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What’s U.S. Economy Grows at a Faster Pace

News Quarterly GDP rises
at a 2.8% rate as
rate of 2.8% for April through
June to $22.9 trillion, the
signaled that they expect to
hold interest rates steady at
tomers are feeling squeezed,
and that they expect that to
U.S. GDP, annualized
quarterly change
Commerce Department said their meeting next week but continue. 2Q 2024: +2.8%
Business & Finance households ratchet Thursday. could cut at their subsequent “The U.S. consumer re- 6%
That was faster than the meeting, in September, if in- mains a source of strength in
up their spending 1.4% pace in the first quarter, flation continues to cool. the overall economy,” Capital
 The U.S. economy acceler- and well above the 2.1% rate Thursday’s release is one of One Financial founder and 4
ated in the second quarter BY HARRIET TORRY economists had expected. the last major readings of the CEO Richard Fairbank said
with GDP rising at an annual Household spending, the main economy’s temperature that during an earnings call Tues-
rate of 2.8% as consumers in- The U.S. economy acceler- driver of the U.S. economy, in- Fed officials will see before day. Still, the effects of high 2
creased their spending, busi- ated in the second quarter as creased at a quicker pace as their meeting. The report sug- inflation and borrowing costs
nesses invested more in consumers increased their Americans’ incomes continued gests that the economy re- “are almost certainly stretch-
equipment and stocked inven- spending, businesses invested to rise. mains on solid footing, even ing some consumers finan- 0
tories, and inflation cooled. A1 more in equipment and Stocks ended the day two years after soaring infla- cially,” he said. Forecasts
 The Dow rose after the re- stocked inventories, and infla- mixed. The Dow Jones Indus- tion prodded the Fed to start Nestlé, the Swiss multina-
port, gaining 0.2% while the tion cooled. trial Average was up slightly. raising rates at the fastest tional maker of KitKat choco- -2
S&P 500 and Nasdaq fell 0.5% Gross domestic product— The S&P 500 and Nasdaq pace in decades. late bars and Nescafé coffee, 2021 ’22 ’23 ’24 ’25
and 0.9%, respectively. B9 the value of all goods and ser- Composite fell less than 1%. The report, though, looks at Please turn to page A2
Note: Adjusted for inflation and seasonality;
vices produced in the U.S., ad- The new data shouldn’t previous months rather than at
 Southwest Airlines will forecast is an average of all survey responses.
justed for inflation and change the outlook for the what is coming up. Companies  Dow rises after strong Sources: Commerce Department (actual);
soon assign seats on flights
seasonality—rose at an annual Federal Reserve. Officials have have been warning that cus- GDP data............................... B9 WSJ survey of economists (forecasts)
and sell some with extra leg-
room, making sweeping

Southwest
changes in a bid to broaden
its appeal to passengers and
boost revenue. A1
California Wildfire Rages as Suspect Arrested
 Consumer-goods giant
Unilever said the separation
of its ice cream business
To Ditch
was on track after it posted
sales above analysts’ expec-
tations for the first half. B1
Open Seats
 Uber, Lyft and other com-
panies that depend on gig To Entice
Passengers
workers scored a victory with
California’s top court, affirm-
ing their independent-con-
tractor model in the state. B1
 Nestlé cut its full-year BY ALISON SIDER
sales guidance after it
slowed the pace of price Southwest Airlines will soon
hikes as shoppers continue assign seats on flights and sell
to seek cheaper alternatives some with extra legroom, mak-
to branded products. B2 ing sweeping changes in a bid
to broaden its appeal to pas-
 Kroger and Albertsons
sengers and boost revenue.
agreed to temporarily put
The plans, announced
their $20 billion deal on hold
Thursday, also come as South-
while antitrust enforcers pur-
west fends off an activist in-
sue lawsuits to block it. B2
vestor pushing for an overhaul
 Anglo American swung to a of the airline’s leadership and
net loss in the first half of the operating strategy.
year after booking an impair- Open seating has been a
ment of $1.6 billion related to its hallmark of Southwest flights
U.K. crop-nutrients project. B3 since the airline got its start
more than 50 years ago. It was
 Stellantis posted a steep
part of a business model that
FRED GREAVES/REUTERS

first-half drop in earnings that

produced decades of uninter-
fell below forecasts as more
rupted profits and democra-
cars sat at U.S. dealerships. B3
tized flying in the process. But
Southwest executives said the
World-Wide company needs to adapt to
INFERNO: The Park Fire near Chico had scorched more than 70,000 acres by Thursday, making it one of California’s largest what today’s customers want,
wildfires so far this year. Authorities said a man was arrested on suspicion of starting it by pushing a burning car into a gully. A6 marking what might be its big-
 More Americans are driv- gest-ever shift.
ing without car insurance, a “This is the right change at
the right time,” Southwest

Maduro Allies Hunt Dissidents

percentage that rose to 14%
in 2022, according to an insur- Chief Executive Bob Jordan
ance research group, and that said in an interview.
is making coverage more ex- It isn’t clear when flying
pensive for everyone else. A1
 Mexican drug kingpin Is-
mael “El Mayo” Zambada
was arrested by U.S. agents
Abroad Ahead of Venezuela’s Election with assigned seats and pre-
mium rows will start, but
Southwest said bookings for
them are expected to begin
after he was tricked into fly- next year. The exact timing of
ing to Texas, Mexican and the changes depends on the
U.S. officials said. Joaquín
Deadly reprisals across international borders blamed on country’s president airline’s gaining regulatory ap-
Guzmán López, son of “El proval and retrofitting its
BY RYAN DUBÉ AND JUAN FORERO Feb. 21, the last time his wife saw him has stepped up arrests and conspiracy planes.
Chapo,” was also arrested. A3
alive. On a tip, investigators found claims in the contest between Maduro The company expects to
 Biden and Harris met sep- Ronald Ojeda and his family were Ojeda’s body days later. It was stuffed and retired diplomat, Edmundo share more details at an inves-
arately with Israel’s Netan- asleep when three masked men used a in a suitcase buried under 4 feet of González. Pollsters say González could tor presentation in late Sep-
yahu, as the administration battering ram to bust into their 14th concrete in a nearby shantytown. easily win in a fair election. tember. Southwest also plans
sought to settle gaps in a floor apartment around 3 a.m. Ojeda believed he and his family That isn’t expected to happen, ac- to operate red-eye flights for
Gaza cease-fire deal. A4 The men, who wore Chilean police would be safe in Santiago, Chile, 4,000 cording to diplomats and Venezuela ex- the first time starting next
uniforms, held Ojeda, and one pointed miles away from Venezuela, their home perts. They say Maduro and his lieu- year.
 California Gov. Newsom
a gun at his wife. The couple’s 6-year- country. The 32-year-old, a former tenants would likely face charges for The carrier has been experi-
issued a directive calling for
old son cried. “‘I yelled, ‘No, no no,’” army lieutenant, became a marked man drug trafficking and extrajudicial kill- encing challenges on a range of
cities to take down homeless
recalled his wife, Josmarghy Castillo. after joining dissidents in a plot to top- ings in Venezuela and abroad, an in- fronts. Its profit margins have
encampments after the Su-
“They just told me to shut up.” ple leftist President Nicolás Maduro’s centive to hold power. Maduro in a lagged behind those of many
preme Court expanded the
The men hustled away her husband authoritarian regime late last year. rally last week warned of civil war if rivals, and it is pulling back
authority of municipalities to
in his underwear, hands behind his In advance of Sunday’s presidential he lost—“a blood bath,” he said. from some new cities it en-
dismantle the camps. A2
back. “Be calm,” he said. That was on election, the Venezuelan government Please turn to page A9 Please turn to page A2
 Russian and Chinese war-
planes were intercepted off
Desperately PARIS 2024 More Drivers Forgo
the coast of Alaska by U.S.
and Canadian fighters, mark-

Seeking
ing the first time strategic

Insurance, Raising
bombers from the two U.S.
adversaries have operated
together near North Amer-
ica, a U.S. official said. A7 Pallets
 A man suspected of start-
ing one of the largest Cali-
fornia wildfires of the year
i i

Detectives look
i

Costs for Everyone

has been arrested. A6
high and low for
 The Philippines is shut- BY KAILYN RHONE Washington has recorded
ting down online gambling missing platforms almost 19,000 uninsured vehi-
operations, many run and More Americans are driving cles since 2021, according to a
staffed by Chinese nationals, BY STUART CONDIE without car insurance, and it’s representative at the district’s
amid concerns the busi- making coverage more expen- department of motor vehicles.
nesses are crime fronts. A8 SYDNEY—When the world’s sive for everyone else. In Ohio—ranked 10th on
biggest supplier of wooden The problem has been the list—the number of non-
 Fifteen migrants were
pallets tries to recover its lost growing since the start of the compliance suspensions in-
confirmed dead and 150 oth-
property from junkyards and Covid-19 pandemic, according creased 16% between 2020
ers were missing after a boat
hard-to-find lots, things can to the Insurance Research and 2023, according to the
capsized near Mauritania. A7
CHARLIE NEIBERGALL/ASSOCIATED PRESS

get ugly. Council, whose latest data state’s Bureau of Motor Vehi-
“If you’re in Europe, it goes show the percentage of unin- cles. Such infractions occur
CONTENTS Mansion............... M1-14 relatively easily. If you’re in sured drivers rose to 14% in when a driver fails to show
Arts in Review. A10-11 Markets & Finance B9
Business & Finance B2 Opinion................ A15-17
Alabama, unfortunately some- 2022, from about 11% in 2019. proof of insurance at a traffic
Business News.. B3,5 Sports................... A12-13 times a guy comes out with The IRC, which calculates the stop or after an accident.
Crossword................. A11 Technology................ B4 two dogs and a shotgun,” said data based on the relative J.D. Power, which bases its
Equities......................... B7 U.S. News.......... A2-4,6 Graham Chipchase, chief exec- frequencies of auto-insurance research on consumer surveys,
Heard on Street.. B10 World News......... A7-8
utive of Brambles, which owns claims, expects the numbers sees a similar trend and says
and rents reusable pallets to have continued to climb since the percentage of uninsured
> companies including manufac- then. drivers increased in the first
turers, suppliers and retailers. OLYMPICS PREVIEW Washington, D.C., New half of this year.
Wooden pallets keep global Mexico and Mississippi are When more cash-strapped
supply chains humming, car- Sprinter Sha’Carri Richardson and other among the jurisdictions with consumers drop their cover-
s 2024 Dow Jones & Company, Inc.
rying everything from soda Team USA members will go for the gold. A12-A13 the highest share of uninsured age, it reduces the premium
All Rights Reserved Please turn to page A9 motorists, the IRC says. Please turn to page A6
A2 | Friday, July 26, 2024 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Economy second-quarter earnings
Thursday. Shares of Ford and
Jeep-maker Stellantis fell
Contributions to quarterly change in real GDP for select categories

2Q 2024 1Q 2024
tion expenditures price index
rose 2.9% in the second quar-
ter at an annualized rate, cool-

Quickens sharply after disappointing

earnings.
Some investors and econo-
Consumer spending, services
ing from 3.7% in the first
quarter.
The rise in consumer and

Its Pace mists described the report as

an indication that the econ-
omy is chugging along solidly,
Change in private inventories

Nonresidential investment
business spending offset nega-
tive developments such as a
decline in spending on resi-
but not in the same gang- dential investment.
Continued from Page One busters way that defined the While the U.S. by many
Consumer spending, goods
cut its full-year sales guidance second half of last year. measures is doing well even
Thursday, saying it had A measure of consumer and amid high rates, and the pace
slowed the pace of price rises business spending that gauges State and local government of inflation has cooled, many
as shoppers grow more cost- underlying demand in the Americans are unhappy that
conscious. economy rose at an annual Federal government prices for groceries, cars and
“It is a period right now rate of 2.6%, matching the homes are so much higher
where consumer mood is kind pace in the first quarter. That Residential investment than they were a few years
of muted,” Chief Executive metric strips out the volatile ago. Still-high borrowing costs
Mark Schneider said on a call categories of trade, invento- are also holding back many
Net exports
with reporters. The company ries and government spending. consumers, and a red-hot jobs
is seeing “value-seeking be- That points to “a rock-solid market is starting to slow. The
-0.75 -0.5 -0.25 0 0.25 0.5 0.75 1.0 1.25 1.5 pct. pts.
havior” from shoppers in the economy that has not fallen spring home-buying season,
U.S., Europe and China, he off a cliff nor looks to any Note: Quarterly change is annualized and figures are adjusted for both inflation and seasonality. usually the busiest time of
added. time soon,” said RSM US chief Source: Commerce Department year for the housing market,
Airlines, for their part, are economist Joe Brusuelas. was a dud thanks to high
grappling with too many A key category of business ment, reflecting spending on growth in spending on equip- the Fed’s preferred gauge, is prices and elevated mortgage
empty seats on U.S. flights spending picked up, which an- commercial construction, ment, while spending on slowing compared with the rates.
and weaker fares. Southwest alysts described as a positive equipment and software, rose structures declined. previous quarter. Excluding —Dominic Chopping
Airlines and American Airlines signal for future productivity. at a 5.2% rate. Capital expen- Thursday’s report also volatile food and energy and Alison Sider
both reported a sharp drop in Nonresidential fixed invest- ditures were led by 11.6% showed that inflation, using prices, the personal-consump- contributed to this article.

MARIO TAMA/GETTY IMAGES

A homeless encampment in the Skid Row area of Los Angeles. California Gov. Gavin Newsom’s order says the state will provide municipalities with financial resources to help people find housing.

Newsom Directs Cities to Clear Homeless Camps

BY JOSEPH DE AVILA lied nationwide last year. camps. Newsom’s order en- California had more than such as New York City and lars on such efforts.
AND JON KAMP “The state has been hard at courages cities to take action 181,000 homeless people in Chicago also contributed to Los Angeles has seen some
work to address this crisis on and says the state will provide that count, about 28% of the higher numbers. improvements. In June, city
California Gov. Gavin our streets,” said Newsom, a municipalities with financial national total. More than two- The Supreme Court in June officials said its data from a
Newsom issued a directive Democrat. “There are simply resources to help people find thirds of homeless people in made it easier for officials to count this year showed a de-
calling for cities to take down no more excuses. It’s time for housing and get mental-health the state were unsheltered. crack down on homeless en- cline in homelessness in Los
homeless encampments after everyone to do their part.” services. The numbers are estimates campments. That ruling cen- Angeles for the first time in
the Supreme Court expanded He also instructed state The U.S. is grappling with a and are widely considered to tered on a case out of Grants six years, thanks to people be-
the authority of municipalities agencies in an executive order record-high homeless prob- be an undercount that repre- Pass, Ore., a town that out- ing moved into permanent
to dismantle the camps. issued Thursday on how to lem. The count of homeless sents a snapshot in time. lawed sleeping in public even housing.
A nationwide count of take homeless camps down. It people on a single day early Contributing factors to the though the town has no home- A spokesperson for San
homeless people collected by directed state agencies to last year, the most recent na- homeless increase include ris- less shelters. Francisco Mayor London
federal authorities last year make site assessments when tionwide data available, ing housing costs and expired California has long strug- Breed, a Democrat, said the
estimated more than 123,000 possible to determine whether reached more than 653,000, a programs and protections that gled to get people out of en- city is already doing what
were unsheltered in California a camp posed any threats to 12% increase from the prior helped keep people housed campments and into housing Newsom is calling for, with
while living in tents, trailers, the health or safety of its in- year, according to the U.S. De- during the Covid-19 pandemic. and programs intended to encampment teams and
and vehicles. California ac- habitants. partment of Housing and Ur- The national opioid crisis and help with issues such as ad- street-outreach staff working
counted for nearly half the un- Cities and towns will deter- ban Development. Comparable a surge of migrants into diction and mental illness, de- daily to clear camps and help
sheltered homeless people tal- mine whether to remove data date to 2007. homeless shelters in places spite spending billions of dol- connect people with services.

CORRECTIONS 
AMPLIFICATIONS Southwest that changes it has been con-
templating are too little, too
late, and that many investors
Many employees, tired of
refereeing preflight seat dis-
putes, want it, too. The airline
economy cabins, it is possible
to cede some space without
making the experience uncom-
Southwest’s boarding has be-
come frustrating, plagued by
suspicion that other passen-

The character Kate in

To Ditch have lost confidence in the air-
line’s leaders.
On Thursday Elliott said
got more internal complaints
when it ditched serving pea-
nuts on flights than when it
fortable for those who don’t
pay up. It couldn’t be deter-
mined how much the option
gers are gaming the system to
get on early and save seats.
Taller fliers said they would
“Twisters” doesn’t have a
Ph.D. A Personal Journal arti-
cle on Tuesday about the
Open Seats that it wants shareholders to
elect a board “that can return
Southwest to best-in-class per-
started discussing potential
changes a few months ago, ex-
ecutives said.
will cost passengers.
Some Southwest loyalists
mourned the changes Thurs-
welcome more space.
Currently, Southwest’s
boarding procedure involves
film’s director, Lee Isaac formance.” The airline told employees day. Josh Williams, a 39-year- sorting customers into three
Chung, incorrectly said the Continued from Page One Southwest said it started in an internal message Thurs- old lawyer who lives in Colum- groups (A, B or C), assigning
character has a Ph.D. tered as part of an ambitious studying potential changes day that while open seating bus, Ohio, said he prefers them a number, and calling for
expansion strategy. last fall, before Elliott in June was once “enor- S o u t h w e s t ’s them to line up in order. Pas-
Readers can alert The Wall Street Other airlines are also grap- disclosed its stake in the air- mously success- simpler booking sengers who pay for boarding
Journal to any errors in news articles
by emailing [email protected] or pling with too many empty line. Jordan declined to esti- ful and differen- process and, as and check-in upgrades, have
by calling 888-410-2667. seats on U.S. flights and mate exactly how much extra tiating,” it often The airline said a regular solo elite status or pay for pricier
weaker fares, but Southwest revenue the airline’s new ini- lengthens 80% of traveler, he ticket options, can improve
doesn’t have the vast interna- tiatives will bring in, but said boarding time doesn’t usually their position.
THE WALL STREET JOURNAL tional network and high-end he expects it to be “signifi- and burdens customers in a care where he To test out different board-
(USPS 664-880) offerings that have offset those cantly north” of the nearly customers and sits. ing methods, Southwest en-
(Eastern Edition ISSN 0099-9660)
problems for rivals. $1 billion Southwest currently employees.
survey favored “If this is listed employees along with
(Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241) Southwest on Thursday re- generates selling extras like Extended- assigned seats. just going to be their families to practice get-
Editorial and publication headquarters: ported a second-quarter profit those that allow passengers to legroom seats another way for ting on and off planes over
1211 Avenue of the Americas, of $367 million, a 46% drop board sooner. will eventually them to start several days in Houston.
New York, N.Y. 10036 from the same period a year Southwest’s plan eases account for nickel-and-dim- The passengers were loaded
Published daily except Sundays and earlier, despite record quar- pressure on fliers to check in about a third of seats across ing you like a lot of the other up with carry-ons and stroll-
general legal holidays. Periodicals postage
paid at New York, N.Y., and other mailing
terly operating revenue. The precisely 24 hours in advance Southwest’s fleet, but execu- carriers,” Williams said, “then ers, and some used wheel-
offices. carrier said it sold too many or to pay extra to get a good tives say they aren’t planning that’s something that would chairs. They tried different
Postmaster: Send address changes to summer tickets too early, los- spot in queues at airport on a true first-class cabin. give me pause.” boarding and assigned seating
The Wall Street Journal, 200 Burnett Rd., ing out on lucrative last-min- gates. Fans of the airline have Ryan Green, the executive The airline says it will configurations to determine
Chicopee, MA 01020. ute bookings. But its profit ex- said they loved open seating. charged with leading the com- maintain its customer-friendly whether assigning seats would
All Advertising published in The Wall ceeded analysts’ expectations. When flights were emptier, mercial transformation, said approach and protect its sim- slow things down—one reason
Street Journal is subject to the applicable
rate card, copies of which are available
Southwest shares rose 5.5%, they could often land a win- that since Southwest seats are ple, low fare model. And some the airline previously opted
from the Advertising Services and other major airline stocks dow or aisle seat. That is hap- already among the roomiest in Southwest fliers conceded that not to do it.
Department, Dow Jones & Co. Inc., 1211 also gained. American Airlines pening far less frequently, The carrier set up cameras
Avenue of the Americas, New York, N.Y. Group shares climbed 4.2%, though, as planes are more Southwest quarterly net Share-price and index to track passengers’ move-
10036. The Journal reserves the right not
to accept an advertiser’s order. Only even though the company on packed. profit/loss performance, year to date ments. Some testers wore
publication of an advertisement shall Thursday cut its earnings out- The airline said it surveyed $800 million 25% Google Glass devices so the
constitute final acceptance of the look for the year as it outlined thousands of customers to un- airline could see the experi-
advertiser’s order.
efforts to revamp its business- derstand what they want and 20 ence from their perspective—
Letters to the Editor:
travel strategy and reported what they would be willing to 600 S&P 500 how they searched out seat
Fax: 212-416-2891; email: [email protected] 2Q 2024
quarterly earnings that out- pay for. It found that 80% fa- $367M 15 numbers and overhead bin
Need assistance with your subscription?
By web: customercenter.wsj.com; paced analysts’ expectations. vored assigned seats—an over- 400 space.
By email: [email protected] Through Thursday’s close, whelming share that Jordan 10 Southwest validated its find-
By phone: 1-800-JOURNAL Southwest’s share price this said took him by surprise. “Our ings with millions of computer
(1-800-568-7625)
year was down about 3%, com- customers really, really, really 200 5 simulations and found that it
Reprints & licensing:
By email: [email protected];
pared with a 13% gain in the want it,” he said. could make the change without
By phone: 1-800-843-0008 S&P 500. And the carrier is betting it 0 gumming up operations. Jor-
0
WSJ back issues and framed pages: Elliott Investment Manage- can bring in more fliers, in- dan said he knows there might
wsjshop.com ment, an influential hedge cluding those who wouldn’t –5 be a small, but vocal, group of
Our newspapers are 100% sourced from fund that has amassed a have previously considered –200 superfans who are skeptical as
sustainably certified mills. $1.9 billion stake in the com- Southwest. As Southwest –10 their beloved airline trans-
Southwest
pany, has criticized the airline makes a bigger push for corpo- forms. “I think we will win
–400 –15
GOT A TIP FOR US? for being slow to adapt to rate travelers, it has found those folks over,” he said.
modern flying. Elliott wrote in road warriors have little inter- 2022 ’23 ’24 Jan. 2024 July —Jacob Passy
SUBMIT IT AT WSJ.COM/TIPS
a letter to Southwest’s board est in playing seating roulette. Source: S&P Capital IQ (profit/loss); FactSet (performance) contributed to this article.
 THE WALL STREET JOURNAL. * * * * * * Friday, July 26, 2024 | A3

U.S. NEWS

Cartel
Suspect,
‘Chapo’

FROM LEFT: TAYLOR GLASCOCK FOR WSJ, ELAINE CROMIE FOR WSJ
Son Are
Arrested
BY STEVE FISHER
AND JOSÉ DE CÓRDOBA

Mexican drug kingpin Is-

mael “El Mayo” Zambada was
arrested by U.S. agents Thurs- Milwaukee County, Wis., left, and Kent County, Mich., both illustrate how the employment rates among a community’s adults affect its children years later.
day after a high-ranking Sina-

Finding a Key to Economic Mobility

loa cartel member tricked him
into flying to Texas, Mexican
and U.S. officials said.
Joaquín Guzmán López, the
son of imprisoned drug lord
Joaquín “El Chapo” Guzmán,
was on the same plane and Decades of data Opportunity Lost
was also arrested upon land-
ing, a Homeland Security In- reveal major factor: White adults born poor in 1992 fell behind those born in 1978 across large parts of the U.S.
vestigations official said. growing up around At 27, white adults born to poor
Zambada, 76 years old, parents in the Midwest in 1992
founded the Sinaloa cartel people with jobs were worse off than those of
three decades ago along with the same age born in 1978.
“El Chapo” Guzmán. He leads BY JUSTIN LAHART
a faction of the cartel which is
considered to be the leading For all our divisions, Ameri-

CASSANDRA KLOS FOR WSJ

smuggler of fentanyl into the cans have been united by a
U.S. singular obsession: How can
Zambada believed he was we have a better life? Econo-
going to inspect clandestine mists call this economic mobil-
airfields in Mexico, but was ity—the ability to move up the
instead flown to El Paso, income ladder and make it to a
Texas, where he and the higher rung than your parents. Harvard economist Raj Chetty
younger Guzmán were taken Harvard University econo-
into custody on the tarmac, mist Raj Chetty has spent the researchers emphasize that
the Homeland Security official more than a decade working to it is not a zero-sum game, with
said. The joint operation with understand what makes mobil- mobility for poor Black people
the Federal Bureau of Investi- ity possible. Using anonymized improving only because mobil-
gation had been in the works census and tax data, Chetty Difference in income* ity for poor white people is fall-
for months, the official said. and his fellow researchers ing: Indeed, places where op-
Decrease Increase Incomes rose in parts of the
The U.S. had offered a $15 have been able to follow mil- portunity for Black children
South, but in areas that were
million reward for informa- lions of Americans from child- already extremely poor.
improved most are also where
tion leading to the arrest of hood into adulthood. The data white children did best.
Zambada. showed that even in neighbor- Income gap between white adults at age 27, Income gap between Black and white adults “What is so profound is
It is the latest blow suf- hoods bordering one another, born in year shown to high-income parents, at age 27, born in year shown to we’re starting to get a sense of
fered by the Sinaloa cartel, outcomes for poor children vs. those born to low-income parents† low-income parents† what it could be about a place
which has been a top target can be vastly different. that makes a difference for
for U.S. law enforcement. In Understanding why is im- $14,000 $14,000 economic mobility,” said Ste-
January 2023, Ovidio Guzmán, portant to improving opportu- fanie DeLuca, a Johns Hopkins
12,000 12,000
another of the sons of “El nities for poor children. Work- University sociologist who has
Chapo” Guzmán, was arrested ing with Will Dobbie, Benjamin 10,000 10,000 reviewed the research and
and later that year extradited Goldman and Crystal Yang at who is conducting field work
to the U.S., where he faces Harvard and Sonya Porter at 8,000 8,000 aimed at exploring the pat-
drug charges. Néstor Isidro the Census Bureau, Chetty— 6,000 6,000 terns it has uncovered.
“El Nini” Pérez Salas, who au- who directs Opportunity In- Chetty and his fellow re-
thorities say was the top hit sights, a Harvard-based insti- 4,000 4,000 searchers caution, however,
man for “El Chapo” Guzmán’s tute that studies how to 2,000 2,000 that the work doesn’t show
children, was captured in No- improve upward mobility—pub- that employment is the decid-
vember and extradited to the lished research Thursday that 0 0 ing factor when it comes to
U.S. earlier this year. brings us closer to an answer. 1980 ’85 ’90 1980 ’85 ’90 mobility. Changes in marriage
“El Chapo” Guzmán, a flam- The researchers found that *Counties scaled by inflation-adjusted mean household income for white children born in 1978 at the 25th percentile based on income. A county
and mortality rates are also
boyant drug lord known for his children who grow up in a appears larger on the map if it had greater income compared to other counties for the 1978 cohort. †Adjusted for inflation using 2023 dollars. highly correlated with mobility
spectacular prison escapes, neighborhood where more par- Source: Raj Chetty, Will Dobbie, Benjamin Goldman, Sonya Porter and Crystal Yang trends, for example.
Carl Churchill (opportunity lost) and Peter Santilli (income gap)/WSJ
was extradited to the U.S. in ents have jobs end up better off
2017 and sentenced to life in economically as adults—
prison in 2019. whether or not their own par- Teasing out factors
ents are employed. In other It is plausible that employ-
words, their own parents might An Early Advocate of the Lasting Value of Employment ment gets the ball rolling.
be unemployed, but if their Other economists have argued
schoolmates’ parents work, The new research employment, writing, “A urban and rural settings. that is the case with marriage
their outcomes will be better. echoes the work of sociolo- neighborhood in which “The payoff to employ- rates and mortality rates in
HANDOUT/AGENCE FRANCE-PRESSE/GETTY IMAGES

The dynamic works in re- gist William Julius Wilson, people are poor but em- ment can be quite funda- certain settings, but that
verse too: In places where pa- whose books and papers in ployed is different from a mental,” said Stanford Uni- doesn’t show it is generally
rental employment deterio- the 1980s and 1990s fo- neighborhood in which versity sociologist David true. Moreover, harder-to-mea-
rates, the opposite happens— cused on poor Black resi- people are poor and job- Grusky, who has reviewed sure statistics, such as crime,
children do worse as adults. dents of inner-city Chicago. less.” the work. “Obviously it could play important roles that
The research also docu- Wilson hypothesized Many people have come brings income into the com- are difficult to tease out.
ments a shift in the fortunes that it wasn’t just growing to believe that this applies munity, but it also has impli- For Chetty, what is impor-
of poor children in America up poor, but growing up broadly. The new research cations for what people tant about parental employ-
that is all the more striking for where everybody else was suggests that Wilson’s in- think about their prospects. ment rates is that they serve
the speed with which it hap- poor that weighed on pros- sights are true regardless It changes how they ap- as a proxy for whether a com-
pened. The downside of that is pects. And he tied this to of race, and in urban, sub- proach the world.” munity is thriving. It could be
that the opportunity can dete- that working adults serve as
Ismael ‘El Mayo’ Zambada riorate quickly. positive role models, or places
where more people work are
Unlike the older Guzmán, when they turned 27. 27, essentially the same rung ening outcomes fit much of tighter knit, or some combina-
Zambada was known for keep- Reversal of fortunes For poor white children as their parents. the country. In counties where tion of factors, but poor chil-
ing a low profile. In Culiacán, Children born in 1992 to born in 1992, the map was But poor Black children employment rates among poor dren in places with higher pa-
the capital of Sinaloa state and non-Hispanic white families at more constrained. While some born in 1992 who grew up in white parents fell sharply, the rental employment do better.
the hometown of the cartel, the bottom 25% by income parts of America, such as the Kent County did better. On av- income ranks of poor white Chetty also finds encourage-
Zambada was seen as an cartel were less likely to move into a upper Midwest, remained bas- erage, their inflation-adjusted children in adulthood fell too. ment in how much mobility for
elder who kept order and pro- higher income level by age 27 tions of opportunity, much of household income at age 27 Mobility tended not to deterio- Black children improved over
tected the city from attacks of than children born to low-in- the U.S. did worse. Children was 38% greater than that of rate as much for poor white just 15 years. So while present-
rival groups, residents said. come white families in 1978 with parents at the 25th per- their 1978 counterpart. children growing up in coun- day mobility still appears
Joaquín Guzmán López is were. Poor white children born centile who grew up in Mil- Poor Black children growing ties where parental employ- strongly influenced by histori-
one of four brothers, including in 1992 were simply worse off waukee had lower income up in Kent still made less as ment held up better. cal factors, such as in areas of
Ovidio, who are known collec- than those born in 1978. (While when they turned 27 in 2019— adults than poor white chil- In Kent, the employment the South that had high rates
tively as “Los Chapitos.” Au- some people move up and adjusted for inflation—than dren, but the gap narrowed rate for the parents of poor of slavery, change is possible.
thorities say that they were down the income ladder later their older counterparts. significantly. And this narrow- Black children born in 1992 “These differences in op-
also top traffickers of fentanyl in life, by 27 most are near the This dynamic, playing out ing was a nationwide phenom- held nearly steady with the portunity by race, by class, by
to the U.S. Ovidio was seen as rung they will remain on.) across the country, led to a enon: A Black child born to rate for the parents of children area that people have been
a pioneer of the fentanyl trade But the research also con- significant widening of the in- parents at the 25th percentile born in 1978. This likely owed worried about for decades—
in Mexico. tains a more hopeful finding come gap between poor and in 1978 made $12,994 less at in part to an improving em- you might have had the view
While Joaquín wasn’t as that poverty needn’t be a life well-off white children. A age 27 than a white child born ployment trend in Kent. But that this is never going to
well known as his brothers, he sentence. While mobility white child born to parents at at the 25th percentile. But for the experience in Kent was the change because it’s driven by
had a $5 million reward for his among the children of poor the 25th percentile in 1978 a Black child born to parents general pattern across the longstanding factors,” he said.
capture and was seen as the white families slid backward, made, on average, an inflation- at the 25th percentile in 1992, country, with employment “That’s not true.”
brains behind the “Chapitos” children born into poor Black adjusted $10,383 less at age 27 that income difference nar- rates for the parents of poor This opens up the possibil-
financial operation. families in 1992 were more than a child born to parents at rowed by 27% to $9,521. Black children falling less than ity of developing community-
U.S. prosecutors in February likely to move up the economic the 75th percentile. But for One thing that changed for their poor white counterparts, level interventions that help
filed an indictment charging ladder than their 1978 coun- children born in 1992, that in- poor white children compared or gaining. And as was the poor children in places where
Zambada with conspiring to terparts were. come difference was 27% with poor Black children was case with poor whites, the new mobility is constrained. Em-
manufacture and distribute For poor white children larger at $13,202. the relative share of their par- research finds that changes in ployment rates, whether or
fentanyl with knowledge that it born in 1978, vast swaths of the In contrast to the environ- ents who were employed. parental employment rates in not they are a deciding factor
would be imported illegally U.S. were a land of opportunity. ment for poor white children, In Milwaukee County, for ex- a community were strongly as- in opportunity, have the ad-
into the U.S. He was previously Apart from some areas, such as few places in America pro- ample, the share of the parents sociated with changes in chil- vantage of being well-mea-
charged with running a crimi- Appalachia and Rust Belt areas vided poor Black children born of low-income white children dren’s outcomes. sured and timely, providing an
nal enterprise, conspiracy to of Michigan and Ohio, these in 1978 much opportunity for who were employed went from In some places, such as St. early-warning signal of where
murder, money laundering and children overall had a good advancement. 69.1% for children born in 1978 Louis County, Mo., improving children might be at risk.
other drug-related crimes. chance of making it to a higher Kent County, Mich., is a lit- to 55.6% for children born in outcomes for poor Black chil- One next step for the re-
“Fentanyl is the deadliest rung than their parents. tle more than 100 miles di- 1992, as more than a third of dren and deteriorating out- searchers will be to learn
drug threat our country has Take Milwaukee County, rectly east of Milwaukee, and the county’s manufacturing comes for white children oc- which interventions most ef-
ever faced, and the Justice De- Wis., where the old-line manu- home to Grand Rapids, an- jobs disappeared. Children born curred simultaneously. That is fectively help poor children in
partment will not rest until ev- facturing city of Milwaukee is other old-line manufacturing at the 25th percentile in 1992 a reflection of how changes in places where low parental em-
ery single cartel leader, mem- the county seat. On average, city. Black children born to reached the 44th percentile on opportunity are occurring at ployment rates indicate a com-
ber, and associate responsible white children born to parents parents at the 25th percentile average, 4 percentage points the community level, with munity isn’t thriving. If they
for poisoning our communities at the 25th percentile by in- by income in 1978 who grew lower than those born in 1978. white children taking cues from can do that, Chetty hopes, the
is held accountable,” Attorney come in 1978 had climbed to up in Kent were in the 28th This pattern of falling pa- their peer group, and Black American dream could become
General Merrick Garland said. the 48th percentile by 2005, percentile when they turned rental employment and wors- children from theirs. That said, more accessible to everyone.
A4 | Friday, July 26, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Netanyahu Meets With Biden and Harris

U.S. presses to close be released, control of the has emptied out a swath of land
border between Gaza and on both sides of the border, and
Gaza cease-fire deal Egypt, whether Israel would Israel’s government is under
with a few key have a veto over which Pales- pressure to return people to
tinian prisoners can be re- their homes and reverse what it
issues remaining leased, and whether Israel sees as a loss of sovereignty.
could resume fighting after A cease-fire would allow
BY LARA SELIGMAN the initial cease-fire. troops to rest and redeploy,
AND SUMMER SAID Hamas has been “very dug and would create an opening
in” on its demand for a perma- for negotiations to resolve the
President Biden met with Is- nent cease-fire and full with- issue on the Lebanese border.
raeli Prime Minister Benjamin drawal of Israeli forces before a Hezbollah has said it would
Netanyahu at the White House release of some hostages, the continue fighting until the
on Thursday, aiming to settle U.S. official said. But negotiators war in Gaza ends.
the remaining sticking points in have worked out details of how Israel’s parliament, the Knes-
a Gaza cease-fire deal after a hostage release would work. set, will go into recess next
months of fruitless negotiations. While the U.S. official said week until Oct. 27, giving Ne-
The Biden administration the administration didn’t ex- tanyahu a window in which he
believes the gap between Is- pect to clinch a deal during can try to advance the deal

NATHAN HOWARD/REUTERS
rael and Hamas is narrow the Thursday White House without fear his government
enough to be closed if those is- meeting—the first time the could be toppled. That would be
sues can be worked out, a se- two leaders have met since Bi- long enough for at least the
nior administration official den’s trip to Israel after the first phase of the deal, which
said. “It’s time to move to Oct. 7 attacks—they planned would see the fighting stop for
close that agreement,” the offi- to focus on closing the remain- six weeks and Israel redeploy
cial told reporters Wednesday. ing gaps in the negotiations. Benjamin Netanyahu and Kamala Harris met after his sit-down with President Biden. its troops out of populated ar-
Optimism recently has built After meeting separately eas in Gaza, in exchange for the
about a deal to pause the with Netanyahu, Vice Presi- address the cease-fire talks but for domestic political reasons. Wednesday. They demanded release of some of the hostages.
fighting in Gaza after Hamas dent Kamala Harris said she said the protracted war is bad The prime minister’s nar- an emergency meeting with Netanyahu is focusing on
showed flexibility on some has an unwavering commit- for Israel’s public relations. row governing coalition de- the Israeli negotiating team. keeping the possibility open of
contested language and Israeli ment to Israel’s right to de- “I want him to finish up and pends on far-right parties “He has left Israel at this restarting the war after the
security officials said the time fend itself but how that is get it done quickly,” Trump whose leaders have threatened critical moment in the negotia- first phase of the deal ends, a
is right to reach an agreement done “matters.” said of Netanyahu. “You’ve got to leave if the government cuts tions for political posturing, and move that he says is necessary
that would bring home some “Let’s get the deal done so to get it done quickly because a deal that stops the fighting. he must, at the very least, allow for a total defeat of Hamas
of the Oct. 7 hostages still held we can get a cease-fire to end they are getting decimated Netanyahu has said keeping up the negotiations to continue and which could satisfy his
in the Palestinian enclave. the war,” she said. “Let’s bring with this publicity.” the military pressure is the and finish the agreement,” said far-right allies.
The mood darkened as ne- the hostages home, and let’s Members of Israel’s secu- best way to reach a deal that Lee Siegel, brother of Israeli- The U.S. administration has
gotiations bogged down in de- provide much needed relief to rity establishment, representa- gets the hostages back. American hostage Keith Siegel. been optimistic about the
bates over new demands that the Palestinian people.” tives of the families of Israeli The Hostage Family Forum, Israel’s military feels it has prospects of a cease-fire in re-
Israeli security officials and Netanyahu planned to meet hostages and Arab negotiators which represents most of the accomplished its goals in Gaza cent days.
Arab negotiators say Netan- with Donald Trump on Friday involved in the talks are less families of Gaza captives, crit- and wants to turn its attention —Dov Lieber and Anat Peled
yahu raised late in the process. at the former president’s Mar- optimistic. While they say the icized Netanyahu for not men- to the country’s northern bor- contributed to this article.
Arab negotiators say sev- a-Lago resort in Palm Beach, time is right for a deal to halt tioning negotiations to free der and the daily exchanges of
eral issues remain, including Fla. In an interview Thursday the fighting, they believe Ne- their relatives during his fire with the Lebanese militant  Palestinian exile rises as
the number of live hostages to with Fox News, Trump didn’t tanyahu is stalling progress speech in Congress on group Hezbollah. The shooting potential leader................. A8

VP Keeps a Tight Inner Circle of Friends and Family

BY TARINI PARTI adviser during her 2020 pri-
DEMETRIUS FREEMAN/THE WASHINGTON POST/GETTY IMAGES

mary campaign. Outside influencers

Vice President Kamala Har- Josh Hsu has served as Harris has deep ties to
ris has an expansive network Harris’s chief legal adviser, Black political leaders, abor-
of aides from her decadeslong worked on the transition tion-rights groups, some
legal and political career. But team, as national policy direc- unions and political consul-
JACQUELYN MARTIN/ASSOCIATED PRESS

the expected Democratic pres- tor for her 2020 campaign and tants in California. They in-
idential nominee has kept her general counsel and deputy clude Minyon Moore, who is
inner circle tight. chief of staff when Harris was chairwoman for the Demo-
SCOTT MORGAN/REUTERS

She has relied on her family in the Senate. cratic National Convention,
members, close friends and Kristine Lucius became and who helped Harris assem-
longest-serving aides to help Harris’s chief of staff while ble her staff early in the ad-
navigate her career and policy she was running for president ministration.
decisions. Unlike President Bi- in 2019 and came back to work Sen. Laphonza Butler (D.,
den, Harris, who was elected for her in the White House in Calif.) has known Harris since
to the Senate from California Rohini Kosoglu, Kamala Harris’s former chief policy adviser, brother-in-law Tony West and 2021, as a senior adviser. she was district attorney of
in 2016, remains relatively sister Maya Harris are among those considered to be in Harris’s inner circle. Ike Irby was Harris’s dep- San Francisco. She served as a
new to Washington and is still uty domestic policy adviser in senior adviser to her 2020
building her political brain the poor kid who picked on me husband, an entertainment mation vote of Justice Ketanji the White House until earlier campaign and president of
trust. because my big sister would lawyer, has been her biggest Brown Jackson, Harris wrote this year. He started working Emily’s List, a backer of Har-
Here’s a look at her inner be there in a flash ready to public supporter. In the ad- Helena Hudlin a letter. “I sit for her when she was in the ris. In an interview with ABC,
circle: have my back,” Maya Harris ministration, Emhoff has here with a deep sense of Senate. Butler said she recently had
said. worked on combating anti- pride and joy—for this mo- Lorraine Voles is Harris’s spoken with Harris and stands
Her brother-in-law, Tony semitism. He also has used his ment in our history and what current chief of staff. Although “at the ready” to help. “I just
Family and friends West, was previously an asso- role to speak up about gender I believe it will mean for you she didn’t have a connection have not heard her be so clear
Harris’s family members ciate attorney general during equality. “Lifting women up so and all the current young and to Harris before joining the and certain about what is pos-
have been her closest advisers. the Obama administration. that they can carry out impor- future leaders of our country,” White House in 2022, Voles, sible when we choose as a na-
All of them, like her, have a le- West has traveled in recent tant roles is a very manly she wrote. who worked for former Vice tion to do something to-
gal background. Harris’s only days with the vice president to thing,” he told a South Korean President Al Gore, has been a gether,” Butler said.
sibling—her younger sis- events, including a fundraiser newspaper in 2022. key part of Harris’s vice presi- Ace Smith and Sean Clegg
ter, Maya Harris—was chair- on Saturday. West is chief le- Harris and Emhoff’s Her aides dency, coming in as a more ex- were Harris’s main political
woman of her campaign for gal officer for Uber. friends, director and producer Rohini Kosoglu, who began perienced operative after Har- consultants during her 2020
the 2020 Democratic presiden- Harris also has a close rela- Reggie Hudlin and Chrisette working for Harris when she ris’s unsteady early start in presidential bid. They since
tial nomination, which was tionship with her niece, Hudlin, have been a big part of was in the Senate, has re- office. have been advising Democratic
seen as dysfunctional. Maya Meena Harris, a lawyer and their lives. Chrisette Hudlin mained one of her closest ad- Julie Chavez Rodriguez California Gov. Gavin Newsom.
Harris didn’t have a formal author. Two days before Biden introduced Harris to Emhoff. visers. Before leaving the was Biden’s campaign man- Their consulting firm also
role at the White House and dropped out of the race, Har- The well-connected couple White House in 2022, Kosoglu ager, and she has stayed in her worked on Harris’s statewide
previously served as policy ad- ris visited the model Tyra were invited to a White House was Harris’s chief policy ad- role now that it has become races for attorney general and
viser to Hillary Clinton during Banks’s new ice cream shop in state dinner last year, and viser and a senior adviser to Harris’s campaign. Rodriguez the Senate. Clegg advised Har-
her 2016 White House bid. D.C. with Meena’s two daugh- Harris is a godparent to their the 2020 Biden-Harris cam- was Harris’s California state ris on debating GOP vice pres-
She introduced her sister at ters. daughter, Helena Hudlin. paign and transition team. Ko- director while Harris was a idential nominee JD Vance re-
the 2020 Democratic conven- Since their marriage in While presiding in the Sen- soglu was Harris’s chief of senator and worked for her cently, a person familiar with
tion. “Growing up, heaven help 2014, Doug Emhoff, Harris’s ate chamber over the confir- staff in the Senate and a top 2020 presidential campaign. the preparations said.

Inside JD Vance’s Short-Lived Career as a Venture Capitalist

BY ANGEL AU-YEUNG an investor gathering in Silicon GOP is atypical. Vance left the cities like Chattanooga, Tenn., has made 14 investments, one
Valley around the time that investing world in 2022 after and Louisville, Ky. of which hasn’t publicly
JD Vance touted his career Vance’s memoir, “Hillbilly El- he was elected to represent During Vance’s time at Rev- launched yet, the person said.
in venture capital last week in egy,” was published. Ohio in the U.S. Senate—his olution, he was the lead part- They include Rumble, a video
his address to the Republican Colin Greenspon, who co- only experience in public of- ner or co-lead on 14 deals, ac- platform popular with the po-
National Convention. His foray founded Narya with Vance, said fice—and was named Donald cording to a person familiar litical right which went public
in technology investing, the nature of early-stage ven- Trump’s running mate less with the deals. They included through a special-purpose ac-
though, was brief by industry ture investing means it is too than two years later. California-based defense tech quisition company, better
standards. early to tell if his investments Vance moved to the Bay startup Anduril Industries, known as a SPAC, while Vance
“I started businesses to cre- will ultimately be successful. Area shortly after graduating North Carolina-based artificial- was running for the Senate
ate jobs in the kind of places But “it’s 100% not too early to from Yale Law School in 2013 intelligence startup Pryon, as seat, and Hallow, a Catholic
that I grew up in,” the vice tell that he was a good inves- to pursue a career in entrepre- well as AppHarvest. meditation and prayer app.
ALEX WONG/GETTY IMAGES

presidential candidate said in tor,” he said. neurship. He visited the offices Vance joined Pryon’s board Three others have ties to Vivek
his convention speech. “My Vance’s most recent finan- of Mithril Capital, a San Fran- in June 2019. Pryon’s chief ex- Ramaswamy, a businessman
work taught me there is still so cial disclosures from 2022 cisco-based firm co-founded by ecutive, Igor Jablokov, said who had vied for the GOP pres-
much talent and grit in the show stakes in more than 100 Peter Thiel, for a meet-and- Vance was an engaged investor idential nomination and was
American heartland.” private companies, most of greet with investing team who helped the company forge Vance’s law school classmate.
That sentiment is core to which were valued between members, said a person famil- connections with venture capi- Vance invested again in
Vance’s mythos as a tech inves- $1,001 and $15,000. iar with the matter. Mithril JD Vance invested in tech. talist Jim Breyer and Chase AppHarvest through Narya and
tor who cut his teeth in Silicon His record isn’t without wasn’t hiring at the time, and Koch, the son of billionaire lib- joined the board in July 2020,
Valley before leaving the Bay blemishes. One of his bigger in- Vance eventually landed a role the office, although he traveled ertarian tycoon Charles Koch. according to the company’s se-
Area to focus on revitalizing vestments—AppHarvest, a Ken- as chief operating officer at a a lot to promote his memoir. Vance left Revolution in curities filings. Other board
his native Appalachia. In tucky-based indoor-farming small biotechnology company. Neither remembered signifi- 2019. Shortly after, he started members included Martha
Vance’s five years as a venture tech company—eventually filed Vance pitched the biotech cant deals that Vance drove Narya with Greenspon. The Stewart and investor Jeffrey
capitalist, he worked for two for bankruptcy after it faced company several times to Mith- during his time at Mithril. pair raised $120 million in their Ubben.
firms before co-founding his lawsuits that claimed, among ril investors, the person said. In In March 2017, Vance left first fund with backing from Vance’s brief stint in tech
own venture vehicle, Ohio- other things, that it was creat- 2016, he left the biotech firm to Mithril to join Revolution, an Thiel as well as venture capi- appears to have informed his
based Narya Capital Manage- ing jobs in the state that the la- join Mithril as a junior investor. investment firm founded by talist Marc Andreessen and for- beliefs about the very industry
ment. bor force either didn’t want or Vance’s memoir was published Steve Case, a co-founder of mer Google CEO Eric Schmidt, in which he worked. At a panel
“I don’t think he had a long lacked training to do. Vance, that summer and became a AOL. Vance was hired to focus according to a person familiar for The Wall Street Journal’s
enough career in venture to who briefly sat on the com- bestseller with its unrelenting on the Rise of the Rest initia- with the fund’s financials. That Future of Everything Festival in
have demonstrated the suc- pany’s board, invested through portrayal of poverty in work- tive, a seed fund within Revolu- fund generated a multiple on May 2021, Vance said, “I’ve
cessful VC narrative that’s be- two different venture firms. ing-class America. tion that looked for investing invested capital of 1.67 and an certainly personally been very
ing expressed,” said David A spokesperson for Vance In the year Vance worked at opportunities outside the typi- internal rate of return of close to the technology sector.
Hornik, a founding partner of declined to comment. Mithril, a former colleague said cal tech ecosystems of Silicon 24.35% after fees as of March Because of that experience, I
venture-capital firm Lobby His whirlwind ascendancy he never once saw him in the Valley, New York and Boston. 2023, according to an investor inherently mistrust it or at
Capital. Hornik is a Democratic from venture capitalist to the office. Another colleague said He joined Case for several document. least worry about its influence
donor who first met Vance at potential heir apparent of the he remembers seeing Vance at stops on a bus tour through Since its founding, Narya in the broader economy.”
THE WALL STREET JOURNAL. Friday, July 26, 2024 | A5

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U.S. NEWS

Uninsured ance payments for a 2013 Kia

and a 2019 Tesla on his almost
$5,000 monthly income. They
U.S.WATCH
Push Up are planning to move to a
state with lower costs.
“It’s been tough,” said
CALIFORNIA
Suspect Arrested
Costs for All Lowe. “I’m spending like
$1,100 a month by myself on
just insurance when I could be
As Wildfire Burns
A man suspected of push-
using that on other things.” ing a burning car into a gully
Continued from Page One and sparking one of the larg-
pool, which causes many in- est California wildfires of the
surers to raise the prices of Feeling the strain year has been arrested, offi-
their policies. Policyholders paid $16 bil- cials said Thursday.
The average annual cost of lion for uninsured and under- The man, 42 years old and
full-coverage car insurance insured motorist coverage in from Chico, Calif., was under
has jumped to $2,278, up 12% 2020, according to the IRC. arrest on suspicion of start-
from 2023, according to Bank- That is up from $13 billion in ing the Park Fire, the Butte
rate. 2016. County district attorney said
Although many of the driv- Such policies protect the in a statement.
RORY DOYLE FOR WSJ (2)

ers dropping coverage say holder and their car against The Park Fire erupted
they are also battling rising drivers who are uninsured or Wednesday and has burned
costs for groceries, housing whose insurance doesn’t fully more than 70,000 acres, ac-
and healthcare, others are cover the cost of an accident. cording to the California De-
rolling the dice and betting Tow-truck companies are partment of Forestry and
they won’t need it. feeling the strain, too, said Fire Protection, known as Cal
More Americans appear to Robert Ward said he’s holding about 2,500 cars involved in accidents with uninsured drivers Robert Ward, owner of Ward’s Fire. Evacuations were or-
be unhappy with their current at his towing company. Below, Ward sorted through paperwork for impounded vehicles. Wrecker Service in Jackson, dered in Butte and Tehama
policies. The number of con- Miss., one of the states with counties. As of Thursday, the
sumers shopping for car in- Estimated share of the most uninsured drivers. fire was 3% contained.
surance surged in May to the uninsured motorists Ward said he is holding A man later identified as
highest level since 2020, ac- 14% across his seven locations the suspect was seen pushing
cording to J.D. Power. about 2,500 cars involved in a burning car over an embank-
There is a greater chance 12 accidents with uninsured ment around 3 p.m. Wednes-
that some might drop their drivers. day, officials said. The vehicle
coverage when shopping for a 10 “I have more cars now than traveled about 60 feet and
new policy, said Stephen I ever had in the history of do- was destroyed by the flames.
8
Crewdson, the firm’s senior ing this job,” said Ward, who —Associated Press
director of insurance business 6 has run the business for the
intelligence. past 11 years. TEXAS
In all states but New 4 The penalties for driving
Hampshire, driving without uninsured vary by location.
Ex-Uvalde Officer
coverage is illegal. States and 2 Most states levy a fine for a Pleads Not Guilty
cities are attempting to crack 0 first-time offense. A former school police offi-
down on the rise in uninsured California charges between cer who was part of the slow
2017 ’18 ’19 ’20 ’21 ’22
drivers by increasing penal- $100 to $200 plus other po- law-enforcement response to
ties or making their laws Note: The IRC measures the number of tential penalties. Other states the 2022 mass shooting at
uninsured motorists based on insurance
more stringent. claims provided by participating companies. will suspend the driver’s li- Robb Elementary School in
“I wish that people under- Source: Insurance Research Council cense and registration, or Uvalde, Texas, pleaded not
stood that it really places even impose jail time. guilty Thursday to charges of
them at risk,” said John Me- about how they’re going to always felt like, ‘Why start ping their policies are increas- Maryland and Virginia are failing to take action as a
sirow, a personal-injury law- manage the money that they now?’” ing the burden on everyone among the states that have gunman killed 19 children and
yer in Washington, D.C., who do have,” said Dale Porfilio, He said he was caught driv- from other motorists to tow implemented new auto-insur- two teachers inside a fourth-
has seen an increase in claims IRC’s president and chief in- ing without insurance when truck drivers. ance laws this month. Virginia grade classroom.
involving uninsured drivers. surance officer at the Insur- he was 18. Darnell Lowe, a 37-year-old made liability coverage man- Adrian Gonzales was
“But if you have to choose be- ance Information Institute. His license was suspended, ride-share driver in Philadel- datory as of July 1, while among the nearly 400 law-
tween paying rent and getting “Sometimes they do make and he paid about $250 in phia, saw his insurance rates Maryland increased fines for enforcement personnel who
food and car insurance, it’s that choice to not purchase fines. Peterson said a court soar after relocating from Chi- uninsured motorists to $200 responded to the scene but
obvious what you’re going to insurance.” ordered that he get a certifi- cago in 2020. from $150. then waited more than 70
pay for.” Javier Peterson, a 25-year- cate of financial responsibility He was complaining about Michigan offers a potential minutes to confront the
old warehouse worker from to get his license back. He has the high rates to a passenger road map for other states. It shooter inside the school.
Chicago, said he can’t afford yet to do so. one day in May when he dis- implemented an auto-insur- One of Gonzales’s attor-
‘Why start now?’ insurance or spare the time to “At this point, it’s been covered she was an insurance ance reform law in 2019 that neys, Nico LaHood, said after
For some consumers fed up shop for the best policy while seven years,” he said. “I don’t agent. She told him his rate in- no longer requires residents to the hearing that his client
with higher insurance prices, juggling 12-hour shifts at work really care about everything creased partly because of the buy unlimited personal-injury “feels he’s innocent.”
dropping coverage outweighs and caring for his boys, who else in my life because I need uptick in uninsured drivers. protection. The state has seen “He feels all he did was try
the potential legal risks. are 3 and 5 years old. to wake up, go to work and ar- Since Lowe’s wife lost her uninsured drivers decrease by to show up to help those
“They’re having to make “I just never had insurance rive for my children.” job last August, he has cov- 6% between 2020 and 2022, children,” the lawyer said.
tough economic decisions in my life,” said Peterson. “I The drivers who are drop- ered both their car and insur- according to the IRC. —Associated Press

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 THE WALL STREET JOURNAL. Friday, July 26, 2024 | A7

WORLD NEWS
China Tries to Jolt
Stalled Economy
With a Rate Cut
BY JASON DOUGLAS Rate on the PBOC’s
one-year medium-term
China’s central bank took lending facility
new steps to shore up the 3.4%
country’s sputtering economy,
NORTH AMERICAN AEROSPACE DEFENSE COMMAND

highlighting officials’ anxiety

about growth only days after 3.2
leader Xi Jinping set out his
long-term vision to transform 3.0
the country into a technological
powerhouse to rival the U.S.
The People’s Bank of China 2.8
said Thursday that it cut a key
interest rate and pumped the 2.6
equivalent of more than $25
billion into China’s banking
system. The move caught in- 2.4
U.S. and Canadian fighters intercepted a Chinese-Russian joint military mission near the coast of Alaska on Wednesday. vestors by surprise, as it oc-
curred outside the usual se- 2.2

U.S. Intercepts Russian

quence for policy shifts in the
2017 ’20 ’24
PBOC’s complex collection of
interest rates and other tools. Source: People’s Bank of China
The cut followed earlier
easing moves this week, in- crosscurrents is a lopsided

And Chinese War Planes

cluding a reduction in a differ- economy that is losing steam.
ent policy rate and cuts to Growth slowed to 4.7% in the
benchmark lending rates by second quarter, down from
China’s major banks. Together, 5.3% in the first. Rather than
the moves marked the most force more credit into the
substantial easing of policy economy, economists argue
Flights near Alaska Aerospace Defense Command planes were closely tracked by China also has bolstered since the beginning of the that the government should
said. The flights, which came U.S. F-16s and F-35s, as well as Russia’s military industry by year, when the PBOC also was step up fiscal spending to di-
reflect closer military, as close as 200 miles off the Canadian CF-18s. “Norad will providing it with microelec- fighting slackening growth. rectly boost growth and take
security ties between Alaskan coast, were the most continue to monitor competi- tronics, machine tools and China’s currency was up 0.7% bolder steps to end the drawn-
recent sign of growing mili- tor activity near North Amer- other dual-use components against the dollar in offshore out property crunch that has
Moscow and Beijing tary and security cooperation ica and meet presence with that have helped Moscow make trading early Thursday, with been dragging on China’s
between Moscow and Beijing. presence,” the command said. more weapons for its war in one dollar worth 7.22 yuan. economy for three years. Bei-
BY MICHAEL R. GORDON “It’s the first time that Austin said he is concerned Ukraine. Beijing has denied Still, for many economists, jing has loosened home-buying
AND NANCY A. YOUSSEF we’ve seen these two coun- about the evolving relationship supplying weapons to Russia. while PBOC rate cuts are wel- restrictions and announced
tries fly together like that between the two countries be- Russia’s Defense Ministry come, they aren’t the right med- plans to buy unsold homes for
Russian and Chinese war- [but] they didn’t enter our cause Beijing is “providing said its aerospace forces and icine for what ails the economy. public housing. But still, home
planes were intercepted off airspace,” Defense Secretary support to Russia’s illegal and the Chinese air force con- Growth is under pressure prices are falling and real-es-
the coast of Alaska by U.S. and Lloyd Austin said Thursday. unnecessary war in Ukraine.” ducted a joint mission. “The from an epic property bust and tate investment is shrinking.
Canadian fighters Wednesday, The Russian and Chinese In August 2023, a combined activity was carried out as a collapse in consumer confi- China’s leaders reiterated
marking the first time strate- bombers all took off from a Russian and Chinese naval force part of the 2024 military coop- dence. Foreign investors are their aim for 5% growth this
gic bombers from the two U.S. Russian air base, a development patrolled near the coast of eration plan and was not di- fleeing. The government is year. This week’s rate cuts
adversaries have operated to- first reported by Air & Space Alaska in what experts said was rected against third countries.” pumping money into factories should help meet that goal,
gether near North America, a Forces Magazine and confirmed the largest such flotilla to ap- to offset weakness elsewhere, economists said. But major
U.S. official said. by a second U.S. official. Norad, proach American shores. Eleven fueling a wave of exports and stimulus isn’t on the cards,
Two Russian TU-95 Bear a joint U.S. and Canadian com- Russian and Chinese ships Watch a Video rising tensions over trade. Com- they say. China is swimming
and two Chinese H-6 bombers mand that protects against air steamed close to the Aleutian Scan this code panies are losing money and in debt and Beijing is wary of
flew into the Alaska Air De- threats to North America, said Islands. The ships, which were for video on U.S. prices are flat or falling, raising reinflating the real-estate bub-
fense Identification Zone, a the planes weren’t seen as a shadowed by U.S. destroyers jets intercepting the specter of a prolonged and ble that powered its economy
buffer zone in international military threat. and P-8 Poseidon aircraft, didn’t Russian and damaging bout of deflation. for years. A weaker currency
airspace, the North American The Russian and Chinese enter U.S. territorial waters. Chinese bombers. The result of all these risks sparking capital flight.

