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San Diego Tries College


Football’s
High-Rise Living Big Game
MANSION | M1 ARENA | D1
* * * * * * FRIDAY, JANUARY 8, 2016 ~ VOL. CCLXVII NO. 6 WSJ.com HHHH $3.00
DJIA 16514.10 g 392.41 2.3% NASDAQ 4689.43 g 3.0% STOXX 600 346.51 g 2.2% 10-YR. TREAS. À 7/32 , yield 2.153% OIL $33.27 g $0.70 GOLD $1,107.70 À $15.80 EURO $1.0933 YEN 117.66

What’s China’s Woes Reverberate Missing


News A 392-point drop fuels
Dow’s worst-ever start
ter the People’s Bank of China
depreciated the value of its cur-
Hong Kong and Tokyo.
On Thursday, stock markets
burdens. U.S. stock-market ac-
tion was frenetic, but there
Missile
rency by the most since August, from Asia to Europe to the was little panic, traders said,

Business & Finance


to year as worries
spread around the globe
causing shares in Shanghai to
tumble 7% in 30 minutes before
trading was halted for the day.
Americas slumped in response
to China’s decline, while the
prices of many industrial met-
reflecting the actions many in-
vestors took during Decem-
ber’s market’s declines to re-
From U.S.
G lobal markets were
shaken Thursday by tur-
BY CORRIE DRIEBUSCH
AND RIVA GOLD
Early Friday, Chinese mar-
kets showed signs of life. The
Shanghai Composite was up
als and energy futures fell. U.S.
stocks closed near their lows,
with the Dow Jones Industrial
Please see MARKET page A8

Market Mayhem
Shows Up
moil in China. Stocks slumped 2.4% at midday after authori- Average down 2.3%.
world-wide, with the Dow
falling 392.41 points, or 2.3%,
to 16514.10. Oil prices slid to
Deepening turmoil in China
shook markets world-wide,
sending oil prices plummeting
ties removed a circuit-breaker
mechanism that was blamed
for triggering the stampede
The reaction underscores
growing anxiety about the
health of the global economy
 Beijing’s strategy shift
backfires...................... C1
 Circuit breakers show
In Cuba
their lowest levels since 2004. to new lows and driving U.S. that has wiped out more than at a time when demand for their limits.................. C1 BY DEVLIN BARRETT
Shanghai stocks were up 2.4% stocks to their worst-ever start $1.1 trillion in market value on goods and services has been  Risk from yuan’s fall AND GORDON LUBOLD
at midday Friday. A1, C1-4 to a year. the mainland this week. Stocks slack and many economies are
spans world................ C3
Thursday’s declines came af- were also higher in Shenzhen, struggling with heavy debt An inert U.S. Hellfire mis-
 Saudi Arabia is consider-
sile sent to Europe for training
ing selling shares in state-
purposes was wrongly shipped
owned oil company Aramco,
a move that comes amid a
broad privatization effort. A1 Anxiety Deep in A surprisingly sharp drop in China’s yuan set
off global declines in stocks and oil, and sent
from there to Cuba in 2014,
said people familiar with the
matter, a loss of sensitive mili-
 Consumers didn’t pull
the Red tary technology that ranks
back as much as feared dur-
ing the holidays, as retail
sales rose 3.3% despite fewer
On World investors looking for safer harbor in assets
like Treasurys and gold.
among the worst-known inci-
dents of its kind.
The unintended delivery of
visits to physical stores. B1
 Apple shares closed below
$100 for the first time in 15
Factory SHANGHAI COMPOSITE,
YEAR-TO-DATE PERFORMANCE
WEDNESDAY
–5.0%
the missile to Cuba has con-
founded investigators and ex-
perts who work in a regula-
months amid the market rout
and signs of waning growth in
China and in iPhone sales. B1
Floor MONDAY
–6.9% TUESDAY
–7.1%
tory system designed to
prevent precisely such equip-
ment from falling into the
BY MARK MAGNIER wrong hands, said those famil-
 Resource companies are iar with the matter.
facing renewed pressure to BEIJING—China’s battered For more than a year, amid
cut spending and investor stock and currency markets a historic thawing of relations
payouts as billions in share- are emblematic of the pessi- between the U.S. and Cuba,
holder value evaporates. B1 mism settling over the world’s American authorities have
second-largest economy. tried to get the Cuban govern-
 News that United’s CEO
“Everyone thinks this will ment to return the missile,
had a heart transplant raised
be a very troubled year,” said said people familiar with the
new questions about disclo- THURSDAY
Willy Lin, managing director of matter. At the same time, fed-
sure of his health status. B1
 Many Wall Street traders,
Milo’s Knitwear Ltd., a Hong
Kong company that exports
–11.7% eral investigators have been
tracing the paper trail of the
especially those on fixed-in- skirts, suits and other apparel Trading was halted about 30 wayward Hellfire to determine
minutes after opening.
come desks, are likely to to Europe and the U.S. from its if its arrival in Cuba was the
see cuts in their bonuses. C1 factory in Dongguan in south- work of criminals or spies, or
ern Guangdong province.
YEAR-TO-DATE DJIA Yuan vs. Dollar Brent crude oil Gold +4.5% the result of a series of blun-
 Boeing delivered a re-
cord 762 jetliners last year as
Executives at businesses in
CHANGE
–5.2% –1.5% –9.5% ders, these people said.
the manufacturing heartland Hellfires are air-to-ground
airlines expanded fleets. B4
of southeastern and eastern missiles, often fired from heli-
 Finish Line will close up China, which churn out every- copters. They were designed
SHANGHAI
to a quarter of its stores and thing from electronic gadgets COMPOSITE as antitank weapons decades
replace its CEO after the re- to textiles to furniture, talk of ago, but have been modern-
tailer posted a steep loss. B3 slack orders and late pay- ized to become an important
ments. China’s traditional part of the U.S. government’s
World-Wide heavy industrial engines of
Sources: Factset (markets and gold); SIX Financial (Brent Crude); The Steel
antiterrorism arsenal, often
steel, cement and glass remain Index (iron Ore); Tullett Prebon (currencies) THE WALL STREET JOURNAL. fired from Predator drones to
saddled with excess capacity carry out lethal attacks on tar-
 An inert U.S. missile sent built up in the boom years. gets in countries including Ye-
to Europe to be used in a “No numbers point to a rosy dark mood that has spilled into In December, a closely So far, the $10 trillion Chi- men and Pakistan, said people
NATO exercise was wrongly picture,” said Mr. Lin. the country’s stock and cur- watched gauge of China’s man- nese economy has been a cush- familiar with the technology.
shipped from there to Cuba, The numbers got even rency markets is justified be- ufacturing activity contracted ion against the downturn, and This particular missile
a serious loss of sensitive worse Thursday as Chinese cause of the looming economic for the 10th consecutive there still are some economic didn’t contain explosives, but
military technology. A1 stocks skidded so much that challenges and skepticism that month, while its service-sector bright spots. Consumer spend- U.S. officials worry that Cuba
trading on the Shanghai ex- the government has the right continued to expand. ing is holding up, while hiring could share the sensors and
 The Obama administration
change was halted for the day policies to meet them. China’s imports fell 15% in in the service industry has targeting technology inside it
said it is considering new
just a half-hour into the ses- In the third quarter, China’s the first 11 months of 2015 as helped offset lost manufactur- with nations like China, North
sanctions against North Korea
sion because the main stock economic growth slowed to purchases from all of the coun- ing jobs. Industrial production Korea or Russia, these people
and that China’s approach to
index fell 7%. Chinese stocks 6.9%, or less than half its try’s trading partners declined, is stabilizing, boosted by infra- said. Officials don’t suspect
its isolated ally had failed. A7
rose Friday morning amid vol- growth rate in 2010. The gov- except for Vietnam and Can- structure spending. Cuba is likely to try to take
 Iran accused Saudi Arabia atile trading in Asia. ernment has set this year’s ada, according to official Chi- In a New Year’s address apart the missile and try to
of bombing its embassy in Economists and executives target at 6.5%, which would be nese data. Exports fell by a broadcast over state media, develop similar weapons tech-
Yemen during an airstrike, at Chinese companies said the the slowest pace in 25 years. modest 3%. Please see CHINA page A8 Please see CUBA page A7
heightening tensions. A12
 The Obama administration
is making little progress in In Liberia, Radio Listeners
getting more young adults
to sign up for policies on the Eagerly Share Their Lunch
federal insurance exchange. A3
i i i
GOP Health
 Administration officials Alternatives Are
will hold talks with tech CEOs Fans phone in to describe potato greens,
on doing more to block ter- Works in Progress
rorists’ use of the Internet. A2 goat’s head soup; ‘I’m proud of what I eat’
 Iraq’s military said Is- Presidential hopefuls have yet to
lamic State’s spokesman was spell out in detail what would
BY DREW HINSHAW it on the radio. At least, that replace Obama’s law. A4
critically injured in an air-
is how committed radio fans
strike in Anbar province. A12
CHIP SOMODEVILLA/GETTY IMAGES

MONROVIA, Liberia—Mi- pass their lunch hours in Li-


 A German police account chael Togba so loved his beria. Every weekday from
of mass assaults in Cologne lunch he wanted the world to noon to 1 p.m., DJs here open Greenberg Gives
on New Year’s Eve described
chaos and aggression that
know it.
So on a recent Friday af-
their phone lines to callers
answering the same question:
$10 Million to
left police overwhelmed. A6 ternoon he phoned 96.1 FM
disc jockey Ebow Benji, who
What’s everybody eating?
The segment has a cult fol-
Bush Super PAC
 French police killed a man
asked Mr. Togba as tens of lowing in this nation of four
they say tried to attack a Maurice R. ‘Hank’ Greenberg
thousands of million people.
Paris police station brandish- emerges as biggest donor to
listeners tuned At least three House Speaker Paul Ryan, left, with members of Congress after
ing a meat cleaver and wear- super PAC backing Bush. A4
in: “What ex- stations inter- signing legislation to repeal the Affordable Care Act.
ing a fake explosive vest. A6
actly are you view caller af-
 New dietary guidelines eating?” ter caller about
issued by federal officials
urge cutbacks in sugar, sat-
urated fat and sodium. A3
got
“Oh, I just

eating
through
some
their midday
meal. Some-
times, DJs pose
Saudis Eye IPO for Oil Crown Jewel
potato greens!” a follow-up BY SUMMER SAID scale, and could exclude its stra- also shown some signs of finan-
CONTENTS In the Markets....... C4 Mr. Togba an- question: How AND KEVIN BAXTER tegic production assets alto- cial strain, ratcheting down gov-
Arts & Ent...... D2,4-7 Opinion................. A9-11
Business News.. B1-6 Sports.......................... D8
nounced, de- Potato greens spicy is the gether. But an initial public of- ernment spending and reducing
Crossword................. B6 Technology............... B5 scribing a local meal? What LONDON—Saudi Arabia is fering of only a small slice of generous energy subsidies to
Film............................... D3 U.S. News............. A2-5 vegetable stew similar to col- restaurant did you buy it considering selling shares in its what is widely considered one of save cash.
Global Finance........ C3 Weather..................... B6 lards. “And rice. With palm from? Did somebody cook it state-owned oil company, a the world’s most valuable com- Talk of a partial listing of
Heard on Street.... C8 World News. A6-7,12
oil.” for you? move that comes amid a broad panies could raise billions of Aramco has surfaced from time
“Can you bring me a Many lunch enthusiasts privatization effort afoot in the dollars. That would bolster gov- to time for years. In an inter-
> plate?” the DJ replied. spend their weekdays dialing kingdom, but also at a vulnera- ernment coffers at a time when view with the Economist maga-
“Yeah!” one station after another, hop- ble time for Riyadh because of global oil prices continue to zine published Thursday, Mo-
Here on the sweltering ing for a chance to make tumbling energy prices. slide, recently hitting lows not hammad bin Salman Al Saud,
coastline of West Africa, it what’s on their plate a national Any move to list shares in seen in over a decade. Please see ARAMCO page A12
isn’t enough to just eat your conversation piece. Some tune Saudi Arabian Oil Co., better Riyadh has a sizable cushion
s Copyright 2016 Dow Jones &
Company. All Rights Reserved lunch. For maximum enjoy- in online. Several have called known as Saudi Aramco, would of foreign reserves to protect it  Rout forces oil, mining firms
ment, you have to talk about Please see LUNCH page A2 almost assuredly be limited in from lost oil revenue. But it has to cut deeper.............................. B1
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Friday, January 8, 2016 * **** THE WALL STREET JOURNAL.

U.S. NEWS
City Bankruptcy Leaves Little for Lawsuits
BY KATY STECH San Bernardino’s police de- dled an excessive-force lawsuit
partment has been hit hard by in Vallejo, which emerged
Terry Wayne Jackson died the city’s financial problems, from bankruptcy in 2011,
on March 1, 2009, after several losing 30% of its officers in re- called it “alarming” that bank-
San Bernardino, Calif., police cent years despite the city’s ruptcy law can let a city “erase
officers, responding to com- high violent-crime rate. Under its own liability” when its po-
plaints the 21-year-old men- the bankruptcy plan, the city lice officers violated a person’s
tally ill man wasn’t wearing would spend $56.5 million in civil rights.
pants in a park, wrestled him the next five years to hire offi- “Civil-rights advocates may
to the ground and tasered him. cers and buy new vehicles. need to go to Congress and get
His mother, Sheryl Nash, The plan, however, would clarification so there are bet-
sued and won. City leaders inflict some of the deepest ter protections for victims of
promised to pay $686,000 by cuts on people who have sued police brutality,” said Melissa
July 15, 2012. Two weeks after over incidents of alleged po- Jacoby, a law professor at the
that deadline, San Bernardino lice brutality or excessive University of North Carolina-
filed for bankruptcy. force. San Bernardino faced Chapel Hill.

PATRICK T. FALLON/BLOOMBERG NEWS


City officials now say they 109 lawsuits seeking a total of San Bernardino filed for
can’t afford to pay Mr. Jack- $19 million in “personal injury bankruptcy on Aug. 1, 2012.
son’s mother or the more than and bodily injury” claims Housing prices in the city,
100 others who have sued San against the city and its em- about 60 miles east of Los An-
Bernardino for injuries and ployees as of Nov. 25. geles, plummeted during the
deaths allegedly caused by its Lazaro Fernandez, a lawyer economic slowdown, leading
police officers and employees. for Mr. Jackson’s mother and the city to take in less revenue
Under the city’s recent pro- other families with settle- from property taxes.
posal to exit bankruptcy pro- ments, said they are “entitled City lawyers who drew up a
tection that still needs a to collect the full amounts” bankruptcy-exit strategy freed
judge’s approval, she might owed by the city. Officers in San Bernardino, Calif., were praised after last month’s mass shooting, but the city’s up money for the city’s roads,
get only 1% of what the city “[These are] individuals fiscal woes mean plaintiffs in police-brutality lawsuits could get just 1% of promised settlements. information-technology sys-
settled for: $6,860. whose lives have been forever tems and city hall, which
Lawyers for Mr. Jackson’s changed by the actions of em- March 9 hearing. If she ap- payments they have promised arately. Some might get insur- needs $20 million to prepare
mother and other families ployees of the [city],” Mr. Fer- proves the plan, it would go to to Wall Street, retired workers ance money, the city said, it for earthquakes. The plan
with settlements are fighting nandez said in court papers. creditors for a vote. and other creditors. But bank- though it hasn’t provided de- proposes steep cuts to health-
the proposed cost-cutting Gary Saenz, a lawyer for Paul Glassman, a lawyer for ruptcy law doesn’t say how tails. care benefits for retired city
plan—a battle that shines a San Bernardino, didn’t re- San Bernardino, defended the much people behind police A federal judge cleared De- workers and to payments to a
light on the police depart- spond to emailed requests for proposed cuts at a recent lawsuits should be paid when troit to pay less than 15% of European bank that lent the
ment’s troubles amid an out- comment. court hearing, calling San Ber- a city files for protection. what it owed in lawsuit settle- city $51 million to cover pen-
pouring of praise for how its U.S. Bankruptcy Judge Mer- nardino “a deeply service-in- San Bernardino’s plan pro- ments and judgments despite sions. Like Mr. Jackson’s
officers handled the Dec. 2 edith Jury is scheduled to re- solvent city.” poses a 1% payment rate, protests from those affected mother, bondholders can ex-
mass shooting that killed 14 view objections to the city’s Cities that declare bank- though city officials promised that the amount was too low. pect to be repaid 1% and have
people. bankruptcy-exit summary at a ruptcy have the power to cut to negotiate each lawsuit sep- A California judge who han- objected to the plan.

Huge Waves Batter California’s Coast


White House Seeks
CEOs’ Help on Terror
BY DEVLIN BARRETT “I can confirm that we were
AND DAMIAN PALETTA invited to the meeting tomor-
row and we plan on sending
Senior Obama administra- someone,” said a Facebook
tion officials will hold high- spokeswoman, declining fur-
level discussions with Silicon ther comment.
Valley CEOs on Friday, escalat- The primary purpose is for
ing their attempts to persuade government officials to press
the executives to do more to the biggest Internet firms to
block terrorists from using the take a more proactive ap-
Internet to recruit and incite proach to countering terrorist
violence, according to people messages and recruitment on-
familiar with the plans. line, these people said. That is-
Some of the most powerful sue has long vexed U.S. coun-
officials in government, in- terterrorism officials, as terror
cluding Attorney General Lo- groups use Twitter, Tumblr,
retta Lynch, Federal Bureau of Facebook and a host of other
MIKE ELIASON/ASSOCIATED PRESS

Investigation Director James social-media sites to spread


Comey, White House chief of terrorist propaganda, cultivate
staff Denis McDonough and Di- followers, and steer them to-
rector of National Intelligence ward committing violence.
James Clapper plan to take The companies have re-
part in the meeting, signaling sisted some requests by law-
the urgency the White House enforcement leaders to take
places on the matter. action, making it clear they are
Mr. Comey intends to fly to wary of being seen to be help-
SPLISH-SPLASH: High surf spills out Thursday onto Channel Drive in Montecito, as a powerful El Niño-driven storm lashed coastal California to attend the meet- ing the government spy on
areas of California. Forecasters said waves created by the storm could reach 16 feet. Less rain is predicted for later this week. ing in San Jose in person, peo- their customers.
ple familiar with the plans Advocates on both sides are
said. It wasn’t immediately watching to see if the attacks
clear how many of the other in Paris and San Bernardino,
U.S. officials would make the Calif., will make the public
FROM PAGE ONE trip and how many may join
instead by teleconference.
more receptive to law-enforce-
ment arguments. So far there
From the industry side, top is no clear sign of a shift.

LUNCH goat’s head soup. “Food is


what identifies us,” he said.
“The plantain, the hot pepper
and the fried fish? This is who
sical Giant: “I can’t tell my
people to stop calling,” he
said. “They love the program,
and they want to be heard.”
“It’s lunch time, you relax,
the music is soft,” he said.
“This program is good for cou-
ples.”
executives from a host of
household-name firms are ex-
pected to take part, including
Facebook, Google, Yahoo and
While the focus Friday will
be terrorists’ online activity,
other subjects, such as encryp-
tion, will be broached, people
Continued from Page One we are.” Mr. Watson considers him- Then there is Liberia’s state others, these people said. familiar with the matter said.
from faraway countries, like This national potluck of the self the best lunchtime host in broadcaster, on 99.9 FM. Two
Morocco and the U.S. airwaves went quiet during Liberia, although Mr. Benji, his years ago, management asked
It can make for repetitive 2014’s historic Ebola outbreak. competitor, declined to com- its midday hosts to nix the Houston, was indicted Wednes-
listening to an outsider, be-
cause callers are often eating
One station after another
stopped taking lunch-related
ment on that assertion. Mr.
Watson says his secret is his
lunch-related chatter, said DJ
Prince Tulay, host of the sta-
U.S. day on three charges that he
tried to provide material support
the same dish as the last
caller—and the one before
calls. Radio devoted itself full
time to bulletins on how to
voice: a sultry, round baritone.
It is perfect for lulling listen-
tion’s noon-one weekday slot.
A memo instructed them to Watch to the Islamic State.
There is no indication from
that. Mr. Benji reckons about avoid the virus. DJs grimly an- ers into an afternoon siesta as call a reputable restaurant for prosecutors that Mr. Al Hardan
half his callers want to talk nounced neighborhoods where any culinary queries instead. was a threat in the United
about potato greens. Ebola was breaking out, and Mr. Tulay said: “We’re trying States.
On one recent show, a caller those where it had been
At least three stations to make this show profes- Both men are Palestinians
divulged that he had eaten a beaten back. interview caller after sional.” CALIFORNIA, TEXAS born in Iraq, authorities said.
couple of eggs. But aside from Now, the return of the quo- Mr. Benji tried to get his Ben Galloway of the federal
him, almost no one has re- tidian lunchtime gabfest is one
caller about their callers to think outside the
Terrorism-Related defender's office is Mr. Al-Jayab
ported eating a dish that isn’t more sign of Liberia’s brave midday meal. lunchbox, too. He grew an- Arrests in 2 States attorney. He didn’t immediately
singularly Liberian. Stick to struggle back toward normal. noyed at their tendency to Authorities said Thursday return telephone and emailed
what you know, said Layee Ko- “I’m proud of what I eat in Li- ramble, mumble or shout into that two people with ties to the messages Thursday.
rmah, a 34-year-old fan and beria. And to get the opportu- they digest their greens, he the phone. He found some of Islamic State have been arrested —Associated Press
frequent caller: “We can’t just nity to call the people,” said said, lowering his voice to them boastful, bragging about on terrorism-related charges in
go on talking about a ham- Mr. Togba, the 30-year-old po- show off its deepest register. the upscale restaurants where California and Texas, including a MASSACHUSETTS
burger.” tato greens eater. “Because While other DJs play lively they were eating. For a while, refugee from Syria who is
Still, Liberians find plenty that’s my home. Nowhere bet- reggae and rap tunes between he asked listeners to text. charged with lying to federal in-
Five Hurt in Blast
to say about their simple sta- ter than this country in the calls, Mr. Watson slows it People just called in to ask vestigators about his travels to At Chemical Plant
ples. It is a West African thing, whole world.” down, jamming on 1980s bal- why he wanted them to text. “I the civil war in that country. An explosion at a Dow
said Mr. Benji, an emigrant Only one DJ kept culinary lads like Michael Bolton’s have family—I’d rather they Court documents say the Chemical plant in northeastern
from nearby Ghana: Lunch and chat on the menu as Ebola “Soul Provider.” He also urges hear my voice,” explained Mo- men wanted to assist terrorist Massachusetts injured five peo-
patriotism in this part of the raged: Cyrus Watson, host of his callers to invite a special ses Kaine, a regular caller and organizations affiliated with the ple and damaged part of the
world go together like peas 101.1 FM’s “Lunch Time,” who somebody to lunch. Two mar- fan. “As soon as that program Islamic State, though one man building, authorities said.
and carrots—or palm oil and is popularly known as The Mu- riages began this way, he said. comes on people forget their is accused of assisting a group Firefighters, paramedics and
worries.” that allied with Islamic State af- police responded to the plant in
On a recent noontime ter he had returned to the U.S. North Andover at about 2:30
CORRECTIONS 
THE WALL STREET JOURNAL (USPS 664-880)
(Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) broadcast, Mr. Benji an- A criminal complaint un- p.m. Thursday. Town Manager
(Western Edition ISSN 0193-2241) nounced an experiment to test sealed Thursday accuses Aws Andrew Maylor said there were
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays.
AMPLIFICATIONS his influence.
“I’m throwing out a chal-
Mohammed Younis Al-Jayab, 23
years old, of Sacramento, of
reports of five people being
brought to hospitals, including
Periodicals postage paid at New York, N.Y., and other mailing offices.
POSTMASTER: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. lenge, a very solemn one: I traveling to Syria to fight and one who was critically injured.
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of The Nonproliferation Pol- want anyone who can cook lying to investigators about it. Mr. Maylor said no chemicals
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1155 Avenue of icy Education Center was in- cassava leaves, and rice, some U.S. Attorney Benjamin Wagner were released into the air and
the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order.
Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. correctly identified as the chicken, bring it to the studio. said in a statement that while there was no danger to the sur-
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com Nonproliferation Policy Center I will pay you for it,” Mr. Benji Mr. Al-Jayab was potentially rounding area. The cause of the
in some editions Thursday in a said. “Can somebody bring us dangerous, there is no indication blast is under investigation.
NEED ASSISTANCE WITH YOUR SUBSCRIPTION? World News article about some typical Liberian food?” that he planned any attacks in A Dow Chemical spokes-
CONTACT CUSTOMER SUPPORT. North Korea’s nuclear test. After two hours, nobody the U.S. woman didn’t return a message
By web: customercenter.wsj.com had arrived. Mr. Benji’s conclu- Meanwhile, the U.S. attor- Thursday. A worker was killed in
By email: wsjsupport@wsj.com Readers can alert The Wall Street sion: His listeners want to talk ney's office based in Houston a chemical explosion at the
By phone: 1-800-JOURNAL (1-800-568-7625) Journal to any errors in news articles
by emailing wsjcontact@wsj.com or about their food; they don’t said late Thursday that Omar same plant in 2013.
Or by live chat at wsj.com/livechat by calling 888-410-2667. want to share it. Faraj Saeed Al Hardan, 24, of —Associated Press
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Friday, January 8, 2016 | A3

U.S. NEWS

Guidelines:
Consume
Young Adult Enrollees Disappoint
No rise seen so far at cause premiums to rise, forc-

LessAdded federal insurance


exchange by the key
ing some younger and health-
ier customers to leave and pre-
miums to further climb. That

Sugars 18-to-34 age group


hasn’t occurred because the
number of healthy people on
the exchanges has been strong
BY ANNIE GASPARRO BY STEPHANIE ARMOUR enough to prevent it.
AND KELSEY GEE “The insurance risk pools
WASHINGTON—The Obama are generally stable at this
Federal officials issued new administration so far is mak- point. The [Affordable Care
dietary guidelines Thurs- ing little progress in getting Act] looks to be sustainable,”
day urging Americans to cut more young adults to sign up said Larry Levitt, a senior vice
back on sugar and eat less sat- for health policies on the fed- president at the Kaiser Family
urated fat and sodium. But the eral insurance exchange, ac- Foundation. “Enrollment
government dialed down many cording to figures released growth is key to further suc-
earlier proposals from an ad- Thursday. cess,” Mr. Levitt added, with

JOE RAEDLE/GETTY IMAGES


visory panel, drawing relief Twenty-six percent of peo- more uninsured people cov-
from the meat industry. ple who signed up for coverage ered and more young and
The guidelines say less than as of Dec. 26 in the 38 states healthy people signing up.
10% of Americans’ daily calo- that use the federal exchange The Obama administration
ries should come from added were ages 18 to 34, according and advocacy groups involved
sugars and less than 10% to a report from the Centers with enrollment have put an
should come from saturated for Medicare and Medicaid emphasis on getting younger
fats. They also recommend Services, which administers An insurance adviser helps Shessy Gonzalez, left, sign up for a health plan in Miami last month. Americans to sign up to help
that adults limit their sodium the law. That figure is largely balance the market.
intake to 2,300 milligrams a unchanged from a roughly ups are added. people, or 76%, on Health- UnitedHealth Group Inc.,
day—about one teaspoon. comparable two-month period “We’re encouraged that Signing Up Care.gov through Jan. 2, and the biggest U.S. health insurer,
The guidelines, issued by through Jan. 16, 2015. marketplace consumers are in- People age 18 to 34 using the 2.7 million, or 24%, in the re- said in November it was con-
the U.S. Agriculture and The numbers are below creasingly young, engaged and federal insurance marketplace maining 13 states that operate sidering withdrawing plans
Health and Human Services goals set by actuaries when shopping for the best plan,” their own exchanges, through sold under the insurance ex-
departments, also called out the exchanges were launched Health and Human Services 2.25 MILLION TOTAL Dec. 26. changes because it had suf-
men and teenage boys for eat- in 2013. They estimated then Secretary Sylvia Mathews Bur- While some people who en- fered major losses on the poli-
ing too much protein, urging that adults 18 to 34 would ide- well said in a statement Thurs- 0.68 Automatic roll for coverage fail to pay cies.
MILLION re-enrollees
them to lower their consump- ally make up 40% of the ex- day. their premiums, the Obama ad- Meantime, Republicans in
tion of red meat and poultry. changes’ enrollment because In 2014, about 28% of peo- ministration should exceed its Congress passed a bill this
But officials included lean the age group is generally ple picking plans on the fed- New goal of having about 10 million week to overturn key provi-
meat and poultry as compo- healthier—which means they eral exchanges were 18 to 34 0.77 consumers people with paid coverage by sions of the health law, though
nents of a healthy diet and re- hold down premium rates by years old. the end of this year. Mr. Obama promised to veto it.
moved a long-standing specific balancing out the greater med- The number of young peo- As of Dec. 26, more than Premiums have risen for
limit on daily cholesterol in- ical spending of older enroll- ple overall who are signing Active half of the 8.2 million custom- many insurance plans in 2016.
take—moves welcomed by ees. up—both young adults and 0.80 re-enrollees ers on both state and federal But the federal tax penalty un-
meat and egg producers. Still, the percentage of new children—was unchanged. exchanges had come back to der the health law for not hav-
“By focusing on small shifts signs-ups among young adults Thirty-five percent of people actively select a plan. Among ing coverage also has climbed,
Note: For the 2016 open enrollment period
in what we eat and drink, eat- is trending upward, federal of- who signed up or renewed Nov. 1 to Dec. 26, 2015 states that use HealthCare.gov, and starts at $695 per adult in
ing healthy becomes more ficials said, though they said coverage on the federal ex- Source: Department of Health and about 60% of enrollees had 2016, providing an incentive
manageable,” Secretary of there isn’t comparative data to change as of Dec. 26 were un- Human Services switched to a different plan for for people to get insured.
Health and Human Services back up the contention. der age 35, similar to the THE WALL STREET JOURNAL. 2016. People who don’t switch The Obama administration
Sylvia M. Burwell said. The officials said they typi- roughly comparable time pe- are automatically re-enrolled said that, nationwide, about
The guidelines, issued every cally see a surge of younger riod through Jan. 16, 2015. Among all enrollees, more and could see higher premi- four million people under age
five years as the government’s people in the final weeks of Overall enrollment of than 11.3 million people are ums if they don’t shop around. 35 signed up on either the fed-
benchmark for balanced nutri- the enrollment period, which healthy people of all ages mat- signed up for coverage There have been concerns eral or state marketplaces
tion, have served since 1980 as continues through Jan. 31. The ters for maintaining affordable through both federal and state that a dearth of young people through Dec. 26. Nearly three
the basis for federal nutrition number for 2016 also will rise premiums on a state-by-state exchanges, the administration would lead to a preponderance million were between the ages
and food-assistance programs, once the state exchanges’ sign- basis. said. That includes 8.6 million of older and sicker people that of 18 and 34.
including school lunches.
The advice to cut back on
added sugar follows similar
recommendations from the
World Health Organization in
recent years. And it could
strengthen the Food and Drug
Administration’s effort to re-
quire food and beverage com-
panies to list amounts of
added sugars on nutrition la-
bels for packaged food and
lower the base amount of so-
dium people should consume.
Some major processed-food

10%
Maximum share of daily
calories from added sugars

2,300 mg
Recommended limit for daily
sodium intake

3-5
BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES

Guideline range for number 8-


ounce cups of coffee daily.

makers like Campbell Soup


Co. and Mondelez Interna-
tional Inc. have fought against
the labeling proposal, arguing
that added sugars, such as
high-fructose corn syrup or
honey, have the same impact
on the body as naturally oc-
curring sugar found in milk or
fruit.
The limits for added sugar,
which haven’t been included in Air Force members carry a wounded Afghan soldier onto a plane during an air-evacuation mission in 2014 at Forward Operating Base Shank in Logar, Afghanistan.
past guidelines, translate to

Pentagon Faulted Over Combat Casualty Care


adults consuming less than 50
grams of added sugar a day. A
can of soda contains nearly 40
grams, and flavored yogurt
can have 5 grams per serving. BY MICHAEL M. PHILLIPS their campaign in a paper pub- availability of tourniquets, dating its training and rules to The Army Rangers, far
The U.S. Department of Ag- lished in August in the Journal without modern battlefield an- require the troops to use the ahead of conventional military
riculture says Americans typi- Top military doctors say of Trauma and Acute Care Sur- algesics, without prehospital latest techniques and tools. units in casualty care, cut pre-
cally exceed these recommen- medical advances won on Af- gery that argued the U.S. plasma, and without trauma “The work to institutional- ventable deaths to near zero
dations, with 13% of their ghan and Iraqi battlefields might see a jump in battle care guidelines designed spe- ize tactical combat-casualty when commanders forced ev-
calories coming from added might be lost unless Secretary deaths in the next conflict. cifically for use on the battle- care is underway, ensuring ery soldier to learn the latest
sugar and by consuming 3,400 of Defense Ash Carter orders “It’s not that everybody is field,” the paper said. that when U.S. service mem- techniques, researchers say.
milligrams of sodium on aver- the Pentagon to make these ignoring it; it’s that everybody The Pentagon said its per- bers again go into harm’s way, Those advances have come
age. techniques, drugs and devices is busy,” said one of the au- formance on combat casualty the medics, corpsmen, para- through guidelines, however,
Meat industry groups, mandatory for military physi- thors, former U.S. Surgeon care will improve. rescuemen, and other profes- not military-wide orders. In
meanwhile, praised the gov- cians, nurses and medics. General Richard Carmona, who sionals supporting them are practice, doctors say, the mili-
ernment for the final guide- Fourteen years of combat was twice wounded while serv- fully prepared and trained tary has been inconsistent in
lines, which relaxed recom- gradually produced a system ing as a medic in Vietnam.
Doctors say medical with the most current battle- applying the latest advances.
mendations from an advisory that generated survival rates Knowledge gained in war is techniques developed field trauma techniques,” Dr. Trauma experts blame that
panel that suggested Ameri- unprecedented in modern war- often lost in peacetime. After Smith wrote. in part on the structure of the
cans reduce their consumption fare, from front-line first aid World War II, the military
on battlefield must Researchers who examined military. There is no single
of red and processed meat. to helicopter medevacs. The failed to standardize lessons be made mandatory. more than 4,000 autopsies of general in charge of battlefield
The latest guidelines Pentagon, these doctors say, learned about tourniquets, troops killed in action in Iraq first aid; instead, commanders
dropped a previous recom- has failed to institutionalize morphine and battlefield blood and Afghanistan found that of combat units, not doctors,
mendation that Americans re- many of those practices. products. After the Sept. 11 at- A Defense Department in- nearly a quarter died of are in charge of Army medics,
strict dietary-cholesterol in- “Things are as good as they tacks, the military wasn’t fully sider, Dr. David Smith, deputy wounds they could potentially Navy corpsmen and Air Force
take to 300 milligrams a day— have ever been anywhere in prepared for the wounds it assistant secretary for health- have survived, had they re- pararescuemen.
fewer than two eggs. combat casualty care,” said Dr. would encounter in Afghani- readiness policy and oversight, ceived better treatment at the “Lacking direction in the
However, the government Frank Butler, a former Navy stan and Iraq, particularly am- was one of the authors of the spot they were injured. form of [secretary of Defense]
said the body creates more SEAL and leading advocate of putations and other injuries paper criticizing his own de- As the wars went on, mili- rule and Joint Staff doctrine,
than enough of the component improved military trauma from roadside bombs. partment. He is also the per- tary doctors raced to address there is no assurance that ad-
and “people do not need to treatment. “And we need to “The U.S. military had not son the Pentagon turned to to gaps in treating the injured. vances in trauma care will be
obtain cholesterol through understand what was done in effectively sustained many of defend its practices. The results, for front-line med- implemented consistently
foods,” advising that Ameri- the recent conflicts and do the lessons learned from past In response to a query from ics, were guidelines covering through the various compo-
cans eat “as little dietary cho- what we can to preserve it.” conflicts and went to war in The Wall Street Journal, Dr. tools from safer painkillers to nents of the U.S. military,” the
lesterol as possible.” The doctors intensified Afghanistan without wide Smith said the military is up- battlefield transfusions. authors wrote.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A4 | Friday, January 8, 2016 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

GOP Health Plans Still Works in Progress


Presidential hopefuls gone largely unanswered in a Cruz, have said little concrete. create a single government- health-law replacement plans for Conservative Review who
primary contest dominated by “If you tell the primary vot- run health program that cov- have circulated in Congress had previously helped Mr. Jin-
have yet to spell out in national-security issues. ers that you’re in favor of re- ers every American. and Washington think-tanks dal write his plan, said he was
detail what would Among the 12 candidates pealing it, there’s not a mas- House passage Wednesday for years, often with proposals worried that delaying the de-
still in the GOP race, only two, sive demand for giving more of the repeal bill marks the to offer coverage for people bate over specifics could harm
replace Obama’s law ex-Florida Gov. Jeb Bush and details,” said Tom Miller, a first time such legislation has who have pre-existing medical a Republican nominee once
retired neurosurgeon Ben Car- resident fellow at the right- reached the White House. conditions, or who can’t afford elected because voters might
BY LOUISE RADNOFSKY son, have posted health plans, leaning American Enterprise That was made possible be- to buy coverage on their own. revolt over the kind of “trade-
and both use broad brush- Institute and a health-policy cause Senate Republicans At the same time, there are offs” that are inevitable in
President Barack Obama’s ex- strokes. Mr. Bush proposes re- adviser to 2008 GOP nominee were able to maneuver the major divisions among conser- health policy, such as the
pected veto of Republican legis- ducing federal health-care reg- John McCain who has no ties vative health-policy experts price-tag that comes with gov-
lation to repeal his signature ulations and creating new tax to any current candidate. over how much to spend to ernment efforts to extend in-
health law is a reminder that as credits to help people buy cov- “Other mega issues are domi-
Some Republican achieve those goals, what kind surance coverage.
long as there is a Democrat in erage; Mr. Carson wants to ex- nating the discussion.” advisers fear voters of health coverage is best to “Not at least acknowledging
the White House, the Affordable pand tax-protected health-sav- The issue is different for encourage, and how to struc- the trade-offs leaves the
Care Act isn’t going away. ings accounts. Democratic candidates, who
could feel burned by ture any financial assistance American people unprepared
It is a point Republicans on Florida Sen. Marco Rubio have pledged to retain and painful trade-offs. to help people get it. for whatever they may end up
the campaign trail are happy to has described his health-policy build on a law seen as a signa- Tevi Troy, a health official enacting or trying to enact in
make. The question is what ideas in a few paragraphs in ture domestic achievement for in the administration of 2017 and 2018. You could win
their alternatives would be. an op-ed piece that also indi- the Obama administration. bill around that chamber’s George W. Bush and another the battle and lose the war,”
Every GOP presidential can- cates support for such mea- Former Secretary of State procedural rules using a bud- Romney adviser who hasn’t he said.
didate’s health-policy platform sures. Hillary Clinton wants to limit get-related legislative process tied himself to any candidate Jim Capretta, a senior fel-
begins with repealing the law, More detailed plans had what people with insurance called reconciliation, which in 2016, said he saw the ab- low at the Ethics and Public
but for most, that’s also where come from Wisconsin Gov. pay for their health care. Ex- requires only a simple major- sence of specific policy com- Policy Center, another right-
it ends, at least for now. Scott Walker and Louisiana Maryland Gov. Martin O’Mal- ity vote. mitments as a potential asset leaning think tank, said he
Questions about how they Gov. Bobby Jindal, but both ley would extend the law’s Republicans generally have for candidates at this point in hoped the party’s presidential
would pull back a law that’s have since withdrawn from the coverage to millions of unau- indicated support for reducing the campaign. “You’ve got to nominee would form a more
largely been implemented— race. The current front-run- thorized immigrants. Vermont federal regulation of health give yourself some policy flex- detailed health policy platform
and what, if anything, they ners, businessman Donald Sen. Bernie Sanders is perhaps care, and leaving it to the ibility,” he said. as part of the general election
would enact in its place—have Trump and Texas Sen. Ted best known for his desire to states instead. A variety of But Chris Jacobs, a writer campaign.

A Less Crowded Stage? asked about Mr. Trump’s com-


Another GOP debate takes place next Thursday, and the primetime event is likely to feature fewer candidates. Host Fox Business Network
HHHHH ments. He said, “I would love,

CAMPAIGN
will announce Monday which candidates qualify. Rather than set a cutoff for strength of support in polls, the network is relying on rankings: love, love to run against Donald
the top six in national polls, plus anyone in the top five in either Iowa or New Hampshire, based on an average of the five most recent Trump.”
recognized polls. As of now, barring a slew of new and significantly different numbers by Monday evening, Sen. Rand Paul and Carly Fiorina
look likely to be demoted to the early debate after previously appearing on the main stage. And Ohio Gov. John Kasich could get bumped too.
WIRE —Heather Haddon and
Peter Nicholas
HHHHH
Nationally Iowa New Hampshire REPUBLICAN PRIMARY
Individual
polls
Average Top six in an average of the five
most recent national polls
Top five in an average of the five
most recent state polls
Top five in an average of the five
most recent state polls REPUBLICAN PRIMARY
Christie Takes Issue
DONALD Trump Rally in With Rubio Attack
TRUMP 1st 2nd 1st Chris Christie and Marco Ru-
Vermont Attracts bio used to be friends, or so
TED the New Jersey governor
CRUZ 2nd 1st 4th Protesters seemed to think. Then Rubio’s
MARCO The attempt by Republican camp this week began attack-
RUBIO 3rd 3rd 2nd Donald Trump to limit his sold- ing his GOP presidential rival
BEN out rally in Vermont on Thurs- for his record in New Jersey on
CARSON 4th 4th day night to those who had education and gun control.
CHRIS pledged to support him for “I’ve been very nice to
CHRISTIE 5th 3rd president didn’t work out ex- Marco, so I’m confused,” Mr.
JEB actly as planned. Christie said Thursday. The at-
BUSH 6th 5th “I’m taking care of my peo- tacks, he said, seemed to echo
The second-tier pileup
RAND In Iowa, Sen. Paul here provides the only real ple, not people who don’t want similar barbs tossed at him by
PAUL and Mrs. Fiorina trail ‘on the bubble’ contender. to vote for me or are unde- former Florida Gov. Jeb Bush. “I
JOHN
In national polls, these Mr. Bush by two cided,” Mr. Trump said in a guess the same person who
candidates miss the and three points, statement issued by his cam- talked to Jeb is now talking to
KASICH 5th
cut as of now. It’s respectively,
unlikely there will be
paign. Marco,” he said.
CARLY in an average Gov. Kasich would be
FIORINA enough new polls— of recent polls, demoted if Mr. Bush’s
But the rally at the Flynn —Heather Haddon
and that they can poll making it difficult average surpasses his Center for the Performing Arts
MIKE high enough—to qualify for either to climb by Monday. in Burlington, the home of BENEFITS
HUCKABEE under this metric. into the fifth spot. Democratic candidate Sen. Ber-
RICK nie Sanders, attracted protest-
Clinton Spells Out
SANTORUM
ers, curiosity-seekers and Dem- Family Leave Plan
0 10 20 30% 0 10 20 30% 0 10 20 30% ocratic supporters in addition Hillary Clinton’s campaign
to Mr. Trump’s fans. And his says her plan for paid family
Note: Polls included are those from organizations that use standard methodological techniques (i.e., live interviewers, random digit-dial sampling techniques and include both landlines
and cell phones) and released as of 5 p.m. Thursday. Iowa averages based on six polls since the fifth and sixth most recent were released on the same day. speech was repeatedly inter- leave is just as good as the
Source: HuffPost Pollster Randy Yeip/THE WALL STREET JOURNAL. rupted by protesters, some of proposal backed by Sen. Bernie
whom were removed by secu- Sanders, and it wouldn’t require
rity guards. a new payroll tax.
“Confiscate their coats,” Mr. Mrs. Clinton has been on the

Obama Invites NRA to Meet on Gun Policy Trump said to the crowd, in re-
sponse to the protesters. “It’s
about 10 degree below zero.
You can keep his coat. Tell him
defensive because she doesn’t
support the leading plan in
Congress. But her campaign
said she, too, would offer 12
BY COLLEEN MCCAIN NELSON town-hall event on CNN. The wake of the school shooting in The NRA didn’t respond to we’ll send it back to him in a weeks of paid family and medi-
president said the NRA was in- Newtown, Conn. requests for comment. It de- couple of weeks.” cal leave and a minimum two-
President Barack Obama stead focused on “over-the- During the town-hall event clined to participate in the town Mr. Trump directed fire to thirds wage replacement rate.
said Thursday he would meet top” rhetoric instead of a pro- Thursday, Mr. Obama fielded hall, telling CNN it was a “public Democratic front-runner Hillary The announcement came a
with National Rifle Association ductive discussion. more than an hour’s worth of relations spectacle orchestrated Clinton, but also pushed at Mr. day before Mr. Sanders was to
officials to discuss gun policy, Vice President Joe Biden questions about his executive by the White House.” Sanders. “Oh would I love to discuss his plan in Iowa. He has
but the group has declined met with the NRA and other actions aimed at expanding Mr. Obama revealed during run against Bernie. That would criticized Mrs. Clinton for her
multiple invitations to come to gun-rights groups in January background checks for gun the town hall-style conversation be a dream come true,” he said. rejection of the pending bill,
the White House. 2013 when the White House buyers and tightening rules for that he has never owned a gun, In a telephone town hall which he supports.
“We have invited them re- was considering new efforts to people who purchase some of saying that he has done some meeting with supporters Thurs- —Anna Louie Sussman
peatedly,” Mr. Obama said at a reduce gun violence in the the most dangerous weapons. skeet shooting at Camp David. day night, Mr. Sanders was and Laura Meckler

Hank Greenberg Gave Heard on the Trail


Bush PAC $10 Million Sanders Fans Toot
Their Own Horns
tor, and also an obnoxious, ear-
drum-piercing pounding.
They blared their horns
Who’s Smarter Than
A Fifth-Grader?
kids from pointing at a class-
mate.
Twitter outrage ensued.
BY BETH REINHARD What is becoming less clear If the loudest supporters whenever his name was men- Ben Carson wasn’t quick Later, Mr. Carson spoke to
is whether piles of cash can translate to the most votes, tioned, and many times when it enough for a group of fifth-grad- the boy, putting his hand on his
Insurance financier Maurice help a candidate win. GOP then say hello to President Ber- wasn’t. The horns even made it ers Thursday. shoulder. Mr. Carson told the
R. “Hank” Greenberg has front-runner Donald Trump nie Sanders. impossible for some 2,200 peo- Speaking at a Cedar Rapids, boy all he had to do to excel in
emerged as the single biggest has renounced super PACs and At the Nevada Democratic ple to hear a Sanders campaign Iowa, school, Mr. Carson told the school was read, and “it didn’t
donor to the super PAC behind didn’t begin spending large Party dinner Wednesday, Demo- video. Veteran Nevada political students he had been weak aca- take long before I knew more
struggling Republican presi- sums until he aired his first cratic front-runner Hillary Clin- reporter Jon Ralston unleashed demically before he turned than all those people who said I
dential candidate Jeb Bush. television ads this week. ton’s backers sat on the left side a Twitter storm complaining. things around. was dumb.”
Mr. Greenberg, who built Right to Rise USA, the Bush of the giant ballroom, banging “If Bernie can’t shush the vu- “As a fifth-grade student, I Reached by the Des Moines
American International Group super PAC, has spent more bright blue glow sticks together. vuzelas, how can he stand up to was a horrible student.” He then Register, the boy’s mom said,
Inc. into a world-wide finan- than $47 million on advertis- They were no match for the Putin?” he wrote in one. asks: “Anyone here in fifth “Personally, I know he’s not the
cial powerhouse before its ing, according to a Wall Street other side of the room, where Even Mr. Sanders commented grade? Who’s the worst stu- worst, but he’s very well-liked by
controversial government bail- Journal review of Federal the Sanders crew blared loud when he finally took the stage. dent?” all the students.” And the boy?
out, said on Thursday that he Election Commission records. vuvuzela horns all evening long. “That music is really beautiful,” Mr. Carson quickly realizes his “I was laughing,” he said, accord-
donated $10 million a few That is far more ad money It was an enthusiastic show of he said sarcastically. error in floating this question— ing to the Register.
months ago through his com- than any other 2016 entity has support for the Vermont sena- —Laura Meckler but not fast enough to keep the —A WSJ Roundup
pany, C.V. Starr. spent, yet Mr. Bush is polling
Mr. Greenberg joins the in the single digits.
ranks of a handful of supersize Asked if he regretted the
donors. A group of super PACs donation, Mr. Greenberg said,
backing Texas Sen. Ted Cruz “The market would say that,”
has collected some of the larg- but he added he didn’t rule
est checks of the election from out a comeback by Mr. Bush.
donors including the Wilks “Who knows what’s going to
family of hydraulic-fracturing happen? You bet on people,”
billionaires ($15 million), he said. “I just hope people
hedge-fund manager Robert recognize that he’s a better
Mercer ($11 million) and pri- person than the polling
vate equity-fund founder Toby shows.”
Neugebauer ($10 million). The Bush super PAC isn’t
The donation by the 90- required to disclose to the FEC
‘You’re gonna be a
year-old Mr. Greenberg be- donations for the second half neurosurgeon, OK?
comes another milestone in of last year until Jan. 31.
the unprecedented flow of Allies of Mr. Bush say the
But all you have
money in the 2016 election. money will make a difference to do to turn it
Mr. Bush “did a great job as in the race, especially in the
[Florida] governor, and I think first half of March, when
around, read.’
he has all the right instincts to nearly two dozen states will
be a very good president,” Mr. hold nominating contests. BEN CARSON in Cedar Rapids,
Greenberg said in an interview —Rebecca Ballhaus Iowa, to a fifth grader singled
Thursday. “You don’t tell a and Leslie Scism out by the class after he asked
leader by how loud he talks.” contributed to this article. A Bernie Sanders supporter blows his vuvuzela horn at a Democratic Party dinner in Las Vegas. who’s the worst student
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * Friday, January 8, 2016 | A5

OfficialsCriticized Bill Clinton Sidesteps Trump


OverRecordsAccess BY PETER NICHOLAS

CEDAR RAPIDS, Iowa—Bill


BY BYRON TAU ment acknowledged shortcom- Clinton brushed off Donald
ing in its information-manage- Trump’s latest effort to draw
WASHINGTON—The State ment practices and vowed to attention to the former presi-
Department’s internal watch- accept the inspector general’s dent’s dealings with women,
dog found that the department recommendations on improv- suggesting the Republican
gave “inaccurate and incom- ing the process. presidential front-runner
plete” answers to groups seek- “We know we must con- would have to get closer to
ing access to former Secretary tinue to improve our FOIA re- capturing the GOP nomination
of State Hillary Clinton’s re- sponsiveness and are taking to merit a response.
cords. additional steps to do so,” “If he wins the Republican
State Department Inspector State Department spokesman nomination, we’ll have plenty
General Steve Linick, in a re- John Kirby said. of time to talk,” Mr. Clinton
port released Thursday, Mr. Kirby also pointed to told reporters on Thursday
faulted the department for re- Secretary of State John Kerry’s while stopping at a market
peatedly falling short of its ob- appointment of a transparency here in Cedar Rapids, where he

ANDREW HARNIK/ASSOCIATED PRESS


ligations under the Freedom of coordinator last year, as well tried various foods and spoke
Information Act, the law that as additional staff resources to customers. “I have no inter-
allows public access to govern- that are being added to the de- est in getting involved in their
ment records. partment to help manage its politics or doing anything ex-
In one instance, the inspec- load of FOIA requests. cept trying to help Hillary.”
tor general found the depart- A spokesman for Mrs. Clin- In his first campaign stop in
ment erred in telling the advo- ton’s presidential campaign, Iowa on Mrs. Clinton’s behalf,
cacy group Citizens for Brian Fallon, said that the the 42nd president seemed de-
Responsibility and Ethics in State Department had a “pre- termined to avoid a quarrel
Washington, or CREW, that it existing process in place to with Mr. Trump, who put out a Bill Clinton, right, campaigns for his wife, Hillary Clinton, on Thursday in Cedar Rapids, Iowa.
had no information about Mrs. handle the tens of thousands video earlier in the day invok-
Clinton’s use of a personal of requests it received annu- ing the 1990s sex scandal with past presidents and whether he sees as their personal flaws. move by Trump in the GOP
email account. It was disclosed ally, and that established pro- White House intern Monica they were suited to the job. None of it has stopped his rise primary, throwing red meat to
last year that Mrs. Clinton, cess was followed by the sec- Lewinsky. Posted on Mr. Some were up to the issues in GOP polls. Targeting Mr. the conservative base and
now the front-runner for the retary and her staff Trump’s Instagram account, confronting the nation; others Clinton’s history with women stave off a likely loss in Iowa
Democratic presidential nomi- throughout her tenure.” the piece carried audio of Mrs. weren’t, he said. might be a riskier approach. and possibly beyond.”
nation, exclusively used a pri- In 2012, CREW—a nonprofit Clinton’s famous 1995 speech “I do not believe in my life- The Clintons are no strang- With the Iowa caucuses just
vate email server and had no watchdog group that is often in Beijing on women’s rights time we have had a president ers to this line of attack. Mr. three weeks away and the New
government-issued account. associated with progressive and seemed aimed at under- that was more prepared not Clinton survived impeachment Hampshire primary on Feb. 9,
Records management and causes—requested information mining her claim to be a cham- only by experience but by tem- and left office in 2001 with a the Clinton campaign is de-
transparency issues at the about the number of email ac- pion of women who are targets perament to step in to this in- job approval rating of 66%— ploying the entire immediate
State Department have been counts Mrs. Clinton was using of abusive behavior. credible mix of promise and nine points higher than in the family. Chelsea Clinton, the
under intense scrutiny since while in office. She was secre- “He says a lot of things,” peril. Ever,” Mr. Clinton said. months before the scandal couple’s daughter, is set to de-
news of Mrs. Clinton’s email tary of state from 2009 to Mr. Clinton said of Mr. Trump. first became public in January but on the trail on Jan. 12.
arrangement was made public 2013. “I have no response.” 1998, Wall Street Journal poll- Mr. Clinton is expected to
in March. Mrs. Clinton’s email The State Department told During his wife’s 2008 pres-
The 42nd president ing shows. After leaving the keep up a brisk pace as the
archive is being released by CREW in 2013 that “no records idential bid, Mr. Clinton won’t respond to White House, Mrs. Clinton primary season unfolds. “He’ll
the department under orders responsive to your request proved to be an uneven cam- went on to win a New York be all over the country as a
from a judge. were located,” despite dozens paigner, occasionally veering
attacks over a White U.S. Senate seat. surrogate,” said Alan Patricof,
The department was ex- of senior State Department off script and flashing anger as House scandal. Clinton supporters seemed a longtime Clinton fundraiser.
pected to release about 3,000 staff being aware of Mrs. Clin- his wife lost ground to then- unmoved by Mr. Trump’s at- Mr. Clinton seems to relish
pages of documents on Thurs- ton’s use of a personal email Sen. Barack Obama. This time, tacks. Ann Poe, 63 years old, a his return to the trail. At the
day. It has been posting the account, the report said. he is showing more discipline. “I don’t think it’s close.” Democratic city councilwoman market, he walked to a counter
former secretary’s emails in The inspector general also Both in New Hampshire on He retold how he first met in Cedar Rapids, said: “Donald that served vegan food. The
monthly batches, but was faulted the State Department Monday and again in Iowa, he Mrs. Clinton—he had been Trump has taken a whack at vendor mentioned she had
forced into Thursday’s release for allowing an Associated stuck to the Clinton cam- “ogling” her at Yale Law everybody. This is more of the heard he was vegan. “I am?”
after missing a court-man- Press FOIA request for Mrs. paign’s strategy in dealing School and finally she walked same old, same old. Today, it’s Mr. Clinton responded.
dated benchmark in December. Clinton’s calendars and sched- with Mr. Trump: Engaging him over to him in the library and all about getting things done. He’s clearly watching his
The entire archive of Mrs. ules to lay “dormant” for sev- on issues; ignoring what he introduced herself. He said he It’s about making sure this diet. After he picked up a spin-
Clinton’s 55,000 pages of work eral years without a response. says about Mr. Clinton’s per- was so nervous he could barely country is working again.” ach smoothie, some customers
emails is expected be fully re- The law gives agencies a 20- sonal behavior. recall his own name. The David Brock, founder of a offered him French fries. He
leased by the end of January, day deadline to respond to After touring the market, crowd loved it. pro-Clinton super PAC called passed. “Hardest thing to give
with the last batch due just FOIAs, though it is routine for Mr. Clinton gave a speech Mr. Trump has found suc- “Correct the Record,” de- up,” Mr. Clinton said.
days before the Iowa caucuses. most agencies to miss that praising his wife’s credentials. cess in sparring with GOP col- scribed the focus on Mr. Clin- —Rebecca Ballhaus
In a statement, the depart- deadline. He said he had made a study of leagues and highlighting what ton’s past as a “desperate contributed to this article.

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A6 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

WORLD NEWS
Assailants Overwhelmed German Police
Internal report depicts ing to Germany.
“We are stretched to our
mass aggression and limit and we have terror alerts,
chaos in Cologne on migration and mass crimes.
That’s a huge problem,” Mr.
New Year’s Eve Walter said.
Chancellor Angela Merkel
BY RUTH BENDER sought to deflect criticism by
calling for a full investigation
A detailed account of the of the night’s events.
mass assaults in Germany’s “Women’s feeling of com-
fourth-largest city on New plete defenselessness is intol-
Year’s Eve emerged Thursday, erable, also to me personally.
drawing a picture of chaos and Therefore, it’s important that
aggression that left police everything that happened gets
overstretched and attackers put on the table,” Ms. Merkel
enjoying virtual free rein. said Thursday. She said the
An internal federal police government would examine
report dated Jan. 4 and seen whether enough has been done
by The Wall Street Journal de- to facilitate the deportation of
scribed scenes in Cologne of asylum seekers who are con-
crying women fleeing sexual victed of crimes; German law
molestation from crowds of currently sets high hurdles for
men, passersby trying to res- such deportations.
cue young girls from being According to the federal po-
raped, and groups of intoxi- lice report about the Cologne

MAJA HITIJ/DPA/ZUMA PRESS


cated men throwing bottles incidents, police feared serious
and fireworks at a police force injuries or even deaths after
no longer in control of the sit- recording initial reports of at-
uation. tacks against women and as
“Women alone or with oth- fireworks were being shot into
ers were literally running the a growing crowd.
gantlet through crowds of With limited resources,
heavily drunk men, in a way A member of a German-Tunisian association handed out flowers on Thursday near the site of scores of holiday assaults in Cologne. however, police focused on
that defies description,” a se- clearing the area in front of
nior police official in charge A spokesman for the federal ers appeared to be from the mostly from the Middle East, son to expect such an escala- the train station and, in many
that night wrote in the report. police confirmed the veracity “Arab or North African area.” Africa and Afghanistan, en- tion on New Year’s Eve but la- cases, couldn’t carry out iden-
“Our units on the ground of the report but declined to In the police report, the of- tered Germany last year, rais- mented that they lacked forces tity checks, register complaints
couldn’t master all the events, comment further on the events ficial wrote that women re- ing public concerns about how to cope with the situation, re- or detain people, the report
assaults and crimes, there of the night. The report was ported being sexually assaulted the country would manage to jecting sharp criticism from In- said.
were simply too many at the written by a senior official and by “groups of men with migra- integrate them and official terior Minister Thomas de Groups of aggressive men
same time,” the official wrote. is one of several accounts tion background.” On Thurs- warnings that criminals or ex- Maizière on Wednesday. failed to obey police orders
Critics of the government’s aimed at establishing a full day, it was still unclear if any tremists could be among the “There were by far too few and hindered officers from try-
open-door refugee policy reckoning of what happened of the attackers were recently migrants. policemen,” said Ernst Walter, ing to rescue women under as-
pointed to the New Year’s Eve that night, he said. arrived migrants. Police said Germany remained in shock head of the trade union for sault by fencing them off be-
events in Cologne as evidence The assaults in Cologne, they had identified 16 young over the scores of assaults, federal police. Mr. Walter said hind large groups, the police
that Berlin’s massive dispatch along with reports of similar men mainly of “North African” which became public days after federal police couldn’t call in official added in the report.
of federal police to oversee the events in Stuttgart and Ham- origin who could be among the they took place during the New reinforcements that night be- “Our forces encountered a
transit of refugees at the coun- burg, have fueled a debate over perpetrators. As of Thursday Year celebrations on a popular cause the emergency reserve lack of respect that I have not
try’s borders had left its cities the security implications of re- evening, two of the 16 were be- gathering spot outside Co- units usually on call had been seen in 29 years of services,”
dangerously vulnerable amid cord migration into the coun- ing detained, a Cologne police logne’s main train station and deployed to assist with border the author wrote.
rising concern about organized try as numerous witnesses and spokeswoman said. near its famous cathedral. controls in Bavaria, the main —Andrea Thomas in Berlin
crime and terrorism. police said the alleged attack- Over one million migrants, Police said they had no rea- entry point for migrants com- contributed to this article.

Suspected Terrorist Is Slain in Paris Attack Attempt


BY INTI LANDAURO and a foiled assault aboard a Hollande said.
AND NOEMIE BISSERBE high-speed train from Amster- Changes to the law would
dam to Paris. It culminated in also define how a police offi-
PARIS—Police shot dead a a night of terror on Nov. 13, cer can use his service
man they say tried to attack a when a coordinated set of at- weapon. Instead of being lim-
Paris police station while tacks on bars, restaurants, a ited to using a gun in self-de-
brandishing a meat cleaver soccer stadium and a concert fense, police should be able to
and wearing a fake explosive hall left 130 dead and hun- shoot at attackers on a ram-
device Thursday, the anniver- dreds injured in the capital. page, the president said.
sary of the deadly assault on The French government Police combed the neigh-
YOAN VALAT/EUROPEAN PRESSPHOTO AGENCY

satirical newspaper Charlie has moved to secure the borhood in the vicinity of the
Hebdo one year ago. country, imposing state-of- suspected attack in the 18th
The Paris prosecutor’s of- emergency measures that give arrondissement on Thursday,
fice said it was investigating police extraordinary powers questioning shop owners and
the attempted attack as an act to conduct, among other looking for possible wit-
of terrorism. The man things, warrantless searches nesses. The street where the
shouted “Allahu akbar” before and order house arrests. man was shot was cordoned
being killed by police at the Thursday’s suspected at- off.
station’s entrance, the office tack at the northern Paris po- Marwan Imad, 35, who
said. He was discovered to be lice station coincided with a owns a mobile-phone shop
carrying papers showing Is- speech by French President close by, said he alerted the
lamic State’s flag and “a François Hollande to security police about one man, who
handwritten note in Arabic Officers stood guard near the Paris police station that officials say a man tried to attack Thursday. forces about the country’s appeared to be around 25
that was unequivocal about fight against terrorism. years old, and had walked
his intentions,” it said. theft. The man had no docu- calization.” people dead and kicked off a Mr. Hollande pledged that into his store shortly before
Also found on the man’s ments but had said that his The specter of fresh terror- deadly year of terrorism in the government would pro- the attempted attack.
body was a device with pro- name was Salam Ali and that ism on the streets of Paris re- France. In the days after the pose a law to ensure France “He acted strangely, and
truding wires, officials said, he was born in Morocco in vives concerns in a country Charlie Hebdo attack, an addi- isn’t left vulnerable when the seemed drunk or on drugs,”
though a bomb squad deter- 1995. Police at the time or- already on high alert after a tional five people were killed state of emergency expires in Mr. Imad said. “He asked for a
mined that it held no explo- dered him to leave the coun- bruising year. by a man who claimed links March. The new law could al- phone and a SIM card, but
sives. try, a spokeswoman for the The suspected terror attack with Islamic State. low authorities to confine in- then left abruptly,” he added.
Authorities on Thursday prosecutor’s office said. came exactly one year after The ensuing year included dividuals returning from Syria It is unclear whether he was,
evening said they matched his French Justice Minister Chris- the massacre by two brothers what authorities say was the to their homes and more eas- in fact, the man who was later
fingerprints to those of a man tiane Taubira said the man claiming allegiance to al Islamic State-inspired decapi- ily track and detain suspects shot by police.
detained on the French Rivi- appeared to have had no Qaeda in and around Charlie tation of a businessman at a marked as a potential threat —William Horobin
era two years ago for alleged known “link with violent radi- Hebdo’s offices that left 12 chemical factory near Lyon by intelligence services, Mr. contributed to this article.

Europe’s Fragile Recovery Faces Threats at Home and Abroad


BY STEPHEN FIDLER One small positive note for growth and inflation—was less mists return repeatedly for the
Europe in China’s weakness Out of the Doldrums Slowly than 2% in 2015. That might coming year is politics. Eco-
As the new year begins, might be a further spur in the Despite a weak euro, cheap energy and low interest rates, Europe’s not improve much this year: In nomic integration is threat-
China is rattling the world’s fi- dollar’s value, which rose in economy is projected for only meager growth as prices rise an assessment published ened by terrorism spinning
nancial markets. No longer can recent days to its highest level moderately. Thursday, economists at Citi out from the Middle East and
the world’s second-largest since 2002 against a basket of Research forecast real growth by the refugee crisis, which
economy be re- commonly traded currencies. Gross domestic product, Harmonized index at 1.7% and inflation at 0.5% has encouraged countries such
ANALYSIS lied upon as a Already, the strengthening change from a year earlier of consumer prices for an expected increase in as Germany, Sweden and Den-
motor to drive of the dollar against the euro 3% 3% nominal GDP of just 2.2%. mark to reimpose border con-
global economic has been a godsend for some That slow growth in nomi- trols. Antiestablishment politi-
Forecast*
expansion. That isn’t good European companies, helping nal GDP makes it hard for pri- cal parties have gained
news for Europe, where the them to increase their global 2 2 vate debtors to shuck off ground, with one taking power
economy needs all the help it market share. debts. While the banking sys- in Poland last year.
can get. Despite this, there are un- tem is in better shape overall Political uncertainty is high
1 1
True, the eurozone has derlying weaknesses in the eu- than at the height of the cri- in Spain following an inconclu-
been emerging from the eco- rozone economy that have sis, there are pockets of fragil- sive election last month, and
nomic doldrums. Figures re- been masked by the easy- 0 0 ity that bother policy makers, is likely to continue in Portu-
leased Thursday by the Euro- money policies of the Euro- and not only in crisis-hit coun- gal and Greece. In 2017, elec-
pean Union’s statistics agency pean Central Bank, some of tries such as Greece, Cyprus tions are due in France and in
show the eurozone’s unem- which help to explain why the –1 –1 and Portugal. Nonperforming Germany, where Chancellor
ployment rate has fallen to its recovery has been so hesitant. 2011 ’12 ’13 ’14 ’15 ’16 ’17 2011 ’12 ’13 ’14 ’15 ’16 ’17 loans in eurozone banks are Angela Merkel is under pres-
lowest level in four years. Policy makers privately *Autumn 2015 forecast around €1 trillion ($1.08 tril- sure because of her refugee
But what’s perhaps more complain that the momentum Source: European Commission THE WALL STREET JOURNAL. lion), in a banking system with policies. A British referendum
remarkable—and worrying for toward the structural eco- total assets exceeding €20 tril- is likely this year on whether
European policy makers—is nomic reforms needed to build pay to borrow. tion come the next downturn. lion, but some 30% of these the U.K. should stay in the EU.
how slowly growth is recover- a platform for longer-term The budget picture is a In many countries, heavy are in Italy, where they make A vote to leave would increase
ing even with the powerful growth has ground to a halt. two-edged sword for the euro- debt burdens, both private and up around an eighth of total uncertainty about prospects
tailwinds of a weak euro, rock- Furthermore, they say un- zone economy. Because fiscal public, are restraining growth. bank assets. for both the British and euro-
bottom interest rates and very derlying improvements in gov- policy is relatively relaxed— Economies can grow or inflate “Nonperforming loans in It- zone economies.
low energy prices. Eurozone ernment finances have stalled. and may become more so with their way out of debts; often aly have reached systemic lev- All being well, the European
growth in 2015 was estimated Headline budget deficits have increased government spend- they have done both. The eu- els hindering the recovery,” economy should stumble
at 1.6% by the European Com- fallen but that is due largely to ing on swelling numbers of rozone is doing neither. the International Monetary through 2016 in reasonable,
mission in November, and is the pickup in growth and the refugees—it should be helping Growth in the eurozone’s Fund said in its 2015 assess- even slightly improving,
forecast to creep up to 1.8% low interest rates that, thanks current growth. But it may re- nominal gross domestic prod- ment of the Italian economy. shape. But most of the risks
this year and 1.9% in 2017. to the ECB, governments now duce the scope for fiscal ac- uct—a measure that adds real One theme to which econo- appear to be on the downside.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * * * Friday, January 8, 2016 | A7

WORLD NEWS

Pyongyang
Uses Blast
U.S. Seeks China’s Help on Korea
WASHINGTON—The Obama need to engage in much more

To Boost administration said it is con-


sidering new sanctions against
the North Korean regime and
diplomacy with Beijing to get
in on board in imposing signif-
icantly tougher sanctions on

Loyalty declared that China’s approach


to its isolated ally had failed,
as it sought to respond to
North Korea.
“I see some risks in [pursu-
ing sanctions] if China isn’t on
BY ALASTAIR GALE Pyongyang’s fourth nuclear board,” said Richard Nephew,
test. who worked on sanctions in
SEOUL—North Korea’s nu- the Obama White House and
clear test sent shock waves By Carol E. Lee, Felicia State Department.
around the world. For the Schwartz and Jay The U.S. on its own could
Pyongyang regime, the impact Solomon impose new sanctions under
is just as crucial at home. an executive order Mr. Obama

LEE JIN-MAN/ASSOCIATED PRESS


Most of Thursday’s front Secretary of State John signed a year ago after the U.S.
page of North Korea’s main Kerry said he spoke with his accused Pyongyang of a cyber-
newspaper, The Rodong Sin- Chinese counterpart, Foreign attack against Sony Pictures
mun, featured a photo of dic- Minister Wang Yi, on Thursday Entertainment. At the time, the
tator Kim Jong Un signing an and told the diplomat that Bei- administration also imposed
order for the test, as well as jing needed to be prepared to sanctions against North Ko-
photos of the written order take a tougher position with rea’s arms industry, its main
and another of a confirmation North Korea. source of foreign exchange.
to proceed. “China had a particular ap- A South Korean soldier was on duty near the border village of Panmunjom on Thursday. The George W. Bush admin-
“Let’s begin 2016…with the proach that it wanted to make, istration is seen as having had
thrilling explosion of our first that we agreed and respected financial transactions, two as claimed by North Korea but nuclear test. But Beijing has the most success in constrict-
hydrogen bomb, so that the to give them space to imple- state officials said. They ac- disputed by the White House. been reluctant to take harsh ing North Korea’s finances
whole world will look up to ment that,” Mr. Kerry said in knowledged it remained un- “There are additional sanc- measures that could further with its 2005 blacklisting of a
our socialist, nuclear-armed comments to reporters at the clear how much financial pres- tions that the international collapse North Korea’s econ- Macau-based bank, Banco
republic and the great Work- State Department. “In my con- sure Beijing would be willing community, or the United omy. Delta Asia.
ers’ Party of Korea!” some of versation with the Chinese I to exert on Pyongyang, histori- States, could impose on North Former U.S. officials said The bank was one of Pyong-
the text written by Mr. Kim made it very clear that has not cally one of its closest Asian Korea that would only serve to the most crippling action the yang’s key vehicles for con-
read. worked and we cannot con- allies. further deepen the kind of iso- outside powers could take ducting international financial
On Friday, North Korea has tinue business as usual.” White House press secretary lation that they suffer from al- against the regime of President transactions and believed to
another reason to celebrate The administration is now Josh Earnest said at a briefing ready,” Mr. Earnest said. Kim Jong Un would likely be to have held millions of dollars of
the test: It is Mr. Kim’s birth- seeking to work with China to that new sanctions could be China broke with North Ko- block oil shipments going into the Kim’s family’s assets. The
day. His exact age is one of ratchet up sanctions that implemented regardless of rea in 2013 and supported the country from China. North Korean government was
North Korea’s many mysteries would further constrict North whether the test was an atomic some sanctions after Pyong- These officials said the unable for months to conduct
but he is in his mid-30s. Korea’s shipping networks and weapon or a hydrogen bomb, yang said it conducted its third Obama administration will any dollar transactions.
The proclamation of a suc-
cessful test of a hydrogen
bomb boosts loyalty to the
young leader among officials
and citizens, defectors and ex-
perts say, strengthening the
CUBA drid. That flight was headed to
Frankfurt, Germany, before it
was to be placed on another
flight bound for Florida.
dictatorship. That is important Continued from Page One At some point, officials load-
as Mr. Kim continues to purge nology, these people said. It is ing the first flight realized the
top officials and heads into a unclear whether a U.S. adver- missile wasn’t among the cargo,
rare ruling party conference sary has ever obtained such the government official said. Af-
this year. knowledge of a Hellfire. ter tracing the cargo, officials
What most North Koreans U.S. officials said the case of realized that the missile had
don’t see: any of the universal the missing missile, while highly been loaded onto a truck oper-
skepticism outside the country unusual, points to long-standing ated by Air France, which took
that the device wasn’t a pow- concerns about the security of the missile to Charles de Gaulle
erful hydrogen bomb but in- international commercial ship- Airport in Paris. There, it was
stead something similar to ping and the difficulty of keep- loaded onto a “mixed pallet” of
North Korea’s previously ing close tabs on important cargo and placed on an Air

ETHAN MILLER/GETTY IMAGES


tested smaller nuclear devices. items. France flight. By the time the
For a state that tells its The government response freight-forwarding firm in Ma-
people they are under con- has been two-pronged. First, it drid tracked down the missile, it
stant threat of attack from has tried to get the missile was headed to Havana.
outside, news of a break- back. Second, officials want to Attempts to reach Air France
through in military technology determine who, if anyone, inten- were unsuccessful.
such as a new nuclear bomb is tionally sent it off course. That When the plane landed in
a potent way to rally support. effort has gone slowly, the peo- Havana, a local official spotted
“Internally, nothing else is ple familiar with the probe said. the labeling on the shipping It isn’t clear how an inert Hellfire missile wound up in Cuba. Above, a Hellfire missile in 2009.
The missile was sent from crate and seized it, people fa-
Orlando International Airport in miliar with the case said. fice of Political-Military Affairs,
early 2014 to be used in a North Around June 2014, Lockheed Off Target which oversees exports of mili-
Atlantic Treaty Organization Martin officials realized the At some point, the tary hardware, regularly finds
An inert U.S. Hellfire missile
military exercise, said the peo- missile was missing, was likely missile is loaded onto companies to be in violation of
has taken a circuitous path a truck and eventually
ple familiar with the case. As in Cuba, and notified the State since leaving Florida. the Arms Export Control Act.
with other sensitive military Department, said those familiar arrives in Frankfurt. Each year, there are about 1,500
gear, the shipping crate was with the matter. Immigration disclosures of potential viola-
At la nti c
clearly marked as containing and Customs Enforcement Missile leaves Orlando O cean Paris tions to the Arms Export Con-
material subject to rigorous ex- agents, as well as prosecutors International Airport trol Act. Many of those viola-
port controls, these people said. with the Justice Department are in early 2014. tions are because of mis-
The missile was sent by its now investigating. Madrid shipments, said a State
manufacturer, Lockheed Martin Peter Singer, a senior fellow Department official.
Corp., after the company got at the New America Foundation, If it turns out that the Hell-
permission from the State De- said it is likely some foreign na- Missile arrives in fire was lost because of human
XINHUA/ZUMA PRESS

partment, which oversees the tions would like to reverse-engi- Rota, Spain, for a error, the criminal probe would
sharing of sensitive military neer parts of a Hellfire to de- NATO exercise. end and the State Department
In June 2014, Lockheed Martin
technology with allies. velop countermeasures or to officials realize the missile is would have to determine
A Lockheed Martin spokes- improve their own missile sys- Source: people familiar whether to pursue a settlement
missing and likely in Cuba. with the investigation
woman declined to comment, tems. with Lockheed Martin over the
Kim Jong Un signed an order referring queries to U.S. govern- “Now it’s a proliferation con- THE WALL STREET JOURNAL. incident.
of the nuclear test on Jan. 3. ment officials. cern—someone else now under- Companies that violate ex-
The people familiar with the stands how it works and what at DIA declined to comment. ping-company workers who port-control laws can be fined
as effective,” said Kim Heung- case said the missile was sent to may have been cutting edge for But a defense official confirmed should have noticed the labeling millions of dollars and be re-
kwang a North Korean defec- Spain and used in the military us is deconstructed and pack- that DIA has reviewed the im- on the shipping crate appar- quired to address whatever is-
tor and executive director of exercise. But after it was packed aged into what other players plications of the lost missile. ently allowed it to proceed until sues contributed to the prob-
North Korea Intellectuals Soli- up, it began a trip through Eu- sell on the open market—and The Cuban Embassy in it ended up in Cuba. lem, the State Department
darity, a Seoul-based group of rope, was loaded onto a truck possibly provided to countries Washington didn’t respond to If someone intentionally sent official said. Lockheed Martin
dissidents. and eventually sent to Germany. that we wouldn’t sell to,” said multiple messages seeking com- it astray, that could constitute a has been cited in the past by
North Korea’s state media The missile was packaged in Mr. Singer. ment. Representatives at the violation of the Arms Export State.Lockheed Martin is coop-
agency published accounts of Rota, Spain, a U.S. official said, The Defense Department’s embassies of Spain and France Control Act, as well as a possi- erating with investigators, U.S.
citizens lauding the test. where it was put into the truck Joint Attack Munitions Systems didn’t immediately comment, ble violation of Cuban sanctions officials said.
North Korean defectors say belonging to another freight- project office asked officials at while attempts to contact the laws. There are more than 25 “This is a complicated busi-
that the country arranges shipping firm. That trucking the Defense Intelligence Agency German Embassy were unsuc- countries to which U.S. military ness, mistakes are inherent in
community meetings after ma- company released the missile to to provide an assessment of the cessful. exports are generally prohib- complicated businesses,” the of-
jor events such as missile yet another shipping firm that security impacts of the lost mu- Several officials and industry ited. Cuba was added to the list ficial said. “Mistakes are a part
launches and nuclear tests to was supposed to put the missile nition to determine the risks as- experts said what was most baf- in 1984. of any human endeavor. Mis-
spread the message that the on a flight originating in Ma- sociated with its loss. An official fling was how so many ship- The State Department’s of- takes are made.”
success is directly due to their
leader. Images from North Ko-
rea’s state media published
Thursday showed gatherings
of people described as sup-
porting the test.
Iceman’s Gut Sheds Light on Human Migration
Ho Chun Gum, an official at BY ROBERT LEE HOTZ They have noted his healed Africa in successive waves
a cooperative farm in Pyong- bone fractures, diagnosed starting about 60,000 years
yang, was quoted by the news Microbes that once trou- hints of Lyme disease, exam- ago. It serves as a biomarker
agency as saying: “We, agri- bled the stomach of a prehis- ined the food stuck between for the global travels of hu-
cultural workers, will do our toric hunter known as “Otzi his teeth, and mulled the mankind.
best to bring about a bumper the Iceman,” who died on an meaning of his 61 tattoos. “The Iceman’s strain must
crop this year with the na- Alpine glacier 5,300 years ago, They analyzed his own genetic have been the original popula-
tional dignity and pride of be- are offering researchers a rare inheritance, including the DNA tion that inhabited the stom-
ing nationals of a nuclear- insight into the early settle- of the energy-producing mito- achs of Europeans 5,000 years
GAMMA-RAPHO/GETTY IMAGES

weapons state.” ment of Europe. chondria that powered his ago,” Dr. Moodley said.
Pyongyang carefully filters In findings re- cells. That ancestral strain appar-
what its people can read or ported Thursday in Science, an “We know he had a rough ently mixed with variants
hear about through official international research group lifestyle,” said Frank Maixner thought to have originated
sources. analyzed remnants of ulcer- at the European Academy In- more recently in North Africa,
Since Mr. Kim took power causing microbes called Heli- stitute for Mummies and the to create the variant common
at the end of 2011 after the cobacter pylori exhumed from Iceman in Bolzano, Italy, who in Europe today. All told,
death of his father, Kim Jong the well-preserved mummy of led the team of 23 scientists. strains of Helicobacter pylori
Il, North Korean propaganda the Neolithic nomad. With Mountaineers with Otzi where he was found in the Alps in 1991. “We found a lot of pathologi- infect about half of the world’s
officials have built up an im- modern DNA sequencing tech- cal conditions.” population.
age of the young leader as the nology, they reconstructed the Asia, and not those more prev- biologist Yoshan Moodley of In the new study, they de- The researchers also deter-
brilliant heir of the ruling dy- genetic structure of the mi- alent in modern Europe. The the University of Venda in frosted the mummy and rum- mined that the bacteria had
nasty. Assigning a specific new crobe—the oldest known finding suggests that multiple South Africa, who helped ana- maged through the contents of inflamed his stomach lining,
achievement to him such as pathogen ever sequenced. waves of migrants settled the lyze the bacteria’s genome. “It his stomach. There, they re- indicating that the prehistoric
the development of a hydro- By comparing the specimen region, introducing new is mind-boggling, really.” covered evidence of a microbe hunter, fleeing into the icy
gen bomb, whether true or to modern variants, they dis- strains of the bacteria as they Since two German hikers that has infected humankind highlands where he was shot
not, helps underpin that ef- covered that this early Euro- intermingled, they said. stumbled over Otzi in 1991, re- for so many thousands of in the back with an arrow and
fort. pean wanderer was infected “This one genome has put searchers have probed, prod- years that distinctive strains beaten, may have been feeling
—Min Sun Lee in Seoul with a strain that survives to- things into wonderful perspec- ded, biopsied, X-rayed, and evolved as anatomically mod- ill on the day he was mur-
contributed to this article. day only in India and South tive for us,” said evolutionary CAT-scanned the mummy. ern humans migrated out of dered.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A8 | Friday, January 8, 2016 * ***** THE WALL STREET JOURNAL.

