 -1.4 ShtDurIncm 4.27 ... -0.5
DHXMediaVarVoting DHXM 4.65 -3.9 Balanced 86.07 -0.09 -8.8 LifeMod 21.81 +0.02 -5.4
AvivaSubCapSecs AVV 25.70 0.1 iStarFnl pfE STARpE 18.01 -0.3 TeekayTankers TNK 3.70 -1.8 iShFactorMSCIUSASC SMLF 25.91 -0.2 SORL AutoParts SORL 1.39 -7.9 Metropolitan West
DISHNetworkClA DISH 39.51 -2.4 Income 13.25 +0.02 -0.3 TotRetBd Primcp r 87.65 +0.25-12.1
AzureMidstreamPtrs AZUR 1.28 2.3 iStar STAR 8.35 1.2 TimeWarner TWX 55.53 -5.0 iShIRHdg10+ CLYH 22.24 ... SPS Commerce SPSC 41.13 -0.4 NA ... NA
DXPEnterprises DXPE 13.45 -2.9 Intl Stk 30.47 +0.23-16.5 TotRetBdI PrmcpCor 18.57 +0.04-10.8
BBXCapitalClA BBX 12.41 -2.4 iStarPfdD STARpD 18.35 0.3 TremorVideo TRMR 1.68 ... iShMSCIJapanETF EWJ 10.50 -1.8 SabraHlthcrREIT SBRA 15.22 2.3 NA ... NA
DestinationXLGroup DXLG 4.01 -0.2 Stock 141.81 -0.46-12.9 TRBdPlan SelValu r 22.58 +0.08-12.6
Bladex BLX 20.85 -1.1 iStarPfdF STARpF 17.75 -0.2 TribuneMediaClA TRCO 26.57 0.6 MVInvG FltRt FLTR 24.47 -0.2 SalemMediaGroup SALM 3.60 2.2 NA ... NA
DicernaPharma DRNA 4.82 -15.0 DoubleLine Funds STAR 21.62 +0.04 -7.2
PIMCODivIncmActive DI 44.57 -1.2 SangamoBioSciences SGMO 4.91 -9.9 MFS Funds Class A
DiscoveryCommsA DISCA 23.85 0.1 TotRetBdI NA ... NA ValueA p STIGrade 10.60 -0.01 0.6
PIMCO0-5YrHiYdCorp HYS 86.87 -0.2 SearsCanada SRSC 3.07 -10.3 30.44 -0.08 -7.2
DragonWaveWt DRWIW 0.00 -18.2 TotRetBdN NA ... NA MFS Funds Class I TgtRe2015 13.65 +0.01 -4.1
Biggest 1,000 Stocks | WSJ.com/stocks PwrShrsIndia PIN
PowerShS&P500Mom SPMO 23.65 -0.4
17.42 -1.1 EXACTSciences
EagleBlkShip EGLE 0.41 -15.4
SearsHldgs SHLD 14.98 -1.6
EXAS 5.52 -0.4 SeaSpineHoldings
SPNE 11.56 0.5 Fidelity Advisor A
NwInsghtA p 23.03
ValueI
+0.16-11.9 MFS Funds Instl
30.61 -0.08 -7.1 TgtRe2020 25.73 +0.02 -5.2
PowerSharesLoan BKLN 21.91 -0.1 SeattleGenetics SGEN 26.02 -7.5 TgtRe2025 14.65 +0.01 -6.2
Continued From Page C4 Net Net Egalet EGLT 7.06 -4.5 SiliconLab Fidelity Advisor I TgtRe2030 25.75 +0.02 -7.1
Stock Sym Close Chg Stock Sym Close Chg ProShHdgFTSEJapan HGJP 29.30 -0.8 Electro-Sensors SLAB 37.53 -3.2 IntlEq 18.49 +0.10-10.1
Net ELSE 3.30 -3.2 SkyworksSolutions NwInsghtI 23.46 +0.16-11.9 Mutual Series TgtRe2035 15.48 +0.01 -8.1
ProShrsS&P500xTech SPXT 38.45 -0.4 EFII SWKS 57.01 -0.9
Stock Sym Close Chg EFII 36.73 -0.8 SolarCity Fidelity Freedom TgtRe2040 25.91 +0.01 -8.9
Ansys ANSS 83.94 0.84 t LibertyBroadbandA LBRDA 44.69 -1.17 ProSharSh20+Tr TBF 22.35 -0.9 Emcore SCTY 18.26 -29.3 GlbDiscA 25.76 +0.14-10.7
EMKR 5.03 -0.8 FF2020 13.49 +0.03 -7.2 GlbDiscz TgtRe2045 16.17 +0.01 -9.1
TERNIUMADR TX 11.70 -0.21 t ARMHoldingsADR ARMH 37.74 -3.65 t LibertyBroadbandC LBRDK 44.19 -0.96 PSUltBloombergCrd UCO 6.30 -4.0 EnzonPharm ENZN 0.39 -2.1 SorrentoTherap SRNE 4.49 -2.4 26.21 +0.15-10.7
TJX TJX 69.38 -0.27 ARRISInternational ARRS 23.12 0.02 LibertyGlobalClA LBTYA 31.56 0.37 ProShsUltHomebldrs HBU 12.80 -4.6 FifthStreetAssetA StrataSkinSciences SSKN 0.99 -1.5 FF2025 11.44 +0.03 -8.0 Oakmark Funds Cl I TgtRe2050 25.90 +0.01 -9.1
FSAM 1.47 -12.0 SunEdisonSemicon FF2030 13.72 +0.02 -9.8 EqtyInc
TaiwanSemiconADR TSM 22.30 -0.26 ASMLHolding ASML 81.74 -3.23 LibertyGlobalClC LBTYK 30.60 0.13 ProShrUltraJapan EZJ 65.82 -2.6 FifthStreetFinance FSC SEMI 4.23 -6.6 26.51 +0.01 -7.2 TgtRetInc 12.21 +0.01 -1.9
4.61 -6.3 FreedomK2020 12.55 +0.02 -7.2 Oakmark
Target TGT 68.76 -1.10 AcadiaHealthcare ACHC 56.09 1.16 LibertyGlbLiLACAWi LILA 32.80 0.30 ProUltProShrt20YTr TTT 27.64 -2.7 FrstTrDevSmCpADEX FDTS 28.60 -1.0 SunRun RUN 5.92 -15.7 55.30 -0.12-12.0 TotIntBdIxInv 10.74 ... 1.9
TaroPharm TARO 131.80 -3.92 ActivisionBliz ATVI 30.15 1.34 LibertyGlbLiLACClC LILAK 34.73 0.44 ProShrUltra20 TBT 35.94 -1.8 FlexPharma FLKS 6.89 2.8 SutorTech TOR 0.32 -13.1 FreedomK2025 12.97 +0.02 -8.0 OakmrkInt 18.26 +0.22-14.5 WellsI 24.32 ... -0.8
TataMotorsADR TTM 22.41 -0.55 AdobeSystems ADBE 75.53 1.68 t LibertyInteractQVC QVCA 22.75 0.07 PrShUltSh Yen YCS 77.46 -3.1 FuelTech TRACONPharma TCON 6.03 -4.0 FreedomK2030 12.93 +0.02 -9.8 Old Westbury Fds Welltn 34.97 +0.01 -4.9
FTEK 1.54 2.6 FreedomK2035 13.16 +0.02-10.8 LrgCpStr
t TaubmanCtr TCO 66.99 -0.05 AkamaiTechnologies AKAM 47.96 8.39 LibertyVenturesA LVNTA 33.94 0.78 SPDRBclysShTrmHiYd SJNK 24.29 -0.3 FullCircleCapital FULL 2.09 -8.3 TechTarget TTGT 6.78 -3.8 11.31 +0.01 -9.3 WndsrII 30.14 -0.09-10.0
TecoEnergy TE 27.13 ... AlexionPharm ALXN 138.82 2.36 LibertyMediaA LMCA 32.49 0.34 SPDRBofAMLCrsOvCp CJNK 23.51 0.8 GaiamClA TenaxTherapeutics TENX 2.28 -2.1 FreedomK2040 13.19 +0.02-10.8 Oppenheimer Y VANGUARD INDEX FDS
GAIA 4.35 -2.4
TelecomItaliaADR TI/A 8.09 0.23 AlignTechnology ALGN 60.13 1.47 LibertyMediaC LMCK 32.13 0.42 UnitedStatesOilFd USO 7.89 -2.7 GalmedPharma GLMD 4.98 -1.4 TerraFormGlobalClA GLBL 2.85 -10.9 Fidelity Invest DevMktY 26.84 +0.01-10.5 500 171.16 +0.02 -9.2
TelecomItaliaADR TI 10.09 0.32 Alkermes ALKS 29.83 0.77 LincolnElectric LECO 55.73 -0.46 VelocityShares3x UWTI 1.29 -7.7 GenVec Tessco Tech TESS 15.35 -3.8 AMgr50% 15.14 +0.03 -5.6 IntGrowY 32.65 +0.21 -9.0 ExtndIstPl 133.50 +0.34-14.9
GNVC 0.38 -4.9
Teleflex TFX 134.19 0.16 AlnylamPharm ALNY 57.00 -2.22 LinearTechnology LLTC 40.28 -0.31 WisdomTreeUSDBull USDU 27.02 -0.4 GladstoneInvt GAIN 6.52 -0.2 TXCapBcsh Wt TCBIW 17.80 -0.1 Balanc 19.58 +0.04 -7.7 Parnassus Fds TotIntl 12.98 +0.01-10.4
TelefonicaBrasADR VIV 8.76 -0.08 AlphabetClA GOOGL 706.85 5.83 LinnEnergy LINE 0.39 0.01 WisdomTreeCoalFund TONS 29.32 -1.6 GlbBloodTherap GBT 12.69 6.3 TXCapBcsh TCBI 31.71 -2.1 BalancedK 19.58 +0.04 -7.7 ParnEqFd 34.12 -0.07 -7.7 TotSt 45.59 +0.02-10.2
TelefonicaADR TEF 9.94 0.20 AlphabetClC GOOG 684.12 6.01 lululemonathletica LULU 57.68 0.80 WisdomTrGlbxUSDiv DXUS 19.62 -4.3 GloriEnergy GLRI TiVo TIVO 7.46 0.1 BluCh 58.21 +0.31-15.6 PIMCO Fds Instl VANGUARD INSTL FDS
0.13 -13.2
s TelekmIndonesiaADR TLK 50.63 1.27 Amazon.com AMZN 490.48 8.41 Markit MRKT 27.00 -0.13 WisdmTrIndEarn EPI 17.27 -1.5 GdTimeRestr GTIM 3.48 -4.6 TopImageSystems TISA 1.91 -6.4 Contra 87.08 +0.56-11.3 AllAsset NA ... NA BalInst 27.67 +0.03 -5.3
TenarisADR TS 19.98 0.06 Amdocs DOX 52.72 0.44 MarriottInt A MAR 61.38 0.61 WisdomTreeJpnHdg JHDG 20.66 -4.1 GreenBrickPartners GRBK 4.92 -1.6 Travelzoo TZOO 6.64 1.9 ContraK 87.02 +0.55-11.3 ShortT NA ... NA DevMktsIndInst 10.54 +0.02-10.9
Tesoro TSO 74.01 0.39 Amerco UHAL 320.18 5.21 MarvellTch MRVL 8.58 -0.12 WisdomTreeJapanHdg DXJ 40.22 -3.4 GreenPlains GPRE 14.93 -6.5 TripAdvisor TRIP 53.48 0.5 CpInc r 8.52 +0.03 -6.4 TotRt 10.10 +0.02 0.6 ExtndInst 54.09 +0.13-14.9
TevaPharmADR TEVA 56.91 -0.76 AmericaMovilClAADR AMOV 12.48 -0.78 Mattel MAT 30.25 -0.92 WisTreeJpnFinls DXJF 17.62 -4.9 HabitRestaurantsA HABT 17.97 -1.0 TwinDisc TWIN 8.38 -2.6 DivIntl 30.91 +0.18-11.8 PIMCO Funds A GrwthInst 48.58 +0.18-11.3
Textron TXT 32.00 -0.03 AmerAirlinesGrp AAL 37.12 0.93 MaximIntProducts MXIM 31.15 0.03 WisTreeJpnTchMedia DXJT 21.71 -5.9 Hardinge 2U TWOU 15.03 -2.1 DivIntlK r 30.85 +0.18-11.8 TotRetA InPrSeIn 10.45 +0.04 1.8
HDNG 7.85 0.5 UltraClean 10.10 +0.02 0.6
ThermoFisherSci TMO 125.46 1.01 AmeriCapAg AGNC 17.55 -0.04 Medivation MDVN 29.41 1.24 YorkvilleHiIncmETF YMLI 8.63 1.8 HeritageCrystal HCCI UCTT 4.51 -1.5 GroCo 112.97 +0.61-17.3 PIMCO Funds D InstIdx 169.50 +0.03 -9.2
7.22 -8.2 UnitedNaturalFoods UNFI 32.40 -1.6
ThomsonReuters TRI 35.62 ... Amgen AMGN 144.81 1.65 MelcoCrownEntADR MPEL 12.69 0.37 GrowCoK 112.86 +0.62-17.2 IncomeFd NA ... NA InstPlus 169.51 +0.02 -9.2
3M MMM 152.45 -1.18 t AmTrustFinSvcs AFSI 25.47 -0.98 MichaelsCos. MIK 20.84 -0.09 NYSE MKT highs - 7 HrtgOaksBcp HEOP 7.04 -0.3 UraniumResources URRE 0.20 13.9
IcahnEnterprises IEP 43.42 -5.2 VASCO InvGrBd 11.12 +0.02 1.1 PIMCO Funds Instl InstTStPlus 41.28 +0.02-10.2
Tiffany TIF 61.69 -0.48 AnalogDevices ADI 48.96 -0.35 MicrochipTech MCHP 40.27 -0.99 DE InvNtlMunFd VFL 13.76 ... IgniteRestaurant IRG VDSI 13.29 -1.4 LowP r 43.41 +0.05 -9.1 IncomeFd
2.02 -9.2 VandaPharm VNDA 7.69 -1.9 NA ... NA MidCpInst 28.87 +0.13-12.1
TimeWarnerCable TWC 179.20 -1.39 Apple AAPL 94.27 -0.72 MicronTechnology MU 9.90 -0.08 EtnVncCA EVM 13.07 -0.1 Immersion IMMR 6.74 -3.4 Viacom B LowPriStkK r 43.37 +0.05 -9.1 PIMCO Funds P MidCpIstPl 142.38 +0.64-12.1
t TimeWarner TWX 60.07 -3.14 AppliedMaterials AMAT 15.99 -0.11 Microsoft MSFT 49.71 0.43 EtnVncMuni EIM 13.25 0.1 ImprimisPharm IMMY 4.30 -6.4 VIAB 30.98 -4.5
MagIn 78.40 +0.35-12.3 IncomeP NA ... NA SmCapInst 46.03 +0.04-13.2
Toll Bros TOL 25.12 0.07 ArchCapitalGroup ACGL 68.88 1.01 Middleby MIDD 82.55 -0.79 EtnVncNY Viacom A VIA 35.04 -4.4
ENX 13.36 0.3 IndlSvcsofAmerica IDSA 0.87 -15.0 OTC 64.82 +0.33-22.3 Price Funds STIGradeInst 10.60 -0.01 0.6
Torchmark TMK 51.05 -0.06 AthenaHealth ATHN 117.24 -1.07 MondelezIntlClA MDLZ 38.02 0.98 Electromed ELMD 3.40 86.8 IntecPharma NTEC 3.50 -3.7 ViaSat VSAT 56.02 1.9
Vical VICL 0.32 -5.9 Puritn 18.72 +0.05 -7.9 BlChip 61.34 +0.68-15.3 TotBdInst 10.85 +0.02 2.2
TorontoDominionBk TD 35.68 -0.55 Autodesk ADSK 43.72 1.08 MonsterBeverage MNST 116.82 -2.09 MFS CA MunFd CCA 12.43 0.9 InterCloudSystems ICLD 0.47 3.9 VirtuFinancial VIRT 19.70 -5.9 SrsInvGrdF 11.12 +0.02 1.0 CapApp 23.62 +0.03 -5.7 TotBdInstPl 10.85 +0.02 2.3
TotalADR TOT 40.92 -0.48 ADP ADP 80.83 0.16 Mylan MYL 50.54 -0.20 RichmontMines RIC 4.48 4.8 InvestarHolding ISTR 13.85 -4.5 StratInc 9.96 +0.03 -1.5 EmMktS
Virtusa VRTU 32.99 -2.2 25.68 -0.01 -9.9 TotIntBdIdxInst 32.23 ... 1.9
TotalSystemSvcs TSS 38.97 0.46 B/EAerospace BEAV 41.64 0.53 NXP Semi NXPI 66.15 0.61 iPathLgBdBear DLBS 15.37 -2.3 WAVELifeSciences WVE 9.59 -12.5 TotalBond 10.28 +0.02 0.5 EqInc 25.92 -0.11 -8.9 TotIntlInstIdx r 86.83 +0.10-10.4
ToyotaMotorADR TM 106.77 -0.07 BaiduADR BIDU 143.78 3.10 Nasdaq NDAQ 60.88 -0.61 NYSE MKT lows - 14 iPath10-yearBear DTYS 13.32 -3.5 WarrenRes WRES 0.08 -3.6 Fidelity Selects EqIndex 49.89 ... -9.2 TotItlInstPlId r 86.85 +0.10-10.4
TransCanada TRP 34.63 0.19 BedBath BBBY 43.47 -0.20 NetApp NTAP 22.38 0.34 Ashford AINC 39.26 -3.7 iShIndia50ETF INDY 24.18 -1.5 WheelerREITPfdClB WHLRP 16.54 -1.8 Biotech r 154.93 +1.36-34.3 Growth 45.23 +0.40-15.7 TotStInst 45.62 +0.02-10.2
TransdigmGrp TDG192.91 5.62 Biogen BIIB 252.20 2.21 NeteaseADR NTES 138.19 1.79 Barnwell BRN 1.33 -10.2 iSh0-5YInvGrdCpBd SLQD 49.69 -0.4 WillisTowersWatson WLTW 106.36 -2.8 Health r 175.16 +1.46-15.9 HelSci 56.82 +0.64-17.5 VirtusFunds Cl I
TravelersCos TRV 105.72 -0.20 BioMarinPharm BMRN 67.02 1.91 Netflix NFLX 88.45 2.32
TreeHouseFoods THS 79.30 NewsCorpClA NWSA 10.60 0.11 WTBarclaysUSAggBd AGND 42.04 ... Fidelity Spartan HiYield 5.93 +0.01 -3.4 EmMktI 8.47 -0.01 -5.5
1.72 BlackBerry BBRY 6.64 -0.08
TurkcellIletismADR TKC 9.01
TurquoiseHillRscs TRQ 1.93
0.03
-0.05
Broadcom AVGO 119.20 -0.51
CA CA 27.71 0.14
NewsCorpClB NWS 11.13 0.04
NorthernTrust NTRS 56.90 -1.09
Online>> WTBarclaysUSZero AGZD 46.91 -0.1
WisTreeJapHdgSmCap DXJS 28.59 -2.8
500IdxInv
500IndInst
65.21
65.22
+0.01 -9.2 InstlCapG
+0.01 -9.2 Intl G&I
24.11
11.76
+0.24-16.5
+0.02-10.0
Western Asset
CorePlusBdI 11.40 +0.01 0.1
Twitter TWTR 14.98 0.58 CBOE Holdings CBOE 61.88 0.09 NorwegianCruise NCLH 38.74 -0.44 During the trading day, 52-week highs and Wix.com WIX 14.79 12.6
TycoInternational TYC 34.10 -0.55 NuanceComms NUAN 17.03 0.88 lows are updated hourly at WSJMarkets.com. WrightMedicalGroup WMGI 15.02 -0.4
Exchange-Traded Portfolios | WSJ.com/ETFresearch
CDKGlobal CDK 42.54 0.62
TylerTechnologies TYL 136.07 4.40 CDW CDW 34.76 -0.65 NVIDIA NVDA 25.43 -0.06 Xcerra XCRA 5.04 -0.8
s TysonFoodsClA TSN 61.58 0.73 OReillyAuto ORLY 236.70 0.41 Lists for each market are available free, along YYADR YY 49.72 -4.5
CH Robinson CHRW 68.63 -1.06
UBSGroup UBS 14.68 0.50 CMEGroupClA CME 90.53 -2.78 OldDominionFreight ODFL 59.88 -1.12 with easy access to charts and headlines. ZynerbaPharma ZYNE 4.78 -6.9
Largest 100 exchange-traded funds, latest session Closing Chg YTD
UDR UDR 33.92 0.50 CSX CSX 24.13 0.25 OpenText OTEX 47.01 4.16 ETF Symbol Price (%) (%)
UGI UGI 35.89 -0.14 Paccar PCAR 48.73 -0.87 Wednesday, February 10, 2016
UltraparPartADR UGP 14.51
UnderArmour A UA 74.48
0.14
2.13
CadenceDesign CDNS 20.44 0.62
CaseysGenStores CASY 113.24 0.92 PaneraBreadClA PNRA193.86 9.14
Patterson PDCO 42.22 0.94
Borrowing Benchmarks | WSJ.com/bonds ETF
Closing Chg YTD
Symbol Price (%) (%)
iShShortTreasuryBd
iSh1-3YTreasuryBd
SHV 110.30
SHY 85.02
–0.01 0.1
... 0.8
Celgene CELG 103.16 2.66 iSh7-10YTreasuryBd IEF 110.92 0.30 5.0
UnileverADR UN 42.10 -0.24 Cerner CERN 54.55 0.84 Paychex PAYX 46.97 0.31 AlerianMLPETF AMLP 8.40 0.25–30.3 iSh20+YTreasuryBd TLT 132.79 0.88 10.1
UnileverADR UL 42.56
UnionPacific UNP 76.94
-0.17
-0.18
CharterComms CHTR 161.08 -3.96 PayPalHoldings PYPL 32.90 0.20
People'sUnitedFin PBCT 14.20 -0.34
Money Rates February 10, 2016 CnsmrDiscSelSector XLY 68.57
XLP 49.77
–0.17–12.3 iShChinaLarge-Cap FXI 29.07 0.69–17.6
CheckPointSoftware CHKP 77.33 0.64 CnsStapleSelSector –0.12 –1.4 iShRussellMCGrowth IWP 80.04 0.65–12.9
UnitedContlHldgs UAL 47.71 1.23 s CincinnatiFin CINF 61.30 0.06 PilgrimPride PPC 22.44 0.34 DBGoldDoubleLgETN DGP 22.95 1.32 26.5
UnitedMicroADR UMC 1.97 0.04 Premier PINC 32.91 0.48
Key annual interest rates paid to borrow or lend money in U.S. and MktVectorsBiotech BBH 97.14 1.07 –5.1
Cintas CTAS 83.28 -0.21 DBGoldDoubleShrt DZZ 6.81 –1.73–23.2
UtdParcel B UPS 96.12 -1.41 PricelineGroup PCLN 1032.77 41.48 international markets. Rates below are a guide to general levels but MktVectorsGoldMin GDX 17.14 2.33 24.9
t CiscoSystems CSCO 22.51 -0.14 DeutscheXMSCIEAFE DBEF 23.47 –0.80–13.6
UnitedRentals URI 45.50 0.72 Qiagen QGEN 20.58 0.05 MktVectorsOilSvcs OIH 22.10 –1.16–16.4
CitrixSystems CTXS 62.28 -0.05
t Qorvo
don’t always represent actual transactions. EnSelectSectorSPDR XLE 54.09 –0.41–10.3 MktVectorsPharm PPH 57.21 0.25 –5.5
US Bcp USB 39.04 -0.36 QRVO 35.36 0.22 FinSelSectorSPDR XLF 20.28 –0.54–14.9
CognizantTechSolns CTSH 53.32 0.99 MktVectorsRetail RTH 68.52 0.57–11.8
US Steel X 7.08 -0.26 Comcast A CMCSA 55.81 -2.40
Qualcomm QCOM 42.96 -0.65 Inflation Other short-term rates GuggenheimSP500EqW RSP 69.07 0.06 –9.9 SMH 45.96
UnitedTech UTX 86.96 -0.28 QunarCaymanIslADR QUNR 34.88 0.60 XLV 64.56
MktVectorsSemi –1.44–13.7
Copart CPRT 34.28 0.17 Dec. index Chg From (%) Week 52-Week HealthCareSelSect 0.89–10.4 QQQ 96.69
UnitedHealthGroup UNH 112.74 1.58 RandgoldRscsADR GOLD 84.66 0.61 XLI 49.68
PwrShrs QQQ 0.38–13.6
CoStarGroup CSGP 157.03 3.02 level Nov. '15 Dec. '14 Latest ago high low IndSelSectorSPDR –0.48 –6.3 SPLV 37.12
UniversalHealthB UHS 108.99 3.47 RegenPharm REGN 367.48 1.51 CIU 107.96
PS SP500LoVoltlPrt 0.13 –3.8
CostcoWholesale COST 148.05 0.51 iShIntermCredBd –0.13 0.6 JNK 31.71
UnumGroup UNM 25.83 -0.34 RossStores ROST 53.84 -0.69 Call money CSJ 104.78
SPDRBarclaysHiYdBd –0.16 –6.5
Ctrip.comIntlADR CTRP 36.88 0.31 U.S. consumer price index iSh1-3YCreditBond 0.06 0.2
VEREIT VER 7.36 0.18 RyanairHoldingsADR RYAAY 79.49 3.22 SchwIntlEqty SCHF 24.52 –0.12–11.0
t DISHNetworkClA DISH 39.71 -0.97 –0.34 0.7 2.25 2.25 2.25 2.00 iSharesTIPSBondETF TIP 111.63 0.37 1.8
VF VFC 56.96 0.30 SBACommunications SBAC 86.34 0.60 All items 236.525 SchwUS BrdMkt SCHB 44.03 –0.02–10.2
Dentsply XRAY 57.73 0.74 iSh3-7YTreasuryBd IEI 126.14 0.12 2.9
VISAClA V 70.15 1.82 SEIInvestments SEIC 35.12 0.52 Core 243.779 –0.12 2.1 Commercial paper SchwUS LrgCap SCHX 43.84 –0.02 –9.7
Dexcom DXCM 58.26 4.88 iShCoreMSCIEAFEETF IEFA 48.20 –0.08–11.4
VailResorts MTN 117.91 1.52 SS&CTechs SSNC 56.04 1.25 SPDR DJIA Tr DIA 159.39 –0.53 –8.4
DiamondbackEnergy FANG 67.33 0.27 SVBFinancialGroup SIVB 83.01 -0.98 30 to 270 days n.q. ... ... ... iShCoreMSCIEmgMk IEMG 35.83 0.42 –9.0
ValeADR VALE 2.60 0.13
DiscoveryCommsB DISCB 24.69 -0.15 International rates iShCoreS&P500ETF IVV 186.15 –0.05 –9.1 SPDR GldTr GLD 114.46 0.77 12.8
ValeantPharmIntl VRX 85.96 -0.99 Sabre SABR 26.02 1.11 Commercial paper (AA financial) SPDR S&PMdCpTr MDY 228.76 0.24–10.0
t DiscoveryCommsA DISCA 24.75 0.03 SanDisk SNDK 67.23 0.69 iShCoreS&PMdCp IJH 125.47 0.28 –9.9
ValeroEnergy VLO 54.88 0.06 Week 52-Week SPDR S&P 500 SPY 185.27 –0.09 –9.1
DiscoveryCommsC DISCK 24.28 -0.05 SeagateTechnology STX 30.19 0.78
90 days 0.54 0.53 0.64 0.06 iShCoreS&PSmCpETF IJR 97.67 –0.31–11.3
Valspar VAL 80.67 -0.46 Latest ago High Low SPDR S&P Div SDY 71.68 –0.50 –2.6
Vantiv VNTV 46.14 DollarTree DLTR 75.15 -0.09 t SeattleGenetics SGEN 26.87 -2.17 iShCoreUSAggBd AGG 110.00 0.25 1.8
1.18 Euro commercial paper TechSelectSector XLK 38.83 0.21 –9.3
VarianMed VAR 77.13 2.26 DunkinBrands DNKN 40.57 -0.27 ShireADR SHPG153.93 2.71 iShSelectDividend DVY 74.31 –0.38 –1.1
E Trade ETFC 20.69 -0.14 Prime rates 30 day n.q. n.q. -0.02 -0.12 iSharesGold IAU 11.54 0.70 12.8 UtilitiesSelSector XLU 46.52 –0.11 7.5
Ventas VTR 50.00 -0.08 SignatureBank SBNY 128.94 1.12 VGT 94.62
EastWestBancorp EWBC 28.93 -0.22 U.S. 3.50 3.50 3.50 3.25 Two month n.q. n.q. -0.01 -0.09 iShiBoxx$InvGrCpBd LQD 113.75 0.12 –0.2 VangdInfoTch 0.46–12.6
Verizon VZ 49.98 -0.17 SiliconwareADR SPIL 7.46 0.01 VHT 116.33
eBay EBAY 22.32 0.31 Canada 2.70 2.70 2.85 2.70 Three month n.q. n.q. 0.01 -0.08 iShiBoxx$HYCpBd HYG 76.10 –0.14 –5.6 VangdHlthCr 0.88–12.5
VipshopHldgsADR VIPS 11.43 0.03 SiriusXMHoldings SIRI 3.40 0.05 VBR 88.34
VMware VMW 44.48 ElectroArts EA 58.98 0.73 SironaDental SIRO 104.22 1.21 Japan 1.475 1.475 1.475 1.475 Four month n.q. n.q. 0.02 0.00 iShMBSETF MBB 109.35 ... 1.5 VangdSmCapValue –0.03–10.6
0.64
EndoInternational ENDP 51.00 -1.22 n.q. 0.03 0.01 ACWI 50.19 –0.02–10.1 VangdDivApp VIG 73.97 –0.31 –4.9
VornadoRealtyTrust VNO 81.10 0.67 t SkyworksSolutions SWKS 57.20 -0.50 Five month n.q. iShMSCIACWIETF
Equinix EQIX 273.34 8.29 Policy Rates SCZ 44.11 –0.05–11.7 VanguardFTSEDevMk VEA 32.66 –0.21–11.1
VoyaFinancial VOYA 27.26 0.53 Splunk SPLK 31.64 -0.28 Six month n.q. n.q. 0.04 0.02 iSharesMSCIEAFESC
EricssonADR ERIC 8.62 0.06 EFA 52.14 –0.11–11.2 VanguardFTSEEmgMk VWO 29.58 0.29 –9.6
VulcanMaterials VMC 93.08 2.07 Staples SPLS 8.41 0.01 Euro zone 0.05 0.05 0.05 0.05 iSharesMSCIEAFEETF
WABCO Hldg WBC 89.92 1.10 ErieIndemnityClA ERIE 96.54 -0.03 Starbucks SBUX 55.14 0.72 0.50 0.50 0.50
Libor iShMSCIEmgMarkets EEM 29.31 0.41 –8.9 VanguardFTSEEurope VGK 44.44 0.57–10.9
Switzerland 0.50
WECEnergyGroup WEC 56.44 -0.46 Expedia EXPE 94.35 1.71 SteelDynamics STLD 17.69 0.35 One month 0.42650 0.42850 0.43060 0.17100 iShMSCIEurozoneETF EZU 31.21 0.42–10.9 VangdAllWldxUS VEU 38.72 –0.06–10.8
Britain 0.50 0.50 0.50 0.50 VUG 94.38
W.P.Carey WPC 55.89 -0.01 ExpeditorsIntl EXPD 45.07 -0.83 Stericycle SRCL 107.91 1.88 Three month 0.61760 0.61920 0.62430 0.25620 iShMSCIGermanyETF EWG 23.04 0.30–12.0 VangdGrowth 0.37–11.3