WORLDWATCH

TAKE A
VACATION
LUDOVIC MARIN/AGENCE FRANCE-PRESSE/GETTY IMAGES

TIME IN A BOTTLE: North of Paris on Thursday, artist and performer Abraham Poincheval
stood in the vessel where he is scheduled to spend 10 days experiencing life in the public eye.

MAURITANIA GERMANY CAMBODIA

At Least 15 Dead Protest Interrupts Myanmar War Tops
From Migrant Boat Flights in Frankfurt Agenda for Asean
Fifteen migrants were con- Frankfurt Airport, Ger- Foreign ministers from
firmed dead and at least 150 many’s busiest, canceled members of the Association of
others are missing after their more than 100 flights Thurs- Southeast Asian Nations and
boat capsized near the Mau- day as environmental activ- top diplomats from partners
ritanian capital, Nouakchott, ists launched a coordinated including the U.S. and China
the International Organiza- effort to disrupt air travel on Thursday began three days
tion for Migration said on across Europe at the height of talks in Vientiane, Laos, ex-
Wednesday. The boat cap- of the summer holiday sea- pected to focus on regional is-
sized Monday as it carried son, seeking to remind people sues including the civil war in
300 people hoping to reach about the link between fossil Myanmar and tensions in the
Europe. The Mauritanian fuels and climate change. South China Sea.
coast guard has rescued 120 The airport said flights U.S. Secretary of State Ant-
of them, the IOM said, and were halted after activists ony Blinken and Chinese For-
the search effort continues. breached security fences, eign Minister Wang Yi, whose
A surge of migrants has triggering a response from countries are looking to ex-
left West Africa in recent police, firefighters and airport pand their influence in the re-
years through Senegal, from security officers. All runways gion, will participate in the
where they have to navigate
north past Mauritania to
were back in operation by
7:50 a.m. local time, it said.
meetings, as will Russian For-
eign Minister Sergei Lavrov. FLOORLINER™
reach Spain’s Canary Islands. About 140 flights had been Asean, made up of Indone-
While thousands have sur- canceled, but further disrup- sia, Thailand, Singapore, the
Less worrying, more summering. FloorLiner delivers total, custom-fit
vived the risky journey, many tions were expected through- Philippines, Vietnam, Malaysia,
die or disappear along the out the day, the airport said. Myanmar, Cambodia, Brunei protection from spills, stains and more. It’s quick and easy to clean —
way, with remains sometimes The environmental groups and Laos, is struggling to im-
washing up on the other side are calling for governments plement its “five-point con- because summertime is better spent barbequing or at the beach.
of the Atlantic. Among those around the world to end the sensus” for peace in Myanmar. Take a vacation from messes with WeatherTech.
so far rescued in Monday’s extraction and burning of fos- The plan calls for the immedi-
incident were four unaccom- sil fuels by 2030. Last Genera- ate cessation of violence, a di-
panied and separated chil- tion, which organized the alogue among all concerned
dren, the IOM said. Frankfurt demonstration, said parties, mediation by an
Nearly 20,000 migrants six protesters cut holes in the Asean special envoy, delivery
have arrived irregularly in the perimeter fence and headed of humanitarian aid through
Canary Islands using the toward the runways on foot, Asean channels and a visit to Auto. Home. Pet. Find Your Fit. 1-800-441-6287
Mauritania route this year, bicycles and skateboards. On Myanmar by the special envoy
which is almost triple the Wednesday, five Last Genera- to meet the parties. The mili-
number from the same pe- tion protesters glued them- tary leadership in Myanmar
riod in 2023, the IOM said. At selves to a taxiway at Co- has ignored the plan and Made in USA © 2024 MacNeil IP LLC
least 1,950 migrants died on logne-Bonn Airport, stopping raised questions about the
that route last year. flights for roughly three hours. bloc’s efficiency and credibility.
—Associated Press —Associated Press —Associated Press
 A8 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

Philippines Shuts Down Online Casinos

Ban on offshore pleaser that drew a standing pected money laundering for Gaming Corporation lists only
ovation and raucous chants of Chinese crime syndicates. a few dozen licensed opera-
gaming operations “BBM! BBM!”—short for his Experts say POGO licenses tors, while a recent public no-
arose from concern nickname, Bongbong Marcos. were used to provide legal tice identified hundreds of
“Disguising as legitimate cover for offices that ended up websites known to be using
they are crime fronts entities, their operations have being bases for criminal en- fake certificates.
ventured into illicit areas fur- terprises such as cyber-fraud The issue spilled into public
BY FELIZ SOLOMON thest from gaming,” he said, centers where people are view earlier this year, when a
ticking off a laundry list of forced to work in slave-like Senate committee held public
For years, high rollers from crimes: financial scamming, conditions as scammers, and hearings taking aim at a
China have flouted their coun- money laundering, prostitu- launder their illicit proceeds. mayor accused of links
try’s ban on gambling by get- tion, human trafficking, kid- Benedikt Hofmann, a senior to what officials say
ting their fix online. Lives- napping, torture, even murder. regional representative for the are crime-infested POGOs in

EDUARDO LEAL/BLOOMBERG NEWS

treamed games of baccarat, POGOs will be gone by the end U.N.’s office on drugs and crime, her town of Bamban.
roulette, poker and more fea- of the year, he said. said POGO licenses have pro- Lawmakers alleged that the
ture young women sitting be- POGOs flourished under vided a “veil of legitimacy” for mayor, Alice Guo, was in-
hind tables, dealing cards and former President Rodrigo Du- outfits that ultimately turned volved in incorporating a real-
spinning wheels. terte, who saw regulating into centers for so-called pig- estate firm that leased land to
While the players are in them as a source of reve- butchering scams, human traf- a POGO hub that was later
China, the croupiers on their nue. The industry didn’t end ficking and other crime. found to be a base for cyber
screens often are far away in up bringing in as much money “The ban will definitely have scams and other crimes.
studios in the Philippine capi- as expected, however. Licensed A casino resort in Macau. About a decade ago, China cracked an impact as it will bring much She hasn’t been formally
tal Manila. Filipino officials POGOs accounted for about down on overseas gambling in popular hubs such as Macau. needed clarity for enforcement arraigned on any charges.
say many of these operations 4.3% of the country’s gaming agencies,” Hofmann said. He Lawmakers also alleged
also are run and staffed by revenue, or roughly $54 mil- China says it is illegal for its The term POGO, which expects, however, that some that Guo is a Chinese national
Chinese nationals. lion, last year, according to of- citizens to gamble in any form, stands for Philippine offshore criminals will try to move un- who ran for office under a sto-
Now, the Southeast Asian ficial data. By comparison, tra- at home or abroad. gaming operators, refers to a derground or nestle into places len identity and used her in-
nation is shutting them down, ditional casinos inside Beijing launched a crack- variety of platforms including elsewhere in the region where fluence to help build the crim-
concerned that the businesses designated resorts accounted down on overseas gambling e-casinos and sports-betting they can exploit loopholes and inal empire.
have become fronts for a host for 45% of the overall revenue, about a decade ago, targeting websites. They occupy physi- weak governance. Guo’s lawyers didn’t re-
of crimes. The ban on POGOs— or around $566 million. services called junkets that cal space in the Philippines, While POGOs are subject to spond to a request for com-
as the country’s gambling op- The Philippines’ depart- helped Chinese nationals travel but players must be physically oversight by the country’s ment. Guo told a Senate hear-
erations that cater exclusively ment of finance said this week to casino hubs such as Macau. located in other jurisdictions. regulator, the majority are un- ing she is from the
to players abroad are called— that the social costs and repu- China also imposed travel re- Philippine officials have taken licensed and operate illegally, Philippines, and that her fa-
was announced in a speech tational damage far out- strictions to major gambling issue not with the gambling, government figures show. The ther was from China. She has
this week by President Ferdi- weighed benefits such as tax destinations. Chinese players but with crimes that have pig- official website of the regula- denied wrongdoing. Her
nand Marcos Jr. It was a crowd and gaming revenues. flocked to the internet. gybacked off it, such as sus- tor Philippine Amusement and whereabouts is unknown.

Palestinian Exile Rises as a Potential Postwar Leader

BY SUMMER SAID estinian Authority, which Is- U.A.E. before he was convicted
AND STEPHEN KALIN raeli Prime Minister Benjamin in the West Bank of corruption
Netanyahu doesn’t want to charges, which he denied.
The question of who will control Gaza, the officials said. “He’s always remained on
govern Gaza has plagued ef- If successful, the force could the scene and yet not on the
forts to end Israel’s nine- expand to help with the recon- scene, as he hasn’t been to
month war to destroy Hamas. struction of Gaza, they said. Palestine since 2011,” said Di-
Some U.S., Israeli and Arab of- Other figures also are being ana Buttu, a former Palestin-
ficials are pushing to empower considered to run the Gaza se- ian peace negotiator who
a former Palestinian security curity force, including Majid worked with Dahlan.
chief who once tried to crush Faraj, director of the Palestin- Dahlan remains a rival of
the militant group, was exiled ian Authority’s intelligence Abbas. Dimitri Diliani, a spokes-
from the West Bank and now service in the West Bank. man for Dahlan’s Democratic
lives in luxury in Abu Dhabi. Ehud Yaari, an Israeli ana- Reform Current, said the fac-
Some negotiators increas- lyst with the Washington In- tion wants to relegate Abbas’s
ingly are drawn to Mohammed stitute for Near East Policy, presidency to a ceremonial role.
Dahlan as a temporary solu- said Dahlan has had prelimi- There must be room for Pales-
tion to a dilemma facing post- nary talks with Israeli security tinian factions beyond Hamas
war Gaza: Putting someone in officials about a possible role and Abbas’s Fatah to have a say
JACK JABBOUR/REUTERS

charge of security in the strip in Gaza but Israeli acceptance in Gaza’s future, Diliani said.
that Israel, Hamas and foreign isn’t assured. “Dahlan can play
powers such as the U.S. and a role, but he cannot be the so-
Arab Gulf states find palat- lution,” he said. The Israeli Mixed reviews
able. The discussions are pick- prime minister’s office de- An empowered Dahlan
ing up speed as cease-fire me- Mohammed Dahlan, 62 years old, is independent of Hamas and the Palestinian Authority. clined to comment on Dahlan. would risk sidelining the Pal-
diators try to revive stalled From his villa in Abu Dhabi, estinian Authority, which sees
talks. Negotiators are likely to whatever comes next. aid distribution in a new Pales- for postwar Gaza that is “based the capital of the U.A.E., the him as a fugitive. It also would
meet next week in Qatar. tinian administration of Gaza, on national interest and na- 62-year-old Dahlan has laid present a wrinkle for the Bi-
Dahlan is a rare Palestinian said Arab and Hamas officials. tional consensus” over opposi- out an expansive vision for den administration, which has
leader who is independent of Key player in talks Dahlan has the charisma, tion or support for specific in- the impoverished and now said that a revitalized Pales-
both Hamas, a U.S.-designated Since the war began, he has street cred and connections dividuals. “It is unacceptable for largely destroyed Palestinian tinian Authority eventually
terrorist group, and the Pales- ferried between the United Arab across the political spectrum to any party to be imposed from territory where he was born should take power. Further, Is-
tinian Authority that runs Emirates—a wealthy Gulf state be successful, said Aaron David above,” he told the Journal. and raised in Khan Younis. He raeli officials oppose a Pales-
parts of the West Bank, making that could help fund Gaza’s re- Miller, a veteran U.S. negotiator Dahlan has said he speaks still has family living in Gaza. tinian state, which the U.S.
him someone the Israeli gov- construction and provide troops in the Mideast. “He’s incredibly to Hamas regularly, and be- His ideas largely echo those and Arab states that could
ernment could work with, said for an international stabiliza- effective and could deliver un- lieves the group can’t be erad- of the Arab states involved in fund reconstruction say is es-
Israeli political analysts. And in tion force—and Egypt, whose der circumstances that would icated. Israel previously ap- either the cease-fire talks, such sential for regional security.
Washington, where the George border with Gaza and Israel allow him to deliver,” he said, proached Dahlan to help put as Egypt, or in discussions Among Palestinians, views of
W. Bush administration saw makes it key to the territory’s including a supportive Israeli anti-Hamas Palestinians in about funding the reconstruc- Dahlan are mixed. In a leader-
him as a future Palestinian future. Dahlan has advised both government and backing from charge of Gaza aid, the Jour- tion of Gaza, such as the U.A.E. ship election, he would get
president, some officials pri- countries’ leaders and benefited the U.S. and key Arab states. nal has reported, a plan that They include a transitional about 8%, nearly entirely from
vately have touted him as a key from their patronage. Importantly, Hamas has soft- Hamas quickly stamped out. government to administer se- Gaza, according to a June poll
player since Hamas attacked Is- In Cairo, he has convened ened its opposition to Dahlan, curity and basic services until by the West Bank-based Pales-
rael on Oct. 7, sparking the war. Gaza businessmen and the recently indicating to media- more permanent arrangements tinian Center for Policy and
Dahlan, a wealthy business- heads of rich families, who fled tors that it could accept him as Security oversight are made, potentially through Survey Research. That puts him
man who grew up poor in the conflict, to find ways to get part of an interim solution to According to an option un- parliamentary elections. about even with Hamas military
Gaza, has been on the sidelines supplies into the enclave. Com- help end the war. Dahlan led der consideration, Dahlan Dahlan, who was arrested leader Yahya Sinwar but far be-
of Palestinian politics for more panies and families in south- Palestinian Authority security would oversee a Palestinian se- repeatedly by the Israelis for hind Hamas political leader Is-
than a decade, and said re- east Gaza that historically have forces in a bloody U.S.-backed curity force of 2,500 men work- his involvement in the Fatah mail Haniyeh and longtime Fa-
cently that he doesn’t want to been aligned with Dahlan have conflict with Hamas, after the ing in coordination with an in- youth movement and learned to tah official Marwan Barghouti,
lead Gaza himself. But he has a provided security to some Washington-designated terror- ternational force, as Israeli speak Hebrew in prison, was a who is serving five life sen-
political party that is active commercial shipments. ist group won elections in 2006 troops pull out, Arab officials close adviser to late Palestinian tences in an Israeli jail on
there and ties to groups on the In recent conversations with to rule the Gaza Strip. said. The Palestinian forces leader Yasser Arafat. He later charges of murder and member-
ground that could help make Hamas and Fatah, Dahlan has Senior Hamas official Bas- would be vetted by the U.S., Is- had a falling-out with Palestin- ship in a terrorist organization.
up a security force to bridge presented himself as someone sem Naim said the group is giv- rael and Egypt and wouldn’t ian Authority President Mah- —Abeer Ayyoub
from the end of fighting to who eventually could oversee ing priority to an overall vision have clear loyalties to the Pal- moud Abbas and moved to the contributed to this article.

Ethiopians Mourn the Victims of a Landslide Yen Nearly Hits 3-Month

High Against the Dollar
BY MEGUMI FUJIKAWA How many Japanese yen
$1 buys, year to date
The yen strengthened
¥140
sharply to a nearly three-month
high against the dollar Thurs-
day, backed by growing expec- 145
tations for an imminent rate in-
crease by the Bank of Japan.
The Japanese currency was 150
changing hands at about
152.50 to the dollar Thursday
afternoon in Tokyo, compared 155
with roughly 157.40 at the start
of the week. The Nikkei Stock
MICHELE SPATARI/AGENCE FRANCE-PRESSE/GETTY IMAGES

Scale inverted to
Average was down 2.9% in part 160
show strength
because of concerns that the of the yen
yen’s rise will shrink export-
165
ers’ earnings from overseas.
The yen’s weakness in recent Jan. 2024 July
years has inflated import prices Source: Tullett Prebon
and hurt consumption, putting
political pressure on the BOJ to suggest the market is now
take action next week. pricing in a more than 40%
The BOJ “needs to more chance of a July rate increase,
clearly announce a stance of up from a 25% probability af-
normalizing monetary policy,” ter the BOJ’s June meeting,
said Toshimitsu Motegi, secre- according to Barclays. The
DEVASTATION: At least 257 people are estimated to have died in a landslide in a remote region of southern Ethiopia, the tary-general of the ruling Lib- central bank is scheduled to
United Nations said Thursday, warning that the number could soar to as many as 500. Heavy rains triggered the disaster. eral Democratic Party. hold a policy-setting meeting
Overnight index swap rates on July 30-31.
THE WALL STREET JOURNAL. Friday, July 26, 2024 | A9

FROM PAGE ONE

Missing ment personnel on Brambles’

payroll. Their job is to track
down leads and hunt out stray
near the backdoor to find out
what it was.
“He caught the manager
pallets and bring them home.
On one occasion, a Brambles
employee resorted to flying a
“When they were building
that cylinder, they obviously
chose the CHEP block pallets
disguise their origin before
selling them, said Pedrouso,
who has worked for CHEP and

Pallets pallets so they can be re-

turned to the Australian com-
pany, which has a market
bringing a pallet out from the
store into his van,” said Pe-
drouso, a Madrid-based secu-
drone-mounted camera over a
yard when the owner denied
hoarding pallets that trackers
because the size is uniform,”
said John Vaccaro, president
of New Jersey-based Bettaway
trained its European asset-re-
covery teams. Pedrouso was
once standing on a restaurant

Mystery value of about $14 billion,

making it about the same size
as Campbell Soup.
rity consultant. “I couldn’t be-
lieve it. I thought we were
talking about Nike shoes.”
showed were nearby.
“We found all the blue pal-
lets in the middle and the
Supply Chain Services. “They
can build more like Legos.”
Part of the problem, indus-
veranda when she realized it
was made of pallets. She’s
even recognized them from
A few pallets resurface as Following the trail of a lost white ones placed around the try officials say, is that many the comfort of her couch.
Continued from Page One makeshift shelving or wall art. pallet often resembles police side so you couldn’t see them people think pallets aren’t “Sometimes when you’re
cans to washing machines. Yet Some are repurposed as coffee casework, with detectives from the road,” said Chip- worth much because of their watching a film or a series on
millions of the portable plat- tables. Still more pile up on leaning on a mix of new tech- chase, the CEO. rudimentary look. “They’re TV, you see a CHEP pallet and
forms go missing each month, the side of the road, creating nology, old-fashioned shoe Sometimes those repurpos- the most under-thought but it’s like ‘Oh, my God!’ because
either lost, stolen or broken. eyesores and irking neighbor- leather and human ingenuity. ing pallets make little attempt most important part of supply usually they don’t have the
Finding them is an addi- hoods. Others are targeted by To help employees in the to hide their endeavors. In re- chains,” said Vaccaro. “Noth- right to use them,” she said.
tional load for the multibil- thieves or used by organized field, Brambles has screwed cent years, a town in Northern ing moves without a pallet un- For Vaccaro, the answer to
lion-dollar industry. While the crime gangs to move drugs. around 450,000 GPS trackers Ireland has used thousands of derneath it.” cutting loss rates is easy:
product costs only around $20 For such simple, coarsely onto the blue-painted pallets pallets to build a roughly 200- Others see an opportunity Poolers like CHEP should offer
each and is typically made of constructed items, pallets can leased by its CHEP business. foot-high tower each July in to make a quick buck. Store- a worthwhile bounty.
sawed wooden planks held to- be surprisingly highly valued. The trackers, which cost $60 an attempt to claim the world room workers or drivers “If that piece of wood sit-
gether with nails, suppliers Susana Márquez Pedrouso was each, ping every hour or two record for the tallest bonfire. sometimes slip rented pallets ting behind the store was
like Brambles own hundreds working for Nike in the early to provide near real-time loca- Dozens of the towers’ rings to a dealer, who leases them worth $5, guess what you
of millions of pallets. Replace- 2000s when a colleague real- tion data. feature pallets painted in the out for a time and then sur- would see?” he said. “You’d
ment costs can quickly run to ized a manager was stealing It can still be difficult for blue and red of rental compa- reptitiously returns them be- see people running around in
millions of dollars each year. something from a stockroom detectives, who include for- nies CHEP and PECO. fore they have been missed. pickup trucks all over, picking
Enter the “pallet detec- filled with top-of-the-range mer local police and highway- That effort actually im- Thieves have also been those things up to cash in—
tives”—former law-enforce- sneakers. The colleague hid patrol officers, to locate the pressed industry executives. known to repaint pallets to just like water bottles.”

Venezuela
Hunts
Dissidents
Continued from Page One
Maduro, president since
2013, barred two top candi-
dates from running against
him and ordered dozens of po-
litical activists into custody.
He said in a speech this year
that he would root out his ad-
versaries with “Bolivarian
Fury,” a reference to Simón

ESTEBAN FELIX/ASSOCIATED PRESS (2); OJEDA FAMILY (RONALD OJEDA)

Bolívar, the nation’s 19th-cen-
tury founding father.
A United Nations mission
investigating Venezuela’s
rights abuses says political
prisoners are asphyxiated
with buckets of water, tor-
tured with electric shocks and
put into stress positions, in-
cluding one called the cruci-
fixion, where they are hand-
cuffed to metal pipes, arms
spread.
The Biden administration
has tried to nudge the regime
toward free and fair elections.
Maduro responded by jailing
more dissidents. Political re-
pression and economic depri- ‘He tells me, “I miss my dad, I want to play with my dad, I want to hug my dad,”’
vation has driven nearly eight
million people from Venezuela said Josmarghy Castillo, the boy’s mother. ‘I don’t think we’ll ever get over this.’
in the past decade. They have
settled across Latin America,
with a growing number arriv- The widow of Ronald Ojeda, a former Venezuela army lieutenant killed this year in Santiago, Chile.
ing in the U.S.
During the Trump adminis-
tration, the U.S. threw its sup-
port behind an upstart opposi-
tion leader, Juan Guaidó,
while seeking to persuade mil-
itary officers to rebel against
Maduro. In 2019, the adminis-
tration leveled sanctions on
Venezuela’s oil industry, hop-
ing to squeeze the economy
and force out Maduro, while
dissident military officers con-
sidered plans against the re-
gime.
Chilean leaders were infuri-
ated by Ojeda’s killing. Héctor
Barros, the prosecutor in
charge of the case, alleges it
was ordered from Venezuela.
“The crime is basically associ- Top, the coffin of Ronald Ojeda at his
ated with the political profile burial service, attended by his widow
of the victim,” he said. and son; above, a photo of Ojeda; left,
Venezuelan officials have police and forensic investigators
denied any involvement. working at the spot where Ojeda’s
Criminal gangs with ties to body was found in Santiago, Chile.
the Maduro government are
kidnapping and killing regime traditionally,” Chilean Interior Araña, one of the former offi- mer Venezuelan police com- The idea was to return to things operated, how they
opponents at home and Minister Carolina Tohá said in cers who joined Ojeda in that missioner, who spent years in Venezuela, attack an army worked, who gave the orders.
abroad, according to opposi- an interview. “It wouldn’t be plot. prison and now lives in Flor- base while marshaling civilian He had it all documented,”
tion figures and officials in so strange for a criminal or- Carlos Guillen, a former ida, said the Maduro regime’s support, said Parada, whose Castillo said.
other countries. They allege ganization to lend out its ser- soldier, was held with Ojeda at spies are trained by Cuba’s in- job was to get people to join The Chilean president, Ga-
Maduro’s tactics echo those vices.” the Ramo Verde prison for telligence service. The govern- street protests. He backed out, briel Boric, a leftist who has
used by former Chilean leader Zair Mundaray, a former military rebels and political ment is advised by Russia, he said, and stayed in Bogotá. advocated for free elections in
Augusto Pinochet to eliminate Venezuelan prosecutor and re- prisoners. He recalled being which also hunts dissidents Ojeda and Heredia trudged Venezuela, called on Maduro’s
his political enemies abroad in gime opponent, fled Colombia tortured and forced to stand abroad. Russian President from Colombia into Venezuela regime to extradite two of the
the 1970s. for Florida over kidnapping for days in confinement with a Vladimir Putin is one of Ma- on an unmarked trail in De- men Chilean police had identi-
“I have to keep moving,” fears. The Ojeda killing is a hood over his head. duro’s closest allies. cember to initiate their plan. fied as taking part in the kid-
said Pablo Parada, an anti-Ma- “message to the world of how After about nine months in Venezuela security agents They confronted members of napping. Both are members of
duro activist now living in Co- far the regime can go,” he custody, Ojeda and other po- pose as Maduro opponents. the National Liberation Army, Tren de Aragua. One of those
lombia. He had conspired with said. “It’s to terrorize the exile litical detainees overpowered “These people are really good known as ELN, a Colombian suspects was detained this
Ojeda and other dissident mil- community outside.” guards and fled in November at fitting in, pretending to rebel force and Maduro ally month in Costa Rica. A third
itary officers. 2017 while en route between hate the regime and that they that the U.S. has labeled a ter- Venezuelan, 17, was arrested
Parada told Colombian the prison and a courthouse. were expelled from Venezu- rorist group. Heredia was cap- in Chile, investigators said.
prosecutors he had escaped a Escape “We planned this escape ela,” said Simonovis. “What tured. Ojeda narrowly escaped Venezuelan officials re-
kidnapping by Venezuelan At Venezuela’s military for a month,” Ojeda said in a they are really doing is getting and returned safely to Chile. sponded to the extradition re-
government agents and gang academy, Ojeda and other ca- video posted on YouTube by a information.” Weeks later, Venezuela re- quest with scorn.
members a few weeks ago, he dets were taught that the U.S. dissident media outlet. Guillen made it to Germany, leased a video of Heredia dis- Yvan Gil, Venezuela’s for-
said. “I’m in one place one was an evil empire. Over time, Ojeda spent the next sev- where he was granted political cussing the rebels’ plan to at- eign minister, said the Tren de
night,” Parada said, “another he and other officers grew eral days moving clandestinely asylum in 2023. Rodríguez tack military bases on New Aragua gang was nothing
the next.” disillusioned. from one safe house to an- Araña fled to the U.S. Year’s Day. Heredia, who his more than a figment of the
Chilean investigators sus- Ojeda began plotting other. He was driven across Ojeda and his family ended former comrades believe was imagination of the media and
pect members of Tren de Ara- against Maduro in 2016, a the border into Colombia and up in Chile, where he was tortured, named Ojeda as a the opposition. Tarek William
gua, a Venezuelan criminal time when the regime intensi- then to Peru.“ I told him to granted political asylum. co-conspirator. Saab, Venezuela’s top prosecu-
gang, were Ojeda’s kidnappers. fied a crackdown on opposi- run as fast as he could,” said In Santiago, Ojeda and his tor, said the killing was a
The gang, which was founded tion parties and individuals. Javier Ojeda, a brother living family watched the video with false-flag operation, carried
in a Venezuelan prison, has The economy slid into ruin, in exile in Spain. Exposed alarm. “Imagine how mad out by Chilean and foreign in-
spread across the Americas in triggering shortages of food, In Peru, Ojeda reunited In December 2023, rebels those people were that my telligence agents to blame
the Venezuelan refugee migra- medicine, toilet paper and with Guillen, who escaped were sketching out another husband had escaped a second Venezuela. Chile recalled its
tion, possibly as far north as other essentials. from house arrest in January plot against Maduro during time,” said Josmarghy Cas- ambassador to Venezuela.
the U.S., according to Latin Ojeda and his comrades 2018, and Rodríguez Araña, meetings in a city on the Co- tillo, Ojeda’s widow. About a month after
American and U.S. officials. were detained in 2017 after who had dug a hole through a lombia-Venezuela border. Ojeda had information Ojeda’s body was found, his
These gang members provide the regime uncovered their prison wall. Ojeda slipped out of Chile showing how superior officers son had his seventh birthday.
the regime allies who can kill plot, called Operation God’s In a city in the Peruvian to join them. He met with profited from drug trafficking, “He tells me, ‘I miss my
or capture Maduro’s political Sword. The plan was to take highlands, they and other ex- Anyelo Heredia, a dissident smuggling contraband gaso- dad, I want to play with my
foes far beyond Venezuela’s over military bases and assas- iled Venezuelan soldiers army captain. Heredia had line and aiding Colombian dad, I want to hug my dad,’”
borders, according to opposi- sinate Maduro, the Venezuelan worked as bouncers in bars been living in the U.S. and re- guerrillas. He wrote his obser- said Castillo, the boy’s mother.
tion figures and former Co- regime alleged. and plotted against Maduro. turned to Colombia to strike vations in a 185-page diary “I don’t think we’ll ever get
lombia intelligence officials. “We spent months planning They worried about Vene- at Maduro’s forces, according now in the hands of Chilean over this.”
“Gangs are much more ver- and organizing a military up- zuela’s security forces finding to Parada, who joined in the investigators, his family said. —Kejal Vyas contributed to
satile than what we’ve seen rising,” said Jose Rodríguez them. Ivan Simonovis, a for- planning. “My husband knew how this article.
A10 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

ARTS IN REVIEW
FILM REVIEW | KYLE SMITH homework assignments) have cre-

A Self-Aware Superhero Duo

ated, the exposition might be nec-
essary, but it’s a slog. So are many
of Deadpool’s incessant raunchy
jokes, which are elaborate without
being particularly sharp. More-
over, Mr. Jackman, reduced to
The third Deadpool movie features Wolverine as the foul-mouthed mercenary’s reluctant sidekick playing the gruff straight man
who glowers as Deadpool capers,
is so lost for something to do be-
sides mope that the movie tries to
whip up a fuss about his clothes.
Famously an undershirt-and-work-
pants kind of guy, Wolverine at
last dons the silly yellow costume
from the comic books in which he
was born.
Like Wile E. Coyote and Elmer
Fudd, Deadpool and Wolverine are
effectively immortal, so their
fights are meaningless, but the
jokes that land provide consider-
able comic energy. A blizzard of
outside references—to Mr. Reyn-
olds’s homeland of Canada, his
previous career in romcoms, and
his wife, for instance—keeps
things lively. Messy as it is, “Dead-
pool & Wolverine” is the first MCU
movie in several years that’s
mostly enjoyable.
It’s also, at times, overdone.
The third “Deadpool” abandons
one signature of its two predeces-
sors (jokey credits) but relies
even more heavily on others, such
as the ironic use of vintage pop
songs as cheerful backing for ex-
plosive levels of absurd violence.
What’s lacking is the narrative
pull of the far superior and much
wittier “Deadpool 2” (easily the
best of the three movies). For all
of its declared subversiveness—
“Not everyone gets a speech!” one
character is told as his monologue
gets extinguished—“Deadpool &
Wolverine” also abides by the
conventions of the superhero
genre to a sometimes tedious de-
gree. It features yet another of
those climactic battle scenes in
which teams of antagonists line
up against each other snarling
fiercely, plus yet another sequence
‘WELCOME TO THE MCU, by the a parade of guest stars. (No spoil- Ryan Reynolds and Hugh Jackman storing balance to their world. in which the heroes join up to try
way,” Deadpool tells Wolverine in ers, but each surprise appearance in the Marvel movie, directed by Disconcertingly long stretches of to foil the villain’s sinister gizmo.
their first excursion together. generates a chuckle of recogni- Shawn Levy. the movie are devoted to explain- A third climax, a fight with many
“You’re joining at a bit of a low tion.) The plot? It’s a thicket. Ryan ing all this, in a script by Mr. iterations of Deadpool, is highly
point.” It’s funny because it’s true: Reynolds’s Deadpool is a car sales- Reynolds, Rhett Reese, Paul Wer- entertaining.
The Marvel Cinematic Universe is man in a toupée when his Earth Fox, as was Hugh Jackman’s Wol- nick, Zeb Wells and the film’s di- It’s heartening to at least see
by far the most successful film gets an unwelcome visit from a verine. But when Disney, which rector, Shawn Levy, that at times the MCU acknowledge its failures
franchise in history, and yet in the sort of existential IRS auditor, Mr. owns nearly all of the other MCU seems like an operating manual and to provide the first suggestion
past four years the series has gone Paradox (Matthew Macfadyen), characters, bought Fox in 2019, the for heavy machinery. within it that the 2020s multi-
so badly awry that “went multi- who represents a bureaucracy most foul-mouthed superhero in Given how many narrative verse-madness era has been a cre-
verse” is the new “jumped the called the Time Variance Author- history (as well as the X-Men) be- questions the previous movies ative error: Access to unlimited
shark.” After more than a decade ity, or TVA. Thanks to the death of came a corporate colleague of the (plus hundreds of hours of televi- do-overs is the death of drama.
of beloved movies, as Deadpool Wolverine, aka Logan, in the 2017 Little Mermaid and Snow White. sion shows that have turned the “Deadpool & Wolverine” is incon-
grumbles, the series devolved into movie of that name, this version Wide new avenues of comic mis- MCU into the first entertainment sistent, but it is pushing Marvel in
“miss after miss after miss.” of Earth is doomed. chief opened up. saga to come with unwelcome an interesting direction.
Such meta-jokes in “Deadpool Deadpool—an R-rated Looney Deadpool, seeking
& Wolverine” are for the most Tunes character who makes dirty to restore “the sacred
part very funny, but they’re also jokes while absorbing ridiculous timeline,” wanders
pretty much all the movie has to amounts of bodily harm—was, the other variants of Earth
offer. After a while it feels like a movie reminds us, the intellectual (using a cheesy portal
series of fan-service sketches with property of Twentieth Century motif) to find a Logan
to help, but the only
one he can wrangle is
the worst of all Lo-
gans—a depressed, al-
coholic loser. The pair
get hurled into the
bleak, post-apocalyptic
Void—kind of “Mad
Max-y,” notes Dead-
pool—to do battle with
a world-destroying
new villain, Cassandra
(Emma Corrin), who
will use a “time rip-
20TH CENTURY STUDIOS/MARVEL (3)

per” to stop Deadpool

and Wolverine from re-

Emma Corrin, left, and

Matthew Macfadyen,
right, in ‘Deadpool &
Wolverine.’

TELEVISION REVIEW | JOHN ANDERSON at that year’s U.S.

Tennis Rivals
Open, Mr. Borg
abruptly left the sta-
dium for the airport,
skipped the closing

Reminisce on PBS
ceremonies, and
never played another
Grand Slam final.
Both subjects are

S
agreeably reflective
o much talent. So much hair! “You cannot be serious!”—were an and insightful about
And so much drama at the affront to the dignity of a tourna- themselves, their be-
net, even if it is 40-odd years ment like Wimbledon. “My sympa- havior and each
after the fact. thies are with McEnroe,” we hear other—they seem to
As if still occupying opposite one proper British announcer say, be friends; Mr. McEn-
sides of the court, the subjects of acknowledging a particularly bad roe, as both men at-
“Bjorn Borg and John McEnroe” decision. “I wish he wouldn’t go on test, tried in vain to
aren’t interviewed together during about it quite so much.” As we are keep Mr. Borg from
this installment of the PBS series told by narrator Sharon Washing- retiring. The epic na-
“Gods of Tennis.” ton, Mr. McEnroe be- ture of their clashes
They reflect individu- came the first Wim- is captured here with
ally on their legend- bledon player fined appropriate regard
ary rivalry. And it Bjorn Borg and for bad behavior. for the level of play
maintains the spell: John McEnroe The players’ dis- and respect for the
In singles tennis, af- similarities, naturally, cinematic potential
ter all, the profes- were among the only added to the of great tennis. Wim-
sional player is al- public interest. And bledon 2024 has just
ways alone, never
sport’s most to the public percep- concluded, but the
mind the increasingly distinctive stars. tion of the stars. Mr. Olympics are begin-
boorish thousands Borg was a Scandi- ning and the U.S.
who surround him. navian sex god, se- Messrs. McEnroe and Borg at superimposed and remote, some- Open is on the horizon. “Gods of
But few of the ductively sphinx-like, Wimbledon in 1981; the American how making a period piece feel Tennis” may sound a bit hyperbolic,
sport’s greatest have seemed more naturally reclusive, who would be went on to become the champion. more antique.) Given almost equal but ever-hungry tennis fans will sa-
alone than Messrs. Borg and McEn- swarmed midcourt by teenage girls time is their 1981 Wimbledon re- vor the free appetizer.
POPPERFOTO VIA GETTY IMAGES

roe—because of the level of their after a match. Mr. McEnroe, equally haps the most memorable tie- match, which was won by Mr.
play but also because of their vio- hirsute, was not quite all that, but breaker in Wimbledon history McEnroe and, from what we can Gods of Tennis: Bjorn Borg and
lently distinctive dispositions. Mr. he did parlay his bad-boy behavior (which Mr. McEnroe won 18-16, gather—both from the evidence John McEnroe
Borg was an imperturbable Swed- into demi-rock-star status. while losing the match), takes up a and from what the present-day Mr. Tuesday, 9 p.m., PBS
ish iceberg; Mr. McEnroe was a hot- Their showdown at the All Eng- considerable chunk of this PBS im- Borg says himself—incited the
head from New York whose argu- land Lawn Tennis and Croquet Club port. (The narration by the Ameri- Swede’s retreat from the game en- Mr. Anderson is the Journal’s TV
ments about line calls—preceded by in 1980, a match that featured per- can-accented Ms. Washington feels tirely. Losing again to Mr. McEnroe critic.
 THE WALL STREET JOURNAL. Friday, July 26, 2024 | A11

ARTS IN REVIEW
J. Harrison Ghee (center)
and the cast of the show at
the Goodman Theatre.

Jim, who takes credit for

leading the restoration of
the historic district, and
Emma, played with flaming
ambition thinly concealed
beneath Southern-belle gen-
tility by Ms. Boggess, in
beautiful voice.
It is in the attempts to
knit together the varied nar-
rative strands of the book
that the musical loses its
way. Chablis has an arc in-
volving her relationship to a
young black debutante,
LaVella Cole (a glowing
Shanel Bailey), which begins
with Chablis crashing
LaVella’s debutante ball
(true) and ends with her in-
viting LaVella to join her as
a professional partner in the
club she plans to open
(not). Another somewhat
forced addition to the story
brings together Chablis’s
aide-de-camp, Jack the One-
Eyed Jill (a winning Wes
Olivier), in a romantic rela-
tionship with Corinne
Strong (Bailee Endebrock), a
rebellious daughter of one
of Emma’s snobbish friends.
The additions further
complicate an already dif-
fuse show—Jim’s several tri-
als also clutter the second
THEATER REVIEW | CHARLES ISHERWOOD act, truncated though they
are—but they do not

Splashy Southern Gothic Songs

smother its funky charms.
The show smashes the
fourth wall in ways that are
fresh and funny, perhaps no
more so than when Chablis
A musical version of the Georgia crime saga ‘Midnight in the Garden of Good and Evil’ has its premiere leads a thumping finale with
a twist on the splash of con-

W
fetti or streamers that con-
Chicago eccentric denizens had the Williams, and Sierra Boggess, orable. They are musically lovely place to die!” cludes seemingly every other
ithout addictive allure of binge- as his aristocrat nemesis diverse, ranging from intro- The songs make it easier Broadway musical. It sends
heels and read fiction, with the lurid Emma Dawes. With a tal- spective ballads and duets to to overlook the tangles of the authors—er, I mean the
wig, the ac- killing of a young hustler, ented supporting cast, nota- intricate ensembles—and of the tale. The central sto- audience—home with a rare
tor J. Har- Danny Hansford, at the bly including Austin Colby as course a disco number for ryline, of the mutually ex- feeling of pleasurable com-
rison Ghee hands of his rich mentor, the ill-fated Danny, the per- Chablis—with lyrics that are ploitative and volatile rela- munion with the performers.
stands 6 Jim Williams, providing a formances keep the musical marked by a wit that he has tionship between Danny,
feet 4 inches tall. Playing narrative spine. continuously lively, even if rarely had the chance to re- played with hot-headedness, Midnight in the Garden of
the drag performer the Lady The musical features a its creators cannot entirely veal. In the vibrant opening simmering resentment and Good and Evil
Chablis in the new musical score by Jason Robert solve the problems inherent number, set in the Bonaven- sexual allure by Mr. Colby, Goodman Theatre,
adaptation of “Midnight in Brown, a Tony winner for in turning a panoramic, di- ture Cemetery, Chablis and Jim, played as more 170 N. Dearborn St., Chicago
the Garden of Good and “Parade” who is making a gressive book into a stream- sings: “I got lots of secrets avuncular than sinister by $40-$180, 312-443-3800,
Evil”—in modest heels and prestigious Carnegie Hall lined work of theater. here. I’ll tell ’em! Hundred Mr. Hewitt (draining the closes Aug. 11
wigs—Ghee seems to tower concert debut this fall and Mac brings dramaturgi- fifty years of ghosts, just character of some ambigu-
over the stage, moving with whose “The Last Five Years” cal inventiveness to bear on smell ’em! If your favorite ity), is cleanly elucidated. Mr. Isherwood is the
lithe grace, almost like an will come to Broadway next some of the knotty prob- aunt is antebellum, what a So is the rivalry between Journal’s theater critic.
ambulatory version of the spring. Taylor Mac, the per- lems involved. The show
elegant oak trees native to former and playwright who leans in to its roots in
Savannah, Ga., where the was a Pulitzer Prize finalist prose. The characters often
musical is set. (And, like the for the epic “A 24-Decade address the audience, col-
trees, throwing shade as History of Popular Music,” lectively and individually, as The WSJ Daily Crossword | Edited by Mike Shenk
necessary.) Whenever Ghee provides the book. The di- the author of the book—and
is onstage, this enjoyable if rector, Rob Ashford, has a vie to figure prominently in
1 2 3 4 5 6 7 8 9 10 11 12 13
PUZZLE
unwieldy musical glows host of Broadway shows to it. Jim’s opening line is, “I 14 15 16 CONTEST
with spirited life. his name as director, chore- hear you’re writing a book.”
The John Berendt book ographer or both. And when the first act 17 18 19
on which the show is based Ghee, meanwhile, became closes with Danny’s death,
was on everyone’s lips, and 29 “On
the first nonbinary per- Chablis brings down the 20 21 22
the bestseller lists, for an former to win a Tony, for curtain by quipping, “I’m Photography”
essayist
eternity after its 1994 publi- “Some Like It Hot,” and the gonna have to pick up my 23 24 25
cation. Mr. Berendt’s nonfic- cast also includes Broadway game to steal this book.”
Susan
tional portrait of Savannah’s names Tom Hewitt, as Jim Unsurprisingly, Ghee’s 26 27 28 29 30 31 32 30 “Well, imagine
Chablis comes close to pur- that!”
loining the show, at least. 33 34 35 31 Roberto
Even in the book the brash Duran’s 1980
and exuberantly self-infatu- 36 37 38 plea
ated Chablis was a charac- 32 Hat remover,
ter so formidable she al- 39 40 41 perhaps
most overpowered the 33 Entrees
murky murder. (She wrote 42 43 44
without
her own enjoyable memoir, vowels
and even played herself in 45 46
the movie.) And with Ghee 37 They take a
bringing this stage-ready 47 48 49 50 51 52 53 54 55 bow, two ways
character to exhilarating 38 Extremely
life, Chablis dominates all 56 57 58 delicate
her scenes and leads virtu- 40 Pupil’s
ally all of the choicest 59 60 61 neighbor
songs. Whenever the musi- 41 Plot units
cal threatens to become 62 63 64
43 Got good
swamped by the compli-
cards all night,
cated narrative currents,
JUST DOING MY PART | By Matt Gaffney in poker slang
Chablis swans back onstage
to give it another shot of 44 Deliver, as a
The answer to 25 Pile on a book 56 Bible 10 Ardent
nonalcoholic intoxication. verdict
this week’s contest ed.’s desk boatwright desire
Mr. Brown seems to have crossword is a five- 47 “Right away,
26 Good spot 57 Semiaquatic 11 Take back, boss!”
an affinity for Georgia. “Pa- letter proper noun. during a rain mammals as a car
rade” was set in the state, delay 48 Make the
and Mr. Brown’s songs for Across 59 Ratio words 12 UAE section photographer
“Midnight” are mostly 1 Moore of 33 Ma Rainey’s 60 Cologne’s 13 Beast ___ happy
strong if only occasionally “Ghost” genre river (unbeatable 49 Food
melodically striking or mem- 5 200 34 Piquant dip 61 “T ___ performance
milligrams, level) 50 Island with
35 Reed on Thomas” an okina in
to a jeweler records 62 Try out 18 Is the its name
Ghee as the Lady Chablis, 10 Track vehicle 36 “Shall we?” father of
63 “Terrific!” 51 Lose your
left; Austin Colby and Tom 14 School reply
Hewitt, below. 64 Wine barrel 22 Morales footing
along the 37 Word after sediment of “Caprica”
Thames 53 Bud’s place
false or storm Down 24 Finds out
15 “Ta-ta!” 54 Designer
38 Avenue liners 1 Masterly 26 Sole point Tahari
16 Foiler of 39 Tiny amount 2 Peut-___ 27 Best 55 Nos. sought
villainous
plans 40 Toblerone (French 28 Phone by phishers
rival maybe) flash 58 Suffix with
17 Nebraska
senator who 41 Chance to hit 3 Bubbly brand component benz or propyl
became 42 How Google 4 Plentifully Previous Puzzle’s Solution
Interior guesses 5 Shakespeare T A K C S A V S E S P O T
secretary what you’re title role A C E H T R E I V H E R O
under looking for 6 Org. R A N I P A G D E R E AM
Eisenhower P I K C L E B A E R S A L L
45 “Is there mentioned E A T K I N
19 Air or Pro, more to this on toothpaste B U S H E R A T I C K E T S
say story?” tubes T U N E R A L E C K D I E
O N L Y S N E A K O G R E
20 Game with 46 “American 7 Dove into S C I R E A P S E P E E S
seven shapes Gigolo” star poetry H O T P A N T H E R M E S S
21 It needs no 47 Scheduling 8 Long stretch, E N D E I N
H E A T H E N A L LW E E K
oxygen possibility to Brits MOWN E V A D E I D L E
23 Like some 52 Butterflies, 9 Classic diner E S A U L I N E N D I M E
arguments so to speak order T E N T P L A N T E T O N
▶ Email your answer—in the subject line—to [email protected] by 11:59 p.m. Eastern Time Sunday,
LIZ LAUREN (3)

July 28. A solver selected at random will win a WSJ mug. Last week’s winner: Richard Rutz, Rolling
Meadows, IL. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited.
U.S. residents 18 and over only.)
A12 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

PARIS 2024
Biles Rebuilt Herself for Paris
The 27-year-old superstar gymnast had to recalibrate everything to make it to her third Olympic Games
BY LOUISE RADNOFSKY ity, it can be closer to 30 hours,

S
Canqueteau-Landi said. A good
imone Biles is the great- chunk of that time is devoted to
est gymnast of all time, conditioning, stretching and the
the most decorated ath- trampoline—and they have pur-
lete in her sport’s history, posefully tried to remove anything
and the pioneer of four resembling busywork.
moves that no one else has ever Biles used to get to the gym 15
matched. minutes before her sessions. Now
But of all of the impossible feats she tries to get there exactly on
she has achieved in her career, the time for a 7 a.m. start. “I value my
most astonishing may be the one sleep so much that I’m just, like,
she attempts in Paris this week. running out the door to try to be
On Sunday, three years after she here,” she said. “I’ll wake up at the
staggered under the weight of last minute that I can.”
crushing pressure at the Tokyo And after Biles made the Olympic
Games, Biles will return to the team, she confirmed the most im-
Olympic stage and embark on a portant part of her schedule.
campaign that will see her once “Seeing my therapist every
again attempt to redefine the limits Thursday. It’s kind of religious for
of what a gymnast can do. me,” she said to an arena full of
To anyone who watched her pull people.
out of the team final back in 2021, The therapist, she says, has diag-
the prospect of Biles leading the nosed the origin of her twisties in
U.S. team into these Games would Tokyo as trauma she compressed
have seemed utterly inconceivable. for years.
For one thing, she was no longer Back in Tokyo, that trauma was
able to twist in the air. Which was hard to escape. On the eve of the
precisely what Biles had done bet- Games, a bombshell report was re-
ter than anyone else, allowing her leased about the sexual abuse suf-
to reign over her sport and shatter fered by Biles and many of her clos-
its difficulty boundaries. Somehow, est friends. The pandemic
at the worst possible moment, prevented her family from attend-
those powers had deserted her. ing the Games alongside her. And
Then there was the fact that by she felt personally responsible for
the time Paris rolled around, she keeping alive a 10-year winning
would be 27—an age that made her streak by the U.S. women’s team.
positively geriatric in a sport she Three years on, the only thing
had dominated since she was 16. that has changed as much as Biles
All of which meant the notion is the situation around her. In 2024,
that Biles would return to elite she can look forward to 17 family
competition was completely unbe- members cheering her on in Paris,
lievable—even to Biles, who says including Owens, her husband. The
that she “never pictured going to years-long litigation around Larry
another Olympic Games after To- Nassar is finally settled. And U.S.
kyo.” officials have explicitly said they’re
Since she began competing not counting on her to compete on
again, Biles has soared above every- all four apparatus in the team final
one else in the field, winning every if she doesn’t think it’s a good idea.
all-around competition she’s en- As a young phenom, Biles strug-
tered by a significant margin. At gled to manage the burden of other
the 2023 world championships, she people’s expectations, the idea that
lugged home a total of five medals, At the age of the 27, Simone Biles is set to return to the Olympic gymnastics stage at the Paris Games. she was so far ahead of the field
including four golds, and came back that winning was simply a matter
to the U.S. as the most decorated Tokyo. Landi pushed her to do more be- about gymnastics. She’s better off of showing up. These days, the
gymnast in history. She’s also said that if the world cause he didn’t want Biles to spend doing less gymnastics. speculation around her concerns
So how did she do what no one championships had been one day the rest of her life fearing the thing Biles has now been at the pinna- the idea that at any moment, she
saw coming? longer, she doesn’t know if she that she had done for two decades. cle of her sport for more than a de- could crack again.
By dismissing the possibility could have carried on twisting. She was afraid that she would get cade. After her first competition “They’ll still say, ‘Oh my gosh,
from her mind, just like everybody Last year, she held back on doing lost in the air again, but he encour- this year, she was so sore that she are you gonna quit again?’ ‘Are you
else. In order to return to being the her most difficult moves, like a tri- aged Biles to start trying a full hobbled to the plane. She felt better gonna quit again?’ And like, if I did,
best gymnast on the planet, it turns ple-twisting double somersault or twist into the foam pit. after the next one. And she was what are you going to do about it?
out Biles had to think less about her double-twisting double somer- What her coach didn’t push was pleased to find that she could actu- Tweet me some more?” Biles said
gymnastics. sault dismount from the uneven an Olympic comeback. ally walk after the first day of recently. “I’ve already dealt with it
Which was no small feat. Biles bars. She only did her Yurchenko Later, when Biles started to think Olympic team trials. for three years. But yeah, they want
was a teenager when she took the double pike vault with her coach about a return to competitive gym- One priority for her return was to see us fail.”
world by storm back in Rio. By the Laurent Landi on the mat to spot nastics, Landi and his wife and protecting her body as much as Biles isn’t concerned about prov-
time Tokyo happened, she was on her, incurring an automatic deduc- coaching partner Cecile Canquet- possible. She had to balance getting ing them wrong. She’s doing this
track to rack up an unprecedented tion. eau-Landi made sure her ramp-up her skills back with not doing mind- for her own redemption, not some
string of accolades, before she be- This year, she’s unleashed her would be gradual. less reps in the gym. It helped that need to reclaim lost medals. Be-
came walking proof that superhu- full arsenal again. She told them she wanted to go she had two training mates who are sides, she says that she would be in
man athletes can be frighteningly It’s unfathomable given that Biles back to the Olympics. They said no. also on the older side, her 23 year- Paris no matter what happened
vulnerable. has said that even watching gym- They agreed only to help her get old U.S. teammate Jordan Chiles three years ago.
In Paris, we will witness a new, nasts twisting on TV after Tokyo back into shape and see what hap- and the 24-year-old French gymnast “Knowing myself, I would proba-
reconstructed gymnast. This is Si- made her feel like she was about to pened from there. Melanie de Jesus dos Santos, who is bly have tried again, because I’m
MATT KROHN/USA TODAY SPORTS

mone Biles 3.0. throw up. For all of last year, and a lot of also coached by the Landis in crazy,” Biles said. “I really feel like I
After she got home from the this year, Biles carefully declined to Texas. “We’re really trying to put would have tried to push the
The Comeback 2021 Games, she barely went to the say whether she was aiming for the quality in those numbers that boundaries again.”
Now that she’s back and once gym. On the rare occasions she Paris. we’re doing,” Biles said. “I think Canqueteau-Landi nodded in
again leading the U.S. team into the dropped in to see her former train- we’re all learning to train a little bit agreement.
Olympics, Biles isn’t proclaiming ing mates, she limited herself to Preventing Overload smarter.” “She would still be here,” her
that she’s cured of the “twisties”— jumping on the trampoline and do- The best gymnast of all time On paper, Biles’s training sched- coach said, “but it would have a dif-
the mental block that struck her in ing back tucks—with no twists. isn’t just better off thinking less ule is 34 hours a week. But in real- ferent meaning.”

The Stars to Watch

For Team USA
BY RACHEL BACHMAN himself into the world champion in
the 100 and the 200.
Paris Lyles has also embraced the role
TEAM USA ARRIVES IN PARIS of hype man. If he’s not creating a
with a 592-member squad. There fashion catwalk outside a stadium,
FROM TOP: CLODAGH KILCOYNE/REUTERS; BRIAN SNYDER/REUTERS

are 122 athletes who have won he’s declaring in the Netflix series
medals and 23 with multiple golds, “Sprint”: “If you don’t have main-
like Simone Biles and Katie character energy, track and field
Ledecky. These are the fourth ain’t for you.”
Olympics for the crushingly consis- To secure top
tent Ledecky, the only returning billing, he’ll
U.S. athlete with more Olympic need to win
medals than Biles. Olympic gold.
The 27-year-old owns the past
three Olympic gold medals in the LeBron
800 meter freestyle and has pro- James: The
duced 24 of the top 25 times ever first time he
at the distance overall. played in the
Ledecky is still the favorite to Olympics,
win a fourth gold in the 800 in
Paris. But someone from Down Un- Katie Ledecky, above, and LeBron James are back at the Olympics to add to their gold medal tally.
der is gaining on the American
swim queen: Australian Ariarne James was still a teen- floats down the River Seine in the when she won the 100 meters at
Titmus. The 23-year-old finished ager, just a year out Opening Ceremony. the 2021 U.S. Olympic trials with
just behind Ledecky in the 800 in of high school. Now, The U.S. could find a stiff chal- blaze-orange hair. Her subsequent
Tokyo, and beat her to win gold in after skipping the lenge from host nation France, suspension after a positive mari-
the 200 and 400 as well. Since past two Olym- which boasts NBA phenom Victor juana test left her sidelined for the
then, Titmus has only gotten faster. pics to rest and Wembanyama, but still expects to 2021 Tokyo Games. But the ban
In Paris, Ledecky is also set to heal injuries, win its fifth gold in a row. served only to make her more fa-
contest the 400, 4×200 relay and James is 39 James’s three Olympic medals mous in the U.S., where cannabis
the 1500—a race she won in Tokyo, years old, the are impressive, but U.S. women’s products have become widely le-
its Olympic debut. She is looking to unquestioned guard Diana Taurasi could do him gal.
add to her collection of 10 medals, leader of a much better. The 42-year-old aims After an up-and-down stretch,
including seven golds. U.S. men’s to win her sixth gold medal, more the 5-foot-1 Richardson won the
basketball team than anyone who came before her. 2023 world championship in the
Noah Lyles: The sprinter entered more stacked with 100 meters. In that race, she beat
the Tokyo Games as the favorite in skill than perhaps any Sha’Carri Richardson: The 24-year- two of the fastest women in his-
the 200, only to settle for a bronze since the Michael Jor- old sprinter is the most famous tory: Jamaica’s Shericka Jackson
that he called “boring.” Since then, dan-led Dream Team in track and field athlete who hasn’t and Shelly-Ann Fraser-Pryce. To
Lyles has hit the weight room, 1992—and he’ll be waving yet competed in an Olympics. win Paris gold, Richardson might
honed his start and transformed the flag when Team USA Richardson broke into stardom need to do that again.
 THE WALL STREET JOURNAL. Friday, July 26, 2024 | A13

PARIS 2024
nas should be better this time, too.
Many of the Olympians who
trained for years only to compete
in silent venues are looking for-
ward to one basic element that
was missing the last time.
“People,” said U.S. rhythmic
gymnast Evita Griskenas. “Having
people there is going to be so ex-
citing.”
She felt the effects of not hav-
ing fans in the stands more than
most, since her sport relies on
playing to the crowd. This time,
Griskenas deliberately selected
French music for her ribbon rou-
tine to get the audience onside.
Nick Mayhugh, a Paralympic
sprinter who left Tokyo with three
gold medals, wasn’t sure that he
FROM TOP: LUCA BRUNO/ASSOCIATED PRESS; ISSEI KATO/REUTERS

wanted to keep training for Paris.

