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What’s Trade War Blurs Profit Forecasts Retailers

News More companies pull GM, Jetblue and Volvo on
Tuesday all shelved earlier By Chip Cutter,
given the fast-evolving macro-
economic environment, where
Hold Firm
Business & Finance
guidance as Trump’s
tariffs undermine
profit guidance for 2025 due
to economic uncertainty. The
shape-shifting nature of Presi-
Bob Tita
and Stephen Wilmot
tariffs are a major point of
uncertainty, UPS Chief Execu-
tive Carol Tomé told analysts
On Prices,
ability to look ahead
 The biggest U.S. retailers
have so far held the line on A new wave of major U.S.
dent Trump’s automotive du-
ties have clouded the outlook,
GM said, while JetBlue pre-
suffer from an advertising
slump. United Parcel Service
didn’t update its outlook,
and investors.
The shipper has talked to
its top 100 customers in the
Warn It
price increases, but some
chief executives have
warned that the status quo
can’t last indefinitely. A1
and European companies, in-
cluding General Motors, Jet-
Blue, Snap and Volvo, are
warning that the trade war’s
dicted that softer demand
would plague the airline into
the summer. Snapchat parent
company Snap said it
though it predicted lower
shipping volumes and revenue
for the second quarter. It also
said 20,000 workers would be
U.S. to understand how their
Please turn to page A6

 Tariffs start taking toll on

Can’t Last
unknowable course and conse- wouldn’t issue guidance like it laid off. China economy................... A9 Stores work to avoid
 Major U.S. stock indexes
quences make it futile to fore- normally does and said the Cutting costs at the com-  GM cites lack of clarity in
continued their recent climb,
cast future performance. social-media platform could pany couldn’t be timelier pulling outlook.................... B2 passing on costs but
with the S&P 500, Dow in-
dustrials and Nasdaq ad- some products
vancing 0.6%, 0.7% and 0.5%, might become scarce
respectively. B1
 UPS said it would cut 20,000 To keep prices low on
operational positions this year, phone chargers, towels and
moving to slash expenses af- blenders in the face of rising
ter parting ways with Ama- tariffs, the U.S.’s largest retail-
zon, its biggest customer. B1 ers are trying everything.
 BP said it aimed to boost
its oil and gas production in By Sarah Nassauer,
the U.S. by more than 50% by Shane Shifflett
the end of the decade as it and Sebastian Herrera
slashes green spending and
They are pressuring their
pivots back to fossil fuels. B2
suppliers to absorb cost in-
 Conservative activist creases and dropping free
Robby Starbuck sued Meta, perks from corporate offices.
alleging its AI tool defamed They paused some shipments
him by falsely asserting he of goods from China and are
participated in the Jan. 6, leaning on inventory that was
2021, riot at the Capitol. B4 already imported to the U.S.
So far, most prices have held
 GM reported that its net
steady overall. The average
income fell 6.6% in the first
price of some 10,000 everyday
quarter and shelved its 2025
household products sold online
profit guidance, saying the
by Walmart, Target and Ama-
future impact of tariffs
zon is effectively flat since
could be significant. B2
JENNIFER GAUTHIER/REUTERS

April 2, according to a Wall

 Coca-Cola said it can man- Street Journal analysis of data
age the effects of tariffs, but harvested by e-commerce-data
that lower sales to Hispanic firm Traject Data. Prices at the
consumers dented revenue retailers are generally down
in the U.S. and other mar- since January, the data show.
kets, including Mexico. B3 But the chief executives of
Prime Minister Mark Carney of Canada gestured during a Liberal Party election night event in Ottawa on Tuesday. Walmart, Target and Home
 SportsNet New York, the
Depot met with President
broadcast home of the New

Canada Picks Leader to Fight Trump

Trump last week, with a
York Mets, has hired bankers
strong message: The status
to explore potential deals in-
quo can’t last forever.
cluding an outright sale. B4
They warned Trump that
 Adidas reiterated its higher prices would be difficult
views for the year, but BY VIPAL MONGA the financial crisis and the ment, which means he will gotiate a new trade and secu- to avoid and said certain prod-
warned that tariffs could Bank of England during Brexit, need to work with rival politi- rity deal with Trump—who has ucts could become scarce if re-
weigh on the sporting-goods After his promises to pro- won Canada’s national election cians to push through his eco- threatened to make Canada the tailers decide not to sell them
company’s performance. B3 tect Canadian voters from U.S. on Monday on the strength of nomic agenda. 51st state and hobble its ex- to avoid tariff costs. They as-
President Trump, Prime Minis- his assertion that he is the Speaking to supporters after port-reliant economy with tar- sured the president they would
World-Wide ter Mark Carney must make right leader to take on Trump. his victory early Tuesday, Car- iffs—while at the same time work to keep product prices as
quick work of a radical plan: Success means unwinding a ney said Canada was entering supercharging Canada’s trade low as possible for as long as
decoupling Canada’s economy Canadian foreign policy that into a new, uncertain era. “Our with Europe and Asia. Please turn to page A2
 Having promised Canadians from its biggest trading part- since World War II has cen- old relationship with the “The system of open global
protection from Trump, Prime ner and, lately, its biggest tered on building a closer United States, a relationship Please turn to page A10  Amazon rules out showing
Minister Mark Carney is set threat. union with the U.S. based on steadily increasing tariffs' effect on prices... A2
on a course of decoupling his Carney, a technocrat who Still, his Liberal Party fell integration, is over,” he said.  Greg Ip: Canada vote tests  President eases auto-duty
country’s economy from its ran the Bank of Canada during short of a majority in parlia- Carney said he plans to ne- Trump’s trade theory...... A2 impact..................................... A2
biggest trading partner and,
lately, its biggest threat. A1
 Trump spoke at a rally in
Michigan to mark his first 100 Morning! INSIDE Marriage of Microsoft, OpenAI
days in office, an event that
marked a return to the cam-
paign-style events that helped
make him a political force. A4
The 4 a.m. Turns Rocky as Bosses’ Ties Fray
 China’s economy showed
its first big signs of damage
Wake-Up Sam Altman once said funding, helping OpenAI’s its models and whether the
from the trade war, as steep
U.S. tariffs pummeled export
orders and production at the
Isn’t Just OpenAI and Microsoft had the
“best partnership in tech.”
Now, their Silicon Valley mar-
ChatGPT accumulate more
than 500 million weekly users.
OpenAI powered cutting-edge
Altman-led company’s AI sys-
tems will soon achieve hu-
manlike intelligence, accord-
country’s factories. A9
 The Trump administration
must temporarily keep fund-
For CEOs riage is on the rocks.

Deepa Seetharaman,
generative AI tools for the
technology giant, helping its
share price triple.
ing to people familiar with
their relationship. Microsoft
CEO Satya Nadella has also
ing a program that provides
BUSINESS & FINANCE Berber Jin That relationship has be- made it a priority to beef up
BY SAM SCHUBE Deloitte to lease nearly and Keach Hagey come strained. The chief exec- sales and usage of ChatGPT ri-
lawyers to unaccompanied
utive officers are increasingly val Copilot, and last year hired
migrant children, a federal
In recent years, the 4 a.m.
three-quarters of a Microsoft turbocharged the at odds over the computing a rival of Altman’s who
judge in California said. A3 planned New York City
wake-up has been the domain artificial-intelligence startup’s power Microsoft provides to launched a secret effort to
 Trump moved to soften of world-striding executives skyscraper. B1 growth over the past six years OpenAI, the access the startup build models for Microsoft
the impact of his automotive and businesspeople. Disney with billions of dollars in gives the technology giant to Please turn to page A6
tariffs, preventing duties on CEO Bob Iger famously begins
foreign-made cars from be- his day with a predawn work-
ing stacked on top of other
tariffs he has imposed and
out. Apple CEO Tim Cook
deals with emails from cus-
This Museum’s Main Attraction:
easing some other levies. A2 tomers before sunrise.
“There’s almost a kind of
Anyone Who Looks American
 Harvard released its re-
ports on campus antisemitism arms race between different i i i

Agentforce
and anti-Muslim bias, docu- executives and self-styled
ments that paint a critical pic- business leaders over who can Schoolchildren beg U.S. visitors for selfies,
claim the highest average
ture of the university’s politi-
cal and academic climate. A3 workload,” said Erik Baker, au-
thor of “Make Your Own Job:
handshakes at new shrine to Vietnam War can help
 The Trump administration
dismissed a group of scien-
How the Entrepreneurial Work
Ethic Exhausted America.” BY STU WOO The Vietnam War ended 50
millions of flyers
tists and researchers work-
ing on the federal govern-
But in March, the 4 a.m.
wake-up achieved new status HANOI—David McCaskey
years ago Wednesday when
North Vietnamese tanks rolled
navigate
ment’s evaluation of the
impact of climate change. A6
after a viral video showed a
very muscular man named
visited the new war museum
here to see the American
through Saigon, capital of the
U.S.-backed South Vietnam.
travel hiccups.
 Russia began a spring of-
fensive against Ukraine, taking
Ashton Hall performing a
morning routine that involved
planes, helicopters and tanks
from the Vietnam War.
Today, tourists visiting the
land of their onetime enemy Every hour.
mouth tape, an ice bath filled But the 33-year-old gradu- are discovering that Ameri-
advantage of firmer terrain
with bottled Saratoga water, ate student from Buffalo, N.Y., cans are by and large beloved
that can support heavy vehi-
and a banana peel rubbed quickly realized those exhibits here.
cles and denser foliage that
across his face—all beginning were playing second fiddle to At the Military History Mu-
provides cover for troops. A8
at 3:55 a.m. the museum’s star attraction: seum, a Smithsonian-like cam-
“Sin lives late at night,” ac- David McCaskey. pus that celebrates Vietnam’s
CONTENTS Markets Digest...... B9 cording to a February social- As soon as he entered the wartime achievements and
Arts in Review..... A13 Opinion................ A15-17
Business & Finance B2-6 Personal Journal A11-12
media post by Hall, who gates, about 30 schoolchildren condemns what it calls a U.S.
Capital Account..... A2 Property Report.... B6 couldn’t be reached for com- in identical tracksuits invasion, the biggest draw is
Crossword................ A14 Sports.......................... A14 ment. “If you’re dealing with a swarmed him. They wanted a anyone who looks like a Yan-
Heard on Street.. B12 U.S. News.......... A2-4,6 weak mind, bad decisions, or photo. Then another group kee.
Markets...................... B11 World News...... A8-10
lack of productivity go to did. And another. After 20 Schoolchildren, many from
sleep early.” minutes of smiling for more small towns who have never
> In the days that followed, than 100 children, he put on a seen a foreigner before, are
seemingly half the internet— face mask and sunglasses and desperate to score a selfie
from Ed Sheeran to Duolingo’s finally slipped away. with a member of the defeated
owl mascot—posted clips par- “It’s the closest I’ll ever get party. It’s akin to an American
odying Hall’s routine. to being a celebrity,” McCas- at Bunker Hill clamoring for a What AI Was Meant to Be
s 2025 Dow Jones & Company, Inc.
All Rights Reserved Please turn to page A12 key said. Please turn to page A11
A2 | Wednesday, April 30, 2025 * *** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Canada Vote Tests Trump’s Trade Theory

P
resident Trump completely on integration controlled immigration. Thus far Canada stands al-
thinks trade wars with the U.S., from a bilat- Pierre Poilievre, leader of the most alone in having retali-
are easy to win for eral free trade pact in the Conservatives, counted on ated for Trump’s tariffs. The
one simple reason: 1980s to the North American riding discontent to power. more concessions Trump
Other countries de- Free Trade Agreement and Then Trudeau resigned wrings from them, the
pend more on the U.S. than the U.S.-Mexico-Canada and Trump started his trade harder a line he is likely to
vice versa and will therefore Agreement. war, and Canadians’ priori- take with Canada.
give the U.S. almost anything The U.S. has benefited ties changed. The main exception is
to preserve market access. from this arrangement, also. Poilievre was as commit- China, which retaliated

LAURA PROCTOR/BLOOMBERG NEWS

Canada’s voters may have While it runs a trade deficit ted as Carney to fighting fiercely with tariffs of its
just poked a hole in that in goods with Canada, it ex- Trump’s tariffs. But in their own and non-tariff measures.
theory. They returned Liber- ports more to Canada than platforms and campaigns the Yet as with Canada,
als to power under a new any other single country and men clearly had different ap- China’s response to Trump’s
prime minister, Mark Car- runs a large surplus in ser- proaches. Poilievre contin- tariffs reflects more than
ney, who promises, far from vices. Canada is a huge mar- ued to emphasize tax cuts, strictly economic consider-
bending to Trump, to carve ket for American companies pledging more than double ations. It is preparing for a
out a more independent path and brands. It is a close se- Carney’s amount. It was a more decisive economic de-
altogether from the U.S. curity partner through nu- Trucks crossing the Peace Bridge at the Canadian-U.S. border platform for a different era. coupling by strengthening
It’s a potentially costly and merous treaties and bilateral in Fort Erie, Ontario, earlier this month. By contrast, Carney re- ties with other countries,
arduous path, but one Cana- arrangements. turned repeatedly to the preparing its people for pain
dians appear willing to accept Canada was thus shocked during the campaign. around military power and threat of Trump and tariffs. with Mao Zedong slogans
as the price of sovereignty. when Trump hit it, and Mex- That countries will tolerate money. Because Canadians His platform promised to ex- from the 1950s and acceler-
Trade wars, like military ico, with a 25% tariff. economic hardship for the pay higher taxes and spend pand internal trade and non- ating efforts to wean itself
wars, seldom go as planned (Trump later exempted sake of their sovereignty is less on defense than Ameri- U.S. markets with a “Trade off western technology.
because the other side gets a USMCA-compliant goods.) self-evident. Ukraine has ex- cans, Trump claims Canadi- Diversification Corridors

F
say. Trump may be right that Canadians have since con- pended untold blood and trea- ans would plainly be better Fund” to invest in ports, rail- rom the U.S. point of
the U.S. holds all the cards— cluded Trump has an ulte- sure to remain free of Russia. off as Americans. ways, airports, and highways. view, China and Can-
if economic costs and bene- rior motive: annexation. Truth be told, as recently Carney’s hard part comes ada are opposites: one

A
fits were all that mattered. “Canada should become our merican sovereignty is as January, Canada’s election now. He has pledged to be- is a gigantic, authoritarian,
But other countries may pri- Cherished 51st State. Much central to Trump’s might have been about taxes gin negotiations with Trump geopolitical adversary with
oritize national sovereignty, lower taxes, and far better own worldview; he has and other pocketbook issues. on a new economic and se- little commitment to free
security or politics, and the military protection for the warned of economic “distur- Had it stayed that way, Mon- curity deal. He lacks a par- markets and a massive trade
result can be economic frag- people of Canada—AND NO bance” as he pursues “liber- day’s election would have liamentary majority. If surplus, the other a small,
mentation that leaves every- TARIFFS!” he wrote on so- ation” through tariffs. Yet he turned out differently. Trump chooses to pursue democratic ally with open
one—the U.S. and trading cial media in early February. doesn’t seem to appreciate Like incumbents across annexation by further pun- markets and almost bal-
partners—worse off. Suddenly, the trade war why it would matter just as the West, then-Prime Minis- ishing Canada, that could anced trade. But in their
Certainly, Canada has had become existential. much to any other country. ter Justin Trudeau had seen foster internal divisions. own ways, both are ap-
more to lose than almost “President Trump is trying His view of what makes a his popularity plummet be- Canada’s position will also proaching Trump with the
any place from Trump’s tar- to break us so that America nation state is relatively nar- cause of inflation, scarce and be affected by U.S. negotia- assumption that far more
iffs. No country has bet so can own us,” Carney said row, revolving primarily costly housing, and high, un- tions with other countries. than money is at stake.

Amazon Rules Out Displaying Effect President Eases

Of Tariffs After Trump Calls Bezos Auto-Duty Impact
BY SEBASTIAN HERRERA on any Amazon properties. shares finished the day down azon in the U.S. WASHINGTON—President like domestic parts.
Yet the company’s response 0.2%. Amazon launched Haul late Trump moved to soften the The plan means a car that is
Amazon.com was forced to was too late to avoid White The company considered last year as a response to the impact of his automotive tar- made with 85% domestic and
play down a report that it was House involvement. White displaying import charges competition. The Haul website iffs, preventing duties on for- USMCA-compliant content in
considering displaying the im- House press secretary Karoline ahead of the Trump adminis- can be accessed through a link eign-made cars from stacking the first year won’t have to
pact of tariffs during its online Leavitt sent company shares tration’s planned change start- from Amazon’s main website. on top of other tariffs he has pay any parts tariffs, moving
checkout process after Presi- down in early morning trading ing May 2 to a popular tariff The service has sold clothing, imposed and easing some lev- up to 90% domestic and
dent Trump called company by commenting on a Punch- exemption, known as de mini- household goods and accesso- ies on foreign parts used to USMCA-compliant content in
founder Jeff Bezos and the bowl News report that Amazon mis, for small shipments from ries from warehouses in China manufacture cars in the U.S., the second year, according to a
White House said such a move was planning to display the China, a person familiar with for prices often less than $10. the White House said Tuesday. senior U.S. official.
would be “a hostile and politi- impact of tariffs during its on- the matter said. The sites are especially vul- The idea is to allow auto-
cal act.” line checkout process. The exemption had allowed nerable to the end of the de By Gavin Bade, makers some time to find new
The e-commerce giant said Trump called Bezos to raise small shipments from outside minimis exception, but e-com- Alex Leary domestic manufacturers of
Tuesday it had considered dis- concerns, people familiar with the U.S. to avoid duties and merce sites generally have and Tarini Parti auto parts before paying the
playing how much import the matter said. Later Trump customs inspections. Many been bracing for impact from full freight of the auto-parts
charges would increase prices praised Bezos. items from Amazon’s Haul site the Trump administration’s “It is a little bit of help,” tariffs. Many automakers are
on its ultracheap shopping “Jeff Bezos is very nice,” have used the exemption. tariffs because many offerings Trump told reporters Tuesday. already using largely domestic
website Haul, but said the idea Trump said before heading to Bargain sellers Temu and are made overseas, including The decision, which Trump content, the official said, so
“was never approved and is Michigan for a rally. “Terrific. Shein also benefited from the China. issued in a pair of proclama- the offset should allow them
not going to happen.” He solved the problem very exemption, which helped them Most of Amazon’s sales tions Tuesday as he traveled to time to transition the rest of
Amazon also said it hadn’t quickly.” The president added, keep down prices on clothing come from independent sellers Michigan for a rally, means their supply chains without
considered the idea for the “I appreciated what he did.” and other goods shipped di- on its site, with a large per- that automakers paying paying heavy tariffs.
main Amazon site, and no Amazon declined to com- rectly from China, and become centage of them selling items Trump’s automotive tariffs The offset will be available
changes had been implemented ment on the call. Company formidable competitors to Am- from China. won’t also be charged for only to automakers building
other duties, such as those on finished cars and trucks, the
steel and aluminum or those official said, not parts manu-

Retailers Average price of thousands of items sold

online, change since April 2 ‘Liberation Day’
2.0%
Percentage of online items that are in stock

84%
imposed on Canada and Mex-
ico due to the fentanyl trade.
The change would be retroac-
facturers. Foreign auto compa-
nies that manufacture cars in
the U.S. will be eligible for the

Hold Firm 1.5

82 Tariffs on Canada, Mexico
tive, meaning that automakers
could be reimbursed for such
tariffs paid since some tariffs
offsets on American-made
cars, just like U.S.-based firms.
The steps would likely be a

On Prices 1.0

0.5
80
and China go into effect on Canada and Mexico went
into effect in early March.
The 25% tariff on finished
significant boost to automak-
ers in the short term, said one
person familiar with the plan.
foreign-made cars went into Automakers would have to ap-
Continued from Page One 0 effect early this month. ply to the government for re-
78
possible, according to people Trump’s tariffs on China, imbursements, and it wasn’t
familiar with the meeting. –0.5 however, will continue applying immediately clear where those
Their success so far has 76 on top of auto and parts tariffs. funds would come from.
come in part because of efforts –1.0 The administration also Softening the impact of
retailers and their suppliers modified its tariffs on foreign auto tariffs follows other roll-
took to import more items – 1.5 74 auto parts—slated to be 25% backs of elements of the presi-
ahead of some tariff increases. April 2 28 Feb. 2025 March April and effective this coming dent’s trade policies.
Midwest Trading Group & weekend—allowing automak-
Note: Analysis measures the daily average price and percentage of 10,000 in-stock items sold by first parties on Amazon.com, Walmart.com and
TYLT, a seller of small con- Target.com in three U.S. ZIP Codes in Chicago, New York and Los Angeles.
ers to be reimbursed for those  Heard on the Street: Auto
sumer electronics to retailers, Source: Wall Street Journal analysis of prices collected by Traject Data tariffs up to an amount equal makers are blindsided... B12
recently pulled forward im- to 3.75% of the value of a U.S.-
ports from Vietnam to fulfill see how much of an increase said it plans to negotiate with a couple of days later. The num- made car for one year. The re- THE WALL STREET JOURNAL
expected 2025 orders from cli- they can make before Ama- many countries regarding tar- ber of ships sailing from China imbursement would fall to
(USPS 664-880)
ents such as CVS, CEO Steve zon’s systems will downgrade iff policy, including over so- to the U.S. filled with goods is 2.5% of the car’s value in a sec- (Eastern Edition ISSN 0099-9660)
Adolph said. That is because their listings, according to called reciprocal tariffs. It plunging amid cancellations, ac- ond year, and then be phased (Central Edition ISSN 1092-0935)
this month Trump, a Republi- Brandon Fuhrmann, an Ama- paused the implementation of cording to firms that track ship- out altogether. (Western Edition ISSN 0193-2241)
can, announced a 90-day pause zon merchant who sells some of those tariffs on coun- ments and U.S. port officials. The administration calcu- Editorial and publication headquarters:
1211 Avenue of the Americas,
on reciprocal tariffs that would kitchen products. When that tries such as Vietnam until Some cost-cutting mea- lated the offset by applying the New York, N.Y. 10036
affect Vietnamese imports. The occurs, they lower their July. New tariffs on some sures are in full effect. Last 25% auto-parts tariff to 15% of Published daily except Sundays and general
purchases added upfront costs, prices, he said. Many sellers commodities such as steel and week, Walmart told the staff the value of a U.S.-assembled legal holidays. Periodicals postage paid at
but the company thinks items tested smaller increments of aluminum are already in place. of its Hoboken, N.J., office automobile in the first year, New York, N.Y., and other mailing offices.
such as phone-charging cords about 5%, he said. Current tariffs on Chinese that free plates, bowls and equaling 3.75% of the car’s Postmaster: Send address changes to
The Wall Street Journal, 200 Burnett
and small speakers will be in Prices for some household goods are around 145%, but cups would no longer be avail- value. The second-year offset is Rd., Chicopee, MA 01020.
demand at existing prices, goods rose by small incre- the administration has sig- able in the office, according to calculated by applying the 25% All Advertising published in The Wall
Adolph said. The arrangement ments in April, including naled it is looking to strike a people familiar with the situa- tariff to 10% of the value of a Street Journal is subject to the applicable
is favorable to retailers who items costing $50 or less, as deal with Beijing to scale back tion. A memo encouraged em- U.S. assembled automobile, rate card, copies of which are available
from the Advertising Services Department,
don’t have to hold the inven- well as for chargers, Bluetooth those duties. ployees to bring their own. yielding 2.5% of the car’s value. Dow Jones & Co. Inc., 1211 Avenue of the
tory or pay up front. speakers and other electronics Walmart has paused some Retailers plan to lean on USMCA-compliant auto Americas, New York, N.Y. 10036. The
Walmart, Amazon and Tar- from certain brands, the Jour- winter holiday orders from their nonproduct businesses parts from Canada and Mexico Journal reserves the right not to accept
an advertiser’s order. Only publication of
get also asked their suppliers nal’s analysis shows. Broadly, Chinese manufacturers, ac- to delay the need to increase will continue to be tariff-free, an advertisement shall constitute final
to shoulder more of the tariff prices for consumer goods cording to people familiar with prices. Amazon asked some acceptance of the advertiser’s order.
cost burden, but that tactic have yet to increase. the situation. This month, Tar- vendors it purchases products
CORRECTIONS 
Letters to the Editor:
can’t make up the full addi- Fuhrmann said many tariff-af- get paused shipment of goods from directly to send an email Fax: 212-416-2891; email:
tional cost of tariffs, especially fected shipments still haven’t that it buys directly from man- confirming their ad commit- [email protected]
in China, manufacturers and
retailers said.
come through ports.
Walmart is doing what it
ufacturers in China, according
to people who are aware of its
ments for this year, according
to consultant Martin Heubel,
AMPLIFICATIONS Need assistance with your subscription?
By web: customercenter.wsj.com;
By email: [email protected]
At Amazon, independent can to keep prices low, includ- shipments. who works with suppliers. By phone: 1-800-JOURNAL
merchants make up more ing problem-solving with sup- Amazon canceled some ven- Amazon made about $56 bil- The 100th day in office for (1-800-568-7625)
than 60% of its sales, with a pliers, a spokeswoman said. dor orders from China after tar- lion in ad revenue in 2024, President Trump’s second Reprints & licensing:
By email: [email protected];
large percentage of goods “It’s not ‘us’ versus ‘them,’” iffs were announced. The Jour- mostly from sellers who place term was April 29. A U.S. By phone: 1-800-843-0008
coming from China. Amazon she said, and “a lot is in flux.” nal’s analysis shows the ads on its website. News article on Saturday WSJ back issues and framed pages:
has algorithms that penalize “There will be cases where percentage of in-stock items Last fall Walmart asked about this presidential mile- wsjshop.com
sellers if they raise their prices have to go up,” she dropped by about 4 percentage many suppliers to increase stone incorrectly said the Our newspapers are 100% sourced from
costs too much or sell some- said. Amazon said it hasn’t points after Trump’s tariffs their ad spending with the re- 100th day is April 30. sustainably certified mills.
thing above the price found seen average selling prices of against Canada and Mexico tailer by around 25% this year
elsewhere. products change considerably. went into effect in early March. compared with the previous Readers can alert The Wall Street
Journal to any errors in news articles GOT A TIP FOR US?
Some sellers tested raising Target declined to comment. Inventories didn’t bounce back year, according to people fa- by emailing [email protected] or SUBMIT IT AT WSJ.COM/TIPS
prices by as much as 30% to The Trump administration after those tariffs were paused miliar with the situation. by calling 888-410-2667.
 THE WALL STREET JOURNAL. * * * * * * Wednesday, April 30, 2025 | A3

U.S. NEWS

Harvard Reports Criticize Campus Climate

School acknowledges stakes moment for the nation’s that many Jewish and espe-
oldest and most prestigious cially Israeli students felt was
failings in combating university, as it battles the directed against them as well,”
antisemitism and Trump administration. The the report on antisemitism
White House, alleging the said.
bias against Muslims school failed to protect Jewish “Cruel and hateful posts”
students, has frozen billions in regarding Israel, Jews and the
BY DOUGLAS BELKIN federal funding, threatened its Holocaust appeared on internal
AND SARA RANDAZZO tax-exempt status and Harvard conversations on the
launched a probe into its for- social-media app Sidechat, the
Harvard University, under eign funding. Harvard has report says. Pro-Palestinian
fire from the Trump adminis- fought back, and sued the demonstrators chanted “From
tration, released its own long- Trump administration. the river to the sea, Palestine
awaited reports on campus an- The reports are written by will be free” and “Globalize the
tisemitism and anti-Muslim two task forces consisting of intifada.”
bias that paint a critical pic- Harvard faculty and students, Encampments in Harvard
ture of the school’s political though no individual contribu- Yard in the spring included a
and academic climate. tors are named. A 311-page re- poster depicting Garber, who is

SOPHIE PARK/GETTY IMAGES

The reports depict a divided port on antisemitism and anti- Jewish, as a devil with horns
campus where students on both Israeli bias is accompanied by and a tail along with maps of
sides of the Middle East con- a 222-page report on anti-Mus- the Middle East devoid of Is-
flict felt unsafe in the months lim and anti-Palestinian bias rael, the report said.
after the Hamas attacks on Is- that is equally critical of Har- The most common experi-
rael on Oct. 7, 2023. One faculty vard’s culture and capacity to ence for Jewish students was
member quoted in the report navigate through a challenging Harvard’s president called the 2023-24 academic year ‘disappointing and painful.’ feeling ostracized. One gradu-
cautioned: “I’ve never seen this period. ate student complained their
university so polarized. There’s The reports describe prob- happen and ensuring admis- professor denied Jews have In particular the report cites classmates peppered their
a fear that divisions at this uni- lems the school has faced and sions processes enroll students any kind of historical connec- nontenured faculty linked to speech with derogatory refer-
versity could be existential if a potential path forward, urg- willing to engage across per- tion to the land of Israel. political advocacy and a “lazi- ences to Israelis and Jews.
unaddressed.” ing that change must be made spectives. The reports trace problems ness” around incorporating the The report looking at anti-
Harvard President Alan Gar- from within. Each task force interviewed back decades, describing years Jewish or Israeli perspective Muslim, anti-Arab and anti-
ber called the 2023-24 academic The university laid out more than 500 community of compromised scholarship, when teaching about the Is- Palestinian bias concluded stu-
year “disappointing and pain- changes it has made or is members and incorporated diminished intellectual stan- rael-Palestinian conflict. dents and staff felt “abandoned
ful” and apologized for the “mo- working to implement, includ- survey data. They found that dards on campus and biased In the aftermath of the at- and silenced.” Conversations
ments when we failed to meet ing defining teaching expecta- the school includes depart- curriculum that led to the cam- tacks the campus became a with the task force last spring
the high expectations we right- tions to promote intellectual ments that taught classes that pus’s devolving into antisemi- “space for the unfettered ex- unearthed a climate where
fully set for our community.” openness, enforcing rules denied historical facts in ser- tism and anti-Muslim bias af- pression of pro-Palestinian soli- many felt “Palestine” has be-
The reports come at a high- around where protests can vice to a political agenda. One ter the Hamas attacks. darity and rage at Israel—rage come a taboo word.

Legal Aid Is Ordered

For Migrant Children
BY VICTORIA ALBERT the work to the nonprofits, to
focus on pro-bono providers.
The Trump administration It preserved funding for
must temporarily keep fund- “know your rights” presenta-
ing lawyers for unaccompa- tions and legal screening con-
nied migrant children, a fed- sultations, which it is required
eral judge in California said by law to provide.
Tuesday. In the lawsuit, the nonprofits
In March, the Trump admin- alleged the government is vio-
istration terminated parts of a lating a 2008 law requiring it to
contract that provides congres- ensure “to the greatest extent
sionally appropriated funds to practicable” that unaccompa-
legal-service providers to help nied migrant children are repre-
children navigate the immigra- sented. It said the administra-
tion court system. Several of tion is also running afoul of a
the nonprofits sued, saying 2024 Office of Refugee Resettle-
26,000 children would be at risk ment rule requiring it to pay for
TAYLOR BALKOM FOR WSJ (2)

of losing their representation if attorneys when pro bono pro-

the government doesn’t pay. viders weren’t available.
The preliminary injunction The government said it has
from Judge Araceli Martinez- discretion to end such pro-
Olguin allows the funding for grams. The administration
legal representation for minor said it would be possible to fill
children to continue while the the representation gap with
In Oregon, Cahoots workers Robert Parrish at a dispatch location, above, and Chelsea Swift, below, at her home. case proceeds. lawyers working for free,
The nonprofits say they which the nonprofit groups

Hippie-Cop Alliance Got Results,

provide a crucial service to vehemently dispute.
children in immigration court, In a Tuesday night order,
who lack the legal knowledge Martinez-Olguin said the gov-
to properly defend themselves. ernment hadn’t done enough

‘Defund Police’ Calls Led to Its End

They say their efforts also to ensure it was still meeting
prevent the chaos of immigra- its legal obligations.
tion court judges trying to She said the law requires
steer children, or even infants, “something more than zero ex-
through legal proceedings. penditure where appropriated
BY ZUSHA ELINSON Markwardt said she was un- The government said it funds are available.” She said
aware of Cahoots workers al- ended parts of its contract the government didn’t show
Hoodie-clad hippies from legedly using police radios to with the Acacia Center for any effort to ensure other rep-
Eugene, Ore., emerged as the help protesters. Eugene- Justice, which subcontracts resentation for the children.
unlikely solution to violent po- Springfield Fire Chief Mike
lice encounters that sparked Caven said he had heard about
protests across America five it, but couldn’t confirm it hap-
years ago. Riding in vans, pened. Eugene’s police depart-
these unarmed counselors and ment declined to comment.
medics had a knack for defus-
ing mental-health crises that
too often ended in shootings Fame and no fortune
by police. Cahoots’s fame peaked with
After the 2020 killing of a 2021 “Daily Show” segment.
George Floyd, cities rushed to A correspondent marveled at
replicate the program dubbed its approach—no guns—and ef-
“Cahoots,” sending teams of ficiency, reporting the program
mental-health workers to calls cost less than 2% of the local
instead of armed officers. Na- police budget while responding
tional media spotlighted Ca- to 20% of emergency calls.
hoots as a beacon. Congress “Imagine what they could
even included the “Cahoots Cahoots emerged in 1989 made to Eugene police. The do with $90 million,” he said.
Act” in the 2021 stimulus bill, amid Eugene’s mental-health Wall Street Journal profiled it “Incredible.”
increasing funding for mobile street crisis, uniting cops with in 2018. This message resonated na-
crisis units. unusual partners: anarchist- But the 2020 summer pro- tionwide: With estimates that
But that stunning success leaning hippies. The name— tests tested that alliance and at least 1 in 4 people shot by
has now collapsed in Cahoots’s Crisis Assistance Helping Out triggered conflict inside Ca- police have serious mental ill-
birthplace. This month, Eugene on the Streets—nodded to be- hoots. Younger members ness, and officers increasingly
and Cahoots ended their 36- ing “in cahoots” with police. pushed for a more confronta- swamped by such calls, cities
year partnership. Financially Early Cahoots workers be- tional stance against police, from Oakland, Calif., to Roch-
hobbled, Cahoots dismissed gan shifts with cannabis-in- while veterans feared this ester, N.Y., launched similar
most of its mobile crisis coun- fused “morning prayer ses- would undermine their work. programs. Cahoots trained mu-
selors and medics. “It’s almost sions,” some in flip-flops. Later “For myself and I would nicipalities all over.
like taking a foundational pil- they adopted more profes- like to think the majority of Yet financial problems fol-
lar away,” said Amée Mark- sional sweatshirts and boots, us, being quiet in 2020 was lowed. Former staffers say the
wardt, interim executive direc- but kept their methods. not a tolerable position,” said nonprofit didn’t leverage its
tor of White Bird Clinic, the Chelsea Swift, then a relative prominence for fundraising.
nonprofit that runs Cahoots. newcomer. Cahoots workers unionized,
“That’s just devastating.” New approach Cahoots became a rallying but the organization didn’t
As Cahoots’s national pro- Unlike authority-projecting cry in Eugene. A petition called have a plan to pay for the
file soared, relations with Eu- police officers, Cahoots work- to defund the police and redi- higher operational costs.
gene police, its primary part- ers used calm voices and invit- rect the money to Cahoots. A Ironically, the federal Ca-
ner and funder, soured. The ing body language. Finding “defund the police bake sale” hoots Act—allowing Medicaid
workers became outspoken at someone flailing on the pave- featured Cahoots speakers. to fund mobile crisis units—be-
“defund the police” rallies and ment, they would join them At one protest, Swift told came its final obstacle. Cahoots
allegedly used their access to there. They connected people crowds she worked at Cahoots didn’t meet several state re-
police radio channels to also with shelters, rehab and men- not with the police but instead quirements to get the money,
help protesters avoid the cops. tal-health services, and helped of the police, a local paper re- arguing, for example, that ob-
City and nonprofit officials fill prescriptions. ported. taining someone’s billing infor-
acknowledged the tension but Funded at about $1 million Police officers were furious. mation during a mental-health
played down its role in the de- a year by the Eugene police, Leadership privately voiced crisis often wouldn’t be feasible.
mise. Nonetheless, police and Cahoots operated relatively concern to the nonprofit. Markwardt noted a small
Cahoots split two years ago, cheaply and freed officers for “It was like a wedge had Cahoots team remains in
with the fire department over- weightier crimes. By 2017, Ca- been driven into this very nearby Springfield, but the Eu-
seeing the program until it hoots handled nearly 20% of comfortable 30-year relation- gene model that inspired na-
ended this month. the 96,115 calls for service ship,” Swift said. tionwide change has ended.
A4 | Wednesday, April 30, 2025 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

Trump Hits Campaign Mode in Michigan

President touts ‘100
days of greatness,’ Whitmer Joins
but polls show voter Trump at Event
worries on economy Democratic Gov.
Gretchen Whitmer of
BY ALEX LEARY Michigan didn’t hide her
face when she appeared
WARREN, Mich.—President Tuesday with President
Trump swept into a sports Trump in her state as he
complex here and declared the marked his 100th day in
first 100 days of his adminis- office and announced
tration a success. “You haven’t new jet fighters for a Na-
even seen anything yet,” said tional Guard base there.
Trump, who stood in front of Their joint appear-
jumbo screens that read “100 ance stood in contrast
Days of Greatness.” to an awkward one
At a shopping complex when Whitmer found
down the road from the rally, a herself inside the Oval
more mixed picture came Office earlier this month
through. Concerns about the while Trump signed a
economy and the president’s set of executive orders
tariffs were on the mind of and held a question-and-
some Trump supporters, in- answer session with re-
cluding converts such as Val- porters. She proceeded
erie Walker. to try to hide herself—
“Everything still costs a she was photographed
lot—groceries, bills, housing,” holding blue folders in
said Walker, 64, a Ford assem- front of her face—and
ALEX BRANDON/AP

bly worker who voted for Joe the fact that she was in
Biden in 2020 but switched to such proximity to a Re-
Trump in November, helping publican president many
the Republican narrowly win in her party try to avoid.
this swing state. She likes ‘Instead of putting China first, I’m putting Michigan first and I’m putting America first,’ Trump said Tuesday at a Michigan rally. This time at the Sel-
Trump’s immigration policies fridge Air National
but is concerned about tariffs, country from a sick political omy, inflation, tariffs and ating voters by overreaching. cut regulations and criticized Guard Base, where the
even though Trump says they class,” Trump said during his other issues. The president’s The president remains stead- Federal Reserve Chairman Je- president announced
are designed to boost Ameri- speech. “Instead of putting overall job approval is under- fast that his economic agenda rome Powell for not lowering that A-10 fighter planes
can manufacturing jobs such China first, I’m putting Michi- water by 7 percentage will produce results, even as he interest rates. would be replaced with
as hers. gan first and I’m putting points—45% approving and softens some of his trade poli- “I know much more than he new F-15 jet fighters,
“Like he says, it’s going to America first,” he said to roars. 52% disapproving—according cies. Meantime, he has gone does about interest rates,” Trump gestured for her
take time,” Walker said of Outside Macomb Commu- to a Real Clear Politics aver- back to a familiar playbook, at- Trump said. “Believe me.” to come to the micro-
Trump’s economic plans. nity College, vendors sold T- age of polling results. tacking polls as fake and call- Trump has said Powell’s termi- phone and stand behind
The 89-minute rally Tues- shirts bearing a photo of Those are worrisome, if ing pollsters corrupt, as he did nation can’t come quick his presidential seal.
day marked a return to the Trump after a bullet grazed early, signs for Trump and the during his Michigan rally. enough but has ruled out—for “I’m so grateful this
campaign-style events that his ear during a rally last GOP as the midterm elections Immigration, which Trump now—trying to fire him. announcement was
have helped turn Trump into a summer in Butler, Pa. Others approach. Republicans have called the No. 1 issue in the re- Trump said his 25% tariffs made today,” Whitmer
political force. He has done lit- depicted Trump’s mug shot, a bare majorities in the House cent election, played heavily on auto imports would create said of the expansion of
tle domestic travel, save for reminder of the legal travails and Senate, and losing one or into the president’s rally. He jobs, but acknowledged the the base’s assets, before
weekend jaunts to his private he has overcome since he was both chambers would stunt said migrants with violent crim- pressure the duties have cre- shaking Trump’s hand.
club in Florida. He reveled in last in office. Dozens of pro- Trump’s legislative agenda and inal backgrounds were being ated, and referenced steps this Trump noted that Whit-
the moment, thanking auto testers showed up as well. “No likely trigger congressional sent to a “no-nonsense” prison week to soften the blow. mer visited him at the
workers for their support, her- kings,” read the back of one probes. Some Democrats have in El Salvador. Trump then He has said the tariffs are White House to lobby for
alding the tariffs and touting man’s shirt. begun talking about impeach- paused as a dramatic video was aimed at compelling automak- the base. “She was very
efforts to slash the size of gov- Despite Trump’s bullish ment. “What the hell did I shown of migrants being led ers to move production to the effective,” he added.
ernment and end “transgender message, public opinion polls do?” Trump said at the rally. away in shackles. “U.S.A., U.S.A., U.S.: “We give them a little —John McCormick
insanity.” show voters losing confidence Trump and GOP allies are U.S.A.,” the crowd chanted. time before we slaughter them
“We’re taking back our in his handling of the econ- counting on Democrats alien- Trump touted his efforts to if they don’t do this.”

Republican Lawmakers Get an Earful in Town Halls

BY JASMINE LI own meetings. Some seized
on the “no-show” narrative,
Cheers and jeers in Flor- Divided Constituents depicting Republican col-
ida. Angry constituents in leagues as hiding from con-
New York. And stun guns in
Take the Floor at Meetings stituents.
Georgia. Several Republicans who
The rocky receptions at Re- Crowds were divided at “kind of like spring cleaning” bucked party leaders’ direc-
publican lawmakers’ town town halls hosted by Reps. and the government needs tives to pause town halls are
halls show they are continuing Brian Mast of Florida, Ash- to “sweep out the whole seeking higher office, includ-
to grapple with the breakneck ley Hinson of Iowa and Na- garage.” One audience ing Lawler, who is considering
policy changes of President thaniel Moran of Texas. member shouted: “That’s running for New York gover-
Trump’s first 100 days in of- Some wore MAGA hats not how it works! It’s not a nor. Reps. Nancy Mace of
fice, from contentious tariffs and cheered in support, garage, it’s a country!” South Carolina and Byron
to government job cuts to tax while others questioned Moran was undeterred. Donalds of Florida are also
ERIK S LESSER/EPA/SHUTTERSTOCK

plans—and how best to sell the Trump administration’s “What we’re seeing now is eyeing bids for governor. Both
them to voters. moves to withdraw foreign a deep clean in these shared videos of clashes at
GOP leaders counseled law- aid, lay off federal workers agencies,” he said. “When their events and cast protest-
makers against holding in- and cut federal funding. you see it resettled, I think ers as radical.
person meetings, which have Constituents pushed you’re gonna see a lot of Iowa Sen. Chuck Grassley
often turned volatile. But back at Moran’s East Texas the good stuff put back in got an earful from constitu-
many Republicans—including meeting after the congress- and the bad stuff back out ents about Trump’s handling
some with eyes on higher of- man said funding cuts are to the dump.” of Abrego Garcia, now in El
fice—charged ahead during A protester yelled at Republican Rep. Marjorie Taylor Greene Salvador.
Congress’s recent two-week this month at a town hall in Acworth, Ga. “He’s defying the Constitu-
recess, facing down heckling tion,” one woman shouted.
and tough questions from low a list of 16 ground rules, sisted until the end, when he tinued to evict more people. House committee last year “The president of that country
fired-up audiences. including: “Be respectful of took a question about reli- “The protest is outside,” that went viral. Another re- is not subject to our U.S. Su-
In West Nyack, N.Y., on one another, of staff, and of gious exemptions from vac- Greene said as supporters peatedly yelled “Free Kilmar,” preme Court,” Grassley re-
Sunday, constituents began the Congressman.” cine mandates. “Folks, sit cheered. referring to Kilmar Abrego sponded. The crowd in Lee
shouting and booing as soon The second-term lawmaker down,” he said to the jeering Greene answered a list of Garcia, the man mistakenly County groaned.
as GOP Rep. Mike Lawler took faced a series of questions crowd. “And if you don’t want pre-submitted questions about sent to El Salvador by the Some Republicans tightened
the stage. Some continued about inflation, tax cuts and to stay, you can leave.” tariffs, the Department of Trump administration. event security. Donalds, who is
when he introduced the deportations. When he de- Rep. Marjorie Taylor Government Efficiency and Supporters of Greene running to succeed Ron De-
Pledge of Allegiance. “Please fended Trump’s tariffs, mem- Greene’s town hall in Acworth, transgender issues, and chanted “U.S.A.! U.S.A.!” as Santis as governor of Florida,
tell me you’re not objecting to bers of the audience chanted, Ga., devolved into chaos when praised Trump and Elon Musk. she exited, flanked by police. hosted a ticketed town hall in
the Pledge of Allegiance,” “Blah, blah, blah,” drowning police arrested three protest- The event grew more heated In the past two weeks, Estero. Attendees were re-
Lawler said. “God bless.” him out. ers who disrupted the event, as she wrapped up: One mem- about a dozen congressional quired to show ID proving they
Attendees were required to Lawler tried to rein in the and used a stun gun on two of ber of the crowd called Greene Republicans hosted in-person live in the district, or have
prove their residence in the crowd throughout the 90-min- them. Greene had to pause at a “butch body bigot”—refer- town halls. Meanwhile, more their voter registration veri-
district and were asked to fol- ute event, but the tumult per- least five times as police con- encing a war of words in a than 85 Democrats held their fied by staff.

WASHINGTON CALIFORNIA CONNECTICUT U.S.WATCH

Perdue Confirmed Border Patrol’s Driver Who Killed
As Envoy to China Arrests Restricted Trooper Sentenced
The Senate on Tuesday A federal judge in Califor- A man who was high on
confirmed former Sen. David nia has barred Border Patrol drugs when he struck and
Perdue as ambassador to agents from arresting some- killed a Connecticut state
China, just as the U.S. and one suspected of living in the trooper on a highway last
China are locked in a tariff U.S. illegally unless they have year was sentenced Tuesday
showdown that threatens to a warrant or a reason to be- to 18 years in prison.
redefine diplomatic relations lieve the person might flee Alex Oyola-Sanchez, 45, of
between the world’s two before a warrant can be ob- Hartford, apologized and
largest economies. tained. asked for forgiveness from
Perdue, a Republican who Tuesday’s ruling from U.S. the family of Trooper First
served one term as a U.S. District Judge Jennifer L. Class Aaron Pelletier during a
senator from Georgia, was Thurston also says Border hearing in New Britain Supe-
confirmed 67-29 with some Patrol agents can’t stop peo- rior Court. Pelletier’s widow,
Democratic support. ple without having reason- Dominique Pelletier, had called
President Trump set 145% able suspicion or return them for a 30-year prison sentence.
tariffs on Chinese goods this to their countries of origin via Pelletier, a nine-year veteran
month, and Beijing retaliated “voluntary departure” unless of the state police, was work-
JOHN O’CONNOR/ASSOCIATED PRESS

by charging 125% tariffs on that person is informed of ing on a traffic enforcement

U.S. products. their rights and agrees to detail on May 30, 2024, when
Chinese forces are more as- leave. he pulled over a driver on In-
sertive in the Taiwan Strait as The ruling only applies to terstate 84 in Southington. As
well as in the South China people within the court’s he was talking to the driver, a
Sea, and the country has risen Eastern District of California, pickup truck entered the right
to be a near-peer competitor Thurston said, where dozens shoulder and struck Pelletier,
in areas such as artificial intel- of people were swept up in his cruiser and the stopped ve-
ligence and humanoid robots. January. hicle before driving off. TRAGEDY: Respects were paid Tuesday for three children and an 18-year-old who were killed
—Associated Press —Associated Press —Associated Press when a car barreled through a building used for an after-school camp in Chatham, Ill.
THE WALL STREET JOURNAL. Wednesday, April 30, 2025 | A5

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A6 | Wednesday, April 30, 2025 * * THE WALL STREET JOURNAL.