WORLD NEWS
Minister Mark Rutte. UNITED KINGDOM posal, immigrants to the U.K. LIBYA governments. Islamic State this
World The EU and Turkey agreed in
November that Ankara would
Orban Sets Conditions from other EU countries would
be eligible for welfare benefits
Truck Bomb Kills week renewed attacks on oil
fields in Libya’s east, stoking
Watch take steps to cut the flow of mi-
grants in return for €3 billion
To Back British Plan
Hungary’s prime minister said
only after four years.
Some European officials have
At Least 50 People
A truck bomb killed at least
fears that the group is trying to
undermine the two govern-
($3.22 billion). The money was he would back the U.K.’s pro- said curbing welfare benefits of 50 people at a police academy in ments’ power-sharing pact by
for projects aimed at integrating posal to limit welfare benefits to EU citizens would breach a fun- the western Libyan town of hitting a main source of revenue.
Syrian refugees, helping Turkey other European Union nationals damental EU principle of free Zliten on Thursday, security and Thursday’s bombing caused
with its EU membership bid and only if certain conditions were movement of people. Hundreds medical officials said, one of the massive structural damage to
TURKEY speeding up negotiations on met, holding back support for of thousands of Central Europe- highest death tolls from a the training center in Zliten,
granting visa-free travel to Turk- Prime Minister David Cameron’s ans live and work in the U.K. bombing since an Islamic State about 100 miles east of Tripoli.
EU Pressures Ankara ish citizens. bid to renegotiate Britain’s rela- Mr. Orban said he would sup- insurgency began in early 2015. An official at Zliten Hospital said
To Cut Migrant Flow But at the end of December, tionship with the bloc. port the welfare proposal only if There was no claim of re- the number of casualties was
The European Union is in- some 90,000 people had arrived Mr. Cameron, who met with it doesn’t discriminate against sponsibility. Libya is dominated expected to rise.
creasing pressure on Turkey to via Turkey, compared with a lit- Hungarian Prime Minister Viktor Hungarian citizens and comes as by warring militias and an Is- A bomb-laden truck charged
reduce the number of migrants tle over 100,000 in November, Orban in Budapest, has prom- a result of a common accord lamic State affiliate that controls through a security gate at the
crossing into Greece, as the according to preliminary figures ised to secure changes to the with the Czech Republic, Slova- the coastal city of Sirte and is facility and detonated in a large
Netherlands takes over the provided by the bloc’s border U.K.’s relationship with Brussels kia and Poland. Both Mr. Cam- attempting to expand its foot- crowd of officers and police re-
bloc’s rotating presidency. agency. and then allowing Britons to eron and Mr. Orban said an print. cruits, said Abdul Ghani Ben Za-
It is of “crucial importance” Turkish government officials vote by the end of 2017 on agreement could be reached on The violence is complicating hiya, chief of the Zliten Military
that the influx of migrants via didn’t respond to requests to staying in the EU. the welfare issue by the Febru- the U.N.-brokered agreement be- council.
Turkey slows, said Dutch Prime comment. —Valentina Pop Under Mr. Cameron’s pro- ary meeting. —Margit Feher tween members of Libya’s rival —Tamer El-Ghobashy

FROM PAGE ONE

CHINA
Continued from Page One
Chinese President Xi Jinping
said the country’s economic
growth remains among the
fastest in the world. He said
measures to restructure the
economy are in full swing.
But Thursday’s selloff in the
stock market was the latest
sign that investors are losing
confidence in Beijing’s ability
to manage increasingly com-
plex problems as demand
shrivels and growth slows.
Government intervention,
which seemed to supercharge
growth for years, is now fuel-
ing more worry as new, often
poorly communicated policies
generate turbulence in the
stock and currency markets.
For example, China’s securi-
ties regulator announced late
Thursday that it would sus-
pend so-called circuit breakers
that were meant to calm mar-
kets. The regulator said that
the new circuit breakers in-
stead worsened this week’s
stock-market selling sprees.
China’s wider economy is

ZHONG MIN/EUROPEAN PRESSPHOTO AGENCY


even more troubled than the
official data show, many ana-
lysts believe.
“People doing business here
long-term have known for a
couple of years that growth is
much less than the govern-
ment says it is,” said Confer-
ence Board economist Andrew
Polk. He thinks actual growth
is closer to 4%.
Thursday’s selloff quickened A slowdown in China’s manufacturing sector is fueling pessimism about the economy. Above, a woman works at a lamp factory in Sichuan province in southwest China.
after China’s central bank
guided the yuan sharply lower zhen G. Credit Electronics Co., a shift that favors households
against the dollar. The cur- announced on Christmas that Sputtering Economic Engines and small businesses and avoid
rency’s downward march is it was halting operations and As investment and manufacturing falter, China is hoping consumption and a mire of low growth and stag-
meant to help troubled export- laying off its 4,000 employees, a weaker yuan can revitalize growth. nating incomes.
ers but has caused traders to according to local media re- Holding China back are con-
worry that the economy is ports. The company, which Growth in fixed asset Growth in value-added Growth in retail sales cerns that shutting down un-
weakening faster than previ- couldn’t be reached for com- investment industrial production derperforming companies
ously expected. ment, was a supplier to Hua- would further damage growth,
25% 25% 25%
The latest troubles come on wei Technologies Co. and Mo- boost unemployment and in-
the heels of an annual eco- torola Inc., its website said. crease the risk of social unrest
nomic policy meeting last Huawei declined to com- 20 20 20 that Beijing fears, according to
month that laid out near-term ment. Lenovo Group Ltd., Mo- economists.
policies. The blueprint com- torola’s parent company, said 15 10.8% 15 15 11.2% Economists said meeting an
mitted the government to low- it didn’t immediately have a expected official five-year eco-
ering costs for businesses in comment. A woman at a local 6.2% nomic-growth target of at
an effort to spur investment government labor office in 10 10 10 least 6.5% will require more
and reduce the redundant fac- Shenzhen who declined to give government-directed spending
tories, empty apartment blocks her name confirmed the com- 5 5 5 and less reform.
and high levels of debt that pany was no longer operating. That outlook is hammering
have dragged down growth for Economists cautioned that Change from a year earlier expectations among businesses
0 0 0
four years. momentum could slip further and investors.
A senior official described in the first quarter as factories 2012 ’13 ’14 ’15 2012 ’13 ’14 ’15 2012 ’13 ’14 ’15 “Whatever the intentions of
the policies as “supply-side” close for the Lunar New Year Source: National Bureau of Statistics THE WALL STREET JOURNAL. the government are, more and
remedies and said the govern- holiday celebration in Febru- more market forces are having
ment realistically expected an ary and local governments cording to a tally by China La- spending. ing about expanding the busi- an indelible impact on what’s
L-shaped recovery, rather than wait for economic targets tra- bour Bulletin, a monitoring “The main problem is not ness. Customers are taking happening here,” said Mr. Polk,
a V-shaped rebound. ditionally released at the an- group in Hong Kong. The rising costs now. The problem longer to settle their accounts. the Conference Board econo-
Some companies are start- nual parliament meeting in group said unrest hit the Chi- is there’s little demand,” said “It’s getting harder and mist. “And those forces are
ing to succumb. In the south- March. Retail spending could nese construction, manufactur- Li Chao, owner of a shirt and harder to get paid,” Mr. Li putting more pressure behind
ern technology-manufacturing slow this year if unemploy- ing and mining sectors. trousers maker in the eastern said. “We are a small business. the need to reform. Right now,
hub of Shenzhen, a string of ment increases. For many of the small busi- textile hub of Jiangyin, near This is not looking good.” there seems to be a lot of ten-
smaller firms closed their Labor protests, which usu- nesses that Beijing has said it Shanghai. “Most firms I know Economists said Beijing ap- sion between the masters and
doors in recent months as ally increase over unpaid needs to revive growth, its of face the same problem.” pears reluctant to take the the market.”
growth slows and the industry wages at the approach of the moves haven’t been enough, While Mr. Li said he isn’t tough steps needed to move —Carolyn Cui, Eva Dou
consolidates. holiday, rose in December to a despite six interest-rate cuts in planning to cut his 20-member the economy away from and Liyan Qi
One recent casualty, Shen- record-high 422 incidents, ac- 14 months and higher fiscal workforce, he also isn’t think- smokestack industries, propel contributed to this article.

MARKET “The higher you are, the far-


ther you have to go before
things become really worry-
ing,” said Randy Frederick,
bets against the S&P 500 in
case there is additional turmoil
in China that again spills over
to U.S. markets. An additional
good health, portfolio manag-
ers said. Rising employment
and solid corporate earnings,
excluding the hard-hit energy
about future demand from the
world’s second-largest con-
sumer of crude, and Brent
crude, the global benchmark,
imports and further hurting
confidence in the country’s
economy.
Some investors shrugged off
Continued from Page One managing director of trading focus will be Friday’s U.S. jobs sector, will likely continue to traded at its lowest level in the Chinese declines, saying
duce risk and raise cash. and derivatives at Charles reports. support share prices, even with nearly a dozen years. Base they were likely magnified by
Some analysts said they ex- Schwab. He said the Chinese “U.S. markets are getting the market trading at above- metals from copper to nickel the threat of an expiring ban
pect to see continued volatility market declines and the trad- wrapped in with global mar- average valuations, they said. also fell. on selling by large sharehold-
this month, as investors grap- ing halts there were “scary for kets, and rightfully so, but so What’s more, many inves- Gold ticked up 1.45% to ers.
ple with fresh information people” but don’t diminish the far there isn’t massive panic tors spent December buttress- $1,107.70 an ounce. The yield Nicholas Melhuish, head of
about the health of economies strength of the U.S. economy. ing their portfolios by selling on the U.S. 10-year Treasury global equities at Amundi As-
and markets following a nearly The Dow dropped 392.41 stocks, reducing leverage and fell to 2.153% from 2.177% on set Management, said he ex-
seven-year-long bull market points to 16514.10, its worst
The reaction hedging, or making bets that Wednesday. Yields fall as pects a tough first half of the
that took the Dow to a fresh day since Sept. 1, 2015. The underscores anxiety aim to protect their portfolios prices rise. year with a lot of volatility.
record as recently as last May. S&P 500 dropped 2.4%, and the from further declines. As a re- China has dominated the Many of the issues that
Thursday’s declines left the 30- Nasdaq Composite declined
about the health of sult, investors are holding stock market in 2016. Markets plagued global equity markets
stock index down 5.2% for the 3%. the global economy. more cash than they have in opened on Monday to a weaker last year, including shifts in
year and 9.8% below its May 19 Japan’s Nikkei Stock Aver- years, cash that many say they yuan and lackluster manufac- the Chinese economy, trouble
high. age, Australia’s S&P/ASX 200 expect to reinvest once volatil- turing data. Sharp declines in in emerging markets and a
The selling has intensified and Hong Kong’s Hang Seng selling here,” said Jonathan ity subsides. Chinese stocks have prompted slowly tightening Fed, have al-
the concerns of many investors Index each lost more than 2%. Corpina, senior managing part- “In a low-growth global authorities in the country to ready surfaced in the first ses-
that stocks are vulnerable after The Stoxx Europe 600 fell 2.2% ner at Meridian Equity Part- economy, the U.S. is still lead- halt trading on two separate sions of the year.
the Federal Reserve’s first in- after earlier declining as much ners. ing the way,” said Jim Dunigan, occasions this week, sending “It could be quite a volatile
terest-rate increase since 2006 as 3.6%. The Dow industrials’ decline chief investment officer at PNC ripples throughout global mar- year with a lot of issues linger-
pushed up borrowing costs for Declines worsened in New hasn’t shaken many investors’ Wealth Management. “It will kets ing from last year brought to
traders. Even so, there was a York in afternoon trading as conviction that U.S. stocks are be a little lumpy within here, Analysts are also concerned the fore in the first week,” Mr.
widespread sense that U.S. in- investors braced for another the best bet amid gathering but I still think this is the best that a devaluation of the yuan Melhuish said.
vestments remain the most vi- potential drop in Chinese stock global economic turmoil. place.” will push neighboring coun- — Leslie Josephs and
able option given the darken- markets Friday. Traders said In contrast to much of the U.S.-traded oil fell 2.1% to tries to lower their currencies, Saumya Vaishampayan
ing global picture. many investors made late-day world, the U.S. economy is in $33.27 a barrel amid concerns damping Chinese demand for contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Friday, January 8, 2016 | A9

OPINION
It’s the American Dream, Stupid BOOKSHELF | By Philip Delves Broughton

The Republi-
can presiden-
tial candi-
the forum will be Jeb Bush,
who—in a primary that has
been all about personality—is
That piece is about making
sure federal dollars are effec-
tive. The flip side, says Mr.
that exists in America over a
dysfunctional federal govern-
ment and Mr. Obama’s poli-
Something
dates meet to
debate again
next week in
having a rough go of it. Yet the
former Florida governor shines
on policy. He and his “Right to
Bush, is reform to ensure that
“our poverty programs don’t
reward nonwork, at the ex-
cies. As the polls testify, this
has been a shrewd strategy,
one that is working for them
In the Water
POTOMAC South Caro- Rise” super PAC understood pense of people who struggle among the conservative pri-
WATCH lina. But a far
more conse-
early on the particular political
challenge of class warfare. In
and don’t get government as-
sistance.” So he’d filter out
mary electorate.
The Ryan forum deals more
The Geography of Genius
By Kimberley
quential event advance of his talk he’s rolling federal provisions that dis- with the general election. The By Eric Weiner
A. Strassel
is taking place out his own empowerment and courage work, and institute question for the GOP and con- (Simon & Schuster, 353 pages, $26.95)

T
in that state welfare-reform agenda, which new safeguards against those servative voters is whether
over the weekend. It’s called who’d scam the system. “We they think a nominee can win o set out in search of the geographical roots of genius
the Kemp Forum on Expanding can make this case if we do it by appealing primarily to out- sounds, as Eric Weiner freely admits, like a “colossal
Opportunity, and it may show A few candidates, at in an optimistic way, with pas- rage and anxiety, while writ- fools’ experiment.” An intellectual search for El Do-
whether the GOP still knows sion and conviction,” he says. ing off significant portions of rado. And as he sets out for Athens, the first stop on a global
how to win elections. least, get it: The GOP “Or we can assume that people the electorate. Mitt Romney tour he describes in “The Geography of Genius,” I felt in-
The forum is the brainchild needs Jack Kemp’s want to be stuck in poverty, or certainly left the impression clined to agree. My fears grew as he settled into an Athenian
of Speaker Paul Ryan, his at- ignore the problem. And de- that he believed 47% of Amer- coffee shop and began riffing on vice, geography, liberty and
tempt to ensure that the even- aspirational agenda. fault to the left.” icans was lost to him. all the other possible ingredients that led to an explosion of
tual nominee rolls into the The inspiring news is that Whether they were before he culture in the fifth century B.C. Three hundred pages of idle
general election able to finally Mr. Bush isn’t alone in seeing said it, they certainly were journalistic thumb-sucking seemed to loom ahead, culminat-
compete on one of the biggest represents some of the lead- the challenge. Marco Rubio will after. A big-tent party appeals ing in a chapter on Silicon Valley, whose status as a hotbed
policy and political challenges ing thinking on how to fix the be at this weekend’s forum, no to aspirations. of genius doesn’t strike me as at all obvious.
of the day: poverty and in- $1-trillion-a-year federal pov- doubt to talk about his own Hillary Clinton has no inten- But there are some writers whose company is worth
come inequality. Mr. Ryan erty-industrial complex—and proposals for revamping fed- tion of ceding ground here, and keeping, whatever the subject. Bill Bryson can noodle on
understands that this issue how to get some political eral welfare programs. Chris she’s already pummeling Re- everything from Shakespeare to English bathroom plumb-
isn’t some sideshow, but a credit for it. Christie will be there, and will publicans as heartless richies ing and his audience re-
potentially decisive political Underlying the Bush reforms probably reprise his compelling who will leave the poor to mains enthralled. There
question of 2016. To update is a continued commitment to thoughts on drug dependency starve, and the middle- and were those old New Yorker
the old phrase: It’s the Ameri- jacking up economic growth— and crime. John Kasich will be lower-classes to live paycheck writers who could some-
can Dream, stupid. which is still the fastest way there, and surely will walk to paycheck. That strategy how make 10,000 words on
For eight years, Barack known to man to alleviate through some of the innovative alone is a reason for Republi- sphagnum moss fascinating.
Obama has imposed failing poverty. Next up is demolishing anti-poverty reforms in his cans to embrace the old Jack And Mr. Weiner is blessed
economic policies on the a federal bureaucracy that is state, including his effort to Kemp antipoverty approach, with this gift. He is a prober
country, even as he has bril- designed to keep the depen- help former prisoners return to to pivot from defense to and questioner, a big-
liantly exploited the results dent dependent. Mr. Bush work. Also in attendance will offense. An additional reason hearted humanist who will
for political gain. Democrats would sweep away an array of be Ben Carson, Carly Fiorina is Mrs. Clinton herself. Demo- always take a colorful, con-
produced stagnating wages, federal food-stamp and hous- and Mike Huckabee. The party crats have coronated a partic- tradictory reality over some
rising prices, economic in- ing programs and give direct has already moved a long way ularly flawed class warrior— unfounded certainty.
security and failed antipov- grants and flexibility to the on this question. one with doting ties to Wall Why is it that genius isn’t
erty programs—and then states instead. States would be More interesting are the Street and a penchant for equally distributed over time
somehow blamed the resulting able to get dollars to the local names of those who are skip- cashing checks for very large and place but rather flares up
inequality and fear and destitu- and neighborhood organiza- ping the forum. That includes speaking fees. briefly in certain places and
tion on conservatives. They’ve tions that actually revitalize Donald Trump, Ted Cruz and If there were ever a moment then disappears again? Mr. Weiner set
cast Republicans as the party struggling communities. These Rand Paul. The absence of for Republicans to reorient a out to find answers by visiting seven places where, at one
that doesn’t care about that grants would have the added Messrs. Trump and Cruz isn’t debate, this is it. Their shot time or another, he felt that human creativity had thrived.
47%, that slashes federal benefit of allowing for compe- necessarily a surprise. Both at the White House might In addition to Athens and Silicon Valley, he visits Hang-
money and hurts the needy. tition, entrepreneurship and have aimed their campaigns at depend on it. zhou, China, which experienced a cultural flowering be-
Among those speaking at accountability. stoking the plentiful outrage Write to kim@wsj.com. tween the 10th and 13th centuries under the Song dynasty;
Edinburgh, to study the roots of its late 18th-century intel-
lectual boom, which produced the likes of Adam Smith and

Are Allah and Jesus the Same God? David Hume; Florence, to examine the Renaissance; Cal-
cutta, where between 1840 and 1920 British culture and In-
dian culture collided to produce a vibrant intellectual life;
HOUSES OF Do Christians tion to humanity, the nature of ogy and orthodoxy.” Still, they are not two paths up and Vienna, which had two moments of genius: the era of
WORSHIP and Muslims God, the path to salvation, and Should Ms. Hawkins keep the same mountain. Christians Mozart and Beethoven and the late-19th and early-20th
By Stephen worship the the life of prayer.” The school her spot on the faculty? It isn’t do not believe in the divine century heyday of characters like Freud and Klimt.
Prothero same God? placed her on leave not for clear that she committed a inspiration of the Quran. Mus- Academics have tried to understand the reasons for
For a month, wearing the hijab, the college plain violation of Wheaton’s lims do not believe that Jesus these flowerings, but their research sits hunched within the
controversy later explained, but for her statement of faith. And the is an incarnation of God. narrow silos of anthropology, psychology, history, even me-
has swirled over that question “theological statements,” theological issues are confus- Ms. Hawkins may have teorology. Good weather seems to attract the best and
at Wheaton College in Illinois. which included the claim that ing. Does the question concern hoped to respond creatively to brightest to Silicon Valley—but Vienna and Edinburgh did
In December, Larycia Hawkins, Christians and Muslims “wor- who is listening when a man hateful rhetoric against Mus- fine under gray skies. Constraints made the Scottish
an associate professor of ship the same God.” lims, which is admirable. She “scrappy,” in Mr. Weiner’s description, hell-bent on improv-
political science, was placed on Southern Baptist Theologi- enjoys the liberty to believe ing what they had—from farm and factory equipment to
administrative leave after she cal Seminary President Albert Wheaton College gets what she pleases about God their basic understanding of how society functions. But
posted on Facebook that she Mohler defended Wheaton’s under the First Amendment. where Scottish genius thrived on adversity, Renaissance
was donning a head scarf administration on his website, caught in a wrangle But Wheaton shares the same Florence gorged on patronage: The abundant wealth of fam-
through the pre-Christmas sea- noting that Christians worship over teaching about liberty to defend its Christian ilies like the Medicis funded a thriving market of artists.
son of Advent. She wrote: “I “the triune God”—Father, Son identity in a nation in which The “deep dung of cash,” as D.H. Lawrence put it, fre-
stand in religious solidarity and Holy Spirit. “The Quran Islam and Christianity. the “Star Wars” saga is more quently fertilizes genius.
with Muslims because they, claims that to confess Jesus widely known than is the pas-
like me, a Christian, are people Christ as the divine Son and sion of Jesus.
of the book.” Earlier this week, the second person of the Trin- bows his head in prayer? If so, No doubt Christians should Art and thought thrived in ancient Athens,
Wheaton began termination ity is to commit blasphemy then all monotheists must strive to understand the Is- medieval Florence and fin-de-siècle Vienna.
proceedings against Ms. Haw- against Allah,” he wrote, con- agree that there is only one lamic faith fully, and vice
kins after a series of talks. cluding that “one cannot deny God to do the hearing. Or is versa. But pretend pluralism, What do such disparate places have in common?
Wheaton is a Christian lib- the Son and truly worship the the question whom we envi- feigning that all or most reli-
eral arts institution; every Father.” sion when we pray? In that gious traditions hinge on the
year faculty and staff sign a Not everyone was con- case, consider that Christians same truth, is no solution for The Greeks, Mr. Weiner notes, considered genius insepa-
statement of faith that affirms vinced. Yale Prof. Miroslav today do not picture the same the squabble at Wheaton or rable from virtue. For them, Steve Jobs’s notorious rages
their shared evangelical Prot- Volf, who in a 2011 speech at God that Constantine wor- anywhere else. would have diminished any claims that he might have had
estant identity. The day after Wheaton contended that shiped at his deathbed bap- to genius. The Athenians abhorred professionalism. Soldiers
Ms. Hawkins’s post, Wheaton Christians and Muslims wor- tism in 337. Mr. Prothero is a professor were poets, and poets were politicians. This led to an ex-
issued a statement underscor- ship the same God in different Islam and Christianity both of religion at Boston University traordinary cross-fertilization of ideas and talents quite
ing the “fundamental differ- ways, wrote in the Washing- affirm that there is one God, and the author of “Why Liber- alien to our era of hyperspecialization. In Hangzhou, the au-
ences” between Christianity ton Post that Ms. Hawkins’s creator and judge, who speaks als Win the Culture Wars thor discovers that Chinese genius, unlike the Greek or Aus-
and Islam, “including what suspension was about “enmity through prophets, whose words (Even as They Lose Elections)” trian kind, was free of metaphysical anguish. The Chinese
they teach about God’s revela- toward Muslims,” not “theol- are written down in scripture. (HarperOne, 2016). reveled in painting, writing, invention and adventure as the
Europeans staggered out of the Middle Ages, and they
seemed to thoroughly enjoy themselves. Mr. Weiner has tea

Crayons Down, Kids. It’s Hillary Story Time in Hangzhou with a local boy made good—Jack Ma, the mul-
tibillionaire founder of the Chinese Internet company Ali-
baba, who seems as blithe and jolly as his forebears.
By Meghan Cox Gurdon as the 1950s, when, horrible to never mind.) In the following was Joan of Arc. She carried a The author is not at all prescriptive. This is not a book for

N
relate, “it was a man’s world. pages of this paean to Hillary, sword and led men in battle,” city planners hoping to create the next Renaissance Florence
uclear threats aside, Only boys could grow up to we see the future Mrs. Clinton and, “Once there was Rosie the or Palo Alto. But he does give the reader plenty of ideas. In
North Korean political have powerful jobs. Only boys striding at the head of a pack Riveter. She was a fictional individuals, there appears to be some link between sorrow in
propaganda seems pretty had no ceilings on their of multiracial students at “a character used by the U.S. gov- childhood and individual genius. As Gore Vidal put it: “Ha-
silly to wised-up, postmodern dreams. Girls weren’t sup- prestigious East Coast women’s ernment. She was patriotic. tred of one parent or the other can make an Ivan the Terri-
American sophisticates. Who do posed to act smart, tough, or college,” her arm raised in dear She was strong.” ble or a Hemingway; the protective love, however, of two de-
these guys think they’re fooling, ambitious.” leadership. Then we turn the page and voted parents can absolutely destroy an artist.”
with their cheesy posters of When children read these Now, it is possible that one find, in full color, a noble pic- But this isn’t the kind of thing you can cultivate. Open-
happy children flocking around words—or hear them read or two children may perceive ture of the eponym: “And now mindedness—the ability to hold contradictory ideas about
the knees of a benevolent Great, aloud, more likely—they will some disjointedness in the there is Hillary.” Mr. Colón the same subject—is a common thread. It’s not the density
or Dear, or Current Leader? And be looking at LeUyen Pham’s idea that women were not poses her in front of a hazy of cities that makes them creative incubators, Mr. Weiner
surely only the brainwashed or lively illustrations of high- “supposed to be” smart or portrait of George Washington, suggests, but the way they encourage interaction and inti-
the very young could ever achieving midcentury males ambitious in those benighted as if the first president is be- macy. Millions of people clustered in a sterile, closed-
swallow the regime’s steady rendered in glum shades of times, yet there existed a pres- stowing his ghostly blessing. minded place won’t be nearly as creative as many fewer in a
supply of tales extolling the gray. Here is Albert Einstein, tigious women’s college. But it From this fabulously pomp- place like 18th-century Edinburgh, with its coffee shops,
miraculous achievements of no ceiling on his dreams. is not a child’s job to perceive ous opening, the book leads, clubs and intellectual talking shops.
the Kim dynasts. There is Albert Schweitzer the historical framework ultimately, to a silhouette of In the end, “The Geography of Genius” is useful less for
Yet perhaps we Americans with his pith helmet: smart, beneath layers of deceiving Mrs. Clinton against a golden any lessons about how to cultivate genius than for its sug-
are not entirely immune to tough, ambitious and cradling gauze. That is the job of sunrise—and the promise that gestion that genius flowers in those areas a society consid-
this sort of thing, especially in an African baby. grown-ups, and the grown-ups she “may soon change the ers most important. “Athens honored wisdom and got Soc-
an election year. Two new pic- Yet, wait: What’s that gem- who created this work are not world.” rates. Rome honored power and got an empire.” The 19th-
ture books put such a gloss on like glow in the far corner of about to let context knock the These vainglorious picture- century Viennese honored high culture and the life of the
the life and career of the pre- this maudlin masculine mon- halo off the “cool” and “fear- book renditions of the life mind and got Beethoven and Freud. Today wealthy patrons
sumptive Democratic Party tage? Could it be a girl? It is a less” HRC. story of an American machine in fleece vests pay tens of thousands of dollars to watch al-
nominee for president that girl. It is Hillary Rodham, age 8! Nor, for that matter, are the politician give an illuminating leged geniuses give 17-minute accounts of their work at TED
book editors in Pyongyang Yes, we read, “in the town of grown-ups behind “Hillary” glimpse into the mind-set of conferences. They support medical research and plans to
could take a few tips from Park Ridge, Illinois, along (Random House), a jamboree those who offer themselves improve education. They are seeking ways to prolong and
them. In the doctrine of these came Hillary, wearing thick of Rodham-puffery that puts as cogs in that machine. Like enrich human life for more people. This might not yield us
tales for children 4 to 8, not glasses and a sailor dress, the former Arkansas first lady the Kim family’s posters in the Sistine Chapel, but it may be as worthwhile.
only has the mark of great- acing tests, upstaging boys in on an absurdly grandiose North Korea, they are so richly
ness been upon Hillary class, and lining up sports female continuum. “Once there and inadvertently comic that Mr. Delves Broughton is the author, most recently, of
Clinton since her birth, but events to raise money for the was Queen Elizabeth, perhaps only true believers or the very “The Art of the Sale: Learning From the Masters About the
she has also been the libera- poor.” the wisest ruler England has young and trusting could find Business of Life.”
tor of her people—that is, of “Take that, 1950’s!” (These ever had,” author Jonah Win- them persuasive. Unfortu-
women. would be the same 1950s in ter begins. nately, it is the very young
Michelle Markel’s “Hillary which future Justice Sandra In a pallid illustration that for whom these works are Coming in BOOKS this weekend
Rodham Clinton: Some Girls Day O’Connor graduated from departs from his vibrant cus- intended. Elizabeth Strout’s truest sentence • Making Martin Luther
Are Born to Lead” (HarperCol- law school, Indira Gandhi ran tom, illustrator Raul Colón • The imperialist Gandhi • Mount Pelée’s wrath • China’s
lins) begins with an alarming India’s Congress Party, and shows the Virgin Queen look- Mrs. Gurdon writes about one-child policy • Savoring Sondheim • Tough sledding
account of the darkness that Margaret Thatcher took her ing baleful on the throne. The children’s books for the Week- • William Leuchtenburg on presidential power • & more
enfolded this land as recently first seat in Parliament. But text continues: “Once there end Journal.
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A10 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The China Panic U.S. Is on the Sidelines With Saudis and Iran

H
ave China’s leaders lost the plot? on extensive development and strong stimulus Saudi Arabia won’t be lost by countries to bolster one terrorist
With stock-market gyrations, a weak- to achieve these targets, otherwise the coun- American fecklessness, as suggested group or another. The Saudi regime is
by your Jan. 4 editorial “Who Lost the even more repressive and undemo-
ening currency and mixed signals on try will repeat the old path, and then create Saudis?” The idea that America can cratic than Iran’s. The Saudis have
reform, Beijing’s reputation new contradictions and prob- control and rationalize the several un- been leaders in stoking Sunni-Shiite
for technocratic competence Policy disarray is lems.” raveling orders in the Middle East is conflict and Iranophobia because it
is depreciating faster than leading to fears of a The PBOC has also sent fanciful. U.S. backing of Hosni Muba- suits their internal politics. The Saudi
the yuan. This has global mixed signals on monetary rak in Egypt wouldn’t have saved him; kingdom has become its own worst
markets on edge, to say the deeper economic slide. policy. While officials say firmer moves in Syria might have enemy.
least, as the likelihood of a they have plenty of tools to slowed the tide but sectarian collapse IRWIN SHISHKO
“hard landing” for the Chi- support the economy, in of the Fertile Crescent was inevitable. Delray Beach, Fla.
nese economy grows. practice the central bank has only replaced li- The regime in Riyadh is often as
This week’s Chinese stock crash was wors- quidity lost as capital leaves the country. Real much liability as asset. The Saudis With President Obama swearing off
pursue a proxy war in Yemen marked any more erasable red lines and bat-
ened by new circuit breakers. Halting trading interest rates are relatively high.
not only by civilian-destructive bomb- tling hard to keep American arro-
is seldom a good idea, and in this case the But monetary easing is complicated by cap- ing but also inability to fight on the gance at bay, only Islamophobes and
thresholds were set so low that on Thursday ital flight. The U.S. Federal Reserve’s interest- ground. You cite Saudi Arabia for Western cultural elitists would pre-
the market opened for less than half an hour rate rise last month has caused the dollar to forming a Sunni-state coalition to sume that Muslim factions in the Mid-
before the brakes kicked in. A frozen market strengthen, and aggressive PBOC easing could fight Islamic State, but no indicators dle East won’t soon live in peace and
can’t find a natural bottom so more investors exacerbate capital outflows and put more posit Sunni troops to take and hold harmony. There no longer is an Amer-
panic, which has radiated through global mar- pressure on the yuan. China’s reserves stand territory in Syria. Saudi Arabia is one ican cowboy in Washington wreaking
kets in stocks and commodities. Late Thursday at $3.3 trillion, but it used $108 billion de- of our strongest allies? Really? havoc with an unholy blood-for-oil ji-
China’s securities regulator said it would sus- fending the yuan in December, the biggest The Middle East is churning and had in the Middle East. Islamic ex-
pend the circuit breakers starting Friday, monthly drop since 2003. In theory capital realigning. America’s mistakes, nota- tremists bent on asserting Islamic
which is good news. controls should limit money leaving, but bly the 2003 Iraq invasion and temer- global hegemony based on a perverse
ity in Syria, contributed to the chaos. interpretation of scripture are a tiny,
The stock market is also hostage to the China’s wealthy can bypass them.
Saudi Arabia isn’t ours to lose. The tiny fraction of worshipers, so esca-
opaque politics of Beijing. The Communist Meanwhile the slowing economy has ex- question is whether the House of lating sectarian conflict is nothing but
Party’s boosterism when stock prices more posed the excesses of the post-2008 credit Saud is capable of saving itself. a Western imperialist fantasy.
than doubled from late 2014 to early 2015 left boom. In response to the global panic, Beijing DAVID HALL If President Obama’s minimal
it vulnerable to public anger after June’s ini- deployed $586 billion in stimulus, largely on Columbia, Tenn. American footprint in the Middle East
tial crash. Fearful of being blamed for inves- infrastructure. It also encouraged lending for lasts through 2016, Iranians and Sau-
tors’ losses, officials forced government- housing construction and purchases, creating You largely acquit the main culprit, dis will have space and time to heal
linked institutions to buy and hold stocks to a bubble in smaller cities. The borrowing the Saudi regime itself. True, you ac- old wounds and prove that the West’s
support the market. Now those holdings hang pushed China’s debt-to-GDP ratio above 240% knowledge with gentle restraint that bigots created an imaginary Islamist
over the market, and fears they might be sold from 160% in 2007. Star banking analyst Char- “the Saudis are often difficult allies,” threat.
contributed to this week’s crash. lene Chu predicted last year that nonperform- and you duly note “the support by DAVID PALMER
rich Wahhabi sheikhs for radical Isla- Columbia, S.C.
In August the People’s Bank of China ing loans will top 20% of total assets during mist mosques and schools around the
(PBOC) suddenly announced a new method of this deleveraging cycle. world.” But since you view the Saudis The simple, but hard, truth is that
setting the yuan’s daily fixing rate and allowed This looming bill explains why Beijing’s as our “best friend” in the Arabian President Obama will sacrifice the
the currency to fall by 1.9% in a day. That economic policy is in disarray. Some offi- Peninsula, you seem inclined to over- Saudis and other allies in the Middle
poorly orchestrated move sparked fears of cials want more stimulus and industrial pol- look the full dimension of the damage East to preserve the dangerous legacy
competitive devaluation. icy, while others realize that structural re- they have done. of his nuclear deal with Iran. The mul-
Central bank officials reassured investors form and less government intervention are Ideologically, Wahhabi extremism lahs know this as do the Saudis. This
that the PBOC would keep the exchange rate key to sustainable growth. In recent months has been the fountainhead of global explains the recent actions of both
stable and that there would be no large deval- Mr. Xi has endorsed the latter point of view, terror, the ultimate source of 9/11. Al nations.
uation. But the yuan’s sudden fall over the but as the short-term pain intensifies he will Qaeda, ISIS and Saudi arms, money GERALD KATZ
and men have flowed into Mideast Edwards, Colo.
past few days has reignited those fears. The be tempted to return to Keynesian pump-
Chinese currency has fallen 5.8% against the priming that would only postpone the day
dollar since August. of reckoning.
Assumptions that Beijing would deploy fis- The good news is that a real debate is un-
cal and monetary stimulus to keep GDP derway that could lead to more market-ori-
Watching Whales at World’s Central Banks
growth at the target 7% rate have also proved ented policies. But until China’s leaders reach In “The Fed as ‘Washington bank distortion of bond prices and
wrong. A Communist Party magazine quoted consensus on reform and the slowing econ- Whale’” (Notable & Quotable, Dec. exchange rates spills over into all
General Secretary Xi Jinping last Friday omy, the confusion over the country’s direc- 31), J. Christopher Giancarlo de- other markets.
speaking against stimulus: “China cannot rely tion will sap investor confidence. scribes the Federal Reserve’s ex- Mr. Giancarlo’s quote provides
traordinary intervention in the U.S. context for a same-day Money & In-

An IRS Retreat on Charity


economy as a volatility suppressor vesting column “Could Japan’s Cen-
that boosted the prices of all finan- tral Bank Run Out of Bonds to Buy?”
cial assets and made it more likely (Heard On The Street). The Bank of

I
that asset prices will rise and fall Japan has been “the world’s most
t’s not every day we can celebrate a less day the IRS said it is withdrawing its pro- based on Fed watching rather than hyperactive central bank” in the
intrusive Internal Revenue Service. But posal after receiving “a substantial number valuation fundamentals. past few years, with bond purchases
charities and the people who support of public comments.” Many of the comments Mr. Giancarlo’s tale is a perfect running at twice the size of the cen-
them will be happy to learn “questioned the need for do- companion to Burton Malkiel’s tral government’s net bond issu-
that the IRS has withdrawn The agency pulls its nee reporting, and many same-day op-ed “Investing for 2016 ance—labeled “double monetization”
its proposal to collect more comments expressed signifi- in an Expensive Market.” All finan- by a Morgan Stanley economist. The
donor information, including
proposal to sweep up cant concerns about donee cial asset classes appear to be Washington Whale is attempting to
Social Security numbers. small-donor records. organizations collecting and pricey, so future returns are likely change course before economic con-
In September the IRS and maintaining taxpayer identi- to be lower than normal. The best ditions require the type of doubling-
that investors can do is to diversify down intervention now under way in
Treasury Department pro- fication numbers for pur- broadly and tilt portfolios toward Europe (negative rates on bank re-
posed to give charities the “option” of filing poses of the specific-use information re- the least pricey of overvalued asset serves) and Japan (broadened bond
detailed reports on everyone who contributes turn,” said the IRS. The legitimate anger of categories. Global financial asset purchases and expanded purchases
more than $250 to a charity. The IRS was call- average citizens was amplified by stalwart prices are relatively high because of equities). Small-fry investors
ing it “voluntary,” which in government means IRS watchdogs like Rep. Jim Jordan (R., the Washington Whale and the many don’t want to be in the wrong place
the agency hasn’t gotten around to requiring Ohio) on Capitol Hill. other central banks in its pod have when whales breach.
it yet. We reported on the legitimate fear that One year after Republicans took control of prioritized market stability over in- RYAN GRAHAM
new reporting would be required of every non- the Congress, and one year before President dependent price setting. Central Melbourne, Fla.
profit—including the conservative organiza- Obama leaves the White House, the pendulum
tions that the IRS helped muzzle in the 2012 is beginning to swing against IRS abuse of tax-
presidential election. payers. Coming on the heels of other reforms Tax Internet Sales for Fairness, Federalism
Amazingly enough, in this case the IRS ap- in the year-end tax and spending bills—includ- Your Christmas Eve story “Malls Tax Hostage” unfairly takes Sen. La-
pears to have listened to concerns from the ing a ban on new IRS rules limiting political Reel as Web Roars” reports broad mar Alexander to task for fighting to
taxpayers who pay their salaries. On Thurs- activity—Thursday’s news is reason to cheer. declines in traffic at physical stores fix the discrimination in federal pol-
amid double-digit gains by online icy between local retailers and their

Ben Carson’s Pure Flat Tax merchants. There are many reasons,
but a leading cause is the fact that
online competitors.
If collecting sales taxes is too

A
many online merchants don’t have to onerous for online merchants, Con-
mericans aching for a return to faster investments. The Tax Foundation says the Car- collect sales tax. On Dec. 28, how- gress should take the obvious step
economic growth can get close to sui- son plan would provide the most economic ever, your editorial “The Internet and ban them for brick-and-mortar
cidal watching this year’s presidential growth, which would offset lost deductions and retailers as well. Sales taxes not only
increase costs for consumers but
campaign. Hillary Clinton raise after-tax incomes for all
promises more government The retired doctor Americans.
Use Social Media to Send cost the retail industry billions of
dollars annually to administer. Or is
across the board while Donald contrasts his proposal “true” Mr. Carson calls his plan a ISIS Terrorists to Osiris the Journal saying government pol-
Trump aims to disrupt the flow flat tax and our long- Regarding Andrew Hosken’s “Is- icy should create winners and losers
of products and people across with the VAT. time contributor Judy Shelton lamic State’s Deep, Poisonous Roots” by treating competitors differently?
our borders. One rare reason to calls it “the real McCoy.” Al- (op-ed, Jan 2): Perhaps the time has That’s exactly what the current stale-
step back from the ledge is that though Mr. Carson doesn’t call come to revamp our use of social mate means. By allowing online sell-
every Republican contender is promoting some out his rivals Sens. Ted Cruz and Rand Paul by media and shed more light on the ers to play by different rules, Con-
kind of bold tax reform, and this week Ben Car- name, he notes that his plan does not derive the foot soldiers of Islamic State. gress is hurting local retailers trying
son unveiled the boldest. bulk of its revenues from what amounts to “a Eu- The notion that all these crimi- to compete against the unfair, built-
The retired neurosurgeon is offering a flat tax ropean-style value-added tax (VAT). Adding a nals are hooded and thus difficult to in price advantage of not collecting
identify is false. Numerous TV news sales tax. Congress is also eroding
of 14.9% on personal and corporate income, “with VAT on top of the income tax would not only im- stories as well as online content the sales-tax base and causing states
no deductions, no tax shelters and no loopholes.” pose an immense tax increase on the American provide everyone with a very good to lose tens of billions of dollars in
Yes, that includes saying goodbye to the popular people, but also become a burdensome drag on look at many of the men in ques- revenue. States must balance their
deductions for mortgage interest and charitable the U.S. economy.” tion. Imagine the reaction if sud- budgets, perhaps through higher in-
donations. He’d exempt taxpayers earning up to This is the danger of proposing a VAT, as denly their true identities and come or property taxes or cuts in lo-
150% of the federal poverty line from forking Messrs. Cruz and Paul do to replace the corporate places of residence were revealed, cal government services.
over the 14.9%, but he’d still ask them to make income and payroll taxes. A VAT, a form of sales along with their parents’ and sib- Sen. Alexander is defending a core
a “de minimis” payment each year so all Ameri- tax at each stage of production, has proven to be lings’ names and home countries. principle of federalism: Congress, ei-
cans will be treated as “citizen-owners.” a money machine for foreign governments as the This could inject considerable dis- ther through action or inaction (as
Simplicity is one virtue of a flat tax, but the rate is raised over time. comfort, anxiety and uncertainty is true in this case), should not be
into the ISIS ranks. allowed to interfere in the business
economic benefits go beyond that. People would Mr. Carson’s flat tax would generate as much
Bringing their families and com- of a state. Furthermore, he is de-
be encouraged to work more, knowing that the if not more economic growth as any plan intro- munities into the limelight is about fending one of the hallmarks of con-
next dollar they earn won’t be taxed at a higher duced by this year’s candidates. He also de- introducing an important social cost servative tax principles—that the
rate than the last one. This is the insight that serves credit for candor in saying explicitly that for barbaric behavior. Try it and see best tax is one that is applied fairly
informed the Reagan tax revolution and ignited middle-class voters will lose some of their most what happens. The objective is to across the broadest possible base.
the economic boom of the 1980s. prized deductions. We like several other pro- start fighting back against ISIS MATTHEW R . SHAY
Under Mr. Carson’s flat tax, Americans would posals that lower rates in return for fewer de- more effectively, using the very so- President and CEO
be encouraged to invest because there would ductions, but Mr. Carson and Jeb Bush are the cial media it has used with such National Retail Federation
be no more double taxation. Each dollar earned most honest about the trade-offs. success in its global social media- Washington
is taxed only at its source. So once a dollar of Mr. Carson is a presidential long-shot in a driven recruitment campaign.
business profits is taxed, it is not taxed again year when policy proposals don’t seem to count Let’s start exposing as much per- Letters intended for publication should
sonal information about as many be addressed to: The Editor, 1211 Avenue
when distributed to shareholders. Once a for much. But his guiding principle is good
ISIS recruits as we can. The U.S. of the Americas, New York, NY 10036,
worker earns and pays taxes on a dollar in counsel for all candidates. As Mr. Carson ex- should wise up and unleash a tidal or emailed to wsj.ltrs@wsj.com. Please
wages, she is not taxed again for the privilege plains: “My overarching goal for tax policy is wave of such information via the so- include your city and state. All letters
of saving it. Individuals pay no taxes on capital that it should raise revenue—not redistribute cial media we invented. are subject to editing, and unpublished
gains, dividends, interest or death. Businesses wealth, micromanage free citizens or intrude PETER J. BROWN letters can be neither acknowledged nor
returned.
could immediately expense 100% of their capital on privacy.” Amen to that. Truro, Mass.
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THE WALL STREET JOURNAL. Friday, January 8, 2016 | A11

OPINION

The Recession Caused by Low Oil Prices


By Donald L. Luskin tions that benefited from high prices. increasing oil consumption—ought to

T
Collectively, these institutions are be a beneficiary of low prices, but
he global economy is slip- down $2.9 trillion. instead it is a victim, and potentially
ping into recession. The For a century and a half, the largest a globally systemic one. That’s
evidence is showing up in global corporations and cartels of oil- because the foreign-exchange value
all the usual ways: slowing producing nations have controlled the of the U.S. dollar has surged, as it
output growth, slumping oil market. The years of “secular stag- always does when oil prices fall. After
purchasing-manager indexes, widen- nation” after the Great Recession were substantially revaluing the yuan over
ing credit spreads, declining corpo- mostly good times for them, with a decade in response to protectionist
rate earnings, falling inflation expec- fears of “peak oil” making inflation- threats, China now finds the strong
tations, receding capital investment adjusted prices the highest in history. dollar has left its currency grossly
and rising inventories. But this is a Now thanks to the U.S.-led revolu- uncompetitive with the euro, the yen
most unusual recession—the first tion in fracking, oil is abundant. It will and all the rest. The alarming recent
one ever caused by falling oil prices. be for decades, if not centuries, devaluation of the yuan, while a
We’ve had plenty of recessions because there is shale everywhere in sensible response for China, is creat-
caused by rising oil prices: 1973-75, the world. And unlike the mega- ing strains throughout emerging
1980-81, and 1990-91. In these reces- projects that have dominated the oil economies and deep uncertainty
sions, the oil price ultimately fell as industry over the past several de- through all global supply chains.
demand collapsed. cades, shale can be tapped by smaller Maybe no single one of these oil-

GETTY IMAGES/IKON IMAGES


companies with less capital. The oil driven stresses would be enough to
market, as OPEC has learned to its trigger a global recession. But a
Misery for oil incumbents sorrow, is now much more difficult recession is often a death by a thou-
from the fracking boom is to control. sand cuts, not a single blow. Today’s
This is capitalist creative destruc- reverse oil-shock has made a lot of
spilling into the global tion. But nowadays it happens on cuts. And it’s not as though the
economy. But there is Internet-time, so it’s also “disruptive world economy was all that robust to
innovation.” Fracking is to the global begin with.
cause for optimism. oil industry what Uber is to taxi market for entrepreneurial funding. such an earnings rollover. There has never been a recession
medallion owners: great for consum- According to bank regulators, U.S. The public finances of oil-produc- caused by low oil prices, so there is no
ers who enjoy the sudden abundance, banks have syndicated leveraged ing nations—corrupt kleptocracies- playbook for how this one might
But this time oil prices have fallen deadly for incumbents whose busi- loans for the oil and gas industry of cum-welfare-states, from Russia to evolve. It is critically dependent on
more than 70% since mid-2014, while ness models were built on exploiting $276 billion, 15% of which are now Venezuela to Saudi Arabia—are also how the global consumer responds. If
demand has been rising. The drop is scarcity. regarded as distressed, up from less collapsing. When petrodollars dry up the rigors of recession reduce demand
entirely the result of America’s In the short term, the misery vis- than 4% a year ago. And in our at the source, they dry up down- for oil—as happens in a typical reces-
supply-side technology breakthrough ited on oil incumbents is spilling hyper-cautious, Dodd Frank-saddled stream as well, across the whole sion—then we’d have a vicious cycle in
with horizontal drilling and hydraulic over into the economy generally. The world, such distress drives a tighten- global economy. which further oil price declines would
fracturing—“fracking.” This has U.S. non-investment-grade bond mar- ing of lending conditions system- U.S. capital investment—which make the recession worse.
given consumers world-wide what ket is in tatters, with energy compa- wide. And that drives recession. never really recovered from the But there is also cause for opti-
amounts to a tax cut of $7.8 billion nies making up 15% of its aggregate Energy company earnings have housing bust—has been hit particu- mism. Low oil prices make the global
every day, or about $2.9 trillion over face value. Energy defaults are in- collapsed. In the U.S., earnings of the larly hard by cutbacks in oil-field consumer very resilient, which buffers
a full year. creasing, and spreads have widened energy sector of the S&P 500 have capital expenditures. That took 44 the recession’s severity and duration.
So shouldn’t there be an economic to distress levels. It’s infectious; even fallen by 76%. The same is happening basis points off real U.S. output in The best news is that, thanks to frack-
boom, rather than a bust? Yes, eventu- outside the energy sector, junk-bond in energy around the world. And over the first quarter of 2015, 88 basis ing, recessions caused by high oil
ally. But first, because of its magni- spreads have widened by 240 basis the past quarter, earnings for compa- points in the second, and 33 basis prices are a thing of the past.
tude and speed, the technology revo- points over the past year and a half, nies in all sectors have started to points in the third. There are more
lution that drove down oil prices has the equivalent of almost 10 Federal slump, too. Every recession in a cutbacks to come. Mr. Luskin is chief investment offi-
also threatened the important institu- Reserve rate increases on this key generation has been preceded by China—an economy with rapidly cer at Trend Macrolytics LLC.

A Republican Cure for Liberal Failures on Poverty


By Paul Ryan budged: from 19% in 1965 to 14.8% in proper role of the federal govern- students with disabilities, military giving states and communities flexi-
And Tim Scott 2014. If you were raised poor, you’re ment in the 21st century and show families or low-income families in bility to try different solutions.

O
as likely to stay poor as you were 50 the country what a true opportunity Washington, D.C., so they could use We need to take the focus in
n Saturday a majority of the years ago. agenda looks like. that money to send their children to Washington off intentions and put it
Republican presidential field The left says these programs pre- Here’s what we believe: By limit- the school of their choice—public, on results. Along those lines,
will meet to discuss fighting vent extreme deprivation, and that’s ing itself, government can actually private or charter. Speaker Ryan has introduced legisla-
poverty at a forum in Columbia, S.C., true. But the federal government is expand opportunity when it gets out Perhaps the greatest education of tion with Sen. Patty Murray (D.,
hosted by the Jack Kemp Founda- not only putting a floor under peo- of the way and paves the road to all occurs on the job. That’s why Wash.) to create a commission on
tion. The two of us will serve as ple’s feet; it is gluing their feet to it. many Republicans have called for evidence-based policy. The federal
moderators. Many programs are means-tested, so strengthening the work requirement government already collects a lot of
The high level of candidate inter- as you make more money you lose Trillions of federal dollars in antipoverty programs and sup- data on its poverty-fighting efforts,
est indicates that our party is not aid. People often use several porting low-income workers by but it doesn’t use it to evaluate
willing to concede this issue to the programs at the same time, so the have been spent, to little increasing the Earned Income Tax progress. The commission would be
Democrats. We expect the candi- benefits drop-off is as subtle as a effect. Let’s focus on jobs, Credit. That first job is the first rung charged with finding a way to make
dates will have their differences, but ski-jump. on the ladder of opportunity. use of this data and report back to
that’s only because they have ideas, Say you’re a single mother with education and opportunity. Both of us have seen firsthand the Congress.
which is more than the other party one child. You’re making the mini- good work being done in our com- Education, work, community,
is offering. What these Republicans mum wage, and you’re on food munities—from the Goodwill in accountability: These conservative
share is a much-needed insight: The stamps, Medicaid, housing assistance collaboration—whether it’s between Greenville, S.C., to Catholic Charities principles will help people learn the
ticket out of poverty is a quality and the Earned Income Tax Credit. If students and teachers, job seekers in Janesville, Wis., to the House of skills they need to earn higher pay.
education and a good paycheck. you take a job that pays $3 more, and employers, or people in need Help City of Hope in Washington, And as more people jump back into
President Lyndon Johnson you’ll keep only 10 cents of every and people who can help. It is D.C. The federal government treats the workforce, the economy will
declared war on poverty in 1964. extra dollar you make, after tax hikes through that free, personal exchange these groups as little more than grow for everyone. We look forward
Since then politicians have won and benefit cuts. In other words, tak- that people learn the skills they need social workers with street cred. to hearing the GOP presidential can-
votes by creating new federal pro- ing a better-paying job is a high-risk, to succeed. But they’re much more than that; didates’ ideas for fighting poverty
grams, without bothering to check low-reward proposition. And there’s no exchange more im- they’re social entrepreneurs. Pre- on Saturday, but one message is
whether they work—because in the This is a problem that demands a portant than education. Everyone cisely because they have credibility, already clear: Democrats want to
political market the currency is solution, but it is only one dynamic knows the difference a good teacher they can get through to people oth- take care of the poor; Republicans
promises, not results. The federal policy makers must confront. And can make. That’s why one of the ers can’t. The federal government want to empower them.
government now runs more than 80 we see Saturday’s forum as our authors here, Sen. Scott, has intro- should assist the people and commu-
different antipoverty programs at a party’s chance to stop carping from duced legislation that would give nities leading these efforts, not Mr. Ryan, a Republican, is a repre-
cost of about $750 billion a year. Yet the cheap seats and to get into the parents more control over their chil- elbow them out of the way. Along sentative from Wisconsin and House
46 million Americans are poor today, driver’s seat. By offering real solu- dren’s education. It would redirect these lines, the other author here, speaker. Mr. Scott, a Republican, is a
and the poverty rate has barely tions, Republicans can define the federal funding to the parents of House Speaker Ryan, has proposed senator from South Carolina.

Saving Corporate Cash by Hiring a Chief Health Officer


By David B. Agus billion to a little more than $225 bil- ated a new position called the chief for a lunchtime run? Or providing quit smoking, or agree to work with

O
lion in lost productivity. technology officer. These executives individuals who request it with a health coach to manage their high
ne of the greatest challenges Health, happiness and productiv- have become indispensable to expert counseling to deal with an cholesterol and chronic back pain.
corporations face today is ity at work are related outcomes, and employees at most organizations be existing health problem such as dia- Companies also can offer an incen-
ensuring the health and well- companies are in a unique position they technology-based or not. So betes, or to avoid developing one? tive to participate in health screen-
being of their employees. I have an to support all three. But corporate why not create a similar position in Designing the workplace for opti- ings with bonuses like an extra vaca-
uncomplicated solution for achieving wellness programs are either ignored the health sphere? mal health and productiveness. tion day or a company contribution
this: appoint a chief health officer. or resented for being too intrusive. Much in the way a chief technol- Examples might be more-accessible to a flexible spending account.
Health and health-related spend- Nobody wants to be harangued ogy officer focuses on the scientific staircases so more people don’t ride Collecting and analyzing health
ing are a big expense for all compa- by a supervisor about how to drop and technological issues within a elevators, wireless headsets for the data. A study of Duke University’s
nies, and the numbers continue to 20 pounds. Programs designed to company, a chief health officer wellness program in the 1990s
climb. Fully 86% of employees today improve employees’ blood pressure, would be charged with staying showed that it led to better decisions
are above their normal weight or blood sugar, stress management or abreast of the rapid changes in med- Productivity losses from about eating more fruits and vegeta-
have a chronic condition, according cholesterol often annoy employees icine that make it easier to maintain bles, and lowering consumption of
to a Gallup survey a few years ago. more than they motivate, and they a healthy workforce. This would health-related matters sugar-sweetened beverages and fatty
They miss an estimated 450 million don’t have a significant effect on include: cost American businesses foods. The results in some cases
extra days of work a year compared health-care costs. Choosing and managing health could be quantified. Every dollar
with healthy workers, which a recent There’s another way. plans. Many companies are self-in- tens of billions annually. spent on the blood-pressure-lower-
study by the Centers for Disease Consider that with the ascent of sured and can structure their own ing program, for example, saved
Control and Prevention says annually information technology in the 1990s, plans. The key is to design plans $1.21 in health-care costs; every
costs American businesses from $150 many companies adapted and cre- with great benefits that are in sync employees to move around with dollar spent on the cholesterol
with the company’s demographics. while on telephone calls, treadmill programs saved $3.39 A study last
A tech start up where the average desks for those who want them, year in the New England Journal of
age is under 40 should have plans meeting rooms where people can Medicine showed that people who
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY that push prevention, for example, simultaneously exercise or stretch— were essentially paid to quit smok-
because this is when staving off ill- or perhaps lighting and architectural ing, or faced losing money if they
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp ness further down the road is essen- elements to help relieve stress. didn’t, were five times more success-
Gerard Baker William Lewis tial. Companies with older employees Overseeing educational programs. ful than those who given free access
Editor in Chief Chief Executive Officer and Publisher and workers who go to the doctor a These might include free cooking or to standard smoking-cessation tools
Rebecca Blumenstein; Matthew J. Murray, Deputy DOW JONES MANAGEMENT:
lot due to chronic conditions will yoga classes at lunchtime; or counsel- such as behavior-modification and
Editors in Chief; Almar Latour, Executive Editor Anna Sedgley, Chief Financial Officer; need more coverage for those visits ors, coaches and trainers to teach nicotine-replacement therapy.
DEPUTY MANAGING EDITORS: Ashley Huston, Chief Communications Officer; and pharmaceuticals. people how to make healthier food Corporations need to move away
Paul Meller, Chief Technology Officer;
Michael W. Miller, Senior Deputy;
Mark Musgrave, Chief Human Resources Officer;
Premiums for different policies choices, manage stress better or from thinking that health and well-
Thorold Barker, Europe; Paul Beckett, Asia;
Christine Glancey, News Operations and Talent; Katie Vanneck-Smith, Chief Customer Officer can also reflect behavioral factors establish an exercise routine. These ness means setting up quiet rooms
Neal Lipschutz, Ethics and Standards; OPERATING EXECUTIVES: that increase or, conversely, de- programs can be done in group set- and discounts at local gyms. Instead,
Alex Martin, Enterprise; Ann Podd, Global Edwin A. Finn, Jr., Barron’s; Edward Roussel, crease certain health risks. Should tings or one-on-one. it means active, on-site leadership
Production; Andrew Regal, Global Head of Video; Innovation; Ingrid Verschuren, Data Strategy;
Jessica Yu, Global Head of Visuals
the nonsmokers, for example, con- Offering rewards and incentives charged by top management with the
Suzi Watford, Marketing;
Paul A. Gigot, Editor of the Editorial Page; Professional Information Business, Sales: tinue to subsidize the health plans when goals are met and commit- mission of maintaining a healthy,
Daniel Henninger, Deputy Editor, Editorial Page Nancy McNeill, Global; William Ashworth, of the smokers? Or should they be ments kept. A new trend in corporate productive workforce.
Americas; Florence Lefevre, Europe; Tomasz credited with lower premiums? America links an employer’s contri-
WALL STREET JOURNAL MANAGEMENT:
Rustowski, Asia
Trevor Fellows, Head of Global Sales; Carrying out health-and-wellness butions to a health plan with an Dr. Agus is a professor of medi-
Chris Collins, Advertising; Christina Komporlis,
Circulation; Jason P. Conti, Legal;
programs that don’t alienate employ- employee’s behavior. Employers are cine and engineering at the Univer-
Joseph B. Vincent, Operations; Larry L. Hoffman, ees. Rather than having weight-loss dangling significant financial contri- sity of Southern California. His latest
Production competitions, for instance, how about butions in front of employees that book, “The Lucky Years: How to
EDITORIAL AND CORPORATE HEADQUARTERS: making it easier to exercise by in- are dependent on certain conditions, Thrive in the Brave New World of
1211 Avenue of the Americas, New York, N.Y., 10036 stalling showers so employees can such whether employees keep their Health,” is out this week from Simon
Telephone 1-800-DOWJONES
freshen up if they bike to work or go blood pressure in check, for example, & Schuster.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A12 | Friday, January 8, 2016 * * THE WALL STREET JOURNAL.

WORLD NEWS

Iran Claims Saudi Airstrike Hit Embassy


Yemen bombing dows of the Iranian Embassy Iranian President Hassan
were broken and some shrap- Rouhani on Wednesday or-
accusation inflames nel and stones reached it,” said dered the formation of a spe-
tensions between Hasan Ba Mashmous, who lives cial group, consisting of judi-
just to the west of the build- cial, intelligence and local
regional rivals ing. government officials, to inves-
Saudi Arabia is leading a co- tigate the incidents.
BY AHMED AL OMRAN alition battling Houthi rebels in But tensions have shown
AND ASA FITCH Yemen. Houthi spokesman few signs of easing.
Salah al-Ezzi said the group had Iran’s cabinet on Thursday
RIYADH—Iran accused no information about the bomb- banned imports of Saudi-made
Saudi Arabia of bombing its ing. The militant group, which products, IRNA reported, al-
embassy in Yemen during an adheres to the Zaidi offshoot of though trade between both
airstrike, heightening tensions Shiite Islam, has controlled countries had been well below
between the regional rivals af- San’a since toppling Yemen’s 1% of imports and exports on
ter the kingdom’s execution of government in September 2014. both sides.
prominent Shiite cleric Nemer The Saudi-led coalition of It also put off-season pil-
al-Nemer. mostly Sunni Muslim states, grimages to Muslim holy sites
Iranian Foreign Ministry including the United Arab in Saudi Arabia on hold until
spokesman Hossein Jaber-An- Emirates and Qatar, said the further notice after the king-
sari on Thursday said the allegation that it hit the Ira- dom halted all air traffic and
building in the Yemeni capital, nian Embassy was “false and commerce between the coun-

YAHYA ARHAB/EUROPEAN PRESSPHOTO AGENCY


San’a, was damaged and mem- void.” In a statement released tries, the news service said.
bers of its staff injured. He by the Saudi state news Western officials expressed
blamed Saudi Arabia for the agency, the coalition said it concern that the escalating
damage, and suggested the Ira- didn’t carry out any operations tensions could jeopardize ef-
nian Embassy had been di- near the Iranian Embassy. forts to solve the crisis in
rectly targeted. Indirect confrontation be- Syria, where rebels backed by
“The Saudi government is tween Iran and Saudi Arabia— Saudi Arabia are fighting the
responsible for this move,” he in other countries and through regime of Bashar al-Assad,
said, according to the official proxies—has become a hall- who counts Iran as his chief fi-
Islamic Republic News Agency. mark of the countries’ stand- nancial and military backer.
The reports of airstrikes on off. The allegation of a strike Saudi Foreign Minister Adel
the embassy couldn’t be inde- on Iran’s embassy highlights al-Jubeir said Tuesday that the
pendently verified, but wit- the challenge of defusing ten- Smoke rose over Yemen’s capital after an airstrike on Wednesday. Iran says its embassy was hit. kingdom remains committed
nesses near the embassy said sions between the two. to the Syrian peace process,
the airstrikes hit a square lo- Saudi airstrikes have hit anger across the Shiite Muslim in Iran’s second-largest city, Mr. al-Nemer’s execution, Ira- including United Nations-bro-
cated about 700 meters from closer to the Iranian Embassy world, prompting protests in Mashhad, leading the kingdom nian officials have in recent kered peace talks that are due
the building and that shrapnel in the past but have not dam- Tehran, Baghdad and Beirut. to sever diplomatic ties on days called for those responsi- to resume on Jan. 25.
had reached the embassy and aged it significantly. Protesters in majority-Shiite Jan. 3 and recall its ambassa- ble for the attacks on Saudi —Mohammed Al-Kibsi
other structures in the area. The Sunni kingdom’s execu- Iran attacked the Saudi em- dor and embassy staff. diplomatic facilities to be in San’a, Yemen,
“I saw that some glass win- tion of Mr. al-Nemer triggered bassy in Tehran and consulate Although they condemned found and punished. contributed to this article.

Arab Shiites Become Caught in Power Struggle Islamic


nian regime.
State
The case of Nemer al-
Nemer, the Saudi Shiite cleric
whose execution on Jan. 2
Spokesman
spurred the storming of the
Saudi Embassy in Tehran and
the subsequent severing of
Wounded
MIDDLE EAST CROSSROADS diplomatic ties between Iran BY MATT BRADLEY
YAROSLAV TROFIMOV and Saudi Arabia, is particu- AND GHASSAN ADNAN
larly instructive.
Mr. Nemer wasn’t a fol- BAGHDAD—Islamic State’s
Stuck in the regional lower of Mr. Khamenei, and spokesman was critically in-
struggle between Saudi Ara- neither was he particularly jured in an Iraqi airstrike in
AHMAD HALABISAZ/XINHUA/ZUMA PRESS

bia and Iran, the Shiite com- fond of Iran, a country from the western province of Anbar
munities of the Arab world which he had been expelled. several days ago, Iraq’s joint
are often depicted—particu- His marja’as were Ayatollah operations command said
larly in the Arab media—as Mohammed al-Shirazi, who Thursday.
little more than pawns of the spent more than a decade un- Abu Mohammed al-Adnani
Iranian theocracy. der house arrest in Iran after was wounded when the Iraqi
In reality, the interests of contesting Mr. Khamenei’s air force launched two guided
many of these Arab Shiites, authority, and then Mr. Shi- missiles on an Islamic State
their political outlook and razi’s nephew Ayatollah Mo- hideout near Barwana, outside
even religious beliefs have hammed Taqi al-Modaressi, the city of Haditha, the mili-
long diverged from Iran’s in who left Iran for his native tary said in a statement.
many crucial Demonstrators in Tehran protested this week against Saudi Arabia’s execution of a Shiite cleric. Iraq and opposes Iran’s offi- Mr. Adnani had lost a “large
aspects. cial theology. amount” of blood and been
Some of Shiite-majority country’s many of these communities giances clear by painting por- In his speeches calling for transported to another hide-
these Shiites, Sunni rulers. look to the Iranian regime for traits of Mr. Khamenei on the destruction of the Saudi away near Mosul, Iraq’s sec-
in fact, see protection. So did the rise of their banners and tanks. monarchy, Mr. al-Nemer also ond-largest city and the Sunni

I
little differ- ran’s appeal is particu- Islamic State in Syria and “Only a minority of Shiites advocated the ouster of Muslim extremist group’s
ence between larly limited by the fact Iraq, a Sunni militant group believe in wilayat al-faqih as Syria’s President Bashar al- stronghold in the country, the
Saudi Arabia and Iran, the that the Islamic Republic’s that considers Shiites apos- practiced by Mr. Khamenei. Assad, a member of the Ala- statement said.
two powers in whose battle official ideology of absolute tates. But Iran, as a Shiite state, has wite offshoot of Shiite Islam, Some 15 other senior lead-
for supremacy they are “wilayat al-faqih”—a theo- In Iraq, it is a call by Aya- adopted this practice and is whose survival Iran is desper- ers were killed in an attack in
caught. cratic system in which a Shi- tollah Ali al-Sistani, the most being successful,” said Abdul- ately trying to ensure.
“These two regimes are ite cleric, currently Ayatollah influential of the country’s hadi al Hakim, an Iraqi law- Such a nuanced stand, of
fighting, and I will not accept Ali Khamenei, exercises su- marja’as and an opponent of maker and Islamic scholar course, didn’t prevent Iran Abu
to be pulled into this fight in preme authority—is rejected Iranian-style wilayat al-faqih, close to Mr. Sistani. “The Shi- from appropriating Mr. al- Mohammed al-
which they are using my by most Arab Shiites, who that led to the creation of the ites, who have been op- Nemer as its own symbol af- Adnani has
identity and my sect to serve usually follow other ayatol- so-called Popular Mobiliza- pressed for 1,400 years, see ter the execution. made lengthy
their own goals,” said Ali Ab- lahs as their marja’as, or spir- tion Forces that stopped Is- this success and are im- “Nemer is not from the speeches
dulemam, a Bahraini political itual leaders. lamic State’s advances toward pressed by it. But this is not a pro-Iranian camp. He had his promoting
activist now exiled in London. “The Shiites have always Baghdad and Shiite holy cities religious standpoint, it is a own agenda,” said Toby Islamic State.
“I have my own goal: I want been diverse in their tradi- of Kerbala and Najaf in political standpoint.” Matthiesen, senior research
to be treated as a human in tions, and this continues to be mid-2014. fellow at the Middle East

S
my country and in my re- the case,” said Seyed Ali Fad- Today, however, most of ectarian tensions that Center of St. Antony’s Col- the same region on Thursday,
gion,” added Mr. Abdulemam, lullah, a leading Shiite cleric these militias are under de are reaching new lege at the University of Ox- it added.
a Shiite who was sentenced to in Lebanon. facto Iranian control, thanks heights in the Arab ford and the author of a News of Mr. Adnani’s injury
a long prison term in absentia Yet, intensified political to funding and weapons sup- world may push its Shiite book on Saudi Shiites. “But couldn’t be independently con-
and had his Bahraini citizen- persecution of Shiites, partic- plied by Iran’s Revolutionary communities even further the Iranians now use him, firmed. The military didn’t
ship revoked for his role in ularly in Bahrain and Saudi Guard Corps. They are mak- into Iran’s embrace—long a and have scored a good pro- give details of how he might
the 2011 uprising against the Arabia after 2011, has made ing their ideological alle- strategic objective of the Ira- paganda coup.” have been wounded.
Mr. Adnani, who was born
as Taha Sobhi Falaha in Syria

ARAMCO had proven reserves of over 261


billion barrels of crude oil and
condensate. By contrast, Exxon
Mobil Corp., the largest non-
utives pride themselves on a
level of operational indepen-
dence from the government.
The listing proposal comes as
“I believe it is in the interest
of the Saudi market, and it is in
the interest of Aramco, and it is
for the interest of more trans-
“Officials realize that listing
shares in the core business
would mean more transparency
and more disclosures on fi-
in 1977, is known for his
lengthy, often bombastic
speeches promoting Islamic
State. He declared Islamic
Continued from Page One state-controlled oil company, Saudi Arabia for the first time parency, and to counter corrup- nances, production figures, etc.,” State a new Islamic “caliph-
Saudi Arabia’s powerful deputy had proven reserves of 25.3 bil- allows foreign investors to buy tion, if any, that may be circling said the person familiar with ate” in an audio message in
crown prince, laid out the king- lion barrels of oil equivalent in shares in its stock market, around Aramco,” he was quoted the discussions. June 2014.
dom’s most specific comments 2014. known as the Tadawul. Saudi of- as saying. The prince didn’t pro- The deputy crown prince’s His comments are typically
yet on the possibility, while sug- Aramco is also the workhorse ficials hope the market opening vide further details of how any comments come after Saudi of- released as audio files, and
gesting a decision to move that has allowed Saudi Arabia to will attract foreign investment initial public offering would be ficials said last year that both distributed by social-media ac-
ahead could be imminent. operate for decades effectively at a time when the government made. Aramco and the kingdom’s pe- counts affiliated with the
“This is something that is be- as the central bank of the Aramco has previously listed troleum ministry could be re- group.
ing reviewed, and we believe a world’s oil market. Saudi Arabia a subsidiary, Rabigh Refining structured. Part of the plan is to Over the past two years,
decision will be made over the is the de facto leader of the Or-
Many operational and Petrochemical Co., in 2008 expand the ministry into a full- Mr. Adnani has regularly con-
next few months,” he told the ganization of the Petroleum Ex- details of Aramco in the local stock exchange. The fledged energy ministry that veyed messages from Abu
British publication. “Personally, porting Countries, the cartel of refinery, which processes will also oversee water and elec- Bakr al-Baghdadi, Islamic
I’m enthusiastic about this some of the largest producers.
are treated almost 400,000 barrels a day, has a tricity, as well as nuclear and re- State’s reclusive Iraqi leader.
step.” The group for years has in- as state secrets. market capitalization of $2.33 newable energy sources. The U.S. Department of
A person familiar with the tervened in global oil markets, billion. The plan is being discussed State classified Mr. Adnani as
matter said that the idea of ratcheting down production to Given Aramco’s strategic im- by the Supreme Economic a “specially designated global
somehow floating a minority bolster prices and protect reve- has to cut back on capital spend- portance, many of the opera- Council, formed last year and terrorist” in August 2014, of-
stake in the company is under nue for its members. But in late ing. tional and geological specifics headed by the deputy crown fering a $5 million reward for
very early consideration. The 2014, Saudi Arabia pushed the Government revenue has related to Saudi production and prince. It replaces the Supreme his capture.
Saudi government would retain group to reverse course, keep its fallen with oil prices, which have reserves are treated essentially Petroleum Council, which used A U.S.-led coalition since
full control, and any share sale spigots wide open and compete dropped by two thirds in the as state secrets. Listing the to help set the kingdom’s oil 2014 has backed Iraqi forces
might be designed to exclude its for global market share with past 18 months. The government company might subject Aramco policy. with airstrikes in the fight
core crude-producing business, booming U.S. producers, exacer- ran a record deficit last year. to disclosure requirements and A new supreme council for against Islamic State.
said the person. bating the falling oil price. Prince Mohammed bin Sal- call for a new level of transpar- Aramco was also created last Iraq’s army declared victory
Aramco has the largest Aramco also controls massive man, a son of King Salman bin ency that could complicate the year that is above Aramco’s in the Anbar city of Ramadi
proven reserves of any oil com- refining assets both inside Saudi Abdulaziz who has been given government’s preference for op- board of directors. Prince Mo- late last month, forcing the ex-
pany in the world, pumps Arabia and abroad. While over- oversight of the kingdom’s eco- erating out of the public eye. hammad bin Salman is chair- tremists from the central gov-
around 10 million barrels a day seen directly by the govern- nomic-development plans as That is one reason officials man of the new supreme coun- ernment compound and rais-
and has the capacity to churn ment, Aramco has long been run well as its oil industry, told the might choose not to include the cil, while former Aramco Chief ing the national flag, though
out 12 million barrels a day. somewhat at arm’s length from Economist a share listing could heart of Aramco in any share Executive Khalid al-Falih heads some of the group’s fighters
Aramco said in 2015 that it the country’s oil ministry. Exec- help on both fronts. sale. Aramco’s board of directors. remain in outlying areas.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

CITY NEWS A14, A15 | FEEDBACK FRIDAY A16 | HEARD & SCENE A17 | SPORTS A18

What Readers
Are Thinking Boss Is Back

ASSOCIATED PRESS
FEEDBACK FRIDAY | A16 Mets GM returns for Piazza event | A18
WSJ.com/NY * * * * THE WALL STREET JOURNAL. Friday, January 8, 2016 | A13

Surveillance Suits Settled


Police force gets new monitor surveillance by the been on its website since 2007. be achieved without unconsti-
NYPD’s intelligence unit—a role The long-running contro- tutional religious profiling of
oversight, guidelines that was eliminated after 9/11. versy illustrates the tension Muslims or any other commu-
to resolve bias claims The NYPD also agreed to between law-enforcement nities,” said Hina Shamsi of
several other changes in the agencies that say they must the American Civil Liberties
by Muslims, activists surveillance rules, known as take steps to remain vigilant Union, one of the plaintiffs in
the Handschu guidelines, a set in an age of global terrorism, the case.
BY PERVAIZ SHALLWANI of policies initially put in place and civil-rights and other The settlement ends two of
EDUARDO MUNOZ/REUTERS

more than 30 years ago to groups that say civil liberties three civil-rights lawsuits filed
The New York Police Depart- make sure First Amendment shouldn’t be violated in the by activist groups and Mus-
ment must strengthen over- rights aren’t violated during name of security. lims after a series of articles
sight of its surveillance prac- criminal probes. Both the police department in 2011 by the Associated
tices as part of a settlement of The new guidelines include and plaintiffs lauded the set- Press reported that intelli-
two civil-rights lawsuits accus- setting time limits for active tlement for protecting the reli- gence-unit officers infiltrated
ing the force of unfairly moni- investigations and putting in gious and political rights of mosques and student groups
An Uber driver in Brooklyn, above. The New York City Council is toring Muslims after the Sept. writing an existing NYPD pol- people in the city without in New York and New Jersey
drafting legislation to regulate Uber and other for-hire vehicles. 11, 2001, terror attacks. icy that it is illegal to profile hampering the ability of au- in what critics saw as racial
Under the settlement, filed anyone solely on the basis of thorities to conduct terrorism and religious profiling.