Then he talked to Usain Bolt.
The legendary sprinter who ran
home with a haul of golds from
Beijing, London and Rio de Janeiro
was uniquely qualified to give
Mayhugh a valuable piece of ad-
vice.
Paris would be different from
Tokyo, Bolt told him. Because in
Paris, there would be fans.
Performing in empty stadiums
was so undeniably odd that Olym-
pians could only describe it by
reaching way back into their ath-
letic pasts.

The Paris Olympics Are Here.

“It felt like going back to a re-
ally local club where you had one
parent cheering on their kid,” said
BMX racer Alise Willoughby.

Let the Revenge Games Begin.

The difference is almost no-
body on Team USA actually had
their parents cheering them on.
Because of the Covid restrictions,
they weren’t allowed to come.
American diver Andrew Capobi-
The Tokyo Games were miserable but the experience inspired some athletes to keep training anco says he feels bad that his
family endured the “more stressful
part” of Olympic tri-
BY LOUISE RADNOFSKY AND BEN COHEN Paris. als without the re-
Now it’s here. Let the Revenge ward of going to the

A
merican trampoline gymnast Games begin. Olympics themselves.
Aliaksei Shostak spent his Athletes always have their rea- Biles’s parents had
entire life dreaming of mak- sons for devoting four more years never missed a com-
ing it to the Olympics. Once he got of their lives for the glory of a few petition in her entire
there, it was nothing like he imag- minutes in the Olympic arena. But life until Tokyo, when
ined. this time is different. No matter they watched from
It was much worse. how they fared in Tokyo, many of their living room in
When he touched down in To- them are in Paris because they Houston.
kyo three years ago, Shostak found wanted an Olympics to remem- The athletes who
himself trapped inside a biodome, ber—instead of one they would had been to the
petrified that he’d never make it much rather forget. Olympics before the
to his competition. His memories It’s fitting that the biggest gloom of Tokyo say
of his first Summer Games consist sporting event on the planet is it’s the feeling of a
mostly of plexiglass and anxiety. staging a comeback in this city. normal Olympics that
And by the time he was done, he After all, vengeance might as well they’re chasing one
couldn’t wait to get home—and be France’s national pastime. more time.
start training for the next one. For the biggest American star, American track-
“I wanted a do-over,” he said. Simone Biles, the last Olympics and-field star Ryan
“Like, give me the real deal.” were wrenching. The best gymnast Crouser, who won
For many Olympians, the Tokyo of all time withdrew from the gold medals in the
Games were lonely, stressful and team competition and the individ- shot put in 2016 and
roughly as enjoyable as rotten su- ual all-around final in which she 2021, says he missed
shi. was heavily favored to defend her American weightlifter Jourdan Delacruz, top, failed to medal at the Tokyo the delightful chaos
Instead of hanging with ath- gold medal. She’s back at her third Games. Above: members of the Australian Olympic team took Covid tests of the Closing Cere-
letes from all over the world, straight Olympics for redemption. after arriving at Narita Airport ahead of the Tokyo Games in 2021. mony, when athletes ditch their
watching a carnival of different In fact, there are lots of Ameri- national delegations and mingle
sports and being cheered by ador- cans who have come to Paris be- walked to and from their arena, events, they are desperate to with their new friends from
ing fans, they were socially dis- cause their last time at the Sum- which meant Brody Malone only party—and surrounded by thou- around the world.
tanced and competing on a glori- mer Games was très misérable. set foot in the Athletes’ Village sands of ridiculously fit people Delacruz can’t wait to see that
fied soundstage. The last time she was at the twice: once to look at the cafete- with the same intentions. pomp and circumstance for her-
At normal Summer Olympics, Olympics, American weightlifter ria, once to visit the gift shop. But in Tokyo, they weren’t ex- self. The weightlifter doesn’t com-
the athletes get lots of condoms. Jourdan Delacruz competed on the Some athletes lament not get- actly ripping their clothes off. pete until Aug. 7 but she made
At the pandemic-delayed Summer first day. She flew to Tokyo, failed ting to sleep in the Village. Others They couldn’t even take their sure that she arrived in Paris a
Olympics, they got Covid tests. to medal in her sole event and left regret not getting to sleep around masks off. In Paris, athletes have week before the Opening Cere-
But the faux Olympics were Japan within 24 hours. Her years in the Village. already begun collecting a variety mony—and this time, she won’t be
useful in at least one way: They of training were over in less time For many competitors, sex is of condoms featuring the Olympic evicted from the Village before the
drove Team USA’s athletes to keep than she spent in transit. just as much a part of the Olym- mascot, an anthropomorphized hat Closing Ceremony.
training so they could get the The U.S. men’s artistics gym- pics as squeezing into spandex. named Phryge. She plans to savor the Revenge
proper Olympic experience in nastics team stayed in a hotel and Once they’re done with their The action in stadiums and are- Games from start to finish.

BY RACHEL BACHMAN
AND JOSHUA ROBINSON Paris Wanted a Green Olympics. their own cost, and Paris 2024 is
offering support by proposing air
conditioners that will subsequently

TO MAKE ATHLETES as comfort-

Paris

able as possible in the Olympic Vil-

Team USA Wants Air Conditioning. be made available to Paralympic
athletes.”
Keeping cool at all times is that
lage, the organizers of Paris 2024 much more important given the er-
thought of everything. There’s a 24- ratic schedules that some of the
hour convenience store for late- athletes here are facing, said Car-
night carbo loading. They built a roll, the Australian Olympic com-
post office so Olympians could send mittee executive. Since many ath-
postcards home. They even in- letes’ events are at night, they’ll
stalled a barber shop to keep every- need to sleep during the hottest
one looking fresh. part of the day. So the decision to
There was, however, one deliber- pay for air conditioners was a no-
ate oversight. The organizers of the brainer.
Summer Games, in their efforts to “Most will only live the Games
be friendlier to the environment, once,” said Brice Guyart, a former
chose not to install air condition- Olympic fencer who is responsible
ing. for the athlete experience at Paris
For much of the world, a few fit- 2024. “So we have to give them a
ful nights of sweating in front of crazy good experience.”
open windows is simply a reality of But not everyone is all-in on
summer. But some Olympians are A/C. Germany’s Olympic sports fed-
more reliant on climate control eration will have one of the larger
than others—namely the members contingents in the village with
of Team USA. around 350 athletes. That includes
They are now discovering what 6-foot-7½-inch decathlon medal fa-
generations of American tourists vorite Leo Neugebauer, who re-
have encountered on their Euro- cently won the NCAA title compet-
pean vacations: When you ask for ing for the Texas Longhorns in
A/C in France, you’re more likely to Austin, where air conditioning isn’t
receive a giant Gallic shrug. merely a suggestion—it’s a way of
“We appreciate the concept of life.
not having air conditioning due to When Germany asked its indi-
the carbon footprint,” Australian vidual sport federations if they
Olympic committee chief executive An underground urban cooling network power station using water from the River Seine keeps buildings cool. wanted to order air conditioning
Matt Carroll told reporters. “How- units for the athletes’ village, de-
ever, it is a high-performance in modern history, which includes ing which delegation leads the Still, Team USA isn’t alone in re- mand for frigid air was lukewarm,
Games. We’re not going for a pic- measures such as reducing the way. questing the option to refrigerate according to Olympic committee
nic.” number of vehicles by 40% from The 592-strong Team USA dele- itself. spokesman Michael Schirp.
That’s not to say organizers are previous Games, building fewer gation isn’t risking the slightest Out of the 7,000 rooms in the “A total of 11 AC have been or-
letting athletes slow-broil for three new venues, and cutting the Games’ discomfort. Every single U.S. room Village, 2,500 have been supplied dered. Eleven,” he wrote, adding an
weeks. The Village here, located carbon footprint by half compared and some common areas have been mobile air conditioning units at the emoji of a face wearing sunglasses.
just north of Paris, was built with a with the average of London 2012 equipped with portable A/C units, teams’ requests, a Paris 2024 Schirp later pointed out that the
cooling system that runs cold water and Rio 2016. according to a spokesman for the spokesman said. Germans reserve the option to
CHRISTIAN HARTMANN/REUTERS

through the floors, which officials But for those athletes who re- U.S. Olympic & Paralympic Commit- “For what is often the biggest change their minds should Paris
say can reduce the ambient temper- main unconvinced and worry about tee. The Americans will all be able competition of their athletes’ lives, suddenly begin to bake like a crois-
ature by 10 to 20 degrees Fahren- their performance being derailed by to take on any Paris heat wave by certain National Olympic Commit- sant oven.
heit and achieve a target range of sleeping in sweatbox apartments, hanging out in meat-locker condi- tees have chosen to equip them- “When we get [104 degrees] in
73 to 79 Fahrenheit. The effort is Paris 2024 has made air condition- tions, even though temperatures selves with additional mobile air the second week, we can call
part of the hosts’ larger plan to ing units available for hire. And over the next 10 days aren’t ex- conditioning units,” the spokesman again,” he joked. “Send us some
make Paris the greenest Olympics there are no gold medals for guess- pected to top 90. continued. “These appliances are at AC!”
A14 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

#Dadication

fatherhood.gov
THE WALL STREET JOURNAL. Friday, July 26, 2024 | A15

OPINION
The Left Molds Kamala Harris BOOKSHELF | By Barbara Spindel

Take your
pick of this
week’s split
Ms. Harris’s brain trust
knows the San Francisco lib-
eral could benefit from a side-
campaign promises like a
modest school-choice pro-
gram. But never mind. The
ing, though a Vox writer ex-
plained that a pick of a “white
man” would be an effort to
Well-to-Do,
screen
Democratic
politics. On
in kick who provides some bal-
ance—a practiced, steady
incumbent with a record of
left is blacklisting him be-
cause he’s “egregiously bad on
Palestine” and a “supporter of
“assuage voters who still hold
sexist or racist attitudes.”
A notable endorsement
Ready to Dig
POTOMAC one side, an winning crossover voters. The Israel,” while his censure of holdout is Mr. Sanders, who
WATCH energized
party united
campaign flagged that high on
its shortlist were several ca-
an illegal college occupation
calls into question his belief
has mastered the art of exert-
ing leverage. Many of his pro-
Women in the Valley of the Kings
By Kimberley
behind Ka- pable men from swing in the “First Amendment” and gressive brethren are already By Kathleen Sheppard
A. Strassel
mala Harris states—Pennsylvania Gov. “academic freedom.” publicly vowing to withhold St. Martin’s, 320 pages, $30

M
as its new Josh Shapiro, Arizona Sen. The Uncommitted National support for Ms. Harris unless
presumptive nominee. On the Mark Kelly, North Carolina Movement, with its 29 dele- she readopts Medicare for all, aggie Benson was the first woman granted official
other, thousands of hard-left Gov. Roy Cooper. The left is gates in the upcoming Demo- a total ban on fracking, open permission to excavate in Egypt. She’d become
activists tore up Washington already mounting assaults. cratic convention, retweeted: borders and national rent enamored with the country when she visited in
in protest of the Biden admin- “The One Vice Presidential “Shapiro cannot be Harris’s control—to name a few de- 1894, seeking relief from her rheumatism in the dry, hot
istration’s support for Israel. Pick Who Could Ruin Demo- VP pick.” Nina Turner, a for- mands. A Jacobin piece ex- climate. As Kathleen Sheppard explains in “Women in the
Just don’t forget which side cratic Unity,” reads a New Re- mer Ohio state senator and horts her to name Mr. Sanders Valley of the Kings: The Untold Story of Women Egyptolo-
has been in the driver’s seat. public headline on a screed Bernie Sanders campaign offi- as her running mate, so as to gists in the Gilded Age,” this “change-of-air cure” was pop-
The Washington chaos cial, said Mr. Shapiro’s com- “pivot”—not to the center, but ular among the British elite.
provided a useful reminder of ments on “pro-peace” protest- to the left. “Swapping the Benson, whose father was the Archbishop of Canterbury,
the true agitation in the pro- She’ll be much more ers are “simply unacceptable.” name and face of a campaign returned to lead an excavation at the Temple of Mut, near
gressive base. Mobs on a Progressive podcaster Mat- isn’t enough to win voters Luxor. (Money and time to travel were then “enough to make
self-described “day of rage” of a threat to Trump if thew Sitman said the gover- back,” warns another New Re- you an archaeologist,” the author dryly notes.) At the start of
tore down and burned Ameri- she ignores them and nor would “immediately un- public piece. the 1896 digging season, as Ms. Sheppard describes it, Ben-
can flags, spray-painted dercut the good faith chance a Leftists are still the mi- son stood atop a block sur-
Union Station monuments tacks to the center. lot of us on the left are giving nority of Democratic voters, rounded by a crowd of locals
(“Hamas is comin’ ”), got vio- Harris.” but they are the squeakiest clamoring for jobs at the site.
lent with police, and released Mr. Klion also drubs Sen. wheel and make up voter According to the author, male
maggots into the hotel at against Mr. Shapiro. The au- Kelly for having “endorsed groups that continue to ob- archaeologists occasionally
which Israeli Prime Minister thor, David Klion, grudgingly some GOP smears of campus sess the Democratic elite. used violence to discipline their
Benjamin Netanyahu stayed. admits that “Genocide Joe” protestors,” but don’t think They may throw a tantrum in Egyptian crews. She reports,
Elected Democrats did their delivered “more” than “antici- the progressive backlash is Chicago next month. Savvy however, that Benson did not
best to ignore this. Many, in- pated” on “labor, climate and limited to the Middle East. politicos understand the sen- beat the workers; she merely
cluding Ms. Harris, skipped student debt,” but insists that Some union leaders almost sible Harris move would be held a whip in her hand while
Mr. Netanyahu’s address to a any “goodwill” has been immediately ruled out Mr. to use this unique opportu- making her hiring decisions.
joint session of Congress. (Ms. “squandered” by his enabling Kelly, a former astronaut who nity to tack to the center and Eventually, Benson, working
Harris did issue a statement of “genocidal war crimes” in has won two statewide races choose a running mate who with another woman, Nettie
the next day denouncing “de- Gaza. Ms. Harris is an “im- in crucial Arizona—for his re- would reassure swing and Gourlay, had the temple cleared
spicable acts by unpatriotic provement,” but she could fusal over the years to en- working-class voters. At her of debris and returned many of
protestors.”) But the far left “screw it up” by choosing Mr. dorse the radical Protecting initial events, she has instead its artifacts to the positions they
won’t be denied. It’s already Shapiro. the Right to Organize Act. tacked left. had long ago occupied. They pub-
working to mold the Harris Sure, the 51-year-old gover- (Mr. Kelly rushed to back it on Perhaps party elders will lished a popular account of the excavation in 1899.
campaign into the pure pro- nor is a “fresh face,” a “capa- Wednesday.) A coalition of buck the far left, but they ha- “Women in the Valley of the Kings” highlights the work of
gressivism it felt it was de- ble administrator” and “very “public education” groups de- ven’t done so since 2020, figures like Benson and Gourlay, whose contributions to early
nied in 2020. Witness the popular” in a key state. Some manded Ms. Harris shun Mr. when they engineered Mr. Bi- Egyptology have been largely ignored by scholars. “The his-
campaign to blackball any might even note that despite Shapiro for ever having been den’s nomination. Ms. Harris tory of the discipline,” Ms. Sheppard observes, has been “a
perceived “moderate” or “cen- the moderate label, Mr. Sha- open to school choice. Mr. seems likely to be burdened story told by men about men.” The author, a professor of his-
trist” vice presidential pick piro has governed left, aban- Cooper’s more liberal record by what has been. tory and political science at Missouri University of Science
from the Harris ticket. doning even minimal centrist has spared him similar target- Write to [email protected]. and Technology, focuses on 11 women drawn to Egypt in the
late 19th and early 20th centuries, a period when scholars
and enthusiasts from Europe and America raced to discover

Did God Save Donald Trump? and possess the country’s antiquities.
Amelia Edwards was a wealthy Brit whose sole trip to
Egypt, in 1873-74, prompted her to write the bestselling trav-
HOUSES OF “I had God Christianity was a powerful jazzman for more than 90 tudes: Blessed are the meek, elogue “A Thousand Miles Up the Nile.” Edwards subse-
WORSHIP on my side,” presence in the American minutes. the poor in spirit, the pure in quently co-founded the Egypt Exploration Fund and, through
By Lance D o n a l d founding, and whatever the It seemed to me that Mr. heart, the peacemakers. The a bequest in her will, funded a new Egyptian archaeology
Morrow Trump said First Amendment says about Trump in his youth must have Christian virtues are love, department at University College London. Edwards was an
of July 13. the separation of church and learned something from a not- compassion, mercy, forgive- ardent suffragist, and the bequest stipulated that the classes
It must state, the U.S. has claimed to very-funny standup comedian ness—the softer, kinder im- “be open to students of both sexes”; UCL was at the time the
have been so. God stretched be a redeemer nation, a special named Mort Sahl, whose pulses of the spirit. Jesus said: only English university that granted degrees to women.
forth his hand and the bullet project of God. For a moment sneering routines were mean- “Love your enemies, do good Another woman of means who became fascinated with
speeding toward Mr. Trump’s or two many thought that Mr. dering, insulting and political. to those who hate you.” Egyptian history, Emma Andrews, was an independently
head changed its course and Trump, in his peril, had also Thinking of Mr. Trump’s de- The Trumpian essence is wealthy American whose longtime partner (in fact the hus-
merely nicked his ear. Alterna- become a special project of the scent from the sacred to the more to be found in the writ- band of her cousin) was the millionaire and antiquities col-
tively, an alert Providence Lord. profane, I also remembered ings of Niccolo Machiavelli. I lector Theodore Davis. Together the couple funded and
caused Mr. Trump to turn his Mr. Trump was for many Ralph Waldo Emerson’s lines don’t necessarily refer to Ma- supervised the excavation of 24 tombs in the area near
head aside at the last instant. years a Presbyterian. As a about the angels and the dogs: chiavelli the evil and con- Luxor known as the Valley of the Kings. Davis, a well-
Either way, it was life or young man, he joined his par- “It seems as if heaven had sent scienceless, but rather Machia- connected attorney, had cleaned up on various unscrupu-
death—a matter of an inch or ents in worshiping at New its insane angels into our velli the transactional realist. lous financial deals exploiting his connections to New
two. York’s Marble Collegiate world as to an asylum, and In “The Prince,” he makes a York’s corrupt Tammany Hall. Ms. Sheppard depicts him as
In pulpits across the coun- Church, where the motiva- here they will break out in distinction between the Chris- a careless, swashbuckling type interested less in scientific
try, on conservative talk tional pastor Norman Vincent their native music and utter at tian virtues and what he calls inquiry than in personal glory. Andrews, on the other hand,
shows, at prayer breakfasts Peale, author of “The Power of intervals the words they have virtù, the virtues of classical took meticulous notes on their excavations.
and kitchen tables, it was said Positive Thinking,” presided. antiquity: manliness, force,
that the Lord spared Mr. Peale performed the ceremony strength, courage, bravery,
Trump’s life. Presumably he at Mr. Trump’s first wedding, The assassination glory and, when necessary, British and American women with a taste for
still has important work to do to Ivana Trump. A story went ruthlessness. The primary goal Egyptology flocked to the Nile Valley in the
on earth. around that it was at Marble attempt gave politics is winning. Machiavelli sug-
The assassination attempt that, still married to Ivana, Mr. a fleeting moment of gests that Christian virtues are late 19th century. One requirement: financing.
in Butler, Pa., gave American Trump met his second wife, all very well, but if the prince
politics a moment of spiritual Marla Maples; Mr. Trump de- spiritual refulgence. wishes to survive and succeed,
refulgence, an unexpected ele- nied it. After getting into poli- he should be guided by the “Keeping and publishing those records at the dawn of
vation. South Carolina’s Sen. tics, he dropped the Presbyte- ideas of the ancient virtù. the twentieth century meant that Emma was, and Theo
Tim Scott called it a miracle. rian label and started to call heard in heaven; then the mad So it is with Mr. Trump, arguably was not, an archeologist,” Ms. Sheppard posits.
“Thank God almighty,” he said himself a “nondenominational fit returns and they mope and who loves winners and de- “Yet, it is Theo—a golden man in the ‘Golden Age’—we
at the Republican National Christian.” wallow like dogs.” They go spises losers. Christ embraced know the most about.” If Andrews hadn’t kept her own
Convention. “Our God still Mr. Trump has rarely talked back to politics as usual. They losers. They were his people, journals, her contributions to the field likely would have
saves, still delivers, still sets about this spiritual life, but he bark at the mailman. They his favorites. The last shall be been forgotten: Davis’s writings don’t even mention her.
free. Because on Saturday, the has often cultivated relation- scratch their fleas. first and the first shall be last. It’s no surprise that Ms. Sheppard’s adventurous subjects
devil came to Pennsylvania ships with faithful Christians Political hyperbole has In Mr. Trump’s doctrine, the rejected their era’s traditional expectations of women. Most
holding a rifle. But an Ameri- and praised their piety. made Mr. Trump out to be ei- first shall be first and the last were unmarried. Some married later in life, aware that
can lion got back up on his feet The spiritual glow acquired ther a devil or an angel. It is are losers and suckers. motherhood would prevent them from pursuing the work
and he roared.” Mr. Trump in Butler faded quickly. Mr. interesting, however, to won- If God intervened to save that they loved. Several were in romantic relationships with
rose from a scrum of Secret Trump soon squandered what- der, without malice, whether Mr. Trump in Pennsylvania, it women; Benson and Gourlay spent years as a couple.
Service agents, pumped his fist ever wonder and mystique the he is a Christian. His faith is a wasn’t the God Mr. Trump is Ms. Sheppard works to present these women in their
and yelled, “Fight!” An Ameri- brush with death had be- private matter between him accustomed to worshiping. own words, which are drawn from their diaries and corre-
can flag waved in the back- stowed on him. In his speech and God, but to judge from his spondence. These excerpts capture both the joy and the
ground against the bluest of to the Republican convention, public utterances and behavior, Mr. Morrow is a senior fel- frustrations in their work. Myrtle Broome was a copyist
skies. A photographer caught he descended to earth. He was the key to Mr. Trump isn’t to low at the Ethics and Public tasked with painstakingly reproducing the artwork decorat-
the moment and the picture the same Mr. Trump as before: be sought near Galilee. Policy Center and author of ing a number of ancient tombs. (Once a tomb was unsealed
became—again, in religious preening, insulting his politi- Christ set forth the essence “The Noise of Typewriters: Re- and exposed to the elements, its paintings and other adorn-
parlance—“iconic.” cal enemies, riffing like a solo of his teachings in the Beati- membering Journalism.” ments deteriorated quickly.) Over a decade of digs begin-
ning in 1927, she wrote 400 letters to her parents back in
England. In one, she called the tourists who regularly inter-

The Kamala Harris Cult Needs a Personality rupted her work at the sites “one of the plagues of Egypt.”
Her colleague Amice Calverley, overwhelmed by a parade of
VIP visitors, including royalty from Romania and Belgium,
By Ted Rall brandishing a sword, and medieval warrior in the style of terial, the “Dark Brandon” complained in a letter of an “epidemic of Queens.”

K
wielding a bow and arrow in Conan the Barbarian. Ever the meme of Mr. Biden relies on Of course, this era of Egyptology is entangled with the
amala Harris’s presi- the garb of a Mesopotamian showman, Mr. Trump an inside joke. Not even the treatment of Egypt as a subject of Britain’s imperial influ-
dential campaign is charioteer. retweeted and repurposed president’s staunchest sup- ence. Referring to the looting and plunder of Egypt under
days old, and she’s al- In the U.S., neither the left these images for merchandise, porters ever thought he was a colonial rule, Ms. Sheppard writes: “Make no mistake, these
ready a social-media super- nor the right went in for such even releasing his own line of master manipulator playing women still took artifacts during this so-called Golden Age,
hero. Memes and T-shirts de- imagery until around 2008. It action-figure cards in 2022. 3-D chess. but their main disciplinary work was more constructive and
pict her as Captain America, probably started with Shepard I found these works amus- The Kamala art is new and sustainable, and less destructive, than men’s work.” It’s not
Wonder Woman, a member of Fairey’s posters of Barack ing, not shocking. Like Mr. different. Democrats are, or clear how the author accounts for this difference. Does she
the Incredibles. Facebook Obama. Mr. Fairey, a left-leaning at least used to be, a party of believe women were less rapacious by nature, or did
Democrats are sharing Kamal- artist whose work had explored the left, not prone to person- women simply have fewer opportunities to inflict harm?
ized images of Rosie the Riv- antiauthoritarian and antiwar She’s attracted true ality cults. But the people Ms. Sheppard declares that the privileged Western
eter and the Statue of Liberty. themes, took a turn toward na- believers, but what who make and distribute women of her story were “colonizers themselves” but “also
Democrats are donating like ive kitsch when he found him- these images either mean it the colonized.” She doesn’t linger on the contradictions (or
mad and attempting to create self swept up in Mr. Obama’s do they believe in? or desperately want it to be semantic confusions) inherent in that position, though. In
a cult of personality. election campaign. His “Hope” true. Whatever you think of the end, it’s difficult to shake the description of Maggie
I collect propaganda post- and “Change” posters filtered a Mr. Trump, he’s been around Benson standing above a crowd of Egyptians brandishing a
ers and have found that icono- Ché Guevara-like photo of the Trump sarcastically asking long enough and done enough whip, even if, unlike some of her male counterparts, she
graphic depictions of political candidate through Soviet Russia for Hillary Clinton’s that his followers buy into his refrained from using it. Within that image is a tension that
leaders as mythical figures graphic influences, making the missing emails and promising charisma and vision. Demo- this compelling book hints at but doesn’t fully explore.
tend to be the product of young senator look wise beyond to be a dictator but only for crats are evidently true be-
right-wing movements. Aus- his years. The campaign appro- the first day of his second lievers in Ms. Harris, though Ms. Spindel’s book reviews appear in the Christian
trian painter Hubert Lanz- priated them for official use. term, surely everyone is in on she’s given them little to be- Science Monitor and elsewhere.
inger’s “The Standard Bearer” “As a cultural phenomenon the joke. Mr. Trump doesn’t lieve in. Time will tell if she
portrayed Adolf Hitler as a ‘Hope’ also laid the groundwork really ride eagles, bears or has the personality to match
15th-century knight riding a for the rise of Trump,” Christo- tanks. Republicans know he is the cult. Coming in BOOKS this weekend
horse. Saddam Hussein fes- pher Simmons wrote in Design a septuagenarian man who How the horse conquered the world • The learned ladies
tooned Iraq with posters Observer in 2017. Trump-era eats McDonald’s and whose Mr. Rall is a political car- of 18th-century London • Thinking with Blaise Pascal •
showing the portly tyrant fear- graphics depicted him as a ste- idea of a workout is strolling toonist, columnist and author, Presidents in crisis • Surviving the Warsaw Ghetto • 1982
lessly firing a machine gun in roidal superhero with bulging from his golf cart to the tee. most recently, of “The in Hollywood • The world’s tallest skyscrapers • & more
battle, riding a horse while biceps and as an armor-clad Like most of the Trump ma- Stringer.”
A16 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden’s Court-Smacking Plan The Gross Incompetence of the Secret Service

P
resident Biden has agreed to step aside, have concluded that the democratic systems Your editorial on the resignation of confidence in the Secret Service and
but not to go quietly. In remarks from most resistant to this prospect are those in Secret Service director Kimberly its director, Ms. Cheatle. Would Mr.
Cheatle only scratches the surface of Mayorkas have had 100% confidence
the Oval Office on Wednesday, he said which an electoral majority is not sufficient
the incompetence and the house in the Secret Service director if Presi-
in his final months “I’m going to change the fundamental cleaning that is needed (“A Secret dent Biden had been on that stage in-
to call for Supreme Court re- Does Kamala Harris structure of institutions such Service House Cleaning,” July 24). stead of Mr. Trump? Of course not.
form, because this is critical
to our democracy.” What a
support these dubious as This the courts.”
point is central to the
The Secret Service, writ large, obvi-
ously failed in its mission, but so too
Heads would have rolled.
DAVID TULANIAN
last spasm by a lame duck, ideas to undermine American constitutional or- did the agents nearest former Presi- Henderson, Nev.
demanding a rewrite of the der. In Federalist No. 78, Al- dent Donald Trump once the shooting
American founding that Ka-
judicial independence? exander Hamilton called the started. These agents, where the leg- A top-of-the-line drone can be
mala Harris will have to de- judiciary the “least danger- end is that they will take a bullet to bought for $99. One or two drones
fend or disavow. ous” of the three branches of protect the president, allowed Mr. circling the surroundings of the
The specifics await Mr. Biden’s announce- government, because it lacks the power of the Trump to fully expose himself for an Trump rally in Butler, Pa., could read-
extended period of time after he was ily have spotted the would-be assas-
ment, but the presidential brainstorm has others.
shot. This presented an easy target sin and taken him out or immediately
leaked to the press. News reports say Mr. Bi- The executive has “the sword,” or authority for the shooter or another shooter, facilitated transfer of such informa-
den may push for term limits on the Justices, over prosecution and law enforcement. Con- and they couldn’t have known with tion. Perhaps creativity wasn’t re-
an “enforceable” ethics code, and a constitu- gress controls the purse and sets the rules for certainty at the time that there was quired by Ms. Cheatle’s prior em-
tional amendment to override their recent 6-3 citizens to live by. The judiciary merely hears only one shooter and that he was ployer, PepsiCo.
ruling on presidential immunity. Much of this cases and controversies, and its main power taken out. ANTHONY ALFRED CHIURCO
is unconstitutional, and all of it is radical. is the ability to keep the other two branches Mr. Trump’s bravery was on full dis- Princeton, N.J.
i i i in their constitutional lanes. play, resulting in an iconic photograph,
Mr. Biden once understood this. The left has It’s doubtful that the separation of powers but he could easily have been shot Ms. Cheatle explained that the Se-
been calling to restructure the Supreme Court lets Congress impose “enforceable” ethics again due to the incompetence of the cret Service didn’t secure the relevant
since originalist Justices became a majority. rules on the Justices. And truly laughable is agents closest to him. Director Cheatle rooftop because “that building in par-
can go back to guarding Doritos, and ticular has a sloped roof at its highest
In 2020 Mr. Biden, realizing that such propos- the argument that a partisan “ethics” bill is a the agents closest to Mr. Trump point. And so, you know, there’s a
als might scare voters, promised to set up a way to depoliticize the Court. Consider that should find another line of work. safety factor that would be consid-
commission to study the question. It eventu- Sen. Sheldon Whitehouse wants to solicit pub- MICHAEL G. BRAUTIGAM ered there that we wouldn’t want to
ally issued a 294-page report, which Mr. Biden lic “complaints” against the Justices, to be Lomma, Sweden put somebody up on a sloped roof.”
would do well to consult. judged by lower jurists. He wants to let liti- Homeowners routinely go up on
Since the Constitution grants Justices life gants at the High Court file motions to dis- In the wake of the assassination at- sloped roofs to clean the gutters.
tenure, how are term limits supposed to work? qualify Justices, whose colleagues could boot tempt that nearly took Mr. Trump’s Even some tenants do it. C’mon man!
One scheme, debated by Mr. Biden’s commis- them off cases. Recusals today are decided by life, Homeland Security Secretary Ale- JACK BENARY
sion, is for Congress to pass a law to redefine each individual Justice. jandro Mayorkas said he had “100%” Mill Valley, Calif.
the judicial office, so that “after eighteen years Mr. Whitehouse’s bill, which has passed the
of service, Justices become Senior Justices Senate Judiciary Committee, is an invitation to
and stop participating in the ordinary work of a political free for all, on the left and right,
the Court.” Instead they’d “perform a different against this or that Justice who issues unpopu- What Vance and ‘Postliberals’ Are Missing
or a subsidiary set of duties.” lar opinions. Special interests would fill the I would like to share Graedon can grasp natural law and natural
A purported model is the law that lets fed- docket with specious recusal demands aimed at Zorzi’s opinion that today’s postliber- rights as “self-evident truths.” Vir-
eral judges take senior status without fully flipping the majority by disqualification. als are in continuity with communi- ginia’s Bill of Rights proclaimed that
quitting. “Retired Justices such as David Sou- As for Mr. Biden’s idea to override the Su- tarianism (“J.D. Vance and the Rise of free government is impossible with-
ter and Sandra Day O’Connor have often par- preme Court’s recent decision on presidential ‘Postliberalism,’” op-ed, July 17). But out “justice, moderation, temperance,
ticipated in courts of appeals decisions,” the immunity (Trump v. U.S.), that would require Sen. J.D. Vance’s blend of big-govern- frugality, and virtue.” Massachusetts’
commission’s report says. a constitutional amendment. The way to view ment spending, protectionism and Constitution declared that “wisdom,
This is not an apt precedent. Congress gave this is as a political gambit: He knows it won’t class resentment seems like a lot knowledge, and virtue” require wide-
more of the same nostrums that ha- spread education to preserve free-
aging jurists a way to stay involved while vol- pass, but it polls well, so he may pretend it’s
ven’t done the Rust Belt any good for dom. No self-governing society in his-
untarily cutting their work loads. It doesn’t a serious proposal. decades. The big difference is that we tory was more insistent on virtue as
follow that Congress can involuntarily strip i i i now see the party of Reagan, not only essential to the common good than
the right to hear cases from a duly appointed It looked last week as if Mr. Biden would en- the Democrats, pushing these ideas. America at its foundation.
Justice who might be 62 years old. The plan dorse a Supreme Court overhaul to appease GERALD J. NORA Postliberals see today’s moral cor-
is unconstitutional, and guess who would have the left and unite Democrats behind his re- Shorewood, Wis. ruption but shut their eyes to the
the final word on that? election. Doing it after ending his campaign true cause: not America’s founding,
The commission acknowledged such doubts, puts Ms. Harris on the spot. She can’t distance Sen. Vance now co-leads the Make but its repudiation by progressives,
as well as the threat to the High Court’s check herself from these ideas without depressing America Great Again team. When was which have constructed an adminis-
on the other branches if an angry Congress be- progressives. She can’t embrace them without America great to begin with? When trative state to replace our Constitu-
its founding was announced to man- tion and its natural-law basis in
gan refashioning it. “In recent years, we have alarming other voters. Undermining the sepa-
kind. Its core principle was that by equality and liberty. Progressivism
seen democratic governments ‘regress’ or ration of powers, the bedrock of American lib- “the Laws of Nature and of Nature’s doesn’t secure natural rights; it rela-
‘backslide’ with respect to judicial indepen- erty, is quite a way to raise the stakes in No- God . . . all men are created equal.” tivizes rights—to give and take away
dence,” the report says. “Political scientists vember. Your move, Ms. Harris. Not in property, brains, moral quali- at pleasure.
ties or beauty, but in every person’s I am confident that, postliberal or
natural right to live, be free and pur- not, Sen. Vance believes we can’t
Will Maduro Steal Another Election? sue fulfillment. Government’s chief overcome present-day moral bank-

V
mission was “to secure these rights.” ruptcy without returning to the en-
enezuelans go to the polls on Sunday, including a businessman who hosted Ms. Contrary to the postliberal narra- during truths that made America
and the biggest question is whether Ni- Machado on a campaign swing in the state of tive described by Prof. Zorzi, our great.
colás Maduro will steal another elec- Táchira and a truck driver who helped with a Founders grounded America on solid, PROF. DENNIS TETI
objective principles of moral and po- Institute of World Politics
tion. He’s trailing by more than 20 points in ev- rally in Valencia. Some restaurateurs and hote-
litical good. Every reasonable person Hyattsville, Md.
ery poll, and even his allies on the Latin liers who received the candidate say the govern-
American left are forsaking him. But he still has ment later closed their businesses.
Cuba on his side. On July 16 Mr. Maduro said only his re-elec-
Mr. Maduro’s main challenger is Edmundo tion can keep Venezuela from falling “into a
Title Insurance Reduces Risk for Homeowners
González Urrutia of the Democratic Unity Plat- bloodbath, into a fratricidal civil war.” That was I have spent my legal career repre- row against their home while a
form ticket. The regime banned charismatic Ma- too much for Brazilian President Luiz Inácio senting title-insurance companies and claim makes its way through the le-
ria Corina Machado from the ballot, and then “Lula” da Silva who warned his ally “to respect their insureds regarding various gal system. Title insurance covers
blocked an 80-year-old academic chosen to take the democratic process” and said the talk of vio- types of claims. Title insurance is like that expense and more.
her place. Finally in April the 74-year-old Mr. lence “frightened” him. all other insurance: It’s a useless ex- That title insurers have lower
González Urrutia was allowed to run, presumably This week Brazil and Colombia said they’ll pense until you need it. Eliminating claims experience than other types of
title insurance as a cost for loan refi- insurance speaks more to the differ-
because Mr. Maduro’s democracy charade needed no longer send election observers. In May the
nancing is a misguided idea (“Title ence between title insurance and
an opponent and he looked beatable. regime disinvited European observers and on Insurance Costs Exceed Risks,” Busi- other insurance than to the notion
But with Ms. Machado in support, Mr. Wednesday it did the same to former leftwing ness & Finance, July 11). that it is unnecessary. Title insurance
González Urrutia has been drawing huge Argentine president Alberto Fernández after he Most people don’t realize that the covers against things that happened
crowds. Police have tried to block the campaign called on Mr. Maduro to respect the results. mortgage or deed of trust pledging in the past regarding title to prop-
as it travels to rallies, and the regime has Without international-observer teams on the their home as security for a loan erty, while other types of insurance
banned organized transportation for support- ground, Venezuelans will have to guard polling typically obligates the borrower to protect against things that may (or
ers. But throngs of backers still show up. stations. But on Tuesday the opposition said its defend any claim against title on be- may not) happen in the future. By do-
In March the government arrested seven volunteers aren’t being accredited. half of the lender. Without title in- ing their job in researching titles well
members of Ms. Machado’s team and six others Tally this up and you get a step by step man- surance, the borrower could be sad- on the front end, title underwriters
dled with this sometimes ruinous can lower—but never eliminate—the
took refuge in the Argentine embassy in Cara- ual for how to steal an election—and how to
cost. In my career, I have had law- potential risk, yielding a lower one-
cas, where they remain. This month more than lose any last friends Mr. Maduro may have had suits covered by title insurance that time premium expense.
70 opposition supporters have been arrested, among the region’s democracies. have lasted as long as 17 years, ow- STEVEN RAY GARCIA
ing largely to inexperienced judges. Pasadena, Calif.
Few borrowers could afford the legal
Anti-Israel Protesters Make Netanyahu’s Point fees and costs, let alone the risk of
How Trump Got His Way

P
being unable to sell or further bor-
rime Minister Benjamin Netanyahu de- topher Columbus monument and “Qassam, Qas- Your editorial “Donald Trump’s
livered an impressive speech to Con- sam, make us proud,” cheering Hamas’s military Third Presidential Life” (July 18)
gress on Wednesday, making the case wing, on the American Legion’s Freedom Bell. Back to Smoke-Filled Rooms states that one reason Mr. Trump was
for Israel’s just war and lay- A protester shouted on video Regarding your editorial “It’s Ka- able to able to reach a new political
ing out a reasonable plan for They burn the U.S. flag about killing the Jews. A few mala Harris by Acclamation” (July peak is that he “changed the Jan. 6
what’s next. Israelis can be and deface monuments flags. waved Hamas and Hezbollah 23): Until 1968, candidates for presi- narrative among Republicans.” I’d put
proud; Americans, less so. Be- dent were chosen by party conven- it differently: Mr. Trump insisted that
sides the boycott by dozens of with pro-Hamas slogans. The obscene acts under- tions. Based on the quality of presi- the 2020 election was stolen and that
Democrats—no way to treat scored Mr. Netanyahu’s point dential candidates since then, I he was a victim, and like other popu-
question whether choosing candi- list demagogues in history, he got his
an ally at war—protesters ran that “many anti-Israel pro-
dates using the primary process is followers to buy into his big lie.
wild in Washington, breaking the law with im- testers choose to stand with evil. They stand any better. RAPHAEL LERNER
punity while trumpeting their hatred for with Hamas.” To their fellow travelers, he said, ROGER SHANTZ Glencoe, Ill.
America, Israel and Jews. That deserves “You have officially become Iran’s useful idiots.” Mercer Island, Wash.
greater attention. Sen. Chris Murphy criticized these lines as un-
It began Tuesday evening, when anti-Israel fair, only to have to condemn the “pro-Hamas Thank goodness campaign-finance
activists targeted Mr. Netanyahu’s hotel. “BON cheers” hours later. reform efforts have been only mar-
Pepper ...
APPETIT!!” the Palestinian Youth Movement Vice President Kamala Harris, who skipped ginally successful over the past 50 And Salt
wrote on Instagram, “Mealworms and maggots the speech to address a sorority, lauded the years. It wasn’t until the big donors
THE WALL STREET JOURNAL
(not talking about Netanyahu) were left on their anti-Israel protest movement earlier this turned off the money spigot that
banquet tables, and crickets were released on month: “They are showing exactly what the hu- President Biden finally faced reality.
If we had to rely only on elected offi-
multiple floors of the hotel.” We feel bad for the man emotion should be, as a response to Gaza.”
cials, party leaders and the media to
hotel staff and also for U.S. taxpayers: Dona- On Thursday she, too, condemned the “despica- learn the truth about a candidate’s
tions to the charity that controls this group re- ble acts.” How about prosecutions? Credit to health, we would remain in the dark.
main tax-deductible. House Speaker Mike Johnson, who led several WILLIAM PIERSON
On Wednesday a mob outside Union Station Republicans to Union Station on Wednesday Richmond, Va.
tore down U.S. flags and burned one to chants night to raise new American flags.
of “Allahu akbar.” In place of Old Glory, they sent Not all pro-Palestinian protesters are this
Letters intended for publication should
up the flag of Yasser Arafat’s Palestine Liberation despicable, but most of the anti-Israel move- be emailed to [email protected]. Please
Organization. An outnumbered police officer was ment despises America and seeks to intimidate include your city, state and telephone
dragged and thrown to the ground. Democrats into submission. This faction of the number. All letters are subject to
The mob defaced federal property, writing Democratic coalition could spoil the Chicago editing, and unpublished letters cannot
be acknowledged.
slogans such as “Hamas is comin” on the Chris- convention—and a public place near you. “Rising sea levels.”
THE WALL STREET JOURNAL. Friday, July 26, 2024 | A17

OPINION

The Antigrowth Agendas of Harris and Trump

By Mickey D. Levy tivity advances in the 1920s. The tar- structures of Social Security and

T
iffs aggravated the dramatic global Medicare. These are the primary
he economic platforms of depression and were repealed two sources of large deficits and mount-
both presidential candi- years later. The Tariff of 1828—the ing government debt. Promising to
dates are littered with an- so-called Tariff of Abominations, leave these programs alone may be
tigrowth proposals. The Bi- which raised tariffs by up to 50%— good short-run politics, but it’s irre-
den platform, on which accentuated the divide between the sponsibly bad economics.
Kamala Harris will presumably run, is industrialized North and the agricul- I’ve prepared side-by-side compar-
a pumped-up version of typical Dem- tural South and was largely reversed isons of presidential candidates’ eco-
ocratic policies. It features significant three years later. Why don’t the les- nomic platforms since 1992. A review
increases in taxes and spending. Don- sons from history resonate? of these comparisons makes two
ald Trump is proposing to hold the Tariffs are fees charged on goods things obvious. First, the Democratic
line on spending and current tax pol- imported by U.S. companies. These Party has moved decidedly leftward.
icy but would raise tariffs and pursue increased costs typically result in Most in the 2024 party would con-
an economically destructive immigra- higher prices for consumers. The sider Hillary Clinton’s 2016 economic
tion policy. The resilience and re- hope is that the increase in the rela- platform conservative. The Biden-

AFP/GETTY IMAGES
tive costs of imports compared with Harris platform’s focus on income
goods produced domestically will and wealth redistribution echoes the
Both candidates are lead to a shift toward domestically Bernie Sanders agenda of 2016 and
produced goods. But the benefits of 2020.
running on economic any shift are more than offset by in- Kamala Harris and Donald Trump. Second, while Mr. Trump’s tax and
platforms filled with efficiencies, the higher costs to do- spending platform is standard GOP
mestic consumers, and the foreign rity, but Mr. Trump’s fear of bilateral business expansion and hiring plans. stuff, his proposals on tariffs and im-
destructive nonsense. retaliation that usually occurs. Fre- trade deficits with foreign partners is If unraveling the stock market was migration move the party away from
quently the result is slower global simply economic nonsense. your goal, you could get it done its traditional embrace of free enter-
trade, which isn’t good for the U.S. On the Democratic side, the Biden- quickly by doing what the Biden-Har- prise. His mass-deportation plan is
sourcefulness of the U.S. private sec- In 2018 Mr. Trump imposed tariffs Harris economic platform includes an ris economic platform proposes: tax- impractical and antithetical to eco-
tor is remarkable, but why test it of 25% on steel imports and 10% on assortment of tax increases aimed at ing long-term capital gains and divi- nomic growth in a nation whose pop-
with these wrongheaded proposals? aluminum imports, declaring, “Trade wealthy taxpayers. Purportedly these dends as ordinary income for high- ulation is aging.
Neither candidate seems to have wars are good and easy to win.” tax hikes will raise revenue to pay for income taxpayers and imposing a These polarized and polarizing
learned much from history. Every 100 China retaliated in various ways and costly Democratic spending priori- 20% effective tax on an expanded platforms are truly unhealthy. Econo-
years or so, the protectionist wing of Mr. Trump’s promise that manufac- ties. Some proposals are simple job measure of adjusted gross income mists should press the candidates for
the Republican Party pushes through turing jobs would suddenly flood destroyers, while others are truly that includes unrealized capital gains explanations. Voters who want to live
significantly higher tariffs. The out- back to the U.S. proved worthless. menacing. Significant increases in for taxpayers with very high net in a growing economy should ask:
come is never good. In 1930, at the Global trade and production declined corporate taxes, including raising worth. The negative feedback effects Whatever happened to common
start of the Great Depression, Con- and U.S. manufacturing jobs flat- rates, nearly doubling the rate on of a decimated stock market on job sense?
gress enacted the Smoot-Hawley tar- tened. Tariffs violate the simple but global intangible low-taxed income, creation and the broader economy
iffs. The stated purpose was to pro- sound law of comparative advantage. and raising taxes on high-income em- and would be significant. Mr. Levy is a visiting fellow at the
tect U.S. industries and absorb the It may be wise to ban trade in sensi- ployees of private firms would reduce Meanwhile, both candidates have Hoover Institution and a member of
excesses that resulted from produc- tive goods related to national secu- expected returns on capital and cut pledged not to touch the benefits and the Shadow Open Market Committee.

In Picking Kamala Harris, Democrats Follow the Tories’ Folly

The American left hasn’t always been happy. vatives. Theresa May succeeded Mr. His first and only big job before be- eked out a narrow victory against
makes no bones Consider Britain’s Conservative Cameron in 2016 after Tory lawmak- coming prime minister was chancel- far-left Labour leader Jeremy Cor-
about its admira- Party, which burned through five ers helped hound her sole remaining lor of the Exchequer under Mr. John- byn in 2017. But you also can’t as-
tion of Europe. But prime ministers in eight years and rival out of the race before the party son. The grassroots already had sume they’ll forget once this election
must Democrats recently lost an election in crushing membership could vote. Liz Truss rebuffed him once (when he lost to is over. Certainly the manner of Ms.
also copy the fashion. The Tories pick a leader won overwhelming support from the Ms. Truss) by the time he became Harris’s selection will become a ma-
POLITICAL worst aspects of from within the Parliament by poll- party membership but not lawmak- leader by lawmakers’ acclaim. And jor source of intraparty tension if
ECONOMICS European politics? ing their own lawmakers and then ers, and those lawmakers eagerly wouldn’t you know, he lacked the she loses in November.
That’s what putting the two finalists to a vote of ousted her as soon as her economic- governing competence and the polit- Second, it becomes difficult for
By Joseph C.
they’re doing with the grassroots membership. Only ical chops to run the country or win any politician promoted in this man-
Sternberg
the hasty eleva- twice in the past 20 years has this an election. ner to lead, because he can’t figure
tion of Kamala process worked well, and one of Conservatives suffered an It isn’t only Britain. Nominees out whom he’s leading. Is Ms. Har-
Harris to be the party’s presidential those requires an asterisk. anointed by party leadership often ris’s constituency now Nancy Pelosi
standard-bearer. The greater success came in 2005, electoral shellacking when fall short across Europe. In Germany, and Chuck Schumer? Is it a nebulous
What the Democrats have pulled when the party coalesced behind Da- party elites chose a leader Angela Merkel’s effort to handpick a array of special-interest groups and
off over the past week—cashiering a vid Cameron as its new leader while successor suffered several setbacks Hollywood donors? Or is it Demo-
candidate who won the nomination in opposition. With clear mandates the voters didn’t like. (Google “Annegret Kramp-Karren- cratic voters choosing the messenger
through primaries and caucuses and both from members of Parliament bauer” if you must) before ending in and message they want to send into
replacing him with someone chosen and the Tory base, Mr. Cameron was an embarrassing election defeat for the general election?
by party elders—is one of the hall- able to run winning election cam- reform agenda hit political and mar- her party in 2021. The party eventu- America’s genius should be its
marks of a European prime ministe- paigns in 2010 and 2015, before re- ket turbulence. In each instance the ally rejected Ms. Merkel’s favorites ability to do better than the democ-
rial system. Leaders serve at the signing in the aftermath of the 2016 party descended into chaotic dys- in favor of one of her sharpest rivals, racies across the Atlantic. We boast
pleasure of party elites first and vot- Brexit referendum. Boris Johnson’s function because its elites fell out of Friedrich Merz, who is restoring the a highly developed primary system
ers only later. Leadership elections selection in 2019 is the other success alignment with its base, and insiders party’s popularity among voters. to vet candidates independent of
(perhaps “selections” is the better story, although here there were had too many opportunities to Machinations of the sort that ele- elite opinion, and a boisterous feder-
word) become a matter more of deli- cracks: He was much more popular thwart voters. vated Ms. Harris create several in- alism that allows voters to test a
cately managing internal party divi- among the party faithful and the Dispiritingly for Ms. Harris, the tertwined problems. First, they al- wide range of talents in lower offices
sions than building a popular man- electorate than among lawmakers, closest analog to her situation may most inevitably breed resentment before voting them into higher ones.
date for anything. who proved all too willing to push be Rishi Sunak. The main feature of and distrust between the party faith- Parties don’t always seize the op-
Alas for Ms. Harris and her pa- him out of office amid a series of his career was a meteoric rise unre- ful and party leadership. Democrats portunity to nominate their best op-
trons in the smoke-filled back- scandals. lated to any obvious aptitude for may not notice for now since they’re tions, but Democrats may yet regret
rooms, Europe’s experience with Otherwise, rule by party elders government or politics other than a so excited to vote against Donald not even having given themselves
this method of leadership selection has been a disaster for the Conser- talent for appealing to party elites. Trump, in the same way Mrs. May the chance.

A Trump Peace Plan for Ukraine

By David J. Urban While Mr. Biden stumbled into share. It is time to raise the bar on derstand means the war must end. should swiftly admit Ukraine and
And Mike Pompeo war through weakness, Mr. Trump spending to 3% of member coun- He will face rising costs and no help it modernize and develop its

P
could re-establish peace through tries’ gross domestic product. chance of further gain. economy.
undits claim that if Donald strength. Here’s how a successful • Create a $500 billion “lend- These steps would position Mr. If Russia complies with these
Trump is re-elected, he will cut plan for Ukraine might look: lease” program for Ukraine. Instead Trump to set the terms of a deal: terms, the West will gradually lift
off aid to Ukraine, give away its • Unleash America’s energy poten- The war stops immediately. Ukraine sanctions. They will be fully re-
territory, and deal directly with tial. This will fire up the U.S. econ- builds up substantial defense forces moved once Ukraine is in both NATO
Vladimir Putin to impose an ignomin- omy, drive down prices and shrink Among the essentials are so Russia never attacks again. No and the EU.
ious “peace” on the country. Mr. Putin’s war-crimes budget. one recognizes Russia’s occupation These steps, and not the half-
There’s no evidence that such ca- • Rebuild ties with Saudi Arabia a lend-lease program, real and claimed annexation of any measures of the Biden administra-
pitulation will be part of President and Israel and work together sanctions on Russia, and Ukrainian territories—just as we tion, will end the war, establish a
Trump’s policy and much evidence against Iran. This will stabilize the never recognized the Soviet incor- lasting peace, ensure Europe bears
to the contrary. It was Mr. Trump Middle East, ease the Gaza crisis, a revitalized NATO. poration of the Baltic states and the burden of maintaining it, and re-
who in 2017 lifted the Obama ad- and create an opening for the Saudis withheld recognition from East Ger- establish freedom and security on
ministration’s arms embargo on to join the U.S. in squeezing Russia many until 1974. Crimea is demilita- the Continent.
Ukraine, providing it with the Jave- out of global energy markets. of saddling U.S. taxpayers with more rized. Ukraine rebuilds with repara- To those who doubt: The last
lin missiles that helped save Kyiv in • Impose real sanctions on Rus- bills, let Ukraine borrow as much as tions from Russia’s frozen central- thing Mr. Trump wants in a second
the earliest days of Russia’s inva- sia. The Biden administration’s sanc- it needs to buy American weapons bank reserves, not U.S. taxpayer term is a foreign-policy failure that
sion. More recently, Mr. Trump gave tions sound good on paper but are to defeat Russia. This is how we dollars. distracts from his domestic agenda
political cover to House Speaker hollow. The Treasury, for example, helped Britain in World War II be- Ukraine joins NATO as soon as and makes Mr. Biden’s botched with-
Mike Johnson when he maneuvered exempts Russian banks from U.S. fore Pearl Harbor. It’s how we can possible so all European allies as- drawal from Afghanistan look like a
to pass additional military aid. Help- sanctions if their transactions are send a clear signal to Mr. Putin that sume the burden of protecting it. success in comparison.
ing Ukraine while revitalizing the related to energy production—the he will never win. NATO should establish a $100 bil-
American defense industrial base in most important revenue source for • Lift all restrictions on the type lion fund for arming Ukraine, with Mr. Urban is managing director
Alabama, Pennsylvania and Virginia the Kremlin’s war machine. of weapons Ukraine can obtain and the U.S. share capped at 20%, as is at the BGR Group and of counsel at
is good policy—and good politics. • Bulk up America’s defense in- use. This will re-establish a position the case with other alliance com- Torridon Law. Mr. Pompeo served as
The Biden administration’s dustry. We must show our adversar- of strength, which Mr. Putin will un- mon budgets. The European Union secretary of state, 2018-21.
weakness has left Ukraine where it ies, especially Russia and China, that
is today: two years into a full-scale they can’t compete with U.S. defense
war, with cities destroyed, hun-
dreds of thousands killed, and mil-
lions of refugees, and without the
capabilities. Russia’s economy is
smaller than Texas’. We can’t allow
China to match and surpass the U.S.
The Bronx Bombers Beat Hamas Rockets
means to win. The White House has • Revitalize the North Atlantic By Stuart Halpern drous sight in the sky had been Is- quantifiable victory, one that we

M
no strategy for victory, and Ameri- Treaty Organization. This includes rael’s Iron Dome defense system in- could celebrate while our real he-
cans are rightly concerned. making Europeans pay their fair y family is relieved to be tercepting 300 missiles from Iran. roes were in combat.
swapping Hamas rockets for The phrase “safe at home” had as- “Are there rockets in New Jer-
the Bronx Bombers. My wife sumed a new meaning for us follow- sey?” one of our twins, now 7, asked
and I moved to Israel three years ing four middle-of-the-night dashes the other on learning of our family’s
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY ago with our then 8-year-old and to our apartment’s bomb shelter, summer trip. I assured the kids that
Lachlan Murdoch twin 4-year-olds in tow. After living which doubles as the twins’ bed- the only “bombs bursting in air”
Executive Chairman, News Corp in a country at war for nine months, room. It was nice to hear the phrase would be in the national anthem
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp we’ve returned to New Jersey for a used in a happy context—by the and the fireworks that followed.
Emma Tucker Almar Latour few weeks, visiting relatives. umpire after Jahmai Jones made a We plan to catch the Yankees at
Editor in Chief Chief Executive Officer and Publisher We picked up tickets on StubHub nifty slide into the plate. home at least three more times dur-
Liz Harris, Managing Editor DOW JONES MANAGEMENT: and caught the July 3 Yankees game Following Hamas’s attack on Oct. ing our stay. At summer’s end, we
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, against the Cincinnati Reds. The 7, watching our beloved Yankees on will return to Israel. We hope that
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief;
Executive Editor; Chip Cummins, Newswires; Jason P. Conti, General Counsel, Chief
kids cheered the “great subway the Major League Baseball app was the IDF’s soldiers will soon emerge
Taneth Evans, Associate Editor; Brent Jones, Compliance Officer; Dianne DeSevo, Chief People race” on the jumbotron, danced a helpful escape from the battles victorious, the hostages will be re-
Culture, Training & Outreach; Alex Martin, Print Officer; Jared DiPalma, Chief Financial Officer; along with the grounds crew to around us. As family and friends turned, and regional peace will be
& Writing; Michael W. Miller, Features & Artem Fishman, Chief Technology Officer;
“YMCA,” and gazed in awe at the went off to fight, we supported the achieved. We’ll miss the cracker-
Weekend; Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, fireworks that followed—especially effort by packing food for refugees, jack, but we do care if we ever get
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, SVP, Head of exciting because Israel’s Indepen- visiting relatives of the fallen and back.
Communications; Josh Stinchcomb, EVP & Chief dence Day fireworks in May had reciting Psalms. Cheering on the
Paul A. Gigot Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
been canceled to avoid traumatizing screen images of Aaron Judge and Rabbi Halpern is senior adviser
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
soldiers newly returned from the Juan Soto jogging to the locker to the provost and deputy director
1211 Avenue of the Americas, New York, N.Y., 10036 front. room after a nine-inning win over of Yeshiva University’s Straus Cen-
Telephone 1-800-DOWJONES Before the game, our last won- the Astros gave us succor. It was a ter for Torah and Western Thought.
A18 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

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Friday, July 26, 2024 | B1

Uber, Lyft Get Big Win in California Ackman

Seeks to
Parlay His
State’s top court upheld a lower-court ruling pool of people whom companies passed it with an overwhelming them into an employment
that said Proposition 22, a 2020 generally regard as indepen- majority. model that they overwhelm-
rejects an effort to ballot measure that allowed the dent contractors. Under Proposition 22, the ingly do not want,” Uber said
companies to continue classify- California sued Uber and companies offer a minimum Thursday.