U.S. NEWS

Climate-Change Scientists Are Dismissed

Administration move Researchers involved with “This is a termination.” “People around the nation
the 6th National Climate As- The decision Monday af- rely on the NCA to understand
effectively halts work sessment received an email fected hundreds of research- how climate change is impact-
on the government’s Monday stating: “At this time, ers, scientists and experts ing their daily lives already
the scope of the NCA6 is cur- who were contributing to the and what to expect in the fu-
climate assessment rently being reevaluated in ac- report, according to the au- ture,” said Rachel Cleetus, a
cordance with the Global thors. The most recent ver- senior policy director at the
BY JENNIFER CALFAS Change Research Act of 1990. sion, released in November Union of Concerned Scientists
AND KEN THOMAS We are now releasing all cur- 2023, found that extreme and an author of the report.

JOSHUA A. BICKEL/ASSOCIATED PRESS

rent assessment participants weather events cost the U.S. “Trying to bury this report
The Trump administration from their roles.” economy nearly $150 billion won’t alter the scientific facts
has discharged a group of sci- “As plans develop for the each year and disproportion- one bit, but without this infor-
entists and researchers work- assessment, there may be fu- ately hurt poor and disadvan- mation our country risks fly-
ing on the federal govern- ture opportunities to contrib- taged communities. ing blind into a world made
ment’s evaluation of the ute or engage. Thank you for The assessment is used by more dangerous by human-
impact of climate change, cit- your service,” the email said. state officials, emergency caused climate change.”
ing the need to re-evaluate its A White House official planners and businesses to The National Climate As-
approach to the project. confirmed that the scope of prepare for extreme weather sessment has been mandated
The move to dismiss the the assessment was being re- Produced every four years, the National Climate Assessment events in the coming years. under law since 1990 and is
participants in the report, evaluated. The decision was is considered an authoritative document on climate change. Along with risks, it also out- developed by the U.S. Global
called the National Climate As- reported earlier by the New lines ways to adapt to a Change Research Program, the
sessment, raises doubts about York Times. years, the National Climate it’s a functional disbanding of warming climate, such as federal unit that Congress cre-
the future of the review, which The notice effectively halts Assessment is considered an the assessment and the pro- changing farming practices, ated to organize the reports.
has been required by Congress work on the report, which be- authoritative document on cli- cess and the work,” said Jesse upgrading infrastructure to The assessments are pro-
for more than three decades, gan in 2024 and was set to mate change used by stake- Keenan, an associate professor handle more rainfall and relo- duced in a yearslong process
climate scientists and environ- publish in late 2027 or early holders and policymakers. at Tulane University and one cating homes and businesses by contributors and reviewed
mental groups said Tuesday. 2028. Produced every four “The implications are that of the assessment’s authors. from flood-prone areas. by federal agencies.

AI Union Chatbot usage, monthly

300 million

Shows Signs 250

ChatGPT

200
Of Fraying 150

Continued from Page One 100

that would reduce its depen-
dence on OpenAI. 50
While they are preparing Microsoft Copilot
their companies for indepen- 0
dent futures, both still wield Jan. 2024 ’25
tremendous power over one
Note: Estimated unique visitors across
another. Microsoft can effec- mobile and desktop web; for standalone
tively block OpenAI’s effort to chatbot sites only
restructure into an independent Source: Similarweb
for-profit company, according
to people familiar with the mat- in OpenAI.
ter. OpenAI could lose tens of The investment granted Mi-
billions of dollars if the conver- crosoft exclusive access to
sion doesn’t happen by the end OpenAI’s technology, while
of this year. Microsoft hasn’t Microsoft became OpenAI’s
threatened to do so, a person exclusive cloud provider. But

JUSTIN SULLIVAN/GETTY IMAGES

familiar with the matter said. it was OpenAI that built the
OpenAI’s board, meanwhile, first smash-hit product of the
can trigger a clause in its con- generative AI boom with Chat-
tract that prevents Microsoft GPT in November 2022.
from accessing its most cutting- ChatGPT, with its powerful
edge technology, people familiar ability to generate new sen-
with the matter said. OpenAI tences and answer questions,
officials have raised the possi- forced Silicon Valley titans OpenAI CEO Sam Altman, left, and Microsoft CEO Satya Nadella at an event in San Francisco in 2023.
bility of doing so over the past such as Alphabet and Meta to
year, some of the people said. overhaul their product plans. For Nadella, it was a sign that The project got off to a rough startup successfully builds time to understand the
The OpenAI partnership trans- the company needed insurance start. An early training run models with humanlike intelli- model’s capabilities, said peo-
formed Microsoft from an ag- against Altman and OpenAI. showed that building a model gence. Altman has said he is ple familiar with the com-
A chance encounter ing tech company into one of comparable to OpenAI’s would confident his team can build pany’s thinking.
Nadella and Altman’s part- the leaders of the AI boom. be more difficult than expected, that functionality soon. These days, Altman and Na-
nership grew after a chance In the closest moments of Controversial hire leading Microsoft to extend its Microsoft negotiators have della text less and primarily
meeting in 2018 at investment their relationship, it wasn’t Unbeknown to Altman, Na- reliance on OpenAI, people fa- told OpenAI that the present speak to each other on sched-
bank Allen & Co.’s annual con- unusual for Nadella to text della set his sights on hiring miliar with the matter said. technology is nowhere near uled weekly calls.
ference in Sun Valley, Idaho. Altman five or six times in a Mustafa Suleyman, one of the In one meeting about shar- that threshold, the people said. In January, Altman stood at
Altman had co-founded OpenAI row and for Altman to reply three co-founders of Google’s ing intellectual property, Su- OpenAI, meanwhile, wants a White House lectern with
as a nonprofit research lab back in kind. DeepMind. The Microsoft leyman yelled at OpenAI’s law- more computing power from President Trump, SoftBank
three years earlier with the Microsoft invested an addi- CEO wooed him over a series yers in front of senior OpenAI Microsoft and access to top-of- CEO Masayoshi Son, and Ora-
aim of creating artificial gen- tional $10 billion in early of meetings. executives, people familiar the-line chips. Microsoft has cle co-founder Larry Ellison
eral intelligence, or AGI—AI 2023—a deal that gave OpenAI Microsoft paid $650 million with the incident said. told OpenAI that it is giving ev- announcing that the Japanese
that outperforms humans. the firepower to rent data to hire Suleyman and his col- Suleyman didn’t respond to erything it can and has loos- conglomerate and Oracle
In a five-minute conversa- centers from Microsoft for leagues at startup Inflection. requests for comment. ened its exclusivity restrictions. would anchor an up to $500
tion, Altman told Nadella that training its new models. Later Suleyman began work building One key area of tension: Microsoft was frustrated billion investment in Stargate.
OpenAI, then still a nonprofit, that year, when Altman was a large language model that OpenAI’s development of mod- last summer, when OpenAI The project closely resembled
was “going to raise a bunch of briefly pushed out of OpenAI aimed to rival what was then els with humanlike intelli- was unusually slow to hand what Altman had hoped to ac-
money,” Altman told the Jour- by board members, Nadella of- OpenAI’s most advanced pub- gence. The companies’ agree- over the code for its powerful complish with Nadella, who
nal in 2023. fered to hire him. licly released technology, ment gives OpenAI’s board the new reasoning model, people was thousands of miles away
A year after that encounter, Within OpenAI, the episode GPT-4, people familiar with power to change its relation- familiar with the negotiations at the World Economic Forum
Microsoft invested $1 billion became known as “the blip.” the work said. ship with Microsoft once the said. OpenAI needed extra in Davos at the time.

Trade War “We are focused on suc-

cessfully managing what we
can control,” Chief Executive
mally raise guidance, but de-
cided not to because of tariffs
that could weigh on the bot-
starts to announce deals, he
said, “but certainty is not
necessarily a good thing in

Blurs Profit Joanna Geraghty said. “We

are evaluating all levers avail-
able to us.”
tom line or prompt price in-
creases.
Other companies like Coca-
negotiating.”
Volvo Cars is betting higher
tariffs are here to stay. The

Estimates The renewed CEO warnings

come after major companies,
including American Airlines,
Cola, held their guidance
steady, or raised earnings ex-
pectations, including Honey-
Swedish automaker withdrew
its guidance for this year and
next and announced a roughly
PepsiCo and Procter & Gam- well International. Union Pa- $1.9 billion savings plan.
I spent my life Continued from Page One ble, said last week that big- cific CEO Jim Vena said his Porsche appears to be hoping
helping other businesses are impacted by ticket items could soon cost company would stand by its for a reversal in White House
new trade policies. All of them more, travel and entertain- earnings guidance that it gave trade policy. The German
Veterans are still exploring how to ab- ment were becoming an early at an investor day last year, sportscar brand cut its 2025
but not sorb the cost of tariffs, push casualty of the trade war and even though the economic en- financial guidance and now
them down to consumers or companies were trying to sig- vironment is less clear. expects an operating-profit
always myself
get suppliers to defray the nificantly cut costs. “The easy thing would have margin that is less than half
added expense, Tomé said, Two of Europe’s largest been to come in this morning the levels it anticipated in its
adding that by modeling dif- banks on Tues- and just say, 2022 initial public offering,
ferent scenarios, UPS should day set aside ‘Listen, there’s even if the current auto tariffs
be able to adjust to the rapid more money for so much noise. are soon canceled.
shift in business. soured loans Two of Europe’s We’re pulling Business leaders across the
“The world hasn’t been and forecast largest banks our guidance,’ ” political divide are feeling
faced with such enormous po- scenarios where Vena said. “But anxious about the Trump ad-
tential impacts to trade in higher tariffs set aside more we have a job ministration’s shifting tariff
more than 100 years,” she could hurt the to do and our policy and other regulatory
said. “The only thing we’re global economy.
money for job is to react changes, according to a poll
certain of is we don’t know London- soured loans. to whatever is conducted last week by busi-
which, if any, of our scenarios listed HSBC—a thrown at us.” ness group Leadership Now
will play out.” huge funder of Nucor, the Project and the Harris Poll. In
Pulling guidance can frus- international biggest U.S. a survey of more than 300 se-
trate investors while making it trade—raised its expected steelmaker, said its order nior corporate executives re-
As a Veteran, when someone raises their hand for harder for Wall Street to set credit losses to $900 million, backlog was 25% higher than leased Tuesday, 84% reported
its expectations. The reluc- up about $200 million from a this time last year, defying feeling somewhat concerned
help, you’re often one of the first ones to respond.
tance to give financial fore- year ago. In what it called a predictions that customers or very concerned about how
But it’s also okay to get help for yourself. Maybe casts also shows the degree to “consensus downside” sce- would stock up before the tar- the political and legal climate
you want or need assistance with employment, which executives lack visibil- nario, where higher tariffs iff and quit buying once the will affect their businesses.
stress, finances, mental health or finding the right ity into the economy now. slow global growth and raise tax took effect. More than 80% of Republi-
resources. No matter what it is, you earned it. And Executives at several com- unemployment in industries “What we’ve seen is no can and independent execu-
there’s no better time than right now to ask for it. panies, including JetBlue, said like autos and textiles, HSBC drop off at all in terms of or- tives said they were con-
planning for the future and said expected losses could der entry rates and inquiries,” cerned, while more than 90%
Don’t wait. Reach out.
giving Wall Street earnings rise by another $500 million. said Nucor CEO Leon Topa- of leaders who identified as
outlooks has become tricky. Similarly, Deutsche Bank took lian, an enthusiastic supporter Democrats said the same.
Find resources at VA.GOV/REACH The airline said it is consider- a provision of about $148.5 of additional tariffs on steel. Not all executives were sur-
ing retooling its fleet and tar- million, citing the uncertain Treasury Secretary Scott prised: About a quarter of re-
geting more cost savings to outlook. Bessent described Trump’s spondents to the survey said
boost profitability and pre- Adidas executives said the trade policy Tuesday as “stra- the current business climate
serve cash as it faces weaker sporting-goods maker had a tegic uncertainty.” Markets under Trump is about what
travel demand. good quarter and would nor- would gain clarity as the U.S. they expected.
THE WALL STREET JOURNAL. Wednesday, April 30, 2025 | A7

   

 
 
   
    
  
 

   
 
  
 
 
  
 
 

 WE HAVE BUILT
   
    

      

   

     
    

SIGNED,

ANTHONY PRATT,
OWNER AND CHAIRMAN
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A8 | Wednesday, April 30, 2025 THE WALL STREET JOURNAL.

WORLD NEWS
Warm Weather Lifts Moscow Goals France
Says Russia
Hardening ground,
increasing foliage
ing many with thermal-vision
cameras—scan for any move-
ment along the line of contact,
Carried Out
threaten Ukraine’s
bid to hold the line
and attack drones pick off ad-
vancing Russian troops before
they reach Ukrainian trenches,
Hacking
allowing Ukraine to hold terri-
BY IAN LOVETT tory with far fewer men than BY SAM SCHECHNER
AND NIKITA NIKOLAIENKO in previous wars.
While Pokrovsk has been PARIS—France accused
SHEVCHENKOVE, Ukraine— Russia’s main target in recent Russian military intelligence
A train of Russian motorbikes months, Ukraine’s drone-first of orchestrating nearly a de-
snaked along a dirt path. A defensive strategy has now cade of cyberattacks against
clutch of armored vehicles been implemented across the French ministries, defense
coursed across a field. Infan- eastern front. contractors and media outlets
try sought cover under trees In northeastern Ukraine, with the aim of gathering in-
with budding leaves. Russians are pushing across the telligence and sowing division
The Russian spring offen- Oskil River, in an effort to make in the country.
sive is under way, Ukrainian another assault on the city of The French cybersecurity
military commanders say, as Kupyansk. In March, when agency on Tuesday said a

SERHII KOROVAYNY FOR WSJ

changing weather is hardening around 500 Russian troops had group of Russian hackers West-
ground and increasing foliage. made it across the river in boats ern security officials call APT28
The scenes from a Russian and rafts, Ukraine sent the 15th was behind more than a dozen
assault this month, captured on Operational Assignment Brigade attacks in France since 2021,
aerial-drone videos by the 14th to help push them back. targeting think tanks, French
Brigade of Ukraine’s National Holding the line primarily government entities and a
Guard, show how Russia’s mili- The intelligence unit of the 15th brigade of the Ukrainian National Guard has operated in Kharkiv. with drones is likely to get sports organization involved in
tary is seeking to regain mo- tougher in the coming the 2024 Paris Olympics.
mentum after Kyiv’s forces put ter seizing hundreds of square Situation near Kupyansk months. Leaves are returning to France’s Foreign Ministry
the brakes on their advances miles a month during last the trees in Ukraine, and within directly linked the group—also
since the start of this year. fall’s offensive, Russian forces a month, they will block drones’ known by a host of nicknames
UKRAINIAN
The brigade said it stopped took less than 38 square miles FORCES view of Russian positions be- such as Fancy Bear and Pawn
Dvorichna
the assault on April 17 near during the first two weeks of Sumy
Su
SSum
umy
my low. In northeastern Ukraine, Storm—with Russia’s military-
Kyiv
y
the eastern city of Pokrovsk, a April, according to the Wash- Kup
K
Kupyans
Kupyansk
Kupy
upyansk
yans
ya
yan
yansk
an k where tree lines are thicker intelligence organization, the
key Russian target, destroying ington-based Institute for the RUSSIAN
RU
USSIAN
USS
US
USS
S
SSIAN
SIA
S IA
AN
AN FORCES
F
FORC
ORC
OR
RC than in the fields of the south, GRU, and blamed the Kremlin
CChasiv
hasiv
has
hasiv
s v Yar
Yaar
Y
dozens of motorbikes and ar- Study of War, their slowest U AINE Po
UKRAINE that will give advancing Rus- for its attacks.
mored vehicles. Ukraine’s top rate of advance since begin- PPokrovsk
okrovs
okrovsk
okkrovsk
k vsk sians far more cover. “These destabilizing activi-
military commander, Gen. ning the offensive last sum- Odesa Mariupol
upol
poool In addition, the “mud sea- ties are not acceptable or wor-
RUSSIA
RUSS
SIA
Oleksandr Syrskiy, told a mer. Meanwhile, Ukrainian Kupyansk son”—when the ground is sod- thy of a permanent member of
Ukrainian website in an inter- forces have been able to win CR
RI MEA
Shevchenkove M EA
A den from winter rains, making the United Nations Security
Osk i l R

100 m
miles
view published on April 9 that back some territory. Black Sea 100
00 kkm
m Kyslivka it harder for vehicles to Council,” the Foreign Ministry
Russian assault operations had The question is whether move—is also coming to an said.
doubled in the week before. Ukraine can hold the line end, which may have encour- The Kremlin didn’t respond
iv

Borivs’ke
er

Russia’s renewed assaults through the summer, when Hlush

Hl
H luu hki
kiivka
Hlushkivkavvkkkaa
vka aged Moscow to begin mecha- to a request for comment.
come as President Trump has fighting usually intensifies. nized assaults again. The French accusation
increased pressure on the two Russia has sought to portray KHARKIV REGION Novoselivs’ke “They haven’t made much raises tension with Russia as
sides to reach some kind of further advances as inevitable, progress, and they’ve been French President Emmanuel
cease-fire—and raised the pros- suggesting that the U.S. should LLU
UH
U HA
HA
AN
LUHANSK NSS K
N suffering tremendous casual- Macron has said he wants to
5 miles
pect that the U.S. might walk try to get Kyiv to capitulate. REGGII ON
REGION ON ties,” Franz-Stefan Gady, a Vi- increase pressure on the
5 km
away from the conflict if they The new spring assaults enna-based defense analyst, Kremlin to agree to a cease-
Note: As of April 23
don’t, which could mean an end have yielded little territory and Source: Institute for the Study of War and AEI’s Critical Threats Project said of the latest Russian as- fire in Ukraine.
to military aid for Kyiv. The heavy Russian casualties, ana- ANDREW BARNETT/WSJ saults. “That’s really due to France also on Tuesday ac-
Kremlin on Monday announced lysts and Ukrainian officials the Ukrainian defense system.” cused Russia of being behind
a short cease-fire in early May, said. But conditions will likely mary target in recent out time for maintenance and Still, he said the Ukrainian hacks into Macron’s 2017
but Ukrainian officials said it grow more difficult for Kyiv as months—have been fighting repair. New recruits often systems were likely to come un- presidential election cam-
was a propaganda ploy and un- the weather gets warmer. nonstop for more than two aren’t well trained or inte- der growing strain in the paign, in which hackers
likely to hold. Ukrainian troops and ana- years, said George Barros, an grated into the unit. months ahead. “I don’t expect posted thousands of emails
Ukrainian forces had stabi- lysts attribute the Russian analyst with ISW. In addition, the Ukrainians any dramatic changes or a col- and electronic documents
lized the front line in eastern slowdown to several factors. He said the refusal to pause have made adjustments that lapse of the front line…but anonymously on the internet.
Ukraine during the spring, Russian forces are ex- the offensive in Ukraine’s east have helped them fend off the overall the trends are not posi- At the time, a security firm
Ukrainian soldiers in the area hausted. Some Russian divi- has led to a host of problems Russians. Drones now make up tive for Ukraine,” Gady said. “At had said the hack appeared to
and analysts who scrutinize sions involved in the assault for Moscow’s forces. Materiel the first line of defense. Re- some point, drone strikes can’t come from APT28. Russia de-
openly available data said. Af- on Pokrovsk—Moscow’s pri- and logistics degraded with- connaissance drones—includ- replace the lack of infantry.” nied involvement.

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WORLD NEWS

Tariffs Start Taking Toll on China Economy

Export measure falls efforts to shore up growth.
It also adds to pressure on
to a three-year low, leader Xi Jinping to reach a
manufacturing deal on trade with President
Trump—though for now, the
index down sharply clear message from Beijing is
one of resolute defiance in the
BY JASON DOUGLAS teeth of what it describes as
U.S. bullying.
China’s economy showed its China’s official purchasing
first big signs of damage from managers index for the manu-
the trade war, as steep U.S. facturing sector, a closely
tariffs pummeled export or- watched gauge of activity at
ders and production at the China’s factories, came in at
country’s factories. 49 in April, down sharply
A gauge of new export or- from the 50.5 reading re-
ders fell in April to its lowest corded in March. A reading of
reading since Covid-19 was 50 or above indicates factory
ravaging the country in 2022, activity is expanding, while
while overall manufacturing below 50 points to a contrac-
activity in China was the tion. April’s reading was the
weakest in more than a year, weakest since December 2023.
according to surveys pub- A similar measure of new

JADE GAO/AFP/GETTY IMAGES

lished Wednesday by China’s export orders plunged even
National Bureau of Statistics. more steeply, sinking to 44.7
The sharp pullback shows in April, the lowest reading
Trump’s tariffs on Chinese im- since December 2022, an early
ports are starting to squeeze sign that trade between the
the engine room of China’s U.S. and China is in danger of
economy, piling pressure on drying up as American import-
Beijing to boost its stimulus ers cancel or delay orders. The trade war launched by the U.S. adds pressure to China’s stimulus efforts. An LED light assembly line in Guangdong province.

Beijing Vows Not to ‘Kneel Down’ to U.S. Spy Indictment Imperils

BY CHUN HAN WONG X, the video criticized Trump’s eling some optimism that the Tuesday’s video, however,
China-European Thaw
move earlier in April to de- two governments could start suggests that Beijing isn’t pre-
China signaled its resolve clare a 90-day pause on recip- hashing out a potential deal. pared to blink first in the BY BERTRAND BENOIT identified as Jian G., was de-
to stand up to President rocal tariffs for all trading After Trump imposed 145% trade standoff. “Bowing to a tained while working as a parlia-
Trump’s efforts to pressure partners except China, just tariffs on Chinese products, bully is like drinking poison to BERLIN—Germany has mentary assistant to a senior
Beijing into a settlement on days after announcing them. Beijing retaliated by slapping quench thirst,” the narration charged a former staffer to a member of the far-right Alterna-
trade, vowing in a social-me- The narration described the 125% levies on American said, citing what it described right-wing politician with spy- tive for Germany.
dia video to “never kneel pause as a game designed to goods. Chinese officials have as past U.S. successes in ex- ing on behalf of China, a move Jian G. is accused of obtain-
down” before U.S. coercion— force countries to limit trade signaled a willingness to nego- tracting trade and industrial that could complicate the com- ing more than 500 documents,
and urging other countries to with Beijing. tiate but not under duress, concessions from Japan and ing German government’s rela- including some classified as
also resist. “This is just likely the and it remains unclear France. “All bullies are just tionship to China. particularly sensitive, while
In a video posted on Tues- deadly trap of ‘the eye of the whether any progress is being paper tigers.” The indictment trains the working at the European Par-
day, with a version narrated in storm,’ ” the narration said made. The video hammered home spotlight back on China’s spying liament, prosecutors said. Jian
Chinese and another in Eng- over dramatic footage of light- The Chinese Foreign Minis- its arguments with footage at a sensitive time, as signs of a G.’s lawyer and the Chinese
lish, the Chinese Foreign Min- ning storms. The video also try video came after U.S. Trea- that appeared to depict the thaw between Beijing and the Embassy in Berlin didn’t re-
istry denounced what it char- appealed to other countries to sury Secretary Scott Bessent 1950-53 Korean War, known in European Union are emerging spond to requests for comment.
acterized as bullying tactics defy American pressure, say- said on Monday that the onus China as the “War to Resist and just days before Friedrich Jian G. had been an em-
designed to shore up Ameri- ing, “When the rest of the was on Beijing to defuse trade U.S. Aggression and Aid Ko- Merz, a conservative, is expected ployee of the Chinese intelli-
can hegemony and conveyed a world stands together in soli- tensions. rea.” to be elected Germany’s new gence service since 2002, ac-
message that Beijing won’t darity, the U.S. is just a small, “I believe that it’s up to “History has proven com- chancellor with a mandate to re- cording to the indictment. He
back down from a trade stand- stranded boat.” China to de-escalate, because promise won’t earn you cast Germany’s foreign policy. used his position at the Euro-
off with Washington. The video comes as Presi- they sell five times more to us mercy—kneeling only invites The charges, which prosecu- pean Parliament between 2019
Titled “Never Kneel Down!” dent Trump has struck a than we sell to them,” Bessent more bullying,” the video said. tors said were brought this and 2024 to gather information
and posted on social-media softer tone on trade tensions told CNBC, calling the tariffs “For China, for the world, we month, come almost a year after for China about the body’s de-
platforms including Weibo and with China in recent days, fu- unsustainable. must rise and fight on.” a Chinese-born German national, cisions, prosecutors said.

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A fire at a restaurant in Liaoyang, in northeast China’s Liaoning Province, killed 22 people and
injured three others. Police detained the operator of the establishment, the city government said.

JAPAN, THE PHILIPPINES CHINA TURKEY, ITALY

Nations to Discuss Fire at Restaurant Countries Deepen
Two Defense Pacts Leaves 22 Dead Their Cooperation
Japanese Prime Minister Chinese authorities said 22 Turkish President Recep
Shigeru Ishiba said on Tues- people were killed and three Tayyip Erdogan and Italian
day that his country and the injured in a fire at restaurant Prime Minister Giorgia Mel-
Philippines would start talks in the northern city of Liao- oni on Tuesday observed the
on two proposed defense yang. formal exchange of a dozen
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security alliance and would
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and Philippine President Fer- of the building, which was attend a fourth summit be-
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A10 | Wednesday, April 30, 2025 THE WALL STREET JOURNAL.

WORLD NEWS

Israeli Spy Chief Who Clashed Spain, Ireland Report

Strong First Quarters
With Netanyahu Steps Down BY JOSHUA KIRBY
AND PAUL HANNON
creased its outlook for Spain
to 2.5% from 2.3%, leading the
Ronen Bar cites his world’s advanced economies.
Spain’s economy, the While less exposed to goods
agency’s failure to wealthy world’s top performer tariffs than Germany or Italy,
prevent the Hamas last year, continued to expand Spain is at risk from the un-
at a rapid pace in the first certainty the U.S. trade policy
attack of Oct. 7, 2023 quarter, while Ireland’s surged entails, the IMF’s Petya Koeva
as U.S. pharmaceutical giants Brooks said when the projec-
BY CARRIE KELLER-LYNN based in the country boosted tions were released. “[But]
production to build stockpiles underlying strength is kind of
TEL AVIV—The head of Is- at home ahead of threatened having a bigger impact in the
rael’s domestic intelligence U.S. tariffs. near term,” she said.
agency, one of the most senior Ireland’s gross domestic Ireland’s statistics office
officials blamed for Israel’s product was up 3.2% in the didn’t provide a breakdown of
failure to prevent the Oct. 7, three months through March the sources of demand for the
2023, Hamas-led attack, said from the last quarter of 2024, economy’s output. But an ear-
on Monday he would resign while Spain’s was up 0.6%, in lier release of trade figures for
after a prolonged public battle line with expectations, the February showed exports of
with Prime Minister Benjamin two countries’ statistics agen- pharmaceuticals up 146% from
Netanyahu. cies reported on Tuesday. a year earlier and total ex-
The announcement by Although Ireland accounts ports to the U.S. up by 210%.
RONEN ZVULUN/REUTERS

Ronen Bar, head of the Shin for just 3.5% of total output in Some of that increase reflects
Bet, that he would step down the eurozone, a GDP increase a surge in demand for weight-
in mid-June came after Ne- of that size may show up in loss medications, but front-
tanyahu tried to fire him in the data for the entire cur- running of other drugs was
March, an attempt that trig- rency area. Its two largest also a factor.
gered a public outcry and a economies, Germany and While the eurozone econ-
legal challenge in the Su- Shin Bet head Ron Bar’s resignation followed last month’s attempt by Netanyahu to fire him. France, reporting later this omy likely continued to grow
preme Court over whether the week, are both expected to at the start of the year, the
prime minister had the au- anyone to head Shin Bet. yahu-linked aides for poten- alty and Netanyahu accused show just 0.2% growth—and outlook has darkened. A
thority to make such a move. Bar’s departure continues a tially improper dealings with Bar of being responsible for before the release of the Irish monthly survey released on
Netanyahu said he no lon- successful effort by Netan- Qatar. the Oct. 7 failure. data, economists had expected Tuesday by the European Com-
ger had trust in Bar and has yahu to push out some of the Netanyahu had portrayed Israel’s cabinet voted on eurozone figures, due Wednes- mission found businesses and
accused him of failing to pre- most powerful voices oppos- Bar as emblematic of what he Tuesday to cancel Bar’s day, to show the same. consumers significantly more
vent the Hamas attack. ing his handling of the war. In called a “deep state” bureau- forced dismissal. In a letter to For Spain, exports of goods downbeat about their pros-
But under the surface, January, Israeli military chief cracy that was trying to un- the cabinet in March, Bar had and services rose 1%, acceler- pects in April than in March.
many in Israel suspected Ne- of staff Herzi Halevi—who dermine him. said Netanyahu had no reason ating rapidly from the previ- The Economic Sentiment Indi-
tanyahu didn’t approve of publicly disagreed with Ne- The attempted firing to distrust him and implied ous quarter. That points to cator fell to 93.6 from 95.0,
Bar’s handling of hostage ne- tanyahu over the matter— spurred public protests, that the prime minister didn’t continued strength in the well below the long-term aver-
gotiations with Hamas. Bar stepped down, taking respon- which fell along the same po- want a deal to bring the hos- tourism sector, but also to age of 100. That suggests busi-
was seen as being more will- sibility for the army’s failures litical lines, said Tamar Her- tages home and end the war. some front-running of exports nesses are likely to hold back
ing to cut a deal with Hamas on Oct. 7. Netanyahu fired De- mann, a political scientist at He wrote that “the claim of ahead of the tariffs. Economic on new investment, and house-
to release the hostages, while fense Minister Yoav Gallant, the Israel Democracy Insti- supposed distrust has no ba- expansion was broad, includ- holds on major expenditures.
negotiators have said Netan- another critic. tute. sis—unless the true intention, ing with manufacturing, pub- In Germany, though, the
yahu drew a harder line. Other prominent leaders It isn’t known what will which I seemingly failed to lic expenditure and household consumer-climate index pub-
In his speech announcing still in power are David happen next in the Supreme understand, was to conduct consumption. lished by research groups GfK
his resignation, Bar took re- Barnea, the head of Mossad, Court case, which revolved negotiations without reaching Spain was the sole ad- and the Nuremberg Institute
sponsibility for his role in the Israel’s foreign spy service, around whether Netanyahu an actual deal.” vanced economy that got a for Market Decisions showed
failure that led to the Oct. 7 and Netanyahu, who says he had legal cause to dismiss Israel’s president, Isaac sunnier outlook when the In- an uptick, as consumers
attack. won’t step down as long as Bar, or was, as Bar alleged, Herzog, thanked Bar on Tues- ternational Monetary Fund set pinned hopes on a new incom-
“The Shin Bet wasn’t com- the war continues. politically motivated. The day for his service and said out fresh 2025 growth projec- ing government. The index
placent,” he said. “And yet we Netanyahu’s efforts to un- court case triggered dueling that the “announcement that tions last week. The IMF cut was at minus-20.6 in May’s
failed. This isn’t our stan- seat Bar were viewed by affidavits in which Bar ac- he will soon end his term as its U.S. outlook to 1.8% from forecast, up 3.7 points from
dard.” many of his opponents as po- cused Netanyahu of firing him head of the service is the 2.7%, and lowered its projec- April. Economists polled by
Netanyahu hasn’t an- litical. The Shin Bet has been for refusing the prime minis- right decision, reflecting the tions for almost all other ad- The Wall Street Journal had
nounced the appointment of investigating three Netan- ter’s demand for personal loy- assumption of responsibility.” vanced economies—but in- expected a fall to minus-26.0.

FROM PAGE ONE

Canada
Opts for
A Breakup
Continued from Page One
trade anchored by the United
States, a system that Canada
has relied on since the Second
World War, a system that
while not perfect, has helped
deliver prosperity for our
country for decades, is over,”
he said. “These are tragedies,
but it’s also our new reality.”
Carney, 60, has vowed to
make Canadian manufacturing
and energy production less re-
liant on the U.S. and lower
trade barriers between prov-
inces. Canada depends on U.S.
trade for a fifth of its gross do-
mestic product, and more than
three-quarters of its exports go
to the U.S.
Carney also plans to pursue
closer integration with the Eu-
ropean Union, a Canadian offi-
BLAIR GABLE/REUTERS

cial said, perhaps with a deal

similar to those Norway and
Iceland have as members of
the European Economic Area.
He will have a high-profile
opportunity to position Canada Prime Minister Mark Carney won Canada’s national election on the strength of his assertions that he would take on Trump.
as a standard-bearer for the
global order Trump is forsak- into a lead Carney never relin- nership” Canadian Foreign He became governor of the whether to leave the EU pre- initiatives including an unpop-
ing when Canada hosts leaders quished. “People were looking Minister Melanie Joly said in Bank of Canada in 2008. When sented a bigger challenge. Sup- ular consumer carbon tax that
from G-7 countries in Kananas- for an expert,” said David Co- an interview. “We won’t fall the global financial crisis shook porters of the Brexit campaign Trudeau championed to reduce
kis, Alberta, in June. letto, chief executive officer of into the trap of being overreli- global credit markets, he criticized Carney for warning greenhouse gas emissions. Car-
“Canada is ready to take a polling company Abacus Data. ant on the U.S.” helped negotiate a settlement that leaving the bloc would ney has promised to speed up
leadership role in building a Carney’s predecessor, Justin Trump’s tariffs on Canadian among some of the world’s lead the U.K. into recession. permitting for natural-resource
coalition of like-minded coun- Trudeau, resigned in January steel, automobiles and other largest banks, including But when the U.K. voted to projects and infrastructure,
tries who share our values,” after alienating voters by fail- goods, have slowed Canada’s Deutsche Bank, the Canadian leave, he helped stabilize the possibly including new pipe-
said Carney earlier this month. ing to address cost-of-living economy. The Bank of Canada government and the holders of economy and calm markets. lines to carry Canadian oil.
“If the United States no longer concerns. The Conservative has warned the trade war billions of asset-backed com- His preparedness impressed He also signed a deal in
wants to lead, Canada will.” Party, led by Pierre Poilievre, could depress living standards mercial paper. Davide Serra, CEO of Algebris March with Australia to buy
who embraced a Trump-like for years. “He represented the govern- Investments, a global financial- radar systems to bolster Can-
populism, seemed set to win “This is easily the most ment’s interest well,” said Colin services investor. “He had a ada’s defense capabilities in
New skills the next election. challenging time to be prime Kilgour, who advised holders of plan, and he was ready,” Serra the Arctic, and instructed Can-
Carney has told voters he Trump’s repeated references minister that we have seen in the debt in the negotiations. said. “He’s a guy with a back- ada’s defense department to
would use his experience as an to Canada becoming the 51st our lifetimes,” said Gerald George Osborne, U.K. chan- bone.” review a deal to buy fighter
investment banker and central U.S. state stoked patriotism Butts, who helped run Carney’s cellor of the exchequer under jets from the U.S.
banker, and his relationships that superseded the cost of liv- campaign. “Everybody has to former Prime Minister David Flavio Volpe, a member of a
with global leaders, to make ing or regional priorities for deal with the change in the Cameron, recruited Carney in Coalition work group of business and labor
Canada less reliant on the U.S. many voters. Carney, sensing United States, but nobody else 2012 to run the Bank of Eng- After leaving the Bank of leaders advising Carney on
But electoral politics required his moment, entered the fray. has a 9,000-kilometer border land. Osborne wanted a England in 2020, Carney Canada-U.S. relations, said Car-
some new skills for a longtime He won the Liberal Party lead- with the United States.” splashy hire to demonstrate he worked as the United Nations’ ney takes a no-nonsense ap-
public official with a professo- ership and was sworn in as was serious about strengthen- special envoy on climate ac- proach to policy. In meetings
rial speaking style. Aides and prime minister. ing Britain’s financial system, tion and finance. He convinced with the group, the Canadian
his wife, economist Diana Fox Even before he called a snap Crisis management said a person close to the hir- the world’s largest financial leader has demonstrated a
Carney, helped him tweak his election, Carney flew to France The son of schoolteachers ing process. institutions to join a coalition grasp of the practical difficul-
delivery during speeches and to meet President Emmanuel from the town of Fort Smith in Carney wouldn’t take the job in 2021 that pledged through ties of dealing with Trump’s
hone his head movements to Macron and to the U.K. to meet Canada’s subarctic, Carney until Osborne shortened the their investment and lending tariffs. But, Volpe said, voters
make reading between two Prime Minister Keir Starmer. grew up hoping to play profes- governor’s term from eight businesses to help drive a might need more than policy
teleprompters seem more nat- “It is part of our history of sional hockey. Instead, he stud- years to five. David Cameron, shift to reduce global carbon prescriptions to withstand the
ural, people familiar with the being close to England and ied economics at Harvard and the U.K.’s prime minister at the emissions. consequences of Trump’s trade
preparation said. France. We have trade agree- Oxford, and worked in London, time, said in a statement that The coalition fell apart this war. “Sometimes you need to
His pitch worked, turning ments with these countries but Tokyo, New York and Toronto Carney helped recharge the year. As caretaker prime minis- inspire people to convince
what had been a 20-point defi- we will want to go even fur- as an investment banker for U.K.’s economy. ter since March, Carney, too, them to walk over glass with
cit in the polls for the Liberals ther, including a security part- Goldman Sachs. The U.K.’s 2016 vote on has pulled back from climate you,” Volpe said.
 PERSONAL JOURNAL.
© 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, April 30, 2025 | A11

CARRY ON
DAWN
GILBERTSON

I
play a little game every time
I pack for a trip. It’s called see
if you can zip the carry-on
bag without sitting on it.
Frequent fliers everywhere
make trade-offs to cram ev-
erything into a bag that fits in the
overhead bin. What makes the cut
and what stays behind is a chore
up there with expense reports.
The task is particularly hard
when your packing list includes
must-haves that aren’t exactly
must-haves. Creature comforts
that make the hotel room a little
more like home. Most of us have
them.
Some travelers pack their own
coffee or tea makers. Serial airline
entrepreneur David Neeleman, CEO
of Breeze Airways, brings his own
pillow. He’s careful not to use a
white pillowcase so hotel house-
keepers don’t mistakenly swipe it.
For me, it’s a bulky hair dryer
with a built-in brush that means
never having to search for that ho-
tel-room hair dryer or pay for a
pricey salon blowout. In a tight
race for space, it makes the cut
over my running shoes.
Luke Saunders, founder and
CEO of Farmer’s Fridge, the Chi-
cago-based company that sells
those vending machine salads at
airports and offices around the
country, says he always makes

What Must-Have Travel Staple

room for a hand-held steamer and
a rechargeable water flosser.
The steamer origin story goes
back five or six years, when he

Do You Refuse to Fly Without?

used a hotel-room iron to press a
white dress shirt.
“I got crusty, red rust all over
the shirt,’’ he says.
He had to wear a white T-shirt
to a meeting where “that wasn’t
the vibe.’’ Even the plushest hotels don’t have all the comforts of home, so road warriors bring their own
His mother-in-
law recommended a
steamer and now These range from put- her 6-year-old daughter.
it’s a trip staple. ting pricey foundation and The senior vice president of
Even if it means moisturizers into leakproof global marketing for Hyatt Hotels
bringing just one contacts lens cases to al- wedges a stuffed animal in be-
pair of shoes—the ways bringing three Velcro tween the red-light mask and two-
ones on his feet. rollers of different sizes to outfits-per day she meticulously
“It’s just so much add volume when blow packs into her carry-on for every
easier than iron- drying. She picks her shoes trip. (“You never know what you’re
ing,’’ he says. first and builds outfits going to feel good in.’’)
Marriott and around those instead of For a recent business trip to
other hotel chains vice versa. Black shoes New York, she brought a plush ko-
have added steam- mean she packs only out- ala named Koala. She takes photos
ers to their high- fits that go with black of the toys throughout the trip and
end hotels for just shoes. sends them home to Chicago.
this reason. “Then you’re much They help stay in touch with
CLOCKWISE FROM TOP: GREG CLARKE; LUKE SAUNDERS; DAVE SIMS

Dave Sims, the more efficient,’’ she says. her daughter, especially when they
new radio play-by- Roe also tucks in are in different time zones. “It’s a
play announcer for something that helps with way for us to feel connected and
the New York Yan- New York Yankees announcer Dave that age-old problem of tricky ho- me to not have my mom guilt,’’ she
kees, brings a Sims, left, packs his portable tel lighting: a silk eye mask for says.
steamer, too. But blender for the road. Luke Saunders bedtime. Her daughter’s stuffies have
that’s not his only makes room, above, for a portable Coming soon to her repertoire been to Sundance, rooftop restau-
gadget. He also trav- steamer and a water flosser. on the road: a travel coffee press rants in Thailand and elsewhere
els with a portable popular with campers. She just or- around the globe.
speaker, a thermos dered it to make lattes in her “We’ve got a cohort of well
for tea and a portable blender that Fruit smoothies are out of the Peggy Roe has already spent room, her way, with bring-your- traveled stuffies,’’ she says.
sells for $50 at Target. question because he never knows nearly 70 nights in hotels this year own coffee beans and oat milk she Stuffies, steamers or sound ma-
In his room or at the field, he if the in-room fridge will keep ber- in her job as Marriott’s chief cus- purchases upon arrival. chines that help you sleep, it all
makes a shake with plant-based ries suitably cold. tomer officer. She has a laundry Laurie Blair’s packing must- adds up to a more pleasant trip
protein powder, ice and water. “I keep it simple,’’ he says. list of packing tricks. haves are personal and courtesy of away from home.

bucks dot city streets. Cover bands  Daniel Lukowski, a 27-year-old

Americans belt out Johnny Cash and Bruno
Mars. The Hanoi noodle shop where
English teacher from Wisconsin,
poses for photos with Vietnamese
President Obama and celebrity chef
Get Mobbed Anthony Bourdain dined in 2016
even enshrined their table behind
fans Nguyen Quoc Chien, left, and
Tran Minh Quan.