Council Bypasses
in federal court Thursday, the race or religion. The agree- investigations. Please see POLICE page A14
police department agreed to ment also requires the NYPD “We hope the NYPD’s re-
changes that include reinstat- to remove a controversial re- forms help make clear that ef-  New watchdog for NYPD is
ing an independent attorney to port on radicalization that has fective policing can and must

Mayor’s Office
the latest in a string........... A14

A New Interest in Picasso’s Ceramics


On Uber Policy BY KELLY CROW soared at auction lately.
Now, a choice selection of
BY JOSH DAWSEY ments, along with making it Forget the wall: Collectors Picasso ceramics is about to go
easier for drivers to get li- are making room for Pablo Pi- up for sale.
The New York City Council censes to operate. The council casso on their kitchen tables. In an interview Thursday,
plans to introduce legislation also wants to change regula- Far less well known than his Marina Picasso, the artist’s
on regulating the app-driven tions on for-hire vehicles. paintings and sculptures are granddaughter, said she plans to
service Uber and other for- “Taxis, liveries, and black the roughly 4,000 pieces of auction off another 70 Picasso
hire vehicles in coming weeks, cars all face different operat- pottery that the Spanish artist ceramics and sculptures, as well
moving ahead of Mayor Bill de ing requirements—we’re look- hand-molded and painted over as roughly 110 drawings, in a
Blasio and his delayed study ing to get more parity,” said the course of his long career, stand-alone sale Feb. 5 at So-
on the industry. the City Council official. from curling vases to smiling- theby’s in London.
The City Council is in the That is likely to mean more face plates to animal figurines. A selection of the works
final stages of drafting the regulation of Uber, but specif- Some he created as quirky will debut at Sotheby’s New
legislation, according to a ics are still being discussed. one-offs and others he pro- York next week as part of its
council official. A spokesman for Uber de- duced in vast editions, but exhibition of upcoming London
Council members were clined to comment, saying the prices for both categories have Please see ART page A17
briefed on the legislation company hadn’t seen the pro-
Thursday afternoon. posed legislation. A spokes-
Mr. de Blasio commissioned woman for Ms. Mark-Viverito
a four-month, $2 million study declined to comment.
The bill means the City
Council isn’t waiting for the
‘Taxis, liveries and mayor’s office to release its
black cars all face study and propose legislation.
Earlier this year, the
different operating mayor’s office lobbied council
requirements.’ members to support legisla-
Decorated pitcher, c. 1953
tion they had signed onto, and
the issue grew into a large one
earlier this year after his pro- for Mr. de Blasio. $26,900-$37,300
posal to cap the number of Now, the mayor’s team
for-hire vehicles in New York could be forced to make a de-
City failed in the City Council cision on legislation it didn’t
because Speaker Melissa craft—and which could be of-
Mark-Viverito refused to fered publicly before it re-
schedule a vote. The study had leases its study.
been expected in November A City Hall spokesman said
but hasn’t been released. last month the de Blasio ad-
Ms. Mark-Viverito supports ministration would propose
the council’s proposed legisla- policies this month to address
tion and has been involved in accessibility for the disabled,
the discussions about it. The support for public transit,
bill could be introduced at the driver and passenger protec-
next council meeting, on Jan. tions and congestion.
20, according to a council offi- Uber officials have met with
cial briefed on the matter. City Council members dozens
Capping Uber’s growth isn’t of times since July, as Mr. de
on the table in the proposed Blasio studied the company.
legislation—and any limits on Ms. Mark-Viverito was up-
surge pricing are under debate, set about how the mayor’s of-
according to the council official. fice handled Uber earlier this
The company has lobbied coun- year. She didn’t want to take
cil members in recent months, an aggressive posture with the
SOTHEBY’S (3)

particularly on surge pricing, company, people familiar with


under which Uber charges pas- the matter said at the time.
sengers more money amid high Mr. de Blasio’s proposed
demand for rides. for-hire vehicle cap failed two
The council plans to require days before a possible vote—
the company to make Uber even though he had secured Head Face, 1962 Face Mask Sun, 1957
cars more accessible for the the support of a council ma-
disabled, including those with jority—when Ms. Mark-Viver- $269,000-$373,000 $74,500-$105,000
sight and hearing impair- ito decided to table it.
ALL PRICES ARE PRESALE ESTIMATES

Cuomo Proposes $1 Billion Expansion of the Javits Center 43° TODAY’S


Weather
Real Feel
BY KEIKO MORRIS The expansion, on the north The ballroom, expected to 9 a.m. 33°
HIGH
end, would add about 1.2 mil- be one of the largest in the 5 p.m. 38°
Proposals to expand or re- lion square feet to the 2.1 mil- Northeast, would be useful
Record Low
place the Jacob K. Javits Con- lion-square-foot convention “for a really, really big wed-
2° (1968)
vention Center, long criticized center. ding or fundraiser,” joked Mr.
as too small and outdated for An 80,000-square-foot struc- Cuomo, a Democrat. PARTLY Sunrise/Sunset
New York City, have come and ture that had been added dur- The expansion would add SUNNY 7:20 a.m./4:46 p.m.
gone. ing a five-year renovation $393 million in economic ac-
This time, the proposal is would be demolished and re- tivity a year, he said. Officials Saturday’s High
real, New York Gov. Andrew placed, officials said. estimated that it would create
Cuomo said Thursday. Among the proposed fea- about 4,000 full-time jobs,
48°
Later this year, the state- tures intended to make the con- 2,000 part-time jobs and 3,100
owned convention center on vention center more appealing construction jobs.
Manhattan’s Far West Side is are a 60,000-square-foot ball- Mr. Cuomo said the expan- N.Y. Sports Lineup
expected to begin a $1 billion room, 500,000 square feet of sion will be funded with the
expansion, increasing its size contiguous exhibition space convention center’s existing 7 p.m. Friday
by more than half and creating and a green roof terrace with resources, and a Javits Center Bruins @ Devils
NEOSCAPE/FXFOWLE EPSTEIN

five times more meeting views of the Hudson River. official said that other public
space. A four-level, 480,000- and private financing options
“It’s now our obligation to square-foot garage capable of are also under consideration.
build a New York for the next housing hundreds of tractor- Union leaders welcomed the
generation,” said Mr. Cuomo, trailers also has been pro- news. Gary LaBarbera, presi- 7:30 p.m. Friday
who has been traveling across posed, potentially removing dent of the Building and Con- Magic @ Nets
the state this week, announc- trucks from the area’s streets struction Trades Council of
A proposed expansion, shown in the rendering above, would add ing ambitious projects on his and improving pedestrian Greater New York, said the plan
about 1.2 million square feet to the convention center’s north side. 2016 agenda. safety. Please see JAVITS page A14 For N.Y. sports coverage, see A18
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A14 | Friday, January 8, 2016 * *** THE WALL STREET JOURNAL.

CITY NEWS

Pioneering Judge
Judith Kaye Dies
BY ASHBY JONES running campaign to increase
pay for the state’s judges. Ms.
Judith Kaye, the first Kaye’s tenure as chief judge
woman to serve as the chief began in 1993, after she served
judge of New York’s highest for a decade as an associate
court, has died at age 77. judge on the Court of Appeals.
Ms. Kaye died overnight, One of Ms. Kaye’s most
according to a statement by memorable judicial rulings
Eugene F. Pigott, the acting came in a 2006 dissent in a
chief judge of the New York lawsuit brought by same-sex
Court of Appeals. couples seeking the right to
marry. Ms. Kaye’s lengthy and
impassioned dissent antici-
‘She wrote the script pated many of the arguments
for a modern day that advocates of same-sex

JIM MCKNIGHT/ASSOCIATED PRESS


marriage would later bring to
chief judge,’ said courts around the country, in-
Jonathan Lippman. cluding the U.S. Supreme
Court.
After her retirement as
The cause was cancer, ac- chief judge, Ms. Kaye served
cording to a spokeswoman at as independent counsel in
law firm Skadden, Arps, Slate, charge of investigating allega-
Meagher & Flom LLP, where tions that former New York
Ms. Kaye had worked since Gov. David A. Paterson inter- Judith Kaye is sworn in as chief judge by acting Chief Judge Richard Simons in Albany in March 1993. Mario Cuomo, right, was also there.
early 2009. Ms. Kaye joined fered with a domestic-violence
Skadden shortly after she was case involving a top aide. In zation at the time of her nal in 2013. New York University School of the Court of Appeals and
forced to resign her position 2010, Ms. Kaye found no evi- death. She said the federal system Law in 1962. Before joining the stepped down last month be-
on New York’s Court of Ap- dence that Mr. Paterson had After she left the court, she shows that judges can con- Court of Appeals, she worked cause of the mandatory retire-
peals due to the court’s man- committed a crime. advocated eliminating the tinue working into their later as a litigator for two law firms ment rule. “She realized that
datory retirement rules. While at Skadden, she mandatory retirement law that years. “You see federal judges in Manhattan and at IBM. you have to be interactive with
During her time as chief worked to establish the New led to her resignation. serving happily and fruitfully “She wrote the script for a society, given that the prob-
judge, Ms. Kaye became well- York International Arbitration “It’s just unbelievable that into their 80s and 90s.” modern day chief judge,” said lems of society often wind up
known for championing a host Center, founded in 2013, and we have this retirement age,” Ms. Kaye graduated from Jonathan Lippman, who suc- on the footsteps of the
of causes, including a long- served as chair of the organi- she told The Wall Street Jour- Barnard College in 1958 and ceeded her as chief judge of courts,” he said.

BOUTIQUE
New York 5th Ave
New NYPD Watchdog Is the Third Since 2014
BY PERVAIZ SHALLWANI eliminated after the NYPD have factual information point- olations of the agreement.”
sought more flexibility to ing to unlawful activity. This is the third monitor
NEW Full frame camera The civilian attorney who probe threats in the wake of The attorney must inform tapped to scrutinize the de-
will act as a watchdog over the the terror attacks on Sept. 11, the police commissioner, mayor partment in recent years.
New York Police Department’s 2001. or judge in case of violations. The New York City Council
intelligence investigations un- Mayor Bill de Blasio will ap- NYPD officials said they wel- enacted legislation to create
der Thursday’s settlement is point the attorney in consulta- comed the oversight. “I believe the position of inspector gen-
the latest outside oversight of tion with Police Commissioner the adding of this independent eral in 2014, a post that has
the agency. William Bratton, according to civilian representation…actu- subpoena power to investigate
The agreement, which would the guidelines, and this person ally takes us to a place where officers’ conduct and depart-
put to rest two lawsuits re- will observe monthly meetings you don’t have to take our ment policies.
garding the department’s sur- of counterterrorism officials. word for it,” said John Miller, In 2013, a judge appointed a
veillance of Muslims, reintro- The appointee is charged deputy commissioner of intelli- federal monitor following a
A vision duces a civilian representative with ensuring investigations gence and counterterrorism. trial in which the NYPD was
of the future who will oversee investigations follow safeguards, including There is a person who sits in found to have used stop-and-
involving political or religious not basing inquiries solely on this process who can be relied frisk to discriminate against
Leica SL (Typ 601) activities. The post had been race or religion and instead upon to report any systemic vi- minorities.

Mirrorless Digital Camera with


Vario-Elmarit-SL 24-90mm
f/2.8-4 ASPH. Lens
24MP Full-Frame CMOS Sensor
POLICE signed by the U.S. attorney
general and used by federal
authorities during counterter-
rorism probes.
evidence based on their eth-
nicity or religion.
The department, which offi-
cials say uses a series of tools
Following the Sept. 11 at-
tacks, the guidelines were
loosened, despite objection
from some of the plaintiffs in
Continued from page A13 The revelations about sur- including informants and un- the settlement, after the NYPD
Internal DCI 4K Video & V-Log L Gamma The settlement was submit- veillance of mosques and stu- dercover officers to gather in- successfully argued that it
0.66" 4.4MP 0.8x Electronic Viewfinder ted to Manhattan federal dent groups led to distrust of formation after receiving tips needed more leeway to autho-
2.95" LED-Backlit Touchscreen Judge Charles Haight for ap- the NYPD in the Muslim com- rize investigations and detect
proval. The city will pay about munity and became a cam- terrorists.
Weather-Resistant Milled Aluminum Body $1.6 million in attorneys’ fees paign issue for Mayor Bill de
The new guidelines The civilian attorney moni-
Built-In Wi-Fi Connectivity and GPS as part of the agreement. Blasio in 2013. Soon after tak- mirror those toring surveillance was re-
The NYPD has never ac- ing office, New York Police moved, and discretion to open
$12,400 knowledged illegal monitoring Commissioner William Bratton
designed by the U.S. and close investigations was in
of Muslims and makes no ad- began meeting with Muslim attorney general the hands of the department’s
Willoughby’s Is The Place To Buy Your Leica mission in the settlement that leaders in an effort to ease head of intelligence.
it acted improperly. NYPD offi- tensions and, months later, Under the guidelines an-
cials said Thursday that, in disbanded an intelligence unit of potential illegal activity, has nounced Thursday, the attor-
some cases, the changes codify that was accused of improp- said officers didn’t act on any ney, who will be appointed by
policies that are already being erly conducting surveillance. information gathered during the mayor in consultation with
www.willoughbys.com used. Thursday’s settlement the surveillance. the police commissioner, will
“What we get is guiding doesn’t affect a separate case The Handschu rules were serve as a third party-monitor
NYC’s Oldest Photographic Emporium -Established 1898
principles. What we don’t lose in New Jersey that was ini- created in 1985 as part of a at the monthly meetings of
298 Fifth Avenue, NY, NY 10001 OPEN 7 DAYS is flexibility,” said John Miller, tially thrown out from federal consent decree settling a 1971 counterterrorism officials. The
(corner of 5th Ave. & 31st St.) 212.564.1600 A WEEK
TRADE-IN’S WELCOME • FREE CAMERA REPAIR ESTIMATES
deputy commissioner of the court in Newark but later rein- case involving a group of Com- return of an outside attorney
NYPD’s counterterrorism and stated. In that case, 11 people munist radicals who claimed appears to satisfy a request by
NYC Department of Consumer Affairs #0906861
intelligence unit. The new have accused the NYPD of the department spied on them plaintiffs for a court-ap-
guidelines mirror those de- crossing state lines to gather and violated their rights. pointed monitor.

JAVITS
Continued from page A13
“will create thousands of good

SALE
construction jobs and stimulate
the economy decades into the
MARK ABRAMSON FOR THE WALL STREET JOURNAL

future.”
The once-industrial Far West
Side is rapidly changing with
projects such as Hudson Yards,
slated to bring more than 17
million square feet of office, re-

Amazing savings tail and residential space.


The development taking

on showroom beds
AVAILABLE 01 JANUARY – 16 FEBRUARY 2016
place around the convention
center has increased the value
of its land, noted Christopher
Jones, vice president for re-
Hästens manufactures perfect sleep – by hand search at the Regional Plan As-
in Sweden, using pure natural materials that breathe, sociation, an urban research The Jacob J. Javits Convention Center is expected to begin a $1 billion expansion later this year.
to keep you warm through the winter nights. Discover and advocacy organization. He
the magic of genuine Hästens sleep. suggested that officials explore cation for a large convention near John F. Kennedy Interna- space, said Henry Silverman,
selling the Far West Side prop- center in New York City be- tional Airport; negotiations board chairman of the New
erty and using the proceeds to cause the area is much more with the casino operator col- York Convention Center Devel-
hastens.com build on other sites, such as the residential than it used to be,” lapsed in 2012. opment Corp., which owns the
railyards in Queens’ Sunnyside Mr. Jones said. The planned expansion Javits Center.
area. Sunnyside would present its would help address long-run- Remember, the building
“We still have the question own challenges, since the ning complaints that the con- went up years ago, Mr. Silver-
of whether this is the right lo- neighborhood is home to work vention center, which opened in man said. “The times are
related to extensive transporta- 1986, isn’t the world-class changing.”

CORRECTIONS  tion projects such as the new


Long Island Rail Road station
space that the city needs.
“The Auto Show consistently
We Want to Hear
AMPLIFICATIONS at Grand Central Terminal, po-
tentially delaying any work on
turns down requests for addi-
tional and larger exhibits,” said From You
a convention center. Mark Schienberg, president of Have something to say about
A characteristic thorough- Mr. Cuomo’s announcement the Greater New York Automo- an article in Greater New
fare in the Queens neighbor- comes more than three years bile Dealers Association, which York? Email us, along with
hood of Jamaica is 165th after a failed effort to replace owns and operates the New your contact information, at
EAST 58TH 202 East 58th Street, 212.486.8022
SOHO 75 Grand Street, 212.219.8022 Street. The Metro Money col- the convention center with a York Auto Show. “Today’s an- gnyltrs@wsj.com. Your letter
FLATIRON 876 Broadway, 212.505.8022 umn on Saturday said it was much larger one in Queens. nouncement allows us to finally could be published in our
MADISON 1100 Madison Ave., 212.628.8022 65th Street. That proposal called for a com- say ‘yes’ to some of these re- weekly Feedback column on
HastensNY@hastensstores.com
plex that would have included quests.” Friday. Letters will be edited
Readers can alert The Wall Street 3.8 million-square-foot conven- Critical to remaining com- for brevity and clarity. Please
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or tion center combined with a ca- petitive with other convention include your city and state.
by calling 888-410-2667. sino at the Aqueduct Racetrack sites is the additional meeting
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * Friday, January 8, 2016 | A15

CITY NEWS

N.J. Lawmakers Catching Powerball Fever

Debate Raising
Smoking Age
BY KATE KING Karen Blumenfeld, execu-
tive director of the anti-to-
New Jersey could become bacco nonprofit Global Advi-
the second state in the coun- sors on Smokefree Policy,
try to raise the legal age to said increasing the legal
purchase cigarettes and other smoking age would prevent
tobacco products to 21, with a young people from picking up
bill expected to head to the the habit.
governor’s desk as early as “It’s been proven time and
next week. time again that when tobacco
A state Assembly commit- access is reduced, then smok-
tee voted Thursday to approve ing initiation rates also decline
the bill, which is expected to as well as smoking,” Ms. Blu-
pass the full Assembly on menfeld said.
Monday. The Senate approved Sal Risalvato, executive di-
the measure in June 2014. rector of the New Jersey Gaso-
The legal age for smoking line, C-Store and Automotive
in New Jersey is currently 19. Association, an industry advo-
On New Year’s Day, Hawaii be- cate, said the bill was “feel-
came the first state in the na- good legislation” that would
tion to raise the minimum just send young people to the

SHANNON STAPLETON/REUTERS
smoking age to 21. Dozens of Internet, older friends or
cities nationwide have set 21 across state borders to pur-
as the legal smoking age, in- chase tobacco products.
cluding New York City. “The legal age is 19 right
It was unclear Thursday now, yet there are plenty of
whether New Jersey Gov. people under the age of 19
Chris Christie, who is running who smoke,” he said. “So
for the Republican presidential where are they getting their
nomination, supports the bill. cigarettes?” HOPING TO BEAT THE ODDS: A Times Square vendor was doing brisk business Thursday in Powerball tickets as the jackpot for the
A spokeswoman for Mr. Mr. Risalvato and Mary El- multistate lottery’s Saturday night drawing swelled to $700 million. Ticket holders have a one-in-292.2 million chance of winning.
Christie said the governor len Peppard of the New Jersey
doesn’t comment on pending Food Council, a retail advo-
legislation and would review cacy group, said raising the le-

Crane Owner Files for Bankruptcy


the bill if it reached his desk. gal smoking age would keep
In 2014, Mr. Christie vetoed customers out of small busi-
legislation that would have nesses and hurt sales of other
banned smoking at beaches items that they buy along with
and public parks, saying he their cigarettes. BY STEPHANIE GLEASON the case. Ramadan Kurtaj. ments, he laid out the heart of
preferred to leave the matter “It actually is a huge impact Bernadette Panzella, a law- The collapse was the sec- his appeal: The collapse was a
to local governments. on our members, significant James F. Lomma, the owner yer who represents the family ond incident in several months combination of operator error
Under the proposed law, economic loss,” said Ms. Pep- of a New York City crane that of one of the men killed, called involving New York Crane. Mr. and erection crew error, and
store owners would face fines pard, who testified before the collapsed in 2008 and killed the chapter 11 filing “a mock- Lomma’s company is also a de- evidence to support this con-
up to $1,000 and possible sus- Assembly’s appropriations two people, filed for chapter 11 ery of the judicial system” and fendant in ongoing litigation clusion wasn’t allowed to be
pension or revocation of their committee Thursday. bankruptcy along with his “a slap in the face” to the surrounding a March 2008 presented to the jury.
retail licenses for selling Assemblywoman Pamela companies in the wake of a judge and jury that heard the crane collapse on East 51st He said he expects the ap-
smoking products, including Lampitt, who represents Mon- $96 million jury award to the case for 11 months, the longest Street in Manhattan. peal to take nine months and
electronic cigarettes, to cus- mouth County and co-spon- victims’ families last year. in New York Supreme Court The following year, the fam- doesn’t want to prematurely
tomers younger than 21. The sored the legislation, said rais- Mr. Lomma said in court history. ilies of Mr. Leo and Mr. Kurtaj wind down his businesses dur-
bill doesn’t impose a penalty ing the smoking age wouldn't papers that he decided to file Mr. Lomma is manipulating each brought civil wrongful- ing that time.
on underage smokers. only prevent tobacco depen- for bankruptcy to try to pre- the system to make the vic- death cases against Mr. Mr. Lomma has been in the
Supporters of the legisla- dency but also curb addiction serve his businesses while he tims’ families chase him Lomma. Criminal charges were trucking, rigging or crane
tion said increasing the legal to other substances. appeals the verdict. Adding around, Ms. Panzella said, and also brought, but Mr. Lomma business since the 1970s and
smoking age would save lives “Addiction happens at a that the decision to file for added that “we will continue was acquitted. currently employs 129 people.
and government money spent very young age and we know bankruptcy “is certainly not our fight.” After years in court, a jury Mr. Lomma said his personal
on health care for smoking-re- that addiction happens with an easy one,” Mr. Lomma said Mr. Lomma’s bankruptcy at- awarded $48 million in each income during 2013 was
lated illnesses. tobacco first,” said Ms. the verdict “left the debtors torney wasn’t immediately case last year, resulting in a $146,990 and that the value of
Opponents said the pro- Lampitt, a Democrat. “Ciga- no viable alternative.” available for comment. $96 million total judgment his personal assets was be-
posed law wouldn’t prevent rette use and addictive behav- The filing will halt attempts In May 2008, a crane against Mr. Lomma. Liability tween $1 million and $10 mil-
underage smoking and would ior moves into other addictive by creditors, including the owned by Mr. Lomma’s New was assigned 61% to Mr. lion. He estimated his compa-
hurt small businesses. behaviors.” families, to collect money York Crane & Equipment Corp. Lomma personally, 19% to New nies’ assets to be in the same
A survey conducted in 2013 In New York, an effort to while the companies and Mr. collapsed on East 91st Street York Crane & Equipment and million range.
found that about 16% of New boost the legal age statewide Lomma are in bankruptcy. on the Upper East Side of 20% to J.F. Lomma Inc. Mr. The cases were filed with
Jersey adults smoke, according to 21 from 18 has stalled in Al- Court papers say Mr. Lomma Manhattan. The incident killed Lomma filed a notice of ap- the U.S. Bankruptcy Court in
to the federal Centers for Dis- bany. The legal smoking age in will ask for court permission two men: crane operator Don- peal Tuesday. Brooklyn and have been as-
ease Control and Prevention. Connecticut is 18. to continue his appeal during ald Leo and another worker, In bankruptcy-court docu- signed to Judge Carla Craig.

First Medical-Marijuana Shops Open in State


BY CORINNE RAMEY Manhattan, were set to open health department. planned, one in the Bronx by
Thursday, according to the The state has selected five PharmaCann, one in Queens by
In a new medical facility on state’s Department of Health. companies—Columbia Care, Vireo Health, and one in Man-
East 14th Street in Manhattan, The other seven dispensaries Bloomfield Industries Inc., hattan by Bloomfield.
artsy photos of enlarged can- are in White Plains, Syracuse, Etain LLC, Vireo Health of Columbia Care expects its
nabis leaves adorn softly lit Williamsville, Albany, Kings- New York LLC and Pharma- Manhattan dispensary to em-
white walls. After passing ton, Amherst and Liverpool. Cann LLC—that are each al- ploy 25 to 35 people when it
through tight security, pa- The companies can sell lowed to open four dispensa- reaches full capacity. “What
MARK ABRAMSON FOR THE WALL STREET JOURNAL

tients will wait for service marijuana only in capsules, ries. Each company also has a excites us most is the privilege
amid scattered plants and liquids or oils—not in smok- manufacturing facility, which of serving the people of this
iPads at the city’s first medical able or edible form. are spread throughout the community,” Michael Abbott,
marijuana dispensary. New York state’s program state. Columbia Care’s facility executive chairman of Colum-
The dispensary, run by Co- allows for the treatment only is in Rochester, N.Y., in a for- bia Care, said in an email.
lumbia Care LLC, opened of specific conditions, which mer location of Eastman A handful of elected offi-
Thursday as part of the launch include cancer, HIV/AIDS, Par- Kodak Co. cials and others gathered
of the state’s medical mari- kinson’s disease, multiple About 150 doctors in New Thursday to mark the opening
juana program. The program sclerosis and inflammatory York have registered for the of the city’s first medical mar-
was ushered in by legislation bowel disease. The state is program, the health depart- ijuana dispensary.
signed in July 2014 by New evaluating adding other con- ment said, and 51 patients “I’m really excited about
York Gov. Andrew Cuomo. ditions, including Alzheimer’s have been certified by their this because people’s health
Of the 20 dispensaries the disease, post-traumatic stress doctors to get the marijuana. care will be improved,” said
Columbia Care executive Joshua Bell and pharmacist Emily state is now allowing, eight of disorder and rheumatoid ar- In New York City, three Gale Brewer, the Manhattan
Hoffnagle in Manhattan’s first medical-marijuana dispensary. them, including the one in thritis, according to the more dispensaries are borough president.

A hammer was found at the State Education Commis-


Greater scene, a law-enforcement official
said. Ms. Caruth had been struck
sioner Dianna Wentzell said the
state will review the proposal.
New York on the head and strangled, a
criminal complaint said.
She said the state and union
both want children to succeed.
Watch —Henrick Karoliszyn —Associated Press

CONNECTICUT NEW YORK CITY


Test Change Sought City Workers Get
By Teachers Union Paid Parental Leave
BRONX The state’s largest teachers Mayor Bill de Blasio on
union wants state lawmakers Thursday signed a personnel or-
Father Is Charged and the governor to replace a der that provides paid parental
SIMON WHEELER/ASSOCIATED PRESS

In Woman’s Death controversial test administered leave to approximately 20,000


A 61-year-old man accused of to students in grades three New York City employees.
killing his pregnant daughter and through eight. He made the order official in
hiding her body in a basement The Connecticut Education a news conference in the City
crawl space in their Bronx home Association on Thursday called Hall rotunda complete with
was arraigned Thursday on sec- on the state to develop its own cheering crowds and crying ba-
ond-degree murder charges. test or find a replacement for bies. The leave will apply to
William Caruth is charged the Smarter Balanced, or SBAC, birth parents as well as to work-
with killing his daughter, Ann- test. The call comes as the Leg- ers who adopt a child or become
drea Caruth, 39, whose body islature prepares to reconvene in a foster parent. A group of miners is raised to the surface after being trapped 900 feet underground in an elevator.
was found Wednesday under a February. The benefit will be available
plywood closet floor in the home Union officials showed a to city employees who aren’t NEW YORK The miners were heading un- The final miner emerged
in the Baychester neighborhood, video of teachers from across represented by a union. Previ- derground at 10 p.m. Wednesday above ground shortly before 9
police officials said. Mr. Caruth, Connecticut who believe they ously, those workers were forced
All Miners Rescued when their elevator stopped, a.m. Thursday, Mr. Klein said. No
who wasn’t required to enter a are spending too much time pre- to use sick days and vacation From Stuck Elevator said Mark Klein, a spokesman one was injured. It wasn’t clear
plea, was held without bail. paring students for the test at days. Administration officials All 17 miners trapped 900 for Cargill, which operates the why the elevator stopped, he
His court-appointed attorney the expense of educational in- urged the city’s unionized work- feet underground in a northern mine in Lansing, N.Y. Emergency said. The company and the state
sought medical attention for Mr. struction. Some described spe- force, numbering about 300,000 New York salt mine overnight responders brought in a crane plan to investigate.
Caruth. The request was granted cial-education students who employees, to adopt the benefit were rescued Thursday morning, and used it to lower a basket The mine, which is 2,300 feet
by Bronx Criminal Court Judge have struggled with the test and through collective bargaining. a mining company spokesman into the mine to bring the min- deep, provides road salt.
George Grasso. were driven to tears. —Associated Press said. ers up several at a time, he said. —Kate King
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A16 | Friday, January 8, 2016 * * THE WALL STREET JOURNAL.

FEEDBACK FRIDAY
Now, Let’s Play Ball
Different Takes: Serving the Public Chris Christie’s governing
New Jersey from New
Hampshire is like Joe Gi-
Circumcision Policy Puts thousands of children in rardi managing the New
Jewish Infants at Risk the dark. York Yankees while looking
As an Orthodox Jew, I Len Fasano for a new job in another city
am furious and ashamed Connecticut and watching them on tele-
of the unholy alliance be- Senate Minority Leader vision. (“Christie Absences
tween New York City North Haven, Conn. Go Noticed,” Jan. 4).
Mayor Bill de Blasio and Christopher M. Holleran
Orthodox lobbyists, espe- Rancor Hurts Syracuse Fresno, Calif.
cially with regard to the In response to the Dec.
mayor’s circumcision pol- 26 article “Two Upstate Gambling for the Arts?
icy (“Orthodox and de Officials Clash” about the I wasn’t surprised to read
Blasio Are In Step,” Jan. dispute between Syracuse that the food and drinks
2). The circumcision rit- Mayor Stephanie Miner concessions at Broadway
ual the lobbyists success- and Onondaga County Ex- theaters are profit centers
fully promoted is called ecutive Joanie Mahoney, it for management who are
metzitzah b’peh, direct must be noted that this usually partners with the
oral suctioning following rift is just one of many hospitality companies that
circumcision or MBP. disputes initiated by the provide the service (“The-
Based on erroneous mayor to the detriment of ater Bars Are Smash Hit on
ancient medicine, the Tal- our community. Broadway.” Dec. 29). Let’s
mud required suction, As one of the longest- just hope that the consump-
though not explicitly by serving women on the Syr- tion of food and drinks re-
mouth. In the 19th cen- acuse Common Council, I mains optional and doesn’t
tury, after outbreaks of have seen this pattern of evolve into a “cover charge.”
disease were linked to behavior by the mayor, The Metropolitan Opera
MBP, prominent Orthodox taking a combative rather should go further and con-
rabbis allowed more sani- than a collaborative ap- sider the practice used in
tary means of suctioning proach to policy-making. I Teatro di San Carlo in 19th-
and others discontinued have seen too many eco- century Naples: introducing
the practice altogether. nomic development oppor- casino-like gambling in the
Some ultra-Orthodox tunities quashed by Mayor house, which is described in
Jews continue to practice Miner based on her per- Philip Eisenbeiss’s delightful
MBP, even after babies sonal animosities. It is dis- book “Bel Canto Bully: The
have died from herpes heartening to see Mayor Life and Times of the Leg-
transmitted by infected Miner blocking projects endary Opera Impresario
mohels. that could transform the Domenico Barbaja” (Haus
Mayor Bloomberg re- city of Syracuse. It is trou- Publishing, 2013). It appears
quired informed consent bling to see her rebuff the that in light of changes in-
of parents by the minor- strong city-county part- troduced into the New York
ity of mohels who insist nership that has developed state Constitution engi-
on MBP. By revoking that with the Mahoney admin- neered by Gov. Andrew
policy in return for the istration. Even opportuni- Cuomo, seven Las Vegas-
ultra-Orthodox vote, ties to stand together with style casinos are now per-
Mayor de Blasio has fellow Democrats on the mitted to open in the state.
placed infants at greater Common Council for the This could be a long-term
risk for possibly fatal dis- greater good of the city solution to the Met’s chronic
ease. have been rejected. financial problems that
David S. Zinberg To create opportuni- would keep this equally im-
Teaneck, N.J. (“Malloy Wants 21 as Mini- sive use of unlawful re- In addition, the agency’s ties, to address the issues portant art form alive.
mum Age for Adult Trials,” straints and frequent cases misguided policies of keep- of poverty and unemploy- Ira Sohn
A Juvenile Justice Test Dec. 29). of self-injury and suicide at- ing kids in unsafe homes in ment, city leadership must Upper Montclair, N.J.
Gov. Dannel Malloy Before the governor em- tempts on their watch. order to show fewer out-of- set aside personal differ-
wants Connecticut to be barks on a new crusade, The governor’s promise home placements has re- ences and focus on the big Letters intended for publica-
the first state in the na- Connecticut should be bet- to close this facility in the sulted in tragic, preventable picture. Mayor Miner must tion in the Greater New York
tion to raise the mini- ter protecting the children distant future without ex- child deaths. recognize that constantly section of The Wall Street
mum age to try a defen- already in its care. tensive corrective measures Being the first state in fighting is no way to move Journal should be sent to:
dant in adult criminal The juvenile justice facil- in place now to stop the the nation to “raise the age” our city forward. gnyltrs@wsj.com. Please in-
court to age 21, thereby ity run by the state’s De- outrageous conduct is sim- to 21 would certainly Kathleen Joy clude contact information, in-
shielding more young partment of Children and ply an effort to divert criti- heighten Gov. Malloy’s na- Syracuse Common cluding your address and
phone number. Letters should
people from the adult Families has been investi- cism, not pursue real tional image, but his pursuit Councilor-at-Large be a maximum of 300 words,
criminal-justice system gated for child abuse, exces- change. of the limelight still leaves Syracuse, N.Y. and are subject to editing.

3 TOURS. 2 PURPLE HEARTS. 1 EVICTION NOTICE.


When my landlord found out I had Post-Traumatic Stress Disorder (PTSD), I received an eviction notice. That’s when I called
HUD for help. If you feel that you’ve been discriminated against because of a mental or emotional injury or disability, report
it to HUD or your local fair housing center.

Visit hud.gov/fairhousing or call the HUD Hotline 1-800-669-9777 (English/Español)


FAIR HOUSING IS YOUR RIGHT. USE IT!

A public service message from the U.S. Department of Housing and Urban Development in partnership with the National Fair Housing Alliance. The federal Fair Housing Act SCAN HERE FOR
prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing. MORE INFO
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THE WALL STREET JOURNAL. * * * * Friday, January 8, 2016 | A17

HEARD & SCENE

A Return to Weirdness and an App for Busy Fitness Fans

PAUL ZIMMERMAN/WIREIMAGE/GETTY IMAGES


SIMON LUETHI (2)

Caleb Hammons, Niegel Smith, Michael Silverstone and another guest at the opening night the Public Theater’s Under the Radar Festival,
above. John Leguizamo, below left, and Gabriel Kahane, below center. The interface of TRN, an app and a website, below right.

L
aurie Anderson, Denis
O’Hare, David Byrne,
singer-songwriter Ga- Lemon Andersen, Elise Thoron and Andrew Kircher, top. Patrick
briel Kahane and John Le- Willingham, Mark Russell, Meiyin Wang and Oskar Eustis, above.
guizamo were just some of
the guests at a performance “Busy people often can’t and can happen at home, of-
of “Germinal” on Wednesday, think more than three hours fice or outside. Membership
PAUL ZIMMERMAN/WIREIMAGE/GETTY IMAGES (2)

which served as the opening ahead in their schedule,” ex- is free, and right now about
night of the Public Theater’s plained Mr. Peters. In the 230 members are using the
Under the Ra- world of personal training, service, Mr. Peters said.
dar Festival. “a lot of the business we One of the hardest parts
“There’s no lose is because logistics be- of building TRN has been the
better way to come a problem. But when a technology, added Mr. Pe-
start 2016,” trainer is coming to you, the ters, who started as one of
said Oskar Eu- outcome is much better.” Mr. Manocchia’s clients in
MARSHALL stis, the artis- Mr. Peters had the idea in 2003.
HEYMAN tic director of the spring of 2013 when a “As quickly as it gets
the Public, as friend, who had taken an built, it also changes,” he ex-
he jumped up Uber car to meet him for plained. “We have to keep
TRN

on the bar in the lobby of dinner, complained about not innovating to make it even
the theater. Under the Radar being able to find a trainer easier to use.”
Co-Directors Mark Russell “Germinal” reminded him of nal” runs around an hour back in shape. It can’t be at the hotel where she was Eventually, Messrs. Peters
and Meiyin Wang soon fol- the kind of subversive the- and 20.) done with just the click of staying. and Manocchia hope to ex-
lowed him up there. ater he saw “back in the Somehow, today, “we’ve the button, but with a new As of this week, TRN has pand TRN to Miami, Chicago,
Mr. Leguizamo was espe- day” when he was on the lost weird,” he added. But app two trainers are hoping a stable of over 100 trainers San Francisco and other
cially excited about the off-Broadway alternative “Germinal” gave him confi- it can begin with one. in yoga, Pilates, personal “walking cities,” as well as
piece—even leading a stand- scene. He rattled off names dence, he said, in the poten- Pat Manocchia, the training and swimming, and into health areas like medita-
ing ovation—by French and like Karen Finley and Mabou tial for nonlinear work, espe- founder of La Palestra Cen- offers access to them from 5 tion and nutrition.
Belgian artists Halory Go- Mines. cially when it comes to his ter for Preventative Medicine a.m. to 11 p.m. Users create a “Fitness has become so
erger and Antoine Defoort in “You would walk into all new project “Latin History who has trained Madonna, profile—including, among much more about entertain-
which four performers con- these small East Village liv- for Dummies.” Howard Stern and Jerry other things, goals, exercise ment,” Mr. Peters said, of
struct the world from just a ing rooms and see something “Concepts can be theatri- Seinfeld, and his protégé, preferences and sleep pat- how the workout world has
few props on stage, includ- for five minutes and it would cal,” Mr. Leguizamo said. Greg Peters, have just terns—and the app also ar- changed in Manhattan over
ing a microphone, sound- be a lot of crazy,” Mr. Le- launched TRN, an app and a chives all of their workouts the last decade. “You’re

T
boards, a guitar, a pick ax guizamo explained. “It was here’s no time like the website that provides access so they can be repeated solo sweating, but you don’t
and packing peanuts. always great because it was first week of January to fitness trainers within an or taken on the road. know what you’re doing it
Mr. Leguizamo explained only five minutes.” (“Germi- to start trying to get hour in New York. Sessions are $125 an hour for.”

ARTS & ENTERTAINMENT

ART
mated to sell for at least higher wild-card factor be- $35,300 in 2015 from $16,100 their lower price points ap- also part of a longer plan to
$9,200. cause their prices are bal- in 2012. peal to established Picasso spare her children the burden
Much of the pottery dates looning now even as prices A blockbuster exhibit of Pi- collectors and novice buyers of trying to settle her vast es-
between the late 1940s, when for nearly everything else in casso sculpture currently on alike. The former seek deco- tate without her.
Continued from page A13 the artist started experiment- the market are starting to view at the Museum of Mod- rative companions to their The daughter of the artist’s
sale highlights. The combined ing with the medium, to the ern Art could further goose paintings and sculptures, she eldest son Paulo, she grew up
estimate for the group is mid-1960s when he began said, while the latter seek an distant from her grandfather
$10.5 million to $14.8 million. working more in bronze. Yet affordable, authentic Picasso. and was only 25 years old
Last February, a collector the works on paper Ms. Pi- At a March 2015 sale of Pi- when she inherited roughly
paid Sotheby’s $1.9 million casso is selling run the en- casso ceramics, Ms. Newman 10,000 pieces from his estate
for a foot-tall terra-cotta owl tire sweep of her grandfa- said bidders hailed from 17 in 1975.
figure the artist created in ther’s career—from his early countries including Slovenia, Initially, she was at a loss
1953 while staying in the days in Spain before he found India and New Zealand, and about what to do with the
town of Vallauris along fame in Paris to his later 62% of the winners were trove. For decades, she kept
France’s southeastern coast. preparatory drawings for his first-timers within the Pi- stacks of his ceramics in stor-
The work, which set the re- marquee paintings. casso ceramic market. age. “I hung up a few of his
cord for a Picasso ceramic, Some of these carry start- Sotheby’s efforts to paintings, but I couldn’t dis-
was only expected to sell for ing estimates as high as champion Picasso’s ce- play everything in my house,”
a third as much. $269,000, as is the case for a ramics are also paying she said. “It’s too much.”
In June, Sotheby’s sold a 1962 paper cutout figure of a off in its competition Over the years, she orga-
group of 126 ceramics from woman’s face that presages with rival Christie’s, nized a few traveling exhibits
the collection of Ms. Picasso his sheet-metal sculptures of which sold his priciest of her ceramics with dealers
for $2.1 million—nearly dou- “Sylvette,” a young woman he painting, the $179 million like Jan Krugier and sold
bling its presale estimate met in the mid-1950s in Val- “Women of Algiers (Version pieces here and there. Last
with every piece finding a lauris, who became the sub- O),” last May. year, she said she was plan-
buyer, a rarity among auc- ject of several dozen of his The Picasso dogfight ning to sell her holdings pri-
SOTHEBY’S (4)

tions. works. comes as both auction vately, sparking fears she


Notable works in the com- Picasso dealer David Nah- houses, which battle fiercely would flood the market with
ing sale include “Woman with mad said he thinks collectors for market share, are adjust- Picasso pieces and risk de-
an Open Robe,” a tall ceramic will pay a premium for ing to new hires and strate- pressing his price levels. She
jug Picasso created in 1955 the works on paper be- gies made by their new CEOs. has since changed her mind
and painted to look like a fore the ceramics, but In recent years, Sotheby’s has and now intends to primarily
brunette whose blue gown that the whole set is likely to Picasso pieces, from left: ‘Woman standing’ (1945); ‘Woman with dominated the impressionist sell them in groups at auc-
appears to be slinking off her fare well. an Open Robe’ (1955); ‘Three faces’ (c. 1953); and ‘Bird’ (c. 1957). & modern market, while tions.
shoulders. It is estimated to “Collectors love that these Christie’s has bested its rival “This is part of my his-
sell for at least $52,500. An works come from his own plateau. According to auction- prices. in contemporary-art sales. tory,” she said, “so I want
unpainted, clay figure of a family,” he said. tracking firm Artnet, the av- Sotheby’s expert Helena Ms. Picasso, 65 years old, them to sell well, and prices
“Bird” from 1957 incised with Market watchers say the erage lot price for the Span- Newman said Picasso’s ce- said she thinks it’s a smart right now are strong at auc-
feathery markings is esti- ceramics may contain a iard’s ceramics soared to ramics stand apart because time to sell, but her move is tion.”

C RA F T I NG E T E R N I T Y S I N C E 1 755
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A18 | Friday, January 8, 2016 * * THE WALL STREET JOURNAL.

SPORTS
Alderson Returns to Champion Mets’ Future
Cancer-stricken GM cial situation, disputing the no-
tion that they have been driven
attends Hall of Fame by austerity. He noted that at
event for Piazza, talks the end of the 2014 season, the
Mets had a payroll of around
baseball and money $85 million. He expects to have
a payroll between $115 million
BY JARED DIAMOND and $120 million in 2016—still
small for New York, but, he ar-
Sandy Alderson was linger- gued, a substantial increase
ing with a couple of reporters nonetheless.
on the ninth floor of the New “The idea that we’re not in-
York Athletic Club on Thurs- vesting in the team I think is
day, waiting for the rest of the really misplaced and sort of
media horde to arrive. In the tied up in the populism involv-
next room, former Mets ing Cespedes,” Alderson said.
catcher Mike Piazza had just He left the door open for
wrapped up a news conference Cespedes or another signifi-
to mark his election to base- cant addition before the Mets
ball’s Hall of Fame, and Alder- report to spring training in
son had come with the rest of February.
the team’s brass to show his To this point, they have re-
support. lied on shorter-term fixes: They
After a few minutes of awk- replaced Murphy at second
ward feet-shuffling and idle base by trading pitcher Jon
chatter, a reporter wondered Niese to the Pittsburgh Pirates
aloud if it was acceptable to for Neil Walker. They inked
commence with the question- shortstop Asdrubal Cabrera to
ing, so as not to keep Alderson a two-year $18.5 million con-
standing around for too long.
‘The idea that we’re tract, shifting Wilmer Flores
Alderson gave the go-ahead not investing in the into a valuable utility role.
as a sly smile crept across his Then they brought in outfielder
face. Otherwise, he said, “You
team I think is Alejandro De Aza on a one-
never know what might hap- really misplaced.’ year, $5.75 million deal.
pen.” These moves weren’t espe-
This was Sandy Alderson, cially flashy—and they cer-
the Mets’ 68-year old general tainly won’t offset the loss of
manager who a month ago be- Cespedes—but they should
gan treatment for cancer, re-
turning to normalcy. The last
Piazza Will Go to Hall as a Met help. Additionally, the Mets
still intend to find at least one
time he was in this kind of Mike Piazza is enter- more arm for their bullpen, as
setting, surrounded by report- ing the Hall of Fame as well as another outfielder.
ers on Nov. 4 to discuss the a New York Met. The question now is
Mets’ off-season plans, he had At a news confer- whether that outfielder is a
collapsed to the ground under ence Thursday, Piazza backup piece—or somebody
the hot television lights, a said that he will be the more substantial.
frightening ordeal that pre- second player ever to “It’s not as if we’re not
ceded his diagnosis. don a Mets cap in Coo- looking to improve the team,
On Thursday, as is his way, perstown, joining and if possible in significant
he laughed about it. pitcher Tom Seaver. ways,” Alderson said. “But it
In his first public appear- Piazza broke into the has to make some sense in
ance since his fainting episode, major leagues with the terms of how these pieces all
Alderson looked and sounded Los Angeles Dodgers fit.”
like his old self. He cracked and put up his best sta- Meanwhile, he said the
jokes at his own expense, fero- tistics there, batting Mets will almost definitely
ciously defended the Mets’ .331 in parts of seven stay in-house to find a re-
spending habits this winter and seasons. But he is most placement for Paul DePodesta,
generally expressed optimism known for his eight their player development chief
about the chances of defending years with the Mets, particularly the game-winning home run who this week took a top
their National League pennant. he hit on Sept. 21, 2001—the first major sporting event in New front-office position with the
More important, he made it York City after the 9/11 terrorist attacks. NFL’s Cleveland Browns.
abundantly clear that he “I feel like the fans here truly brought me into their family,” Because DePodesta did so
wanted to talk about his team’s Piazza said. “Every time I’ve come back, I’ve been so incredibly much within the organization,
health, not his own. honored from the response. Unfortunately, we do have to from scouting to analytics, Al-
Alderson said he has been choose one. And, for me, I always enjoyed reconnecting here in derson said the Mets will likely
working mostly regular hours New York.” —JD appoint multiple people al-
in the office since just after ready with the team to handle
last month’s winter meetings. different aspects of his job.
He wanted to attend those Mets general manager Sandy Alderson, top, was an unexpected guest at the New York Athletic Club on Thursday, where ex-Met Mike “Losing Paul was tough,
meetings in Nashville, but his Piazza and Ken Griffey Jr., pictured above in the 1998 All-Star Game, were honored for their election into baseball’s Hall of Fame. both professionally and per-
doctor advised him not to sonally,” said Alderson, who
travel so close to his first would be for anybody—getting not just of returning to the have to do it without free- signed, but a reunion at this had worked with DePodesta
round of treatment. back to work and being active World Series, but winning it. agent outfielder Yoenis Ces- point seems unlikely; the Mets dating back to his days with
“I’m very much encour- and getting back to a more He will have to do it without pedes, a 2015 trade-deadline are uncomfortable giving a the San Diego Padres nearly a
aged,” Alderson said. “Every- normal existence.” postseason hero Daniel Mur- acquisition whose remarkable player his age the long-term decade ago. “He was instru-
thing’s been fine to this point. With that, Alderson turned phy, who signed a three-year performance in August and deal he will probably com- mental in what we’ve been
Getting better. It’s nice to be his attention to baseball and contract with the division-rival September propelled the Mets mand. able to do here over the last
back to a routine and working the difficult task at hand: put- Washington Nationals earlier into the playoffs. Alderson went on the offen- five years in many ways, some
toward the 2016 season, as it ting together a roster capable this week. He will likely also Cespedes, 30, is still un- sive regarding the Mets’ finan- more public than others.”

Coughlin and Manning Against the World Heard on the Field


Eli Manning’s unique bond with merger have lasted longer other, Jimmy Johnson, Marino’s only two Super Bowls with a
the only NFL coach he ever had, than Manning and Coughlin’s winning percentage after the different head man, Mike Sha-
Tom Coughlin, was clear on Tuesday 183 regular-season starts to- split from Shula dropped from nahan. But that was after en-
when Coughlin formally announced gether: the continuing one in .630 to .554 in 56 regular-sea- during two mediocre seasons
New England between Tom son games. with Wade Phillips. (In two
Take a Number Brady and Bill Belichick (223),
and the teaming of Dan Ma-
Only one other quarter-
back-coach relationship in our
years, Manning will be 37.)
One way the Giants could
rino and Don Shula for 184 top 10 is analogous to the ease the transition for their
that he was stepping down as Gi- games in the 1980s and 1990s changes Manning will soon be quarterback from the only pro
ants head coach. Manning not only in Miami, ending with Shula’s forced to endure. Denver Bron- coach he’s ever known would
attended the news conference but retirement in 1995. cos coach Dan Reeves was be to elevate 38-year-old offen-
fought back tears as Coughlin ad- What came next for Ma- canned after the 1992 season, sive coordinator Ben McAdoo to
dressed him directly. rino should worry Giants fans leaving behind John Elway, the top job. Of course McAdoo,
That’s not very surprising about a potential rebuild, even whom he had coached for 142 more than 30 years Coughlin’s
when you consider that only two with a franchise quarterback. games. Reeves was quickly junior, has never been a head
other coach-quarterback partner- Despite the Dolphins replacing named the Giants’ coach, and coach at any level.
ships since the 1970 AFL-NFL one legendary coach with an- Elway subsequently won his —Michael Salfino Giants’ Coaching Search Is Under Way
The Giants have quickly started their search to replace for-
mer head coach Tom Coughlin, having interviewed their cur-
Two for the Road rent offensive coordinator, Ben McAdoo (above right), and de-
fensive coordinator, Steve Spagnuolo (above left), as well as
Here’s a look at the NFL’s longest-running coach-quarterback tandems, and what happened
Lions defensive coordinator Teryl Austin.
when the pair broke up. The history doesn’t bode well for Eli Manning.
The team said co-owner John Mara and general manager
COACH/QB TEAM YEARS GAMES RECORD NEXT Jerry Reese interviewed McAdoo on Tuesday, the same day
Bill Belichick/ Coughlin formally resigned. McAdoo is a favorite to become
Patriots 2001- 223 172-51 (.771) active
Tom Brady head coach because the team’s two biggest stars, quarterback
116-68 (.630) Jimmy
Don Shula/ Johnson hired. Eli Manning and receiver Odell Beckham Jr., have thrived in his
Dolphins 1983-95 184
Dan Marino Marino goes 31-25. offensive scheme.
Tom Coughlin/ If he wins the job, McAdoo would pull off a swift ascension.
Giants 2004-15 183 97-86 (.530) ?
Eli Manning The 38-year-old coach was the Green Bay Packers’ quarter-
Chuck Noll/ backs coach two seasons ago before the Giants hired him to
Steelers 1970-83 158 107-51 (.677) Bradshaw retires.
Terry Bradshaw revitalize an offense that ranked 28th in the league in yards
Marv Levy/ per game in 2013. Under McAdoo, that ranking jumped to 10th
Bills 1986-96 151 99-52 (.656) Kelly retires.
Jim Kelly in 2014 and eighth this season.
Sean Payton/ The team also said Mara and Reese on Thursday inter-
Saints 2006- 142 87-55 (.613) active
Drew Brees viewed the 56-year-old Spagnuolo, who is in his second stint as
Andy Reid/ the Giants’ defensive coordinator. Spagnuolo might seem an
Eagles 1999-09 142 92-49-1 (.651) McNabb leaves team.
Donovan McNabb unlikely candidate because his defense ranked last in the league
89-52-1 (.630) Wade
Dan Reeves/ Phillips hired. in 2015. Still, Mara said, “I want to hear from him what he felt
Broncos 1983-92 142
John Elway Elway goes 16-14.
about how we performed there.” The energetic and charismatic
Jeff Fisher/ Spagnuolo is not only well liked, but also has NFL head-coach-
Oilers/Titans 1995-05 131 76-55 (.580) McNair leaves team.
Steve McNair
ing experience—albeit for a St. Louis Rams team that went
Mike Tomlin/ 10-38 during his tenure from 2009 to 2011.
Ben Roethlisberger Steelers 2007- 129 84-45 (.651) active
Austin, 50, also interviewed at Giants headquarters Thursday,
Don Shula and Dan Marino won 184 games together. Source: Stats, LLC The Wall Street Journal. the team said. His Lions defense finished second in the NFL in
2014 but fell to 18th in 2015. Stu Woo

FEATURE (CLOCKWISE FROM TOP): KATHY WILLENS/ASSOCIATED PRESS; KATHY WILLENS/ASSOCIATED PRESS; JEFF HAYNES/AFP/GETTY IMAGES; TAN: HANS DERYK/ASSOCIATED PRESS; HOF: EVAN PINKUS/ASSOCIATED PRESS
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

WSJ.D B5 | CROSSWORD B6

BUSINESS & TECH.


Constellation Enjoys New Suit Shows You
Big U.S. Beer Blast What It’s Like to Be Old
BEVERAGES | B3 PERSONAL TECH | B5
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Friday, January 8, 2016 | B1

Holiday Sales Rise, but Not All Are Cheery


A surge in last-minute Millennials favor
shopping saw more traveling, dinners out
dollars flow online as and paying down debt
foot traffic fell in stores over going to the mall
BY SUZANNE KAPNER BY SARA GERMANO

Consumers didn’t pull back PORTLAND, Ore.—Alex


as much as feared during the Haigh, a marketing coordina-
holidays, but their late spend- tor for a local Honda car deal-
ing surge didn’t help retailers ership, gave her family a warn-
that were ill-equipped to deal ing before the holidays that
with changes in behavior that she wouldn’t be able to afford
will last beyond the season. any Christmas gifts.
Retail sales rose 3.3% from “Now that I’m an adult, I
Oct. 31 through Jan. 4, about tell my parents I don’t care
the same pace as they grew about getting anything,” she
the previous year, according to said. “And since I’m broke, I
First Data Corp., which pro- don’t want to give anything.”
KENA BETANCUR/GETTY IMAGES

cesses credit-card transactions The 28-year-old instead is


and analyzed payments at 1.3 using her paycheck to pay
million retailers. down credit-card debt and
The gains came despite build up savings to move from
fewer visits to physical stores: her current apartment, shared
Foot traffic fell 6.4% in No- with a roommate on the out-
vember and December, accord- skirts of the city, to her own
ing to RetailMetrix, which col- place closer to the center of
lects data through analytics Retailers faced a host of challenges during the holidays as customers increasingly waited for discounts or preferred to buy online. Portland.
software provided to retailers. She is part of an important
While several large retail- demographic that retailers are
ers, including Wal-Mart trying to figure out—millenni-
Stores Inc. and Amazon.com Victoria’s Secret als, people born after 1980.
Inc., haven’t reported their Checking Receipts Children's Place And like many in the group—
holiday results yet, a few ma- Same-store sales for various retailers Bath and Body Works now the largest part of the
jor players provided a glimpse during the holiday season Costco* workforce—Ms. Haigh and her
this week of how the season roommate approach shopping
J.C. Penney
shook out. The shifts toward in a way that retailers find
online shopping and spending Barnes & Noble hard to crack—prioritizing ex-
on travel and restaurants are Gap periences, like a dinner out or
pressuring retailers who aren’t Macy’s a trip away, over accumulating
adapting fast enough, particu- Zumiez new handbags or the latest
larly department stores. videogame.
Macy’s Inc. warned that Uniqlo Retailers from Macy’s Inc.
sales at existing stores fell –12% –10% –8% –6% –4% –2% 0% 2% 4% 6% 8% to Gap Inc., both of which re-
4.7% in November and Decem- Note: Sales are for Dec. except for Children’s Place, Barnes & Noble, J.C. Penney and Macy’s which are for Nov. and Dec. ported declines in holiday
ber and said it would cut *Excludes gasoline sales Sources: Retail Metrics; the companies THE WALL STREET JOURNAL. sales, have been experimenting
thousands of jobs as it closes with ways to attract more
stores. Gap Inc., which is also younger customers into their
closing stores, said December 8% jump in sales at existing analyst Paul Lejuez. “They Retailers faced several chal- the strong dollar. And when stores. Macy’s sees its new line
sales for existing stores fell 5% locations, and said last month want newness and they are lenges this holiday season, in- shoppers did make purchases, of off-price stores as a way to
from a year earlier. But L was its “best December ever.” finding it in technology and cluding high inventories, un- they increasingly waited for attract more millennials, while
Brands Inc., owner of mall “The consumer is spending, experiences. They are going to seasonably warm weather and discounts or ordered online. Whole Foods Market Inc. is
stalwarts Victoria’s Secret and but the question is what are see “Star Wars” and going out a slowdown in purchases by That crimps profits for most launching a smaller, cheaper
Bath & Body Works, posted an they spending on?” said Citi to eat.” international tourists due to Please see RETAIL page B2 Please see YOUNG page B2

IPhone Rout Forces Oil, Mining Firms to Cut Deeper


Worries Resource companies are
facing renewed pressure to cut
spokesman said the comment
is in line with Mr. Dudley’s

Fuss Apple spending and investor payouts


after a deepening commodities
rout erased billions of dollars
comments last year.
Oil prices have fallen by
more than two-thirds since

Investors in shareholder value on Thurs-


day.
mid-2014, dipping below $33 a
barrel on Thursday before par-
ing some of those losses.
BY DAISUKE WAKABAYASHI By Justin Scheck, Prices for major industrial
Alex MacDonald metals such as copper and
Apple Inc. shares closed be- and John W. Miller zinc have fallen by 34% and
low $100 for the first time in 28%, respectively, since June
15 months, gripped by Thurs- Oil and mining companies 2014. China accounts for
day’s sharp market declines that expanded rapidly over the roughly 45% of global demand
and signs of slowing growth in past decade when commodity for both metals.
DADO GALDIERI/BLOOMBERG NEWS

the two pillars of the com- prices soared have already A prolonged rout could be
pany’s recent success: the slashed tens of thousands of part of a shift in world-wide
iPhone and China. jobs and mothballed billions of market dynamics. Chinese com-
The Cupertino, Calif., com- dollars of projects. Now they modity demand that long
pany’s 4.2% drop on the day must search for new savings buoyed prices is now flagging,
was greater than the overall as their long-held hopes of re- and over the past year the Or-
market’s slide and the 3% bounding commodity prices ganization of the Petroleum Ex-
slump in the Nasdaq Compos- fizzle on weak Chinese de- porting Countries has aban-
ite, which closed down 10% mand. doned its traditional role of
from its May peak. Since early Mining companies “are still Miners are under pressure as Chinese iron-ore consumption and steel production are weakening. stabilizing oil prices, instead
December, Apple has shed reacting to the reality that feeding a supply glut in compe-
$100 billion in market value. China did not turn out to be Glencore PLC and Anglo world’s biggest miner, BHP Bil- Oil companies went through tition with U.S. shale producers.
Signs of weakness in the the picture of ever increasing American PLC have slashed liton Ltd., is facing similar a big boom cycle over the last Other oil producers have
iPhone, its best-selling and demand people thought,” Lou- their dividends—a step big pressures as iron-ore prices decade, but they are now “in also continued heavy pumping,
most profitable product, come renco Goncalves, chief execu- companies are loath to take drop and as it contends with another one that’s going to be in some cases to pay down
after new, larger-screen mod- tive of Cleveland-based iron- for fear of alienating big the fallout from a deadly down for a while,” BP PLC debt or support government
els propelled Apple to record ore miner Cliffs Natural shareholders—after stock mine-dam breach in Brazil last Chief Executive Bob Dudley spending, even though it
results in its fiscal year ended Resources Inc., said in an in- prices plummeted over cash- year. A BHP spokeswoman de- told the BBC in an interview means further driving down
Sept. 26. Buoyed by China’s terview Thursday. flow and debt concerns. The clined to comment. aired over the weekend. A BP Please see CUTS page B2
rising middle class, Apple’s
Greater China sales in that pe-

United Faces Questions Over CEO’s Health


riod grew 84%, and the com-
pany overall posted revenue of
$233 billion for the year.
Now, both of those growth
engines appear at risk. The BY SUSAN CAREY ment seemed to indicate that Wednesday’s surgery to return based on information from the til four days later, when it
Wall Street Journal reported AND JOANN S. LUBLIN the company and its CEO had to work in coming months. CEO’s medical team and the named General Counsel Brett
Tuesday that Apple has cut or- a high level of clarity about his The statement quoted Dr. board’s consulting cardiolo- Hart as acting CEO. Before
der forecasts to iPhone suppli- The news that Oscar Mu- health outlook, whereas the Patrick McCarthy, chief of car- gist. “We will, of course, be Wednesday, it had given scant
ers in recent months, accord- noz, chief executive of United prognosis and timetable for diac surgery at Chicago’s monitoring Oscar’s progress information about his health
ing to people familiar with the Continental Holdings Inc., un- full recovery for someone on Northwestern Memorial Hospi- closely,” he said, “and both his status since then, other than
matter. And China’s economy derwent a heart-transplant op- the waiting list for a heart tal, as saying the surgery went and the board’s focus will be his statement on Nov. 5 about
is slowing sharply, dramatized eration raised new questions transplant is often uncertain. well and that given Mr. Mu- on the best interest of our his plans to return.
by plunging stock markets. about how and when the air- United, which issued a brief noz’s “excellent physical condi- shareholders.” Jim Corridore, an equity an-
On Thursday, Apple shares line has disclosed information statement Wednesday con- tion” and rapid improvement The transplant surprise re- alyst for S&P Capital IQ, said
lost $4.25 to close at $96.45, about his health status since firming the transplant, said before the transplant, “we ex- kindled questions about how a Thursday that Mr. Munoz’s re-
down 27% from its July peak his heart attack 12 weeks ago. late Thursday that Mr. Munoz pect a quick recovery and a re- company in United’s position turn to the helm “could be
of $132.07. Mr. Munoz’s surprise sur- had been progressing with an turn to his duties as CEO.” balances an ill executive’s pushed out after such an inva-
The Apple-share vortex gery on Wednesday shocked implanted medical device, but United said Mr. Munoz’s re- right to privacy against share- sive procedure.” He said he
pulled in several of its suppli- some employees and investors that a transplant was consid- turn might now be delayed un- holders’ need to be kept ap- hopes the company “will out-
ers. Dialog Semiconductor in light of his statement, dis- ered to be a preferable out- til the start of the second prised of key events. United line some succession planning
PLC, which makes power-man- tributed by the company in come. It said he had started quarter. Henry Meyer, United’s didn’t disclose that Mr. Munoz, soon. We see this issue as a po-
agement chips for Apple, is early November, that he would resuming meetings and other nonexecutive chairman, said who turned 57 earlier this tential overhang on the shares.”
down 12% on the week. Shares be back on the job during the company activities last month, he is comfortable with the week, had his heart attack, Nell Minow, vice chairman
Please see APPLE page B6 current quarter. That state- and had been cleared prior to prognosis for a full recovery, which occurred on Oct. 15, un- Please see UNITED page B4
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Friday, January 8, 2016 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS NEWS


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

A
Airbus Group...............B4
Air France ................... A7
Freeport McMoran......B2
G
Neuberger Berman......C4
Noble Group ................ C2
Nordstrom...................B2
CUTS
Gap .............................. B1
Amazon.com.....B1,B2,B6 P
Continued from the prior page
General Motors......B3,C8 oil prices.
Anglo American..........B1 Gilt Groupe..................B2 Panasonic....................B3 After putting off more than
Anheuser-Busch InBev Glencore ...................... B1 Pandora ....................... B3 $200 billion in oil projects last
.....................................B3 year, big energy companies
Goldman Sachs Group C1 R
Apple......................B1,B5 may not ramp up spending
Google ......................... B6 Rio Tinto ..................... B2
B Green Bay Packers ..... D8 when prices rebound, Bern-
Royal Dutch Shell.......B2 stein Research said this week.
Best Buy................B2,B4 Greenbrier...................B3
S “Oil company spending will
Boeing ......................... B4 H
Sears Holdings............B4 remain capped even if oil
BP................................B1 prices rise,” Bernstein analysts

MICHAEL NAGLE/BLOOMBERG
Henderson Global SoftBank Group..........B5
C Investors...................C4 wrote. The normal link that
Starwood Hotels &
Campbell Soup............A3 Hudson's Bay..............B2 sees spending rise with oil
Resorts Worldwide .. B4
prices may be “broken,” they
Chevron ....................... B2 I Suitable Technologies B5
said, after big companies that
Citigroup.................C1,C2 Supervalu....................B3
Intel.............................B5 outspent their cash flow even
Cowen and...................B6
International Business T when oil prices were triple to-
CVS Health..................B2 Machines...................B5 day’s value enter a new period
Target..........................B2
D J Walgreens Boots Alliance’s CEO says he is looking to sell high-end cosmetics to boost profit. of frugality.
Tesla Motors..........B3,C8
Deutsche Post.............B6 The industry’s troubles will
J.C. Penney..................B2 Time Warner...............B6

Walgreens Defends Deal


DHR International ...... B4
put pressure on energy com-
J.P. Morgan Chase......C2 U panies to orchestrate acquisi-
DoubleLine Capital......C1
L United Continental tions and asset sales, said en-
E Holdings...............B1,B4 ergy consultancy Wood
L Brands......................B1
Eaton Vance
LG Display...................B5 V Drugstore chain says shy about making bold moves. a large benefits manager. Mackenzie this week, with pri-
Management.............C2 He took the helm of the big- At the same time, Mr. Pes- vate-equity firms in the best
Exxon Mobil................B2
Lifetime Brands..........B6 Valeant Pharmaceuticals agreement with gest U.S. chain of drugstores sina has made improving the position to take advantage.
International ....... B2,B4
F
M-N Valeant would lower after its full merger with Euro- profits in the front end of its “Mounting distress will
W pean retail and drug distribu- U.S. stores a priority, especially force more companies to mar-
Fast Retailing ............. B2
Macy's.........................B1
Walgreens Boots
costs for customers tion business Alliance Boots at as the business of selling pre- ket,” said Luke Parker, the cor-
Mattel..........................B4
Federal-Mogul Holdings the end of 2014. scription drugs continues to be porate analysis research direc-
Alliance.....................B2
Milo's Knitwear..........A1
.....................................B4
Wal-Mart Stores.........B1 BY PAUL ZIOBRO The Italian billionaire and squeezed by lower reimburse- tor at Wood Mackenzie.
Fiat Chrysler Mondelez International serial deal maker announced a ment rates from the insurers “Balance sheets will become
Automobiles ............. B3 .....................................A3 Z Walgreens Boots Alliance $9.4 billion acquisition of Rite- and the federal government. ever more stretched without
Ford Motor..................B3 Morgan Stanley .......... C1 Zebra Technologies.....B6 Inc. on Thursday defended its Aid Corp. last year that is still He is looking to sell more asset sales to balance the
long-term distribution agree- under regulatory review. And higher-end beauty products in books.”