X Clout
classify gig workers
ing their drivers as gig workers, Lyft in 2020, saying they were earnings guarantee, health in- DoorDash called the decision
as employees was constitutional. Some ride- in violation of a new state law surance for drivers who work 15 a “huge victory,” adding that it
share drivers and a labor union that sought to reclassify their hours or more a week, occupa- was relieved that the “unneces-
BY PREETIKA RANA

Uber Technologies, Lyft and

other companies that depend
had challenged that decision,
leading to a prolonged legal
fight that wound up in the
state’s highest court.
drivers as employees who
would be eligible for such bene-
fits.
Uber, Lyft and gig-labor-de-
tional accident insurance cover-
age and other protections. Crit-
ics say that the benefits fall
short of those awarded to full-
sary legal process is behind us.”
The California arm of the
Service Employees Interna-
tional Union, which challenged
Into IPO
on gig workers scored a victory Uber and others are in a pendent companies DoorDash time employees. the measure, said it was disap- BY PETER RUDEGEAIR
with California’s top court, af- global tug of war with regula- and Instacart proposed a ballot “Whether drivers or couriers pointed. We “won’t stop fight- AND CORRIE DRIEBUSCH
firming their independent-con- tors over whether and how to measure to let state voters de- choose to earn just a few hours ing to win greater workplace
tractor model in the state, a de- grant more benefits such as cide whether the law should ap- a week or more, their freedom rights and protections on the Billionaire Bill Ackman is
cision that caps a yearslong paid sick leave and health in- ply to them. They promised to work when and how they job,” said Tia Orr, the executive raising capital for a new pub-
legal battle over how their driv- surance to workers in the so- workers flexibility alongside want is now firmly etched into director of the union in Califor- licly traded investment fund.
ers should be classified. called gig economy, where apps some benefits if the ballot mea- California law, putting an end nia. Listening to his pitch, you
California’s Supreme Court distribute individual tasks to a sure passed. State voters to misguided attempts to force Please turn to page B4 would think he was starting a
movement.
Ackman initially told people

Unilever Touts Ice Cream Split as Profit Rises

he aimed for the fund, Persh-
ing Square USA, to raise
around $25 billion at its ex-
pected launch next week, peo-
ple familiar with the matter
BY ANDREA FIGUERAS three years. said. That figure would make it
“There is much to do, but by far the largest initial public
European consumer-goods we remain focused on trans- offering of its type. He envi-
giant Unilever said the separa- forming Unilever into a consis- sions thousands flocking to its
tion of its ice cream business tently higher performing busi- annual meeting in the style of
was on track after it posted ness,” Chief Executive Hein the one Warren Buffett hosts
sales above analysts’ expecta- Schumacher said. for Berkshire Hathaway share-
tions for the first half. The company reported €3.7 holders. He expects Pershing
The owner of Ben & Jerry’s billion in net profit for the first Square USA to one day join an
ice cream and Dove soap said half, up from €3.55 billion in index like the S&P 500.
revenue climbed 2.3% to the prior-year period, while its “This will be a company
€31.12 billion, or about $33.74 gross margin—a key sector that will be of note in the pub-
billion, in the first six months, metric—stood at 45.7%. lic markets,” Ackman said in a
beating analysts’ forecasts of For the second quarter video pitching investors on
€30.99 billion, according to alone, Unilever reported €16.1 the fund’s IPO.
consensus estimates that were billion in sales, slightly ahead Grandiosity is a given with
compiled by the company. of analysts’ €16.02 billion Ackman, a hedge-fund manager
OLIVER PARINI FOR WSJ

Underlying sales growth in forecast. turned internet gadfly. When it

the period was 4.1%, while ana- Underlying sales growth in comes to other ventures, Ack-
lysts had expected growth of the quarter was 3.9%, showing man has at times set lofty
4.4%. a deceleration compared with goals that haven’t fully panned
In March, the company said the first three months of the out. Delivering on his vision for
it planned to separate its ice year, when the company re- Ben & Jerry’s is among the brands the company wants to place in a stand-alone business. Pershing Square USA will re-
cream division—which in addi- ported growth of 4.4%. quire that he persuade the le-
tion to Ben & Jerry’s, also “While quarterly sales Unilever’s quarterly sales, Segment sales growth in the second quarter gions of people who know him
houses brands including Mag- missed forecasts, the improve- change from a year earlier for his social-media takes to
num, Wall’s and Breyers—into ment in margins points the 12% pay for his investing acumen.
a stand-alone business. way to improved profitability
Beauty & well being 6.8% There are already signs the
“Separation activity is un- later in the year,” Chris Beau- 10 expectations are being pared
derway and on track to com- champ, chief market analyst at Personal care 6.4 back: Ackman has since told in-
plete by the end of 2025. We IG, said. 8 vestors that the deal would
are working at pace on the le- Looking ahead, Unilever now be capped at $10 billion,
gal entity setup, the stand- said it continues to anticipate 6 Home care 3.4 and some people familiar with
alone operating model and underlying sales growth be- the matter say raising even that
carve-out financials,” it said. tween 3% and 5% this year. It 4 might be difficult. Other people
Nutrition 2.7
Unilever has also started forecasts an underlying operat- 2Q 2024 close to the IPO said the strat-
consultations with works coun- ing margin of least 18%, while 2 egy was always to set big ex-
+3.9%
cils as it aims to simplify its it previously said it aimed to Ice cream –0.5 pectations and then go smaller
business. The company previ- deliver a modest improvement. 0 to create the feeling of scarcity.
ously said 7,500 jobs would be However, the company noted Early Thursday, a regula-
–2
affected as part of a restruc- that the margin progression Total company 3.9 tory filing revealed that Ack-
turing plan aimed at saving will be lower in the second half 2019 ’20 ’21 ’22 ’23 ’24 man had sent a letter to share-
€800 million over the next than in the first six months. Note: Excludes acquisitions, divestments and changes in currency Source: the company Please turn to page B9

Hospitals OpenAI to Launch

On Upturn Own Search Engine,
After Years Taking On Google
Of Labor BY DEEPA SEETHARAMAN more results and sources with

Shortages OpenAI is launching a test

version of its long-awaited
relevant information.
SearchGPT is OpenAI’s most
direct challenge yet to Google’s
search engine, which it says dominance in search since the
JEON HEON-KYUN/EPA/SHUTTERSTOCK

BY MELANIE EVANS will cite sources of informa- release of ChatGPT in 2022

tion including news from caught the tech company flat-
Hospitals are finally emerg- business partners such as The footed. Google this year widely
ing from the pandemic’s lasting Wall Street Journal parent rolled out its own AI search
disruption to labor markets, News Corp and the Atlantic feature that synthesizes infor-
adding nurses and other critical magazine. mation from multiple web
workers who left the market or The tool, called SearchGPT, sources. Shares in Google par-
job hopped for higher pay. will summarize the informa- ent Alphabet fell by nearly 3%
HCA Healthcare and Tenet tion found on websites, in- on Thursday.
Healthcare, two of the nation’s The Samsung union said about 6,500 members participated in a July 8 rally to start the walkout. cluding news sites, and let us- Other AI companies are also
largest hospital and surgery- ers ask follow-up questions, entering the search battle, in-
center companies, reported this
week their hospitals are busy
and are expected to stay that Worker Unrest Has Become just as they can currently
with OpenAI’s popular chat-
bot, ChatGPT. The sources are
cluding Perplexity, which is
backed by Jeff Bezos and
founded by a former OpenAI

Newest Threat to Chip Sector

way through the year. Hiring linked at the end of each an- employee.
has opened up services they swer in parentheses. OpenAI said it partnered
had closed because of the pan- OpenAI also built a sidebar with publishers to build the
demic and a tight labor market, where it said users can see Please turn to page B4
company executives say.
“In totality, the strength in BY JIYOUNG SOHN spending roughly $45 billion The 24-year-old Kim is an
the hospital segment has been
significant,” said Dr. Saum Su-
taria, Tenet’s chief executive,
SEOUL—Inside the cavern-
ous factories of Samsung
on two new production plants
and a chip-packaging facility
in Texas with backing from
engineer responsible for de-
tecting equipment failures and
replacing parts, among other
INSIDE
on a call with analysts after the Electronics, rows of machines the Biden administration. tasks. Samsung’s factories run
company posted its earnings pump out memory chips In the U.S., unions are try- around the clock, manufactur-
this week. “We feel optimism around the clock, with help ing to organize employees at ing the kind of chips used in
about the demand that we see.” from just a few workers. Until several chip plants whose products such as smartphones,
Hospitals in recent years this month, Kim Jae-won was owners are set to receive gov- computers and data servers.
have struggled to recruit and one of them. ernment money, including A typical eight-hour shift
keep staff, forcing some to scale Now he is on an indefinite from the 2022 Chips and Sci- often involves five mainte-
back services or close units. strike with thousands of col- ence Act. nance issues or more, Kim
Now, employment gains are leagues in South Korea. They Samsung says the strike said.
opening up much-needed ca- sit on the front lines of an is- isn’t affecting production at “The company says there is
pacity to meet demand where sue affecting semiconductor its three chip-manufacturing a high level of automation, but
aging and growing populations makers globally: With the in- sites in South Korea. It says it in reality, without mainte-
have created long waits for dustry growing in importance will continue to ensure no dis- nance engineers at work, doz-
treatment and backlogs in and investment pouring in, ruptions occur. ens of errors can occur in a
emergency rooms. how much of the bonanza On Tuesday, the two sides single step of the chip-making BUSINESS NEWS HEARD ON THE
These changes have resulted should go to workers? held their first round of talks process,” he said. Hermès sales rose STREET
in positive returns for the hos- Kim is a member of a labor since the strike began without Hundreds of billions of dol-
pital chains. HCA and Tenet union at Samsung demanding reaching a resolution. “We lars in investment globally is
sharply in the quarter, Car manufacturers’
both beat Wall Street’s expecta- greater pay and benefits from hope the situation can be re- flooding into semiconductors. defying a luxury-goods inventory pain is the
tions and raised their earnings the world’s largest memory- solved as soon as possible,” a The U.S. and its allies view slowdown. B3 consumer’s gain. B10
Please turn to page B2 chip maker, which also is Samsung spokeswoman said. Please turn to page B4
B2 | Friday, July 26, 2024 * * THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A
Akash Systems........................B4
Herbalife.........................................B9
Hermès............................................B3
Hyundai Motor......................B10
R
Renault.........................................B10
Nestlé Lowers Its Sales Guidance
As Shoppers Seek Cheaper Goods
Albertsons....................................B2 Roche................................................B2
Alphabet.........................................B1 I Royal Caribbean......................B5
Amazon.com.......................B2,B4 Intel....................................................B4 S
American Airlines..........A2,B3 International Business Samsung Electronics...B1,B4
Analog Devices........................B4 Machines...................................B5 Sanofi...............................................B2
Anglo American.......................B3 K Southwest AirlinesA1,A2,B3
Apple.................................................B4
Kroger...............................................B2 Spotify.............................................B4 BY DOMINIC CHOPPING nificant pressure from lower-
AstraZeneca................................B2
L Stellantis.....................A2,B3,B10 income consumers in the U.S.,
B STMicroelectronics...............B4 Nestlé cut its full-year where price increases over
Lineage............................................B9
Brambles.........................................A1
Lyft......................................................B1
Sumitomo Mitsui................B10 sales guidance after it slowed the past two years and a re-
C M
Super Micro Computer.....B9 the pace of price hikes as duction in U.S. food purchas-
Centene........................................B10 T cash-strapped shoppers con- ing assistance payments have
Meta Platforms.......................B4
CrowdStrike..............................B10 Micron Technology...............B4 Tenet Healthcare.....................B1 tinue to seek cheaper alterna- significantly reduced con-
C&S Wholesale Grocers...B2 Microsoft.......................................B4 Tesla........................................B4,B10 tives to branded products. sumer’s purchasing power,
CVS Health...............................B10 TotalEnergies.............................B3
Mitsubishi..................................B10 The Swiss maker of KitKat prompting “value seeking be-
D Mizuho..........................................B10 Toyota Motor..........................B10
chocolate bars and Nescafe havior,” CEO Schneider said.
DoorDash.......................................B1 Molina Healthcare..............B10 U
coffee said Thursday that The value-seeking ap-
E N Uber Technologies.................B1
pricing is being pressured by proach is something that
Nestlé........................................A1,B2 Unilever............................................B1
Elevance Health....................B10
UnitedHealth...........................B10 increased promotional activ- Nestlé also is seeing in large
News Corp....................................B1
F New York Community United Parcel Service.........B4 ity, among other things, and European markets, as well as
Ford Motor................A2,B9,B10 Bancorp.......................................B5 Universal Health Services that it now expects to report in China, where there is a lot
G Nissan Motor..........................B10 ............................................................... B2 organic sales growth of at of price competition that is
Novartis..........................................B2 Universal Music...............B4,B9 least 3% this year, versus leading to deflation.
Galp Energia...............................B3

HANNAH MCKAY/REUTERS
General Motors.....................B10 O V around 4% previously. “It’s a period right now
H OpenAI..............................................B1 Valeant Pharmaceuticals B9 “We have seen pricing where consumer mood is kind
Harley-Davidson......................B5 P W come down faster than ex- of muted,” he said.
HCA Healthcare........................B1 Pershing Square......................B1 Walmart.........................................B2 pected. Therefore, we con- However, the U.S., like
sider it prudent to adjust our many other large economies,
guidance for the year,” Chief benefits from strong labor
INDEX TO PEOPLE Executive Mark Schneider
said.
The chocolate maker expects to report organic sales growth
of at least 3% this year, compared with around 4% previously.
markets with continued wage
increases, so the company
Shares fell 5.1% in Euro- hopes consumer purchasing
A H P pean trading. expected by analysts. clients. power will soon return.
Ackman, Bill.................................B1 Herzfeld, Erik.............................B9 Page, Sébastien.......................B9 Like many other packaged- “With this inflation weight The highest RIG and the The company reported net
Altman, Sam..............................B4 Hornik, David.............................A4 R food producers, Nestlé has now moderating very quickly lowest pricing was seen in profit of 5.64 billion Swiss
Andreessen, Marc..................A4 I Raja, Vasu.....................................B3 raised its prices over the last we are in a transition period Nestlé’s coffee and pet food francs, or about $6.37 billion,
B Isom, Robert...............................B3 S couple of years to pass on the from pricing-led growth to businesses, typically the com- as sales fell 2.7% to 46.29 bil-
Beauchamp, Chris...................B1 J Schneider, Andy....................B10 higher costs of everything RIG-led growth,” Schneider pany’s growth powerhouses, lion francs.
Bezos, Jeff.....................................B1 Schneider, Mark...............A2,B2 from ingredients to logistics, told journalists Thursday. which suggests that Nestlé Net profit was expected at
Jablokov, Igor............................A4
Breyer, Jim...................................A4 Schumacher, Hein...................B1 all of which surged amid a RIG, or real internal had to use promotional pric- 5.76 billion Swiss francs with
Jordan, Bob..................................A1
Brusuelas, Joe...........................A2 Sevush, Will.............................B10 period of unprecedented in- growth, is the company’s key ing tactics to drive volume in sales of 45.31 billion francs,
Buffett, Warren........................B1 K Srinivas, Aravind.....................B4 flation. measure of sales volume. It the quarter, the analysts said. according to a company-com-
C Kaye, Mark................................B10 Sutaria, Saum............................B1 It lifted prices by an aver- grew by 0.1% in the first half After the volume rebound piled consensus forecast.
Kennebrew, Carl......................B4 Swanson, Erik............................B2 age of 7.5% last year, but be- of the year after seeing a during the second quarter, Nestlé backed guidance for
Case, Steve..................................A4
Chery, Jean-Marc...................B4
Knight, Natalie..........................B3 T gan easing the pace of price sharp acceleration in the sec- Nestlé is now targeting fur- a modest increase in underly-
Koch, Charles.............................A4
Chipchase, Graham................A1 Tanquilut, Brian.......................B2 increases earlier this year as ond quarter. Analysts in a ther volume growth with new ing operating profit margin
Koch, Chase................................A4
Chouhan, Naresh....................B2 Taylor, Gary...............................B10 inflation pressures eased and company consensus had ex- product launches and by from the 17.3% it recorded in
Kurtz, George..........................B10 Thiel, Peter..................................A4
F-G after acknowledging that pected a drop of 0.5%. growing its larger significant 2023. However, underlying
L Thomson, Robert...................B4
hard-pressed shoppers had “A bull could argue that it brands, but cautioned that earnings per share in constant
Fairbank, Richard....................A1
Lalljie, Paul...................................B5 U fled to cheaper brands. is all about volumes and mix consumers in several regions currency is now expected to
Farley, Jim..................................B10
Lee Jae-yong.............................B4 Ubben, Jeffrey..........................A4 It raised prices by 2% in in this business, but pricing of the world are still shopping increase at a mid-single-digit
Filton, Steve................................B2
Green, Ryan................................A2 M W the first half on average, a matters as well,” analysts at on a budget. rate, from between 6% and
Greenspon, Colin....................A4 Musk, Elon...........................B4,B9 Wanblad, Duncan...................B3 smaller increase than the 3% Bernstein said in a note to The company has seen sig- 10% previously.

Kroger, Albertsons Pause Merger Amid Antitrust Cases

BY DAVE MICHAELS The state had sued to block workers’ bargaining power for eliminates the need for an Au- erhouses Amazon and Wal- revised deal with C&S Whole-
AND PATRICK THOMAS the merger in February, saying pay raises. gust hearing in the Colorado mart, which have pushed sale Grocers.
that the transaction would re- A federal court will hear the case. further into the grocery busi- With the proposed divesti-
Kroger and Albertsons duce competition and harm FTC’s request for an injunction The merger between Kroger ness, and strengthens union- tures, the companies would op-
agreed to temporarily put their consumers, workers and suppli- on Aug. 26. and Albertsons, which was ini- ized supermarkets. erate roughly 5,000 supermar-
$20 billion deal on hold while ers. The judge in that case could tially announced in October In April, Kroger and Albert- kets. Including debt, the deal’s
antitrust enforcers pursue law- The Federal Trade Commis- issue an order imperiling the 2022, would combine the two sons agreed to sell more than value is around $25 billion.
suits to block it. sion has separately filed a law- deal before the conclusion of largest supermarket operators 160 additional stores as part of Kroger shares slipped 1.6%
The companies agreed to the suit in federal court in Oregon the state trial in Colorado, by store count in the U.S. a divestiture package aimed at on Thursday, while Albertsons
temporary injunction in a state opposing the merger. The FTC which begins on Sept. 30. The grocers have argued the appeasing competition regula- shares edged up .94%.
lawsuit filed by Colorado Attor- says the combination would A Kroger spokeswoman said deal puts them on better foot- tors. The two have said they —Victor Swezey
ney General Phil Weiser. raise food prices and hurt on Thursday that the decision ing to compete with retail pow- plan to sell 579 stores under a contributed to this article.

Oncology, Diabetes
Drugs Lift AstraZeneca
BY HELENA SMOLAK driving financial strength across
the industry that is likely to last
AstraZeneca raised its full- until the next decade, Intron
year guidance after second- Health analyst Naresh Chouhan
quarter revenue and core earn- said.
ings beat analysts’ expectations, For the quarter, AstraZeneca
becoming the latest big phar- said core earnings per share—
maceutical company to lift its the company’s preferred metric,
outlook. which strips out exceptional
The Anglo-Swedish pharma- and other one-off items—fell to
ceutical company joined Swiss $1.98 from $2.15 in the prior-
peer Roche Holding and year period. Research-and-de-
France’s Sanofi in increasing velopment expenses climbed
forecasts for 2024 alongside 13% in the second quarter.
their latest results. Novartis Revenue rose to $12.94 bil-
also raised its earnings guid- lion from $11.42 billion, driven
ance last week. by 18% sales growth at constant
JOSEPH PREZIOSO/AFP/GETTY IMAGES

AstraZeneca said strong rev- currencies in its product busi-

enue in the first half and con- ness. In its oncology segment—
tinued demand for its drugs the drugmaker’s top business—
supported its upgrade. It ex- revenue grew 15% to $5.33
pects core earnings per share billion, accelerated by demand
and total revenue to both grow for its drugs Enhertu, Imfinzi
by a midteen percentage at con- and Tagrisso. Sales of all its
stant currencies. It had previ- therapy areas grew double-
ously expected growth in the digit, except its vaccine seg-
low double-digit to low teen ment, driven by lower collabo- Hiring has opened up services that hospitals had closed because of the pandemic and a tight labor market, executives say.
range. The guidance increase ration revenue from Covid-19.
doesn’t include a boost in col-
laboration revenue, which the
company previously expected to
Sales of Enhertu rose 49% at
constant currency, recording
the fastest growth of AstraZen-
Hospitals surance companies to offset
higher spending on labor and
supplies during the economy’s
remains tight even as demand
for hospital workers has eased.
Hiring remains strong across
Swanson, senior vice president
of data and analytics at Kauf-
man Hall. Hospital demand has
have a substantial increase, As-
traZeneca said.
A high level of innovation is
eca’s oncology portfolio. Sales of
its Type 2 diabetes drug Farxiga
grew 32%.
Report recent high-inflation period.
Employment gains have al-
lowed hospitals to reopen oper-
clinics, hospitals, and surgery
and imaging centers in a cool-
ing labor market.
stabilized, he said.
At HCA there has been an
increase in the numbers of pa-

Listen to a Podcast: Can Robots Help

An Upturn ating rooms and hospital units
they couldn’t or wouldn’t oper-
ate in a tight labor market that
Hospitals added 89,700 jobs
this year through May, with an
average monthly hospital em-
tients who can be transferred
to its hospitals from other facil-
ities that lack services patients
Reinvent Fast Food? made hiring difficult and ex- ployment growth of 3.6% in the need, its executives have said in
Continued from page B1 pensive. first five recent months during investor
outlooks for the year, sending It is more af- months of the conferences.
shares higher. HCA shares fordable to ex- year, the fastest Tenet has opened more beds
jumped more than 5% Tuesday, pand capacity Higher prices pace since for patients in medical and sur-
while Tenet shares rose nearly now that it is also have 1990. gical units, beginning earlier
5% after it reported earnings on easier to hire Still, by one this year, Sutaria said, doing so
Wednesday. On Thursday they and avoid heavy helped deliver measure, the in markets where recovery
climbed 2.6% and 3%, respec- use of expensive number of full- from the pandemic has so far
tively. temporary staff,
strong earnings time employees lagged behind somewhat.
Universal Health Services, said Brian Tan- for hospitals. per hospital pa- Admissions to hospitals in
which operates general and be- quilut, a health- tient, including Tenet’s portfolio for at least a
CAITLIN OCHS FOR WSJ

havioral-health hospitals, on care equity ana- outpatient med- year were up 5.2% in the sec-
Thursday raised its outlook. lyst for ical care, re- ond quarter from the same pe-
The company’s acute-care hos- Jefferies. mains down nearly 10% from riod a year ago. Its revenue
pital growth was close to ex- Hospitals reported spending before the pandemic, according from admissions, after account-
pectations after accounting for less for temporary labor, an ex- to an analysis of data from ing for business that includes
outpatient business, said Steve pense that soared during the about 1,300 hospitals, con- outpatient services, increased
Scan this code for a podcast from WSJ’s Filton, chief financial officer, on pandemic with repeated waves ducted by advisory firm Kauf- 5.7%.
The Future of Everything, in a conversation a call Thursday with analysts. of Covid-19 surges creating in- man Hall. Tenet’s CEO said he expects
with Steve Ells, whose new venture, Kernel, Higher prices also helped de- tense demand for nurses, respi- The decline can’t be fully ex- continued demand into the next
is introducing food-making robots and a liver hospital companies’ strong ratory therapists and other plained by outsourcing that decade from an aging, chroni-
‘digital-first’ approach to restaurants. earnings. Hospitals have won medical workers. would remove employees from cally ill population. “That trend
price increases from private in- The healthcare labor market hospital payrolls, said Erik hasn’t stopped,” he said.
 THE WALL STREET JOURNAL. Friday, July 26, 2024 | B3

BUSINESS NEWS

Impairment
Swings Anglo
To Net Loss
Write-down related tribution from Anglo’s copper
business to $2.04 billion.
to crop-nutrients Meanwhile, its iron-ore
project sends results unit booked a 20% decrease in
adjusted Ebitda to $1.41 bil-
lower in first half lion.
Last week, Anglo lowered
BY CHRISTIAN MOESS LAURSEN its coal-output target for the
year following a fire incident
Anglo American swung to at its Grosvenor mine in Aus-
a net loss in the first half of tralia, which suspended pro-

SCOTT OLSON/GETTY IMAGES

the year after booking an im- duction for the foreseeable fu-
pairment of $1.6 billion re- ture.
lated to its crop-nutrients The mine had been set to
project in the U.K., a result of contribute at least nearly one-
the mining major’s group- quarter of coal output this
wide reorganization. year.
The diversified mining As part of the group-wide
group said Thursday that it restructuring, Anglo is plan- The parent of Chrysler said fewer cars were sold amid an unfavorable sales mix in the first half in the U.S.
booked a net loss of $672 mil- ning to unload its coal unit—

Stellantis Sees Steep Fall in Earnings,

lion in the half-year from a along with its platinum-met-
profit of $1.26 billion a year als subsidiary Anglo American
earlier, while underlying earn- Platinum and its storied dia-
ings before interest, taxes, de- mond unit De Beers. It also

Considers Reducing Its Production

preciation and amortization— plans to either divest the
its preferred metric—fell 3% nickel business or put it on
to $5 billion. care and maintenance.
Revenue slid 8% to $14.46 The FTSE 100-listed com-
billion. Analysts had forecast pany didn’t provide informa-
$1.12 billion in net profit on tion on whether the Grosve- BY DAVID SACHS due out this year. the performance, noting that role in drawing down its ex-
revenue of $14.27 billion, ac- nor fire incident has “It’s clear we’re in a transi- 20 new-model launches, in- cess inventory.
cording to a Visible Alpha- hampered a potential sales Stellantis posted a steep tion year,” Knight said on a cluding electric vehicles, are Net profit fell 48% to €5.65
compiled consensus. prospect. The mine’s suspen- first-half drop in earnings that call with reporters. “The fi- planned for this year. billion compared with a year
The miner, which ranks sion, combined with the un- missed forecasts as more cars nancials for the first half are Stellantis still expects to earlier, trailing forecasts by
among the world’s largest by certainty of the restart tim- sat at dealerships in the U.S., below our expectations, and meet its double-digit target analysts, which expected net
revenue, said results were ing, is likely to hit the speed prompting the company to this is driven from the chal- for its key profitability met- profit at €6.25 billion, accord-
hampered by lower iron-ore of the sales process and, po- consider price cuts and reduce lenging industry environment ric—adjusted operating in- ing to the Visible Alpha con-
prices and sales, as well as tentially, the price, Berenberg production. plus our own operational is- come margin—which hit 10% sensus.
the impairment related to the analysts said in a research Shares plunged on the sues, particularly in North in the first half, it said. Revenue fell 14% to €85.02
polyhalite project Woodsmith. note earlier this month. news, down 10% at €16.36, America.” Mending its performance in billion, below the Visible Al-
The impairment is a result “We are committed to com- equivalent to $17.75, in early Inventory rose in the U.S. the U.S. will be the company’s pha consensus of €86.50 bil-
of Anglo’s decision, as part of pleting the key elements of European trading. during the six-month period, immediate focus. lion. Adjusted operating in-
an ambitious restructuring this transformation by the The maker of Jeep, Dodge Knight said, despite a 3% drop “That is the market that come plunged 40% to €8.46
outlined in May, to slow down end of 2025,” Chief Executive and a dozen other brands said worldwide on strength in Eu- needs the most work and billion, the Netherlands-based
the development of the asset. Duncan Wanblad said. Thursday that net profit tum- rope. where we are most concen- company said, slightly lower
This will see Anglo trim its Anglo declared an interim bled on fewer cars sold and an Foreign-exchange rates, re- trated when it comes to the than the Visible Alpha fore-
business to focus on copper dividend payout of 42 cents a unfavorable sales mix as in- structuring costs, and a second half,” Knight said. cast.
and iron-ore operations, as share, equal to $500 million, ventories in the U.S. remained bumpier-than-expected transi- Along with price adjust- Cash flow nosedived, with
well as Woodsmith. consistent with its payout high. Chief Financial Officer tion to fully electric vehicles ments, the company will re- an outflow of €392 million—
Copper prices have surged policy. Natalie Knight said price cuts also weighed on results, the duce production in the third down from a positive of €8.65
this year, hitting a record high The mining group’s U.K. are likely in order to attract company said. quarter as part of its recovery billion a year earlier. Stellantis
in May, which drove a 37% in- shares climbed 1.9% in Thurs- consumers and unload supply The Chrysler parent backed strategy, Knight said, adding maintained its target for posi-
crease in adjusted Ebitda con- day’s trading. to make room for new models its full-year guidance despite that marketing will also play a tive cash flow for the year.

Hermès Sales Buck Luxury Slowdown American Airlines Cuts

Outlook for Full Year
BY ALISON SIDER American Airlines quarterly
net profit/loss
American Airlines slashed
$1.5 billion
its earnings outlook for the year 2Q 2024
as it grapples with an industry- $717M
1.0
wide supply glut, as well as re- –46.4%*
percussions from a strategic
misfire that drove away corpo- 0.5
rate customers and travel agen-
cies. 0
American said it was taking
“swift and aggressive” actions –0.5
to win back customers that had
been alienated by the airline’s –1.0
overhaul of how it interacts
with travel agencies and busi- –1.5
nesses.
It has been renegotiating its –2.0
contracts with companies and
CHALINEE THIRASUPA/BLOOMBERG NEWS

2022 ’23 ’24

agencies and called off plans to *Change from a year earlier
restrict frequent flier awards to Source: S&P Capital IQ
bookings made on its own web-
site and through a limited set of American said it expects an
“preferred” agencies. adjusted profit of 70 cents to
American also parted ways $1.30 a share for the year, down
with Vasu Raja, the executive sharply from the range of $2.25
who was the architect of the to $3.25 it previously predicted.
previous approach. It expects to break even in
Shares of American rose the third quarter; analysts had
Birkin handbag maker Her- continued across all regions ex- for the sector—is now facing a luxury groups and were the lat- more than 4% Thursday. been anticipating profit of 48
mès said sales rose as wealthy cept for Asia, where store traffic difficult macroeconomic envi- est warning sign of waning de- “During the second quarter, cents a share.
customers helped it defy a in China, Hong Kong, Macau and ronment, which has prompted mand in China, which was first we did not perform to our ini- Rival airlines also have felt
global slowdown in luxury de- Taiwan weakened. Despite some consumers to save flagged during the current re- tial expectations due to our the impact of an excess of air-
mand, even as it flagged signs softer trends, the company’s money, hurting demand for lux- sults season by smaller peers prior sales and distribution plane seats in the U.S. market,
of weakness in China. sales in the Asia-Pacific region— ury goods. Elsewhere, luxury Burberry Group, Swatch Group strategy and an imbalance of which has weighed on fares de-
The French company’s sec- which excludes Japan—rose sales have normalized after a and Hugo Boss. Cartier owner domestic supply and demand,” spite what carriers say has been
ond-quarter revenue was €3.7 5.5% year over year at constant postpandemic spending boom. Richemont also took a hit from Chief Executive Robert Isom strong summer travel demand.
billion, equivalent to $4.01 bil- exchange rates. Earlier this week, LVMH re- subdued demand in China. said. Southwest Airlines reported
lion, a 13% on-year increase at The results for the year-ear- ported results for the first half Hermès’s recurring operating For the second quarter, a drop in second-quarter profits
constant currency. The result lier period were boosted by the that missed analysts’ expecta- profit jumped to €3.15 billion in American reported profits of on Thursday, and outlined radi-
compares with analysts’ fore- lifting of pandemic measures in tions. Gucci owner Kering the first half from €2.95 billion $717 million, down more than cal changes to its business
casts of €3.67 billion, according China. Hermès said the tough warned it expects profit to keep during the same months last 46% from a year earlier. Ad- model in a bid to boost revenue,
to a poll of estimates compiled comparison base weighed on its falling in the second half. year. Net profit grew to €2.37 justed earnings of $1.09 a share such as assigning seats for the
by Visible Alpha. performance in the region. Kering’s results prompted billion from €2.23 billion. exceeded expectations of ana- first time. Its shares climbed
Hermès said momentum China—long a growth engine share losses across European —Andrea Figueras lysts polled by FactSet. nearly 6%.

TotalEnergies Profit Slips as Maintenance Curbs Production

BY PIERRE BERTRAND three months of the year to Thursday. The unit posted a prices in the third quarter ter 2024, remain impacted by TotalEnergies said net
2.44 million barrels a day, 5% on-quarter rise in adjusted should be around $10 per mil- low diesel demand in Europe, profit fell to $3.79 billion from
TotalEnergies said it ex- dragged down by an increase net operating income, driven lion British thermal units, up as well as by the market nor- $4.09 billion a year earlier. On
pects third-quarter hydrocar- in planned maintenance, par- by higher oil prices that were from the range of $9 to $10 malization following the dis- an adjusted basis, profit came
bon production to remain ticularly in the North Sea. partially offset by lower real- per million BTUs it was ex- ruption in Russian supply,” the to $4.67 billion. Sales, mean-
largely unchanged from the The company had previ- ized gas prices and produc- pecting for the second quarter. company said. while, fell 4.5% to $53.74 bil-
second quarter, as it reported ously guided for second-quar- tion. Adjusted downstream earn- TotalEnergies’ second-quar- lion.
a fall in net profit for the ter oil- and-gas production of Integrated liquefied natural ings, meanwhile, were hit hard ter release, the first from one Analysts had expected net
three months to the end of close to 2.45 million barrels a gas sales and adjusted net op- and the company’s refining of Europe’s oil and gas majors, profit of $4.96 billion, accord-
June. day. erating income fell 18% and and chemicals result declined comes after smaller Portu- ing to a consensus by Visible
The French oil-and-gas ma- Despite the production de- 6%, respectively, from the pre- 34% on quarter due to lower guese peer Galp earlier this Alpha.
jor said it expects to produce cline, TotalEnergies’ explora- vious quarter amid lower de- European and Middle Eastern week nudged up its full-year TotalEnergies said it would
between 2.4 million and 2.45 tion and production unit, re- mand for LNG in Europe and refining margins, TotalEner- earnings expectations after its buy back up to $2 billion of
million barrels of oil equiva- sponsible for the bulk of the lower spot purchases, the gies said. second-quarter result was shares in the third quarter and
lent a day in the third quarter. company’s coffers, benefited company said. “Global refining margins, boosted by a 2% increase from declared a second interim div-
Output in the second quar- from the high availability of The company said it ex- which have sharply decreased upstream unit earnings and idend of €0.79 a share, flat on
ter slipped 1% from the first production facilities, it said pected its average LNG selling since the end of the first quar- higher refining utilization. the quarter.
B4 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Universal Music’s Stock Plunges European

Chip
Supplier
Revenue growth
from subscriptions

Cuts 2024
and streaming
misses expectations
BY MAURO ORRU

Universal Music Group lost

roughly $13.25 billion in mar-
Forecast
ket value after the record label BY MAURO ORRU
behind Taylor Swift, Billie Eil-
ish and Ariana Grande posted STMicroelectronics slashed
revenue growth from sub- its sales and margin forecasts
scriptions and streaming ser- for the year once again as it
vices well below what analysts continues to face lackluster de-
had expected. mand for chips from the auto-
Shares in Amsterdam motive industry.
plunged 23.5% on Thursday, The European chip maker
bringing the group’s market said it now expects revenue of
value down to about 39.69 bil- $13.2 billion to $13.7 billion this
lion euros, or about $43.03 bil- year compared with a previous
lion, according to FactSet. range of $14 billion to $15 bil-
CAROLINE BREHMAN//EPA/SHUTTERSTOCK

Universal’s market value stood lion. Meanwhile, its gross mar-

at roughly €52 billion on gin is now expected at about
Wednesday. 40% compared with a previous
Late Wednesday, the forecast in the low 40s.
world’s largest music com- The downgrades come three
pany reported revenue of months after the group initially
€2.93 billion for the three cut its forecasts due to slow de-
months to the end of June, mand, particularly from the au-
up 9.6% on year at constant tomotive industry. STMicroelec-
currency. Analysts had fore- tronics, which counts Apple,
cast revenue of €2.89 billion, Physical revenue, which includes CD and vinyl sales, grew more than 14% thanks to releases by artists such as Billie Eilish. Samsung Electronics and
according to consensus esti- Tesla among its customers,
mates compiled by Visible at,” Barclays analysts wrote in stant currency to €343 mil- nue, which includes CD and vi- Universal Music Group share said sales of chips for personal
Alpha. a note to clients. “If paid lion. Chief Financial Officer nyl sales, grew more than 14% price, past three months electronics had shows signs of
Revenue from subscriptions streaming growth stays lower, Boyd Muir said in an earnings at constant currency to €357 improvement, though demand
€30
and streaming grew just 4.1%, we see UMG multiples falling.” call that while Spotify, You- million thanks to a favorable from the automotive industry
well below analysts’ forecasts Universal said revenue from Tube and others had contin- release schedule that fueled and producers of industrial
of more than 10%. Subscrip- subscriptions increased 6.9% ued to report healthy growth vinyl sales in the U.S. and Eu- 28
equipment remained low.
tion and streaming services at constant currency to €1.14 in subscribers, other plat- rope. Taylor Swift, Billie Eil- While demand for AI chips
boomed at the height of the billion, citing growth in its forms Universal partners with ish, Seventeen, Morgan Wallen has been booming, the wider
pandemic as listeners turned global subscriber base and the had seen a slowdown in new and Ae! group were among the 26 semiconductor industry is still
to digital platforms to enjoy benefit of price increases subscriber additions. top sellers for the quarter. facing an inventory glut: Major
their favorite artists when across streaming platforms. Last-minute deal changes Adjusted earnings before chip makers delayed spending
coronavirus restrictions Spotify Technology, Apple and also added pressure on reve- interest, taxes, depreciation 24 on production equipment as
brought live concerts to a Amazon.com all raised prices nue, Muir said. Meta Plat- and amortization—a key prof- they grappled with lackluster
standstill. However, growth for their music streaming ser- forms is no longer licensing itability metric for Universal— demand for semiconductors
has cooled in recent years. vices in recent years, bringing premium music videos from rose to €649 million from 22 since manufacturers of con-
Thursday
“Investors bought UMG in additional subscriptions Universal as of May, and the €590 million, generating a €21.70 sumer devices, cars and indus-
mostly for low double-digit revenue for record labels like record label also lost some 22.1% adjusted margin. Ana- –23.5% trial equipment held off order-
growth in paid streaming, in Universal. revenue during its monthslong lysts had forecast €645.4 mil- 20 ing more chips that they had
our view, the main basis for However, streaming reve- tussle with TikTok. lion in adjusted Ebitda, ac- May 2024 June July stockpiled in recent years.
the rich valuation UMG trades nue contracted 3.9% at con- Universal’s physical reve- cording to Visible Alpha. Note: €1 = $1.08 Source: FactSet Electric vehicles, which have
long provided a lifeline to chip
makers, are no exception. Profit

Strikes free in recent decades. That

has begun to change.
Dating to 2019, the Sam-
support under the chips law.
An Analog Devices spokes-
woman said the company re-
the rights of workers to form
unions. Intel declined to com-
ment.
duced on 12-inch wafers.
The union has said the op-
erational rate at the Kiheung
at Elon Musk’s electric-vehicle
maker Tesla tumbled for a sec-
ond straight quarter, a sign that

Threaten sung union says it has grown

to represent about one-quar-
ter of Samsung Electronics’
spected its employees’ right to
express their views and
wanted to address their con- Samsung’s strike
facility’s 8-inch wafer produc-
tion line dropped to 18% from
80% after the first week of the
the EV market is still away
from a full recovery.
“During the quarter, con-

Chip Sector roughly 125,000 workers in

South Korea across businesses
including semiconductors,
cerns.
The Communications Work-
ers of America union has been
The Samsung union, which
hasn’t disclosed the current
wage levels of its members, is
strike, part of its response to
the company’s assertion that
there haven’t been disrup-
trary to our prior expectations,
customer orders for industrial
did not improve and automo-
smartphones and appli- pushing to organize workers calling for an average 3.5% in- tions. tive demand declined,” said
Continued from page B1 ances. In 2020, Samsung head at some of the biggest U.S. crease in base salary, an extra Independent data on pro- Chief Executive Jean-Marc
chip making as a strategic in- Lee Jae-yong apologized for chip companies, vacation day duction weren’t available. Chery.
dustry, giving momentum to the company’s past union- including Intel. and a different Jang Young-jae, a semiconduc- Shares in Paris slumped
workers’ demands for better busting practices. Carl Ken- bonus plan. tor systems engineering pro- more than 10% on Thursday.
treatment. Annual revenue for The union hasn’t disclosed nebrew, presi- Unions are Samsung fessor at the Korea Advanced Revenue declined more than
the industry is expected to how many people are on dent of the trying to said it has al- Institute of Science and Tech- 25% year over year to $3.23 bil-
double to $1 trillion by the de- strike, but it said roughly union’s indus- ready negoti- nology, said a chip factory lion in the second quarter. Ana-
cade’s end. 6,500 members—most of them trial division, organize at ated salaries might get by with reduced lysts had forecast revenue of
Similar showdowns over employed in chip production— pointed to the with a work staff for a few weeks by skip- $3.20 billion, according to con-
workers and technology have participated in a rally kicking disruptions in
several U.S. council that in- ping tasks such as regular sensus estimates compiled by
unfolded in the auto industry, off the walkout on July 8. South Korea chip plants. cludes repre- maintenance but eventually Visible Alpha.
at United Parcel Service and At the rally, rows of union and called on sentatives of would suffer an impact. STMicroelectronics posted a
among Hollywood writers and members decked out in black U.S. companies workers and of- Kang Kee-uk, a 30-year-old net profit of $353 million com-
actors. In 2023, the U.S. expe- raincoats and red bandannas receiving fered the same striker, has been working as pared with $1 billion a year ear-
rienced around 470 strikes in- saying “all-out strike” raised money from the federal gov- terms to union members. an equipment-maintenance lier. Gross profit—a closely
volving around 540,000 work- their fists. Previously, the ernment to reach labor agree- The South Korean company engineer for 11 years at one of watched metric for companies
ers, more than double the union staged a one-day walk- ments. is rebounding from a recent Samsung’s DRAM memory- operating in the semiconductor
number of workers involved in out in June, the first-ever In May, the union started downturn in the memory-chip chip production lines. He said industry—plunged to $1.30 bil-
the previous year, according to strike at Samsung. talks with Micron Technology market and has estimated that he felt management viewed lion from $2.12 billion, generat-
a tally maintained at Cornell Earlier this month, more over an agreement that would its second-quarter operating the contributions of workers ing a 40.1% gross margin.
University’s School of Indus- than a dozen employees at an give the union favorable con- profit reached $7.5 billion, a as minimal. A Samsung Analysts had forecast a net
trial and Labor Relations. Analog Devices factory in Or- ditions to seek to organize nearly 16-fold increase from spokeswoman said the com- profit of $323.1 million and a
egon held a rally, calling for workers at new plants in New the prior year. pany recognizes its business gross profit of $1.28 billion, ac-
safer working conditions and a York and Idaho. The strikers have especially success comes from its em- cording to the Visible Alpha
Emerging unions minimum wage at the factory It reached such a deal—the targeted older production ployees and it respects lawful consensus.
Most of the world’s semi- of $27 an hour. first between CWA and a chip lines, such as one in the city of union activities. For the current quarter, ST-
conductor hubs, including They cited support the fac- maker—last November with Kiheung that uses 8-inch wa- “The company keeps telling Microelectronics expects reve-
those in the U.S., South Korea tory is getting from the state, California-based Akash Sys- fers and is less automated. us to have pride. But that’s nue of $3.25 billion and a gross
and Taiwan, have been union- as well as potential federal tems. Micron said it respected Newer chips are typically pro- hard to do,” Kang said. margin of 38%.

OpenAI to its backer, Microsoft, in

court, alleging in lawsuits
that their content was used
Uber and
Start Search without permission to train
OpenAI’s systems. OpenAI has
said the Times lawsuit is
Lyft Get
Engine without merit.
Many of the discussions
OpenAI had with publishers
Big Win
about the search tool were fo-
Continued from page B1 cused on how their news con- Continued from page B1
search tool. In recent months, tent will be used in answers to Proposition 22’s successful
OpenAI representatives have queries. Thursday, OpenAI said passage set the tone for gig-
shown mock-ups of the fea- publishers can manage how worker regulation in the rest of
DAVID PAUL MORRIS/BLOOMBERG NEWS

ture to publishers, who have their content appears in the country. Washington state
grown increasingly uneasy SearchGPT. later passed a law preserving
about the way AI could re- In a statement included as the companies’ independent-
shape their newsrooms and part of OpenAI’s press release contractor models. The compa-
newsgathering amid recent Thursday, News Corp CEO nies reached a settlement with
declines in online traffic for Robert Thomson said CEO Sam the attorney general of Massa-
many publishers. Altman and other OpenAI lead- chusetts last month that prom-
Publishers are broadly con- ers understood that any AI- ised workers a minimum wage
cerned that AI-powered search powered search must rely on alongside some benefits, mir-
tools from OpenAI or Google Sam Altman, OpenAI’s CEO, center, has struck partnerships with several news organizations. “the highest-quality, most reli- roring Proposition 22.
will serve up complete an- able information furnished by Thursday’s decision was be-
swers based on news content, whims of tech companies in- product’s “rough edges.” Monde; the Financial Times; trusted sources.” ing closely watched by analysts
eliminating the need to click cluding Meta Platforms’ Face- Even so, many publishers and IAC’s Dotdash Meredith, For now, SearchGPT will be concerned that an unfavorable
on an article link and starving book and Google, whose prod- see value in selling access to home of such publications as tested as a separate product, ruling could radically alter the
publishers of online traffic uct changes could sometimes their intellectual property to People and Better Homes & but eventually OpenAI plans to companies’ business models as
and advertising revenue. trigger violent changes in on- AI companies who need mas- Gardens. integrate it within its main they had just turned a corner
It isn’t clear how much line traffic. sive amounts of data and con- In some of those deals, ChatGPT service. News pub- on profits.
traffic a product such as Their fears were further tent to refine their AI systems OpenAI has extended millions lishers and creators will be Uber, which has a large
SearchGPT could send pub- fanned when last month Per- and create new products like of dollars in cash and cloud among those first few testers global footprint, has had to
lishers’ way. “We expect to plexity repurposed a story by SearchGPT. credits to publishers in ex- and OpenAI will offer a wait make bigger concessions out-
learn more about user behav- Forbes magazine for one of its Over the past year, OpenAI change for the right to train list where U.S. users can sign side the U.S. It agreed to grant
ior” in the test, an OpenAI products and didn’t mention has struck partnerships with a new generative AI models on up to try the tool. its U.K. drivers an employment
spokeswoman said. the news source until the bot- litany of news publishers in- their work. Wall Street Journal owner status entitling them to vaca-
Publishers are leery of tech tom of the page. Chief Execu- cluding Politico and Business Other publishers, including News Corp has a content-li- tion pay and pension contribu-
partnerships after more than a tive Aravind Srinivas attri- Insider’s parent, Axel Springer; the New York Times, have censing partnership with tions after exhausting its legal
decade of dealing with the buted the issue to the the Associated Press; Le opted to battle OpenAI and OpenAI. options in 2021.
THE WALL STREET JOURNAL. * * Friday, July 26, 2024 | B5

BUSINESS NEWS
EARNINGS WATCH
Online Education
Company 2U Files
For Bankruptcy
BY MELISSA KORN we believe, were very patient
with us, were very kind to us
Online education company through this, but you can’t ex-
2U filed for Chapter 11 bank- pect that to last forever.”
ruptcy protection and is being The company said the bank-
taken private in a deal that will ruptcy proceedings won’t affect
wipe out more than half of its services for students or
$945 million in debt. schools. 2U has more than 260
2U was a pioneer in the on- partner institutions globally,
line education space, joining enrolling about 70,000 students
with schools including the Uni- in degree and nondegree pro-
versity of Southern California, grams. The schools oversee ad-
Georgetown University and the missions decisions and provide
University of North Carolina at faculty, while 2U generally han-
Chapel Hill to design and oper- dles areas including marketing,
ate online courses in fields in- course design and logistics for
cluding nursing and social clinical placements. Some insti-
work. tutions, including USC, recently

ANGELA OWENS/WSJ
But it struggled in recent scaled back their partnerships
years amid new competition with 2U over school concerns
and changing regulations. It about revenue-sharing agree-
also had a highly leveraged bal- ments, program quality and
ance sheet with looming loan- student costs.
repayment deadlines. The market for online pro- Harley-Davidson sold 50,000 motorcycles globally in the quarter ended June 30. The company lowered its full-year forecast.
2U closed Wednesday with a grams—and the roster of com-
market value of about $11.5 mil- panies offering to manage IBM ROYAL CARIBBEAN HARLEY-DAVIDSON NYCB
lion, down from more than $5 those programs—surged in re-
billion in 2018. It went public a cent years. As competition
Wager on AI Sends Earnings Surge on Motorcycle Maker Regional Bank
decade ago and hasn’t posted grew, 2U pursued additional Profit Above Views Strong Demand Reduces Forecast Posts Net Loss
an annual profit since then. opportunities with nondegree International Business Royal Caribbean nearly Harley-Davidson said New York Community
Under the restructuring courses like tech boot camps Machines posted results that doubled its quarterly profit, quarterly sales and earnings Bancorp shares dropped
deal, 2U will cut its debt load to and certificates for mid-career topped Wall Street expecta- with higher booking volumes came in well above analyst about 10% after the regional
about $459 million and extend professionals. In 2021, 2U tions, aided by a bet on AI. at record pricing. expectations, though retail bank disclosed another quar-
the maturity of its revolving bought edX, an online platform The tech company’s book The Miami-based com- sales fell and the company’s terly net loss and girded for
and term loans. Lenders and for classes that was founded by of business for Watsonx has pany’s revenue exceeded ana- profit forecast darkened. further trouble in commercial
noteholders will also give the Harvard University and the topped $2 billion, after the lysts’ expectations. The Milwaukee-based mo- real estate lending.
company a roughly $110 million Massachusetts Institute of generative-AI platform Strong demand for Euro- torcycle maker reported quar- NYCB logged a second-
capital infusion. Technology. launched last year. About pean and Alaskan cruises is terly earnings per share of quarter loss of $323 million,
2U said it would seek court The debt from that $800 one-quarter of that relates to expected to drive growth this $1.63 and $1.6 billion in reve- compared with net income of
approval to access $64 million million deal for edX proved de- software solutions, and the quarter. For the full year, nue. That compared with the more than $400 million a
of that financing to keep oper- bilitating to 2U. The company rest from consulting. Royal Caribbean expects ad- $1.40 and $1.3 billion pre- year earlier.
ating during the Chapter 11 refinanced some loans in early Overall revenue rose about justed earnings to grow 68% dicted by analysts, according The Hicksville, N.Y., bank
process, which it expects to 2023, pushing back a due date 2%, led by a 7% increase in to a range of $11.35 to $11.45 to FactSet. said more loans in commer-
complete by the end of Sep- by two years, but struggled to software revenue. Infrastruc- a share. Harley sold 50,000 motor- cial real estate had gone bad
tember. make additional changes to the ture revenue climbed 1%, Profit of $854 million, or cycles worldwide during the and that it had added to its
2U’s new backers will in- loan structure last fall. 2U said while consulting revenue $3.11 a share, compared with three months ended June 30, reserves for potential future
clude funds managed by in March that there were dropped at a similar rate. $459 million, or $1.70 a share, a 3% decline from 2023. losses. NYCB expanded a loan
Mudrick Capital Management, doubts it could continue as a IBM raised its outlook for a year earlier. Harley lowered its full-year review to cover 75% of com-
Greenvale Capital and Bayside going concern without amend- free cash flow, which it now Stripping out one-time forecast, saying motorcycle mercial real estate and multi-
Capital. “It was a difficult deci- ing or refinancing its debt or expects to top $12 billion this items, adjusted earnings per revenue will likely drop 5% to family portfolios, it said.
sion, but at the end of the day raising capital. year. Revenue came in at share were $3.21. Analysts 9%, with an operating income The bank fell into turmoil
it was the responsible action Executives said as recently $15.77 billion, ahead of Wall polled by FactSet had ex- margin of 10.6% to 11.6%. It early this year due to distress
needed to move the company as May that they were making Street expectations of $15.62 pected $2.76. earlier predicted revenue in those books, particularly
forward,” said Paul Lalljie, 2U’s progress in repairing the com- billion, according to FactSet. Revenue rose to $4.11 bil- would be flat to down 9%, for loans backed by rent-sta-
chief executive. “This was be- pany’s balance sheet and were Profit rose to $1.83 billion lion, exceeding the $4.05 bil- with margins of 12.6% to bilized multifamily properties
ginning to be a burden on our having “constructive dialogue” from $1.58 billion a year ear- lion expected by analysts. 13.6%. in New York City.
operations. And our partners, with lenders. lier. —Sabela Ojea —Emon Reiser —John Keilman —Gina Heeb