At Museum glass.
“Americans are welcome and be-
loved pretty much everywhere,” said
utive from San Francisco.
He got a reprieve only by going
inside Ho Chi Minh’s mausoleum,
Ted Osius, who was U.S. ambassador where photography is forbidden
Continued from Page One to Vietnam from 2014 to 2017. He next to the former Vietnamese
photo with a Londoner. said it was akin to Americans ador- leader’s embalmed body.
“They are very funny and ing British culture generations after Good also got star treatment at
friendly,” said 11-year-old Tran Minh the Revolutionary War. the Military History Museum, which
Quan, moments after he and a class- It helps that North Vietnam pre- moved to a sprawling suburban lo-
mate secured a selfie with Daniel vailed. “It was much harder for us to cation last year. It pulls no punches.
Lukowski, a 27-year-old English get over the war,” Osius said. Inside its Brutalist walls, placards
teacher from Wisconsin. American tourists feel the love at decry the U.S. “puppet regime,”
The classmate, Nguyen Quoc Hanoi’s monuments, which are fre- while a video depicts planes drop-
Chien, said that despite everything quented by children on school tours. ping Agent Orange, the chemical “I can clearly see the crimes com- in or traveling to the country since
he saw in the hall titled “1954-1975: “They all wanted to shake hands and herbicide that caused widespread mitted by America,” said Nguyen 2013. His height and complexion
Resistance War Against the Ameri- they all wanted a photo,” said Glenn health problems and environmental Thuy Linh, a college student at Ha- earned him attention from children
can Imperialists,” he harbored no ill Good, a 61-year-old real-estate exec- damage. noi’s Academy of Journalism and who, upon learning his nationality,
will toward Lukowski and Communications, as she stood next wanted to chat about Marvel mov-
his compatriots. to the video. ies. They often gave him a nickname:
“It doesn’t affect what I But she said times change. “In the Captain America. “I’m not going to
think of Americans,” present, I think we are living in a turn that compliment down,” he
Nguyen said, adding that more cooperative age when we can said.
his feelings toward them put the war behind us,” said As Vietnam rapidly advanced and
“depends on the specific Nguyen, a big Taylor Swift fan. its cities became more cosmopolitan,
person.” In the courtyard outside, Ameri- he drew less attention in the streets.
Following South Viet- can-made warplanes, tanks and ma- So it was a surprise when he went
nam’s surrender on April 30, chine guns—labeled as instruments to the Military History Museum and
1975, Washington imposed a of the “invasion war”—serve as jun- became a walking photo booth.
trade embargo against the gle gyms for gleeful children. Chil- The irony wasn’t lost on McCas-
unified, Communist Party- dren and adults alike, including vet- key. “I took selfies with them in
led Vietnam until President erans in olive-green uniforms, front of the planes that dropped
Clinton normalized ties with politely ask foreigners for photos, Agent Orange, the planes that
Hanoi in the 1990s. with Americans like McCaskey the dropped the bombs,” he said. “I’m
The Vietnamese have ultimate prize. not sure they’re making that same
since largely embraced A six-foot-tall Ph.D. student connection, like, this guy’s dad
America. The U.S. is the big- studying environmental history in might have bombed my grandfather.
gest market for Vietnamese Vietnam, McCaskey has been living They’re just kind of cool vehicles.”
exports, which has led to As the museum’s lunch break ap-
LINH PHAM FOR WSJ (2)

tensions involving President  Military officers attend a proached, McCaskey made his es-
Trump’s tariffs but hasn’t guided museum tour at the display cape, aided by an older Vietnamese
noticeably affected senti- of the MiG aircraft and land man who steered him away from the
ment on the ground. missile used by Vietnamese troops crowd. Inside the museum, he exam-
McDonald’s and Star- to shoot down a U.S. B-52 bomber. ined the exhibits in relative peace.
A12 | Wednesday, April 30, 2025 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
BY JASON GAY

An Accidental Rock Star Tires

W
hat if your music
became wildly
popular—but no-
body knew it was
yours?
This was
Charley Yang’s dilemma. A little
more than four years ago, Yang—
Of Anonymity and Retires Mask
an aspiring if reluctant teenage
Boywithuke’s music went spectacularly viral. But nobody knew who he was.
songwriter from Massachusetts—
started uploading music and vid-
eos to the internet under the low-
ercase pseudonym boywithuke.
The moniker was literal: Yang
was indeed a boy who strummed a
ukulele, over bouncy hip-hop
beats, with angsty lyrics like on
his 2021 anthem “Toxic”:
All my friends are toxic, all am-
bitionless
So rude and always negative
I need new friends, but it’s not
so quick and easy
Yang’s expectations were mod-
est. “I didn’t expect 100 people to
listen,” he told me.
Instead, billions listened—more
than a billion for “Toxic” alone.
Boywithuke’s music and videos
went spectacularly viral via plat-
forms like TikTok, where he now
has 7.7 million followers.
Adolescent boys in particular
seemed to gravitate toward it, in-
cluding my middle-school aged
son, who, weary of Dad’s carpool
soundtrack of Fleetwood Mac and
basketball podcasts, was thrilled
to find an artist his old man didn’t
know or understand.
I started listening, and I could
see why young fans were into boy-
withuke. Yang’s songs—catchy,
confessional, deceptively simple—
veered from anxious and comical
to profane. Kids, whose social lives
and schooling had been torpedoed
by a gloomy pandemic, ate it up.
There was also this: nobody
knew who boywithuke was, be-
cause he wore a
mask.
Worried about lot,” he said—Yang had grown up Lonny Olinick.  Charley Yang’s music attracted
how his music playing piano and violin. He Importantly, Yang understood billions of listeners, with catchy,
would be re- played high school soccer. Learn- modern music’s essential delivery confessional and deceptively
ceived, Yang ing ukulele was a lark. device: social media. With the simple songs.
made his TikTok “He got a ukulele to impress a spooky mask, he had a clever aes-
videos and later girl,” said Harris Yang. thetic. Boywithuke’s videos were
performed in a Charley got good at it, though. funny and crisp. The algorithm Yang had enough. In the fall of
cheap, program- Yang’s music grew more sophisti- grew to love him. 2023, he revealed himself.
mable LED mask cated and layered. He experi- “I don’t think you can teach “I wore the mask to protect
he bought on mented with collaborators, instru- someone how to make a really, re- myself,” he wrote on Instagram.
Amazon. ments and structure, uploading ally compelling TikTok video,” said “I’ve come to realize that the
The boywith- frequently. Yang belongs to a new Dai, Yang’s manager. “He just has mask has actually been negatively
uke look was generation of streaming artists, a natural talent for knowing how affecting my personal life, my cre-
born: sweatshirt, untethered to the standard dy- to tell a good story in a really ativity and my mental and physi-
hood pulled over namics of the record short amount of cal health…for the sake of my
the hair, the LED business. time.” well-being, I am moving forward.”
face mask set to a In the old days, As boywithuke’s “Here I am,” he concluded.
haunting pair of an artist would re- Boywithuke had popularity exploded, For the first time, boywithuke
eyes with no cord an album, and a clever however, Yang grew published a photo of himself as
mouth. Yang even wait months for the weary of the mask. Charley. Fans greeted him
installed a tiny public reaction. Yang aesthetic, and Anonymity felt like rapturously.
microphone so he is less precious. He confinement, as did Since then, Yang has occupied
could sing live. eagerly posts unfin-
his videos were the constant grind twin identities. He’s currently on
At first, the ished songs and funny and crisp. of making masked the U.S. leg of a world tour, set to
disguise was liberating. Boywith-  Yang said his disguise at first snippets, retooling videos. Maybe he wrap in mid-May. Most of the time,
uke could perform on “Jimmy Kim- was liberating, but then it became versions after noting did want people to he plays unmasked. Occasionally, a
mel Live!” or play a date at a sold- confining and uncomfortable. the fan response. know who he was. masked boywithuke appears.
out club, and then Yang could take “Why would you release a song “In my head, it was like, I can’t My son and I saw him play in
off the mask backstage, and wan- you don’t know people are going be taken seriously and make the Baltimore on a prior tour in 2024.
der out into the crowd, unnoticed. a big secret at first,” said Yang’s to like, when you can release the music I want to make with this Yang’s an electric performer, far
“I could go anywhere,” said younger brother, Harris. best part of it and see if they like whole character and gimmick,” more engaged with the crowd than
Yang, now 22. “There were a few His manager, James Dai, re- it?” Yang asked. Yang said. “It was eating at my his moody songs might suggest.
instances where I met people who called radio appearances in which Independence remains key for heart and ego, and who I am, and I “I’m a different person on stage
were fans, face-to-face, and they Yang would sneak into the sta- Yang. Boywithuke’s most recent al- just didn’t want to do it anymore.” than I’m in my room,” he said.
had no idea who I was.” tion’s bathroom and re-emerge, bum, “Burnout,” was released in The mask was also physically This new tour is serving as a
He wasn’t the first masked mu- Clark Kent-style, as boywithuke. partnership with AWAL, a distri- uncomfortable. “You’re just kind of farewell. Yang says “Burn-
CONNOR GASKEY (2)

sician—country music star Orville “Logistically, it was weird to bution company which has worked breathing old breath,” he said. “It out” will be his last as boywith-
Peck has long used a Lone-Ranger- navigate,” Dai said. with artists like Djo and Icelandic was hot.” uke. From here, he will record and
style eye-mask in performance. Yang had become an accidental sensation Laufey. Still, dropping the mask was release music as himself. His new
Early on, Yang took pains to con- rock star. By his own description “We were fans before he did risky. What if it was an essential stage name, Chandol, is his Korean
ceal his identity. “It was definitely an introverted kid—“I don’t talk a any record deal,” said AWAL CEO part of boywithuke’s appeal? name.

Morning Loomis, a labor his-

torian at the Univer-
sity of Rhode Island,
 Ashton Hall’s
wake-up routine
was first parodied
a.m. every day, five or seven days a
week—a mix of men and women,
young and old. Some are training for

Routines Hit along with “the fac-

tory worker or every-
day worker who is
and then adopted
by others wanting a
productivity hack.
intense Hyrox fitness competitions,
or bodybuilding shows, he said,
while others are simply attracted to

New Extremes working where the

employer says that
they need to work.”
day, once his body’s
warmed up.)
the quiet, and not having to wait for
machines. The 4 a.m. crew have only
so many places to congregate: unlike
The growth of the “Don’t ask me Powerhouse, most Equinox gyms, for
Continued from Page One suburbs, Loomis why,” Gorman said years the status-symbol gym for am-
For Dave de Céspedes, it was no noted, created a class of the specificity of bitious go-getters, open at 5:30 a.m.
joke. The 40-year-old digital work- of super-commuters his wake-up time— Doctors and longevity podcasters
flow consultant in Miami has been whose living prefer- at this point, it’s be- maintain that a good night’s sleep is
setting the alarm on his Apple ences meant they come a habit. But an essential part of a healthy daily
Watch for 4:30 a.m. for months. He had to rise early to why he gets up routine—which means many early
gets out of bed and pours himself a make the long trek early in the first risers have an equally rigid night-
cup of black coffee. By 4:45 or 5 a.m. into work. place has an easy time schedule, too: de Céspedes, for
he’s at work, taking advantage of a More recently, a answer: “I feel like example, said he’s in bed most
roughly two-hour window before his wave of productivity- I’m ahead of every- nights between 8 and 9 p.m.
two kids get out of bed. minded writers, body else in terms Gorman said the benefits of rising
Inspired in part by productivity- thinkers and busi- of really investing in early compound over time, like a re-
minded figures like James Clear, the nesspeople have myself first, before tirement account for one’s health.
author of a bestselling book about taken the 4 a.m. the day requires me “Can you work out 250 times a year,
habits, and Sahil Bloom, an optimi- wake-up to extremes. to invest in every- even if it’s not a ‘10’ workout? You
zation-focused content creator, de Adherents of the sci- body else.” do that over decades, you’re gonna
Céspedes spends his very early entist and podcaster Getting out of bed be in tip-top shape compared to
mornings knocking out his highest- Andrew Huberman while most folks are your peers.” There are surface-level
priority work. follow a series of still snoozing might benefits, too. “I do think it has a
“It’s kind of the only block of “protocols” that in- have been tough at huge advantage in the business
time that’s deep-focus time,” he clude exposure to first, he conceded. world,” he said. “There’s just some-
said. “The schedule kind of goes off sunlight upon wak- But over time, the thing to walking into a meeting and
the rails after that, and you never ing. Tech leaders pain of getting up people go, ‘Oh, this guy’s fit.’”
know what’s going to happen.” have adopted cold for an early workout The irony of Hall’s buzzy morning
Waking up early is about as plunges, sauna ses- faded. “It became routine video is that a self-employed
American as apple pie. It’s “a time- sions and intermit- more painful for me content creator is perhaps the very
less productivity hack, and goes as tent fasting. And mentally if I didn’t last person who needs to be up be-
far back, at least in American cul- now, all sorts of folks get up than if I did,” fore 4 a.m. But his posts seem to be
ture, as Benjamin Franklin,” said are getting in on the action. email to employees of his building- he said. having their intended effect.
Adam Chandler, author of “99% Per- For the past 15 years, he esti- supply companies, and then he “We definitely have a good morn- “I couldn’t really tell if it was
spiration: A New Working History of mated, Dirk Gorman, a 57-year-old heads to his garage for a workout— ing crew,” said Jonathan Fladung, meant to be an honest take on the
the American Way of Life.” in Long Beach, N.Y., has been waking something cardio-forward, either on general manager of the 24/7 Power- routine,” de Céspedes said. But this
Early risers include “your service up between 4:17 and 4:23 a.m. He the rowing machine or his fan bike. house Gym in Saddle Brook, N.J. It’s much was clear: “It was a great
workers, certainly,” said Erik begins his day by punching out an (Weightlifting comes later in the the same crew around 4 a.m. or 5 piece of marketing content.”
THE WALL STREET JOURNAL. NY Wednesday, April 30, 2025 | A12A
A12B | Wednesday, April 30, 2025 NY / NE THE WALL STREET JOURNAL.

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 THE WALL STREET JOURNAL. Wednesday, April 30, 2025 | A13

ARTS IN REVIEW
Mr. Tyler, a guitarist whose
seventh studio LP, ‘Time
Indefinite,’ is out now.

When they occur, these solo pas-

sages serve as a kind of anchor,
reminding the listener of this col-
lection’s author before the music
drifts in another direction en-
tirely. The melody of “Star of
Hope” is borrowed from a hymn
called “My Jesus as Thou Wilt,”
and Mr. Tyler’s piece is based on
a snippet he recorded from an AM
radio. We experience the tune
first on his guitar and then as a
flicker from a massed choir some-
where far off in the distance.
These voices march into the fore-
ground and then take over com-
pletely—a track that began with
stark simplicity becomes a stir-
ring epic, and the effect is over-
whelming.
The dynamic range of tracks
like “Star of Hope” and, later on,
“Electric Lake,” recalls post-rock
bands with a filmic bent such as
Godspeed You! Black Emperor and
Explosions in the Sky. When Mr.
Tyler works with found sounds
and heavy sonic manipulation, a
better comparison is analog-
minded ambient practitioners
such as William Basinski. “Howl-
ing at the Second Moon” is an ex-
ample of the latter. It has a warm
and innocent guitar melody you
might hear children singing
around a campfire, but the re-
cording is distressed and half-bro-
ken, as if the tape might unspool
at any moment. And “The Hardest
Land to Harvest” is a lengthy
drone that moves from glimmer-
ing bell-like tones that bring to
mind a calliope to a screeching
section that conjures images of
ghosts crying out in torment.
MUSIC REVIEW | MARK RICHARDSON As shadowy and despairing as
“Time Indefinite” can get, the

Beauty Found in Fragments

music always bends toward light.
Mr. Tyler created the record dur-
ing a low period in his life, when
he was struggling with alcoholism
and eventually found his way to
William Tyler breaks apart sounds and songs on his new album, turning them into a gorgeous collage rehab. It’s the sort of heavy bio-

M
graphic detail that,
once you learn of it,
usicians who build pated percussion, explosive dis- definite” is accessible, musically inevitably frames
a world around a tortion and samples. “Time Indef- and especially emotionally. how an LP such as
single instrument inite” (Psychic Hotline), Mr. The most jarring moment this one is under-
and then inhabit it Tyler’s seventh studio LP, out comes on the first track, “Cabin stood. This is, after
will eventually try now, goes even further out: It’s Six.” We hear a loop of noise that all, music of triumph
to escape it. Nash- like nothing else he’s done, and it sounds like an earthquake— and despair that art-
ville guitarist William Tyler has may be his best album. played loudly on a full-range sys- fully shuffles beauty
been putting out records under The easiest way to think of tem, its low-end throb might and ugliness, and it
his own name since 2010. His mu- “Time Indefinite” is as a collage— shake the books off your shelves. sounds like it grew
sic has varied from one release to it’s not always easy to know how Even before you learn what Mr. out of an interval of
the next—genre-mashing folk the individual elements are made Tyler was going through person- searching and intro-
practitioners like John Fahey and or what the process for assem- ally when putting the album to- spection. But the
Robbie Basho are clear influences, bling them might have been. It’s a gether—more on that later— wonderful thing
but he also draws from atmo- collection about beauty disrupted, “Time Indefinite” seems to about the album is
spheric psychedelia. But regard- about things breaking apart and narrate the flow of thoughts from how moving it is
less of style, his music has always being reassembled in new shapes. a troubled mind, and the first even without that
placed the guitar squarely at the Throughout the LP, gorgeous frag- passage of “Cabin Six” suggests knowledge. Mr. Tyler
center of his work. It’s his pri- ments of melody are presented that something is deeply wrong. has created a record
mary tool, and his lyrical, effi- and developed before being dis- But the track grows quieter as it so generous and
cient approach to the six-string solved in an acid bath of static. progresses across its eight min- emotionally rich you
has defined his music so far. Tones are warbly and pitches are utes—shimmering drones, record- hear it and think not
Over the past couple of years, unsteady; portions of the set were ings of trains rumbling through textures to come. of his journey through hardship,
that has started to change. In recorded using technology that the night, tendrils of slide guitar “Concern” begins with a sim- but of your own.
ANGELINA CASTILLO

2023, he announced a collabora- the digital world has passed by, drenched in reverb that seem to ple and pretty pattern on acoustic
tion with electronic producer Kie- including cassettes and even VHS sway in the air like paper ribbons guitar—one of a handful of times Mr. Richardson is the Journal’s
ran Hebden, aka Four Tet, and tapes. And yet, for all its experi- in the breeze. It’s lovely stuff that on the album that the instrument rock and pop music critic. Follow
their early single featured synco- mental underpinnings, “Time In- hints at the expanse of moods and appears without processing. him on X @MarkRichardson.

I
f Ken Jennings wanted to know TELEVISION REVIEW | JOHN ANDERSON
what famous French chef was
also an implement of espionage, a
contestant might buzz in with Julia
Child, mistress of les
casseroles en cuivre
‘Carême’: James Bond With Béchamel
and a onetime func-
tionary of the OSS.
But her antecedent
in both fields—ac-
cording to the eight-
part, half-true
“Carême”—was Ma-
rie-Antoine Carême,
pâtissier, boulanger,
codifier of classic
sauces and cook to
royals and scoun-
drels. His exploits in
this bawdy period
romp position him
somewhere between
Thomas Shelby of
“Peaky Blinders” and
Forrest Gump: fig-
ures whose signifi-
cant contributions to
history have never
gotten the recogni-
tion they deserve.
And that’s be-
cause they didn’t happen, although writer Davide Serino and Ian Kelly, a mysterious seizure and receives an Benjamin Voisin in the Apple TV+ ette (Lyna Khoudri), Antonin’s lover
rumors of spying actually did swirl whose “Cooking for Kings: The Life “invitation” to join the general’s show, above left; Lyna Khoudri and and a tool of the ruthless, ridicu-
around the young Carême. As por- of Antonin Carême, the First Celeb- kitchen. When the fiercely indepen- Mr. Voisin, above right. lously coiffed Fouché, is the secret
trayed by the magnetic, carefully rity Chef” inspired the program—be- dent Antonin declines the offer, his ingredient in this game of thrones.
tousled Benjamin Voisin, he rises come something rich mentor and adoptive Frenchmen of the Napoleonic era— Empress-to-be Josephine (Maud
from the gutters and modest bake- in hardcore food, father, the compara- can help them. We don’t know what Wyler), concubining all over the pal-
shops of Paris to become the hot- soft-boiled sex and bly famous Sylvain gives, nor will we for some time. ace, is a fly in Talleyrand’s soup and
test (in every sense) chef during enough nuanced The eight-part Bailly (Vincent “Carême” is confusing but mostly Agathe (Alice Da Luz) may be the
the First Republic, feeding everyone French history to series is full of Schmitt), is arrested. fun, the show’s charm being con- surprise of Antonin’s love life.
from Talleyrand (Jérémie Renier) to leave one Is it to keep Antonin tained in the food, the beds and Mr. “Carême” takes a lot of liberté with
Joseph “the Butcher of Lyon” Fou- slightly désorientée. luscious cuisine quiet about Bona- Voison’s smile, a flashbulb in the realité, but co-director and guiding
ché (Micha Lescot) to the exiled Those who know parte’s ailment? To darkness of a politically muddled light Martin Bourboulon brings the
Louis XVIII (Sharif Andoura) to a their post-Revolution-
and political get Carême into the country that has fought a revolution same energy here that he brought
briefly glimpsed Napoleon himself ary France will be intrigue. kitchen of the Tuile- to throw off kings and is about to to the recent French adaptations of
(Frank Molinaro). He might possibly less apprehensive ries? Or is there more crown an emperor. It is Talleyrand, “The Three Musketeers.”
have become embroiled in their in- than others about to it? As Bailly is be- played with appropriate cunning by
trigues. And used food as a tool of the fates of those in ing carted away by the estimable Mr. Renier, who has Carême
political manipulation. If not, well, “Carême” as it tracks its hero—who Napoleon’s much-loathed soldiers, he come up with the imperial idea, the Wednesday, Apple TV+
APPLETV+ (2)

the best stories often aren’t true is not just a renowned baker, but an whispers to his son that Talley- royalists still having a king (Louis
and the few germs of fact culti- expert in herbal medicine—as he rand—the ultimate political survivor XVIII, brother of the executed Louis Mr. Anderson is the Journal’s TV
vated by the series’ creators—head cures the First Consul (Napoleon) of and one of the more influential XVI) to hang their hopes on. Henri- critic.
A14 | Wednesday, April 30, 2025 * * THE WALL STREET JOURNAL.

SPORTS
James, now 40 years old, sprinting

The Lakers Desperately Need a Hail Mary the length of the floor to haul in a
long pass.
In fact, Nacua is even a little
Since Luka Doncic’s arrival, his long passes have become a key part of the Lakers’ offense envious. “When he’s going up,
catching it in full-speed motion,
and then he rises up for a dunk?”
Nacua said. “I hope that’s exactly
what I look like.”
Doncic, who was born in Slove-
nia, said that living in football-
mad Texas during his time with
the Dallas Mavericks turned him
into a pigskin fan. But James came
by his football skills earlier.
Before he started out on the
path to becoming the NBA’s all-
time leading scorer, James was a
receiver at St. Vincent-St. Mary
High School in Akron, Ohio. In his
junior season, James had more
than 1,000 receiving yards and 16
touchdowns. He skipped football
his senior season to focus on bas-
ketball—though not without the
occasional regret.
In January, James said that
Ohio State asked him to play both
basketball and football in college,
before he decided to jump straight
from high school to the pros.
“That could have been super
dope,” James told Travis and Ja-
son Kelce on their podcast.
“Played football during the fall
and basketball during the winter
and spring.”
The problem for the Lakers’
passing game, in the playoffs, is
that they’ve run into a team
stacked with the basketball equiv-
alent of lockdown cornerbacks.
Minnesota had the fifth-staunch-
est defense in the NBA this sea-
son, and the Timberwolves have
made it their mission to gum up
Los Angeles’ free-flowing offense.
Luka Doncic has become basketball’s most devastating downfield quarterback, routinely hurling passes that cover nearly the length of the court. They feature a cadre of rangy
wing players orbiting 7-foot-1 cen-
BY ROBERT O’CONNELL team in purple and gold. bound and—instead of dribbling just how quickly two basketball ter Rudy Gobert, who has won the
Ever since Luka Doncic arrived up the floor or taking a second to geniuses could reconfigure their Defensive Player of the Year award

T
here’s no getting away from in Los Angeles in a February scan the action—simply lofting a games to make best use of one an- a record four times.
it: The Los Angeles Lakers trade, he has become basketball’s pinpoint pass that clears the other’s talents. During the regular season, the
are in deep trouble. most devastating downfield quar- whole defense. All James has to “I’m a natural-born wide re- Lakers averaged 113.4 points per
The Lakers trail the Minnesota terback, routinely hurling passes do, at the other end, is grab the ceiver, and he’s a natural-born night. In four games wrestling
Timberwolves 3-1 in their first- that cover nearly the entire length ball and lay it in or throw down a quarterback,” James said of his against the Timberwolves’ fierce
round playoff series. In NBA his- of the court. thunderous dunk. blooming partnership with Doncic. defense, they’ve finished below
tory, 288 teams have fallen behind And whenever Doncic launches In 28 regular-season games “So it fits perfectly.” that average each time—and twice
by that margin in a best-of-7 play- the ball as far as he possibly can, since joining the Lakers, Doncic ri- It’s one thing for a professional been held under 100 points.
off series. Only 13—less than 5%— the Lakers have a pretty good tar- fled 14 passes that spanned at basketball player to evaluate his In that span, Doncic and James
have come back to win the series. get on the other end to catch least 50 feet—more than half the own football skills. It’s quite an- have hooked up on just one of

JAYNE KAMIN-ONCEA/REUTERS
In other words, it’s time for a those deep shots. He’s a 6-foot-9, length of the court—to James. other for somebody paid to haul in their 50-plus-foot touchdowns.
Hail Mary. 250 pound receiver named LeBron Eight of those immediately be- touchdowns for a living to sing his Still, every time a rebound falls
But it turns out there are James, and he happens to be the came assists, double the number praises. into Doncic’s hands, there’s a
worse situations for the Lakers to leading scorer in the history of the of any other tandem in the NBA Puka Nacua, an All-Pro receiver chance for that special play. And,
be in. As luck would have it, no NBA. over that time span, according to for the Los Angeles Rams, has faced with their current predica-
one in basketball is better at con- Time and time again, Doncic NBA Advanced Stats. It was both a gone to Lakers home games and ment, the Lakers need every
necting on Hail Marys than the has made a habit of grabbing a re- snazzy highlight and evidence of marveled in person at the sight of chance they can get.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 30 Bizarro
31 Memo
The Best Team Never to Win
A Champions League Title
14 15 16 header
17 18 19 32 English racing
town
20 21 22 33 Vintner’s
vessel BY JOSHUA ROBINSON
23 24 25 26 27
35 Assigned to AS A MEASURE of consis-
28 29 watch tent success, there are few
36 Luau better in European soccer
30 31 32 33 34 35 36 37 giveaway than playing into the knock-
out rounds of the Champions
38 39 40 41 42 37 Couple in League, season after season.
Cozumel And as a measure of consis-
43 44 45 46 47 40 Scarlett’s tent frustration, there is the
Georgia home simple fact of returning to
48 49 50 the Champions League, year
41 Tentlike Asian after year, without ever win-
51 52 53 54 55 abode ning it.
44 Plant used Arsenal is the rare club
56 57 58 59 as a coffee that can claim both.
substitute Since the invention of the
60 61 62 63 64 European Cup in 1955, no one
47 PX patrons
has played more than the Arsenal players celebrate during a victory over Real Madrid.
65 66 67 49 Constantly Gunners’ 209 tournament
50 Place for un matches without once lifting League final just once. more erratic. The closest the
68 69 70 the giant trophy. This mad- “We know the Champions club ever came was 2006,
chapeau
dening club from North Lon- League is a different thing, a when it took down Juventus
51 Home to don has spent decades min- different feeling,” Arteta has and Real Madrid on the way
WITH CHILD | By Lynn Lempel Brigham gling with the game’s elite, said. to a 2-1 defeat in the final
Across 30 Time and 58 Soul seller 8 Rope Young only to deliver near misses, “It’s a competition that against Barcelona.
again thickness University occasional brilliance, and em- we’ve been waiting for for “It’s very difficult to take,”
1 Needed to be 60 Tutor’s barrassing pratfalls. many, many years.” then-manager Arsène Wenger
kneaded, 32 Sister ultimatum 9 Pad around 52 Instant soup
option But having trounced Real Arsenal’s opponent can said at the time.
maybe company of regarding the kitchen Madrid in the quarterfinals, empathize. PSG sits second That would become a
Budget higher pay? 10 Grilled 53 Dark timber Arsenal took on Paris Saint- on the list of Champions theme for Arsenal in Europe.
6 They may be
sealed 34 Unloaded, so 65 State firmly sandwiches 54 Ditches at the Germain in the first leg of a League exasperation with 163 Over the next 11 seasons, the
to speak altar semifinal on Tuesday in an games since 1992 and zero ti- club advanced from the group
10 Court 66 Mardi Gras 11 Sharply hit unfamiliar position: as favor- tles to show for it. stage every single time. But
response 38 Salon supply follower baseball 55 Last inning, ite to win the whole thing, ac- The frustration of teams that was usually as far as it
usually cording to Opta Sports’ pre- such as Arsenal and PSG tells progressed.
14 Sweeping 39 Gender reveal 67 Witness 12 Sorrowful
for this puzzle requirement song 56 Component of dictive model. a larger story about the con- There was 2011, when the
15 Casper an annoying In other words, this season solidation of modern soccer Gunners actually managed to
Ruud’s 42 Sci-fi role for 68 Playwright 13 Concerning
cloud might just represent Arsenal’s around the richest, most sto- beat Pep Guardiola’s Barce-
birthplace Keanu Kushner, or
18 Johnny best chance to end one of the ried blue bloods. lona at home, only to collapse
the award he’s 59 Pale longest streaks of futility in Since the turn of the cen- in the return leg at Camp
16 Feels lousy 43 Record, e.g. Bench’s team
won twice professional sports. Or, after tury, 10 different teams have Nou. Or 2015 when they were
61 Animal that
17 Tribute to a 45 When 69 They’re good 19 Olfactory losing 1-0 at home against been crowned European undone by away goals against
bugles
monarch? Macbeth for openers trigger PSG, it may turn into one champions, but only two— Monaco. Or the various ritual
meets the 62 Name- more missed opportunity. Chelsea and Manchester humiliations at the hands of
20 Sound 70 Short and 24 Miner’s quest
witches clarifying “It’s moments that have to City—had never won the Bayern Munich—three in the
booster sweet 25 St. Regis rival word go your way, and that belief tournament before. What space of five years.
21 Prediction 46 Mottled citrus
Down 26 “I wasn’t 63 “The racer’s that the team can win it,” those first-timers had in com- “Being an Arsenal fan is
fruits
from a pilot, there,” e.g. edge” brand manager Mikel Arteta said. mon was that both were bol- just constant suffering,” goal-
1 “Dancing
for short 48 First Historically, of course, they stered by massive influxes of keeper Wojciech Szczesny
Queen” group 27 Mediocre 64 ___ Lanka
responder, e.g. haven’t. A staggering 199 of cash that raised their status. said this month.
22 “Andor” star 2 Haul for an Previous Puzzle’s Solution those 209 tournament Even then, success didn’t Szczesny, who never went
Luna 50 The Chicks or ant matches entering Tuesday’s happen overnight. Chelsea’s beyond a European quarterfi-
the Bee Gees G A B
S C H E R I S T A G
23 Incriminating 3 Portable O N I
T H UMA N A R L O play have come since the Eu- triumph came nearly a decade nal with Arsenal, was speak-
evidence 51 Space Age A N T
E P E N U L T I M A T E ropean Cup evolved into the after it was acquired by a ing from experience. He was
cookers D E E
P E S T P E N N O S
in the cartoon modern Champions League in free-spending Russian oli- on the pitch for many of the
4 Pack away H S T A H R A T S
stonecutter’s character F I R E O P A L J A P A N
1992. That means Arsenal has garch and City was 15 years Gunners’ most galling losses.
trial? who’s joined 5 HST’s E D E N A C L D AM O N E usually been strong enough to removed from its sale to a But at 35, preparing for his
TOLGA AKMEN/SHUTTERSTOCK

the army? successor T A P M I T C H UM S N L hold its own in the competi- member of the royal family of first Champions League semi-
28 Prepares for C H EWO N A I M P A U L tion, but incapable of going Abu Dhabi before it lifted the final, he finally has a chance
war 56 Simple 6 High-minded H O T E L P E P R A L L Y the distance. trophy. PSG, controlled by Qa- to right those wrongs and
elegance I D T A G S S I T
29 “Shark Tank” 7 Mullah’s A P T E D U S I C I L I A During that time, the Gun- tar’s sovereign-wealth fund collect a winner’s medal.
shark Greiner 57 Drill part teaching F R I E N D S T O T H E E N D ners have won the Premier since 2011, is hoping to match There’s one difference now,
R O V E U T I L E N E R O League three times, yet that progression. though. These days, Szczesny
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. O P E L P O N D S T R E S reached the Champions Arsenal’s history has been plays for Barcelona.
THE WALL STREET JOURNAL. Wednesday, April 30, 2025 | A15

OPINION
Perfect vs. Good in Ukraine BOOKSHELF | By Sally Satel

have
lot
things might
of

been
Mr. Putin not to negotiate.
On the other side, stating a
military goal without provid-
fect the enemy of the good.
The reality principle defines
every armistice ever con-
the lawless kleptocracy Mr.
Putin means to perpetuate
into his dotage mainly for
The Danger
realistically
on the table
in the
Ukraine ne-
ing the means to achieve it is
a formula only for self-humili-
ation. If Ukrainian troops
backed by unstinting U.S.
cluded, including the many
ugly ones you’re already
thinking of.
So in the current negotia-
his own personal security. I
know which outcome I would
bet on.
Mr. Trump has a reputa-
Of a Safe Feeling
BUSINESS
gotiation if equipment proved inadequate tion numerous military goals tion for bold moves only in a
WORLD
the U.S. and to liberate Crimea and the the U.S. was unwilling to un- relative sense: Politics makes
What Is It Like to Be an Addict?
By Holman W.
its European Donbas, then what? Demand derwrite, unsurprisingly, all politicians risk-averse. By Owen Flanagan
Jenkins, Jr.
allies had direct U.S. intervention be- won’t be met. Those thunder- They prefer small, reversible Oxford, 320 pages, $24.99

‘H
been willing cause otherwise Moscow can ing on Twitter for Mr. Putin’s steps. They kick the can down
to supply enough force. say it defeated Washington no defeat exhibit the deficiencies the road whenever possible. ow should we think about addicts’ aims and
If Ukraine were armed and less than Kyiv? of Twitter politics. Missing is Mr. Putin in the war’s agency?” This is the animating question behind
supported to take back Rus- But it wasn’t just overegged even a microscopic whisper of opening days blatantly sug- Owen Flanagan’s “What Is It Like to Be an
sian-occupied territory, fear of Mr. Putin’s nukes. The gested that any NATO inter- Addict?” An emeritus professor of philosophy and neurobi-
Vladimir Putin would have Biden and Trump administra- ference would be met with a ology at Duke University and, crucially, a man once in thrall
had something to negotiate tions recognize the many ways In a world of optimal nuclear response because to vodka and Klonopin (a Valium-type drug), Mr. Flanagan,
over. Had the U.S. and allies Mr. Putin can make their lives Mr. Putin knew he could do now 76, is supremely well-equipped to answer.
been supportive of strikes on difficult: cyberattacks, assassi- risk-taking, the U.S. nothing to save his army on The book’s title is an homage to Thomas Nagel’s 1974
targets inside Russia, then a nations, sabotage, threats to would have called the roads of Ukraine if NATO paper, “What Is It Like to Be a Bat?,” an exploration of
counterweight would have undersea cables and now sat- sent in its F-35s. Even the consciousness that Mr. Flanagan esteems as “a rich medita-
been on the table against ellites. Russia can peddle Putin’s bluff long ago. Biden administration likely tion on the difficulty of integrating subjective and objec-
Ukraine’s own urgent desire ICBM technology to North Ko- guessed there was a 99.99% tive perspectives.”
to end the bombing of its rea, submarine technology to chance Mr. Putin was bluff- Mr. Flanagan undertakes such a synthesis in the service
cities. China, antiship missiles to the necessary democratic co- ing. Mr. Putin would back of imparting a “humane understanding of the varieties of
Two of Mr. Putin’s observ- Iran, etc. alition-building. Unseen is any down if NATO threatened de- addiction.” While his hell-and-back trajectory does not
able sensitivities are Crimea Willing the ends without money and grassroots effort struction of his army—that overtake the book, his personal drama is essential to
and keeping insulated from willing the means is the to rally U.S. public opinion is, if his aides hadn’t already that task.
the war his urban middle happy prerogative of the pun- and its representatives to a dispatched him to Valhalla to So are the stories of the
classes in St. Petersburg and dit through the ages. But to more muscular approach. assure the survival of their “alcoholics, junkies, crack
Moscow, who can end his re- answer a common objection: For the record, the strate- own hides. and powder cocaine users,
gime in an afternoon if they In defense of the principle gic and historical motives World War III wouldn’t and potheads” he has met
take to the streets in suffi- that lands shouldn’t be seized cited for Mr. Putin’s war have happened. In every way over the years. “The testi-
cient numbers. by aggression, Ukraine has strike me as decidedly up- the outcome might have mony of addicts is underesti-
The U.S. and its allies had fought and sacrificed for stream from his immediate bought the world another mated and underrepresented
ways to put these values at three years. The U.S. and al- concern: securing his regime generation of deterrence, in addiction theorizing,” Mr.
risk. Where was the con- lies have invested hundreds for his declining years. Let- peace and stability. But no Flanagan writes, arguing that
certed and well-advertised of billions and accepted the ting Ukraine slip away might U.S. president would have sometimes experts “generalize
collaboration on a plan to risks that go with it. NATO is be all the justification a rival taken the risk. Voters about us in ways we know to
take down Crimea’s Kerch mobilizing in ways it hasn’t needs to remove him. wouldn’t have supported it. be inaccurate.”
Bridge? in decades. In words and ac- The negotiations don’t For reasons explored system- Mr. Flanagan was raised in a
Unthinkingness explains tions, the principle of nonag- seem now on the edge of atically by the field of behav- loving household in New York’s
one stance heard in the pea- gression can continue to be success, but a cold war ioral economics, humans are Westchester County—thereby
nut gallery: Cut off aid to put supported even after a realis- would follow a hot war. programmed by nature to dashing the common assumption
Ukraine in the mood to bar- tic armistice is signed. Tested would be whether a play it safer than a clinical that addiction inevitably stems from childhood trauma. At
gain. In fact, the mere possi- But no principle is ad- westernizing Ukraine is a weighing of risks and benefits age 12, he consumed his first drink, hard cider, and, to his
bility has been an incentive to vanced by making the per- more successful model than says they should. surprise, “felt un-scared, non-scared, not anxious,
de-anxious.” He considers the possibility that “perhaps I
didn’t know until that medicinal moment what it was like

Trump Hemorrhages Support 100 Days In not to be scared and anxious.”

Years passed before he tried another intoxicant—a ben-
zodiazepine (like Valium, Xanax, Klonopin). A “safe feeling”
Whatever one vember. Since his first week think the administration is abstract, of concern only to washed over him, akin to the peace he had felt upon drink-
may think of in office, his approval has disobeying court orders. Con- lawyers and educated elites, ing the cider. (A history of alcoholism in the Flanagan fam-
President declined by 10 points among cerning the highly publicized but Americans understand ily suggests that genes likely played a role in the author’s
Trump’s sec- Hispanics, 11 points among case of Kilmar Abrego Garcia, and support it. By large ma- inclination, if not to drinking per se, then to the anxiety he
ond-term independents, 12 points who was mistakenly deported jorities, they believe that was medicating with substances.)
agenda, its among moderates and 15 to a high-security prison in green-card holders and other From the late 1970s to the early 2000s, the author was
POLITICS implementa- points among voters under El Salvador, 53% of regis- legal residents are entitled to deep in addiction. “If I was awake,” he writes, “I was drink-
tion during 30. His average disapproval tered voters polled say that broad procedural protections, ing and taking my pills.” When his first child was born—
& IDEAS
his first 100 among these groups, has he should be returned to the including the right to be in- “the most amazing day in my life”—the blessed event was
By William
days has surged from 45% at the be- U.S. Only 30% say he formed of the charges nonetheless “interfering with my drinking.”
A. Galston
been a politi- ginning of his term to 60%. shouldn’t. against them, to have a fair Despite his compulsion to drink, Mr. Flanagan still
cal failure These declines represent Many Americans disagree trial, to present a defense wonders: “Is addiction a disease or not? . . . Is the addict
from which he will have diffi- disappointment with Mr. with Mr. Trump’s goals, but and to appeal court deci- responsible or not?” No and yes, respectively, he answers—
culty recovering. Trump’s performance so far. even those who agree with sions. They even support cer- though the issue is complex. The problem is that the pre-
During his first week in Only 31% of registered voters them believe that his admin- tain protections for illegal vailing model of addiction—that it is a “brain disease”—
office, he enjoyed a 50.5% ap- polled said he’s doing better istration is going too far, too immigrants: Fifty-seven per- confounds our ability to engage that complexity.
proval rating, compared with than expected, compared cent say the government Introduced in 1997 by the National Institute on Drug
44.3% disapproval. Notably, with 47% who said he’s doing should be allowed to deport Abuse, the notion that addicts’ brains are “hijacked” by
his disapproval rating stood worse. By substantial mar- Even many Americans them only if evidence is pre- drugs implies that they are condemned to uncontrolled and
4 points lower than the share gins, they say that the presi- sented and evaluated in a chronic use. Mr. Flanagan makes clear that brain changes
of the vote Kamala Harris re- dent has harmed both the who agree with his hearing. are very real, but he also makes clear that they do not ren-
ceived in November 2024, U.S. economy and America’s goals disapprove of The Trump administration der addicts unresponsive to reasons why they should stop.
suggesting that some of the standing in the world. regards these protections as So the aim, he suggests, should be to create conditions that
voters who opposed his elec- Mr. Trump’s trade policies, some of his methods. unduly constraining, but the increase the odds that addicts will decide to stop.
tion were willing to give him of which Americans disap- American people prefer fair- The author goes on to challenge a host of additional dog-
a chance to prove himself. prove by wide margins, have ness to speed. The adminis- mas, including the monolithic and hugely popular theory
Much has changed in the damaged his reputation as an fast, without regard for the tration seems determined to that dopamine overwhelmingly determines addictive behav-
past three months. Mr. effective economic manager. law. Sixty-six percent of press ahead, but if it does, ior—from heroin addiction to video gaming to gambling.
Trump’s job approval in the Seventy-four percent believe Americans polled describe public opposition could Citing ample research, Mr. Flanagan shows that “addictions
RealClearPolitics average his tariffs will raise prices, his administration as cha- stiffen further. Already, 54% are implemented in many brain regions and involve multi-
now stands at 45.3%, a 5.2- and half the country rejects otic. They’re troubled by his of Americans believe that Mr. ple neurotransmitter systems depending on what substance
point decline, while his dis- his assertion that the short- administration’s chain-saw Trump is exceeding his legal one is addicted to.”
approval has soared by 8.1 term pain will yield long- approach to implementing and constitutional powers.
points, to 52.4%. This gives term gains. policies. By a margin of 4 to The president and his ad-
him a margin of minus 7.1 Even on handling illegal 1, they want a government visers have had trouble mak- The author overcame his dependence on
points—a total negative immigration, where Mr. that solves problems care- ing the transition from cam- pills and alcohol. Now he wants to beat back
swing of 13.3 points since the Trump receives his highest fully while minimizing mis- paigning to governing. The
beginning of his term. Many marks, support for his poli- takes, even if this means broad brush strokes and un- misconceptions about the science of addiction.
voters who were on the fence cies is declining and public proceeding more slowly than yielding rhetoric that excite
in January have joined his concerns are rising. A plural- would be the case if collat- the MAGA faithful at rallies
opponents’ ranks. ity of Americans think that eral damage were ignored. don’t translate well into the So subtle is this phenomenon that Klonopin could rid Mr.
Although the decline in his deportations have gone Americans don’t believe that execution of public policy Flanagan of claustrophobia and acrophobia, yet the closely
the president’s standing in- “too far” and regard his ap- the administration should ig- within the bounds of the law. related drugs Xanax or Valium could not. Unlike its chemi-
cludes some of his core sup- proach as “too harsh.” Nearly nore Supreme Court rulings, The next 100 days will show cal cousins, too, Klonopin did not cause amnesia, thereby
porters—Republicans, con- 6 in 10 Americans think his eliminate programs enacted whether Mr. Trump is capa- sparing the professor the need to write notes to himself
servatives and men—it has administration is making by Congress, or impose tar- ble of adjusting the sub- about where he had left off in his last lecture.
been especially sharp among mistakes in carrying out its iffs without congressional stance and tone of his poli- How we understand addiction matters because questions
the swing voters who put deportation policies, and by a authorization. cies in response to rising of responsibility are inescapably tied to explanations of
him over the top last No- margin of nearly 2 to 1, they “Due process” may sound doubts over his presidency. behavior. This brings us to another provocation: Can
addicts be held responsible “if they lie, cheat, and steal
because of their disease or disorder? Yes. Are they respon-

How to Lead a Chronic Disease Revolution sible for lapses and relapses? Yes.”
Mr. Flanagan is the author of 13 academic books (how his
addiction permitted such productivity is a mystery) that
By Akiko Iwasaki critical role in triggering or found that of 801 multiple- into targeted therapies. grapple in various ways with consciousness and morality.
And Harlan Krumholz exacerbating many chronic sclerosis cases, all but one To make this revolution a “What Is It Like to Be an Addict?” devotes considerable

M
diseases—diabetes, multiple were Epstein-Barr-positive reality, the U.S. needs a com- space to “the shame of addiction,” wherein the author cor-
illions of Americans sclerosis, neurodegenerative before disease onset. This prehensive national initiative rects those who contend that shame is always a harmful
struggle with debili- diseases and even cardiovas- suggests Epstein-Barr infec- to map, model and mitigate emotion. Not so. Shame can be a motivating force, he
tating fatigue, cogni- cular disease. Understanding tion is a prerequisite for MS postinfection syndromes as writes, and “addicts and clinicians can work profitably with
tive difficulties and heart the immune system’s re- development. well as tackle chronic dis- this shame.” The trick, he explains, is to hold addicts
palpitations—symptoms of sponses to infections may A century ago, recognition eases by addressing their in- accountable in ways that don’t undermine their recovery.
what is called long Covid. unlock answers to many of cardiovascular risk fac- fectious root causes. Ideally, Mr. Flanagan ponders whether there are ethical trade-
The sheer number of people chronic diseases that medi- tors—hypertension, smoking, Congress would provide addi- offs in “stigmatizing addiction more than it deserves in
suffering has brought unprec- cine has treated as purely high cholesterol—sparked a tional funding and direction order to protect the well-being of future generations.” The
edented public attention to metabolic or neurological. public-health revolution. It through legislation like the “ethics of addiction,” he concludes, should favor the “well-
the wider issue of postinfec- led to highly effective treat- Long Covid Moonshot Act, in- being and standing of us all.” Had officials in places such as
tion illnesses, providing a ments and marked improve- troduced in the Senate last San Francisco and Seattle taken this understanding into
revolutionary opportunity Washington has an ments in cardiovascular out- year. The Trump administra- account, both their cities and the homeless addicts who
that Washington should opportunity to help comes. Millions of people’s tion could also take immedi- claimed the streets might have suffered a lot less.
seize. quality and length of life im- ate steps—streamline ap- In his 50s, Mr. Flanagan extricated himself from alcohol
Postinfection syndromes tens of millions. proved. proval for new treatments, and pills. He credits the “compassionate souls,” among
aren’t unique to Covid. Such We are on similar ground provide sustained research them a longtime psychiatrist, who reminded him that he
conditions as myalgic en- now with chronic disease. Vi- grants, create dedicated cen- was “a bona fide person before I was an addicted person,
cephalomyelitis/chronic fa- For example, a large-scale ral persistence, immune dys- ters of excellence, and coor- and that person was most likely still there.”
tigue syndrome and chronic study in Nature this month function, autoimmunity, la- dinate global efforts on diag- “What Is It Like to Be an Addict?,” the product of personal
Lyme disease also leave pa- found that the shingles vac- tent virus reactivation and nostics and therapies. experience and sober analysis, is a unique and essential
tients grappling with life-al- cine reduced the risk of de- autonomic dysregulation have Advancing this research is hybrid. While Mr. Flanagan does not believe in “a unified
tering symptoms after an in- veloping dementia by 20%, emerged as key contributors one of the most effective theory of addiction”—after all, addiction is a phenomenon
fection. What sets long Covid suggesting that varicella zos- to long Covid, and these ways to improve the lives of that lives in the neurobiological, the psychological and the
apart is the scientific mo- ter virus reactivation plays a mechanisms are also found the tens of millions of Ameri- social—he offers “a method for understanding and explaining
mentum and patient advo- critical role in neurodegener- across various other postin- cans with chronic diseases. addiction,” with granular descriptions of the addictive pro-
cacy it has generated to ative diseases. Or consider a fection illnesses. Advanced cess that only a philosopher of mind can bring.
study infections’ long-term 2022 study published in the tools—such as molecular pro- Ms. Iwasaki is an immu-
effects. journal Science involving filing and AI-assisted diag- nology professor and Dr. Dr. Satel is a psychiatrist, a senior fellow at the Ameri-
Evidence increasingly sug- more than 10 million U.S. nostics—are helping scien- Krumholz a cardiologist at can Enterprise Institute and a lecturer at Yale University
gests that infections play a military personnel, which tists translate these insights Yale School of Medicine. School of Medicine.
A16 | Wednesday, April 30, 2025 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Judge Dugan, the Migrant and the Law Bring Algorithms Into the Admissions Office