INDEX TO PEOPLE ment with drugmaker Valeant


Pharmaceuticals Interna-
tional Inc., saying it would re-
on Thursday, he said he would
consider other opportunities.
“We are open to any merger;
Walgreens locations, is phas-
ing out some of its most ag-
gressive promotions, and is
Investors communicated
their worries with a broad
selloff Thursday, when plum-
A Gupta, Richa ............... B6 P sult in lower costs for custom- we are open to a merger where cutting costs at a rapid pace. meting Chinese markets cre-
Angel, James .............. C2 H Perkin, Eddie...............C2 ers and could even be used as we could have the control, a Retail sales at drugstores ated new uncertainty over de-
a model for future deals. merger where we cede the con- open more than a year fell mand for commodities. Royal
B Henry, Derrick.............D2 Pessina, Stefano.........B2
On the company’s earnings trol, a merger of equals,” Mr. 0.6% in the period, as Wal- Dutch Shell PLC closed nearly
Ballinger, Gary............B4 J R call, Walgreens executives Pessina said. “I’m really con- greens Boots’s overall sales 3% lower in London while BHP
Bewkes, Jeff...............B6 Johnson, W. Bruce......B4 Ruecker, Norbert.........C4 faced questions from analysts vinced that vertical integration missed expectations. The com- fell about 5%. The largest
Blankfein, Lloyd..........C2 Jonsson, Jon ............... C4 S about the 20-year agreement, is a necessity for this market.” pany offset those declines American miner, Freeport Mc-
Bonner, James............B6 K
under which Walgreens will Mr. Pessina said achieving with higher sales of prescrip- MoRan Inc., was trading 9%
Saban, Nick.................D2
C fill prescriptions for Valeant’s vertical integration doesn’t re- tion drugs, boosting overall lower in the U.S.
Kallevig, Karsten ........ C2 Sanders, Regenia........B6 drugs that treat skin, eye and quire a merger because com- pharmacy sales by 5.8%.
Chadha, Rahul.............C3 Karp, Michael..............C1 Savary, François..........C3 other ailments. Some phar- mercial agreements and part- The chain has been weaning
Chirichella, Dominick..C4 King, Doug...................C4 Sawyer, Andrew..........C2 macy-benefits managers, such nerships can serve the same customers from some aggres-
The oil industry
Cohn, Jeffrey...............B4 L Sinclair, Christopher...B4 as CVS Health Inc., have said purpose. He added that Wal- sive discounts and tried sell- laid off more than
Cook, Tim....................B6 that the structure of the Wal- greens would consider finding ing more gifts than decora-
Landry, Robert ............ C2 Stockton, Bryan..........B4
greens-Valeant deal would ac- other partners to enter into tions during the holidays.
250,000 workers
D Lejuez, Paul.................B1 Subrahmanyam,
D'Ambrosio, Lou.........B4
Avanidhar..................C2 tually drive up costs. arrangements similar to the Walgreens said profit rose across the globe.
M Swartzberg, Mark.......B3 “Of course, when you intro- Valeant agreement. 30% to $1.11 billion, boosted
DiNapoli, Thomas........C2 duce something new to the Many analysts speculate by the acquisition of the rest
Main, Chris..................C4 T
Dissaux, Claire............C3 market and some new Walgreens is considering an of Alliance Boots it didn’t al- The turmoil comes after a
McCarthy, Patrick.......B1
F McCranor, John...........B6
Taylor, Laurence..........C2 thoughts, there’s always peo- acquisition of a large phar- ready own. The company also withering year for big com-
Fitzalan-Howard,
Temin, Davia...............B4 ple who may think differently,” macy-benefits manager, such raised the lower end of its modity producers. The com-
Miller, Robert S.
Alexander..................C3 “Steve” ..................... B4 Tsuga, Kazuhiro..........B3 said Walgreens President Alex as Express-Scripts, which earnings guidance for the year, bined market value of the
V
Gourlay. “We’re trying to take would give the company a to a range of $4.30 to $4.55 a world’s five largest miners—
G Munoz, Oscar..............B1
costs out of the system.” similar model to that of CVS share. BHP, Rio Tinto PLC, Glencore,
Gorman, James...........C2 O van Beurden, Ben.......B4 Walgreens Chief Executive Health Inc., the second-largest —Chelsey Dulaney Brazil’s Vale SA, and Anglo
Gourlay, Alex .............. B2 O'Connor, Paul.............C1 Visser, Jordi................C3 Stefano Pessina hasn’t been drugstore chain that also owns contributed to this article. American—has dropped 52%,
or $269 billion, since January
of 2015. The five largest non-

RETAIL YOUNG airfare offer to visit a friend


who moved to Hawaii. To af-
ford the ticket, though, they
pulled back on other spending,
state-controlled oil companies,
Exxon Mobil Corp., Shell, BP,
Chevron Corp. and Total SA of
France, saw their total market
Continued from the prior page Continued from the prior page staying in and eating leftovers value drop by 20%, or more
retailers. chain of stores aimed specifi- during the days leading up to than $205 billion, over the
Amazon.com captured cally at that demographic. J.C. the trip. That makes it tough same period.
42.7% of online sales in No- Penney & Co. is leaning on its for retailers to pry spending The combination of Chinese
vember and December, accord- in-store Sephora cosmetics from them during the all-im- turmoil and high oil produc-
ing to Slice Intelligence, a re- shops as a way to bring in portant holiday-shopping sea- tion in the U.S. and OPEC
search firm that gathered data what it calls “all-important son between Thanksgiving and members offer little hope of
on the email receipts of 3.5 millennial customers.” Costco New Year’s, when retailers near-term respite. For oil com-
million consumers. That com- Wholesale Corp. says its or- bring in as much as a fifth of panies, the expected return of
pares with 24.8% share for the ganic food selection is helping annual sales. Iranian oil exports when West-
next 10 biggest retailers com- draw in younger customers, For Ms. Robards, holiday ern sanctions are lifted early
bined, including Wal-Mart, noting that millennials made shopping required planning this year could send oil prices
Target Corp., Macy’s, Nord- up a third of its new members about a month in advance. She down further.
strom Inc. and Best Buy Co. in the most recent quarter. identified specific gifts for “You can’t say a good thing
ComScore expects total e- Costco Chief Financial Offi- each family member—like two about the oil price,” said Paul
BRITTANY ROBARDS

commerce sales in November cer Richard Galanti warned $41 lamps and a DVD of the Mumford, a fund manager
and December likely rose that the still-unpredictable Mark Wahlberg movie “Invin- with Cavendish Asset Manage-
about 13% to $69 billion, ac- millennial lifestyle habits pose cible” for her father. In total ment whose funds hold shares
cording to preliminary esti- challenges. “When people talk she spent $250 on Christmas of oil and mining companies.
mates from the Internet ana- about millennials, I think the purchases at only two places: He is also bearish on small
lytics company. That’s shy of good news is we’re getting Victoria’s Secret and Ama- mining companies, many of
its forecast of a 14% increase. more of them,” he said last zon.com. which may end up with cash-
The shortfall came as more month. “Millennials are going
‘We’re sort of like that show, ‘2 Broke Ms. Robards reused an old flow problems if prospects
shoppers switched to mobile to be an issue for the total pie Girls’,’ says Brittany Robards, at right, trick: briefly signing up for a don’t improve soon. Already,
commerce, where the value of in general—if people move trial Amazon Prime account to larger mining companies have
purchases tend to be lower. home after college for a period
referring to herself and Alex Haigh. use the free two-day shipping responded to falling prices
“The two biggest growth of time, if they move into a option. “I don’t know why they with layoffs and temporary
areas in retailing today are on- smaller place, if they get mar- let me do it again, since I did it closures of projects like a
line and off-price,” said Jerry ried later, if they have fewer rescue cats. she can’t keep up with the ris- two years ago,” she said, Glencore mine in Zambia.
Storch, chief executive of Saks kids, it’s going to rain on all of “We’re sort of like that ing cost of living in her home- laughing. Amazon didn’t re- One key to survival for
Fifth Avenue and Lord & Tay- us.” show, ‘2 Broke Girls,’” Ms. Ro- town. Portland’s median cost spond to requests for com- smaller mining companies,
lor parent Hudson’s Bay Co. Americans under age 35 bards said, referring to a sit- of rent rose 20% from 2009 to ment. says Ignacio Salazar, the
His company reached a deal form the largest age demo- com on CBS. “We don’t have a 2014, above the national aver- Ms. Haigh’s Christmas aus- Chile-based chief executive of
Thursday to buy Gilt Groupe graphic of the U.S. workforce, horse, but my cat is deaf, and age, and it is growing at the terity pledge was foiled. Nor- small, Toronto-listed Orosur
Inc. for $250 million. It plans according to the Pew Research Alex’s has three legs.” sixth-fastest rate among major mally paid on Fridays, she got Mining Inc., is to avoid taking
to combine the flash-sale site Center, though their individual Ms. Robards, 29, works as U.S. metro areas, according to her $920 weekly paycheck on on high-risk debt now that
with its Saks Off 5th discount earning power is still growing. an assistant at a local mort- the National Association of Re- Christmas Eve—a Thursday— “the market is not very favor-
chain, as previously reported More than 60% of millennials gage lender and brings home altors. “All of a sudden Oregon and found herself unexpect- able.”
by The Wall Street Journal. who are employed full-time, about $2,400 a month, de- has gotten really popular,” she edly flush the night she drove Phoenix-based Freeport-Mc-
Most sales are still made at year-round make less than the pending on commission. She said. to central Oregon to visit rela- MoRan, one of the world’s big-
physical stores. Some 91% of U.S. median income of estimates that her monthly ex- To cut down on expenses, tives. Taking a quick detour to gest copper miners, is in sur-
shoppers made a purchase at a $46,480, according to data penses—including rent, car Ms. Robards, a die-hard Green Nordstrom Rack, she picked up vival mode, shutting down
brick-and-mortar store this from the U.S. Census Bureau. loan payments, phone bill, gro- Bay Packers fan, only pays for some dress socks for her fa- mines, laying off workers, and
holiday season, according to a Ms. Haigh moved in with ceries and other utilities—total cable during the football and ther and a few other assorted putting its oil and gas division
survey by the International her high school friend Brittany about $1,500. At the same basketball seasons. Her room- gifts, spending $75. on the block, but says it has
Council of Shopping Centers. Robards three years ago, seek- time, she is trying to save mate, Ms. Haigh, doesn’t up- But when her dad presented enough confidence in the long-
The primary reason for going ing to save on rent so that $500 a month to eventually grade her gadgets. “I have a her with a diamond bracelet, term copper market to keep
to a store was the ability to they could more easily afford buy her own place, while also TV that I’ve had for five years, she was sheepish. “I was sort running its biggest, lowest-
see, touch and try on the mer- occasional splurges, like a re- paying down more than $2,000 and I’ll have it until it breaks,” of like, ‘aw, here’s your socks,’” cost mines. Activist investor
chandise, the survey said. cent trip to Hawaii. They also in credit-card debt. she said. Both women said she said. “I’m glad I ended up Carl Icahn, who disclosed an
Macy’s blamed unseason- share other expenses, like car- Even though her wages travel is their priority. This having the money to get them 8.5% stake in August, forced
ably warm weather, which ing for their two special-needs have grown, Ms. Robards says fall, they jumped on a $400 something.” out longtime chairman James
sapped demand for coats and R. Moffett in December, and
winter gear, for much of its could push for even more ag-
sales declines. On Thursday, Largest share of online sales gressive changes.
the Japanese owner of the
In the Cart Big oil companies have sig-
Uniqlo chain of fast-fashion Amazon dominated naled cutbacks. They have
stores, Fast Retailing Co., also online sales for 42.7% backed out of big projects like
blamed warm weather for an November and a Shell development in Canada
11.9% drop in December same- December, based on Next 10 retailers to mine petroleum from oil
store sales. But J.C. Penney e-mail receipts sent sands. The oil industry laid off
Co. reported a 3.9% increase in
sales at existing stores, de-
to three and a half
million shoppers.
4.3%
3.1%
2.9%
2.7%
2.4%
2.2%
2.0%
1.9%
1.8%
1.6% 24.9% more than 250,000 workers
across the world, analysts say.
combined
spite the warm weather, in Some companies have al-
Best Buy Nordstrom Wal-Mart Target Groupon
part due to “record” online ready folded. More than three
sales for the season. Apple iTunes Macy's Kohl's Etsy dozen energy companies have
—Chelsey Dulaney Source: Slice Intelligence THE WALL STREET JOURNAL. recently declared bankruptcy,
contributed to this article. including Swift Energy Co.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Friday, January 8, 2016 | B3

BUSINESS NEWS

Finish Line to Close


Stores, Replace CEO
After Quarterly Loss
BY SARA GERMANO and acquisitions and improv-
AND AUSTEN HUFFORD ing productivity through a
new supply-chain system.
Finish Line Inc. will close The architect of that vision,
up to a quarter of its 600 Chief Executive Glenn Lyon,
name-brand stores and replace 65, will be replaced by current
its chief executive, as the com- President Sam Sato, 51, at the
pany retrenches after posting end of next month, the com-
JULIA ROBINSON FOR THE WALL STREET JOURNAL

a deep quarterly loss and pany’s board said on Thursday.


struggling to manage its in- Mr. Sato was at Nordstrom
ventory. Inc. for more than 20 years
The athletic retailer blamed before joining Finish Line in
its problems on a new ware- 2010. Mr. Lyon will be execu-
house management system, in- tive chairman through the end
troduced in September, which of 2016 and then serve as non-
couldn’t process orders executive chairman.
quickly enough and resulted in Shares of Finish Line fell
as much as $32 million in lost 10% to $16.63 on Thursday, as
sales, or roughly 8% of the the company also lowered
company’s business for the pe- earnings estimates for the
riod ended Nov. 28. year.
A worker monitors bottles of Corona Extra at Constellation’s facility in Nava, Mexico. The company plans to add capacity to the unit. Finish Line had to bring in Athletic-industry experts

Constellation’s Mexico Move


third-party experts to fix its have long kept an eye on Fin-
supply-chain problems, and it ish Line and its position in an
now expects to return to nor- increasingly competitive land-
malcy during the next quarter. scape. Some have noted its
For the latest reporting core strategy of focusing on
quarter, the retailer posted a specialty running and building
Company will spend surged since it became the million to add 2 million bar- That trend is boosting $21.8 million loss, a swing through store acquisitions is
third-largest U.S. brewer by rels of capacity to its existing growth for the latest addition from a profit of $2.6 million in counter to other trends, in-
$1.5 billion to build volume after it acquired the brewery in Nava, Mexico, to the company’s portfolio, the same period, a year ear- cluding the popularity of ca-
a second brewery rights to 10 Mexican beer bringing its total production Meiomi. The Pinot Noir brand, lier. The impending closure of sual athletic wear.
brands and a brewery from An- there to 23.4 million barrels which it acquired in August for the roughly 150 stores over On a call with analysts, Fin-
South of the Border heuser-Busch InBev NV in by early 2018. $315 million, increased sales at the next few years marks a re- ish Line executives empha-
2013. Those Mexican beers have “We view this spending…as major retail outlets by 80% versal in Finish Line’s strategy, sized there is still strong de-
BY TRIPP MICKLE delivered double-digit growth sound and high-return, given during the quarter. It sells for which in recent years has fo- mand for casual athletic shoes
as consumers increasingly opt anticipated growth,” wrote about $20 a bottle. cused on expanding its foot- like the Nike Roshe and retro
Constellation Brands Inc. for import and craft beer Mark Swartzberg, an analyst During an earnings call, print through store openings Jordan basketball shoes.
said Thursday it will pour $1.5 brands over domestic lagers with Stifel Nicolaus & Co. Mr. Sands responded to ana-
billion into construction of a like Budweiser and Coors Light. The company’s stock rose lysts’ questions about Con-
second Mexican brewery as it “Our beer business has tre- 4.5% on Thursday to $149.61 stellation’s recent $1 billion
tries to keep pace with soaring mendous, tremendous momen- amid a broad Wall Street selloff. acquisition of Ballast Point—
U.S. demand for Corona Extra tum and continues to gain mar- In the latest quarter, ship- a record sum for a U.S. craft-
and Modelo Especial. ket share,” Chief Executive Rob ments of fast-growing Modelo beer company. He said the
The company, based in Vic- Sands said. The investment to Especial grew 20% and Corona price was justified based on
tor, N.Y., announced the brew- increase beer production will shipments accelerated, lifting Ballast Point’s growth rate of
ery project on the same day it “support significant growth in net sales to $831.3 million more than 100% last year and
reported a 22% increase in this business,” he added. from $768.1 million. The com- the high price it commands
third-quarter profit to $270.5 The company’s new brew- pany said it now expects net at stores where it sells for
million, and an 8% increase in ery will be located in Mexi- beer sales to increase 12% to about $15 a six-pack.

RICHARD B. LEVINE/ZUMA PRESS


beer sales and 16% boost in cali, Mexico, near California, 14% from last year on 10% to “The multiple we paid for it
beer shipments. its largest market with about 12% volume growth. in relation to the growth is ac-
The results beat analysts’ 25% of its total beer volume. Constellation’s wine-and- tually a pretty reasonable pur-
estimates. The beer, wine and Constellation expects to com- spirits business increased sales chase price,” Mr. Sands said.
liquor maker lifted its annual plete the first half of the 8.5- by 3%, excluding acquisitions Benefits from the acquisition
earnings guidance to $5.05 to million-barrel brewery by the and currency fluctuations, as won’t be seen until 2017 when
$5.15, from $4.73 to $4.93 end of 2019. consumers increasingly are it is expected to add five cents
previously. Constellation also an- purchasing higher-priced to six cents a share to earn-
Constellation’s profits have nounced plans to invest $250 wines. ings, the company said. Finish Line said a supply-chain problem resulted in lost sales.

SUPERVALU tronics giant and Tesla are jointly


Business Spinoff Plans Filed funding an up to $5 billion battery
plant in Nevada. Panasonic hadn’t
Watch For Save-A-Lot previously disclosed the full size January 2016
Supermarket chain Supervalu of its investment. It will be sev-
Inc. on Thursday filed with regu- eral years before that factory is
lators plans to spin off its hard- at full steam, and for Panasonic
discount division Save-A-Lot as the wait will be costly because its
a public company, the latest lithium-ion battery business has
FORD MOTOR move for Supervalu as it strug- struggled to make money.
gles to cope with big changes “We are sort of waiting on the
We mourn the passing of our Co-Founder
Pension Accounting reshaping the food-retail sector. demand from Tesla,” Mr. Tsuga
Should Boost Profit Supervalu said last summer it said in an interview at the Con-

JOHN M. ANGELO
Ford Motor Co. is changing was considering spinning off sumer Electronics Show this week.
how it accounts for pension Save-A-Lot in a bid to help inves- —Mike Ramsey
plans, a move that should boost tors better understand and value
company earnings while making the low-price, no-frills chain. In GREENBRIER
profitability in Europe more likely Thursday’s filing with the Securi-
and giving a clearer picture of ties and Exchange Commission,
Low Energy Prices
the automotive group’s underly- Supervalu said its shareholders Boost Railcar Orders 1941–2016
ing performance. would own at least 80% of the Railcar maker Greenbrier Cos.
The change would put Ford’s newly public Save-A-Lot company. reported record revenue as low
results on a more equal footing Supervalu didn’t set a dead- energy prices boosted orders.
with General Motors Co. and Fiat line for taking Save-A-Lot public, But Greenbrier Chief Executive
Chrysler Automobiles NV’s U.S. and a spokesman said there is no William Furman warned Thurs-
division, which had past pension assurance the spinoff will occur. day that order and backlog levels
losses wiped away in bankruptcy. —Ilan Brat will likely come down from their
Ford said Thursday it is shift- “elevated energy-driven peak.”
ing to “mark to market” account-
ing for pension and retiree-bene-
PANASONIC For the November quarter,
Greenbrier delivered 6,900 units
Family Man, Entrepreneur, Philanthropist,
Up to $1.6 Billion
fit plans. The change requires
revisions to earnings dating to Set for Tesla Venture
compared with 4,000 units a year
ago. At quarter-end, the company
Arts Patron, Friend
2011. It also sweeps away bil- Panasonic Corp. President has a backlog of 36,000 units,
lions of dollars in pension-plan Kazuhiro Tsuga said the com- compared with 41,200 units a
losses from previous years that pany would spend up to $1.6 bil- year before. For the quarter ended
Ford had yet to factor in to fu- lion on an advanced battery fac- Nov. 30, Greenbrier reported a
ture results and allows the auto tory with electric-car maker profit of $69.4 million, or $2.15 a
maker to approach coming years
with a cleaner slate.
Tesla Motors Inc., an investment
it hopes will secure it a future in
share, up from $32.8 million, or
$1.01, a year prior. Revenue
Ethical, Smart, Witty, Inspirational,
—Michael Rapoport automotive electronics. jumped 62% to $802.4 million.
and Christina Rogers The Japanese consumer-elec- —Austen Hufford
Visionary, Fun

Pandora to Add Stores and Focus on Earrings

We will miss him.


MATTHEW LLOYD/BLOOMBERG NEWS

New York | Chicago | Houston | Los Angeles | San Francisco | Washington D.C.
London | Amsterdam | Frankfurt | Hong Kong | Tokyo | Seoul

Danish jeweler Pandora A/S plans to add 200 to 300 stores each year between 2016 and 2018 and
will increase its focus on earrings following a similar move to promote rings. The jeweler said
around 60% of new stores would open in Europe, 20% in the Americas and 20% in Asia Pacific.
Above, the site of a Pandora store under construction in Bradford, U.K., last November.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B4 | Friday, January 8, 2016 * *** THE WALL STREET JOURNAL.

BUSINESS NEWS

Shell Executives Sell Deal for BG Boeing


Deliveries
Oil company soothes
investors who worry it
is paying too much
Set Record
for its smaller rival Last Year
BY SELINA WILLIAMS BY JON OSTROWER

LONDON—Royal Dutch Boeing Co. delivered a re-


Shell PLC’s top management cord 762 jetliners last year as
has stepped up engagement airlines world-wide continued
with shareholders and ana- to expand and renew their
lysts this week to convince fleets despite weakening eco-
them of the merits of the com- nomic growth in some large
pany’s proposed multibillion- emerging markets.
dollar bid for smaller rival BG The Chicago-based company
Group PLC ahead of a key was poised to keep its position
shareholder vote on the mat- as the world’s largest plane
ter later this month. maker for the fourth year run-
The cash and stock deal, ning; through November Air-
valued at around $51 billion, is bus Group SE had delivered
important to both companies. 556 planes. However, Boeing’s
If approved, the merger would new orders almost halved from
give the Anglo-Dutch oil giant a year earlier to leave it trail-
a dominant position in the ing its rival in sales.
growing liquefied natural-gas Boeing, which delivered 723
market, as well as stakes in planes in 2014, continues to
highly prized oil fields off- boost production as it
shore Brazil. works through a backlog of al-
BG investors will receive a most 5,800 commercial jets.
chunky premium for selling up The industry’s order boom has
if the deal goes through. But largely been driven by more
the deal has been roiled by fuel-efficient versions of the
BLOOMBERG NEWS

further declines in oil prices in two companies’ best-selling


recent weeks and turmoil in single-aisle jetliners. Airbus
China’s stock market that has secured more than 1,000
pulled down global equities. net new deals across all of its
Investors are also still worried models last year, reflecting its
that Shell is paying too much A platform operated by BG Group in the North Sea. Shell is hoping to gain shareholder approval later this month to buy the company. head start in selling its
for BG, which it proposed to A320neo family of jets.
buy when crude prices were nale behind the deal. to recommend that they sup- BG share widened to around because shareholders are sell- Boeing had aimed to match
about $55 a barrel in April— “They’ve had some tough port the deal, according to 11% on Thursday, an unusually ing the company that is about orders to deliveries in 2015,
about 40% more than they are meetings, but they’re plowing people familiar with the mat- high margin so close to a to be acquired. But investors having cautioned that airlines
now. on and they’re not going to ter. ISS didn’t respond to re- shareholder vote for a deal. and analysts said external fac- and lessors were easing up on
Shell Chief Financial Officer pull out of this deal now— quests for comment. Shell and The gap—known as the risk tors such as the falling oil

762
Simon Henry has been press- they’ve gone too far,” said a BG are scheduled to hold arbitrage spread—is an indica- price are blowing the spread
ing the flesh with investors person familiar with the mat- meetings Jan. 27 and 28, re- tor of what buyers could make out. Crude prices fell again
and analysts this week in Lon- ter who was at one of the spectively, for shareholders to when investing in an acquisi- Thursday, with the U.S. bench-
don. Chief Executive Ben van meetings. Shell confirmed the vote on the tie-up. tion target ahead of a deal’s mark slipping below $33 a Boeing’s jetliner deliveries in
Beurden has had a series of meetings and said the fall in The offensive comes as completion. Spreads typically barrel before finishing at 2015, up from 723 planes a
telephone calls with U.S. in- oil prices hadn’t undermined some investors wonder narrow as shareholder vote $33.27. year earlier.
vestors, and is expected to the rationale for the deal. whether the deal will be com- approaches. Shell estimated that the
meet with U.K. shareholders in Institutional Shareholder pleted at all. The spread be- A widening spread could long-term oil price needed for
London on Friday and next Services, which advises inves- tween the value of BG’s share mean investors aren’t confi- the deal to break even is in the new deals after three straight
week to press home the ratio- tors on such deals, is expected price and Shell’s offer for each dent the deal will be approved low $60-a-barrel range. years of its securing 1,200-plus
orders. Cancellations remain
below historical averages de-

It Can Be a Tough Road for Interim CEOs


spite slowing growth in big
markets such as China.
Higher production from its
factories in Washington state
BY RACHEL FEINTZEIG have tapped interim bosses in About 29% of interim CEOs Mogul’s interim boss. “I would and South Carolina are central
AND JOANN S. LUBLIN recent years. Such power permanently end up with the make decisions that made to Boeing’s plans to fund a big
transfers typically occur when top job, according to research sense to me and didn’t overly share buyback program and
It’s hard being the in-be- a CEO falls seriously ill, leaves by Gary Ballinger, an associate worry whether the next guy bolster its military business
tween boss. for a different job or gets professor of commerce at Uni- would do it differently,” he re- until Pentagon spending starts
The temporary chief execu- forced out by fellow directors. versity of Virginia’s McIntire called. climbing again during the next
tives of Valeant Pharmaceuti- At Mattel, Christopher Sin- School of Commerce, and a col- Acting chiefs typically serve several years.
cals International Inc. and clair was made interim CEO and league. The analysis of 2,500 for less than a year. The ex- Boeing, which will celebrate
United Continental Holdings chairman when Bryan Stockton public companies found those ception was Sears Holdings its 100th birthday in July, beat
Inc. are currently getting a resigned in January 2015 after run by temporary chiefs had Corp.’s W. Bruce Johnson who its own delivery target of up to
taste of the challenge while a disastrous holiday season. Mr. weaker profit and stock perfor- was interim head of the retail 755 jets, as it boosted produc-
the firms’ full-time leaders are Sinclair was lead director at the mance than those that immedi- chain for three years until tion of single-aisle 737s and its
undergoing medical treatment. time and the company’s lon- ately replaced their CEO. 2011 when the company set- advanced long-range 787
Few management assign- gest-serving board member. He The search for a permanent tled on a permanent leader: Dreamliner. The company
ments hold as many pitfalls as ascended to permanent CEO CEO is another distraction for Lou D’Ambrosio, a long-time added 768 new net orders and
that of the interim boss, say three months later. acting chiefs, Prof. Ballinger technology executive who had recorded 110 cancellations in
those who advise and research Mr. Sinclair said his Mattel says. Meanwhile, less senior ex- been consulting with Sears. 2015, compared with 1,432 or-
MATTEL

such leaders. Temporary lead- board experience gave him “a ecutives “tend to just sit there,” In many ways, the job of ders and 118 cancellations a
ers must show strength and sense of things, but you don’t and put off launching new the interim boss is defined as year earlier.
rally the troops during uncer- have a really deep understand- Mattel CEO Christopher Sinclair products or making decisions much by what a leader cannot As of the end of November,
tain times, but they also can’t ing” before becoming the com- because there is not a perma- do than by what he can. Airbus had accumulated 1,007
make bold changes or act like pany’s temporary top boss. cruiters DHR International. nent, powerful chief there to “It’s king for the day,” says net orders. The European
they will run the place long- Among other things, he re- Brash action can anger the endorse ideas or award credit. Davia Temin, CEO of Temin & plane maker is set to report its
term. In effect, the interim ti- called, he spent his first 45 company’s board of directors, The financial impact can Co., a Manhattan-based repu- full-year figures on Jan. 12.
tle says: “ ‘I am only keeping days trying to diagnose Mattel’s but tepid leadership can hurt vary depending on whether tation, crisis management and Lower oil prices are easing
the chair warm for somebody pressing problems and which an executive’s chances for ad- the prior leader left suddenly leadership coaching firm. She’s fuel bills for airlines, and inves-
else,’ ’’ says Robert S. “Steve” executives he could count on vancement after the perma- because of illness or was fired. currently coaching two interim tor concern that cheaper crude
Miller, a turnaround expert for its turnaround. “I don’t nent leader returns or arrives. Mr. Miller, a turnaround ex- CEOs, and says the job of tem- and rising interest rates might
who twice served as temporary think there were too many Some interim chiefs plucked pert, often resisted the “in- porary leader can weigh heav- damp demand for new jets in
CEO of Federal-Mogul Corp. hours of sleep in those first 45 from senior management resume terim” title during his years ily on executives in that role. the cyclical industry has hung
United and Valeant are just days,’’ Mr. Sinclair added. their prior role or take a differ- running eight different compa- They can’t commit to an or- over Boeing and Airbus, even
the latest big businesses turn- Interim leaders risk criti- ent internal position, such as nies. Now the head of Interna- ganization too deeply because as both piled up fresh orders.
ing to temporary leaders. Mat- cism for being too assertive or chief operating officer, Mr. Cohn tional Automotive Compo- they’ll likely be out soon. “It’s Boeing shares fell 4.2%
tel Inc., Starwood Hotels & too docile, says Jeffrey Cohn, says. Regardless, he added, “It’s nents Group, Mr. Miller says a short runway,” she says. “An Thursday to $133.01, among
Resorts Worldwide Inc., Ya- managing director for global hard to go back to hamburgers he just tried to act like a CEO interim CEO will rarely be able the biggest decliners of the
hoo Inc. and Best Buy Co. also CEO succession planning at re- when you have had filet.” during his stints as Federal- to change the culture.” Dow Jones Industrial Average.

UNITED situation with Oscar and have


confidence the United board
will do the right thing,” an Al-
timeter spokesman said, de-
the United Network for Or-
gan Sharing, a nonprofit
group that manages the or-
gan-transplant system under
Continued from page B1 clining to comment on the contract with the federal
of ValueEdge Advisors, a firm firm’s intentions. government.
that promotes good gover- The outlook for heart trans- But a number of factors can
nance and shareholder rights, plant patients includes numer- affect that. They include loca-
said she thinks United has ous variables. Dr. Randall Star- tion—in part, because regional
handled disclosure about the ling, director of the heart- population differences and
CEO’s condition “very poorly.” transplant program at variance in donor-organ par-
Thursday’s update was “better Cleveland Clinic, said recovery ticipation affect the supply of
but inadequate,” she said. generally includes 10 to 14 organs—and degree of illness.
United reiterated Thursday days in the hospital, weekly The sickest patients are called
that Mr. Munoz is expected to follow-ups for four to six first if they have the right
return by the beginning of the weeks, numerous tests and blood type, degree of immune-
second quarter, and said it cardiac rehabilitation three system match, genetic makeup
would have no comment about times a week for 36 sessions. and weight. The organ-sharing
criticism of its disclosures. “If I had a 57-year-old pa- network said the median wait
Mr. Munoz’s absence has tient who had a successful for the sickest heart-trans-
extended the management tur- transplant today and he asked plant candidates was 108 days
moil that dates to early Sep- when he could return to work, in 2013 and 2014.
tember, when his predecessor, I’d say two to three months, Separately on Thursday,
Jeff Smisek, was ousted. Exec- best-case scenario. Average, United disclosed in a federal
utives have been juggling du- closer to four to six months,” filing Mr. Munoz’s employment
ties and trying to hew to Mr. said Dr. Starling, who said he agreement, which he hadn’t
Munoz’s vision even as they has treated more than 1,000 finished negotiating when he
contended with vacancies on patients. Others, he said, can fell ill. The five-year contract,
the bench. take a year or more. In most dated Dec. 31, will have an ini-
Earlier this week, United’s big transplant centers in the tial base salary of $1.25 million
NICK UT/ASSOCIATED PRESS

10th-largest investor, hedge U.S., 90% or more of the pa- annually and make Mr. Munoz
fund Altimeter Capital LP, re- tients are alive and well a year eligible for cash bonuses and
ceived Federal Trade Commis- later, he said. long-term incentive awards.
sion approval to allow it to Waiting times for a new The accord awards him a sign-
take a more active role in its heart also vary widely. The ing bonus comprised of $5.2
investment—9.3 million UAL median wait for a donor million in cash and $6.8 mil-
shares as of Sept. 30. “We are heart in the U.S. in 2013-2014 lion in equity awards vesting
obviously concerned about the was 324 days, according to over three years. United has faced questions about how and when it disclosed information about its CEO’s health.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * Friday, January 8, 2016 | B5

TECHNOLOGY @wsjd | wsjd.com

CEO Brian Krzanich, in a


Highlights speech last year, showed how
high-end drones could use an In-
From CES tel camera technology called Re-
alSense to avoid obstacles with-
out human assistance. This year,
Mr. Krzanich demonstrated how
a new consumer-targeted drone
from Yuneec called Typhoon H
could also follow a biker on a
A Tale of Two TVs mock-up of a forest path, while
Television technology made taking video of the action. “Any
progress at both the high and other commercial drone out
low ends at the Consumer Elec- there would have crashed into a
tronics Show. This year’s top LG, tree,” Mr. Krzanich said.
called the G6, can make its pix- —Don Clark
els significantly brighter than
last year’s model, meaning more
EMILY PRAPUOLENIS/THE WALL STREET JOURNAL

lifelike images. It is also the first


LG Display Shows
to support both Dolby Vision ‘Rollable’ Screens
and HDR10, which refers to LG Display Co., which makes
high-dynamic range video. display panels for smartphone
Exact pricing on this spare- and TV makers, used CES to be-
no-expense set will come later gin showing potential clients a
in the year, but it is replacing a prototype of a “rollable” dis-
model that currently sells for play—an 18-inch film-like sheet
$6,000 at retail. On the other of plastic substrate that can roll
end of the price spectrum, a up like a newspaper.
standout came from up-and- While the prototype is still
coming Chinese maker Hisense. several years from commercial-
WSJ columnist Geoffrey A. Fowler tries out the R70i Age Suit, made by Applied Minds for insurance firm Genworth Financial. The suit In April, the H8, a 55-inch 4K TV ization, LG Display is hoping to
simulates vision and hearing loss as well as reduced mobility. Genworth hopes it will help caregivers better understand their patients. with some limited HDR content spark ideas for how it can be
support will sell for $700. used by device makers like Ap-

High-Tech Suit Can Simulate Aging


—Geoffrey A. Fowler ple Inc. Rollable displays are an
intermediate step for panel mak-
ers like LG Display, which hope
Snowden in Vegas to make bendable displays.

L
AS VEGAS—Can tech- The unforgettable, and at through a screen. But then, ing around and lifting my Edward Snowden, at risk of —Jonathan Cheng
nology teach you what times distressing, experience the Age Suit’s augmented-re- arms became extremely diffi- arrest if he enters the U.S., ap-
it feels like to be old? shed light not just on aging, ality software distorts that cult. My heart rate rose, and peared at the Consumer Elec-
Amid the hype about vir- but also how virtual reality view, to simulate the effects I was sweating enough that tronics Show anyway—courtesy
IBM’s Watson Helps
tual reality and robotics at equipment can teach empa- of vision problems: cataracts, my Age Suit needed a good of a robot-like device called Humanoid Robot
CES 2016, I strapped on a thy and shape our percep- macular degeneration, float- wash after I was done with Beam that uses a technology International Business Ma-
headset and exoskeleton de- tions of the world around us. ers and more. The glaucoma it. Mr. Ferren reminded me called telepresence. chines Corp., pivoting back to-
signed to make The suit made me feel like I simulation made my periph- that I still didn’t have it as The former National Security ward consumer applications,
you feel 40 was nearly 80 years old. eral vision gradually de- bad as someone who really Agency contractor and whistle- hopes to play a role providing
years older. “I would like a new dia- crease until I was left with suffers from arthritis: The blower appeared virtually at the data services in connection with
That’s right, logue on aging,” said Bran tunnel vision of just what’s Age Suit didn’t actually add booth of Suitable Technologies gadgets. But a star of its CES
older. The R70i Ferren, a former Disney in front of me. pain to my joints. Inc., maker of Beam, where he show was a robot.
Age Suit, made Imagineer and president of For hearing, the head- Genworth, which sells was interviewed by Peter Dia- Virginia Rometty, IBM’s CEO,
PERSONAL by a tech firm, R&D who co-founded Applied phones in the Age Suit added long-term-care insurance, mandis, founder of Xprize Foun- hosted a demonstration of a ro-
TECH Applied Minds Minds. “You can intellectual- the ringing of tinnitus and plans to tour the U.S. with dation and executive of chair- bot called Pepper whose perfor-
GEOFFREY LLC for Gen- ize these things all day long, raised background noise, the suit as part of its “Ag- man of Silicon Valley’s mance is enhanced with the com-
A. FOWLER worth Finan- but when it becomes an emo- making regular conversation ing Experience,” which also Singularity University. pany’s Watson data-analytics
cial, an insur- tional first-person experi- far more challenging. includes displays that let —Don Clark software. The robot was built by
ance company, ence, it is very different.” The most shocking part of onlookers glimpse the expe- Japan’s SoftBank Group Corp.
simulates vision and hearing Once I suited up in the the experience came from the rience of the person wear- Pepper, billed as the world’s
loss, as well as reduced mo- 40-pound kit—a three-person exoskeleton, which uses sen- ing it. The company says it
Intel Looks to New first robot capable of under-
bility from muscle deteriora- job—Mr. Ferren guided me sors to monitor eight joints in hopes to help caregivers Tech for Franchises standing human emotions, has
tion and arthritis. through the tech he’d devel- my arms, legs and hips, and gain a better understanding Chip giant Intel Corp. is in- been a hot item since becoming
Many of the same tech- oped to impair my senses then apply mechanical resis- of their patients—and per- vesting heavily in developing available to Japanese consumers
nologies could be used in and strength. As is often the tance to slow me down. The haps get the rest of us to technology for devices like in June 2015. It has a bit of an
exoskeletons that give us su- case, my vision went first. suit doesn’t move your mus- better appreciate our own drones, hoping to build new attitude, answering “bummer” to
perhuman capabilities, but An Oculus virtual-reality cles with you—it puts on the aging. “It gives you the franchises beyond PC processors. one question put to it.
think of this one as a reverse visor was fitted with cameras brakes. ability to look after your fu- It gave a glimpse at how far the —Don Clark and
Iron Man. so you can see what is ahead Ordinary tasks like walk- ture,” says Mr. Ferren. technology has come. Alexander Martin

DON’T MISS WSJ THIS WEEKEND

REVIEW
Two Cheers for Political Spin
Americans gripe about today’s shallow, scripted politics, but presidents have used tools like photo ops,
speechwriting and polling for much of the past century—and often for their biggest achievements, writes
historian David Greenberg.
Credit: Ed Clark/The LIFE Picture Collection/Getty Images
©2015 Dow Jones & Company, Inc. All rights reserved. 6DJ3060

OFF DUTY REVIEW OFF DUTY


The Price of Beauty Our Puzzling Failures in Diesel’s Last Ride?
Women are confronted with ever more ways to Math Education Though diesel technology is on the way out, Range
spend money on beauty and physical maintenance. Lessons in math don’t have to be so dry and boring. Rover’s Td6 SUVs make a case for how well the
But what’s worth it—and what’s not? Physicist Frank Wilczek on logic puzzles, games of engines work.
Credit: Getty Images Credit: Jaguar Land Rover North America
chance and other ways to entice students.
Credit: Getty Images

INSIDE YOUR PAPER, ONLINE & IN THE WSJ APP TOMORROW.


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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B6 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

BUSINESS NEWS

Bar-Code Scanners Pick Up Speed Time Warner


Extends
Warehouse operators
hope new devices can
Contract of
improve picking rates, CEO Bewkes
ease wear on workers BY CHELSEY DULANEY
AND KEACH HAGEY
BY LORETTA CHAO
Time Warner Inc. said on
Industrial scanner guns— Thursday that it has extended
the bar-code readers used in Chief Executive Jeff Bewkes’s
warehouses world-wide—are employment contract through
CHRIS RATCLIFFE/BLOOMBERG; SCANNER: ZEBRA TECHNOLOGIES

getting a makeover, as retail- 2020.


ers scramble to boost produc- The three-year extension
tivity amid a surge in online doesn’t change his compensa-
orders. tion, which was valued at
From “rings” that workers $32.9 million in 2014. Mr.
wear on their hands to modi- Bewkes has been Time War-
fied smartphones, companies ner’s CEO since 2008, adding
are testing alternatives to the the chairman title in 2009.
“brick on a stick” scanners Mr. Bewkes, who worked his
that have been the industry way up the ranks of Time War-
standard for decades. ner, has avoided making big,
The goal: shave a few pre- risky acquisitions and has
cious seconds off the time it streamlined the company over
takes for workers to select, the past few years. He spun off
pack and ship items. Ware- its cable systems, AOL unit and
house workers use scanners magazine publishing unit, cre-
thousands of times a day. Re- ‘Brick on a stick’ scanner guns are being revamped. Above, an Amazon facility in the U.K. in 2014. Below, a new scanner from Zebra. ating a company more focused
tailers rely on the devices— on content.
not to be confused with the manager of Exel Logistics, a Inc. on both price and ume, said Regenia range of wrist movement than Time Warner owns the War-
smaller scanners found at unit of Deutsche Post DHL, speed has forced Sanders, a supply- with top-heavy scanner guns. ner Bros. film and TV studio
checkout counters—to keep said his employees make them to look for any chain consultant with A camera lets users see items and major cable networks such
track of hundreds of thou- roughly 3,000 scans each dur- way to cut costs and SSA & Co. as they scan them, to prevent as HBO, CNN and TNT.
sands of goods stored in, and ing a 7.5-hour shift. He said shorten delivery Warehouse work- mistakes. Time Warner’s shares
moving around, massive dis- that in a three-month test of times, experts say. ers can suffer from John McCranor, vice presi- gained $1.58 to $70.20 in 4
tribution centers. Zebra’s new device his em- The most sophisti- carpal tunnel syn- dent of warehouse operations p.m. trading Thursday, and are
Zebra Technologies Co., ployees had 10% to 20% im- cated of these compa- drome and other in- at Lifetime Brands Inc., which up 162% since he became CEO.
the biggest maker of scanners, provement in picking rates— nies already analyze juries from repetitive ships KitchenAid and Mikasa- But the last six months have
is the latest to offer an alter- or the speed of assembling the movements of movement. The trans- branded household products been challenging for the entire
native. The company is bet- orders—in part because they their employees down portation and ware- directly to online shoppers media industry. Fears that con-
ting on a new version of its no longer had to push buttons. to minute details. housing industry has the from a warehouse in New Jer- sumers are dropping cable TV
gun that eliminates the need “In the big scheme of the Global sales of mobile highest rate of occupa- sey, said shaving even a sec- subscriptions spooked inves-
for warehouse employees world, it sounds like nothing,” scanning devices used in tional injuries and ill- ond off the picking or packing tors, and Time Warner’s stock
to continuously extend their Mr. Bonner said. “But when warehouses reached nesses among private- process is a priority. has fallen nearly 20% during
arms or rotate their wrists. you take away three [button] about $850 million in sector industries, Over the past year, he that period.
Zebra, which is based in Lin- touches, that’s like three 2015, up 33% since 2013, according to the U.S. Bu- started using ring scanners to In November, Time Warner
colnshire, Ill., says the baton- halves of a second. And you’re according to VDC Re- reau of Labor Statistics. help keep pickers’ hands free lowered its profit guidance,
like device, which features a shipping thousands of ship- search. “The explosion of The new Zebra to carry more product at once. citing a host of factors includ-
touch screen and camera, will ments a day.” e-commerce has really TC8000, which will list The rings increase picking ing cable-TV subscriber de-
increase scanning speed and Retailers and others that driven the market need for for $2,895 and up, runs soft- speed by 40%, he said, but clines, plans to invest more in
reduce stress on workers’ sell online, as well as logistics investment in data-capture so- ware powered by Google Inc.’s cost about $6,500 each, al- digital platforms and the effect
arms. The company, which ac- companies, are hungry for lutions,” said Richa Gupta, an Android and is controlled by a most double the price of a gun of a strong dollar.
quired scanner maker Motor- new ways to improve effi- analyst at the firm. large touch screen, rather scanner. At the same time, Mr.
ola Solutions Inc. in 2014 and ciency to counter the added At the same time, more er- than the buttons typically “Most of our growth was in Bewkes announced that the
makes printers, plans to roll labor and transportation costs gonomic design would help found on scanner guns. It is the e-commerce business. It’s company was considering
out its new device on Thurs- associated with filling online warehouse workers, who are designed so that the handle is more labor intensive,” he said. holding back some of its tele-
day. orders. Competition from e- pushed to their limits han- the heaviest part of the de- Picking speed, he said, is “a vision shows for longer on its
James Bonner, general commerce giant Amazon.com dling the ballooning order vol- vice, allowing users a wider huge consideration and issue.” own platforms before selling
them to streaming services
like Netflix and Hulu.

APPLE first time since the iPhone de-


buted in 2007.
“We’re entering the first
phone cycle without growth
iPhone sales in the current
quarter ending March to 45
million units from an earlier
estimate of 54 million units.
Apple Watch, its first all-new
product since the iPad. Horace
Dediu, an analyst with
Asymco, estimates that Apple
ing concerns that iPhone de-
mand had peaked.
Adding to the iPhone jitters
is the market volatility in
In 2014, Mr. Bewkes led
Time Warner in rebuffing a
takeover bid from 21st Century
Fox Inc. that valued the com-
Continued from page B1 and I think that is now mani- His forecast implies a 26% de- will sell 21 million watches in China. It passed Europe as Ap- pany at $85 a share.
of Catcher Technology Co., a festing itself,” said Timothy cline from a year earlier. its first year. That would make ple’s biggest overseas market In the wake of the rebuffed
Taiwanese maker of casings Arcuri, an analyst at Cowen The uncertainty surround- Apple Watch an at least $7 bil- and is growing faster than any bid, Time Warner helped set
for Apple products which and Co., who downgraded his ing the iPhone clouds some lion business. other region. China accounted off a trend in the industry
warned that it didn’t expect rating for Apple shares to business strengths. In October, However, sales of the iPad for 25% of Apple’s sales in the when Mr. Bewkes decided to
sales to grow in the first half “market perform” in July on Mr. Cook said Apple is seeing have fallen two straight years. past fiscal year. offer HBO “over the top,” or to
of 2016, fell 10% on Thursday. concerns that full-year iPhone more people switch from And Apple has struggled to When Chinese shares fell people without pay-TV sub-
In part, the larger-screen sales could decline. handsets running Alphabet get a streaming TV service off sharply in August, Mr. Cook scriptions. He promised ag-
phones sold so well that they Apple Chief Executive Tim Inc.’s Android software and the ground. It is working on assured investors that its busi- gressive earnings targets,
set a high bar for future Cook has said iPhone sales that the majority of its iPhone an electric car, but that proj- ness remained strong. In Octo- helping to send the stock
growth. But new iPhone mod- should increase in the Decem- customers had not upgraded ect is years away. ber, he told analysts that re- above Fox’s offer price for a
els that arrived in September ber quarter compared with a to the bigger-screen models. Apple has been here before. sults in China are not while. On Thursday, the stock
lack the type of noticeable year earlier when it sold “The fact is iPhone is so big In early 2014, the stock dependent on minor changes changed hands at about where
changes that prompted con- nearly 75 million iPhones, but and such a dominant portion plunged after Apple reported in growth in the Chinese econ- it was before Fox made its
sumers to flock to the bigger- he has declined to offer a pro- of the business, if it stumbles, weaker-than-expected iPhone omy. He also said that based move.
screen phones, raising the jection for the rest of the year. nothing can take its place,” sales in its fiscal first quarter. on sales trends, he wouldn’t The Wall Street Journal was
possibility that Apple could On Thursday, RBC Capital said Bernstein Research ana- The iPhone 5S was seen as an be able to guess that there part of the same company as
sell fewer iPhones than it did Markets analyst Amit Darya- lyst Toni Sacconaghi. incremental improvement was any economic issue at all 21st Century Fox until
in the previous year for the nani lowered his projection for Last year, Apple introduced from its predecessor, prompt- in China. mid-2013.

Weather The WSJ Daily Crossword | Edited by Mike Shenk


Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
1 2 3 4 5 6 7 8 9 10 11 12 13 59 It’s different for PUZZLE
CONTEST
Edmonton
d 10s <0
Vancouver
Vanc -0s 0s
Dominicans
Calgary 14 15 16
60 Strong part of a
Seattle 10s
0s Winnipeg
p 17 18 19 woodpecker
20s 20s
61 Warning signs 23 Eponymous
Por
P tl d
Portland 30s 20 21
Helena Ottawa
Montreal 62 Tractable auctioneer John
Bismarckk 40s
Billings
30s Augusta
A g t 22 23 24 Down 24 Curves at the top
Eugene
g
Boise
10s p s / . Paul
Mpls./St. Pa T t
Toronto t
Boston 50s 1 Jim who of a glass
P
Pierre A bbany
any
Albany 25 26 27 28 29 30 31
20s Milwaukeek artford
Hartford 60s dropped out 25 Swindler
Detroit
t l
Buffalo
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Sioux
Reno C h g
Chicago Cleve
Cl l d
Cleveland New
ew York 70s 32 33 34 of the 2016 26 Believer in
Des
es Moines 20-Across
C h y
Cheyenne
Pittsburgh
Pit b g h 40s Ph hil d lphi
h
Philadelphia 80s presidential race
Salt
alt Lake City Springfield
p g d Indianapolis 35 36 37
Sacramento Denver Omaha h
hington
Washingtongton D.C.
DC 90s 2 Mohammed bin 27 Choice words?
an Francisco
San To p k
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Louis Charles
h
Charleston 38 39 40 Rashid Al 28 With 34-Across,
LLas Colorado
C d Richmond
h d 100+
Ve g
Vegas p
Springs h
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Kansas LLouisville
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30s City Nashville
h l i h
Raleigh 41 42 43
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A b q q
Albuquerque Charlotte
C h l
Memphisphi
h 44 45 3 Capital on the 29 More loyal
50s C b
Columbia
San Diego 60s Ph
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Phoenix Oklahoma
kl homa C Cityy
Atl t
Atlanta Warm Rain Baltic Sea
T c
Tucson
Little Rock
46 47 48 49 50 51 52
30 Relaxed
gh
Birmingham
Ft. Worthh Dallas
D ll Jack
Jackson
Cold
4 Some artwork 31 Isn’t working
El P
Paso T-storms
60s bil
Mobile Jacksonville
Jack ill 53 54 55 56 5 89 or 93, 36 Like right away
0s Austin
A ti
Houston Stationary Snow commonly 37 Cyberspace place
ew Orleans
New l d
Orlando 57 58 59
20s 10s an Antonio
San A Tampa 6 Beam 39 Van Cliburn’s
80s 70s Showers Flurries 60 61 62 7 102, once specialty
A h g
30s Anchorage Honolulu
l l 70s Miami
40s 70s 8 Mitt Romney’s 40 Bunch of bats
Ice
CONTINENTAL DRIFT | By Matt Gaffney wife
42 Sure to work
9 Navigator’s units
43 Prepares to be
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
The answer to this 20 God with four 40 It might be fit 10 Animal named knighted
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; week’s contest mouths for a king from the Latin
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 35 19 sn 20 1 c Frankfurt 43 36 c 44 38 pc crossword is a 21 Sharpie, e.g. 41 Then do this to 46 Posturing type
Orlando 77 60 sh 78 60 sh Geneva 46 42 r 50 39 r for “little thief”
Today Tomorrow Philadelphia 46 39 c 54 48 c Havana 81 68 pc 83 68 pc proper noun. 22 Many Scotsmen your result from 11 Colorado
47 Athletic trainer’s
City Hi Lo W Hi Lo W Phoenix 55 42 r 57 43 pc Hong Kong 69 63 s 69 64 c 25-Across roll
Across 24 Carol Brady’s Avalanche
Anchorage 24 22 c 32 24 sn Pittsburgh 42 37 r 50 42 sh Istanbul 49 41 pc 52 45 s
husband 44 How Cheerios defenseman 48 “At Last” singer
Atlanta 55 45 pc 55 44 r Portland, Maine 35 27 pc 39 36 c Jakarta 90 76 t 90 77 t 1 Existed James
Austin 69 40 pc 56 31 pc Portland, Ore. 44 34 pc 42 36 r Jerusalem 50 43 sh 54 41 pc 5 Black-and-white 25 Then do this to taste Johnson
Baltimore 45 36 r 50 46 sh Sacramento 53 44 pc 55 39 r Johannesburg 87 59 c 81 58 t your result from 45 Kate Bush song 12 Houston 50 Pot chips
mammals
Boise 36 26 c 34 24 c St. Louis 54 41 c 43 15 sn London 49 42 pc 51 41 r 17-Across “Snowed ___ university 51 Rolls-Royce roller
Boston 41 36 sh 43 40 r Salt Lake City 33 24 sf 34 20 c Madrid 55 46 sh 53 48 sh 10 Plant on talk
32 One might hold Wheeler Street” 13 Approach 52 Wild way to run
Burlington 37 31 pc 40 37 c San Francisco 54 47 pc 56 44 c Manila 87 76 pc 87 75 s show sets
Charlotte 51 40 c 55 45 r Santa Fe 33 19 sf 32 16 pc Melbourne 73 58 pc 77 56 pc the door for you 46 Camper’s fuel 18 Representation 54 Branch
Chicago 42 35 r 40 23 sn Seattle 44 34 pc 43 36 r Mexico City 70 39 s 72 43 s
14 Release
33 Shades 49 List of mistakes 19 Cause of some 55 Tall tale
Cleveland 43 40 r 50 42 c Sioux Falls 31 7 sn 8 -10 c Milan 42 34 c 41 35 r 15 “Dirty Rotten
Dallas 67 40 pc 49 30 pc Wash., D.C. 45 39 r 53 46 sh Moscow 10 4 c 10 -6 sn Scoundrels” 34 See 28-Down 53 Now you have scandals in the 56 Quisenberry or
Denver 24 12 sn 27 10 pc Mumbai 90 72 pc 90 71 pc actor 35 Winds down the answer, one art world Quayle
Detroit
Honolulu
41 38 r
84 71 s
48 39 c
82 67 sh
International Paris
Rio de Janeiro
46 38 c
95 78 pc
50 42 sh
95 77 t 16 County of 36 Hemsworth or of these, and
Previous Puzzle’s Solution
Houston 71 49 t 60 37 pc Today Tomorrow Riyadh 79 58 pc 75 49 pc northern Ohio Pratt without leaving
M E
N U S C I F I A B A
Indianapolis 48 43 c 50 29 r City Hi Lo W Hi Lo W Rome 61 53 c 62 53 sh 17 To get the 37 Use vulgar words the continent in I R
O N L E D O N R A N
Kansas City 42 28 c 29 9 sn Amsterdam 46 37 c 45 42 c San Juan 84 71 sh 84 71 pc
contest answer, 38 Tumult 17-Across R I
O T S A L L O T M S G
Las Vegas 53 37 pc 51 37 pc Athens 62 48 s 63 51 pc Seoul 36 21 s 36 25 pc E Q
U I T A B L E E MA I L
Little Rock 62 49 pc 56 29 sh Bangkok 91 77 pc 92 77 pc Shanghai 46 33 s 49 42 c start with one of 39 Wordsworth 57 Goes (for) T E R N F R A N C E
S A L D A N A S U N R I S E
Los Angeles 59 44 pc 56 47 r Beijing 32 10 s 38 16 s Singapore 87 79 pc 87 77 t these works 58 Court action I D E S T P L A N E T
Miami 79 69 sh 82 71 sh Berlin 38 23 s 35 25 pc Sydney 76 65 pc 78 67 pc P A T T I R A W T I G E R
Email your answer—in the subject line—to crosswordcontest@wsj.com
s

Milwaukee 39 33 r 38 22 sn Brussels 45 36 c 46 42 c Taipei 66 61 pc 70 61 pc A J F O Y T S A L M A


C A P T A I N O U T L O U D
Minneapolis 35 14 sn 15 -4 c Buenos Aires 84 61 pc 87 67 pc Tokyo 52 37 c 54 36 pc by midnight Eastern Time Sunday, Jan. 10. A solver selected at random A P I E C E G I B B
Nashville 60 48 sh 58 35 r Calgary 9 -2 c 14 5 pc Toronto 38 31 r 42 37 c will win a WSJ mug. December 18’s winner: Chris Johannesen, Los M I N S K T O T H E L A S T
New Orleans 71 58 pc 69 45 pc Dubai 75 61 s 78 64 s Vancouver 42 30 pc 42 31 pc E A T E L O P E S I L K Y
New York City 43 38 pc 49 46 c Dublin 44 35 pc 43 34 sh Warsaw 33 28 sn 35 25 pc
Angeles, CA. Complete contest rules at WSJ.com/Puzzles. (No purchase O R E T O K E N S L I P
Oklahoma City 50 31 pc 37 21 pc Edinburgh 38 28 pc 40 35 sh Zurich 46 39 r 47 35 r necessary. Void where prohibited. U.S. residents 18 and over only.) S Y R S P E N T S Y N E
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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GLOBAL FINANCE C3 | MARKETS DIGEST C5 | BIGGEST 1,000 STOCKS C6


GEORGE OSODI/BLOOMBERG NEWS

Tesla’s Shock
Crude Day for Oil

BECK DIEFENBACH/REUTERS
To the System
HEARD ON THE
U.S. price hits lowest since 2004 IN THE MARKETS | C4 STREET | C8
© 2016 Dow Jones & Company. All Rights Reserved. * * * ** THE WALL STREET JOURNAL. Friday, January 8, 2016 | C1
DJIA 16514.10 g 392.41 2.32% S&P 1943.09 g 2.37% NASDAQ 4689.43 g 3.03% 10–YR. TREAS. À 7/32, yield 2.153% OIL $33.27 g $0.70 EURO $1.0933 YEN 117.66 See more at WSJMarkets.com

China’s Shift in Yuan Strategy Backfires


Efforts to steer yuan “There was a sense of mis- omy, according to interviews fully apparent this week, gath- forced to start buying again to
Havens Are
sion accomplished,” said one with more than a dozen Chi- ering momentum Thursday stop the decline from turning
downward to spur of the officials. nese officials and advisers to and hammering global mar- into a rout at the hands of
exports send The IMF stamp of approval the central bank. kets from stocks to commodi- global traders, many of whom Hard to Find
put the yuan in the same Steps they could have taken ties. The reason: The People’s sit just off China’s mainland
investors to the exits league as the dollar, yen and to increase the ease with Bank of China’s efforts to coast in the skyscrapers of In Stock Rout
sterling, a status befitting the which the rest of the world steer the currency lower were Hong Kong. BY CHRISTOPHER WHITTALL
BY LINGLING WEI world’s second-largest econ- dealt in yuan were put on pounced on by investors who For the traders, the PBOC’s AND ESE ERHERIENE
AND ANJANI TRIVEDI omy and one long sought by hold. Instead, the authorities sold in droves, effectively en- convulsions left them shell-
Beijing. have embarked on a perilous gaging the central bank in a shocked as bets as big as $50 Investors looking to
When the International It also, Chinese officials be- path of trying to gradually titanic struggle over who gets million placed by hedge funds weather the turmoil ripping
Monetary Fund added the Chi- lieved, gave them the ability weaken the currency to help to control how far and fast the that trade the yuan outside of through global markets are
nese yuan to its elite basket of to shift priorities from bol- make China’s exports rela- yuan declines. China were put in jeopardy, facing up to a hard truth: Ha-
global reserve currencies in stering the yuan in the eyes of tively cheaper in foreign mar- Even after guiding the yuan traders said. vens don’t offer the protection
late November, officials at the world to enlisting the kets, these people said. to its lowest level against the “For anyone to have confi- they once did.
China’s central bank patted yuan in the national effort to The massive risk inherent dollar in five years on Thurs- dence and take on a position A handful of assets such as
themselves on the back. stimulate the slowing econ- in that strategy became pain- day, the central bank was Please see CRISIS page C3 government bonds, gold and
oil previously acted as shock
absorbers in investor portfo-

What Top CircuitBreakersShowTheirLimits


lios, rising in value when oth-
ers fell through the floor. Now,
investors find these hedges

Investors are no longer dependable.


Government bonds have
edged higher this week while

Are Doing the S&P 500 has slid 4.9%, but


they have done little to shield
investors from the severe

In Reaction bouts of volatility that have


hit markets over the past sev-
eral months.
The MSCI World Index,
Even as China’s troubles which tracks stocks across de-
spread through global mar- veloped markets, is down 10%
kets, many investors have from its peak last May through
clung to the belief that the Wednesday, the latest avail-
U.S. will withstand the down- able data.
turn due to its steadily ex-
panding economy. Jeffrey Gun-
dlach isn’t one of them.
Investors are finding
gold and Treasurys
By Gregory are no longer
Zuckerman,
Sarah Krouse and reliable hedges.
Timothy W. Martin

Mr. Gundlach, founder of Over that same period, in-


$85 billion asset manager vestors holding 10-year U.S.
DoubleLine Capital LP, was Treasurys have earned a 1.2%
among several investors who return, according to Citigroup
spoke to The Wall Street bond indexes.
Journal on Thursday, one of Gold prices used to rise
the worst days for global mar- An investor sits in front of during times of stress, but
kets in months. a darkened stock-market they fell more than 9% over
The veteran bond investor display in Beijing. the same period.
said sharp declines for oil, Meanwhile, concerns over a
commodity, junk-bond and The yuan fell China reported another The Shanghai Composite fell sharply, global supply glut have pushed
stock prices signal deep funda- 6.20 yuan against the dollar. 2% drop in forex reserves. 3600 halting trading for the day. down oil 10% this week to lev-
mental economic problems els not seen since 2004 de-
that some investors are over- 6.40 0 3400 spite an escalating dispute be-
looking in the U.S. and abroad. tween Iran and Saudi Arabia.
Mr. Gundlach worries the Fed- 6.60 –2 3200 Formerly, tensions in the Mid-
eral Reserve is compounding Scale inverted to show dle East would have been ex-
the problems by raising inter- 6.80 a weakening yuan –4 Change from a month earlier 3000 5-minute intervals pected to send oil prices
est rates. 2015 ’16 2014 ’15 Dec. 31 Jan. 4 5 6 7 climbing.
He notes that many finan- “We’re in an environment
cial markets have fallen since Sources: Tullett Prebon (forex); People’s Bank of China (foreign-exchange reserves); FactSet (index) Photo: European Pressphoto Agency THE WALL STREET JOURNAL. where very few of the classic,
September, when the Fed held liquid, safe assets have pro-
off on raising rates due partly BY BRADLEY HOPE crease problems. of 7% was hit two days this breaker, saying it had failed to vided much protection what-
to market turbulence. AND DAN STRUMPF China implemented a mar- week, causing trading to be calm the markets and instead soever,” said Paul O’Connor,
He also said the Dow Jones ketwide circuit breaker on halted Monday and Thursday. worsened the selloff. co-head of multiasset invest-
Transportation Average is at a China’s latest effort to tame Monday ostensibly to help Total trading time Thursday The U.S. had its own run-in ment at Henderson Global In-
52-week low even though oil volatility is another sign that manage expected gyrations in was only about 30 minutes. with unintended consequences vestors, which oversees £82
prices have fallen, an indicator trying to control markets share prices in the weeks and China’s securities regulator from such rules last year. On billion ($120 billion) in assets.
that some point to as fore- through crude tools at the ex- months ahead. But the maxi- announced late Thursday that Aug. 24, volatile trading trig- Many blame this breakdown
shadowing an economic change level may actually in- mum price-change threshold it would suspend the circuit Please see BREAKER page C2 Please see HAVENS page C4
slump.
“You have to wonder what’s

Jobs Gains Put to a New Test Wall Street Traders


going on when every single in-
dicator is weaker, and some
frighteningly weaker,” said Mr.
Gundlach, who said he expects
global growth of about 2% this
year.
BY STEVEN RUSSOLILLO
Solid Ground
added 267,000 jobs, on av-
erage, in a four-month pe-
Face Lower Bonuses
“The stock market has wo- The fallout from China’s U.S. nonfarm payrolls, riod spanning the end of BY JUSTIN BAER cording to people familiar
ken up to the message market turmoil isn’t isolated. annual change 2011 and beginning of 2012. AND CHRISTINA REXRODE with the banks’ plans.
screamed by credit markets It could even halt some of the A similar short-term slow- Those payouts reflect how
for some time that all is not U.S. labor market’s positive 4 million jobs down may not be surprising. On Wall Street this year, bond-trading desks have gen-
well.” On Wednesday, the momentum. 2 Deutsche Bank economists re- the biggest rainmakers may erally produced poor results
World Bank cut its 2016 global Friday’s re- duced their employment fore- feel like they have been left during the second half of
growth forecast to 2.9%, from AHEAD OF port on Decem- 0 casts this week, citing disap- high and dry. 2015.
its June estimate of 3.3%. THE TAPE ber job growth pointing December auto sales When the country’s biggest But even investment bank-
–2
Mr. Gundlach said managers should cap what relative to analysts’ expecta- banks start telling employees ers who helped power a boom
at the firm this week bought was likely the –4 tions. the value of their annual bo- in deal-making that delivered
nondollar bonds for the first second-best year for hiring After comparing the histor- nuses as early as next week, huge profits for their employ-
time since 2011. “It was a large since the turn of the century. –6 ical relationship between auto many traders will suffer sharp ers are expected to get small
number, a basket. Not a rifle Economists polled by The 2006 ’09 ’12 ’15* sales and nonfarm payrolls, cuts, especially those who bumps at best.
shot, a wide net,” he said. The Wall Street Journal estimate *Based on December estimate they found job gains have a specialize in fixed income, ac- “Flat,” said Michael Karp,
bet reflected a view that the December nonfarm-payroll Source: Labor Department tendency to fall short of con- chief executive of recruiting
dollar wouldn’t continue to gains of 210,000 and the un- sensus views whenever auto firm Options Group, “is the
rally. employment rate to fall to first 10% decline in four years. sales miss by as wide a mar- new up.”
“We think there’s a signifi- 4.9%. That would be the first Job growth promptly gin as they did in December. The less-than-boffo payouts
cant probability that the Fed’s reading below 5% since No- slowed. The economy added But even if jobs disappoint, will come as a disappointment
rhetoric will be forced to vember 2007, a month before 153,000 and 145,000 jobs in that shouldn’t necessarily to bankers who worked on a
change,” he said, citing recent the recession began. August and September, re- mark the beginning of a new record amount of mergers and
market weakness. But China’s grip on the spectively, before rebounding. trend. A measure of weekly acquisitions deals in 2015.
Mr. Gundlach said there is global economy, and thereby A similar pattern took jobless claims sits near its There were $4.7 trillion of
about a 30% chance the U.S. U.S. employment, shouldn’t be place during market tumult in lowest level ever. Wages are takeovers announced in 2015,
heads into recession in 2016, dismissed. Consider what mid-2011. After employment finally starting to show some more than any year on record,
SIMON DAWSON/BLOOMBERG NEWS

especially if the Fed makes transpired just this past sum- growth topped 300,000 in signs of growth. Layoffs are according to Dealogic.
good on its promise to con- mer: The U.S. economy aver- April 2011, the labor market at extraordinarily low levels. Revenue from advising
tinue raising rates. aged 243,000 monthly job posted job gains of less than A job-market stumble companies surged at many
“If they keep talking about gains from May through July. 200,000 in six of the next doesn’t have to lead to a prat- banks including Goldman
raising interest rates, I have a Then China and oil rattled seven months. fall. Sachs Group Inc. and Morgan
hard time believing we’ll see U.S. equity markets, prompt- Of course, this proved to Stanley, the top two deal ad-
traction” in financial markets, ing the S&P 500 to suffer its be a blip. The economy Email: tape@wsj.com visers by value, according to
Please see INVEST page C2 Dealogic. At Goldman, for ex-
INDEX Credit Markets.................................................C8 Exchange-Traded Funds......................... C3 Global Finance..................................................C3 Money Rates............................................. C7 ample, financial-advisory rev-
 Heard on the Street: China’s Bond Tables............................................... C8 Currency Trading............................................C5 Finance Watch.................................................C2 Heard on the Street................................... C8 New Highs and Lows................. C4, C7 James Gorman, chief executive enue rose 36% year over year
Cash Prices................................................. C6 Dividend News............................................... C8 Futures................................................................. C6 Markets Digest.............................................. C5 Stock Listings........................................... C6
short day prolongs pain ..... C8 of Morgan Stanley Please see BONUS page C2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C2 | Friday, January 8, 2016 NY * **** THE WALL STREET JOURNAL.

MONEY & INVESTING

Beijing’s Woes Unnerve Expensive U.S. Market BONUS


The continuing Chinese 2010. China’s economy is year, after a volatile 2015. Of Continued from the prior page
market turmoil is hurting U.S. opaque and government-domi- particular concern are oil in the third quarter to $809
stocks for two reasons. nated, and some economists prices, which have hit their million, while at Morgan Stan-
First is the risk that China’s say forecasts could be too op- lowest value since 2008 in ley it jumped 42% to $557 mil-
shaky economy will slow timistic. New York trading. The fear is lion.
growth in Europe and Latin To boost its exports and that oil’s continuing decline Meanwhile, across Wall
America, hurting the big mul- cool imports, China has been will cause some smaller U.S. Street, 2015 trading revenue is
tinational companies that devaluing its currency. The de- energy companies to fail. expected to be roughly
dominate U.S. stock indexes. valuation has hurt its trading The good news is that flat overall, and down 9% in

WU HONG/EUROPEAN PRESSPHOTO AGENCY


Second is the fact that U.S. partners, notably developing global economic weakness fixed income, according to
stocks have been looking ex- countries such as Brazil. probably will slow down any projections from UBS analysts.
pensive and unstable for more Thursday’s 7% drop in China’s plans the Fed has for further Morgan Stanley set aside a
than a year, so they were ripe domestic Shanghai Composite interest-rate increases. U.S. smaller pool of bonus money
for a pullback. Index was touched off by the rate increases push the dol- as a way to rein in expenses
The Dow latest devaluation. lar’s value higher, which hurts following a tough end to the
industrials For the second time this foreign governments that have year on its trading desks, peo-
last hit a high week, trading was halted for borrowed money in dollars. ple familiar with the matter
in May of the rest of the day. The Shang- The stronger dollar along with said.
2015, eight hai stock market is mostly global economic weakness has The firm’s debt, currency
months ago. closed to foreigners and the led global investors to pull and commodities traders will
MONEYBEAT Since then, A China auto factory. Slowing growth in China causes global pain. Chinese investors who domi- money out of developing- absorb the sharpest drop,
E.S. smaller stocks nate it tend to pull money out country markets, further dam- with some seeing cuts of more
BROWNING and those in port to clients. such as the bear markets of at times of devaluations, aging local economies. Fed of- than 20%, according to people
troubled sec- For all their troubles, how- 2000-02 and 2007-09. Bear partly to move money into for- ficials have worried that U.S. familiar with the matter.
tors such as ever, U.S. stocks haven’t fallen markets do happen outside eign currencies. rate increases could damage Those awards mark the con-
energy and commodity pro- into a bear market, defined as times of recession, but they The anxiety has been made the world economy. tinuation of a trend in recent
duction have been falling be- a decline of 20% or more. The are generally shallower and worse by world events, such Money managers widely be- years as new rules on bank
hind, leaving fewer stocks to big reason is that the domestic shorter-lived. as North Korea’s latest nuclear lieve that, before U.S. stocks capital and risk-taking
keep pushing indexes higher. economy has been steadily im- The big worry right now is test and saber-rattling be- could fall into a bear market, squeezed fixed-income profits.
The bull market has been run- proving. Weekly jobless claims that offshore events could tween Saudi Arabia and Iran. the world situation would Morgan Stanley responded
ning for nearly seven years announced Thursday were harm U.S. markets further. As On top of everything else, need to get worse than it is in November by cutting 1,200
and it is getting old. Mean- moderate and economists China’s economy has grown the U.S. Federal Reserve began now. Europe’s economy con- debt traders and salespeople.
while, the weak global econ- hope Friday’s report on De- larger and more complex, its raising interest rates in De- tinues to show signs of recov- Analysts expect CEO James
omy is holding back earnings cember job growth will show pace of growth has slowed, cember. Higher rates mean ery, despite the global woes. Gorman to cut more costs.
at multinationals, further continuing gains. Wages are and with that slowdown has greater borrowing costs for Falling Chinese stock indexes The firm’s equity traders
clouding the U.S. outlook. rising. U.S. auto sales hit a re- come pain. The manufacturing Americans. Tighter money also mostly affect local investors, will get payouts that are flat
“Our investment outlook for cord last year for the first part of China’s economy has means less cash sloshing since foreigners are mostly ex- to down slightly, despite post-
2016 calls for heightened vola- time in 15 years. Auto-industry been in decline for the past 10 around in the financial system, cluded from domestic Chinese ing revenue gains, while in-
tility, given the large number analysts are forecasting an- months, based on surveys of providing less fuel to push stock trading. vestment banker bonuses will
of loose ends and wild cards other record this year. major manufacturing compa- markets higher. But no one can guarantee be unchanged to slightly
that could influence market Few economists see signs of nies. The International Mone- All of this explains why that things won’t get worse, higher.
behavior,” said Robert Landry, a recession. The biggest stock tary Fund forecasts 6.3% many money managers are which is one big reason that At several firms, the differ-
portfolio manager at USAA In- declines in the past have oc- growth for China this year, predicting more up-and-down U.S. markets have opened the ence in payouts is causing
vestment Solutions, in a re- curred at times of recession, down from more than 10% in swings in U.S. markets this year with such sharp declines. grumbling among some stock
traders and M&A bankers,
who feel they deserve a larger

INVEST slice of the bonus pool be-


cause they enjoyed a strong
year, said a number of execu-
tives and bankers across Wall
Continued from the prior page Street.
he said. On an October conference
Here are the thoughts of call with his managing direc-
some other investors: tors, Goldman Chief Executive
Lloyd Blankfein reminded em-
ployees that the fixed-income
‘Air Pocket’ business, currently in the
Eddie Perkin, chief equity

$172,860
investment officer at Eaton
Vance Management, said he
is “inclined to add risk” to the
firm’s stock portfolios in light Average bonus paid last year
of recent global market vola- in New York’s securities
tility, but hasn’t made signifi- industry
cant changes yet.
Mr. Perkin, who oversees
$36 billion across a number of midst of a slump, had carried
portfolios, said it is the firm’s the firm’s results in times
policy to not hold large cash when other divisions strug-
balances in stock funds, so gled, people familiar with the
NG HAN GUAN/ASSOCIATED PRESS

managers are considering matter said.


what to sell to jump on poten- Some of the businesses
tial discounts in the U.S. that have fared well this past
Among the moves he is year had gone through their
contemplating is trimming ex- own slump before the current
posure to consumer staples in M&A boom began. The philos-
the U.S. to add to nonbank fi- ophy extends to how Goldman
nancial stocks such as asset sets annual bonuses, the peo-
managers. ple said.
He said the selloff appears Investors reacted Thursday as Shanghai stocks dropped at the open. Trading was soon halted. Even bankers who receive
to be “an air pocket before cuts to their bonus pay are
corporate earnings” reports
begin next week. BREAKER The halts in China “rein-
force how difficult it is to de-
sign circuit breakers properly”
an unexpected effect on trad-
ing, especially when they are
set too low, said Avanidhar
they want their money out,”
he said. “Part of this is people
just trying to escape before
likely to receive checks well
into the six figures and some-
times beyond.
Continued from the prior page and circuit breakers “often Subrahmanyam, a finance pro- the lockout limit is reached. In Last year, for example,
‘Absolutely Nothing’ gered single-stock circuit cause more problems than fessor at the Anderson Gradu- all likelihood it is exacerbating the average bonus paid in New
“What have we done? Abso- breakers designed to prevent a they solve,” he said. ate School of Management at volatility when the intention York City’s securities industry
lutely nothing,” said Andrew repeat of the 2010 flash crash, After the 2010 “flash crash,” University of California, Los was to limit the volatility.” was $172,860, according to an
Sawyer, chief investment offi- when markets swung down by regulators also implemented Angeles, who has studied The U.S. marketwide circuit estimate by New York state
cer of the $12 billion Maine more than 1,000 points before circuit breakers for individual them. breaker was introduced in re- Comptroller Thomas Di-
pension plan’s response to the sharply recovering. The may- stocks to make markets more The Chinese regulators set sponse to the 1987 Black Mon- Napoli. That was a 2% in-
turmoil in China. hem on Aug. 24 was in large orderly during periods of ex- the level so low that it had a day stock-market crash, which crease over the previous year.
The Maine Public Employees part exacerbated by rules put ceptional volatility. “magnetic or gravitational ef- investigators later concluded Citigroup Inc., J.P. Morgan
Retirement System has about a in place to damp volatility. Mr. Angel, the Georgetown fect,” he said, meaning that as was made worse by a deluge Chase & Co. and Goldman
quarter of its assets invested in In the U.S., trading was re- professor, said there is no con- prices neared the threshold, it of buy and sell orders that got Sachs are all expected to have
international stocks via an stored because the mar- vincing evidence that halting actually caused more panicked clogged in the exchange infra- bonus pools that are roughly
MSCI all-country, passive index. ketwide circuit breaker for the stock market for any rea- trading from those wanting to structure. Instituting a trading flat compared with last year
Trading now is “a pretty halting trading for the day is son other than a disaster or an get their trades finished be- pause, they said, would give or down slightly, people famil-
risky bet. If something is much higher than information event—if the pres- fore it was tripped. breathing room and allow iar with those banks’ plans
cheap, maybe it’ll get cheaper. China’s—20%. ident was endangered, for in- “They blew it with the traders to restore order. said.
Who knows if it’ll rebound?” Still, China’s experience this stance—helps reduce volatility. boundary,” he said. “They The rules were tweaked Citigroup is expected to hit
Mr. Sawyer said. He said he is week is an important warning “Once you halt the market, wanted to reduce volatility but again after the flash crash, some of its fixed-income trad-
concerned about the losses but for U.S. regulators, according the problem is it is difficult to instead people just panicked, lowering the threshold for an ers as much as 20%, while
has no plans to take action. to James Angel, a finance pro- restart it efficiently,” he said. the selloff accelerated and vol- initial halt to 7% from 10%. Bank of America could cut
“If you don’t have some- fessor at Georgetown Univer- There is also the potential atility increased.” Under the current rules, a them as much as 10%. Gold-
thing that’s doing badly in sity who recently completed a that the halt spurs a worse The heavy involvement of 15-minute pause kicks in when man’s fixed-income bonuses
your portfolio, what do they 56-page analysis of the circuit- market reaction, sending individual investors in China’s the price of the S&P 500 index will drop by about 10%.
say? You’re not diversified,” breaker system on behalf of prices dropping when trading markets might make that declines by 7% or more before Bonuses for Bank of Amer-
Mr. Sawyer said. U.S. exchanges. reopens and sparking another gravitational pull even stron- 3:25 p.m. Another is triggered ica’s investment bankers could
halt. ger, said Laurence Taylor, who if it declines by 13% or more. be down 5% to 10%. Goldman’s
“Circuit breakers generally works on the global equities If it crosses 20%, all trading is bankers should see their pay-
sound great if you don’t un- team at asset manager T. halted. If there is a 7% or 13% outs rise by about 10%, on av-
derstand markets,” Mr. Angel Rowe Price. decline at or after 3:25 p.m., erage.
said “A lot of the volume is still trading continues unless it At J.P. Morgan, the nation’s
Circuit breakers can have retail—they are fearful and reaches 20%. biggest bank by assets, bo-
Government of India nuses across its corporate and
Ministry of Finance
Department of Economic Affairs investment bank are expected
****** real estate as part of an effort with a second credit-rating to be relatively flat, people fa-
Applications Invited for the Post of CEO for National Investment and
Infrastructure Fund (NIIF) Finance to diversify its $820 billion port-
folio, the fund managed by Nor-
downgrade in as many weeks on
Thursday, as Standard & Poor’s
miliar with the bank said. But
there will still be some dispar-
National Investment and Infrastructure Fund (NIIF) has been set up by the
Government of India, with an expected initial corpus of Rs. 40, 000 crores (US
Dollar 6.5 Billion approximately). The Fund is set up as a Fund of Funds (Category II
Alternate Investment Fund) with a proposed series of funds. The Governing Council
Watch way’s central bank is facing a
dearth of attractive opportuni-
Ratings Services cut the embat-
tled firm’s rating to junk status.
ity in bonus pools versus last
year among certain groups
of NIIF is chaired by the Finance Minister of India. The Fund is looking to appoint a ties in Europe, North America Noble has been battling to re- such as trading, where there
CEO, who would be responsible for the overall management and operations of the and Asia. “It’s natural for us to but accusations of accounting ir- are expected to be greater dis-
Fund. The ideal candidate should have senior Management experience of at least proceed at a slightly slower regularities for nearly a year crepancies between stronger
15 years, of which at least 5 years should be in area of fund management/financial
sector. Experience in institution building and project execution will be desirable. pace, because uncertainty makes amid a sharp commodities-mar- and weaker performers, some
The CEO’s responsibilities include, but not limited to, the initial set up activities of
REAL ESTATE it more difficult to find the com- ket downturn. Last month, it of these people said.
bination of the right assets and agreed to sell its remaining 49% Over recent years across
the Fund, putting appropriate investment and other relevant policies in place, fund
raising, coordinating with investors, identifying investment opportunities, analyzing Norway May Slow the right price,” Karsten Kallevig, stake in its agricultural joint ven- the industry there has been
them, obtaining necessary approvals, funding, managing the assets post
investment and exiting the investments to meet the Investment Objectives and Pace of Acquisitions who has headed the fund’s real- ture, Noble Agri Ltd., to China’s more pressure from regulators
Policy of the Fund. The compensation for the selected candidate will be marked- Norway’s sovereign-wealth estate arm since Jan. 1, said in Cofco for $750 million to allay to pay for performance and
linked and in tune with industry practice.
fund may reduce the pace of its an interview. concerns over its finances. ding executives for nonperfor-
The selection of a suitable candidate will be done by a Search-cum-Selection
Committee.
property acquisitions because it —Kjetil Malkenes Hovland Noble said S&P’s downgrade mance or control issues, one
considers prices have risen too “is not expected to have a mate- of these people added.
Interested candidates may apply in strict confidence within 15 days from the date
of publication of this advertisement to jsinv-dea@nic.in. Nominations of suitable
much in many markets, accord- NOBLE GROUP rial impact on the group’s opera- That emphasis has in-
ing to the fund’s real-estate tions” and that the sale of its creased at many firms this
candidates may also be sent in the above email id. (Details of NIIF are available in
the website of Finance Ministry, Department of Economic Affairs: chief.
Rating Cut Again Noble Agri stake would improve year.
(http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF2408
2015.pdf) Although it has decided to in- Singapore-listed commodities its position. —Emily Glazer
vest about $6 billion a year in trader Noble Group Ltd. was hit —Jake Maxwell Watts contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Friday, January 8, 2016 | C3

GLOBAL FINANCE
Ties to China Punish Germany’s Shares
Exposure to Chinese clines earlier this week, after to China has become some- terms. (Unlike other bench- better time than the DAX. The Alexander Fitzalan-How-
a round of poor Chinese eco- thing of a liability as that marks, the DAX is generally Nikkei Stock Average is ard, who manages German
turbulence hurts DAX nomic data and as Beijing’s country’s economy slows. The quoted on a total-return basis down 6.65% this week. and European stock portfolios
more than the index’s response fueled fears over the U.S. stock market’s links to that includes dividends.) That Germany’s current vulnera- at J.P. Morgan Asset Manage-
health of the world’s second- China are comparatively mod- is a striking turnaround for a bility comes from exposure of ment, estimates that around
peers in Europe, Japan largest economy. Global stock est, and its declines this week market that climbed as much the country’s major car mak- 10% of revenues of DAX com-
and commodity markets have been less severe. as 25% in early 2015, powered ers and other exporters to panies come from China. That
BY TOMMY STUBBINGTON moved sharply lower as a re- “Germany’s main strength by the European Central waning demand in China. That compares with a European av-
AND RIVA GOLD sult, but those with the big- is turning into a weakness,” Bank’s stimulus program. threatens to overshadow a ro- erage of around 6%, he said.
gest exposure to China, in- said François Savary, chief in- The DAX has fared worse bust economy at home, inves- Mr. Fitzalan-Howard is
As turmoil in Chinese mar- cluding Germany’s stock vestment officer at Prime than the rest of Europe, with tors say. steering clear of major Ger-
kets batters stock prices market, fell furthest. Partners, a Swiss investment the pan-European Stoxx Eu- German companies, partic- man car makers such as BMW
around the world, Germany In recent years, stock mar- firm managing $2.6 billion of rope 600 down 5.4% so far in ularly large firms represented AG and Volkswagen AG, which
has been taking a bigger beat- kets with big ties to China assets. “It relies too heavily 2016. The U.K.’s FTSE 100 has in the DAX, export more is mired in an emissions scan-
ing than most. prospered, as investors re- on world economic activity.” fallen 4.6% this year, and goods to China than their Eu- dal. He prefers media shares,
The flagship DAX stock in- warded companies that had The DAX index is down 7.1% France’s CAC-40 is off 5%. ropean or U.S. rivals, a fact such as ProSiebenSat.1 Media
dex fell 2.3% to 9979.85 on tapped into the world’s big so far in 2016 and has wiped Even stocks in China’s the country’s lawmakers have SE, whose revenues come
Thursday, adding to steep de- growth engine. Now, exposure out all of 2015’s gains in price neighbor Japan are having a long trumpeted. from domestic markets.