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B6 | Friday, July 26, 2024 * * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
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Contract
High hilo Low Settle Chg
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Metal & Petroleum Futures Jan'25 3.534 3.542 t 3.465 3.470 –.076 132,757 Nov 512.00 518.50 511.00 514.00 7.00 1,250 Currency Futures
Contract Open March 3.029 3.041 t 2.958 2.964 –.076 120,617 Milk (CME)-200,000 lbs., cents per lb.
July 19.83 19.84 19.82 19.84 –.02 3,568
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Open High hi lo Low Settle Chg interest Aug .6527 .6604 .6503 .6525 .0006 442
Copper-High (CMX)-25,000 lbs.; $ per lb. Agriculture Futures Aug 20.45 20.49 20.13 20.23 –.20 3,595
Sept .6552 .6632 .6530 .6552 .0006 304,688
July 4.0605 4.1325 4.0605 4.1125 0.0135 712 Corn (CBT)-5,000 bu.; cents per bu. Cocoa (ICE-US)-10 metric tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Sept 8,201 8,201 7,770 7,805 –422 45,990 Aug .7246 t .7253
.7227 .7240 –.0005 367
Sept 4.0820 4.1560 4.0360 4.1255 0.0165 130,145 Sept 403.00 408.75 402.00 406.00 2.25 582,594
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 7,134 7,134 6,729 6,740 –413 46,682 Sept .7253 t .7259
.7231 .7246 –.0005 322,128
Dec 417.25 423.50 416.25 420.75 2.75 698,378
July 2365.50 2365.90 2365.50 2351.90 –61.40 68 Oats (CBT)-5,000 bu.; cents per bu. Coffee (ICE-US)-37,500 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
Aug 2398.10 2400.80 2351.90 2353.50 –62.20 144,001 Sept 231.35 235.45 228.55 234.70 3.55 111,826 Aug 1.2910 1.2915 1.2852 1.2862 –.0044 430
Sept 330.00 334.25 321.50 329.00 –3.75 1,110
Sept 2410.50 2411.80 t 2364.90 2366.10 –62.60 1,420 Dec 230.45 234.30 227.50 233.55 3.45 72,118 Sept 1.2913 1.2919 1.2853 1.2865 –.0044 275,105
Dec 324.75 326.00 315.50 322.75 –4.25 3,987
Oct 2420.50 2424.60 2375.10 2376.60 –63.00 51,453 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybeans (CBT)-5,000 bu.; cents per bu.
Dec 2446.20 2448.40 2398.20 2399.90 –64.10 338,233 Oct 18.00 18.70 17.92 18.66 .75 343,918 Sept 1.1373 1.1464 1.1363 1.1426 .0062 90,620
Aug 1111.00 1120.50 1103.50 1116.00 5.00 60,768
Feb'25 2457.60 2472.60 2421.20 2422.70 –64.60 18,376 March'25 18.30 18.98 18.24 18.94 .71 194,180 Dec 1.1488 1.1583 1.1484 1.1547 .0064 736
Nov 1065.00 1082.50 1057.75 1079.50 15.50 434,901
Palladium (NYM) - 50 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Meal (CBT)-100 tons; $ per ton. Aug .6585 .6585 t .6519 .6547 –.0037 678
July 1019.00 1040.50 s 1011.00 894.00 –28.00 3 Sept 37.48 37.48 37.48 37.48 … 1,943
Aug 343.90 353.20 341.90 352.40 9.00 44,493
Sept .6589 .6591 .6520 .6552 –.0037 223,974
Sept 921.50 921.50 883.50 896.00 –28.00 24,893 March'25 37.06 37.06 37.06 37.06 .05 2,179
Dec 320.20 329.90 318.40 329.20 8.60 249,912 Mexican Peso (CME)-MXN 500,000; $ per MXN
Platinum (NYM)-50 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb.
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Aug .05410 .05430 .05370 .05403 –.00014 67
July 941.20 941.20 941.20 934.90 –23.90 1 Oct 66.40 67.25 66.24 67.21 .20 391
Aug 46.15 46.24 45.22 45.81 –.21 41,979 Sept .05399 .05415 .05338 .05379 –.00014 194,571
Oct 962.10 962.10 936.70 945.70 –23.90 70,564 Dec 68.70 69.15 67.73 68.90 .25 160,796
Dec 44.10 44.43 43.57 44.17 .07 235,585 Euro (CME)-€125,000; $ per €
Silver (CMX)-5,000 troy oz.; $ per troy oz. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 423.20 427.50 419.20 420.10 –3.85 7,760
Aug 1.0853 1.0882 1.0841 1.0860 .0009 1,720
July 28.700 28.700 27.550 27.807 –1.309 70
Sept 14.79 15.05 14.73 15.01 .22 8,613 Sept 1.0867 1.0896 1.0854 1.0874 .0009 658,169
Sept 29.075 29.080 27.555 27.975 –1.341 118,259 Nov 420.00 423.15 415.00 416.30 –4.10 1,544
Nov 15.03 15.27 15.00 15.24 .22 983
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Sept 77.50 78.47 76.04 78.28 0.69 393,388
Wheat (CBT)-5,000 bu.; cents per bu. Interest Rate Futures Index Futures
Sept 546.75 549.75 536.25 537.75 –9.25 204,023
Oct 76.43 77.28 75.05 77.11 0.53 216,211 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
Dec 570.25 573.50 561.00 562.50 –8.50 129,309
Nov 75.58 76.38 74.30 76.22 0.43 139,380 Sept 40208 40685 40055 40192 82 90,977
Wheat (KC)-5,000 bu.; cents per bu. Sept 124-040 126-000 124-040 125-040 1-01.0 1,653,963
Dec 74.91 75.67 73.68 75.51 0.39 252,387 Dec 40612 41076 40463 40593 83 895
Sept 565.50 569.75 555.50 561.50 –6.00 128,880 Dec 126-100 126-130 124-240 125-230 31.0 11
June'25 72.37 73.04 71.40 72.89 0.31 121,870 Mini S&P 500 (CME)-$50 x index
Dec 583.25 585.75 572.00 578.00 –5.75 75,684 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec 70.46 71.13 69.64 70.96 0.30 130,501 Sept 5482.50 5533.25 5432.50 5441.25 –30.75 2,019,043
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 118-000 119-130 118-000 118-200 19.0 1,684,716
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 5544.75 5594.50 5493.50 5502.25 –31.00 18,605
Aug 257.200 259.875 255.475 258.625 1.500 12,819 Dec 118-070 119-140 118-040 118-230 19.0 6,117
Aug 2.4461 2.4761 2.4031 2.4712 .0188 30,123 Mini S&P Midcap 400 (CME)-$100 x index
Sept 256.650 258.825 255.000 257.900 1.200 13,741 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept
Sept 2.4623 2.4931 2.4204 2.4881 .0191 99,747 3028.20 3089.90 3010.70 3045.10 24.80 37,245
Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 110-205 111-085 110-205 110-255 4.0 4,602,784
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec … 3104.50 3037.50 3062.90 25.50 n.a.
Aug Aug 186.900 189.050 s 186.775 188.900 2.000 40,938 Dec 111-015 111-215 111-015 111-060 4.0 8,214
2.4443 2.4730 2.4059 2.4676 .0161 47,406 Mini Nasdaq 100 (CME)-$20 x index
Sept 2.4065 2.4349 2.3685 2.4295 .0166 127,065 Oct 186.250 189.050 s 186.025 188.600 2.325 144,127 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 19260.00 19390.50 18883.25 18992.25 –211.00 249,244
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 107-080 107-205 107-080 107-095 … 6,518,126 Dec 19512.25 19633.00 19118.25 19233.25 –210.00 1,902
Aug 2.126 2.155 2.035 2.041 –.076 27,590 Aug 94.000 94.325 92.875 93.775 … 33,095 Dec 107-287 108-010 107-227 107-235 .2 53 Mini Russell 2000 (CME)-$50 x index
Sept 2.161 2.193 2.064 2.072 –.086 364,750 Oct 78.300 78.700 76.650 77.800 –.225 106,479 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 2215.70 2275.70 2202.20 2240.30 25.70 475,456
Oct 2.268 2.296 t 2.182 2.187 –.081 147,494 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 102-170 102-225 102-155 102-160 –1.9 4,458,103 Dec 2242.20 2299.90 2225.90 2264.10 26.30 470
Nov 2.716 2.732 t 2.642 2.648 –.077 147,015 Sept 495.50 507.00 495.50 505.00 11.00 8,703 Dec 103-030 103-031 102-287 102-290 –1.5 644 Mini Russell 1000 (CME)-$50 x index
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 2981.00 3020.80 2965.00 2971.00 –12.30 6,494
July 94.6725 94.6725 t 94.6700 94.6700 391,738 U.S. Dollar Index (ICE-US)-$1,000 x index
Aug 94.6900 94.7000 94.6850 94.6850 559,149 Sept 104.12 104.21 103.83 104.11 –.01 38,056
ADVERTISEMENT Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Dec 103.69 103.79 103.48 103.73 –.01 410
May 94.6300 94.6350 94.6350 94.6350 3,054

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June 94.6300 94.6350 t 94.6275 94.6300 1,124,223 Source: FactSet

Cash Prices | wsj.com/market-data/commodities Thursday, July 25, 2024

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
CLASS ACTION from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Thursday Thursday Thursday
Copper,Comex spot 4.1125 Wheat - Hard - KC (USDA) $ per bu-u 5.9150
SUMMARY NOTICE OF CLASS ACTION Energy
Iron Ore, 62% Fe CFR China-s *100.9 Wheat,No.1soft white,Portld,OR-u 5.8000
SUPERIOR COURT OF THE STATE OF CALIFORNIA Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.000
COUNTY OF SANTA CLARA Steel, HRC USA, FOB Midwest Mill-s *650.0
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.900 Battery/EV metals Food
TO: ALL PERSONS WHO ACQUIRED DXC TECHNOLOGY COMPANY COMMON STOCK IN DIRECT EXCHANGE
FOR COMPUTER SCIENCES CORPORATION, INC. SECURITIES IN THE APRIL 1, 2017 MERGER EXCHANGE Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 11825 Beef,carcass equiv. index
(THE “CLASS”). BMI Lithium Hydroxide, EXW China, =56.5% -v,w 11050 choice 1-3,600-900 lbs.-u 297.63
A California court authorized this Notice. This is not a solicitation from a lawyer. Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,w 3864 select 1-3,600-900 lbs.-u 279.13
Engelhard industrial 2373.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3933
PLEASE READ THIS SUMMARY NOTICE CAREFULLY IN ITS ENTIRETY. YOUR RIGHTS MAY BE AFFECTED BY A Broilers, National comp wtd. avg.-u,w 1.3118
CLASS ACTION CASE PENDING IN COURT. Handy & Harman base 2364.20 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Butter,AA Chicago-d 3.0925
Handy & Harman fabricated 2624.26
You are hereby notified that your rights may be affected by a lawsuit pending in the Superior Court of the State of California, County LBMA Gold Price AM *2411.30 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 197.00
of Santa Clara (the “Court”), against DXC Technology Company (“DXC”), Hewlett Packard Enterprise Company (“HPE”), Mukesh Cheddar cheese,blk,Chicago-d 193.00
LBMA Gold Price PM *2421.45 Burlap,10-oz,40-inch NY yd-n,w 0.8200
Aghi, Amy E. Alving, David Herzog, Sachin Lawande, J. Michael Lawrie, Julio A. Portalatin, Peter Rutland, Manoj P. Singh, Robert
Krugerrand,wholesale-e Milk,Nonfat dry,Chicago lb.-d 123.00
F. Woods, Rishi Varma, Timothy C. Stonesifer, Jeremy K. Cox, and Margaret C. Whitman (“Individual Defendants,” and together with 2461.29 Cotton,1 1/16 std lw-mdMphs-u 0.6221
Maple Leaf-e Coffee,Brazilian,Comp-y 2.3303
DXC and HPE, “Defendants”). In April 2017, HPE spun off its Enterprise Services business segment and merged it with Computer 2520.17 Cotlook 'A' Index-t *79.75
Sciences Corporation, Inc. (“CSC”), forming DXC (the “Merger” or “Merger Exchange”). Plaintiffs allege that in connection with the American Eagle-e 2520.17 Coffee,Colombian, NY-y 2.5250
Hides,hvy native steers piece fob-u n.a. Eggs,large white,Chicago-u 2.3550
Merger, DXC issued approximately 140 million new shares of common stock pursuant to a materially false and misleading registration Mexican peso-e 3038.57
statement and prospectus (collectively, with the documents incorporated therein, the “Offering Materials”). You may read a copy of the Wool,64s,staple,Terr del-u,w n.a. Flour,hard winter KC-p
Austria crown-e 2311.67 16.75
Complaint here: www.DXCLitigation.com.
Austria phil-e 2473.07 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
The Court has determined that this litigation, titled In re HPE Enterprise Services – DXC Technology Co. Merger Litigation, Hogs,Iowa-So. Minnesota-u 90.24
No. 19CV353132 (Cal. Super. Ct., Santa Clara Cnty.) (the “Litigation”), may proceed as a class action on behalf of the Class, except for Silver, troy oz. Bran,wheat middlings, KC-u,w 80
certain persons and entities that are excluded from the Class by definition as set forth in the full printed Notice of Class Action (“Notice”). Engelhard industrial Pork bellies,12-14 lb MidUS-u n.a.
27.9500 Corn,No. 2 yellow,Cent IL-bp,u 3.8900
This Summary Notice provides only limited information about the Litigation. The full printed Notice is currently being mailed to Handy & Harman base Pork loins,13-19 lb MidUS-u 1.2757
27.9210 Corn gluten feed,Midwest-u,w 107.6
known Class members. If you have not yet received a full printed Notice, you may obtain a copy from the website for the Litigation at Steers,Tex.-Okla. Choice-u n.a.
www.DXCLitigation.com or by contacting Gilardi & Co. LLC (“Notice Administrator”). The Notice Administrator’s contact information is: Handy & Harman fabricated 34.9010 Corn gluten meal,Midwest-u,w 431.1
LBMA spot price *£22.7000 Steers,feeder,Okla. City-u,w 304.75
DXC Technology Co. Merger Litigation Cottonseed meal-u,w 335
Notice Administrator (U.S.$ equivalent) *29.2900 Hominy feed,Cent IL-u,w 105
c/o Gilardi & Co. LLC Coins,wholesale $1,000 face-a 21541
Fats and Oils
Meat-bonemeal,50% pro Mnpls-u,w 335
P.O. Box 301170
Los Angeles, CA 90030-1170 Other metals Oats,No.2 milling,Mnpls-u 4.0400 Degummed corn oil, crude wtd. avg.-u,w n.a.
Email: [email protected] LBMA Platinum Price PM *958.0 Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.4900
Telephone: 1-888-726-1699 LBMA Palladium Price PM *941.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 358.30 Lard,Chicago-u n.a.
If you did not receive the Notice by mail and you believe you are a member of the Class, please send your name and address (both mail Platinum,Engelhard industrial 941.0 Soybeans,No.1 yllw IL-bp,u 11.1800 Soybean oil,crude;Centl IL-u,w 0.4656
and email) to the Notice Administrator so if any future notices are disseminated in connection with the Litigation, you will receive them. Palladium,Engelhard industrial 915.0 Wheat,Spring14%-pro Mnpls-u Tallow,bleach;Chicago-h 0.5200
7.5875
• Who is Included in the Class? You are a Class member if you acquired DXC common stock in direct exchange for CSC securities Aluminum, LME, $ per metric ton *2266.0 Wheat,No.2 soft red,St.Louis-u Tallow,edible,Chicago-u n.a.
5.1575
pursuant to the Offering Materials issued in connection with the April 1, 2017 Merger Exchange. Excluded from the Class are Defendants
and their families; the officers, directors, and affiliates of Defendants, at all relevant times; members of Defendants’ immediate families
and their legal representatives, heirs, successors, or assigns; and any entity in which Defendants have or had a controlling interest. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
• What are my Rights and Options? If you are a Class member, by doing nothing you will keep the possibility of getting money K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
or benefits, if any, from this Litigation. If you stay in the Class and Plaintiffs obtain money or benefits for the Class, you will be notified Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 7/24
about how to apply for a share. By staying in the Class, you will also be legally bound by all orders the Court issues and the judgment Source: Dow Jones Market Data
the Court makes in this Litigation. If you do nothing now, regardless of whether Plaintiffs win or lose, you will give up your right to sue
or continue to sue Defendants as part of any other lawsuit about the same legal claims, or those that could have been brought, in this
lawsuit.
• If you do not want to be a member of the Class, you must opt out pursuant to the instructions below. If you opt out of the Class, Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs
you may not be able to assert individual claims asserting securities law violations against Defendants, as such claims may no longer be
timely. It will be for you to decide whether to pursue any individual lawsuit, claim, or remedy that you may have at your own expense. Closing Chg YTD
You are encouraged to seek legal advice concerning the potential impact of opting out on your legal rights, including to determine if Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%)
your claims would be barred by the applicable statutes of limitation or repose. If you do not want to be a member of the Class, you must
send a signed letter by U.S. Mail saying you want to be excluded from the Class and include the information listed below. Closing Chg YTD SPDR S&PMdCpTr MDY 552.18 0.84 8.8
Thursday, July 25, 2024
ETF Symbol Price (%) (%) SPDR S&P Div SDY 132.41 0.59 6.0
Your request must contain the following information: (a) your name, telephone number, email address, and mailing address; (b) your Closing Chg YTD
statement that you believe you are a Class member and you wish to be excluded from the Class; (c) the name and docket number of this ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 82.02 0.01 –0.0 TechSelectSector XLK 213.57 –1.07 11.0
case: In re HPE Enterprise Services – DXC Technology Co. Merger Litigation, No. 19CV353132 (Cal. Super. Ct., Santa Clara Cnty.); CommSvsSPDR XLC 82.16 –1.15 13.1 iShRussMC IWR 83.06 0.45 6.9 VanEckSemicon SMH 236.56 –1.83 35.3
and (d) your personally signed signature. VangdSC Val VBR 193.74 1.25 7.7
CnsmrDiscSel XLY 180.59 –0.39 1.0 iShRuss1000 IWB 295.18 –0.45 12.6
Your request to exclude yourself may not be signed by a lawyer or anyone acting on your behalf. VangdExtMkt VXF 176.01 1.09 7.0
DimenUSCoreEq2 DFAC 32.61 0.12 11.6 iShRuss1000Grw IWF 350.28 –1.02 15.5
Mail the request to the following address: VangdDivApp VIG 186.11 0.10 9.2
EnSelSectorSPDR XLE 91.90 1.73 9.6 iShRuss1000Val IWD 179.53 0.40 8.6
DXC Technology Co. Merger Litigation FinSelSectorSPDR XLF 42.74 0.38 13.7 iShRuss2000 IWM 220.57 1.25 9.9 VangdFTSEAWxUS VEU 58.62 –0.53 4.4
Notice Administrator - EXCLUSIONS VangdFTSEDevMk VEA 49.61 –0.62 3.6
c/o Gilardi & Co. LLC HealthCrSelSect XLV 149.12 –0.50 9.3 iShS&P500Grw IVW 89.08 –1.03 18.6
P.O. Box 5100 IndSelSectorSPDR XLI 124.18 0.80 8.9 iShS&P500Value IVE 187.03 0.21 7.6 VangdFTSE EM VWO 43.24 –0.25 5.2
Larkspur, CA 94977-5100 InvscNasd100 QQQM 188.55 –1.14 11.9 iShSelectDiv DVY 128.17 0.52 9.3 VangdFTSE Europe VGK 67.17 –0.34 4.2
Be sure to sign the request and complete all required information. To be valid, opt-out requests must be received no later than InvscQQQI QQQ 458.27 –1.10 11.9 iSh7-10YTreaBd IEF 94.56 0.22 –1.9 VangdGrowth VUG 358.68 –1.15 15.4
September 16, 2024.1 InvscS&P500EW RSP 167.35 0.12 6.1 iShShortTreaBd SHV 110.44 0.01 0.3 VangdHiDiv VYM 122.05 0.35 9.3
• This Notice is not an expression of any opinion by the Court as to the merits of any of the claims or defenses asserted by any party iShBitcoin IBIT 36.83 –1.58 ... iShTIPSBond TIP 107.06 0.24 –0.4 VangdInfoTech VGT 554.99 –0.94 14.7
in this Litigation or whether Defendants engaged in any wrongdoing. VangdIntermBd BIV 75.62 0.20 –1.0
iShCoreDivGrowth DGRO 59.25 0.46 10.1 iSh20+YTreaBd TLT 92.27 0.82 –6.7
• If you have any questions concerning the matter raised in this Summary Notice or the full Notice, you may contact the Notice VangdIntrCorpBd VCIT 80.70 0.24 –0.7
iShCoreMSCIEAFE IEFA 72.92 –0.63 3.7 iShUSTech IYW 142.95 –0.91 16.5
Administrator or address your questions to:
iShCoreMSCIEM IEMG 52.69 –0.42 4.2 iShUSTreasuryBd GOVT 22.74 0.18 –1.3 VangdIntermTrea VGIT 58.76 0.14 –0.9
Court-Appointed Class Counsel VangdLC VV 246.89 –0.36 13.2
iShCoreMSCITotInt IXUS 67.51 –0.55 4.0 iSh0-3MTreaBd SGOV 100.65 0.02 0.4
James I. Jaconette iShCoreS&P500 IVV 541.34 –0.53 13.3 JPM EqPrem JEPI 56.32 –0.04 2.4 VangdMegaGrwth MGK 299.53 –1.32 15.4
Adam E. Polk David W. Hall ROBBINS GELLER RUDMAN
THE HALL FIRM, LTD. iShCoreS&P MC IJH 60.42 0.80 9.0 JPM UltShIncm JPST 50.51 ... 0.6 VangdMC VO 246.13 0.13 5.8
GIRARD SHARP LLP & DOWD LLP
Four Embarcadero Center iShCoreS&P SC IJR 115.58 1.27 6.8 PacerUSCashCows COWZ 56.05 1.14 7.8 VangdRealEst VNQ 88.03 –0.33 –0.4
601 California Street, Suite 1400 Suite 1400 655 West Broadway
San Francisco, CA 94108 Suite 1900 iShCoreS&PTotUS ITOT 118.35 –0.30 12.5 ProShUltPrQQQ TQQQ 63.27 –3.33 24.8 VangdRuss1000Grw VONG 90.10 –1.09 15.5
San Francisco, CA 94104
Telephone: (415) 981-4800 San Diego, CA 92101-8498 iShCoreS&PUSGrw IUSG 123.03 –0.93 18.2 SPDRBbg1-3MTB BIL 91.72 ... 0.4 VangdS&P500ETF VOO 494.78 –0.50 13.3
Facsimile: (415) 981-4846 Telephone: (415) 766-3534 Telephone: (619) 231-1058
Facsimile: (415) 402-0058 iShCoreTotUSDBd IUSB 45.59 0.20 –1.0 SPDR DJIA Tr DIA 399.49 0.21 6.0 VangdST Bond BSV 77.22 0.08 0.3
[email protected] dhall@hallfirmltd.com Facsimile: (619) 231-7423
iShCoreUSAggBd AGG 97.97 0.28 –1.3 SPDR Gold GLD 218.33 –1.56 14.2 VangdSTCpBd VCSH 77.80 0.04 0.6
[email protected]
iShEdgeMSCIMinUSA USMV 85.45 0.16 9.5 SPDRPtfDevxUS SPDW 35.21 –0.59 3.5 VangdShortTrea VGSH 58.23 –0.02 –0.2
Central case documents can be found online at: www.DXCLitigation.com. The pleadings and other records in this Litigation may be
iShEdgeMSCIUSAQual QUAL 167.20 –0.75 13.6 SPDRS&P500Value SPYV 50.09 0.20 7.4 VangdSC VB 228.17 0.97 7.0
examined: (a) online on the Superior Court of California, County of Santa Clara’s Electronic Filing and Service Website available on
the Court’s website (https://www.scscourt.org/) or through the Santa Clara Superior Court Portal at https://portal.scscourt.org/; or (b) in iShGoldTr IAU 44.62 –1.52 14.3 SPDRPtfS&P500 SPLG 63.32 –0.50 13.3 VangdTaxExemptBd VTEB 50.36 0.04 –1.4
person at Records, Superior Court of California, County of Santa Clara, 191 N. 1st Street, San Jose, California 95113, between the hours iShiBoxx$IGCpBd LQD 108.01 0.40 –2.4 SPDRS&P500Growth SPYG 77.10 –1.05 18.5 VangdTotalBd BND 72.65 0.22 –1.2
of 8:30 a.m. and 4:00 p.m., Monday through Friday, excluding Court holidays and closures. iShMBS MBB 92.73 0.18 –1.4 SPDR S&P 500 SPY 538.41 –0.52 13.3 VangdTotIntlBd BNDX 49.09 0.22 –0.6
PLEASE DO NOT TELEPHONE OR CONTACT THE COURT, CLERK OF THE COURT, iShMSCIACWI ACWI 111.45 –0.51 9.5 SchwabIntEquity SCHF 38.54 –0.57 4.3 VangdTotIntlStk VXUS 60.35 –0.49 4.1
OR DEFENDANTS (OR THEIR COUNSEL) TO INQUIRE ABOUT THIS NOTICE. 266.50 –0.39 12.3
iShMSCI EAFE EFA 78.41 –0.63 4.1 SchwabUS BrdMkt SCHB 62.61 –0.33 12.5 VangdTotalStk VTI
THIS IS ONLY A SUMMARY NOTICE. IF YOU BELIEVE YOU MAY BE A MEMBER OF THE CLASS, YOU ARE iSh MSCI EM EEM 41.93 –0.40 4.3 SchwabUS Div SCHD 81.18 0.59 6.6 VangdTotWrldStk VT 112.25 –0.34 9.1
URGED TO OBTAIN A COPY OF THE FULL NOTICE, WHICH IS ACCESSIBLE AT WWW.DXCLITIGATION.COM
OR BY CONTACTING THE NOTICE ADMINISTRATOR AT 1-888-726-1699, OR DXC TECHNOLOGY CO. MERGER iShNatlMuniBd MUB 107.06 0.04 –1.2 SchwabUS LC SCHX 63.70 –0.47 12.9 VangdValue VTV 164.82 0.35 10.2
LITIGATION, NOTICE ADMINISTRATOR, C/O GILARDI & CO. LLC, P.O. BOX 301170, LOS ANGELES, CA iSh1-5YIGCpBd IGSB 51.59 0.06 0.6 SchwabUS LC Grw SCHG 97.36 –0.99 17.4 WT FRTrea USFR 50.48 0.02 0.5
90030-1170 OR AT [email protected].
DATED: June 28, 2024 By Order of the Superior Court of California, County of Santa Clara
The Honorable Charles F. Adams
1
Requests for exclusion that are legibly postmarked will be treated as received on the postmark date. Please be advised that the U.S. Postal Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Service may not postmark mail which is not presented in person.

Money Rates July 25, 2024

NOTICE OF SALE Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Notice of Secured Party’s Sale at Public Auction on August 15, 2024 THE Inflation Week
Latest ago
—52-WEEK—
High Low
Week
Latest ago
—52-WEEK—
High Low
SECURED PARTY’S SALE AT PUBLIC AUCTION ON FRIDAY, August 15, 2024, adjourned from the originally scheduled date
of June 14, 2024, will commence 4 p.m. ET. Certain assets of TrueNorth Projects, LLC, a Delaware limited liability company
(the “Debtor”), will be offered for sale by Mayaguana Island Developers, Limited, a company formed under the laws
MARKETPLACE June index
level
Chg From (%)
May '24 June '23 Federal funds Secured Overnight Financing Rate
of The Bahamas (the “Secured Party”), to the highest bidder at a public auction held via remote communication. The Effective rate n.a. 5.3300 5.3500 5.3100 5.34 5.35 5.40 5.06
assets for sale are a twenty percent Membership Interest in True North Services, LLC, a Nevada limited liability company, U.S. consumer price index
together with all proceeds and substitutions thereof, all cash, securities and other moneys and property paid thereon, all ADVERTISE TODAY All items 314.175 0.03 3.0
High 5.6500 5.6500 5.6500 5.5500
Value 52-Week
rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of Low 5.3100 5.3100 5.3300 5.3000 Latest Traded High Low
the foregoing (all hereinafter referred to as the “Asset”). The Secured Party will make absolutely no representations or Core 319.003 0.12 3.3 Bid 5.3300 5.3300 5.3300 5.3100
warranties, including those related to title, possession, quiet enjoyment, or the like in this sale. Any document, statement, (800) 366-3975 DTCC GCF Repo Index
or information provided to any potential bidder is provided solely for informational purposes and no representation or Offer 5.3400 5.3500 5.3700 5.3300
warranty as to the accuracy of completeness thereof is made by the Secured Party. The Debtor’s Asset will be offered For more information visit: International rates Treasury 5.423 39.120 5.504 5.142
and sold pursuant to Article 9 of the Uniform Commercial Code of Delaware. The Secured Party may continue or suspend wsj.com/classifieds Treasury bill auction MBS 5.441 34.650 5.689 5.322
the sale hereby advertised or cause the sale to be further adjourned from time to time, without notice or publication, Week 52-Week
by announcement at the time and place appointed for such sale, or any adjournments, and, without further notice or Latest ago High Low 4 weeks 5.285 5.270 5.325 5.230 Weekly survey
publication, such sale may be made at the time and place to which the sale may be so adjourned. The Secured Party shall not 13 weeks 5.190 5.195 5.345 5.190
be obligated to make any sale pursuant to this notice and reserves the right to approve or reject any bids. Right is reserved Latest Week ago Year ago
to the Secured Party to bid at the sale or any adjournments thereof and to credit the purchase price against the expenses Prime rates 26 weeks 4.990 4.985 5.350 4.975
of the sale and the principal, interest, and any other amount of the indebtedness of the Debtor owed to the Secured Party. U.S. 8.50 8.50 8.50 8.50 Freddie Mac
The outstanding amount of the indebtedness of the Debtor owed to the Secured Party shall not be otherwise diminished Secondary market 6.78 6.77 6.81
until satisfaction in full thereof or release by the Secured Party. Each bidder will be required to provide a refundable deposit Canada 6.95 6.95 7.20 6.95 30-year fixed
of Twenty-Five Thousand Dollars ($25,000) and the winning bidder will be required to pay half the bid amount, less the Japan 1.475 1.475 1.475 1.475 Fannie Mae 15-year fixed 6.07 6.05 6.11
deposit, by 5 p.m. ET on first business day following the auction and the remainder of the bid amount within ten business
days following the auction or such later date as the winning bidder and the Secured Party may agree. All payments shall be 30-year mortgage yields Notes on data:
Policy Rates
made in cash or by cashier or certified check payable to the order of the Secured Party. The sale will be kept open after bids 30 days n.a. n.a. 7.495 5.788 U.S. prime rate is the base rate on corporate
have been received on the Asset, and in case any successful bidder fails to timely complete its purchase as provided, the Euro zone 4.25 4.25 4.50 4.00 loans posted by at least 70% of the 10 largest
Secured Party may (i) convey the Asset to the next highest bidder at the sale for the highest price bid thereby, or (ii) at the 60 days n.a. n.a. 7.554 5.791
Secured Party’s election, and without obligation, purchase the Asset for itself at such next-highest bid price or the price bid
Switzerland 1.75 1.75 2.25 1.75 U.S. banks, and is effective July 27, 2023. Other
5.25 5.25 5.25 5.00 prime rates aren’t directly comparable; lending
by the bidder who failed to close. In the event of failure to complete the purchase, the bidder will not be relieved of liability Britain Other short-term rates practices vary widely by location; Discount rate
to complete the purchase and the bidder’s deposit and initial payment, if applicable, will be held as liquidated damages for
breach of bidder’s obligation to complete the purchase and will not be refunded. The above terms and conditions of the sale
Australia 4.35 4.35 4.35 4.10 is effective July 27, 2023. Secured Overnight
may be subject to additional or amended terms and conditions to be announced at the time of the sale. Published in The Week 52-Week Financing Rate is as of July 24, 2024. DTCC
Wall Street Journal on July 26, 2024. Overnight repurchase Latest ago high low GCF Repo Index is Depository Trust & Clearing
All interested prospective bidders are invited to become “qualified bidders.” Only qualified bidders and their duly appointed U.S. 5.44 5.40 5.48 5.25 Corp.'s weighted average for overnight trades in
agents and representatives may participate at the public auction. The terms of sale and other bid requirements may Call money applicable CUSIPs. Value traded is in billions of
be obtained by contacting counsel for the Secured Party below. Additional information is available to qualified bidders. U.S. dollars. Federal-funds rates are Tullett
Information on how to access the auction will be provided to qualified bidders at least one business day prior to the auction. U.S. government rates 7.25 7.25 7.25 7.25 Prebon rates as of 5:30 p.m. ET.
Sale is AS IS, WHERE IS, WITHOUT REPRESENTATION OR WARRANTIES. Sources: Federal Reserve; Bureau of Labor
Contact: Nelson Mullins Riley & Scarborough, LLP; One Financial Center, Suite 3500, Boston, MA 02111,
© 2024 Dow Jones & Company, Inc. Discount Commercial paper (AA financial)
All Rights Reserved. Statistics; DTCC; FactSet;
Attn: Matthew Iverson; Email: [email protected] 5.50 5.50 5.50 5.50 90 days n.a. n.a. 5.53 5.14 Tullett Prebon Information, Ltd.
THE WALL STREET JOURNAL. * * * Friday, July 26, 2024 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
39935.07 s 81.20, or 0.20% Trailing P/E ratio 26.49 25.85 5399.22 t 27.91, or 0.51% Trailing P/E ratio * 24.21 20.37 17181.72 t 160.69, or 0.93% Trailing P/E ratio *† 31.89 32.72
High, low, open and close for each P/E estimate * 19.92 19.00 High, low, open and close for each P/E estimate * 22.69 20.68 High, low, open and close for each P/E estimate *† 28.62 30.47
trading day of the past three months. Dividend yield 2.13 2.02 trading day of the past three months. Dividend yield * 1.32 1.53 trading day of the past three months. Dividend yield *† 0.81 0.69
All-time high 41198.08, 07/17/24 All-time high 5667.20, 07/16/24 All-time high: 18647.45, 07/10/24