E
very dispute between the Trump Admin- “relentlessly attacking the judicial system, In his column “‘Economic Affirma- tracurriculars; such contextual indi-
istration and the judiciary these days flouting court orders and arresting a sitting tive Action’ Won’t Work” (Upward cators as family income, school
Mobility, April 23), Jason Riley cri- resources, ZIP-code poverty; mea-
becomes a political morality play about judge” in a way that jeopardizes “basic demo-
tiques Richard Kahlenberg’s call for sures of noncognitive traits like grit,
a looming “constitutional cri- cratic values.” elite colleges to favor class indica- recommendations and so forth. Add
sis.” But the facts of each case Democrats defend a But if the facts as alleged are tors—such as parental income and the outcomes that colleges say they
matter, and most of the time judge accused of helping accurate, the “values” at stake neighborhood poverty—to restore the value—first-year GPA, graduation,
they don’t support the crisis concern a judge’s duty to the racial mix once achieved through earnings 10 years out, civic engage-
narrative. a migrant evade the feds. law. Judge Dugan is an officer race-based affirmative action. Mr. ment or, perhaps, alumni giving. The
That’s the way it looks to us of the court. The deportation Riley worries that class preferences algorithm can learn which combina-
so far in the case of last week’s agents were fulfilling their duty will dilute merit and mismatch un- tions of attributes predict success
arrest by federal agents of Milwaukee County to detain an illegal migrant under a lawful war- derprepared students with unforgiv- within each subgroup. For a black
Circuit Court Judge Hannah Dugan for allegedly rant. Even if she disagrees with federal deporta- ing curricula. public-school student from rural
helping an illegal migrant evade Immigration tion policy, Judge Dugan can’t obstruct federal Both men raise important argu- Georgia, high-school course rigor
ments, but they miss the point: may matter more than test scores.
and Customs Enforcement. Judge Dugan was officers seeking to enforce the law.
Choosing whom to admit—or hire or For a prep-school applicant from
charged with obstructing a federal proceeding It’s especially concerning that, in the process promote for that matter—isn’t a phil- Boston’s suburbs, Advanced Place-
and concealing an individual to prevent an ar- of allegedly helping Mr. Flores-Ruiz, Judge Du- osophical exercise. It is a classic sta- ment depth may be decisive. A single
rest. A federal magistrate found probable cause gan canceled her hearing on his alleged domes- tistical problem. Modern machine- cut-off score or a crude class prefer-
for the arrest upon reviewing a 13-page criminal tic crime without informing the prosecutor or learning tools can solve it far better ence erases all that nuance.
complaint. the alleged victims. They were left sitting un- than any committee armed with SAT Used this way, data science makes
The alleged facts as laid out in the complaint aware in the courtroom, according to the com- scores, legacy flags and, worse, their merit more meaningful and likely
by FBI special agent Lindsay Schloemer don’t plaint. If Mr. Flores-Ruiz had managed to es- gut instincts. achieves more diversity. It surfaces
look good for the judge. Judge Dugan was sched- cape arrest, how would his victims have Evidence is clear that machine- students whose potential is hidden
uled to preside over a hearing in a case against received their day in court? learning algorithms can make better by circumstance and avoids the proxy
Mexican national Eduardo Flores-Ruiz, who has decisions than humans, especially wars of race- and class-based affir-
These columns have criticized the Trump
when bias is present. A February mative action. Let the algorithm rank
been charged with criminal battery. Administration’s handling of deportation cases 2017 study of judges’ bail decisions applicants by predicted performance;
But Mr. Flores-Ruiz was also in the U.S. ille- for lack of due process. But the only alleged le- found that algorithmic recommenda- then let humans weigh mission-spe-
gally, and an immigration official had issued an gal fault here seems to lie with the judge. The tions could cut crime by up to 25% cific goals—musicians for the orches-
arrest warrant for him. ICE deportation agents Justice Department could have avoided contro- without increasing jail rates. Stan- tra, linguists for the classics depart-
planned to arrest him at the courthouse. ICE versy if it looked the other way, but it has an ford University researchers showed ment—on top of a transparent,
sometimes seeks to arrest illegal migrants in obligation not to let courthouses become illegal that a computer-vision model evidence-based core.
the public areas of courthouses because that’s migrant sanctuaries or officers of the court en- matched or outperformed radiolo- American universities helped lead
where they can locate migrants accused of able escape from deportation. gists in reading chest X-rays. In my the development of the science de-
crimes. They are also safer than a home arrest In 2019 federal prosecutors charged Massa- own work with dozens of firms, ma- scribed above but haven’t applied its
because the migrant will have had to go through chusetts Judge Shelley M. Richmond Joseph chine-learning-based “hiring co-pi- lessons to themselves. A serious,
lots” have reduced regrettable attri- data-driven approach—call it Meri-
a security checkpoint. with judicial misconduct for helping an illegal
tion by 47%. If algorithms can keep tocracy 2.0—offers the best chance to
The complaint says Judge Dugan was “an- migrant escape immigration authorities. The communities safer, spot cancer ear- honor individual achievement, widen
gry” upon hearing the ICE plans and raised ob- feds dropped the obstruction charges in 2022, lier and put the right people in the opportunity and retire the endless,
jections with other judges. Witnesses say she but last year the Massachusetts Commission on right jobs, why not deploy them in unproductive battles over race- and
then invited Mr. Flores-Ruiz and his lawyer to Judicial Conduct filed charges of conduct “un- college admissions? class-based affirmative action.
leave through the “jury door” so he could avoid becoming a judicial officer.” Here’s how it could work. Feed a ROLAND FRYER
arrest. The deportation agents nonetheless Judge Dugan’s lawyer Craig Mastantuono says model the past few years of admis- Harvard University
spotted Mr. Flores-Ruiz in a public area of the the judge “wholeheartedly regrets and protests sions files: grades, scores, essays, ex- Cambridge, Mass.
courthouse and arrested him as he attempted her arrest.” Her case next goes to a grand jury
to flee down the street. to determine if there’s probable cause for an in-
Democrats and the press are lining up to por- dictment. If she is charged, she’ll get her day in
tray this as part of a Trump Administration court. That’s more than the due process the judge A Way Out of Colorado’s Transgender Tyranny
campaign against the judiciary. Wisconsin Sen. was willing to grant Mr. Flores-Ruiz’s victims if Erin Friday and Erin Lee offer a crat or left the race blank,
Tammy Baldwin accused the Administration of she tried to help him dodge the law. wake-up call in “Colorado’s Totalitar- overlooking Colorado Center Party
ian Transgenderism Bill” (op-ed, candidate Steve Yurash, who still
April 18). House Bill 25-1312, sup- earned nearly 40% of the vote. It’s a
Amazon’s Brilliant Tariff Idea ported by Reps. Yara Zokaie and powerful reminder that control of the

P
Javier Mabrey, would shift Colorado’s Legislature and the future of parental
resident Trump says his tariffs may raise is worth it to support Mr. Trump’s policy. But legal stance on youth gender identity rights often turns on overlooked
enough revenue to replace the income there’s no denying that they’re paying, and ev- to the left of California’s. It would down-ballot races.
tax, so why is he afraid to let Americans eryone is better off knowing how much. strip parents of the right to guide National politics has grown so dys-
see what they’re paying? Instead of owning its their children through the sensitive, functional that voters often choose
Ride-sharing platforms understand this dy-
formative phase of adolescence, codi- the “least bad” candidate. But local
policy, the White House has bullied Amazon to namic. After each trip, riders get an itemized fying gender affirmation as the only races have outsize consequences, and
keep quiet about what it will cost. bill that shows how much of their fare went to legally acceptable position. In doing our party is focused on restoring bal-
The spat started Tuesday morning when tolls and political fees. So do hotels when they so, it risks irreversible harm to chil- ance and resisting Colorado’s slide
Punchbowl News reported that Amazon list local tax. dren and inverts the parent-child re- into a one-party state. Since 2004 a
planned to show shoppers how much of their Mr. Trump likes to say foreign exporters bear lationship, granting minors legal au- flood of progressive money has
bill is owed to the tariffs. Put a $140 vacuum all the costs of tariffs, with none passed on to thority over identity decisions and eroded political competition, along
cleaner in your cart, for example, and a little la- customers. Economists disagree, as in a 2020 compelling parental compliance un- with Republican missteps and gerry-
bel might read “Tariff Cost: $55.” The idea is to study showing that final consumers bore the der threat of custody loss. mandering.
let shoppers know that Washington, not Ama- burden of Mr. Trump’s first-term tariffs. This dilemma was avoidable. Rep. HB25-1312 isn’t merely a bad bill—
zon, has raised their prices. Ms. Leavitt accused Amazon of playing poli- Zokaie won District 52 in 2024 after it’s a warning. We urge Coloradans to
defeating a more moderate Democrat pay closer attention to local elec-
Amazon denied approving the plan, saying tics selectively, asking why the company didn’t
in an expensive primary with backing tions, seek principled alternatives
it was only an idea. But the White House blasted propose a similar feature to display the cost of from Big Labor, education groups and and join efforts to rebuild represen-
the tariff-cost feature. “This is a hostile and po- President Biden’s inflation. She’s right that busi- the Democratic Socialists of America. tative government from the ground
litical act by Amazon,” said press secretary nesses might have protested more about the With no Republican on the ballot in up.
Karoline Leavitt, noting that she was speaking cost of progressive governance. But the compar- the general election, many unaffili- TIM O’TOOLE
for Mr. Trump. She said the company was par- ison overlooks the unique simplicity of tariff ated and right-leaning voters de- Treasurer, Colorado Center Party
roting Chinese propaganda. Later in the day Mr. costs. Like taxes, tariffs often add a precise dol- faulted to the establishment Demo- Fort Collins, Colo.
Trump said he had spoken with Amazon lar figure to a sticker price. Voters who pay little
founder Jeff Bezos, who he said “solved the attention to the macroeconomy will notice a di-
problem very quickly.” rect markup on items they buy. An Unwitting Case for Cutting Aid to Harvard
The public could have used Amazon’s price Consumers are already feeling the tariff
Regarding “Harvard Can’t Embrace enhanced the life of just about every
transparency. Tariffs are taxes, and it’s helpful pain, whether or not retailers quantify it on
the ‘Hillsdale Model’” (Letters, April American.” “Just about” is doing a
to know how policy choices affect final prices. their websites. White House denials won’t 26): David Wippman and Glenn lot of work there. The Jewish stu-
Some shoppers might say the additional cost change that, but repealing the tariffs would. Altschuler write that it is absurd to dents who continue to be harassed
compare Hillsdale with 1,700 stu- on campus undoubtedly aren’t find-
dents and 170 faculty with Harvard ing their lives “enhanced” by their
Carney and Canada Thump Trump with 25,000 students and 20,000 fac- experience. Is their treatment to be

S
ulty and staff. Yet the data are more tolerated and Harvard left unchal-
o much for Canada becoming the 51st ernment in 2016 through 2024, Canada’s real telling about Harvard’s need to lenged simply because of the
American state. Canadians declared what GDP growth per capita was 2.5% versus 18.7% streamline its operations. school’s lengthy list of contributions
they think of that Donald Trump idea on for the U.S. Business investment per worker, ex- Hillsdale’s student-to-employee ra- to society? Let’s hope not.
Monday as they re-elected the tio of 10:1 is eight times as efficient PAMELA SABA
cluding housing, fell 6.4% be-
But now the Liberals as Harvard’s. In what industry or eco- Tempe, Ariz.
Liberal Party despite the tween 2015 and 2023. As the nomic model can any organization
party’s dreadful economic re- have to revive an U.S. has run ahead, Canadians survive with such a customer-to-em-
cord. Apparently making a have headed over the border. ployee ratio? The university may not Why God Made Economists
statement against the Ameri- economy in decline. Bank of Canada deputy gover- be able to reach Hillsdale’s level, but
can Caesar was more impor- nor Carolyn Rogers last year I love Joseph Epstein’s comment
it wouldn’t hurt to try.
about economists successfully pre-
tant than prosperity. called Canada’s productivity MARK MISHLER
dicting 11 out of the last five reces-
Led by new Prime Minister Mark Carney, the collapse “an emergency” and said it was “time Morristown, N.J.
sions (“Is That an Augur, or a Mere
Liberals won enough seats to form a new minor- to break the glass.” Economist?,” op-ed, April 24). An-
ity government. They defeated Pierre Poilievre’s Liberals still don’t think their policies are at Messrs. Wippman and Altschuler
other way of putting it would be: God
Conservatives, who won more seats than they fault. Instead of lower taxes and deregulation, describe how Harvard’s use of fed-
invented economists so that meteo-
eral funds for research has “greatly
have since 2011. But the Liberals benefited from the Liberal platform released 10 days before the rologists wouldn’t be the only ones
the collapse of the Bloc Quebecois and the hard election would grow the federal government. wrong most of the time.
left New Democratic Party. Deficit spending for the next four years would JIM BIONDI
A former central banker, the 60-year-old Mr. take non-recession borrowing as a share of GDP
Misery in the Condo Market New Bern, N.C.
Carney pulled his party out of the disaster it to levels not seen since the early 1990s. The South Florida condo market’s
woes aren’t unique (“Florida’s Condo
looked certain to experience before Liberal Canada has more trade leverage with the U.S.
Owners Get Priced Out,” Property Re-
Prime Minister Justin Trudeau resigned. Mr. than many think. It’s the smaller partner in the port, April 23). On the contrary, my
Pepper ...
Carney can thank Mr. Trump’s repeated attacks $900 billion bilateral trade relationship. But it’s wife and I suffered the same pain just And Salt
on Canadian sovereignty and trade for his vic- the second largest U.S. trading partner and is outside of the Beltway in suburban
tory. The tariffs and insults have prompted a na- crucial to making the American auto industry Maryland. After a few years of own- THE WALL STREET JOURNAL

tionalist backlash in Canada. competitive. It’s also an important supplier of ership, the homeowner-association
“President Trump is trying to break us so that energy, lumber and fertilizer. fee rose from $400 to well over
America can own us, and that will never hap- Mr. Carney has promised to increase defense $1,000 to cover the aging building’s
pen,” Mr. Carney said in his signature theme on spending to 2% of GDP to meet Canada’s NATO repairs as well as servicing loans that
the campaign trail. “Canada is not America, and obligations, but only by 2030. That’s slower than the condominium board took to avoid
it never will be, but we need to do more to just the 2027 target Trudeau defense minister Bill onerous special assessments or tap-
ping into the reserve fund. The salt in
recognize that. We need a plan to deal with this Blair set in January.
the wound was the zero appreciation
new reality.” Canada is rich in natural resources, especially in property value after years of own-
Mr. Poilievre took an equally strong national- oil and gas. But unless Mr. Carney breaks with ership in a high-value area.
ist position, but a two-week delay in pivoting his long-time attachment to net-zero carbon SJ SHERMAN
from his focus on the “lost decade” of Liberal emissions, new development won’t happen. Dur- Bethesda, Md.
leadership cost his campaign. ing the campaign he wouldn’t commit to more
Mr. Carney won’t find governing easy. Negoti- pipelines and said only that he’d accelerate the
Letters intended for publication should
ations with Mr. Trump are high on the agenda, evaluation of projects. be emailed to [email protected]. Please
but Mr. Carney inherits a sluggish economy, un- Canadians might get a short-term thrill by re- include your city, state and telephone
sustainable spending, a weak Canadian dollar, buffing Mr. Trump in this election, but the better number. All letters are subject to “I’d like to invite everyone
and a housing shortage. response would be reversing their economy’s editing, and unpublished letters cannot to a signing for my new book
be acknowledged.
From the first full year of the Trudeau gov- long decline. ‘Overheard in an Open Plan Office’.”
THE WALL STREET JOURNAL. Wednesday, April 30, 2025 | A17

OPINION

How to Make American Babies Again High Court

By Leonard Lopoo than originally planned, even if the
Could Crush

T
offer isn’t time limited as in the
hough the message may
have gotten lost in the
housing example. But that’s it. When
naive analysts look at the data and
Charter
flood of news out of observe a rise in childbearing after
Washington, President
Trump and his leadership
such a subsidy is introduced, they are
often seeing this temporary speedup
Schools
team have made a priority of getting in family planning. The government
Americans to have more babies. The ends up paying for children who were By Starlee Coleman

T
most recent data show that the av- already going to be born absent the
erage U.S. woman will give birth 1.62 baby bonus policy. But the Trump ad- he Supreme Court hears oral
times over her lifetime—far below ministration doesn’t want a short- arguments Wednesday in St.
the replacement level of 2.1. But the lived acceleration of already inbound Isidore v. Drummond, its first-
policies the pronatalist White House births. ever case about charter schools. I’ve
is considering vary wildly in their Encouraging the use of IVF, on the seen many headlines claiming that
efficacy. other hand, would inspire births that the justices are about to take a

DAVID GOTHARD
At the 2023 Conservative Political wouldn’t otherwise happen. There wrecking ball to the separation of
Action Conference, Mr. Trump said: are many families who would like to church and state. That won’t hap-
“We will support baby booms, and have children—and are committed to pen, but the high court could deal a
we will support baby bonuses”— all the costs of parenthood—but can’t mortal blow to the charter move-
paying parents for having children— for physiological reasons. IVF often ment by finding that charters are
“for a new baby boom.” Vice Presi- Baby bonuses have proved costly Given all these expenses, a baby could help these people, but the costs private, not public, schools.
dent JD Vance has taken up the cry, and ineffective. Children are expen- bonus may sound like a good idea. can be prohibitive. Most private in- In Zelman v. Simmons-Harris
saying in January that we need sive. From time to time, the U.S. De- But consider what a similar subsidy surance policies exclude IVF, and al- (2002), the justices upheld private-
“more babies in the United States of partment of Agriculture estimates would mean for another life-changing most all public forms of health insur- school choice programs that in-
America.” Officials are soliciting ad- the cost of raising a child. The USDA’s cost: homeownership. Suppose you’re ance do. Yet the costs of IVF are low cluded religious schools. Since then,
vice from experts on pronatalist op- latest report, published in 2017, sug- in the market for a house, and you enough that subsidies could make a 29 states, with Texas days away
tions. Some involve subsidies for gests it costs on average about plan to spend $250,000. You’re look- difference and allow children to be from joining them, have created pro-
births. This would be a mistake. The $234,000 for a middle-class married ing for the perfect home and willing born that wouldn’t have been absent grams funded by taxpayers and busi-
better idea is to make in vitro fertil- couple. This estimate is based on to wait up to three years to buy it. the policy. nesses that allow parents to pay for
ization affordable and accessible. spending data and includes housing, While you’re searching, imagine the Totally subsidizing the treatment private-school tuition, including at
food, clothing, healthcare and other government announces that for any- would be expensive: The average cost
costs between birth and age 17. one who buys a home within the next of a cycle of IVF is around $12,000 to
Subsidies for new mothers That leaves a lot out, including di- six months, Washington will subsidize $25,000, and the success rate isn’t If the justices rule that
rect expenses after 17, the largest of the closing costs (which are usually high. Nevertheless, there are ways to
won’t have much effect. which for many families is college. 3% to 6% of the cost of the house). spread the cost. When Massachusetts they are private, some
Making IVF accessible is a Higher education on its own costs on This policy would push many— mandated that private health insur- states would respond
average $38,000 a year, or just over though not all—potential buyers al- ance cover IVF with unlimited cycles,
more promising approach. $150,000 for a four-year degree. ready in the market for a home to premiums increased by only about $1 by simply abolishing them.
The USDA estimate also doesn’t move up their timelines to take ad- a month.
factor in the opportunity cost of be- vantage of the government offer. If There are many good options the
Other nations have tried pronatal- coming a parent. Mothers often have someone is already committed to administration could offer in its May schools that provide a religious edu-
ist policies. After World War II, to work fewer hours, turn down pro- spending hundreds of thousands of report on expanding IVF use, includ- cation. The debate about taxpayer
France expanded the Code de la fa- motions to preserve work flexibility, dollars, the extra $7,500 to $15,000 ing the mandating that public and funding of religious education is set-
mille, which included cash awards for or leave the labor force altogether. might nudge him to buy early. What private health insurance include cov- tled—it’s happening in more than
having children and subsidized child The estimate doesn’t include the psy- the policy wouldn’t do is entice erage, which has great potential. half the country. But that isn’t the
care. Australia, Canada, Japan, Russia chological costs of parenthood. These someone who isn’t inclined to buy— Baby bonuses don’t. issue in St. Isidore.
and Singapore have all tried to in- run throughout a child’s life, from whether because he doesn’t have the Clint Bolick, an Arizona Supreme
crease fertility through baby bonuses. sleepless nights when a baby is sick savings or doesn’t want to own a Mr. Lopoo is a professor of public Court justice who was an architect
Russia’s national government cur- to worries about a teenager out with home—to change his mind. administration and international af- of the winning legal theory in Zel-
rently offers new mothers 677,000 his friends. Though not monetary, Baby bonuses work the same way. fairs at Syracuse University’s Max- man, said in a recent podcast: “If the
rubles ($8,164) for their first birth these are real costs, as any mother or A small financial incentive may con- well School of Citizenship and Public Court perceives that [charters] are
and more for a second. father can tell you. vince a couple to have a child earlier Affairs. public schools, it would require a
huge jump in jurisprudence to say
that they can be religious. There is

What the 47th President Can Learn From the 45th virtually no existing case law that
could be cited for that proposition.”
Forty-seven states, Guam, Puerto
By Mike Pence turns in some areas, there are trou- start for a presidential administra- And despite excitement sur- Rico and the District of Columbia

P
bling signs of retreat in others. After tion since Richard Nixon. The cause? rounding Elon Musk’s promising have adopted laws authorizing
resident Trump’s victory in the Trump-Pence administration A massive policy misstep in the form DOGE initiative, the broader fiscal charters explicitly as public
November was a political provided lethal aid to Ukraine, this of sweeping tariffs imposed on picture remains cloudy. Federal schools. Charters comply with volu-
comeback unrivaled in modern administration’s wavering support friend and foe alike. Since the presi- spending is up 8.5% compared with minous state and federal require-
American history. While he deserves for Ukraine has emboldened Russia dent announced his “Liberation Day” last year. With the president and ments to ensure they maintain
credit for that, the election was to reject negotiations for a cease-fire tariffs, the only thing America has congressional Republicans retreat- “publicness,” like being free and
about more than personality. For and expand attacks on civilian tar- been liberated from is trillions of ing from even modest entitlement open to all students.
many Americans, a vote for Mr. gets. The past 100 days have proved dollars in investments. reforms, there’s little hope of The entire operational foundation
Trump was a vote to return to the beyond a shadow of a doubt that Mr. Trump’s proposed tariffs meaningfully reducing the national of the charter movement relies on
ideas and policies that made his first Vladimir Putin doesn’t want peace— would be the largest peacetime tax debt, even if Mr. Musk succeeds in this public status. In all but three
administration a success. he wants Ukraine. Only renewed hike in American history, harming cutting billions in waste. states, charters are funded through
Mr. Trump inherited a crisis at American military support for our consumers and driving inflation. President Trump deserves credit the standard per-pupil funding
the border, an economy struggling close partner provides any hope for Broad-based tariffs may scratch a for an energetic and effective start. structure. In many states charters
after the worst inflation in 40 a just and lasting peace. populist itch, but protectionist eco- His instincts on security, strength also have access to taxpayer-backed
years, and a world more dangerous nomics are no substitute for princi- and sovereignty are as sharp as financing mechanisms for buildings
than it was in January 2021. A hun- pled conservatism. The Trump ad- ever. But if we want to see this na- or to public-school buildings them-
dred days later, our country has Time-honored conservative ministration can still get the tion become truly great again, we selves. Charter teachers are typically
corrected course in many ways, but economy back on track through free can’t exchange time-tested conser- considered public employees, which
the results are undeniably mixed. principles guided the first trade with free nations, even as the vative principles for populist plati- allows them to participate in state
The early progress—hard-won and Trump administration. U.S. retains targeted tariffs on ad- tudes. We need to stand with our pension and healthcare programs.
overdue—can easily be lost if the versaries such as China. Instead of allies and stand up to our enemies. Charter schools also receive federal
current Trump administration America needs them now. punishing free nations, we should We need to cut taxes and tariffs, funding for low-income children,
walks away from the time-honored rally them—uniting the democratic keep our military strong and well- children with disabilities, and school
principles that guided the first world in trade agreements that iso- funded, and lead on the world meals.
Trump administration. Similarly, reports of negotiations late China, not Europe and our Pa- stage. None of this is available to private
Start with the good news. When with the mullahs in Tehran sound in- cific allies. A strong first 100 days is a foun- schools. States that fund private ed-
Mr. Trump took office, the southern creasingly like President Obama’s Extending all the Trump-Pence dation. But only a return to the con- ucation typically do so through sepa-
border existed on maps but not in re- failed nuclear deal. In the interest of tax cuts must also be an immediate servative principles that guided our rate line-item appropriations or in-
ality. In only three months, the admin- peace, and our cherished ally Israel, priority. Failure to do so would administration and achieved peace come tax credit programs.
istration has cut illegal immigration the Iranian nuclear program must be amount to the largest middle-class and prosperity during the presi- There are political ramifications
by more than 90%. No new laws. Just verifiably dismantled or destroyed. tax hike in modern history, costing dent’s first term will ensure that this to the public-private distinction. In
a president with the backbone to do At home, inflation is no longer millions of American jobs. Congress administration builds something many state capitals there is simply
his job and keep America safe. shattering records, and American should also resist populist calls to lasting—for the president’s legacy, no appetite to use state dollars to
Abroad, Mr. Trump has reasserted families are breathing a little easier. raise the top rate, a move that would and for America’s future. fund religious schools. If those
American leadership in the Middle But economic warning signs are put an enormous burden on small- states are forced to accept reli-
East, a region the Biden administra- flashing. The first quarter of 2025 business owners, including farmers Mr. Pence served as vice president gious charter schools by a Supreme
tion all but abandoned. In the Red marked the second-worst economic and manufacturers. of the United States, 2017-21. Court ruling, they may decide not
Sea, Iranian-backed Houthi militants to fund new charters at all. Or they
were terrorizing global commerce may revise their state laws to
with impunity. The Trump adminis-
tration immediately brought them to
heel with decisive force, reminding
After Saigon Fell, My Family Rose make charter schools unmistakably
public, which would snuff out their
autonomy.
the world that peace is best pre- By Michelle Giuda what rises from ashes when freedom dom’s promise can vanish in an in- In these states—including Califor-

W
served through strength. takes hold. stant. With distance comes danger: nia, Massachusetts, New Jersey and
After years of cuts in inflation-ad- ednesday marks the 50th an- I grew up hearing their stories: the fading of memory. On this anni- New York—millions of children at-
justed defense spending, Mr. Trump niversary of the fall of The Viet Cong dominated dinner ta- versary, we must remember that the tend charters that are the only
has pledged to transform the mili- Saigon. Black April was ble conversations. My father talked gifts of the U.S. are fragile, precious school choice they have. There are
tary back into a lethal fighting force more than a historical marker; it’s about jumping into a mortar pit full and worth defending. no private school-choice laws in
with the first ever trillion-dollar de- the root of my family’s story. My of scorpions and described sleeping Americans’ most powerful adver- these states.
fense budget. He wasted no time re- Vietnamese mother fled South Viet- on the roof so he would be the first sary is now communist China—the If the high court determines char-
storing a culture of merit within the nam seven days before the commu- to spot anything incoming. My same regime that bankrolled and ter schools are private, they could
armed forces, and now, after years of nists took over. My maternal grand- mother recounted frantically packing armed the Viet Cong—and we face a lose access to their current funding
shortfalls, all branches of the mili- mother escaped on one of the last C- five dresses and pretending to be en- different kind of battlefield. National and school buildings or get crushed
tary are exceeding quarterly recruit- 130 aircrafts six days later. My father gaged to an American family friend power is no longer measured by mili- under the weight of school district
ing targets. Mr. Trump also made was a member of the Navy Seabees to secure her last-minute escape to a tary strength alone. It’s exercised bureaucracy. Every dollar, rule and
clear that universities that turned a stationed in Da Nang before the Tet refugee camp in Guam. through economic leverage, techno- regulation will be renegotiated and
blind eye to antisemitism would lose Offensive. Half a century later, this The fall of Saigon was a tragedy— logical dominance and strategic in- litigated in every state and by Con-
billions in federal funding. anniversary is a reminder of tragedy lives lost, a country fractured, fami- vestment. Our freedom is being gress—with charters in some states
Yet even as American strength re- but also of triumph, a testament to lies like mine clinging to helicopters tested not only in war rooms but in faring better than others. It’s coun-
or braving the seas. Their exodus re- boardrooms. It’s being shaped not terintuitive, but a decision by the
minds us of the lengths people will go only by soldiers but by the choices of Supreme Court that determines
to escape the scourge of communism everyday social-media users. charter schools are private will shut
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY and build something from nothing. So how do we preserve it? Can we the door to educational opportunity
Lachlan Murdoch Look at Little Saigon in Westmin- give up TikTok, knowing its ties to a for many children, not open it wider.
Executive Chairman, News Corp ster, Calif.—the largest Vietnamese totalitarian regime? Will we invest in Many of the states that are likely
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp population outside Vietnam—or at building the next generation of to welcome religious charter schools
Emma Tucker Almar Latour Eden Center in Falls Church, Va. trusted technology—designed not already allow parents to use tax-
Editor in Chief Chief Executive Officer and Publisher These are hubs of small businesses only to win markets but to uphold payer funds at private religious
Liz Harris, Managing Editor DOW JONES MANAGEMENT: born from resilience and extraordi- freedom? schools. There is simply no need to
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, nary tenacity. More than 300,000 My father often repeated a simple upend the operational foundation
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; businesses in the U.S. are owned by Seabee motto: “Can Do.” Fifty years that has allowed charter schools to
Jason P. Conti, General Counsel, Chief
Executive Editor; Chip Cummins, Newswires; Vietnamese-Americans, including after Black April, as new threats become the national school-choice
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; the billion-dollar company that challenge liberty, that same spirit strategy. Finding that charters are
Writing; Michael W. Miller, Features & Weekend;
Bruce Orwall, Enterprise; Philana Patterson, Artem Fishman, Chief Technology Officer; makes Sriracha hot sauce. Fifty-five must guide Americans to meet this private schools would have devastat-
Audio; Amanda Wills, Video David Martin, Chief Revenue Officer, Business percent of U.S.-born Vietnamese- moment. ing consequences for millions of
Intelligence; Dan Shar, EVP, General Manager,
Wealth & Investing; Ashok Sinha, Chief
Americans hold bachelor’s degrees children. That’s the wrecking ball to
Paul A. Gigot
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & or higher, well above the national Ms. Giuda is CEO of the Krach In- worry about.
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; average of 38%. stitute for Tech Diplomacy at Purdue.
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer Young Americans today have She served as assistant secretary of Ms. Coleman is president of the
1211 Avenue of the Americas, New York, N.Y., 10036 known peace for decades. But from state for global public affairs, National Alliance for Public Charter
Telephone 1-800-DOWJONES Saigon to Kabul, we’ve seen how free- 2018-20. Schools.
A18 | Wednesday, April 30, 2025 THE WALL STREET JOURNAL.

Special Advertising Feature

AI for All:

As AI shifts from novelty to necessity, one senior executive at Samsung Electronics says the future of
this technology lies in the devices we already trust.

In the race to redefine consumer technology, Samsung is also expanding its AI ecosystem through
Samsung is enabling an AI transformation that partnerships with other companies. This allows us to
support consumers with various AI-based services and
increasingly touches every aspect of daily life.
products that benefit them further and can be easily
But how does the company ensure its AI delivers adopted in their daily lives.
real-world value while prioritizing privacy and
accessibility? Daehyun Kim, EVP and Head
of AI Center at Samsung Research, Samsung
Electronics, explores the philosophy behind this
people-centric approach to innovation.
We believe AI is most useful when it adapts to users’
preferences—and this flexibility is driven by data. With
hundreds of millions of connected devices, Samsung
continues to learn how AI can pinpoint specific needs and
deliver timely responses. For example, knowledge graphs
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Our vision for AI emphasizes helping people in real life. This contacts and suggest replies in your personal tone, or
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developing AI for all. We’ve invested in AI for more than picture from last year’s family trip”.
a decade and by integrating it across our products and
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Research to develop models that enhance productivity
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these tools elevate and simplify how people live, work and
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Life is meant to become easier with AI. The technology

itself isn’t our objective, but a means to deliver solutions
that genuinely improve our experiences at home, in the
office and in every space in between. For instance, live
translation is not a new invention, but we’ve used AI to
overcome the limitations that previously held it back, which EVP, Head of AI Center, Samsung Research
has enabled us to enhance the user experience. Some
technologies come and go, but I believe AI is here to stay.

The scale of Samsung’s business—from mobile and We understand that people want to know how their data is
appliances to TVs and semiconductors—means we are in being used and are concerned about privacy—and to that
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Across all our devices, we aim to make interactions with I really enjoy creating technology that meaningfully benefits
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For mobile, home appliance and entertainment devices, seeing customers try our AI experiences and hearing that
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picture and sound, voice commands and gesture control. is sponsored by Samsung.
 BUSINESS & FINANCE
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Wednesday, April 30, 2025 | B1
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UPS to Slash Jobs, Starbucks

UPS employee count*
600 thousand
490,000

Says New
Shrink Operations
500

400

300
Technology
Speeds Up

DAVID PAUL MORRIS/BLOOMBERG NEWS

BY DENNY JACOB owned buildings this year. Teamsters jobs. UPS says it
AND ESTHER FUNG Last year, it closed 11 build- plans to adhere to the Team- 200

United Parcel Service said

it is cutting 20,000 opera-
ings and cut 12,000 jobs, sters contract.
mainly manage-
rial roles.
Executives
at the delivery
100 Its Service
20,000
tional positions this year, Sean company said it
moving to slash expenses af- O’Brien, the is going to be- 0 BY HEATHER HADDON
ter breaking ways with Ama- Teamsters pres- come less de- 2015 ’20 ’24 AND ISABELLE BOUSQUETTE
zon.com, its biggest customer. ident, said UPS pendent on la- *Estimated
UPS, which has nearly is obligated to Positions to be shed bor, including UPS is closing 73 buildings. Source: the company Starbucks says new technol-
490,000 employees, has been create 30,000 by adding auto- ogy is helping fix one of its cus-
looking to shrink its opera- Teamsters jobs
by UPS after it mation to its figure its network and reduce both domestic and interna- tomers’ biggest gripes: waiting
tions since deciding in Janu- under the cur- broke ways with its facilities for costs couldn’t be timelier, tional operations. too long for their coffee.
ary to reduce the quantity of rent contract. biggest customer functions such given the uncertainty in the They declined to update A technology pilot at dozens
packages it delivers for Ama- He said the as applying la- macroeconomic environment. the outlook for the full year of U.S. locations has shaved
zon. union won’t ob- bels, as well as Tariffs are a major point of because of economic uncer- two minutes off the average
The e-commerce giant ac- ject if UPS loading and un- uncertainty, she said. tainty. The company expects time to make a beverage or-
counted for about 12% of downsizes management but loading trailers. For the second quarter, ex- to record between $400 mil- dered inside cafes. Starbucks
UPS’s revenue. UPS also ex- “UPS will be in for a hell of a Chief Executive Carol Tomé ecutives said they expect lion and $600 million in re- said three-quarters of orders at
pects to close 73 leased and fight” if it moves to eliminate said actions by UPS to recon- lower volume and revenue in structuring expenses in 2025. the test cafes’ busiest times
were completed in four minutes
or less, nearing its service-time

Amazon’s Satellite Ambitions Face Hurdles

goal, while not delaying mobile
orders.
The Seattle-based chain
plans to soon expand the pilot
to hundreds more of Star-
Starlink satellites 7,000 bucks’s 10,000 U.S. locations as
in orbit the company seeks to recapture
6,000
lost sales and improve cus-
tomer sentiment, with a goal of
having it running at roughly
5,000 one-third of those cafes by the
fall.
4,000 “We’ve seen such positive
benefits from it that the rollout
is happening very quickly,”
3,000
Chief Technology Officer Deb
Hall Lefevre said.
2,000 Starbucks is looking to jolt
its business after reporting five
1,000 consecutive quarterly declines
in same-store sales. Customers
have balked at its prices and
0 lines, turning to rivals for
2019 ’20 ’25 cheaper and faster coffee.
Source: Jonathan McDowell Starbucks said its second-
quarter U.S. and global same-
A rocket launched Monday store sales fell 2% and 1%, re-
STEVE NESIUS/REUTERS

night carried Amazon’s spectively. The declines were

Project Kuiper internet smaller than those for the pre-
network satellites into a vious quarter.
lower-Earth orbit from Cape Adjusted earnings per share
Canaveral, Fla. came in below analysts’ expec-
tations, while revenue largely
BY MICAH MAIDENBERG lenges familiar to many com- orbit. “No matter how the mis- opened last year. met targets, according to Fact-
panies pushing to scale up Elon Musk’s SpaceX has sion unfolds, this is just the The company wasn’t near Set. Starbucks said that labor
Amazon.com took a small manufacturing rates. demonstrated the power of start of our journey,” said Ra- that pace late last year and investments to improve store
step this week toward its goal Amazon’s Project Kuiper such a fleet through its Star- jeev Badyal, vice president of earlier in 2025, people famil- service weighed on its profit,
of being a global satellite-in- venture aims to build a large link business, which has more Kuiper. iar with the matter said. along with costs associated
ternet provider that competes constellation of satellites ca- than 7,000 sat- Leaders at One person familiar with with corporate layoffs earlier
with SpaceX’s Starlink and pable of providing high-speed ellites in orbit Kuiper have the company said as of the this year.

$10B
other fleets. internet connections to cus- and more than been intensely start of 2025, Kuiper was Starbucks’s shares declined
Some of the company’s big- tomers around the world. Am- five million us- focused on get- building almost one satellite a 7% in after-hours trading. Chief
gest hurdles aren’t in orbit, azon executives have said the ers. ting satellites day. Executive Brian Niccol said im-
but on the ground. company plans to invest more At least two ready for “We’ll continue to increase provement in customer trans-
Twenty-seven Amazon sat- than $10 billion in Kuiper. similar Chinese Amount Amazon launches, but our production, processing actions was notable given the
ellites were launched from the In all, the company plans systems are the initiative and launch rates following tough consumer environment.
Florida coast to orbit Monday on having around 3,200 satel- also in the
plans to invest in has faced set- this first mission,” an Amazon “I’ve led other turnarounds
night, a mission handled by lites in orbit over the next few works, while building a large backs as Ama- spokeswoman said. The com- and everything I’ve seen tells
rocket company United years, building a business it Canadian satel- network of satellites zon brought on pany is on track to start deliv- me we’re on the right track,”
Launch Alliance. A year and a hopes will eventually provide lite operator new employees, ering service to customers he said on an investor call.
half ago, ULA sent two proto- “meaningful operating in- Telesat is de- including those later this year, she added. Niccol, who took the reins of
type satellites for Amazon to come,” Chief Executive Andy veloping a new staffing an ad- Looming for Kuiper is a the world’s largest coffee chain
space. Jassy wrote in Amazon’s re- fleet called Lightspeed. ditional shift, and developed major deadline: By the end of last September, has said that
To compete with estab- cent annual letter to share- In Europe, governments production lines, people famil- July 2026, the company is Starbucks needs to improve its
lished providers, Amazon holders. and satellite companies are iar with the business said. supposed to have about 1,600 speed of service, particularly
needs to rapidly manufacture In a post on X early Tues- planning a satellite network Amazon has said at peak satellites in orbit, according to during the morning rush. Ear-
and deploy thousands more day, Jassy said Kuiper’s newly for secure government com- capacity, it expects to make up the terms of its license with lier this year, Niccol said about
satellites on a narrow time- launched satellites were work- munications and other ser- to five satellites each day at a the Federal Communications half of in-store orders took lon-
line. It also faces a set of chal- ing as expected in low-Earth vices. factory outside of Seattle it Please turn to page B4 Please turn to page B2

Deloitte Commits to INSIDE Stocks Rise for Day but

Manhattan Office Space Fall Since Inauguration
BY PETER GRANT development on Manhattan’s BY HANNAH ERIN LANG Benchmark Treasury yields
AND CRAIG KARMIN West Side, according to people and gold prices dipped, a sign
familiar with the matter. The Stocks continued their re- that demand for so-called safe-
Accounting and consulting firm will occupy 800,000 cent climb Tuesday, as opti- haven assets is easing.
giant Deloitte has agreed to square feet of the 1.1-million- mism spread among investors Tuesday marked the end of
lease nearly three-quarters of square-foot tower known as 70 that recent tariff turmoil won’t the first 100 days of Trump’s
a planned New York City office Hudson Yards. hurt earnings or the economy second term, concluding the
skyscraper, one of the most- Related Cos. reached an as badly as feared. worst start for stocks of any
prominent signs yet that the agreement with Deloitte even The Dow Jones Industrial presidential term in more than
upper end of the office market before the New York developer BUSINESS NEWS TECHNOLOGY Average rose 0.7% and the S&P half a century. Since Inaugura-
is heating up. broke ground on the new of- Coca-Cola says a Meta is sued by an 500 increased 0.6%, with each tion Day on Jan. 20, the S&P
Deloitte has committed to fice tower, which is expected index notching a sixth straight 500 dropped 7.3% and the Dow
move its North American in June. The more-than-60-
pullback by Hispanic activist who says its AI day of gains. After wavering dropped 6.8%. It was the worst
headquarters to Hudson Yards, floor tower will be the largest consumers dented its tool made up smears earlier in the day, the Nasdaq start to a presidency for both
the sprawling master-planned Please turn to page B6 quarterly sales. B3 about him. B4 Composite advanced 0.5%. Please turn to page B11

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B2 | Wednesday, April 30, 2025 * **** 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 G P
Adidas..............................................B3 General Motors....B2,B11,B12 Pfizer.................................................B6
Amazon.com.........A1,A2,B1,B6 Gentex...........................................B12 R
American Airlines..................B3 H Related.............................................B1
Aptiv................................................B12
Harley-Davidson......................B4 S
Arianespace.................................B4
Home Depot................................A1
B Honeywell International...B3
Santander Bank......................B6
BlackRock......................................B6 SL Green Realty.....................B6
J SpaceX..............................................B1
Blue Origin...................................B4
BorgWarner..............................B12 JetBlue Airways.............B3,B11 Spotify.............................................B6
BXP.....................................................B6 K Starbucks.......................................B1
C KKR.....................................................B6 Stellantis.....................................B12
Charter CommunicationsB4 M T
Coca-Cola.......................................B3 Merck................................................B3 Target................................................A1
Comcast..........................................B4 Meta Platforms.......................B4 Telesat..............................................B1
D Microsoft................................A1,B4 Tesla..................................................B2
Deloitte............................................B1 Moelis..............................................B4 U
E Mondelez International....B3 United Launch Alliance.....B1
Elliott Investment N United Parcel Service B1,B11
Management..........................B2 Nvidia.............................................B12 W

DAVID PAUL MORRIS/BLOOMBERG NEWS

F O Walmart..................................A1,A2
Ford Motor........................B2,B12 OpenAI............................................B4 Wells Fargo.................................B6

INDEX TO PEOPLE
A G Niccol, Brian.................................B1
Adolph, Steve............................A2 Geraghty, Joanna...................A6 Q
Altman, Sam...............................A1 H Quincey, James........................B3 A technology pilot at dozens of U.S. locations has shaved two minutes off the average time to make a beverage at Starbucks.
Arcuri, Tim.................................B12 Holliday, Marc...........................B6 S
Arya, Vivek................................B12
Auchincloss, Murray............B2
B
Horneman, Megan...............B11
Huang, Jensen........................B12
J
Sandland, Meredith..............B2
Saunders, Luke.......................A11
Serra, Davide...........................A10
Starbucks pates the new algorithm, which
it started working on this year,
will determine sequencing
The team helped build the new
proprietary order-scheduling
algorithm in-house, Starbucks
through its app this summer.
Lefevre said the new order-
sequencing algorithm is “rules
Badyal, Rajeev...........................B1
Barros, George.........................A8
Barra, Mary.................................B2
Jacobson, Paul..........................B2
Jassy, Andy..................................B1
Johnson, Steve.........................B3
Slattery, Michael.....................B6
Son, Masayoshi.......................A6
Suleyman, Mustafa..............A6
Credits New across cafe counters, drive-
throughs and apps.
Niccol previously oversaw
said.
Starbucks is also using the
new technology to experiment
based,” following a predeter-
mined “if-then” structure,
rather than being powered by
Bezos, Jeff...........................A2,B4
Bourla, Albert............................B6
C
L
Lefevre, Deb Hall.....................B1
T
Tomé, Carol..................................B1
Topalian, Leon...........................A6
Technology turnarounds at Taco Bell and
Chipotle Mexican Grill, and ear-
lier this year recruited former
with scheduling specific pickup
times for mobile orders.
Baristas are learning to time
artificial intelligence. Sand-
land said it has room to grow
more complex over time.
M Taco Bell colleague Meredith the making of mobile orders Starbucks on Tuesday re-
Cohen, Steve..............................B4 V Continued from page B1 Sandland to lead chain develop- based on factors such as order ported $8.8 billion in revenue
Mulberry, Brian.........................B1
D Vena, Jim......................................A6 ger than four minutes. Mobile ment. complexity, aiming to prevent for the three months ended
Murphy, John.............................B3
W orders averaged around six Starbucks also brought on drinks sitting out for minutes March 30, up 2% from last year.
Denton, David...........................B6 Musk, Elon............................A9,B1
minutes to complete. six engineers who had worked before a customer arrives, Star- Earnings per share adjusted for
E N Wanzhou, Meng......................A9
Baristas currently handle or- for Sandland at a software bucks said. one-time items were 41 cents,
Ek, Daniel......................................B6 Nadella, Satya............................A1 Z ders on a first-come, first- startup that helped restaurants The company hopes to begin short of the 49 cents analysts
Ellison, Larry..............................A6 Neeleman, David...................A11 Zuckerberg, Mark...................B4 served basis. Starbucks antici- better manage delivery orders. offering scheduled orders expected.