Australia 2.00 2.00 2.25 2.00 VYM 63.11
Wabtec WAB 65.50 5.00 ExpressScriptsHldg ESRX 67.11 -0.05 Symantec SYMC 18.90 0.18 Six month 0.86550 0.86485 0.87060 0.37690 iShMSCIJapanETF EWJ 10.53 –1.77–13.1 VangdHiDivYld –0.43 –5.5
WalMart WMT 65.79 -0.02 F5Networks FFIV 87.55 -0.06 Synopsys SNPS 41.37 0.41 iShMSCIUSAMinVol USMV 40.20 0.25 –3.9 VngdInter-Term BIV 85.37 0.32 2.8
Overnight repurchase One year 1.13355 1.13785 1.17800 0.66460
WasteConnections WCN 57.90 0.42 FacebookClA FB 101.00 1.46 TDAmeritrade AMTD 26.33 -0.03 iShNasdaqBiotech IBB 249.93 0.62–26.1 VangIntrCorpBd VCIT 84.46 0.01 0.4
Fastenal FAST 42.27 -1.09 U.S. 0.49 0.44 0.51 0.07 Euro Libor MUB 111.98 VangdLgCap VV 84.50 –0.04 –9.6
WasteMgt WM 53.52 0.24 TFSFinancial TFSL 15.92 0.32 iShNatlAMTFrMuniBd 0.03 1.1
Waters WAT 117.68 1.85 FifthThirdBancorp FITB 14.66 -0.17 T-MobileUS TMUS 34.57 0.68 One month -0.244 -0.233 -0.004 -0.244 iShRussell1000Gwth IWF 89.12 0.27–10.4 VangdMdCap VO 105.52 0.48–12.1
WeatherfordIntl WFT 6.24 -0.10 FirstSolar FSLR 64.41 -2.07 TRowePrice TROW 66.59 0.10 U.S. government rates Three month -0.194 -0.181 0.028 -0.194 iShRussell1000ETF IWB 102.28 0.12 –9.7 VangdReit VNQ 72.50 0.69 –9.1
WeingartenRealty WRI 34.69 -0.15 Fiserv FISV 92.71 0.62 TeslaMotors TSLA143.67 -4.58 iShRussell1000Val IWD 88.92 –0.21 –9.1 VanguardS&P500 VOO 169.88 –0.06 –9.1
Discount Six month -0.119 -0.107 0.093 -0.119
WellsFargo WFC 46.17 -0.28 FlextronInt FLEX 10.03 0.09 TexasInstruments TXN 50.75 0.07 iShRussell2000Gwth IWO 113.77 0.01–18.3 VangdShrtTrm BSV 80.45 0.06 1.1
1.00 1.00 1.00 0.75 One year -0.012 0.000 0.227 -0.012
Welltower HCN 55.71 -0.03 Fortinet FTNT 23.91 0.07 TractorSupply TSCO 81.93 0.48 iShRussell2000ETF IWM 95.83 0.05–14.9 VangShrtCorpBd VCSH 79.02 –0.04 0.0
WestarEnergy WR 45.47 0.48 FrontierComms FTR 4.17 -0.15 TrimbleNavigation TRMB 21.38 2.56 Euro interbank offered rate (Euribor) iShRussell2000Val IWN 81.43 –0.07–11.4 VangdSmCap VB 96.04 0.05–13.2
WesternGasEquity WGP 22.25 0.94 Garmin GRMN 34.47 0.52 t TripAdvisor TRIP 54.35 0.26 Federal funds IWV 108.01 BND 82.22 0.21 1.8
One month -0.238 -0.232 0.002 -0.238 iShRussell3000ETF ...–10.2 VangdTtlBndMkt
WesternUnion WU 17.01 0.01 GileadSciences GILD 87.80 0.55 21stCenturyFoxClA FOXA 24.33 0.19 Effective rate 0.3900 0.4000 0.4000 0.0600 iShRussellMid-Cap IWR 141.89 0.31–11.4 VanguardTtlIntlStk VXUS 40.35 –0.02–10.6
WestlakeChemical WLK 42.38 -1.12 Goodyear GT 28.58 1.13 Three month -0.175 -0.162 0.049 -0.175
21stCenturyFoxClB FOX 24.46 0.25 High 0.5625 0.5600 0.5900 0.3100 iShRussellMCValue IWS 61.84 ... –9.9 VangdTtlStock VTI 93.72 0.06–10.1
WestpacBankingADR WBK 20.26 0.01 Grifols ADR GRFS 14.56 -0.01 UltaSalon ULTA 153.84 1.86 Six month -0.111 -0.096 0.129 -0.111
Low 0.3400 0.3000 0.3500 0.0100 iShS&PMC400Growth IJK 143.37 0.69–10.9 VangdTotlWrld VT 51.50 0.06–10.6
t WestRock WRK 31.35 -0.96 HDSupplyHoldings HDS 23.14 0.56 UltimateSoftware ULTI 152.42 -0.62 One year -0.001 0.008 0.260 -0.005 VTV 74.90
Bid 0.3600 0.3800 0.5500 0.0300 iShS&P500Growth IVW 104.04 0.34–10.2 VanguardValueETF –0.25 –8.1
t Weyerhaeuser WY 22.68 -0.40 Hasbro HAS 72.17 0.23 UnitedTherapeutics UTHR 119.74 0.42 HEDJ 47.12
Offer 0.3800 0.5000 0.5600 0.0500 Value 52-Week iShS&P500ValueETF IVE 81.29 –0.39 –8.2 WisdomTreeEurope 0.04–12.4
Whirlpool WHR 134.36 -2.68 HenrySchein HSIC 156.75 9.13 VeriSign VRSN 73.79 1.17 iSharesUSPreferred PFF 37.06 0.62 –4.6 WisdomTreeJapanHdg DXJ 40.35 –3.35–19.4
Latest Traded High Low
WhiteWaveFoods WWAV 34.03 0.38 Hologic HOLX 32.79 -0.10 VeriskAnalytics VRSK 66.89 -0.88 Treasury bill auction
Williams WMB 12.85 0.87 JBHunt JBHT 73.29 -1.61 VertxPharm VRTX 81.73 1.59 DTCC GCF Repo Index
4 weeks 0.265 0.270 0.295 0.000
WilliamsPartners WPZ 14.04 0.78 HuntingtonBcshs HBAN 8.37 -0.08 t Viacom A VIA 35.15 -1.62
t Viacom B VIAB 31.38 -1.48 13 weeks 0.315 0.350 0.350 0.000 Treasury 0.495 87.300 0.639 0.059 IPO Scorecard
WilliamsSonoma WSM 51.75 -0.36 IdexxLab IDXX 69.66 1.17
WiproADR WIT 11.24 0.05 IPG Photonics IPGP 81.59 -0.47 VimpelComADR VIP 3.40 0.12 26 weeks 0.420 0.465 0.585 0.065 MBS 0.507 108.550 0.705 0.075 Performance of IPOs, most-recent listed first
WooriBankADR WF 22.37 0.08 t IcahnEnterprises IEP 44.70 -2.45 VodafoneGroupADR VOD 29.36 0.12 % Chg From % Chg From
Open Implied
Workday WDAY 49.96 1.06 Illumina ILMN 138.70 -0.79 WPPADR WPPGY 99.93 -0.44 Secondary market Settle Change Interest Rate Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
WyndhamWorldwide WYN 64.66 1.45 Incyte INCY 72.31 0.05 WalgreensBootsAll WBA 76.01 1.08 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
XL Group XL 33.73 -1.03 Intel INTC 28.23 -0.58 WesternDigital WDC 40.23 0.05 Fannie Mae DTCC GCF Repo Index Futures BeiGene 26.88 12.0 –5.1 Duluth Hldgs 14.35 19.6 5.1
XcelEnergy XEL 39.35 -0.27 InteractiveBrokers IBKR 30.96 0.29 WholeFoods WFM 28.87 -0.19 30-year mortgage yields Treasury Feb 99.510 -0.005 6315 0.490 BGNE Feb. 3/$24.00 DLTH Nov. 19/$12.00
Xerox XRX 8.88 0.12 Intuit INTU 90.26 0.13 t WillisTowersWatson WLTW 107.52 -3.13
30 days 3.149 3.243 3.750 3.149 Treasury Mar 99.475 -0.005 5049 0.525 Editas Medicine 13.09 –18.2 –28.1 Match Grp 9.40 –21.7 –36.2
Xylem Inc. XYL 36.43 -0.28 IntuitiveSurgical ISRG 524.41 15.59 WynnResorts WYNN 58.14 -0.31
YPFADR YPF 15.66 -0.21 Xilinx XLNX 46.87 -0.35 60 days 3.191 3.274 3.788 3.191 Treasury Apr 99.480 -0.015 1773 0.520 EDIT Feb. 3/$16.00 MTCH Nov. 19/$12.00
JD.comADR JD 23.24 0.36
YanzhouCoalADR YZC 3.87 0.04 JackHenry JKHY 77.30 0.70 Yahoo YHOO 27.10 0.28 Yirendai 3.76 –62.4 –58.7 Mimecast 9.39 –6.1 –7.0
Notes on data:
YoukuTudouADR YOKU 27.32 0.07 JazzPharma JAZZ 116.49 -0.21 ZionsBancorp ZION 20.74 -0.03 YRD Dec. 18/$10.00 MIME Nov. 19/$10.00
YumBrands YUM 66.76 0.29 Zynga ZNGA 2.13 0.10 U.S. prime rate is effective December 17, 2015. Discount rate is effective December 17, 2015. U.S.
JetBlue JBLU 20.13 0.05 prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks; Atlassian 20.06 –4.5 –27.8 Square 8.88 –1.3 –32.1
ZayoGroupHoldings ZAYO 22.98 1.09 KLA Tencor KLAC 64.13 0.17
ZimmerBiomet ZBH 92.91 1.01 KeurigGreenMtn GMCR 89.98 0.49 NYSE MKT Other prime rates aren’t directly comparable; lending practices vary widely by location; DTCC GCF
Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable
TEAM Dec. 10/$21.00 SQ Nov. 19/$9.00
Zoetis ZTS 39.33 -0.53 KraftHeinz KHC 72.11 0.60 BritishAmTobADR BTI 106.84 -2.09 CUSIPs. Value traded is in billions of U.S. dollars. Futures on the DTCC GCF Repo Index are traded on Axsome Thera 6.94 –22.9 –20.6 Instructure 15.01 –6.2 –16.6
LKQ LKQ 24.54 0.35 CheniereEnergy LNG 24.97 0.51 NYSE Liffe US. AXSM Nov. 19/$9.00 INST Nov. 13/$16.00
NASDAQ LamResearch LRCX 65.48 -0.10 CheniereEngyPtnr CQP 21.11 -0.07 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
AMCNetworks A AMCX 62.91 -0.95 LamarAdvertisingA LAMR 50.82 0.69 ImpOil IMO 29.73 -0.85 General Electric Capital Corp.; Tullett Prebon Information, Ltd. Sources: WSJ Market Data Group; FactSet Research Systems
THE WALL STREET JOURNAL. Thursday, February 11, 2016 | C7
COMMODITIES
Futures Contracts | WSJ.com/commodities Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Australian Dollar (CME)-AUD 100,000; $ per AUD
Metal & Petroleum Futures March 131-090 131-245 130-290 131-160 6.0 2,923,228 March .7063 .7114 .7026 .7101 .0058 112,461
Contract Open
Contract Open June 130-275 131-110 130-165 131-030 7.0 110,882 June .7022 .7084 .6999 .7071 .0057 840
Open High hi lo Low Settle Chg interest Open High hilo Low Settle Chg interest
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb. March 121-170 121-227 121-082 121-190 2.0 2,638,094 March .05308 .05354 t .05262 .05290 –.00014 101,752
Feb 2.0240 2.0260 2.0030 2.0250 –0.0135 1,026 March 30.65 31.07 30.64 31.01 .31 113,404 June 121-160 121-175 121-042 121-150 2.2 120,583 June .05250 .05318 t .05236 .05255 –.00014 53,928
March 2.0410 2.0430 1.9990 2.0270 –0.0125 86,867 May 30.88 31.31 30.87 31.26 .32 124,638 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Gold (CMX)-100 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. March 109-162 109-175 109-135 109-162 –.5 1,147,463 March 1.1297 1.1321 1.1170 1.1290 –.0007 430,268
Feb 1189.80 1197.70 1182.10 1194.70 –4.00 2,057 March 1081.00 1113.00 1076.00 1113.00 37.00 8,736 June 109-165 109-167 109-132 109-162 … 55,667 June 1.1328 1.1352 1.1203 1.1322 –.0007 9,338
April 1189.70 1198.10 1181.60 1194.60 –4.00 296,735 May 1109.00 1141.00 1103.50 1141.00 37.00 3,569 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
June 1191.10 1198.40 1182.20 1195.10 –4.00 59,202 Wheat (CBT)-5,000 bu.; cents per bu. Feb 99.628 99.628 t 99.625 99.628 –.007 115,603 Index Futures
Aug 1190.70 1198.80 1183.10 1195.70 –4.00 13,467 March 457.75 462.75 456.50 461.25 3.75 176,080 April 99.620 99.625 99.610 99.620 –.005 144,133 Mini DJ Industrial Average (CBT)-$5 x index
Dec 1192.00 1200.10 1184.50 1196.80 –4.10 15,729 May 462.00 466.25 460.50 465.00 3.25 126,713 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 15952
16154 15827 15866 –93 63,402
Dec'17 1190.50 1190.50 1188.80 1201.70 –4.10 5,621 March 107.703 108.688 s 107.594 108.297 .422 29,520 June 15810
16050 15760 15778 –94 968
Wheat (KC)-5,000 bu.; cents per bu.
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 445.25 448.00 444.25 444.75 –.25 78,016 1 Month Libor (CME)-$3,000,000; pts of 100% S&P 500 Index (CME)-$250 x index
Feb 492.00 492.00 492.00 525.00 7.20 1 Feb ... 99.5700 ... 99.5725 .0050 1,510 March 1852.00 1876.50 t 1840.00 1846.70 –1.50 126,572
July 464.75 467.50 463.50 464.50 –.25 57,596
March 515.75 525.25 507.60 524.70 7.85 21,443 June 1854.40 1861.40 t 1836.40 1837.80 –1.60 2,720
Wheat (MPLS)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100%
June 520.00 526.00 509.90 525.50 7.90 5,568 March 99.3450 99.3650 99.3450 99.3550 .0100 1,089,007 Mini S&P 500 (CME)-$50 x index
March 486.75 488.00 484.50 486.00 –1.50 27,727 March 1850.00 1877.75 t 1838.50 1846.70 –1.55 3,002,017
Platinum (NYM)-50 troy oz.; $ per troy oz. May 492.50 493.00 t 489.75 490.75 –1.75 19,538 June 99.3150 99.3300 99.3000 99.3250 .0100 1,289,081
99.2900 99.3050 99.2650 99.3000 .0100 1,197,351 June 1840.00 1868.50 t 1829.75 1837.80 –1.70 58,060
Feb 929.20 929.20 929.20 933.30 –4.40 3 Sept
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 99.2550 99.2700 99.2200 99.2600 .0100 1,250,166 Mini S&P Midcap 400 (CME)-$100 x index
April 932.70 937.10 922.90 934.20 –5.20 59,672 Dec
March 150.425 152.525 149.850 151.225 2.225 13,961 March 1250.50 1274.90 1244.00 1253.10 3.70 100,746
Silver (CMX)-5,000 troy oz.; $ per troy oz. April 150.525 152.400 149.850 151.350 2.250 7,879
Feb 15.300 15.300 15.300 15.277 –0.167 20 Currency Futures Mini Nasdaq 100 (CME)-$20 x index
March 15.285 15.325 15.110 15.282 –0.167 90,156
Cattle-Live (CME)-40,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 3954.5 4041.0 t 3922.3 3967.3 23.0 284,583
Feb 132.300 133.900 131.750 132.475 1.075 11,535 June 3919.0 4033.0 t 3917.0 3960.0 22.3 629
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March .8847 s
.8696 .8682 .8805 .0103 235,357
April 131.900 132.975 131.250 131.800 .650 122,031 June .8872 s
.8721 .8710 .8831 .0101 1,494 Mini Russell 2000 (ICE-US)-$100 x index
March 28.36 29.22 t 27.24 27.45 –0.49 380,149
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD March 960.60 983.00 955.20 959.50 –1.10 439,019
April 30.22 31.17 29.43 29.66 –0.08 339,292 June 967.70 967.70 956.90 954.00 –1.90 60
May 31.89 32.93 31.26 31.52 0.11 187,936 Feb 65.500 65.550 64.850 65.150 .300 17,298 March .7209 .7235 .7143 .7188 –.0010 151,177
June 33.14 34.32 32.70 32.96 0.22 172,289 April 70.200 70.400 68.200 68.350 –1.275 80,604 June .7196 .7236 .7147 .7190 –.0010 3,991 Mini Russell 1000 (ICE-US)-$100 x index
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. British Pound (CME)-£62,500; $ per £ March 1020.00 1033.00 1015.50 1015.40 –.80 7,701
Dec 37.42 38.55 37.08 37.38 0.40 186,840
Dec'17 41.53 42.41 41.08 41.44 0.55 91,928 March 249.00 250.20 247.10 248.60 –2.10 3,189 March 1.4471 1.4579 1.4438 1.4531 .0076 253,866 U.S. Dollar Index (ICE-US)-$1,000 x index
May 246.50 246.90 244.20 245.30 –2.10 1,792 June 1.4470 1.4583 1.4452 1.4536 .0076 1,749 March 96.03 96.77 95.78 95.94 –.16 73,097
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 96.04 96.83 95.90 96.03 –.16 2,243
March .9891 1.0035 .9677 .9749 … 67,663 Milk (CME)-200,000 lbs., cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
April 1.0010 1.0150 .9806 .9870 .0006 65,575 Feb 13.77 13.82 13.75 13.78 –.03 4,727 March 1.0293 1.0312 1.0197 1.0290 –.0008 52,250
March 13.93 14.03 13.92 13.97 .01 4,898 June 1.0348 1.0357 1.0245 1.0335 –.0010 411 Source: SIX Financial Information
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
March .9075 .9710 .9034 .9425 .0436 81,431 Cocoa (ICE-US)-10 metric tons; $ per ton.
April 1.1350 1.1926 1.1309 1.1664 .0400 77,598 March 2,814 2,862 2,796 2,825 –12 23,443
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
March 2.097 2.109 2.017 2.046 –.052 183,175
May 2,837 2,890 2,821
Coffee (ICE-US)-37,500 lbs.; cents per lb.
2,854 –5 79,857
Cash Prices | WSJ.com/commodities Wednesday, February 10, 2016
April 2.149 2.159 2.081 2.111 –.038 180,399 March 114.70 116.10 114.55 114.75 … 52,906 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
May 2.198 2.217 2.148 2.174 –.035 134,434 May 116.95 118.15 116.60 116.85 … 63,411 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
June 2.260 2.265 2.206 2.232 –.031 49,640 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
July 2.316 2.331 2.268 2.296 –.030 63,577 March 13.28 13.49 13.15 13.38 –.01 218,064
months.
Oct 2.390 2.391 2.336 2.358 –.033 71,471 May 13.29 13.41 13.12 13.33 –.02 252,236 Wednesday Wednesday Wednesday
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Platinum,Engelhard industrial 929.0 Soybeans,No.1 yllw IL-bp,u 8.5300
Agriculture Futures May 25.55 25.55 25.50 25.52 .25 2,988 Energy Platinum,Engelhard fabricated 1029.0 Wheat,Spring14%-pro Mnpls-u 5.8100
Corn (CBT)-5,000 bu.; cents per bu. July 25.75 25.75 25.75 25.72 .30 1,870 Propane,tet,Mont Belvieu-g 0.3625 Palladium,Engelhard industrial 524.0 Wheat,No.2 soft red,St.Louis-bp,u 4.6800
March 361.00 361.75 359.25 360.25 –.75 469,636 Cotton (ICE-US)-50,000 lbs.; cents per lb. Butane,normal,Mont Belvieu-g 0.5153 Palladium,Engelhard fabricated 624.0 Wheat - Hard - KC (USDA) $ per bu-u 4.2675
May 366.00 366.50 364.00 365.25 –.75 378,218 March 58.62 58.94 58.35 58.88 .24 75,918 NaturalGas,HenryHub-i 2.130 Aluminum, LME, $ per metric ton *1492.0 Wheat,No.1soft white,Portld,OR-u n.a.
59.45 59.46 t 58.88 59.23 –.01 68,132 NaturalGas,TranscoZone3-i 2.110
Oats (CBT)-5,000 bu.; cents per bu. May Antimony-d 2.6000
NaturalGas,TranscoZone6NY-i 5.990
March 195.75 196.00 t 188.75 189.25 –6.50 5,066 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. NaturalGas,PanhandleEast-i 1.980
Copper,Comex spot 2.0250 Food
May 198.50 200.25 t 193.25 193.50 –7.25 3,765 March 132.20 134.95 130.50 131.55 –.65 6,003 Lead,NA solder-d 112.109 Beef,carcass equiv. index
NaturalGas,Opal-i 1.880
Soybeans (CBT)-5,000 bu.; cents per bu. May 133.45 134.90 131.20 131.80 –.60 5,331 Iron Ore, 62% Fe CFR China-s 44.5 choice 1-3,600-900 lbs.-u 202.85
NaturalGas,MarcellusNE PA-i 1.360
March 863.50 866.25 861.50 862.25 –1.00 243,044 NaturalGas,HaynesvilleN.LA-i 2.030 Shredded Scrap, US Midwest-s,w 185 select 1-3,600-900 lbs.-u 198.20
May 867.00 870.00 865.50 867.00 –.25 212,319 Interest Rate Futures Coal,C.Aplc.,12500Btu,1.2SO2-r,w 42.050 Stainless steel scrap,US-d 1560 Broilers,dressed 'A'-u 1.1225
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 9.550 Steel, HRC USA, FOB Midwest Mill-s 399 Broilers, National comp wghtd-u,w 0.8083
March 263.30 263.60 t 260.70 261.00 –2.10 131,682 March 166-080 167-290 165-080 167-020 30.0 560,568 Tin,NA solder-d 977.488 Butter,AA Chicago 2.1250
May 265.30 265.60 t 263.10 263.40 –1.70 114,475 June 164-260 166-160 164-000 165-230 30.0 10,453 Metals Zinc,NA-d 85.655 Cheddar cheese,bbl,Chicago 146.50
Gold, per troy oz Cheddar cheese,blk,Chicago 149.00
Engelhard industrial 1190.67 Fibers and Textiles Milk,Nonfat dry,Chicago lb. 75
Engelhard fabricated 1279.97 Burlap,10-oz,40-inch NY yd-n,w 0.5500 Cocoa,Ivory Coast-w 3081
Macro & Market Economics: Energy Report Handy & Harman base
Handy & Harman fabricated
1190.00
1320.90
Cotton,1 1/16 std lw-mdMphs-u 0.5913
Coffee,Brazilian,Comp 1.2093
Cotlook 'A' Index-t *66.75
LBMA Gold Price AM *1188.90 Coffee,Colombian, NY 1.3604
71.000
Prices, Then and Now Nymex-traded futures LBMA Gold Price PM *1191.00
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w n.a.
Eggs,large white,Chicago-u 1.5750
Krugerrand,wholesale-e 1242.28 Flour,hard winter KC 12.85
Maple Leaf-e 1254.23 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.63
Crude-oil futures, per barrel Natural gas, per million BTUs American Eagle-e 1254.23
Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 63.60
Mexican peso-e 1448.21 Pork bellies,12-14 lb MidUS-u n.a.
Austria crown-e 1173.85 Bran,wheat middlings, KC-u 100
Corn,No. 2 yellow,Cent IL-bp,u 3.5400 Pork loins,13-19 lb MidUS-u 0.9470
$160 $8 Austria phil-e 1254.23
Corn gluten feed,Midwest-u,w 104.3 Steers,Tex.-Okla. Choice-u 134.00
Silver, troy oz.
Engelhard industrial 15.2000 Corn gluten meal,Midwest-u,w 458.7 Steers,feeder,Okla. City-u,w 176.88
120 6 Engelhard fabricated 18.2400 Cottonseed meal-u,w 240
Handy & Harman base 15.2550 Hominy feed,Cent IL-u,w 95 Fats and Oils
Handy & Harman fabricated 19.0690 Meat-bonemeal,50% pro Mnpls-u,w 198 Corn oil,crude wet/dry mill-u 40.2500
80 4
LBMA spot price £10.4039 Oats,No.2 milling,Mnpls-u 2.4425 Grease,choice white,Chicago-u 0.2550
(U.S.$ equivalent) 15.1200 Rice, 5% Broken White, Thailand-l,w 367.00 Lard,Chicago-u n.a.
40 2 Coins,wholesale $1,000 face-a 13568 Rice, Long Grain Milled, No. 2 AR-u,w 23.00 Soybean oil,crude;Centl IL-u 0.2964
Other metals Sorghum,(Milo) No.2 Gulf-u 7.4600 Tallow,bleach;Chicago-u 0.2650
0 0 LBMA Platinum Price PM *932.0 SoybeanMeal,Cent IL,rail,ton48%-u 270.00 Tallow,edible,Chicago-u 0.2850
2013 2014 2015 2016 2013 2014 2015 2016
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=Ryan's Notes; E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence;
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted.
Crude-oil futures, per barrel Gasoline futures, per gallon Natural gas, per million BTUs *Data as of 2/9
Source: WSJ Market Data Group
$35 $1.10 $2.30
33 1.05 2.20
31 1.00 2.10
high 29 0.95 2.00