Current divisor 0.15221633137872

41200 5800 18600
Session high
DOWN UP
40500 5600 18000
t

Session open Close

Close Open
t

39800 5400 17400

Session low

39100 5200 16800

65-day 38400 65-day moving average 5000 16200

moving average
65-day moving average
37700 4800 15600

Bars measure the point change from session's open

37000 4600 15000
Apr. May June July Apr. May June July Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,095,393,499 13,270,175
Industrial Average 40438.82 39817.50 39935.07 81.20 0.20 41198.08 32417.59 13.2 6.0 4.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 636,108,081 5,403,478
Transportation Avg 15959.63 15423.45 15659.59 195.19 1.26 16695.32 13556.07 -4.6 -1.5 2.0 Most-active issues in late trading Decl. volume* 444,947,048 7,389,623
Utility Average 982.84 957.62 961.36 -6.81 -0.70 968.17 783.08 2.9 9.0 2.1 Volume After Hours Issues traded 2,871 302
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 54577.58 53538.02 53670.91 -166.48 -0.31 56206.02 40847.04 18.3 12.3 5.4 Advances 1,847 144
Avantor AVTR 33,375.0 22.75 -0.07 -0.31 22.89 22.30
Barron's 400 1201.03 1174.85 1184.72 9.87 0.84 1212.12 907.97 16.0 10.5 5.3 Declines 937 144
NVIDIA NVDA 10,883.7 111.92 -0.36 -0.32 182.39 94.87
Unchanged 87 14
Nasdaq Stock Market Starbucks SBUX 6,546.9 73.50 0.18 0.25 73.55 73.28 New highs 179 10
Nasdaq Composite 17544.46 17033.96 17181.72 -160.69 -0.93 18647.45 12595.61 22.3 14.5 5.0 DexCom DXCM 5,530.0 65.79 -42.06 -39.00 108.15 63.62 New lows 29 7
Nasdaq-100 19227.20 18721.71 18830.58 -201.81 -1.06 20675.38 14109.57 21.8 11.9 7.6 QuidelOrtho QDEL 5,449.1 38.24 … unch. 38.24 38.15 Closing Arms† 1.62 2.39
SPDR S&P 500 ETF Trust SPY 4,984.4 538.53 0.12 0.02 538.75 508.87 Block trades* 4,676 170
S&P
Pfizer PFE 4,771.7 30.28 0.10 0.33 30.31 30.18
500 Index 5491.59 5390.95 5399.22 -27.91 -0.51 5667.20 4117.37 19.0 13.2 7.0 Nasdaq NYSE Arca
VanEck Gold Miners GDX 4,357.0 36.17 -0.02 -0.06 36.24 36.09
MidCap 400 3068.27 3000.25 3025.55 27.07 0.90 3115.02 2326.82 12.3 8.8 4.2 Total volume*6,114,357,161 371,400,720
SmallCap 600 1423.41 1387.07 1403.96 19.21 1.39 1418.30 1068.80 11.5 6.5 2.1 Percentage gainers… Adv. volume*3,266,623,830 165,488,343
Coursera COUR 655.5 8.72 1.31 17.68 8.77 7.41 Decl. volume*2,785,988,249 203,599,013
Other Indexes
Cellectis ADR CLLS 430.5 2.31 0.26 12.68 2.75 2.14 Issues traded 4,364 1,972
Russell 2000 2255.71 2199.62 2222.98 27.61 1.26 2263.67 1636.94 13.7 9.7 0.2
Advances 2,537 909
NYSE Composite 18559.25 18289.65 18344.46 36.03 0.20 18781.22 14675.78 12.7 8.9 3.5 Deckers Outdoor DECK 117.0 931.00 89.50 10.64 935.00 809.00
Declines 1,687 1,019
Value Line 611.38 598.90 603.35 4.33 0.72 620.59 498.09 2.7 1.6 -2.9 PVH Corp. PVH 50.8 105.05 7.94 8.18 105.05 97.11
Unchanged 140 44
NYSE Arca Biotech 5733.56 5587.47 5661.51 74.04 1.33 5661.51 4544.40 7.5 4.5 -0.5
Service Properties Trust SVC 59.1 6.00 0.42 7.53 6.05 5.58
New highs 220 49
NYSE Arca Pharma 1064.64 1052.20 1055.33 -7.67 -0.72 1089.62 845.32 20.9 16.0 11.2 ...And losers New lows 112 36
KBW Bank 115.50 112.82 114.21 1.35 1.20 114.67 71.71 29.3 18.9 -1.9 DexCom DXCM 5,530.0 65.79 -42.06 -39.00 108.15 63.62 Closing Arms† 1.28 1.02
PHLX§ Gold/Silver 147.11 144.29 145.75 -3.62 -2.42 157.70 102.94 18.7 16.0 2.4 Relay Therapeutics RLAY 52.0 7.15 -1.91 -21.08 9.78 7.15 Block trades* 37,653 2,014
PHLX§ Oil Service 91.26 87.11 90.47 3.12 3.57 98.76 76.90 0.5 7.9 17.9 Insulet PODD 91.0 175.30 -15.58 -8.16 190.88 172.01 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 5168.09 4906.73 5005.36 -100.29 -1.96 5904.54 3185.18 32.8 19.9 15.1 Tandem Diabetes Care TNDM 151.1 37.59 -3.06 -7.53 40.65 35.13 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 19.36 16.42 18.46 0.42 2.33 21.71 11.86 28.1 48.3 2.4 Six Flags Entertainment FUN 147.5 44.30 -2.33 -5.00 48.67 44.30 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 796.78 –5.80 –0.72 9.6 Salarius Pharmaceuticals SLRX 3.50 1.36 63.55 7.92 1.35 -48.5 2U TWOU 1.51 -2.61 -63.35 144.30 1.05 -98.7
MSCI ACWI ex-USA 329.86 –3.94 –1.18 4.2 CareMax CMAX 5.64 1.76 45.36 85.80 1.55 -91.4 Kindly MD KDLY 1.97 -1.25 -38.82 4.20 1.90 ...
MSCI World 3490.82 –25.15 –0.72 10.1 Serve Robotics SERV 12.13 3.57 41.71 37.00 1.77 ... MaxLinear MXL 14.02 -8.27 -37.10 26.59 13.43 -37.8
MSCI Emerging Markets 1073.98 –8.46 –0.78 4.9 BloomZ BLMZ 3.26 0.81 33.06 4.30 2.25 ... EzFill Holdings EZFL 4.01 -2.22 -35.58 12.60 2.83 -19.0
Americas MSCI AC Americas 2030.48 –9.41 –0.46 12.0 Goosehead Insurance GSHD 84.89 19.19 29.21 92.76 50.47 22.3 Regencell Bioscience RGC 9.11 -4.39 -32.52 32.44 3.03 -47.8
Canada S&P/TSX Comp 22608.03 –31.54 –0.14 7.9 MIRA Pharmaceuticals MIRA 3.04 0.68 28.81 7.98 0.51 ... QXO QXO 83.83 -40.13 -32.37 290.00 23.92 197.9
Latin Amer. MSCI EM Latin America 2188.02 –14.79 –0.67 –17.8 Viking Therapeutics VKTX 64.68 14.27 28.31 99.41 8.28 371.8 Edwards Lifesciences EW 59.70 -27.25 -31.34 96.12 58.93 -27.8
Brazil Bovespa 125954.09 –468.64 –0.37 –6.1 Bally's BALY 16.91 3.39 25.07 16.99 7.28 5.4 Orion Group Holdings ORN 7.91 -3.13 -28.35 12.12 3.13 136.8
Chile S&P IPSA 3491.92 –39.49 –1.12 0.7 AST SpaceMobile ASTS 16.64 3.28 24.55 16.80 1.97 324.5 Next Technology Holding NXTT 2.04 -0.53 -20.62 14.34 1.83 -76.7
Mexico S&P/BMV IPC 52931.87 –236.54 –0.44 –7.8 Indivior INDV 13.09 2.21 20.31 24.11 9.14 -44.3 Avenue Therapeutics ATXI 2.87 -0.69 -19.38 85.50 2.79 -96.4
EMEA STOXX Europe 600 508.63 –3.67 –0.72 6.2 RPC RES 6.93 1.16 20.10 9.41 5.66 -16.0 Ford Motor F 11.16 -2.51 -18.36 14.85 9.63 -18.7
Eurozone Euro STOXX 497.04 –5.27 –1.05 4.8 Orangekloud Technology ORKT 5.70 0.95 20.00 7.50 4.75 ... Hut 8 HUT 14.79 -3.23 -17.92 21.10 6.18 -10.4
Belgium Bel-20 4070.21 23.03 0.57 9.8 Mediaco Holding MDIA 3.50 0.54 18.24 6.86 0.40 233.3 Evogene EVGN 4.84 -1.05 -17.76 11.00 4.50 -53.9
Denmark OMX Copenhagen 20 2669.99 –42.34 –1.56 16.9 MarineMax HZO 37.10 5.44 17.18 42.88 22.51 -8.9 Ribbon Communications RBBN 3.22 -0.67 -17.22 3.95 1.78 -1.5
–1.5 Shyft Group SHYF 13.59 1.95 16.75 16.49 9.81 1.2 STMicroelectronics STM 33.47 -6.07 -15.35 55.85 33.38 -38.3
France CAC 40 7427.02 –86.71 –1.15
Germany DAX 18298.72 –88.74 –0.48 9.2
Israel Tel Aviv 2050.07 –8.46 –0.41 9.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33771.07 –700.58 –2.03 11.3 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 898.57 –4.89 –0.54 14.2
8.6 NVIDIA NVDA 455,932 19.4 112.28 -1.72 140.76 39.23 iShares Global Indls EXI 1,104 6070 136.50 -0.25 142.19 106.39
Norway Oslo Bors All-Share 1649.23 –15.37 –0.92
South Africa FTSE/JSE All-Share 80678.20 83.06 0.10 4.9 Ford Motor F 256,914 410.1 11.16 -18.36 14.85 9.63 iSh Glbl Consmr Staples KXI 2,269 4631 61.64 0.02 62.95 54.72
ProSh UltraPro Shrt QQQ SQQQ 247,048 92.5 9.37 3.42 23.34 7.14 Franklin FTSE South Korea FLKR 4,655 4344 21.10 -1.21 23.70 18.64
Spain IBEX 35 11145.60 –64.50 –0.58 10.3
Selina Hospitality SLNA 188,843 234.2 0.04 -17.72 1.62 0.02 MicroSectors Engy 3X Lvgd WTIU 223 3661 18.63 5.40 27.27 13.50
Sweden OMX Stockholm 987.81 –5.86 –0.59 9.4
8.7
Predictive Oncology POAI 160,693 9085.2 1.87 74.77 5.94 0.89 Invsc S&P 500 EW Tech RSPT 16,619 3616 35.76 -0.61 38.50 26.09
Switzerland Swiss Market 12105.54 –97.63 –0.80
Turkey BIST 100 10871.48 –120.09 –1.09 45.5 Direxion Dly SCOND 3 BL SOXL 142,029 159.8 39.78 -7.27 70.08 14.01 Fidelity MSCI Cnsmr Discr FDIS 2,497 3400 80.46 -0.05 86.12 64.12
U.K. FTSE 100 8186.35 32.66 0.40 5.9 Avantor AVTR 117,850 1736.7 22.82 2.01 26.16 16.63 FT Alt Absolute Return FAAR 576 3382 28.78 1.05 30.00 27.10
6.1 Tesla TSLA 100,092 -0.7 220.25 1.97 278.98 138.80 Bally's BALY 9,451 3365 16.91 25.07 16.99 7.28
U.K. FTSE 250 20884.35 –66.49 –0.32
American Airlines Group AAL 95,878 181.2 10.60 4.23 16.87 9.76 Cap Group Mun Incm CGMU 21,003 3139 27.14 0.22 27.22 25.32
Asia-Pacific MSCI AC Asia Pacific 179.08 –3.43 –1.88 5.7 TQQQ 93,243
ProShares UltraPro QQQ 85.4 63.27 -3.33 85.20 30.47 Invs S&P 500 EW Con Disc RSPD 1,845 3082 47.10 -1.09 51.18 38.41
Australia S&P/ASX 200 7861.20 –102.52 –1.29 3.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2886.74 –15.21 –0.52 –3.0 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17004.97 –306.08 –1.77 –0.2
India BSE Sensex 80039.80 –109.08 –0.14 10.8
Scan this code
Japan NIKKEI 225 37869.51 –1285.34 –3.28 13.2 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3430.45 –30.37 –0.88 5.9 track most-active stocks,
South Korea KOSPI 2710.65 –48.06 –1.74 2.1 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 22871.84 … Closed 27.6 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1291.58 –6.50 –0.50 –8.8
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003951 25311 4.3
CREDIT MARKETS Argentina peso .0011929.2902 15.0 Europe
Brazil real .1771 5.6450 16.3 Czech Rep. koruna .04274 23.398 4.6
Canada dollar .7232 1.3827 4.4 Denmark krone .1453 6.8811 1.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001056 946.86 8.2 Euro area euro 1.0846 .9220 1.8
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000248 4029.91 4.0 Hungary forint .002763 361.91 4.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007254 137.85 1.4
A consumer rate against its 30-year mortgage, Rate Mexico peso .0542 18.4519 8.7 Norway krone .0906 11.0365 8.5
benchmark over the past year 6.00% Uruguay peso .02486 40.2274 3.0 Poland zloty .2531 3.9509 0.4
Bankrate.com avg†: 7.33% 16% Asia-Pacific Sweden krona .0925 10.8054 7.0
Tradeweb FTSE
Premier Bank 6.13% Thursday Close 5.00 Switzerland franc 1.1340 .8818 4.8
Australiadollar .6537 1.5298 4.3
30-year fixed-rate 10.00% Rochester, MN 800-772-6497 t 8 WSJ Dollar Index Turkey lira .0303 32.9762 11.9
s China yuan .1383 7.2319 1.7
mortgage 4.00 Ukraine hryvnia .0242 41.2500 8.1
t Seacoast National Bank 6.13% Hong Kong dollar .1281 7.8074 –0.03
1.2851 .7781 –0.9
t UK pound
8.00 0 India rupee .01194 83.755 0.7
Stuart, FL 772-287-4000 One year ago 3.00 Middle East/Africa
Indonesia rupiah .0000612 16329 6.1
10-year Treasury s
6.00 Fidelity Bank Trust 6.25% 2.00 –8 s Euro Japan yen .006496 153.94 9.2 Bahrain dinar 2.6529 .3770 unch
note yield Kazakhstan tenge .002106 474.91 4.3
Dubuque, IA 563-557-2300 Yen Egypt pound .0207 48.3422 56.3
t
4.00 Marathon Bank 6.25% 1.00 –16 Macau pataca .1243 8.0429 –0.1 Israel shekel .2724 3.6706 1.9
Malaysia ringgit .2145 4.6630 1.5 Kuwait dinar 3.2697 .3058 –0.5
Wausau, WI 715-845-7331 1 3 6 1 2 3 5 7 10 20 30 2023 2024
2.00 New Zealand dollar .5886 1.6989 7.4 Oman sul rial 2.5975 .3850 unch
ACNB Bank 6.38% month(s) years
A S ON D J FMA M J J Pakistan rupee .00359 278.360 –1.0 Qatar rial .2742 3.647 0.1
Gettysburg, PA 888-334-2262 maturity Philippines peso .0171 58.590 5.8 Saudi Arabia riyal .2665 3.7517 0.04
2023 2024
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7444 1.3434 1.8 South Africa rand .0545 18.3582 0.3
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007228 1383.45 6.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0032953 303.46 –6.3
WSJ Dollar Index 99.37
Close Net Chg % Chg YTD%Chg
0.07 0.07
Federal-funds rate target 5.25-5.50 5.25-5.50 5.25 l 5.50 5.25 Taiwan dollar .03055 32.735 6.6 3.69
Yield (%) 52-Week Total Return (%) Thailand baht .02760 36.230 5.4 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.50 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.34 5.35 5.06 l 5.40 5.29
Money market, annual yield 0.47 0.50 0.46 l 0.64 0.39
U.S. Treasury, Bloomberg 2180.010 4.380 4.340 5.120 4.040 2.737 –3.288 Commodities
Thursday 52-Week YTD
Five-year CD, annual yield 2.84 2.87 2.77 l 2.88 2.39 U.S. Treasury Long, Bloomberg 3115.600 4.570 4.490 5.280 4.060 –3.573–11.074 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.33 7.24 7.01 l 8.28 4.27 Aggregate, Bloomberg 2070.520 4.820 4.780 5.740 4.490 3.790 –2.944
15-year mortgage, fixed† 6.70 6.70 6.34 l 7.42 4.36
DJ Commodity 982.91 -2.76 -0.28 1079.94 934.97 -2.76 2.62
Fixed-Rate MBS, Bloomberg 2044.760 5.070 5.010 6.050 4.620 3.507 –2.650
Jumbo mortgages, $766,550-plus† 7.43 7.32 7.07 l 8.33 4.34 FTSE/CC CRB Index 279.69 -0.06 -0.02 300.23 258.09 -0.17 6.01
High Yield 100, ICE BofA 3681.416 6.734 6.720 9.101 6.683 10.662 2.298
Five-year adj mortgage (ARM)† 6.52 6.51 6.20 l 7.16 3.69 Crude oil, $ per barrel 78.28 0.69 0.89 93.68 68.61 -2.26 9.25
Muni Master, ICE BofA 589.257 3.384 3.365 4.311 3.038 3.114 –0.826
New-car loan, 48-month 7.86 7.86 7.26 l 7.94 3.74 Natural gas, $/MMBtu 2.041 -0.076 -3.59 3.575 1.575 -18.10 -18.81
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 873.858 7.850 7.790 8.842 7.205 8.286 –2.025
banks.† Excludes closing costs. Gold, $ per troy oz. 2351.90 -61.40 -2.54 2462.40 1816.60 20.90 14.04
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B8 | Friday, July 26, 2024 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Church&Dwight CHD 99.85 -0.50 EPAM Systems EPAM 207.14 2.10 Gap GPS 21.11 -0.22 Honeywell HON 202.45-11.20 JPMorganChase JPM 208.67 0.08 s LibertyFormOne A FWONA 72.22 -0.64 Medtronic MDT 78.46 -1.51
Nasdaq Stock Market listed securities. Prices are consolidated from trades ChurchillDowns CHDN137.96 0.71 EQT EQT 34.38 -0.72 s Garmin GRMN 173.40 0.56 HormelFoods HRL 31.84 0.33 Jabil JBL 110.35 -0.70 s LibertyFormOne C FWONK 78.92 -0.40 MercadoLibre MELI 1625.15-17.40
reported by various market centers, including securities exchanges, Finra, Cigna CI 341.15 -1.06 EagleMaterials EXP 235.62 8.22 Gartner IT 461.99 4.57 DR Horton DHI 172.70 1.63 JackHenry JKHY 167.48 -0.45 LibertyLiveC LLYVK 37.08 -0.30 Merck MRK 125.85 -0.07
electronic communications networks and other broker-dealers. The list CincinnatiFinl CINF 120.30 0.27 s EastWestBncp EWBC 87.01 2.60 GenDigital GEN 25.21 0.01 HostHotels HST 17.19 0.01 JacobsSolns J 145.68 2.75 LibertyLiveA LLYVA 36.01 -0.33 MetaPlatforms META 453.41 -7.86
comprises the 1,000 largest companies based on market capitalization. Cintas CTAS 754.84 0.79 EastGroup EGP 184.51 -0.89 Generac GNRC 152.78 0.72 HoulihanLokey HLI 146.39 3.62 JamesHardie JHX 34.34 -0.60 LibertySirius C LSXMK 22.44 -0.33 MetLife MET 75.32 0.80
CiscoSystems CSCO 47.24 0.39 EastmanChem EMN 97.14 0.76 GeneralDynamics GD 290.98 6.31 HowmetAerospace HWM 82.34 2.75 JefferiesFinl JEF 56.20 1.60 LibertySirius A LSXMA 22.49 -0.31 Mettler-Toledo MTD 1411.00 26.44
Underlined quotations are those stocks with large changes in volume GeneralMills GIS 65.83 0.32 Hubbell Light&Wonder LNW 102.06 -0.53 MicrochipTech MCHP 85.03 -1.54
Citigroup C 64.37 0.71 Eaton ETN 292.88 -6.72 HUBB 355.55 -1.43 J&J JNJ 159.64 3.36
compared with the issue’s average trading volume. s CitizensFin CFG 43.24 1.02 GeneralMotors GM 44.13 -2.36 HubSpot HUBS 495.76 22.43 EliLilly LLY 821.19-38.69 MicronTech MU 107.45 -2.83
eBay EBAY 53.12 -0.54 JohnsonControls JCI 66.72 -0.82
Boldfaced quotations highlight those issues whose price changed by 5% or CleanHarbors CLH 222.37 -4.95 s Ecolab ECL 243.66 -1.77 Genmab GMAB 28.13 0.25 Humana HUM 386.40 0.10 s JonesLang JLL 245.10 13.06 LincolnElectric LECO 206.50 9.09 Microsoft MSFT 418.40-10.50
more if their previous closing price was $2 or higher. Clorox CLX 133.35 0.55 Ecopetrol EC 10.68 0.08 Gentex GNTX 32.56 0.07 JBHunt JBHT 170.78 6.98 JuniperNetworks JNPR 37.49 0.72 Linde LIN 443.03 -0.73 MicroStrategy MSTR 1606.47-66.22
Cloudflare NET 78.04 2.04 s EdisonIntl EIX 76.43 0.39 GenuineParts GPC 137.97 2.23 s HuntingtonBcshs HBAN 15.06 0.14 KB Financial KB 60.79 1.45 LiveNationEnt LYV 92.22 -0.45 MidAmApt MAA 140.12 -3.29
Footnotes: s Coca-Cola KO 66.07 0.26 t EdwardsLife EW 59.70-27.25 GileadSciences GILD 76.51 3.01 HuntingIngalls HII 273.95 8.65 s LloydsBanking LYG 3.06 0.05 MitsubishiUFJ MUFG 11.04 -0.17
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most KBR KBR 66.63 0.24
CocaColaCon COKE 1104.02 -0.94 Elastic ESTC 113.63 3.21 GitLab GTLB 53.44 1.48 HyattHotels H 150.26 -0.05 KE Holdings BEKE 13.52 -0.12 s LockheedMartin LMT 521.40 6.20 MizuhoFin MFG 4.27 -0.14
recent four quarters. GlobalPayments GPN 98.74 0.36 ICICI Bank IBN 28.30 -0.32 Loews L 78.31 0.39 t Mobileye
Coca-ColaEuro CCEP 72.64 -0.36 ElbitSystems ESLT 186.65 2.74 KKR KKR 116.71 0.98 MBLY 21.08 -1.21
Stock tables reflect composite regular trading as of 4 p.m. ET and Cognex CGNX 48.69 -1.58 ElectronicArts EA 141.80 0.62 GlobalFoundries GFS 50.94 -0.77 IdexxLab IDXX 470.68 -0.66 KLA KLAC762.81 7.04 LogitechIntl LOGI 88.40 -0.24 Moderna MRNA 120.40 2.21
changes in the official closing prices from 4 p.m. ET the previous day. CognizantTech CTSH 73.21 0.52 ElevanceHealth ELV 514.03 1.91 Globant GLOB 197.07 5.06 ING Groep ING 18.35 -0.01 Kaspi.kz KSPI129.91 -1.61 Lowe's LOW 234.77 3.10 s MohawkInds MHK 134.50 7.32
Coherent COHR 67.45 -2.72 EmersonElec EMR 114.59 0.51 GlobeLife GL 89.08 0.80 Invesco IVZ 17.11 0.53 Kellanova K 57.28 0.05 Lucid LCID 3.46 0.18 MolinaHealthcare MOH 324.17 35.45
CoinbaseGlbl COIN 231.52-13.54 Enbridge ENB 36.33 -0.24 GlobusMedical GMED 71.75 -0.91 IQVIA IQV 232.29 -6.46 Kenvue KVUE 18.25 0.08 t lululemon LULU 247.32-24.74 MolsonCoorsB TAP 54.01 0.64
Net Net ColgatePalm CL 96.49 -0.11 s EncompassHealth EHC 90.64 1.72 GoDaddy GDDY 143.29 0.08 ITT ITT 138.75 1.92 KeurigDrPepper KDP 33.21 0.44 LyondellBasell LYB 96.60 1.32 monday.com MNDY 236.10 6.26
Thursday, July 25, 2024 GoldFields GFI 16.19 -0.21 IcahnEnterprises IEP 17.35 0.11
Stock Sym Close Chg Stock Sym Close Chg Comcast A CMCSA 38.24 0.15 Endeavor EDR 27.20 -0.12 KeyCorp KEY 16.13 0.34 Mondelez MDLZ 66.39 -0.01
Stock Sym Close Chg
Net
ComfortSystems FIX 292.14 -7.74 EnergyTransfer ET 16.13 -0.05 GoldmanSachs GS 491.71 5.01 Icon ICLR 313.10-18.67 KeysightTech KEYS 135.89 -0.10 M N MongoDB MDB 256.26 11.72
AppliedIndlTechs AIT 209.66 4.97 BoozAllen BAH 153.58 -0.51 s CommerceBcshrs CBSH 64.24 0.55 EnphaseEnergy ENPH 117.52 0.61 Grab GRAB 3.32 -0.04 IDEX IEX 203.08 4.37
ApplMaterials AMAT 202.32 -4.21 BostonSci BSX 74.26 -3.50 Graco GGG 83.79 2.71 IllinoisToolWks ITW 243.83 4.53
KimberlyClark KMB 141.07 0.56 s M&T Bank MTB 173.51 1.83 MonolithicPower MPWR 789.90 2.02
SABESP SBS 15.46 -0.18 EnsignGroup ENSG 136.17 -0.43
A B C AppLovin APP 76.17 -2.51 BristolMyers BMY 45.27 0.61 Grainger GWW 954.15 21.52 Illumina ILMN 117.30 1.01
KimcoRealty KIM 20.74 -0.16 MGM Resorts MGM 41.44 -1.00 MonsterBev MNST 50.10 0.51
ConagraBrands CAG 29.53 -0.33 Entegris ENTG 123.63 -1.09 KinderMorgan KMI 21.07 0.02 MCO 437.21 3.40
Aptargroup ATR 141.49 -2.20 s BritishAmTob BTI 34.73 1.35 GraphicPkg GPK 27.29 -0.03 ImperialOil IMO 70.60 0.49 MKS Instrum MKSI 119.73 -3.67 Moody's
AECOM ACM 88.95 1.59 Confluent CFLT 24.97 0.60 Entergy ETR 111.42 -0.44 KinrossGold KGC 8.54 -0.31 MPLX MPLX 42.41 -0.21 MorganStanley MS 103.56 1.59
Aptiv APTV 67.83 0.75 Broadcom AVGO 149.26 -2.08 EnterpriseProd EPD 29.56 -0.14 GpoAeroportuar PAC 158.12 -5.24 s Incyte INCY 68.57 1.66
AES AES 17.23 -0.08 Aramark ARMK 33.09 -0.12 s BroadridgeFinl BR 208.07 4.92
ConocoPhillips COP 111.03 -0.07
GpoAeroportSur ASR 303.17 -6.76 Informatica INFA 23.99 ...
KinsaleCapital KNSL 377.25 5.10 MSA Safety MSA 191.78 -0.24 s Morningstar MORN 322.67 17.67
Aflac AFL 94.12 -0.02 ConEd ED 95.92 0.04 Equifax EFX 267.53 6.64 Knight-Swift KNX 52.05 3.07 MSCI MSCI 538.21 4.01 Mosaic MOS 29.30 0.74
ArcelorMittal MT 22.51 0.27 BrookfieldAsset BAM 41.46 0.35 ConstBrands A STZ 249.38 2.50 Equinix EQIX 769.31-24.84 s Guidewire GWRE 144.60 0.39 Infosys INFY 22.01 0.15
AGNC Invt AGNC 9.87 -0.07 ArchCapital ACGL 94.47 -1.94 Brookfield BN 46.32 0.47 s HCA Healthcare HCA 352.79 8.85 IngersollRand IR 96.94 1.19
Philips PHG 25.75 -0.22 MagnaIntl MGA 43.23 0.53 MotorolaSol MSI 385.65 -4.95
Ansys ANSS 310.69 0.14 ConstellationEner CEG 170.43 -4.65 Equinor EQNR 25.99 -0.06 KoreaElecPwr KEP 7.08 0.06 MakeMyTrip MMYT 89.55 -1.32 s MuellerIndustries MLI 68.20 2.57
ADM ADM 63.32 0.67 BrookfieldInfr BIP 30.92 -0.12 Cooper COO 92.68 0.69 Equitable EQH 42.36 0.68 HDFC Bank HDB 60.20 0.51 Ingredion INGR 119.72 1.08
APA APA 31.28 1.00 AresMgmt ARES 145.30 0.79 BrookfieldRenew BEPC 28.10 -0.41 HF Sinclair DINO 49.80 1.27 Insmed INSM 74.50 0.07
KraftHeinz KHC 33.29 0.24 ManhattanAssoc MANH246.87 -2.96 MurphyUSA MUSA 501.54 2.15
ASE Tech ASX 10.36 -0.24 Copart CPRT 50.43 -0.73 EquityLife ELS 66.09 0.43 Kroger KR 53.31 -0.87 ManulifeFinl MFC 25.81 0.14 NICE NICE 181.80 0.86
argenx ARGX486.33 21.97 Brown&Brown BRO 97.43 -0.13 Core&Main CNM 50.72 -0.06 EquityResdntl EQR 69.52 -0.49 HP HPQ 36.25 -1.57 Insulet PODD 190.88 -3.50
ASML ASML 862.63-10.12 HSBC HSBC 42.84 -0.03 Intel t LatamAirlines LTM 24.70 0.70 Maplebear CART 34.09 0.12 NIO NIO 4.27 -0.03
AristaNetworks ANET 314.12-11.75 Brown-Forman A BF.A 45.99 1.35 CorebridgeFin CRBG 29.29 0.29 ErieIndemnity ERIE 387.51 3.98 INTC 31.10 -0.60 t LKQ LKQ 38.95 -5.53 NNN REIT NNN 45.15 -0.31
s AT&T T 19.19 0.03 Arm ARM 149.14 -8.54 Brown-Forman B BF.B 45.07 1.35 H World HTHT 31.10 0.47 InteractiveBrkrs IBKR 118.57 0.45 MarathonOil MRO 27.89 0.03
s ATI Corning GLW 42.81 -1.14 EssentialUtil WTRG 40.64 -0.43 LPL Financial LPLA 239.20 12.20 MarathonPetrol MPC 171.50 3.95 NRG Energy NRG 73.09 -1.10
ATI 64.28 3.98 AscendisPharma ASND 134.38 0.37 Bruker BRKR 64.23 0.15 s Haleon HLN 9.14 0.17 s ICE ICE 149.03 1.52
Corpay CPAY 285.56 -0.42 EssexProp ESS 282.72 -3.24 s L3HarrisTech LHX 243.27 6.12 Markel MKL 1570.61 5.41 NVR NVR 8471.88 67.39
AbbottLabs ABT 105.96 -1.30 AspenTech AZPN 190.83 3.38 BuildersFirst BLDR 158.73 4.61 Halliburton HAL 34.16 1.17 InterContinentl IHG 102.73 -1.50
s AbbVie Corteva CTVA 55.28 1.46 EsteeLauder EL 99.90 0.10 Labcorp LH 209.72 0.23 MarketAxess MKTX 220.86 2.82 NXP Semicon NXPI247.51 -6.89
ABBV 182.17 5.96 Assurant AIZ 169.59 -0.29 BungeGlobal BG 112.95 0.86 s EvercoreA EVR 245.72 9.33 HamiltonLane HLNE 141.85 2.66 IBM IBM 191.98 7.96
CoStar CSGP 77.84 1.49 LamResearch LRCX 884.12-25.75 Marriott MAR 233.75 -1.29 s Nasdaq NDAQ 67.26 4.53
Abercrombie&Fitch ANF 151.53 -2.52 AstraZeneca AZN 78.52 -1.19 BurlingtonStrs BURL 245.75 -0.64 HartfordFinl HIG 102.33 0.39 IntlFlavors IFF 97.16 -0.92
Costco COST 815.95-14.87 Everest EG 373.75 -7.79 LamarAdv LAMR 117.84 -0.30 Marsh&McLen MMC 216.06 -0.60 Natera NTRA102.15 -3.95
Accenture ACN 330.12 1.44 Atlassian TEAM 178.22 10.62 CACI Intl CACI 453.58 6.07 Hasbro HAS 61.52 2.10 IntlPaper IP 46.22 -0.06
CoterraEnergy CTRA 25.72 -0.07 Evergy EVRG 56.33 0.11 t LambWeston LW 53.01 -3.41 MartinMarietta MLM 547.04 9.21 NationalGrid NGG 62.65 -0.17
AcuityBrands AYI 245.07 -1.15 s AtmosEnergy ATO 124.93 -0.97 CAVA CAVA 78.23 0.31 HealthpeakProp DOC 20.76 ... Interpublic IPG 30.26 0.69
Coty COTY 9.69 0.11 EversourceEner ES 63.60 0.57 s Heico Lantheus LNTH 112.95 -0.71 MarvellTech MRVL 63.99 -0.36 NatWest NWG 8.82 0.11
Adobe ADBE 532.15 1.11 Autodesk ADSK 242.23 2.78 s CBRE Group CBRE 107.43 9.13 HEI 230.76 3.66 Intra-Cellular ITCI 80.84 3.57
Coupang CPNG 19.79 -0.13 ExactSciences EXAS 48.36 0.51 s Heico A t LasVegasSands LVS 39.34 -0.98 MAS 75.84 5.26 NetApp NTAP 125.56 -0.14
AdvDrainageSys WMS 168.11 4.77 ALV 97.66 -0.15 CDW CDW 228.62 -0.59 HEI.A 182.37 1.96 Intuit INTU 626.32 6.08 Masco
Autoliv s Crane CR 155.36 3.59 Exelon EXC 36.48 0.01 LatticeSemi LSCC 54.18 -0.69 MasTec MTZ 104.98 -0.68 NetEase NTES 95.45 1.02
AdvMicroDevices AMD 138.32 -6.31 ADP ADP 249.58 2.48 CF Industries CF 73.51 2.03 HenrySchein HSIC 71.04 0.75 IntuitiveSurgical ISRG 436.74-17.28
Credicorp BAP 169.20 -2.80 Expedia EXPE 124.90 -3.59 Hershey HSY 192.67 0.57 InvitatHomes INVH 33.20 -2.77 LegendBiotech LEGN 59.14 -0.53 Mastercard MA 429.60 -2.85 Netflix NFLX 634.09 -1.90
Aegon AEG 6.25 -0.01 AutoZone AZO 3030.97 89.24 CGI A GIB 107.88 0.79 Crocs CROX 125.14 -4.24 ExpeditorsIntl EXPD 124.85 0.82 Hess HES 149.85 2.84 IonisPharm IONS 51.86 1.12 Leidos LDOS 152.02 1.92 MatadorRscs MTDR 61.69 0.01 Neurocrine NBIX 146.10 0.22
AerCap AER 93.20 -0.01 Avalonbay AVB 202.83 -3.23 CH Robinson CHRW 89.41 -0.80 CrowdStrike CRWD 254.15 -3.99 ExtraSpaceSt EXR 160.69 -1.18 HessMidstream HESM 37.21 -0.30 IronMountain IRM 96.90 Lennar B LEN.B 159.63 2.42 MatchGroup MTCH 33.25 0.26 NewOrientalEduc EDU 70.33 -4.06
AffirmA AFRM 26.46 ... Avangrid AGR 35.52 0.02 CME Group CME 199.38 2.13 ...
CrownCastle CCI 105.53 0.06 ExxonMobil XOM 117.43 2.42 HewlettPackard HPE 19.45 -0.60 ItauUnibanco ITUB 6.03 -0.02 Lennar A LEN 171.28 2.49 McCormickVtg MKC.V 74.49 1.11 NYTimes A NYT 53.39 -1.14
AgilentTechs A 134.98 0.82 Avantor AVTR 22.82 0.45 s CMS Energy CMS 63.21 0.74 Crown Holdings CCK 84.90 -0.13 F5 FFIV 173.73 3.29 Hilton HLT 213.18 -1.42 LennoxIntl LII 545.73 4.58 McCormick MKC 74.77 0.54 Newmont NEM 45.70 -2.00
AgnicoEagleMines AEM 73.04 -1.59 AveryDennison AVY 209.10 -5.69 CNA Fin CNA 47.73 0.53 CubeSmart CUBE 47.01 -0.08 FTAI Aviation FTAI 105.33 -3.92 McDonald's MCD 251.46 -1.91 NewsCorp B NWS 28.01 -0.20
AirProducts APD 258.64 -1.56 AxaltaCoating AXTA 34.50 0.13 CNH Indl CNH 10.24 0.36 Cummins CMI 283.17 1.60 s FTI Consulting FCN 225.64 -4.85
Hologic HOLX 77.88 -0.46
HomeDepot HD 353.29 2.98
J K L LiAuto LI 19.20 0.36
LibertyBroadbandC LBRDK 56.34 0.65 McKesson MCK 595.73 5.74 NewsCorp A NWSA 27.15 -0.16
Airbnb ABNB 140.03 -4.20 AxonEnterprise AXON 310.81 -2.30 CRH CRH 79.56 -0.11 Curtiss-Wright CW 278.78 -0.43 Fabrinet FN 216.44 -8.07 HondaMotor HMC 30.87 -0.30 JD.com JD 26.33 0.57 LibertyBroadbandA LBRDA 55.42 0.61 Medpace MEDP380.50 -1.38 Continued on Page B9
AkamaiTech AKAM 96.37 1.15 BCE BCE 33.17 0.01 CSX CSX 33.60 0.40 CyberArkSoftware CYBR 256.86 -1.27 FactSet FDS 411.66 8.45
Albemarle ALB 91.00 0.12 t BHP Group BHP 54.79 0.36 CVS Health CVS 58.65 0.11 FairIsaac FICO 1576.93 17.69
Albertsons ACI 20.38 0.19 BJ'sWholesale BJ 88.37 -0.92 CadenceDesign CDNS258.38 -7.96 D E F Fastenal FAST 69.06 1.75
s Alcon ALC 91.84 -0.57 BP BP 35.18 0.53 CamdenProperty CPT 110.91 -2.17 FederalRealty FRT 107.06 -0.19
AlexandriaRlEst ARE 116.01 0.44
Alibaba BABA 75.40 -0.40
BWX Tech BWXT 98.73 -1.29
BXP BXP 67.91 0.89
Cameco CCJ 44.58
CampbellSoup CPB 46.27
-1.91
-0.20
s DTE Energy DTE 118.19 0.28
s Danaher DHR 270.09 4.33
FedEx FDX 298.59 0.31 Bonds | wsj.com/market-data/bonds/benchmarks
Ferguson FERG 213.15 4.79
AlignTech ALGN 226.05-18.75 Baidu BIDU 87.79 -0.96 CIBC CM 50.53 0.41 Darden DRI 141.90 2.47 Ferrari RACE 405.92 -7.75
Allegion ALLE 132.88 5.02
s AlliantEnergy LNT 55.84 0.18
BakerHughes BKR 35.58 0.68
Ball BALL 62.05 -0.01
CanNtlRlwy CNI 113.42
CanadianNatRscs CNQ 34.43
-2.38
...
Datadog
DaVita
DDOG 120.31 2.99
DVA 142.50 -1.31
Ferrovial FER 41.79 0.05 Tracking Bond Benchmarks
FidNatlFinl FNF 53.61 0.46
Allstate ALL 165.40 -6.94 BBVA BBVA 10.90 0.02 CdnPacKC CP 80.95 -0.11 Dayforce DAY 51.80 0.51 FidNatlInfo FIS 74.51 -0.82 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
AllyFinancial ALLY 43.35 1.11 BancoBradesco BBDO 2.04 ... CapitalOne COF 148.09 1.68 DeckersOutdoor DECK841.50 -4.54 s FifthThirdBncp FITB 41.83 0.85
AlnylamPharm ALNY 237.88 1.40 BancodeChile BCH 23.63 -0.06 CardinalHealth CAH 96.91 0.20 Deere DE 381.69 12.30 s FirstCitizBcshA FCNCA 2051.05188.78
highs and lows for different types of bonds
Alphabet A GOOGL 167.28 -5.35 BancSanBrasil BSBR 4.92 -0.02 Carlisle CSL 410.67 -1.60 DellTechC DELL 111.43 -4.69 FirstHorizon FHN 16.85 0.49 Total Total
Alphabet C GOOG 169.16 -5.21 BcoSantChile BSAC 20.02 -0.13 Carlyle CG 46.33 1.59 DeltaAir DAL 43.47 0.53 FirstSolar FSLR 216.19 -5.14
s Altria MO 49.80 0.38 CarMax KMX 81.55 1.65 DescartesSystems DSGX 99.52 0.88 return YTD total Yield (%) return YTD total Yield (%)
BancoSantander SAN 4.91 -0.14 s FirstEnergy FE 40.45 0.03
Amazon.com AMZN 179.85 -0.98 BanColombia CIB 32.79 -0.04 Carnival CCL 17.10 -1.09 DeutscheBank DB 15.62 0.19 close return (%) Index Latest Low High close return (%) Index Latest Low High
s Fiserv FI 156.01 -5.15
Ambev ABEV 2.10 ... BankofAmerica BAC 41.68 -0.51 Carnival CUK 15.65 -1.03 DevonEnergy DVN 46.28 0.70 Flex FLEX 30.94 -0.82
Amcor AMCR 10.15 0.07 BankMontreal BMO 86.98 0.73 CarrierGlobal CARR 64.83 -1.16 DexCom DXCM107.85 -4.09 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Floor&Decor FND 93.44 2.36
Amdocs DOX 84.91 1.76 BankNY Mellon BK 64.81 0.91 Carvana CVNA 124.10 0.68 Diageo DEO 130.69 1.05 FLR 47.61 0.45
Ameren AEE 77.55 0.51 BankNovaScotia BNS 45.55 -0.19 CaseysGenStores CASY 372.78 -1.35 DiamondbkEner FANG 199.80 0.97
Fluor
2070.52 0.4 U.S. Aggregate 4.820 4.490 5.740 2044.76 0.3 Mortgage-Backed 5.070 4.620 6.050
FlutterEnt FLUT 195.12 0.11
AmericaMovil AMX 17.10 -0.03 Barclays BCS 11.75 0.05 Catalent CTLT 58.45 0.05 Dick's DKS 202.72 1.32 FomentoEconMex FMX 108.27 -2.82
s AEP AEP 95.84 0.82 BarrickGold GOLD 17.72 -0.74 Caterpillar CAT 344.30 8.26 DigitalRealty DLR 147.37 -4.29 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2016.35 0.2 Ginnie Mae (GNMA) 5.120 4.640 6.020
FordMotor F 11.16 -2.51
AmerExpress AXP 240.18 -0.81 Bath&BodyWks BBWI 33.13 -1.22 Celanese CE 136.90 0.77 DiscoverFinSvcs DFS 141.62 1.36 Fortinet FTNT 57.31 0.67
AmericanFin AFG 124.70 0.14 BaxterIntl BAX 35.09 -0.40 t CelsiusHldg CELH 46.40 0.76 Disney DIS 89.21 -0.59 3140.56 0.6 U.S. Corporate 5.320 5.020 6.430 1203.99 0.4 Fannie mae (FNMA) 5.060 4.620 6.050
Fortis FTS 40.71 -0.18
AmHomes4Rent AMH 34.87 -0.84 BectonDicknsn BDX 232.78 -4.56 Cemex CX 6.37 0.16 DocuSign DOCU 55.10 1.30 Fortive FTV 69.99 -0.41
AIG AIG 75.25 -0.01 BeiGene BGNE 163.27 -0.29 Cencora COR 227.11 1.13 DolbyLab DLB 77.80 0.06 FortuneBrands FBIN 72.17 3.13 3058.58 2.1 Intermediate 5.160 4.950 6.350 1858.47 0.7 Freddie Mac (FHLMC) 4.970 4.540 6.190
AmerTowerREIT AMT 209.92 0.53 BentleySystems BSY 48.37 -0.14 CenovusEnergy CVE 19.76 0.34 DollarGeneral DG 118.31 1.26 FoxA FOXA 37.07 -0.02
AmerWaterWorks AWK 140.10 -2.30 Berkley WRB 52.47 0.18 Centene CNC 67.40 1.28 DollarTree DLTR 102.63 -1.06 FoxB FOX 34.46 -0.01 4116.07 -2.4 Long term 5.650 5.160 6.600 589.26 0.2 Muni Master 3.384 3.038 4.311
AmericoldRealty COLD 28.85 -0.23 BerkHathwy A BRK.A 649950-129.98 CenterPointEner CNP 28.88 -0.14 DominionEner D 52.30 0.17 Franco-Nevada FNV 124.21 -1.46
Ameriprise AMP 441.67 17.42 BerkHathwy B BRK.B 433.29 0.49 CentraisElBras EBR 6.63 0.01 Domino's DPZ 425.17 0.44 FranklinRscs BEN 23.64 0.76 596.86 -0.6 Double-A-rated 4.950 4.540 5.760 415.46 -0.7 7-12 year 3.152 2.721 4.097
Ametek AME 168.52 1.57 BestBuy BBY 87.35 -0.38 s CerevelTherap CERE 44.40 1.03 Donaldson DCI 73.08 0.88 FreeportMcM FCX 44.53 0.35
s Amgen AMGN 334.30 -1.31 Bio-Techne TECH 78.67 1.06 CharlesRiverLabs CRL 221.81 -0.60 DoorDash DASH 100.78 -1.68 FreseniusMedCare FMS 20.39 0.23 850.02 1.1 Triple-B-rated 5.510 5.250 6.700 477.94 0.4 12-22 year 3.663 3.388 4.742
AmkorTech AMKR 38.18 -0.78 Bio-RadLab A BIO 315.17 5.26 CharterComms CHTR 315.23 2.57 Dover DOV 186.32 9.99 FullTruck YMM 7.88 -0.01
Amphenol APH 61.76 -0.23 Biogen BIIB 227.44 1.41 s CheckPoint CHKP 181.17 1.10 Dow DOW 52.85 -0.47 High Yield Bonds ICE BofA 454.52 1.2 22-plus year 4.210 4.070 5.274
AnalogDevices ADI 220.92 -3.70 BioMarinPharm BMRN 85.59 0.96 Chemed CHE 540.97 -6.51 s DrReddy'sLab RDY 80.84 0.77 G H I
AngloGoldAsh AU 27.10 -0.57 BioNTech BNTX 84.68 1.54 CheniereEnergy LNG 176.35 1.44 DraftKings DKNG 35.78 -0.08 548.09 4.2 High Yield Constrained 7.623 7.565 9.560 Global Government J.P. Morgan†
AB InBev BUD 60.70 0.15 Birkenstock BIRK 55.52 0.10 CheniereEnerPtrs CQP 52.89 0.25 Dropbox DBX 24.00 0.51 GE Aerospace GE 164.67 2.37
AnnalyCap NLY 19.64 -0.26 BlackRock BLK 836.54 8.89 ChesapeakeEner CHK 77.40 -0.26 s DukeEnergy DUK 107.56 -1.04 GE HealthCare GEHC 79.92 0.23 535.49 5.6 Triple-C-rated 13.175 12.616 15.455 540.16 -0.7 Global Government 3.460 2.950 3.810
AnteroResources AR 29.20 -0.64 Blackstone BX 140.02 2.39 Chevron CVX 157.54 2.47 DuPont DD 79.03 -0.56 GE Vernova GEV 160.00 -2.90
Aon AON 298.95 0.75 BlockHR HRB 56.08 0.23 Chewy CHWY 25.29 1.14 Dynatrace DT 43.73 0.87 GFLEnvironmental GFL 38.24 -1.24 3681.42 3.9 High Yield 100 6.734 6.683 9.101 806.50 0.5 Canada 3.400 3.090 4.260
APi Group APG 36.49 0.13 Block SQ 61.58 -0.13 Chipotle CMG 50.82 -0.96 elfBeauty ELF 170.35 -4.16 GSK GSK 39.07 -0.23
ApolloGlblMgmt APO 121.66 -0.06 BlueOwlCapital OWL 19.59 0.24 ChordEnergy CHRD 172.81 2.03 EMCOR EME346.60-10.13 s Gallagher AJG 273.97 -0.35 478.11 4.8 Global High Yield Constrained 7.429 7.396 9.440 354.46 -0.5 EMU§ 3.136 2.669 3.790
AppFolio APPF 259.07 2.47 Boeing BA 184.35 4.28 Chubb CB 261.61 1.57 ENI E 30.29 0.07 GameStop GME 23.95 -0.06
Apple AAPL 217.49 -1.05 Booking BKNG3659.88-145.90 ChunghwaTel CHT 36.74 0.09 EOG Rscs EOG 127.04 1.94 Gaming&Leisure GLPI 48.98 0.42 360.21 4.1 Europe High Yield Constrained 6.241 6.207 8.022 646.75 -2.0 France 3.190 2.540 3.630
U.S Agency Bloomberg Fixed Income Indices 462.11 -1.2 Germany 2.490 2.020 3.030
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
1812.30 1.7 U.S Agency 4.750 4.380 5.390 269.78 -3.3 Japan 1.470 0.790 1.490
UMB Fin UMBF 99.42 2.0 FiveBelow FIVE 71.56 -1.7 1604.79 1.9 10-20 years 4.740 4.360 5.370 502.01 -1.4 Netherlands 2.730 2.260 3.320
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Unitil UTL 60.97 1.0 5EAdvMatls FEAM 0.97 -4.9
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low USCB Financial USCB 16.05 2.3 GRI Bio GRI 1.15 -5.2 3429.30 -0.6 20-plus years 4.880 4.500 5.740 795.08 -2.1 U.K. 4.380 3.790 4.880
Unifirst UNF 196.50 3.5 GainTherap GANX 1.02 -3.7
in the latest session. % CHG-Daily percentage change from the previous trading session. Unilever UL 60.26 4.5 GeniusGroup GNS 0.21 -6.4 2763.25 1.3 Yankee 5.090 4.860 6.110 873.86 3.0 Emerging Markets ** 7.850 7.205 8.842
UnitedBkshrsWV UBSI 38.95 3.5 GlycoMimetics GLYC 0.20 -24.2
Thursday, July 25, 2024 UtdCmtyBks UCBI 31.57 3.8 GreenwaveTech GWAV 1.41 -3.3 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
UnitedRentals URI 768.62 5.4 GroceryOutlet GO 18.79 4.9
52-Wk % 52-Wk % 52-Wk % UnitedTherap UTHR 343.98 1.4 GryphonDig GRYP 0.90 -6.6 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg UniversalHealthB UHS 207.70 10.2 HelenofTroy HELE 54.82 0.3
FirstBusey BUSE 28.97 3.4 PeoplesFinSvcs PFIS 51.00 2.9 UnivestFin UVSP 29.49 2.7 HeliusMedical HSDT 0.77 -2.6
Highs FirstBusFinSvcs FBIZ 44.29 2.3
FirstCitizBcshA FCNCA2059.10 10.1
PerformantFin PFMT
PhilipMorris PM
3.57
113.68
9.9
1.6
Valaris
ValmontInds
VAL
VMI
80.97
304.21
3.9
10.6
HoldcoNuvo
Immucell
NUVO
ICCC
0.63 -24.4
4.02 2.5 Global Government Bonds: Mapping Yields
ABMIndustries ABM 56.02 0.1 FirstCmwlthFin FCF 19.01 7.5 Pilgrim'sPride PPC 41.44 2.4 Vaxcyte PCVX 87.71 -1.8 Inventiva IVA 2.15 -3.4
AG Mortgage Nts MITP
AST Space Wt ASTSW
25.40 ...
7.40 31.2
FirstCommBkshs FCBC 45.20 4.3 PinnacleFinPtrs PNFP
PioneerBancorp PBFS
97.84 3.0 Vericel
VertexPharm VRTX
VCEL 54.09
503.99
-1.3
0.3
iQIYI
JIADE
IQ
JDZG
3.02 1.6
0.73 1.2
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
FirstComSC FCCO 23.24 4.8 11.40 0.3
AST Space ASTS ViantTech DSP 12.10 1.9 JaguarHealth JAGX 1.26 -4.3
AT&T T
16.80 24.6
19.74 0.2
FirstFinBncpOH FFBC 27.38 2.9
FirstFinBkshs FFIN 38.79 4.0
PiperSandler
Plexus
PIPR
PLXS
273.50
132.46
3.1
11.6 WSFS Financial WSFS 58.17 1.7 Jiuzi JZXN 1.74 -12.3 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
ATI ATI 65.62 6.6 FirstFinIN THFF 47.00 4.3 PreferredBkLA PFBC 88.32 3.6 WaterstoneFinl WSBF 15.61 5.2 KensingtonV Wt KCGI.WS 0.01 -25.9
AbbVie ABBV 186.11 3.4 FirstHawaiian FHB 25.37 3.3 PremierFinl PFC 25.95 3.0 Watsco B WSOB 491.75 11.1 Kernel KRNLU 9.67 -12.3 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Acushnet GOLF 70.92 1.8 FirstMerchants FRME 40.97 2.0 PriorityTech PRTH 6.87 2.6 Waystar WAY 24.12 -0.2 KindlyMD KDLY 1.90 -38.8 Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
AddusHomeCare ADUS 124.48 -2.1 FirstMidBcshs FMBH 40.00 1.9 ProficientAuto PAL 19.51 4.6 WeisMarkets WMK 74.66 3.0 LatamAirlines LTM 24.57 2.9
AffiliatedMgrs AMG 175.77 2.7 FirstSavingsFin FSFG 19.75 -1.5 ProsperityBcshs PB 73.32 1.9 Welltower WELL 111.85 -1.0 LKQ LKQ 35.57 -12.4 4.375 U.S. 2 4.442 s l 4.415 4.732 4.891
Airgain AIRG 7.67 3.0 SRCE 63.43 2.3 ProtagonistTherap PTGX WesBanco WSBC 34.85 2.9 Lakeside LSH 2.41 -9.6
Alcon ALC 93.39 -0.6
1stSource
FirstUnited FUNC 27.74 4.0 QCR Holdings QCRH
42.67
75.71
-0.8
6.9 WestAllianceBcp WAL 81.15 4.3 LambWeston LW 52.99 -6.0 4.375 10 4.255t l 4.285 4.237 3.911
AllianceResource ARLP 26.21 -1.8 FirstEnergy FE Q32Bio QTTB 42.98 5.5 WesternAlliancePfd WALpA 19.80 0.6 LasVegasSands LVS 39.25 -2.4
AlliantEnergy LNT 56.79 0.3 FirstService FSV
41.05 0.1
175.60 6.5 QilianIntl QLI 6.69 14.8 WeycoGroup WEYS 33.85 2.2 LipellaPharm LIPO 0.36 -7.1 4.250 Australia 2 4.115 t l 4.173 4.033 4.130 -33.6 -27.0 -74.8
AllisonTransm ALSN 86.05 2.2 Fiserv FI 162.47 -3.2 RELX RELX 46.69 2.2 WillisLease WLFC 87.34 1.3 LithiumAmArg LAAC 2.89 1.0
Altria MO 50.47 0.8 GCM Grosvenor GCMG 11.10 2.5 RPM RPM 121.63 6.8 WillisTowers WTW 281.00 4.0 LoopIndustries LOOP 1.37 -17.1 3.750 10 4.323 t l 4.337 4.212 4.032 6.3 4.4 14.0
AEP AEP 97.32 0.9 GCMGrosvenorWt GCMGW 0.93 12.0 RTX RTX 115.82 8.2 WorldKinect WKC 27.25 1.0 lululemon LULU 245.59 -9.1
AmerHlthcrREIT AHR 16.83 0.4 Gaia GAIA 5.19 1.2 RXO RXO 30.95 4.2 XOMARoyalty XOMA 30.36 2.4 MBIA MBI 4.40 -1.8 2.500 France 2 2.849 t l 2.887 3.087 3.309 -160.2 -155.6 -156.9
AmerisBancorp ABCB 62.13 2.2 Gallagher AJG 277.78 -0.1 RadianGroup RDN 36.90 3.4 Zumiez ZUMZ 24.12 2.4 MelcoResorts MLCO 5.67 0.3
Amgen AMGN 346.85 -0.4 Garmin GRMN 175.24 0.3 RayonierAdvMatls RYAM 6.31 3.3 Mobileye MBLY 21.07 -5.4 3.000 10 3.124 t l 3.159 3.113 2.962 -113.6 -113.4 -93.0
AnaptysBio ANAB 38.82 0.9 GencorInds GENC 22.92 4.9 RedCat RCAT 2.46 11.3 Lows MullenAuto MULN
NauticusRobotWt KITTW
1.11 -2.4
2.700 Germany 2 2.636 t l 2.668 2.814 3.041 -177.5 -183.8
APxAcqnI APXIU
ArbutusBiopharma ABUS
12.08 3.7
3.98 1.3
GermanAmBncp GABC 41.68 1.8 RegionsFinl RF 22.86 2.0
ARBIOT ARBB 0.44 -7.4 Neo-Concept NCI
0.01 4.1
0.55 -3.2
-181.5
GlacierBancorp GBCI 46.14 3.6 RepublicBcpKYA RBCAA 69.00 6.1
ArmourResPfdC ARRpC 21.90 1.3 GladstonePfdB LANDO 22.39 0.4 RiverNorthCapPfd RMPLp 25.25 ... AethlonMedical AEMD
AffiliatedNts64 MGRE
0.33 9.2
25.10 -0.2
NewFoundGold NFGC 2.62 -2.9 2.600 10 2.422 t l 2.446 2.411 2.425 -183.8 -184.7 -146.7
ArmstrongWorld AWI 130.41 0.9 Gorman-Rupp GRC 41.55 1.7 S&T Bancorp STBA 45.79 2.9 Nike NKE 70.91 0.5
AgapeATP ATPC 0.11 -30.4 NouveauMonde NMG
ArrowFinancial AROW
AssociatedBanc ASB
32.79 4.4
24.21 3.4
GrahamHoldings GHC 820.87 4.0 Sanmina
Seadrill
SANM
SDRL
74.61 1.3
Akanda AKAN 1.50 1.9 NovaMinerals NVA
1.61 -3.5
4.50 ...
3.200 Italy 2 3.247 t l 3.252 3.524 3.729 -120.4 -119.1 -115.0
GreenBrickPtrs GRBK 74.62 2.5 55.60 3.1
AlternusCleanEner ALCE 0.28 3.8 NUKKW
AtlUnionBkshs AUB
AtlasPfdD ATCOpD
41.87 2.0
25.49 0.4
GreeneCnty GCBC 37.23 4.2 SelectMedical SEM
Sempra SRE
40.20 -0.8
AlticeUSA ATUS 1.55 -2.5
NukkleusWt
OneStream OS
0.01 -24.7
24.50 0.4
3.850 10 3.780 t l 3.803 3.931 4.069 -48.0 -49.0 17.8
Guidewire GWRE 147.70 0.3 80.54 -1.3
AtlasPfdH ATCOpH 25.39 0.4 HCA Healthcare HCA 356.30 2.6 ServiceNow NOW 850.33 13.4 AmerSports AS 10.47 0.2 PS Intl PSIG 1.55 20.3
AtmosEnergy ATO 127.90 -0.8 HNI HNI 54.27 10.4 ServisFirst SFBS 82.04 2.9 AmerAirlines AAL 9.76 4.2 PSQ Wt PSQH.WS 0.35 -6.9 0.400 Japan 2 0.403 s l 0.374 0.305 -0.037 -404.9 -406.9 -491.5
aTyrPharma ATYR 2.50 15.5 Haleon HLN ShoreBancshares SHBI 14.67 4.9 AmerBatteryTech ABAT 0.95 5.6 P3HealthPartnersWt PIIIW 0.01 -40.2
Avista AVA 39.78 1.2
9.19 1.9
HalozymeTherap HALO 56.97 1.5 SierraBancorp BSRR 31.85 -0.1 Ampco-PittsWt AP.WS 0.04 -19.4 PainReform PRFX 0.38 -4.4 1.100 10 1.075 t l 1.078 1.000 0.467 -318.5 -321.6 -342.4
AxosFinancial AX 75.97 3.1 HancockWhitney HWC 57.78 2.3 SimmonsFirstNat SFNC 22.11 3.4 AptoseBiosci APTO 0.57 -7.0 ParkAerospace PKE 12.81 -2.6
Bally's BALY 16.99 25.1 HarborOneBncp HONE 13.75 3.0 SiriusPoint SPNT 14.24 3.1 ArtivaBiotherap ARTV 11.12 0.9 PasitheaTherap KTTA 4.46 -10.2 2.800 Spain 2 2.965 t l 2.982 3.128 3.463 -148.6 -146.1 -141.5
BancFirst BANF 110.39 2.7 HeartlandFinUSA HTLF 53.86 2.6 SmartFinancial SMBK 28.65 1.6 AsteraLabs ALAB 45.41 -0.2 PixieDustTech PXDT 1.29 -6.5
BankFirst BFC 96.00 0.4 Heico HEI 233.99 1.6 SolarisOilfield SOI 13.42 7.1 AtlasClear ATCH 0.40 ... ProPhaseLabs PRPH 3.03 -2.6 3.450 10 3.259 s l 3.254 3.272 3.466 -100.1 -103.9 -42.6
Bank7 BSVN 42.41 1.0 Heico A HEI.A 185.70 1.1 SouthState SSB 97.83 6.1 Atomera ATOM 3.44 -0.8 RobertHalf RHI 57.05 -7.6
BankFinancial BFIN 11.84 2.4 HeritageCommerce HTBK 10.75 4.6 Southern SO 83.46 -1.2 AvenueTherap ATXI 2.79 -19.4 SMX SMX 4.33 -5.8 0.125 U.K. 2 3.948 t l 3.990 4.230 4.960 -50.3 -45.3 8.2
-

BarHarborBkshs BHB 33.28 3.1 HeritageFin HFWA 23.50 5.4 SouthernStBcsh SSBK 34.72 2.0 BHP Group BHP 54.21 0.7 SageTherap SAGE 9.73 0.9
BarrettBus BBSI 35.84 0.6 HinghamSvg HIFS 233.97 5.8 SouthsideBcshs SBSI 34.70 8.8 BP Prudhoe BPT 1.54 8.9 SciSparc SPRC 0.49 -11.2 4.250 10 4.137 t l 4.160 4.082 4.269 -12.3 -13.3 37.8
BayCom BCML 25.04 3.3 HomeBancShares HOMB 28.57 2.3 Spire SR 68.02 0.7 Bumble BMBL 8.65 5.3 SigningDaySports SGN 0.17 0.9
BelFuse A BELFA 90.00 9.1 HopeBancorp HOPE 13.42 3.0 StifelFinancial SF 87.28 2.5 CCSC Tech Intl CCTG 1.75 -4.1 SnailA SNAL 0.77 3.8
BerkshireHills BHLB 28.51 2.4 StockYardsBncp SYBT 64.51 3.6 CN Energy CNEY 0.38 -18.6 SOQUIMICH SQM 37.24 -1.0
Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
HorizonBancorp HBNC 16.46 8.0
BioLifeSolns BLFS 23.47 3.0 Hovnanian HOV 208.22 7.4 StoneX SNEX 83.34 1.7 CabalettaBio CABA 6.71 -2.3 Sol-GelTech SLGL 0.42 -32.9
BloomZ BLMZ 4.30 33.1 HuntingtonBcshs HBAN 15.25 0.9 SummitMidstream SMLP 37.59 0.4 CaliberCos CWD 0.69 -5.4 STMicroelec STM 33.38 -15.4
BlueFoundryBncp BLFY
Brainsway BWAY
11.40 4.4
7.79 5.1
Hyster-Yale
Incyte
HY
INCY
80.00 4.9
70.36 2.5
Sylvamo SLVM
SynchronossNts26 SNCRL
74.75
24.14
1.9
3.8
CarbonRevolution CREV
CatheterPrec VTAK
5.25 -2.4
1.58 -8.7
SuperHiIntl
36Kr
HDL
KRKR
14.50 -8.0
0.26 -1.9
Corporate Debt
BreadFinancial BFH
BridgewaterBcshs BWB
52.93 4.0
14.91 5.0
IndepBankMI IBCP 35.97 5.7 TC Energy
TWFG
TRP
TWFG
42.04
24.14
0.2
7.3
CelsiusHldg
Cemtrex
CELH
CETX
44.70 1.7
0.19 -1.1
ThunderPower AIEV
TonixPharm TNXP
0.77 -3.6
0.46 10.0
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
IndependentBank IBTX 58.35 5.5
BrightSphere BSIG 25.93 4.0 IndlLogistics ILPT 5.30 0.2 TechnipFMC FTI 29.24 4.0 Centogene CNTG 0.33 -8.3 2U TWOU 1.05 -63.3 expectations
BritishAmTob BTI 35.03 4.0 INVA TellurianNts2028 TELZ 24.40 1.9 CheetahNetSupply CTNT 0.27 -34.2 UltaBeauty ULTA 363.01 -1.7
n

Innoviva 18.56 2.9

BroadridgeFinl BR
Broadstone BNL
211.85 2.4
17.98 0.1
ICE
IntlBcshs
ICE
IBOC
150.39 1.0
69.69 2.6
TenXKeaneAcqnRt TENKR
TenXKeaneAcqn TENKU
0.42
14.80
33.3
5.9
CiaSiderurgica SID
Concentra CON
2.08 0.5
21.98 -4.3
VOXX Intl
VerbTech
VOXX
VERB
2.44 -1.8
0.09 -4.7
Investment-grade spreads that tightened the most…
BrookdaleSrUn BKDT 107.27 1.6 Investar ISTR 18.85 2.4 Terex TEX 67.40 4.1 ConnectMTech CNTM 0.99 3.5 VintageWineEstWt VWEWW 0.00 -47.8 Spread*, in basis points
BusFirstBcshs BFST 25.74 2.2 JacksonFinl JXN 86.81 2.4 TheBancorp TBBK 52.90 3.5 CorsairGaming CRSR 7.83 0.9 VSeeHealth VSEE 2.52 -13.9 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
BylineBancorp BY 29.37 1.3 JanusHenderson JHG 36.61 2.1 ThirdCoastBcshs TCBX 26.38 1.8 CrownElectrokin CRKN 3.08 -5.6 WarnerMusic WMG 28.89 -1.1
CBRE Group CBRE 110.55 9.3 JonesLang JLL 249.42 5.6 TimberlandBncp TSBK 32.24 1.7 CueBiopharma CUE 0.68 1.0 WestPharmSvcs WST 265.00 -14.4
CMS Energy CMS 64.28 1.2 Kadant KAI 354.04 3.2 TowneBank TOWN 33.93 3.8 DanimerScientific DNMR 0.52 -1.1 WindtreeTherap WINT 2.81 -10.6 Dominion Energy D 5.950 5.45 June 15, ’35 120 –9 129
CNO Financial CNO 31.25 1.4 Kemper KMPR 64.91 1.9 TransUnion TRU 85.18 8.0 DianaShipping DSX 2.66 -1.8 Wolfspeed WOLF 18.10 -3.1
COPTDefenseProp CDP 28.11 2.0 KewauneeSci KEQU 54.25 0.7 TriCoBancshares TCBK 48.80 4.3 DigitalBrands DBGI 1.21 -2.3 WynnResorts WYNN 80.11 -0.6 Reynolds American … 6.150 6.28 Sept. 15, ’43 169 –8 173
Cal-MaineFoods CALM 71.78 6.3 KratosDefense KTOS 22.84 2.1 TruistFinl TFC 44.78 1.2 Dominari DOMH 1.74 -1.7 XTI Aerospace XTIA 0.30 -0.1
CamdenNational CAC 40.91 4.5 LTC Properties LTC 38.27 1.3 TrustcoBank TRST 35.45 3.2 EdwardsLife EW 58.93 -31.3 Yalla YALA 4.26 ... PNC Bank … 4.050 5.14 July 26, ’28 98 –7 n.a.
CapitalBancorp CBNK 26.20 2.0 L3HarrisTech LHX 245.60 2.6 Trustmark TRMK 35.13 2.1 EuropeanWax EWCZ 8.63 -0.2 Zeekr ZK 16.80 0.5
CapitalCityBank CCBG 36.49 4.8 LadderCapital LADR 12.48 2.5 TwistBiosci TWST 60.36 2.6 Expion360 XPON 0.47 -47.0 ZeppHealth ZEPP 0.58 -1.7 Cintas No. 2 … 6.150 5.05 Aug. 15, ’36 83 –6 n.a.
CarpenterTech CRS 144.40 10.9 Lazard LAZ 48.64 11.9 TylerTech TYL 572.80 9.4 FoxoTech FOXO 0.22 -4.0 ZoomInfoTech ZI 10.83 2.4
CellebriteDI CLBT 13.87 3.2 LegacyHousing LEGH 27.57 2.3 S.C. Johnson & Son … 5.750 5.72 Feb. 15, ’33 146 –6 n.a.
CellebriteDIWt CLBTW 3.72 4.6 LemonadeWt LMND.WS 0.07 16.6
CentralPacFin CPF 25.71 2.6 LendingClub LC –5
CenturyComm CCS 103.42 3.3 LendingTree
10.99 3.4
TREE 56.36 4.4
Pricoa Global Funding I … 5.100 4.75 May 30, ’28 59 n.a.
CerevelTherap CERE
CheckPoint CHKP
44.54 2.4
184.67 0.6
LibertyFormOne C FWONK 80.54 -0.5
LibertyFormOne A FWONA 73.97 -0.9
Dividend Changes Toyota Motor Credit … 5.050 4.72 May 16, ’29 57 –5 n.a.
CtznCmntyBcp CZWI 13.34 5.1 LigandPharm LGND 108.91 3.0 Amount Payable /
CitizensFin CFG 43.73 2.4 Lineage LINE 82.20 3.6 Ally Financial ALLY 8.000 6.05 Nov. 1, ’31 180 –4 176
CityHolding CHCO
Company Symbol Yld % New/Old Frq Record
125.54 2.1 LiquiditySvcs LQDT 21.69 2.1
ClearwaterPaper CLW
Coca-Cola KO
57.13 -1.7
66.89 0.4
LloydsBanking LYG 3.10 1.7
LockheedMartin LMT 526.69 1.2 Increased …And spreads that widened the most
Cohen&Steers CNS 86.59 6.0 LouisianaPacific LPX 97.23 6.0 Amphenol Cl A APH 0.7 .165 /.11 Q Oct09 /Sep17
ColliersIntl CIGI 138.46 3.8 M&T Bank MTB 176.44 1.1
Cintas CTAS 0.8 1.56 /1.35 Q Sep03 /Aug15 Athene Global Funding* … 5.583 5.26 Jan. 9, ’29 112 20 109
ColonyBankcorp CBAN 14.38 1.1 MDU Rscs MDU 27.00 0.9
CommerceBcshrs CBSH 65.38 0.9 MGE Energy MGEE 87.37 1.2 Community Trust Bancorp CTBI 3.6 .47 /.46 Q Oct01 /Sep15 Cincinnati Financial CINF 6.125 5.50 Nov. 1, ’34 125 10 121
CommunityFinSys CBU 63.03 4.1 MGIC Investment MTG 24.50 4.6 Eagle Bancorp Montana EBMT 3.9 .1425 /.14 Q Sep06 /Aug16
CmntyTrBcp CTBI 52.22 1.4 M/I Homes MHO 161.79 3.4
Encompass Health EHC 0.8 .17 /.15 Q Oct15 /Oct01 Siemens Financieringsmaatschappij … 6.125 4.85 Aug. 17, ’26 40 10 n.a.
ConnectOneBncp CNOB 25.41 4.9 MagyarBancorp MGYR 12.71 5.5
ContextTherap CNTX 2.46 8.9 MauiLand MLP 24.34 2.8 First Community Bkshs FCBC 2.8 .31 /.29 Q Aug23 /Aug09 Tapestry TPR 7.000 5.58 Nov. 27, ’26 113 10 n.a.
CorceptTherap CORT 35.87 1.1 MerchantsBancorp MBIN 53.11 0.7 Global Partners GLP 7.2 .72 /.71 Q Aug14 /Aug08
Corvel CRVL 308.26 0.9 MidPennBancorp MPB 28.23 5.7
CousinsProperties CUZ 25.50 1.2 MidWestOneFin MOFG 29.08 3.3 Home BancShares HOMB 2.8 .195 /.18 Q Sep04 /Aug14 Bank of America BAC 6.110 5.43 Jan. 29, ’37 118 8 n.a.
Crane CR 157.79 2.4 MillerIndustries MLR 66.60 2.1 NextEra Energy Partners NEP 13.7 .905 /.8925 Q Aug14 /Aug06
CrossFirstBkshs CFB 19.05 1.4 MirumPharm MIRM 41.88 3.3 Orrstown Financial ORRF 2.6 .23 /.20 Q Aug15 /Aug08 SCE Recovery Funding … 2.943 4.38 Nov. 15, ’42 15 8 n.a.
Cullen/Frost CFR 123.17 3.4 MistrasGroup MG 10.12 2.5
Cushman&Wkfd CWK 13.35 5.9 MohawkInds MHK 136.75 5.8 Penske Automotive PAG 2.3 1.07 /.96 Q Sep04 /Aug15 Equinor … 4.800 5.41 Nov. 8, ’43 84 6 n.a.
DTCloudStar DTSQU 10.05 0.3 MonarchCasino MCRI 77.50 11.3 Republic Services RSG 1.2 .58 /.535 Q Oct15 /Oct02
DTE Energy DTE 120.54 0.2 Moog A MOG.A 197.43 2.1
St. Joe JOE 0.9 .14 /.12 Q Sep06 /Aug09 JPMorgan Chase JPM 5.600 5.33 July 15, ’41 75 6 n.a.
Danaher DHR 276.31 1.6 Morningstar MORN 330.22 5.8
Dole DOLE 14.51 2.5 MrCooper COOP 95.74 6.8
DonnelleyFin DFIN 68.99 3.2 MuellerIndustries MLI 68.94 3.9 Reduced High-yield issues with the biggest price increases…
DrReddy'sLab RDY 81.30 1.0 MuellerWater MWA 20.79 2.0 Blackstone Mortgage Cl A BXMT 10.8 .47 /.62 Q Oct15 /Sep30
Ducommun DCO 64.30 1.5 NB Bancorp NBBK 18.50 2.9 Bond Price as % of face value
DukeEnergy DUK 110.02 -1.0 NMI Holdings NMIH 39.28 2.4 Cal-Maine Foods CALM 4.3 .77 /.997 Q Aug20 /Aug05 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
DyneTherap DYN 45.46 -2.4 Nasdaq NDAQ 67.77 7.2 SLM Float. Rate Pfd.B SLMBP 9.8 1.8467 /1.9038 Q Sep16 /Sep05
ESCO Tech ESE 124.57 1.7 NatlHealthInv NHI 76.31 -0.9
EastWestBncp EWBC 88.16 3.1 NatlHealthcare NHC 133.62 1.0
Truist Finl Pfd. I TFCpI 6.9 .3874 /.39106 Q Sep16 /Aug09 Lumen Technologies LUMN 7.650 21.93 March 15, ’42 36.500 2.50 n.a.
Ecolab ECL 248.60 -0.7 NaturalGrocers NGVC 25.20 3.0
EdisonIntl EIX 77.59 0.5 Nelnet NNI 113.21 1.0 Stocks OneMain Finance OMF 7.125 5.88 March 15, ’26 101.910 0.18 101.875
EmergentBiosol EBS 14.61 -0.1 NewJerseyRscs NJR 47.03 1.1 LATAM Airlines Group ADR LTM 1:2000 /Jul24
6.450 5.72 Sept. 15, ’36 106.352 0.09
EmersonRadio MSN
Enact ACT
0.83 -11.7
34.69 1.5
NewburyStAcqn NBSTU 12.84 1.2
Newmark NMRK 12.69 3.6
Sacks Parente Golf SPGC 1:10 /Jul30 Occidental Petroleum OXY 106.356
EncompassHealth EHC 91.01 1.9 NexPointResidentl NXRT 43.71 -0.4 Paramount Global PARA 4.375 7.48 March 15, ’43 69.093 70.115
Ennis EBF 23.87 0.8 NiSource NI 31.55 0.2 Foreign
EnovaIntl ENVA 81.52 4.5 NortheastCmBncp NECB 22.95 3.4 Banco Latinamer 6.1 .50 Aug20 /Aug05
Enpro NPO 172.15 2.1 NorthrimBanCorp NRIM 74.34 3.7
Eaton Corp. PLC
BLX
ETN 1.3 .94
Q
Q Aug23 /Aug05
…And with the biggest price decreases
Enviri NVRI 11.13 1.3 NorthwestBcshs NWBI 14.27 3.1
EquityBcshs EQBK 41.95 2.1 NovaMineralsWt NVAWW 3.12 231.9 –2.50
EsquireFinancial ESQ 59.49 3.2 NutribandWt NTRBW 3.44 -8.7
Equinor ADR EQNR 4.1 .35 Aug28 /Aug19 Bausch Health … 11.000 13.22 Sept. 30, ’28 93.000 94.000
EssentGroup ESNT 62.89 2.6 OGE Energy OGE 38.52 0.8 FTAI Aviation Pfd. B FTAIO 7.9 .50 Q Sep16 /Sep06
EvansBancorp EVBN Teva Pharmaceutical Finance Netherlands Iii TEVA 4.100 6.72 Oct. 1, ’46 70.000 –0.75 70.980
33.74 2.2 OP Bancorp OPBK 12.36 2.9 H World Group ADR HTHT 3.9 .63 SA Sep03 /Aug14
EvercoreA EVR 249.72 3.9 OceaneeringIntl OII 29.17 13.8
EvergreenA EVGR 11.60 0.1 OldRepublic ORI 32.81 2.1 Lazard LAZ 4.2 .50 Q Aug16 /Aug05 Rakuten … 9.750 8.24 April 15, ’29 105.771 –0.45 106.125
ExlService EXLS 34.89 0.9 Old2ndBcp OSBC 17.34 2.0 Rogers Communications B RCI 4.0 .3631 Q Oct03 /Sep09 –0.42
Exponent EXPO 107.56 0.8 1895Bancorp BCOW 9.19 3.1 Bath & Body Works BBWI 6.750 6.75 July 1, ’36 99.979 100.625
FS Bancorp FSBW 44.96 4.0 OneSpan OSPN 14.45 2.4
Seagate Technology STX 2.7 .70 Q Oct07 /Sep23
FTI Consulting FCN 243.60 -2.1 Oppenheimer A OPY 58.35 5.8 Waste Connections WCN 0.7 .285 Q Aug22 /Aug07 Mauser Packaging Solutions Holding … 7.875 6.56 April 15, ’27 103.250 –0.33 103.125
FarmersBancp FMAO 28.60 3.4 Orangekloud ORKT 7.50 20.0
Weatherford Intl WFRD 0.8 .25 Sep12 /Aug13
FarmersNatlBanc FMNB 16.29 8.1 OrrstownFinSvcs ORRF 35.23 3.1 Telecom Italia Capital … 6.375 6.81 Nov. 15, ’33 97.047 –0.27 96.752
FedAgriMtg C AGM 217.60 2.7 PCB Bancorp PCB 19.22 4.2
FederalSignal FSS 99.98 2.0 PJT Partners PJT 125.65 4.1 Special Occidental Petroleum OXY 6.200 6.04 March 15, ’40 101.640 –0.27 102.864
FifthThirdBncp FITB 42.27 2.1 PNC Finl PNC 182.51 1.5 Dorian LPG LPG ... 1.00 Aug21 /Aug08
51TalkOnlineEd COE 19.75 1.8 ParkNational PRK 190.23 2.5 –0.25
FinInstitutions FISI 24.94 3.7 Park-Ohio PKOH 31.95 4.9 Note: Dividend yields as of 3:30 p.m. ET
Dish DBS … 5.875 32.72 Nov. 15, ’24 92.500 94.000
FinwardBancorp FNWD 29.00 -1.6 PathwardFinl CASH 69.63 5.4 Sources: FactSet; Dow Jones Market Data
FirstBanCorp FBP 22.06 2.0 Paysafe PSFE 21.68 1.6 *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.
FirstBancorpNC FBNC 45.41 12.2 Pearson PSO 13.40 1.3 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
FirstBancorp FNLC 29.60 5.0 Pegasystems PEGA 71.27 12.8 Note: Data are for the most active issue of bonds with maturities of two years or more
FirstBank FRBA 15.41 1.7 PembinaPipeline PBA 38.53 -0.4 ratio; SO: spin-off. Source: MarketAxess
THE WALL STREET JOURNAL. * * * Friday, July 26, 2024 | B9

MARKETS & FINANCE

Strong GDP Data Lifts Blue Chips Lineage

IPO Raises
Nasdaq, S&P fall;
the stock rotation
Index performance on Thursday
1.5%
driver of the U.S. economy,
rose at a quicker pace as
Americans’ incomes continued
Ford Motor shares plunged
18%, their biggest decline
since November 2008, after
More Than
continues as smaller
firms outperform
1.0
to rise.
Shares of energy compa-
nies, financials and smaller
the automobile company said
vehicle-launch and warranty
costs both weighed on profit,
$4 Billion
companies, whose fortunes while its electric-vehicle busi-
0.5
BY GUNJAN BANERJI tend to be especially tied to ness lost $1.1 billion. BY LIZ YOUNG
the economy, were among the Super Micro Computer, AND CORRIE DRIEBUSCH
The Dow Jones Industrial 0 biggest gainers in trading af- the poster child for the artifi-
Average climbed after fresh ter the report. Over the past cial-intelligence trade—which Lineage, the largest refrig-
data showed the U.S. economy 12 trading days, the Russell has gotten crushed lately—fell erated-storage company in the
humming along in the second –0.5 2000 has outperformed the 2.2%, its ninth consecutive world by capacity, raised $4.4
quarter. S&P 500 by 12.7 percentage session of losses. billion in its initial public offer-
Dow Jones Industrial Average
The blue-chip index added –1.0 points, its largest 12-day out- ing in 2024’s biggest listing.
81.20 points, or 0.2%. The S&P S&P 500 performance on record. The Novi, Mich.-based com-
500 fell 0.5%, Nasdaq Composite Sébastien Page, head of AUCTION RESULTS pany said it sold nearly 57 mil-
Here are the results of Thursday's Treasury auctions.
THURSDAY’S bringing its –1.5 global multiasset at T. Rowe All bids are awarded at a single price at the market- lion shares at $78 apiece ahead
MARKETS losses over Price, said he doesn’t expect a
clearing yield. Rates are determined by the difference
between that price and the face value. of its debut Thursday on the
the past three –2.0 Five-minute intervals recession and thinks stocks FOUR-WEEK BILLS
Nasdaq exchange under the
days to almost 3%, the biggest can keep doing well in coming Applications $249,303,778,700 ticker “LINE.” Its stock rose
10 a.m. 11 noon 1 p.m. 2 3 4
such decline since October. months. “I think we could Accepted bids $90,277,923,700 3.6% to $80.78.
" noncompetitively $5,978,039,300
The tech-heavy Nasdaq Com- Source: FactSet continue the rotation,” Page " foreign noncompetitively $0 Lineage last week said it
posite lost 0.9% after dropping said. Auction price (rate) 99.588944 planned to offer 47 million
(5.285%)
3.6% in the prior session—its Some investors said that Coupon equivalent 5.381% shares for $70 to $82 each.
biggest decline since 2022. Wednesday’s stock-market Bids at clearing yield accepted 55.42% The company has been rid-
Cusip number 912797KZ9
The Russell 2000 index of swoon marked a healthy pull- ing strong demand for refriger-
The bills, dated July 30, 2024, mature on Aug. 27,
small companies jumped 1.3%, back after months of major in- 2024. ated warehousing since the
continuing its banner stretch. dexes going largely in one di- EIGHT-WEEK BILLS pandemic and an aggressive
The moves continued a rection: up. The S&P 500 Applications $245,561,748,900 acquisition strategy to build a
$85,263,831,500
massive rotation that has rip- suffered its first pullback of at Accepted bids
" noncompetitively $1,734,974,700
network of more than 480 dis-
pled through the stock market least 2% of 2024. " foreign noncompetitively $100,000,000 tribution centers counting
for much of the past month, Individual companies re- Auction price (rate) 99.181778 nearly 3 billion cubic feet in
ANNABELLE CHIH/BLOOMBERG NEWS

(5.260%)
with technology titans getting corded giant moves under the Coupon equivalent 5.377% North America, Europe and the
hammered and relative lag- stock-market’s surface. And Bids at clearing yield accepted 31.22% Asia-Pacific region.
Cusip number 912797LJ4
gards ripping higher. some investors said they ex- The bills, dated July 30, 2024, mature on Sept. 24,
The listing extends a string
Data Thursday showed the pected the bout of volatility to 2024. of public offerings this year, in-
U.S. economy has remained continue, and for major in- SEVEN-YEAR NOTES cluding digital-rewards com-
surprisingly resilient despite dexes to transition to a new Applications $118,469,714,700 pany Ibotta, social-media plat-
Accepted bids $46,426,114,700
higher interest rates. Gross phase marked by bigger " noncompetitively $80,597,700 form Reddit and AI-focused
domestic product—the value swings. In addition to a " foreign noncompetitively $0 Astera Labs. Lineage’s IPO also
Auction price (rate) 99.777306
of all goods and services pro- Super Micro Computer CEO Charles Liang. Shares fell 2.2%. packed stretch of U.S. corpo- (4.162%)
breaks a logjam in the logistics
duced in the U.S., adjusted for rate earnings, traders have Interest rate 4.125% market after several years in
Bids at clearing yield accepted 68.69%
inflation and seasonality— Commerce Department said. and well above what econo- also been parsing economic Cusip number 91282CLD1
which companies put sale and
rose at an annual rate of 2.8% That was faster than the mists had expected. House- data and developments tied to The notes, dated July 31, 2024, mature on July 31, public listing plans on hold
for April through June, the 1.4% pace in the first quarter, hold spending, the main the U.S. election. 2031. amid weak freight demand.