GM Pulls 2025 Profit Guidance, Citing ‘Significant’ Tariff Impact

BY CHRISTOPHER OTTS U.S. auto sales, seasonally GM’s quarterly net profit/loss ter was $3.5 billion, or $2.78 a benefited from some pull-ahead Chief Executive Mary Barra.
adjusted annual selling rate share. demand from customers pur- GM’s core portfolio of gas-
General Motors is shelving $2.8B The financial results largely chasing vehicles ahead of po- powered trucks and SUVs has
20 million 18.3M $3 billion
its earlier profit guidance for –6.6%* beat analysts’ expectations but tential tariffs, particularly in enabled solid earnings growth
+13.7%*
2025, saying President Trump’s showed some troublesome March,” Jacobson said on Mon- in recent years, even as the
auto tariffs have clouded the 2 signs for a business that has day. He added that the strong company’s multibillion-dollar
outlook and its prior forecast 15 had a highly profitable run over demand has continued into bet on electric vehicles has yet
“can’t be relied upon.” 1
the past few years. April with GM’s deliveries on to prove profitable. GM is also
Chief Financial Officer Paul In January, GM projected an pace to grow 20% over the trying to stabilize its once-lu-
Jacobson said the company adjusted pretax profit in the same month last year. crative business in China, which
would come back to the market 10 0 range of $13.7 billion to $15.7 Car companies have mostly it is scaling back amid a steep
with an update once its execu- billion for 2025. The midpoint absorbed the additional tariff sales decline that began in 2018.
tives have more clarity. “Given of the range would be roughly costs, but some have warned of Tesla, the electric-vehicle
–1
the evolving nature of the situ- on par with last year’s result. price increases leader in the
ation, we believe the future im- 5 Jacobson attributed some of in coming U.S., said this
pact of tariffs could be signifi- –2 the earnings decline to an un- months if the month that
cant,” Jacobson told reporters usually strong first quarter in tariffs remain. Car companies Trump’s trade
on a call Monday evening.
0 –3
2024, a period in which GM’s The auto have mostly policies are
GM reported quarterly earn- shipments rebounded after a sector is among stressing its sup-
ings Tuesday morning but said March 2024 ’25 2023 '24 '25 bruising UAW strike that dis- the U.S. indus- absorbed the ply chains and
it would delay its analysts call rupted factory production. tries most vul- adding costs,
until Thursday, an unusual
*Change from a year earlier Sources: Wards Intelligence (sales); S&P Capital IQ (profit/loss)
The results also captured a nerable to
additional tariff even though it
move that underscores the rap- Trump is expected to soften part by higher warranty and la- rush among consumers to ac- Trump’s trade costs. builds all its
idly shifting trade environment. the impact of auto tariffs, The bor costs, and a lower sales mix celerate their car-buying plans war. About half U.S.-sold vehicles
The company is also holding Wall Street Journal reported of lucrative trucks and sport- in March, ahead of new auto- of new vehicles in Texas and
off on stock buybacks to con- Monday. utility vehicles. Scheduled import tariffs that went into ef- sold in the U.S. California.
serve cash. GM’s board in Feb- The moves include prevent- downtime at the company’s fect this month as part of are imported and thousands of Ford Motor reports financial
ruary approved up to $6 billion ing the tariffs from stacking on full-size truck plant during the Trump’s trade policies. parts that go into American- results May 5, and many ana-
in buybacks but the company top of other import duties and quarter and a fire at a supplier While U.S. car sales rose 13% made vehicles are also made lysts anticipate the company
so far has purchased only $2 easing some levies on foreign facility dented shipments to in March, analysts expect the outside the country in places might also withdraw its guid-
billion shares. It is awaiting parts, which would provide dealers of these models, the surge to be short-lived because such as Mexico, Canada, South ance.
“more clarity” on tariff policies some relief for automakers that company said. vehicle prices are also set to Korea and China. So far, GM has avoided head-
before buying any additional build cars in the U.S. and Revenue was up 2.3%, lifted rise in the coming months, and For GM, one of the U.S.’s big- line-making moves in response
stock, Jacobson said. source components abroad. by a double-digit increase in consumers who normally would gest importers of vehicles, the to the tariffs, such as warning
GM’s stock was down about GM’s net income slid 6.6% to sales during the three-month have purchased a vehicle later tariffs are expected to have an of future price increases or dis-
1% on Tuesday following the $2.8 billion in the first quarter period. The company’s adjusted in the year acted ahead of time. outsize impact, adding to the closing plans to relocate more
earnings report. of 2025, a decrease driven in pretax profit for the first quar- “The industry undoubtedly challenges facing longtime car production to the U.S.

BP Plans to Boost U.S. Oil-and-Gas Drilling

BY MATTHEW DALTON BP is the first European
AND ADAM WHITTAKER energy major to report re-
sults for the quarter clouded
BP, the oil company that by rising global trade ten-
once aimed to lead the shift sions and the prospect of a
to renewable energy, is now glut of oil hitting the market
on board with President and weighing on prices.
Trump’s mantra of “drill, For BP, the uncertainty
baby, drill.” comes as it pursues a
The London-based energy broader strategic reset. The
TOBY HARRIMAN FOR WSJ

company said Tuesday that it company said in February it

was aiming to boost its pro- would boost oil-and-gas pro-
duction of oil and gas in the duction and sharply cut in-
U.S. by more than 50% by the vestments in clean energy,
end of the decade. while also targeting $20 bil-
The move comes as BP lion of asset sales by 2027 to
slashes green spending and BP plans to raise U.S. production from 650,000 barrels a day help reduce debt.
pivots back to fossil fuels to more than one million by 2030. On Tuesday, BP announced
amid pressure from investors. that a senior executive in
Those include activist hedge BP’s underlying replacement- BP’s share price† charge of green energy in-
fund Elliott Investment cost profit, quarterly* vestments is leaving the com-
Management, which now has pany and won’t be replaced.
a 5% interest in the company. $10 billion $29.50 BP said first-quarter un-
“We’re pretty tightly derlying replacement-cost
aligned with the president,” 29.25 profit—a metric similar to the
8
Chief Executive Murray net income its U.S. peers re-
Auchincloss said in an inter- 29.00 port—came in at $1.38 billion.
view, adding that BP plans to 6 That was far below the $2.72
28.75 Tuesday
raise U.S. production from $28.07 billion reported in the same
650,000 barrels a day to –3.6% period last year, and missed
28.50
more than one million by 4 analysts’ forecasts of $1.53
2030. “It’s both in oil and gas billion, according to a com-
28.25
onshore and oil and gas in pany-compiled consensus.
the Gulf of America,” he said, 2 In line with some analysts’
28.00
using Trump’s preferred expectations, BP cut its quar-
name for the Gulf of Mexico. 27.75 terly buyback to $750 million
0
So far, though, Trump’s from $1.75 billion in the prior
policies have cast a cloud 2022 ’23 ’24 ’25 Monday Tuesday quarter.
over the sector. The adminis- *A metric similar to net income its U.S. peers report †ADRs Cash flow from operations
tration’s tariff announce- Sources: the company (profit); FactSet (share price) fell to $2.83 billion from $7.43
ments have pushed oil prices billion the previous quarter,
down amid concerns of turn less cash to sharehold- tious,” Auchincloss said. while net debt jumped to
slower economic growth. ers as market uncertainty The company has set aside nearly $27 billion.
BP on Tuesday reported a and weaker oil prices an additional $1.5 billion in BP’s shares fell 2.4% in
sharp drop in first-quarter weighed on its outlook. cash because of the uncer- trading in London on Tues-
profit and said it would re- “We’re being ultracau- tainty, he said. day.
 THE WALL STREET JOURNAL. * * Wednesday, April 30, 2025 | B3

BUSINESS & FINANCE

Coca-Cola Sales
Coca-Cola quarterly revenue,
change from previous year
8%

Hit by Boycott, 6

Lower Demand 4

BY LAURA COOPER in places such as Mexico and

AND DENNY JACOB Chile. 0
While several analysts 1Q 2025
Coca-Cola says it can called Coke’s quarter a solid –2 –2%
HOWARD SCHNEIDER/REUTERS
manage the effects of tariffs, start to the year, some mar-
2023 ’24 ’25
but that lower sales to His- ket softness stemmed from a
panic consumers dented its pullback by Hispanic con- Source: S&P Capital IQ
sales in the U.S. and other sumers, who might have
markets including Mexico. been influenced by a social- The Atlanta-based beverage
The beverage company media campaign against company posted a 3% volume
posted a 3% volume drop in Coca-Cola. A video online drop in North America.
North America, as Coca-Cola purported to show the com-
carbonated soft-drinks vol- pany called on Immigration that’s largely in the rearview John Murphy said there was to deal with tariff effects. from $3.18 billion, or 74
ume declined in the latest and Customs Enforcement to mirror in terms of its virality a “weakening with Hispanic Coca-Cola produces and bot- cents a share, a year earlier.
eight weeks, according to an help remove undocumented and affecting the business,” consumers” at the end of the tles its sodas locally. Stripping out certain one-
analyst report from RBC workers, which a company Chief Executive James Quin- most recent quarter. Coca-Cola logged net in- time items, earnings came in
Capital Markets. Sales in spokesman said is “unequiv- cey told analysts and inves- The Atlanta-based com- come of $3.33 billion, or 77 at 73 cents a share. Revenue
Latin America were flat this ocally false.” tors Tuesday. pany kept its 2025 forecast cents a share, for the first fell 2% to $11.13 billion from
quarter because of declines “To the false video, I think Chief Financial Officer and said it expects to be able quarter ended March 28, up $11.3 billion.

MONDELEZ HONEYWELL JETBLUE MERCK

BUSINESS WATCH Sales Post Increase, Outlook Adjusted to Airline Is Sued Over Drugmaker Plans
But Earnings Decline Account for Levies Failed Alliance Deal $1 Billion U.S. Plant
Mondelez International Honeywell International American Airlines is suing Merck & Co. will expand its
posted higher sales in the first tweaked its full-year earnings JetBlue Airways to recover U.S. manufacturing footprint
quarter despite a decline in and sales guidance to reflect money owed after partnership with a $1 billion plant in Dela-
North America, while profit uncertainty from the tariff talks with the carrier ended ware, becoming the latest
took a hit from what its chief war, though the volatility over business differences, po- drugmaker to invest in the
executive called unprece- didn’t weigh on its strong first tentially clearing the runway U.S. as tariffs targeting the in-
SARAH YENESEL/EPA/SHUTTERSTOCK

dented cocoa costs. quarter. for its rivals to pursue alli- dustry loom.
The Chicago snacks com- The industrial conglomerate ances with JetBlue. The facility’s products will
pany also backed its outlook said it now expects adjusted American Airlines Vice include biologic drugs and a
for the year. earnings of at least $10.20 a Chair Steve Johnson said on new, easier-to-use version of
Mondelez on Tuesday share this year, adding 10 Monday that while it made “a blockbuster cancer drug
posted a profit of $402 mil- cents to the low end of its very attractive proposition to Keytruda. The plant marks
lion, or 31 cents a share, down previous outlook. Sales are JetBlue…it became clear over Merck’s first in-house manu-
from $1.41 billion, or $1.04 a now expected to top out at time that JetBlue was focused facturing site in the U.S. to
share, a year earlier. Stripping $40.5 billion instead of $40.6 on different business priori- make Keytruda.
Adidas warned that U.S. tariffs might prompt price increases. out one-time items, earnings billion. ties.” Merck’s biggest exposure to
per share were 74 cents, For the first three months The Fort Worth, Texas- tariffs is Keytruda, which is
ADIDAS a high single-digit rate. It also ahead of estimates of 66 of the year, Honeywell posted based carrier said it has also the world’s top-selling phar-
forecasts an increase in oper- cents according to analysts a profit of $1.45 billion, or filed a lawsuit to recover maceutical, and is approved
Sportswear Maker ating profit to between €1.7 polled by FactSet. $2.22 a share, compared with money owed by JetBlue fol- for treating lung cancer, mela-
Backs Its Forecast billion and €1.8 billion, or $1.94 Revenue rose 0.2% to $9.31 $1.46 billion, or $2.23 a share, lowing the termination of their noma and other tumors.
Adidas reiterated its views billion to $2.06 billion. billion. Analysts expected in the same quarter a year previous partnership, the Keytruda accounts for roughly
for the year, but warned that Adidas confirmed pre-re- $9.32 billion. earlier. Stripping out one-time Northeast Alliance. half of the company’s revenue,
Trump’s tariffs could weigh on leased first-quarter figures, The company maintained items, adjusted earnings were JetBlue didn’t respond to a and last year generated $29.5
performance, which might with sales of €6.15 billion , 13% its previous full-year outlook, $2.51 a share. Analysts polled request for comment. The car- billion in worldwide sales. The
prompt price increases in the higher than in the prior-year guiding for organic revenue by FactSet had been expecting rier will report its first-quarter drug is manufactured by the
U.S. to mitigate the hit. period in currency-neutral growth of about 5% and ad- $2.21 a share. results on Tuesday. company outside the U.S. in
The German sporting-goods terms. Operating profit rose to justed earnings per share to Sales rose 7.9% to $9.82 bil- American Airlines shares places such as Ireland and by
company said Tuesday that it €610 million, up from €336 decline around 10% due to co- lion, above analyst projections rose less than 1% Tuesday, domestic contract manufac-
continues to anticipate cur- million previously, with a mar- coa cost inflation. of $9.59 billion, according to while JetBlue shares jumped turers.
rency-neutral sales growth at gin of 9.9%. —Andrea Figueras —Kelly Cloonan FactSet. —Dean Seal 2.7%. —Kimberley Kao —Jared S. Hopkins

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B4 | Wednesday, April 30, 2025 * * THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Amazon miss the deadline, though

some have said Amazon could
seek and secure an extension
N.Y. Mets
Faces if that happens.
The FCC didn’t respond to a
Broadcaster
request for comment.
Explores
Hurdles Monday’s launch marked
the first time Amazon has
flown satellites expected to Possible Sale
form part of its planned con-
Continued from page B1 stellation.
Commission. Amazon has purchased BY LAUREN THOMAS
If it misses that milestone, three satellite missions with
the telecom regulator could re- SpaceX, but the vast majority SportsNet New York, the
duce the number of total satel- of its Kuiper launches are with broadcast home of the New
lites Amazon is authorized to ULA, France-based Ariane- York Mets, is exploring poten-
deploy, potentially crimping space and Blue Origin, the tial deals including an outright
the internet capacity the com- space company owned by Jeff sale, according to people famil-
AMAZON/AFP/GETTY IMAGES
pany is looking to provide. Bezos. iar with the matter.
The spokeswoman for Ama- The latter three have re- SNY has hired bankers at
zon said the company is work- cently debuted powerful new Moelis to conduct a process to
ing to fulfill all of the obliga- rockets and are pushing to find new financial backers, the
tions set in its FCC license. ramp up vehicle production people said. The process is ex-
Many satellite-industry an- and fly more often for Amazon pected to generate interest from
alysts expect the company will and other customers. Project Kuiper satellites leaving Amazon’s processing facility in Cape Canaveral, Fla. a range of potential investors
including other regional sports
networks and private-equity

Conservative Sues Meta Over False AI Answer

firms, they said. The Mets’ bil-
lionaire owner, Steve Cohen,
also would likely be interested.
The deal is meant to help po-
sition SNY for the future and
BY SARAH NASSAUER lion in damages. 2024 in a ruling requiring the tives, including Chief Execu- capitalize on a promising start
AND JACOB GERSHMAN “You start to wonder how plaintiff to pursue his claims tive Mark Zuckerberg, to take to the Mets’ season. The sports
much further this is going to against Microsoft in arbitra- down the inaccurate informa- media landscape is rapidly
A conservative activist seed out into society,” Star- tion. tion. Starbuck said his lawyer evolving as consumers ditch ca-
filed a defamation lawsuit buck said in an interview. He Microsoft and OpenAI de- sent the company a cease- ble and sign up for streaming
against Meta Platforms, al- said he is worried about how clined to comment beyond and-desist letter. services.
leging its artificial intelli- AI could be used to determine their court filings. Starbuck said he was in his SNY is still controlled by the
gence tool smeared him by creditworthiness, insurance Social media and other in- home state of Tennessee on Mets’ former owners, the Wil-
falsely asserting he partici- risk or overall reputation. ternet sites generally can’t be Jan. 6 in 2021. His research pon and Katz families. They
pated in the Jan. 6, 2021, riot A Meta spokesman said held liable for what their users team, a group that is accus- sold the team to Cohen five
at the U.S. Capitol. that “as part of our continu- post on their platforms. But le- tomed to digging up informa- years ago. That deal valued the
SEAN SMITH FOR WSJ

Robby Starbuck said he dis- ous effort to improve our gal experts say that legal tion about company policies team at roughly $2.5 billion,
covered the problem last sum- models, we have already re- shield, under a federal law they object to, tried to find the which at the time was the most
mer when he was waging an leased updates and will con- known as Section 230, doesn’t source of the information ever paid for a North American
online campaign to get Har- tinue to do so.” cover humanlike responses pro- Meta spit out about Jan. 6, but professional sports franchise.
ley-Davidson to change its di- Starbuck joins a small list duced by automated AI pro- couldn’t find anything, Star- The families kept SNY, which
versity, equity and inclusion, of plaintiffs who are trying to Activist Robby Starbuck filed grams in response to user buck said in an interview. is majority owned by Sterling
or DEI, policies. A Harley hold AI companies account- the lawsuit in Delaware. prompts. Days later a lawyer for Equities, the investment firm
dealer in Vermont fired back able for false and reputation- Clare Norins, director of Meta told Starbuck’s attorney run by the families. Charter
by posting on X a screenshot damaging information gener- The judge heard arguments University of Georgia School of Krista Baughman that “Meta Communications and Comcast
on Aug. 5 purportedly of an ated by large language models. on OpenAI’s motion for sum- Law’s First Amendment Clinic, takes the assertions set forth are part owners. There has been
Meta AI response saying Star- No U.S. court has awarded mary judgment in April. said she doesn’t think that AI in your letter seriously, and an speculation ever since the deal
buck was at the Capitol riot damages to someone defamed In its defense, OpenAI em- companies can simply rely on investigation into them is un- that Cohen would want to buy
and that he was linked to by an AI chatbot. phasized how often it warns disclaimers cautioning users derway,” according to the the network, too.
QAnon. A judge in Gwinnett users about the potential inac- about their factual reliability. lawsuit. SNY serves the New York
Starbuck denied the allega- County, Ga., last year allowed curacy of ChatGPT outputs “It’s not an insurance pol- Meta AI continued to state metropolitan area and primarily
tions that same day and re- a defamation lawsuit against and says Walters never alerted icy against being sued for def- that Starbuck entered the Cap- covers the Mets, the Jets and
sponded in a social-media OpenAI to proceed to discov- OpenAI about the alleged er- amation,” she said. itol on Jan. 6, according to the other New York-based sports
post that “Meta will hear ery after denying the ChatGPT ror or sought a retraction be- But to establish liability, complaint. Starbuck and his teams and events. It also
from my lawyers.” He says maker’s motion to dismiss. fore bringing his complaint. plaintiffs in such cases still legal team queried other AI reaches fans in Connecticut,
Meta AI was still making the In that case, conservative Microsoft in 2023 was sued have to at least show negli- tools for similar information, New Jersey and Northeastern
same unproven claims about talk radio host Mark Walters by a man alleging that its Bing gence on the part of actual hu- but ChatGPT and xAI’s Grok Pennsylvania.
him months later and he filed claims ChatGPT said he was search engine and AI chatbot mans, said Norins. stated that Starbuck wasn’t at SNY has an exclusive, long-
a lawsuit. the subject of a lawsuit ac- confused him with a convicted When Starbuck learned the riot and said the inaccu- term rights partnership with
His lawsuit, filed in Dela- cusing him of embezzling terrorist of a similar name. A last year what Meta’s AI tool rate statement originated with the Mets that lasts through
ware Superior Court on Tues- funds from a gun-rights or- federal judge in Maryland was saying about him, he misinformation from Meta AI, 2035, the people familiar with
day, seeks more than $5 mil- ganization. halted the litigation in October used X to ask Meta execu- according to the complaint. the matter said.

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THE WALL STREET JOURNAL. Wednesday, April 30, 2025 | B5

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B6 | Wednesday, April 30, 2025 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Deloitte
Commits
To Tower
Continued from page B1
ground-up U.S. office develop-
ment to start construction
since the pandemic.
Tech companies such as
Meta Platforms, Amazon.com
and Google helped spark a
boom in the Manhattan office
market in the years before the
pandemic. But interest among
companies plummeted once
Covid-19 caused employees to
work from home.
Now, that demand is recov-
ering as companies have in-
sisted that more workers re-
turn to the office. Vacancy
rates, which touched records
during the earlier years of the
pandemic, have been falling in
Manhattan and other U.S.
business districts.

RELATED COMPANIES (2)

New office construction,
meanwhile, has been practi-
cally nonexistent. That lack of
new supply has unleashed a
scramble among financial ser-
vices companies, law firms
and technology companies for
the same trophy assets. Renderings of Related Cos.’ gling with low occupancy and
Most of these firms want 70 Hudson Yards project in falling rents also are being hit
shiny new towers with special- New York. Groundbreaking by high interest rates.
ized climate control systems, on the more-than-60-floor The office recovery also is
plenty of outdoor space and tower is scheduled for June. imperiled by what economists
restaurants helmed by Mi- say are the increasing chances
chelin-starred chefs. They pre- SL Green was projecting 2 for a recession. In recent
fer to be near train stations or million square feet of leasing weeks, some tenants have
other public transportation. in 2025 before President moved to the sidelines in New
Related’s 70 Hudson Yards Trump’s “Liberation Day” tar- York and other cities as con-
ticks most of these boxes. The iffs announcement. But it re- cerns about a trade war and
building will include a large confirmed that projection two possible recession have grown.
event space, private dining, a weeks later. “You have tenants The lack of new construc-
media-podcast studio and “red with real need for space,” tion is contributing to the
eye” suites for employees and Chief Executive Marc Holliday bullish mood even during this
guests to freshen up after said on a recent earnings call. period of uncertainty. Manhat-
flights. Deloitte, which cur- Office demand in New York tan landlords say tenants will
rently counts Manhattan’s is back at levels not seen since lease space at more than $200
Rockefeller Center as its na- before the pandemic. In the a square foot for new trophy
tional office hub, also will have first quarter, businesses leased buildings, among the highest
use of an 8,000-square-foot 7.9 million square feet of office rents in the U.S.
terrace at 70 Hudson Yards. space in Manhattan, well Hudson Yards, which Re-
Related’s ability to lease ahead of the five-year quar- lated developed with Oxford
most of its new tower before it terly average of 5 million Properties, was built over a
even breaks ground may en- square feet, according to CBRE lar corridors, like Sixth Avenue Michael Slattery, CBRE’s re- ond and third tiers.” rail yard. It includes about 12
courage other developers, such Group. Amazon and Santan- and Park Avenue. But space is search director for the New No one is calling the na- million square feet of commer-
as SL Green Realty and BXP, der Bank are among the major getting so tight in these dis- York region. tional office downturn over. cial and residential space, as
to push ahead with their pro- firms to commit to new space tricts that tenants have “Before tenants could get Vacancy remains near record well as numerous stores, res-
posed new projects despite the last quarter, CBRE said. started to expand their both location and quality” in levels in many cities especially taurants and public spaces.
challenging backdrop of a Much of New York’s new searches to neighborhoods like their top choice buildings, in older buildings. The office Other large office tenants in-
global trade war and economic leasing over the past year has Midtown South, Downtown Slattery said. “Now tenants delinquency rate remains high clude Wells Fargo, BlackRock
uncertainty. been for the city’s most-popu- and near Penn Station, said are having to explore the sec- because many landlords strug- and KKR.

BUSINESS & FINANCE

Pfizer Expands Cost-Cutting Measures, Backs Outlook

BY JARED S. HOPKINS and other digital tools, bring- tentially producing certain drug Paxlovid, which was par-
AND DEAN SEAL ing the company’s overall drugs and their raw ingredi- tially offset by growth from its
cost-cutting efforts to $7.7 bil- ents in the U.S. Covid-19 vaccine Comirnaty,
Pfizer on Tuesday reaf- lion by the end of 2027. The Bourla, who told analysts the heart drug Vyndaqel and
firmed its outlook for the year, latest round includes an addi- he spoke with Trump adminis- cancer medicines such as Pad-
and announced another round tional $500 million of savings tration officials, said that cev and Lorbrena.
of cost cuts as the belea- in research and development pharmaceutical tariffs might Pfizer said the Paxlovid
guered drugmaker looks to that will be reinvested into be different depending on drop was largely because of
turn around its business post- new projects. whether the imports are com- last year’s one-time Paxlovid
pandemic. “While we continue to en- ing from countries friendly to revenue credit of $771 million,
The company forecast 2025 gage and plan for contingen- the U.S. or ones with adver- recorded during the first
sales of between $61 billion cies, we’re focusing day-to-day sarial relationships. quarter of last year.
and $64 billion and earnings on what we can do to move Bourla also told analysts Denton said the company is
per share of $2.80 to $3, our business forward,” Pfizer Pfizer has enough U.S. capac- facing headwinds from
though it didn’t include any Chief Executive Albert Bourla ity should it need to shift pro- changes in Medicare coverage
BRYAN BEDDER FOR WSJ

impact related to potential said. duction from overseas, and associated with Part D plans,
tariffs. Investor sentiment has that Pfizer wouldn’t need to but also currently trending to-
Pfizer Chief Financial Offi- failed to improve despite a build new plants to do so. He ward the upper end of its ad-
cer David Denton told analysts number of moves by Pfizer to said that favorable tax policy, justed earnings outlook for
Tuesday the company is fore- turn around the business. not tariffs, would lead to more the year.
casting $150 million in costs Pfizer has shaken up its sales Pfizer investment in the U.S. Pfizer generated record
this year from the tariffs im- strategy, shuffled its leadership CEO Albert Bourla said Pfizer has enough U.S. capacity In the first quarter, the profit after it introduced its
plemented to date. The sum team, reorganized the com- should it need to shift production there from overseas. drugmaker posted a profit of Covid-19 vaccine, which pow-
was factored into the com- pany and created a separate $2.97 billion, or 52 cents a ered the company’s stock to a
pany’s sales and earnings out- cancer unit in hope of new Pfizer remains under pressure disease areas of cancer, vac- share, compared with $3.12 record high in 2021. But after
looks for the year, he said. breakthroughs to ring in new from shareholders to deliver cines, immunology and pri- billion, or 55 cents a share, in Covid-19 became less of a
Meanwhile, Pfizer ex- sales. Bourla also tapped the strong new sales growth as mary care. the same quarter a year ear- threat, sales of the company’s
panded its multiyear cost-cut- executive in charge of the com- lower-priced competition “Now it is all about R&D for lier. vaccine and antiviral fell more
ting plan, launched in 2023 af- pany’s cancer-drugs business looms for big-selling products. us,” he said. It is Pfizer’s “big- Revenue fell 8% to $13.7 bil- than executives predicted.
ter the drugmaker miscal- to oversee the drugmaker’s re- Bourla said in an interview gest advantage,” he added. lion, below analyst estimates New drug launches underde-
culated demand for its Covid- search and development. that Pfizer has strengthened With pharmaceutical tariffs for $13.92 billion, according to livered, and Wall Street was
19 products. Pfizer said it Still, shares haven’t shaken its manufacturing and com- looming, Pfizer could cushion FactSet. cool to the company’s pipe-
expects to save an additional off their postpandemic slump, mercial functions and is fo- itself by potentially managing The decline was driven by a line.
$1.2 billion from using auto- shedding nearly two-thirds of cused on improving drug de- drug supply, leveraging do- roughly 75% drop in revenue Its shares climbed 3.2% on
mation, artificial intelligence their value since their highs. velopment across its four mestic manufacturing and po- from the company’s Covid-19 Tuesday.

Spotify Adds Subscribers, With Higher Prices Buoying Revenue

BY ANNE STEELE For the first quarter, billion, in line with its expec- its user base and pulling think you are offering a great quarter’s results, pointing to
monthly active users grew tations. back from heavy spending in service at a great value.” strong engagement and re-
Spotify Technology con- 10% to 678 million, in line Average revenue per user areas such as podcasts. The company missed on tention—and the option of
tinued to add subscribers with the company’s prior for its subscription business The company has worked operating income because of Spotify’s free tier for cus-
during the first quarter, guidance. climbed 4% to €4.73, helped to become a one-stop shop social charges, payroll taxes tomers who may feel the
which is usually a softer pe- Premium subscribers, Spo- by price increases. for all things audio, including that go up with stock-price squeeze. “So yes, the short
riod for the audio-streaming tify’s most lucrative type of Ad-supported revenue, an audiobooks, and imple- appreciation. term may bring some noise,
company, and expects growth customer, rose 12% to 268 area Spotify has been fo- mented price increases The company’s share price but we remain confident in
to accelerate through the million, topping its expecta- cused on making a bigger around the world that are has more than doubled over the long-term story,” he said.
rest of the year despite a tions and driven by emerging part of its business, grew 8%, helping to pay for those ini- the past year and is up 26% For the current quarter,
choppy macroeconomic envi- markets including Latin driven by both music and tiatives without frustrating in 2025. Spotify forecast user numbers
ronment. America and the Asia-Pacific podcasts. customers so much that they Music subscriptions are would grow to 689 million—
“We still feel like there’s region. Spotify’s gross margin of leave. seen as a relatively cheap below Wall Street expecta-
plenty of growth left,” said The company posted a 31.6% was slightly above its “Spotify is generally a utility, making Spotify’s busi- tions—and premium subscrib-
Chief Executive Daniel Ek. profit of €225 million—equiv- prior guidance. very resilient business,” Ek ness somewhat recession- ers would grow to 273 million,
Shares fell 3.5% on Tues- alent to about $256 million— After reporting its first said in an interview, adding proof, compared with its tech ahead of analyst estimates, ac-
day as the company guided or €1.07 a share, up from ever full year of profitability that investments in offerings and media peers. cording to FactSet.
for second-quarter user €197 million, or 97 euro cents in 2024, Spotify continues to across music, podcasts and “The underlying data at It said it expects revenue
growth below analyst expec- a share, a year earlier. make good on its promise of audiobooks have made for the moment is very healthy,” of €4.3 billion and gross mar-
tations. Revenue rose 15% to €4.19 margin growth by building sticky users. “Consumers Ek said in announcing the gin of 31.5%.
THE WALL STREET JOURNAL. * * Wednesday, April 30, 2025 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures July 410.00 418.90 s 396.70 399.80 –10.25 73,261 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. May .7246 .7247 .7221 .7230 –.0002 523
Contract Open June .7246 .7260 .7227 .7240 –.0001 246,866
Open High hi lo Low Settle Chg interest May 17.84 17.93 17.44 17.62 –.22 44,417
Corn (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £
July 17.85 17.95 17.44 17.54 –.31 345,510
Copper-High (CMX)-25,000 lbs.; $ per lb. May 475.50 477.25 460.25 460.50 –15.00 55,681 May 1.3434 1.3434 1.3386 1.3402 –.0025 501
July 482.75 485.25 469.75 470.25 –13.00 689,553 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
May 4.8465 4.9145 4.7960 4.8230 –0.0175 10,045 June 1.3443 1.3447 1.3382 1.3404 –.0025 179,569
Oats (CBT)-5,000 bu.; cents per bu. July 37.30 37.30 37.30 37.30 … 567
July 4.8970 4.9635 4.8435 4.8725 –0.0170 103,925 Swiss Franc (CME)-CHF 125,000; $ per CHF
May 370.25 385.00 366.50 381.25 12.00 89 Cotton (ICE-US)-50,000 lbs.; cents per lb. June 1.2259 1.2263 1.2169 1.2201 –.0053 72,323
Gold (CMX)-100 troy oz.; $ per troy oz. May 67.13 67.13 66.25 66.35 –.03 17
July 355.75 360.00 350.00 357.50 –1.50 2,194 Sept 1.2340 1.2390 1.2306 1.2333 –.0054 227
May 3340.00 3340.00 3299.90 3318.80 –14.20 8,425
Soybeans (CBT)-5,000 bu.; cents per bu. July 67.58 67.81 66.11 66.49 –1.06 109,564 Australian Dollar (CME)-AUD 100,000; $ per AUD
June 3354.90 3359.30 3309.20 3333.60 –14.10 323,559 May 1051.50 1052.75 1034.75 1041.00 –11.00 26,897 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. May .6430 .6441 s .6387 .6387 –.0040 420
July 3369.20 3369.20 3327.20 3347.60 –13.90 483 July 1062.00 1063.25 1045.75 1052.75 –9.75 374,663 May 265.00 268.80 244.50 265.35 –3.55 485 June .6436 .6453 s .6380 .6390 –.0040 184,649
Aug 3383.70 3387.20 3338.10 3362.50 –14.30 67,951 Soybean Meal (CBT)-100 tons; $ per ton. Mexican Peso (CME)-MXN 500,000; $ per MXN
July 269.10 274.95 244.00 263.60 –3.55 5,182
Sept 3358.40 3358.40 3358.40 3376.90 –14.40 58 May 287.00 291.30 285.50 290.50 3.50 17,121 May .05092 .05094 .05082 .05096 .00004 170
Oct 3395.40 3413.40 3367.00 3389.50 –14.40 11,708 July 295.90 299.20 294.50 298.20 2.30 284,425 June .05073 .05085 .05057 .05077 .00004 128,859
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures
Palladium (NYM) - 50 troy oz.; $ per troy oz. Euro (CME)-€125,000; $ per €
May 946.50 960.00 942.00 932.50 –13.60 5 May 49.85 49.86 48.36 48.85 –1.06 11,105 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% May 1.1421 1.1435 1.1384 1.1395 –.0033 5,922
June 952.50 953.50 932.50 936.70 –13.60 18,424 July 50.40 50.40 48.86 49.33 –1.13 255,794 June 121-020 122-010 120-120 121-240 28.0 1,887,856 June 1.1455 1.1456 1.1403 1.1415 –.0032 707,385
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 120-210 121-220 120-050 121-150 30.0 36
May 12.50 12.50 12.24 12.48 –.04 908 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Index Futures
May 987.20 989.90 976.20 978.70 –10.10 298
July 12.81 12.83 12.55 12.79 –.03 9,478 June 116-130 117-060 115-300 117-020 22.0 1,789,402
July 995.20 998.50 978.90 985.50 –9.70 68,644 Wheat (CBT)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index
Sept 115-310 116-280 115-200 116-230 22.0 5,664
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 518.00 521.00 t 505.00 505.75 –9.75 13,325 Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 40332 40775 40292 40658 290 77,690
May 33.095 33.515 32.795 33.275 0.270 17,643 July 533.00 537.00 t 523.75 525.50 –5.50 265,742 June 111-290 112-075 111-215 112-050 8.0 4,866,159 Sept 40681 41049 40575 40936 297 443
July 33.400 33.835 33.100 33.577 0.256 113,079 Wheat (KC)-5,000 bu.; cents per bu. Sept 112-010 112-110 111-255 112-090 8.0 10,891 Mini S&P 500 (CME)-$50 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 524.75 t 514.00
528.75 515.25 –9.50 5,211 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 5543.00 5597.25 5521.50 5583.75 30.75 2,116,053
June 61.87 62.07 60.12 60.42 –1.63 291,495 July 540.00 t 530.00
544.00 531.00 –8.75 160,110 June 108-300 109-040 108-247 109-030 5.2 6,827,138 Sept 5587.50 5642.50 5567.75 5629.50 30.75 37,585
July 61.23 61.39 59.56 59.84 –1.53 202,316 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 108-312 109-080 108-280 109-070 6.0 9,149 Mini S&P Midcap 400 (CME)-$100 x index
May 292.075 294.800 s 292.075 294.025 2.225 11,623 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 2845.90 2879.30 2829.00 2863.80 12.30 44,332
Aug 60.72 60.85 59.13 59.40 –1.42 130,188
Aug 295.000 298.000 s 295.000 296.900 1.950 36,358 June 103-300 104-007 103-287 104-001 1.3 4,092,993 Sept … 2889.30 2858.60 2889.00 12.30 n.a.
Sept 60.29 60.46 58.83 59.09 –1.34 139,011 Mini Nasdaq 100 (CME)-$20 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 104-069 104-099 104-060 104-093 2.0 3,849
Dec 59.84 59.99 58.55 58.80 –1.13 225,786 April 215.850 217.025 s 215.750 216.350 .700 1,205 June 19478.25 19688.50 19378.00 19642.00 114.00 244,629
Dec'26 60.64 60.77 59.74 59.95 –0.73 140,450
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
June 209.600 210.975 s 209.600 210.200 .600 140,549 April 95.6700 t 95.6700 95.6700
95.6725 743,303 Sept 19656.25 19880.00 19568.50 19828.00 111.75 1,526
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. May 95.6900 t 95.6850 95.6925 .0050 709,556
95.6925 Mini Russell 2000 (CME)-$50 x index
May 2.1829 2.1841 2.1048 2.1204 –.0551 13,804 May 92.750 92.875 92.075 92.550 –.400 4,389 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. June 1967.70 1991.70 1952.60 1983.60 11.70 458,151
June 2.0993 2.1064 2.0536 2.0617 –.0369 119,650 June 101.000 101.275 99.125 99.450 –1.550 100,848 Feb Sept 1979.90 2006.30 1968.10 1998.90 12.00 2,658
95.6450 95.6450 95.6450 95.6450 7,725
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June 95.8900 95.9150 95.8800 95.9050 .0100 1,270,258
Mini Russell 1000 (CME)-$50 x index
May 2.1036 2.1101 2.0595 2.0712 –.0346 16,867 May 570.00 570.00 t 562.50 564.00 –5.00 2,250 June 3039.60 3061.90 3028.70 3055.30 17.00 6,093
June July 593.00 594.00 t 588.00 589.00 –3.50 3,901 U.S. Dollar Index (ICE-US)-$1,000 x index
2.0924 2.0974 2.0480 2.0570 –.0368 122,331
Milk (CME)-200,000 lbs., cents per lb. Currency Futures June 98.80 99.17 98.73 99.02 .23 32,223
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 98.45 98.77 98.45 98.68 .23 560
April 17.46 17.46 17.45 17.45 … 4,334 Japanese Yen (CME)-¥12,500,000; $ per 100¥
June 3.320 3.457 3.307 3.386 .043 161,524
May 18.29 18.48 18.20 18.34 .04 5,148 May .7043 .7057 .7021 .7044 –.0008 587
July 3.585 3.713 3.572 3.674 .072 185,977 Cocoa (ICE-US)-10 metric tons; $ per ton. June .7079 .7082 .7043 .7067 –.0008 356,080 Source: FactSet
Sept 3.641 3.768 3.631 3.735 .080 117,990 May 9,475 9,476 9,120 9,146 –71 69
Oct 3.718 3.838 3.702 3.806 .079 107,712 July 9,055 9,188 8,837 8,891 –51 40,520
Jan'26 4.802 4.909 4.798 4.887 .076 118,583 Coffee (ICE-US)-37,500 lbs.; cents per lb.
March 4.013 4.078 4.001 4.057 .059 79,606 May 426.00 427.80 410.75 412.65 –8.90 466 New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FirstCash FCFS 134.18 0.6 NetClassTech NTCL 14.70 10.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE FutureVisionII FVN 10.23 ... Netflix NFLX 1127.81 1.4

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG-Daily percentage change from the previous trading session.
GFLEnvironmental GFL
GeneDx WGS
49.91
117.75
2.7
4.0
NewProvidenceIII NPACU 10.11
NewHoldInvtIII NHICU 10.17
-0.3
0.4
GigCapital7A GIG 10.22 0.2 NorthWesternEner NWE 59.89 1.2
Tuesday, April 29, 2025
Money Rates April 29, 2025
Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Grindr GRND
HealthcareSvcs HCSG
21.77
14.17
1.0
1.7
OrientalCulture OCG
PlumAcqnIVA PLMK 10.13
4.36 6.1
0.1
HennessyCapVII HVIIU 10.48 1.3 QuestDiag DGX 179.16 1.0
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a AvinoSilver ASM 2.22 -1.8 DeutscheBank DB 26.96 4.0 InflectionPtIII IPCXU 10.28 ... RELX RELX 53.90 0.8

guide to general levels but don’t always represent actual transactions. Highs BankFirst BFC 113.22 1.8 DigitalAssetAcqn DAAQU 10.16 1.3 IsraelAcqns ISRL 12.89 1.2 RFAcqnII RFAI 10.44 0.1
BlackHawkAcqn BKHA 10.63 0.1 EPWK EPWK 16.78 22.4 ItauUnibanco ITUB 6.32 1.6 RadiusRecycling RDUS 29.47 0.8
ANI Pharm ANIP 72.57 ...
Week —52-WEEK— Week —52-WEEK— CantorEqPtrsI CEPO 11.78 -0.4 EQVVenturesA EQV 10.20 ... K&FGrowthII KFII 10.04 0.1 RealAssetAcqn RAAQU 10.09 0.6
Inflation Latest ago High Low Latest ago High Low
ASPACIIIAcqnRt ASPCR 0.39 37.4
CardinalHealth CAH 140.50 1.2 Enbridge ENB 46.85 ... Kingstone KINS 20.16 9.8 RedwoodNts30 RWTP 25.25 ...
AimfinityInvtI AIMAU 19.26 17.1
March index Chg From (%) CenterPointEner CNP 38.42 ... EncompassHealth EHC 117.52 0.5 LGL Wt LGL.WS 0.40 21.2 Rollins ROL 56.54 0.6
level Feb. '25March '24 Britain 4.50 4.50 5.25 4.50 13 weeks 4.200 4.225 5.255 4.175 Ambev ABEV 2.57 2.0 ChengheAcqnII CHEB.U 12.38 2.6 EnelChile ENIC 3.59 3.2 M3-BrigadeAcqnV MBAV 10.91 0.3 RomaGreenFin ROMA 1.18 1.7
Australia 4.10 4.10 4.35 4.10 26 weeks 4.065 4.050 5.170 4.000 AmerHlthcrREIT AHR 32.29 1.1 ChengheAcqnIIWt CHEB.WS 0.18 -66.6 Energys ENGS 10.24 0.7 Marex MRX 44.79 1.8 RomanDBDR II DRDB 10.11 0.1
U.S. consumer price index ArchimedesII ATII 10.03 0.3 ChurchillCapIX CCIX 11.40 1.5 Everi EVRI 14.04 1.0 MillicomIntl TIGO 34.25 0.2 RomanDBDRII Wt DRDBW 0.40 2.6
Overnight repurchase Other short-term rates AresAcqnII A AACT 11.28 0.2 SABESP SBS 20.45 ... Exagen XGN 7.00 3.5 NatWest NWG 13.18 1.3 SagtecGlobal SAGT 5.48 6.0
All items 319.799 0.22 2.4
U.S. 4.46 4.37 5.45 4.00 AscentIndustries ACNT 13.27 1.3 Credicorp BAP 202.54 0.3 FifthEraAcqnI FERAU 10.14 0.6 Nayax NYAX 42.12 -1.4 Continued on Page B8
Core 325.933 0.21 2.8 Week 52-Week
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U.S. 7.50 7.50 8.50 7.50 High 4.5500 4.5500 5.6500 4.3700
Canada 4.95 4.95 7.20 4.95 Low 4.3200 4.3200 5.3300 4.3000 Secured Overnight Financing Rate
Japan 1.875 1.875 1.875 1.475 Bid 4.3200 4.3200 5.3300 4.3200 4.36 4.32 5.40 4.27
Offer 4.3300 4.3300 5.3600 4.3300 AUCTIONS ILLINOIS
Policy Rates Value 52-Week
Treasury bill auction Latest Traded High Low
Euro zone 2.40 2.65 4.50 2.40
Switzerland 0.75 0.75 2.00 0.75 4 weeks 4.220 4.240 5.285 4.215 DTCC GCF Repo Index
Treasury 4.394 80.714 5.471 4.286
REAL
ESTATE AUCTION 7 pt REAL ESTATE AUCTION
JUNE 4, 2025
Notes on data: MBS 4.448 76.126 5.526 4.294
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, INDEPENDENT LIVING &
and is effective December 19, 2024. Other prime rates aren’t directly comparable; lending practices Weekly survey MEMORY CARE FACILITY
TWO HIGH-PROFILE VACANT LAND PARCELS
vary widely by location; Discount rate is effective December 19, 2024. Secured Overnight Financing
Rate is as of April 28, 2025. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Latest Week ago Year ago PRIME LOCATION RIGHT
average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- OFF I-64 EXIT 16A
funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Freddie Mac
30-year fixed 6.81 6.83 7.17
IN CHICAGO’S NORTHWEST SUBURBS
Tullett Prebon Information, Ltd. 15-year fixed 5.94 6.03 6.44 (TO BE SOLD SEPARATELY)
PARCEL ONE – 10.91 ACRES
Cash Prices | wsj.com/market-data/commodities Tuesday, April 29, 2025 64,580± SF (4 Connected Buildings).
Zoned B-1. 8± Acres. Recently Renovated.
2305 Pembroke Ave., Hoffman Estates, IL.
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate 76 Total Rooms. Fully Equipped Commercial Approximately 1,600 ft. of adjacent frontage on
from the futures price on an exchange, which reflects what the commodity might be worth in future months. Kitchen. Auction Held On-site: 203 I-90 (Northwest Tollway) with fabulous visibility
Tuesday Tuesday Tuesday Interstate Drive Covington, VA 24426
Copper,Comex spot 4.8230 Wheat,No.2 soft red,St.Louis-u 5.1063
to over 150,000 cars per day. Easy access via
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Iron Ore, 62% Fe CFR China-s *99.4 Wheat - Hard - KC (USDA) $ per bu-u 5.2525
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Coal,C.Aplc.,12500Btu,1.2SO2-r,w 78.000 Steel, HRC USA, FOB Midwest Mill-s *925.0 Wheat,No.1soft white,Portld,OR-u 6.1750
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 Battery/EV metals Food FOR INFO PREVIOUSLY VALUED IN EXCESS OF $2,000,000
Metals BMI Lithium Carbonate, EXW China, =99.5%-v,w
BMI Lithium Hydroxide, EXW China, =56.5% -v,w
9550
9375 Beef,carcass equiv. index
800.551.3588 SUGGESTED OPENING BID $750,000
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,w 6645 choice 1-3,600-900 lbs.-u 331.61 WOLTZ.COM
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Handy & Harman base
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3305.05
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BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m
3776
435
select 1-3,600-900 lbs.-u
Broilers, National comp wtd. avg.-u,w
310.02
1.3558 PARCEL TWO – OUTLOT LOT 4
Handy & Harman fabricated
LBMA Gold Price AM
3668.61
*3278.65
Fibers and Textiles Butter,AA Chicago-d
Cheddar cheese,bbl,Chicago-d
2.2400
170.25
SCHAUMBURG, IL
LBMA Gold Price PM *3296.30 Burlap,10-oz,40-inch NY yd-n,w 0.8625 Cheddar cheese,blk,Chicago-d 172.00 .94 acres, immediately adjacent to the Hyatt
Krugerrand,wholesale-e 3474.06 0.6474 Milk,Nonfat dry,Chicago lb.-d 118.75
Maple Leaf-e 3557.17
Cotton,1 1/16 std lw-mdMphs-u
Coffee,Brazilian,Comp-y 4.0551
Woodfield and currently used as additional
Cotlook 'A' Index-t *80.15
American Eagle-e 3557.17 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 4.3072 surface parking for Perry’s Steakhouse and Grille,
Mexican peso-e 4288.88 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u,w 3.6050
Austria crown-e 3261.64 Flour,hard winter KC-p 15.05 City Works, and the Hyatt. Situated between
WEDNESDAY

3490.68 Grains and Feeds n.a. Golf Rd. and Walter Payton Dr. Encumbered with
COMMERCIAL

Austria phil-e Hams,17-20 lbs,Mid-US fob-u

Silver, troy oz. Bran,wheat middlings, KC-u,w 80 Hogs,Iowa-So. Minnesota-u 88.29
a substantial “No Build Area,” which still allows for
PROPERTIES