open CENTRALBANKS
close 27 0.90 1.90
low
25 0.85 1.80
1 8 1 8 1 8
Feb. Feb. Feb. COMPREHENSIVE DATA INSIGHT & ANALYSIS NETWORKING EVENTS
Pricing Overview Futures-market, spot and retail prices

Price ($) YTD 52-Week Range ($) Last(l) 52-week
Latest Last wk % chg Low High pct chg(%)
Crude oil, Nymex futures; per barrel 27.45 32.28 -25.89 26.55 l 61.43 -43.80
RBOB gasoline, Nymex futures; per gallon 0.9425 1.0137 -25.62 0.8989 l 2.1464 -38.93
Unleaded gasoline, retail; per gallon 1.870 1.932 -12.66 1.870 l 2.920 -17.84
2.038 -12.45 1.755 3.016 -26.85
CENTRALBANKS
Natural gas, Nymex futures; per MMBtus 2.046 l CENTRALBANKS
1
NY Harbor ULSD, Nymex Futures; per gallon 0.9749 1.0786 -11.43 0.8657 l 2.2989 -46.26 CENTRALBANKS
Diesel fuel, retail; per gallon 2.008 2.031 -10.16 2.008 l 2.944 -29.17
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Admin.; DJ Newswires
NEWSLETTERS & ALERTS EXCLUSIVE FED POLICY COVERAGE MOBILE
Watching the Gauges: U.S. Supply and Demand