Ackman could delay the IPO, which

was originally set to begin
trading early next week.
“He’s got a cult following,”
said Erik Herzfeld, who is
president of boutique invest-
would consider a deal for X,
formerly Twitter. About 10
months later, Ackman has yet
ble the comparable return of
the S&P 500, including divi-
dends, over that time frame.

Aims for One of the challenges Ack-

man acknowledges is the need
to generate enthusiasm for his
ment firm Thomas J. Herzfeld
Advisors and was pitched on
the new fund but isn’t buying
to announce a SPARC deal.
Ackman has outlined initia-
tives on X to tackle social
As soon as next year, Ack-
man wants to take public his
own firm, Pershing Square, a

Big IPO fund’s closed-end structure,

which has fallen out of favor
with investors. Similar
into the IPO. “If he comes up
with a $5 billion or $10 billion
launch, I think that’s still very
problems he identified, includ-
ing efforts to research vaccine
efficacy and use artificial intel-
rarity for hedge funds. Ackman
recently sold a stake in the
firm that valued it at about
JEENAH MOON/BLOOMBERG NEWS

funds—including one Ackman successful.” ligence to search for plagia- $10.5 billion. Proceeds from the
Continued from page B1 listed a decade ago in Eu- Ackman has a history of rism in the work of faculty and sale gave him $500 million to
holders in his hedge-fund firm rope—trade at a discount to pushing the envelope with leadership at elite universities. invest in Pershing Square USA
requesting their participation the net value of their holdings. novel investment ideas and It isn’t clear where those plans and about $500 million more
in the offering and acknowl- Ackman is also marketing endeavors, not all of which go stand and Ackman hasn’t pro- to invest in additional funds he
edging other potential IPO in- the fund to mutual-fund man- according to plan. vided public updates. plans to launch.
vestors’ concerns. agers, who regularly invest in In 2020, he raised $4 billion But Ackman has pulled off Pershing Square USA’s
He asked that the share- IPOs of operating companies in what was the largest-ever the implausible before, and closed-end structure means it
holders, a mix of institutions but tend to be skeptical of IPO for a special-purpose ac- Billionaire investor Bill Ackman bold moves have helped him will sell a fixed number of
and high-net-worth individu- stock-picking funds or re- quisition company. He first amass his fortune, which shares in a public offering. In-
als, participate in the IPO “the stricted from owning them. missed his own timetable for lators’ blessing for a new in- Forbes estimates to be worth vestors can exit only by selling
sooner the better” to “im- After rising to fame as an announcing a deal, then failed vestment vehicle, a special- more than $9 billion. After shares to other investors at
prove the strength.” He sug- activist investor, Ackman has to consummate a transaction purpose acquisition rights losing billions when big bets their price on the open mar-
gested the IPO was on track to remade himself into a cru- with his chosen target, Uni- company, or SPARC, a spin on on drugmaker Valeant Phar- ket, regardless of the value of
raise around $2.5 billion to $4 sader who broadcasts his versal Music Group, because a SPAC where Ackman pres- maceuticals and supplement the fund’s investments.
billion so far. thoughts on the presidential of concerns with the deal’s ents investors with a deal to maker Herbalife went against The new fund will largely
The filing said Ackman sent election, campus protests and structure and complexity. bring a company to the public him, Ackman corrected course mirror his main stock-picking
the letter under the impression more to his nearly 1.4 million Ackman’s fund took a large markets and gives them the and revived his firm. fund, which invests in compa-
it wouldn’t need to be publicly followers on X, Elon Musk’s stake in Universal instead. The chance to buy in. The five-year annualized nies like Chipotle and Hilton
disclosed. It also named some social-media platform. He has value of that stake declined by Potential targets included return at his main fund as of and occasionally adds macro-
investors who had signed onto posted over 500 times in the over $1 billion on Thursday af- mature companies owned by the end of 2023 was 31.2%, economic hedges with poten-
the IPO including hedge fund past month alone, including to ter the record label reported private-equity firms looking to thanks in part to more than $5 tially big payoffs. Pershing
Baupost Group, which isn’t typ- question whether President lackluster streaming revenue cash out, a category that has billion in gains from hedging Square USA will charge inves-
ical during an IPO. Biden was severely ill after Bi- growth. grown with IPO markets being trades during the Covid-19 tors no management fee its
It is unclear if the gaffe den withdrew from the race. Last fall, Ackman got regu- largely shut. He also said he pandemic. That is about dou- first year and 2% thereafter.

Biggest 1,000 Stocks | WSJ.com/stocks Stock

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
Continued From Page B8 Net Net RalphLauren RL 161.14 -2.77 S&P Global SPGI 483.33 1.67 Sony SONY 86.03 -3.16 T.RowePrice TROW 115.49 1.11 TradeDesk TTD 90.88 1.56 ValeroEnergy VLO 157.00 8.18 WescoIntl WCC 167.90 3.29
Net Stock Sym Close Chg Stock Sym Close Chg RangeResources RRC 31.58 -0.21 SBA Comm SBAC 211.07 5.62 s Southern SO 81.66 -1.01 TaiwanSemi TSM 160.28 0.48 Tradeweb TW 104.99 -3.11 s Vaxcyte PCVX 83.65 -1.51 t WestPharmSvcs WST 277.16-46.61
Stock Sym Close Chg Oracle RaymondJames RJF 118.01 5.79 SEI Investments SEIC 66.07 -0.18 SoCopper SCCO 104.34 0.16 TakeTwoSoftware TTWO 150.30 -2.59 TraneTech TT 322.22-10.62 VeevaSystems VEEV 186.55 2.30 s WestAllianceBcp WAL 79.86 3.27
ORCL 137.82 -0.95 PetroleoBrasilA PBR.A 13.29 -0.05 RealtyIncome O 57.36 0.10 SK Telecom SKM 21.87 0.23 SouthwestAir LUV 28.08 1.47 TakedaPharm TAK 13.67 0.09 TransDigm TDG 1228.42-17.06 Ventas VTR 53.19 -0.34 WesternDigital WDC 66.49 -5.52
NextEraEnergy NEE 73.44 -1.97 Orange ORAN 11.11 0.03 Pfizer PFE 30.18 0.20 Reddit RDDT 62.06 -0.89 SPS Commerce SPSC 205.62 0.26 Spotify SPOT 328.95 -7.57 Tapestry TPR 39.65 -0.19 s TransUnion TRU 83.81 6.18 Veralto VLTO 99.61 0.31 WesternMidstrm WES 39.96 -0.85
t Nike NKE 71.41 0.32 Orix IX 114.72 -1.48 s PhilipMorris PM 113.20 1.76 RegalRexnord RRX 150.91 5.16 SS&C Tech SSNC 68.02 0.69 SproutsFarmers SFM 83.21 0.06 TargaResources TRGP 131.98 0.36 Travelers TRV 209.23 1.50 VeriSign VRSN 176.74 1.77 Westlake WLK 142.71 1.45
s NiSource NI 31.08 0.07 OtisWorldwide OTIS 93.03 1.60 Phillips66 PSX 142.51 4.34 RegencyCtrs REG 64.16 -0.63 Saia SAIA489.11 6.55 StanleyBlackDck SWK 89.57 3.18 Target TGT 146.29 -0.16 Trex TREX 78.48 1.98 VeriskAnalytics VRSK 275.90-0.65 Weyerhaeuser WY 30.31 0.44
Nokia NOK 3.83 0.16 Ovintiv OVV 45.85 0.21 s Pilgrim'sPride PPC 41.06 0.96 RegenPharm REGN 1064.19 3.33 Salesforce CRM 256.52 6.74 Stantec STN 85.24 -1.61 s TechnipFMC FTI 28.38 1.09 Trimble TRMB 54.70 -1.00 Verizon VZ 39.95 0.28 WheatonPrecMtls WPM 58.74 -1.20
Nomura NMR 5.75 -0.15 OwensCorning OC 175.73 1.08 PinnacleWest PNW 83.59 0.08 s RegionsFinl RF 22.55 0.44 Samsara IOT 37.12 1.71 Starbucks SBUX 73.32 -1.36 TeckResourcesB TECK 45.70 0.53 Trip.com TCOM 43.43 -1.85 s VertexPharm VRTX 492.26 1.46 Williams WMB 41.82 -0.67
Nordson NDSN 240.55 4.56 PDD PDD 129.74 -2.13 Pinterest PINS 37.88 -0.93 ReinsGrp RGA 219.18 0.64 Sanofi SNY 53.10 1.90 StateStreet STT 84.89 1.93 TeledyneTech TDY 415.70 -1.30 s TruistFinl TFC 44.12 0.51 Vertiv VRT 76.48 -2.11 Williams-Sonoma WSM 150.67 -0.48
NorfolkSouthern NSC 222.90 1.56 PG&E PCG 18.02 -0.23 PlainsAllAmPipe PAA 18.02 -0.34 Reliance RS 308.15 14.33 SareptaTherap SRPT 147.56 1.56 SteelDynamics STLD 127.60 4.31 Teleflex TFX 222.49 -2.08 Twilio TWLO 57.42 1.02 Viatris VTRS 11.76 0.06 s WillisTowers WTW277.60 10.60
NorthernTrust NTRS 87.98 1.53 s PNC Finl PNC 180.00 2.60 PlainsGP PAGP 18.99 -0.32 RenaissanceRe RNR 219.59 -5.11 Schlumberger SLB 48.23 0.20 Stellantis STLA 18.09 -1.51 Ericsson ERIC 6.55 ... s TylerTech TYL 564.34 48.54 Viking VIK 34.18 -0.36 WillScotMobile WSC 43.24 2.25
NorthropGrum NOC 470.57 28.45 POSCO PKX 64.94 2.44 Pool POOL 359.94 32.75 RentokilInit RTO 30.51 -0.49 SchwabC SCHW 66.24 2.16 Steris STE 227.56 -4.16 TelefonicaBras VIV 8.65 -0.02 TysonFoods TSN 60.29 0.91 VinFastAuto VFS 4.12 0.06 Wingstop WING 360.37-10.16
NorwegCruise NCLH 18.36 -0.86 PPG Ind PPG 125.94 0.70 Primerica PRI 250.26 2.02 RepublicSvcs RSG 189.34-10.33 Sea SE 64.10 -1.11 s StifelFinancial SF 86.68 2.10 Telefonica TEF 4.52 0.06 UBS Group UBS 30.17 0.17 Visa V 253.74-0.43 Wipro WIT 6.02 0.15
Novartis NVS 109.93 0.64 PPL PPL 29.22 0.05 PrincipalFinl PFG 84.42 0.69 ResMed RMD 208.34 2.14 Seagate STX 103.96 -5.57 t STMicroelec STM 33.47 -6.07 TelekmIndonesia TLK 19.10 0.12 UDR UDR 40.67 -0.83 Vistra VST 70.38 -2.20 Wix.com WIX 155.43 -6.04
NovoNordisk NVO 127.86 -3.74 PTC PTC 173.87 1.55 ProcoreTech PCOR 67.69 -0.30 RestaurantBrands QSR 68.57 -1.35 s Sempra SRE 78.07 -1.05 Stryker SYK 327.44-12.98 TempurSealy TPX 50.99 0.79 U-Haul UHAL 65.05 0.05 Vodafone VOD 9.27 0.21 WoodsideEnergy WDS 17.77 -0.19
NuHoldings NU 12.37 -0.17 Paccar PCAR 97.60 -1.30 Procter&Gamble PG 166.90 -1.10 RevolutionMed RVMD 45.56 -0.94 ServiceIntl SCI 75.01 0.48 SumitomoMits SMFG 13.64 -0.39 Tenaris TS 31.64 0.61 U-Haul N UHAL/B 61.25 -0.45 VulcanMatls VMC 253.77 3.26 Woodward WWD 179.34 2.17
Nucor NUE 157.02 2.23 PackagingCpAm PKG 194.24 0.96 Progressive PGR 212.77 -2.67 Revvity RVTY 112.81 1.20 s ServiceNow NOW 828.79 97.92 SunComms SUI 122.16 -0.23 TencentMusic TME 14.43 -0.29 UL Solutions ULS 44.73 0.58 WooriFinl WF 32.66 0.91
Nutanix NTNX 49.35 0.43 PalantirTech PLTR 26.63 0.03 Prologis PLD 120.43 -2.65 RexfordIndlRealty REXR 48.17 -0.37 SharkNinja SN 70.89 -0.33 SunLifeFinancial SLF 49.55 0.16 TenetHealthcare THC 149.74 4.40 US Foods USFD 51.43 0.67 W X Y Z Workday WDAY 227.08 6.56
Nutrien NTR 50.75 1.30 PaloAltoNtwks PANW 320.13 -4.11 PrudentialFinl PRU 123.09 -0.29 RioTinto RIO 64.33 0.84 Shell SHEL 72.09 0.91 SuncorEnergy SU 38.48 0.44 Teradyne TER 124.34-19.20 UWM UWMC 7.92 0.32
PanAmerSilver PAAS 21.41 -1.30 TSLA 220.25 4.26 Uber WEC Energy WEC 83.32 -0.24 t WynnResorts WYNN 80.52 -0.45
nVentElectric NVT 70.33 -0.96 Prudential PUK 17.70 0.01 Rivian RIVN 16.25 -0.02 SherwinWilliams SHW 342.74 10.72 Sunoco SUN 54.51 -0.60 Tesla UBER 65.74 -0.40
NVDA 112.28 -1.97 ParamountA PARAA 22.27 -0.03 WEX WEX172.13 -6.66 XP XP 17.59 0.09
NVIDIA PublicServiceEnt PEG 74.24 -1.71 Robinhood HOOD 21.18 -0.23 ShinhanFin SHG 38.81 0.27 SuperMicroComp SMCI 695.61-15.95 TetraTech TTEK 208.21 2.15 Ubiquiti UI 173.28 7.87
W.P.Carey WPC 59.22 0.71 XPO XPO 114.90 4.90
ParamountB PARA 11.46 -0.19 PublicStorage PSA 294.92 -0.63 Roblox RBLX 40.54 0.58 Shopify SHOP 59.44 0.17 Suzano SUZ 9.33 -0.04 TevaPharm TEVA 16.80 0.30 t UltaBeauty ULTA 363.30 -6.31
O P Q WPP WPP 47.39 -0.35 XcelEnergy XEL 56.87 0.51
ParkerHannifin PH 545.13 15.87 PulteGroup PHM 125.00 2.44 RocketCos. RKT 15.22 0.55 SimonProperty SPG 149.31 -0.58 SynchronyFinl SYF 50.38 0.50 TexasInstruments TXN 197.15 -1.13 s Unilever UL 59.08 2.54
Parsons PSN 77.75 -0.06 Wabtec WAB 159.13 1.85 XPeng XPEV 8.20 0.15
PureStorage PSTG 57.42 -0.90 Rockwell ROK 271.00 7.93 SimpsonMfg SSD 184.97 7.34 Synopsys SNPS 538.72-14.61 TexasPacLand TPL 807.56 14.09 UnionPacific UNP 235.35 -2.03
s OGE Energy OGE 38.05 0.30 Paychex PAYX 123.98 0.74 WalgreensBoots WBA 11.51 0.35 Xylem XYL 137.13 0.42
Qiagen QGEN 42.24 0.23 RogersComm B RCI 36.90 -0.12 SiriusXM SIRI 3.92 -0.07 Sysco SYY 72.12 0.92 TexasRoadhouse TXRH166.02 0.56 UnitedAirlines UAL 46.72 0.70
ONEOK OKE 81.40 -0.76 PaycomSoftware PAYC 162.89 4.31 Qorvo QRVO 118.67 -1.37 RoivantSciences ROIV 10.74 -0.01 SkechersUSA SKX 63.71 -0.31 Textron TXT 91.29 1.17 UnitedMicro UMC 7.43 -0.06 Walmart WMT 70.02 -0.58 YPF YPF 19.68 -0.01
ON Semi ON 67.54 -2.57 Paylocity PCTY 147.60 5.29 Qualcomm QCOM 175.39 -5.68 Roku ROKU 57.45 1.86 Skyworks SWKS 112.68 -0.97 T U V ThermoFisher TMO594.50 19.77 UPS B UPS 127.08 -1.45 WarnerBrosA WBD 7.99 -0.48 Yum!Brands YUM 127.13 1.18
O'ReillyAuto ORLY1092.91 42.20 PayPal PYPL 57.22 -0.85 QuantaServices PWR 248.81 -3.11 Rollins ROL 46.73 -3.22 SmithAO AOS 82.18 1.42 ThomsonReuters TRI 162.34 -1.16 s UnitedRentals URI 754.26 38.44 t WarnerMusic WMG 29.58 -0.33 YumChina YUMC 29.24 -0.11
OccidentalPetrol OXY 60.53 0.46 s Pearson PSO 13.31 0.17 QuestDiag DGX 144.25 0.34 RoperTech ROP 540.89 8.92 Smith&Nephew SNN 28.94 0.25 s TC Energy TRP 41.49 0.09 3M MMM 103.39 0.14 US Bancorp USB 45.09 0.32 WasteConnections WCN175.48 -4.23 ZTO Express ZTO 18.66 -0.76
Okta OKTA 93.11 0.42 s PembinaPipeline PBA 38.11 -0.15 RossStores ROST 141.11 -0.98 Smucker SJM 116.06 -0.72 TD Synnex SNX 116.12 -0.17 Toast TOST 24.99 0.19 US Steel X 40.63 1.04 WasteMgt WM 199.92-17.46 ZebraTech ZBRA 324.41 2.32
OldDomFreight ODFL 205.70 11.08 PenskeAuto PAG 158.56 3.36
s OldRepublic ORI 32.62 0.68 Pentair
R S RoyalBkCanada RY 109.59 0.31 SmurfitWestRock SW 47.69 -1.17 TE Connectivity TEL 154.54 -2.31 TollBros TOL 132.65 2.37 s UnitedTherap UTHR 336.37 4.78 Waters WAT 310.29 4.98 Zillow C
s Watsco B WSOB 491.75 49.30 Zillow A
Z 48.47 0.97
ZG 47.36 1.09
PNR 86.11 2.31 RoyalCaribbean RCL 152.02-12.49 Snap SNAP 13.45 -0.13 Telus TU 15.83 0.07 TopBuild BLD 445.10 8.29 UnitedHealth UNH 559.68 -0.07
OmegaHealthcare OHI 35.73 -0.66 Penumbra PEN 190.10 -3.12 RBC Bearings RBC 287.66 3.54 RoyalGold RGLD 135.34 -2.03 Snap-On SNA 273.47 3.40 TFI Intl TFII 156.00 3.00 Toro TTC 96.00 0.53 UnivDisplay OLED 221.91 -2.16 Watsco WSO 490.64 10.20 ZimmerBiomet ZBH 110.64 0.09
Omnicom OMC 93.35 2.60 PepsiCo PEP 171.02 2.85 RB Global RBA 78.57 -0.90 RoyaltyPharma RPRX 28.68 0.01 Snowflake SNOW 129.59 3.97 TJX TJX 111.27 0.02 TorontoDomBk TD 57.89 0.42 s UniversalHealthB UHS 204.99 19.02 WeatherfordIntl WFRD117.76 -3.79 ZionsBancorp ZION 51.80 0.82
OnHolding ONON 38.20 -0.30 PerformanceFood PFGC 65.27 1.74 s RELX RELX 46.00 0.97 RyanSpecialty RYAN 59.09 0.48 t SOQUIMICH SQM 37.45 -0.36 TKO TKO 107.70 0.65 TotalEnergies TTE 67.63 0.37 UnumGroup UNM 53.38 -0.20 WebsterFin WBS 48.60 2.24 Zoetis ZTS 180.76 1.10
OntoInnovation ONTO 189.14 -8.79 PermianRscs PR 15.39 0.07 s RPM RPM 118.47 7.59 Ryanair RYAAY 97.74 2.72 SoFiTech SOFI 7.27 0.17 T-MobileUS TMUS 175.14 -1.75 ToyotaMotor TM 195.25 -1.95 VICI Prop VICI 30.48 0.27 WellsFargo WFC 59.70 0.26 ZoomVideo ZM 59.61 1.45
OpenText OTEX 31.15 0.41 PetroleoBrasil PBR 14.46 -0.01 s RTX RTX 113.47 8.64 SAP SAP 210.81 1.41 Solventum SOLV 57.55 -0.54 TPG TPG 48.83 1.32 TractorSupply TSCO257.44 -5.08 Vale VALE 10.70 0.03 s Welltower WELL 108.49 -1.06 Zscaler ZS 182.00 0.18

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
IntlIdxInstPrem 50.35 -0.61 NA SAIUSMinVolIndFd 20.89 -0.22 NA CoreBond 10.19 -0.02 0.9 LgCapGow I 77.54 -2.54 NA MuLTAdml 10.90 -0.01 NA TgtRetInc 13.33 -0.08 NA
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. LgCpGwId InstPre 34.54 -1.37 NA SAIUSQtyIdx 22.60 -0.63 NA EqInc 24.53 -0.10 7.8 MidCap 103.39 -1.97 NA MuLtdAdml 10.83 ... NA Welltn 44.25 -0.71 NA
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s MidCpInxInstPrem 32.03 -0.56 NA SrsBlChGroRetail 18.90 -0.75 NA LgCpGwth 71.65 -2.91 19.1 R2030 25.68 -0.33 NA MuShtAdml 15.76 ... NA WndsrII 47.14 -0.72 NA
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SAIUSLgCpIndxFd 22.62 -0.54 NA SrsEmrgMkt 18.54 -0.30 NA JPMorgan R Class Putnam Funds Class A PrmcpAdml r 176.55 -3.61 NA VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesBondFd 8.92 -0.02 NA SrsGlobal 14.74 -0.19 NA CoreBond 10.21 -0.02 1.1 PutLargCap p 35.50 -0.26 NA RealEstatAdml 125.15 -1.93 NA ExtndIstPl 325.96 -8.38 NA
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SeriesOverseas 14.20 -0.24 NA SrsGroCoRetail 23.79 -0.92 NA CorePlusBd 7.20 -0.01 1.6 Putnam Funds Class Y SmCapAdml 108.19 -2.41 NA IdxIntl 19.50 -0.24 NA
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SerLTTreBdIdx 5.49 -0.06 NA SrsIntlGrw 18.11 -0.40 NA Lord Abbett I PutLargCap 35.51 -0.26 NA SmGthAdml 89.35 -2.45 NA MdCpGrAdml 98.45 -2.48 NA
tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 27.30 -0.59 NA SrsIntlVal 12.88 -0.14 NA ShtDurInc p 3.86 ... NA Schwab Funds STBondAdml 10.10 ... NA MdCpVlAdml 80.34 -0.71 NA
TMktIdxInstPrem 149.29 -3.57 NA TotalBond 9.46 -0.03 NA Metropolitan West 1000 Inv r 116.60 -2.80 NA STIGradeAdml 10.26 ... NA SmValAdml 82.22 -1.51 NA
TotalMarketIndex 18.88 -0.45 NA Fidelity SAI TotRetBdI 8.99 -0.02 NA S&P Sel 83.80 -1.99 NA STIPSIxAdm 24.22 ... NA TotBd2 9.42 -0.02 NA
Thursday, July 25, 2024 TtlIntIdxInstPr 13.97 -0.17 NA TotalBd 8.96 -0.02 NA TRBdPlan 8.43 -0.02 NA TSM Sel r 91.91 -2.20 NA TotBdAdml 9.54 -0.02 NA TotIntlInstIdx r 130.46 -1.59 NA
Net YTD Net YTD Net YTD USBdIdxInstPrem 10.26 -0.03 NA U.S.TreBdIdx 8.70 -0.02 NA MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.59 -0.04 NA TotItlInstPlId r 130.49 -1.59 NA
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Advisor I Fidelity Selects IIE 34.81 -0.38 5.7 EqIdxInst 38.20 -0.91 NA TotIntlAdmIdx r 32.62 -0.40 NA TotSt 130.13 -3.10 NA
Total Bd 9.44 -0.03 NA Semiconductors r 32.63 -1.91 NA MFS Funds Class I IntlEqIdxInst 23.31 -0.30 NA TotStAdml 130.16 -3.10 NA VANGUARD INSTL FDS
AB Funds WshA 60.66 -1.04 11.7 US CoreEq2 36.39 -0.76 12.8 Fidelity Freedom Softwr 26.42 -0.91 NA GrowthI 206.21 -7.67 19.8 LrgCpGrIdxInst 60.70 -2.41 NA BalInst 47.53 -0.74 NA
MuniIncmShares 11.22 -0.01 NA Artisan Funds US Small 47.46 -1.01 7.6 FF2030 TxMCapAdml 278.72 -6.73 NA
17.58 -0.24 NA Tech 34.21 -1.43 NA ValueI 51.46 -0.28 9.1 VANGUARD ADMIRAL
TxMIn r 16.05 -0.20 NA DevMktsIndInst 16.07 -0.20 NA
AB Funds - ADV IntlVal Inst 49.34 -0.42 7.4 US SmCpVal 48.18 -0.89 8.0 FF2040 11.44 -0.20 NA First Eagle Funds Natixis Funds 500Adml 501.00 -11.87 NA DevMktsInxInst 25.12 -0.31 NA
LgCpGrAdv 106.52 -3.48 NA Baird Funds US TgdVal 33.66 -0.64 6.3 Freedom2030 K 17.56 USGroAdml 168.37 -7.21 NA
-0.24 NA GlbA 69.05 -0.59 9.4 LSGrowthY 26.34 -1.04 NA BalAdml 47.53 -0.74 NA ExtndInst 132.08 -3.40 NA
American Century Inv AggBdInst NA ... NA USLgVa 48.61 -0.25 10.2 Freedom2035 K 15.59 ValAdml 64.07 -0.40 NA
-0.24 NA Franklin A1 Northern Funds CAITAdml 11.37 ... NA GrwthInst 186.76 -7.31 NA
Grwth 55.63 -2.19 14.5 CorBdInst NA ... NA Dodge & Cox StkIdx WdsrllAdml 83.61 -1.28 NA
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Ultra 86.89 -3.44 NA BlackRock Funds Balanced 104.70 -0.30 NA Idx2030InsPre 20.03 DivAppIdxAdm 50.46 -0.63 WellsIAdml 61.42 -0.20 NA
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AmcpA 41.74 -1.13 11.6 BlackRock Funds III Intl Stk 51.85 -0.50 NA Idx2040InsPre 24.10 -0.42 NA FrankTemp/Franklin A Parnassus Fds EqIncAdml 90.98 -0.42 NA WndsrAdml 75.79 -0.58 NA InstTStPlus 92.69 -2.20 NA
AMutlA 55.39 -0.58 9.5 iShS&P500IdxK 636.08 -15.05 17.3 Stock 260.79 -1.64 10.2 Idx2045InsPre 25.30 ParnEqFd VANGUARD FDS
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BondA 11.25 -0.02 0.3 StratIncOpptyIns 9.43 -0.01 2.8 TotRetBdI NA ... NA Fidelity Invest RisDv A 93.60 -1.29 NA TotalReturnBond NA ... NA GroIncAdml 103.72 -2.70 NA IntlVal 41.70 -0.46 NA SmCapInst 108.19 -2.40 NA
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B10 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

A Medicaid Boon Fades for Insurers Japan Is

The Land of
Some are recording higher costs per member after millions of people were forced out of plans
What does a health insurer love 20 million people have been disen- likely was much higher at the 2023 worrisome trend for investors, apart
Rising
even more than a young, healthy
member who rarely goes to the doc-
tor? A member who doesn’t even
rolled. That has reduced the overall
revenue that insurers get from Med-
icaid—a trend that was well antici-
peak. Add to that a study that
showed that millions of people were
unaware that they still had Medicaid
from the unwinding theme: It ap-
pears that Medicaid members are
now joining the wave of higher utili-
Banks
know they are insured. pated by Wall Street. in 2022 and you have a big chunk of zation—something that has been
In March 2020 the federal gov- But what investors had a harder people not using services that are conspicuous in Medicare for some Japanese banks are on a roll. Ris-
ernment provided states with addi- time anticipating was the profitabil- being paid for. time. ing interest rates and slimmer bal-
tional funding while requiring, in ex- ity hit. How sick were the patients “This was a handout to insurance Last year, insurers started warn- ance sheets could keep the winning
change, that states keep people left behind versus the ones being companies,” says Benjamin Ukert, an ing about a rebound in procedure streak going.
enrolled in Medicaid. This meant disenrolled? As investors pressed in- assistant professor at Texas A&M levels among seniors. This also Japan’s gradual exit from ultra-
that states couldn’t boot someone surers about that question before University. “Insurers were getting could be happening among the easy monetary policies has helped
from Medicaid, even if that person the unwinding, insurers argued they payments from the states even as lower-income population now. send its banks into overdrive, with
found a job that provided health in- didn’t have an alarming percentage many folks either didn’t know about “We are also seeing signs of in- the Topix Banks index more than
surance. That requirement lasted for of “low utilizers” that were distort- their coverage, or as they already creased utilization across the doubling in the past two years. The
three years, helping to add over 20 ing the numbers, says had other coverage broader Medicaid population, in- Bank of Japan in March raised rates
million people to Medicaid, which Gary Taylor, an ana- they were using.” cluding in outpatient, home health, for the first time in 17 years, ending
reached 94 million members at its lyst at TD Cowen. But Shares of Elevance, radiology, durable medical equip- its negative-rate regime. Another in-
peak last year. But as those mem- now insurers are Medicaid one of the largest in- ment, as well as some elective pro- crease could be in the cards when
bers have been forced off Medicaid changing their tune, members are surers in Medicaid, cedures” Elevance Chief Financial the central bank meets next week.
over the past year, insurers are be- with Centene, Ele- plunged last week Officer Mark Kaye said on the com- Expectations of tighter policies
ing left with higher-cost enrollees. vance and United- now joining the when it told investors pany’s investor call last week. have pushed up yields on Japan’s
That is taking a toll on earnings. Health warning of during its earnings Medicaid businesses already op- 10-year government bonds 0.84 per-
The federal provision may have higher Medicaid costs
wave of higher call that it expects erated at razor-thin pretax profit centage point in the past two years
protected lots of families from losing this year. utilization. higher healthcare margins of about 3%, Taylor, the TD to 1.06%. That rise could continue if
insurance, but it also represented a It is no secret that costs from its Medic- Cowen analyst, explains. That means the central bank starts to unwind its
bonanza for private insurers. About the millions who left aid business in the it doesn’t take much to make Medic- portfolio of 580 trillion yen, equiva-
75% of Medicaid beneficiaries are Medicaid were, on av- latter half of the year. aid an unattractive business. States lent to $3.8 trillion, of Japanese gov-
enrolled in a plan managed by insur- erage, healthier. That makes sense Molina shares climbed more than are required by law to pay insurers ernment bonds. It would allow
ers. The big five—Centene, Ele- as higher income generally tracks 12% on Thursday, a day after the “actuarially sound” rates, and insur- banks to reinvest capital into
vance Health, UnitedHealth Group, with better health. But on top of company reported a second-quarter ers have been securing better rates higher-yielding assets. Bigger banks
Molina Healthcare, and Aetna, part that, says Jefferies healthcare strat- adjusted earnings beat while reaf- from states. But unlike Medicare, in particular could benefit.
of CVS Health—saw their member- egist Will Sevush, many of the dis- firming its full-year adjusted earn- where the federal government Japan’s three megabanks—Mit-
ship count go from 30 million in enrolled people weren’t using their ings guidance. makes centralized decisions, dealing subishi UFJ, Sumitomo Mitsui and
March 2020 to 44.2 million in March health insurance at all. A report The company did report high with Medicaid is a state-by-state Mizuho—all reported record profits
2023, according to a tally from Andy from the Office of Health Policy esti- Medicaid costs, but it said that the process, so it could take time to for their fiscal years ended in March
Schneider, a research professor at mated that in 2021, as Medicaid Medicaid pressure experienced in work itself out, says Schneider. and are forecasting another record
Georgetown University. membership was swelling, 15% of the second quarter is expected to be Over time, the rates insurers get year. The weak yen has boosted the
This ban on disenrollment lapsed working enrollees reported having offset by higher net investment in- paid will be adjusted by states to contribution of their overseas in-
last year as the pandemic public both Medicaid and employer-spon- come and the extension of Virginia meet the higher costs. Between now vestments, but they also earned bet-
health emergency ended, allowing sored health coverage. Including de- and Florida contracts in the second and then, though, Medicaid insurers ter interest margins at home. The
states to start unwinding their Med- pendents, that translated into over half of the year. are in for a bumpy ride. spread between lending and depos-
icaid books. Since then, more than four million people, a number that There is also a potentially more —David Wainer its for Mitsubishi UFJ rose to 0.89%
last quarter from 0.81% a year ear-
lier for domestic loans.
Another boost is the government

Carmakers’ Inventory Pain Is Consumers’ Gain

push to improve corporate gover-
nance. Japanese banks and compa-
nies own large portfolios of each
other’s stocks. But they are starting
to trim such cross-shareholdings.
It has been a terrible week for Toyota said this week it would buy
car stocks. Rising inventories are a back more than $5 billion of its
real problem for some brands—and shares owned by Japanese banks
a boon for consumers after years and insurers.
of sky-high vehicle prices—but in Bloated balance sheets have
other cases investors seem overly dragged on returns: Japanese
skittish. megabanks’ return on average eq-
Ford’s stock plunged 18% Thurs- uity was only around 6.5% in the
day, even more than Tesla’s did on latest fiscal year, compared with
Wednesday. Shares of Chrysler 16% for JPMorgan Chase, according
owner Stellantis lost nearly 8%, to S&P Global Market Intelligence.
while those of its French peer Re- That helps explain why Japanese
nault retreated more than 7% in megabanks are trading slightly be-
Paris. Nissan fell 7% in Tokyo. low their tangible book values ver-
DAVID ZALUBOWSKI/ASSOCIATED PRESS

All four companies posted dis- sus 2.2 times for U.S. behemoth.
appointing results. Were they so Is a discount to global peers jus-
bad as to justify the moves? Per- tified? Probably, but if Japanese
haps not, but after Tesla’s big fall banks can continue to ride the tail-
on Wednesday and a somewhat wind from the country’s rising in-
puzzling 6% decline in General terest rates while improving their
Motors stock after the U.S. market balance sheets, that gap has reason
leader raised guidance on Tuesday, to narrow.
investors seem minded to sell first —Jacky Wong
and ask questions later. Shares of Ford Motor and other automakers plunged Thursday after they reported disappointing results.
Ford’s problem in the second Yields on 10-year Japanese
quarter was one that has dogged numbers. Chief Executive Jim Far- 2024, equivalent to $9.2 billion, expect deals on the Japanese government bonds
its results on and off for years: ley wants to convince investors was 40% lower than the record brand, too. The company reduced 1.2%
warranty provisions. After it ear- that he is transforming Ford from haul a year ago and 3% below ana- its guidance for net profit for the
marked additional funds for re- a slow-moving, high-cost legacy lysts’ forecasts. Lower shipments year through March 2025 by 21%.
pairs, adjusted operating income automaker into an agile tech com- to dealers were largely responsible, One carmaker that reported 1.0
came in at $2.8 billion, down from pany. Higher warranty expenses in- after the company discontinued strong results Thursday was Hyun-
$3.8 billion in the same period last stead show Ford struggling to inte- products such as the Jeep Chero- dai Motor, where revenue and net 0.8
year and well below expectations grate new automotive technologies kee in the U.S. and throttled back income beat expectations and set
of $3.7 billion. without making overly complex, dealer inventories in Europe. quarterly records. Shipments to 0.6
Since U.S. vehicle prices have buggy vehicles. Farley argued on In the U.S., Stellantis’s invento- dealers rose 13% in the U.S., the
been unexpectedly strong this year the quarterly analyst call that plat- ries are still too high, paving the Korean company’s largest market,
and provisions are a noncash ex- form improvements and over-the- way for a discounting spree in the led by growth in hybrids, which 0.4
pense, Ford was able to boost its air updates should bring costs second half. The company hopes are more profitable than full elec-
guidance for full-year cash flows, down from here. new launches will offset some of tric vehicles. Despite all the good 0.2
but not for operating income. In- Unlike Ford and GM, Stellantis the pain, but the road looks news, the shares fell nearly 3% in
vestors were hoping for increases faced low expectations going into bumpy. Seoul.
0
across the board following GM’s results, but it still managed to miss Nissan, too, said it needed to cut The messy reality is that some
upbeat report on Tuesday. them. Adjusted operating profit of its U.S. inventories after a disap- brands are driving more smoothly Aug. 2022 ’23 ’24
It isn’t just about the naked €8.5 billion for the first half of pointing quarter, so consumers can than others. —Stephen Wilmot Source: FactSet

CrowdStrike’s Metrics Raise Questions

CrowdStrike’s disastrous soft- cial reports. Some companies say CrowdStrike ‘annual recurring revenue from it in ARR if the com- valued at $146.1 million, while the
ware update ought to put its finan- the “A” in ARR stands for “annual- revenue’ vs. revenue according pany “is actively in discussion with company’s net loss was $234.8 mil-
cial reporting, not just its product ized” instead of “annual.” Others, in- to generally accepted such an organization for a new sub- lion. The profitability metric used
issues, under an unwelcome spot- cluding CrowdStrike, say the “A” accounting principles scription or renewal, or until such for determining these stock awards
light. stands for “annual” but then define $3.5 billion organization notifies CrowdStrike looks questionable, especially after
Take, for instance, a self-defined it as “annualized.” Additionally, that it is not renewing its subscrip- the global outage. Like many compa-
measure that the cybersecurity gi- some count only contracts still in 3.0 ARR GAAP revenue
tion.” So it doesn’t need an actual nies, CrowdStrike excludes the cost
ant calls “annual recurring revenue,” place in their ARR, while others in 2.5 deal to book ARR. of stock-based pay. It also excludes
or ARR. This isn’t revenue using certain circumstances may include ARR has been good to Crowd- the cost of litigation settlements,
that term’s standard definition un- some contracts that have expired. 2.0 Strike’s top executives. It is the pri- which is fortunate for the execu-
der accounting rules, but it is CrowdStrike says its ARR is the mary metric used to set their cash tives, because the global outage
1.5
among CrowdStrike’s most promi- “annualized value of CrowdStrike’s bonuses, according to the company. means there will be more of those if
nent headline numbers. It looks customer subscription contracts as 1.0 Those are small compared with the class-action lawyers have any say.
uniquely suspect after the global of the measurement date, assuming largest portion of their pay by far— With a stock-market value of $65
0.5
outage that CrowdStrike caused. any contract that expires during the stock awards—which are deter- billion, CrowdStrike is valued on
ARR is a nonstandard accounting next 12 months is renewed on its ex- 0 mined using CrowdStrike’s one-year hopes of future growth, not current
term used by a lot of software-as-a- isting terms.” That assumption may FY2019 ’20 ’21 ’22 ’23 ’24 growth in actual revenue, as well as profits. It is possible that memories
service companies without a com- be a stretch, considering that Note: ARR is as of the end of the fiscal year.
a self-defined profitability metric. of useless blue screens and ruined
mon definition for what it means. A CrowdStrike’s botched software up- Fiscal year ends Jan. 31. For the latest fiscal year, Crowd- weekends will soon fade.
simple example would be a cus- date just caused a global computer Source: the company Strike’s co-founder and chief execu- But the current risk to Crowd-
tomer with a $3 million, three-year outage, likely prompting many to re- tive, George Kurtz, was paid a $1.2 Strike’s future business should re-
contract. The ARR in year one for think their existing contracts. the fiscal year ended Jan. 31, ARR million cash bonus and $44.1 million mind shareholders of the pitfalls of
that customer would be $1 million. CrowdStrike doesn’t show its was $3.44 billion, while actual an- in stock awards. By comparison, using alternative metrics like ARR.
Some cybersecurity companies math for calculating ARR, or provide nual revenue was $3.06 billion. CrowdStrike’s net income was $89.3 A revenue measurement that counts
say they use ARR to help determine any reconciliation to any number Another curious feature of ARR: million—its first annual profit since customer dollars prematurely isn’t
executive pay, but don’t show a prepared using generally accepted If a customer’s subscription expires, going public five years ago. For fis- worth the trouble.
number for it in their regular finan- accounting principles. At the end of CrowdStrike says it will still count cal 2022, he received stock awards —Jonathan Weil
 MANSION
Tom Ford Jersey Shore
Step inside the Stone Harbor has
designer’s vast this coastline’s
real-estate priciest homes.
portfolio. M4 M5

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, July 26, 2024 | M1

These Neighborhoods
Compete for Best in Paris
As the 2024 Olympic Games get underway, a breakdown of the City of Light’s most desirable districts,
neighborhoods and suburbs to call home

BY J.S. MARCUS can send prices in this year’s hip neighbor-

hood rising, while last year’s might seem
Paris like a sudden bargain.

P
aris has long been a byword This week, with the opening of the Olym-
for luxurious living. The tradi- pic Games and the eyes of the world turned
tional components of the up- toward Paris, The Wall Street Journal looks
scale home, from parquet at the most expensive and desirable areas
floors to elaborate moldings, in the City of Light.
have their origins here. Yet
settling down in just the right address in The Most Expensive Arrondissement:
this low-rise, high-density city may be the the 6th
greatest luxury of all. Known for historic architecture, elegant
Tradition reigns supreme in Paris real apartment houses and bohemian street
estate, where certain conditions seem set in cred, the 6th Arrondissement is Paris’s an-
stone—the western half of the city, on ei- swer to Manhattan’s West Village. Like its
ther side of the Seine, has long been more New York counterpart, the 6th’s starving-
expensive than the east. But in the fashion artist days are long behind it. But the
world’s capital, parts of the housing market charm that first wooed notable residents
are also subject to shifting fads. In the like Gertrude Stein and Jean-Paul Sartre is
trendy, hilly northeast, a roving cool factor Please turn to page M6 Kimberly and Kyle Branum bought an apartment in Paris’s priciest arrondissement, the 6th.
FRED LAHACHE FOR WSJ (5)

Alain and Michèle Bigio are selling their four-story townhouse in The Bigios opted for cool, pale interiors when they built the
Neuilly-sur-Seine, Paris’s most expensive suburb, for $14.7 million. 7,730-square-foot home on a gated Neuilly street.

‘Til the Landslide Brought Them Down

Jackson, Wyo., relies on nearby Idaho towns to house its workforce. A catastrophic landslide blocked the commute
and upended the way towns on both side of the state line do business.

BY NANCY KEATES

CASSIE AND MARK Vandeventer

were used to commuting around
45 minutes each way from their
home in worker-populated Driggs,
Idaho, to their jobs across the
state line in pricey Jackson, Wyo.
It was an easy trade-off: Living in
Driggs meant they could afford a
house with a yard for their dog,
FROM LEFT: GREG VON DOERSTEN FOR WSJ; WYDOT

Cooper.
Then, on June 8, a substantial
section of the Teton Pass highway
collapsed in a landslide, severing
a crucial connection between
Jackson and the towns of Victor
and Driggs, Idaho. A subsequent
detour added 60 miles each way,
which added three hours to the
Vardeventers’ round-trip commute
Please turn to page M8

A landslide took out the road between Jackson with Victor, Idaho. Some Jackson residents, including Mary and Bill Hayes, opened their homes to commuting workers. The Hayes’s guesthouse, left.
M2 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Paul Goldberger

Paul Goldberger’s Home Needed

An Update. He Called Robert A.M. Stern.
Leave it to Paul Goldberger, the over $1 million, the couple re-
Pulitzer Prize-winning architec- tained Bates Masi not just to redo
ture critic, to own a house de- the exterior, but also to renovate
signed by more than one distin- the kitchen and several bathrooms
guished architect. Goldberger is that had been damaged and to
listing his 5,300-square-foot modify the basement.
house, on three acres in Amagan- In addition to scores of book
sett, for $13.95 million. He and his introductions, Goldberger has
wife, Susan Solomon, paid written 14 volumes of his own, in-
$245,000 for the property. But cluding the treatise “Why Archi-
that was in 1985—nearly half a tecture Matters.” He went to work
lifetime ago as the architecture critic of the
FOR SALE for the 73- New York Times in his 20s, won a

$13.95 year-old
critic—and at
Pulitzer Prize in his 30s, and left
to write for the New Yorker in his
MILLION the time, he
says, it was
40s. When the couple’s middle
son was diagnosed with Type 1 di-
5,300 sq. ft., just “the abetes at around age 9, Solomon
swimming pool beach house hated that controversy over using
version of a stem cells was hampering govern-
studio apartment.” A local archi- ment research. So she created the
tect, Frank Hollenbeck, designed New York Stem Cell Foundation,
the bland modernist box with now one of the largest private
wood siding and a flat roof on 1.3 stem-cell laboratories in the
acres. But the property—wooded world. Solomon died of cancer in
but less than a mile from the 2022. “She loved gardens and
beach—seemed to offer the best played a big role in deciding how
of both worlds. They bought the to landscape the Amagansett
house with borrowed money, properties,” Goldberger says.
Goldberger says. That’s one reason he is reluctant
A few years later they asked to sell. But he plans to move to
the eminent architect Robert A.M. some place smaller.
BESPOKE REAL ESTATE (4); PATRICK MCMULLAN/GETTY IMAGES (GOLDBERGER)

Stern if there was someone in his The Hamptons market has been
office who could design an addi- sluggish since the end of the pan-
tion. (In a 1982 New York Times demic, largely because of “the
article, Goldberger had called chronic lack of inventory,” Jona-
Stern “one of the more significant than Miller of the real-estate ap-
architects practicing right now.”) praisal firm Miller Samuel says.
Stern offered to do the job him- The median luxury sales price
self, and, working with Daniel Ro- to execute the plan. “Bob made Har-Tru tennis court on what is to improve it. But in March 2015, was up 24.7% to $10.65 million in
mauldez, then a young architect this a real house,” Goldberger still, technically, a separate lot. A before their plan could be exe- the first quarter of 2024 com-
in his office, came up with a plan says. “We lived happily in it for few years later, when the house’s cuted, the house was flooded. pared with the same quarter in
that more than doubled the many years.” Around 2000 the cedar siding was looking “a little “It was an ice-damming prob- 2023. Goldberger listed his prop-
house’s square footage and added couple learned that the 1.7-acre tired,” Goldberger, author of the lem,” Goldberger says, meaning erty at $15 million in April, before
dramatic features like a new stair property immediately north of 1986 coffee table book “The that water in the gutters froze lowering the price by just over $1
hall with a gridded window-wall. theirs was on the market. They Houses of the Hamptons,” turned and stayed frozen while snow on million in June. Michael Schultz
Goldberger and Solomon, a bought it for $550,000, in part to to Harry Bates and Paul Masi, of the roof melted, leaving a lot of of Bespoke Real Estate has the
lawyer then working as a media protect their house from a too- the award-winning Long Island water looking for a place to go. listing.
executive, spent about $500,000 close neighbor, and installed a firm Bates Masi, for ideas on how With an insurance settlement of —Fred A. Bernstein
 THE WALL STREET JOURNAL. NY Friday, July 26, 2024 | M3

PRIVATE PROPERTIES

A Texas Home That Gets Around

Sharon Hornfischer’s house in
Austin, Texas, has a number of fea-
tures that date back to the 19th
century. One thing that is fairly
new, however, is the address.
In the early 1970s, the four-bed-
room Greek Revival was disassem-
bled and transported about three
miles from downtown Austin to
Tarrytown, where it remains today.
Now the home is getting a new
owner. After living there since
2006, Sharon put the property on
the market for $3.495 million in
June, and it is in contract, accord-
ing to listing agent Nicole Kessler
of Compass. She declined to com-
ment on the offer price but said it
is in the ballpark of the listing
price.
Built in the mid-1800s, the house
originally sat near the Texas state
capitol. In 1972, Texas attorney
general-elect John Hill was living in
an apartment across the street with
his wife, Bitsy Hill, when they heard
the lot had been sold
and the home was going
UNDER CONTRACT
to be demolished, ac-
cording to their son, LISTED FOR

$3.495
The Greek Revival house was built in the mid-1800s.
Graham Hill, a former
trial lawyer who is now
involved in real-estate
development.
MILLION
4,000 sq. ft.,
The couple split 19th-century details
their time between
Houston and Austin so
John, who also served
as the secretary of
state and the chief jus-
tice of the Texas Su-
preme Court, could be
close to the capitol.
In a 1986 interview
with the West Austin
News, Bitsy said they
never planned on stay-
ing in Austin perma-
nently, but she couldn’t
stand to see the Greek
Revival demolished.
The couple loved his-
toric architecture, their
son said. So they
bought the home and
made plans to move it
to a parcel they pur-
chased in Tarrytown, a
desirable area with a
suburban feel and spa- In the early 1970s, the house was sawed into
cious lots. pieces and moved on flatbed trucks to Tarrytown.
They briefly consid-
ered moving the home by helicop- about 4,000 square feet, adding a million, according to public records.
ter, but decided that was too dan- primary bathroom, laundry room, At the time, the Hornfischers
gerous. Instead, they had it sawed family room with a half bath and a were living in Austin but wanted a
into pieces and moved on flatbed back porch. bigger space. They learned of the
TRAVIS BAKER/TWIST TOURS PHOTOGRAPHY (3); SHARON FISCHER (2)

trucks, according to Graham. Graham doesn’t know how much home’s brush with demolition when
In an interview with the Austin his parents spent on the project, they toured it, Sharon said.
American-Statesman in 1974, Bitsy but it took around a year to com- They made minimal changes to
said that when they lifted the roof, plete. The Hills moved in once ev- the home and kept 19th-century de-
“it went screeeeech! then came erything was finished, said Graham, tails such as the curved staircase
apart.” The stairway and mantels 75, who had already left home by and single-pane windows.
were taken apart and numbered, the time his parents undertook the A historic marker given to the
she added. project. home by the Texas Historical Com-
In Tarrytown, the home was re- In the 1980s, the Hills sold the mission documents its move across
assembled and the original struc- house and moved back to Houston the city and hangs in the front yard.
ture preserved through a meticu- to be closer to family. In the early James died in 2021.
lous process that involved paint 2000s, Sharon Hornfischer bought In June, the average sale price in
scraping, replastering and refinish- it with her late husband, the liter- Tarrytown was just around $2.2
ing the floors. The Hills also in- ary agent and U.S. Navy historian million, Kessler said.
creased the home’s footprint to James D. Hornfischer, for around $1 —Libertina Brand

Exclusive Opportunity
LUXURY
REAL ESTATE
DESERVES A
LUXURY AUCTION ®

Sound 149 Fairmount Road, Ridgewood NJ

AUG 23

Thinking 5 Bed | 3 Bath | 2 Half Bath | $1,795,000

Own this majestic home on coveted Fairmount Road

in the Willard School District of Ridgewood.
Audio storytelling on news you care
Previously...
about, at home or on the go. $10 MILLION
#1 Agent in Ridgewood, NJ
in Total Sales Volume and
BROWSE OUR PODCA STS
WSJ.com/listen
Transactions in 2024* Golf Course Estate Now Selling...
Frances Hanson Ekblom Raleigh, NC W I T HO U T
Licensed Associate Broker RESERVE
Founding Agent Sited on nearly 2 acres overlooking the 18th
M 201.602.4683 | O 551.284.0175 green at the North Ridge Country Club, this
[email protected] residence offers 8 beds, 8 full and 6 half
baths throughout 3 living levels. Amenities In cooperation with
include multiple kitchens, a wine cellar,
sauna, safe room, two elevators, saltwater
pool, and 2,900 sf of covered terraces.
Property listed and offered for sale by
Engel & Völkers Raleigh (Lic#C33932).
Listing agent Elena Sergeevna Stoyanova
*Source: NJMLS MLS 01.01.2024–06.13.2024. (Lic#336221). Platinum Luxury Auctions
Frances Hanson Ekblom is a team of real estate agents affiliated with Compass, a licensed 800.683. 3789 LLC (“Platinum”) is a Licensed Auction Firm
in the state of North Carolina (Lic#9502),
real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is
performing auction and auction-marketing
intended for informational purposes only. Information is compiled from sources deemed reliable
but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice.
NorthCarolinaLuxuryAuction.com services for this transaction. Real estate
brokerage services not performed where
Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. prohibited. Bid calling by licensed North
1 Franklin Avenue, Suites 2-3 Ridgewood NJ 07450 Previews by Daily Appt · Brokers Protected Carolina Auctioneer.
© 2023 Dow Jones & Company, Inc. All rights reserved. 2DJ8105
M4 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

MANSION

EAST
HAMPTON
A former home
of Jackie O.
PAID

$52
MILLION

PORTFOLIO

Tom Ford’s Trophy Homes

A look at the fashion mogul’s $250 million real-estate property portfolio, which includes an Aspen mansion
and the Hamptons compound where a young Jackie Kennedy spent her summers

BY KATHERINE CLARKE was all those things.”

The main house measures

I
n early 2023, fashion de- around 8,500 square feet with
signer Tom Ford sold his eight bedrooms. It was the Bou-
eponymous New York-based viers who named the property La-
fashion brand to Estée Lau- sata, which translates to “place of
der in a deal valued at $2.8 bil- peace” in the Algonquin language
lion. Since then, he has been on a of the native Montaukett people,
real-estate buying spree: That according to the book “Jacqueline
same year, he added at least three Bouvier Kennedy Onassis: A Life.”
trophy homes in rapid succession The house was originally built
to his already significant real-es- for George Wellington Schurman,
MANHATTAN
tate portfolio. a Manhattan lawyer. Zander hired
Formerly owned
Ford presides over a real-estate Paris-based interior designer
by fashion
empire that includes homes in Pierre Yovanovitch for the interi-
designer Halston
New York, Los Angeles, Palm ors and French landscape archi-
Beach, Fla., and the Hamptons. tect Louis Benech for the grounds. PAID

$18
His U.S. homes are likely now
worth in excess of $250 million, A Modern Manse in Aspen
according to property records and In late 2023, Ford spent $42.25
people familiar with the situation. million on a roughly 9,500-square- MILLION
Most recently, Ford quietly paid foot modern home on Red Moun-
$42.25 million for an Aspen, tain in Aspen, according to people
Colo., mansion in a previously un- familiar with the situation.
reported deal. The newly completed, six-bed-
Over the years, Ford has also room home with a pool had been on the foundation of an 1880s car- ing price was roughly half the cial terms of the deal weren’t
bought and sold numerous archi- asking $44.8 million. The seller riage house. original $38.5 million asking price publicly disclosed, but local real-
tecturally significant homes, in- was developer Presidio Vista “The natural light, filtered when the property came on the estate agents estimated that it
cluding properties in London and Properties, records show. It was through the skylight, gave the market in 2011. valued the Fatio house at around
FROM TOP: GEIR MAGNUSSON; BETTMANN ARCHIVE/GETTY; EVAN AGOSTINI/INVISION/AP; H5 PROPERTY; DARLEEN RUBIN/WWD/PENSKE MEDIA/GETTY; DAVID WILLIAMS/BLOOMBERG NEWS; CARMEL BRANTLEY; NICK SPRINGETT; NICK ACKERMAN/WWD/PENSKE MEDIA/GETTY

Paris, a Tadao Ando-designed designed by California-based ar- place a cathedral-like atmosphere, Ford told WWD he intended to $100 million.
ranch near Santa Fe, N.M., and a and there were hidden speakers restore the house to Halston’s Known as Casa della Porta, the
Midcentury home in L.A. designed everywhere, from which Halston minimalist aesthetic. “I don’t have Mediterranean-style house with
by Richard Neutra. liked to play Mozart,” wrote Ste- to knock down any walls,” he said. coral-stone facing was completed
Ford, who couldn’t be reached ven Gaines in his book “Simply “I basically have to just put in a around 1929 for William
for comment, launched his fashion Halston: The Untold Story.” lot of gray carpeting and the fur- McAneeny, president of the Hud-
brand in 2005. He is perhaps best During Halston’s time there, niture.” son Motor Car Company.
known as a designer of sleek, the house had what Gaines called Fatio, who designed homes for
James Bond-style suits, and has a “mythical aura,” and invitations A Grand Dame in Palm Beach the likes of the Rockefellers and
also directed films such as “A Sin- to dinner there were highly In an unusual transaction in May Vanderbilts, identified Casa della
gle Man.” He married journalist sought-after. Andy Warhol was 2023, Ford engaged in what ap- Porta as “the greatest house I
Richard Buckley in 2014, and the known to socialize at the house peared to be a house swap with have ever done,” according to the
two had a son, Alexander John Downtown Aspen alongside Liza Minnelli and much 2010 book “Maurice Fatio: Palm
Buckley Ford, who is now 11. of the crowd from Studio 54. Beach Architect.”
Buckley died in 2021. chitecture firm Ro | Rockett De- Although he wasn’t a friend of
Ford has long had a penchant sign. Local agent Tim Estin, who Halston’s, Ford was once in the A Society Doyenne’s
for real estate. Growing up in wasn’t involved in the deal, said house as a teenager, when he Estate in L.A.
Santa Fe, his parents were real-es- the property was appealing for its went there to pick up a friend to Ford’s Hollywood Regency-style
tate agents and he later studied location on a small single-lane go to Studio 54, Ford told estate in L.A. has also hosted
interior architecture at Parsons road, tucked away from the main Women’s Wear Daily in a 2019. many well-known people over the
School of Design in New York. thoroughfares. “That house, it stunned me…. it years.
Ford’s portfolio is “subtle and is just one of the great American The circa-1920s house was once
sophisticated,” mixing historic A Fashionable Townhouse interiors,” he told WWD. “I have the home of Alfred Bloomingdale,
homes with more modern archi- in Manhattan always said I was inspired by Hal- the late heir to the Bloomingdale’s
tectural properties, said real-es- In 2019, Ford paid $18 million for ston, his simplicity, his modernity. Casa della Porta department store fortune, and his
tate agent Howard Morrel of the townhouse that served as the But I didn’t buy the house be- wife, socialite Betsy Bloomingdale.
Christie’s International Real Es- longtime Manhattan home of cause it was Halston’s. I bought Palm Beach real-estate executive Ford bought the roughly 10,000-
tate, who sold Ford the Halston iconic 1970s fashion designer the house because I loved the Brian Kosoy. Ford traded a mod- square-foot home in the posh Hol-
house. Read on for a closer look Halston. house.” ern, minimalist mansion he had mby Hills neighborhood for $38.75
at Ford’s current homes. The 7,500-square-foot, four- Halston died in 1990. Ford pur- bought for $51 million less than a million in 2016 following Betsy’s
bedroom house on the Upper East chased the townhouse from the year earlier for a landmarked, death. The off-market transaction
A Hamptons Compound with Side was designed in the 1960s by estate of German celebrity pho- 1920s-era estate designed by ar- was brokered by real-estate agent
Presidential Connections architect Paul Rudolph and built tographer Gunter Sachs. The clos- chitect Maurice Fatio. The finan- Josh Flagg.
As a child, Jacqueline Kennedy Blonde, slim and always impec-
Onassis spent summers at Lasata, cably dressed, Betsy was a doy-
a 7-acre compound in East Hamp- enne of West Coast high society.
ton, N.Y., owned by her grandfa- She often entertained at the es-
ther John Vernou Bouvier Jr. Set tate, hosting celebrities, royalty
among mature trees, the and, frequently, President Ronald
circa-1917 home is one of the Reagan and first lady Nancy Rea-
Hamptons’ best-known estates. gan. In the 1950s, the Bloom-
In August 2023, Ford paid $52 ingdales worked with designer
million for the property, just shy William “Billy” Haines to trans-
of the $55 million seller David form a Spanish Colonial into the
Zander asked when he put it on current nine-bedroom, Hollywood
the market three months earlier. Regency-style manse.
Zander, a Los Angeles-based pro- Buckley, Ford’s late husband,
LOS ANGELES
ducer, bought the property for took charge of the garden, con-
A former home of
just $24 million in 2018, property sulting a rose expert in Santa Bar-
Betsy
records show, and extensively ren- bara who had worked with Oprah
Bloomingdale
ovated it. Winfrey and Barbra Streisand,
“[Ford] was looking for some- PAID Ford told Vogue in 2019.