Engelhard industrial 33.4500 Corn,No. 2 yellow,Cent IL-bp,u 4.3900 Pork bellies,12-14 lb MidUS-u 1.8374
Handy & Harman base 33.2220 Corn gluten feed,Midwest-u,w 108.2 Pork loins,13-19 lb MidUS-u 1.0104 various potential uses.
EVERY

Handy & Harman fabricated 41.5280 Corn gluten meal,Midwest-u,w 439.1 Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price
(U.S.$ equivalent)
*£24.7500
*33.0100
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
n.a.
113
Steers,feeder,Okla. City-u,w 366.25
PREVIOUSLY VALUED OVER $750,000
Coins,wholesale $1,000 face-a
Other metals
25139 Meat-bonemeal,50% pro Mnpls-u,w 250
4.0750
Fats and Oils
Degummed corn oil, crude wtd. avg.-u,w n.a.
SUGGESTED OPENING BID $75,000
NOTABLE

Oats,No.2 milling,Mnpls-u
LBMA Platinum Price PM *990.0 Rice, Long Grain Milled, No. 2 AR-u,w 34.88 Grease,choice white,Chicago-h 0.5100
LBMA Palladium Price PM *955.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 991.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 289.70 Soybean oil,crude;Centl IL-u,w 0.4915 FOR INFORMATION CONTACT
Palladium,Engelhard industrial 959.0 Soybeans,No.1 yllw IL-bp,u 10.2500 Tallow,bleach;Chicago-h 0.5550
Aluminum, LME, $ per metric ton *2400.0 Wheat,Spring14%-pro Mnpls-u 8.3775 Tallow,edible,Chicago-u n.a. Rick Levin & Associates, Inc. | since 1991
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; 312.440.2000 | www.ricklevin.com
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
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/28
Source: Dow Jones Market Data

ADVERTISEMENT REAL ESTATE AUCTION

JUNE 11, 2025
Business Real Estate & Services
To advertise: email [email protected] or WSJ.com/classifieds

NOTICE OF SALE
PLEASE TAKE NOTICE that, in accordance with applicable provisions of the Uniform Commercial Code as enacted in the State
List Your
of New York, by virtue of certain Material Default(s) under that certain Second Amended and Restated Limited Liability Company
Agreement, dated as of February 12, 2020 (the “Preferred Equity Agreement”), by and among Cove PE Strategic Venture LLC,
Property Today
a Delaware limited liability company (the “Secured Party”), Cove PP Strategic Venture Corp., a Delaware corporation, Maximus
Cove Manager LLC, a Delaware limited liability company (“Maximus Manager”), Maximus Cove Holdings LLC, a Delaware limited
liability company (“Maximus Holdings”) and Maximus Cove Investor LLC, a Delaware limited liability company (“Maximus Investor”,
and together with Maximus Manager and Maximus Holdings, collectively, the “Debtors”), Secured Party will offer for sale at (800) 366-3975
public auction all of the Debtors’ right, title and interest in and to (a) 100% of the Debtors’ limited liability company interests (the [email protected]
“Interests”) in RP MAXIMUS COVE, L.L.C., a Delaware limited liability company (the “Pledged Entity”) and all claims, powers,
privileges, benefits, remedies, voting rights, options to purchase limited liability company interests and all other options or rights
of any nature whatsoever which the Debtors have or may be issued or granted by the Pledged Entity under the Preferred Equity For more information visit
Agreement, (b) all securities, security certificates, moneys or property representing the Interests or representing dividends or wsj.com/classifieds
interest on any of the Interests, or representing a distribution in respect of the Interests, or resulting from a split-up, revision,
reclassification or other like change of the Interests or otherwise received in exchange therefor, and any subscription warrants, rights

40,000 SQ. FT. OFFICE BUILDING

or options issued to the holders of, or otherwise in respect of, the Interests, (c) any policy of insurance payable by reason of loss
or damage to the Interests and any other Collateral (as defined below), (d) all “accounts”, “general intangibles”, “instruments” and
“investment property” (in each case as defined in the Uniform Commercial Code as in effect in the State of New York) constituting
or relating to the foregoing and (e) all proceeds (as such term is defined in Section 9-102(a)(64) of the Uniform Commercial Code as
in effect in the State of New York and, in any event, including all dividends or other income from the Interests, collections thereon or
distributions with respect thereto, and all of the Debtors’ right, title and interest in all distributions, monies, fees and compensation
380 E. NORTHWEST HWY., DES PLAINES, IL
payable with respect to the Interests, as well as (i) all contract rights, general intangibles, claims, powers, privileges, benefits and 3-story, high visibility Professional/Medical/Office
remedies of the Debtors relating to the foregoing and (ii) all cash or non-cash proceeds, of any of the foregoing) (“Proceeds”) of Building near downtown Des Plaines and Metro Station.
any of the foregoing property of the Debtors (including any proceeds of insurance thereon, all “accounts”, “general intangibles”,
“instruments” and “investment property”, in each case as defined in the Uniform Commercial Code as in effect in the State of New 122 parking spaces. Approximately 55% occupied with
York, constituting or relating to the foregoing) (collectively, (a) thru (e) are the “Collateral”),owned by Debtors. The public sale (the 15 tenants. Newer upgrades include HVAC and elevator.
“Sale”) will take place at 1:00 p.m. EST on June 12, 2025, both in person and remotely from the offices of Meister Seelig & Fein
PLLC, 125 Park Avenue, 7th Floor, New York, New York 10017, with access afforded in person and remotely via the link below or by Ideal for an investor who believes in a “return to office”
any other web-based video conferencing program selected by Secured Party. Secured Party’s understanding is that the principal trend and/or “user” who desires naming rights.
asset of Debtors are their respective limited liability company interests in the Pledged Entity. Secured Party’s understanding is
that the principal asset of the Pledged Entity is the limited liability interests in RP Maximus Mezz L.L.C., a Delaware limited liability
company (the “Mezz Entity”). Secured Party’s understanding is that the principal asset of the Mezz Entity is the limited liability REPLACEMENT VALUE WELL IN EXCESS OF $6,000,000
interests in RP Maximus Cove Owner, L.L.C., a Delaware limited liability company (the “Owner”). Owner is the fee owner of certain
real property commonly known as, and located at, 50 Barbaree Way, Tiburon, California (the “Property”). This Sale of the Collateral
TO BE SOLD SUBJECT TO A MINIMUM BID OF $1,550,000
involves the sale of the equity interests in the Pledged Entity and does not involve the direct sale of the Property. On-site Inspections Noon to 2 PM on May 14, 20, 28
Mannion Auctions, LLC (“Mannion”), under the direction of Matthew D. Mannion, Auctioneer, (the “Auctioneer”), will conduct the
Sale in respect of a Preferred Equity Balance (as such term is defined in the Preferred Equity Agreement) with an unpaid principal and June 5 and by appointment.
balance as of April 9, 2025, together with interest thereon, in the approximate amount of $104,560,393.08, and other sums due
under the Preferred Equity Agreement, subject to all additional costs, fees and disbursements permitted by law. The Secured Party
reserves the right to bid including by credit bid.
Virtual bidding will be made available via Zoom, meeting link: https://bit.ly/MaximusUCC (URL is case sensitive), Meeting ID: FOR INFORMATION CONTACT
846 2108 0112; Passcode: 360790; Dial-In: +1 (646) 931-3860.
The Collateral will be sold to the highest qualified bidder; provided, however, that Secured Party reserves the right to cancel the Rick Levin & Associates, Inc. | since 1991
Sale in its entirety, or to adjourn the Sale to a future date. Interested parties who would like additional information regarding the
Collateral and the terms of the public sale should execute the confidentiality agreement which can be reviewed at the website www. 312.440.2000 | www.ricklevin.com
TheCoveatTiburonUCCSale.com. For questions and inquiries, please contact Chad Coluccio at Jones Lang LaSalle Americas, Inc.,
CA License # 01723711, Telephone No.: (949) 307-5491, Email: [email protected].
© 2025 Dow Jones & Company, Inc. IN CONJUNCTION WITH CAMBRIDGE REALTY
All Rights Reserved.
B8 | Wednesday, April 30, 2025 NY * * THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq ArchCapital ACGL 92.39 1.20 BentleySystems BSY 43.13 0.01 CRH CRH 93.46 0.42 CincinnatiFinl CINF 139.85 3.98 Cullen/Frost CFR 117.63 0.86 Dynatrace DT 47.35 0.89
Stock Market listed securities. Prices are consolidated from trades reported by various ADM ADM 47.78 -0.27 Berkley WRB 71.28 0.59 CSX CSX 28.05 0.18 Cintas CTAS 209.26 0.98 Cummins CMI 293.16 -1.06 EMCOR EME 413.02 2.76
market centers, including securities exchanges, Finra, electronic communications
AresMgmt ARES 152.79 -0.59 BerkHathwy A BRK.A 8013403590.00 CVS Health CVS 65.03 0.10 CiscoSystems CSCO 57.34 0.50 Curtiss-Wright CW 340.32 1.81 ENI E 28.79 -0.25
networks and other broker-dealers. The list comprises the 1,000 largest companies
based on market capitalization. argenx ARGX 629.51 8.54 BerkHathwy B BRK.B 534.57 3.63 CadenceDesign CDNS 302.22 16.48 Citigroup C 68.88 0.60 CyberArkSoftware CYBR 352.67 5.57 EOG Rscs EOG 112.93 -1.21
AristaNetworks ANET 80.73 2.42 BerryGlobal BERY 67.58 -2.04 CAE CAE 24.44 -0.03 CitizensFin CFG 37.55 0.21 EPAM Systems EPAM 159.84 0.95
Underlined quotations are those stocks with large changes in volume compared
with the issue’s average trading volume.
Arm ARM 111.65 -0.43 BestBuy BBY 66.68 -0.80 CamdenProperty CPT 113.00 -1.22 CleanHarbors CLH 214.09 1.46 D E F EQT EQT 51.22 0.10
AscendisPharma ASND 166.58 1.70 Bio-Techne TECH 50.50 0.25 Cameco CCJ 45.42 0.10 Clorox CLX 141.20 2.42 EagleMaterials EXP 221.74 0.38
DTE Energy DTE 136.76 1.07
Boldfaced quotations highlight those issues whose price changed by 5% or more if Assurant AIZ 194.15 1.86 Biogen BIIB 120.17 1.05 t Campbell's CPB 36.04 0.20 Cloudflare NET 122.23 1.23 EastWestBncp EWBC 86.31 0.08
their previous closing price was $2 or higher. DT Midstream DTM 98.53 -0.21
AsteraLabs ALAB 65.65 -0.43 BioMarinPharm BMRN 63.28 0.30 CIBC CM 62.51 0.60 Coca-Cola KO 72.35 0.56 EastGroup EGP 163.11 -0.90
Danaher DHR 198.93 3.02
Footnotes: AstraZeneca AZN 71.71 1.78 BioNTech BNTX 104.00 ... CanNtlRlwy CNI 96.43 -0.09 Coca-ColaCon COKE 1351.25 -1.10 EastmanChem EMN 76.24 0.53
Darden DRI 198.82 -1.55
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four Atlassian TEAM 228.49 -1.34 Birkenstock BIRK 50.93 -0.45 CanadianNatRscs CNQ 29.32 -0.28 CocaColaEuropac CCEP 88.93 0.91 Eaton ETN 290.69 2.95
quarters. Datadog DDOG 102.31 0.57
AtmosEnergy ATO 159.69 0.96 BlackRock BLK 920.52 6.78 CdnPacKC CP 72.08 0.24 CognizantTech CTSH 73.29 0.71 eBay EBAY 67.20 0.88
DaVita DVA 141.54 1.04
Stock tables reflect composite regular trading as of 4 p.m. ET and AuroraInnov AUR 7.31 0.05 Blackstone BX 133.54 -0.04 CapitalOne COF 183.08 -0.05 Coherent COHR 64.84 0.03 Ecolab ECL 246.91 7.88
Dayforce DAY 57.35 0.09
changes in the official closing prices from 4 p.m. ET the previous day. Autodesk ADSK 272.89 1.42 BlockHR HRB 60.78 0.18 s CardinalHealth CAH 139.84 1.60 CoinbaseGlbl COIN 206.13 0.86 Ecopetrol EC 8.30 -0.17
ADP 295.77 2.20 XYZ 59.56 1.24 Carlisle 92.33 1.37
DeckersOutdoor DECK 111.69 2.54
ADP Block CSL 379.20 2.20 ColgatePalm CL EdisonIntl EIX 58.73 0.38
Deere DE 460.64 0.44
AutoZone AZO 3704.95 87.04 BlueOwlCapital OWL 18.60 -0.15 Carlyle CG 39.13 0.03 Comcast A CMCSA 33.94 0.17 EdwardsLife EW 76.28 0.74
AVB 207.18 -0.62 DellTechC DELL 93.78 -0.69
Tuesday, April 29, 2025 Net Net Avalonbay Boeing BA 182.00 -0.30 CarMax KMX 64.86 -0.25 ComfortSystems FIX 397.54 3.14 Elastic ESTC 85.97 1.17
AVTR 12.69 0.20 BKNG 4909.23 19.28 Carnival CCL 18.71 -0.15 CommerceBcshrs CBSH 61.18 0.15
DeltaAir DAL 42.08 0.12
Net Stock Sym Close Chg Stock Sym Close Chg Avantor Booking ElbitSystems ESLT 388.31 2.31
DescartesSystems DSGX 105.95 0.13
Stock Sym Close Chg AveryDennison AVY 171.72 1.49 BoozAllen BAH 119.30 0.49 Carnival CUK 17.00 -0.12 CommvaultSys CVLT 168.73 2.77 ElectronicArts EA 145.97 -0.75
Airbnb ABNB 125.49 2.19 AmHomes4Rent AMH 36.65 -0.57 AxonEnterprise AXON 611.13 8.67 BostonSci BSX 102.74 0.56 CarpenterTech CRS 197.44 -1.56 s SABESP SBS 20.29 -0.01 s DeutscheBank DB 26.78 1.04
ElevanceHealth ELV 413.65 -0.17
A B C AkamaiTech AKAM 80.98 0.80 AIG AIG 82.00 0.07 BCE BCE 21.92 0.11 BristolMyers BMY 49.22 0.76 CarrierGlobal CARR 60.82 0.33 ConagraBrands CAG 24.34 0.26 DevonEnergy DVN 31.30 -0.25 Embraer ERJ 45.59 0.21
AlamosGold AGI 28.13 -0.30 AmerTowerREIT AMT 221.33 10.03 BHP Group BHP 48.60 0.18 BritishAmTob BTI 42.86 0.47 Carvana CVNA 243.59 2.06 Confluent CFLT 24.06 -0.04 DexCom DXCM 71.30 0.12 EmersonElec EMR 105.09 0.59
AECOM ACM 98.17 0.73 Albertsons ACI 21.94 0.25 AmerWaterWorks AWK 145.86 1.59 BJ'sWholesale BJ 116.46 1.42 BrixmorProp BRX 24.91 -1.10 CasellaWaste CWST 117.27 1.09 ConocoPhillips COP 91.88 -1.05 Diageo DEO 110.90 -0.30 s Enbridge ENB 46.64 ...
AES AES 10.37 0.18 Alcon ALC 96.42 1.10 Ameriprise AMP 471.65 3.27 BP BP 28.07 -1.06 Broadcom AVGO 191.17 -1.30 CaseysGenStores CASY 463.40 9.17 ConEd ED 112.13 1.00 DiamondbkEner FANG 136.65 -1.17 s EncompassHealth EHC 115.91 0.59
Aflac AFL 108.60 0.11 AlexandriaRlEst ARE 72.57 -4.41 Ametek AME 167.80 1.51 BWX Tech BWXT 109.24 0.73 BroadridgeFinl BR 239.68 2.50 Caterpillar CAT 307.40 0.34 ConstBrands A STZ 186.28 1.55 Dick's DKS 192.01 2.14 EnergyTransfer ET 17.04 -0.24
AGNC Invt AGNC 9.07 0.05 Alibaba BABA 118.88 0.51 Amgen AMGN 288.56 5.47 BXP BXP 65.12 -1.12 BrookfieldAsset BAM 53.82 0.56 Celestica CLS 87.05 -0.71 ConstellationEner CEG 226.45 1.63 DigitalRealty DLR 159.87 -0.48 EnsignGroup ENSG 128.12 1.05
ASE Tech ASX 8.70 -0.04 AlignTech ALGN 177.75 -3.34 Amphenol APH 76.68 0.80 Baidu BIDU 89.46 -0.91 Brookfield BN 53.65 0.32 CelsiusHldg CELH 35.46 -0.47 Cooper COO 82.23 0.38 DiscoverFinSvcs DFS 185.37 -0.13 Entegris ENTG 78.69 -1.16
ASML ASML 666.11 -6.65 Allegion ALLE 138.20 0.94 AnalogDevices ADI 192.67 -1.05 BakerHughes BKR 35.92 -0.29 BrookfieldInfr BIP 29.45 0.28 Cemex CX 6.09 -0.10 Copart CPRT 60.51 0.70 Disney DIS 91.17 1.01 Entergy ETR 83.53 -1.56
AST Space ASTS 23.90 -0.35 AlliantEnergy LNT 61.61 0.71 AngloGoldAsh AU 40.68 -0.56 Ball BALL 52.39 1.88 BrookWealth BNT 53.45 0.19 Cencora COR 290.17 2.42 CorceptTherap CORT 73.23 2.28 DocuSign DOCU 82.27 0.24 EnterpriseProd EPD 30.79 -0.58
AT&T T 27.30 0.04 AllisonTransm ALSN 92.49 0.27 AB InBev BUD 64.96 -0.16 BBVA BBVA 14.04 -0.33 Brown&Brown BRO 107.99 -6.89 CenovusEnergy CVE 12.12 -0.05 Core&Main CNM 52.94 0.08 DolbyLab DLB 76.40 0.38 Equifax EFX 258.66 2.33
ATI ATI 53.77 -0.08 Allstate ALL 198.79 3.38 AnnalyCap NLY 19.62 0.13 BancoBradesco BBDO 2.22 0.01 Brown-Forman B BF.B 34.34 0.23 Centene CNC 59.26 -0.21 CorebridgeFin CRBG 30.35 0.45 DollarGeneral DG 93.33 0.87 Equinix EQIX 851.65 6.97
AXIS Capital AXS 96.81 0.85 AllyFinancial ALLY 32.90 -0.31 Ansys ANSS 319.82 1.82 BancodeChile BCH 30.09 -0.36 Brown-Forman A BF.A 34.15 0.22 s CenterPointEner CNP 38.24 ... CoreWeave CRWV 42.82 0.80 DollarTree DLTR 80.89 0.72 Equinor EQNR 23.08 0.18
AbbottLabs ABT 130.50 0.97 AlnylamPharm ALNY 257.19 2.34 AnteroMidstream AM 16.92 -0.11 BancSanBrasil BSBR 5.15 0.13 BuildersFirst BLDR 120.24 -1.26 CentraisElBras EBR 7.75 0.06 Corning GLW 44.46 0.36 DominionEner D 54.31 0.57 Equitable EQH 51.02 0.61
AbbVie ABBV 193.51 1.17 Alphabet C GOOG 162.06 -0.36 AnteroResources AR 36.18 0.25 BcoSantChile BSAC 24.23 -0.12 BungeGlobal BG 80.25 -0.41 CharterComms CHTR 386.33 9.46 Corpay CPAY 324.25 7.39 Domino's DPZ 493.43 2.79 EquityLife ELS 63.79 -0.09
Accenture ACN 298.47 5.22 Alphabet A GOOGL 160.16 -0.45 Aon AON 349.90 6.43 BancoSantander SAN 7.40 -0.04 BurlingtonStrs BURL 227.64 5.06 CheckPoint CHKP 215.30 2.89 Corteva CTVA 61.80 0.24 Donaldson DCI 65.59 0.09 EquityResdntl EQR 69.53 0.22
Acuity AYI 241.70 -0.72 Altria MO 58.77 0.58 APi Group APG 37.49 0.13 BanColombia CIB 40.83 0.16 CACI Intl CACI 449.15 0.33 Chemed CHE 574.96 9.10 CoStar CSGP 82.70 0.96 DoorDash DASH 191.23 3.35 ErieIndemnity ERIE 355.82 8.49
Adobe ADBE 370.98 2.36 Amazon.com AMZN 187.39 -0.31 ApolloGlbMgmt APO 137.55 1.19 BankofAmerica BAC 39.99 0.21 CAVA CAVA 91.91 -1.25 CheniereEnergy LNG 237.83 0.23 Costco COST 991.70 13.16 Dover DOV 170.22 -0.11 EssentialUtil WTRG 40.77 0.49
AdvDrainageSys WMS 113.37 0.73 s Ambev ABEV 2.54 0.05 AppFolio APPF 203.72 2.23 BankMontreal BMO 95.24 0.51 CBRE Group CBRE 121.75 0.39 CheniereEnerPtrs CQP 60.19 -0.22 CoterraEnergy CTRA 25.51 -0.21 Dow DOW 30.65 0.70 EssexProp ESS 275.16 -2.41
AdvMicroDevices AMD 96.06 -0.33 Amcor AMCR 9.33 -0.30 Apple AAPL 211.21 1.07 BankNY Mellon BK 80.04 1.13 CDW CDW 159.96 1.37 Chevron CVX 139.30 -0.80 Coupang CPNG 23.55 0.13 Doximity DOCS 57.75 1.06 EsteeLauder EL 59.59 0.45
Aegon AEG 6.52 -0.01 Amdocs DOX 88.11 1.33 AppliedIndlTechs AIT 242.37 3.99 BankNovaScotia BNS 49.51 0.29 CF Industries CF 79.79 0.15 Chewy CHWY 37.21 0.07 Crane CR 158.87 10.20 DrReddy'sLab RDY 13.94 ... EvercoreA EVR 199.00 1.78
AerCap AER 105.74 1.72 AmerSports AS 24.24 -0.02 ApplMaterials AMAT 149.55 -1.24 Barclays BCS 16.13 0.16 CGI A GIB 107.05 1.14 Chipotle CMG 50.65 -0.25 s Credicorp BAP 200.17 0.52 DraftKings DKNG 33.22 -0.06 Everest EG 359.29 4.26
AffirmA AFRM 50.40 1.23 Ameren AEE 99.21 0.32 AppLovin APP 288.88 3.90 BarrickGold GOLD 18.90 -0.40 CH Robinson CHRW 88.33 -0.75 Chubb CB 284.95 2.77 CredoTech CRDO 43.21 0.17 Dropbox DBX 28.67 0.26 Evergy EVRG 68.91 -0.11
AgilentTechs A 107.46 0.59 AmericaMovil AMX 17.16 -0.02 Aptargroup ATR 150.30 0.60 BaxterIntl BAX 30.98 0.45 CME Group CME 272.36 4.44 ChunghwaTel CHT 39.91 0.48 CrowdStrike CRWD 430.99 7.91 DukeEnergy DUK 121.70 1.03 EversourceEner ES 59.42 0.32
AgnicoEagleMines AEM 116.37 -2.65 AEP AEP 108.50 1.44 Aptiv APTV 57.65 1.37 BectonDicknsn BDX 206.44 1.81 CMS Energy CMS 73.63 1.12 Church&Dwight CHD 99.01 0.20 CrownCastle CCI 103.70 2.78 Duolingo DUOL 385.13 0.79 ExactSciences EXAS 44.79 -0.80
AgreeRealty ADC 77.33 0.90 AmerExpress AXP 267.02 2.07 Aramark ARMK 33.05 0.03 BeiGene ONC 249.77 0.31 CNA Fin CNA 48.38 0.77 Ciena CIEN 67.36 0.88 Crown Holdings CCK 96.93 7.15 DuPont DD 65.85 0.18 Exelixis EXEL 38.55 0.11
AirProducts APD 270.93 1.48 AmericanFin AFG 128.04 0.73 ArcelorMittal MT 30.19 -0.07 BellRing BRBR 76.73 1.69 CNH Indl CNH 11.61 -0.12 Cigna CI 337.21 2.39 CubeSmart CUBE 39.35 -0.27 DutchBros BROS 60.98 -0.54 Continued on Page B10

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
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Continued From Page B7 52-Wk % 52-Wk % Aemetis AMTX 1.24 ... CenturyComm CCS 52.72 -0.3 GeneralMills GIS 55.01 0.7 IntercontCayman NCT 4.35 0.2 MolecularPtrs MOLN 3.36 -7.6 PTL PTLE 1.10 -16.9 SplashBeverageWt SBEV.WS 0.00 -10.0
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AptevoTherap APVO 0.55 -7.5 CheerHolding CHR 1.00 -0.9 HeartlandExp HTLD 7.75 -2.1 iOThree IOTR 0.31 -57.4 MullenAuto MULN 0.46 -17.1 Paccar PCAR 84.65 -1.9 StellarVCapWt SVCCW 0.13 8.3
Stock Sym Hi/Lo Chg Sunoco SUN 59.88 0.7 Yalla YALA 8.29 -3.7 ArcBest ARCB 55.52 -4.0 CitiusPharm CTXR 0.76 -9.7 HelenofTroy HELE 27.59 -0.9 JadeBiosciences JBIO 9.41 3.5 MultiSensorAI MSAI 0.76 -4.3 PepsiCo PEP 131.52 0.4 Toppoint TOPP 1.02 0.8
ZTEK 1.77 19.7 AtlasClear ATCH 0.37 -4.7 Volaris VLRS 3.53 -8.9 HillmanSolns HLMN 6.97 -7.4 Kforce 35.50 -14.4 NI NODK 12.53 -0.4 PetrosPharm 0.01 -77.5 TownsquareMedia TSQ 6.51 -2.0
SensientTech SXT 94.64 4.7 TC Energy TRP 50.47 -0.1 Zentek KFRC PTPI
BCB Bancorp BCBP 8.31 -0.7 CreativeGlblTech CGTL 1.02 -13.6 HK Pharma HKPD 0.84 2.5 NaaSTechnology NAAS 1.31 -6.9 UFP Inds UFPI 97.59 -5.9
SolarisResources SLSR 4.62 -0.2 TG Therap TGTX 43.98 4.4 ZhengyeBiotech ZYBT 14.30 -34.0 Limoneira LMNR 15.23 -0.5 PiedmontOfficeA PDM 5.55 -15.4
BabcockWilcoxPfdA BWpA 2.57 -4.8 DaqoNewEnergy DQ 12.41 -13.8 Hongli HLP 0.84 -7.4 NeoGenomics NEO 6.40 -34.0 UnitedHealth UNH 409.10 -2.6
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PUBLIC NOTICES BANKRUPTCIES CAREERS COMMERCIAL REAL ESTATE COMMERCIAL REAL ESTATE

Timothy Himstreet et al. v. Charles W. Scharf et al., Case No. CGC-22-599223 (Cal. Super. Ct.). SUPREME COURT - COUNTY OF NEW YORK.
TO: ALL RECORD AND BENEFICIAL OWNERS OF WELLS FARGO & COMPANY COMMON STOCK AS OF FEBRUARY 28, ReadyCap Commercial LLC RSS WFRBS2013-C14-NY 8BA, LLC, Plaintiff -against-
2025 (THE “RECORD DATE”), WHO CONTINUE TO OWN SUCH SHARES (“CURRENT WELLS FARGO SHAREHOLDERS”) IN THE UNITED STATES BANKRUPTCY COURT NOTICE OF UCC PUBLIC AUCTION SALE
FOR THE DISTRICT OF DELAWARE 808 BROADWAY ASSOCIATES, LLC, et al Defendant(s).
YOU ARE HEREBY NOTIFIED, that pursuant to an Order of the Superior Court of California, County of San Francisco, Senior Associate, Database Systems Engineer Pursuant to an Amended Final Judgment of Foreclosure
a hearing will be held on July 24, 2025, at 9:00am, before the Honorable Jeffrey S. Ross, Superior Court Judge, at In re: PLEASE TAKE NOTICE, that in accordance with and Sale dated September 11, 2024 and entered on
Chapter 11 Design, engineer, install, test, analyze, monitor, applicable provisions of the Uniform Commercial Code
the Superior Court of California, County of San Francisco, 400 McAllister St., San Francisco, California 94102, for the OMEGA THERAPEUTICS, INC.,1 January 16, 2025, I, the undersigned Referee will sell
Case No.25-10211 (BLS) & performance tune ReadyCap Commercial of the States of Delaware and New York (as applicable),
purpose of determining whether the proposed settlement of the above-captioned derivative action (the “Derivative Debtor. at public auction, at the New York County Courthouse,
Action”), with a cash payment of $100 million and certain corporate governance reforms (as described below), should LLC’s financial lending database to interpret & CPIF MRA, LLC, a Delaware limited liability company Supreme Court, 60 Centre Street, New York, New York
NOTICE OF DEADLINES TO FILE (the “Secured Party”), will sell at public auction all
be approved as fair, reasonable and adequate, and whether a judgment dismissing the Defendants (as identified in the CERTAIN CLAIMS ensure efficiency, performance, & scalability. 10007 on May 14, 2025 at 2:15 p.m., the premises
Stipulation of Settlement (“Stipulation”)) from the Derivative Action with prejudice should be entered. As part of the limited liability company interests held by DS Partners situate, lying and being in the Borough of Manhattan,
hearing, the Court will consider an application by Plaintiffs’ Counsel in the Derivative Action for an award of attorneys’ To all persons or entities with claims against the Bachelor Degree in Comp. Sci., Info. Tech., or Info. LIC LLC, a Delaware limited liability company (“DS City, County and State of New York, known as
fees of $33,333,333 (thirty-three million, three-hundred-thirty-three thousand, three-hundred-thirty-three dollars) above-captioned debtor and debtor in possession Partners”) and QPS EJA LLC, a New York limited liability
Syst. reqd. (Foreign Edu. Equiv. accepted). Also company (“QPS” and together with DS Partners, the Condominium Unit A, the Retail Unit in the building
(to be paid in Wells Fargo common stock) and Service Awards for Plaintiffs to be paid from Plaintiffs’ Counsel’s with an EIN number ending in 7585 (the “Debtor”). On required is 18 mos. of exp. as a Software Eng., designated as 808 Broadway Condominium, together
attorneys’ fees not to exceed $10,000 for each Plaintiff. Because this is a shareholder derivative action brought February 10, 2025 (the “Petition Date”), the Debtor filed a “Pledgors”), in AAGS Holdings LLC, a Delaware limited
Data Analyst, or Database Eng. Edu. or exp. liability company (such entity, the “Pledged Entity”; with an undivided 22% interest in the common elements
for the benefit of Wells Fargo, no individual Current Wells Fargo Shareholder has the right to receive any individual voluntary petition for relief under a chapter 11 petition in the of the property, as described in the Declaration. Block:
compensation as a result of the settlement of this action. United States Bankruptcy Court for the District of Delaware (the (which may have been gained concurrently) such interests, the “Equity Interests”). The Equity
Interests secure indebtedness owing by Pledged Entity 557 Lot: 1001
The benefits to the Company of the proposed Settlement, which is subject to Court approval, includes Monetary “Court”). must include at least 12 mos. of demonstrated
Consideration of $100 million. Wells Fargo also agrees and acknowledges that facts alleged in the Derivative Action ability in utilizing the following computer to Secured Party in a principal amount of not less than Said premises known as Condominium Unit A, Retail
By order dated April 23, 2025 (the “Bar Date Order”), the $56,900,000.00 plus unpaid interest (including default Unit in 808 BROADWAY, NEW YORK, NY 10013
are credited with causing certain corporate governance changes undertaken by Wells Fargo during the pendency of the Courtestablishedclaimfilingdeadlinesasfollows:(i)allpersons software programs: Python; Shell Scripting;
Derivative Action (the “Corporate Governance Reforms”) (see Exhibit C to the Stipulation), which include improvement rate interest), attorneys’ fees and other charges Approximate amount of lien $17,619,472.81 plus
or entities with a claim against the Debtor that arose before the Oracle BI; AWS; and MySQL. This position including the costs to sell the Equity Interests (“Debt”). interest & costs.
to Wells Fargo’s risk structure, programs, policies, and procedures, additional training for employees, expanded and
enhanced oversight of risk management by Wells Fargo’s Board of Directors, and changes to the composition of Wells Petition Date,no matter how remote or contingent,MUST FILE requires only little domestic travel. The public auction sale will be held at 10:30 a.m. (EDT) on
May 9, 2025 (“Public Sale”) by virtual bidding via Zoom Premises will be sold subject to provisions of filed
Fargo’s Board of Directors. A PROOF OF CLAIM on or before May 28, 2025, 5:00 p.m. Amended Final Judgment and Terms of Sale.
prevailing Eastern Time;(ii) all persons or entities who have $102,125.00 per year is the wage for this via the following Zoom meeting link: https://bit.ly/
IF YOU ARE AN OWNER OF WELLS FARGO COMMON STOCK, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT.
A more detailed form of notice describing the Settlement has been published as a Current Report on Form 8-K filed an unpaid administrative expense claim against the Debtor position. Place of employment at ReadyCap QueensPlazaUCC (case sensitive), meeting ID: 814 8021 Index Number 655763/2021.
with the Securities and Exchange Commission and has been published on Wells Fargo’s company website at https:// arising on or after the Petition Date and through and including Commercial LLC’s headquarters at 1251 Ave. of 4147, passcode: 261455 (or by telephone at +1-646-931- PAUL SKLAR, ESQ., Referee
www.wellsfargo.com/about/investor-relations/ under “Shareholder Information”. Inquiries, other than requests for April 25, 2025,MUST FILE A REQUEST FOR ALLOWANCE OF the Americas, 50th FL., New York, NY 10020; 3860 (US), using same meeting ID and passcode). The Holland & Knight LLP
the detailed form of notice, may be made to a representative of Plaintiffs’ Counsel. Should you have any other however, ReadyCap Commercial LLC will allow Public Sale will be conducted by auctioneer Matthew D.
ANADMINISTRATIVECLAIMonorbeforeMay28,2025,5:00 Mannion, of Mannion Auctions, LLC. Attorney(s) for Plaintiff
questions regarding the proposed settlement of the Derivative Action, please contact Plaintiffs’ Counsel: p.m. prevailing Eastern Time; and (iii) governmental units telecommuting from any residence location in At or prior to the Public Sale, Secured Party reserves 787 Seventh Avenue, 31st Floor, New York, NY 10019
George C. Aguilar MUST FILE A PROOF OF CLAIM on or before August 11, 2025. the U.S. to perform work exclusively from such
Michael J. Nicoud the right to: (i) credit bid up to the amount of the Debt;
A claim mustbe submitted so as to be actually received on or residence location. Send resume to: ReadyCap (ii) set minimum price(s) for the Equity Interests; (iii)
Robbins LLP
5060 Shoreham Place, Suite 300
beforetheapplicabledeadlinetobedeemedtimely. Commercial LLC, Attn: Thomas Warren – Exe. reject bids, in whole or in part; (iv) cancel or adjourn
San Diego, CA 92122
Copies of the Bar Date Order,the Debtor’s schedules of assets Dir. – Head of HR, 1251 Ave. of the Americas, the Public Sale, in whole or in part; and (v) establish
and liabilities and other documents and information regarding the terms and conditions of the Public Sale (“Terms of
Randall J. Baron the Debtor’s chapter 11 case is available free of charge at 50th FL., New York, NY 10020. Public Sale”).
Benny C. Goodman III Secured Party’s understanding, without making
Robbins Geller Rudman & Dowd LLP https://cases.ra.kroll.com/omega or by email at OmegaInfo@
ra.kroll.com. Consult the Bar Date Order for additional details any representation or warranty as to accuracy or
655 W. Broadway, Suite 1900 completeness, is that the principal asset of the Pledged
San Diego, CA 92101 on whether you are required to file a proof of claim or request
Entity is the real property located at Block 425, Lot 5,
for allowance of an administrative expense claim, as well as COMMERCIAL REAL ESTATE 2310 Queens Plaza South, Long Island City, Queens, New
Current Wells Fargo Shareholders who have no objection to the Settlement do not need to appear at the final approval
THEMARKETPLACE

instructions and procedures for completing and filing proofs of York, NY, 11101 which includes an existing warehouse
hearing or take any action.
If you wish to appear at the Settlement Hearing and object to any aspect of the Settlement, the Fee and Expense claim or requests for allowance of an administrative expense building.
Amount, the Service Awards, and/or the Final Judgment and Order of Dismissal (as defined in the Stipulation), claim. DonotcontacttheClerkofCourtforlegaladvice. Prospective and winning bidder(s) will be required to
you must file with the Court and serve on the attorneys listed below by no later than July 17, 2025 (five (5) court ANY PERSON OR ENTITY THAT IS REQUIRED TO TIMELY NOTICE OF SALE represent in writing to Secured Party that they will
days prior to the Settlement Hearing), a notice of intention to appear that includes (i) your full name, address, and FILE A PROOF OF CLAIM OR A REQUEST FOR ALLOWANCE PLEASE TAKE NOTICE, that in accordance with adhere to the Terms of Public Sale and are purchasing
telephone number, and if represented by counsel, the name and address of your counsel; (ii) appropriate proof of your OF AN ADMINISTRATIVE EXPENSE CLAIM BUT FAILS TO DO applicable provisions of the Uniform Commercial Code the Equity Interests for their own account, not acquiring
Wells Fargo stock ownership as of the Record Date; (iii) whether you or your counsel intends to appear in person or SO SHALL NOT BE TREATED AS A CREDITOR WITH RESPECT as enacted in New York, by virtue of certain Events them with a view toward the sale or distribution thereof
via Zoom; and (iv) your signature. Additionally, any objection, pleading, evidence, or briefing that you wish to have TO SUCH CLAIM FOR THE PURPOSE OF VOTING AND of Default under those certain Pledge and Security and will not resell the Equity Interests unless pursuant
considered by the Court at the Settlement Hearing must be filed with the Court and served on the attorneys listed DISTRIBUTIONINTHEDEBTOR’SCHAPTER11CASE. Agreements, each dated as of December 15, 2023, to a valid registration under applicable federal and/or
below no later than June 25, 2025 (twenty (20) court days prior to the Settlement Hearing). You may not ask the and that certain Amended and Restated Pledge and state securities laws, or a valid exemption from the
Court to order a larger settlement; the Court can only approve or deny the Settlement. If you appear through your own BYORDEROFTHECOURT registration thereunder. The Equity Interests have not
Security Agreement and Assignment of Lease and
attorney, you are responsible for paying that attorney. All notices of intention to appear and written objections and 1
The Debtor’s federal tax identification number is: Rents, dated as of June 18, 2024 (collectively, the been registered under such securities laws and cannot
supporting papers must clearly identify the case name and number (Timothy Himstreet, et al. v. Charles W. Scharf, et 81-3247585. The mailing address for the Debtor is 140 First “Pledge Agreements”), executed and delivered by be sold by the winning bidder(s) without registration or
al., Case No. CGC-22-599223 (Cal. Super. Ct.)) and can be filed with the Court either by mailing them to the Clerk of the Street,Suite501,Cambridge,MA02141. 34715, LLC and JEFFREY M. KRAUSS (individually and application of a valid exemption. The Equity Interests
Court for the Superior Court of California, County of San Francisco, 400 McAllister St., San Francisco, CA 94102, or by collectively, the “Pledgor”), and in accordance with its will be offered for sale at the Public Auction “as-is,
filing them in person at the Superior Court of California, County of San Francisco. These writings can be served by File rights as holder of the security, NYC TH SHARE HOLDER where-is”, and there are no express or implied warranties
& ServeXpress, by hand, by first-class mail, or by express service and must be served upon the following attorneys : LLC (“Secured Party”), by virtue of possession of those or representations relating to title, possession, quiet
George C. Aguilar Randall J. Baron certain Share Certificates held in accordance with Article enjoyment, merchantability, fitness, or the like as to the
Michael J. Nicoud Benny C. Goodman III 8 of the Uniform Commercial Code of the State of New Equity Interests. THIS NOTICE DOES NOT CONSTITUTE
Robbins LLP Robbins Geller Rudman & Dowd LLP CAREERS York (the “Code”), and by virtue of those certain UCC- AN OFFER TO SELL, NOR THE SOLICITATION OF AN
5060 Shoreham Place, Suite 300 655 W. Broadway, Suite 1900 1 Filing Statement made in favor of Secured Party, all OFFER TO BUY, THE EQUITY INTERESTS TO OR FROM
San Diego, CA 92122 San Diego, CA 92101 in accordance with Article 9 of the Code, Secured Party ANYONE IN ANY JURISDICTION IN WHICH SUCH AN
will offer for sale, at public auction: (x) all of 34715, OFFER OR SOLICITATION IS NOT AUTHORIZED.
Christopher M. Viapiano Parties interested in bidding on the Equity Interests
Oliver W. Engebretson-Schooley LLC’s rights, title, and interest in and to the following:
(i) its shares (the “Shares”), in 7 EAST 88TH ST. CORP., must contact Stephen Schwalb at NEWMARK (“Broker”),
Sullivan & Cromwell LLP
1700 New York Avenue N.W.,
Knowledge Consultant allocated to cooperative units 1A, 1B, 2A, 3A, 4A, 4B, Secured Party’s broker, at +1-469-467-2084 or stephen.
Russell Reynolds Associates, Inc. seeks 5A, 5B and Roof (collectively, the “Units”), at the [email protected]. Upon execution of a standard non-
Suite 700 disclosure agreement, additional documentation and
Washington, D.C. 20006 Knowledge Consultant in NY, NY, to drive pro- premises known and located at 7 East 88th Street, New
York, NY 10128, (ii) the proprietary leases appurtenant information will be available. Interested parties who
active bus. dvlpmt by identifying white space, do not contact Broker and register before the Public
PLEASE DO NOT CALL OR WRITE THE COURT OR THE CLERK OF THE COURT REGARDING THIS NOTICE. thereto (the “Leases”, together with the Units, the
tracking key triggers in mrkt, & leading creation Sale may not be permitted to participate in bidding at
of new high impact pitches & global go-to-mrkt “NY Property”), and (y) JEFFREY M. KRAUSS’s 100%
membership interest in and to the following: (i) 34715, the Public Sale. Additional information can be found at
activities in partnership w/healthcare sector col- LLC (the “34715 Pledged Entity”) and (ii) NYC157 LLC https://tinyurl.com/y6fvj9wx.
COMMERCIAL REAL ESTATE leagues. Req’mts: Bachelor’s or foreign equiv in (the “NYC157 Pledged Entity”), and (ii) certain related
Public Health, Epidemiology, or rel. field & 5 yrs rights and property relating thereto (collectively, (x)
of progressively responsible exp in job offered and (y) above, together with the CT Property (defined
UCC Public Sale Notice or rel. occupation: utilizing tools such as cloud- below) are the “Collateral”).
Please take notice that CBRE Capital Markets, Inc. (“CBRE”), on behalf of SDI BILTMORE BORROWER, LLC, a Delaware based doc mgmnt systs such as Beacon, Net- Secured Party’s understanding is that the principal asset
limited liability company (the “Secured Party”), as successor-in-interest to CRE DEBT FUND TRS, LLC, offers for Documents & OneDrive, web-based collabora- of the 34715 Pledged Entity are the Units. NOTICE OF SALE
sale at public auction on May 19, 2025 at 10:00 a.m. (New York time), conducted both via Zoom (or a similar online Secured Party’s understanding is that the principal asset
platform) and in-person at the offices of McCarter & English, LLP, 250 W. 55th Street, 13th Floor, New York, New York tive platforms such as SharePoint & content en- of the NYC157 Pledged Entity is that certain property
10019, in connection with a Uniform Commercial Code sale, 100% of the partnership interests (the “Interests”) in ablement platforms such as Templafy to build, located at 12 Woodin Road, Kent CT 06757 (the “CT
CGI FUND I BILTMORE LP, a Delaware limited partnership (the “Mortgage Borrower”), which is the sole owner of the maintain, & disseminate general frameworks, Property”, together with the NY Property, collectively,
property located at 550 Biltmore Way, Coral Gables, Florida 33134. The Interests are owned by CGI FUND I BILTMORE insights rich templates, & content incl creden- the “Property”. NOTICE OF SALE OF REAL PROPERTY
GP LLC, a Delaware limited liability company (“GP Pledgor”) and CGI FUND I BILTMORE LP LLC, a Delaware limited tials, insights & case studies for bus. dvlpmt Mannion Auctions, LLC (“Mannion”), under the direction
liability company (“LP Pledgor,” and together with GP Pledgor, individually or collectively as the context may require, presentations. Telecommuting &/or work from of Matthew D. Mannion or William Mannion (the UNITED STATES DISTRICT COURT
“Pledgor”), having their principal place of business at 3480 Main Highway, Suite 200, Coconut Grove, Florida 33133. “Auctioneer”), will conduct a public sale consisting EASTERN DISTRICT OF NEW YORK.
home may be permissible pursuant to company
The Secured Party (as successor-in-interest) is the lender on a loan made to the Mortgage Borrower (the “Loan”). In of the Collateral (as set forth in Schedule A below), U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
connection with the Loan, the Pledgor has granted to the Secured Party a first priority lien on the Interests pursuant policies. When not telecommuting, must report via online bidding, on May 20, 2025 at 3:30pm, in
to work site. Offered salary is between FOR THE REGISTERED HOLDERS OF WELLS

ADVERTISE
to that certain Pledge and Security Agreement, dated as of May 5, 2021, made by Pledgor in favor of the Secured Party. satisfaction of an indebtedness in the approximate FARGO COMMERCIAL MORTGAGE SECURITIES,
The Secured Party is offering the Interests for sale in connection with the foreclosure on the pledge of such Interests. $160,000 & $160,000/yr. 40 hrs/wk. Pls email amount of $14,509,956.20, including principal, interest INC., MULTIFAMILY MORTGAGE PASS-THROUGH
The Loan is also secured by a mortgage on real property owned by the Mortgage Borrower or otherwise affecting the resume to [email protected] & indi- on principal, and reasonable fees and costs, plus default CERTIFICATES, SERIES 2019- SB63, acting by and

TODAY
property (the “Mortgage Loan”). The Secured Party may, prior to the sale described herein, assign all of its right, cate Job Code: KC-2025-WJ. interest through May 20, 2025, subject to open charges through its special servicer, Berkeley Point Capital
title and interest in and to the Loan and in the case of such assignment the assignee shall be considered the “Secured and all additional costs, fees and disbursements LLC d/b/a Newmark, as Special Servicer under the
Party” for all purposes hereunder. permitted by law. The Secured Party reserves the right Pooling and Servicing Agreement dated as of June 1,
The sale of the Interests will be subject to all applicable third-party consents and regulatory approvals, if any, as to credit bid.
well as the terms of sale prepared by the Secured Party (the “Terms of Sale”). Without limitation to the foregoing, 2019 Plaintiff -against- 1078 WHILLMORE LLC, et al
Online bidding will be made available via Zoom Meeting:
please take notice that there are specific requirements for any potential successful bidder in connection with obtaining Meeting link: https://bit.ly/34715UCC Meeting ID: 848 Defendant(s). Pursuant to that certain CONSENSUAL
information and bidding on the Interests, including, but not limited to, execution of a confidentiality agreement. Dir, Esoteric ABS Structuring 0028 4375 Passcode: 441835 One Tap Mobile: +164693 FINAL JUDGMENT dated and entered March 19, 2025
The Interests are being offered as a single lot, “as-is, where-is”, with no express or implied warranties, The Bank of Nova Scotia seeks Dir, Esoteric 13860,,84800284375#,,,,*441835# US Dial in: +1 646 (“Judgment”), I, Orazio Crisalli , the undersigned
representations, statements or conditions of any kind made by the Secured Party or any person acting for or on behalf ABS Structuring in NY, NY to drive customer- 931 3860 US Referee, with the assistance of Matthew Mannion of
Mannion Auctions, LLC, will sell at public auction at the
of the Secured Party, without any recourse whatsoever to the Secured Party or any other person acting for or on
behalf of the Secured Party and each bidder must make its own inquiry regarding the Interests. The winning bidder
focused culture thruout their team to deepen cli-
ent relationships & leverage broader bank rela-
Bidder Qualification Deadline: Interested parties who
intend to bid on the Collateral must contact Greg front steps of the property located at 1078 Willmohr (800) 366-3975
shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with tionships, systs, & knowledge. Req’mts: Mas- Corbin (“Corbin”), at Northgate Real Estate Group, 433 Street, Brooklyn, NY on June 4, 2025 at 2:30 p.m.
the purchase of the Interests.
The Secured Party reserves the right to credit bid, set a minimum reserve price, reject all bids (including without
ter’s or foreign equiv in Fin’ce or rel. field & 4 Fifth Avenue, 4th Floor, New York, NY 10016, (212)
419-8101, [email protected], to receive the
prevailing Eastern Time premises situate, lying and
being in the Borough of Brooklyn, County of Kings, City For more
yrs of exp in job offered or rel. occupation: an-
limitation any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed
by the Secured Party upon prospective bidders in connection with the sale or to whom in the Secured Party’s sole lyzg Collateral Data Tapes to create stratifica-
Terms and Conditions of Sale and bidding instructions
by May 16, 2025 at 3:30pm. Upon execution of a
and State of New York, known as Lots 7 and 8 in Block
4691 on the Map of west Waverly filed in the office of information visit:
tion tables, replines, performance data, & tie out
judgment a sale may not lawfully be made), terminate or adjourn the sale to another time, without further notice,
and to sell the Interests at a subsequent sale, and to impose any other commercially reasonable conditions upon numbers w/accountants & issuers utilizing CAS
standard confidentiality and non-disclosure agreement,
additional documentation and information will be
the Register of the County of Kings as Map No. 1498
and more particularly bounded and described as follows:
wsj.com/classifieds
the sale of the Interests as the Secured Party may deem proper. The Secured Party further reserves the right to tool. 10% trvl req’d nationally/internationally. available. Interested parties who do not contact Corbin BEGINNING at a point on the southerly side of Linden
restrict prospective bidders to those who will represent that they are purchasing the Interests for their own account FINRA Series 63 req’d. FINRA Series 7TO and qualify prior to the sale will not be permitted to Avenue, now known as Willmohr Street, distant 40 feet
for investment not with a view to the distribution or resale of such Interests, to verify that any certificate for the req’d. Telecommuting &/or work from home enter a bid. westerly from the corner formed by the intersection of
Interests to be sold bears a legend substantially to the effect that such interests have not been registered under the may be permissible pursuant to company poli- SCHEDULE A: PLEDGED INTEREST: (i) PLEDGOR: said side of Willmohr Street with the westerly side of
Securities Act of 1933, as amended (the “Securities Act”), and may not be disposed of in violation of the provisions of 34715, LLC, a New York limited liability company, East 95th Street; RUNNING THENCE southerly parallel
the Securities Act and to impose such other limitations or conditions in connection with the sale of the Interests as cies. When not telecommuting, must report to ISSUER: 7 EAST 88TH ST. CORP., a New York
work site. Offered salary is between $300,000 with East 95th Street and along the westerly side of Lot
the Secured Party deems necessary or advisable in order to comply with the Securities Act or any other applicable law. corporation. INTERESTS PLEDGED: 4.05 Shares in Unit No. 9 on the aforesaid Map, 100 feet; THENCE westerly
All bids (other than credit bids of the Secured Party) must be for cash, and the successful bidder must be prepared & $300,000/yr. 40 hrs/wk. Pls apply directly thru 1A; 6.35 Shares in unit 1B; 7.10 Shares in Unit 2A; 3.75
to deliver immediately available good funds as required by the Terms of Sale and otherwise comply with the bidding https://www.scotiabank.com/careers by search- parallel to Willmohr Street and along the northerly side
Shares in Unit 3A; 3.75 Shares in Unit 5A, 24 Shares in
requirements and the Terms of Sale. Interested parties seeking additional information concerning the Interests, ing for Director, Esoteric ABS Structuring & in- Units 4A, 4B, 5B and Roof -and- 5 respective proprietary of Lot No. 11 on said map, 40 feet; THENCE northerly
the requirements for obtaining information and bidding on the interests and the Terms of Sale should execute the dicate job code MD031225LA. leases. again parallel to East 95th Street and along the easterly
confidentiality agreement which can be reviewed at the following website: https://tinyurl.com/BiltmoreUCC. (ii) PLEDGOR: JEFFREY M. KRAUSS, an individual. side of Lot No. 6 on said Map, 100 feet to the southerly
For questions and inquiries, please contact [email protected]. ISSUER: 34715, LLC, a New York limited liability side of Willmohr Street; THENCE easterly along the
company. INTERESTS PLEDGED: 100% membership same, 40 feet to the point or place of BEGINNING.
interest. Block 4691 Lot 7.
(iii) PLEDGOR: JEFFREY M. KRAUSS, an individual. Said premises known as 1078 WILLMOHR STREET,
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES ISSUER: NYC157, LLC, a Connecticut limited liability BROOKLYN, NY (the “Premises”).
Nespresso USA, Inc. seeks a company. INTERESTS PLEDGED: 100% membership
Mgr Employee Comm in New interest. Approximate amount of the lien is $1,367,827.43 plus
KRISS & FEUERSTEIN LLP, Attn: Jerold C. Feuerstein, default interest & costs.
York, NY to lead int company
mortgage REIT ASPEN: Radio Station for Sale comm & contrib to bldg &
Esq., Attorneys for Secured Party, 360 Lexington
Avenue, Suite 1200, New York, New York 10017, (212)
Premises will be sold subject to filed Judgment and
forthcoming sale terms.