Inventories, imports and demand for the week ended February 5. Current figures are in thousands of barrels or
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import
OUR INSIGHT,
Natural-gas import and demand data are available monthly only.
Inventories, 000s barrels Imports, 000s barrels per day
YOUR ADVANTAGE.
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg
Crude oil and

petroleum prod 1,337,939 ... 1,338 1,178 1,333 1,084 9,043 ... 10,330 9,198 9,856 9,854
Crude oil
excluding SPR 501,958 3,700 503 418 497 370 7,124 ... 8,256 7,286 7,692 7,882
Gasoline 255,657 ... 254 243 251 235 683 ... 624 462 599 784
Finished gasoline 27,446 1,000 27 29 28 53 27 ... 126 14 65 202
Reformulated 28 ... 0 0 0 0 0 ... 0 0 0 0
WSJ Pro Central Banking is the first in our suite of
Conventional 27,418 ... 27 29 27 52 27 ... 126 14 65 44
Blend. components 228,211 ... 227 213 223 183 656 ... 498 448 534 597 WSJ Pro products powered by The Wall Street Journal
Natural gas (bcf) 2,934 ... 3 2 3 2 ... ... ... ... ...
and Dow Jones. With proprietary content on global
...
monetary policy and invitations to networking events
Kerosene-type
jet fuel 41,697 ... 42 39 42 40 110 ... 31 117 200 74 with professional peers, members get the market edge
Distillates 160,976 -900 160 131 161 133 201 ... 191 269 191 226 they need to drive their business and investments.
Heating oil 16,218 ... 16 14 16 24 102 ... 69 48 80 69
Diesel 144,758 ... 144 117 146 109 99 ... 104 221 107 156
Residual fuel oil 44,951 ... 44 34 44 36 205 ... 250 257 293 198
Other oils 234,946 ... 234 227 235 207 542 ... 849 646 739 697 Request a free trial at WSJ.com/pro/trial
Net crude, petroleum
products, incl. SPR 2,033,055 ... 2,033 1,869 2,028 1,785 4,679 ... 5,966 5,106 5,497 6,608
Weekly Demand, 000s barrels per day Natural gas storage

Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg
Total petroleum
product 19,022 ... 19,156 19,655 19,814 19,082
4250 IN-DEPTH
14-DAY
FREE TRIAL
IN-DEPTH
Finished 3250
motor gasoline 9,122 ... 8,341 8,282 8,871 8,601 t
Kerosene-type Five-year average 2250
jet fuel 1,616 ... 1,340 1,450 1,576 1,347 t for each week
Distillates 3,162 ... 3,524 4,300 3,592 3,732 1250
Natural gas,
Residual fuel oil 111 ... 160 130 275 303 lower 48 states
Propane/propylene 1,556 ... 1,867 1,586 1,688 ... 250
Other oils 3,454 ... 3,923 3,907 3,812 ... F M A M J J A S O N D J
2015
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Administration; Dow Jones Newswires
C8 | Thursday, February 11, 2016 THE WALL STREET JOURNAL.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Twitter Must
Look Beyond
Yellen Keeps Fed’s Options Open OVERHEARD
Federal Reserve Chair- economy in the months So much for the power of
Bucking the Trend
User Growth woman Janet Yellen didn’t
exactly come out and say the
central bank won’t raise
Trade-weighted index of the
ahead, it certainly could hap-
pen. But futures markets
now imply only a 1-in-3
positive thinking.
This time a year ago, with
oil prices at $68 or down by
dollar’s performance against
The future of Twitter may rates in March. On the other a broad set of currencies chance of the Fed raising over a third in eight months
be: Do more with less. hand, she certainly didn’t rates at all in 2016. At the at that point, energy compa-
The social network re- leave investors with the im- 126 end of last year, the futures nies in the S&P 500 said
ported better-than-expected pression a decision against were pointing to at least two they would cut capital expen-
PETE MAROVICH/BLOOMBERG NEWS