Risk From Yuan’s Fall Spans World CRISIS


coriation of those same inves-
tors in a statement that was
rare in its forthrightness.
“Some speculative forces
BY CAROLYN CUI Continued from page C1 are trying to reap gains from
is near on impossible because playing the renminbi,” the
The swift pace of China’s in five minutes’ time you People’s Bank of China said in
currency decline is threaten- could be completely carted a statement Thursday. Those
ing to undermine global eco- out of position,” said Ashley trading activities “have noth-
nomic growth and pressuring Perrott, head of pan-Asia fixed ing to do with [China’s] real
markets at a time when many income at UBS Global Asset economy” and have only
countries already are strug- Management in Singapore. caused “abnormal fluctua-
gling. The fallout in other inter- tions” in the currency, the
On Thursday, the Chinese national markets was severe central bank said.
currency fell to 6.5938 to the as other investors interpreted It tried to assuage con-
dollar, a level unseen since the central bank’s moves in cerns, saying it “has the abil-
February 2011. While analysts two ways—as a sign that ity to keep the renminbi stable
widely expected the yuan to China’s economy is slowing at a reasonable equilibrium”
weaken this year, the speed of more precipitously than many and that economic fundamen-
decline has caught markets by expected, and as an indication tals don’t support long-term
surprise. that the Chinese leadership depreciation of the currency
ZHENGYI XIE/ZUMA PRESS

The Chinese currency, the isn’t on top of how to deal But its embattled tone sig-
yuan, has lost 1.5% against the with it, a recurring worry naled that trying to control
dollar over the past four trad- since the government bungled markets has become a no-win
ing sessions. That compares a stock-market rescue in the game for Beijing—and an ex-
with the yuan’s 4.4% depreci- summer. pensive one.
ation during all of last year. Less than 30 minutes after
“The volatility is indicative China’s stock market opened,
of China’s economy probably The steep drop in the yuan has worrying implications for countries that rely on exports to China. a quick share drop set off a
The central bank’s
being less stable than people circuit breaker for the short- actions left traders
had hoped,” said Jordi Vis- rency weakness and slowing beans, said Rahul Chadha, co- foreign reserves fell by $107.9 est trading day in the market’s
ser, chief investment officer at growth could disrupt the Fed- chief investment officer at billion—the largest monthly 25 years.
shell-shocked as
Weiss Multi-Strategy Advisers eral Reserve’s plans. The Fed Mirae Asset Global Invest- drop on record. It was the second time in trades were in peril.
LLC, a hedge fund with $7.2 in December lifted short-term ments. “China may want to avoid the circuit breaker’s first week
billion in assets. interest rates for the first time “China has been the main repeating such a high cost by that it cut the trading day
China’s slowing growth al- since 2006, and it is expected driver for global growth in re- intervening less at present,” short. Late Thursday, China’s Since mid-August, when the
ready has hammered commod- to follow with additional tight- cent years,” said according to a Barclays PLC securities regulator suspended central bank delivered a sur-
ity prices, from oil to copper. ening this year to stay ahead Mr. Chadha, whose firm has analyst note. the mechanism. prise devaluation, it has been
Now, economists worry that a of inflation. Deflationary pres- $73 billion of assets under Not everyone thinks that Meanwhile, stock markets blowing through the country’s
weaker yuan could further re- sure from China could cause management. the yuan has to continue to around the world swooned foreign-exchange reserves to
duce the country’s purchasing the Fed to pause that tighten- Countries that have close decline at such a breathtaking and oil prices dropped precip- fend off those betting against
power in international mar- ing, some analysts say. trade ties to China, or com- pace. With China posting itously. the yuan.
kets, hurting countries that The world has felt the pinch pete with China in other mar- monthly current-account sur- In the U.S., the Dow Jones China’s reserves slumped a
export to China. from slowing Chinese eco- kets, are bearing the brunt. In pluses as a net exporter and Industrial Average dropped record $108 billion to $3.33
The yuan’s sudden depreci- nomic growth since 2011. Over Asia, economists regard Indo- with a still-large war chest of 392.41 points, or 2.3%, to trillion as of the end of De-
ation also is sparking wider the first 11 months of 2015, nesia, South Korea and Malay- dollars, “the fears are proba- 16514.10. The S&P 500 cember from the previous
currency volatility that is China’s imports fell 15.1% year sia as the most vulnerable to a bly a little overblown,” said dropped 2.4%, and the Nasdaq month, data showed Thursday.
leading investors to park over year, as its purchases weaker yuan, and their curren- Claire Dissaux, head of global Composite declined 3%. The drop is nearly five times
money in euros or Japanese from almost all of its trading cies are pushing toward multi- economics and strategy at Mil- Light sweet crude for Feb- what analysts estimated.
yen for their perceived safety. partners declined. year lows against the dollar. lennium Global Investments ruary delivery settled down “China is now paying the
Appreciation in these cur- China’s imports of mainly Elsewhere, countries that Ltd., which manages $16 bil- 70 cents, or 2.1%, at $33.27 a price for its half-hearted ap-
rencies, driven in part by this commodities from South Af- export raw materials to China lion in assets. barrel on the New York Mer- proach to market liberaliza-
flight to safety, makes Japa- rica and Russia fell 33.7% and are hit the hardest, including Despite the recent depreca- cantile Exchange, the lowest tion and its inability to cut the
nese and European exports 20.6%, respectively, over those South Africa, Colombia and tion, China’s currency is settlement since February cord from heavy-handed state
less competitive, sapping 11 months. During the same Brazil. among those that have 2004. Brent, the global bench- control of markets and the
growth at a time when the time, China’s purchases from Greater capital outflows strengthened the most in re- mark, settled down 48 cents, economy,” said Eswar Prasad,
Japanese and European cen- Japan and Europe also de- from China also are raising cent years. Since 2010, the or 1.4%, at $33.75 on ICE Fu- a Cornell University professor
tral banks have been trying to clined 12.5% and 14.1%. questions about the effective- yuan appreciated more than tures Europe, the lowest level and former China head of the
stimulate demand. Given China’s enormous ap- ness of the government’s 30% against its trading part- since June 2004. IMF.
On Thursday, the euro petite for goods, no other costly interventions. Beijing ners’ currencies through No- Trading in the yuan early He said a clear commitment
gained 1.4% to 1.0933 to the economy in the world is has been spending dollar re- vember 2015 on an inflation- Thursday was light because of to market overhauls is China’s
dollar, while the yen rose 0.6% equipped to pick up the slack serves to buy yuan in an effort adjusted basis, according to the market’s befuddlement only option for stabilizing
to 117.663 to the dollar. in demand for everything from to slow the currency’s depreci- the Bank for International Set- about the PBOC’s next move— markets and restoring confi-
For the U.S., China’s cur- German cars to Brazilian soy- ation. In December, China’s tlements. which turned out to be an ex- dence.

Mutual Funds | WSJ.com/fundresearch Fund


Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
Net YTD Dodge & Cox DivIntlK r 33.17 -0.67 -5.2 CA TF A p 7.56 +0.01 0.8
DispValMCI 18.12 -0.44 -5.4 EqInc 26.96 -0.70 -5.3 TotIntlAdmIdx r 22.92 -0.45 -5.4
Explanatory Notes Data provided by Fund NAV Chg % Ret Balanced 91.00 -1.52 -3.6 EqIndex 52.27 -1.27 -4.9
GroCo 128.40 -3.76 -6.2 Fed TF A p 12.43 +0.01 0.7
JPMorgan Inst Class TotStAdml 48.23 -1.20 -5.0
Top 250 mutual-funds listings for Nasdaq-published share classes with
net assets of at least $500 million each. NAV is net asset value. Intl Inv 27.18 -0.65 -5.2 Income 13.32 -0.01 0.2 GrowCoK 128.31 -3.76 -6.2 Growth A p 69.73 -1.67 -5.0
MdCpVal 32.59 -0.62 -4.1 Growth 50.43 -1.42 -6.0 TxMIn r 11.21 -0.19 -5.2
Percentage performance figures are total returns, assuming reinvestment Intl Stk 33.93 -0.91 -7.0 InvGrBd 11.08 ... 0.5 IncomeA p 2.03 -0.03 -2.9
JPMorgan R Class HelSci 64.91 -1.71 -5.7 ValAdml 30.34 -0.71 -4.7
of all distributions and after subtracting annual expenses. Figures don’t B Stock 153.61 -4.00 -5.6 LowP r 45.88 -0.62 -3.9 RisDv A p 45.60 -0.93 -4.5
CoreBond 11.62 +0.01 0.5 HiYield 6.16 -0.01 -0.2 WdsrllAdml 56.40 -1.40 -5.1
reflect sales charges (“loads”) or redemption fees. NET CHG is change in BlackRock Funds A DoubleLine Funds LowPriStkK r 45.84 -0.61 -3.9 FrankTemp/Franklin C JPMorgan Select Cls InstlCapG 27.09 -0.82 -6.2 WellsIAdml 58.68 -0.43 -1.2
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR TotRetBdI NA ... NA MagIn 84.58 -2.30 -5.4 Income C t 2.05 -0.03 -2.9 CoreBond 11.61 +0.01 0.6 Intl G&I 12.50 -0.20 -4.4 WelltnAdml 61.57 -0.96 -3.1
%RET is trailing three-year return annualized. GlblAlloc p 17.35 -0.20 -2.7
TotRetBdN NA ... NA OTC 77.22 -2.54 -7.4 FrankTemp/Temp A USLgCpCorPls 25.17 -0.72 -6.1 IntlStk 14.47 -0.30 -5.3 WndsrAdml 60.37 -1.79 -6.5
BlackRock Funds C
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. Puritn 19.62 -0.33 -3.5 GlBond A p 11.27 -0.12 -2.7 MCapGro 69.54 -1.56 -5.2 VANGUARD FDS
GlblAlloc t 15.81 -0.18 -2.8 F
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data.
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock BlackRock Funds Inst SrsInvGrdF 11.09 +0.01 0.5 Growth A p 20.69 -0.42 -5.6 L MCapVal 23.95 -0.44 -4.0 DivdGro 21.46 -0.42 -4.3
StratInc 10.11 -0.02 -0.3 FrankTemp/Temp Adv N Horiz 39.99 -0.87 -5.8 GNMA 10.71 +0.01 0.5
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. EqtyDivd 20.04 -0.46 -4.6 Fidelity Advisor A Lazard Instl
TotalBond 10.29 -0.01 0.3 GlBondAdv p 11.23 -0.12 -2.6 EmgMktEq -0.34 -5.9 N Inc 9.40 ... 0.5 HlthCare r 211.27 -4.09 -4.1
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to GlblAlloc 17.45 -0.19 -2.7 NwInsghtA p 24.67 -0.62 -5.7 12.65
Fidelity Selects OverS SF r 8.53 -0.16 -5.1 IntlVal 29.45 -0.60 -5.3
incomplete price, performance or cost data. NE-Not released by Lipper; data HiYldBd 7.11 -0.02 -0.2 Fidelity Advisor I G Loomis Sayles Fds
under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
StratIncOpptyIns 9.76 ... -0.1 NwInsghtI 25.13 -0.63 -5.6 Biotech r 209.57 -9.97-11.2 LSBondI 12.69 -0.08 -1.5 R2015 13.32 -0.16 -2.6 INSTTRF2025 18.45 -0.28 -3.3
Fidelity Freedom Health r 196.98 -4.70 -5.4 GMO Trust Class IV Lord Abbett A R2020 19.07 -0.27 -3.1 LifeCon 17.54 -0.14 -1.7
Thursday, January 7, 2016
Net YTD Net YTD D FF2020 14.05 -0.21 -3.3 Fidelity Spartan IntlEq 19.08 -0.35 -5.0 ShtDurIncmA p 4.31 -0.01 0.1 R2025 14.41 -0.24 -3.6 LifeGro 26.16 -0.47 -4.0
FF2025 11.97 -0.21 -3.8 500IdxInv 68.30 -1.65 -4.9 Lord Abbett F R2030 20.93 -0.38 -4.0 LifeMod 22.39 -0.30 -2.9
Fund NAV Chg % Ret Fund NAV Chg % Ret
HI TrA p 9.29 -0.04 -0.5
Davis Funds A
NYVen A
FF2030 14.52
28.79 -0.77 -6.8 FreedomK2020 13.07
-0.29 -4.5 500IndInst 68.30 -1.66 -4.9 H ShtDurIncm 4.31 ... 0.1
R2035 15.10 -0.30 -4.4 Primcp r 94.53 -2.39 -5.2
A -0.20 -3.3 Fidelity Spartan Adv R2040 21.52 -0.46 -4.7 PrmcpCor 19.84 -0.42 -4.7
ICAA p 31.81 -0.76 -4.7 Dimensional Fds Harbor Funds
FreedomK2025 13.58 -0.23 -3.7 500IdxAd 68.30 -1.66 -4.9 M SmCapStk 36.49 -0.88 -5.5 SelValu r 24.51 -0.57 -5.2
American Century Inv IncoA p 19.60 -0.33 -3.1 5GlbFxdInc 10.96 +0.02 0.6 FreedomK2030 13.68 CapApInst 57.10 -1.67 -6.1
-0.28 -4.5 ExtMktAd r 47.27 -1.32 -5.8 Value 29.62 -0.78 -5.2 STAR 22.53 -0.33 -3.3
Ultra 33.13 -0.85 -5.4 N PerA p 34.00 -0.80 -5.6 EmgMktVa 19.06 -0.59 -6.6 FreedomK2035 14.02 IntlInst r 56.12 -1.13 -5.6 Metropolitan West
-0.31 -5.0 IntAd r 34.07 -0.61 -5.2 STIGrade 10.59 +0.01 0.3
American Funds Cl A NEcoA p 34.00 -0.86 -5.5 EmMktCorEq 14.76 -0.42 -6.3 FreedomK2040 14.05 -0.31 -5.0 TotMktAd r 55.70 -1.39 -5.1 I TotRetBd 10.66 ... 0.4 S TgtRe2015 13.91 -0.15 -2.2
AmcpA p 24.65 -0.60 -5.0 NwWrldA 47.40 -1.07 -5.2 IntlCoreEq 10.81 -0.19 -5.1 Fidelity Invest First Eagle Funds TotRetBdI 10.66 ... 0.4 TgtRe2020 26.39 -0.34 -2.8
Schwab Funds
AMutlA p 32.42 -0.69 -4.2 SmCpA p 41.20 -0.94 -5.6 IntSmCo 16.47 -0.22 -4.3 AMgr50% 15.66 -0.18 -2.4 GlbA 49.54 -0.63 -3.5 Invesco Funds A TRBdPlan 10.04 ... 0.4 TgtRe2025 15.11 -0.23 -3.3
S&P Sel 30.02 -0.73 -4.9
BalA p 23.16 -0.33 -2.8 TxExA p 13.17 +0.01 0.7 IntSmVa 17.85 -0.27 -4.4 Balanc 20.47 -0.34 -3.5 FMI Funds EqIncA 9.25 -0.18 -3.8 MFS Funds Class A TgtRe2030 26.70 -0.44 -3.7
BondA p 12.65 ... 0.5 WshA p 36.65 -0.84 -4.7 Dimensional Fds BalancedK 20.47 -0.34 -3.5 LgCap 17.73 -0.38 -4.7 ValueA p 31.23 -0.66 -4.8 T TgtRe2035 16.14 -0.30 -4.2
CapIBA p 54.15 -0.85 -3.0 AMG Managers Funds US CoreEq1 16.28 -0.40 -5.2 BluCh 64.79 -1.83 -6.1 FPA Funds J MFS Funds Class I TgtRe2040 27.15 -0.56 -4.6
CapWGrA 41.25 -0.91 -4.9 YacktmanFd 20.12 -0.34 -3.6 US CoreEq2 15.48 -0.38 -5.3 Contra 93.57 -2.31 -5.4 FPACres 29.94 -0.45 -3.6 John Hancock Class 1 ValueI 31.39 -0.67 -4.8 TIAA/CREF Funds TgtRe2045 16.96 -0.35 -4.6
EqIdxInst 14.31 -0.36 -5.0
EupacA p 43.09 -0.86 -5.0 AQR Funds US Small 26.76 -0.68 -5.6 ContraK 93.50 -2.31 -5.4 FrankTemp/Frank Adv LSBalncd 13.77 -0.21 -3.2 MFS Funds Instl TgtRe2050 27.17 -0.56 -4.6
FdInvA p 48.13 -1.19 -5.1 MgdFutStrI 10.29 ... 1.1 US SmCpVal 28.63 -0.79 -6.1 CpInc r 8.99 -0.07 -1.7 IncomeAdv 2.01 -0.03 -2.9 LSGwth 14.18 -0.28 -4.4 IntlEq 19.43 -0.39 -5.5 Tweedy Browne Fds TgtRetInc 12.30 -0.08 -1.2
Mutual Series GblValue 23.50 -0.32 -3.9
GwthA p 38.93 -1.03 -5.7 Artisan Funds USLgVa 29.21 -0.70 -5.2 DivIntl 33.24 -0.67 -5.2 FrankTemp/Franklin A John Hancock Instl TotIntBdIxInv 10.60 -0.01 0.5
GlbDiscA 27.53 -0.54 -4.6
GlbDiscz 28.00 -0.55 -4.6 V WellsI 24.22 -0.18 -1.2
Welltn 35.66 -0.55 -3.1
Exchange-Traded Portfolios | WSJ.com/ETFresearch O
VANGUARD ADMIRAL
500Adml 179.29 -4.35 -4.9
WndsrII 31.79 -0.79
VANGUARD INDEX FDS
-5.1

Oakmark Funds Cl I BalAdml 28.41 -0.40 -2.8


Largest 100 exchange-traded funds, latest session Closing Chg YTD Closing Chg YTD Closing Chg YTD 500 179.29 -4.35 -4.9
ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) EqtyInc 27.45 -0.48 -3.9 CAITAdml 11.94 +0.01 0.8
ExtndIstPl 147.72 -4.13 -5.8
Thursday, January 7, 2016 Oakmark 58.79 -1.76 -6.5 CapOpAdml r 111.81 -2.98 -5.8
TotIntl 13.70 -0.28 -5.5
iShSelectDividend DVY 72.93 –1.78 –3.0 iShS&P500ValueETF IVE 84.44 –2.28 –4.6 VangdInfoTch VGT 101.29 –3.22 –6.5 EMAdmr 25.32 -0.86 -7.4
Closing Chg YTD OakmrkInt 19.77 -0.56 -7.4 TotSt 48.21 -1.21 -5.1
ETF Symbol Price (%) (%) iSharesGold IAU 10.72 1.42 4.8 iSharesUSPreferred PFF 38.73 –0.64 –0.3 VangdSmCapValue VBR 93.59 –2.53 –5.2 Old Westbury Fds EqIncAdml 59.27 -1.28 -4.3
VANGUARD INSTL FDS
iShiBoxx$InvGrCpBd LQD 114.55 0.08 0.5 iSh1-3YTreasuryBd SHY 84.50 0.04 0.2 VangdHlthCr VHT 126.67 –2.21 –4.7 ExplrAdml 70.14 -1.94 -6.2
AlerianMLPETF AMLP 10.78 –5.36–10.5 LrgCpStr 11.83 -0.27 -5.1 BalInst 28.41 -0.40 -2.8
iShiBoxx$HYCpBd HYG 79.73 –0.65 –1.1 iSh7-10YTreasuryBd IEF 106.88 0.22 1.2 VangdDivApp VIG 74.64 –1.84 –4.0 ExtndAdml 59.86 -1.68 -5.9
CnsmrDiscSelSector XLY 74.41 –2.05 –4.8 Oppenheimer Y DevMktsIndInst 11.22 -0.20 -5.2
iShMBSETF MBB 108.29 0.13 0.5 iSh20+YTreasuryBd TLT 122.81 0.18 1.8 VanguardFTSEDevMk VEA 34.80 –1.89 –5.2 GNMAAdml 10.71 +0.01 0.5
CnsStapleSelSector XLP 49.40 –1.20 –2.2 DevMktY 27.91 -0.91 -6.9 ExtndInst 59.86 -1.67 -5.9
iShMSCIACWIETF ACWI 52.79 –2.33 –5.4 FXI 31.95 VanguardFTSEEmgMk VWO 30.27 –3.23 –7.5 GrwthAdml 51.89 -1.33 -5.3
DBGoldDoubleLgETN DGP 19.82 2.61 9.3 iShChinaLarge-Cap –3.82 –9.5 IntGrowY 34.12 -0.48 -4.9 GrwthInst 51.89 -1.33 -5.3
iSharesMSCIEAFESC SCZ 47.78 –1.53 –4.3 VanguardFTSEEurope VGK 47.16 –1.85 –5.5 HlthCareAdml r 89.11 -1.73 -4.1
DZZ 8.06 iShRussellMCGrowth IWP 87.15 –2.35 –5.2 InPrSeIn 10.32 -0.01 0.5
DBGoldDoubleShrt –3.13 –9.1 HYCorAdml r 5.52 -0.02 -0.3
DeutscheXMSCIEAFE DBEF 25.63 –2.73 –5.6
iSharesMSCIEAFEETF EFA 55.60 –2.08 –5.3 MktVectorsBiotech BBH 117.84 –3.59 –7.2 VangdAllWldxUS VEU 40.94 –2.15 –5.7 P InfProAd 25.33 -0.03 0.5 InstIdx 177.52 -4.31 -4.9
iShMSCIEmgMarkets EEM 29.83 –3.08 –7.3 OIH 24.33 VangdGrowth VUG 100.78 –2.57 –5.3 InstPlus 177.53 -4.31 -4.9
EnSelectSectorSPDR XLE 56.78 –2.44 –5.9 MktVectorsOilSvcs –2.91 –8.0 Parnassus Fds IntlGrAdml 62.93 -1.32 -6.2
iShMSCIEurozoneETF EZU 33.14 –1.40 –5.4 VangdHiDivYld VYM 64.00 –2.16 –4.1 InstTStPlus 43.63 -1.09 -5.0
XLF 22.45 MktVectorsPharm PPH 62.70 –2.00 –4.0 ParnEqFd 35.20 -0.84 -4.8 ITBondAdml 11.35 +0.02 0.8
FinSelSectorSPDR –2.81 –5.8 iShMSCIGermanyETF EWG 24.53 –2.00 –6.3 VngdInter-Term BIV 83.77 0.13 0.9
MktVectorsRetail RTH 74.93 –1.52 –3.6 PIMCO Fds Instl ITIGradeAdml 9.70 +0.02 0.7 MidCpInst 31.15 -0.72 -5.2
FTDorseyWrightFoc5 FV 22.09 –2.90 –6.0 iShMSCIJapanETF EWJ 11.69 –1.52 –3.5 VangIntrCorpBd VCIT 84.55 0.06 0.5 MidCpIstPl 153.63 -3.54 -5.2
FstTrDJIntrnt FDN 69.01 –3.71 –7.5 MktVectorsSemi SMH 49.31 –3.09 –7.5 AllAsset NA ... NA LTGradeAdml 10.00 +0.01 1.1
iShMSCIUSAMinVol USMV 40.65 –1.62 –2.8 VangdLgCap VV 88.90 –2.44 –4.9 SmCapInst 50.05 -1.36 -5.7
GuggenheimSP500EqW RSP 72.89 –2.27 –4.9 PwrShrs QQQ QQQ 104.87 –3.13 –6.2 ShortT NA ... NA MidCpAdml 141.02 -3.25 -5.2
iShNasdaqBiotech IBB 307.78 –4.15 –9.0 VangdMdCap VO 113.85 –2.25 –5.2 STIGradeInst 10.59 +0.01 0.3
XLV 69.06 PS SP500LoVoltlPrt SPLV 37.30 –1.66 –3.3 TotRt 10.09 -0.01 0.2 MorgAdml 73.06 -1.97 -5.4
HealthCareSelSect –2.03 –4.1 iShNatlAMTFrMuniBd MUB 111.25 0.14 0.5 VangdReit VNQ 78.51 –1.95 –1.5 TotBdInst 10.70 +0.01 0.6
SPDRBarclaysHiYdBd JNK 33.60 –0.53 –0.9 PIMCO Funds A MuHYAdml 11.40 +0.01 0.8
IndSelSectorSPDR XLI 50.23 –2.71 –5.2 iShRussell1000Gwth IWF 94.43 –2.55 –5.1 VanguardS&P500 VOO 177.86 –2.44 –4.9 TotBdInstPl 10.70 +0.01 0.6
SchwIntlEqty SCHF 26.10 –1.84 –5.3 TotRetA 10.09 -0.01 0.2 MuIntAdml 14.38 +0.02 0.9
iShIntermCredBd CIU 107.65 0.16 0.3 iShRussell1000ETF IWB 107.71 –2.44 –4.9 VangdShrtTrm BSV 79.80 0.15 0.3 TotIntBdIdxInst 31.81 -0.03 0.4
SCHB 46.58 –5.0 PIMCO Funds D MuLTAdml 11.85 +0.01 0.9
iSh1-3YCreditBond CSJ 104.67 0.04 0.1 iShRussell1000Val IWD 93.18 –2.36 –4.8 SchwUS BrdMkt –2.45 VangShrtCorpBd VCSH 78.99 0.05 ... TotIntlInstIdx r 91.65 -1.82 -5.5
SCHX 46.20
IncomeFd NA ... NA MuLtdAdml 11.06 +0.01 0.4
iSharesTIPSBondETF TIP 110.30 –0.08 0.6 iShRussell2000Gwth IWO 129.53 –2.81 –7.0 SchwUS LrgCap –2.38 –4.9 VangdSmCap VB 104.42 –2.69 –5.6 TotItlInstPlId r 91.66 -1.83 -5.5
PIMCO Funds Instl MuShtAdml 15.82 +0.01 0.1
iSh3-7YTreasuryBd IEI 123.55 0.23 0.8 iShRussell2000ETF IWM 105.67 –2.67 –6.2 SPDR DJIA Tr DIA 164.96 –2.36 –5.2 VangdTtlBndMkt BND 81.19 0.01 0.5 TotStInst 48.24 -1.20 -5.0
IncomeFd NA ... NA PrmcpAdml r 97.92 -2.48 -5.2
iShCoreMSCIEAFEETF IEFA 51.55 –1.90 –5.2 iShRussell2000Val IWN 87.10 –2.66 –5.3 SPDR GldTr GLD 106.15 1.41 4.6 VanguardTtlIntlStk VXUS 42.60 –2.07 –5.6 VirtusFunds Cl I
PIMCO Funds P REITAdml r 111.22 -2.17 -1.6
iShCoreMSCIEmgMk IEMG 36.65 –3.02 –7.0 iShRussell3000ETF IWV 114.27 –2.39 –5.0 SPDR S&PMdCpTr MDY 241.04 –2.55 –5.1 VangdTtlStock VTI 99.10 –2.45 –5.0 IncomeP NA ... NA SmCapAdml EmMktI 8.49 -0.20 -5.2
50.05 -1.36 -5.7
iShCoreS&P500ETF IVV 194.99 –2.39 –4.8 iShRussellMid-Cap IWR 152.41 –2.29 –4.9 SPDR S&P 500 SPY 194.05 –2.40 –4.8 VangdTotlWrld VT 54.52 –2.33 –5.4 Price Funds STBondAdml 10.47 +0.01 0.4
iShCoreS&PMdCp IJH 132.18 –2.59 –5.1 iShRussellMCValue IWS 65.55 –2.19 –4.5 SPDR S&P Div SDY 70.58 –2.01 –4.1 VangdValue VTV 77.78 –2.34 –4.6 BlChip 68.15 -1.97 -5.8 STIGradeAdml 10.59 +0.01 0.3 W
iShCoreS&PSmCpETF IJR 103.90 –2.57 –5.6 iShS&PMC400Growth IJK 153.08 –2.38 –4.9 TechSelectSector XLK 40.41 –2.95 –5.7 WisdomTreeEurope HEDJ 50.36 –2.87 –6.4 CapApp 24.34 -0.34 -2.8 TotBdAdml 10.70 +0.01 0.6 Western Asset
iShCoreUSAggBd AGG 108.42 –0.01 0.4 iShS&P500Growth IVW 109.86 –2.54 –5.1 UtilitiesSelSector XLU 43.13 –0.67 –0.3 WisdomTreeJapanHdg DXJ 46.86 –2.64 –6.4 EmMktS 26.51 -0.81 -7.0 TotIntBdIdxAdm 21.20 -0.02 0.5 CorePlusBdI 11.46 -0.01 0.3
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C4 | Friday, January 8, 2016 * *** THE WALL STREET JOURNAL.

IN THE MARKETS
U.S. Oil Prices Fall to Lowest Since 2004
A feared drop-off in Just a month ago, oil mar- China and the way the world comprised of 13 types of crude positive territory, before re- put cuts since prices started
kets were preoccupied with economy is shaping up,” said sold by members of the Organi- suming its decline. falling in mid-2014, and the
demand from China the idea of oil staying below Doug King, chief investment of- zation of the Petroleum Export- Traders mentioned market group’s production rose
would add to current $40 a barrel. Now a number of ficer at RCMA Asset Manage- ing Countries, had declined to chatter that OPEC was plan- sharply last year. OPEC’s next
analysts say $30 a barrel is ment and manager of that $29.71 a barrel Wednesday. ning an emergency meeting. meeting is scheduled for June.
global supply glut the next stop for the battered firm’s $225 million Merchant Some analysts and traders But OPEC delegates told the Gasoline futures fell 1.58
commodity. Commodity hedge fund. China don’t believe the current low Journal that they haven’t been cents, or 1.4%, to $1.1460 a
BY GEORGI KANTCHEV “It looks more likely than consumes about 12% of the prices can last much longer. contacted about such an event. gallon, the lowest settlement
AND NICOLE FRIEDMAN not that we will drop below world’s oil, making it the Companies eventually will OPEC hasn’t agreed to any out- since February 2009.
$30,” said Chris Main, oil world’s No. 2 user after the U.S. stop pumping money-losing
U.S. oil prices joined the strategist at Citigroup. “And Brent, the global bench- barrels, curbing global sup-
global benchmark at levels last with fundamentals looking mark, fell 48 cents, or 1.4%, to plies and setting the stage for Treasury Sets Sales of $112 Billion in Debt
seen in 2004, hammered by pretty terrible, we could stay $33.75 a barrel Thursday on a rebound. “Fundamentally,
the market turmoil in China, there for a couple of months.” ICE Futures Europe. It has prices below $35 a barrel are The Treasury Department will 2016, maturing Jan. 15, 2019. Cu-
the world’s second-biggest Some analysts are even dropped every day this week hardly sustainable, unless auction $112 billion in securities sip number: 912828N63. Non-
consumer of the fuel. calling for oil to drop into the and on Wednesday sank to its global growth slows mark- next week, comprising $50 bil- competitive tenders must be re-
Worries about slowing eco- $20-a-barrel range, a view lowest levels since June 2004. edly,” said Norbert Ruecker, lion in new debt and $62 billion ceived by noon Tuesday;
nomic growth, especially in that grabbed headlines back in The historic drop in crude- head of commodities research in previously auctioned debt. De- competitive tenders, by 1 p.m.
China, are September when it was es- oil prices has inflicted pain at Julius Baer. tails (all with minimum denomi-  Wednesday: $21 billion in
COMMODITIES helping to poused by Goldman Sachs ana- world-wide, hitting the bottom In the near term, though, nations of $100): nine-year, 10-month 2.25% notes,
drive the lysts. At that time, the invest- lines of crude producers, the the prospect of more barrels  Monday: $28 billion in 13- a reopening of an issue first sold
sharp drop ment bank was a rare outlier. finances of oil-producing from Iran is looming over the week bills, a reopening of an is- on Nov. 16, 2015, maturing Nov.
in crude prices. With produc- Then, the average forecast of countries and financial bets on market. Sanctions on the Per- sue first sold on Oct. 15, 2015, 15, 2025. Cusip number:
ers in the U.S. and Mideast still 12 investment banks polled by the energy sector. sian Gulf producer could be maturing April 14, 2016. Cusip 912828M56. Noncompetitive
pumping oil at a fast clip, a The Wall Street Journal was Producers of so-called heavy lifted this quarter, giving Ira- number: 912796HL6. tenders must be received by
drop-off in demand would add for $47 a barrel in the first oil, which tends to be of a lower nian producers the green light Also Monday, $26 billion in noon Wednesday; competitive
to the global supply glut that quarter of this year. quality than the main bench- to ship more crude into an al- 26-week bills, dated Jan. 14, tenders, by 1 p.m.
has shaved about 70% off Wall Street and industry marks, have been particularly ready oversupplied market. 2016, maturing July 14, 2016.  Thursday: $13 billion in 29-
prices over the past 18 months. analysts have repeatedly been hard hit. Western Canadian Se- “When you just sit back and Cusip number: 912796JB6. year, 10-month 3% bonds, a re-
The U.S. benchmark crude- proved wrong during the oil lect, the benchmark for heavy look at oil, there’s nothing Noncompetitive tenders for opening of an issue first sold on
oil contract tumbled 70 cents, rout, whose speed and scope crude from the Canadian oil positive,” said Dominick Chir- both issues must be received by Nov. 16, 2015, maturing Nov. 15,
or 2.1%, to $33.27 a barrel on have defied even the most sands, traded about $14 a bar- ichella, analyst at the Energy 11 a.m. EST Monday and com- 2045. Cusip: 912810RP5. Non-
the New York Mercantile Ex- pessimistic forecasts. rel below the U.S. benchmark Management Institute. petitive tenders, by 11:30 a.m. competitive tenders must be re-
change. That is the lowest “Demand won’t be coming Thursday, putting its price in Oil perked up during intra-  Tuesday: $24 billion in ceived by noon Thursday; com-
close since February 2004. to the rescue this time, with the teens. And the OPEC basket, day trading, rising briefly into three-year notes, dated Jan. 15, petitive tenders, by 1 p.m.

HAVENS through Wednesday. On Thurs-


day, gold rose 1.4%, to
$1,107.70 a troy ounce on the
Comex division of the New
acted to the uncertainty sur-
rounding Greece’s potential
exit from the eurozone last
year or the conflict in Ukraine
Parting Ways
In the financial crisis, haven assets such as government bonds and gold gained while riskier assets
such as stocks fell. That relationship hasn’t held up in the current cycle.
Continued from page C1 York Mercantile Exchange. The with Russia-backed separatists.
in long-held market relation- 10-year Treasury note rose Higher U.S. interest rates, MSCI World Index* 10-year Treasury, Gold futures,
ships on central bank stimulus 7/32 in price, to yield 2.153%, and the prospect of more in- total return† most-active contract
measures that have flooded compared with 2.177% creases to come, have under- 30%
Sept. 15, 2008–March 9, 2009
economies with money, which Wednesday. mined demand for gold, which 20
in previous years boosted But there is mounting evi- pays no interest and so be- Sept. 15, 2008–March 9, 2009
prices of safe and risky invest- dence these refuge invest- comes less competitive against 10
ments alike. ments have become less reli- investments that do. May 21, 2015–Jan. 6, 2016
Through their asset pur- able. In the first weeks of 0
Higher rates have also
chases, central banks lowered 1980, gold jumped more than boosted the dollar, which –10 May 21, 2015–Jan. 6, 2016
government bond yields and 60% soon after the Soviet makes buying dollar-denomi-
pushed investors into riskier Union sent troops into Af- nated gold more expensive for –20 May 21, 2015–Jan. 6, 2016
corners of the market such as ghanistan and amid Iran’s Is- those holding other curren-
–30
stocks, junk bonds and emerg- lamic revolution. Comex gold cies.
ing-market debt. Bond yields rallied 16% from when Lehman U.S. Treasury bonds, a –40
fall as prices rise. Brothers filed for bankruptcy mainstay of investor portfo-
–50 Sept. 15, 2008–March 9, 2009
“Even investors with cor- protection in September 2008 lios, have also become less re-
rect calls [have] found it to March 2009, when the MSCI liable as a hedge. 0 40 80 120 160 0 40 80 120 160 0 40 80 120 160
tough,” said Jon Jonsson, a se- World Index fell 44%. Investors who bought 10- Trading days into each period
nior portfolio manager at Neu- More recently, such spikes year Treasury notes after Leh- *Total return, U.S.-dollar terms †Based on the Citigroup Total Returm Bond Index for the benchmark 10-year Treasury
berger Berman, which man- have soon blunted. Last Au- man Brothers filed for bank- Sources: Thomson Reuters Datastream (MSCI World Index, Citigroup bond-index returns);
ages $237 billion in assets. gust, when fears about China’s ruptcy protection would have Thomson Reuters (gold prices) THE WALL STREET JOURNAL.
That isn’t to say that haven economic health triggered a earned a 7% return up until
investments have provided no 17% collapse in oil prices and the stock market’s low six two weeks of December during tors nearly 4% over the same including the Federal Reserve
benefit at all. Gold has risen an 11% plunge in the S&P 500, months later. the U.S. junk-bond market period, according to Barclays raising interest rates last
4.5% this week. Investors gold gained 6% before quickly Investors would have rout, according to Citigroup bond indexes. month.
holding 10-year U.S. Treasurys falling back. earned no money holding 10- bond indexes. Those junk U.S. Treasurys have been —Pat Minczeski
earned a return of 0.9% Gold prices also barely re- year Treasurys over the first bonds would have lost inves- driven by a variety of factors, contributed to this article.

New Highs and Lows | WSJ.com/stocks Stock


52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock GATX GMT 37.50 -4.5 LaSalleHtl LHO 23.87 -2.7 PrsprtyBc PB 43.55 -4.3 TimkenSteel TMST 6.91 -9.4 CSOPChinaCSI300AH HAHA 26.63 -4.4 GugFrMkts FRN 10.30 -1.2
Market stocks that hit a new 52-week intraday high or low in the latest session. GOLLinhasADR GOL 0.44 -6.9 LatAmDiscv LDF 6.78 -2.8 PrudentialADR PUK 39.81 -4.4 TitanInternational TWI 3.29 -9.3 CSOPFTSEChinaA50 AFTY 12.59 -5.4 GuggenheimS&P500Eq RYE 43.40 -2.3
% CHG-Daily percentage change from the previous trading session.
Gallagr AJG 38.35 -2.1 LazrdGlblFd LGI 12.16 -3.3 PulteGroup PHM 16.17 -4.3 Toll Bros TOL 30.27 -5.5 CambriaGlbValue GVAL 17.00 -0.6 GugIntlMltyAst HGI 13.34 -2.9
Thursday, January 7, 2016 Gener8Maritime GNRT 8.11 -2.8 Lazard LAZ 38.81 -6.5 QuakerChm KWR 69.93 -2.4 Transocean RIG 10.93 -4.5 CambriaValue VAMO 22.43 -0.2 GuggenheimMSCIEM EWEM 23.89 -2.8
52-Wk % 52-Wk % 52-Wk % GenAmInv GAM 29.76 -3.2 LzrdDivIncFd LOR 8.52 -2.6 RLJLodging RLJ 20.51 -0.8 TransoceanPartners RIGP 7.81 -7.0 CurShsBritPnd FXB 142.54 -0.1 GuggS&PGlbl LVL 8.17 -2.8
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GenDynam GD 130.42 -3.3 LeggMason LM 35.84 -4.3 RackspaceHosting RAX 22.91 -2.4 TravelCtrsAmerica TA 8.53 -3.5 DeutschextrkrsCSI300ChinaA-SharesHdgEquity ASHX 22.20 -6.9 GuggenheimShipping SEA 11.38 -4.6
AsiaPacificFund APB 9.50 -1.8 ChinaUnicomADR CHU 10.98 -4.4 GeneseWY A GWR 48.49 -6.7 Leggett&Platt LEG 39.47 -0.3 RadianGroup RDN 12.58 -2.7 TravelportWorldwd TVPT 11.60 -5.8 DeutscheXHarCSI300 ASHR 23.90 -6.3 HuntStratEcoLog HECO 33.89 -1.9
NYSE highs - 27 AsiaTigersFund GRR 8.57 -1.9 ChinaYuchaiIntl CYD 10.02 -3.5 GenesisHealthcare GEN 3.26 -9.3 LendingClub LC 9.30 -6.0 Rayonier RYN 21.01 -3.8 Tredegar TG 12.25 -5.5 DeutscheXAllChina CN 27.34 -5.3 IQ CndaSmCap CNDA 11.50 -2.5
AssdBanc-Corp8.00% ASBpB 25.76 -1.0 ChipotleMex CMG 411.61 -2.5 GenworthFinClA GNW 3.17 -9.1 LincolnNtnlWt LNC/WS 37.26 -3.0 RealogyHoldings RLGY 33.24 -1.3 TribuneMediaClA TRCO 31.95 -3.8 DeutscheXAllxUSHiD HDAW 21.59 -1.9 IQ50%HdgFTSEEur HFXE 16.92 -2.1
BGE Cap pfB BGEpB 26.65 0.5
AtlasResourcesPfdD ARPpD 4.30 0.8 ChoiceHotelsIntl CHH 44.36 -3.5 GerdauADR GGB 0.91 -6.8 LincolnNational LNC 45.13 -2.8 RegalBeloit RBC 54.38 -1.6 TrinityIndustries TRN 21.61 -5.2 DeutscheXMSCIBrazl DBBR 7.59 -1.5 IQGlobalResources GRES 20.18 -0.8
Baxalta BXLT 41.65 3.0
GlShipLeasePfdB GSLpB 10.96 -3.3
AtwdOcn ATW 8.59 -2.9 CimarexEngy XEC 81.48 -3.7 LloydsBankingADR LYG 4.07 -2.4 RestaurantBrands QSR 32.28 -2.3 TurkcellIletismADR TKC 8.09 0.2 DeutscheXMSCMexico DBMX 19.65 -1.1 iPathBloomAlumTR JJU 12.93 1.7
BlackHillsUn BKHU 56.70 -0.7
Axiall AXLL 12.22 -6.0 CinemarkHoldings CNK 30.57 -2.7 GoldmanSachs GS 163.60 -3.1 Luby's LUB 4.00 -4.5 RestorationHardwr RH 72.50 -3.4 TurquoiseHillRscs TRQ 2.15 -6.5 DeutschexRuss1000 DEUS 23.90 -1.6 iPathBloomCommTR DJP 20.71 -0.2
BlkRkLngTrm Muni BTA 11.79 0.8
BHPBillitonADR BHP 22.35 -5.5 CircorIntl CIR 38.24 -4.8 GovtPropIncoTr GOV 15.09 -3.6 MDC Hldgs MDC 23.22 -3.6 Revlon A REV 25.02 -4.1 TutorPerini TPC 14.80 -7.1 DirexnBrazilBull3X BRZU 9.07 -11.3 iPathBloomCopperTR JJC 22.88 -3.4
BlackrockTerm BTT 22.25 -0.4
BHPBillitonADR BBL 19.55 -6.2 Clarcor CLC 45.52 -2.3 Graham GHM 15.50 -8.4 MGIC Inv MTG 8.14 -3.0 Rexnord RXN 16.08 -4.7 Twitter TWTR 20.20 -5.3 DirexnCyberBull2X HAKK 31.71 -3.3 iPathBloomEnergyTR JJE 5.09 -1.7
BlRkMunyldQltyIII MYI 15.02 -0.9 GrahamHoldings GHC 449.70 -0.3
BPADR BP 29.00 -2.9 ClayEngy CWEI 22.26 -8.8 MagnaInt MGA 34.73 -5.1 RioTinto ADR RIO 25.70 -4.5 TycoInternational TYC 30.19 -2.5 DrxDevMktBull 3x DZK 41.98 -5.9 iPathBlmIndMetalTR JJM 17.91 -3.2
BlkRkNYQltyTr BSE 14.03 -0.1 GranayMonteroADR GRAM 2.50 -3.4
BRFADR BRFS 12.80 -4.6 CloudPeakEnergy CLD 1.81 -7.6 ManulifeFinancial MFC 13.35 -4.5 RitchieBros RBA 21.55 ... USG USG 22.30 -3.8 DrxEmMktBull 3x EDC 9.08 -9.2 iPathGSCrdOil nts OIL 5.71 -1.7
ChinaNewBorunADR BORN 1.84 5.7 GraniteREIT GRP/U 26.74 -2.8 MarathnOil MRO 10.55 -5.4 RdRunrTrnsSys RRTS 8.82 -2.4
ConstBrands B STZ/B 153.99 BakerHughes BHI 42.32 -2.6 ClubCorpHoldings MYCC 16.47 -4.4 UltraparPartADR UGP 13.85 -4.5 DrxEnrgBull 3x ERX 19.20 -6.9 iPathPBBroadCmod BCM 23.01 -0.4
4.8 Greenbrier GBX 24.59 -11.5 Marcus&Millichap MMI 26.28 -4.3 RobHalfIntl RHI 43.77 -0.4
ConstBrands A STZ 154.31 4.5 BancoBilbaoVizADR BBVA 6.82 -0.9 CobaltIntlEnergy CIE 4.28 -8.1 Unifirst UNF 99.31 -0.3 DirexionChBull3X YINN 13.03 -11.6 iPathPBCopper CUPM 22.42 -5.1
BancoBradescoPfADR BBD 4.48 -3.9 CoeurMining CDE 2.32 2.1 Gp1Auto GPI 62.68 -1.5 MarinSoftware MRIN 3.01 -5.9 Rockwell ROK 93.22 -4.6 UnionPacific UNP 72.42 -2.3 DirexFTSEEurBull3x EURL 20.46 -4.6 iPat PBCrudeOil OLEM 13.90 -1.8
DreyfStrMuni LEO 8.74 1.3 GrupoTelevisaADR TV 25.24 -1.8 MarriottVacations VAC 50.30 -2.6 RoseRockMidstream RRMS 12.94 -1.3
EntergyLouis5.25% ELJ 26.21 0.8 BcoSantChileADR BSAC 16.91 -2.0 Colfax CFX 20.66 -4.5 Unisys UIS 9.85 -5.4 DirexnHmbldrBull3X NAIL 20.86 -13.0 iShA/PDividend DVYA 36.40 -3.3
BancoSantanderADR SAN 4.42 -2.0 CommunityHlthSys CYH 22.66 -5.0 Gulfmark GLF 3.21 -16.3 MatadorResources MTDR 15.83 -8.0 RowanCos RDC 14.48 -4.7 Unit UNT 9.52 -5.3 DrxDlLtAmBull 3x LBJ 9.33 -11.6 iShCommOptimized CMDT 31.35 -0.2
EquityCommonNt42 EQCO 25.00 0.2 HCIGroup HCI 32.28 -1.8 Materion MTRN 24.89 -4.9 RoylBkCan RY 49.83 -1.9
FedPrmrIntMuni FPT 13.68 BankofAmericaClAWt BAC/WS/A 5.00 -3.4 EngGr-Cmg ADR CIG 1.20 -7.6 UtdParcel B UPS 92.27 -1.9 DXNDlyNatGas3XBl GASL 3.99 -12.5 iShCoreMSCIEAFEETF IEFA 51.44 -1.9
0.7 HFF A HF 28.02 -0.7 MauiLand MLP 4.73 -4.9 RoyalBkScotlandADR RBS 8.27 -2.7
GabelliConv pfB GCVpB 26.99 BkNovaScotia BNS 38.33 -1.6 COPELADR ELP 5.21 -6.6 Univar UNVR 15.42 -2.1 DirexRgBanksBull3X DPST 26.09 -6.4 iShCoreMSCIEurope IEUR 39.71 -1.7
2.4 HNI HNI 32.52 -5.1 MensWearhs MW 13.02 -1.9 RoyalDutchADRA RDS/A 42.03 -4.3
BarclaysADR BCS 11.91 -3.9 ConchoResources CXO 80.59 -2.2 UnvlAm UAM 6.25 -3.4 DirexionDailyRusBl RUSL 8.64 -11.9 iShCoreMSCITotInt IXUS 46.59 -2.1
InvescoInvNYMuni VTN 14.82 -0.2 HP HPQ 10.72 -4.6 MercuryGen MCY 44.07 -3.4 RoyalDutchADRB RDS/B 41.99 -4.8
BarnesGroup B 32.57 -3.6 ContainerStoreGrp TCS 7.06 -5.2 UnvlTechInst UTI 3.22 -9.9 DirexnS&PBiotechBl LABU 13.89 -11.9 iShCurrHdgMSCIEM HEEM 18.72 -3.5
MedleyCapNts21 MCX 25.00 1.1 HSBCHoldingsADR HSBC 36.29 -2.1 Meredith MDP 38.73 -6.2 RycMcroCap RMT 6.91 -1.7
BasicEnergySvcs BAS 1.91 -17.5 Costamare CMRE 8.37 -6.6 VF VFC 59.17 -1.2 DirexionS&POil&Gas GUSH 4.80 -6.7 iShCurHdgMSCIItaly HEWI 20.58 -1.8
NokiaADRWi NOKw 7.24 2.1 HalconResources HK 0.85 -18.0 MeritageHomes MTH 30.14 -6.1 RubyTuesday RT 4.73 -6.3
BeazerHm BZH 10.24 -4.9 CrawfordA CRD/A 4.48 -3.4 ValeADRClAPfd VALE/P 2.11 -7.5 DrxSmlCapBull 3x TNA 52.01 -8.0 iShCurrHdgMSCISK HEWY 22.17 -1.9
NuvAZ Prm NAZ 15.40 0.2 HarleyDavidson HOG 42.51 -0.6 Meritor MTOR 7.19 -5.1 RyderSystem R 51.14 -3.8
Belden BDC 40.20 -5.7 CreditSuisseADR CS 20.22 -2.7 ValeADR VALE 2.70 -6.9 DirexionValLnM&LC VLML 21.96 -1.9 iShCurHdgMSCISpain HEWP 19.32 -2.0
NuvGA Fd2 NKG 13.60 -0.9 Harsco HSC 7.07 -4.2 MetLife MET 42.31 -4.2 SEACORHoldings CKH 46.65 -5.5
Belmond BEL 8.39 -4.4 CullenFrostBankers CFR 55.05 -2.4 VinaConc ADR VCO 28.22 2.1 DirexionValLnS&MC VLSM 21.62 -2.1 iShCurrHdgMSCIUK HEWU 21.50 -4.0
NuvNC Prm NNC 13.64 0.7 HarteHanks HHS 2.70 -5.6 MineralsTechs MTX 39.55 -4.3 SKTelecomADR SKM 18.89 2.1
NuveenQualMuniFd NQI 13.84 BenchmkElec BHE 18.86 -4.5 DanaHolding DAN 12.44 -5.8 ViolinMemory VMEM 0.62 -11.8 ETRACSMly2xDJRlEst RWXL 26.80 -3.2 iShIntlSelDividend IDV 26.83 -2.7
0.4 HavrtyFurn HVT 19.81 -0.8 MiXTelematicsADR MIXT 4.10 -1.4 SM Energy SM 15.66 -2.5
BigLots BIG 37.16 -0.6 DaVitaHlthcrPtrs DVA 67.30 -0.8 VirtusTotalRetFd DCA 3.57 -2.2 ETRACS2xLevxEn LMLP 10.59 -7.7 iShTransportAvg IYT 125.28 -3.1
PIMCO MuniIII PMX 11.90 1.0 HershaHospitalityA HT 20.00 -1.8 MobileTeleSysADR MBT 5.36 -6.8 SPXFLOW FLOW 24.14 -3.5
BlkRkEngyResTr BGR 11.70 -3.6 DelekUS Hldgs DK 20.66 1.3 VoyaEmgMkHiIncmDiv IHD 6.86 -3.1 ETRACSMnly2xLevISE HOML 17.14 -11.2 iShU.S.EnergyETF IYE 31.73 -2.4
PIMCO NY PNF 12.13 0.1 HertzGlobal HTZ 12.41 -4.6 ModineMfg MOD 7.29 -3.8 SafeBulkers SB 0.49 -27.8
BlackRckRscComStr BCX 6.55 -3.1 DelticTimber DEL 54.87 -1.3 VoyaFinancial VOYA 33.10 -4.0 ETRACSS&P500VEQ VQTS 19.70 -2.6 iShUSOilEquip&Svcs IEZ 32.64 -3.1
THLCreditNts123022 TCRZ 25.15 0.8 Hess HES 43.49 -3.2 MorganStanley MS 28.78 -5.0 SafeguardSci SFE 13.15 -4.3
BlackstoneGroup BX 26.32 -3.3 DeluxeCp DLX 50.81 -2.7 VoyaGlbAdvantage IGA 10.05 -1.7 ETRACSUBSBloomberg UCIB 11.67 -0.2 iShUSOil&GasExpln IEO 48.61 -2.3
VoceraComms VCRA 13.63 5.7 HHGregg HGG 2.40 -0.8 MS ChinaShrFd CAF 17.13 -4.0 SantanderCnsmrUSA SC 14.27 -4.8
BoiseCascade BCC 20.96 -6.0 DenburyResources DNR 1.60 -5.8 VoyaIntlHiDiv IID 5.98 -2.2 ETRACSWFMLPxEnergy FMLP 16.89 -6.9 iShEmgMktDividend DVYE 27.75 -2.7
WstAstMgdMuni MMU 14.84 2.0 HilltopHoldings HTH 17.49 -3.4 Mosaic MOS 25.34 -3.4 SasolADR SSL 23.85 -5.7
BostonBeerClA SAM 186.85 0.9 DeutscheBank DB 22.67 -1.8 VoyaNaturalRscs IRR 5.19 -2.6 EGBeyondBRICs BBRC 13.53 -2.9 iShEnhancedUSLC IELG 29.97 -1.9
HiltonWorldwide HLT 19.14 -3.8 MuellerIndustries MLI 24.89 -0.9 Schlumbgr SLB 65.80 -2.2
NYSE lows - 491 BridgepntEdu BPI 6.82 -4.0 DevonEnergy DVN 27.90 -7.1
HornbeckOffshore HOS 7.92 -10.4 MurphyOil MUR 19.37 -3.4 ScorpioBulkers SALT 4.38 -12.0
WABCO Hldg WBC 92.70 -5.2 EGSharesEMQualDiv HILO 10.77 -2.4 iShEnhancedUSSC IESM 27.87 -2.2
Bristow BRS 21.76 -3.2 DeVryEducation DV 21.28 -4.9 W&TOffshore WTI 1.93 -9.0 EGShsEmergMkCORE EMCR 15.05 -4.8 iSharesEuropeETF IEV 37.84 -1.8
ABBADR ABB 16.57 -1.9 HostHotels&Resorts HST 14.53 -3.5 NCR NCR 21.68 -5.3 ScorpioTankers STNG 6.65 -5.3 iShIntRtHdgCorpBd LQDH 90.74 -0.4
BrookfieldMgt BAM 28.64 -2.7 DiamndrckHspty DRH 9.27 -1.8 WEX WEX 77.54 -2.1 EGSharesEmerMk ECON 19.73 -3.7
ABMIndustries ABM 26.68 -2.1 HowardHughes HHC 103.57 -2.3 NaborsIndustries NBR 7.38 -6.7 SeaDrill SDRL 2.82 -5.0
BrookfieldInfr BIP 33.86 -5.4 Diebold DBD 26.32 -4.5 WPXEnergyPfdA WPXP 26.88 2.4 EGAEMDmestcDemand EMDD 16.24 -4.6 iShLatinAmerica40 ILF 19.51 -4.0
ACCOBrands ACCO 6.22 -4.2 HudsonPacificProp HPP 26.44 -2.3 NtlOilwellVarco NOV 30.26 -1.9 SempraEnergy SRE 86.72 -5.4
CAIInternational CAI 8.17 -8.4 Domtar UFS 33.70 -4.2 WPXEnergy WPX 4.67 3.2 ElemntsRogrAgri RJA 6.09 -0.3 iShMSCIAllPeruCap EPU 19.31 -2.1
ARCDocumentSolns ARC 3.77 -1.0 CBD Pao ADR CBD 9.26 -4.1 HyattHotels H 42.10 -0.5 NaviosMaritime NNA 2.54 -4.9 SensataTech ST 39.96 -6.2 iShMSCIAsiaxJpMV AXJV 43.43 -5.4
Donaldson DCI 26.31 -3.2 Wabtec WAB 63.73 -3.3 ElemntsRogrEngy RJN 2.13 -1.5
AVX AVX 10.99 -2.9 CBL Assoc CBL 12.04 -3.4 HysterYaleMatls HY 49.45 -3.2 NaviosMartm NM 1.07 -19.3 ShakeShackClA SHAK 36.20 -5.6 iShMSCIAustralia EWA 17.06 -4.2
DunBradst DNB 95.56 -3.3 WadlRed A WDR 24.86 -5.5 ElemntsRogrTr RJI 4.40 -0.7
Aaron's AAN 20.57 -3.3 CDI 5.70 -4.8 E 27.70 -0.9 ICICIBankADR IBN 7.10 -3.1 NaviosMaritime NMM 2.49 -8.8 ShawCom B SJR 16.56 -1.4 iShMSCIBRICETF BKF 26.96 -3.6
CDI ENIADR WattsWater A WTS 46.02 -2.0 EnSelectSectorSPDR XLE 56.54 -2.4
AberdeenSingapore SGF 7.97 -1.9 CEB CEB 56.13 -1.8 ESV 12.59 -3.6 IMSHealthHoldings IMS 24.06 -2.0 NewHome NWHM 10.95 -8.0 Sothebys BID 21.71 -3.7 iShMSCIBrazilCap EWZ 19.13 -3.7
ENSCO WescoAircraftHldgs WAIR 11.05 -4.2 ETFS PlldmShr PALL 47.05 -3.1
Accuride ACW 1.28 -6.3 CFIndustries CF 33.69 -4.7 EOG Res EOG 65.19 -2.8 IRSA GDR IRS 10.09 -6.1 NimbleStorage NMBL 7.77 -4.2 Sparton SPA 18.16 -3.5 iShMSCIBrazilSC EWZS 6.27 -2.5
WestlakeChemical WLK 47.80 -4.5 EthoClimateLeader ETHO 23.27 -2.2
AdamsDivEquityFd ADX 12.18 -2.7 CGG ADR CGG 2.50 -3.8 ESCO Tech ESE 33.47 -2.8 Imation IMN 1.17 -9.9 Noble NE 9.03 -1.9 StJudeMedical STJ 58.16 -2.8 iShMSCICanadaETF EWC 20.13 -2.4
Whirlpool WHR 137.53 -2.5 FIEnhancedEur50ETN FIEU 85.85 -3.4
AdamsNaturalRscsFd PEO 16.50 -2.5 CIT Grp CIT 37.22 -2.8 EagleMaterials EXP 55.51 -2.8 InfraREIT HIFR 16.55 -4.3 NordAngliaEduc NORD 16.10 -7.3 StrwdHtlRsrt HOT 62.94 -3.6 iSharesMSCIEAFEETF EFA 55.53 -2.1
WhitingPete WLL 7.30 -4.7 FidelityLtdTermBd FLTB 48.43 0.3
AdvDrainageSystems WMS 21.43 -2.1 CNAFinancial CNA 33.64 -0.5 EatonVance EV 29.30 -4.4 IntelsatPfdA IpA 10.66 -10.5 Nordstrom JWN 47.02 ... StateSt STT 60.00 -4.5 iShMSCIEmgMarkets EEM 29.81 -3.1
Wiley B JW/B 42.14 -4.0 FidelityMSCIEn FENY 16.02 -2.4
AegonADR AEG 5.17 -3.7 CNHIndustrial CNHI 6.26 -2.0 EcopetrolADR EC 6.23 -4.4 Intelsat I 3.50 -12.2 NorthStarRealty NRF 15.41 -7.4 StatoilADR STO 12.68 -2.3 iShMSCIEurozoneETF EZU 33.08 -1.4
Wiley A JW/A 41.95 -3.8 FinSvsSectorSPDR XLFS 28.73 -2.5
AerojetRocketdyne AJRD 14.07 -3.8 CNOOCADR CEO 97.22 -2.8 Energen EGN 35.24 -1.8 InternationalPaper IP 36.18 -2.9 Novartis ADR NVS 83.61 -1.3 SteelPartnersHldgs SPLP 14.89 -2.7 iShMSCIFranceETF EWQ 22.88 -1.4
WilliamLyonHomes WLH 13.51 -6.2 FTAUAlphaDEX FAUS 25.08 -2.6
Aeropostale ARO 0.24 2.2 CNXCoalResources CNXC 7.92 -5.1 EngyTrnsfrEqty ETE 10.53 -11.5 IntrawestResorts SNOW 7.16 -3.3 OMAssetManagement OMAM 13.45 -5.4 Steelcase A SCS 13.84 -2.7
Williams WMB 20.60 -10.0 FstTrEngyAlpDx FXN 12.65 -2.8 iShMSCIFrontier100 FM 24.01 -1.1
AffiliatedManagers AMG 138.24 -6.0 Caleres CAL 25.15 -0.2 Enerplus ERF 2.81 -6.0 IntrepidPotash IPI 2.43 -2.8 OaktreeCapital OAK 43.92 -4.7 StifelFinancial SF 37.11 -5.5 iShMSCIGlblAgriPrd VEGI 21.00 -1.0
WillmSnoma WSM 54.91 1.5 FstTrISE NatGas FCG 3.88 -4.4
Agrium AGU 83.67 -2.2 CaliforniaRscs CRC 1.50 -18.9 EnersisADR ENI 11.01 -3.8 Intrexon XON 24.58 3.6 OasisPetroleum OAS 6.26 -7.5 Stillwater SWC 7.63 -5.0 iShMSCIGloblEnProd FILL 15.38 -3.3
IsraelChemicals ICL 3.97 -2.2 OceaneeringIntl OII 34.21 -4.0 STMicroelectronics STM 6.20 -1.1
WooriBankADR WF 21.11 -1.4 FTMidCapValue FNK 24.81 -2.7
AirProducts&Chems APD 119.18 -3.4 Cameco CCJ 10.94 -4.4 EnovaInternational ENVA 5.92 -6.3 iShMSCIGlbMet&MnPr PICK 7.52 -5.5
WyndhamWorldwide WYN 68.39 -1.1 FTSTOXXEurSel Div FDD 11.61 -1.4
AlcoaDepPfdB1 AApB 28.53 -4.6 CanNtlRlwy CNI 50.40 -2.2 ENV 26.31 -6.5 iStar STAR 11.08 -2.5 OppenHldgs OPY 15.32 -3.2 Stryker SYK 88.01 -2.5
Envestnet XeniaHotels XHR 14.69 -4.7 FlexSharesCurrHdDM TLDH 22.79 -1.8 iShIntlDevQuality IQLT 23.53 -1.7
Alere ALR 37.53 -3.2 CanPacRlwy CP 112.19 -3.9 ErosInternational EROS 6.80 -9.6 JanusCapitalGroup JNS 12.85 -4.8 Oracle ORCL 34.88 -2.2 SummitHotelProp INN 10.81 -2.8
YPFADR YPF 14.34 -1.6 FlexSharesCurrHdg TLEH 22.16 -3.6 iShMSCIIntlDevVal IVLU 20.88 -3.5
AlleghenyTechs ATI 9.45 -11.0 CanonADR CAJ 28.33 -3.0 EssentGroup ESNT 20.15 -3.4 JohnHancockHdgFd HEQ 14.00 -1.6 OwensIL OI 15.29 -3.2 SummitMaterialsClA SUM 17.02 -5.3
YirendaiADR YRD 7.50 -9.5 FlexGlbUpstmNatRsc GUNR 20.85 -2.9 iShMSCIMalaysiaETF EWM 7.32 -0.4
AllisonTransmissn ALSN 24.18 -3.6 CapOneFnl COF 64.85 -5.1 EverBankFin EVER 15.45 -0.8 JohnsonControls JCI 35.78 -4.0 POSCOADR PKX 33.61 -3.2 SuncorEnergy SU 23.42 -2.4
FlexSharesIntlDiv IQDE 19.87 -2.1 iShMSCIMexicoCap EWW 46.03 -3.9
AllyFinancial ALLY 17.34 -5.0 CapOneFnlWt COF/WS 24.64 -10.0 EverydayHealth EVDY 4.83 -15.6 JonesEnergyClA JONE 3.16 -10.7 PVH Corp. PVH 70.98 -1.9 SunstnHtlInv SHO 11.69 -2.9 NYSE Arca highs - 14 FlexSharesIntl IQDY 20.87 -2.4 iShMSCINetherlands EWN 22.58 -1.3
AmbevADR ABEV 4.11 -4.0 Carlisle CSL 80.66 -3.2 FMCTechnologies FTI 26.37 -1.0 JoyGlobal JOY 9.90 -7.9 PacificDrilling PACD 0.67 -12.5 SprEngy SPN 11.30 -5.5
DBCrudeOilDblShrt DTO 193.73 3.0 FlexSharesIntlQual IQDF 20.18 -2.5 iShMSCIPolandCap EPOL 16.72 -0.5
AmericaMovilADR AMX 12.65 -4.7 CarMax KMX 46.75 -2.5 FTIConsulting FCN 32.34 -0.8 KBFinancialGrpADR KB 26.21 -2.1 PandoraMedia P 10.76 -2.5 Supervalu SVU 6.00 -8.1
DBCrudeOilShortETN SZO 103.32 1.0 FlexMDevexUSFac TLTD 52.27 -1.8 iShMSCISaudiArabia KSA 21.86 -3.4
AmericanAxle AXL 15.88 -4.9 CarpenterTech CRS 27.30 -4.5 FairmountSantrol FMSA 1.96 -9.2 KB Home KBH 10.05 -14.8 ParkerDrilling PKD 1.55 -4.8 SwissHelvFd SWZ 10.08 -2.2
DirexionHlthcrBr3X SICK 43.24 5.2 FlexSharesEmMktsFa TLTE 39.06 -2.5 iShMSCISingapore EWS 9.54 -2.7
AmEqtyLf AEL 21.11 -4.3 CastlightHealthB CSLT 3.49 -6.5 FederatedInvestors FII 26.35 -3.4 KTADR KT 11.54 -0.2 ParkerHannifin PH 91.61 -1.7 TCFFinancial TCB 13.10 -4.2
DirexnS&POil&GasBr DRIP 110.37 6.8 FlexSharesSTOXXGlb NFRA 39.53 -1.6 iShMSCISouthAfrica EZA 42.09 -5.0
AmericanExpress AXP 63.08 -0.9 CeladonGroup CGI 7.93 -9.9 Felcor FCH 6.53 -5.1 K12 LRN 7.81 -3.6 ParkwayProperties PKY 15.06 -2.4 TERNIUMADR TX 11.29 -3.4
iShiBdDec21AMTFree IBMJ 25.81 0.1 GldmnSchsGSCnnct GSC 18.93 -1.1 iShMSCISpainCapped EWP 26.73 -1.4
AmphenolClA APH 46.97 -3.6 CemexADR CX 4.60 -9.2 Ferro FOE 9.52 -5.3 KSCitySo KSU 69.03 -2.0 PatriotNational PN 5.52 -5.7 TIMPartADR TSU 7.99 -4.7
iShiBdDec22AMTFree IBMK 26.04 0.4 GlbCommodityEquity CRBQ 27.50 -2.6 iShMSCISwedenETF EWD 27.18 -1.3
AnadarkoPetroleum APC 39.80 -8.4 CenovusEnergy CVE 11.72 -4.1 FiatChrysler7.875 FCAM 71.61 -4.5 Kennametal KMT 17.24 -3.9 PeabodyEnergy BTU 6.50 -9.3 TRIPointeGroup TPH 11.09 -4.5
MSMktVectRupee INR 39.63 0.5 GlbXBrazilConsumer BRAQ 7.28 -2.0 iShMSCISwitzerland EWL 29.65 -1.6
AnixterIntl AXE 52.51 -4.3 CtrlEuropeRussiaFd CEE 15.61 -1.3 FidelityNtlInfo FIS 58.08 ... KennedyWilson KW 21.69 -6.0 PearsonADR PSO 10.09 -3.0 TargaResources TRGP 21.28 -7.5
OShFTSEEurQltyDiv OEUH 31.36 -0.8 GlblXBrazilMidCap BRAZ 5.62 -3.6 iShMSCIThailandCap THD 54.94 -3.4
ArcelorMittalADR MT 3.65 -4.6 Cenveo CVO 0.78 -7.0 FirstAcceptance FAC 1.87 -14.1 KenonHoldings KEN 9.37 -3.1 PebblebrookHotelTr PEB 25.86 0.6 TargaResPrtnr un NGLS 13.02 -9.2
PSUltBloomCrudeOil SCO 162.82 4.6 GlblXChnaIndust CHII 11.22 -6.4 iShMSCIUK EWU 15.08 -2.8
ArcelorMittalNotes MTCN 5.62 -4.8 ChathamLdgTr CLDT 19.25 -2.4 FirstDataClA FDC 14.44 -5.8 KeyEnergyServices KEG 0.37 -6.0 PembinaPipeline PBA 19.65 -4.4 TaylorMorrisonHome TMHC 14.10 -5.9
KeysightTechs KEYS 26.20 -4.0 ProShsUltShHmbldrs HBZ 22.45 8.3 GlbXCopperMiners COPX 10.19 -6.0 iShMSCIEAFEValue EFV 43.76 -2.1
ArchCoal ACI 0.78 -13.3 Chegg CHGG 5.97 -3.3 Fitbit FIT 20.25 -6.1 PennVirginia PVA 0.26 -12.1 Team TISI 27.53 -6.7
KilroyRealty KRC 59.95 -3.5 PennyMacFinSvcsClA PFSI 14.43 -3.7 TelefonicaBrasADR VIV 8.19 -4.3 ProShsUltShOil&Gas SOP 42.41 4.0 GlblXFTSEAndean40 AND 5.95 -2.2 iShMornSCGrowth JKK 124.49 -2.2
Archrock AROC 6.06 -8.8 CherryHillMortgage CHMI 12.61 -2.5 FleetCorTechs FLT 128.43 -3.1 iShNorthAmNatRscs IGE 26.31 -2.4
KinderMorgan KMI 14.13 -3.5 PenskeAuto PAG 35.21 -3.6 TempltnDrgn TDF 16.57 -0.2 MktNtrlAnti-Beta BTAL 21.64 1.7 GlblXFTSEGreece20 GREK 7.33 -3.8
AresManagement ARES 11.53 -1.4 ChnGrn Agricult CGA 1.36 -3.7 Flowserve FLS 39.02 -2.5 iShRussell2000ETF IWM 105.49 -2.7
Kindred KND 10.43 -7.6 Pentair PNR 46.27 -2.6 TemplMktFd EMF 9.40 -2.5 UntdStsShrtOil DNO 91.30 2.2 GlbXFTSENordReg GXF 20.19 -0.6
ArmstrongWInd AWI 43.00 -2.1 ChinaLifeInsADR LFC 14.28 -3.6 ForestarGroup FOR 9.85 -5.6 iShMicro-CapETF IWC 67.13 -3.0
Kirby KEX 46.85 -3.1 PerformanceSports PSG 8.64 -4.3 TenarisADR TS 21.85 -2.8 VelocityShares3x DWTI 272.79 6.7 GlbXFTSEPortugal20 PGAL 9.56 ...
ArtisanPtrsAsset APAM 32.16 -6.6 ChinaMobileADR CHL 51.33 -2.7 FranklinResources BEN 33.90 -3.2 iShGlobalEnergyETF IXC 26.12 -2.9
Knoll KNL 17.78 -2.1 PetroChinaADR PTR 58.85 -4.4 TenetHlthcr THC 25.18 -7.2 GlbXFertilizersPot SOIL 8.36 -2.4
AsburyAutomotive ABG 55.58 -3.0 ChinaPetroleumADR SNP 53.49 -4.3 Freeport-McMoRan FCX 5.43 -9.1
Knowles KN 12.63 -3.8 PetroleoBrasilADRA PBR/A 2.99 -3.2 Tennant TNC 53.28 -2.5
NYSE Arca lows - 317 GlblXGFChinaBdETF CHNB 35.48 -1.1 iShGlobalMaterials MXI 41.82 -2.4
AshfordHospitality AHT 5.70 -5.8 ChinaTelecomADR CHA 43.00 -3.2 Furmanite FRM 5.76 -8.0 iShrsSP GSCI Cmdty GSG 13.37 -1.0
KoreaEquityFund KEF 6.69 -0.7 PioneerEnergySvcs PES 1.90 -2.8 Teradata TDC 23.52 -3.3 ALPSIntlDivDogs IDOG 21.90 -2.4 GlblXMSCINorwayETF NORW 8.82 -2.7
KoreaFund KF 29.81 -1.8 Plantronics PLT 43.72 -4.0 Textainer TGH 12.18 -6.2 ALPSSectorLeaders SLDR 22.48 -3.5 GlbXNextEmerging EMFM 16.25 -2.5 iShIntlPfdStock IPFF 15.10 -0.7
Online>> KosmosEnergy KOS 4.40 -6.2 PolyOne POL 28.22 -3.2 Textura TXTR 19.33 -4.2 AdvisorAthenaHiDiv DIVI 13.98 -3.7 GlbXSuperDivEM SDEM 11.28 -4.0 iSharesGlobalInfra IGF
iShChinaLarge-Cap FXI
34.36 -1.9
31.94 -3.8
KratnPrfmcPlymr KRA 15.33 -3.8 PotashCp POT 15.81 -0.1 ThirdPointReins TPRE 11.85 -3.9 AdvisorShEquityPro EPRO 26.14 -0.8 GSActiveBetaEM GEM 23.22 -2.6
During the trading day, 52-week highs and lows are updated hourly QAM Equity Hedge QEH 25.83 -1.4 GSActiveBetaIntlEq GSIE 22.95 -1.6 JanusVelTailRIskLC TRSK 26.37 -1.3
KronosWorldwide KRO 4.99 -4.0 Praxair PX 97.60 -2.5 ThomsonReuters TRI 35.09 -4.6
at WSJMarkets.com. Lists for each market are available free, along LaQuintaHoldings LQ 12.03 -5.0 PPlus GSC-2 PYT 19.30 -1.0 Tiffany TIF 70.71 -2.7 ArrowDowJonesGlbYd GYLD 16.49 -2.1 GugCnEngy ENY 6.12 -4.4 JohnHancockConsDis JHMC 24.23 -0.5
with easy access to charts and headlines. LaZ Boy LZB 22.70 -3.2 PrincipalFinancial PFG 40.10 -4.9 TimeInc. TIME 14.31 -1.4 BarcETNFIEnhEur50 FEEU 83.07 -3.9 GuggenheimDJIADiv DJD 24.13 -2.0 Continued on Page C7
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THE WALL STREET JOURNAL. Friday, January 8, 2016 | C5

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
16514.10 t 392.41, or 2.32% Trailing P/E ratio * 15.66 16.79 1943.09 t 47.17, or 2.37% Trailing P/E ratio * 22.95 19.37 4689.43 t 146.34, or 3.03% Trailing P/E ratio * 23.25 24.25
High, low, open and close for each P/E estimate * 16.10 15.71 High, low, open and close for each P/E estimate * 17.44 16.50 High, low, open and close for each P/E estimate * 20.04 18.95
trading day of the past three months. Dividend yield 2.72 2.48 trading day of the past three months. Dividend yield 2.14 1.94 trading day of the past three months. Dividend yield 1.17 1.26
All-time high 18312.39, 05/19/15 All-time high: 2130.82, 05/21/15 All-time high: 5218.86, 07/20/15

Current divisor 0.14602128057775


18500 2150 5250

18000 2100 5100

17500 2050 4950

17000 2000 4800

Session high 65-day moving average


65-day moving average 16500 1950 65-day moving average 4650
DOWN UP
t

Session open Close

Close Open 16000 1900 4500


t

Bars measure the point change from session's open


Session low
15500 1850 4350
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.