$38.75
thing iconic, classically East In recent months, Ford has ap-
Hampton, and which had a real proached several real-estate agents
sense of place,” said Frank E. about potentially selling the prop-
Newbold of Sotheby’s Interna- MILLION erty, according to people familiar
tional Realty, who represented the with the situation, but it hasn’t
fashion mogul in the deal. “Lasata been formally listed for sale.
THE WALL STREET JOURNAL. NY Friday, July 26, 2024 | M4A

127 E 73rd St, NY • 6BD 6BA 2HB • $36,000,000 275 W 10th St, 10C, NY • 3BD 3.5BA • $7,400,000 360 E 72nd St, C1801, NY • $6,495,000 250 W 81st St, 8B, NY • 4BD 3.5BA • $5,995,000
Stanford White mansion, fully updated. Mint condo at The Shephard. Location, amenities. Modern 6BD 6.5BA duplex on a high flr w terrace. Sprawling triple mint in FS boutique condo.
Laurie Stolowitz • [email protected] M. Cashman • [email protected] Alexa Lambert • [email protected] Catherine Harding • [email protected]

465 W B’way, 5N, NY • 2BD 2.5BA • $5,500,000 130 E 75th St, 11CD, NY • 4BD 5.5BA • $4,950,000 637 Carlton Ave, NY • 4BD 3BA • $3,799,000 103 Grand St, Flr 1 Garden, NY* • $3,250,000
Fab renov, lg Soho loft, 4 expos, wbfpl, 17 windows. New! High flr, 2 apts, 11 rms, 3,750 SF & 2 wbfplcs. Prospect Hts multi-fam TH, 9 rms, 4 flrs & garden. Williamsburg 1BD 1BA 2HB loft duplex condo.
M. Grau + N. Gavin • [email protected] Kirk Henckels • [email protected] Violette Tonuzi • [email protected] Roseanne D. • [email protected]

Virtually Staged

151 W 129th St, NY • 7BD 4.5BA • $3,200,000 245 7th Ave, 5A, NY • 2BD 2.5BA • $2,800,000 60 E 8th St, 10E, NY • 2BD 2BA • $2,500,000 119 E 84th St, 3A, NY • 2BD 2BA • $1,875,000
Invest oppty. Cntrl Harlem 25’ w TH. Bsmt & grdn. Chelsea pre-war drmn condo, excellent condition. GV mint, light, bright & airy with a balcony. Mint classic 6 into 5. Chef’s EIK with WD. 75% fin.
John Barbato • [email protected] Pamela D’Arc • [email protected] Melissa R. Kaiser • [email protected] Christine Miller Martin • [email protected]

Manhattan Manhattan Manhattan Bklyn+NY State+Manhattan

993 Fifth Ave, Flr 4 | 6 BD 6 BA 1 HB | $17,500,000 250 West St, 2E | 2 BD 2 BA 1 HB | $3,550,000 137 E 36th St, 16B | 3 BD 2 BA | $1,299,000 413 Degraw St | 4 BD 5 BA 2 HB | $5,750,000
Grand 12 rm, spans over 5,000 SF, vus of The Met. Loft style Tribeca condo w expos of Hudson River. Vus w 3 expos; glass encl solarium; gym, bike rm. Carriage house in Boerum Hill with garden.
Melissa R. Kaiser • [email protected] Cornelia V. • [email protected] Julie Perlin • [email protected] Roseanne D. • [email protected]

62 Wooster St, Flr 5** | 4 BD 4.5 BA | $14,995,000 175 W 95th St, 22FG | 4 BD 4 BA | $3,495,000 137 E 36th St, 11B | 2 BD 2 BA | $1,295,000 8015 Harbor View Terrace | $4,499,000
Modern & light-filled full floor Soho loft. Mint condo with 2 x-lrg balconies & low monthlies. Mint open plan, 3 expo; glass encl sol; gym; rf dk. Bay Ridge 5BD 4.5BA. NYC skyline & Harbor views.
Sean Murphy Turner • [email protected] James J. Schoenfeld • [email protected] Julie Perlin • [email protected] A. Salavantis • [email protected]

60 Collister St, 4A | 5 BD 5 BA | $13,750,000 641 Fifth Ave, 28A | 2 BD 2 BA 1 HB | $3,250,000 125 E 63rd St, 2B | 2 BD 3 BA | $1,200,000 20 Strong Pl | 6 BD 4 BA 1 HB | $4,495,000
Tribeca PH condo w terr, tall windows & priv pkg. Spacious 1,792 SF condo w open city & CP views. Sunny, south-facing pre-war classic 6 with wbfplc. Cobble Hill 5-sty 3 fam brownstone TH. Terr, grdn.
Cornelia V. • [email protected] Tracie Golding • [email protected] Christine Miller Martin • [email protected] Pamela D’Arc • [email protected]

25 E End Ave, PH16 | 3 BD 3 BA 1 HB | $6,450,000 448 W 37th St, 9EF | 2 BD 2 BA | $2,995,000 907 Fifth Ave, 4F | 1 BD 1 BA | $1,100,000 198 Sage Ave, Lawrence | 6 BD 5.5 BA | $3,150,000
Grand pre-war penthouse w terraces on the River. Mint loft condo with 12 south facing windows. Sunny, high ceil, 9 clsts, EIK, E 72 St-see today. Direct waterfront views. 4,465 SF on 0.7 acre lot.
Laurie Stolowitz • [email protected] Catherine Harding • [email protected] Gloria Sheldon • [email protected] Carol Steadman • [email protected]

40 E 66th St, 6A | 2,455 SF | $6,450,000 410 W 24th St, 3IJM | 3 BD 3 BA | $2,625,000 575 Park Ave, 1401 | 2 BD 2 BA | $999,000 1559 Bay Ridge Pkwy | 5 BD 2.5 BA | $1,799,000
Rosario Candela xxx mint 3BD condo. Private elev. Chelsea spacious modern xxx mint pre-war co-op. Elegantly renov high flr pre-war in The Beekman. Bensonhurst 3 story home w modern amenities.
Katie Tozer • [email protected] Christine Miller Martin • [email protected] Maureen McCarron • [email protected] A. Salavantis • [email protected]

252 7th Ave, PHY | 2 BD 3 BA 1 HB | $4,995,000 133 W 22nd St, 12B | 2 BD 2 BA 1 HB | $2,495,000 155 E 72nd St, 15C | 2 BD 2 BA | $950,000 560 Carroll St, 11B | 2 BD 2 BA | $1,550,000
Triplex PH w den, home offc, outdr kit, terr w vus. High flr, sunny & mint in boutique Chelsea condo. High floor & sunny pre-war with fpl & city views. Sunny corner condo in Park Slope with 540 SF terr.
Elizabeth Goss • [email protected] James J. Schoenfeld • [email protected] Richard Brown • [email protected] Cornelia V. • [email protected]

1049 Fifth Ave, 17A | 3 BD 3 BA | $4,995,000 1160 Park Ave, 8C | 2 BD 3 BA | $2,495,000 365 W 20th St, 16A | 1 BD 1 BA | $825,000 51 Jay St, 5K | 1 BD 1 BA 1 HB | $1,375,000
Sunny condo with views of CP & southern skyline. Grand & light-filled classic 6 with wbfp & high ceil. Mint Chelsea pre-war co-op on a high flr, N&E vus. Prime Dumbo, sunny, ≈900 SF in doorman condo.
Pamela D’Arc • [email protected] Christine Miller Martin • [email protected] John Barbato • [email protected] Tracie Golding • [email protected]

132 W 22nd St, Flr 10 | 4 BD 2 BA | $4,595,000 131 E 66th St, 8/9EF | 4,780 SF | $2,250,000 520 E 86th St, 2D | 2 BD 1 BA | $825,000 176 Sterling Pl, 6L | 2 BD 1 BA | $1,195,000
Chelsea pre-war condo loft with 3,000 SF space. 4BD 3.5BA duplex + lib, historic bldg, dbl ht LR. Bright & flexible layout. Near Carl Schurz Park. North Slope bright & mint co-op, common rf deck.
Eyal Zabari • [email protected] Eland Blumenfeld Team • [email protected] Valerie Artzt • [email protected] Jacqueline Gill • [email protected]

200 E 94th St, 2517 | 5 BD 4 BA | $4,450,000 75 CPW, 6A | 2 BD 2 BA | $2,200,000 308 E 38th St, 3F | 2 BD 1 BA | $799,000 640 Taghkanic Churchtown Rd | $695,000
High flr, sunny & water vus in lux condo. Near CP. Rosario Candela renov co-op with fplc, doorman. Sunny xxx mint crnr in FS condo. Tenant in place. Craryville 3BD 2BA farmhouse, offc. 2hrs NYC.
Christine Miller Martin • [email protected] M. Cashman • [email protected] Julie Perlin • [email protected] John Barbato • [email protected]

109 Greene St, 2C | 2 BD 2 BA | $4,350,000 300 E 59th St, 2202/2203 | $2,150,000 345 E 57th St, 16B | 2 BD 1 BA | $795,000 166 W 76th St, 4E | Studio 1 BA | $375,000
Mod & grand Soho loft condo o‘looking Greene St. Grand 22nd flr 3BD 2.5BA corner apt. 2 balconies. Sunny Sutton Place classic 5 into 4. City views. Newly painted, quiet, sunny. Prime loc. Roof deck.
John Barbato • [email protected] S. Helms Wisniewski • [email protected] Katie Tozer • [email protected] Laurie Stolowitz • [email protected]

24 Gramercy Park S, 1/2E | 3 BD 3 BA | $4,200,000 6 E 76th St, 3F | 2 BD 2 BA 1 HB | $2,000,000 137 E 36th St, 12G | 1 BD 1 BA 1 HB | $750,000 457 W 57th St, 108 | Studio 1 BA | $360,000
Pristine TH duplex with a key to Gramercy Park. Sunny & mint w pre-war details, home offc. Fplc. Flex 2BD w 2 expos & open views. Gym; roof deck. Pre-war charm. High ceils, WIC, hdwd flrs. drmn.
M. Cashman • [email protected] Cornelia V. • [email protected] Julie Perlin • [email protected] Rona Lynn • [email protected]

23 Park Ave, 4NS | 3 BD 3 BA | $4,150,000 167 Perry St, 2F | 1 BD 1 BA | $1,695,000 319 E 105th St, 4F | 2 BD 1 BA | $649,000 1200 Fifth Ave, 10S/9C | $38,500/mo.
Stanford White mansion. 3,000 SF PH duplex; terrs. WV duplex, SE open vus, near Hudson River Park. Spac & sunny, south facing vus, low cc. Elev condo. Rare luxury 6BD 6.5BA duplex condo w 5,000+ SF.
Julie Perlin • [email protected] A. Black + R. Faust • [email protected] Eyal Zabari • [email protected] Elizabeth Goss • [email protected]

535 Park Ave, 14C | 2 BD 2 BA | $4,150,000 35 E 85th St, 6F | 2 BD 2 BA | $1,650,000 515 E 85th St, 6D | 1 BD 1 BA | $615,000 100 Barclay St, 11Q | 3 BD 3.5 BA | $21,900/mo.
Stunning designer condition, 10’6”ceil, grand rms. Large LR/DR with W/D, wine cellar. FS lux co-op. Spacious & sunny with large LR & separate DA. Tribeca condo with priv terr & lots of amenities.
Eland Blumenfeld Team • [email protected] Pamela D’Arc • [email protected] Valerie Artzt • [email protected] Amy Bonomi • [email protected]

23 E 22nd St, 12B | 1 BD 2 BA | $3,795,000 51 Fifth Ave, 16D | 1 BD 1 BA | $1,595,000 211 W 88th St, 1B | 2 BD 1 BA | $599,000 270 Broadway, 21B | 3 BD 3.5 BA | $15,000/mo.
Conv 2BD corner condo w Madison Sq Park views. Sunny on a high flr w pre-war details in prime GV. Charming & sunny condo on prime tree-lined blk. Mint Tribeca pre-war loft. FS Condo w amenities.
Tracie Golding • [email protected] Elizabeth Goss • [email protected] Cornelia V. • [email protected] Susan Wires • [email protected]

27 E 22nd St, Flr 6 | 3 BD 2 BA 1 HB | $3,595,000 414 E 52nd St, 8A | 2 BD 2 BA | $1,375,000 405 E 82nd St, 1A | 1 BD 1 BA | $495,000 236 W 26th St, 11NW | 2 BD 2 BA | $12,500/mo.
Sunny, mint, 2,375 SF loft in small pre-war condo. Emery Roth mint pre-war w wbfplc & doorman. Cozy open layout with large outdoor space. Live work Chelsea loft with views & priv terrace.
Pamela D’Arc • [email protected] M. Kaiser + C. Miao • [email protected] Lori Powers • [email protected] Eyal Zabari • [email protected]

Find exclusive listings

only at compass.com
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for
informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price,
condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square
footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or
other professional advice outside the realm of real estate brokerage. *The complete offering terms are in an offering plan available from
Sponsor. File No. CD23-0035. **The complete offering terms are in an offering plan available from the Sponsor. File No: CD 14-0337.
M4B | Friday, July 26, 2024 NY THE WALL STREET JOURNAL.

Scan the home that’s right for you.

Lincoln Square | Manhattan Turtle Bay | Manhattan Tribeca | Manhattan

25 Central Park West, 21Q, New York, NY 845 United Nations Plaza, PH88B, New York, NY 140 Franklin Street, PHC, New York, NY
4 BR | 4 Full | 1 Half Bath | $17,995,000 4 BR | 3 Full | 1 Half Bath | $16,500,000 3 BR | 4 Full | 1 Half Bath | $12,980,000
Gisela Vergara
Denise Kelly (m) 917.496.4442 Danny Davis, Licensed as Daniel L Davis
(m) 917.697.5348 Shawn Felker (m) 917.776.8564
(m) 917.971.1776

Lenox Hill | Manhattan Upper East Side | Manhattan Central Park West | Manhattan
888 Park Avenue, 12B, New York, NY 200 East 95th Street, 27A, New York, NY 25 Central Park West, 7Q, New York, NY
5 BR | 5 Full | 1 Half Bath | $ 12,250,000 5 BR | 4 Full | 1 Half Bath | $8,950,000 3 BR | 2 Bath | $8,800,000
Jennifer A Reardon Andrew Schwartz Chris Kann
(o) 212.937.6678 (m) 646.753.0531 (m) 646.660.2105
Leighton C Candler James Weiss Jennifer Ireland
((o) 212.937.6677 (m) 201.956.8739 (m) 917.669.1440

Open House Wednesday 7/31 | 5-6PM

Cobble Hill | Brooklyn Turtle Bay | Manhattan Upper East Side | Manhattan
224 Clinton Street, Brooklyn, NY 255 East 49th Street, PHA, New York, NY 200 East 95th Street, 27B, New York, NY
7 BR | 4 Bath | $8,250,000 4 BR | 3 Bath | $6,900,000 4 BR | 4 Full | 1 Half Bath | $6,800,000
Tita Omeze Andrew Schwartz
(m) 917.776.7698 Caroline Bass (m) 646.753.0531
Cara Sadownick ((m) 646.703.2053 James Weiss
(m) 917.710.6504 (m) 201.956.8739

Open House Sunday 7/28 | 1-3PM

Lenox Hill | Manhattan Columbia Street Waterfront District | Brooklyn Lenox Hill | Manhattan
140 East 63rd Street, 6C, New York, NY 57 Summit Street, Brooklyn, NY 870 Fifth Avenue, 8A, New York, NY
3 BR | 3 Bath | $4,250,000 4 BR | 4 Full | 1 Half Bath | $3,895,000 3 BR | 3 Full | 1 Half Bath | $3,780,000
Gisela Vergara Michael Levinson
(m) 917.496.4442 Daniel Kandinov (m) 917.601.6237
Shawn Felker (m) 646.483.8600 Charlotte Van Doren
(m) 917.971.1776 (m) 917.603.9489

Upper West Side | Manhattan Lenox Hill | Manhattan Lincoln Square | Manhattan
211 Central Park West, 14K, New York, NYY 20 East 74th Street, 14C, New York, NY 11 West 69th Street, 1C, New York, NY
2 BR | 2 Full | 1 Half Bath | $2,750,000 1 BR | 1 Full | 1 Half Bath | $ 1,995,000 1 BR | 1 Bath | $785,000

Caroline Bass Julia Cahill Nicky Rosendorff, Licensed as Nicola Rosendorff

((m) 646.703.2053 (m) 917.951.4547 (m) 917.622.1458

Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker located at 590 Madison Ave, NY, NY 10022. All listing phone numbers
indicate listing agent direct line unless otherwise noted. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property
information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. Equal Housing Opportunity.
THE WALL STREET JOURNAL. NY Friday, July 26, 2024 | M5

MANSION
RICH ZIPS | A LOOK AT SOME OF THE PRICIEST ZIP CODES IN THE U.S. LISTINGS

Stone Harbor, NJ 08247

BY JESSICA FLINT
$4.2
IN NEW JERSEY, near the south-
ernmost point of the Jersey Shore,
MILLION
(down 3.14%
is Seven Mile Island. The Atlantic
year-over-year)
$9.995 million
Ocean barrier island is home to 4 bedrooms, 5 bathrooms

60
two boroughs, one of which is Built in 1997, this meticulously
Stone Harbor, a quaint, family- maintained beachfront home with
friendly beach community that is Median days on unobstructed water views has 110
1.9 miles long and mostly three to market feet of Atlantic Ocean frontage. It
four blocks wide. With a median is 2,526 square feet on a roughly
home listing price of $4.2 million
in June 2024, Stone Harbor’s
08247 ZIP Code has the priciest
$1,499
Median price per
0.13 acre lot. Agent: Douglas New-
bold, Newbold Real Estate.

residential real estate on the Jer- square foot

sey Shore as ranked by median list-

37
Active Listings
(up 60.87%
year-over-year)
Source: Realtor.com (June 2024) Houses line the beach; left, a burger from Fred’s Tavern & Liquor Store.

parents owned from the 1950s. May Court

Today, the store sells beach and House.
casual clothes for men and chil- $5.795 million
dren, and the Suncatcher brand INTO THE 7 bedrooms, 7 bathrooms
for everybody. WILD Built in 2022, this 4,050-square-
ing price, according to Realtor.com. Stone Harbor foot property is on about 0.19
(News Corp, owner of The Wall Springer’s Homemade Ice Cream Point, the com- acres. The first floor has 10-foot

CLOCKWISE FROM TOP RIGHT: RONNIE FAYE; ANTHONY PRIEST (2); WILL FIGG FOR WSJ (2); VERONICA GRECH (MAP)
Street Journal, also operates Real- There is usually a line at this ice munity’s south- ceilings and an open-concept living
tor.com.) Largely a second home cream shop, which has been fam- ernmost tip, is a area. The backyard has a pool and
destination, Stone Harbor comes to ily-run since Prohibition. There wildlife conser- a covered porch. Agent: Nicholas
life in the summer. The beach— are over 50 flavors, including vation area. It Giuffre, Compass.
with a gradual slope and fine white longtime favorite The “Blue” One, attracts bird-
sand—is the main a blue cookie watchers, nature
attraction, but dough ice cream walkers and
there is plenty
more to do. 20,000
Stone Harbor’s
with Oreo chunks.

Seashore Ace
fishermen.

ADVICE FOR
NOTABLE STOPS approximate summertime Home & Outdoor THE BUYER
AND SHOPS population. The number Living “Buyers gravi-
Fred’s Tavern & of full-time residents? Spike and Etta tate to different
Liquor Store About 800. Fisher opened this areas of Stone
Owned by the store in 1946 and it Harbor,” says Steve Frame, who the families who built them, as
Hand family since continues to be has been selling real estate in the houses get handed down from gen-
the 1930s, this Stone Harbor insti- family owned. The shop sells ev- area for 33 years with Diller & eration to generation. The second $5.25 million
tution is known for reasonably erything from beach chairs to Fisher Realtors. Frame says there priciest section is the bay front. 6 bedrooms, 4 bathrooms
priced pub food. Its T-shirts are a power tools. are a little less than 50 beachfront Single family homes average about This 3,116-square-foot house is on
popular souvenir. houses, which have the highest 3,000 square feet but can be as a 0.15-acre lot. It is three houses
MEMBERSHIP TO HAVE price per square foot. “I always much as 8,000 square feet. Houses from the beach and near the Stone
Suncatcher Surf Shop The Shore Club and Stone Harbor tell people the ocean is a little typically have what Frame calls Harbor Point wildlife conservation
Founded by local Tom Markle in Golf Club each have private 18- club: It’s hard to get into,” he says. “the Stone Harbor classic upside- area. There is a pool and ample
1981, this shop is a spinoff of a hole golf courses and are both in He estimates that 40% of the down look,” which he describes as deck space. Agent: Eric Dechert,
women’s and children’s shop his the nearby community of Cape beachfront houses are owned by coastal and sophisticated. Ferguson Dechert Real Estate.

Step into a
world of
Spectacular Elegance
Welcome to the largest home in Laurel Run. This exquisite and immaculately 241 El Dorado Lane, Palm Beach, Florida
maintained 4 Bedroom, 5-1/2 bath home, which sits on 3 lots in Laurel Run, showcases
Beautiful 7BR/7.1BA home with 6,493+/- SqFt on fabulous double lot. Excellent
an array of remarkable features designed to elevate your living experience. As you
enter the circular drive, stop and admire the Koi Pond. Once you enter the majestic location in the Near North End. Highlights include home theater, gym, eat-in kitchen,
entryway, you’ll be greeted by a grand formal dining room that leads you into the and 2 car garage. Beautiful pool, putting green, BBQ area, and conversation patio
kitchen. The spacious family room, with fireplace and large brass bar, is perfect for all surrounding firepit. Perfectly situated on 22,000+/- SqFt lot. | Exclusive Offering
your entertaining needs. The expansive primary suite with fireplace is a sanctuary of
luxury. Right off the primary suite is a large study/office and game room which is large
enough for family game nights. The spiral staircase leads you down to an open living
area with fireplace, 2 bedrooms, 2 baths, kitchenette, large laundry room and separate
storage room. Step outside to discover your own private oasis with luxurious salt water
pool with grotto. There is also a separate in-law suite with separate entry for privacy.
Home is light and bright with high ceilings and glass enclosed. 200 year old heart of
pine floors have been installed in the dining room, entryway, bar area and breakfast
area. Minutes from Historic downtown Ocala and the World Equestrian Center.
Contact Kimber Hoopengarner at 352-804-5872 or
[email protected] for more information.
www.AngleRealEstate.com
C 561.629.3015 179 Bradley Place
E [email protected] Palm Beach, Florida 33480
Though information is assumed to be correct, offerings are subject to verification, errors, omissions, prior sale, and withdrawal
without notice. All material herein is intended for informational purposes only and has been compiled from sources deemed
reliable. Equal Housing Opportunity. Outlines for illustraltion purposes only- consult a survey.
M6 | Friday, July 26, 2024 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, July 26, 2024 | M7

MANSION

Real-Estate the world of Parisian real estate

by heading south of the Seine.
During the pandemic, the Can-

Gold in Paris ada-born, New York-based interior

designer reassessed his life, he
says, and decided “I’m not going
Continued from page M1 to wait any longer to have a pied-
still largely intact, attracting high- à-terre in Paris.”
minded tourists and deep-pock- He originally selected a 1,130-
eted homeowners who can afford square-foot, one-bedroom in the
its once-edgy, now serene atmo- trendy 9th Arrondissement, an
sphere. up-and-coming Right Bank dis-
Le Breton George V Notaires, a trict just below Montmartre. But
Paris notary with an international he soon realized it was too small
clientele, says the 6th consistently for his extended stays, not to
holds the title of most expensive mention hosting guests from out
arrondissement among Paris’s 20 of town.
administrative districts, and 2023 After paying about $1.6 million
was no exception. Last year, aver- in 2022 and then investing about
age home prices reached $1,428 a $55,000 in new decor, he put the
square foot—almost 30% higher unit up for sale in early 2024 and
than the Paris average of $1,100 a went house-shopping a second
square foot. time. He ended up in the Invalides
According to Meilleurs Agents, quarter of the 7th Arrondissement
the Paris real-estate ap- in the shadow of one of Paris’s Julie Hamon has accepted an offer for her renovated duplex, above, in the trendy, urban 9th
praisal company, the 6th is also signature monuments, the golden- Arrondissement. Below, the Basilica of Sacré-Coeur can be seen from the 9th.
home to three of the city’s five domed Hôtel des Invalides, which
most expensive streets. Rue de dates to the 17th century and is competitors for the cool crown,
Furstemberg, a secluded loop be- fronted by a grand esplanade. the 10th and the 11th, have yet to
tween Boulevard Saint-Germain His new neighborhood vies for break $1,011 a square foot.
and the Seine, comes in on top, Paris’s most expensive with the A co-principal in the Bobo De-
with average prices of $2,454 a Notre-Dame quarter in the 4th Ar- sign Studio, Hamon—whose gut
square foot as of March 2024. rondissement, centered on a few renovation includes a dramatic
For more than two decades, islands in the Seine behind its skylight, a home cinema and air
Kyle Branum, a 51-year-old attor- namesake cathedral. According to conditioning—still seems sur-
ney, and Kimberly Branum, a 60- Le Breton, home prices in the prised at how far her arrondisse-
year-old retired CEO, have been Notre-Dame neighborhood were ment has come. “The 9th used to
regular visitors to Paris, opting for $1,818 a square foot in 2023, fol- be well known for all the theaters,
apartment rentals and ultimately lowed by $1,568 a square foot in nightclubs and strip clubs,” she
an ownership interest in an apart- Invalides. says. “But it was never a place
ment in the city’s 7th Arrondisse- After breaking even on his The Bigios, above, are selling in where you wanted to live—now
ment, a sedate Left Bank district Right Bank one-bedroom, Kedi- Neuilly-sur-Seine, northwest of it’s the place to be.”
known for its discreet atmosphere gian paid $2.4 million for his new Paris. Below, a 1930s townhouse With their youngest child about
and plutocratic residents. 1,450-square-foot, two-bedroom on Avenue Junot’s cobblestone to go to college, she and her hus-
“The 7th was the only place we in a late 19th-century building. It extension is asking $2.8 million. Paris’s most expensive neighborhood is the Notre-Dame quarter, centered on a few islands in the Seine behind the namesake cathedral, which is being restored after a 2019 fire. band, 52-year-old entrepreneur
stayed,” says Kimberly, “but we has southern exposures, rounded Guillaume Clignet, decided to list
spent most of our time in the 6th.” living-room windows and “gor- their Paris home for $3.45 million
In 2022, inspired by the geous floors,” he says. Kedigian, undisclosed amount. Having relo- and live in London full-time. Pro-
strength of the dollar, the Bra- who bought the new flat through cated from a white-marble châ- priétés Parisiennes/Sotheby’s is
nums decided to fulfill a long- Junot Fine Properties/Knight teau outside Paris, the couple handling the listing, which has
standing dream of buying in Paris. Frank, plans to spend up to echoed their previous home by us- just gone into contract after about
Working with Paris Property $435,000 on a renovation that ing white- and cream-colored six months on the market.
Group, they opted for a 1,465- will involve restoring the original stone in the new four-story build. The 9th’s music venues were a
square-foot, three-bedroom in a 12-foot ceiling height in many of The Bigios, who will relocate just draw for 44-year-old American
building dating to the 17th century the rooms, as well as rescuing back over the border in the 16th musician and piano dealer, Ronen
on a side street in the 6th Arron- the ceilings’ elaborate stucco de- Arrondissement, have listed the Segev, who divides his time be-
dissement. They paid $2.7 million tailing. He expects to finish in property with Emile Garcin Pro- tween Miami and a 1,725-square-
for the unit and then spent just 2025. priétés for $14.7 million. foot, two-bedroom in the lower
over $1 million on the renovation, Over in the Notre-Dame neigh- The couple raised two adult reaches of the arrondissement.
working with Franco-American vi- borhood, Belles demeures de children here and undertook up- Aided by Paris Property Group, Se-
sual artist Monte Laster, who also France/Christie’s recently sold a grades in their empty-nester gev purchased the apartment at
does interiors. 2,370-square-foot, four-bedroom years—most recently, an indoor auction during the pandemic, sight

FRED LAHACHE FOR WSJ (6); GAELLE LE BOULICAUT (HAMON); MADDOX: BIRGITTA WOLGANG BJØRNVALD/SISTERS AGENCY (PORTRAIT); VARENNE (INTERIOR); SEGEV: PARK AVENUE PIANOS (PORTRAIT);JULIEN HAUSHERR (INTERIOR);JUNOT FINE PROPERTIES/KNIGHT FRANK (JUNOT); SÉBASTIEN DONDAIN (NOTRE DAME)
The couple, who live in Santa home for close to the asking price pool in the basement and a new unseen, for $1.69 million. He spent
Barbara, Calif., plan to spend of about $8.6 million, or about elevator. $270,000 on a renovation, knock-
about three months a year in $3,630 a square foot. Listing The cool, pale interiors give ing down a wall to make a larger
Paris, hosting children and grand- agent Marie-Hélène Lundgreen way to dark and sardonic images salon suitable for home concerts.
children, and cooking after forays says this places the unit near the in the former staff’s quarters in During the Olympics, Segev is
to local food markets. Their new very top of Paris luxury real es- the basement where Alain, a re- renting out the space for about
kitchen, which includes a French tate, where prime homes typically Ronen Segev rented out his 9th tired entrepreneur, works on his $22,850 a week to attendees of
stove from luxury appliance brand sell between $2,530 and $4,040 a Arr. apartment, left, for the Games. hobby—surreal and satirical paint- the Games. Otherwise, he prefers
Lacanche, is Kimberly’s favorite square foot. ings. Their risqué content means longer-term sublets to visiting
room, she says. his wife prefers they stay down- musicians for $32,700 a month.
Another American, investor The Most Expensive Suburb: stairs. “I’m not a painter,” he says.
Ashley Maddox, 49, is also consid- Neuilly-sur-Seine “But I paint.” Most Exclusive Address:
ering relocating. The Boulevard Périphérique, the P A R I S Avenue Junot
In 2012, the longtime Paris resi- 22-mile ring road that surrounds The Trendiest Arrondissement: Hidden in the hilly expanses of the
dent bought a dingy, overstuffed Paris and its 20 arrondissements, Montmartre the 9th 18th Arrondissement lies a legend-
1,765-square-foot apartment in the was once a line in the sand for Pa- French interior designer Julie ary street that, for those in the
6th and started from scratch. She risians, who regarded the French Avenue Junot Hamon is theater royalty. Her know, is the city’s most exclusive
paid $2.5 million and undertook a capital’s numerous suburbs as érique grandfather was playwright Jean address. Avenue Junot, a bucolic
rd Périph Buttes-Chaumont
Buttes
Buttes-Ch
B tt ChCh
haumont
mont
mont
gut renovation and building im- something to drive through on Bouleva 18ème Arr.
Arr
rr GGare
Gar
Gaaare
re
re
Anouilh, a giant of 20th-century tree-lined lane, is a fairy-tale ver-
provements for about $800,000. A their way to and from vacation. Cathédrale Notre-Dame French literature, and her sister is sion of the city, separate from the
Boulevard
l d de
d Clichy
Cli
C hy Gare
du
u Nord
Norrdd
Nor
centerpiece of the home now is the
onetime salon, which was turned
The past few decades have seen
waves of gentrification beyond
Arc de Triomphe Boulevard
Malesherb 9 Arr
ème
Arr.
r. de l’Est
actress Gwendoline Hamon. The
52-year-old, who divides her time
gritty bustle that surrounds it.
Homes here rarely come up for
es Gare
into an open-plan kitchen and din- the city’s borders, upgrading hum- Neuilly-sur-Seine Saint-Lazare
Boulevard
Bou vardd Haussma
H
Haussmann
ann between Paris and the U.K., still sale, and, when they do, they tend
ing area where Maddox and her ble or industrial districts to the Louvre remembers when the city’s 9th to be off-market, or sold before
three children tend to hang out, north and east into prime residen- A
Avenue ddes Champs-Élysées Jardin 4ème Arr. Arrondissement, where she and they can be listed. Martine Kuper-
American-style. Just outside her tial areas. And it has turned Avenue Foch des Tuileries
de Tuil
T ili iies her husband bought their 1,885- fis—whose Paris-based Junot
door are some of the city’s best- Neuilly-sur-Seine, just northwest Tour Eiffel La Seine Île de la Cité
C
Île Saint-Louis square-foot duplex in 2017, was a Group real-estate company is
known bakeries and cheesemon- of the city, into a luxury com- Place du place to have fun rather than put named for the street—says the
gers, and she is a short walk from pound of first resort. Trocadéro Invalides Boulevard
l d Saint-Germain
Ge down roots. Now, the 9th is the most expensive units here are
Rue de Furstemberg
emberg
the Jardin du Luxembourg, the In 2023, Neuilly’s average home 7 ème
Arr. place to do both. penthouses with views over the
Left Bank’s premier green space. price of $1,092 a square foot
NK Champ-de-Mars
C
Champ-d
de-Ma
de-Mars
dde-Mar
e-Mars
e-Mar
Mars
Mars
rss Jardin du Luxembourg The 9th, a largely 19th-century whole of the city.
“A lot of the majesty of the city made the leafy, stately community BA district, is Paris at its most ur- In 2021, her agency sold a
is accessible from here,” she says. Paris’s most expensive suburb. T NK ban. But what it lacks in parks 3,230-square-foot triplex apart-
GH A 6ème Ar
Arr.
rr.
Boulevard du
d MMontparna
Montpa
tparnasse
sse
“It’s so central, it’s bananas.” Now Longtime residents Alain and I B Bouleva
ulevard
rdd de
d Grenell
G and other green spaces, it makes ment, with a 1,400-square-foot
that two of her children are going Michèle Bigio decided this year is R FT
e
up with nightlife and a bustling terrace, for $8.5 million. At about
LE Zola
Cimetière ddu
C
away to school, she has listed the the right time to list their 7,730- ile street life. Among Paris’s gentri- $2,630 a square foot, that is three
Pont de Grenelle Avenue Ém Montparnasse
four-bedroom apartment with Va- square-foot, four-bedroom town- Gare Place fying districts, which have been times the current average price in
renne for $5 million. house on a gated Neuilly street. Montparnasse Denfert-Rochereau transformed since 2000 from the whole of the 18th.
ard
The couple, now in their mid e Vaugir near-slums to the brink of luxury, Among its current Junot list-
Rue d
The Most Expensive 70s, completed the home in the 9th has emerged as the clear ings is a 1930s 1,220-square-foot
Neighborhoods: 1990, two years after they pur- winner. According to Le Breton, townhouse on the avenue’s cob-
Notre-Dame and Invalides chased a small parcel of garden average 2023 home prices here blestone extension, with an asking
Garrow Kedigian is moving up in from the owners next door for an CARTOGRAPHY: CAMILLE BRESSANGE/WSJ were $1,062 a square foot. Its price of $2.8 million.

Garrow Kedigian traded the 9th Ashley Maddox’s apartment in the

Arr., above, for Invalides. A four-bedroom home in the Notre-Dame quarter recently sold for close to the asking price of about $8.6 million. The Institut de France is in the 6th Arrondissement, Paris’s most expensive district. 6th Arr. is listed for $5 million.
M8 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

MANSION

Idaho
Landslide
Continued from page M1
to her job as a rehab nurse at St.
John’s Health and his job at a
construction services company.
They weren’t the only ones
making the trek. About 40% of
Jackson’s 25,000-strong workforce
commutes, with a large chunk of
that coming from Idaho, thanks to
Jackson’s high real estate and
rental costs. Cassie says her com-
mute became suddenly not only
much longer, but also dangerous—
the driving became reckless be-
cause of how tired and frustrated
people were. “It just didn’t work
for me,” she says.
St. John’s offered to put up
Cassie, 42, in a small room at a
nearby log-cabin lodge it runs for
patients and visitors. She also had
the option of staying on a bunk
bed in one of the dormlike sleep
rooms normally used for staff on
call. But their dog wasn’t allowed
at either place, so Cassie spent al-
most two weeks sleeping in
Mark’s office on a blow-up queen-
size mattress on a concrete floor
squeezed under his desk. There Jodi Peterson, below with her son, commutes from Driggs to Jackson, above, where the median home price is now hovering around $4.5 million.
was no shower. “You roll around
on a concrete floor on an air mat- nature, such as landslides, storms, Mountain Resort year-round. They
tress—it’s hard to get sleep,” she or avalanches, to instantly rear- live in Driggs on the Idaho side
says. range a commute, slicing its work- and typically commute four to five
Like many mountain resort force. days a week over the pass be-
communities, housing that could In a survey of Jackson Hole cause they have a 10-year-old son.
be affordable to Jackson’s work- Chamber of Commerce members After the road collapsed, her hus-
force is in very short supply. and their workers taken a week band started sleeping in his truck
There is limited land available for after the road collapse, the inabil- in the parking lot of the ski resort
building on the Wyoming side; ity to provide housing was the three to four nights a week and
97% of Teton County, Wyo., land number one concern. There are she started staying on a sofa in
is federally protected from devel- currently 1,543 people registered the kitchen of the catering com-
opment. This has led to ever-in- as waiting for affordable housing pany a couple nights a week.
creasing home prices, with the in the Jackson area compared Peterson expects they will con-
median now hovering around $4.5 with 864 in 2019, according to tinue camping and sleeping on a
million, compared with $1.6 mil- April Norton, the director of Jack- couch several nights a week until
lion in 2019, according to Devon son/Teton County’s Affordable the road is permanently fixed.
Viehman of the Jackson Hole Re- Housing Department. “It’s making me recalculate my
port. Between 2015 and 2021, the While a temporary detour of situation,” she says. That includes
home sales price in Jackson has the crippled roadway finished in rethinking whether she wants to

GREG VON DOERSTEN FOR WSJ (2)

grown at double the rate of the late June has substantially eased commute for work at all. “I don’t
increase in wages there. the commute time, a permanent fering more flexible work arrange- Jodi Peterson, 52, works at know if I will do that anymore,”
The result is insufficient afford- fix isn’t expected for months, ments and, in a first, some Jack- Jackson Hole Mountain Resort in she says.
able housing in Jackson, which causing some Idaho-based work- son residents are opening their the winter and as the bar man- Dani Allred, 55, lives between
has led it to rely on other, less ex- ers to rethink their choice to work extra rooms and guesthouses to ager for a catering company in Victor and Driggs. She owns a
pensive towns to house its worker in Jackson at all. As a result, local workers on an as-needed ba- Jackson in the summer. Her hus- gardening company called High
population. All it takes is an act of Jackson-based employers are of- sis, often for free. band works for Jackson Hole Country Bloomers with 16 clients
 THE WALL STREET JOURNAL. NY / NE Friday, July 26, 2024 | M9

MANSION
Foundation of Jackson Hole, a
nonprofit that manages philan-
thropy. Following the slide, it
started its first housing match-
making program: 41 people, a
mixture of full-time and part-time
residents, agreed to let people
stay in their homes free of charge.
The list spiked the first week af-
ter the collapse to 76 people who
needed housing help.
Laurie Andrews, president of
the organization, says she wasn’t
sure if the homeowners would
step up. “You say you want to
help but do you really mean it,”
she says. But she was happily sur-
Dani Allred lives between Victor prised at the response. “There
and Driggs in Idaho. have been great connections
made,” she says.
in Wyoming and 35 clients Idaho. Cassie Vandeventer, the rehab
When the road collapsed, she cut nurse, was matched with Mary
her commute to Jackson to one Hayes, 70, who bought property
day a week from two days a week, near Jackson with her husband,
a schedule she says she will main- Bill Hayes, in 2011 when they were
tain even when the road is com- living in Houston. They built a
pletely back to normal. five-bedroom house with a guest-
Allred says she’s also consider- house in 2014 and moved in full
ing cutting back on the number of time six years ago. Hayes says she
clients in Wyoming, which she says A temporary detour after the slide added 120 miles round trip to the The change is working so well heard about the need for housing
would be financially feasible. But usual commute from Victor to Jackson. and is making his staff so much via a group text put out by a
she says she has grown close to her happier that it will be permanent, friend on the hospital’s foundation
clients there and doesn’t want to says Knaus. He says it is a safer board. “It wasn’t even a decision.
Driggs Moran
abandon them because she knows alternative for his employees, who We just said yes right away,” says
they would have a difficult time IDAHO used to have to drive back over Hayes. She believes many more
191
finding a replacement. “It’s hard to Victor the pass at night since tours homeowners would be willing to
say ‘I’m outta here’ because I sometimes didn’t end until 9 p.m. open up rooms for commuters if
33
wouldn’t know who to suggest they GRAND TETON
hire,’” she says. She hasn’t taken on 26 Normal Com
Commute
mmmute
t N AT I O N A L PA R K
new clients in many years and
doesn’t keep a wait list. “I just say 22 ‘Once someone finds a suitable income on the
no,” she says. She says the road
Post-Landslide Detour
D Teton Pass slide
J
Ja
Jackson Idaho side, you never see them in Jackson anymore.’
collapse “made people in Jackson
Hole see that without all of us Palisades WYOMING
they’d be in a world of hurt.
They’ve realized how important we Similar to Jackson’s schools, they knew how much it was
Sna

are to them.” police force and many businesses, needed.

ke R

89
Since the slide, companies in a large number of essential work- When she drove up to Hayes’s
ive r

Jackson have been forced to come 10 miles Alpine ers at St. John’s Health—some 115, house, Cassie was in shock. “It’s
up with some creative solutions to 10 km including its CEO—live on the huge and beautiful,” she says. She
retain their commuting workers. CAMILLE BRESSANGE/WSJ Idaho side. When the slide hit, the was also in shock about their gen-
Jed Mixter, owner of Two Ocean hospital was able to find about 32 erosity. “They opened their door
Builders in Jackson, says his con- temporary beds between the hos- to people they didn’t even know,
struction company has had to ad- years as demand for more high- tion was to change the schedule pital sleep rooms and the lodge, even though we had a dog. Who
just its schedules. He’s now offer- end homes on the Idaho side has from shifts every other day to one which gets especially busy during does that?” The guesthouse has
ing employees four 10-hour days grown as prices in Jackson have with three days on, three days off. the summer season. It also got two bedrooms, which worked es-
GREG VON DOERSTEN FOR WSJ (2)

or three 12-hour days instead of soared, he says. He then moved a six-sleeper special permission to temporarily pecially well because she and her
five days a week. “We are con- Dave Knaus also switched camping van he owned to a site let staff park campers in the ad- husband both snore. There is a
cerned about losing them,” he things up after the collapse. His near the park entrance and ministrative section of a neigh- full-size refrigerator, a fireplace
says. While there is still a wage Geyser Kayak Tours, which oper- hooked it up to the internet. Now, boring National Elk Refuge, says and a babbling brook right out-
difference between the Jackson ates at Yellowstone Lake on the two employees can sleep there for spokeswoman Karen Connelly. side. “It’s peaceful and quiet,” she
and Idaho sides for construction Wyoming side, has 10 guides, six three nights at a time and not Also playing a role in finding says. They stayed there for six
workers, that has shrunk in recent of whom live in Idaho. His solu- have to drive back to Idaho. housing was the Community Please turn to page M10

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M10 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

MANSION

Continued from page M9 Community Foundation’s match- Mary and Bill Hayes, below, report, put out by Teton County, the towns on the Idaho side.
nights until the Wyoming Depart- making program. He ended up opened their Jackson guesthouse Wyo., and Teton County, Idaho, Dave Knaus from Geyser Kayak
ment of Transportation reopened hosting a family of three who to Cassie and Mark Vandeventer, jobs have been growing at more Tours says he’s seen a new desire
the road over Teton Pass with a were sleeping in their car after two Idaho-based workers. ‘We said than twice the rate of housing for people to work and vacation in
new detour on June 28 that re- the slide to avoid the long com- yes right away,’ said Mary. units in the area since 2010. The Idaho. Knaus says more outfitters
turned the commute time to near mute. Once they saw his guest- report estimates the town needs are setting up shop on the Idaho
normal. However, the steep, sharp house, they asked how long they to create at least 2,000 new be- side because Jackson is getting
curve in the new detour has many could stay and if they could rent low-market homes in the next few too expensive for guests to stay
residents worried about navigat- it permanently, he says. Heist said years just to maintain its current and because the activities ac-
ing it during the winter months. no, because his grandchildren 60% resident workforce. Behind cessed from the Idaho side are
Even when the road is completely come to stay there often, but he the demand is continued local job just as good as those from the
rebuilt, this will do nothing to says when it is empty he would growth and expected retirements Wyoming side. “Once someone
mitigate the frequent storms that let them stay there free again. (estimated to be 13% of the 2022 finds a sustainable income on the
make the Jackson/Idaho commute “It’s easy—here’s a key. They’re local workforce), both of which Idaho side, you never see them in
treacherous year-round. respectful. So why don’t more bring new workers to Jackson and Jackson anymore. There’s no
Cassie will continue to stay in people do that? It’s a matter of Teton County. need,” he says.
the Hayes’s guesthouse periodi- someone facilitating it.” Some are skeptical that things Brice Nelson has owned the
cally, especially in the winter, Paul Hansen, a retired conser- anism for matchmaking in place will suddenly get better now. Knotty Pine Supper Club, a restau-
when ice and snow make the driv- vationist, and his wife, Kay Strat- so it can continue. He says around “There’s been a lot of progress rant in Victor, for 29 years. After
ing dangerous and causes clo- man, an artist, also offered up 20% of the houses in his neigh- since the 1990s, but it’s still a the slide, Nelson put out an ad for
sures, something Mary Hayes con- their home through the Commu- borhood are empty much of the problem and it’s getting worse a new cook; instead of the usual
firms. “I’m not one to ask for nity Foundation program. A year. with time,” says Anne Cresswell, one or two applicants who tended
help, so how it worked out was a woman who works 12-hour shifts “The universe highlighted the executive director of the Jackson to be unqualified, he received 30
blessing,” says Cassie. “Now that I at a sandwich shop in Jackson but problem,” Hansen says of the Hole Community Housing Trust. applications immediately and de-
have her number and know where lives in Victor and her daughter, landslide. “Now we need to fix it.” She’s not optimistic that there leted the ad. He hired a chef who
she lives, I will call her if I’m in a 19, who is working at a camp in Jackson’s government has been will be significant change. “My lives in Idaho. She had been work-
pickle.” She says she has thought Jackson this summer, stayed in seeking a fix for decades. The concern is everything will just go ing at a fine-dining restaurant in

GREG VON DOERSTEN FOR WSJ (3)

about looking for a job on the their lofted guest bedroom with county of Teton, Wyo., has 1,618 back to normal when the pass is Jackson and decided she no lon-
Idaho side. “But that was before I its own bathroom for five days affordable housing units, all built fixed,” she says. “We have short ger wanted to commute.
met Mary,” she says. free. They all had dinner together since 1994, and about 730 units in memories and we will forget “So many people have had their
Dan Heist, 79, who retired to the first night. the pipeline, says Alex Norton, about this.” lives upended,” said Nelson. “They
Jackson in 2015 to a house he Hansen says he would offer his principal of OPS Strategies. But One thing that might not go realize they didn’t move to the
built on 5 acres, offered up his home up again and he thinks it according to the 2022 Teton Re- back to normal, however, is the mountains to spend their time
guesthouse, rent-free, through the would be great to keep the mech- gion Housing Needs Assessment businesses and opportunities for commuting.”

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THE WALL STREET JOURNAL. Friday, July 26, 2024 | M11

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M12 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Once Asking $220 Million, a Colorado

Ranch Is Now Being Sold Off in Pieces
A Colorado ranch—once part of
an 813-acre spread asking $220
million—has sold for just over
$46 million.
Atlanta-based hedge fund Bay on it for his family, he told The
Point Advisors purchased a large Wall Street Journal when he put
chunk of Aspen Valley Ranch, lo- it on the market. The ranch was
cated about 10 miles outside As- his primary home, he said, but he
pen, in June, had always intended to sell it
SOLD property re- when it was completed.

$46 cords show. The

lavishly ap-
However, creditors foreclosed
on Souki’s assets after he de-
MILLION pointed ranch
previously be-
faulted on more than $100 million
of loans in 2020. The assets back-
gym,
longed to natu- ing the loans were ultimately sold
clubhouse
ral gas pioneer off, including the Colorado ranch,
Charif Souki, records show.

FROM LEFT: DRAPER WHITE; DALLAS & HARRIS PHOTOGRAPHY

who built multiple residences and Andros said the ranch has a to-
turned it into a “mini country tal of 11 home sites as well as
club” for his family. common amenities. Bay Point cur-
Souki put the entire spread on rently owns three houses and five
the market for $220 million in home sites.
2020, and the next year he sold Aspen Valley Ranch’s common
two homes on the site for a com- amenities include a gym, a swim-
bined $47 million. But he lost con- public records. nancing for additional homes that to a request for comment. ming pool and a clubhouse with a
trol of the rest of the property Bay Point purchased nearly 300 can be built there, said Charles Souki, co-founder of the Texas- theater and wine room.
amid a long-running legal battle acres of the property from Souki’s Andros, Bay Point’s president and based natural-gas company Tellu- —E.B. Solomont
with lenders, who purchased it lenders, company officials said. chief investment officer. “We’re rian, paid $27 million for the 813-
out of bankruptcy for $30.5 mil- Bay Point plans to “stabilize” the going to end up selling them off,” acre property in 2013, then spent  See more photos of notable
lion earlier this year, according to ranch and provide construction fi- Andros said. Souki didn’t respond millions of dollars building homes homes at WSJ.com/RealEstate.

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THE WALL STREET JOURNAL. Friday, July 26, 2024 | M13

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

Nothing compares to what’s next.

CEO Russ Anderson, on how to avoid pitfalls, paying too much and risking too much
BRIGGSFREEMAN.COM

I
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represent you when you are buying a home, be-
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The expert in
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The best advisors in the world — like the ones I
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extraordinary.
that is literally invaluable, whether you are a buyer or a Listing a home this special takes an
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those advantages really come into play. Let’s talk about the local market inside and out, and also
some of the biggies: has connections around the globe. One
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© 2024 Sotheby’s International Realty.All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc.The Sotheby’s International Realty network fully supports

They’re all here at

the principles of the Fair Housing Act and the Equal Opportunity Act. All images are a combination of photography and artist renderings.The artist representations and interior decorations, finishes, appliances and furnishings are provided for illustrative purposes only. Prices and features are subject to change.

briggsfreeman.com.

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M14 | Friday, July 26, 2024 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | ELLEN BURSTYN

Triple Crown
Actor Endured
Violent Start Above, Ellen Burstyn with her
Dalmatian, Daisy Mae, in New York
in the 1950s. Left, Burstyn in 2018.

one of his female fans near Hous-

The co-star of ‘Mother, Couch’ and ‘Alice Doesn’t ton. I felt trapped.
Live Here Anymore’ on early home abuse, One day, I took a couple of
empty bottles to the store to col-
loneliness and escaping Texas lect the deposit and used the
change to call my Uncle Dave in

M
Detroit. He sent $50. The next
y mother had four hus- heard and would take me home. day, I left by train for New York.
bands, but I never had a Jack and I returned to Detroit I modeled and was determined
father. My birth father, two years later, in 1940, to live to become an actress. An acquain-
John, and my mom divorced just with my mother and her new hus- tance knew a producer casting for
after I was born. My first stepfa- band, Lou. They had a baby boy, a woman to play a model in a
ther, Don—the only one I called Steven. Lou and I battled con- Broadway play, “Fair Game.” I au-
Daddy—left after they divorced stantly. One night, when I was 12, ditioned and landed the part.
when I was 6. My second stepfa- my mother was working and Lou I did a lot of TV during the
ther, Lou, loathed me. Her last chastised me. I said something 1960s, along with the movie
husband, Winsor, was nice, but I back and he slapped my face, “Goodbye Charlie” (1964). In 1967,
was already out of the house. grabbed my hair and began bang- I studied at Lee Strasberg’s Actors
Though I missed out on a fa- ing my head against the wall. Studio. Lee focused on me, and
ther who loved me, my mother Mid-struggle, I spotted a for the first time in my life I felt
had many wonderful qualities. She butcher knife within reach. I con- seen. He helped me tap in to my
was beautiful, strong and knew templated killing him, but I took a I sought refuge in school drama school where you could focus on strongest emotional experiences.
how to get what she wanted. But beat. I clawed Lou’s face instead, productions. I loved hearing the career-directed interests. He stud- My break was Peter Bog-
she lived in a time when a woman and he let go. audience’s reactions, and I could ied aeronautical engineering. I danovich’s film “The Last Picture
had to have a husband. A lot of My mother wasn’t above deliv- feel myself moving with their en- wanted to go, too, but my mom Show.” I read for three roles and
what she did to me was to get a ering her own share of abuse. But ergy. I also was president of the pushed back. Lou chimed in with had my pick.

FROM TOP LEFT: MICHAEL BUCKNER/DEADLINE/GETTY IMAGES; ELLEN BURSTYN; EVERETT COLLECTION
husband or keep one. to her credit, she provided me junior class and drama club, and “You’ll never amount to anything Today, I live on Manhattan’s
This included an abusive tem- with piano, ballet, acrobatic and captain of the cheerleaders. but a goddamn whore.” Upper West Side in a spacious
per, especially when I wouldn’t do tap lessons. Jack attended Cass Tech, a high I didn’t listen and went. Cass apartment overlooking Central
what she asked. She was a “me- Tech didn’t have an acting pro- Park. I moved in 11 years ago.
firster”—someone who viewed my gram, so I studied fashion illus- My mother never apologized
pushbacks as attempts to sabo- trating. I was modeling in Detroit for the violence of my childhood.
tage her goals. ELLEN’S EVOLUTION then and loved the busi- When I won the Oscar for “Alice
After her first divorce, we ness. On my 18th birth- Doesn’t Live Here Anymore” in
moved into a rental house in De- “Mother, Couch”? It’s a surrealistic train in 1956 with one day, I left home. A 1975, I called her. She said, “Oh,
troit. That’s where we lived with drama-comedy film. I play the phone number and a model suggested honey, I turned cartwheels. I’m so
Don. After he left, my mother sent mother of three adult children sum- quarter. The guy I Dallas. She said, proud of you.” I hung up and said
my older brother, Jack, and me off moned because I won’t abandon a called put me to- “They’d like your to my empty kitchen, “Well, that
to boarding school in Windsor, sofa in a used furniture store. gether with a girl who all-American type.” didn’t take much, did it?”
Ontario. A woman with two chil- had an apartment. I was so glad to be —As told to Marc Myers
dren wasn’t a good look for at- Your name? I was born Edna Rae a type. Off I went.
tracting a husband. Gillooly. My modeling name was Favorite film you’re in? Within the year, I Ellen Burstyn, 91, is an Oscar-,
I felt rejected and lonely there. Edna Rae, but for the stage, it be- “Resurrection” (1980)  wanted to be in New Tony- and Emmy-winning actress
During a Christmas program, I came Ellen McRae. After I married York, but I had no money. best known for her roles in “The
was in “Little Miss Muffet,” my Neil Burstyn in 1964, I took his last Comfort seat? I have two wicker After I was fired from my job as a Last Picture Show,” “Alice Doesn’t
first time on stage. I heard a name. chairs in the living room that look fashion-show producer for not Live Here Anymore,” and “The Ex-
woman in the audience say, “Isn’t out on Central Park. I love watch- wearing a girdle, a former radio orcist.” Her latest film is the com-
she cute?” I hoped my mother New York arrival? I stepped off the ing the light change on the park. DJ I’d been dating put me up with edy-drama “Mother, Couch.”

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