adjusted earnings for the tightening next month is a 124 rate increases. ditures by nearly 25%, accord-
fourth quarter and sales that foregone conclusion. For now, the perception ing to data from FactSet. At
met analysts’ estimates But the looming issue for 122 that the Fed is on hold for the time, economists’ consen-
Wednesday. But its monthly the Fed may be to convince the year may be to the Fed’s sus expectations called for a
active-user base fell slightly investors that policy is 120 benefit. Investors’ belief that slight deterioration in oil
to 305 million in the quarter merely on pause rather than the differences between the prices to $63 a barrel at the
after excluding users who ac- indefinite hold. In her semi- Fed’s and other major cen- beginning of this year.
118
cess the service only through annual testimony on mone- tral banks’ policy stances Fast forward, and with the
text messages. The shares tary policy to Congress on 2015 ’16 won’t be as wide have helped same companies reporting
also fell, although declines Wednesday, Ms. Yellen un- Source: Federal Reserve weaken the dollar this full-year results, a funny thing
moderated as investors di- derscored the growing risks THE WALL STREET JOURNAL. Janet Yellen, Fed chairwoman month. That reduces some of happened. Oil prices are just
gested a letter from the com- to the U.S. economic outlook, the financial stresses the half as high as expected, yet
pany outlining its strategy including the strengthening odds of a March move, the would be to cut rates. That dollar’s strength had stoked companies cut spending
for the year. dollar, weakness overseas next month’s news would counts as a message to in- and, if it persists, could help slightly less than planned.
The stock already has and global financial-market have to be exceedingly good vestors who have speculated settle global markets. Now it is payback time.
tumbled by nearly 70% over stresses. Given the Fed’s for the Fed to raise rates. about another round of Fed But if markets settle and Analysts polled by FactSet
the past year, weighed down mantra that its policy deci- Ms. Yellen also was care- bond buying, or even nega- the economic data indicate project an even sharper 28%
by user-growth fears. Twit- sions will be “data depen- ful not to strike too sour a tive rates, that their fears the U.S. still is upbeat, the drop in spending from those
ter’s valuation has been dent,” she couldn’t outright note on the economy. Asked are overdone. Fed will have to let markets lower levels in 2016.
pegged to the idea that its take a March rate increase about the risk of global tur- Indeed, most Fed policy know it plans to raise i i i
revenue would grow as it off the table—not with a moil sending the U.S. into re- makers are probably hoping rates. It also will have to fig- Rate increases didn’t boost
monetized an expanding user month’s worth of economic cession, she pointed out that they will be able to raise ure out how to do that with- bond-trading as expected.
base. It said monthly active reports and market trading the job market has continued rates at their June meeting. out sending another round The average daily bond-trad-
users bounced back to third- before the policy meeting. to improve and that she With calmer financial mar- of shock waves through the ing volume in January was
quarter levels in January, But with the futures markets didn’t foresee a situation kets, continued job growth world. 2.7% lower than it was a year
but the decline in the fourth now implying just 1-in-17 where the Fed’s next move and a bit of a pickup in the —Justin Lahart earlier, according to data from
quarter stoked concerns. the Securities Industry and
Twitter laid out five prior- Financial Markets Association.
ities for 2016, including re-
fining its core service, live-
streaming video, helping
Tesla’s Earnings Aren’t Quite Built for Speed The biggest driver of Janu-
ary’s slump was the 21% de-
cline in trading of agency
influential people connect An upbeat forecast tering non-GAAP cash-flow But that mentality has been mortgage-backed securities.
with audiences and making sparked a sharp rally in Range Anxiety figure, other figures weren’t tossed aside as the stock These comprise the second-
its service safer for users Tesla shares after the mar- Tesla’s free cash flow, in millions as good. Free cash flow, de- market has soured: Tesla was largest bond market. Trea-
and more hospitable to de- ket’s close Wednesday. But fined as operating cash flow down nearly 40% this year surys, the largest, fared bet-
velopers. Earlier Wednes- fourth-quarter results sug- $0 less capital expenditures, before the earnings report. ter, with volume rising 5.8%.
day, it said it was changing gest Tesla Motors’ race was once again negative in Operational issues become The start of the year is
its timeline to show the best against the clock is actually –200 the quarter, to the tune of more important given the typically the best for bond
tweets on top, which it said becoming more urgent. $441 million. high stakes for the Model 3 trading as clients position
was driving engagement. The electric-automobile –400 Tesla now has burned sedan, Tesla’s more afford- portfolios. A slow start could
It also announced other upstart reported fourth- $2.9 billion in the past six able car. Tesla still is plan- portend disappointing trading
tweaks to make the service quarter revenue of $1.75 bil- quarters and has just $1.2 ning to unveil it on March revenues for banks.
–600 Quarterly
less confusing for new users. lion and a loss per share of billion in cash and equiva- 31. Deliveries are expected to Things appear to have got-
These are positive steps, $2.44. While both fell short 2014 ’15 lents remaining. Meanwhile, begin in late 2017, yet com- ten worse since the start of
and Wall Street likely appre- of analysts’ expectations, the Source: the company it expects $1.5 billion in capi- petitors such as Chevrolet the year. On Tuesday, Mor-
ciated the strategic clarity. stock was nearly 12% higher tal expenditure this year, al- are moving fast with their gan Stanley trading chief Ed-
But Twitter has a long way in after-hours trading. generally accepted account- though it did say it wouldn’t own offerings. ward Pick warned that the
to go to achieve accelerating One reason: Tesla is main- ing principles by the fourth need to raise any additional The pressure on CEO Elon first quarter was looking grim
user growth. If these mea- taining its delivery target of quarter of 2016. cash to meet forecasts. Musk to stay on schedule for banks’ trading businesses.
sures don’t get it there, it 80,000 to 90,000 vehicles The upbeat delivery fore- Investors have long been and on budget—never before “The year started out OK, but
will need to do a better job this year. Plus, the company cast aside, Tesla’s cash-burn- happy to endure production Tesla’s strong suit—is only it’s been a lot choppier since
of monetizing what it has. said it expects “moderate” ing ways continued. While it hiccups and cash burn in an- going to grow. then,” Mr. Pick said.
—Miriam Gottfried profitability according to highlighted a seemingly flat- ticipation of future riches. —Charley Grant
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks Global Government Bonds: Mapping Yields
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
highs and lows for different types of bonds selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Total return Yield (%), 52-Week Range l Latest
close YTD total return (%) Index Latest Low 0 5 10 15 20 25 High 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
1866.18 2.1 Broad market Barclays Aggregate 2.250 2.000 l 2.630 0.750 U.S. 2 0.710 s l 0.694 0.932 0.656
2491.42 0.8 U.S. Corporate Barclays Capital 3.620 2.830 l 3.710 2.250 10 1.705 t l 1.727 2.117 1.998
2434.63 0.7 Intermediate 3.030 2.230 l 3.120 5.500 Australia 2 1.773 s l 1.762 2.018 1.981 106.3 106.8 132.5
3188.54 1.2 Long term 4.980 4.170 l 5.120 4.250 10 2.417 t l 2.419 2.728 2.566 71.1 69.3 56.9
528.86 1.7 Double-A-rated 2.480 2.070 l 2.700 4.250 France 2 -0.426 s l -0.433 -0.345 -0.124 -113.6 -112.8 -78.0
612.14 -0.04 Triple-B-rated 4.360 3.300 l 4.400 1.000 10 0.623 s l 0.617 0.880 0.642 -108.2 -111.0 -135.6
317.29 -4.1 High Yield Constrained Merrill Lynch 9.808 5.853 l 9.905 0.500 Germany 2 -0.505 s l -0.515 -0.390 -0.208 -121.5 -120.9 -86.3
256.96 -8.0 Triple-C-rated 21.176 10.017 l 21.255 0.500 10 0.243 s l 0.238 0.517 0.339 -146.2 -148.9 -165.9
2288.00 -3.6 High Yield 100 8.313 5.016 l 8.696 4.500 Italy 2 0.057 t l 0.086 -0.001 0.329 -65.3 -60.8 -32.7
293.74 -3.3 Global High Yield Constrained 9.208 5.894 l 9.295 2.000 10 1.645 t l 1.685 1.520 1.666 -6.0 -4.2 -33.2
256.03 -2.7 Europe High Yield Constrained 5.906 3.550 l 6.412 0.100 Japan 2 -0.211 s l -0.240 -0.019 0.050 -92.1 -93.5 -60.6
1613.45 2.0 U.S Agency Barclays 1.290 1.170 l 1.680 0.300 10 0.014 s l -0.023 0.230 0.394 -169.2 -175.0 -160.3
1449.47 1.4 10-20 years 1.100 0.980 l 1.480 0.500 Spain 2 0.031 t l 0.046 0.009 0.310 -67.9 -64.8 -34.6
3218.02 6.9 20-plus years 2.780 2.700 l 3.370 2.150 10 1.720 t l 1.785 1.717 1.619 1.5 5.9 -37.9
1938.72 1.6 Mortgage-Backed Barclays 2.360 2.320 l 2.900 1.000 U.K. 2 0.346 s l 0.326 0.507 0.415 -36.4 -36.8 -24.1
1912.80 1.3 Ginnie Mae (GNMA) 2.310 2.180 l 2.860 2.000 10 1.416 s l 1.415 1.774 1.666 -29.0 -31.2 -33.2
1135.21 1.8 Fannie mae (FNMA) 2.370 2.370 l 2.910 Source: Tullett Prebon
1746.77 1.8 Freddie Mac (FHLMC) 2.400 2.370 2.930
l
Corporate Debt
507.37 1.5 Muni Master Merrill Lynch 1.479 1.479 l 2.099 Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
355.99 2.1 7-12 year 1.441 1.441 l 2.144 that same company’s share price. Here’s a look at both for two companies in the news.
391.92 1.4 12-22 year 1.940 1.940 l 2.636 Investment-grade spreads that tightened the most…
372.52 1.5 22-plus year 2.640 2.638 l 3.351 Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
2250.32 0.6 Yankee Barclays 2.970 2.430 l 3.110
salesforce.com CRM 0.250 April 1, ’18 500 –158 611 58.76 2.49
536.54 2.9 Global Government J.P. Morgan 1.250 1.250 l 1.780 JPMorgan Chase JPM 7.900 April 30, ’49 612 –134 517 55.52 –1.21
774.55 2.5 Canada 1.370 1.370 l 1.970 Freeport–McMoRan Oil & Gas FCX 6.875 Feb. 15, ’23 1713 –76 1903 … …
Morgan Stanley MS 5.450 July 15, ’19 715 –64 596 22.70 –1.00
363.34 1.6 EMU 1.037 0.724 l 1.609
Celgene CELG 2.125 Aug. 15, ’18 73 –59 n.a. 103.16 2.65
699.09 2.5 France 0.800 0.490 l 1.360
Deutsche Bank AG DB 4.500 April 1, ’25 535 –55 440 16.21 5.40
510.44 3.2 Germany 0.340 0.160 l 1.040 Williams WMB 4.550 June 24, ’24 1004 –47 943 12.85 7.26
284.27 2.2 Japan 0.440 0.420 l 0.890 Caesars Entertainment Operating CZR 9.000 Feb. 15, ’20 1730 –43 1683 … …
558.86 3.0 Netherlands 0.530 0.240 l 1.130
…And spreads that widened the most
866.71 5.0 U.K. 1.870 1.850 l 2.480
Lloyds Banking LLOYDS 7.500 June 27, ’49 596 85 464 ... ...
666.01 -0.7 Emerging Markets ** 6.936 5.679 l 7.128
Nabors Ind NBR 6.150 Feb. 15, ’18 1022 69 905 5.94 –2.62
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds In U.S. - dollar terms Euro-zone bonds Brixmor Operating Partnership BRX 3.850 Feb. 1, ’25 412 59 223 22.14 –0.05
** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan
Devon Energy DVN 6.300 Jan. 15, ’19 866 53 n.a. 21.63 –4.55
Williams Partners WPZ 3.350 Aug. 15, ’22 916 46 829 14.04 5.88
Amount Payable /
Dividend Changes Company Symbol Yld % New/Old Frq Record
Royal Bank of Scotland RBS 6.125 Dec. 15, ’22 471 43 358 6.69 2.14
Deutsche MultiMkt Income KMM 6.9 .0425 M Feb29 /Feb19
Marathon Oil MRO 5.900 March 15, ’18 984 31 949 7.13 –2.19
Dividend announcements from February 10. Deutsche Mun Income Tr KTF 6.0 .07 M Feb29 /Feb19 Symantec SYMC 4.200 Sept. 15, ’20 314 29 203 18.90 0.93
Amount Payable / Deutsche Strat Income Tr KST 6.5 .055 M Feb29 /Feb19
Company Symbol Yld % New/Old Frq Record Deutsche Strat Mun Incm KSM 6.2 .07 M Feb29 /Feb19 High-yield issues with the biggest price increases…
Fed Premier Intemediate FPT 4.8 .0555 M Mar01 /Feb23 Bond Price as % of face value Stock Perfomance
Increased Federated Premier FMN 5.8 .0735 M Mar01 /Feb23 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
CM Finance CMFN 19.6 .3516 /.3469 Q Apr07 /Mar18 MS Income Secs ICB 3.3 .045 M Feb26 /Feb19
Community Healthcare Tr CHCT 8.2 .3775 /.375 Q Mar04 /Feb19 Tekla Healthcare Opps Fd THQ 9.4 .1125 M Feb29 /Feb19 Dell DELL 6.500 April 15, ’38 72.000 7.00 n.a. ... ...
Gaming & Leisure Prop GLPI 8.5 .56 /.545 Q Mar25 /Feb22 Tekla World Hlthcr Fd THW 11.2 .1167 M Feb29 /Feb19 EXCO Resources XCO 7.500 Sept. 15, ’18 28.250 5.00 n.a. 0.88 5.06
L-3 Communications Hldgs LLL 2.4 .70 /.65 Q Mar15 /Mar01 Tortoise Energy TYG 13.0 .655 Q Feb29 /Feb22 Accuride ACW 9.500 Aug. 1, ’18 77.000 4.25 n.a. 0.93 13.17
Libbey LBY 2.9 .115 /.11 Q Mar15 /Mar01 Tortoise Engy Ind Fd NDP 19.6 .4375 Q Feb29 /Feb22 Weatherford International WFT 6.800 June 15, ’37 59.000 3.75 57.750 6.24 –1.58
Oaktree Capital Group OAK 3.9 .47 /.40 Q Feb26 /Feb19 Tortoise MLP Fund NTG 12.9 .4225 Q Feb29 /Feb22
PPLUS FR Call Ser GSC-2 PYT 4.0 .1917 /.18958 Q Feb16 /Feb15 Tortoise P&Engy Infrstr TPZ 12.7 .1375 M Mar31 /Mar24 Chesapeake Energy CHK 7.250 Dec. 15, ’18 20.000 3.50 35.030 1.70 –12.82
Sabre Corp. SABR 2.0 .13 /.09 Q Mar30 /Mar21 Tortoise P&Engy Infrstr TPZ 12.7 .1375 M Apr29 /Apr22 Sprint S 7.875 Sept. 15, ’23 65.500 3.50 67.750 2.72 2.64
Viper Energy Partners Un VNOM 6.3 .228 /.20 Q Feb26 /Feb19 Tortoise P&Engy Infrstr TPZ 12.7 .1375 M May31 /May24 Crestwood Midstream Partners CMLP 6.125 March 1, ’22 61.750 2.25 61.250 ... ...
Western Union WU 3.8 .16 /.155 Q Mar31 /Mar17 Tortoise Pipeline & Engy TTP 15.8 .4075 Q Feb29 /Feb22 VRX Escrow VRXCN 5.875 May 15, ’23 88.500 2.25 88.563 ... ...
Reduced Foreign
Anadarko Petroleum APC 0.5 .05 /.27 Q Mar23 /Mar09 CABCO Tr GS Cap Fltg Rate GYB 4.1 .20538 Q Feb16 /Feb12 …And with the biggest price decreases
Granite REIT GRP/U 5.2 .02151 M Feb16 /Jan29 Denbury Resources DNR 6.375 Aug. 15, ’21 22.875 –7.63 36.500 1.12 –4.27
Initial HSBC Hldgs plc Pfd Ser 2 HSEB 7.9 .50 Q Mar15 /Feb29
RCI Hospitality Holdings RICK .03 Mar25 /Mar10 Targa Resources Partners NGLS 6.750 March 15, ’24 68.000 –6.75 81.500 11.11 2.02
ING Grp 6.375% Perp Hyb ISF 6.5 .39844 Q Mar15 /Mar01
Itau Unibanco Holding ADR ITUB 9.5 .00384 /Mar03 Chesapeake Energy CHK 8.000 Dec. 15, ’22 32.000 –4.50 n.a. 1.70 –12.82
Funds and investment companies Basic Energy Services BAS 7.750 Feb. 15, ’19 20.000 –4.25 n.a. 1.67 –1.76
MiX Telematics ADR MIXT .03118 Mar10 /Feb26
Abeerden Asia-Pacific FAX 9.4 .035 M Feb25 /Feb18
Transocean Partners RIGP 19.2 .3625 Q Feb25 /Feb22 Carrizo Oil & Gas CRZO 6.250 April 15, ’23 58.500 –3.75 68.750 24.90 –0.40
Aberdeen Global FCO 11.1 .07 M Feb25 /Feb18
Alerian MLP ETF AMLP 14.2 .299 Q Feb18 /Feb12 Special Natural Resource Partners NRP 9.125 Oct. 1, ’18 50.000 –3.75 55.000 0.93 0.96
Boulder Grwth & Inco BIF 5.8 .033 M Feb29 /Feb22 CrownCrafts CRWS 4.0 .25 Apr08 /Mar18 WPX Energy WPX 5.250 Sept. 15, ’24 47.000 –3.25 54.250 4.46 –3.88
Boulder Grwth & Inco BIF 5.8 .033 M Mar31 /Mar23 6.625 Dec. 1, ’21 –2.88 19.350 0.96
Moelis MC 4.8 .80 Mar04 /Feb19 Legacy Reserves LGCY 12.000 2.14
Boulder Grwth & Inco BIF 5.8 .033 M Apr29 /Apr22 Pzena Invt Management PZN .32 Mar03 /Feb19
Deutsche Gl Hi Incm Fd LBF 7.5 .045 M Feb29 /Feb19 *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.
Deutsche Hi Incm Opps Fd DHG 5.9 .06 M Feb29 /Feb19 KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:
Note: Data are for the most active issue of bonds with maturities of two years or more
Deutsche High Income Tr KHI 8.0 .051 M Feb29 /Feb19 semiannual; S2:1: stock split and ratio; SO: spin-off. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
STYLE & TRAVEL
Win Valentine’s Day Vote Coach Pop

In 2016
Flower tips from a pro TRICKS OF THE TRADE | D3 JASON GAY | D6
© 2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, February 11, 2016 | D1
Fashion’s Big Turning Point Pet Peeves

About Apps
At New York fashion week,
designers upend tradition And Gadgets
with clothes to wear now,
marketing aimed at masses For 2016
BY GEOFFREY A. FOWLER
BY CHRISTINA BINKLEY AND JOANNA STERN
Fashion week, as we know it, is Excuse us as we climb onto our

out of style. soap box to name and shame the
As New York’s fashion week be- biggest tech nuisances of the year.
gins Thursday, with London, Milan It’s hard not to get emotional
and Paris fashion weeks to follow, about bad design, sneaky business
the runways are facing a rapid models and overall product failings
evolution. Top labels including that make the technology we de-
Tom Ford and Burberry have an- pend on seem more like an annoy-
nounced their September shows ance than a help.
will feature fall clothes that will be In early 2015, we tallied some
immediately for sale, abandoning of our tech peeves
the tradition of debuting designs PERSONAL and we’re back
six months before they arrive in TECHNOLOGY now with a fresh
stores. list. Only one
Hunter, the British brand topic is repeated,
founded on boots, is quitting Lon- because we didn’t see any im-
don’s runways and plans to market provement in 2015: smartphone
immediately-available clothes at The fashion industry is reconsidering the old-school runway show as more brands focus on generating mass battery life. Our intent isn’t to
events such as music festivals. A interest with digital marketing. The traditional final walk at Diane von Furstenberg’s show last fall, above. whine. We hope companies make it
number of smaller designers, too, a priority to solve these issues.
are showcasing clothes for the cur- And in the meantime, we’ve come
rent season or cancelling runway up with solutions that may help.
shows altogether.
Often, the replacement is a dig- Stop Uber Driver Distraction
ital marketing campaign. In New The dangers of distracted driv-
York, designer Wes Gordon can- ing have been well documented.
celed his New York fashion week Yet Uber, Lyft and other app-based
runway show in favor of debuting ride services have created an in-
nine vignettes on Instagram. Adam dustry of people behind the wheel
Lippes will post a moving-image who simply must futz with their
lookbook on his website so con- phones. An Uber driver has a mere
sumers can see his designs in ac- 15 seconds to lurch over and ac-
tion. Tracy Reese is debuting her cept a ride assignment, or miss out
latest collection in a fashion film on making money. Then he or she
entitled “A Detroit Love Song.” taps to begin the ride, again to
Meanwhile, Rebecca Minkoff and pick up other passengers in some
Misha Nonoo will market current- cases, and possibly multiple times
season collections, Ms. Minkoff to use a map. Uber says it has
with a runway show and Ms. been adding new forms of monitor-
Nonoo through digital-media cam-
paigns. (See accompanying story.)
JASON SCHNEIDER FOR THE WALL STREET JOURNAL
The changes reflect more than

a shift in show schedules. The cen-
GETTY IMAGES (2)
tury-old fashion-week system is

moving from an aspirational, in-
sider-only parade of designs for
press and retailers to a series of
snazzy events and social-media Givenchy has experimented with the fashion-show format. For its show on Sept. 11, 2015 in New York, it invited
Please see FASHION page D4 members of the public and staged a spectacle featuring performance artists and a backdrop of the Freedom Tower.
How Change Unfolds at One Label

BY ELIZABETH HOLMES collections that have been in view ion—will show spring and summer ing safety. Driving apps should be
for months start to feel stale by 2016 merchandise as well as a se- designed to minimize distraction,
Of all the avant-garde ideas hit- the time they actually hit stores. lection of new pieces. Some will be with voice commands replacing
ting the runways at New York And worse, the lag time also available for purchase immedi- taps. Better yet: Uber and Lyft
fashion week, designer Rebecca has given fast-fashion chains like ately; others will arrive in stores could issue drivers a heads-up dis-
Minkoff is showing perhaps the Zara and H&M plenty of time to in a month or two. play, so they could keep their eyes
boldest yet: Clothes you can buy copy a designer’s aesthetic, or “It is a very smart move,” says on the road.
right now. even individual garments. “Why Ken Downing, senior vice presi-
Ms. Minkoff is bucking fashion buy a dress from a designer brand dent and fashion director of Nei- Longer Life for Our Batteries
designers’ long-held tradition of when you can buy a knockoff be- man Marcus, which carries Re- We don’t need phones thinner
showing clothes for the season fore it’s even out?” says Uri becca Minkoff. “All of these images than paper—we need phones that
ahead, with spring fashions shown Minkoff, chief executive and co- that are swirling around of clothes don’t require us to keep a constant
in fall, and fall styles shown in founder of the Rebecca Minkoff la- that customers can’t have for six eye on the battery meter. Powerful
REBECCA MINKOFF
spring. The six-month lead time bel and the designer’s brother. months—it only frustrates them. processors and dazzling screens
has allowed retailers to place their The Rebecca Minkoff runway It’s creating fashion fatigue.” have increased how much we use
orders and magazine editors to show taking place on Saturday has For Saturday’s show, Rebecca our beloved little pocket comput-
craft their pages. been deemed by the brand, not so Minkoff is distributing about a ers, yet the batteries haven’t kept
But shoppers who follow fash- subtly, #SEEBUYWEAR. Ms. third of its 500 tickets to top cus- up. Sure, we’ve found ways to
Designer Rebecca Minkoff will ion brands’ every move on live Minkoff—whose leather jackets tomers of its own stores and re- compensate: fat battery cases, USB
present a ‘see now, buy now’ streams and social media aren’t and flirty mini dresses are consid- tailers, as well as through a give- chargers, low-power modes, or
runway show at fashion week. willing to wait any more. Runway ered a gateway to designer fash- Please see MINKOFF page D4 Please see PEEVES page D2
Can It Work? She’s a Frequent Flier, He Checks Bags

BY SCOTT MCCARTNEY For Ed Pizzarello, a Reston, Va.- switching to sticks and powders
based venture capitalist who for cosmetics, finding a multipur-
One spouse rushes through Pre- spends 100 nights a year on the pose facewash and 2-in-1 shampoo
Check security screening, leaving road and is also a co-founder of and conditioner that will keep her
the other seething with the baby InsideFlyer, a site focused on miles within the TSA quart-sized bag
and diaper bag in the slow screen- and points, traveling with his wife limit.
ing lane. Or maybe one heads off meant convincing her not to check Mr. Pizzarello also says his wife
to the bathroom shortly before a bag. Michelle Pizzarello used to is a much nicer traveler, and that
GARY HOVLAND FOR THE WALL STREET JOURNAL
boarding, spoiling the other’s care- love to pack with amenities like a frustrates him. When they fly with
fully planned early-boarding rush. hair dryer and check a bag, leaving their children, ages 5 and 9, on
Travel is full of stresses. But her hands free in the airport to get Southwest Airlines, the foursome
for couples with coffee. tries to leave an empty middle
THE MIDDLE different flying But Mr. Pizzarello convinced seat so they have more room if the
SEAT predilections, the her checking a bag not only slows flight isn’t full. But to her hus-
knives can really up arrivals but also risks loss and band’s chagrin, Ms. Pizzarello
come out, espe- reduces options when things go makes eye contact with boarding
cially when only one is an experi- wrong. In a long flight delay or passengers, and with Southwest’s
enced traveler with deep-rooted cancellation, passengers with only open seating policy, someone in-
habits. Air travel, especially during carry-on bags have more freedom variably senses a welcoming to
a crowded period like the coming to switch flights. Their compro- take the middle seat.
spring break season, can lead to mise: “She’s convinced me over Rather than have a stranger be-
frustrations, embarrassments and flier status—priority treatment for But routines can sometimes many years never to put her in a tween parent and child, one child
arguments. security, check-in, seating selec- collide with spouses who have a hotel that doesn’t have hair dryers moves over to Mr. Pizzarello’s side
Frequent fliers have honed rou- tion, boarding groups, upgrades different outlook. They may be in the room. And if the hotel of the aisle. He serves as a barrier
tines to the point where they be- and rebooking. They’ve got strate- more relaxed or more nervous, ir- doesn’t have one, I have to go find in the middle seat between his two
come second nature. Each has a gies for seating choices, bathroom ritated by their spouse’s obses- one or buy one,” he says. children in case they get fidgety.
packing strategy to avoid baggage runs, food options, ground trans- sions or comforted at leaving all Ms. Pizzarello says she’s His wife still gets the aisle seat on
fees and delays. Most relish the portation and when to arrive at the planning and rushing to the adapted to her husband’s carry-on the other side. “Every time we end
privileges of elite-level frequent- the airport. road warrior. rule by learning to do without and Please see COUPLES page D4
D2 | Thursday, February 11, 2016 THE WALL STREET JOURNAL.
STYLE & TRAVEL
A Landscape Architect’s Perfect View: Urban Jungle