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


Latest 52-Week Range % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 1,171,515,709 11,548,878
Industrial Average 16888.36 16463.63 16514.10 -392.41 -2.32 18312.39 15666.44 -7.8 -5.2 7.3 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 125,603,921 3,243,917
Transportation Avg 7185.01 6981.53 6995.39 -221.66 -3.07 9178.48 6995.39 -21.9 -6.8 8.3 Most-active issues in late trading Decl. volume* 1,042,560,896 7,972,456
Utility Average 579.75 575.13 577.51 -2.99 -0.52 652.11 541.97 -7.8 -0.1 7.9 Volume After Hours Issues traded 3,229 375
Company Symbol (000) Last Net chg % chg High Low Advances 440 95
Total Stock Market 20437.28 19985.27 20023.42 -499.80 -2.44 22287.78 19528.72 -6.6 -5.1 9.6
Mkt Vectors Gold Miners GDX 11,919.7 14.91 0.030 0.202 14.91 14.00 Declines 2,746 265
Barron's 400 494.47 485.80 486.54 -12.00 -2.41 586.75 486.54 -9.6 -5.8 8.9
SPDR S&P 500 SPY 11,668.3 193.64 -0.410 -0.211 207.75 193.42 Unchanged 43 15
Nasdaq Stock Market iShares MSCI Japan ETF EWJ 5,117.8 11.69 … unch. 11.90 11.67 New highs 27 3
Nasdaq Composite 4788.02 4688.17 4689.43 -146.34 -3.03 5218.86 4506.49 -1.0 -6.4 14.8 iPath SP 500 VIX Sht Tm VXX 4,245.9 23.79 0.190 0.81 23.97 18.94 New lows 491 36
4403.61 4303.66 Closing tick 14 2
Nasdaq 100 4305.72 -138.26 -3.11 4719.05 4016.32 1.5 -6.3 16.5 iShares MSCI Emg Markets EEM 3,818.2 29.50 -0.330 -1.11 31.45 29.50
Closing Arms† 1.21 0.68
Alerian MLP ETF AMLP 3,692.8 10.78 ... unch. 11.46 10.76
Standard & Poor's Block trades* 6,476 116
VelocityShares 3x Lg Nat UGAZ 3,324.8 2.66 0.06 2.308 2.66 2.25
500 Index 1985.32 1938.83 1943.09 -47.17 -2.37 2130.82 1867.61 -5.8 -4.9 9.9 Nasdaq NYSE Arca
VelocityShares 3x Lg UWTI 3,220.8 2.86 0.020 0.70 4.44 2.81
MidCap 400 1350.48 1325.23 1326.49 -34.34 -2.52 1549.44 1326.49 -8.7 -5.2 8.0 Total volume* 2,515,259,083 481,798,935
SmallCap 600 645.78 633.42 633.92 -16.29 -2.51 742.13 633.92 -7.7 -5.6 8.9 Percentage gainers… Adv. volume* 260,672,862 115,843,550
Decl. volume* 2,243,362,932 365,872,878
Other Indexes FuelCell Energy FCEL 9.6 5.79 0.47 8.83 6.00 5.31
Issues traded 2,978 1,455
Russell 2000 1090.95 1063.84 1064.57 -29.80 -2.72 1295.80 1064.57 -11.0 -6.3 6.7 Foamix Pharmaceuticals FOMX 6.4 8.69 0.65 8.08 9.00 8.03
Advances 411 275
NYSE Composite 9791.17 9627.06 9650.42 -217.84 -2.21 11239.66 9601.42 -10.6 -4.9 3.8 Direxion Daily En Bear 3x ERY 50.3 36.48 1.74 5.01 36.48 28.70 Declines 2,506 1,171
Value Line 431.09 419.00 419.48 -11.61 -2.69 522.42 419.48 -15.9 -5.9 3.4 Adtran ADTN 7.3 17.49 0.78 4.67 17.61 16.56 Unchanged 61 9
NYSE Arca Biotech 3579.84 3486.81 3487.42 -133.19 -3.68 4431.87 3303.47 -1.9 -8.6 29.1
Crescent Point Energy CPG 8.4 9.72 0.43 4.64 9.72 9.29 New highs 13 14
New lows 357 317
NYSE Arca Pharma 528.24 520.78 522.31 -8.74 -1.65 605.94 509.74 -4.7 -3.5 11.3 ...And losers
Closing tick 15 173
KBW Bank 69.52 67.55 67.72 -2.30 -3.29 80.41 66.40 -5.7 -7.3 8.1 Barracuda Networks CUDA 61.4 13.50 -2.93 -17.83 16.43 13.38 Closing Arms† 1.41 0.70
PHLX§ Gold/Silver 48.98 46.92 48.46 1.65 3.53 82.07 43.21 -33.9 7.0 -32.9 Container Store Group TCS 39.7 5.97 -1.21 -16.85 7.18 5.70 Block trades* 9,044 1,900
PHLX§ Oil Service 148.50 144.21 144.72 -4.29 -2.88 224.32 144.72 -28.4 -8.2 -14.5 Qorvo QRVO 532.0 41.00 -4.64 -10.17 47.53 38.00 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 624.58 608.88 610.25 -20.95 -3.32 746.08 559.59 -10.9 -8.0 15.5 Gap Inc GPS 544.4 24.31 -2.43 -9.09 26.74 24.30 †(TRIN) A comparison of the number of advancing and declining
25.86 22.40 4.40 40.74 11.95 37.2 issues with the volume of shares rising and falling. An
CBOE Volatility 24.99 21.37 46.9 21.9 CF Industries Holdings CF 16.0 31.78 -2.36 -6.91 34.87 31.78 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers


Latest YTD Latest Session 52-Week Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg

World The Global Dow 2205.52 –49.84 –2.21 –5.6 Dynavax Technologies DVAX 29.70 8.52 40.23 32.49 15.80 65.3 SunEdison SUNE 3.34 -2.17 -39.38 33.45 2.55 -82.5
The Global Dow Euro 1917.03 –58.46 –2.96 –5.3 MakeMyTrip MMYT 20.29 3.87 23.57 28.19 11.97 -24.6 Ardelyx ARDX 10.09 -4.87 -32.55 27.99 7.95 -57.2
DJ Global Index 291.56 –6.45 –2.16 –5.3 VS 2x VIX Short Term TVIX 8.53 1.53 21.86 37.40 5.31 -67.7 Heat Biologics HTBX 3.11 -1.21 -28.01 10.90 1.67 -30.4
World DJ Global ex U.S. 198.36 –3.84 –1.90 –5.6 ProSharesUltVIXST UVXY 38.84 6.91 21.64 170.05 23.83 -67.5 Fuel Systems Solutions FSYS 3.36 -1.07 -24.15 11.64 3.36 -69.3
CounterPath CPAH 2.41 0.39 19.19 9.70 2.02 -69.9 Altisource Asset Mgmt AAMC 15.48 -4.49 -22.48 342.85 10.37 -95.5
Americas DJ Americas 462.34 –11.40 –2.41 –5.1
Brazil Sao Paulo Bovespa 40694.72 –1078.42 –2.58 –6.1 Mistras Group MG 21.95 3.30 17.69 22.76 12.65 5.5 Nobilis Health HLTH 2.47 -0.63 -20.32 9.34 2.15 -23.4
Canada S&P/TSX Comp 12448.21 –278.59 –2.19 –4.3
American Independence AMIC 14.60 2.15 17.27 14.64 8.50 40.9 Lucas Energy LEI 4.25 -1.05 -19.81 11.25 1.23 51.8
uniQure QURE 17.28 2.37 15.90 36.38 14.52 -2.7 JinkoSolar Holding ADR JKS 20.85 -4.91 -19.06 32.28 14.32 12.2
Mexico IPC All-Share 40661.57 –1029.62 –2.47 –5.4
VelocityShares 3x Lg Nat UGAZ 2.60 0.32 14.04 27.15 1.29 -86.9 Northwest Biotherapeutics NWBO 2.31 -0.54 -18.95 12.55 2.11 -60.0
Chile Santiago IPSA 2843.91 –46.87 –1.62 –3.4
DXN DLY GLDMNR 3x BL NUGT 30.74 3.57 13.14 214.00 21.70 -77.5 OncoCyte OCX 7.25 -1.68 -18.81 10.24 3.10 ...
Europe Stoxx Europe 600 346.51 –7.84 –2.21 –5.3
DXN DLY RSSA BEAR 3X RUSS 46.40 5.18 12.57 110.88 24.08 -45.8 ICAD ICAD 4.09 -0.89 -17.87 11.14 2.95 -57.9
Euro zone Euro Stoxx 326.29 –5.88 –1.77 –5.5
UltraPro Shrt Biotech ZBIO 26.67 2.92 12.29 38.85 17.00 ... Medgenics MDGN 4.97 -1.08 -17.85 10.25 4.88 -21.6
Belgium Bel-20 3550.71 –62.98 –1.74 –4.0
Arotech ARTX 2.39 0.26 12.21 3.74 1.11 7.2 C&J Energy Services CJES 3.36 -0.73 -17.85 18.45 2.97 -72.1
France CAC 40 4403.58 –76.89 –1.72 –5.0 Direxion Natl Gas Bear 3x GASX 76.80 8.29 12.10 87.21 37.50 ... North Atlantic Drilling NADL 1.86 -0.40 -17.70 23.70 1.80 -86.9
Germany DAX 9979.85 –234.17 –2.29 –7.1 Direxion S&P Biotech Bear LABD 44.48 4.76 11.98 66.40 24.00 ... Basic Energy Services BAS 1.93 -0.41 -17.52 10.50 1.91 -66.1
Israel Tel Aviv 1493.97 –29.44 –1.93 –2.3
Italy FTSE MIB 20189.48 –232.91 –1.14 –5.7
Netherlands AEX 420.76 –8.00 –1.87 –4.8 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 9059.30 –138.10 –1.50 –5.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Sweden SX All Share 475.51 –11.04 –2.27 –5.9
Switzerland Swiss Market 8449.86 –163.56 –1.90 –4.2 SPDR S&P 500 SPY 201,215 73.7 194.05 -2.40 213.78 182.40 iShares NA Tech-Mult IGN 2,042 3562 34.32 -3.24 40.59 30.13
5954.08 –1.96 –4.6 SunEdison SUNE 161,688 211.4 3.34 -39.38 33.45 2.55 iShares MSCI World ETF URTH 770 2000 65.15 -3.24 77.35 60.01
U.K. FTSE 100 –119.30
iPath SP 500 VIX Sht Tm VXX 115,688 90.0 23.60 10.85 37.35 15.48 Dynavax Technologies DVAX 10,171 1735 29.70 40.23 32.49 15.80
Asia-Pacific DJ Asia-Pacific TSM 1311.90 –29.76 –2.22 –5.6 Bank Of America BAC 114,621 46.3 15.50 -3.61 18.48 14.60 Epizyme Inc. EPZM 7,836 1643 11.07 -4.07 28.48 9.32
Australia S&P/ASX 200 5010.30 –112.80 –2.20 –5.4 General Electric GE 91,598 -0.4 28.97 -4.23 31.49 19.37 iShares Curr Hdgd MSCI EM HEEM 1,865 1489 18.72 -3.51 26.37 18.72
China Shanghai Composite 3125.00 –236.84 –7.04 –11.7
iShares MSCI Emg Markets EEM 85,155 35.7 29.83 -3.08 44.19 29.81 OShs FTSE US Quality Div OUSA 297 1333 24.23 -1.62 25.66 21.68
Hong Kong Hang Seng 20333.34 –647.47 –3.09 –7.2
Apple AAPL 79,306 80.4 96.45 -4.22 134.54 92.00 Korea Equity Fund KEF 96 1328 6.72 -0.74 8.61 6.69
India S&P BSE Sensex 24851.83 –554.50 –2.18 –4.8
VelocityShares 3x Lg UWTI 74,084 125.1 2.84 -6.58 43.20 2.80 EZchip EZCH 4,022 1186 25.20 2.65 25.25 14.30
Japan Nikkei Stock Avg 17767.34 –423.98 –2.33 –6.7
Finl Select Sector SPDR XLF 73,181 78.4 22.45 -2.81 25.62 18.52 ProSh Sh Xinhua China 25 YXI 98 1108 32.11 4.04 33.41 21.59
Singapore Straits Times 2729.91 –74.36 –2.65 –5.3 Mkt Vectors Gold Miners GDX 66,639 15.8 14.88 4.42 23.22 12.62 Akebia Therapeutics AKBA 5,041 1092 8.66 -9.79 14.20 5.91
South Korea Kospi 1904.33 –21.10 –1.10 –2.9 * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
* Volumes of 100,000 shares or more are rounded to the nearest thousand
Taiwan Weighted 7852.06 –138.33 –1.73 –5.8 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group

Consumer Rates and Returns to Investor Benchmark


Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Home Equity US$vs, US$vs,
A consumer rate against its Thurs YTDchg Thurs YTDchg
5.00% 15%
benchmark over the past year Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 4.59% 10 WSJ Dollar index
4.00 s Americas Thailand baht .02757 36.270 0.7
Carthage FS LA 1.99% 5 Vietnam dong .00004517 22138 –0.1
Home equity loan 5.00% Carthage, NY Argentina peso .0720 13.8880 7.3
800-232-0450 3.00 Europe
t 0 Brazil real .2472 4.0448 2.1
First Merchants Bank 1.99% s Canada dollar .7084 1.4116 2.0 Czech Rep. koruna .04043 24.737 –0.6
4.00 2.00 –5 Yen
Munice, IN 800-262-4261 Chile peso .001382 723.40 2.1 Denmark krone .1465 6.8248 –0.7
–10 s Colombia peso .0003047 3282.33 3.4 Euro area euro 1.0933 .9147 –0.7
Republic Bank Trust Company 1.99% Thursday 1.00
t

t 3.00 Euro
One year ago –15 Ecuador US dollar 1 1 unch Hungary forint .003472 288.02 –0.8
t

Prime rate Louisville, KY 888-540-5363


0.00 Mexico peso .0560 17.8468 3.8 Iceland krona .007726 129.44 –0.6
2.00 Tompkins Trust Company 2.24% –20
Peru new sol .2921 3.424 0.3 Norway krone .1126 8.8836 0.5
1 3 6 1 2 3 5 710 30 2015
Ithaca, NY 888-273-3210 Uruguay peso .03304 30.2700 1.2 Poland zloty .2515 3.9760 1.3
1.00 month(s) years Venezuela b. fuerte .158603 6.3051 unch Russia ruble .01333 75.000 4.3
J F M A M J J A S O N DJ The Torrington Savings Bank 2.75%
maturity Asia-Pacific Sweden krona .1181 8.4641 0.2
2015 Torrington, CT 860-496-2152 Switzerland franc 1.0067 .9933 –0.9
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .7013 1.4259 3.9
Turkey lira .3334 2.9991 2.8
China yuan .1517 6.5938 1.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0429 23.2840 –3.0
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1289 7.7586 0.1
UK pound 1.4617 .6841 0.8
India rupee .01495 66.891 1.0
Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000719 13914 0.6 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008499 117.66 –2.2 Bahrain dinar 2.6508 .3773 unch
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002895 345.46 2.0 Egypt pound .1277 7.8313 unch
Libor, 3-month 0.62 0.61 0.25 l 0.62 0.31
Macau pataca .1251 7.9911 –0.2 Israel shekel .2549 3.9233 0.8
Money market, annual yield 0.28 0.27 0.25 l 0.43 -0.23 Treasury, Ryan ALM 1420.234 1.801 1.917 1.957 1.305 0.458 1.972
Malaysia ringgit .2284 4.3791 1.8 Kuwait dinar 3.2890 .3040 0.2
Five-year CD, annual yield 1.40 1.39 1.37 l 1.53 0.04 10-yr Treasury, Ryan ALM 1706.319 2.153 2.273 2.480 1.669 –1.194 2.101 New Zealand dollar .6624 1.5097 3.2 Oman sul rial 2.5966 .3851 unch
30-year mortgage, fixed† 4.00 4.08 3.71 l 4.22 0.27 DJ Corporate 343.423 3.338 3.426 3.462 2.633 –0.453 2.245 Pakistan rupee .00953 104.900 unch Qatar rial .2746 3.641 unch
15-year mortgage, fixed† 3.25 3.34 2.94 l 3.42 0.21 Aggregate, Barclays Capital 1835.670 2.520 2.590 2.630 1.920 0.195 1.747 Philippines peso .0213 46.963 0.2 Saudi Arabia riyal .2664 3.7539 unch
Jumbo mortgages, $417,000-plus† 4.48 4.61 4.00 l 4.97 0.35 Singapore dollar .6977 1.4333 1.1 South Africa rand .0622 16.0770 3.9
High Yield 100, Merrill Lynch 2368.269 7.724 7.601 8.056 5.016 –5.240 1.064 South Korea won .0008352 1197.29 1.8
Five-year adj mortgage (ARM)† 3.52 3.80 3.14 l 4.00 0.44 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1914.070 2.710 2.780 2.900 2.280 1.541 2.209 Sri Lanka rupee .0069440 144.01 –0.2
New-car loan, 48-month 3.16 3.21 2.71 l 3.33 0.33 Taiwan dollar .03000 33.330 1.3 WSJ Dollar Index 90.45 –0.42–0.46 0.31
Muni Master, Merrill 503.568 1.619 1.762 2.099 1.475 3.201 3.069
HELOC, $30,000 4.59 4.58 4.24 l 4.71 -0.04
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 669.544 6.757 6.709 6.817 5.679 1.409 –0.173 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg

DJ Commodity 442.63 0.09 0.02 584.70 441.41 -20.08 -2.46


ONLINE
WSJ
Reuters-Jefferies CRB 168.54 -0.91 -0.54 231.77 168.54 -25.39 -4.39
Crude oil, $ per barrel 33.27 -0.70 -2.06 61.43 33.27 -31.81 -10.18
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and
.COM Natural gas, $/MMBtu 2.382 0.115 5.07 3.23 1.76 -18.62 1.93
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
Gold, $ per troy oz. 1107.70 15.80 1.45 1300.70 1050.80 -8.33 4.47
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C6 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS


How to Read the Stock Tables Net Net Net Net Net Net
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
securities. Prices are composite quotations that include primary market trades as well as trades ForestCityRealtyA FCE/A 20.79 -1.16 LennarClB LEN/B 35.53 -1.42 PetroleoBrasilADR PBR 3.81 -0.14 TJX TJX 69.99 -0.10
ARMHoldingsADR ARMH 41.60 -0.83 LibertyGlobalClA LBTYA 39.20 -1.58
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock LennoxIntl LII 118.93 -1.85 t PetroleoBrasilADRA PBR/A 3.03 -0.10 ASMLHolding ASML 82.49 -2.12 t LibertyGlobalClB LBTYB 39.91 -3.62
Exchange, ISE and BATS. ForestCityRealtyB FCE/B 20.87 -1.13 TableauSoftware DATA 88.57 -4.93
The list comprises the 1,000 largest companies based on market capitalization. FortBrandsHomeSec FBHS 49.68 -2.70 LeucadiaNational LUK 16.55 -0.25 Pfizer PFE 31.40 -0.21 TaiwanSemiconADR TSM 21.10 ActivisionBliz ATVI 36.27 -0.52
-0.24 LibertyGlobalClC LBTYK 37.75 -1.30
Underlined quotations are those stocks with large changes in volume compared with the issue’s Franco-Nevada FNV 49.31 1.59 Level3Comm LVLT 50.69 -2.23 PhilipMrrsIntl PM 87.25 -0.60 Target TGT 73.88 AdobeSystems ADBE 89.11 -1.91
-0.20 LibertyGlbLiLACAWi LILA 37.75 -0.98
average trading volume. t FranklinResources BEN 34.07 -1.13 LibertyPropertyTr LPT 31.02 -1.23 PhilippineLgDisADR PHI 40.91 -1.89 TaroPharm TARO154.74 t AkamaiTechnologies AKAM 48.19 -2.29
2.16 LibertyGlbLiLACClC LILAK 39.78 -0.91
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous t Freeport-McMoRan FCX 5.61 -0.56 EliLilly LLY 81.41 -2.17 Phillips66 PSX 76.45 -1.58 TataMotorsADR TTM 25.27 AlexionPharm ALXN 174.37 -9.70
-1.65 LibertyInteractQVC QVCA 25.39 -0.73
closing price was $2 or higher. FreseniusMedADR FMS 42.09 -0.62 t LincolnNational LNC 45.36 -1.31 PiedmontNaturalGas PNY 57.64 -0.24 TaubmanCtr TCO 74.99 AlignTechnology ALGN 63.50 -1.37
-1.88 LibertyVenturesA LVNTA 41.40 -0.75
Footnotes: listing standards vj-In bankruptcy or t Gallagr AJG 38.71 -0.82 LinkedInA LNKD 217.00 -9.08 PinnacleFoods PF 42.76 ... TecoEnergy TE 26.90 Alkermes ALKS 72.04 -3.01
... LibertyMediaA LMCA 37.10 -0.30
s-New 52-week high. lf-Late filing receivership or being Gap GPS 26.74 1.45 LiveNationEnt LYV 23.11 -0.66 PinaclWCap PNW 64.47 -0.02 TelecomItaliaADR TI/A 9.69 AlnylamPharm ALNY 87.64 -2.64
-0.16 LibertyMediaC LMCK 35.72 -0.54
t-New 52-week low. q-Temporary exemption from reorganized under the t LloydsBankingADR LYG 4.08 -0.10 PioneerNaturalRscs PXD 116.42 0.27 11.98 AlphabetClA GOOGL 741.00-18.33
0.10 LinearTechnology LLTC 39.19 -1.36
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities Gartner IT 86.25 -2.16 TelecomItaliaADR TI
Gazit-Globe GZT 9.02 -0.16 LockheedMartin LMT 213.29 -4.34 PlainsAllAmPipe PAA 21.02 -1.02 Teleflex TFX 128.71 AlphabetClC GOOG 726.39-17.23
-2.69 LinnEnergy LINE 1.18 -0.07
recent four quarters. t-NYSE bankruptcy assumed by such companies.
FD-First day of trading. v-Trading halted on primary t GenDynam GD 130.80 -4.46 Loews L 36.16 -0.89 PlainsGPHldgsClA PAGP 8.04 -0.80 t TelefonicaBrasADR VIV 8.33 Amazon.com AMZN 607.94-24.71
-0.37 lululemonathletica LULU 54.79 -0.12
h-Does not meet continued market. GenElec GE 28.97 -1.28 Lowe's LOW 72.07 -1.87 PlumCrk PCL 44.94 -1.79 TelefonicaADR TEF 10.56 -0.05
Amdocs DOX 52.42 -0.85 ManhattanAssoc MANH 59.87 -2.83
GeneralGrowthProp GGP 26.93 -0.69 LuxotticaGroupADR LUX 61.22 -0.72 PolarisIndustries PII 82.39 -2.16 TelekmIndonesiaADR TLK 45.04 -0.85
Amerco UHAL 368.68-10.32 Markit MRKT 28.90 -0.43
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and GeneralMills GIS 55.11 -1.18 LyondellBasell LYB 80.09 -3.42 t PotashCp POT 16.15 -0.01 t TenarisADR TS 21.91 t AmericaMovilClAADR AMOV 12.66 -0.54
-0.62 t MarriottInt A MAR 61.82 -1.80
changes in the closing prices from 4 p.m. the previous day. GeneralMotors GM 29.99 -1.28 M&T Bnk MTB 112.48 -3.26 t Praxair PX 97.79 -2.51 Tesoro TSO 107.03 AmerAirlinesGrp AAL 40.45 -0.78
0.66 Mattel MAT 27.06 0.14
Genpact G 23.64 -0.43 MGMResortsIntl MGM 20.62 -1.77 PrecisionCastparts PCP 232.22 -0.56 TesoroLogistics TLLP 46.05 AmeriCapAg AGNC 17.72 -0.14
-1.76 MaximIntProducts MXIM 34.26 -0.92
Thursday, January 7, 2016 Net Net
GenuineParts GPC 80.88 -1.78 MPLX MPLX 34.42 -2.41 t PrincipalFinancial PFG 40.23 -2.09 TevaPharmADR TEVA 64.49 -0.47
Amgen AMGN 152.98 -3.74 Medivation MDVN 42.05 -3.29
Net Stock Sym Close Chg Stock Sym Close Chg
Gildan GIL 27.10 -0.74 MSCI MSCI 69.49 -1.10 Procter&Gamble PG 77.18 -0.68 Textron TXT 39.52 AmTrustFinSvcs AFSI 57.60 -1.49
-0.83 MelcoCrownEntADR MPEL 14.37 -1.59
Stock Sym Close Chg Macerich MAC 80.75 -1.02 ProgressiveCorp PGR 30.53 -0.53
BankAm BAC 15.50 -0.58 ConocoPhillips COP 44.06 -1.29 GlaxoSmithKlineADR GSK 39.01 -1.23 ThermoFisherSci TMO 134.31 -3.14
AnacorPharm ANAC 101.70 -7.37 MercadoLibre MELI 102.93 -4.40
BkMntrl BMO 52.15 -1.04 ConEd ED 65.72 0.50 GlblPymts GPN 61.36 -2.39 MacquarieInfr MIC 66.42 -1.48 Prologis PLD 41.44 -1.11 t ThomsonReuters TRI 35.29 t AnalogDevices ADI 50.42 -1.32
-1.72 MichaelsCos. MIK 21.64 -0.43
NYSE BankNY Mellon BK 37.84 -0.98 s ConstBrands A STZ 149.61 6.49 GoDaddyClA GDDY 30.50 -1.23 Macys M 36.89 0.74 PrudentialFin PRU 73.79 -3.13 3M MMM 140.97 -3.52
Apple AAPL 96.45 -4.25 MicrochipTech MCHP 42.66 -2.27
t ABBADR ABB 16.60 -0.32 t BkNovaScotia BNS 38.53 -0.64 s ConstBrands B STZ/B149.71 6.81 Goldcp GG 12.72 0.91 MagelnPtnrs MMP 65.33 -1.69 t PrudentialADR PUK 39.94 -1.86 t Tiffany TIF 70.92 AppliedMaterials AMAT 17.21 -0.52
-2.00 MicronTechnology MU 13.66 -0.56
ACE ACE 111.58 -1.16 t BarclaysADR BCS 11.93 -0.49 ContinentalRscs CLR 21.06 -0.60 t GoldmanSachs GS 164.62 -5.22 t MagnaInt MGA 35.27 -1.90 PublicServiceEnt PEG 38.81 0.20 TimeWarnerCable TWC 181.20 ArchCapitalGroup ACGL 69.14 -0.07
-0.67 Microsoft MSFT 52.17 -1.88
ADTCorp. ADT 30.90 -0.44 Bard CR BCR 184.17 0.15 Cooper COO 127.96 -3.63 GraceWR GRA 92.15 -3.03 Mallinckrodt MNK 66.85 -3.42 PublicStorage PSA 249.05 -2.62 TimeWarner TWX 70.20 AthenaHealth ATHN 159.30 -6.00
1.58 Middleby MIDD 96.53 -5.22
AES AES 9.00 -0.23 BarrickGold ABX 8.75 0.81 Corning GLW 17.10 -0.40 Grainger GWW 197.13 -1.92 ManpowerGroup MAN 76.76 -2.36 t PulteGroup PHM 16.22 -0.72 t Toll Bros TOL 30.37 AtlassianClA TEAM 26.97 -0.08
-1.76 MondelezIntlClA MDLZ 41.59 -2.40
AFL 57.21 -0.99 s Baxalta BXLT 40.46 1.16 CotyClA COTY 23.47 -0.70 t ManulifeFinancial MFC 13.38 -0.63 Qihoo360Technology QIHU 70.97 -1.13 Torchmark TMK 54.97 -0.94
Autodesk ADSK 55.98 -3.56 MonsterBeverage MNST 145.20 -1.10
Aflac GpoAeroportuarADR PAC 79.11 -4.56
AGLResources GAS 63.43 -0.42 BaxterIntl BAX 36.79 -0.62 Credicorp BAP 89.76 -3.71 GpoAvalAccionesADR AVAL 6.15 t MarathnOil MRO 10.67 -0.61 QuestDiag DGX 68.15 -1.53 TorntoDomn TD 36.22 -0.83
ADP ADP 78.78 -2.48 Mylan MYL 51.61 -1.75
-0.15
AT&T T 33.51 -0.55 BectonDksn BDX 144.53 -2.41 t CreditSuisseADR CS 20.24 -0.57 GpFinSantandMexADR BSMX 7.96 -0.44 MarathonPetroleum MPC 47.99 -0.73 QuintilesTransnat Q 65.18 -1.56 TotalADR TOT 41.63 -1.02
AvagoTech AVGO 129.05 -4.24 NXP Semi NXPI 76.00 -4.35
AbbottLabs ABT 41.54 -1.02 Berkley WRB 52.18 -0.90 CrescentPntEnrg CPG 9.29 -1.25 t GrupoTelevisaADR TV 25.40 -0.46 MarineHarvestADR MHG 12.73 -0.24 RELXADR RENX 16.21 -0.11 TotalSystemSvcs TSS 46.45 -1.45
BaiduADR BIDU 174.37-11.24 Nasdaq NDAQ 57.10 -0.13
AbbVie ABBV 57.21 -0.17 BerkHathwy A BRK/A195580-1835.00 CrestwoodEquity CEQP 17.29 -1.36 GuangshenRailADR GSH 23.22 Markel MKL 846.28-20.02 RELXADR RELX 17.18 -0.16 ToyotaMotorADR TM 115.57 -2.81
t BedBath BBBY 46.51 -0.51 t NetApp NTAP 23.37 -1.32
-1.01
AccentureClA ACN 99.16 -3.00 BerkHathwy B BRK/B129.48 -1.85 CrownCastl CCI 84.26 -2.15 HCAHoldings HCA 64.29 MarshMcL MMC 53.70 -0.41 RPM RPM 41.64 -0.80 TransCan TRP 30.45 -1.25
Biogen BIIB 284.01 -9.67 NeteaseADR NTES 165.37 -8.30
-1.69
AcuityBrands AYI 223.84 -6.10 BestBuy BBY 30.23 0.28 CrownHoldings CCK 48.47 -1.12 HCP 36.49 MrtnMarMat MLM 129.56 -0.27 RalphLaurenA RL 104.56 -3.54 TransdigmGrp TDG227.28 -2.82
BioMarinPharm BMRN 97.09 -3.35 Netflix NFLX 114.56 -3.12
HCP -1.00
AdvanceAuto AAP 148.83 1.63 BioMedRealtyTrust BMR 23.68 -0.02 CubeSmart CUBE 31.52 -0.20 Masco MAS 26.13 -1.25 RayJamFnl RJF 52.02 -2.24 TransUnion TRU 26.87 -0.54
BlackBerry BBRY 8.00 -0.74 NewsCorpClA NWSA 12.42 -0.29
HDFCBankADR HDB 58.86 -1.73
AdvSemiEnggADR ASX 5.22 -0.16 BlackKnightFinSvcs BKFS 31.09 -0.39 Cummins CMI 87.19 -1.49 t HP MasterCard MA 91.64 -1.71 Raytheon RTN 123.00 -2.82 TravelersCos TRV 106.44 -2.60
Broadcom BRCM 54.47 -0.87 NewsCorpClB NWS 13.01 -0.22
HPQ 10.77 -0.52 t RealogyHoldings RLGY 33.49
t AegonADR AEG 5.18 -0.20 BlackRock BLK 315.73-14.43 DDR Corp DDR 16.62 -0.43 t HSBCHoldingsADR HSBC 36.39 McCormick MKC 83.69 -0.58 -0.43 t TurkcellIletismADR TKC 8.19 0.02 CA 26.38 -0.89 NrthnTrust NTRS 67.18 -1.83
-0.78 CA
AerCapHoldings AER 37.90 -2.05 t BlackstoneGroup BX 26.38 -0.91 DTEEnergy DTE 78.72 -0.87 Halliburton HAL 32.91 McDonalds MCD 115.66 -2.74 RealtyIncome O 51.69 -0.91 t TurquoiseHillRscs TRQ 2.17 -0.15
CBOE Holdings CBOE 62.86 0.40 NorwegianCruise NCLH 55.72 -1.25
-0.51
AET 110.27 0.05 BlockHR HRB 32.72 -0.29 Danaher DHR 88.45 -2.33 McGrawHillFin MHFI 91.12 -2.96 RedHat RHT 79.49 -1.10 t Twitter TWTR 20.26 -1.13
CDKGlobal CDK 45.25 -2.03 NuanceComms NUAN 18.77 -0.54
Aetna Hanesbrands HBI 30.44 0.50
t AffiliatedManagers AMG 139.00 -8.93 BdwlkPipePtnr BWP 11.91 -0.28 Darden DRI 62.48 -0.44 t HarleyDavidson HOG 43.13 McKesson MCK 187.81 -5.29 RegencyCtrs REG 68.62 -0.64 t TycoInternational TYC 30.32 -0.79 CDW 39.69 -1.56 NVIDIA NVDA 30.28 -1.25
-0.27 CDW
AgilentTechs A 39.00 -1.73 Boeing BA 133.01 -5.82 t DaVitaHlthcrPtrs DVA 67.62 -0.54 MeadJohnNutr MJN 75.64 -1.86 RegionsFinancial RF 8.96 -0.30 TylerTechnologies TYL 163.79 -2.62
CH Robinson CHRW 63.09 -0.07 OReillyAuto ORLY 240.17 -0.90
HarmanIntlInds HAR 87.24 -5.80 ReinsuranceGrp RGA 82.94
AgnicoEagleMines AEM 29.99 1.54 BoozAllenHamilton BAH 30.76 0.11 Deere DE 74.99 -0.67 Mednax MD 67.96 -1.29 -1.48 TysonFoodsClA TSN 52.17 -0.09
CMEGroupClA CME 87.53 -1.40 t OldDomFrght ODFL 55.31 -2.21
Harris HRS 86.24 -1.13
t Agrium AGU 83.73 -1.92 BorgWarner BWA 37.71 -2.50 DelhaizeGroupADR DEG 24.02 -0.08 Medtronic MDT 74.41 -1.79 RensHldg RNR112.38 -0.96 UBSGroup UBS 18.30 t CSX
-0.48 CSX 23.62 -0.75 OpenText OTEX 45.32 -1.43
HrtfrdFnl HIG 41.20 -1.04 RepublicServices RSG 44.15
t AirProducts&Chems APD119.64 -4.15 BostonProperties BXP 124.98 -2.26 DelphiAutomotive DLPH 75.04 -4.45 Merck MRK 51.96 -0.46 0.16 UDR UDR 36.47 -0.42
CadenceDesign CDNS 19.75 -0.45 Paccar PCAR 45.75 -1.43
HealthNet HNT 67.10 -1.56 t MetLife MET 42.51 -1.86 ResMed RMD 51.86 0.46
Airgas ARG 137.90 -0.47 BosSci BSX 17.64 -0.36 DeltaAir DAL 47.00 -1.93 HelmPayne HP 48.51 -1.97 UGI UGI 33.25 -0.78
t Carlyle CG 14.41 -0.83 t PacWestBncp PACW 39.60 -2.22
t DeutscheBank DB 22.72 MetlrToledo MTD 315.73 -9.01 t RestaurantBrands QSR 32.39 -0.76 t UltraparPartADR UGP 13.85 PaneraBreadClA PNRA 188.94 1.15
AlaskaAirGroup ALK 73.99 -4.21 BristolMyers BMY 65.29 -1.86 -0.42 Herbalife HLF 50.75 -1.11 -0.65
CaseyGnStr CASY 116.96 -0.97
BrixmorPropertyGrp BRX 25.69 -0.36 t DevonEnergy DVN 28.06 MichaelKorsHldgs KORS 38.96 -0.80 ReynoldsAmer RAI 47.23 -0.54 UnderArmour A UA 78.00 -1.87 Paychex PAYX 48.43 -2.35
Albemarle ALB 49.95 -2.36 -2.15 Hershey HSY 85.70 -2.03 t RioTinto ADR RIO 25.81
Celgene CELG 111.89 -4.82
BdridgeFnlSol BR 50.83 -1.69 MidAmApt MAA 90.85 0.16 -1.22 UnileverADR UN 40.97 -0.48 CERN 57.67 0.05 PayPalHoldings PYPL 33.13 -0.85
AlcatelLucentADR ALU 3.90 0.01 DiageoADR DEO104.70 -2.52 t HertzGlobal HTZ 12.53 -0.61 Cerner
t BrookfieldMgt BAM 28.73 -0.81 MindrayMed ADR MR 26.84 -0.04 RiteAid RAD 7.81 -0.07 UnileverADR UL 40.85 -0.65 People'sUnitedFin PBCT 15.25 -0.36
Alcoa AA 8.27 -0.34 DigitalRealtyTrust DLR 76.78 -0.22 t Hess HES 43.62 -1.45 t RobHalfIntl RHI 44.90
CharterComms CHTR 173.63 -0.68
t BrookfieldInfr BIP 33.96 -1.92 MitsubishiUFJADR MTU 5.99 -0.14 -0.16 t UnionPacific UNP 73.08 -1.75
ChkPntSftwr CHKP 77.51 -0.27 PilgrimPride PPC 22.17 0.10
AlexREEq ARE 86.76 -2.97 DiscoverFinSvcs DFS 50.60 -0.96 HewlettPackardEnt HPE 13.71 -1.09 t Rockwell
MizuhoFinancialADR MFG 3.90 -0.06 ROK 93.43 -4.49 UnitedContlHldgs UAL 52.63 -2.57 Premier PINC 34.11 -1.59
AlibabaGroupADR BABA 72.72 -4.61 BrownFormanClA BF/A 103.19 -2.23 Disney DIS 99.50 -0.86 t HiltonWorldwide HLT 19.25 -0.75 CincinnatiFin CINF 55.82 -1.27
t MobileTeleSysADR MBT 5.37 -0.39 RockwellCollins COL 89.32 -1.61 t UtdParcel B UPS 92.60 PricelineGroup PCLN 1167.19-29.52
Alleghany Y 461.02-12.20 BrownFormanClB BF/B 93.36 -2.02 DollarGeneral DG 71.84 -0.87 HollyFrontier HFC 38.75 -0.07 -1.82
Cintas CTAS 86.88 -1.15
Mobileye MBLY 39.52 1.49 RogerComm B RCI 33.81 -0.46 UnitedRentals URI 62.36 Qiagen QGEN 25.89 -0.62
Allegion ALLE 60.96 -1.81 BuckeyePartners BPL 60.74 -2.12 DominionResources D 68.51 0.04 HomeDepot HD 125.40 -3.68 -4.34
CiscoSys CSCO 25.41 -0.60
MohawkIndustries MHK 176.75 -5.37 RollinsInc ROL 24.28 -0.59 Qorvo QRVO 45.64 1.02
Allergan AGN 303.15 -0.30 Bunge BG 66.54 -0.21 Dominos DPZ 106.75 -3.02 HondaMotorADR HMC 29.50 -0.74 US Bcp USB 40.27 -0.78
CitrixSystems CTXS 70.93 -3.06
MolsonCoors B TAP 90.35 -0.45 RoperTechnologies ROP 177.89 -5.48 Qualcomm QCOM 46.14 -2.50
AllianceData ADS 262.03 -8.15 CBRE Group CBG 31.07 -1.84 DouglasEmmett DEI 29.45 -0.83 Honeywell HON 99.23 -3.01 t RoylBkCan RY 49.87 US Steel X 7.30 -0.63
CognizantTechSolns CTSH 56.64 -0.49
Monsanto MON 93.58 -1.63 -0.97 QunarCaymanIslADR QUNR 37.30 -4.59
AllncBrnstnHldg AB 22.45 -0.52 CBSClA CBS/A 50.34 -0.40 Dover DOV 58.34 -0.85 HormelFoods HRL 78.63 -1.45 t RoyalBkScotlandADR RBS 8.30 UnitedTech UTX 91.90 -1.22
Comcast A CMCSA 54.61 -0.61
Moodys MCO 92.72 -4.09 -0.23 RandgoldRscsADR GOLD 65.74 2.66
AlliantEnergy LNT 61.98 -0.66 CBSClB CBS 45.34 -0.79 DowChemical DOW 46.64 -1.82 DR Horton DHI 28.53 -1.13 UnitedHealthGroup UNH 112.09 -3.40
CommScopeHldg COMM 23.42 -1.02
t MorganStanley MS 28.98 -1.52 RylCaribn RCL 92.43 -2.88 RegenPharm REGN 501.96-17.52
Allstate ALL 58.44 -1.41 t CFIndustries CF 34.14 -1.70 DrPepperSnap DPS 93.29 -1.21 t HostHotels&Resorts HST 14.55 -0.52 t RoyalDutchADRA RDS/A 42.12 UniversalHealthB UHS 112.90 -2.80
CoStarGroup CSGP 184.29-10.58
t Mosaic MOS 25.53 -0.91 -1.90 RossStores ROST 53.76 -0.13
t AllyFinancial ALLY 17.41 -0.91 CGI Gp A GIB 37.62 -0.84 DrReddysLabADR RDY 44.17 -0.80 HuanengPowerADR HNP 33.85 -1.07 t RoyalDutchADRB RDS/B 42.04 UnumGroup UNM 30.81 -0.88
CostcoWholesale COST 154.82 -3.63
MotorolaSolutions MSI 64.11 -1.32 -2.14 RyanairHoldingsADR RYAAY 84.13 -1.54
AltriaGroup MO 58.14 -1.03 t CIT Grp CIT 37.25 -1.07 DuPont DD 61.50 -1.88 Hubbell HUBB 95.00 -3.74 VEREIT VER 7.74 -0.23
Ctrip.comIntlADR CTRP 45.25 -2.64
NTTDoCoMoADR DCM 20.51 -0.09 SAPADR SAP 77.21 -0.44 t VF SBACommunications SBAC 102.59 -3.58
AlumofChinaADR ACH 7.34 -0.47 CMSEnergy CMS 36.16 0.22 DukeEnergy DUK 71.20 -0.66 Humana HUM 175.15 -1.46 VFC 59.45 -0.74
t DISHNetworkClA DISH 54.86 -1.20
NVR NVR 1552.32-34.74 SINOPECShanghaiADR SHI 38.80 -0.96 SEIInvestments SEIC 48.71 -1.51
t AmbevADR ABEV 4.11 -0.17 t CNAFinancial CNA 33.93 -0.18 DukeRealty DRE 20.30 -0.59 HuntingtonIngalls HII 124.89 -2.58 t SKTelecomADR SKM 19.55 VISAClA V 73.79 -1.48
Dentsply XRAY 58.67 -0.52
NationalGridADR NGG 69.26 -0.45 0.40 SS&CTechs SSNC 62.29 -2.50
Ameren AEE 43.85 0.03 t CNOOCADR CEO 97.49 -2.82 EMC EMC 24.85 -0.40 t HyattHotels H 42.63 -0.23 t NtlOilwellVarco NOV 30.74 -0.60
VailResorts MTN 122.00 -3.95
Dexcom DXCM 81.79 2.40
SL GrnRlty SLG 106.39 -2.86 t ValeADR VALE 2.71 SVBFinancialGroup SIVB 108.82 -5.79
t AmericaMovilADR AMX 12.70 -0.63 CRHADR CRH 26.80 -1.17 t ENIADR E 28.20 -0.27 t ICICIBankADR IBN 7.11 -0.23 -0.20
DiscoveryCommsA DISCA 25.48 -0.80
NtlRetailProp NNN 39.47 -0.89 Salesforce.com CRM 74.30 -1.99 Sabre SABR 26.25 -0.72
AmCampus ACC 41.11 -0.73 CSRA CSRA 27.47 -0.59 t EOG Res EOG 65.46 -1.86 IHSClA IHS 110.39 -2.79 ValeantPharmIntl VRX 97.39 -5.01
DiscoveryCommsC DISCK 24.32 -0.78
NetSuite N 79.65 -1.21 SanofiADR SNY 41.27 -0.52 SanDisk SNDK 74.97 -0.60
AEP AEP 58.35 -0.68 CVSHealth CVS 94.18 -1.38 EQT EQT 51.87 2.34 t IMSHealthHoldings IMS 24.13 -0.50 t SantanderCnsmrUSA SC 14.37 -0.72 ValeroEnergy VLO 72.09 1.43
DollarTree DLTR 78.45 -2.07
NewOrientalEducADR EDU 27.48 -1.49 SeagateTechnology STX 34.54 -0.21
t AmericanExpress AXP 63.84 -0.58 Cablevision CVC 31.41 -0.18 EQTMidstreamPtrs EQM 70.22 -2.03 INGGroepADR ING 12.67 -0.20 t SasolADR SSL 24.11 Valspar VAL 79.58 t DunkinBrands DNKN 38.27 -1.94
-1.92
NY CmntyBcp NYCB 15.49 -0.36 -1.47 SeattleGenetics SGEN 37.89 -2.44
AmericanFinancial AFG 68.48 -1.73 CabotO&G COG 16.58 0.56 EastmanChemical EMN 64.74 -1.07 Invesco IVZ 31.51 -1.02 SCG 60.95 Vantiv VNTV 46.39 -0.40
s Dyax DYAX 37.66 -0.07
Newell NWL 40.33 -1.89 SCANA -0.06 ShireADR SHPG 186.73 -8.17
AmIntlGp AIG 58.32 -1.43 Calpine CPN 14.35 0.01 EatonCorp.PLC ETN 49.73 -1.19 ITCHoldings ITC 39.64 -0.43 t Schlumbgr SLB 66.19 VarianMed VAR 76.80 -1.63
E Trade ETFC 26.89 -1.09
NewfldExpl NFX 29.41 -0.63 -1.51 SignatureBank SBNY 138.93 -4.24
AmericanTowerREIT AMT 95.81 -2.45 CamdenPropertyTr CPT 75.90 -1.03 Ecolab ECL 105.27 -2.80 IDEX IEX 72.61 -1.56 Ventas VTR 56.21 -1.00
EastWestBancorp EWBC 38.27 -1.68
NewmtMin NEM 18.86 0.30 SchwabC SCHW 29.18 -1.61 SiliconwareADR SPIL 7.66 -0.02
AmericanWaterWorks AWK 59.44 -0.45 t Cameco CCJ 10.97 -0.51 t EcopetrolADR EC 6.23 -0.29 IllinoisToolWorks ITW 84.73 -2.79 Verizon VZ 45.27 -0.25
eBay EBAY 25.69 -0.72
NextEraEnergy NEE 104.70 0.46 ScrippsNetA SNI 52.15 0.25 SiriusXMHoldings SIRI 3.84 -0.05
Amerigas APU 37.00 1.13 CameronIntl CAM 60.73 -1.19 EdgewellPersonal EPC 75.91 -2.37 InfosysADR INFY 16.06 -0.01 VipshopHldgsADR VIPS 13.99 -0.51
ElectroArts EA 62.46 -1.22
Nidec ADR NJ 17.18 -0.13 SealedAir SEE 41.43 -1.35 SironaDental SIRO 105.41 -1.16
AmerprsFncl AMP 97.13 -3.18 CampbellSoup CPB 50.82 -0.63 EdisonInt EIX 58.29 -0.29 Ingersoll-Rand IR 51.80 -1.59 NielsenHoldings NLSN 45.14 -0.99 t SempraEnergy SRE 87.00 VMware VMW 54.52 -0.73
EndoInternational ENDP 56.36 -0.95
-5.00 t SkywrkSol SWKS 67.16 -1.99
AmeriSrcBrg ABC 98.53 -3.25 CIBC CM 63.59 -1.22 EdwardsLife EW 77.56 -2.88 Ingredion INGR 91.43 -1.27 VornadoRealtyTrust VNO 98.27 -0.98
Equinix EQIX 303.29 -5.84
NikeClB NKE 59.85 -1.64 ServiceCp SCI 25.01 -0.46 t VoyaFinancial VOYA 33.18 SolarCity SCTY 47.07 -3.13
Ametek AME 49.98 -1.21 t CanNtlRlwy CNI 51.03 -1.14 Embraer ADR ERJ 27.96 -0.97 ICE ICE 254.17 -1.11 NipponTelegraphADR NTT 40.20 -0.63 ServiceMasterGlb SERV 38.49 -1.40
EricssonADR ERIC 9.06 -0.09
-0.94 SPLK 52.98 -2.21
t AmphenolClA APH 47.34 -1.77 CndNatRes CNQ 19.55 -1.30 EmersonElectric EMR 44.61 -1.84 InterContinentlADR IHG 36.37 -0.82 NiSource NI 19.50 -0.44 VulcanMaterials VMC 88.30 -2.10
Expedia EXPE 114.81 -4.23 Splunk
ServiceNow NOW 79.64 -1.78 SPLS 9.83 0.27
t AnadarkoPetroleum APC 40.11 -3.66 t CanPacRlwy CP 112.51 -4.59 EmpresaNacADR EOC 35.32 -1.03 IBM IBM 132.86 -2.31 t WABCO Hldg WBC 93.34 t ExpeditrInt EXPD 42.66 -0.98
-5.11 Staples
NobleEnergy NBL 30.89 -0.80 t ShawCom B SJR 16.64 -0.24
AnheuserBuschADR BUD 119.47 -0.76 t CanonADR CAJ 28.45 -0.89 EnbridgePtnr EEP 21.81 -1.27 IntFlavor IFF 116.59 -0.58 WECEnergyGroup WEC 51.72 -0.01
ExpressScriptsHldg ESRX 85.84 -1.25 Starbucks SBUX 56.69 -1.44
NokiaADR NOK 7.14 0.06 SherwinWilliams SHW 241.57 -6.81 Stericycle SRCL 119.51 -0.50
AnnalyCap NLY 9.45 -0.20 t CapOneFnl COF 65.08 -3.47 Enbridge ENB 31.00 -0.67 t InternationalPaper IP 36.29 -1.10 NomuraHoldingsADR NMR 5.38 -0.09 ShinhanFinADR SHG 31.80 -0.57 W.P.Carey WPC 59.17 -1.37
t F5Networks FFIV 91.82 -3.20
AnteroResources AR 20.95 1.18 CardinalHealth CAH 85.00 -2.24 Encana ECA 4.71 -0.24 Interpublic IPG 22.16 -0.71 t Wabtec WAB 64.30 -2.22
FacebookClA FB 97.92 -5.05 Symantec SYMC 20.50 -0.35
t Nordstrom JWN 48.50 0.01 SignetJeweler SIG 133.28 5.97
Anthem ANTM 135.43 -2.36 t Carlisle CSL 80.94 -2.71 t EngyTrnsfrEqty ETE 10.56 -1.37 IronMountain IRM 26.22 -0.90 WalMart WMT 65.03 1.48
Fastenal FAST 39.05 -0.81 Synopsys SNPS 43.28 -1.03
NorfolkSouthern NSC 78.00 -1.48 SilverWheaton SLW 13.00 0.76 TDAmeritrade AMTD 31.03 -1.31
Aon AON 88.57 -1.31 t CarMax KMX 47.11 -1.20 EnergyTransfer ETP 30.11 -2.57 t IsraelChemicals ICL 4.02 -0.09 NorthrpGrum NOC 188.11 -2.36 SimonPropertyGroup SPG 191.56 WasteConnections WCN 55.64 0.75
FfthThrd FITB 18.71 -0.61
-4.13 TFSFinancial TFSL 18.16 -0.23
Apache APA 36.55 -1.98 Carnival CCL 52.39 -1.13 t Enerplus ERF 2.83 -0.18 ItauUnibancoADR ITUB 6.03 -0.19 t Novartis ADR NVS 83.94 -1.09 SixFlagsEnt SIX 53.97 ... WasteMgt WM 52.67 -0.63
FirstSolar FSLR 66.22 -3.30
ApartmtInv AIV 39.97 -0.23 Carnival ADR CUK 54.69 -1.26 t EnersisADR ENI 11.07 -0.44 JPMorganChase JPM 60.27 -2.54 Waters WAT 128.82 -0.89
Fiserv FISV 88.21 -1.02 T-MobileUS TMUS 40.51 0.46
NovoNordiskADR NVO 56.05 -1.24 SmithAO AOS 69.70 -3.58 TRowePrice TROW 67.06 -1.84
ApolloGlobalMgmtA APO 14.56 -0.29 Carters CRI 93.86 2.34 EnLinkMidstream ENLK 14.18 -0.90 JacobsEngineering JEC 39.44 -1.09 Nucor NUE 37.35 -2.01 Smith&NephewADR SNN 33.93 -0.56 WeatherfordIntl WFT 7.34 FlextronInt FLEX 10.82 -0.14
-0.57
AquaAmerica WTR 29.06 -0.62 Caterpillar CAT 63.94 -2.28 Entergy ETR 67.54 -0.97 JamesHardieADR JHX 11.21 -0.40 WellsFargo WFC 50.40 t Fortinet
-1.48 FTNT 29.17 -0.33 TeslaMotors TSLA 215.65 -3.39
NuSTAREnergy NS 37.14 -2.10 Smucker SJM 120.31 -2.09 TX Instr TXN 51.70 -1.72
Aramark ARMK 31.90 -0.39 Celanese A CE 62.43 -2.75 EntPdtsPtnr EPD 24.18 -0.91 Jarden JAH 53.54 -1.78 OGEEnergy OGE 25.23 -0.52 SnapOn SNA 164.24 -3.55 Welltower HCN 67.94 FrontierComms FTR 4.69 -0.07
-2.00
t ArcelorMittalADR MT 3.73 -0.18 t CemexADR CX 4.63 -0.47 EnvisionHealthcare EVHC 26.41 -0.93 JohnsJohns JNJ 99.22 -1.17 WestarEngy WR 42.24 -0.50
Garmin GRMN 34.90 -1.03 TractorSupply TSCO 82.48 -0.06
ONEOK OKE 22.78 -1.44 SOQUIMICH ADR SQM 17.10 -0.85 TrimbleNav TRMB 19.79 -0.99
ArcherDan ADM 34.52 -0.84 CencosudADR CNCO 5.30 -0.55 Equifax EFX 105.29 -3.94 t JohnsonControls JCI 35.84 -1.50 ONEOKPartners OKS 25.14 -2.48 SonyADR SNE 23.27 -0.36 WesternGasEqtyPtrs WGP 33.74 GileadSciences GILD 96.25 -4.05
-2.10
AristaNetworks ANET 68.75 -4.78 t CenovusEnergy CVE 11.82 -0.51 EquityLife ELS 65.58 -0.89 JonesLangLaSalle JLL 145.87 -8.59 WesternGasPartners WES 41.65 Goodyear GT 28.71 -1.64
-2.45 TripAdvisor TRIP 77.69 -2.41
OccidentalPetrol OXY 64.26 -1.18 Southern SO 46.97 -0.40 21stCenturyFoxClA FOXA 25.89 -0.83
ArrowElec ARW 48.78 -1.95 Centene CNC 63.57 -2.40 EqResdntl EQR 80.48 -0.25 t JoyGlobal JOY 9.93 -0.85 Och-ZiffCapMgmt OZM 5.87 -0.27 SoCopper SCCO 24.56 -0.64 WesternUnion WU 17.05 Grifols ADR GRFS 15.60 -0.51
-0.10
ASH 98.29 -2.73 CenterPointEnergy CNP 17.85 -0.36 EssexProp ESS 235.70 t WestlakeChemical WLK 48.26 HDSupplyHoldings HDS 27.62 -0.80
-2.29 21stCenturyFoxClB FOX 25.92 -0.58
Ashland -2.35 JuniperNetworks JNPR 26.09 -0.69 OldRepublic ORI 18.44 -0.24 SowestAir LUV 41.95 -0.90
Assurant AIZ 77.01 -1.77 CenturyLink CTL 24.22 -0.50 EsteeLaudr A EL 83.33 WestpacBankingADR WBK 21.65 -0.95
Hasbro HAS 69.12 -0.77 UltaSalon ULTA 182.98 -0.23
-1.76 KARAuctionServices KAR 34.25 -1.40 OmegaHlthcr OHI 34.52 -1.18 SpectraEnergy SE 24.57 -0.42
AstraZenecaADR AZN 32.14 -1.20 CVX 83.02 -3.05 EvrstReGrp RE 176.98 t KBFinancialGrpADR KB 26.22 WestRock WRK 43.79 HenrySchein HSIC 151.67 -2.54
-0.44 UltimateSoftware ULTI 176.48 -6.91
Chevron -1.88 -0.55 OmnicomGroup OMC 70.51 -1.43 SpectraEnergyPtrs SEP 42.94 -1.24
ChinaEasternAirADR CEA 24.51 -1.03 EversourceEnergy ES 51.14 Weyerhaeuser WY 28.16 -1.08
Hologic HOLX 37.37 -1.05 UnitedTherapeutics UTHR 144.42 -2.70
AtmosEnergy ATO 62.19 -0.61 -0.32 KKR KKR 14.49 -0.65 OneMainHoldings OMF 36.84 -2.21 SpectrumBrndsHldgs SPB 97.73 -1.39
t ChinaLifeInsADR LFC 14.32 -0.54 EXC 27.84 t KTADR t Whirlpool WHR 137.65 t JBHunt
-3.55 JBHT 68.92 -2.00 VeriSign VRSN 80.55 -0.47
Autoliv ALV 111.45 -3.89 Exelon -0.35 KT 11.66 -0.02 OpkoHealth OPK 8.83 -0.31 SpiritAeroSystemsA SPR 48.67 -1.22
t ChinaMobileADR CHL 51.37 -1.40 t KSCitySo KSU 69.17 WhiteWaveFoods WWAV 36.34 HuntgBcsh HBAN 10.23 -0.32
-1.46 VeriskAnalytics VRSK 73.04 -1.60
AutoNation AN 49.08 -1.68 ExtrSpcStor EXR 90.18 -0.97 -1.41 t Oracle ORCL 35.04 -0.78 Sprint S 3.35 -0.24
t ChinaPetroleumADR SNP 53.71 -2.41 ExxonMobil XOM 76.23 -1.24 t Williams WMB 20.61 t IACInteractv IACI 55.89 -2.93
-2.29 VertxPharm VRTX 114.96 -7.27
AutoZone AZO 735.96 6.76 Kellogg K 70.37 -1.64 OrangeADR ORAN 16.61 -0.01 t StJudeMedical STJ 58.43 -1.67
FMC 35.73 WilliamsPartners WPZ 23.76 IdexxLab IDXX 69.81 -1.51
-2.13 Viacom A VIA 41.57 -1.23
Avalonbay AVB 182.66 -0.84 ChinaSoAirlinesADR ZNH 33.52 -1.61 FMC -0.29 KeyCp KEY 12.18 -0.44 OrbitalATK OA 90.96 -3.59 StanCorpFinancial SFG 113.80 -0.24
t ChinaTelecomADR CHA 43.00 -1.41 t FMCTechnologies FTI 26.83 t KeysightTechs KEYS 26.22 t WillmSnoma WSM 56.49 t IcahnEnt
0.82 IEP 59.69 -2.68 Viacom B VIAB 38.89 -1.17
Avangrid AGR 37.80 -0.25 -0.28 -1.08 OrixADR IX 68.20 -2.39 StanleyBlDck SWK 98.41 -2.88
t ChinaUnicomADR CHU 11.01 -0.51 FactSetResearchSys FDS 152.51 t KilroyRealty KRC 59.96 WiproADR WIT 11.20 -0.07 ILMN 167.72 -9.84 VimpelComADR VIP 3.13 -0.13
AveryDennison AVY 59.12 -1.83 -4.12 -2.17 OwensCorng OC 44.10 -1.25 t StrwdHtlRsrt HOT 63.16 -2.39 Illumina
t ChipotleMex CMG 416.00-10.67 FRT 145.03 t WooriBankADR WF 21.30 -0.30 INCY 95.76 -6.50 VodafoneGroupADR VOD 31.63 -0.30
Aviva ADR AV 14.01 -0.54 FedRlty -2.41 KimberlyClark KMB 126.86 -2.16 PG&E PCG 52.46 -0.26 StarwoodPrTr STWD 20.22 -0.54 Incyte
FDX 134.59 Workday WDAY 71.75 -2.65 INTC 31.84 -1.24 WPPADR WPPGY 107.61 -3.84
Avnet AVT 39.51 -1.00 Chubb CB 129.48 -0.71 FedEx -6.18 KimcoRealty KIM 25.66 -0.66 PNC FnlSvcs PNC 89.28 -2.32 t StateSt STT 60.22 -2.85 Intel
t KinderMorgan KMI 14.25 t WyndhamWorldwide WYN 68.87 -0.75 WalgreensBootsAll WBA 81.17 1.54
AxaltaCoatingSys AXTA 25.00 -0.64 ChunghwaTelecomADR CHT 29.57 -0.05 Ferrari RACEw 46.64 -0.36 -0.52 t POSCOADR PKX 33.67 -1.10 t StatoilADR STO 12.76 -0.30 IntrctvBrkGrp IBKR 37.55 -2.18
t WstnDgtl WDC 57.83 -0.97
AxisCapital AXS 55.02 -0.64 Church&Dwight CHD 81.08 -1.33 FiatChryslerAutos FCAU 8.26 -0.28 KingDigitalEnt KING 17.85 -0.06 PPG Ind PPG 95.25 -1.22 Steris STE 72.50 -1.91 XL Group XL 37.17 -0.79
Intuit INTU 94.44 -1.55
KSS 50.86 XcelEnergy XEL 36.58 0.14 WholeFoods WFM 32.50 -0.93
BB&T BBT 35.12 -1.03 Cigna CI 141.37 -1.66 FibriaCelulose ADR FBR 11.74 -0.72 Kohl's 0.81 PPL PPL 33.54 -0.39 t STMicroelectronics STM 6.24 -0.07 IntutvSrgcl ISRG 536.90-16.34
t CimarexEngy XEC 81.86 -3.18 KoninklijkePhilADR PHG 24.25 XRX 9.87 -0.28 WillisTowersWatson WLTW114.95 -5.03
BCE BCE 38.20 -0.66 FidNtlFnl FNF 33.23 -0.53 -0.17 t PVH Corp. PVH 71.44 -1.35 t Stryker SYK 88.44 -2.31 Xerox IonisPharma IONS 55.43 -3.29
t BHPBillitonADR BHP 22.46 -1.30 KoreaElcPwrADR KEP 20.89 -0.31 Xylem Inc. XYL 34.70 -0.92 WynnResorts WYNN 60.19 -6.25
Citigroup C 47.56 -2.56 FNFVGroup FNFV 10.26 -0.40 PackCpAm PKG 59.49 -1.44 SumitomoMitsADR SMFG 7.30 -0.15 JD.comADR JD 27.95 -1.81
t BHPBillitonADR BBL 19.58 -1.29 t FidelityNtlInfo FIS 59.19 KR 41.07 -0.98 t YPFADR YPF 14.74 -0.24 Xilinx XLNX 43.83 -1.80
CitizensFinancial CFG 24.59 -0.69 0.01 Kroger PaloAltoNetworks PANW 164.08 -3.23 SunLifeFinancial SLF 28.24 -1.40 JackHenry JKHY 76.88 -0.83
t BPADR CLX 125.64 -1.39 58.comADR WUBA 61.32 -2.48 KyoceraADR KYO 43.78 -0.75 t SuncorEnergy SU 23.63 YanzhouCoalADR YZC 4.34 -0.22 Yahoo YHOO 30.16 -2.00
BP 29.43 -0.87 Clorox t ParkerHannifin PH 92.21 -1.59 -0.58 JazzPharma JAZZ 129.09 -3.65
t BRFADR BRFS 12.80 -0.62 COH 32.89 0.10 FirstRepublicBank FRC 63.28 -0.97 LBrands LB 96.52 1.88 SunocoLgst SXL 23.06 YoukuTudouADR YOKU 26.95 -0.11 JBLU 20.78 -1.07 Yandex YNDX 13.96 -1.01
Coach PartnerRe PRE 139.85 0.15 -1.40 JetBlue
BTGroupADR BT 33.52 -0.72 CocaCola KO 41.62 -0.70 FirstEnergy FE 31.00 -0.85 LGDisplayADR LPL 9.26 -0.23 t PearsonADR PSO 10.10 -0.31 SunTrustBanks STI 39.48 -1.72 YumBrands YUM 69.08 -2.44
KLA Tencor KLAC 65.94 -0.64 ZionsBcp ZION 24.88 -0.77
t BakerHughes BHI 42.52 -1.13 Coca-ColaFemsaADR KOF 67.49 -1.09 t Fitbit FIT 21.50 -1.40 L-3Communications LLL 115.68 -1.80 t PembinaPipeline PBA 19.73 -0.91 SynchronyFinancial SYF 29.12 -0.78 ZayoGroupHoldings ZAYO 25.75 -1.25
KeurigGreenMtn GMCR 90.15 -0.13 Zynga ZNGA 2.48 -0.09
Ball BLL 70.36 -1.91 CocaColaEnt CCE 46.97 -0.92 t FleetCorTechs FLT 128.50 -4.16 LabCpAm LH 118.59 -2.25 t Pentair PNR 46.48 -1.26 SyngentaADR SYT 74.22 -1.16 ZimmerBiomet ZBH 101.98 -2.40
KraftHeinz KHC 71.90 -1.63
t BancoBilbaoVizADR BBVA 6.85 -0.06 ColgatePalmolive CL 63.01 -1.13 t Flowserve FLS 39.28 -1.00 LasVegasSands LVS 38.78 -3.91 PepcoHoldings POM 25.62 -0.18 Sysco SYY 39.79 -0.40 Zoetis ZTS 46.56 -1.46
LKQ LKQ 28.19 -0.22
NYSE MKT
BancodeChileADR BCH 57.70 -1.05 ColumbiaPipeline CPGX 18.37 -0.82 Fluor FLR 44.48 -1.02 t Lazard LAZ 39.04 -2.71 PepsiCo PEP 97.57 -1.91 TEConnectivity TEL 58.79 -3.29 LamResearch LRCX 71.71 -1.85 BritishAmTobADR BTI 106.12 -2.45
t BcoSantChileADR BSAC 17.03 -0.34 Comerica CMA 39.69 -0.82 FomentoEconMexADR FMX 87.08 -2.03 LearCorp LEA 108.59 -4.65 PerkinElmer PKI 50.06 -2.19 TEGNA TGNA 23.80 -0.75
NASDAQ LamarAdvertisingA LAMR 60.13 -0.55 t CheniereEnergy LNG 34.97 -2.09
t BancoSantanderADR SAN 4.42 -0.09 ConAgraFoods CAG 40.36 -1.43 FootLocker FL 64.44 -0.79 t Leggett&Platt LEG 40.23 -0.11 Perrigo PRGO 144.31 0.03 TELUS TU 26.72 -0.03 AMCNetworks A AMCX 74.41 -1.02 LibertyBroadbandA LBRDA 48.79 -0.43 CheniereEngyPtnr CQP 25.28 -0.70
BanColombiaADR CIB 25.27 -0.51 t ConchoResources CXO 82.42 -1.87 FordMotor F 12.70 -0.41 LennarClA LEN 43.43 -1.97 t PetroChinaADR PTR 58.90 -2.68 t TERNIUMADR TX 11.31 -0.40 Ansys ANSS 87.23 -1.06 LibertyBroadbandC LBRDK 48.81 -0.47 ImpOil IMO 30.09 -0.94

Futures Contracts | WSJ.com/commodities Open


Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Metal & Petroleum Futures Contract Open Canadian Dollar (CME)-CAD 100,000; $ per CAD June 16818 16818 s 16301 16347 –417 159
Contract Open Open High hilo Low Settle Chg interest March .7106 .7118 t .7057 .7100 .0010 164,114 S&P 500 Index (CME)-$250 x index
Open High hi lo Low Settle Chg interest June .7104 .7119 t .7062 .7103 .0009 2,064 March 1987.00 1990.50 s 1929.20 1932.90 –53.00 92,642
Wheat (MPLS)-5,000 bu.; cents per bu.
Copper-High (CMX)-25,000 lbs.; $ per lb. British Pound (CME)-£62,500; $ per £ June 1947.50 1961.00 s 1924.80 1925.60 –53.20 2,895
March 489.50 495.50 s 486.75 494.75 5.00 33,702
Jan 2.0600 2.0600 t 1.9925 2.0155 –0.0650 1,631 May 498.00 502.00 s 494.00 501.50 4.00 14,449 March 1.4632 1.4642 t 1.4534 1.4616 –.0012 229,342 Mini S&P 500 (CME)-$50 x index
March 2.0910 2.0940 t 1.9900 2.0220 –0.0660 124,653 June 1.4639 1.4645 t 1.4541 1.4622 –.0012 517 March 1987.75 1991.00 s 1928.50 1933.00 –53.00 2,579,137
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 1980.50 1983.50 s 1921.50 1925.50 –53.25 11,046
Gold (CMX)-100 troy oz.; $ per troy oz. Jan 167.250 167.500 t 163.825 163.825 –4.500 6,397 Swiss Franc (CME)-CHF 125,000; $ per CHF
Jan 1091.60 1109.40 s 1091.60 1107.70 15.80 264 March 164.475 164.475 160.950 160.950 –4.500 14,487
March .9951 1.0106 .9943 1.0099 .0135 49,985 Mini S&P Midcap 400 (CME)-$100 x index
Feb 1093.70 1109.90 s 1091.10 1107.80 15.90 275,025 June 1.0040 1.0148 .9993 1.0144 .0135 144 March 1358.20 1359.30 t 1317.10 1318.80 –38.80 87,091
Cattle-Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini Nasdaq 100 (CME)-$20 x index
April 1093.60 1110.50 s 1092.20 1108.40 15.90 65,780 Feb 135.450 136.000 t 133.525 133.525 –3.000 96,806
June 1094.60 1111.10 s 1092.30 1109.10 15.90 30,584 March .7040 .7064 t .6958 .6973 –.0064 106,259 March 4450.3 4458.5 s 4283.0 4289.3 –157.5 306,791
April 136.450 136.800 t 134.300 134.300 –3.000 74,935
Aug 1096.50 1111.30 s 1095.60 1109.80 15.80 10,097 June .7027 .7034 t .6931 .6945 –.0064 367 June 4447.0 4452.8 s 4280.8 4284.8 –157.5 319
Dec 1096.70 1113.70 s 1095.50 1111.80 15.70 17,779 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Russell 2000 (ICE-US)-$100 x index
Feb 61.025 61.425 58.950 59.550 –1.275 64,467 March .05671 .05682 t .05579 .05596 –.00073 146,195 March 1090.60 1092.80 t 1056.80 1057.80 –33.40 382,862
Palladium (NYM) - 50 troy oz.; $ per troy oz. April 65.850 66.625 64.825 65.600 –.250 45,302
Jan 485.10 495.50 s t 483.75 493.00 –12.05 4 June .05613 .05647 t .05546 .05561 –.00072 124 June 1080.00 1080.00 t 1080.00 1056.80 –33.40 5
Feb 507.10 507.10 t 493.80 493.90 –12.10 25 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € Mini Russell 1000 (ICE-US)-$100 x index
March 508.45 511.30 t 484.10 493.00 –12.05 25,715 Jan 254.10 254.10 t 249.90 250.50 –5.00 396 March 1.0796 1.0959 1.0788 1.0952 .0146 401,245 March 1071.30 1089.40 t 1067.00 1069.50 –30.00 7,612
June 506.00 507.30 t 487.85 493.50 –12.10 496 March 254.40 254.40 t 244.40 246.10 –8.20 2,848 June 1.0827 1.0989 1.0821 1.0984 .0147 2,745 U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 498.95 500.00 t 487.00 494.40 –11.55 10 Milk (CME)-200,000 lbs., cents per lb. March 99.33 99.39 98.24 98.27 –.99 75,146
Platinum (NYM)-50 troy oz.; $ per troy oz. Jan 13.57 13.61 13.56 13.57 .05 3,988 Index Futures June 99.47 99.48 98.36 98.37 –1.00 1,516
Jan 880.50 884.20 t 864.80 876.40 2.70 888 Feb 13.20 13.34 13.20 13.23 .03 4,828 Mini DJ Industrial Average (CBT)-$5 x index
April 876.50 885.20 t 862.60 877.50 2.50 62,343 Cocoa (ICE-US)-10 metric tons; $ per ton. March 16858 16881 s 16367 16419 –419 75,207 Source: SIX Financial Information
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 2,951 2,987 t 2,898 2,963 –18 90,105
Jan 14.330 14.340 s 14.330 14.335 0.378 289 May 2,960 2,986 t 2,903 2,966 –18 48,206
March 13.995 14.385 s 13.920 14.344 0.368 129,854 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Feb 34.09 34.26 t 32.10 33.27 –0.70 431,502
March
May
119.05 119.20
121.45 121.45
t 117.90 118.45 –1.50 86,345
t 120.10 120.60 –1.50 34,302 Cash Prices | WSJ.com/commodities Thursday, January 7, 2016
March 35.35 35.52 t 33.34 34.49 –0.71 321,118 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
April 36.45 36.63 t 34.48 35.64 –0.67 140,803 March 14.40 14.95 t 14.33 14.75 .33 372,366 These prices reflect buying and selling of a variety of actual or “physical” Thursday
May 37.52 37.60 t 35.50 36.68 –0.62 84,727 May 14.12 14.61 t 14.05 14.45 .33 182,691 commodities in the marketplace—separate from the futures price on an Cottonseed meal-u,w 258
June 38.38 38.49 t 36.37 37.58 –0.58 145,817 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Hominy feed,Cent IL-u,w 95
Dec 41.77 41.93 t 39.93 40.98 –0.67 168,246 exchange, which reflects what the commodity might be worth in future months. Meat-bonemeal,50% pro Mnpls-u,w 205
March 26.00 26.00 s 25.90 25.90 … 2,968 Thursday Thursday
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 25.95 25.95 t 25.95 25.96 –.04 2,215 Oats,No.2 milling,Mnpls-u 2.6375
Feb 1.0907 1.1005 t 1.0454 1.0656 –.0151 87,776 LBMA spot price £9.6320 Rice, 5% Broken White, Thailand-l,w 345.00
March 1.1087 1.1166 t 1.0607 1.0849 –.0127 64,949
Cotton (ICE-US)-50,000 lbs.; cents per lb. Energy (U.S.$ equivalent) 14.0300 Rice, Long Grain Milled, No. 2 AR-u,w 23.25
March 61.91 62.19 t 61.21 61.43 –.57 121,454 0.3534
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Propane,tet,Mont Belvieu-g Coins,wholesale $1,000 face-a 12984 Sorghum,(Milo) No.2 Gulf-u 7.3300
May 62.75 62.84 t 61.99 62.12 –.63 32,007 0.5232
Feb 1.1622 1.1763 t 1.1135 1.1460 –.0158 101,158 Butane,normal,Mont Belvieu-g Other metals SoybeanMeal,Cent IL,rail,ton48%-u 276.40
March 1.1907 1.2075 t 1.1446 1.1770 –.0157 64,319
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. NaturalGas,HenryHub-i 2.350 LBMA Platinum Price PM *873.0 Soybeans,No.1 yllw IL-bp,u 8.6150
Jan 136.90 138.50 t 136.90 137.65 –5.40 519 NaturalGas,TranscoZone3-i 2.320 Wheat,Spring14%-pro Mnpls-u 6.1475
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Platinum,Engelhard industrial 866.0
March 144.95 145.20 t 139.50 140.20 –5.60 11,592 NaturalGas,TranscoZone6NY-i 2.610 Wheat,No.2 soft red,St.Louis-bp,u 4.1400
Feb 2.290 2.429 s 2.271 2.382 .115 205,374 Platinum,Engelhard fabricated 966.0
March 2.316 2.436 s 2.296 2.394 .105 216,346 NaturalGas,PanhandleEast-i 2.230 Palladium,Engelhard industrial 489.0 Wheat - Hard - KC (USDA) $ per bu-u 4.4075
April 2.369 2.460 s 2.354 2.430 .086 98,475 Interest Rate Futures NaturalGas,Opal-i 2.460 Palladium,Engelhard fabricated 589.0 Wheat,No.1soft white,Portld,OR-u 5.2425
May 2.425 2.492 s 2.399 2.466 .082 71,516 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% NaturalGas,MarcellusNE PA-i 1.270 Aluminum, LME, $ per metric ton *1457.0
Sept 2.558 2.593 s 2.531 2.575 .064 43,645 March 155-170 156-250 154-270 156-000 13.0 495,712 NaturalGas,HaynesvilleN.LA-i 2.260 Antimony-d 2.5250 Food
Oct 2.554 2.624 s 2.553 2.603 .064 60,909 June 153-180 154-250 153-180 154-190 10.0 19 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 43.500 Copper,Comex spot 2.0155 Beef,carcass equiv. index
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 10.900 Lead,NA solder-d 100.843 choice 1-3,600-900 lbs.-u 209.82
Agriculture Futures March 126-270 127-100 126-215 127-035 8.0 2,557,856 Iron Ore, 62% Fe CFR China-s 41.7 select 1-3,600-900 lbs.-u 201.90
Corn (CBT)-5,000 bu.; cents per bu. June 126-150 126-220 126-040 126-165 8.5 614
Metals Shredded Scrap, US Midwest-s,w 170 Broilers,dressed 'A'-u 1.1300
March 353.25 354.25 t 348.50 353.00 –.25 727,995 Gold, per troy oz Stainless steel scrap,US-d 1560 Broilers, National comp wghtd-u,w 0.8670
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Butter,AA Chicago 2.0325
May 358.50 359.50 t 354.25 358.50 … 204,903 Engelhard industrial 1105.53 Steel, HRC USA, FOB Midwest Mill-s 383
March 118-295 119-077 118-267 119-045 6.7 2,304,251
Engelhard fabricated 1188.47 Tin,NA solder-d 859.111 Cheddar cheese,bbl,Chicago 149.50
Oats (CBT)-5,000 bu.; cents per bu. June 118-202 118-202 118-182 118-240 7.2 779
March 211.00 212.75 206.25 208.75 –3.25 7,074 Handy & Harman base 1106.35 Zinc,NA-d 74.996 Cheddar cheese,blk,Chicago 146.00
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Handy & Harman fabricated 1228.04 Milk,Nonfat dry,Chicago lb. 74
May 210.00 210.00 t 205.00 207.75 –3.00 1,508 March 108-245 108-275 108-235 108-262 1.7 1,018,895
Soybeans (CBT)-5,000 bu.; cents per bu. LBMA Gold Price AM *1083.85 Fibers and Textiles Cocoa,Ivory Coast-w 3536
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA Gold Price PM *1091.40 Burlap,10-oz,40-inch NY yd-n,w 0.5000 Coffee,Brazilian,Comp 1.2310
Jan 875.75 880.25 s 869.75 877.00 1.25 6,732
Jan 99.663 99.665 t 99.663 99.665 … 169,493 Krugerrand,wholesale-e 1152.63 Cotton,1 1/16 std lw-mdMphs-u 0.6168 Coffee,Colombian, NY 1.3776
March 864.50 868.75 s 858.25 864.50 –.25 328,373
Feb 99.640 99.645 s t 99.640 99.645 … 153,265 Maple Leaf-e 1163.75 Cotlook 'A' Index-t *69.50 Eggs,large white,Chicago-u 0.9450
Soybean Meal (CBT)-100 tons; $ per ton. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% American Eagle-e 1163.75 Flour,hard winter KC 13.55
Jan 266.00 267.90 265.00 266.20 –.70 1,526
Hides,hvy native steers piece fob-u 81.000
March 103.516 103.609 s 103.094 103.531 .328 29,145 Mexican peso-e 1344.28 Wool,64s,staple,Terr del-u,w n.a. Hams,17-20 lbs,Mid-US fob-u 0.53
March 269.20 269.50 266.00 267.40 –1.30 192,701 Hogs,Iowa-So. Minnesota-u 53.49
1 Month Libor (CME)-$3,000,000; pts of 100% Austria crown-e 1089.36
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Austria phil-e 1163.75 Grains and Feeds Pork bellies,12-14 lb MidUS-u n.a.
Jan 29.50 29.56 t 29.19 29.44 –.15 1,271 March 99.4800 99.4950 s 99.4800 99.4950 .0250 860
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Pork loins,13-19 lb MidUS-u 0.8836
March 29.82 29.84 29.35 29.62 –.16 173,097 Eurodollar (CME)-$1,000,000; pts of 100% Steers,Tex.-Okla. Choice-u n.a.
Jan 99.3800 99.3875 99.3800 99.3850 .0050 219,668 Engelhard industrial 14.0800 Bran,wheat middlings, KC-u 103
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Engelhard fabricated 16.8960 Corn,No. 2 yellow,Cent IL-bp,u 3.4350 Steers,feeder,Okla. City-u,w 183.88
Jan 1151.00 1153.00 1151.00 1138.50 –19.00 55 March 99.3050 99.3200 s 99.2950 99.3150 .0150 1,311,672
June 99.1700 99.2050 s 99.1550 99.1950 .0350 1,158,749 Handy & Harman base 14.2050 Corn gluten feed,Midwest-u,w 111.3
March 1181.00 1182.50 t 1156.50 1162.00 –21.00 9,770 453.3 Fats and Oils
Dec 98.8750 98.9350 98.8550 98.9250 .0550 1,327,479 Handy & Harman fabricated 17.7560 Corn gluten meal,Midwest-u,w
Wheat (CBT)-5,000 bu.; cents per bu. Corn oil,crude wet/dry mill-u 40.0000
March 464.00 469.00 456.25 468.50 5.75 243,337 Grease,choice white,Chicago-u 0.2100
July 476.25 480.75 t 469.25 480.50 4.75 65,126 Currency Futures KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=Ryan's Notes;
E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence; L=livericeindex.com; M=midday; N=nominal; Lard,Chicago-u n.a.
Wheat (KC)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥ n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly, Soybean oil,crude;Centl IL-u 0.2850
March 461.25 463.75 454.75 462.75 1.75 110,937 March .8450 .8533 s .8431 .8524 .0065 228,036 Z=not quoted. *Data as of 1/6 Tallow,bleach;Chicago-u 0.2325
July 481.00 483.00 474.25 482.25 1.75 43,286 June .8482 .8556 s .8455 .8548 .0065 909 Source: WSJ Market Data Group Tallow,edible,Chicago-u 0.2350
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THE WALL STREET JOURNAL. Friday, January 8, 2016 | C7