8%-9% FM, Full Coverage of the World protecting the brand’s reputation 661-2900 The undersigned will accept the highest bid offered
Famous Resort and Surroundings in the US market. Req: Bach deg by a bidder and shall require that successful bidder to
Return or frgn equivt in PR, Comm, (i) provide proper government-issued identification, (ii)
Total Valley Coverage LENDER REO SALE immediately execute terms of sale for the purchase of
TAX EFFICIENCY Journalism, Social Sci or rltd fld 422 EAST 161st STREET, BRONX, NY the Premises, and (iii) pay by certified or bank check ten
+ 4yrs of exp in the job offered or
REAL ESTATE SECURED in a PR, Int Corp Comm, or Bus
PRIME MELROSE, BRONX
Northgate Real Estate Group has been exclusively
percent (10%) of the sum bid, made payable to “ORAZIO
CRISALLI, as Referee.”
GROWTH / INCOME Call Now — 912.634.6575 Comm role w/in the off-trade retained to run the lender REO sale of 422 East 161st
Street in the Melrose neighborhood of the Bronx. The
Civil Action File No. 23-cv-08245-KAM-TAM
ORAZIO CRISALLI, Court Appointed Referee
SEEKING RIA’S & coffee industry. Dom & intl travel
up to 10% of time for bus
5-story multifamily building boasts 10 residential units,
offering a total of 10,425 SF of living space on a 2,520 SF MATTHEW D. MANNION, Court Appointed Auctioneer,
ACCREDITED INVESTORS meetings & events. $161,460.34- lot. Featuring 28 ft of frontage on E 161st Street. Just a
short walk to the Melrose Metro North Station providing
[email protected] or (212) 267-6698.
Holland & Knight, LLP

866-700-0600
$171,460.34. Telework up to 2 access to Grand Central in under 20 minutes
Attorney(s) for Plaintiff
SHOWROOM days/week. Resume to:
[email protected].
Auction Starts: Monday, May 5th, 2025, at 1:00 PM
Auction Ends: Wednesday, May 7th, 2025, at 1:00 PM
Starting Bid: $200,000.00
787 Seventh Avenue, 31st Floor, New York, New York
10019
ALLIANCE MORTGAGE FUND (800) 366-3975 Job Code 0674. No calls. Interested bidders must contact Greg Corbin of
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 wsj.com/classifieds Northgate Real Estate Group at Gcorbin@northgatereg. © 2025 Dow Jones & Company, Inc.
www.AlliancePortfolio.com © 2025 Dow Jones & Company, Inc. com for more information on how to participate in All Rights Reserved.
RE Broker • CA DRE • 02066955 Broker License ID All Rights Reserved. the auction.
THE WALL STREET JOURNAL. * * Wednesday, April 30, 2025 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
40527.62 s 300.03, or 0.75% Trailing P/E ratio 23.24 25.66 5560.83 s 32.08, or 0.58% Trailing P/E ratio * 22.14 24.36 17461.32 s 95.18, or 0.55% Trailing P/E ratio *† 28.18 29.62
High, low, open and close for each P/E estimate * 19.00 18.37 High, low, open and close for each P/E estimate * 20.47 20.78 High, low, open and close for each P/E estimate *† 24.52 26.15
trading day of the past three months. Dividend yield 1.76 2.22 trading day of the past three months. Dividend yield * 1.38 1.40 trading day of the past three months. Dividend yield *† 0.82 0.87
All-time high 45014.04, 12/04/24 All-time high 6144.15, 02/19/25 All-time high: 20173.89, 12/16/24

Current divisor 0.16268413125742

65-day moving average
44600 6000 19700

65-day moving average

65-day moving average
43200 5800 18800

41800 5600 17900

Session high 40400 5400 17000

DOWN UP
t

Session open Close

39000 5200 16100
Close Open
t

Session low 37600 5000 15200

Bars measure the point change from session's open

36200 4800 14300
Jan. Feb. Mar. Apr. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
*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*1,038,815,431 10,606,976
Industrial Average 40630.49 40222.18 40527.62 300.03 0.75 45014.04 37645.59 7.2 -4.7 7.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 637,321,181 3,102,346
Transportation Avg 13640.79 13462.91 13575.77 15.85 0.12 17754.38 12637.04 -8.9 -14.6 -3.0 Most-active issues in late trading Decl. volume* 386,774,372 7,430,305
Utility Average 1037.97 1023.22 1036.45 8.13 0.79 1079.88 893.03 16.1 5.5 1.2 Volume After Hours Issues traded 2,822 298
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 55028.20 54377.64 54908.74 320.00 0.59 61024.05 49067.76 9.7 -6.0 9.6 Advances 1,792 144
Snap SNAP 27,557.0 7.91 -1.18 -12.98 9.89 7.62
Barron's 400 1187.12 1169.95 1185.10 7.92 0.67 1356.99 1058.38 7.5 -5.3 7.9 Declines 942 141
Southwest Airlines LUV 15,232.8 27.25 -0.01 -0.04 27.40 27.05
Unchanged 88 13
Nasdaq Stock Market Super Micro Computer SMCI 11,594.1 30.50 -5.50 -15.28 36.10 28.75 New highs 28 5
Nasdaq Composite 17500.41 17256.20 17461.32 95.18 0.55 20173.89 15267.91 11.5 -9.6 12.3 iShares iBoxx $ HY Cp Bd HYG 11,113.3 79.02 ... unch. 79.02 78.87 New lows 16 7
Nasdaq-100 19582.77 19304.83 19544.95 117.66 0.61 22175.60 17090.40 12.1 -7.0 15.0 Pfizer PFE 10,865.2 23.80 0.01 0.04 23.90 23.60 Closing Arms† 1.20 2.47
Amcor AMCR 9,349.0 9.36 0.03 0.32 9.44 9.32 Block trades* 5,500 115
S&P
NVIDIA NVDA 8,686.6 106.93 -2.09 -1.92 114.30 99.71
500 Index 5571.95 5505.70 5560.83 32.08 0.58 6144.15 4982.77 10.4 -5.5 10.4 Nasdaq NYSE Arca
Direxion Dly SCOND 3 BL SOXL 7,996.6 11.73 -0.13 -1.10 12.00 11.67
MidCap 400 2868.48 2820.67 2856.31 13.49 0.47 3390.26 2560.93 -0.2 -8.5 4.5 Total volume*13,001,932,019 256,401,431
SmallCap 600 1234.13 1210.93 1230.38 7.15 0.58 1544.66 1106.12 -3.0 -12.6 0.4 Percentage gainers… Adv. volume*10,305,752,785 155,929,541
Defiance Tgt 2X Shrt SMCI SMCZ 112.1 18.11 4.21 30.29 19.45 13.82 Decl. volume*2,645,992,823 98,505,054
Other Indexes
ODDITY Tech ODD 101.8 55.70 8.57 18.18 57.69 47.13 Issues traded 4,526 2,201
Russell 2000 1982.84 1948.16 1976.52 10.97 0.56 2442.03 1760.71 0.1 -11.4 2.0
Advances 2,676 1,787
NYSE Composite 19130.84 18924.72 19089.21 117.48 0.62 20272.04 17188.46 8.4 -0.04 6.9 Freshworks Cl A FRSH 241.0 15.90 1.56 10.88 16.29 14.34
Declines 1,710 382
Value Line 554.90 547.58 553.45 2.51 0.46 656.04 495.50 -4.3 -9.4 -1.8 Qorvo QRVO 365.3 68.00 5.35 8.54 70.55 62.65
Unchanged 140 32
NYSE Arca Biotech 5614.42 5500.11 5576.75 8.33 0.15 6318.63 4945.17 12.8 -2.9 6.4
Seagate Technology STX 447.5 88.01 6.41 7.86 88.50 81.60
New highs 93 79
NYSE Arca Pharma 968.41 949.13 963.07 13.45 1.42 1140.17 860.88 -3.5 3.1 5.1 ...And losers New lows 60 8
KBW Bank 118.70 116.44 118.41 0.95 0.81 140.59 100.09 17.0 -7.1 2.5 Defiance Dly Target 2X Lg SMCX 1,374.1 22.15 -9.73 -30.52 32.31 19.13 Closing Arms† 0.40 2.87
PHLX§ Gold/Silver 187.68 184.81 185.38 -2.40 -1.28 195.33 133.45 38.9 35.1 9.1 GrShr 2x Long SMCI Daily SMCL 498.8 8.18 -3.56 -30.32 11.84 7.06 Block trades* 178,212 1,197
PHLX§ Oil Service 56.54 55.25 56.27 0.18 0.33 92.31 50.70 -33.7 -22.5 -8.8 Super Micro Computer SMCI 11,594.1 30.50 -5.50 -15.28 36.10 28.75 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4241.38 4172.80 4196.75 -38.87 -0.92 5904.54 3562.94 -10.2 -15.7 12.9 Tenable Holdings TENB 705.0 29.00 -4.68 -13.90 33.94 28.90 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 25.99 23.76 24.17 -0.98 -3.90 52.33 11.86 54.4 39.3 -10.2 YieldMax SMCI Opt Incm SMCY 141.7 17.16 -2.68 -13.51 19.98 16.51 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 831.31 4.10 0.50 –1.2 Urgent.ly ULY 11.41 3.91 52.13 32.04 2.99 -41.3 NeoGenomics NEO 6.58 -3.39 -34.00 19.12 6.40 -52.7
MSCI ACWI ex-USA 350.18 1.11 0.32 7.5 Highest Performances ADR HPH 12.31 4.13 50.49 558.00 3.76 -97.7 Zhengye Biotechnology ZYBT 9.34 -4.81 -33.99 14.30 3.50 ...
MSCI World 3647.21 18.73 0.52 –1.6 Ohmyhome OMH 3.03 1.00 49.26 6.50 1.70 -44.9 Tivic Health Systems TIVC 4.61 -1.86 -28.75 31.45 2.43 -73.9
MSCI Emerging Markets 1105.99 3.42 0.31 2.8 Defiance Tgt 2X Lg HIMS HIMZ 17.61 5.43 44.58 24.99 9.00 ... Universe Pharmaceuticals UPC 4.38 -1.57 -26.39 2592.00 2.51 -99.7
Americas MSCI AC Americas 2103.57 11.85 0.57 –4.9 LifeMD LFMD 8.62 2.52 41.31 12.88 3.99 -27.7 Marwynn Holdings MWYN 3.16 -0.91 -22.36 5.50 2.25 ...
Canada S&P/TSX Comp 24874.48 75.89 0.31 0.6 ENDRA Life Sciences NDRA 6.00 1.70 39.53 664.82 2.97 -98.8 NanoVibronix NAOV 3.71 -1.04 -21.89 16.25 1.92 -54.1
Latin Amer. MSCI EM Latin America 2195.88 –7.32 –0.33 18.5 Leggett & Platt LEG 9.57 2.30 31.64 18.28 6.48 -47.0 X4 Pharmaceuticals XFOR 4.35 -0.99 -18.46 36.60 4.17 -87.1
Brazil Bovespa 135092.99 77.10 0.06 12.3 Concord Medical Svs ADR CCM 7.85 1.84 30.62 26.70 3.80 -7.6 Wolfspeed WOLF 3.47 -0.66 -15.98 30.86 2.06 -87.2
Chile S&P IPSA 4242.45 42.35 1.01 17.4 Travelzoo TZOO 16.12 3.60 28.75 24.85 7.12 80.9 Piedmont Office Realty A PDM 5.75 -1.05 -15.44 11.12 5.55 -16.5
Mexico S&P/BMV IPC 55613.43 –1366.70 –2.40 12.3 BioCardia BCDA 3.05 0.63 26.03 6.15 1.63 -47.5 MicroAlgo MLGO 6.05 -1.06 -14.91 509.60 1.11 -87.8
EMEA STOXX Europe 600 525.09 1.90 0.36 3.4 Hims & Hers Health HIMS 35.04 6.56 23.03 72.98 11.20 179.6 Brinker International EAT 136.89 -23.78 -14.80 192.22 50.40 155.4
Eurozone Euro STOXX 540.28 1.66 0.31 6.9 S&W Seed SANW 5.59 1.04 22.91 11.60 2.10 -29.1 Insperity NSP 67.23 -11.39 -14.49 106.69 61.54 -34.7
Belgium Bel-20 4376.51 43.58 1.01 2.6 EPWK Holdings Cl A EPWK 16.78 3.07 22.39 16.78 3.80 ... Kforce KFRC 36.59 -6.17 -14.43 71.48 35.50 -40.8
Denmark OMX Copenhagen 20 1655.66 24.38 1.49 –21.2 WidePoint WYY 4.19 0.74 21.45 6.25 1.83 116.0 Oncology Institute TOI 2.50 -0.41 -14.09 3.50 0.13 135.8
2.4 Summit State Bank SSBI 9.41 1.61 20.70 10.93 5.68 -5.6 Ultra Clean Holdings UCTT 19.20 -3.10 -13.90 56.47 16.66 -54.1
France CAC 40 7555.87 –17.89 –0.24
Germany DAX 22425.83 154.16 0.69 12.6
Israel Tel Aviv 2517.98 11.88 0.47 5.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 37874.75 409.23 1.09 10.8 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 874.74 2.05 0.24 –0.4
Norway Oslo Bors All-Share 1683.70 6.35 0.38 2.4 Damon DMN 2,966,539 1233.0 0.01 97.37 4.95 0.003 T. Rowe Price US Hi Yld THYF 2,952 6712 50.93 0.16 54.77 49.03
0.65 LogicMark LGMK 2,745,442 4194.4 0.02 26.36 24.00 0.01 iSh iBds Dec 2035 Corp IBCA 827 5619 25.28 0.24 26.27 24.28
South Africa FTSE/JSE All-Share 91311.15 590.82 8.6
Spain IBEX 35 13366.90 –89.20 –0.66 15.3 WW International WW 569,718 6205.0 0.73 77.03 2.35 0.12 Congress Intermediate Bd CAFX 2,216 3276 24.87 0.14 25.25 24.30
–3.7 Petros Pharmaceuticals PTPI 414,213 969.6 0.01 -77.55 0.77 0.01 iShares MSCI Belgium ETF EWK 365 2635 20.98 0.40 21.01 17.74
Sweden OMX Stockholm 919.71 –3.95 –0.43
Greenlane Holdings GNLN 331,615 1895.1 0.01 5.83 21.80 0.01 Abeona Therapeutics ABEO 14,852 2437 5.30 -0.93 6.78 3.44
Switzerland Swiss Market 12066.69 38.44 0.32 4.0
Turkey BIST 100 9224.84 –82.12 –0.88 –6.2 AGM Group Holdings AGMH 246,898 240.2 0.10 -23.58 2.19 0.02 Highest Performances ADR HPH 343 2327 12.31 50.49 558.00 3.76
U.K. FTSE 100 8463.46 46.12 0.55 3.6 Bon Natural Life Cl A BON 246,833 778.2 0.07 11.54 4.85 0.05 Jade Biosciences JBIO 185 2303 10.14 3.47 884.98 9.41
U.K. FTSE 250 19809.72 76.41 0.39 –3.9 Plug Power PLUG 217,397 228.3 0.96 -5.96 4.90 0.76 Pacer Data & Infr Rl Est SRVR 1,142 2002 30.31 1.78 33.07 26.00
Direxion TSLA Bull 2X TSLL 189,855 14.5 10.97 4.08 41.50 6.29 Trailblazer Merger I Cl A TBMC 113 1990 11.95 -0.33 12.89 10.72
Asia-Pacific MSCI AC Asia Pacific 185.34 0.60 0.33 2.0
Direxion Dly SCOND 3 BL SOXL 179,334 1.9 11.86 -3.50 70.08 7.23 USCF SummerHaven Dyn ComSDCI 2,772 1801 20.64 -1.20 21.85 18.21
Australia S&P/ASX 200 8070.60 73.54 0.92 –1.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3286.65 –1.76 –0.05 –1.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 22008.11 36.15 0.16 9.7
0.09 2.8
Scan this code
India BSE Sensex 80288.38 70.01
Japan NIKKEI 225 35839.99 … Closed –10.2 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3805.18 –6.62 –0.17 0.5 track most-active stocks,
South Korea KOSPI 2565.42 16.56 0.65 6.9 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 20232.63 198.22 0.99 –12.2 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1171.12 11.59 1.00 –16.4
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003845 26005 2.0
CREDIT MARKETS Argentina peso .00091164.9288 13.0 Europe
Brazil real .1779 5.6216 –9.1 Czech Rep. koruna .04569 21.888 –10.1
Canada dollar .7229 1.3834 –3.8 Denmark krone .1525 6.5563 –9.0
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001057 945.69 –4.9 Euro area euro 1.1387 .8782 –9.1
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000238 4193.50 –4.8 Hungary forint .002816 355.09 –10.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007793 128.32 –7.7
A consumer rate against its New car loan Mexico peso .0511 19.5553 –6.1 Norway krone .0964 10.3742 –8.9
benchmark over the past year 6.00% Uruguay peso .02377 42.0750 –3.7 Poland zloty .2668 3.7482 –9.3
Bankrate.com avg†: 7.56% One year ago 12% Asia-Pacific Sweden krona .1038 9.6321 –13.0
First Command Bank 5.24% t 5.00 Switzerland franc 1.2137 .8239 –9.2
Australiadollar .6382 1.5669 –3.0
Prime rate 9.00% Fort Worth, TX 817-569-2253 6 WSJ Dollar Index Turkey lira .0260 38.4711 8.8
s China yuan .1376 7.2695 –0.4
t 4.00 Ukraine hryvnia .0240 41.6500 –1.0
Cambridge Savings Bank 6.56% Hong Kong dollar .1289 7.7586 –0.1
8.00 0 UK pound 1.3409 .7458 –6.7
t
3.00 India rupee .01174 85.172 –0.5
Cambridge, MA 888-418-5626 Middle East/Africa
Tradeweb FTSE Tuesday Close Indonesia rupiah .0000598 16718 2.8
t 7.00 Firstrust Bank 6.74% 2.00 –6 s s Japan yen .007025 142.35 –9.5 Bahrain dinar 2.6528 .3770 –0.04
New car loan Conshohocken, PA 800-220-2265 Yen Euro Kazakhstan tenge .001955 511.62 –2.5 Egypt pound .0197 50.8039 –0.1
6.00 Frost Bank 7.00% 1.00 –12 Macau pataca .1251 7.9959 –0.1 Israel shekel .2761 3.6225 –0.5
Malaysia ringgit .2311 4.3275 –3.2 Kuwait dinar 3.2653 .3063 –0.7
San Antonio, TX 210-220-4000 1 3 6 1 2 3 5 7 10 20 30 2024 2025
5.00 New Zealand dollar .5931 1.6861 –5.7 Oman sul rial 2.5974 .3850 ...
First Savings Bank of Hegewisch 7.50% month(s) years
MJ J AS O ND J F M A Pakistan rupee .00356 281.100 1.0 Qatar rial .2743 3.645 ...
Chicago, IL 773-646-4200 maturity Philippines peso .0178 56.046 –3.5 Saudi Arabia riyal .2666 3.7510 –0.1
2024 2025
3-yr chg Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7646 1.3078 –4.2 South Africa rand .0539 18.5526 –1.7
Yield/Rate (%) 52-Week Range (%)
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) South Korea won .0006983 1432.14 –3.1

Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 4.00

Corporate Borrowing Rates and Yields Sri Lanka rupee .0033393 299.46 2.1
WSJ Dollar Index 95.98
Close Net Chg % Chg YTD%Chg
0.20 0.21 –6.59
Taiwan dollar .03092 32.337 –1.4
Prime rate* 7.50 7.50 7.50 l 8.50 4.00 Yield (%) 52-Week Total Return (%) Thailand baht .02988 33.470 –2.5 Sources: Tullett Prebon, Dow Jones Market Data
Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 4.36 4.32 4.27 l 5.40 4.08
Money market, annual yield 0.46 0.48 0.40 l 0.56 0.38 U.S. Treasury, Bloomberg 2272.070 3.970 4.170 4.880 3.630 7.347 1.218 Commodities
Five-year CD, annual yield 1.68 1.70 1.62 l 1.71 0.92 Pricing trends on someClose Tuesday
raw materials, 52-Week
or commodities YTD
U.S. Treasury Long, Bloomberg 3172.380 4.670 4.930 5.050 3.990 6.620 –4.421 Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 6.87 6.91 6.68 l 7.72 1.37
15-year mortgage, fixed† 6.21 6.25 6.02 l 7.11 1.47 Aggregate, Bloomberg 2159.780 4.530 4.750 5.310 4.100 7.657 1.970
DJ Commodity 1038.32 -9.74 -0.93 1095.84 942.52 1.88 1.56
Jumbo mortgages, $726,200-plus† 7.01 6.99 6.75 l 7.79 1.53 Fixed-Rate MBS, Bloomberg 2135.120 4.940 5.190 5.570 4.340 8.403 1.850
Five-year adj mortgage (ARM)† 6.15 6.25 5.88 l 6.78 2.55 FTSE/CC CRB Index 294.23 -3.65 -1.23 316.63 265.48 0.95 -0.84
High Yield 100, ICE BofA 3875.017 6.771 7.117 7.793 6.208 9.119 6.676
New-car loan, 48-month 7.56 7.59 7.18 l 7.94 3.25 Crude oil, $ per barrel 60.42 -1.63 -2.63 83.88 59.58 -26.25 -15.76
Muni Master, ICE BofA 586.715 3.838 4.024 4.179 3.074 1.440 2.022
Bankrate.com rates based on survey of over 1,500 online banks. *Base rate posted by 70% of the nation's largest Natural gas, $/MMBtu 3.386 0.043 1.29 4.491 1.904 70.07 -6.80
banks.† Excludes closing costs. EMBI Global, J.P. Morgan 919.461 7.550 7.780 8.073 7.084 9.054 5.246
Sources: FactSet; Dow Jones Market Data; Bankrate.com Gold, $ per troy oz. 3318.80 -14.20 -0.43 3406.20 2291.40 44.84 26.23
Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B10 | Wednesday, April 30, 2025 * * THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Continued From Page B8 Net Net Net Net Net Net Net Net
Net 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 Stock Sym Close Chg
Stock Sym Close Chg Nordson NDSN 188.76 0.06 PermianRscs PR 12.20
-0.19 Robinhood HOOD 49.37 0.44 SouthwestAir LUV 27.26 0.61 StateStreet STT 88.53 0.96 SumitomoMits SMFG 14.34 0.21
Heico HEI 249.87 2.47 LamarAdv LAMR 114.53 0.73
Exelon EXC 46.85 0.37 HenrySchein HSIC 66.16 0.59 LambWeston LW 52.18 0.43 NorfolkSouthern NSC 223.36 1.63 PetroleoBrasil PBR 11.52
0.01 Roblox RBLX 66.40 -0.03 Spotify SPOT 576.94 -20.79 SteelDynamics STLD 129.28 1.34 SummitTherap SMMT 23.62 -0.49
ExpandEnergy EXE 107.47 0.36 Hershey HSY 165.07 2.01 LasVegasSands LVS 36.57 0.53 NorthernTrust NTRS 94.05 1.54 PetroleoBrasilA PBR.A 10.81
0.06 RocketCos. RKT 12.94 0.33 SproutsFarmers SFM 172.30 2.54 Stellantis STLA 9.59 0.23 SunComms SUI 123.27 0.01
NorthropGrum NOC 482.10 -1.21 Pfizer 0.74PFE 23.79
RocketLab RKLB 22.40 -0.27 SunLifeFinancial SLF 59.23 0.49
Expedia EXPE 160.15 -1.09 Hess HES 132.54 -1.30 Leidos LDOS 147.56 1.81 StandardAero SARO 26.93 0.15 Steris STE 224.04 -1.22
NorwegCruise NCLH 17.38 -0.06 PhilipMorris PM 170.26
1.09 Rockwell ROK 247.65 1.11 SuncorEnergy SU 35.75 0.04
ExpeditorsIntl EXPD 108.36 -0.33 HessMidstream HESM 38.51 -0.39 Lennar A LEN 107.58 -0.57 StanleyB&D SWK 61.26 -0.02 StifelFinancial SF 86.21 0.22 s Sunoco SUN 59.12 0.39
ExtraSpaceSt EXR 141.43 -0.48 Novartis NVS 113.45 0.82 Phillips66 0.22 RogersComm B RCI
PSX 106.00 25.69 0.20
HewlettPackard HPE 16.31 -0.18 Lennar B LEN.B 101.60 -0.58 Stantec STN 87.51 0.05 STMicroelec STM 22.98 -0.17 SuperMicroComp SMCI 36.00 -1.27
ExxonMobil XOM 108.36 -0.27 HLT 226.41 4.81 LennoxIntl LII 534.91 3.74 NovoNordisk NVO 65.16 2.54 0.67 RoivantSciences ROIV 11.29 0.10
Pilgrim'sPride PPC 53.98
Hilton Starbucks SBUX 84.85 0.95 Stryker SYK 370.92 4.43 Continued on Page B11
F5 FFIV 262.72 -2.35 LeonardoDRS DRS 37.15 0.42 NuHoldings NU 12.41 0.27 0.82 Roku
PinnacleFinPtrs PNFP 101.04 ROKU 69.28 1.14
Hologic HOLX 58.36 0.28
FTAI Aviation FTAI 109.15 0.93 HomeDepot HD 359.00 2.08 LiAuto LI 24.17 -0.13 Nucor NUE 118.77 2.20 0.70 s Rollins
PinnacleWest PNW 95.29 ROL 56.34 0.32
FN 207.55 4.52 Nutanix NTNX 68.52 0.63 Pinterest 0.11 RoperTech
PINS 26.28 ROP 556.17 4.22
Fabrinet HondaMotor HMC 30.80 0.29 LibertyBroadbandC LBRDK 89.00 2.07
FactSet
FairIsaac
FDS 428.71
FICO 1961.50
5.81
18.23
Honeywell HON 211.49
HormelFoods HRL 29.61
10.83
0.09
LibertyBroadbandA LBRDA 87.89
LibertyFormOne C FWONK 89.28
1.99
1.46
Nutrien NTR 56.81 1.24
nVentElectric NVT 54.98 0.42 PlainsGP
RossStores
PlainsAllAmPipe PAA 18.09
-0.22 ROST 140.78 1.41
-0.17 RoyalBkCanada RY 119.90 1.32
PAGP 19.27
BANKRATE.COM® MMA, Savings and CDs
Fastenal FAST 80.28 0.17 LibertyLiveA LLYVA 70.97 -0.17 NVIDIA NVDA 109.02 0.29 -0.57 RoyalCaribbean RCL 216.58 0.27
PlanetFitness PLNT 95.58
DR Horton DHI 124.75 -0.42
FederalRealty FRT 94.00 -0.75 HostHotels HST 14.03 0.05 LibertyLiveC LLYVK 72.43 -0.27
O P Q
Pool 2.57 RoyalGold
POOL 293.90 RGLD 180.38 -0.46 Average Yields of Major Banks Tuesday, April 29, 2025
FedEx FDX 209.85 -1.65 LibertyFormOne A FWONA 81.55 1.60 Primerica 0.53 RoyaltyPharma RPRX 32.71 0.17
PRI 264.81
HoulihanLokey HLI 162.22 1.01
MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
0.60 Rubrik
PrimoBrands PRMB 32.55 RBRK 70.74 0.98 Type
FergusonEnts FERG 169.80 -0.74 HowmetAerospace HWM 137.50 1.15 EliLilly LLY 885.20 7.91
OGE Energy OGE 45.71 0.24
Ferrari RACE 462.74 4.54 LincolnElectric LECO 184.00 -0.21 0.72 RyanSpecialty RYAN 64.31 -1.07
PrincipalFinl PFG 74.59 National average
Hubbell HUBB 359.47 1.49 ONEOK OKE 87.86 -0.01
0.31 Ryanair
ProcoreTech PCOR 63.99 RYAAY 47.24 1.23
Ferrovial FER 48.41 -0.30 HubSpot HUBS 612.69 0.26 Linde LIN 450.58 2.58
ON Semi ON 38.86 -1.18 Savings 0.46 0.87 0.96 1.43 1.91 2.01 1.76 1.57 1.68
0.41 SAP
Procter&Gamble PG 162.26 SAP 292.55 7.20
FidNatlFinl FNF 63.85 0.72 Humana HUM 259.36 -3.84 Lineage LINE 56.49 0.81
O'ReillyAuto ORLY 1399.23 29.07
6.73 S&P Global SPGI 491.76 12.39
Progressive PGR 276.31 Jumbo 1.24 0.87 0.96 1.76 2.07 2.33 2.07 1.90 2.00
FidNatlInfo FIS 78.63 0.65 JBHunt JBHT 130.40 -0.55 LithiaMotors LAD 292.40 1.59
OccidentalPetrol OXY 40.35 -0.16
FifthThirdBncp FITB 36.16 0.41 HuntingtonBcshs HBAN 14.64 0.06 LiveNationEnt LYV 132.30 Okta -0.97 OKTA 112.54 7.75
Prologis -0.22 SBA Comm SBAC 238.50 15.22
PLD 103.10 Weekly change
FirstCitizBcshA FCNCA 1793.05 20.84 LloydsBanking LYG 3.98 0.02 0.42 SEI Investments SEIC 78.04 0.26
PrudentialFinl PRU 104.03 Savings -0.02 0.02 0.01 0.00 0.01 0.00 -0.01 0.00 -0.02
HuntingIngalls HII 230.37 2.02 OldDomFreight ODFL 149.65 0.65
FirstHorizon FHN 18.15 0.15 Loar LOAR 96.55 0.95 Prudential 0.04 SK Telecom SKM 21.02 -0.12
PUK 21.69
HyattHotels H 113.35 0.57 OldRepublic ORI 37.76 0.10 SSNC 74.91 1.53 Jumbo -0.03 0.02 0.02 0.01 0.00 0.01 0.01 0.00 0.00
FirstSolar FSLR 137.24 -3.49 LockheedMartin LMT 475.88 -0.41 PSEG 0.71 SS&C Tech
PEG 81.61
ICICI Bank IBN 33.78 0.26 OmegaHealthcare OHI 38.23 0.22 SAIL 17.32 0.25
FirstEnergy FE 43.07 0.35 Loews L 86.64 0.68 0.88 SailPoint
PublicStorage PSA 292.99
ICL Group ICL 6.72 -0.01 Omnicom OMC 75.86 0.41 CRM 267.76 2.12
-0.68 Salesforce
FirstService FSV 172.10
Fiserv FI 185.29
0.11
7.26
IDEX
IdexxLab
IEX 172.20
IDXX 436.97
-1.90
2.98
LogitechIntl LOGI 78.21
Lowe's LOW 223.27
-0.27
OnHolding
Oracle2.12
ONON 47.90 1.31
ORCL 140.79 0.65
PulteGroup PHM 101.74
0.20 Samsara
PureStorage PSTG 45.58 IOT 39.24 -0.56 Consumer Savings Rates
Flex FLEX 34.88 -0.21 Qiagen 0.16 Sanofi
QGEN 42.63 SNY 53.72 0.96
ING Groep ING 19.62 0.23 Lucid LCID 2.56
Orix 0.03 IX 20.22 0.06 Below are the top federally insured offers available nationwide according to Bankrate.com's
Floor&Decor FND 72.50 ... lululemon LULU 271.27 2.75 Qualcomm -0.74 Schlumberger SLB 34.11 0.01
QCOM 146.88
IQVIA IQV 153.45 3.32 OtisWorldwide OTIS 94.90 1.25 SCHW 81.26 1.08 weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
FlutterEnt FLUT 238.62 3.34 LyondellBasell LYB 58.83 0.11 1.76 SchwabC
QuantaServices PWR 292.38
ITT ITT 136.89 -0.54 Ovintiv OVV 34.56 -0.44 SE 133.92 3.64 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
FomentoEconMex FMX 105.45 -0.89 s QuestDiag 1.82 Sea
DGX 178.50
IcahnEnterprises IEP 8.88 0.18 OwensCorning OC 144.50 0.54 STX 81.60 -0.56
FordMotor F 10.15 0.13 Icon ICLR 149.31 4.31
M N PDD PDD 104.15 1.06
Seagate
High yield savings
Fortinet FTNT 104.21 1.57 IllinoisToolWks ITW 241.75 1.63 PCG 17.35 0.07
R S Sempra SRE 75.35 -0.25
Macom Tech MTSI 103.18 -0.88 PG&E ServiceIntl SCI 80.10 0.40 Bank Yield Bank Yield
Fortis FTS 48.82 0.19 ILMN 77.10 -0.12 PNC 160.60 0.95 RBC Bearings RBC 329.31 4.56 ServiceNow NOW 942.86 5.45
Illumina M&T Bank MTB 169.91 1.19 PNC Finl Phone number Minimum (%) Phone number Minimum (%)
Fortive FTV 69.09 0.28 ImperialOil IMO 69.42 -0.03 POSCO PKX 46.16 0.09 RB Global RBA 99.15 0.40
MGM Resorts MGM 31.80 -0.41 ServiceTitan TTAN 119.24 -0.10
FoxB FOX 46.03 0.11
FoxA FOXA 49.63 0.12
Incyte INCY 60.43 0.91
MPLX MPLX 52.07 -0.36 PPG Ind PPG 103.81 0.85 s RELX RELX 53.79 0.43 SharkNinja SN 81.41 1.31 Money market account Six-month CD
Infosys INFY 17.57 0.24
MSCI MSCI 540.46 5.51 PPL PPL 36.39 -0.07 RPM RPM 105.63 0.52 Shell SHEL 65.51 -0.51
Franco-Nevada FNV 168.94 -1.91 Peak Bank $100 4.54 MyBankingDirect $2,500 4.50
IngersollRand IR 74.86 0.06
MadrigalPharm MDGL 340.80 9.51 PTC PTC 153.65 1.82 RTX RTX 125.73 0.93 SherwinWilliams SHW 348.13 15.93
FranklinRscs BEN 18.75 0.02 866-484-5705 516-683-4100
Ingredion INGR 132.15 1.09
MagnaIntl MGA 35.01 0.74 t Paccar PCAR 90.29 -1.75 RalphLauren RL 223.95 2.00 ShinhanFin SHG 35.40 0.67
FreedomHolding FRHC 144.40 -1.46 BrioDirect $5,000 4.45 Popular Direct $10,000 4.40
Insmed INSM 71.40 MakeMyTrip MMYT 105.25 0.65 PackagingCpAm PKG 185.98 -0.41 RangeResources RRC 35.10 -0.15 Shopify
1.54 SHOP 98.92 0.35
FreeportMcM FCX 37.17 -0.07 877-369-2746 800-274-5696
Insulet PODD 251.27 ManhattanAssoc MANH 176.25 1.87 PalantirTech PLTR 116.08 1.43 RaymondJames RJF 138.10 0.52 SimonProperty SPG 156.80 -1.71
-8.25
FreseniusMedCare FMS 24.98 -0.09
57.38 0.14 SiriusXM Openbank $500 4.40 Bread Savings $1,500 4.40
Intel INTC 20.34 ManulifeFinl MFC 30.71 0.21 PaloAltoNtwks PANW 186.65 5.11 RealtyIncome O
-0.17 SIRI 21.73 -0.04
FrontierComms FYBR 36.26 0.01
RDDT 122.14 0.93 Skyworks
InteractiveBrkrs IBKR 171.78 2.43
Maplebear CART 39.82 -0.10 PanAmerSilver PAAS 25.27 -0.42 Reddit SWKS 61.60 -0.51 833-833-8305 833-755-4354
FullTruck YMM 11.47 0.03
ICE ICE 166.33 MarathonPetrol MPC 138.31 0.73 ParamountA PARAA 22.72 0.12 RegencyCtrs REG 71.85 0.02 SmithAO
2.85 AOS 67.02 2.24
G H I InterContHtls IHG 106.94 -0.07
Markel MKL 1819.93 6.65 ParamountB PARA 11.75 0.06 RegenPharm REGN 568.91 -41.95 Smith&Nephew SNN 26.92 0.12 One-month CD One-year CD
IBM IBM 239.39 MarketAxess MKTX 221.69 3.06 ParkerHannifin PH 602.74 5.65 RegionsFinl RF
3.23 20.52 0.06 SmithfieldFds SFD 21.67 1.76 State Bank of India California $1,000 0.50 Sallie Mae Bank $2,500 4.40
GE Aerospace GE 200.50 -0.36 IntlFlavors IFF 77.55 1.26
Marriott MAR 239.67 2.74 Parsons PSN 68.66 0.34 ReinsGrp RGA 191.86 1.27 Smucker SJM 115.29 1.27 877-707-1995 877-346-2756
GE HealthCare GEHC 68.09 0.02 IntlPaper IP 47.63 0.15
Marsh&McLen MMC 222.00 1.54 Paychex PAYX 146.41 2.25 Reliance RS 288.06 0.78 SmurfitWestrock SW 42.35 -0.20 Lone Star Bank $1,000 0.20 Popular Direct $10,000 4.40
GE Vernova GEV 371.19 1.13 Interpublic IPG 24.98 MartinMarietta MLM 504.86 1.96 PaycomSoftware PAYC 228.56 2.07 RenaissanceRe RNR 242.01 4.12 Snap
0.15 SNAP 9.09 0.26
s GFLEnvironmental GFL 49.91 1.33 713-358-9400 800-274-5696
Intuit INTU 623.15 4.92
MarvellTech MRVL 58.68 -0.02 Paylocity PCTY 192.33 2.51 RentokilInit RTO 23.00 0.14 Snap-On SNA 309.69 -0.10
GSK GSK 38.97 0.91 IntuitiveSurgical ISRG 514.89 0.88
Masco MAS 60.46 -0.02 PayPal PYPL 66.32 1.39 Repligen RGEN 139.43 -4.20 Snowflake SNOW 160.35 1.39
Bank of Hope $1,000 0.15 America First FCU $500 4.35
Gallagher AJG 317.14 -6.67 InvitatHomes INVH 33.65 -0.36
Masimo MASI 163.14 -0.90 Pearson PSO 15.81 0.03 RepublicSvcs RSG 247.70 1.59 SOQUIMICH SQM 34.96 0.24 855-325-2226 801-627-0900
GameStop GME 27.26 -0.33 IronMountain IRM 88.27 -0.20
MasTec MTZ 127.42 1.25 Pegasystems PEGA 91.16 0.05 ResMed RMD 237.74 3.60 SoFiTech SOFI 13.27 0.07
Gaming&Leisure GLPI 48.25 0.49 s ItauUnibanco ITUB 6.31 Mastercard MA 539.68 5.19 PembinaPipeline PBA 38.56 -0.29 RestaurantBrands QSR 63.81 0.20 Solventum
0.10 SOLV 66.25 0.18
Two-month CD Two-year CD
Gap GAP 21.76 0.29 MatchGroup MTCH 29.73 -0.44 PenskeAuto PAG 157.59 -0.27 RevolutionMed RVMD 40.67 -0.80 Somnigroup SGI 61.03 0.09 State Bank of India California $1,000 4.25 KS StateBank $500 4.20
Garmin GRMN 204.10 3.47 J K L McCormickVtg MKC.V 75.90 1.41 Pentair PNR 90.28 0.29 Revvity RVTY 94.66 -0.40 s Sony SONY 25.75 0.47 877-707-1995 785-587-4000
Gartner IT 420.59 4.78 McCormick MKC 76.03 1.32 Penumbra PEN 296.91 -0.41 RexfordIndlRealty REXR 33.38 ... SouthState SSB 87.66 0.17 Lone Star Bank $1,000 0.20 Marcus by Goldman Sachs $500 4.10
32.88 0.18
GenDigital GEN 25.67 0.15 JD.com JD
McDonald's MCD 314.50 -2.31 t PepsiCo PEP 134.31 0.55 RioTinto RIO 60.88 0.01 Southern SO 91.45 0.70 713-358-9400 855-730-7283
GeneralDynamics GD 272.08 0.14 JPMorganChase JPM 244.62 1.40 McKesson MCK 707.28 7.55 PerformanceFood PFGC 80.43 0.86 Rivian RIVN 13.30 0.11 SoCopper SCCO 92.87 -0.95
t GeneralMills GIS 56.15 0.40
Jabil JBL 146.57 0.20 Presidential Bank, FSB $1,000 0.10 America First FCU $500 4.10
Medpace MEDP 306.35 8.17
GeneralMotors GM 46.94 -0.30 JackHenry JKHY 173.51 3.46 800-383-6266 801-627-0900
Medtronic MDT 84.60 0.56
Genmab GMAB 20.79 0.16 JacobsSolns J 123.91 1.50
MercadoLibre MELI 2280.86 72.46 Three-month CD Five-year CD
Genpact G 48.89 0.63 JamesHardie JHX 23.72 0.06
Merck
GenuineParts GPC 118.26 0.74 JefferiesFinl JEF 47.09 0.14 MetaPlatforms META 554.44 4.70
MRK 84.71 1.52 Exchange-Traded Portfolios Popular Direct $10,000 4.40 America First FCU $500 4.20
GileadSciences GILD 104.21 -2.13 J&J JNJ 155.91 0.56 800-274-5696 801-627-0900
MetLife MET 76.42 0.48
GitLab GTLB 47.15 0.19 JohnsonControls JCI 82.33 1.23 Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET America First FCU $500 4.35 KS StateBank $500 4.15
Mettler-Toledo MTD 1065.23 3.77
GlobalPayments GPN 76.63 2.32 JonesLang JLL 228.36 1.40
MicrochipTech MCHP 45.92 -1.09 801-627-0900 785-587-4000
GlobalFoundries GFS 34.65 -0.58 JuniperNetworks JNPR 36.05 0.26 MicronTech MU 76.88 -1.68 Tuesday, April 29, 2025 Closing Chg YTD Bask Bank, a div of Texas Capital Bank $1,000 4.35 Synchrony Bank $0 4.15
GlobeLife GL 123.97 0.37 KB Financial KB 61.78 0.83 ETF Symbol Price (%) (%)
Microsoft MSFT 394.04 2.88 Closing Chg YTD 833-260-4320 866-226-5638
GlobusMedical GMED 72.33 -0.29 KE Holdings BEKE 20.73 -0.39
MicroStrategy MSTR 381.45 12.20 ETF Symbol Price (%) (%) JPM EqPrem JEPI 55.28 0.34 –3.9
GoDaddy GDDY 188.46 3.39 KKR KKR 114.35 0.42 JPM UltShIncm JPST 50.62 –0.04 0.5
GoldFields GFI 22.05 -0.29 KLA KLAC 687.95 -5.77
MidAmApt MAA 157.49 -2.95 CommSvsSPDR
MitsubishiUFJ MUFG 12.71 0.12 CnsmrDiscSel
XLC 95.41
XLY 199.07
0.73 –1.4
0.71 –11.3 PacerUSCashCows COWZ 51.86 0.30 –8.2 High yield jumbos - Minimum is $100,000
GoldmanSachs GS 548.92 2.52 KT KT 18.90 -0.08 ProShUltPrQQQ TQQQ 54.87 1.95 –30.7
MizuhoFin MFG 5.10 0.03 DimenUSCoreEq2 DFAC 32.35 0.56 –6.5
Grab GRAB 4.79 0.03 Kaspi.kz KSPI 88.22 -1.04
Mobileye MBLY 14.92 -0.18 EnSelSectorSPDR XLE 82.73 –0.29 –3.4 SPDRBbg1-3MTB BIL 91.71 ... 0.3 Money market account Six-month CD
GGG 81.49 0.17 Kellanova K 82.58 0.14 SPDR DJIA Tr DIA 405.21 0.73 –4.8
Graco Moderna MRNA 27.82 0.36 FinSelSectorSPDR XLF 48.67 1.04 0.7 Peak Bank $100,000 4.54 MyBankingDirect $100,000 4.50
Kenvue KVUE 23.38 0.27 SPDR Gold GLD 306.06 –0.97 26.4
Grainger GWW 1012.71 1.30 MolinaHealthcare MOH 319.82 -0.38 HealthCrSelSect XLV 139.28 0.49 1.2
SPDRPtfDevxUS SPDW 37.90 0.26 11.0 866-484-5705 516-683-4100
GraphicPkg GPK 25.64 0.32 KeurigDrPepper KDP 34.23 0.19 MolsonCoorsB TAP 57.06 0.36 IndSelSectorSPDR XLI 130.28 0.65 –1.1
SPDRS&P500Value SPYV 49.19 0.51 –3.8 Vio Bank $100,000 4.41 Popular Direct $100,000 4.40
,