BY ERIN GEIGER SMITH
Landscape architect Mary Mar-

garet Jones and her team led the
design of public spaces for the
Olympics in Sydney and London
and the reworked waterfront near
San Francisco’s Golden Gate
Bridge. They are part of the group
creating a 30-acre public park in
Moscow, its entrance near St.
Basil’s Cathedral an urban wood-
land made of birch trees. But her
personal Manhattan escape is a
plant-free rooftop where the land-
scape is the city skyline.
The 59-year-old Ms. Jones, a
senior principal of Hargreaves As-
sociates, lives in a
DREAM fifth-floor loft in SoHo
SPACE with her husband, the
artist Doug Argue.
Previous owners used
the space as a recording studio for
commercial jingles. Access to the
unadorned roof was provided by a
ladder. As part of redesigning the
space in 2008 to make it more res-
idential, “We poked a hole in the
roof and put in a beautiful stair-
way that goes directly from the
living room,” she says. Landscape architect Mary Margaret Jones, above and right, stands on her roof
They chose a grated steel for deck in Manhattan. Ms. Jones prefers to keep the deck relatively unadorned.
those stairs that is “thick and sub-
stantial, and the openings are sustainable wood called ipe. The Three large white umbrellas line
close together enough that it’s wood is “robust and beautiful” and the edge of the deck’s wood por-
comfortable on your feet and peo- weathers to a silver color, Ms. tion. “Everyone who comes over
ple in heels feel comfortable,” Ms. Jones says, adding that it is so teases us because there are no
BEN SARLE FOR THE WALL STREET JOURNAL (2)

Jones says. Still, it isn’t too heavy dense one can’t screw into it. She plants,” she says. She and her
a presence in the home, she says, worked with an architect to de- business partner, George Har-
because you can see through it. velop a system of attaching the greaves, designed a long planter to
The stairway emerges into a planks from underneath. “You be built along the wood portion,
landing in a small glass room. don’t see any hardware. It’s all but never got around to building
With a short turn and a few more mysterious,” Ms. Jones says. it. “Maybe this spring,” she says.
steps, a glass door opens to the Lighting comes from beneath For now, “the views are really
roof. Instead of building the deck the wood portion of the deck. Ms. the landscape,” Ms. Jones says, in-
directly on the existing floor of the Jones chose LED lights, which cluding sunsets and city lights at
roof, it was constructed to sit have a softness and give the deck night. They have unencumbered
about two feet above, in two rect- the effect of glowing at night, she views on all four sides, she says,
angles that form an L-shape. It’s says. but “spectacular” views on three.
about 1,000 square feet of a “per- The deck’s only adornments are That includes a slice of the
fect floating form within the irreg- a table and chairs used for hosting Hudson River to the west and, buildings and are easily missed watching a helicopter lower the
ularity of the rooftop,” she says. small dinner parties, and a few more immediately in front of from street level. spire on that building, especially
The rectangle closest to the chaise longues used for reading them, wooden water tanks on Visible to the south is One moving because Mr. Argue has
door is the same metal grating as the newspaper in the morning or nearby roofs and the gargoyles World Trade Center. A favorite paintings hanging in the One
the stairway, and the other is a having nightcap to end the day. and lion heads that line the tops of rooftop memory, Ms. Jones says, is World Trade Center lobby.
Ask Teri Columnist Teri Agins

answers readers fashion questions
Q: I held off buying a winter coat
and boots because it didn’t
start to get cold until late January. But
dustry is reacting to the need for more
“buy-now, wear-now” clothes shown on
the runways. The time-honored ritual of
ing a reassessment to realign the time-
tables of seasonal fashion weeks.
Burberry and Tom Ford are among
go to a store now and good luck on fashion shows feature the coming sea- the top names to say their September
finding a cute hat or a selection of sons’ styles isn’t stimulating consumers runway shows will showcase current
gloves. Last week, I went to my local to shop anymore. Critics say the indus- fall 2016 collections—instead of spring
Target, and I saw swimsuits in the try would sell more clothes if fashion 2017 styles. (Please see “Fashion’s Big
front display. With seasons all askew, shows drummed up buzz for current- Turning Point” on page D1)
EDWINA WHITE FOR THE WALL STREET JOURNAL
it seems stores should stock merchan- season clothes already in stores. The move comes as designers are
dise accordingly, don’t you think? If you want winter boots right now, awaiting the findings of a study con-
—AL, New York. for example, your best bets are online ducted by the Council of Fashion De-
footwear specialists like Zappos.com signers of America and Boston Consult-
A: Welcome to the swelling mil-

lions of disgruntled consumers
clamoring for “wear now” seasonal
and Onlineshoes.com—as well as the
online branches of the big department
store chains. Furthermore, fast-fashion
ing Group to determine the future of
fashion shows in New York, including
turning them into consumer events—
clothes—such as a full range of sun- giants like Zara, Uniqlo and H&M are not just for retail buyers and the fash-
dresses and swimsuits in August and seasonless by design. ion press.
parkas in late February, when folks are Fast-fashion has steadily gained
actually wearing them. market share across the industry, up- email questions to
The beleaguered global fashion in- setting designer fashion rituals, prompt- askteri@wsj.com
PEEVES
your touch-screen keyboard storing our email addresses. the battery can drain faster after you’ve paid, and many
making pointless noises. It might seem like an even when apps are constantly in-flight entertainment sys-
Manners dictate that we trade, especially for a free tracking you. Fortunately, we tems require you to down-
should all keep our devices service, but do you really have the power to go into load a companion app—over
Continued from the prior page on silent mode in public. And want to be so flippant about privacy settings and turn off poky in-flight Wi-Fi. But
larger phablets, which have for your own sanity, please sharing a core piece of your location access, or just delete hope is on the tarmac: Jet-
extra juice. But ultimately, judiciously silence any non- digital identity? Until the these apps altogether. Blue’s new Fly-Fi service, of-
those are just Band-Aids that urgent bleeps and rumbles collection ceases, it’s best to fered free, is noticeably
illustrate how bad the prob- that could disrupt your pre- use an alternative email in Give Us More Gigabytes faster than Gogo’s current of-
lem has become. cious sleep. Gadget makers these cases. “Storage almost full!” fering. Gogo has also re-
should turn off the typing When you’re life has been received FAA approval to start
sound by default, or offer a Apps, Stop Tracking Us duced to freeing up itty-bitty deploying technology that
“do not disturb” mode that Big Brother is lurking in amounts of space on your will be up to 20 times faster
also silences the phone’s the biggest brands. From the gadgets, you can point the than what you get now. print readers and cloud capa-
sounds, not just calls, alerts first time you open them, finger at the absurd cost of bilities, phone-based driver's
and notifications. higher-capacity smartphones. End Browser Tab Overload licenses could actually be
The most infuriating exam- Looking for that one open more secure.
First, We Need Your Email ple: the 16GB iPhone. Instead browser tab you need at the
Like to use our free Wi-Fi of starting at 32GB, Apple end of a long workday? Jeff You, Autocorrect
hot spot? Just give us your asks us for an extra $100 to You’ll spot Waldo quicker. Lest admit it: The robots
email address! Want to try upgrade to 64GB. (Compare Robust Web apps and faster should be vetter at guesting
our free photo-editing app? that with 64GB MicroSD Internet speeds have us our works. After nearly a de-
Great, punch in your email. cards, which cost less than spending most of our days in cade, the technology to cor-
Buying that perfume? Email $20.) Despite falling flash- our browsers, yet we’re still rect our sloppy, cramped
Silence the Sounds address, please. Desperate to memory prices, most laptop managing pages the same typing is often better at pro-
Clackety, clackety, clack. keep the marketing heat on makers, including Microsoft, way we did over a decade viding punch lines than clar-
Hear that? It isn’t an actual their most willing customers, Dell and Apple, still charge ago. (Seriously, Netscape in- ity. Attempts to smarten pre-
old timey typewriter—it’s companies are collecting and about $200 to go from 128GB troduced tabs in 2002.) Sure, dictive features seem to have
to 256GB. you can pin your favorite
some popular apps grab the tabs in place or install an ex-
ADVERTISEMENT ability to track your location In-Flight Wi-Fi Slo-Mo tension like Chrome’s Tab
even when you’re not using Don’t get us wrong: Being Wrangler to automatically
Leisure Travel
JASON SCHNEIDER FOR THE WSJ (5)
them. We found “always” lo- able to get online at 30,000 close and save neglected tabs
cation access in apps from feet is a modern miracle. But you had open.
Starbucks, Wal-Mart and when you consider that for
three top U.S. airlines: Amer- Phones Vs Wallets
FRANCE ican, United and Delta. These The smartphone was sup-
companies say they aren’t in- posed to do away with credit
terested in building a dossier cards, subway passes, even
of everywhere we go, and driver’s licenses. But then
need access to provide ser- why are our pockets still
vices like package pickup re- filled with so much stuff?
minders, shopping advice Today most popular phones resulted in making the soft-
and alerts. Google’s Waze, have the hardware needed to ware even clumsier—some-
TripAdvisor and the Weather provide secure identification times ducking common
Channel do want to know and let you badge in at the terms in favor of obscure
where we are all the time, office door and flash a train names or acronyms. Even af-
and Waze doesn’t even offer pass. But we’re not much ter our repeated attempts to

the option to scale back closer to actually doing those type a single word, the soft-

tracking to only while using the price of a T-bone, you things with our phones. ware insists it knows better

!
"!# the app. In our view, “al- get two hours of Com- Only one state, Iowa, has be- than us. Until real smarts ar-
#

$

%
#&
ways” access is a privacy in- puServe-like speeds, the awe gun testing a mobile driver's rive, the best thing you can
' $ &
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vasion that should be limited quickly fizzles. It isn’t un- license. It isn’t just about do is save phrases or names
to very special cases. Also, common for service to fail convenience—with finger- you use most often.
THE WALL STREET JOURNAL. Thursday, February 11, 2016 | D3
STYLE & TRAVEL
How to Make a Gift of Flowers Feel Personally Picked

BY CHERYL LU-LIEN TAN
With the plethora of floral vari-

Five Tips
eties and arrangement styles avail- Make the receiver’s favorite color
able these days, choosing just the the dominant shade in a bouquet.
right Valentine’s Day bouquet to
match a person’s style can be a All-white bouquets comprising a
head-scratcher. mix of flowers are generally a safe
Banchet Jaigla, whose New choice.
York City-based Banchet Flowers
has regular clients Purple shades in flowers are trendy
TRICKS OF in the fashion, the- right now.
THE TRADE ater and restaurant
industries, believes Don’t send roses if it’s early in the
that it doesn’t have relationship.
to be hard, if you keep some
things in mind. For men, choose a floral
For starters, Ms. Jaigla, whose arrangement that’s more architectural
store creates about 200 bouquets or design-focused
for Valentine’s Day each year, says
she starts by asking the giver what While a dozen roses—red or
the recipient’s favorite color is, otherwise—can seem the industry
whether it is a color the recipient standard for a loved one or Valen-
likes to wear or if the color is pre- tine’s Day, Ms. Jaigla says this can
dominant in their home. come across as boring or unimagi-
“If she loves purple, then native. “Red roses and baby’s
maybe we’ll do a gorgeous purple breath—men make that mistake
Vanda (orchid) mixed with white often and then it’s just not excit-
roses, or perhaps white flowers ing,” she says. If the sender wants
with splashes of purple anemones to do red roses, “we’ll mix them
or lavender roses,” says Ms. Jaigla, with other flowers in red tones
who opened her Manhattan store Floral designer Banchet Jaigla, surrounded by amaryllis, hyacinths, roses and tulips at her shop Banchet Flowers on and perhaps a splash of beautiful
in 2001. West 16th Street in New York. Below, two samplings of orchids, and a vase of roses and peonies. hot fuchsia to make it more spicy.”
When designing a bouquet, Ms. If sending a man flowers, Ms.
Jaigla also likes to know if the re- Jaigla likes suggesting an arrange-
cipient has a more traditional style ment that’s “all about design—
JAMES ROBERT FULLER FOR THE WALL STREET JOURNAL (4)

sensibility or leans toward the something clean and modern, like
edgy. “If they’re traditional, I’ll white calla lilies with lime green
say, ‘Let’s do all white roses or all orchids and white roses. It’s white,
white calla lilies mixed with hy- clean, architectural.”
drangeas,” she says. Potted flowers or plants can
For more modern or fashion- work well if you want to give a flo-
able recipients, “maybe we’ll do a ral gift that lasts—but only if the
bold color that’s gorgeous like a giftee doesn’t travel so much that
hot pink amaryllis or a shocking keeping it alive turns into a chore.
fuchsia Vanda, set off with green “Gorgeous potted white orchids
leaves. It’s gorgeous, it’s exotic, it’s are tall, sleek and keep blooming
all about texture and big, bold for two months and it doesn’t take
flowers. It makes your heart beat a lot of room,” Ms. Jaigla says.
faster when you see it,” Ms. Jaigla “It’s long-lasting so if you’re the
says, noting that purples are par- recipient, you keep thinking of
ticularly trendy in flowers at the that wonderful person who picked
moment. she adds, noting that white is a white orchids, white roses, peonies time to get to know you.’” that up for you.”
“People also love the bigheaded fail-safe color for the less-is-more or hydrangeas.” To spice things up, In the same vein, certain colors Finally, the day you send flow-
peonies,” she adds. “They’re un- crowd. she typically mixes a few kinds of can convey their own messages as ers is important as well. While Ms.
usual in design and texture and Generally, if you’re unsure of white flowers in the same bouquet well. “Pastel colors are about Jaigla generally suggests sending
they’re striking and sharp, scream- your loved one’s personal floral so it doesn’t look homogeneous. friendship,” says Ms. Jaigla, who Valentine’s flowers on the day it-
ing, ‘Look at me; I’m bold, I’m preferences, Ms. Jaigla believes Roses are particularly imbued notes that these work well for fe- self, this year the occasion falls on
beautiful.’ ” that you can’t go wrong with send- with meaning at this time of year, male relatives such as a mother or a Sunday. “The Friday before
If someone is “very chic and ing an all-white bouquet. “Keep it Ms. Jaigla cautions. “If you just aunt, too. “Love is always red and works well so the person can enjoy
minimalist,” Ms. Jaigla says she clean,” she says. “White is elegant met the girl, don’t send roses. vibrant colors” and should be em- it all weekend,” she says. “Or, send
likes to keep bouquets to perhaps and you can do a lot of design They mean love,” she says. “You ployed for a loved one instead of a surprise delivery Monday at the
two colors. “I would say let’s do magic with all white tones, want to send something that says, something in pastel, which could office so the person can enjoy it
half white and half peach” tones, whether it’s white calla lilies, ‘I just met you, let me take some send a platonic signal. for the week.”
Photo Credit: Dylan Thomas for The Wall Street Journal
A Texas native, forgoing London’s moody Victoriana, imports the light and
LONE STAR IN BATTERSEA clean lines she loves in the renovation of her 130-year-old Battersea home.
MANSION
© 2016 Dow Jones & Co. Inc. All rights reserved. 6DJ3260
Read more in the
Mansion section every
Friday or online at
WSJ.com/mansion
STYLE & TRAVEL
FASHION
ment that follows designer Jeremy
SNEAK PEEK | Designers’ sketches of styles they plan to show and what inspired them Scott’s zany Milan runway shows.
More big luxury brands are
Suno holding shows when and where
Continued from page D1 Jenny Packham ‘The rules are changing, but they please. Thumbing its nose at
campaigns aimed straight at shop- ‘The hedonistic energy no one seems to have a Paris fashion week, Saint Laurent
pers. of the Parisian playbook—so we’re all just showed its men’s fall collection
Currently, it is a long six club scene in trying to hold on.’ and part of its women’s collection
months between the fashion-week the 80s and 90s.’ at the Palladium in Los Angeles on
runway shows and clothes’ arrival Wednesday night.
in stores—months when interest in The runway show itself is far
the designs can wane. Fast-fashion from dead. It plays a potent role in
outlets that produce inexpensive raising consumer consciousness
designs faster than the labels Katie Ermilio for brands that can afford to pro-
themselves get look-alikes into ‘The Fall 2016 duce splashy, live-streamed events,
stores first. collection is my take often with celebrity models or
Representatives from the Coun- on effortless minimal memorable theatrics. The resulting
cil of Fashion Designers of Amer- evening dressing. I images become the core of a mar-
ica, which oversees was inspired by my keting campaign.
ON STYLE New York fashion recent travels to Balmain installs its own Wi-Fi
week, and the London Spain and the at the Grand Hotel InterContinen-
and Milan fashion greenery in the tal in Paris each season. A back-
federations met in November in landscape.’ stage workstation serves as a
FROM LEFT: JENNY PACKHAM; KATIE ERMILIO; TORY BURCH; SUNO