NEW HIGHS AND LOWS


Continued From Page C4 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Stock Sym Hi/Lo Chg SchwIntSmCpEq SCHC 27.39 -1.7 RadiantLogistics RLGT 3.11 -0.9 Chiasma CHMA 17.06 -5.3 Iberiabank IBKC 50.76 -3.8 Potlatch PCH 27.59 -4.4 VictoryCEMPItlHiDv CID 30.27 -1.9 VidentCoreUSEquity VUSE 23.50 -2.0 WstnDgtl WDC 57.03 -1.6
JPMorganDivRetEM JPEM 38.19 -2.4 SitRisingRateETF RISE 22.12 -0.5 RetractableTechs RVP 2.70 -7.4 ChinaAutoSystems CAAS 4.20 11.0 IcahnEnt IEP 59.50 -4.3 PowerSolutions PSIX 15.40 -7.7 VictoryCEMPIntlVol CIL 31.68 -2.3 Viggle VGGL 0.20 -15.9 WestportIn WPRT 1.49 -21.9
JPMDivReturnEurope JPEU 48.37 -1.2 SPDR DJMCap RSCO 72.05 -2.2 RingEnergy REI 5.00 -9.5 ChinaCommCredit CCCR 0.27 -18.9 InglsMkt IMKTA 36.84 -3.7 PSDBOptYdDivCmdty PDBC 14.90 -0.5 VictoryCEMPUSDiscv CSF 32.51 -1.9 ViperEnergyPtrsUn VNOM 12.81 -3.9 WisdomTreeInvs WETF 13.67 -4.0
KraneBoseraChinaA KBA 29.88 -6.8 SPDR EurSTOXX FEZ 32.31 -1.4 SeabrdCp SEB 2555.00 0.7 CleanDieslTech CDTI 0.80 -5.0 InnophosHoldings IPHS 26.27 -4.3 PowerShDWATactical DWTR 23.51 -2.7 VictoryCEMPUSEQInc CDC 34.12 -1.6 Vringo VRNG 1.87 -9.5 xGTechnology XGTI 0.16 -1.2
LatticeEMStrategy ROAM 17.99 -3.4 SPDR MSCI exUS CWI 29.04 -2.0 SifcoInd SIF 8.52 -0.7 CoffeeHolding JVA 3.32 -3.2 InterParfums IPAR 20.96 -1.6 PSFTSEIntlLowBeta IDLB 23.25 -0.2 VictoryCEMPUS500 CFO 33.98 -1.8 WSIIndustries WSCI 4.10 -3.2 ZebraTechsClA ZBRA 58.11 -4.5
MktVecAfrica AFK 16.83 -3.1 SpdrSPIntDiv DWX 31.09 -2.9 SynergyResources SYRG 7.06 -6.4 Cognex CGNX 29.17 -6.7 InteractiveIntel ININ 27.96 -3.9 PwrShrGlblAgricult PAGG 21.52 -2.5 VictoryCEMPUS500 CFA 34.00 -1.4 WaferGenBioSys WGBS 0.63 -3.2 ZionsBcp Wt ZIONW 2.30 -8.6
MktVecAgBusETF MOO 44.00 -2.0 SPDR S&P IntEngy IPW 14.03 -3.3 TianyinPharm TPI 0.14 -1.7 ComrclVehGp CVGI 2.40 -3.9 InterceptPharm ICPT 133.57 -2.8 PSRuss1000LowBeta USLB 23.71 -1.2 VictoryCEMPUSSmCp CSB 31.25 -2.7 WernerEnterprises WERN 21.74 -3.9 ZionsBancorpWt ZIONZ 1.32 -24.6
MktVecBrazilSm BRF 9.50 -2.3 SPDR S&P IntlFnl IPF 18.24 -1.9 TransEnterix TRXC 2.06 -3.6 ComstockHldgClA CHCI 1.40 -13.3 InterCloudSystems ICLD 0.89 -6.2 PwrShSP CnsDscr PSCD 43.38 -1.7 VictoryCEMPUSSmCp CSA 30.91 -3.2 West WSTC 19.33 -7.5 ZynerbaPharma ZYNE 8.54 -3.8
MktVecCoal KOL 5.72 -5.0 SPDR S&P IntMtrls IRV 15.64 -2.3 WidePoint WYY 0.62 -8.6 ComtechTel CMTL 18.88 -3.3 InterNAP INAP 5.72 -5.3 PwrShSP SmEnrg PSCE 13.50 -4.8
MktVecEnvSvc EVX 56.25 -2.1 SPDR S$P Russ RBL 12.79 -4.1 ConatusPharma CNAT 2.36 -14.6 IntlMultiAssetDiv YDIV 15.24 -1.7 PwrShSP SmInds PSCI 40.42 -3.1
Nasdaq highs - 13
MktVecGaming BJK 29.03 -4.2 SPDR SP EmMEA GAF
MVGlobalSpinOff SPUN 16.35 -2.6 SPDR S&P Home XHB 31.49 -3.1
45.54 -3.4
AmerIndep AMIC 14.64 17.3
ContraVirPharm CTRV
CorbusPharmactl CRBP
1.20 -6.5
1.33 -1.3
IntervalLeisureGrp IILG 13.93 -5.9
Inventure SNAK 6.30 -6.2
ProfessionalDivers IPDN
ProNAiTherapeutics DNAI
0.42 9.8
12.25 -3.6 Borrowing Benchmarks | WSJ.com/bonds
MktVecGulfShr MES 20.48 -2.2 SPDR S&P MtlMng XME 14.14 -3.6 Dyax DYAX 37.83 -0.2 CowenGroup COWN 3.51 -1.7 Invuity IVTY 8.37 -3.9 ProQRTherapeutics PRQR 6.85 -0.1
MktVectorsIsrael ISRA 27.69 -0.5 SPDRS&POilGasExpl XOP 27.24 -2.5 EZchipSemi EZCH 25.25 2.6 CrossroadsCapital XRDC 2.78 -9.4 iShCommodSelStrat COMT 26.85 -1.5 PyxisTankers PXS 1.00 3.9
MktVectorsJPMEMLC EMLC 16.64 -0.1 SPDR S&P exUS GWL 24.30 -1.8 HookerFurniture HOFT 30.43 7.3 CumberlandPharm CPIX 4.96 1.8 iShEurDevRealEst IFEU 35.45 -2.1 QuinStreet QNST 3.64 -2.3 Money Rates January 7, 2016
MktVecMngstrItl MOTI 25.20 -1.7 SPDR STOXX Eu50 FEU 30.00 -1.9 IFBancorp IROQ 18.96 1.1 Cyanotech CYAN 5.00 0.8 iShIntlDevRealEst IFGL 26.82 -1.6 RTISurgical RTIX 3.55 -4.5
MVNaturalRscs HAP 24.89 -2.2 SprottPhysPlatinum SPPP 5.62 -1.9 MBTFinancial MBTF 7.24 -0.1 CyclacelPharm CYCC 0.40 -8.5 iShMSCIACWIexUSETF ACWX 37.20 -2.3 RadaElectronicInds RADA 0.30 0.8 Key annual interest rates paid to borrow or lend money in U.S. and
MktVectorsOilSvcs OIH 24.24 -2.9 TeucriumCornFund CORN 20.66 0.2 MeetMe MEET 4.10 1.9 CytoriThera CYTX 0.16 -8.5 iShMSCIEmgMktLA EEML 22.90 -1.9 RandLogistics RLOG 1.20 -9.0 international markets. Rates below are a guide to general levels but
MktVecPoland PLND 12.36 ... TeucriumWheatFund WEAT 8.88 1.0 OceanShoreHolding OSHC 17.89 0.8 Cytosorbents CTSO 4.50 -7.2 iShMSCIEuropeFinls EUFN 18.88 -2.3 RavenIndustries RAVN 15.03 -2.5 don’t always represent actual transactions.
MktVecRussia RSX 13.48 -4.1 TrimTabsIntlFrCash FCFI 20.10 -1.0 SIFinancialGroup SIFI 14.23 -2.4 DISHNetworkClA DISH 54.55 -2.1 iShMSCIQatarCapped QAT 17.83 -3.5 RedRobin RRGB 56.50 -4.5
MktVecSteel SLX 17.55 -5.2 UBLongShortVIX XVIX 15.29 -4.1 SouthrnFrst SFST 24.23 2.1 DXPEnterprises DXPE 19.60 -8.2 iShr S&P EmMkt EMIF 25.30 -3.2 RennovaHealth RNVA 0.88 -11.5 Inflation
MktVectorsUnconv FRAK 11.86 -3.7 USBrentOilFd BNO 10.97 -1.9 VaporUn VPCOU 12.00 5.4 Dennys DENN 9.14 -1.8 Isramco ISRL 81.89 -5.9 Rent-A-Center RCII 14.15 -0.8 Nov. index Chg From (%) Week —52-WEEK—
MeidellTacticalAdv MATH 26.44 -2.7 USDieselHeatingOil UHN 11.81 -1.8 WshgtnFirstBksh WFBI 24.07 0.3 Derma Sci DSCI 3.68 -13.9 JanusEqRiskWtLgCp ERW 48.75 -2.6 ResConnInc RECN 13.37 -11.2 level Oct. '15 Nov. '14
Latest ago High Low
NashvilleAreaETF NASH 24.66 -2.1 USGasolineFd UGA 26.29 -1.8 WebMD Htlh WBMD 51.16 4.4 DipexiumPharma DPRX 8.67 -4.8 KBSFashionGroup KBSF 2.02 -6.2 RigNet RNET 17.79 -9.4
OShFTSEAsiaPacQlty OAPH 24.50 -3.7 UnitedStatesOilFd USO 9.85 -2.1 DscvryLbs DSCO 0.19 -4.9 KEYWHolding KEYW 5.00 -5.0 RockyBrands RCKY 10.05 -4.9 Commercial paper
OShsFTSEEurQltyDiv OEUR 22.07 -1.0 US12moOilFd USL 15.64 -1.6 Nasdaq lows - 357 DixieGroup DXYN 4.55 -3.3 KaryopharmTherap KPTI 9.94 -14.2 RokaBioscience ROKA 0.95 -4.0
U.S. consumer price index
30 to 270 days n.q. ... ... ...
OShFTSEEurQltyDiv OEUH 24.61 -0.8 VangdEngy VDE 77.81 -2.5 ACADIA Phar ACAD 27.51 -1.7 Donnelly RRD 13.06 -5.2 KeyTronic KTCC 7.15 -3.7 All items 237.336 –0.21 0.5
RosettaGenmcs ROSG 0.98 -4.4 Core 244.075 0.04 2.0
OppenheimerGlbGwth RGRO 38.01 -6.2 VangdSmCapValue VBR 93.45 -2.5 ADMABiologics ADMA 7.50 -0.4 DragonWaveWt DRWIW 0.01 -2.2 KimballElectronics KE 10.01 -5.0 RushEnt B RUSHB 19.40 -7.4 Commercial paper (AA financial)
OppenheimerRevWtd RTR 27.45 -2.7 VanguardFTSEEmgMk VWO 30.25 -3.2 AMAG Pharm AMAG 24.40 -8.4 DunkinBrands DNKN 38.17 -4.8 Kopin KOPN 2.46 -6.8 SCYNEXIS SCYX 5.22 -4.5 90 days 0.62 0.57 0.64 0.06
OppenheimUltraDiv RDIV 26.43 -2.3 VanguardFTSEEurope VGK 47.09 -1.9 ARCAbiopharma ABIO 4.40 -3.9 EPIQSystems EPIQ 11.60 -3.6 KornitDigital KRNT 9.80 -2.6 SLM SLM 5.75 -4.6
International rates
PwrShsDBBaseMtls DBB 11.13 -2.1 VangdAllWldxUS VEU 40.89 -2.2 AbengoaADR ABGB 1.09 -10.6 EVINELiveClA EVLV 1.50 -8.0 KratosDefense KTOS 3.20 -6.7 SchmittIndustries SMIT 2.51 5.1 Euro commercial paper
PwrShsDBComTr DBC 12.76 -0.5 VanguardS&PSmCp600 VIOO 93.64 -2.4 SATS 35.06 -3.4 KuraOncology KURA 6.68 -2.3 Week 52-Week
Actua ACTA 9.87 -7.9 EchoStar SearsCanada SRSC 4.15 -6.9 30 day -0.08 n.q. -0.02 -0.12
Latest ago High Low
PowerSharesDBEnFd DBE 10.41 -0.9 VelocityShares3x UWTI 2.80 -6.6 AegerionPharm AEGR 8.62 -3.2 ElectroRent ELRC 8.90 -1.8 LeggMasonDevelopedex-USDivCore DDBI 23.53 -2.0 Senomyx SNMX 3.35 -6.1 Two month n.q. n.q. -0.01 -0.09
PowerSharesDBOilFd DBO 8.16 -2.3 WBITacticalIncome WBII 24.41 -0.2 AixtronADR AIXG 3.96 -7.0 ElectrumSpecialWt ELECW 0.16 -10.0 LeggMasonEMDivCore EDBI 23.48 -2.2 SharpSpring SHSP 2.90 -7.6 Three month n.q. n.q. 0.01 -0.08
PSDWAEmergingMkts PIE 13.94 -2.9 WBITacticalLCG WBIE 22.02 -1.7 AkamaiTechnologies AKAM 48.16 -4.5 ElizabethArden RDEN 8.13 -9.9 LeggMasonLowVol LVHD 24.19 -1.7 Prime rates
ShilohIndustries SHLO 4.44 -4.2 Four month n.q. n.q. 0.02 0.00
PwrShsDynEngySec PXI 30.85 -2.2 WBITacticalLCS WBIL 21.74 -1.4 AlexzaPharm ALXA 0.49 -13.8 EmpireResorts NYNY 14.62 -5.3 LeggMasonUSDivCore UDBI 23.89 -1.7 U.S. 3.50 3.50 3.50 3.25
SierraWireless SWIR 14.03 -6.2 Five month n.q. n.q. 0.04 0.01
PwrShrEmrgInfra PXR 25.06 -3.5 WBITacticalLCV WBIF 21.96 -1.5 Alico ALCO 35.74 -2.5 EncoreCapitalGroup ECPG 25.42 -5.8 LibertyGlobalClB LBTYB 39.47 -8.3 Canada 2.70 2.70 3.00 2.70
SignalGenetics SGNL 0.66 -3.9 Six month n.q. n.q. 0.05 0.02
PwrShsIntDivAch PID 12.56 -3.4 WBITacticalLCY WBIG 20.94 -1.5 AllegiantTravel ALGT 150.30 -4.8 Endocyte ECYT 3.51 -4.3 LimelightNetworks LLNW 1.31 -4.2 Japan 1.475 1.475 1.475 1.475
SkywrkSol SWKS 66.10 -2.9
PwrShrWtrRes PHO 19.96 -3.2 WBITacticalSMS WBID 20.47 -1.6 Amaya AYA 11.40 0.7 EnduranceIntl EIGI 9.68 -2.0 Limoneira LMNR 13.84 -4.1 SonicFoundry SOFO 4.28 -12.7 Libor
PwrShsDynEngy PXE 20.10 -1.6 WBITacticalSMV WBIB 21.60 -2.1 AmericaMovilClAADR AMOV 12.65 -4.1 Entegris ENTG 11.80 -4.8 Lionbridge LIOX 4.27 -2.9 Policy Rates
SorrentoTherap SRNE 7.06 -9.8 One month 0.42350 0.42750 0.42950 0.16625
PwrShsDynOil PXJ 10.65 -3.4 WBITacticalSMY WBIC 20.68 -1.7 AmericanCaresource GNOW 0.38 -11.4 Enteromedics ETRM 1.40 -24.5 LiquiditySvcs LQDT 6.01 -4.4
SthsdBcsh SBSI 22.29 -4.1
Euro zone 0.05 0.05 0.05 0.05
PwrShsDynRtl PMR 35.32 -1.7 WilshireMicroCap WMCR 23.94 -2.9 AmericanPubEdu APEI 16.84 -2.2 Epizyme EPZM 9.32 -4.1 LivePerson LPSN 6.53 -2.5 Switzerland 0.50 0.50 0.50 0.50 Three month 0.61685 0.61220 0.62010 0.25210
SparkTherapeutics ONCE 32.97 -7.7 Six month 0.84480 0.84440 0.85130 0.35390
PwrShrETFEmgMk PXH 12.88 -3.4 WMELocalDebt ELD 33.55 -0.1 AnalogDevices ADI 50.03 -2.6 EsperionTherap ESPR 17.66 -10.4 LombardMedical EVAR 1.07 -5.2
SpartnMtr SPAR 2.94 -3.8 Britain 0.50 0.50 0.50 0.50
PwrShrETFDvMkt PDN 24.41 -1.3 WisTrexJpFd AXJL 51.15 -2.1 Analogic ALOG 74.04 -2.2 Essendant ESND 29.77 -2.5 LoncarCancerETF CNCR 24.74 -5.8 Australia 2.00 2.00 2.50 2.00 One year 1.14710 1.17475 1.17800 0.60990
SpartanNash SPTN 20.41 -3.8
PwrShRuss1000EqWt EQAL 22.28 -2.1 WistrComCntyEqtyFd CCXE 18.32 -2.8 Andersons ANDE 29.51 -3.2 Euroseas ESEA 2.52 -1.9 MarriottInt A MAR 61.68 -2.8
Sphere3D ANY 1.11 ... Euro Libor
PSRussell2000EW EQWS 29.59 -3.3 WisdomTreeEMHiDiv DEM 29.22 -3.3 AndinaAcqnIIUn ANDAU 9.82 -0.8 ExpeditrInt EXPD 40.50 -2.2 MarroneBioInnova MBII 0.90 -9.9 Overnight repurchase
Spherix SPEX 0.12 0.8 One month -0.214 -0.205 -0.001 -0.214
PWSH SP500HiBeta SPHB 26.84 -3.6 WisdomTreeEurope HEDJ 50.27 -2.9 AntaresPharma ATRS 1.09 -5.1 F5Networks FFIV 90.81 -3.4 McGrathRentCorp MGRC 22.41 -3.8 U.S. 0.48 0.38 0.48 0.07
StarBulkNts2019 SBLKL 7.83 -10.0 -0.139 -0.128 0.049 -0.139
PowerShS&P500Value SPVU 24.09 -2.9 WisTreGlbexUSUtlFd DBU 14.58 -0.9 ApolloEducGrpClA APOL 6.57 -6.8 FateTherapeutics FATE 2.82 -11.8 MerrimackPharm MACK 6.52 -8.3 Three month
StarBulkCarriers SBLK 0.35 -9.5 -0.051 -0.039 0.132 -0.058
ProShrsDivGrowers EFAD 34.03 -1.4 WisTrGlNatRes GNAT 10.02 -4.2 AptoseBiosciences APTO 2.06 -0.4 Federal-MogulHldgs FDML 5.58 -5.6 Methanex MEOH 27.77 -8.1 U.S. government rates Six month
SteadyMed STDY 2.03 -5.3
ProSharesShtVIXST SVXY 41.56 -10.7 WisdmTrIntDiv DOO 36.08 -1.6 AratanaTherapeutic PETX 4.10 -9.9 FinjanHoldings FNJN 1.06 ... MillerHrm MLHR 25.85 -3.2 One year 0.047 0.059 0.283 0.031
SteinMart SMRT 6.10 3.1
PSUltBloombergCrd UCO 10.13 -4.2 WisdomTreeIntlEqty DWM 44.02 -1.8 ArbutusBiopharma ABUS 4.01 -4.7 FireEye FEYE 18.80 -7.4 Mimecast MIME 8.75 -0.8 Discount
StemlineTherap STML 5.75 -5.6 Euro interbank offered rate (Euribor)
ProShXinhuaChina25 XPP 39.45 -7.8 WisdomTreeIntlHi DTH 35.54 -2.0 ArcBest ARCB 19.17 -6.9 FirstTrBrazil FBZ 8.17 -4.3 MobileMini MINI 27.17 -3.1 1.00 1.00 1.00 0.75
Stratasys SSYS 22.00 -5.0
ProShrsUltBrzl UBR 21.63 -9.1 WisdmTrIntLgCp DOL 40.72 -2.0 ArchrockPartners APLP 10.58 -7.7 FirstTrIdxGlbAgric FTAG 3.80 -1.3 MoneyGramIntl MGI 5.82 -1.5 One month -0.218 -0.205 0.010 -0.218
Strattec STRT 54.52 -3.3
ProSharesUltraMSCI EFO 79.56 -6.3 WisTreeJpnTchMedia DXJT 24.45 -4.3 ArcticCat ACAT 14.90 -2.0 FirstTrLatAmerica FLN 12.47 -2.6 MorgansHotelGroup MHGC 2.70 -8.1 Federal funds Three month -0.142 -0.131 0.071 -0.142
ProShrUltMexico UMX 20.43 -9.1 WisdmTrLrgCapVal EZY 60.39 -2.1 AriadPharm ARIA 5.26 -8.4 FTRBAQualityIncm QINC 19.31 -1.6 MoSys MOSY 1.00 -9.9 StudentTransprt STB 3.26 -5.7
SunEdisonSemicon SEMI 6.65 -6.8 Effective rate 0.3800 0.2400 0.3800 0.0600 Six month -0.050 -0.040 0.168 -0.051
ProShrUlOilGas DIG 26.27 -5.1 WorkplaceEquality EQLT 25.25 -2.7 ArrayBioPharma ARRY 3.69 -3.8 FTSSIStratCvSec FCVT 24.18 -1.4 NIIHoldings NIHD 3.88 -3.6 High 0.5600 0.5625 0.5900 0.2500 One year 0.051 0.060 0.319 0.039
ProShsUltraOil&Gas UOP 17.85 -3.6 AssemblyBioscience ASMB 6.55 -1.0 FirstTrUKAlphaDEX FKU 37.58 -2.3 NMIHoldingsClA NMIH 6.55 -2.8 SuperMicroComputer SMCI 22.00 -3.9
ProShrUltraRus UWM 69.36 -5.4 NYSE MKT highs - 3 aTyrPharma LIFE 7.25 -11.2 FrstTrstVLFd TUSA 23.20 -1.8 NatureSunshine NATR 8.61 -9.7 support.com SPRT 0.88 -7.5 Low 0.3000 0.0800 0.3000 0.0100
Value 52-Week
SurModics SRDX 18.61 -0.6 Bid 0.3500 0.0800 0.3500 0.0000 Latest Traded High Low
ProShrUlSmC600 SAA 46.74 -5.6 EtnVncMuni II EIV 13.49 -1.3 AvalancheBiotechno AAVL 7.26 -5.5 FlexSharesRealAsst ASET 23.49 -1.5 Navient NAVI 10.20 -6.0
SyntaPharm SNTA 0.28 -8.7 Offer 0.3800 0.2500 0.5200 0.0500
ProShrsRusl2000 URTY 60.64 -8.1 PacGE pfG PCGpG 28.60 -1.4 AviatNet AVNW 0.72 -4.9 FogodeChao FOGO 13.91 -4.3 Neothetics NEOT 1.20 -5.2
RealityDIVCONLdrs LEAD 23.28 -1.9 RichmontMines RIC 3.75 3.6 AvisBudget CAR 31.23 -5.9 Fortinet FTNT 28.37 -1.1 NetApp NTAP 23.15 -5.3 SynutraIntl SYUT 4.00 -4.3 DTCC GCF Repo Index
TGTherapeutics TGTX 9.38 -9.2 Treasury bill auction
SPDRBarcIntlHiYdBd IJNK 21.05 -0.2 B/EAerospace BEAV 40.04 -2.9 FuelSysSol FSYS 3.36 -24.2 NetScout NTCT 27.17 -6.0 Treasury 0.466 112.250 0.639 0.059
SPDREUROSTOXX50 HFEZ 32.76 -2.5 NYSE MKT lows - 36 BINDTherapeutics BIND 2.01 -6.9 G&KServicesClA GK 58.55 -1.8 Neurometrix NURO 1.35 -11.0 TRACONPharma TCON 7.76 -6.4 4 weeks 0.200 0.170 0.235 0.000 MBS 0.476 87.150 0.705 0.075
GSITechnology GSIT 3.66 -1.6 NewLinkGenetics NLNK 29.68 -7.7 TTMTechnologies TTMI 5.78 -4.9 13 weeks 0.215 0.260 0.280 0.000
SPDREUROSTOXXSC SMEZ 45.54 -0.9 AbrdnAusEq IAF 5.02 -1.9 Bazaarvoice BV 3.88 -3.1 Open Implied
SPDRMSCIAUQuality QAUS 40.53 -5.9 AberdChileFd CH 5.31 -1.5 BedBath BBBY 46.37 -1.1 GSV Capital GSVC 6.13 -3.3 NicholasFinancial NICK 10.92 -5.3 TeleNav TNAV 5.50 -0.4 26 weeks 0.500 0.550 0.585 0.065
Settle Change Interest Rate
SPDRMSCIChinaA XINA 22.29 -4.5 AberdLatAmEq LAQ 14.23 -3.3 BelFuse A BELFA 14.10 -2.6 GWPharmADR GWPH 61.00 -3.2 NivalisTherapeutic NVLS 6.46 -1.7 Tesco TESO 6.55 -4.0
SPDRMSCIEMBeyBRIC EMBB 43.06 -4.1 AsteriasBiotherap AST 3.12 -10.0 BenitecBiopharmADR BNTC 3.84 -5.3 GalenaBiopharma GALE 0.88 -27.9 Nordsn NDSN 58.47 -2.6 TesseraTechs TSRA 27.68 -1.8 Secondary market DTCC GCF Repo Index Futures
SPDRMSCIEmgQuality QEMM 44.28 -2.3 CVSL CVSL 0.86 -6.3 BioBlastPharma ORPN 3.41 0.8 GlbBloodTherap GBT 21.70 -6.1 Nortek NTK 40.12 -0.6 TetraLogicPharm TLOG 0.37 -76.1
Fannie Mae Treasury Jan 99.550 -0.005 8389 0.450
SPDRMSCIIntRealEst HREX 38.62 -3.2 CentrusEnergy LEU 1.14 1.6 BioDeliveryScience BDSI 4.27 -2.2 GlbEagleEnt ENT 9.12 2.1 NoTchInt NTIC 11.00 -16.2 BancpBk TBBK 5.77 -4.9
30-year mortgage yields Treasury Feb 99.550 -0.005 5731 0.450
SPDRMSCIWorldQual QWLD 56.98 -2.1 CheniereEnergy LNG 34.16 -5.6 BioShrsBiotechClin BBC 24.22 -5.7 GluMobile GLUU 2.18 -6.4 NowestBioTher NWBO 2.11 -18.9 TitanPharms TTNP 3.16 -6.8
Treasury Mar 99.490 0.005 3591 0.510
SPDRRussell2000ETF TWOK 62.51 -2.4 CloughGlblOpp GLO 10.03 -1.3 BlackBox BBOX 7.99 -7.9 GoldenOceanGroup GOGL 0.72 -16.5 NorthwestBiotherWt NWBOW 1.10 -1.5 TiVo TIVO 7.96 -1.6 30 days 3.455 3.582 3.750 3.024
SPDRRuss1000LowVol ONEV 56.71 -4.6 ContangoO&G MCF 5.03 -11.4 BldrsDev100 ADRD 19.70 -2.3 GrandCanyonEduc LOPE 35.23 -2.5 OceraTherapeutics OCRX 2.81 -3.4 TokaiPharma TKAI 6.55 -12.6 60 days 3.486 3.618 3.788 3.080
SPDRS&P1500ValTilt VLU 73.80 -1.0 CoreMldTch CMT 10.73 -6.8 BldrsEur100 ADRU 19.34 -1.8 GreatBasinScien GBSN 0.50 -21.3 OldDomFrght ODFL 54.93 -3.8 TrilliumTherap TRIL 9.94 -2.7 Weekly survey
SPDRS&PEmgLatAmer GML 32.51 -3.2 CorMedix CRMD 1.65 -4.6 BloominBrands BLMN 15.72 -3.4 GrtLksDrdgDck GLDD 3.45 -5.4 OldNtlBcp ONB 12.63 -3.1 TrinityBiotechADR TRIB 10.62 -5.8 Other short-term rates Latest Week ago Year ago
SPDREmMktsDiv EDIV 21.95 -3.1 EllsworthGrw&Incm ECF 7.33 -2.0 BluStrTABIGIIsrael ITEQ 22.89 -1.9 GreenBancorp GNBC 9.41 -5.1 OnTrackInnovations OTIV 0.36 -13.2 TuttleTactMgtMulti TUTI 22.63 -1.4
SPDRS&P500FossFree SPYX 47.29 -1.4 EvolutionPetroA EPMpA 21.47 -7.8 BravoBrioRestr BBRG 8.12 -6.5 GreenBrickPartners GRBK 6.24 -6.3 OncoGenexPhrm OGXI 1.05 -5.1 TwinDisc TWIN 9.51 -4.0 Week 52-Week Freddie Mac
SPDRS&P500HiDiv SPYD 28.30 -1.6 FriedmanIndustries FRD 5.24 -1.3 CSICompressco CCLP 9.27 -3.8 HTGMolecularDiagn HTGM 3.75 -2.0 OnconovaTherapeutc ONTX 0.75 -6.2 UMBFinancial UMBF 43.58 -3.1 Latest ago high low 30-year fixed 3.97 4.01 3.73
SPDRS&PGlbDividend WDIV 54.29 -1.7 Globalstar GSAT 1.19 -7.6 CSX CSX 23.59 -3.1 HainCelestialGroup HAIN 36.47 -3.3 OncoSecMedical ONCS 2.10 -6.6 USA Truck USAK 15.20 -4.2 15-year fixed 3.26 3.24 3.05
SPDRS&PGlbInfr GII 39.48 -1.6 GrupoSimecADR SIM 6.11 -3.8 CVDEquipment CVV 9.40 -3.4 HansenMed HNSN 2.00 -5.8 Outerwall OUTR 33.28 -3.2 US Ecology ECOL 32.70 -2.7 Call money Five-year ARM 3.09 3.08 2.98
SPDRS&PGlbNatRes GNR 29.83 -2.6 HC2Holdings HCHC 4.47 -6.3 CYREN CYRN 1.48 -1.3 Harmonic HLIT 3.48 -3.0 Ovascience OVAS 7.81 -11.0 Ultrapetrol ULTR 0.09 -27.4 2.25 2.25 2.25 2.00 One-year ARM n.a. 2.68 2.39
SPDRS&PHlthCareEqp XHE 41.85 -2.3 HooprHolm HH 0.05 -6.0 CaladriusBiosci CLBS 0.68 -34.0 Hawkins HWKN 33.32 -2.0 Overstock OSTK 11.42 -3.4 Uni-Pixel UNXL 0.38 -4.5
SPDRS&PIntlDivCurr HDWX 36.06 -2.8 ImmunoCelrTherap IMUC 0.30 -4.3 Camtek CAMT 2.00 -2.9 HaynesIntl HAYN 33.56 -5.8 OxfordImmunotecGlb OXFD 10.35 -4.3 UnvlStnlss USAP 7.96 -5.1
ValideaMktLegends VALX 21.76 -2.3 Notes on data:
SPDRS&PNAmNatlRscs NANR 23.88 -0.9 IsoRay ISR 0.82 -1.1 CapellaEducation CPLA 40.15 -3.9 HlthStrm HSTM 20.57 -4.2 PAM Transpt PTSI 24.59 -4.4
SPDRS&POil&GasEq XES 15.61 -3.7 Libbey LBY 19.66 -3.2 CapricorTherap CAPR 2.32 -9.8 HeartlndExp HTLD 15.54 -3.9 PDL Biopharm PDLI 3.25 -3.5 VanguardTtlIntlStk VXUS 42.52 -2.1 U.S. prime rate is effective December 17, 2015. Discount rate is effective December 17, 2015. U.S.
VSInverseVIXSTerm XIV 21.29 -10.6 prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks;
SPDRS&PTransport XTN 39.59 -3.6 Medgenics MDGN 4.88 -17.9 Carlyle CG 14.34 -5.4 HerzfeldCaribBasin CUBA 6.04 -8.5 PRAGroup PRAA 32.33 -2.1 Other prime rates aren’t directly comparable; lending practices vary widely by location; DTCC GCF
SPDRSSgAGlbAll GAL 31.88 -1.1 MedgenicsWt MDGN/WS 0.65 -15.0 CarrizoOil CRZO 22.09 -11.0 HorseheadHolding ZINC 1.50 -8.9 PacSunwear PSUN 0.21 -3.8 VerintSystems VRNT 39.00 -3.4 Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable
SchwEmrgMktEq SCHE 18.09 -3.3 NavideaBiopharm NAVB 1.16 -2.5 CatalystPharma CPRX 1.92 -9.1 HoustonWire HWCC 4.90 -3.1 PacWestBncp PACW 39.58 -5.3 Versartis VSAR 9.51 -11.8 CUSIPs. Value traded is in billions of U.S. dollars. Futures on the DTCC GCF Repo Index are traded on
SchwabFundEmgLrg FNDE 17.05 -2.8 NewConceptEngy GBR 1.01 -3.8 CellectarBiosci CLRB 0.56 -21.1 HubGroupClA HUBG 30.37 -3.7 PapaJohns PZZA 50.32 -3.5 VertexEnergy VTNR 0.95 -1.0 NYSE Liffe US.
SchwabFundIntLrgCo FNDF 22.46 -2.3 NovaCopper NCQ 0.22 -18.7 CescaTherapeutics KOOL 0.15 -7.0 JBHunt JBHT 68.42 -2.8 Perseon PRSN 0.12 -26.2 Vicor VICR 8.52 -4.7 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
SchwIntlEqty SCHF 26.05 -1.8 OverseasShiphldgA OSG 2.58 ... ChemoCentryx CCXI 5.13 -10.4 IACInteractv IACI 55.09 -5.0 Popular BPOP 26.17 -4.3 VictoryCEMPDevEnh CIZ 29.79 -1.3 General Electric Capital Corp.; Tullett Prebon Information, Ltd.

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C8 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard

China’s Shortest Day Prolongs the Pain OVERHEARD


By dragging out the pain of hanging over the market. strategy. This has costs, too. One can debate whether
its stock- and currency-market For the currency, too, the Repeated interventions China’s gyrations should really
adjustments, China is only en- obvious market direction is drain currency reserves, which unsettle global markets. After
suring that things will get down, at least against the dol- fell by more than $100 billion all, its stock market is argu-
worse before they get better. lar. China’s monetary policy in December. Using foreign ably divorced somewhat from

ROLEX DELA PENA/EUROPEAN PRESSPHOTO AGENCY


Chinese stocks had just likely needs more loosening, currency to buy yuan also the country’s real economy.
about the shortest trading ses- while the U.S. is set to keep shrinks domestic money sup- For one group of belea-
sion possible Thursday, thanks raising rates. The dollar also is ply, countering stimulus ef- guered companies, though,
to a tempest set off by China’s strong against currencies of forts. Plus, a slow devaluation the linkage is all too direct.
own depreciating currency. China’s major trading partners. creates a one-way bet against Further weakening of China’s
Within half an hour of opening, All things being equal, a the currency, giving investors currency is bad for miners al-
the CSI 300, a blue-chip index, cheaper currency should be incentive to pull money out of ready grappling with weak
fell 7%, triggering “circuit good for China. After all, own- China sooner rather than later. demand. An industry cali-
breakers” that halted trading ers of European and Japanese Transitioning from a crawl- brated for ever-growing Chi-
for the day. This system has equities cheer when currencies ing peg to a freer exchange nese demand for raw materi-
been in place for less than a fall. But there is a difference rate was never going to be als was ill-prepared for a
week, but already is a failure. between an ordinary decline in easy, but Beijing should have slowdown. But China’s down-
Indeed, authorities said late a market-based currency and a made the move years ago. ward adjustment to its cur-
Thursday they would suspend Thursday’s halt to Chinese trading left some investors stuck. managed fall in a government- Waiting until now just rency hurts, whether or not it
its use. The circuit breakers en- controlled exchange rate. forced it to act against a back- reflects an economy doing
courage traders to unload are overvalued, and Beijing is nize that as Friday’s expiration Facing depreciation pres- drop of slowing growth and a worse than expected. A
shares once a selloff starts, to afraid to let them adjust. of the ban approached, traders sure, China seems to have two deflating equity bubble. The weaker yuan pushes up the
beat a market shutdown. Shanghai-traded shares are might get nervous. So on choices: Allow the currency to impression left on investors is price of dollar-denominated
That trading was halted above historical valuations, Thursday, the regulator dou- fall to a market-set level all at that Chinese authorities are commodities for Chinese im-
completely by 10 a.m. also and at a big premium to nearly bled down on its mistake, al- once, or go for a slow devalua- out of their depth. Certainly porters. It also effectively
made it impossible for equities identical shares in Hong Kong. beit with some adjustments. tion. The former could cause with respect to the stock mar- lowers the costs of local pro-
to recover ground, as they During last summer’s melt- Over the next three months, stress in unprepared global ket, their reputation for incom- ducers, making it cheaper to
might have once the People’s down, China’s securities regu- big shareholders can sell up to markets, diplomatic relations petence is well-earned. This keep producing domestically
Bank of China intervened to lator banned shareholders who 1%—though only with a puni- with the West and Chinese collapse in confidence will and prolonging oversupply.
support the sliding currency. own 5% or more of a company tive 15 days’ notice. This will companies with unhedged, dol- make it harder still for China That is another blow to a
The fundamental problem: from selling for six months. It merely delay an ultimate reck- lar-denominated debt. So to engineer a turnaround. market already in disarray.
China’s stocks and currency doesn’t take a genius to recog- oning, and keep frozen shares China is choosing the go-slow —Aaron Back

Tesla Could Be Shocked by Competitors China Is the Stuff of Nightmares for Banks
Tesla Motors should years.” But Tesla produced For banks, and perhaps past five years. kets crisis, any gain could
check its rearview mirror. Zero to 60 just 507 of its Model X the Federal Reserve, too, the Should things stay like prove short lived.
General Motors unveiled Tesla stock price, weekly sport-utility vehicles in the nightmare scenario may play this, or the spread tightens What’s more, banks this
the 2017 Chevrolet Bolt, a Thursday
fourth quarter some three out more rapidly than any- further, it is bad news for time around might have to
purely electric vehicle, on $300 years after unveiling it. With one could have expected. banks. They make more compete more for deposits,
$215.65
Wednesday, saying it will be the Bolt entering production The worry was that the money when the difference especially because of new li-
available late this year. And 200 later this year, Tesla needs Fed would lift short-term in- between short- and long- quidity rules. This means
Ford Motor said last month to pick up the pace. Mean- terest rates and that long- term yields is wider. The ex- they may have to raise rates
it will invest heavily in elec- 100 while, Tesla will have to term rates, rather than ris- pectation was that when the at a slightly brisker clip than
tric cars. GM says the Bolt, compete on price—a tall or- ing, fall instead. And there is Fed began to raise rates as it they would have in the past,
which will sell for under der. While only selling luxury a greater possibility of this did in December, yields which also could pressure
0
$30,000 after incentives, has cars, which tend to carry happening thanks to finan- would move at both ends of their margins.
a driving range above 200 2011 2012 2013 2014 2015 higher profit margins, Tesla cial-market turmoil emanat- the curve and banks would Bank investors have been
miles. While less than the Source: Dow Jones Market Data Group had free cash flow of nega- ing from China. benefit. Yet the two-year waiting for years now for
luxury Tesla Model S sedan, tive-$1.7 billion in the first One way to see this is note’s yield rose more the era of ultralow yields,
its sticker price is less than veloping desirable cars, but nine months of 2015. through the spread, or dif- quickly, and fell less, than which have squeezed banks’
half as much. cheaper electric competitors Tesla’s valuation of over ference, between yields on that of the 10-year. net-interest margins, to fi-
The Bolt’s impending ar- will spotlight areas where it 20 times projected 2019 two-year and 10-year U.S. Granted, banks were quick nally come to an end. If the
rival raises the stakes for has struggled. earnings doesn’t leave much Treasury debt. Already at to raise some lending rates benefit doesn’t flow as ex-
Tesla’s unveiling of a mass- Take production capabil- wiggle room. Avoiding pot- low levels, this spread has after the Fed acted and will pected, they will have to
market Model 3 sedan proto- ity. Tesla chief Elon Musk holes while continuing to been contracting again. At drag their feet on raising de- again put on hold hopes a
type in March that it says said in November that he make desirable cars will be one point Thursday, it fell to posit rates. That gives them rising rate environment will
will cost around $35,000. hoped for the Model 3 to be Tesla’s toughest test yet. about 1.19 percentage points, some benefit. But if China lift bank-stock valuations.
Tesla hasn’t had trouble de- available in “about two —Charley Grant near its lowest level of the struggles to contain its mar- —David Reilly

Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds
Total return Yield (%), 52-Week Range l Latest Total return Yield (%), 52-Week Range l Latest
close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High
1835.67 0.5 Broad market Barclays Aggregate 2.520 1.920 l 2.630 352.27 1.1 7-12 year 1.609 1.498 l 2.144
2482.15 0.5 U.S. Corporate Barclays Capital 3.640 2.780 l 3.710 389.57 0.8 12-22 year 2.018 1.924 l 2.636
2427.12 0.4 Intermediate 3.040 2.210 l 3.120 370.22 0.9 22-plus year 2.717 2.542 l 3.351
3172.18 0.7 Long term 5.010 4.030 l 5.110 2243.16 0.3 Yankee Barclays 3.040 2.390 l 3.110
521.75 0.5 Double-A-rated 2.610 1.980 l 2.700 524.43 0.5 Global Government J.P. Morgan 1.520 1.240 l 1.780
615.02 0.4 Triple-B-rated 4.290 3.280 l 4.330 760.16 0.6 Canada 1.590 1.380 l 1.970
329.48 -0.4 High Yield Constrained Merrill Lynch 8.936 5.853 l 9.073 358.65 0.2 EMU 1.205 0.724 l 1.609
277.44 -0.7 Triple-C-rated 18.630 10.017 l18.630 684.23 0.3 France 1.050 0.490 l 1.360
2368.27 -0.2 High Yield 100 7.724 5.016 l 8.056 496.78 0.5 Germany 0.680 0.160 l 1.040
302.78 -0.4 Global High Yield Constrained 8.534 5.894 l 8.534 278.97 0.3 Japan 0.640 0.570 l 0.890
261.59 -0.6 Europe High Yield Constrained 5.772 3.550 l 5.772 544.56 0.3 Netherlands 0.840 0.240 l 1.130
1587.95 0.5 U.S Agency Barclays 1.570 1.110 l 1.680 836.37 1.3 U.K. 2.170 1.730 l 2.480
1433.94 0.4 10-20 years 1.360 0.940 l 1.480 669.54 -0.2 Emerging Markets ** 6.757 5.679 l 6.817
3042.89 1.3 20-plus years 3.210 2.490 l 3.370 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds In U.S. - dollar terms Euro-zone bonds
** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan
1914.07 0.4 Mortgage-Backed Barclays 2.710 2.280 l 2.900
1893.74 0.4 Ginnie Mae (GNMA) 2.620 2.170 l 2.860
1119.07 0.4 Fannie mae (FNMA) 2.740 2.300 l 2.910 Corporate Debt
1722.46 0.4 Freddie Mac (FHLMC) 2.770 2.310 l 2.930 Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
that same company’s share price. Here’s a look at both for two companies in the news.
503.57 0.8 Muni Master Merrill Lynch 1.619 1.475 l 2.099
Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Global Government Bonds: Mapping Yields
HP HPQ 4.375 Sept. 15, ’21 257 –22 n.a. 10.77 –4.61
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Shell International Finance RDSALN 2.125 May 11, ’20 58 –21 n.a. ... ...
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Bank of America BAC 1.750 June 5, ’18 76 –16 69 15.50 –3.61
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Freeport–McMoRan FCX 3.100 March 15, ’20 1425 –15 1292 5.61 –9.08
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago JPMorgan Chase JPM 7.900 April 30, ’49 353 –15 389 60.27 –4.04
1.000 U.S. 2 0.956 t l 0.980 0.923 0.613 Fidelity National Information Services FIS 3.625 Oct. 15, ’20 150 –13 n.a. 59.19 0.02
2.250 10 2.151 t l 2.169 2.231 1.971 Goldman Sachs GS 2.750 Sept. 15, ’20 95 –13 n.a. 164.62 –3.07
5.500 Australia 2 1.967 t l 2.001 2.099 2.160 101.1 102.1 154.7 Credit AXP 2.125 March 18, ’19 64 –12 n.a. 63.84 –0.90
3.250 10 2.667 t l 2.717 2.959 2.695 51.7 54.7 72.4
…And spreads that widened the most
4.250 France 2 -0.332 t l -0.325 -0.241 -0.046 -128.8 -130.5 -65.9
Freeport–McMoRan FCX 2.375 March 15, ’18 1593 110 1179 5.61 –9.08
1.000 10 0.923 s l 0.883 0.900 0.778 -122.8 -128.7 -119.3
Southwestern Energy SWN 7.500 Feb. 1, ’18 1627 89 1496 6.85 2.39
0.500 Germany 2 -0.373 s l -0.378 -0.317 -0.099 -132.9 -135.8 -71.2 Anglo America CA AALLN 4.125 April 15, ’21 1258 85 n.a. ... ...
1.000 10 0.540 s l 0.507 0.588 0.489 -161.1 -166.2 -148.2 Marathon Oil MRO 2.700 June 1, ’20 459 55 n.a. 10.67 –5.41
4.500 Italy 2 0.028 s l -0.001 0.066 0.528 -92.8 -98.1 -8.6 Bhp Billiton Finance USA BHP 6.250 Oct. 19, ’75 421 51 n.a. … …
2.000 10 1.561 s l 1.492 1.450 1.908 -59.0 -67.7 -6.4 Energy Transfer Partners ETP 5.200 Feb. 1, ’22 494 37 n.a. 30.11 –7.86
Amgen AMGN 2.125 May 1, ’20 114 36 n.a. 152.98 –2.39
0.100 Japan 2 -0.017 t l -0.017 -0.020 -0.019 -97.3 -99.7 -63.2
Bank of America BAC 5.200 June 1, ’49 326 35 342 15.50 –3.61
0.300 10 0.244 t l 0.254 0.327 0.302 -190.7 -191.5 -167.0
0.500 Spain 2 0.024 s l -0.008 0.052 0.468 -93.2 -98.8 -14.5 High-yield issues with the biggest price increases…
Bond Price as % of face value Stock Perfomance
2.150 10 1.755 s l 1.669 1.645 1.710 -39.6 -50.0 -26.2 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
1.000 U.K. 2 0.523 s l 0.523 0.563 0.421 -43.3 -45.8 -19.2 Momentive Performance Materials MOMENT 4.690 April 24, ’22 51.875 1.88 n.a. ... ...
2.000 10 1.805 s l 1.795 1.808 1.621 -34.6 -37.4 -35.0 Iheartcommunications IHRT 10.000 Jan. 15, ’18 41.500 1.50 39.000 ... ...
Source: Tullett Prebon Toys R US Property II TOY 8.500 Dec. 1, ’17 88.250 1.09 n.a. ... ...
Sabine Pass Liquefaction CQP 5.625 April 15, ’23 89.063 1.06 88.000 … …
Ceridian CEN 11.000 March 15, ’21 79.500 1.00 79.000 9.08 –5.61
Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record Drill Rigs Holdings ORIG 6.500 Oct. 1, ’17 57.438 0.84 58.750 … …
ETRACS 2xM Lev S&P MLP 21.8 .5072 Jan22 /Jan13 Wind Acquisition Finance S.A. WINDIM 6.500 April 30, ’20 104.250 0.80 105.000 ... ...
Dividend announcements from January 7. MLPV Q
ETRACS Divers Hi Incm ETN DVHI 11.4 .1965 M Jan22 /Jan13 Chesapeake Energy CHK 4.875 April 15, ’22 33.750 0.75 28.000 4.41 –5.77
Amount Payable / ETRACS Mhly 2x DJ Rl Est RWXL 4.6 .1033 M Jan22 /Jan13
Company Symbol Yld % New/Old Frq Record ETRACS Monthly 2xLev ETN SMHD 39.3 .436 M Jan22 /Jan13 …And with the biggest price decreases
Reduced ETRACS Monthly 2xLev xEn LMLP 2.5 .0226 M Jan22 /Jan13
ETRACS Monthly Pay 2xLev DVHL 26.4 .3536 M Jan22 /Jan13 Ultra Petroleum UPL 5.750 Dec. 15, ’18 16.250 –4.00 24.500 2.00 –13.42
MV Oil Trust MVO 9.1 .10 /.21 Q Jan25 /Jan15
ETRACS Monthly Pay 2xLev CEFL 27.5 .3528 M Jan22 /Jan13 Oasis Petroleum OAS 6.875 March 15, ’22 62.750 –3.31 n.a. 6.38 –7.54
Initial ETRACS Monthly Pay 2xLev MRRL 64.0 .7196 M Jan22 /Jan13
Atwood Oceanics ATW 6.500 Feb. 1, ’20 49.000 –3.00 n.a. 8.78 –2.88
IBERIABANK Pfd. B IBKCP .805 Feb01 /Jan15 ETRACS Mortgage REIT MORL 64.8 .7196 M Jan22 /Jan13
ETRACS WF MLP xEnergy FMLP 0.2 .0024 M Jan22 /Jan13 Arcelormittal S.A. MTNA 6.125 June 1, ’25 68.250 –3.00 n.a. ... ...
Funds and investment companies S&P 2xDiv Aristo ETN SDYL 6.4 .2491 M Jan22 /Jan13 Microchip Technology MCHP 1.625 Feb. 15, ’25 95.059 –2.63 101.839 42.66 –5.05
CS X-Links Gold GLDI 8.6 .0769 M Jan25 /Jan20 UBS AG TRACS Alerian MLPG 9.1 .466 Q Jan22 /Jan13
UBS AG-2x Alerian MLPL 20.4 .9479 Q Jan22 /Jan13 First Quantum Minerals FM 7.000 Feb. 15, ’21 60.250 –2.50 63.063 … …
Foreign UBS E TRACS Aler MLP Infr MLPI 8.4 .4956 Q Jan22 /Jan13 Mariposa Borrower NMG 8.750 Oct. 15, ’21 64.250 –2.50 62.500 ... ...
CS X-Links Silver ETN SLVO 3.9 .0306 M Jan25 /Jan20 UBS MLP Wells Fargo MLPW 8.5 .4295 Q Jan22 /Jan13 WPX Energy WPX 5.250 Sept. 15, ’24 64.250 –2.50 n.a. 5.13 3.22
DJ 2xSelect Div ETN DVYL 11.6 .4086 M Jan22 /Jan13 UBS Wells Fargo ETN BDCS 9.1 .4566 Q Jan22 /Jan13
ETRACS 2x BDC BDCL 19.7 .7764 Q Jan22 /Jan13 *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.
ETRACS 2xLev MSCI US REIT LRET 14.2 .2968 M Jan22 /Jan13 KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:
Note: Data are for the most active issue of bonds with maturities of two years or more
ETRACS 2xLev US Hi Div HDLV 11.7 .2501 M Jan22 /Jan13 semiannual; S2:1: stock split and ratio; SO: spin-off. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
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MORGENSTERN ON ‘ANOMALISA’

A Peerlessly Weird Film D3

PLUS A new show from the creator of ‘Lost’ D4

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Friday, January 8, 2016 | D1

CAN THE
PARTY
CRASHERS
TURN Clemson
vs
Alabama

FOOTBALL’S CFP Championship


Monday, January 11
8:30 PM on ESPN

TIDE? How sweeping changes in the college game give


Clemson a chance to beat mighty Alabama
Sports analyst and quarterback at the
BY MATTHEW FUTTERMAN
University of Colorado from
2003-2005. “When I played, the cream
IN THE 18TH YEAR of college football’s of the crop was so much better than
efforts to crown a national champion, the middle of the road team. With the
and the second year of trying out a early exits of top players to the NFL,
playoff tournament, the sport finally the television money that is so influen-
has a matchup which will test the re- tial and the emphasis these college
cent seismic shifts in the game. presidents are putting on the football
When perennial power Alabama programs, it’s all helped level the play-
takes on upstart Clemson for the title ing field.”
Monday evening, the sport’s leading Last year Clemson reported spend-
blue blood will face its top party- ing a little more than $24 million a year
crasher. on its football program, according to
The showdown comes as new media federal filings. That is still less than
contracts from TV networks have pro- half of Alabama’s $51 million annual
vided every major school with a wind- football outlay, but it is 34% more than
fall that is creating dividends on the the $18.1 million Clemson reported
field. At the same time, teams are fea- spending on football in 2010. Others,
turing offensive schemes that rely more such as Texas Christian and Baylor, ap-
on speed and athleticism than brute pear primed to join the elite in the
strength. Combined with a training sys- coming years.
tem that now begins to transform kids Clemson has been able to spend
into star athletes around the time they more on football in part because of the
get braces, college football is democra- Atlantic Coast Conference’s $3.6 bil-
tized as never before. lion, 15-year media-rights deal with
This once-in-a-generation change ex- ESPN that extends to 2027. Last year,
plains the possibility of Clemson hoist- the ACC reported its revenues for
ing the national championship trophy. 2013-14 had grown to $302 million,
The Tigers would be the biggest out- nearly double the $158 million it col-
sider to finish the season atop college lected in 2009-10.
football since Tennessee won after the Just how level the field will be for
1998 season. Since then, every cham- the College Football Playoff in Glendale,
pion has either been a longtime mem- Ariz., remains to be seen. Oddsmakers
ber of college football’s royalty (USC, have installed Alabama, winner of three
Texas, Alabama, etc.) or from Florida. of the last six national championships,
“There are a couple of teams that as a seven-point favorite. The Crimson
are good every year, but parity is just Tide looked frightening in its 38-0 oblit-
rampant now,” said Joel Klatt, the Fox Please turn to the next page

Clemson Tigers Alabama Crimson


coach Dabo quarterback running Tide coach
Swinney Deshaun back Nick Saban
Watson Derrick
Henry

ILLUSTRATION BY RAY BARTKUS; GETTY IMAGES (4); PARAMOUNT PICTURES (‘ANOMALISA’); BELOW: ALLISON MICHAEL ORENSTEIN FOR THE WALL STREET JOURNAL

THE INTERVIEW

The Secret Angst


Behind a Farce
plays. In a British survey two
BY MICHAEL W. MILLER
years ago, it was named the na-
tion’s second favorite play, ahead
WHEN “NOISES OFF,” a backstage of “Hamlet,” “Macbeth” and “King
comedy about the cast of a British Lear.” (Alan Bennett’s “The His-
farce spiralling into chaos, first tory Boys” was No. 1.) On Jan. 14,
opened in London in 1982, some it opens for its third Broadway
viewers assumed it would only be production.
funny to a local audience. “People At 82, Mr. Frayn, a former
said, ‘Well, this works in England newspaper reporter and humor
Michael Frayn because it’s about an English sex columnist, is still juggling. He has
says, ‘All farce, but it will never work any- screenplays in development
comedy is where else in the world because adapted from his three most re-
about serious no one’s seen an English sex cent novels: “Headlong” (about
things.’ farce,’ ” recalls the playwright, Mi- the discovery of a lost Bruegel
chael Frayn. painting), “Spies” (the story of a
In fact it became the greatest boy spying on his mother during
success of Mr. Frayn’s long career, World War II) and “Skios” (a farce
which features 11 novels and 17 Please see page D6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D2 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

SPORTS

DUAL THREAT HEISMAN Alabama


Clemson QB Deshaun running back
Watson scrambles Derrick Henry

BIG GAME
Continued from the prior page whose success at recruiting top
eration of Michigan State in the high school players is rarely
semifinal at the Cotton Bowl on ranked among the top 10 in the
New Year’s Eve. country, shouldn’t come as a sur-
However, head coach Nick Sa- prise: Clemson has prospered by
ban’s Alabama teams have proven focusing on players from the Caro-
vulnerable in recent years against linas, Georgia and Florida, where

CLOCKWISE FROM TOP LEFT: ZUMA PRESS; GETTY IMAGES (3)


high-octane offenses led by quar- the vast majority of young talent
terbacks who can win games with outside of Texas and California re-
their legs as well as their arms: in sides. Just 12 of 116 players on
other words, exactly the kind of Clemson’s roster come from out-
attack that Clemson’s star quarter- side those four states.
back Deshaun Watson runs. “Clemson has been out-recruit-
Chad Morris remembers the ing Georgia in Georgia,” said Tom
January day in 2011 when an assis- Lemming, who publishes the defini-
tant handed him a computer file tive report on high school prospects.
with footage of the 15-year-old Wat- Clemson may not often land the
son from Gainesville, Ga., about a milk-truck sized 18-year-old guards
70-minute drive from the Clemson and tackles that sit atop lists of top
campus. Head Coach Dabo Swinney graduating prospects, but it finds
had just hired Morris to become his the long, lean linemen who can play
offensive coordinator and modern- its revved-up style. That means ath-
ize an attack that had finished 88th letes who can pull out of a
in total offense the previous season. three-point stance, beat a POWER Tigers guard Eric MacLain
Morris had spent 2010 running linebacker to the outside and (above); the Crimson Tide defense
Tulsa’s no-huddle, no-mercy attack block for Watson on a rollout. overwhelms Michigan State
that averaged 8 yards every time it The 6-foot-5 inch guard Eric
put the ball in the air and finished MacLain was a 245-pound able. Henry, a junior who weighs
83 spots ahead of Clemson in the tight end as a senior in high 242 pounds, has barreled for 2,061
offensive rankings. Dozens of pro- school. The 6-foot-6 inch yards, but the nail in the Michigan
grams have switched to a speed- tackle Joe Gore was a 260- State coffin in the semifinal was a
based attack in recent years, in part pound defensive end. 50-yard touchdown pass from quar-
because coaches can run it success- Ryan Bartow, a recruiting terback Jake Coker to freshman
fully with the type of players preva- analyst who covered Clem- wide receiver Calvin Ridley on the
lent today. They are big, though not son for eight years for the first play of a drive with a little over
huge, and fast and have specialized website Rivals.com, said that two minutes left in the third quarter.
in football since childhood. They because the coaches can’t Alabama’s players say there’s a
have technical skills far beyond sell the history of USC or simple reason for their offensive
what players had a decade ago, Notre Dame, they hook re- slowdown. Last season, the Crim-
coaches and analysts say. cruits on the football-first son Tide had Amari Cooper, who
Morris said he watched three atmosphere of this small was the best wide receiver in the
snaps on the Watson tape: a throw South Carolina town. The country. This season, the offense
that effortlessly left Watson’s on-campus stadium seats has Henry, who is the best running
hand, a running play when Watson more than 80,000; the uni- back in the country. So they run
blazed through a helpless defense versity president, James Cle- the ball more. Like most offensive
and a perfectly executed fake pass ments, knows many of the linemen Cam Robinson prefers the
and handoff. He called Swinney players personally and often meets fenses that have helped turn col- ran one play every 26.2 seconds. latter. “I’m biased,” he said. “I think
and told him that Watson could be with prospective recruits when lege football into something that In last year’s semifinal, Ala- every lineman would.”
better than Vince Young, the dual- they visit campus. looks a lot closer to basketball with bama was upset by Ohio State, Alabama’s offense has the lux-
threat high school star who went “The saying is, there are seven shoulder pads. But Saban clings to which went on to win the champi- ury of playing slowly because it
on to win a national championship fun days a year in town, and those the mantra of Alabama football go- onship. Despite a loss that some in can rely on the nation’s top-ranked
at Texas. are the home games,” Bartow said. ing back to the days of the legend- Alabama referred to as the worst scoring defense, which has allowed
That week they told Watson’s Clemson got to the champion- ary Bear Bryant: Football games day in the state since Robert E. just 187 points in 14 games. Oppo-
high school coach Clemson was ship after blasting Oklahoma 37-17 are won with an impenetrable de- Lee surrendered at Appomattox, nents averaged just 4 yards per
prepared to offer the freshman a in the Orange Bowl last week de- fense and a stolid running game. Saban stuck with the Kiffin ap- play and 257 total yards a game
scholarship, the first of more than spite being a 3.5 point underdog. “The philosophy is to beat the proach in 2015. Against Mississippi against the Crimson Tide, the sec-
a dozen offers he would receive “It was just a matter of when,” other team into submission,” said in September, the Tide held the ond lowest in both categories.
from top Division 1 programs. said Swinney, who became head Paul Finebaum, the Alabama-based ball for 35 minutes, ran a play ev- Three of the starting 11 are pro-
“From that moment on, every coach in October 2008. “This is radio broadcaster whose voice ery 21 seconds, attempted 59 jected as first round NFL draft
time the NCAA allowed us an op- year seven, and we were able to dominates Southern football. passes and ran it just 42 times, de- picks—320-pound tackle A’Shawn
portunity to be at his school, we kind of knock the roof off of it.” After losing his final two games spite having eventual Heisman Robinson, defensive end Jarran
were there,” said Morris, now the At Alabama, where any season of the 2013 campaign, including a Trophy winner Derrick Henry in Reed, who goes 313-pounds, and
head coach at Southern Methodist that doesn’t end with a title is 45-31 thumping by Oklahoma in the backfield. Alabama lost 43-37. linebacker Reggie Ragland. “This
University. Morris even drove to considered a failure, the journey to the Sugar Bowl, Saban sensed Ala- Saban had seen enough of 21st squad here, everybody is just so
Gainesville over and over to watch the championship game has relied bama’s attack needed updating. He century football. Two weeks later, mean,” Ragland said.
Watson’s high school basketball on everything Clemson’s hasn’t. brought in Lane Kiffin, then 38, to with his season on the line against That suits the Alabama faithful
games. “Had we not gotten to him While the Tigers have focused on modernize the Crimson Tide of- then-eighth-ranked Georgia in Ath- just fine, Finebaum said. “The av-
when we did, we wouldn’t have playing faster, the Crimson Tide fense. Kiffin had flamed out as a ens, Alabama became Alabama erage Alabama fan is a believer in
landed him.” slowed down this season. While head coach with the Oakland Raid- again. The Crimson Tide ran one the same football that has been
Watson was a finalist for the Clemson scours its region for re- ers, at the University of Tennessee play every 38.5 seconds, throwing played there for 50 or 60 years,”
Heisman Trophy this season as a cruits, Alabama cherry-picks the and USC. But he had a reputation the ball just 16 times compared he said. “Strong special teams, a
sophomore, passing for 3,699 country’s top talent. as an aggressive offensive whiz. In with 47 rush attempts. Alabama great defense—and pound the ball
yards and rushing for an addi- Saban has flirted with adjusting 2013, the Crimson Tide offense ran won 38-10. down someone’s throat.”
tional 1,032. The fact that he ac- his retro approach to a changing one play every 30.2 seconds. In Since then, the Crimson Tide has —Ben Cohen contributed to this
complished this for Clemson, world of no-huddle, pass-happy of- 2014, Kiffin’s first season, Alabama been an old-new hybrid, and unbeat- article

TIGERS VS. TIDE

Three Game-Time Questions


contain the Crimson Tide’s running game. Henry finished
BY MATTHEW FUTTERMAN
with an underwhelming 20 carries for 75 yards.
Mission accomplished, right? Not really, be-
CAN ALABAMA STOP A FAST, cause receivers Calvin Ridley (bottom left)
VERSATILE OFFENSE? and ArDarius Stewart (top) torched the Spar-
On the rare occasions when Alabama has stumbled in re- tans for a combined 15 catches and 175 yards.
cent years, an athletic, versatile quarterback and an up- Michigan State picked its poison but died any-
tempo offense is often on the other side of the ball. The way. Clemson has to hope defensive backs like
CLOCKWISE FROM TOP LEFT: ASSOCIATED PRESS (2); GETTY IMAGES; ZUMA PRESS

Crimson Tide’s 10 losses the past six seasons include one star corner Mackensie Alexander (bottom right) can
to Cam Newton’s Auburn in 2010, during which Alabama match up better with Alabama’s wideouts than Michi-
blew a 24-0 lead, a 2012 loss to Johnny Manziel’s Texas gan State’s did. Also, a Clemson line that hails from
A&M, another to an Auburn team in 2013 coached by Gus North and South Carolina, known as “D-line heaven” be-
Malzahn, one of the pioneers of coaching fast football, and cause they churn out so many NFL linemen, must keep
last year to Ohio State and freakishly Henry under wraps without too much help. Tigers defen-
athletic quarterback Cardale Jones. sive end Shaq Lawson (top right), who injured his knee in
Clemson quarterback Deshaun Wat- the Orange Bowl win, needs to be healthy and play big.
son is cut from the same mold as New-
ton and Jones and leads an offense that WHO CAN LIMIT THE BIG MISTAKES?
uses relentlessness as a weapon. Clemson The ragged beauty of college football is that it is
gained 55% of its yards in the air this played by 18-to 23-year-olds prone to game-changing
season but also averaged 5 yards on ev- mistakes. Alabama essentially lost last year’s semifinal to
ery rush. Alabama’s front seven is plenty Ohio State on a third-quarter interception and touchdown.
big. Does it have the stamina to keep up? Alabama cut down on its turnovers, with a takeaway-give-
away margin of plus nine. Clemson didn’t take care of the
CAN CLEMSON CONTAIN BOTH DERRICK ball nearly as well, losing it 26 times and taking it away 25, a
HENRY AND ALABAMA’S RECEIVERS? margin of minus one. Alabama’s Eddie Jackson nabbed five of
In the semifinal, Michigan State prioritized stopping his team’s SEC-leading 18 interceptions this year. Watson
Heisman Trophy winner Derrick Henry by stuffing the threw 12 picks for Clemson, while Alabama’s less flashy
area behind its defensive line, known as “the box,” to Jake Coker threw just eight.
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Friday, January 8, 2016 | D3

MORGENSTERN ON FILM
REWIND
A Tale of Love, Anxiety DVD // STREAMING
// DOWNLOAD

and Puppetry ‘Being John


Malkovich’ (1999)
This loopy comedy isn’t about the
real John Malkovich. It’s about an
elusive celebrity called John Malk-
ovich—played by
the actor of the
same name—
and about the
star-struck cra-
zies who tunnel
into his psyche.
A debut feature
for the director,
Spike Jonze, and the writer, Char-
lie Kaufman, the film has its
lapses, but I was agog at the sur-
real carryings-on, and gaga over
the Dada.

‘Eternal
Sunshine of the
Spotless Mind’
(2004)
REVIEW This gorgeous phantasmagoria
JOE MORGENSTERN takes a question for the ages—
of what is love compounded?—
and examines it
“ANOMALISA” takes its title from combining through fanciful
“anomaly”—something that deviates from the scans of a
standard—with Lisa, the name of the woebe- scorned lover’s
gone antiheroine. She feels like a hopeless cortex. Jim Car-
anomaly until she becomes a hopeful one by rey’s shy guy,
lighting up the life of the antihero, a lonely Joel, receives a
self-help guru named Michael. The larger notice from a
anomaly is the movie itself, which was written mysterious
by Charlie Kaufman and directed by him and company that
Duke Johnson. (Carter Burwell wrote the lovely his flaky girlfriend, Clementine,
score.) “Anomalisa” deviates from more stan- has chosen to have all memories
dards than any conventional entertainment of him erased from her brain.
would dare to. It’s animated, with stop-action She’s played, memorably, by
puppets, but steadfastly bleak—the most de- David Thewlis voices Michael Stone and Tom Noonan voices Bella Amorosi Kate Winslet. Michel Gondry di-
pressing thing you could see in a month of rected from an original script by
gloomy Sundays. Yet it’s also deadpan-funny, chael’s case, the undifferentiated voices—an ef- achieved by the puppets in “Team America: Charlie Kaufman.
and affecting in its depiction of spiritual isola- fective dramatic device—are the most telling World Police”.)
tion. Watching it may make you anxious from sign of his alienation, but they also have a sa- The most remarkable thing about “Anomal-
start to finish, but that’s exactly what it means tirical edge; so many of those empty phrases, isa” may well be that it got made, and is being
to do. In an age of endemic anxiety, this peer- delivered in a drone, sound like the deadly dull distributed by a major studio; detachment, mel-
lessly weird little film finds a new look—and a thrum we all encounter in everyday life. ancholy and the pain of living aren’t usually the
new sound—for feeling bad. Up to a certain point Michael’s case is stuff of mainstream filmmaking. That’s a trib-
The opening looks quite beautiful—an air- mainly that, a clinical study couched in stylized ute to Mr. Kaufman’s prowess as a writer: He ‘Othello’ (1965)
liner, floating off in the distance, that Michael animation. The poor man is coming undone, received Oscar nominations for “Being John Orson Welles finished “Chimes
sees from his window of the jet that’s taking and more than figuratively; the face confront- Malkovich” and “Adaptation,” then won an Os- at Midnight” the same year a
him to a lecture date in Cincinnati. But the ing him in a bathroom mirror fleetingly sug- car for “Eternal Sunshine of the Spotless revolutionary and magnificent
mood soon turns mournful, and there’s some- gests a mask worn by someone else. But there’s Mind.” “Othello” star-
thing unsettling in the conversations that sur- nothing clinical about his chance meeting with It’s also remarkable that many critics and ring Laurence
round him as he deplanes, takes a taxi and ar- Lisa, a young woman who has come to Cincin- critics groups have heaped lavish praise on Olivier was pre-
rives at his hotel; everyone seems to sound the nati and the Fregoli to hear his lecture. such an essentially grim enterprise, and that served on film.
same. In fact, everyone except Michael, who is Sentimental, yes; she’s as damaged in her audiences seem interested too, though to what (It was origi-
voiced eloquently by David Thewlis, does sound turn as he is. Still, the encounter is charged extent remains to be seen, since the film is only nally a stage
the same, because every character he encoun- with passion on both sides, and for Michael it’s now going into wide distribution. I won’t pre- production of
ters thus far, whether man, woman or child, is love at first sound as well as first sight. Lisa, tend that I enjoyed the experience as a whole— Britain’s Na-
voiced with eerie blandness by Tom Noonan. voiced delicately by Jennifer Jason Leigh, isn’t for a while my response was something along tional Theatre.)
What’s going on? Mr. Kaufman offers a clue part of the drone. She speaks from her heart to the lines of “Let me out of here!” But the eeri- Olivier’s ath-
with the name of the hotel: The Fregoli. It’s a his with ardent humanity, and sings, ever so ness of Michael’s world resonates with the dep- letic, ebony-skinned Othello—yes,
reference to the Fregoli delusion, a rare disor- poignantly, Cyndi Lauper’s “Girls Just Want to ersonalization of modern life, and in a truly the actor defied what’s now
der in which, as I learned after seeing the film, Have Fun.” They’re as awkward together as weird way “Anomalisa” provides an immersive called political correctness by
a person believes that different people are re- middle-schoolers on a first date, and their love- experience that is no less compelling, though performing in blackface—is a
ally a single person who changes appearance or making is so clumsy that you forget they’re lots more authentic, than the one you get in a dangerous fool, even a monster,
uses disguises. (He offered a similarly cheerful only puppets. Yet therein lies the movie’s bi- megahorror show like “The Revenant.” Once rather than the conventionally
clue in “Synecdoche, New York” by naming zarre triumph—it keeps you hoping that noth- you’re in that puppet’s head it’s hard to get out. gentle warrior who did in Desde-
Caden Cotard, the hero played by Philip Sey- ing will stop these stop-motion lovers from mona (played here by Maggie
mour Hoffman, after the Cotard delusion, finding the happiness they seek. (The film is  Email Joe at joe.morgenstern@wsj.com and follow Smith) only because of Iago’s
whose sufferers believe they are dead.) In Mi- rated R for nude sex, a distinction previously him on Twitter: @JoeMorgenstern. beastliness.