GpoAeroportuar PAC 199.91 -1.95 KeyCorp KEY 14.94 0.07 InvscNasd100 QQQM 195.81 0.67 –7.0
monday.com MNDY 276.30 1.74 InvscQQQI SPDRPtfS&P500 SPLG 65.17 0.57 –5.5
GpoAeroportSur ASR 312.48 -3.01 KeysightTech KEYS 144.55 0.61 Mondelez QQQ 475.53 0.66 –7.0 888-999-9170 800-274-5696
MDLZ 65.65 0.55 InvscS&P500EW SPDRS&P500Growth SPYG 81.99 0.68 –6.7
KimberlyClark KMB 130.55 -0.35 RSP 168.90 0.58 –3.6 MyBankingDirect $100,000 4.40 LimelightBank,adivisionofCapitalCommunityBank$100,000 4.35
GpoFinGalicia GGAL 61.48 -0.78 MongoDB MDB 174.69 0.18 iShBitcoin SPDR S&P 500 SPY 554.32 0.63 –5.4
IBIT 54.22 0.63 2.2
Guidewire GWRE 204.95 5.38 KimcoRealty KIM 20.08 -0.41 MonolithicPower MPWR 586.74 1.53 iShBrdUSDHYCpBd USHY 36.83 0.33 0.1
SchwabIntEquity SCHF 20.59 0.24 11.3 516-683-4100 800-639-6015
HCA Healthcare HCA 340.58 8.56 KinderMorgan KMI 27.21 0.14 MonsterBev MNST 59.25 0.76 iShCoreDivGrowth SchwabUS BrdMkt SCHB 21.35 0.57 –5.9
DGRO 59.99 0.57 –2.2
HDFC Bank HDB 72.43 0.59 KinrossGold KGC 14.59 -0.19 Moody's MCO 447.00 7.22 iShCoreMSCIEAFE IEFA 78.82 0.25 12.2
SchwabUS Div SCHD 25.89 0.39 –5.2 One-month CD One-year CD
SchwabUS LC SCHX 21.91 0.64 –5.5
HP HPQ 25.52 0.13 KinsaleCapital KNSL 434.60 10.41 MorganStanley MS 116.21 0.38 iShCoreMSCIEM IEMG 54.10 0.37 3.6
SchwabUS LC Grw SCHG 25.41 0.67 –8.8 State Bank of India California$100,000 0.50 MyBankingDirect $100,000 4.50
HSBC HSBC 57.47 1.13 Klaviyo KVYO 29.85 -0.52 iShCoreMSCITotInt IXUS 71.88 0.34 8.7 MDY 521.88 0.48 –8.4 877-707-1995 516-683-4100
Morningstar MORN 282.33 3.59 SPDR S&PMdCpTr
H World HTHT 34.22 0.08 Philips PHG 25.03 -0.23 iShCoreS&P500 IVV 556.95 0.64 –5.4 SPDR S&P Div SDY 130.99 0.44 –0.8
Mosaic MOS 30.25 0.71 iShCoreS&P MC IJH 57.08 0.49 –8.4 Bank of Hope $100,000 0.20 Popular Direct $100,000 4.40
Haleon HLN 10.28 0.05 KoreaElecPwr KEP 9.07 0.07 TechSelectSector XLK 209.10 0.47 –10.1
MotorolaSol MSI 435.76 4.75 iShCoreS&P SC IJR 100.84 0.65 –12.5 855-325-2226 800-274-5696
Halliburton HAL 20.51 -0.14 KraftHeinz KHC 28.87 0.06 MrCooper VangdSC Val VBR 180.59 0.38 –8.9
COOP 119.63 4.37 iShCoreS&PTotUS ITOT 120.94 0.53 –6.0 Lone Star Bank $100,000 0.20 LimelightBank,adivisionofCapitalCommunityBank$100,000 4.35
HalozymeTherap HALO 60.82 0.25 Kroger KR 71.38 1.01 VangdExtMkt VXF 171.73 0.66 –9.6
MuellerIndustries MLI 72.83 -0.01 iShCoreS&PUSGrw IUSG 129.74 0.66 –6.9 VangdDivApp VIG 190.18 0.60 –2.9
HamiltonLane HLNE 154.51 3.92 Kyndryl KD 32.64 0.60 IUSV 88.75 0.49 –4.1
713-358-9400 800-639-6015
MurphyUSA MUSA 501.26 7.05 iShCoreS&PUSVal VangdFTSEAWxUS VEU 62.38 0.26 8.7
HarmonyGold HMY 15.39 -0.24 LatamAirlines LTM 31.79 1.24 NICE NICE 156.68 0.51 iShCoreTotUSDBd IUSB 46.11 0.26 2.0
HartfordIns HIG 122.22 1.81 LKQ LKQ 37.65 0.44 NIO AGG 99.11 0.24 2.3
VangdFTSEDevMk VEA 52.95 0.30 10.7 Two-month CD Two-year CD
NIO 4.24 -0.07 iShCoreUSAggBd VangdFTSE EM VWO 45.15 0.36 2.5
Hasbro HAS 61.57 0.23 LPL Financial LPLA 319.32 3.89 NNN REIT NNN 41.38 0.26 iShEdgeMSCIMinUSA USMV 91.86 0.78 3.5 VangdFTSE Europe VGK 72.98 0.21 15.0 State Bank of India California$100,000 4.25 Marcus by Goldman Sachs$100,000 4.10
HealthEquity HQY 86.42 2.02 L3HarrisTech LHX 221.23 2.47 NRG Energy NRG 109.53 0.17 iShEdgeMSCIUSAQual QUAL 168.89 0.60 –5.2 VangdGrowth VUG 378.75 0.73 –7.7 877-707-1995 855-730-7283
HealthpeakProp DOC 17.76 0.01 Labcorp LH 240.42 10.82 NVR iShGoldTr IAU 62.64 –0.93 26.5 VangdHiDiv VYM 124.31 0.44 –2.6
NVR 7113.94 73.59 iShiBoxx$IGCpBd LQD 108.49 0.23 1.5
Lone Star Bank $100,000 0.20 America First FCU $100,000 4.10
HeicoA HEI.A 198.94 1.09 LamResearch LRCX 70.90 -0.67 NXP Semicon NXPI 182.62 -13.62 VangdInfoTech VGT 548.15 0.48 –11.8
iShMBS MBB 93.76 0.27 2.3 VangdIntermBd BIV 76.96 0.25 3.0
713-358-9400 801-627-0900
Nasdaq NDAQ 75.94 0.84 iShMSCI EAFE EFA 84.85 0.20 12.2 VangdIntrCorpBd VCIT 81.83 0.18 1.9 Presidential Bank, FSB $100,000 0.10 GTE Financial Credit Union$100,000 4.07
Natera NTRA 154.89 1.90 iShMSCIEAFEValue EFV 61.25 0.29 16.7 VangdIntermTrea VGIT 59.83 0.23 3.2 800-383-6266 888-871-2690
NationalGrid NGG 73.04 0.19 iShNatlMuniBd MUB 104.38 0.12 –2.0 VangdLC VV 255.05 0.48 –5.4
AUCTION RESULTS s NatWest NWG 13.14 0.17 iSh1-5YIGCpBd IGSB 52.50 0.10 1.5 VangdMegaGrwth MGK 315.79 0.73 –8.0 Three-month CD Five-year CD
Here are the results of Tuesday's Treasury auction. All bids are awarded at a NetApp iSh1-3YTreaBd SHY 83.01 0.06 1.3 VangdMC VO 256.19 0.63 –3.0
NTAP 87.86 -0.14 Popular Direct $100,000 4.40 GTE Financial Credit Union$100,000 4.33
single price at the market-clearing yield. Rates are determined by the iShRussMC IWR 84.17 0.53 –4.8 VangdMBS VMBS 46.32 0.22 2.2
difference between that price and the face value. NetEase NTES 106.36 1.14 iShRuss1000 IWB 304.32 0.62 –5.5 800-274-5696 888-871-2690
VangdRealEst VNQ 88.02 0.54 –1.2
s Netflix NFLX 1125.64 15.26 iShRuss1000Grw IWF 366.72 0.61 –8.7 VangdRuss1000Grw VONG 94.38 0.65 –8.6 America First FCU $100,000 4.35 America First FCU $100,000 4.20
SIX-WEEK BILLS Neurocrine NBIX 107.24 0.78 iShRuss1000Val IWD 182.07 0.56 –1.7 VangdS&P500ETF VOO 509.49 0.61 –5.4
$224,876,538,800 NewOrientalEduc EDU 48.88 1.91 iShRuss2000 IWM 196.09 0.59 –11.3 BSV 78.67 1.8
801-627-0900 801-627-0900
Applications VangdST Bond 0.11
Accepted bids $75,171,451,300 NYTimes A NYT 51.62 0.24 iShS&P500Grw IVW 94.68 0.68 –6.7 VangdSTCpBd VCSH 79.14 0.08 1.4 Merrick Bank $100,000 4.30 Synchrony Bank $100,000 4.15
" noncompetitively $854,984,600 Newmont NEM 52.96 -1.11 iShS&P500Value IVE 183.32 0.45 –4.0 VangdShortTrea VGSH 58.89 0.05 1.2 866-638-6851 866-226-5638
" foreign noncompetitively $0 NewsCorp B NWS 31.32 0.10 iShSelectDiv DVY 128.90 0.48 –1.8 VangdSC VB 216.77 0.45 –9.8
Auction price (rate) 99.506500 NewsCorp A NWSA 27.12 0.20 iSh7-10YTreaBd IEF 95.92 0.35 3.8 VangdTaxExemptBd VTEB 49.00 0.18 –2.3 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
iShShortTreaBd SHV 110.43 0.00 0.3 VangdTotalBd BND 73.55 0.26 2.3 compounding and rate stated for the lowest required opening deposit to earn interest. CD
(4.230%) NextEraEnergy NEE 67.25 1.06
iSh20+YTreaBd TLT 90.20 0.84 3.3 VangdTotIntlBd BNDX 49.43 0.08 0.8
Coupon equivalent 4.310% Nike NKE 57.54 0.23 iShUSTreasuryBd GOVT 23.06
figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
0.30 0.3 VangdTotIntlStk VXUS 63.93 0.31 8.5
Bids at clearing yield accepted 57.95% NiSource NI 39.72 -0.01 iSh0-3MTreaBd SGOV 100.66 0.01 0.3 VangdTotalStk VTI 272.66 0.60 –5.9 which may be checks. Rates are subject to change.
Cusip number 912797LN5 Nokia NOK 4.97 0.06 JPMNasdEqPrem JEPQ 51.32 0.41 –9.0 VangdTotWrldStk VT 116.66 0.46 –0.7 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
The bills, dated May 1, 2025, mature on June 12, 2025. Nomura NMR 5.60 0.03 JanusHendersonAAA JAAA 50.54 0.06 –0.3 VangdValue VTV 166.26 0.59 –1.8 Internet: www.bankrate.com

Bonds | wsj.com/market-data/bonds/benchmarks
Tracking Bond Benchmarks Corporate Debt
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
highs and lows for different types of bonds expectations
Total Total Investment-grade spreads that tightened the most…
return YTD total Yield (%) return YTD total Yield (%) Spread*, in basis points
close return (%) Index Latest Low High close return (%) Index Latest Low High Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Mortgage-Backed Bloomberg Fixed Income Indices Banco Santander … 3.306 4.59 June 27, ’29 75 –16 99
Broad Market Bloomberg Fixed Income Indices
DTE Electric … 6.350 5.12 Oct. 15, ’32 95 –10 n.a.
2159.78 3.2 U.S. Aggregate 4.530 4.100 5.310 2135.12 3.3 Mortgage-Backed 4.940 4.340 5.570 National Australia Bank … 4.500 4.10 Oct. 26, ’27 44 –10 55
U.S. Corporate Indexes Bloomberg Fixed Income Indices 2100.27 3.2 Ginnie Mae (GNMA) 4.950 4.460 5.580 Florida Power & Light … 5.950 5.04 Oct. 1, ’33 87 –8 n.a.
New York Life Global Funding … 4.400 4.09 April 25, ’28 45 –8 n.a.
3272.15 2.5 U.S. Corporate 5.140 4.640 5.730 1259.89 3.4 Fannie mae (FNMA) 4.930 4.310 5.580
Caterpillar Financial Services … 4.400 4.08 March 3, ’28 44 –6 55
3214.32 2.8 Intermediate 4.830 4.400 5.650 1946.20 3.6 Freddie Mac (FHLMC) 4.770 4.150 5.510 UnitedHealth UNH 2.950 4.06 Oct. 15, ’27 40 –5 n.a.
Wells Fargo WFC 4.300 4.37 July 22, ’27 71 –5 83
4214.17 1.9 Long term 5.800 5.070 6.120 586.72 -1.3 Muni Master 3.838 3.074 4.179
622.38 2.8 Double-A-rated 4.730 4.260 5.320 415.53 -0.7 7-12 year 3.646 2.858 4.016 …And spreads that widened the most
National Australia Bank … 4.787 4.32 Jan. 10, ’29 49 12 n.a.
889.53 2.2 Triple-B-rated 5.390 4.850 5.930 469.19 -2.5 12-22 year 4.354 3.469 4.704
Protective Life Global Funding … 5.467 4.41 Dec. 8, ’28 76 11 n.a.
High Yield Bonds ICE BofA 444.22 -3.1 22-plus year 4.828 3.959 5.143 Virginia Electric and Power … 8.875 5.62 Nov. 15, ’38 140 9 n.a.
Global Government J.P. Morgan† General Motors GM 5.000 6.03 April 1, ’35 186 8 194
575.89 1.2 High Yield Constrained 7.742 6.975 8.654
Coca–Cola KO 1.450 3.97 June 1, ’27 32 8 n.a.
581.47 -1.5 Triple-C-rated 13.299 11.050 14.946 554.19 1.8 Global Government 3.470 3.010 3.740
Apple AAPL 4.375 5.32 May 13, ’45 65 7 68
3875.02 2.3 High Yield 100 6.771 6.208 7.793 838.59 1.2 Canada 3.130 2.820 3.820 John Deere Capital … 5.150 4.82 Sept. 8, ’33 65 7 66
RGA Global Funding … 5.050 5.17 Dec. 6, ’31 140 7 141
503.10 1.2 Global High Yield Constrained 7.436 6.808 8.254 364.44 0.5 EMU§ 3.069 2.726 3.403
379.91 1.1 Europe High Yield Constrained 5.747 5.219 6.599 661.33 0.9 France 3.210 2.900 3.530
High-yield issues with the biggest price increases…
Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
U.S Agency Bloomberg Fixed Income Indices 470.01 -0.03 Germany 2.510 2.080 2.860
Lumen Technologies LUMN 7.600 11.30 Sept. 15, ’39 74.000 2.02 69.000
1893.16 2.7 U.S Agency 4.210 3.960 5.190 264.94 -2.0 Japan 1.790 1.220 1.910 TransAlta … 6.500 7.40 March 15, ’40 91.998 1.35 89.023
1680.14 2.7 10-20 years 4.130 3.920 5.190 511.99 -0.3 Netherlands 2.730 2.290 3.060 DISH DBS … 5.125 18.39 June 1, ’29 63.000 0.75 61.500
Xerox … 6.750 16.57 Dec. 15, ’39 46.500 0.75 n.a.
3530.40 3.2 20-plus years 4.940 4.240 5.300 798.40 2.1 U.K. 4.720 4.030 5.070
Methanex US Operations … 6.250 7.11 March 15, ’32 95.380 0.68 93.469
2886.76 3.1 Yankee 4.790 4.380 5.570 919.46 2.5 Emerging Markets ** 7.550 7.084 8.073 Navient NAVI 5.625 7.97 Aug. 1, ’33 86.030 0.30 83.050
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Hughes Satellite Systems … 6.625 24.58 Aug. 1, ’26 81.540 0.29 79.700
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan Teva Pharmaceutical Finance Netherlands III … 3.150 5.37 Oct. 1, ’26 97.000 0.24 96.125

…And with the biggest price decreases

Global Government Bonds: Mapping Yields Transocean RIG 7.500 14.24 April 15, ’31 73.500 –1.00 74.000
Rockies Express Pipeline … 7.500 7.71 July 15, ’38 98.250 –0.61 n.a.
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Occidental Petroleum OXY 6.200 6.94 March 15, ’40 93.219 –0.29 92.254
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Verde Purchaser … 10.500 8.90 Nov. 30, ’30 104.817 –0.18 104.500
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Teva Pharmaceutical Finance Netherlands III … 4.100 6.66 Oct. 1, ’46 71.000 –0.17 70.000
Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago Crown Cork & Seal … 7.375 5.56 Dec. 15, ’26 102.774 –0.10 n.a.
3.750 U.S. 2 3.656 t l 3.684 3.909 4.973 Rakuten … 9.750 7.90 April 15, ’29 106.164 –0.09 104.919
4.625 10 4.171t l 4.213 4.254 4.612 ADT Security … 4.875 5.83 July 15, ’32 94.440 –0.06 93.071

4.750 Australia 2 3.280 s l 3.256 3.749 4.169 -44.5 -81.8 *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.
-38.4
Note: Data are for the most active issue of bonds with maturities of two years or more
3.500 10 4.151 s l 4.130 4.470 4.499 -2.4 -8.1 -11.9 Source: MarketAxess
0.000 France 2 1.887 t l 1.894 2.179 3.035 -177.7 -180.7 -195.2
3.200 10 3.221 t l 3.229 3.446 3.003 -95.4 -98.2 -161.5
2.200 Germany 2 1.748 s l 1.745 2.026 3.037 -191.6 -195.6 -195.0 Dividend Changes
2.500 10 2.499 t l 2.529 2.734 2.534 -167.6 -168.2 -208.5 Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
2.550 Italy 2 2.026 s l 2.003 2.279 3.505 -163.8 -169.8 -148.2 Triton Intl Pfd. A TRTNpA 8.4 .53125 Q Jun15 /Jun09
Increased
3.650 10 3.614 t l 3.615 3.857 3.822 -56.1 -59.6 -79.6 Triton Intl Pfd. B TRTNpB 8.3 .50 Q Jun15 /Jun09
CVR Partners UAN 8.5 2.26 /1.75 Q May19 /May12
Triton Intl Pfd. C TRTNpC 8.1 .46094 Q Jun15 /Jun09
0.700 Japan 2 0.688 l 0.688 0.875 0.304 -297.6 -301.3 -468.3 Delek Logistics Partners DKL 11.1 1.11 /1.105 Q May15 /May08
Triton Intl Pfd. D TRTNpD 8.0 .42969 Q Jun15 /Jun09
1.400 10 1.315 l 1.315 1.554 0.928 -286.0 -289.6 -369.0 Enterprise Finl Services EFSC 2.2 .30 /.29 Q Jun30 /Jun16 Triton Intl Pfd. E TRTNpE 7.7 .35938 Q Jun15 /Jun09
Hess Midstream HESM 7.4 .7098 /.7012 Q May14 /May08
2.500 Spain 2 1.945 s l 1.921 2.216 3.183 -171.9 -178.1 -180.5 Special
Reduced
3.150 10 3.168 s l 3.156 3.370 3.292 -100.7 -105.5 -132.6 Capital Southwest CSWC 11.3 .06 Jun30 /Jun13
Customers Bancorp Pfd. F CUBIpF 10.5 .5892 /.5929 Q Jun16 /May31
U.K. 2 3.854 t -53.7 Note: Dividend yields as of 3:30 p.m. ET
4.125 l 3.877 4.204 4.450 19.0 17.6 Customers Bncp Pfd. E CUBIpE 10.6 .613 /.61679 Q Jun16 /May31
Sources: FactSet; Dow Jones Market Data
4.250 10 4.481 t l 4.513 4.711 4.302 30.6 30.2 -31.6
Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close Noble NE 8.9 .50 Q Jun18 /Jun05 S2:1: stock split and ratio; SO: spin-off.
THE WALL STREET JOURNAL. * * * Wednesday, April 30, 2025 | B11

MARKETS
Index performance on Tuesday

1.25%
Stocks Rise smaller stocks is down 13%.
That was its worst first 100-
day period to start a presi-
Many American companies
are struggling to understand
how various tariffs will affect
port on March job openings
showed the U.S. job market
looked a little weaker heading

1.00
Dow Jones Industrial Average
S&P 500 On Tariff dency on record.
Major indexes struggled to
find their footing in early trad-
their businesses. Early Tues-
day, General Motors pulled its
earnings guidance, saying tar-
into this month’s tariff turmoil.
Though White House officials
dangled the prospect of other

Optimism
Nasdaq Composite
0.75 ing, but turned higher after U.S. iffs clouded the outlook, and coming deals, tensions between
Commerce Secretary Howard reported quarterly profit slid. the U.S. and China showed little
0.50 Lutnick said in a CNBC inter- JetBlue Airways withdrew its signs of easing. In his remarks,
view that he had reached a forecast and warned soft de- Bessent declined to say whether
0.25 Continued from page B1 trade deal with an unnamed mand will likely continue this the U.S. and China are in direct
indexes since the start of Rich- country. “I have a deal done, quarter. UPS said it would cut negotiations over tariffs, and
0 ard Nixon’s second term in done, done, done,” Lutnick said. 20,000 jobs and slash costs, a the Chinese Foreign Ministry
1973, according to Dow Jones “But I need to wait for their move its chief executive said vowed in a social-media video
–0.25 Market Data. prime minister and their parlia- was timely given macroeco- posted on Tuesday to “never
TUESDAY’S The tech- ment to give its approval, which nomic uncertainty. kneel down” to Washington.
–0.50 MARKETS heavy Nasdaq I expect shortly.” Traders are monitoring the In the next few days, inves-
Composite is Earlier Tuesday, Treasury economy for other signs of tar- tors will hear earnings updates
down 11%, its worst start for a Secretary Scott Bessent said iffs’ impact. A consumer-senti- from the majority of the Mag-
–0.75
presidency since George W. the U.S. is making progress on ment survey showed the eco- nificent Seven, including Meta
10 a.m. 11 noon 1 2 3 4 Bush’s first term in 2001. And trade agreements with India, nomic mood getting gloomier Platforms, Microsoft, Amazon
Source: FactSet the Russell 2000 gauge of South Korea and Japan. in April, while a separate re- and Apple.

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
Continued From Page B10 Net Net
TorontoDomBk TD 63.27 0.53 U-Haul N UHAL/B 54.22 -0.11 UnumGroup UNM 79.24 0.19 Vodafone VOD 9.58 0.01 WellsFargo WFC 71.10 1.67 Workday WDAY 243.39 3.57
Net Stock Sym Close Chg Stock Sym Close Chg
TotalEnergies TTE 58.45 -1.63 UL Solutions ULS 56.85 -0.48 VICI Prop VICI 32.26 0.02 VornadoRealty VNO 35.14 -1.22 Welltower WELL 151.48 2.43 WynnResorts WYNN 81.55 -0.65
Stock Sym Close Chg ToyotaMotor TM 195.39 2.26 US Foods USFD 65.26 0.49 Vale VALE 9.60 ... VulcanMatls VMC 245.35 -0.04 WescoIntl WCC 161.67 -0.48
TPG TPG 47.00 0.25 Tenaris TS 33.74 -0.01 XP XP 16.16 -0.05
Suzano SUZ 8.95 -0.03 T.RowePrice TROW 88.86 0.13 TencentMusic TME 13.55 0.11 TractorSupply TSCO 49.87 0.87 UWM UWMC 4.61 0.04 ValeroEnergy VLO 115.52 0.77 WestPharmSvcs WST 213.46 -2.66 XPO XPO 97.43 -0.10
Symbotic SYM 21.98 -0.02 TaiwanSemi TSM 164.48 1.08 TenetHealthcare THC 138.35 14.44 TradeDesk TTD 54.67 0.27 Uber UBER 79.42 1.09 VeevaSystems VEEV 231.64 5.87 W X Y Z WestAllianceBcp WAL 70.98 0.58 XcelEnergy XEL 70.67 1.09
SynchronyFinl SYF 52.43 0.26 s Take-TwoSftwr TTWO 230.71 5.16 Teradyne TER 74.89 -1.94 Tradeweb TW 137.38 0.89 Ubiquiti UI 324.35 5.23 Ventas VTR 69.14 0.64
WEC Energy WEC 109.15 0.61
WesternDigital WDC 40.62 -0.29 XPeng XPEV 18.67 -1.26
Synopsys SNPS 460.77 16.80 TakedaPharm TAK 15.28 0.12 Tesla TSLA 292.03 6.15 TraneTech TT 353.44 2.12 UltaBeauty ULTA 390.25 3.81 VentureGlobal VG 8.60 -0.03 WesternMidstrm WES 38.26 -0.69
Xylem XYL 118.62 2.70
TransDigm TDG 1407.89 12.17 Unilever UL 63.14 -0.04 Veralto VLTO 93.09 1.02
W.P.Carey WPC 61.14 0.38 Westlake WLK 93.38 0.32
Sysco SYY 70.24 -0.18 TalenEnergy TLN 213.95 0.52 TetraTech TTEK 31.27 0.07
WPP WPP 38.24 0.58 YPF YPF 31.13 -0.32
Tapestry TPR 70.04 0.78 TevaPharm TEVA 15.58 0.56 TransUnion TRU 82.43 0.82 UnionPacific UNP 214.54 1.93 VeriSign VRSN 278.36 2.17 Weyerhaeuser WY 25.79 0.22
Wabtec WAB 184.36 1.13 Yum!Brands YUM 147.69 -0.06
T U V TargaResources TRGP 178.11 -1.14 TexasInstruments TXN 160.77 -1.67 Travelers TRV 264.05 2.44 UnitedAirlines UAL 68.93 0.09 VeriskAnalytics VRSK 292.37 3.96
WalgreensBoots WBA 10.93 -0.04
WheatonPrecMtls WPM 81.83 -0.24
YumChina YUMC 46.68 -0.05
Target TGT 96.91 0.54 TexasPacLand TPL 1330.29 -20.09 Trimble TRMB 61.95 0.50 UnitedMicro UMC 6.92 -0.02 Verizon VZ 42.95 0.56 Williams WMB 59.67 0.01
s TC Energy TRP 50.22 -0.03 TechnipFMC FTI Trip.com TCOM 59.33 0.71 UPS B VertexPharm VRTX 503.50 Walmart WMT 96.04 0.82 Williams-Sonoma WSM 153.40 ZTO Express ZTO 18.77 -0.38
28.80 0.08 TexasRoadhouse TXRH 164.67 -1.99 UPS 96.73 -0.36 7.01 0.86
TD Synnex SNX 111.07 0.34 TeckResourcesB TECK 35.23 TruistFinl TFC 38.76 0.42 UnitedRentals URI 630.18 1.00 Vertiv VRT 86.19 0.04 WarnerBrosA WBD 8.77 0.07 WillisTowers WTW 302.55 -0.61 ZebraTech ZBRA 256.05 12.56
-0.15 Textron TXT 69.98 0.60
TE Connectivity TEL 145.25 0.35 TeledyneTech TDY 462.62 -0.42 ThermoFisher TMO 427.53 6.19 Twilio TWLO 96.48 0.80 US Bancorp USB 40.50 0.32 Viatris VTRS 8.34 0.09 WarnerMusic WMG 30.53 0.90 WintrustFinl WTFC 113.01 0.86 Zillow C Z 67.20 1.27
Telus TU 15.15 0.08 Ericsson ERIC 8.30 0.06 s ThomsonReuters TRI 184.30 1.89 TylerTech TYL 534.15 12.43 US Steel X 43.81 0.56 Viking VIK 41.12 -0.38 WasteConnections WCN 195.53 1.45 Wipro WIT 2.87 0.03 Zillow A ZG 66.15 1.30
TIM TIMB 16.61 0.14 TelefonicaBras VIV 9.71 0.13 3M MMM 138.38 0.45 TysonFoods TSN 60.58 0.47 UnitedTherap UTHR 300.76 3.72 VinFastAuto VFS 3.38 0.04 WasteMgt WM 228.80 -0.28 Wix.com WIX 169.98 5.20 ZimmerBiomet ZBH 102.79 1.03
TJX TJX 128.03 0.90 Telefonica TEF 5.06 -0.02 Toast TOST 36.21 0.47 UBS Group UBS 30.51 0.23 t UnitedHealth UNH 409.23 -10.77 ViperEnergy VNOM 41.70 -0.42 Waters WAT 340.82 0.94 WoodsideEnergy WDS 13.07 0.03 Zoetis ZTS 155.43 1.86
TKO TKO 162.96 2.53 TelekomIndns TLK 15.54 0.22 TollBros TOL 100.50 -0.62 UDR UDR 41.24 -0.36 UnitySoftware U 22.31 0.19 Visa V 341.52 4.01 Watsco WSO 455.61 -0.17 Woodward WWD 184.83 3.38 ZoomComms ZM 77.55 1.39
T-MobileUS TMUS 241.59 4.82 TempusAI TEM 54.29 0.52 TopBuild BLD 296.96 0.31 U-Haul UHAL 60.98 0.07 UniversalHealthB UHS 171.88 -1.03 Vistra VST 129.33 -0.29 WebsterFin WBS 47.70 0.06 WooriFinl WF 36.52 0.97 s Zscaler ZS 223.85 3.99

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
FidSerToMarket 18.07 +0.11 -5.6 NASDAQ 221.65 +1.22 -9.4 CoreBond 10.31 +0.02 3.5 PutLargCap p 33.99 +0.17 -1.1 LarCapAd 128.96 +0.77 -5.0 TgtRe2050 49.95 +0.20 0.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. FIDZroLgCpIx 19.83 +0.11 -5.2 OTC 18.99 +0.05 -11.6 EqInc 23.52 +0.08 -1.2 Putnam Funds Class Y MidCpAdml 317.04 +1.76 -2.6 TgtRe2060 51.36 +0.21 0.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s GlexUSIdxInstPre 15.75 +0.03 9.2 Puritn 23.61 +0.07 -4.6 LgCpGwth 74.30 +0.44 -6.8 PutLargCap 34.00 +0.17 -1.0 MuHYAdml 10.33 +0.02 -1.8 TgtRet2055 55.73 +0.23 0.2
apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- GrowthCompanyK6 26.82 +0.15 -11.8 SAIUSMinVolIndFd 21.45 +0.14 ... JPMorgan R Class Schwab Funds MuIntAdml 13.33 +0.01 -0.7 TgtRetInc 13.31 +0.03 2.2
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes IntlIdxInstPrem 53.31 +0.05 12.1 SAIUSQtyIdx 20.51 +0.15 -3.6 CoreBond 10.33 +0.03 3.5 1000 Inv r 119.26 +0.70 -5.3 MuLTAdml 10.50 +0.01 -1.9 Welltn 41.92 +0.18 -1.6
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete LgCpGwId InstPre 35.85 +0.22 -8.5 SrsBlChGroRetail 17.43 +0.06 -12.1 CorePlusBd 7.23 +0.02 3.2 S&P Sel 85.69 +0.50 -5.1 MuLtdAdml 10.80 +0.01 0.6 WndsrII 42.90 +0.18 -3.1
price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not LgCpVlIdxIstPrem 17.93 +0.10 -1.2 SrsEmrgMkt 19.05 +0.06 4.0 Lord Abbett I TSM Sel r 93.54 +0.55 -5.6 MuShtAdml 15.73 +0.01 0.9 VANGUARD INDEX FDS
tracked. NS-Fund didn’t exist at start of period. MidCpInxInstPrem 32.30 +0.18 -4.4 SrsGlobal 15.48 +0.02 9.2 ShtDurInc p 3.87 ... 2.0 Strategic Adviser PrmcpAdml r 161.00 +0.74 -3.2 ExtndIstPl 321.70 +2.01 -9.2
SAIUSLgCpIndxFd 22.06 +0.13 -5.1 SrsGroCoRetail 21.17 +0.11 -11.7 Metropolitan West StratAdCorInFnd NA ... NA RealEstatAdml 124.71 +0.57 -0.2 IdxIntl 20.50 +0.04 8.5
SeriesBondFd 9.04 +0.02 3.2 SrsIntlGrw 18.18 +0.02 4.3 TotRetBdI NA ... NA StratAdFidCoreS 9.16 +0.02 3.2 SmCapAdml 103.95 +0.51 -9.4 MdCpGrAdml 107.07 +0.78 -1.8
Tuesday, April 29, 2025 SeriesOverseas 14.91 +0.03 10.9 SrsIntlVal 14.15 +0.08 18.7 MFS Funds StratAdFidEmr 12.50 +0.03 3.1 SmGthAdml 87.61 +0.52 -10.9 MdCpVlAdml 80.66 +0.34 -3.1
Net YTD Net YTD Net YTD SerLTTreBdIdx 5.48 +0.04 4.4 TotalBond 9.55 +0.02 3.0 IIE 37.10 +0.10 9.7 StratAdFidUS 16.46 +0.10 -5.1 STBondAdml 10.29 +0.01 2.8 SmValAdml 77.65 +0.32 -8.2
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret SmCpIdxInstPrem 24.64 +0.14 -11.0 Fidelity SAI MFS Funds Class I StratAdIntlFnd NA ... NA STIGradeAdml 10.42 +0.01 2.6 TotBd2 9.54 +0.02 3.2
TMktIdxInstPrem 152.12 +0.89 -5.6 FidSaiInfltnFnd 10.20 +0.02 4.2 GrowthI 185.79 +1.03 -7.9 StratAdMunBond NA ... NA STIPSIxAdm 25.14 +0.01 3.7 TotIntlInstIdx r 137.12 +0.25 8.5
AB Funds Artisan Funds IntSmVa 25.23 -0.01 15.2 TotalMarketIndex 19.24 +0.12 -5.5 TotalBd 9.05 +0.02 3.0 ValueI 48.94 +0.30 0.8 StratAdvFidIntl 13.23 +0.04 12.1 TotBdAdml 9.67 +0.03 3.3 TotItlInstPlId r 137.15 +0.25 8.5
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B12 | Wednesday, April 30, 2025 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Nvidia’s Worries Go Far Beyond China

‘AI diffusion’ rules could limit U.S. chip company’s sales even to friendly countries—and give more opportunity to foreign rivals

The Trump administration’s re- But in the long run, limiting

cent ban on sales of Nvidia’s artifi- Nvidia in this way could have rip-
cial-intelligence chips for the Chi- ple effects that end up being more
nese market crimped the damaging. The rules effectively
company’s growth potential and limit the size of the global market
created an opportunity for compet- for Nvidia and other American
itors such as Huawei Technologies. companies, such as Advanced Mi-
That might only be the beginning. cro Devices.
In less than a month’s time, This in turn would create op-
some of the most significant re- portunities not just for Chinese na-
strictions on AI computing power tional champions like Huawei, but
to date will come into effect. Those also other competitors in South
curbs—the “AI diffusion” rules— Korea, Japan and Europe—effec-
place caps on how many AI chips tively meaning that more global AI
can be sold in a swath of coun- revenue ends up in non-American
tries. These include many consid- hands.
ered friendly to the U.S., such as That would be a worst-case sce-
Israel, Switzerland, India and nario for Nvidia. There is also a
JOSH EDELSON/AFP/GETTY IMAGES

Saudi Arabia. range of less severe outcomes. In a

The rules limit the ability of report last month, TD Cowen’s pol-
huge U.S. technology companies icy analyst Paul Gallant said a real-
such as Microsoft, Amazon and istic option is for the Trump ad-
Google parent Alphabet to build ministration to “create a path for a
large AI data centers in those so- larger total number of countries to
called Tier 2 markets. The idea is enter Tier 1,” the status that al-
to limit the ability of countries like lows for nearly unlimited pur-
China to circumvent U.S. export Nvidia has been fighting the diffusion rules since they were introduced. Chief Executive Jensen Huang in March. chases of graphics-processing-unit,
controls by acquiring AI chips or or GPU, chips.
computing power through other Monday after The Wall Street Share-price and index performance, Nvidia’s annual revenue by geography* Another possibility is for a deal
countries. Journal reported that Chinese tech past year 80% $140billion
to be struck. Nvidia has been fight-
The impact on Nvidia, which giant Huawei is preparing to test a ing the diffusion rules since the Bi-
called the diffusion rule “mis- new AI chip that could rival 70 den administration introduced
120 Rest of world
guided” when former President Nvidia’s widely used H100 proces- Nvidia them last year. Chief Executive
60 U.S.
Joe Biden issued it in the final sor. The stock rose 0.3% on Tues- Jensen Huang visited President
days of his presidency, is difficult day and is now down nearly 20% 100 Trump at the White House in Jan-
50
to measure given the rules’ com- this year. uary and attended a fundraising
plexity and the possibility that the In their current form, the AI-dif- 40 80 dinner at Trump’s Mar-a-Lago re-
Trump administration changes it. fusion restrictions could add even sort in early April.
The prospect for the diffusion more constraints to Nvidia’s 30 60 That visit came before news of
rules to go forward appears in- growth. Nvidia generates most of the H20 ban—but before Nvidia
20
creasingly likely, though. The its revenue outside the U.S., which 40 unveiled a plan to spend up to
Trump administration sent hawk- remained the case even after the 10 $500 billion making AI supercom-
ish signals, such as its move this launch of ChatGPT sparked a surge 20 puters in the U.S.
S&P 500
month to effectively ban the com- of direct AI investment by U.S. 0 “We struggle to see Nvidia
pany from selling the H20 proces- tech companies. agreeing to make $500 billion in AI
–10 0
sor designed specifically for the Bank of America analyst Vivek infrastructure investment in the
Chinese market. Arya said nearly a quarter of the May 2024 Jan. ’25 FY2017 ’19 ’21 ’23 ’25 U.S. if both the H20 would be
The administration also focused company’s sales last year were in *Fiscal year ends in January Sources: FactSet (share price); the company (revenue) banned AND that it would be un-
its trade-war rhetoric more in- non-China countries subject to the successful in killing the AI Diffu-
tensely on China, which could make restrictions and estimated a reve- look fairly severe. in the short term, given its strong sion Rule,” UBS analyst Tim Arcuri
it awkward to back down now, even nue haircut of up to 10%. Add in If Nvidia’s sales track analyst financial cushion and still booming wrote in an April 15 note to clients.
from a Biden-era initiative. the existing restrictions on China forecasts of about $201 billion in demand for AI chips from large For Nvidia, keeping its global
These moves don’t yet appear to that likely took away 4% of sales, its current fiscal year, that would U.S. tech companies that are so far market open may lie in the art of
be curbing China’s AI ambitions. and the effect of the Trump ad- be a $28 billion hit. keeping their 2025 capital spend- the deal.
Nvidia’s share price slipped 2% on ministration’s policies starts to Nvidia could weather such a hit ing plans in place. —Dan Gallagher and Asa Fitch

Share-price performance, year to date

5%

Ford
0

–5

–10
General
–15 Motors

–20

Gentex
–25

–30
Jan. 2025 Feb. March April
Source: FactSet

Carmakers Blindsided
CARLOS OSORIO/AP

By Tariff Relief GM needs time to reassess its outlook. A Chevrolet Bolt at a GM plant in Lake Orion, Mich.

Tariff relief for automakers tariffs and paused share buybacks. start May 3. Rebates will initially bitter truth is that as they stand, ica’s industrial champions, which
should be good news for investors. They postponed an analyst call to run to as much as 3.75% of the these tariffs still imply a big in- should be the drivers of a reshor-
The fact these companies seemed Thursday, citing “recent reports value of a U.S.-made car, and will crease in costs and complexity for ing policy.
blindsided is a reminder that they regarding updates to trade policy.” later be phased out. carmakers, just as consumers are Continued back-and-forth in pol-
face a difficult and uncertain future. Meanwhile, President Trump Shares of Ford Motor and Stel- starting to feel the pinch. icymaking makes it hard for firms
General Motors stock fell 0.6% confirmed Tuesday that he will be lantis closed up 1.3% and 1%, re- It also is telling that GM appar- to plan ahead, undercutting the tar-
Tuesday, despite the Detroit com- softening his auto tariffs. spectively. Auto suppliers such as ently didn’t see the change coming iffs’ aim of encouraging domestic
pany beating Wall Street estimates U.S. companies paying 25% tar- Aptiv, BorgWarner and Gentex and needs time to reassess its out- investment in manufacturing.
for quarterly profit and revenue, iffs on imported vehicles may be also gained. look, even though carmakers have Auto stocks outperformed the
thanks to a faster-than-expected exempted from other duties, such Yet these were small increases, been actively negotiating to gain S&P 500 in the recent rally. Truly
pickup in North America. as those on steel and aluminum. especially for Stellantis and the this tariff relief. It is another sign jump-starting them will take a lot
Executives said earlier guidance They may also be reimbursed for auto-parts makers, which shed a of disconnection between the more than minor policy tweaks.
for 2025 was no longer valid given parts tariffs, which were set to lot of market value this year. The Trump administration and Amer- —Jon Sindreu

America, the Land of Lost Toys

Smart people up and down Wall that sent the 10-year yield to 4.5%. is just around the corner, and I They don’t have much time left, With markets already in tur-
Street have been trying to figure Stocks also danced on the edge of ain’t gonna have no money to buy and a lot of other people’s liveli- moil, run-of-the-mill financial ca-
out the “Trump put.” Was it an unofficial bear market that my son the G.I. Joe with the kung- hoods also hang in the balance. As lamities haven’t done much to
child’s play all along? week. It later emerged that the fu grip, right?’…They’re panicking Apollo Chief Economist Torsten dull the president’s commitment
There have been a handful of Truth Social post that sparked the out there right now! I can feel it!” Slok explains, the number of to tariffs on China. Whether he
occasions since Inauguration Day, surge came after Treasury Secre- Valentine, played by Eddie Mur- cargo-ship sailings from China col- believes it or not, Trump’s in-
when President Trump an- tary Scott Bessent and Commerce phy in the 1983 film “Trading lapsed after the April 2 announce- stinct has been to blame the pre-
nounced plans for sweeping tar- Secretary Howard Lutnick staged Places,” is the homeless man ment of tariffs. vious administration for such
iffs, that he wound up blinking. an Oval Office intervention. turned financial analyst with a Given the time it takes to trans- problems.
Delays and exemptions have sent With White House intrigue dif- natural feel for market sentiment. port goods by containership and But significant job losses and
stocks higher each time. The most ficult to handicap and China in no Toys could be what persuade deliver them to American cities, half-empty stores? That would be
powerful instance was on April 9 hurry to let Trump off the hook, is Trump to relent. trucking demand will drop sub- on him. And the outcry would be
when the Dow Jones Industrial there some pain point for markets A trade body conducted a sur- stantially by mid-to-late May with heard from the significant number
Average had a 3,500-point intra- or the economy that could spark vey about the impact of the 145% subsequent layoffs. Shelves will of Americans with little to no
day swing—a respectable gain for further softening? Let’s turn to es- tariffs on China, the largest sup- begin to empty by late May to money in the stock market.
a full year. teemed markets analyst Billy Ray plier. Nearly half of small toy busi- early June. Slok points out that 9 The president is toying with se-
At the time, it seemed like the Valentine: nesses say they may soon go out million Americans work in truck- rious political blowback.
trigger was a bond-market selloff “[People are saying] ‘Christmas of business. ing and 16 million in retail. —Spencer Jakab