London to discuss alternatives to news hub for photos and video as
the current fashion weeks. A of-the-moment models such as
spokesman for Paris’s fashion fed- Kendall Jenner and Gigi Hadid
eration says the group has also strut. The images play out for the
been discussing potential changes rest of the season online and in
and is open to coordinating with print. “The whole show is a photo
the other cities. opp,” says Danielle McGrory,
The CFDA recently hired the head of KCD Digital, which over-
Boston Consulting Group to ex- sees the consumer-aimed strat-
plore alternatives to the current egy. “Whatever these shows be-
fashion-week system. It is in a come, they are going to cater to
hurry: The report proposing new the public.”
alternatives is expected to be re- Technology also allows design-
leased in late March. “Everybody ers to circumvent the editors, crit-
agrees that something needs to Tory Burch ics and store buyers who have
change,” says Steven Kolb, chief ‘L’amour l’après-midi - served as fashion’s gatekeepers
executive of the Council of Fashion 1972 street style.’ and communicate with shoppers
Designers of America. directly.
Further encouraging some of The speed of the industry’s
these shifts, the CFDA for the first A sticky problem with the pro- and all-important Web presence— clicking on photos, and her own e- changes is all the more surprising
time edited down the group of de- posal: Fashion magazines need grew substantially. Misha Nonoo’s commerce site. because the fashion industry has
signers showing at New York fash- early access to plan their pages, website traffic grew 80% last sea- In London, critically acclaimed begrudged every step into the dig-
ion week. This attempt to address and stores need to place orders. If son when she canceled her show in designer Thomas Tait has also said ital age. For much of the early
the week’s notorious overcrowding given an early look, would editors favor of debuting her designs on he’ll skip the runway and market 2000s, the going wisdom in fash-
may have sent even more design- and buyers refrain from Insta- Instagram. see-now-buy-now clothing. ion was that luxury customers
ers out to seek alternatives to the gramming prematurely? This week, Misha Nonoo will For several seasons, Moschino would never shop online. Net-a-
runways. But the see-now-buy-now ap- skip her usual fall runway and in- has had success selling portions of Porter proved them wrong. Then
Gary Wassner, chairman of In- proach can be good for smaller de- stead market her spring 2016 col- its collections immediately after bloggers captured consumer atten-
terLuxe, which owns interests in signers. After Rebecca Taylor last lection, which went on sale Feb. 9, they debut on the runway. Stores tion and traffic that could have be-
labels Jason Wu and A.L.C., is year canceled her New York shows through a partnership with Re- buy blindly in advance and say the longed to fashion brands, which
among those pressing to shift the to market her current collections wardStyle, a company that allows items—mainly accessories—sell were late to adopt social media,
fashion-week schedule toward a directly to consumers, her sales— people to shop on Instagram by like hot commodities in the excite- live streaming and other no-lon-
“see now, buy now” system. ger-new technologies.
“We’ve got to do something fast or This week, the show goes on,
everyone’s going to splinter and
there will be no New York fashion
A new way to view New York fashion week with plenty of designers still
showing looks for next fall at New
week,” he says. The assumption is that a front- It is a brave new digital world world. For this one-week experi- York fashion week. But some of
One heavily favored proposal row seat is the best seat at any out there, and brands boast that ment, I’ll see what it is like to be on the best seats at fashion shows
would reschedule fashion weeks fashion show. But I’m giving up my they’re reaching consumers in ways the receiving end of all that, making may soon be in front of a screen.
closer to when clothes hit stores. access during New York fashion week that can’t be fathomed from the note of what works and what fails, At home. Hugo Boss for the second
Under that scenario, the fall fash- to gain an entirely new view of the front row—or any row. With live while keeping tabs on the styles of season will experiment with a
ion week that commences in New collections. I’ll take my place along- streams, 360-degree cameras and fall 2016. Google Maps-style 360-degree
York this week could start around side millions of other viewers in front social media, brands these days are Please join me on your own screen camera at its New York show, al-
July, just before the clothes start of a screen, watching the shows on beaming images from backstage and on Twitter @BinkleyOnStyle or Insta- lowing viewers on its website to
shipping. laptop, iPad and iPhone. the runway to viewers all over the gram ChristinaBinkley. explore backstage and the runway.
MINKOFF
in their posts and in exchange re- half the looks haven’t been pro-
ceive a commission on resulting duced for retail.
sales. When designers show mer- Ms. Minkoff says under the new
chandise that is for sale right runway format, she will show the
Continued from page D1 away, influencers can add even collection to retail buyers and
away on its website. “We wanted more of these so-called affiliate fashion editors ahead of time, so
to invite them into our show so links. they can make advance decisions
they are not just seeing it on In- “It’s a total win,” says Chriselle about orders and coverage. It will
stagram,” Ms. Minkoff says. After Lim, who has nearly 600,000 In- be up to the designer to woo in-
the show, the label is inviting its stagram followers and more than fluential members of the industry,
fans into its New York store, half a million subscribers to her who are used to seeing clothes on
where they can shop YouTube channel. Ms. Lim uses af- models in the energetic context of
#THIS the runway looks. A filiate links in some of her posts. a runway show.
hair and makeup team “You can totally monetize the col- During this fashion week, Ms.
from the show’s spon- lection.” Minkoff is working on her next
sors will be on hand to re-create Roopal Patel, fashion director collection, for fall 2016. She will
the show’s look, so shoppers can at Saks Fifth Avenue, says she is show it to retailers and editors in
get the full head-to-toe effect. excited about the potential for the her New York showroom this
The Minkoffs, who announced new runway-show model but pre- month and next. Their preferences
the new strategy in December, are dicts it could lead to a split in the will inform her choices for which
at the vanguard of the industry’s industry. “There are certain de- looks to send down the runway in
fundamental rethinking of the signers and certain fashions that the fall. It eliminates the guessing
REBECCA MINKOFF (3)
fashion show. Late last week, two lend themselves to that six-month game of which looks will be most
major luxury names—Burberry and cycle,” she says. popular. “It’s a celebratory feel-
Tom Ford—announced that come One factor making Rebecca ing,” she says.
fall they, too, will show collections Minkoff a good fit for the instant- Ms Minkoff says she has no
available to buy immediately. gratification model is her shop- plans to put restrictions on the
“We spend an enormous pers. They are savvy millennials, Three looks from the Rebecca Minkoff Spring 2016 collection that hit the New images that buyers and editors
amount of money and energy to photo-obsessed users of Instagram York fashion week runway in September and will do so again this year. might capture during their private
stage an event that creates excite- and Snapchat who regularly shop appointments. The brand will pro-
ment too far in advance of when for a high-low fashion mix in their Rather than sit out fashion the mix for this week. duce a book filled with carefully
the collection is available to the closets. week, Ms. Minkoff is presenting Every look in the show will be styled photos of the looks on mod-
consumer,” Mr. Ford said in a Ms. Minkoff says the shift is her spring collection again, and for sale in stores or online, Ms. els for distribution to retailers and
statement. permanent, not a one-off experi- simply restyling the clothes and Minkoff says. That itself is another editors. One move under consider-
The change is a boon to digital ment. This season, however, posed changing the hair, makeup and departure from most runway col- ation: The early release to indus-
influencers—the bloggers, video a unique challenge: How to show a music. She had to scramble in No- lections, which are often padded try press of a few teaser images,
personalities and Instagrammers line that has already been seen? vember to design a so-called cap- with looks intended only as cat- Mr. Minkoff said, much the way a
whose runway recaps have sizable Her spring 2016 collection walked sule, or smaller, collection of more walk attention-grabbers. At Ms. two-minute movie trailer previews
followings. Many link to products the runway last fall. than a dozen new looks to add to Minkoff’s past shows, as many as a full-length feature film.
COUPLES
Marriage counselors say cou- sas City to see his beloved
ples need a structure to negotiate Chiefs.
through differences without blam- On every trip, she tried to make
ing each other or digging in on it comfortable for him with up-
Continued from page D1 what’s right or wrong. Peter Pear- grades or extra legroom seats, up-
up losing the empty seat,” he says. son, co-founder with his wife, El- graded hotel rooms, and nice
Airline rules can conspire lyn Bader, of the Couples Insti- rental cars. He got hooked. “His
against couples and families trav- tute in Menlo Park, Calif., says first trip to Europe we did in busi-
eling together. The biggest tension with travel, like any stressful sit- ness class,” she says. “I was trying
GARY HOVLAND FOR THE WALL STREET JOURNAL
is getting seats together for fami- uation, it’s best to decide what’s to find whatever works, and mak-
lies that don’t have status or negotiable and what’s not. And ing him spoiled works.”
aren’t willing to pay extra fees for couples should find a solution Even a marriage counselor like
assigned seats. Most airlines re- that avoids one partner pushing Mr. Pearson knows the stress of
serve a large percentage of seats too hard to get his or her way, or travel incompatibility. He had a big
on planes for top-level frequent caving too quickly to keep the disagreement with his wife when
fliers or passengers willing to pay peace, resulting in “resentful she wanted to go to Kenya to build
seat-assignment fees. That leaves compliance.” schools. “I said, ‘Why can’t we stay
budget-minded families begging Summer Hull, a mother of two in California and do something?’ ”
passengers to swap seats in the who writes a travel blog called Mr. Pearson says. After months of
boarding stampede so they can sit Mommy Points, says her husband discussion, he agreed to go be-
together. Josh hated air travel when they cause it was so important to her,
Most gate agents will let people ily members. Guests are free with her husband won’t go, so she’ll started dating 10 years ago. He and he enjoyed the trip much
with different boarding group an Executive membership, which meet up with a friend in London. would drive all over on business more than he expected.
numbers board together, but some costs $695 a year instead of $450 “I’m not mad at him at all. It’s just trips for his job at a technology That doesn’t mean couples
make spouses on separate reserva- a year. the way we roll,” she says. company. When he absolutely had therapists don’t still have travel
tions step aside and wait to board. Anne-Marie Maguire, who When they do travel together, to fly, he sometimes got panic at- irritants like everyone else.
While American and United let works for a venture-capital firm in the real tension is leg space, she tacks. She would travel on her “When we get off the plane, she
members of their clubs bring a Cambridge, Mass., loves to travel— says. Her 6-foot-2 husband tended own, but he gradually got more says, `Wait here, I have to go to
spouse in free, Delta charges pas- much more than her husband Dan- to spread out his legs, taking her interested and she started taking the bathroom,”’ Mr. Pearson says.
sengers with basic membership iel. She has front-row tickets for space. Now they sit in aisle seats him on small trips, like going “Why didn’t you go on the
$29 for guests and immediate fam- an Adele concert in London and across from each other. from their Houston home to Kan- plane?”
THE WALL STREET JOURNAL. Thursday, February 11, 2016 | D5
ARTS IN REVIEW
SIGHTINGS ART
A Portraitist Gets Her Due dalous because it pictured the

Vigée Le Brun: Woman queen in intimate apparel,
Artist in Revolutionary with the portrait that replaced
France it after an uproar at the 1783
The Metropolitan Museum of Salon. In this sumptuous sec-
Art ond likeness, the monarch’s
Through May 15 splendid formal costume
matches her decorous pose,
BY MARY TOMPKINS LEWIS while the filtered light and
shadows of the misty garden
I
New York setting find reflection on her
n the late 18th-century, as shimmering gray gown.
ancien régime aristocrats The imposing scale and
EXPRESS NEWSPAPERS/GETTY IMAGES
watched their privileged stately solemnity of the dynas-

culture vanish and commoners tic portrait “Marie Antoinette
imagined a brighter future, and Her Children” (1787), com-
portraiture assumed a commissioned to restore faith in
manding place in French art, the queen, announce a new
capturing not only the era’s era. With her cabinet of jewels
major players but often its pushed into shadow and an
ethos. In “Vigée Le Brun”—an GALLERIA DEGLI UFFIZI/CORRIDOIO VASARIANO empty cradle at her side, the
exhaustive and eye-opening somber queen, pictured with
exhibition at the Metropolitan her three surviving children,
A production of Harold Pinter’s ‘The Room’ is causing controversy. Museum of Art of about 90 stares unflinchingly at the
works by Elisabeth Louise Vi- spectator and the future. This
Much Ado About. . . ? gée Le Brun (1755-1842) cu-

rated by the art scholar Joseph
Baillio, the Met’s Katharine
is one of the artist’s greatest
works, but tragically its mani-
festo of renewed royal purpose
BY TERRY TEACHOUT Wooster Group had “an- Baetjer, and Paul Lang of the came too late.
Y
nounced the Los Angeles pre- National Gallery of Canada, Ot- In October 1789, as mobs
ou may have heard about miere . . . before securing the tawa—an undersung portrait were attacking the royal court
the tempest that blew up rights” to “The Room” and that painter of this period finally at Versailles, Vigée Le Brun
last week over “The the Pinter estate “would have gets the close-up to which she Elisabeth Louise Vigée Le Brun’s ‘Self-Portrait’ (1790). fled France for Italy, and the
Room,” Harold Pinter’s first withheld the rights” had it is clearly entitled. final galleries here prove how
play. Written in 1957, it was re- been asked first. The exhibition opens with Portraiture, however, would it again in her dazzling 1782 rapidly she rebuilt her career.
vived in Los Angeles by the Why? The answer comes the monumental “Marie Antoi- remain Vigée Le Brun’s métier, portrait here of the Duchesse Her beautiful “Self-Portrait” of
Wooster Group, a New York- from Howard Sherman, an an- nette in Court Dress” (1778). and the exquisite paintings de Polignac, a royal confi- 1790, painted for the Uffizi
based experimental theater ticensorship advocate and ex- Painted when both the artist here of the monarch and her dante. In this breathtaking al- Gallery’s renowned collection
troupe. A few days before the pert on the legal rights of play- and sitter were only 23, its lu- modish courtiers from the lusion to an earlier portrait by of artists’ likenesses, was con-
show was set to open, the wrights who is the director of minous but unidealized like- 1780s also show the painter in Rubens, the hat’s curved rim ceived as a double portrait and
Wooster Group and Redcat, the the Arts Integrity Initiative at ness captures the queen’s her prime. and cast shadow emphasize synopsis of her skills: At work
Los Angeles theater presenting New York’s New School. Mr. strong, unmistakably Habs- In “The Comtesse du Barry the sitter’s radiant features on a portrait of the French
“The Room,” put out a press Sherman interviewed Mr. Laza- burg features and flushed in a Straw Hat” (c. 1781), for and forthright engagement queen, she pauses in her stu-
release stating that Samuel rus, then blogged about the complexion under the watchful example, the hallmarks of Vi- dio—in a strikingly naturalistic
French Inc., which handles the controversy. He reports that a eye of her husband, Louis XVI, gée Le Brun’s best portraits of self-image softened by grada-
U.S. rights to Pinter’s plays, British revival of “The Room” pictured in a shadowed, the period are delineated. In A favorite among tions of light and shadow and
had refused to license this one that may transfer to the U.S. is sculpted bust at right. Al- this picture of Louis XV’s doe- French elites, Vigée the effects of her lustrous
unless the following condition in the works, and the Pinter es- though questions of scale and eyed former mistress (who glazes—to look out at the
was observed: “There may be tate feared it would interfere the artist’s tentative touch would be guillotined in 1793), Le Brun fled during viewer, or potential client.
absolutely no reviews of this with the commercial prospects point to Vigée Le Brun’s mini- the sitter’s simple chemise- the Revolution—but Never in short supply, Vigée
production.” In other words, of that production if the Woos- mal formal training, the paint- gown, a white muslin dress Le Brun’s clientele was now a
Redcat couldn’t invite drama ter Group were to perform ing beautifully conveys the re- that became all the rage in that didn’t hurt her portrait gallery of Europe in
critics. Mark Murphy, Redcat’s “The Room” in Los Angeles or gal grace and stature that she Marie Antoinette’s court, finds business. transition: wealthy French
executive director, responded anywhere else. accorded her most famous its perfect complement in the émigrés forced like her to flee;
by hinting very broadly that All this being the case, Sam- subject. swirl of her casual, broad- Habsburg relations of the for-
Samuel French was treading on The portrait’s success brimmed hat, which is cap- mer French queen; minor or
the free-speech rights of both would make Vigée Le Brun the tured with tangible white with the viewer. Dressed in the deposed nobility; and in the
the company and the critics: Critics were banned favorite artist of Marie Antoi- strokes that also grace its sash now de rigueur white shift, she Romanov capital of St. Peters-
“It seems strange to me that from a revival, but was nette, and a second gallery and the subject’s silver locks. perfectly captures the con- burg, where she arrived in
anyone would think critical dis- suggests the depth of royal The soft blue-gray tones of the trived, bucolic escape the 1795, the Russian imperial
course about this seminal play this a free-speech support she now enjoyed. The elaborate plume and of the queen sought in her hamlet at family. Vigée Le Brun’s nostal-
could be somehow harmful.” issue or something far mythological “Peace Bringing dress’s collar ribbons frame Versailles. gic portraits of beleaguered
Free speech being the most Back Abundance” (1780), an the aging comtesse’s wistful The aura of the queen, an royalty and elite European em-
sacred of journalistic rights, it less troubling? ambitious allegory of French blue eyes and establish a sym- increasingly easy target for igrants reveal an age on the
stands to reason that the Los involvement in the American pathetic palette the painter critics, is inescapable here, as threshold of shattering up-
Angeles Times and the New Revolution, was occasioned by would use repeatedly. Vigée Le Brun first defines and heaval.
York Times decided to run uel French would have been her admission, with the Vigée Le Brun depicted her- then defends her patron’s pub-
news stories about the contro- well within its legal rights to queen’s intercession, to the self in the same hat, which was lic image. The exhibition pairs Ms. Lewis teaches art his-
versy, and that the American prevent the Wooster Group’s prestigious, and almost exclu- often associated with a milk- “Marie Antoinette in a Che- tory at Trinity College, Hart-
Theatre Critics Association at- production from opening, since sively male, Académie royale. maid or shepherdess, and used mise Dress,” considered scan- ford, Conn.
tacked the ban as ”objection- it hadn’t yet licensed the Los
able behavior that tries to re- Angeles run. Instead, it decided
strict not only artistic freedom to let the show go on—so long DANCE
of expression, but also freedom as critics weren’t invited. “We
A Flat Fairy Tale

of the press.” Not at all sur- were under no illusion that the
prisingly, Charles McNulty, the press couldn’t buy a ticket and
drama critic of the Los Angeles [assumed] that if they did so, it
Times, bought a ticket and re- wasn’t a breach of contract,”
viewed the show anyway. (For Mr. Lazarus said. “We weren’t Few of these numbers do
the record, he didn’t much care denying freedom of speech.” The Most Incredible more than have the dancers
for it.) Indeed, such restrictions on re- Thing come forward and move
But is that the whole story? views are far from unusual, New York City Ballet about in a generalized way,
Not quite. though they’re usually limited Through May 7 creating some hubbub while
To begin with, the Wooster to out-of-town critics (I’ve had wearing their various distinct
Group goes in for high-concept to pass on covering some re- BY ROBERT GRESKOVIC costumes. Only the spontane-
productions that may or may gional shows for that reason). ity brought by the S.A.B. stu-
T
not have anything to do with Only a few days after “The New York dents and their palpable ex-
the plays they’re staging. Room” made headlines, Samuel he David H. Koch The- citement stands out much.
When it produced Eugene French levied a no-critics re- ater at Lincoln Center “The Children” snake through
O’Neill’s “The Emperor Jones” striction on a Chicago produc- is now overrun with the their moment at the 11 o’clock
in 1992, the title role, written tion of David Mamet’s “Ameri- fourth installment of New point, looking like polka-dot
for a black actor, was played by can Buffalo,” though it was York City Ballet’s art series, mushrooms and tossing sil-
a white woman in blackface. So subsequently lifted at Mr. in which the work of individ- verfoil in the air as if it were
PAUL KOLNIK
I initially assumed that the Mamet’s request. ual or collaborating artists is spores.
Pinter estate had ordered Sam- What we seem to have here, displayed in the spaces lead- A number of the dancers
uel French to put the squeeze then, is not free speech under ing to the theater’s orchestra lost in the monotony of Mr.
on what Mr. McNulty described fire but a theater company that and first-tier areas. This time Justin Peck’s ‘The Most Incredible Thing.’ Peck’s ballet have made nota-
as the Wooster Group’s “post- failed to follow the rules, then it’s watercolors, construc- ble appearances elsewhere in
modern high jinks.” Had that endeavored to confuse the is- tions, sculptures and sketches his home company, where he the various times of day the the season. To take a single
been the case, I might well sue by self-righteously drag- by Canadian-born Marcel is ranked a soloist, this is the town bell would toll for its example, there’s Indiana
have flown to Los Angeles to ging in the First Amendment. Dzama. A good number of 28-year-old’s first with a nar- people. Woodward, a sweet-faced,
raise the free-speech flag by Mr. Sherman agrees: “I would these relate directly to his de- rative and literary source ma- On stage, however, Mr. prettily proportioned corps
reviewing the show myself. But suggest that the Wooster signs for Justin Peck’s “The terial: Hans Christian Ander- Peck’s lack of familiarity with de ballet dancer who made a
like many snap assumptions, Group and Redcat, instead of Most Incredible Thing,” which sen’s short 1870 tale about a a narrative as inspiration for most impressive debut as the
this one didn’t stand up to acquiescing to their agreement had its world premiere last kingdom’s contest in which a ballet is glaring. Addition- Sugarplum Fairy in late De-
closer scrutiny. In a statement and abiding by its spirit, issued week during NYCB’s current anyone creating the most in- ally Bryce Dessner, the com- cember during the company’s
of his own, Bruce Lazarus, the press release they did pre- winter season. credible thing, in the view of poser Mr. Peck commissioned, run of “George Balanchine’s
Samuel French’s executive di- cisely to incite the press to Unfortunately, little in the the populace, will win the has provided a thin sort of The Nutcracker.” Though
rector, said flatly that the greater interest in covering Dzama one-man show is espe- hand of the land’s eligible musical atmosphere: more hampered by insecure part-
‘The Room,’ and it worked like cially distinguished. Mr. princess. sound-effects—from bird-like nering from Harrison Ball,
a charm.” Dzama is a crude draftsman Andersen’s story, which twitterings to mechanistic Ms. Woodward spun magic.
Pepper ... I suspect we’re about to see and a mundane sculptor with Mr. Peck attempts to enact as pulses and percussive ac- Here she’s sadly left in ano-
a classic example of the opera- a predilection for dead, dance theater, concerns the cents—than dance-impelling nymity as one of Mr. Dzama’s
And Salt tion of the law of unintended muddy color and flat, lifeless creation of an elaborate clock rhythms. h e l l f i re - f l a m e - p a t te r n e d
THE WALL STREET JOURNAL consequences. Lest we forget, surfaces. As things turn out, whose incredibly lifelike fig- While there are leading Seven Deadly Sins in Mr.
Samuel French Inc. didn’t have however, a little more distinc- ures strike the hours. It is de- roles for the Princess, looking Peck’s 7 o’clock dance.
to permit “The Room” to open tion does come to Mr. stroyed by an ax-wielding ruf- conventional in her tutu skirt, Fortunately for audiences,
at all. It did so as a concession Dzama’s artistry on stage. His fian, before being resurrected and the cape-wearing Creator Ms. Woodward has been un-
to the Wooster Group, which designs are transformed by the efforts of its artful in- and club-wielding Destroyer expectedly cast (for Feb. 13
stood to lose a considerable thanks to the finesse that ner workings, which refuse to characters, garbed in what and Feb. 16, in a shuffle due
amount of money had the pro- Marc Happel, NYCB’s director die—leading to the triumph of look like unexceptional Hal- to injuries) as the gossamer
duction been canceled entirely. of costumes, has brought to good over evil. loween costumes, these three woodland sprite at the center
I doubt Mr. Lazarus will be so choosing fabrics and super- On paper, Mr. Peck’s choice characters have scant choreo- of “La Sylphide,” ballet-mas-
considerate the next time vising construction. Brandon of scenario seemed inspired. graphic moments of special ter-in-chief Peter Martins’s
something like this happens. Stirling Baker’s lighting fur- Similar situations in any impact. Most of “Thing” is “after Bournonville” story
He’s more likely just to shut it ther helps the end result. number of ballets past have taken up with a dozen hour- ballet with roots that go back
down cold. Moral: Cutting cor- In performance, Mr. Peck’s provided fine underpinnings linked individual dances. to 1836. Here, in a story well
ners doesn’t pay. 44-minute, one-scene ballet for dancers and dancing. To There’s a flighty cuckoo bird told and staged, this enchant-
amounts to little more than a take but one example, there at 1 o’clock; 2 o’clock has an ing dancer is set to be show-
Mr. Teachout, the Journal’s costume show involving 56 are the dances George Bal- unmemorable duet for a vine- cased and shine—not just
drama critic, writes “Sight- dancers, including 11 young anchine, NYCB’s founding bal- covered Adam and Eve; 3 wear a costume.
“I’m not sure how to tell you ings,” a column about the arts, girls from the School of letmaster, created in 1974 for o’clock, some milling about
this, but there’s never been an every other Thursday. Write to American Ballet. The 10th Act 3 of “Coppélia,” with its for a forgettable trio of tinny- Mr. Greskovic writes about
invisible fence in your yard.” him at tteachout@wsj.com. work created by Mr. Peck for divertissements celebrating looking kings; and so on. dance for the Journal.
SPORTS
The Popovich for President Movement
Earlier this week, Michael dor of a fisherman asked to reveal
Bloomberg, the former New York City The case for where his secret spot is.
mayor and nemesis of high fructose Gregg Popovich, Here was a classic exchange with
corn syrup, gave an interview to the Fi- coach of the San TNT reporter David Aldridge during
nancial Times in which he confirmed Antonio Spurs, Tuesday night’s Spurs-Heat game.
his curiosity about launching a late bid as the leader of Aldridge: Pop, your impressions of
for the 2016 Presidential election. the free world. the first quarter?
This sort of thing tends to happen Popovich: We’re behind and they’re
during the election cycle. Well-known ahead.
people without ego deficits look at the Aldridge: Why is that?
field and think: You have to be kid- Popovich: They scored more than
ding me with these candidates. I we did and we were pretty crappy on
could totally win this thing. This defense. It’s been fun.
thought usually lasts until As Popovich turned to walk away,
the prospective candidate Alridge asked him if he wanted the
sits down, takes a serious New Hampshire primary results. Pop-
look at the numbers and ovich paused.
the roadblocks to winning, “Sanders and Trump,” Aldridge said.
and realizes it’s going to And for a moment, Popovich stood
JASON be really, really hard. wordlessly and shook his head, like he’d
GAY If Bloomberg enters, it just been told the Supreme Court had
will definitely add a new banned beer and pizza.
ripple (and bank account) OK: why not jump into the race,
to the 2016 field. But while we’re at it, Coach?
I’d like to throw in another name. A Popovich platform would be char-
Gregg Popovich. Head coach of the acteristically no-nonsense. It would pro-
San Antonio Spurs. mote excellence, teamwork, and no back-
Now I know what you’re thinking: to-back games for anyone over 30. It
stick to sports, silly little sports man. would keep the talking to a minimum.
Go back to your locker rooms and pom- Just imagine the White House news
poms and give us some jokes about conferences.
basketball, hockey and the baseball hot President Popovich, what are
stove. Take your unsanctioned cat mug the goals for the economic talks
to a NCAA game and leave the politics with China?
to people who know what they’re doing. [Long stare.]
Trust me, I hear that. I am an unso- “We want to talk to China about
phisticated man of simple tastes who the economy.”
doesn’t wish to enter this melee. It’s [Another long stare.]
just that every time I look at politics, it Now there may be a small hitch:
more and more resembles a ridiculous- Popovich probably does not want to be
ness I recognize: sports. Actually, it President of the United States. He’s
kind of makes sports look like a tran- got better things to do.
quil river stream. But look, Popovich has better things
Which is why I’m intrigued by Pop- to do than coach the All-Star game this
ovich as a candidate. I’m by no means weekend in Toronto. He’s doing it be-
the first to suggest this. “Popovich for cause the NBA ruled against giving the
President” is a concept that’s been job to Golden State’s Steve Kerr, who
been kicking around the Internet for missed most of the season recovering
more than a few years, pushed by vot- from back surgery (or awarding the job
ers of all political persuasions. There to Kerr’s stand-in, Luke Walton.) Pop-
even are bumper stickers and T-shirts ovich has said the appropriate things
floating around. about the assignment, calling it an
If you’re unfamiliar: Popovich is the ‘honor,’ but you know he’s thinking: Oh,
67-year-old head coach of the Spurs, just give it to Steve Kerr, for crying
who are widely seen as one of the out loud, who cares.
best-run franchises in sports. Winners (There may be another hitch: Spurs
of five NBA titles, the Spurs play a fans. Spurs fans love Pop, but all they
ILLUSTRATION BY PATRICK CONLON/THE WALL STREET JOURNAL (PHOTOS: ASSOCIATED PRESS; GETTY IMAGES
team-oriented basketball that stresses want right now is for the Spurs to
ball-movement and unselfishness. You haps the best Spurs player ever—is 92 can fit with their system, they want emy, became one of the greatest crush the Clippers by 10,000 points in
know the kind of basketball your old years old. Meanwhile they’ve brought you. Last year, the Spurs hired a for- coaches in basketball history, and usu- the playoffs, and then roll over the
high-school coach was always trying in talented younger players and free mer women’s basketball star, Becky ally exudes the attitude of a dad on Warriors and Cavaliers for another
to make your team do? That’s what agents who fit the Spurs philosophy Hammon, as an assistant. Hammon the front porch at prom night. NBA title. And then, for fun, go back
the Spurs play. and added energy to the mix. This is probably is going to wind up being the You do not mess with Pop. and crush the Clippers again.)
The Spurs have a system. They’ve really hard to do, but they’ve done it. first female NBA coach ever. He does not play around. He does But I believe Popovich loves this
remained a contender despite the fact It’s not just that. The Spurs think At the center of it all is Popovich, not seek acclaim. He does not suffer country and understands a call of duty.
that several of their biggest superstars analytically and globally, bringing in the East Chicago, Indiana-raised child fools. Popovich is perhaps best known What I’m saying is he can be persuaded.
have gotten quite old. I don’t know if players from every corner of the of a Croatian mother and Serbian fa- for his clipped in-game interviews, in At least I’m pretty sure. I’m not ask-
you know this, but Tim Duncan—per- planet. If they think you’re smart and ther who attended the Air Force Acad- which he offers all the detail and can- ing him. You first.
Heard On Why Pro Golfers Want to Stop Wearing Pants

The Field BY BRIAN COSTA
Since the early days of profes-

Rory McIlroy
wore shorts at
be ready for a close-up. “You’d see
some ugly legs, I could promise you
that,” said golfer Jason Bohn, a
sional golf, players have lived by a recent event. member of the policy board that
some common tenets of acceptable oversees the PGA Tour.
behavior. They don’t heckle one an- Female pro golfers are permitted
other during shots. They don’t leap to wear shorts on the LPGA Tour.
into the gallery after birdie putts. And the PGA Tour has allowed cad-
And they don’t allow the general dies to wear shorts since 1999, when
public even a glimpse at the skin on one collapsed on the course on a
their legs. steamy day. But few male pros have
But in recent weeks, some players ever dared to bare their legs.
have been talking about something Before the 1983 U.S. Open in Oak-
that would upend that last part en- mont, Pa., Forrest Fezler asked tour-
tirely, something almost heretical in nament officials if he could play in
their world. They are talking about shorts, given the stifling heat that
wearing shorts. week. When he was told no, he
“You look at every other sport dressed in pants. But during his final
and people are allowed to expose round, he ducked into a port-a-potty
their legs,” world No. 2 Rory McIlroy after the 17th hole, changed clothes
Liverpool Announces said at a tournament in Abu Dhabi and played the 18th hole in shorts.
Ticket Price Freeze last month, “so I don’t see why we’re Now 66 years old and a course
Liverpool’s owner, Fenway Sports not allowed to do that.” design consultant in Tallahassee,
Group, reversed course on Wednes- The rebellion took root at last Fla., Fezler said he is still reminded
day over a planned ticket price in- month’s EurAsia Cup, where a hand- often of his act of protest. When he
crease for the English Premier ful of European players pressed for was introduced recently to world No.
League club, after fan protests. and eventually received permission 19 Brooks Koepka, it was the first
In a statement posted on Liver- to practice in shorts, given the swel- thing that came up. “He said, ‘Oh, I
pool’s website, principal owner John tering conditions in Kuala Lumpur. know about you. You’re the guy who
W. Henry, chairman Tom Werner The following week, in Abu Dhabi, wore the shorts,’” Fezler said.
and president Mike Gordon said the European Tour changed its rule “Brooks was saying it’s about getting
general admission ticket prices at to allow players to bare their legs the young kids into the game of golf,
Anfield would be frozen for the during practice rounds and pro-ams. and if you can create an image that
next two seasons. “We believe we That concession not only was met brings the younger crowd in, what
have demonstrated a willingness to by praise from several top players, could be wrong with it?”
listen carefully, reconsider our posi- including world No. 1 Jordan Spieth. The European Tour isn’t the only
tion, and act decisively.” Fenway It also prompted some to ask a golf entity that appears open to re-
Sports Group also owns MLB’s Bos- larger question: Why not let players laxing its dress code. The R&A,
ton Red Sox. —Jim Chairusmi wear shorts during competition? which governs the sport everywhere
The PGA Tour says it has no plans but the U.S. and Mexico, said it will
NCAA’s Round of 64 to change its longstanding policy reconsider allowing shorts to be worn
Will Be First Round quiring players to wear pants on the during practice rounds at the British
Responding to years of public course at all times. But at least some Open after this year. But virtually no
pressure, the NCAA announced a of its members no longer see the century, who often played in ties and jogging pants and high-top shoes. one in golf expects the PGA Tour to
GETTY IMAGES (MCILROY); HOF: AGENCE FRANCE-PRESSE/GETTY IMAGES
radical move: the first round is the need to ban shorts. tweed jackets. The question is just Other players routinely play in out- follow Europe’s lead anytime soon.
first round again in the NCAA “They say it’s not professional,” how far the sport should stray from fits that are either snazzy or garish, Among other reasons: because
men’s basketball tournament. veteran Tour pro Pat Perez said. its genteel roots in trying to appeal depending on your point of view. doing so would mean following Eu-
In 2011, the tournament ex- “But the sport has changed, whether to a younger, broader audience. “Some of the s--- guys wear any- rope’s lead. “I don’t think the PGA
panded to 68 teams, so the first people like it or not. It’s not your “Maybe 20 years ago, you didn’t ways, it’s ridiculous,” Every said, “so Tour would ever want to be seen as
round for most teams was no lon- old, stiff country club anymore.” want to see guys in shorts out here,” why can’t we wear shorts?” following the European Tour,” said
ger called the first round—that title On the surface, this is a matter of said two-time Tour winner Matt Ev- Not all golfers are eager to shed Padraig Harrington, a three-time ma-
was reserved for four play-in comfort. Professional golf is mostly ery. “But I think as far as aesthetics, their trousers. Hunter Mahan called jor winner who plays on both tours.
games, with the first game for a played in warm places. Once the to the eye, I don’t think it’s that big the European Tour’s decision “for- “It’s not something we need to think
majority of the field referred to as heat and humidity reach a certain a deal.” ward thinking” but said golfers look about on the Tour over here for a
the second round, or round of 64. level, even the lightest pants can That is especially true, he said, better on television in pants. “There good 10 years.”
But the NCAA said Wednesday only be so comfortable to wear while considering some of the other ways is something neat about it,” he said. The biggest respite for American
that to put an end to the confusion, walking 18 holes. But the shorts de- players are allowed to eschew con- “Other sports have uniforms. That’s golfers, then, might be tournaments
they’re reverting to the old vernacu- bate has as much to do with the ventional notions of what a pro like our uniform out there.” like this week’s AT&T Pebble Beach
lar with the play-in games no lon- game’s image as anything else. golfer should look like. Rickie And while shorts might accentu- Pro-Am. The forecast calls for partly
ger the “first round” and now just Even the most conservatively Fowler, whose wardrobe attracted ate the physiques of players who are cloudy skies and high temperatures
known only as the “First Four.” dressed players today are a far cry attention long before he became the more attentive to fitness than ever, in the mid-60s, all-pants weather for
—Andrew Beaton from the golfers of the early 20th world No. 4, has played this year in some sun-deprived calves may not an all-pants tour.

Couples' Differing Travel Styles: Democrats' Battle Shifts

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