‘Chimes at Midnight’
Orson
Orson Welles was Falstaffian long ten rejected by the industry he tow- Welles
before he played Falstaff, with a lust ered above, must have felt a special
for life matched only by his love of kinship with Jack.)
the movie medium. If Shakespeare Orson Welles is far from the only
had neglected to give Sir John a play attraction, though. The great Margaret
of his own, Welles was ready to rec- Rutherford is Mistress Quickly, whose
tify the lapse by giving the peerless description of Falstaff’s death is so
roisterer a movie of his own, and giv- vivid and heartfelt that you hardly no-
ing himself a great role in the pro- tice the absence of a death scene.
cess. He did so in “Chimes at Mid- The great—the adjective is repetitive,
night,” the 1965 film he directed from but required—John Gielgud is Henry
his screenplay based on sections of IV, his voice sonorous in a higher reg-
some of Shakespeare’s plays, mainly ister and his manner invincibly regal.
“Henry IV,” Part I and Part II. Since Jeanne Moreau doesn’t seem com-
then the film has been recognized as fortable as Doll Tearsheet, if truth be
a masterpiece, albeit a flawed one, told, but…she’s Jeanne Moreau!
and has become almost impossible If you know the distinctive black-
to find, except on videotapes and and-white look of Welles’s first mas-
DVDs of dismal quality. At long last, terpiece, “Citizen Kane,” you’re liable
though, “Chimes at Midnight” has un- to assume that “Chimes at Midnight,”
dergone a brilliant restoration, by like “Kane,” was shot by Gregg To-
Janus Films and the Criterion Collec- land. In fact its deep-focus style was
tion, and will be playing around the the work of Edmond Richard, but the
country in the next few months, with production looks stunning in its own
a new DVD release in prospect. See right, even though it was grievously
it on the big screen if you can; for all underfinanced and filmed, in Spain,
of its flaws it’s a glory. with a succession of stops and re-
The main attraction is Welles, of starts that accounted for many of its
course, decked out with scruffy hair, technical glitches and extensive dub-
a cantilevered beard, crusty eyes and bing of dialogue in post-production.
a crafty smile, and deploying a tuba- And Welles, cinema magician that
register voice that shakes the tim- he was, somehow managed to over-
bers of the Boar’s Head Inn. He come all financial and logistical prob-
gives a performance that’s monu- lems in his staging and editing of
FROM TOP: PARAMOUNT PICTURES (2); JANUS FILMS

mental in girth—“How long is it, the Battle of Shrewsbury, which was


Jack,” asks Keith Baxter’s charmingly then, and remains now, one of the
ebullient Prince Hal, “since thou most powerful sequences of its kind
sawest thine own knee?”—and im- ever put on film. Summoning up the
mense in dramatic presence, literal fog of war, Welles orches-
whether Falstaff, upended, is bellow- trates, ferociously and magisterially,
ing from inside a suit of armor that the clubbing, slashing, piercing mon-
gives him the demeanor of a strosity of war. “The days we have
beached turtle; or Falstaff, rejected, seen!” pipes Master Shallow at the
is struggling to comprehend what beginning of Falstaff’s story. “The
life will be like without his beloved days we have seen!” They are epic,
young prince. (Welles, who was of- as the movie shows.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D4 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

ARTS & ENTERTAINMENT


John Krasinski,
second from
left, stars in
‘13 Hours,’
directed by
Michael Bay,
below, in
white shirt.

Hollywood Goes
to Benghazi
“13 Hours” came in just under
BY DON STEINBERG
$50 million. “I didn’t want all the
expensive toys,” Mr. Bay says. “It
IN A CLIMATE where just saying was about shooting it very raw,
“Benghazi” can hint at a political over the shoulder of guys to make
agenda, Michael Bay’s new film “13 it feel like you are really there. Ev-

PARAMOUNT PICTURES (2)


Hours: The Secret Soldiers of erything that I have learned from
Benghazi” seems headed into an many, many soldiers is the confu-
ideological skirmish that the direc- sion of warfare and how every-
tor swears he wants no part of. thing goes wrong. You kind of feel
The movie “doesn’t get political that in the movie.”
at all,” says Mr. Bay, who directed Of course there’s also a com-
the “Transformers” movies and mercial aim, that “13 Hours” might
“Pearl Harbor.” “We show you follow the path of another January
what happened on the ground. It release about modern warfare, Partly it’s just a hot streak. “An January 10 on the History Channel. disagreements amid the chaos may
was written with the men who “American Sniper.” Made for about audience starts to get accustomed The surprise success of have slowed the CIA response.
were there.” $40 million, “Sniper” opened to having particular themes dealt “Sniper” helped make “13 Hours” “This is what happened, like it or
The drama, which opens Jan. 15, widely last January and reached with at certain times of the year,” happen. In 2013, five of the Ameri- not,” says Mr. Geist, a 12-year U.S.
recreates the chaotic Sept. 11, $350 million in domestic box office, Mr. Stoff says. In addition, January cans who fought in the Benghazi Marine who was injured by an ex-
2012, attack on an American diplo- becoming the highest-grossing war is a month when films without gar- attack as security contractors for plosion in the Benghazi attack.
matic compound and movie of all time and gantuan budgets can get attention. the Central Intelligence Agency de- Given the political controversy—
a CIA station in the biggest-grossing Unlike “Transformers”-style cided their firsthand account and Mr. Bay’s specialty in sensa-
Benghazi, Libya. Mili- ‘Pearl Harbor’ January movie ever. blockbusters and traditional war might help people see beyond the tional action—Mr. Geist says he was
tants killed four “That was a phe- movies, these films about modern political talking points. “Other peo- apprehensive about how Hollywood
Americans, including
cost around nomenal success,” Mr. American soldiers often need to ple were telling our story,” says would handle the story. “I told Mi-
Ambassador J. Chris- $140 million in Bay says, but he stops have modest budgets because they Mark Geist, one of the security chael, if you do anything that disre-
topher Stevens. In- short of hoping aloud don’t make most of their money contractors, who has been helping spects the four Americans that
quiries into what
2001. ‘13 Hours’ for similar results. overseas. “Pearl Harbor,” “Saving publicize the movie. died, I will beat the s— out of you. I
went wrong have came in “Never tempt the Private Ryan” and last year’s “Fury,” The contract soldiers consulted don’t care who you are,” he says,
dogged Democratic movie gods.” “Sniper” featuring large-scale World War II with a lawyer to determine what not entirely joking. The film has ex-
presidential hopeful
just under had the advantage of campaigns, all were bigger draws they were permitted to reveal. They plosions, none over the top. Mr.
Hillary Clinton, who $50 million. Bradley Cooper in its overseas than at home. However, sold the book and film rights to Mr. Geist jokes that he tested the direc-
as the Secretary of lead role; the biggest “Sniper,” “Lone Survivor,” “Act of Stoff’s agency, 3 Arts Entertain- tor’s earnestness by challenging Mr.
State at the time star in “13 Hours” is Valor,” “Zero Dark Thirty,” “Jar- ment, and told their stories to jour- Bay to include another unofficial
oversaw the diplo- John Krasinski of head,” and “Blackhawk Down” nalist Mitchell Zuckoff for his 2014 hallmark of his films: a leering shot
matic corps. “The Office” and earned more at the box office do- book “13 Hours: The Inside Account of a woman’s backside.
The movie isn’t about the after- “Promised Land.” mestically. Whether that reflects an of What Really Happened in Beng- “He always has a girl’s butt, in
math, Mr. Bay says. The 50-year- January seems to be when stu- inherent American-ness to these hazi.” Movie studios weren’t totally every “Transformers,” “Pearl Har-
old director wanted to make a dios roll out intimate movies about films or simply less bombastic ac- sold until “Sniper” soared, says Mr. bor,” “The Rock,” Mr. Geist says.
tense film about American military modern war. Before “Sniper,” there tion isn’t clear. In a sense, modern Bay, who started production on the He facetiously mentioned a scene
heroes who rose to the challenge was “Lone Survivor,” starring Mark warfare movies differ from tradi- film for Paramount last spring. On where such a shot might work. But
of a deadly sneak attack—some- Wahlberg as Navy SEAL Marcus tional ones just as war today differs location in Malta, his crew built a Mr. Bay didn’t take the bait. “He’s
thing he has done before on a big- Luttrell, which went into wide re- from the past. replica of the Benghazi compound. like, ‘No, we’re not gonna do it’,”
ger budget. “Pearl Harbor” cost lease in January 2014. “Zero Dark “We’re not seeing entire naval The movie does depict a CIA Mr. Geist says. “That showed me
around $140 million in 2001 and Thirty,” about the killing of Osama fleets moving into areas like Mid- base chief telling the security team how serious he was about this
made the Guinness Book of World bin Laden, went into wide release way or battling German U-boats or to “stand down,” delaying their de- movie. But he thought about it.”
Records for its massive explosions. in January 2013. Japanese aircraft carriers. I think fense of the diplomats. When that Mr. Bay doesn’t remember
“It took 3½ months to set up one The timing is more than a coinci- those days are long gone,” says Pe- appeared in the book, it sparked thinking about it. “No, he was
explosion, seven hundred events go- dence. “It’s definitely [intentional] ter Berg, who directed “Lone Survi- headlines. A congressional commit- just—these guys are jokesters,” the
ing off on seven ships, 20 planes in programming,” says Erwin Stoff, one vor” and has a series about modern tee concluded there wasn’t a stand- director says. “That’s their protec-
the air. The good old days!” he says. of the producers of “13 Hours.” soldiers, “Live to Tell,” debuting down order, but possibly tactical tion mechanism.”

SERIAL DRAMA: COLONY


USA NETWORK (2); MAARTEN DE BOER/GETTY IMAGES (CENTER)

‘Colony’ actors Josh Holloway, in T-shirt above, and Sarah Wayne Callies, far right. At center, Ms. Callies and Mr. Holloway flanked by the series’s co-creator Carlton Cuse, left, and producer Ryan Condal.

LIFE IN OCCUPIED
pian setting of “Colony” and a post-apocalyptic
BY JOHN JURGENSEN
world in which survivors battled zombies with
any weapon available.

LOS ANGELES
CARLTON CUSE HAS BUILT a career on densely “Colony,” she says, “felt like the photo negative
plotted TV serials such as “Lost,” which weave com- of ‘Walking Dead.’ In that show there was chaos,
plex tales of life under extraordinary circumstances. an absence of law and order. Whereas in ‘Colony’
His latest offering, “Colony,” premiering on the there’s a hyper-organized state where decisions
USA Network Jan. 14, takes place in a near-future are taken out of your hands to a troubling extent.
L.A. that was walled off after a force of colonists and helped usher in an era of ambitious television. “Colony,” the channel scored with the stylish No Bill of Rights, no habeas corpus.”
arrived, apparently from outer space. A proxy hu- Almost six years after “Lost” ended, the hunger hacker thriller “Mr. Robot.” It gave the network a Mr. Cuse first worked with Mr. Condal on a TV
man government, masked soldiers and a fleet of for densely plotted serial dramas hasn’t dimin- berth on critics’ best-of-2015 lists and USA’s first pilot based on a comic book, a supernatural West-
menacing drones keep occupied society in check. ished—there just are fewer viewers watching each nomination for best television drama series at the ern called “The Sixth Gun,” but NBC passed on it.
Citizens are divided among privileged collabora- one, given the explosion of TV options. Golden Globes (to be handed out Sunday). Their brainstorming continued around the social
tors, shadowy resistance fighters and people just Mr. Cuse’s own post-“Lost” career bears that Still, for potential “Colony” viewers, the chan- and psychological effects of military occupation,
trying to get by. The family at the center of the out. The producer is busier than ever, steering nel it’s on will probably be incidental, says for- with inspiration from photographs of France dur-
show has to navigate these factions as they, multiple shows with niche followings. “Bates Mo- mer “Lost” star Josh Holloway, whose lead role ing World War II. Mr. Cuse says they were struck
along with the audience, discover more about the tel,” which marked A&E’s push into scripted on the show reunites him with Mr. Cuse. “Now by the juxtaposition of “Parisians going about
off-screen (so far) occupiers, the state of the drama, is a “Psycho” prequel. “The Returned,” also people don’t watch networks or channels—they their lives in normal fashion, sitting at sidewalk
world beyond L.A.’s walls and the fate of people on A&E, is about dead characters who rejoin the watch a show. They’ll follow it no matter where cafes, drinking espresso, while Nazi storm troop-
who disappeared in the aftermath of “the arrival.” living. FX’s “The Strain” envisions a vampire inva- it is. And if your show’s not good, you’re gone,” ers are going by on the street. Science fiction is
While the occupiers’ agenda and origins aren’t sion of New York. In addition to “Colony,” Mr. Cuse the actor says. the best way to create a modern analog for that.”
immediately clear, “the focus is not on withhold- has a new series coming to Amazon based on After “Lost,” Mr. Holloway played an investiga- They borrowed real-world references (Home-
ing answers to those mysteries. They’ll come out Tom Clancy’s Jack Ryan franchise. tor with a computer-linked brain in the CBS series land Security patrols the walled city on behalf of
over time,” says Mr. Cuse, one of the writers and “Colony” arrives on a cable channel that re- “Intelligence,” which was canceled after one sea- the “Colony” occupiers, and the well-compensated
producers behind “Lost.” “The show is really about cently changed its menu to keep up with shifting son. In “Colony,” he’s a former soldier forced into a class of collaborators live in a guarded Green
the characters and how they’ll survive.” He co-cre- tastes. USA Network, which was built on sports, job with the occupying government. His character Zone in the hills), and created an altered version
ated “Colony” with fellow executive producer Ryan broadcast reruns and licensed movies, has been (helped by a partner played by Carl Weathers) of L.A. (ration lines and streets filled with bicy-
Condal. The writers have a good grip on where the most-watched entertainment network on ba- has to hunt down an insurgent group in exchange cles, not cars). Except for a mysterious happening
the story is headed and why, Mr. Cuse adds, sic cable for 10 years. As with many networks, for, or so he is promised, his 13-year-old son, who in the night sky, there isn’t much otherworldly
though they didn’t build this world in a linear however, its audience is eroding, shrinking by 16% was taken away for reasons that aren’t clear. technology on display, at least not in the first
fashion: “It’s a little like doing a crossword puzzle. in 2015, according to Nielsen. In a strategy shift, Sarah Wayne Callies plays his wife, who makes handful of episodes.
You fill in stuff as the answers come to you.” USA went from airing fun, flashy original dramas dangerous compromises of her own in an effort “We couldn’t do ‘Independence Day’ or some
Though dead ends and dangling leads caused (and a failed experiment with scripted comedies) to keep her family safe. Ms. Callies, who had a other $100 million movie-scale idea,” Mr. Condal
plenty of frustration among “Lost” fans, the ABC into developing grittier serialized shows. Last prominent role on “The Walking Dead” for three says. “So what would this look like in a week-to-
series was a hit that spawned many imitators summer, a few months after the network bought seasons, draws a comparison between the dysto- week TV environment?”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Friday, January 8, 2016 | D5

ARTS & ENTERTAINMENT

Crime Fiction’s ‘Best Character’ Are there parts that really stick with you?
BY LUCY FELDMAN
This book has the line, “There’s no trap so
deadly as the trap you set for yourself.”…I
MICHAEL CONNELLY DISCOVERED “The Long think that is really a great thing to say
Goodbye” through the ultimate readers’ ta- about characters, especially in fiction. You
boo: He saw the movie first. want your main people to sometimes be
Long before launching his career as a their worst enemy and to trip themselves
crime novelist, Mr. Connelly was a Univer- up. I wrote a book and I turned it in with
sity of Florida construction-engineering ma- the title, “No Trap So Deadly.” It was a
jor who spent Monday nights watching mov- while back. I can’t remember why—I think
ies at the student union. After seeing Robert they said it sounded too noir, too ’40s or
Altman’s 1973 adapta- something—I changed the title. But someday
tion of Raymond I might come back to that.
Chandler’s novel, he
bought the paperback How do you create a classic character like Bo-
tie-in and his life as a sch or Marlowe?
writer began. “I You don’t give everything away. People who
bought all his novels, have read hundreds of these books like most
stopped going to class of us, they’re rarely fooled. So it’s not the
and just read them destination, it’s the ride. It’s the finessing of
back to back to back,” what to reveal and when, the internal work-
WSJ BOOK he says. “I went and ings of your protagonist…At the same time
CLUB changed my major to
journalism and cre-
as you feel intimately aware of this charac-

THE LONG ative writing and de-


cided I wanted to try
GOODBYE to be a writer.”
For Connelly, the
Four decades and sixth Philip
28 novels later, Mr. Marlowe mystery
Connelly—this month’s WSJ Book Club
host—is best known for his series about Los is ‘probably the
Angeles police detective Hieronymus most important
“Harry” Bosch, also the subject of the Ama-
zon series “Bosch.” A former president of book I’ve read.’
the Mystery Writers of America—a distinc-
tion he shares with Chandler—the 59-year-
old Mr. Connelly selected “The Long Good-
bye” for our next read. ter’s world, you’re never sure what he’s do-
Chandler’s spare prose reveals the gritty ing. You might know what he’s thinking in
side of 1940s Los Angeles, where private eye terms of his worldview, but when he makes
Philip Marlowe—“the best character created his moves you’ve got to kind of sit back and
in crime fiction” according to Mr. Con- wonder, and that really hooks people and
nelly—looks for answers when a friend bolts keeps them going.
to Mexico after his wife is found dead. The
sixth book in Chandler’s hardboiled Marlowe Do you see any of Marlowe in Bosch?
series, “The Long Goodbye” was published I do, and that’s by design. Marlowe is a pri-
BOB CROSLIN FOR THE WALL STREET JOURNAL

in 1953 and is considered by many to be his vate eye. He’s a classic outsider who looks
best work. in with a jaundiced eye on our institutions,
Mr. Connelly has built a vast Chandler especially the police department. I chose,
collection around that first paperback from because I spent so many years on cop beats,
the 1970s. “It’s probably the most important to use what I had and what I knew, so I
book I’ve read,” he said. made my guy a detective. Carrying a badge
We’ll be reading “The Long Goodbye” and a gun is hugely different from Marlowe.
over the next several weeks, with discussion Harry Bosch is a representative of the
questions online. Follow along online on the power and might of the state. But always
club’s Facebook page, on Twitter with my mantra was he’s an outsider with an in-
#WSJbookclub or sign up for our newslet- sider’s job.
ter. Next month, Mr. Connelly will join us to
discuss the book. An edited interview. Michael Connelly, at his home in Tampa, Fla., says of Raymond Chandler’s hardboiled detective Chandler writes in the first person. Why do you
Philip Marlowe: ‘He’s a classic outsider who looks in with a jaundiced eye on our institutions.’ favor the third?
This novel had a profound impact on you. What Initially I was afraid of first. It’s harder to
makes it so powerful? you still instinctively understand. Marlowe plane of work. His commentary is really hold stuff back. Chandler is pretty good at
I’d read tons of crime fiction and I loved says, “I was as hollow and empty as the subtle but it’s there, and some of that can doing that, but for the most part if you’re in
it, but nothing ever said maybe I’d like to spaces between the stars.”…In, like, 10 words, be pointed at today’s society. first person you’re kind of whispering to the
try to do this. There was an artistry in the he’s able to describe that feeling so well. reader, ‘This is what’s going on,’ so any time
book, this weird mix of cynicism and hope- What would you say to readers who struggle you hold something back you risk the reader
fulness that seems to be contradictory. He What do you hope readers will take away from with Chandler’s treatment of his female charac- feeling cheated…Maybe 10 books in, I
had a way of getting them sometimes into the novel? ters? thought OK, I’m ready to try to—accent on
the same sentence. I’d never been to Los An- Forty years later, it still holds up. When it There are aspects of Chandler’s writing that try—to emulate Chandler now. So I wrote
geles, I lived 3,000 miles away, but it evokes comes to writing at least, that’s the defini- don’t hold up, wouldn’t wash in today’s [two] books with Harry Bosch in the first
the place, this place of mystery and sun- tion of art: something that’s significant and world, and those areas are women and race. person, and they were quite a struggle…It’s
shine that was just intoxicating to me. can pierce you many years after it was writ- It becomes a little bit difficult to say I’m a hard to do Harry in the first person without
ten. On the one hand this is a classic pri- writer because of this guy without some coming off as a cheap Marlowe imitation.
What makes Chandler’s descriptions so striking? vate-eye novel, it’s an entertainment. But qualifiers…Certainly his view of women is
He empathically connects to the reader be- what makes Chandler and what makes most pretty clear…You can make excuses and say Would Bosch and Marlowe get along?
cause a description will be something you’ll crime writers today disciples of Chandler is it was of the time, but every writer is trying I think they’d get along—but there probably
never have read before or heard before but that he has another dimension, a higher to write something that will transcend time. wouldn’t be a lot of conversation.

READING LIST: NEW FICTION

Six Books to Curl Up


With This Winter
at three women whose lives cross paths in the
BY JENNIFER MALONEY
city’s insular expat community.

FOR PUBLISHERS, winter is a relatively quiet sea- “Your Heart Is a Muscle the Size of a Fist”
son—a time when they can introduce gems that Sunil Yapa, Jan. 12
might otherwise be lost in fall’s crush of literary Editorial director Lee Boudreaux picked this debut
heavyweights and commercial fare. The buzziest ti- novel to launch her first imprint at Little, Brown
tles this season range from family dramas to ghost and Co. “I just got so blown away by the voice,” she
stories. Among the most notable are the latest said. The book is told from the perspective of seven
novel from Pulitzer Prize-winner Elizabeth Strout, a characters on a single day during the explosive
debut novel about the 1999 World Trade Organiza- 1999 World Trade Organization protests in Seattle.
tion protests and a new book from a rising literary The characters include 19-year-old Victor, who
star that straddles fantasy and reality. Here are six hopes to sell enough marijuana at the protest to
books to keep the winter doldrums away: buy a plane ticket; his estranged stepfather, the po-
lice chief; the finance minister of Sri Lanka; as well
“Mr. Splitfoot” as protesters and police officers who clash on a Se-
Samantha Hunt, Jan. 5 attle street corner.
Zombies are out, ghosts are in. Ms. Hunt, author of
“The Invention of Everything Else,” taps into the “Sudden Death”
cultural zeitgeist with a new novel blurring the nat- Álvaro Enrigue, Feb. 9
ural and supernatural. Teenage orphans Nat and This mind-bending novel made a splash in Latin
Ruth are on the verge of aging out of a group America and Europe, winning the prestigious Her-
home run by a corrupt, religious fanatic when they ralde prize in Spain. Now Riverhead brings it to the
meet a traveling con man and begin talking to the U.S. in an English translation. “It’s like if Hilary Man-
dead for money. tel and Roberto Bolaño and David Mitchell all got
together and wrote a novel,” said Mr. Enrigue’s edi-
“My Name Is Lucy Barton” tor at Riverhead, Laura Perciasepe. The book begins
Elizabeth Strout, Jan. 12 with a 16th-century tennis match between the radi-
Ms. Strout’s novel “Olive Kitteridge” launched her to cal Italian artist Caravaggio and Spanish poet
stardom with a Pulitzer Prize and a 2014 HBO ad- Quevedo, playing to the death with a ball made
aptation that won eight Emmy Awards. The book from the hair of beheaded Anne Boleyn.
has sold 1.5 million copies, according to Random
PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL

House. Fans have been eagerly awaiting her latest: “What Is Not Yours Is Not Yours”
In this new novel, the protagonist is recovering Helen Oyeyemi, March 8
from complications after an operation when her In 2013, Granta named Ms. Oyeyemi on its star-
mother arrives, rekindling a troubled relationship. making, once-a-decade list of promising, young
British novelists. Her most recent novel, “Boy,
“The Expatriates” Snow, Bird,” earned ecstatic reviews. Critics called
Janice Y.K. Lee, Jan. 12 it “bizarre and brilliant,” and “the voice-over of a fe-
Ms. Lee’s 2009 debut, “The Piano Teacher,” a tale of ver dream.” Now Ms. Oyeyemi, whose writing is
two love affairs in midcentury Hong Kong, was a tinged with the strange and magical, offers up a
runaway hit, selling more than 400,000 copies in collection of short stories built around the idea of
the U.S., according to her publisher. Viking is hoping keys, literal and metaphorical. It opens with a baby
for a repeat performance with “The Expatriates.” left at a Catalonian monastery with a key on a
The new work, set in present day Hong Kong, looks chain around her neck.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D6 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

ARTS & ENTERTAINMENT

PUNCHLINE Daniel Davis, Kate


Jennings Grant, Andrea Martin,
Campbell Scott and Megan Hilty
on stage in ‘Noises Off.’

Slamming Doors
THE INTERVIEW

The Secret Angst


Behind a Farce
On Broadway out or written by Michael Frayn, the equation, and
Continued from page D1
about mistaken identity on a pri-
vate Greek island). His first five
lose their props or forget their
lines, but that the actors playing
them might too. The wonderful
BY LUCY FELDMAN
actually our job is to solve that equation.” novels, sly and quirky comedies thing about live theater is that
The door handles are sturdy, the latches strong from the 1960s and 70s, were re- edge of danger that something
SLAMMING DOORS HAVE PUNCTUATED countless and the frames built to withstand hundreds of cently reissued in England and the might go wrong, and in the cin-
dramatic farces, but “Noises Off” may be the open- slams a night. Amid all the slamming—plus a good U.S. On a recent trip to New York ema, apart from the projector
and-shut champion. Nine actors slam seven doors deal of chasing, leaping and some crashing—the for “Noises Off” rehearsals, he breaking down, that’s not going to
more than 100 times in the first act of Michael actors have to keep injuries at bay. was also spending time with his happen.
Frayn’s comedy, which opens Jan. 14 on Broadway. In the show’s most violent moment, actor David 22-year-old grandson Finn Har-
“It’s all about the doors,” said director Jeremy Furr approaches a stair-tumble stunt at full tilt. ries. The Parsons School of Design There’s an element of anxiety and
Herrin, embarking on his first farce with this “When you’re at such a pitch as you get in Act III student, along with his twin melancholy in even your most comic
Roundabout Theatre Company production. “Those of energy and farce there’s part of you that’s like: brother Jack, are the international writing. In your screenplay for the
doors have got to slam.” ‘I don’t care! I’ll throw myself down the stairs!’ ” web celebrities behind the Jacks- 1986 movie “Clockwise,” John Cleese,
The modern door-slamming farce dates back to he said after a recent rehearsal. But, he added, Gap YouTube channel (more than playing a disciplinarian headmaster
French playwright Georges Feydeau’s works of the “We’re in our 40s.” Thankfully, a padded carpet 4 million subscribers) about their on a day when everything in his life
late 19th and early 20th centuries, including “A covers the stairs. lives and travels. goes haywire, memorably declares:
Flea in Her Ear” and “A Little Hotel on the Side,” Physical maneuvers drive the performance. “A Over tea at the Algonquin Hotel, “It’s not the despair, Laura. I can
which both ran on Broadway. “Noises Off” raises door opens and another door closes, or someone Mr. Frayn talked about the perils take the despair. It’s the hope.”
the stakes by presenting a farce within a farce. We falls and the sound of that fall is part of the per- of live theater and the borderline I think all comedy is about serious
first meet the members of an English stage com- cussion of the next line coming in,” said actor Jer- between comedy and existential things. There’s got to be some-
pany as they stumble through rehearsals of “Noth- emy Shamos. “Everybody has to really hit certain fear. Edited from an interview: thing serious at issue, otherwise
ing On,” a sex comedy set in a country house. marks so there’s not that sort of freedom as there nobody’s going to laugh. You’ve
Then they become entangled in a real is in other plays.” What do you think keeps audiences got to feel that people are going
farce, replete with slamming doors, Door-slammers long have held a coming back to a play about the mis- to really embarrass themselves or
on the two-story set of their show. small but successful corner on haps of a provincial British theater really fall below their own stan-
This is the second Broadway Broadway. In 1988, there was Neil company? dards of dignity in some way that
revival of “Noises Off,” with an Simon’s “Rumors,” about a din- I’ve had to think about this, why would be painful if it were actu-
ensemble featuring Andrea ner party that began with a does it mean something to peo- ally happening to you. A lot of
Martin and Campbell Scott. gunshot and unraveled from ple? My feeling is that we all find people think comedy is about peo-
After opening in London, the there. The following year, Ken that we might not be able to go ple being funny, but it’s really
play made its debut on Ludwig’s “Lend Me a Tenor” on. Sometimes people do have about people trying to live their
Broadway in 1983 with a pro- peeked behind the curtain breakdowns. And I think this fear life and somehow not quite man-
duction directed by Michael when an opera star was inca- goes very deep in all of us. Just aging to cope with it.
Blakemore. It was revived in pacitated. More recently, Marc maintaining our daily persona or
2001. Between the two pro- Camoletti’s “Boeing-Boeing,” having a simple conversation can Some people say we’re in a golden
ductions, “Noises Off” received about a stewardess-juggling be difficult. You see these actors age of comedy right now, in movies,
five Tony Award nominations, bachelor, landed for a revival in having problems going on with TV and stand-up comedy. What’s out
including best play, and one win, 2008 with Mark Rylance. Richard their show, and it releases some- there that you like?
for best featured actress. Bean’s “One Man, Two Guvnors” sent thing inside you. There’s a guy in England called
The play’s precisely timed door slams, James Corden hurtling between a gang- John Morton who has done two
trouser drops and sardine tosses make it the ster and a clandestine criminal in 2012. What Often when revivals of well-known really wonderful series on British
most complicated work Mr. Herrin has directed. did all these productions have in common? Doors plays come to New York, it’s a TV. The first was called “Twenty
“The whole thing is pure logistics,” he said. “Now and Tony Awards. chance for directors to reinterpret Twelve,” about a committee which
I’m thinking that it’s positive again, but in the mid- Despite many successes, door-slammers can be the original text and put their own is trying to set up the London
dle part of rehearsal it was a major pain in the ass.” a tough sell. “Farce succeeds more on Broadway by imprint on them. Is “Noises Off” a Olympic games. It’s absolutely
The set itself is a code each production’s de- word-of-mouth. You have to be very careful how play you can reinterpret? straight, flat, just committee
signer has to crack. The action meticulously laid you describe it,” said Bob Boyett, who produced I think it probably isn’t. Jeremy meetings, and it’s hysterically
out in the script calls for a bedroom to be awk- “One Man, Two Guvnors” and “Boeing-Boeing.” He Herrin, who’s directing this one, funny. The other, “W1A” is about
wardly situated above the front entrance. The time tries to keep the words “door-slammer” and says it’s the hardest thing he’s the BBC, and again it’s about com-
it takes an actor to get from one mark to another “farce” out of advertisements. “Good farce is good ever done in his life, that a lot of mittee meetings and the wonder-
helps determine the distance between each door. silly, but I think when people hear the words the action is just constrained by ful new BBC headquarters in Lon-
“It’s like a house of cards,” said Mr. Herrin, who ‘farce’ and ‘door-slamming,’ they think it’s proba- the stage directions and props. don where nobody has an office
described a complex process to align the set and bly bad silly.” That’s not to say that some di- and you hot-desk and so nobody
props with the action. “Start again, reorder it.” To Mr. Frayn, the door is a “priceless gift” to rectors don’t try. There’s a pro- knows where you’re sitting. No-
“In one sense it’s hugely limiting,” said set de- the stage. “It connects two different worlds—the duction running in Hamburg body can find a room for meeting
signer Derek McLane. “I don’t actually think that I world of the front stage and the world of the back where the director has decided so they all wind up in the play-
really designed the ground plan of this play. I stage,” he said. “Somebody goes out. Where are this is not a comedy, it is a denun- room sitting on children’s see-
think that’s been almost mathematically figured they going? Who knows? Another universe.” ciation of all entertainment and a saws.
demonstration that all entertain-
ment is a form of prostitution. One of your earliest novels, “Towards
FROM TOP: JOAN MARCUS; JEMAL COUNTESS/WIREIMAGE/GETTY IMAGES; JOHAN PERSSON

He’s removed all the laughs. Need- the End of the Morning,” is a comedy
less to say he got booed at the in a Fleet Street newsroom, drawing
first night, attacked by all the on your own early experience as a
critics and attacked in leading ar- reporter. Have you been in a news-
ticles in newspapers all over Ger- room lately?
many. So it’s not beyond the wit They’re much busier. Everyone has
of directors to do something new to work so hard these days! When
with it. I was on newspapers, after I left
university, you mostly didn’t work
Peter Bogdanovich turned “Noises that hard. You’d work hard some-
Off” into a 1992 movie, starring Mi- times in bursts, but there was a
chael Caine and Carol Burnett and lot of leisure to go out and have
transplanted from the British prov- drinks with your friends and sit
inces to Des Moines, Iowa. It got around the office talking. I don’t
lukewarm reviews and somehow think that happens now. There’s
didn’t capture the magic of the the- much less drinking, and no smok-
ater version. What do you think hap- ing. I felt when I was first a re-
pened? porter that I was practically
It didn’t work. It wasn’t Peter’s obliged to have a cigarette dan-
fault, I think he did a very good gling out of the corner of my
production with a very good cast mouth, but it’s actually very diffi-
indeed. It’s just an inherently the- cult because the smoke gets in
atrical thing. You’ve got to feel your eyes and you can’t see what
DOOR SLAMMERS: Gina Gershon, inset, in 2008’s ‘Boeing-Boeing;’ James Corden in ‘One Man, Two Guvnors.’ that not only the characters might you’re doing.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Friday, January 8, 2016 | D7

ARTS & ENTERTAINMENT

REVIEW
Anatomy of a WASP
From left,
TERRY TEACHOUT Peter Thomasson,
Carrie Lund and
Brendan Powers
The Cocktail Hour
Florida Repertory Theatre, Arcade
Theatre, 2267 First St., Fort Myers, Fla.
($45-$49), 239-332-4488, closes Jan. 27

If A.R. Gurney had been born in 1900 in-


stead of 1930, all of his major plays would
have had long runs on Broadway and he
would now be universally acknowledged as
one of America’s leading playwrights. But
his penetratingly witty studies of the WASP
ascendancy in retreat came along a couple
of generations too late to catch the wave of
changing theatrical taste, and so he has
never had a Broadway hit. Instead, his
plays are regularly staged off Broadway
and by smart regional companies from
coast to coast. Be that as it may, Mr. Gur-
ney is still one of the very best playwrights
that we have, and “The Cocktail Hour,”
which ranks among his finest efforts, is
now being performed by Florida Repertory
Theatre, one of the top regional troupes in
the U.S. If all that sounds to you like a rec-
ipe for success, you’re not wrong: Florida
Rep’s production, directed by Chris Clavelli,
is the most satisfying staging of “The Cock-
tail Hour” I’ve ever seen.
First performed in 1988, “The Cocktail
Hour” is a more-or-less autobiographical

NICKADAMS
comedy about John (Brendan Powers), a
youngish playwright who comes home to
Buffalo, N.Y., the city where he (and Mr.
Gurney) grew up, with a surprise up his
sleeve for his priggish parents: His new play throw the audience off the trail of Mr. Gur- ple role in the company’s 2011 revival of Mr. that she puts on the word “cheese” re-
is all about them. The title? “The Cocktail ney’s intentions. For this is a serious com- Gurney’s “Sylvia”). He also has a home-court minded me of Dame Edith Evans’s unforget-
Hour,” naturally—and it’s not a wholly affec- edy about a family whose members are at advantage: Three of his fellow ensemble tably preposterous reading of the line “A
tionate portrait, either. Part of the Pirandel- odds with one another but are too nice to members, Ms. Lund and Messrs. Powers and handbag?” in the 1952 film of “The Impor-
lian joke is that Bradley (Peter Thomasson), admit it save for John, who longs with all Thomasson, are in the cast, and they act as tance of Being Earnest.” You can’t get any
the martini-mixing patriarch in whose hand- his heart to break through the blank wall of though they’d known one another for de- funnier than that. Yet you never doubt that
some living room the action unfolds, didn’t gentility that separates him from his par- cades, which gives the show a striking air of she’s playing a real person, one who may
much care for his son’s previous plays. “Are ents. That’s why he’s written a play about artistic unanimity. The only outsider is Kate seem self-satisfied at first glance but has
people going to scream and shout in this them—and why Bradley is willing to pay Hampton, who plays John’s older sister, but clearly known her full share of sorrow.
one?” he asks. Well, he ain’t seen nothing him a good-sized chunk of cash if he’ll agree she fits in so well that you’d never guess All this is done with the lightest of
yet, as the well-mannered Bradley would not to let it be produced. she was a ringer. touches. At no time does Mr. Clavelli’s cast
never dream of putting it. I last saw “The Cocktail Hour” performed It isn’t easy to play genteel WASPs in a let you forget that “The Cocktail Hour” is a
Ann (Carrie Lund), John’s mother, has by Boston’s Huntington Theatre Company in lively way without stooping to over-broad comedy. The result is a show that keeps you
the best line, a two-way zinger aimed at an 890-seat theater whose Broadway-sized caricature. All praise, then, to Ms. Lund and chuckling—then puts a lump in your throat
drama critics who don’t get what her son is stage was a couple of sizes too big for the Mr. Thomasson for steering clear of that fa- at evening’s end. Who could ask for any-
up to when he puts WASPs on stage: “They show. Fort Myers’s 393-seat Arcade Theatre, tal trap: They portray the upper-middle- thing more?
don’t like us, John. They resent us. They by contrast, is just right, both for the play class complacency of Ann and Bradley in a
think we’re all Republicans, all superficial itself and for the staging. Mr. Clavelli, a way that is at once comic and sympathetic. Mr. Teachout is the Journal’s drama critic.
and all alcoholics. Only the latter is true.” longtime member of Florida Rep’s semi-per- A case in point is the way in which Ms. “Satchmo at the Waldorf,” his play, opens
But “The Cocktail Hour” contains plenty of manent ensemble, is as adept a director as Lund delivers her innocuous-sounding first Jan. 16 at Chicago’s Court Theatre. Write to
other laughs, more than enough to briefly he is an actor (he played the challenging tri- line, “I’m bringing cheese!” The fluty spin him at tteachout@wsj.com.

Anna Maxwell
The Mine Wars
Tuesday, Jan. 26, 9 p.m. on PBS
Martin and David
Threlfall
“The Mine Wars,” an “American 1920, when the detectives em-
Experience” documentary, not sur- ployed by the mine owners set out
prisingly begins with one of the to evict striking miners near the
great names in American labor his- town of Matewan. The resulting
tory—“Mother” Jones, as Irish immi- battle left the town’s mayor, two
grant Mary Harris came to be called Matewan residents and seven of
in the course of her intrepid service the detectives dead.
in the West Virginia miners’ battle This was only the beginning. A
for the right to a union. year later, miners—infuriated when
“I have no home except where company guards assassinated a
there is struggle,” she said. She prominent union sympathizer—
proved it, too, in the course of her formed a protest army of thou-
tireless efforts to stiffen the spines sands. As they prepared to march,
of miners daunted by the prospect they were met by 3,000 mine
of punishment by blacklisting and guards and deputies. The resulting
loss of all livelihood, miserable as it conflict, to be known as the Battle
was, if they violated the iron law of Blair Mountain, lasted three
set by mine owners in southern days, and ended only when federal
West Virginia, the toughest of all troops arrived and intervened.
places to form a union. Instead of One of the most compelling as-
acting like “cringing serfs,” she told pects of this documentary is its ex-
them, they should defy the bosses traordinarily detailed chronicle of
and join the United Mine Workers the miners’ growing militancy. The
of America. men had moved on from the kind of
But this documentary by Randall passive acceptance that had caused
MacLowry, producer/director, and “Mother” Jones to implore them not
Mark Zwonitzer, writer, moves on to behave like cringing serfs. They

Agents of Evil
from that beginning to a remark- became an organized, battle-hard-
ably detailed view of this struggle, ened force, willing to risk all to get
which lasted from the early 1900s themselves a union. But it was not
to the 1930s. It is a history, above only the men who enlisted in this
all, of the wars involved, some of war. The women, the filmmakers
REVIEW rene precincts of Herefordshire, England. She’s
portrayed by the splendid Siobhan Finneran, a famil-
them extensive armed conflicts be-
tween the increasingly militant min-
make clear, were unyielding combat-
ants. Mine owners’ scabs sent in to
DOROTHY RABINOWITZ iar face from “Downton Abbey” as the brooding maid, ers and the armies of private break a strike found no more deadly
O’Brien, best remembered for deploying a slippery guards, hired by mine owners, who enemy greeting them than the min-
soap bar designed to cause Lady Cora’s catastrophic policed the company towns in ing-town women, who assaulted
Midwinter of the Spirit fall while pregnant. “Downton Abbey” being “Down- which the miners worked. them not with guns, but with weap-
Monday, Jan. 11, begins streaming on Acorn.tv ton Abbey,” it was an act of which O’Brien soon re- As the drive for a union grew, ons from their kitchens and perhaps
pented. In “Midwinter of the Spirit” Ms. Finneran is the violence increased, with shoot- the most fearful weapon of all, the
again in the role of malevolent plotter, only this time outs like the one that took place in depths of their fury.
Heroines don’t come much more tormented than as a devotee of a cause of far darker significance:
the one in this impressively chilling tale of an exor- namely, the destruction of Christianity, and here there
cism, nor is she remotely suited for battle against the are no second thoughts. Ms. Finneran’s Angela is pos-
complex of diabolical forces with which she contends. itively incandescent with the glow of fanaticism and
Therein lies the magic of tales like this. A country confidence in the triumph to come some day.
vicar in training to become an exorcist—or in the There is no missing the reference to current
more delicate official description, a “deliverance min- events in her character and in those of her fellow
ister” for the Church of England—Merrily Watkins plotters, who believe, as one of them trumpets, that
(Anna Maxwell Martin) suddenly finds herself called Christianity’s days are over—a new order will tri-
upon to help the police find answers to a frightful umph and govern. There is no missing, either, the in-
murder. tended horrific familiarity of the swordlike knives,
Why the police think she could be of help in this held to a captive’s neck, of a kneeling victim—an ex-
daunting work is something of a puzzle to her, as it tended scene of this—facing death by beheading. All
must be to us, given that the vicar appears, from the that’s missing is the executioner’s black mask and the
outset, to be in need of deliverance of some kind her- British-accented pronouncements of Jihad John. If
self. She’s a recent widow with a strangely tenuous that isn’t reminder enough of the world today, there’s
FROM LEFT: ACORN TV; LIBRARY OF CONGRESS

relationship with her nubile teenage daughter. Wan the wise expert on demonic forces who tells Merrily
and wide-eyed, her voice a whisper, Merrily is an im- that evil comes in many forms—from people crashing
probable warrior against evil. Not that it matters, airplanes into buildings, for instance.
since she is, most of the time, a victim—and since, None of the contemporary references dilute the
more to the point, the agents of that evil are far and show’s determined effort to hew to a story about de-
away the chief life force of this drama whose unsubtle monic enemies of Christianity planning to take over a
horrors make themselves felt early, and steadily, and church housing sacred Christian relics—enemies ex-
with greater effect as the story grows more complex, pert at recognizing the weak and the vulnerable, who
the aims of the malevolent forces, clearer. can be turned into allies. It’s a saga packed, like most
No one is clearer than Angela, a conspicuously se- in its genre, with ominous portents from obscure bib-
ductive agent of evil and one of the most command- lical sources and it is, from the beginning to the Coal miners in front of a mine entrance in Red Star, W. Va.
ing characters in this three-part series set in the se- shocking end, an unfailingly potent one.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D8 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

SPORTS
The NFL’s Cheesy Movie Buffs
BY KEVIN CLARK

NFL PLAYERS have a lot of free time.


With the shortest season in major
pro sports, they have weeks to play
golf, jet ski, and spend quality time
in hyperbaric chambers.
Or in the case of the Green Bay
Packers, they can voraciously con-
sume romantic comedies.
The Packers, who play the Wash-
ington Redskins on Sunday in a NFC
Wild Card matchup, have a band of
players with what may be the most
distinct movie tastes in the league.
“I love rom-coms, all of them, I’m
a big rom-com guy,” said guard Josh
Sitton. “‘How To Lose a Guy in Ten
Days’ is a good one. ‘The Devil
Wears Prada’ is a great, great
movie.”
The Packers’ infatuation with ro-
mantic comedies is legendary in the
locker room. When some players

UNIVERSAL PICTURES/EVERETT COLLECTION


started tweeting about their obses-
sion with the 2012 film “Pitch Per-
fect,” a series of wild events led to a
cameo in the sequel for a handful of
players, including star linebacker
Clay Matthews III and most of the
team’s offensive line.
That was not a one-off. Sitton con-
siders himself such a connoisseur of
the romantic-comedy genre that his
tastes can prove too discriminating
for his teammates. Recently, tackle Left to right, Green Bay Packers players T.J. Lang, Clay Matthews, David Bakhtiari and Josh Sitton make a cameo in 'Pitch Perfect 2.'
David Bakhtiari put on the 1999 rom-
com “10 Things I Hate About You.” Bakhtiari became a big fan of the “Pitch Perfect” soundtrack, messages were exchanged on Twitter sive line is starting center Corey Lin-
Sitton did not take this well. Heath Ledger, which led him to the which then became a sensation in and eventually a large group of Pack- sley, who was a rookie in 2014 and
“He was on his phone, he was string of rom-coms Ledger cranked the locker room. “We couldn’t neces- ers flew down to Baton Rouge, La., missed the early days of the “Pitch
talking about how terrible the movie out in the late 1990s and early 2000s sarily sing like them, but we tried to for four days of filming. Perfect” craze.
is, he’s talking about the story line,” (“The Dark Knight,” definitely not a sing like them,” Barclay said. In the 2015 sequel “Pitch Perfect “They always bust on me,” he
Bakhtiari said. “I think he thought it romantic comedy, is probably his fa- Bakhtiari said he first discovered 2”, the Packers were in a “riff-off” said. “Have I seen this [romantic
was corny.” vorite movie of all time.) the film at the NFL Combine in 2013. against competing groups in “the comedy]? No. Have I seen “The Re-
“I love rom-coms, just not that All of this came together two He said that as a rookie, he was ini- first-ever showdown of the National placements?” No. I’m more of a sci-
rom-com,” Sitton said. years ago to land the Packers a tially uncomfortable telling everyone A Cappella Laser Ninja Dragon fi, historical-drama guy.”
But among the group, most rom- cameo in one of the giants of the about his somewhat surprising taste League.” For the Packers, it was an When a teammate comes in and
coms are celebrated. Bakhtiari— genre. “Pitch Perfect,” the wildly in movies. “When you’re a rookie, important scene—players consider starts chatting about something like
whose favorites include “40 Days and successful 2012 musical comedy star- you sort of assume your role,” he the “riff-off” in the original to be “The Devil Wears Prada,” Linsley
40 Nights” and “A Knight’s Tale”— ring Anna Kendrick, began to play on said. “But once I got comfortable, I their favorite part of the movie. said: “I know what he’s talking
said his love for the genre bloomed HBO “every other night,” according expressed my feelings towards ‘Pitch The Packers sang “Bootylicious” about, I just don’t like it, and I
naturally. Back when DVDs were the to offensive tackle Don Barclay. Perfect.’” in the first round of the contest but wouldn’t want to watch it.”
preferred medium for watching mov- “We’d come in and say: ‘Well, I “It started off as a joke,” said then froze in the second round. “I’ve Linsley’s favorite movies are
ies, his mother wouldn’t let him watched Pitch Perfect again,” Barclay lineman T.J. Lang. “A joke that got nothing, guys,” a dejected Mat- “2001: A Space Odyssey” and “The
watch “bad movies.” said. “And they’d all say: ‘I did too.’ ended with us being in a movie.” thews says in the film about his a Godfather,” which would be seen as
“Mom did not want to watch So then we’d start reciting lines.” Players started tweeting quotes capella riff. Matthews is a six-time pretty respectable answers in most
guns and war and all that,” he said. This became a near daily occur- to each other, which was soon picked Pro Bowl selection. social circles. “But we are different,”
“So we watched movies she’d enjoy.” rence. Some players’ wives bought up by the film’s producers. Direct One notable holdout on the offen- Linsley said.

Should
Students What Ever Happened
Pay For To Baby Saban?
No babies born last year in the Nicholas became less popular.

Sports? state of Alabama were given the


name Saban. That’s a surprise.
Nick Saban became Alabama’s
football coach on a blessed day in
Alabamans have been naming
their children after the flagship
school’s football coach for much
longer than Saban has been that
2007, and that same year there coach. It’s such a phenomenon that
BY BEN COHEN
were two Alabamans born with the the Paul W. Bryant Museum keeps
a careful tally of how many people
DAVID GROOMS/CAL SPORT MEDIA/ZUMA PRESS

A PEEK AT THE BALANCE SHEET of are named for the Crimson Tide
Clemson’s athletic department is all legend Paul William “Bear” Bryant.
it takes to see the school is sitting At last count, the number was 620,
on an untapped source of revenue: said Olivia Arnold, the museum’s
its students. first name Saban, according to the namesake coordinator. “We don’t
Clemson, like most schools, Alabama Center for Health Statis- have a Saban database—yet,” she
brings in more money than ever tics. Two years later, when Saban said. “Which is maybe something
from athletics. But even its record won his first title with the Crimson we need to look into.”
$74 million of reported athletic reve- Tide, there were four Sabans born. Some parents have come up
nue last year was below average Every year since then has seen with more creative ways to honor
compared with other universities in more baby Sabans—until 2015. the Alabama coach. Hospitals in
the increasingly rich world of big- The year started with Alabama Tuscaloosa County have records of
time college sports. Clemson students rejected a plan to pay a fee to the athletic department. losing in the College Football Play- babies named Sabine and Sabiana
That’s why Clemson went search- off semifinal and ended with Ala- since 2007.
ing for more. And the school didn’t October to the school’s athletic riated with one aspect of it.” bama winning in the same round to But even in the county that’s
have to flip sofa cushions for spare council. But it was never proposed The students objected by asking advance to Monday’s national home to the Crimson Tide, only one
change. It turned out there was a al- to Clemson’s board of trustees for why their money was necessary championship. In between, though, newborn since then was given the
ready a gold mine on campus. approval because it was clear that when there is so much other revenue no one named Saban was born into name Saban. The baby’s middle
Clemson was the only public uni- the overwhelming majority of stu- being pumped into college sports. Alabama fandom. Even the name name? Bryant. —Ben Cohen
versity in the Atlantic Coast Confer- dents were against it. One survey Clemson has benefited as much as
ence last year—and one of a dwin-
dling number across the country—
conducted by the student govern-
ment put the opposition at 85%.
any ACC school by that revenue ex-
plosion. In the 2014 fiscal year, the
It’s a Boy!
not charging a student fee that goes “Based on their input, the deci- league’s new television deal pushed A breakdown of babies (possibly) named after Alabama coach Nick Saban since 2007:
to the athletic department. Each un- sion was made not to go forward,” a Clemson’s conference payout to YEAR NICHOLAS NICK SABAN
dergraduate paying up to $350 university spokeswoman said. $21.3 million, more than any other 2015 68 2 0
would have brought in $6 million Clemson’s administrators say member’s share, according to federal 2014 86 2 3
per year. they weren’t surprised that cash- tax filings. Since then, the school has 2013 78 1 3
Then something unusual hap- strapped college students rejected a broken ground on a privately funded 2012 80 1 4
pened. Months of talks about a po- new fee. But they were taken aback $55 million football building.
2011 94 4 2
tential sports fee broke down after for another reason: Those students To help pay for rising athletic
many Clemson students asked a wouldn’t have been the ones footing costs, many schools lean on students 2010 118 3 2
question that often goes overlooked the bill. who don’t play sports. Student sub- 2009 119 4 4
when it comes to the infusion of As it was discussed, the addi- sidies have brought in more than $10 2008 143 2 0
cash in college sports: Why? tional $350 would have been levied billion over the last five years, ac- 2007 164 5 2
“We told them point blank that only on incoming students who cording to the Chronicle of Higher Source: Alabama Center for Health Statistics
we didn’t see any need for students weren’t yet in college—yet Clemson’s Education, while revenue from stu-
to pay the fee,” said Maddy Thomp- student government still shot it dent fees at other ACC schools range
son, the president of Clemson’s stu- down.“I think they were looking out from $1.9 million to $13.2 million.
dent government at the time. for their cousins, brothers and sis- Radakovich initiated conversa-
Their opposition set off a series ters—people who they know and are tions about the student fee, he said,
of events last school year that ended looking to come to Clemson,” said because of what he called the in-
with Clemson’s athletic department athletic director Dan Radakovich. creasing costs of business in college
quietly backing away from the idea. Clemson seems like an odd school sports, such as higher prices for in-
School officials said this week that for a mutiny against mushrooming surance, travel and medical ex-
the concept has been tabled. sports costs. It spends less on athlet- penses.“We have more revenue com-
Clemson doesn’t seem to be suf- ics than several ACC schools and ing in, and we have more expenses
BRYNN ANDERSON/ASSOCIATED PRESS

fering. The Tigers play for the na- much less than almost every South- going out,” Radakovich said.
tional championship Monday. The eastern Conference university. Clemson’s officials are now con-
only thing between Clemson and its Even the people who were vocal sidering another option. While there
first title since 1981 is Alabama—a in their objections say they’re huge haven’t been discussions about stu-
school with annual sports revenues sports fans. Thompson, the former dent fees, the school says it may
that are twice the size of Clemson’s. student-body president, comes from charge for student tickets—some-
Clemson’s surprise season comes a Clemson family and plans to fly thing many schools already do.
after extensive conversations last across the country for Monday’s Radakovich said those conversations
year about the fee. It was debated game. “Everyone loves the university are still in the early stages
with the student government for and loves athletics,” she said. “But “I don’t know that the need has
months before it was presented last you can love something and be infu- changed,” he said.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.

MANSION
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

Drew Barrymore ‘Just listen to the music of the traffic in


on growing up the city. Linger on the sidewalk where the
in Hollywood neon signs are pretty. How can you lose?’
M8
—‘Downtown’ lyrics

HOMES | MARKETS | PEOPLE | UPKEEP | VALUES | NEIGHBORHOODS | REDOS | SALES | FIXTURES | BROKERS

© 2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Friday, January 8, 2016 | M1

Penthouses Rise Over the Pacific


Developers are remaking San Diego’s formerly derelict urban neighborhoods with a new wave of luxury
condos, hotels, restaurants and bars. Residents are trying out a new perk: walking to work.

Hillcrest

North Park

Bankers Hill

Balboa Park

Golden Hill South Park

Downtown

HEY STUDIO

DOWNTOWN More than BANKERS HILL The HILLCREST The diverse GOLDEN HILL A local SOUTH PARK After a NORTH PARK Craft
9,000 condo and apart-
ment units are in the pipe-
median sale price per
square foot rose 30%
neighborhood is home to
many restaurants, cafes, San Diego real-estate agent says
she now has clients who
gut renovation, a 1906
home is on the market
breweries and lively open-
walled restaurants have at-
line for development. here from 2013 to 2015. bars and clubs. bicycle to work. for $1.295 million. tracted new residents.

The building is downtown San Diego, an area condos and hotels will soon join the skyline.
BY CANDACE JACKSON
with a seedy past. The median sale price in the Restaurants with upscale comfort-food menus
neighborhood last year was $741,500, according and hidden speakeasy bars line revitalized street
A 41-STORY LUXURY CONDO BUILDING is on to real-estate website Trulia. fronts. Though downtown’s revitalization has
the rise. Boasting a screening room, a swimming San Diego has long been a car-centric city, had several waves over the years, the latest is
pool and a boat-share program, its 215 units will dominated by suburban-style subdivisions and higher-end and picking up quickly post-reces-
soon be going on the market at prices starting gated communities. Now, that’s changing. Cranes sion. The population of downtown is about
at $1.4 million. downtown mark where new office towers, luxury Please turn to page M6

INSIDE
LUXURY IN THE BACK ALLEYS OF BEIJING
Well-heeled expats in search of authenticity are increasingly seeking out the historic courtyard homes that line
Beijing’s narrow alleyways. But century-old structures have their drawbacks: chilly winters and finicky plumbing.

BY ALYSSA ABKOWITZ

IN BEIJING, a city of more


than 21 million people, some L.A. STORY
affluent residents are find- A celebrity couple’s
ing their own patch of peace home for $8 million M2
and quiet in traditional
courtyard homes.
When Nikolaj Petersen
and his wife, Irene Sim,
moved to Beijing for Ms.
Sim’s job with the Singapor-
ean government, they
wanted a home that made
them feel like they lived in
China, not just a nondescript
high-rise apartment. About a
year ago, the couple and RESOLUTION TIME
their two children, ages 6 Three homes with
and 9, moved into a three- serious gyms M10
building courtyard home
CHERRY LI FOR THE WALL STREET JOURNAL

near the Forbidden City. The


home includes a sauna, a
downstairs playroom, two
kitchens and a master bath-
room with built-in closets.
The children have their own
private building, with a bath-
room that has a wooden tub
built inside the shower. Mr.
Petersen declined to disclose
the monthly rent, but similar CAR CULTURE
INNER SANCTUM Nikolaj Petersen and Irene Sim’s two children play in the courtyard of their home, which is located on a narrow al- hutong homes go for be- A home for vintage
leyway, called a hutong. Historic hutong homes that have been fully renovated can rent for between $3,000 and $10,000 a month. Please turn to page M12 auto collectors M3
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
M2 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

Email: privateproperties@wsj.com
PRIVATE PROPERTIES WSJ.com/Mansion

New York Home Tries Its Luck


Emily Blunt and John Krasinski List Pad After many years on and off
the market, a Manhattan town-
BY CANDACE TAYLOR
house is hiking its price 11% to
$28.888 million in hopes of at-
The Los Angeles home of tracting Chinese buyers, for
actors Emily Blunt and John whom the number 8 is consid-
Krasinski—which was gift ered a fortunate digit.
wrapped by neighbor and late- After previously asking $26
night host Jimmy Kimmel one million with another firm, the
Christmas—is listing for $8 Upper East Side townhouse is the market a few months ago,
million, according to listing now listing with William Mr. Stafford said.
agent Catherine Marcus of So- Stafford IV and Ryan Serhant Mr. Koby said the latest
theby’s International Realty. of Nest Seekers International. price tag reflects the renova-
Ms. Blunt and Mr. Krasinski “We work with a lot of over- tion and the fact that Manhat-
purchased the contemporary seas buyers,” said Mr. tan prices “have increased dra-
West Hollywood home in 2009 Stafford. “We’re hoping to matically” over the past few
for $1.86 million, according to grab their attention by listing it years. Plus, while he’s selling
public records. The renovated at that number.” because he wants to move to
five-bedroom measures about This isn’t the home’s first Florida, “I’m in no rush,” he
4,900 square feet and has a price increase. Owner Yoram said, adding that he’s rejected
roof deck and swimming pool, Koby, a real-estate investor, other offers for the house, in-
said Ms. Marcus, who referred purchased the house in the cluding one for $21 million.
to it as “a sexy family home.” 1990s, according to public re- Mr. Koby lives in one of the
The couple lived in the hill- A spokesperson for the cou- dows. With a long driveway, Mr. Kimmel’s gift-wrap of Mr. cords. He listed the house in four apartments in the house.
side house for several years ple said they’re selling because the home can’t be seen from Krasinski’s home was docu- 2005 for $9.5 million, and it The others—a triplex, a duplex
and then decided to renovate they’ve decided to relocate to the street and is “super pri- mented on his show, “Jimmy has been on and off the mar- and a one-bedroom—are
it, adding the pool and a third the East Coast. vate,” Ms. Marcus said. Kimmel Live.” ket since then with various rented to tenants, he said, but
story, Ms. Marcus said. But Within walking distance of Comedian Mr. Kimmel lives Mr. Krasinski will appear in agents, with its price always the house could be delivered
they “wound up buying an- the hotel and celebrity hangout across the street, and he and the coming movie “13 Hours: increasing, according to the vacant. Built around 1904, the
other house” and no longer live Chateau Marmont, the house Mr. Krasinski developed a The Secret Soldiers of Beng- real estate listings website building measures about
there, she said. Their daughter, has views of west Los Angeles yearly tradition of pranking hazi,” while Ms. Blunt is filming StreetEasy. Mr. Koby renovated 8,200 square feet, with 12
Hazel, was born in 2014. framed by floor-to-ceiling win- each other at Christmastime; “The Girl on the Train.” the house after taking it off bedrooms, Mr. Koby said.

Kourtney and Khloé Kardashian’s


Miami Hangout Goes Up for Sale
A Miami Beach penthouse to Hilton Bentley General Man-
once occupied by reality-televi- ager John Laclé. They returned
sion celebrities Kourtney and again in 2010, he said.
Khloé Kardashian will go on the At the time, the penthouse
M I AMI market for $5.9 million, accord- was owned by the hotel and
ing to listing agent Jeff Miller operated as a hotel room, with
of Brown Harris Stevens. a nightly rate of roughly
The suite is on the top floor $2,000 to $5,000, Mr. Laclé
of the Hilton Bentley Miami/ said. He declined to specify the
South Beach hotel, Mr. Miller rate the Kardashians received,
said. The duo, who are sisters but said it was discounted. The
of fellow reality star Kim Kar- sisters weren’t available for

CLOCKWISE FROM TOP LEFT: MICHAEL IZQUIERDO/BEVERLY HILLS AERIALS; RICH KAPLAN; DANA HOFF; FELIPE ARIANO
dashian, stayed in the pent- comment. $3.6 million for it, according to has two bedrooms and mea-
house for eight weeks in 2009 In 2010 the unit was pur- public records. Mr. Harmsworth sures about 1,880 square feet,
while filming “Kourtney & chased by literary agent Es- then renovated the unit. Mr. Miller said. The unit is be-
Khloé Take Miami,” according mond Harmsworth, who paid The 10th-floor penthouse ing sold fully furnished.

Mediterranean Miami Beach Home With Private Dock Lists for $27.5 Million
A waterfront home in Miami after his company went public
BATHING SUITS & Beach is asking $27.5 million. in 2000, and purchased the
The eight bedroom house, property in 2004 for $3.5 mil-
CHAMPAGNE FLUTES which measures roughly lion. He demolished the existing
Oceanfront Residences in Miami from $2.5 Million 14,600 square feet, was com- home on the site and said he
(305) 521 - 1642
pleted in 2009, according to spent nearly $11 million building
TheResidencesSunnyIslesBeach.com listing agent Nelson Gonzalez a new one.
ON SITE – SALES LOUNGE of EWM Realty International. Mr. Browning, 55, said he is
15701 Collins Ave. Sunny Isles Beach, FL 33160 The roughly ½-acre lot on downsizing now that two of his
North Bay Road has about 124 children are heading to college.
feet of frontage on Biscayne In addition, he noted that with
Bay and a private dock, he the hot market on North Bay
said. Road—“within walking distance
The Mediterranean-style of all the craziness” of South
The Ritz-Carlton Residences, Sunny Isles Beach are not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C., or its affiliates (“Ritz-Carlton”).
Sunny Isles Property Venture, LLC uses The Ritz-Carlton marks under a license from Ritz-Carlton, which has not confirmed the accuracy of any of the
statements or representations made herein. home has two courtyards, a Beach—now seems like the
ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT
REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS THAT ARE REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED gym and a wine cellar, Mr. right time to sell.
BY A DEVELOPER TO A BUYER OR LESSEE.
The Developer is Sunny Isles Property Venture, LLC which has a right to use the trademark names and logos of Fortune International Group and Chateau Group. This
is not an offer to sell, or solicitation of offers to buy, in states where such offer or solicitation cannot be made.
Gonzalez said. Outside, an in- The seller is Stuart Brown- gies, which helps companies
The rendering contained herein is an artist impression, conceptual interpretation, proposed only and merely intended as illustration. No guarantee is made
that the described features, services, amenities or facilities will be available or built. Developer reserves the right to make any modifications, revisions or
finity pool and Jacuzzi over- ing, founder of San Francisco- manage databases. Mr. Brown-  See more photos of notable
withdrawals in its sole discretion and without prior notice. All improvements, design and construction are subject to first obtaining permits and approvals
for same by the relevant authorities. look the bay. based Embarcadero Technolo- ing said he moved to Florida homes at WSJ.com/Mansion.

many posibilitie
ONE CLUB

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Ocean Reef is more than a club, it’s family; a family
that holds tradition, privacy and belonging at its core.
Ocean Reef Club Real Estate Company offers many
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security of knowing you and your family can enjoy this
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THE WALL STREET JOURNAL. Friday, January 8, 2016 | M3

MANSION
INSIDE STORY

Home Is Where the Car Is


A couple built a place for their vintage autos, then restored a 19th-century New Jersey farmhouse

BY CANDACE TAYLOR 2
1
WHEN KIM MCCULLOUGH moved
to New Jersey from California to
take a job as the vice president of
marketing for Jaguar Land Rover
North America, she looked for a
home for herself, her husband,
their dog—and an expanding vin-
tage-car collection.
In 2011, she and her husband,
Mitch, both car enthusiasts, pur-
chased an 11-acre farm in Morris
County in northern New Jersey for same model the McCulloughs own.
about $1 million that had a 19th- When they first walked into the
century stone farmhouse and a 150- house, “it had a very comforting
year-old barn, among other small feel,” Ms. McCullough recalled. “You
buildings. could immediately picture yourself
“We thought, ‘Oh how romantic; in the winter, with the fireplace.”
we can store the cars in the barn,’” But over the years “a lot of
Ms. McCullough, 55, said. “Then things had been added to it,” she
you realize, it’s a barn—critters said, including a large, “overbear-
come in and out, and the winters— ing” addition done in the 1980s.
it just wouldn’t work.” 3 4 They removed that addition, in
So in addition to their meticulous the process discovering a brick
restoration of the house, they ended doorway that had been hidden.
up building a climate-controlled ga- They then repaired and resealed
rage for their collection, which now the home’s original stone, and
numbers about 10 cars, including a added a new wing with a master
1954 Jaguar XK120. bedroom, library and patio, using
The new building has an epoxy- stone similar to the original.
paint floor and walls covered with “People come and look at this
photos and auto memorabilia, with 5 and think it’s the old part,” Mr.
plenty of shelf space for equip- McCullough said of the new wing.
ment and spare parts. Each car has “It’s two years old.”
its own charging station to keep The home’s original exterior
batteries from dying between out- walls are visible in parts of the
ings. Wide doors at either end al- new rooms, including the master
low easy access. In addition to ral- bath. “It’s rustic but beautiful
lies and other events, the two stone, so you want to use it,” Ms.
drive their cars on local roads. REVVED UP McCullough said.
“We exercise them all regularly,” 6 8 1. The restored They used reclaimed barn
quipped Mr. McCullough, 57 years 19th-century wood—from other properties—to
old, an automotive journalist. farmhouse, with build stairs down to the library,
The couple spent two years and addition on where built-in shelves hold their
some $400,000 to upgrade the es- right. 2. Mitch automotive reference books.
tate, including renovating the and Kim Mc- They designed the master bed-
house and other buildings, and Cullough 3. The room around a piece Ms. Mc-
building the garage at a cost of couple in a Cullough already had: a stall door
about $70,000. They also bought Jaguar XK120. from a Kentucky horse farm. “I
an adjacent parcel, bringing their 7 4. The 150- thought, ‘I love that door, I’m go-
total property to 40 mostly year-old barn. ing to figure out what to do with
wooded acres—perfect for their 5. A new ga- it,’” she recalled. Now it serves as
two mastiffs, Chapman and Hazel. rage holds the the door to the master closet.
JESSE NEIDER FOR THE WALL STREET JOURNAL (10)

The couple said they took care car collection. They also restored the barn, re-
to build the garage so that it re- 6. The master placing the roof and redoing the
sembles the nearby barn and fits bedroom in new lighting. The space is largely un-
in with property—where wild tur- addition. 7. A adorned except for a 1957 neon
keys wander amid the chicken vintage ad. 8. Pegasus—a logo of Exxon Mobil—
coops and sheds. 9 10 A ‘50s movie they bought from an antique
They wanted “to do things that poster leads to dealer in California. Ms. Mc-
made sense and were also respectful the library. 9. Cullough said the barn is a great
of the original building,” said Ms. An original space for throwing parties, but vis-
McCullough. It’s the same approach brick doorway. itors always want to see the cars.
they take in restoring their cars. 10. A display of “When we have guests, this is
The couple met in the early car photos. another room,” Mr. McCullough
1990s, when both worked for said of the garage. “Everyone
Mazda, and married in 1994. They In addition to the Jaguar XK120, Their love of automobiles also is ers that Ms. McCullough had re- comes out here.”
started collecting vintage cars which they recently brought to It- evident inside the four-bedroom stored and framed. Also on display Ms. McCullough added: “It’s
about 10 years later. “I resisted it aly for the Mille Miglia rally, they house, a Dutch Colonial they be- are photos from the 1950s and been so great being able to have a
for a while, and then I came over to own a powder-blue Jaguar E-Type, lieve was built in the early 1800s. 1960s—like the black-and-white dedicated building like this. It’s be-
her side,” said Mr. McCullough. a slender 1960 Lotus 18 race car Throughout the house, the walls picture of Elizabeth Taylor and Mi- ing able to bring together every-
Now, “we’ve gone crazy.” and a 1956 Land Rover. are decorated with 1930s ad post- chael Todd in a Jaguar XK120, the thing that we love so much.”

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THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. THIS IS NOT INTENDED TO BE AN OFFER TO SELL, OR
SOLICITATION TO BUY, CONDOMINIUM UNITS TO RESIDENTS OF ANY JURISDICTION WHERE SUCH OFFER OR SOLICITATION CANNOT BE MADE OR ARE OTHERWISE PROHIBITED BY LAW, AND YOUR
ELIGIBILITY FOR PURCHASE WILL DEPEND UPON YOUR STATE OF RESIDENCY. THIS OFFERING IS MADE ONLY BY THE PROSPECTUS FOR THE CONDOMINIUM AND NO STATEMENT SHOULD BE RELIED
UPON IF NOT MADE IN THE PROSPECTUS. THE INFORMATION PROVIDED, INCLUDING PRICING, IS SOLELY FOR INFORMATIONAL PURPOSES, AND IS SUBJECT TO CHANGE WITHOUT NOTICE. FOR
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M4 | Friday, January 8, 2016 NY THE WALL STREET JOURNAL.

MANSION
JUMBO JUNGLE | ANYA MARTIN

HONEY, I LOVE YOU, BUT I NEED TO GO SOLO


One spouse’s high debts, low income or poor credit history could kill a mortgage deal, forcing the other spouse to be the lone loan applicant

It takes two Also, a nonborrower


to make a spouse filing a separate tax
marriage return can usually take the
work, the mortgage-interest deduction
saying goes. for any portion paid by that
But some- spouse up to a limit of inter-
times it’s est on $550,000 of mortgage
better when only one of indebtedness, says Mary
them applies for a jumbo Canning, dean emeritus of
mortgage. Golden Gate University’s
There are a number of School of Taxation and Ac-
reasons why one spouse counting in San Francisco.
stays off a home loan, says The spouse must have “ben-
John Walsh, CEO of Milford, eficial” or “equitable” owner-
Conn.-based Total Mortgage. ship by Internal Revenue
That person’s high debts, low Service standards, she adds.
income or poor credit history Some other considerations
could be deal-killers or trig- when deciding whether one
ger a higher interest rate. spouse should go it alone on
When a mortgage qualifi- a jumbo mortgage:
cation involves co-borrow- • Location matters. In
ers, lenders use the lowest community-property states,
credit score among them to such as California, lenders
determine the rate, Mr. may still consider both
Walsh says. spouses’ credit scores and/or
The threshold debts in the qualification
for the best process, even if only one
jumbo-mort- borrower is on the loan, Mr.
gage rates usu- Walsh says.
ally is a score • Asset gift. Even if one
of 740, but spouse isn’t on the loan, he
some lenders may want 760 or she can contribute to the
or higher, he adds. down payment by gifting

CHRIS GASH
If both spouses’ scores are cash or assets to the bor-
lower than 740, the math can rower, Mr. Banfield says.
still work in favor of a single • For sale by both own-
borrower, Mr. Walsh says. ers. Both spouses also don’t
And even if the difference in spouses stay off the mort- [mortgage] loan,” Mr. Carson straightforward job with reg- lender’s income require- have to be on the mortgage
credit scores is slim—one gage is to keep their finances says. “This keeps my wife’s ular earnings on W2 state- ments, Mr. Carson says. Co- or on the title to receive the
spouse has 700, the other separate, says Mathew Car- credit clean if we want to ments and enough income to owning the home and having full $500,000 capital-gains
699—that one point can son, a mortgage broker with buy a car or anything like qualify, it could reduce both names on the note ben- exclusion on their tax return
make a difference in the San Francisco-based First that using her credit.” stress to not have to assem- efits a nonemployed, stay-at- following a home sale, Ms.
loan’s interest rate, Mr. Capital Group. In some cases, A third reason for borrow- ble all the documentation re- home spouse. The mortgage Canning says. However, the
Walsh says. However, some they may just have pur- ing alone occurs most often quired to also qualify the helps maintain a credit score couple must file a joint re-
couples will need both in- chased the property before with jumbo mortgages, self-employed co-borrower, that could be important turn, both must have used
comes to qualify, especially marriage and don’t want to where borrowers are more Mr. Banfield says. later, especially in the event the home as their primary
for jumbo mortgages, which refinance, but it could also likely to be self-employed Before one spouse goes of a divorce or death of a residence for at least two of
have bigger balances than be a strategic decision so and/or have other more com- solo on the loan, there are spouse, Mr. Banfield says. the past five years (living to-
government-backed loan lim- that the spouse without the plex income breakdowns, in- two things to keep in mind. “If you take yourself off gether before marriage also
its of $417,000 in most mortgage credit liability can cluding bonuses and commis- First, a co-borrower doesn’t the grid and aren’t on a counts), and neither spouse
places and $625,500 in some qualify for other big-ticket sions, says Bill Banfield, vice have to have income to be on mortgage or car loan, you can have used the exclusion
high-price areas, he adds. purchases, he adds. president of Quicken Loans. the note—as long as the may not retain your credit on a different home within
A second reason some “I’m the only one on my If one spouse has a other spouse meets the history.” he adds. the past two years, she adds.

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Equal Opportunity Employers and fully support the principles of the Fair Housing Act.
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THE WALL STREET JOURNAL. Friday, January 8, 2016 | M5

MANSION
BALANCE SHEET

A Home Rises From the Scrap Heap


A London couple buys a former junkyard and builds a modern home with industrial elements

COSTS
Land

$590,000
Professional fees

$162,000
Site clearance /
groundwork

$152,000
Steel framing,
DYLAN THOMAS FOR THE WALL STREET JOURNAL (6)

block, insulation

$93,000
Metal cladding,
translucent panels

$54,000
Windows, doors,
concrete floors

$72,000
FULLY FUNCTIONAL Steve and Tracy Fox, above, in their dining area. The living room has a
BY RUTH BLOOMFIELD
bridge, top right, that connects the home’s wings. Vintage fixtures in the bathroom, above right. Utility hookups,
Left, decorative metalwork covers air vents. Below left, the kitchen and dining room feature ex- plaster, decorative
IT TOOK FIVE YEARS, a budget posed block, birch plywood and a stainless-steel work top. Below, the exterior courtyard. finishes
that doubled, and months living
like “ragtag gypsies” before a Lon- $227,000
don couple could finally move into
their dream home built on the site Stainless-steel
of a former junkyard. kitchen island
Tracy and Steve Fox were hap-
pily settled in the fashionable $8,800
southeast London neighborhood of
East Dulwich. But they had long Vintage bathroom
fantasized about building a modern fixtures
home. In 2009, during a chance
conversation with a friend, Mrs. $2,200
Fox learned that there was a dis-
used junkyard full of scrap metal Labor
languishing behind the area’s main
shopping street, Lordship Lane. In $69,000
2010, they paid £400,000, or about
$600,000, for the 3,000-square-foot Misc.
junkyard even though they didn’t terintuitive style that Mr. Fox de-
have building permits in place. scribes as “comfortable Brutalism.” $43,000
“It was a ridiculous amount of Mr. Tuckey’s solution was a
money and a real gamble,” said long, low two-story house measur- TOTAL:
Mrs. Fox, 55. To save money, the ing about 2,800 square feet. The
couple bought three vintage camp- central part of the house contains $1.47million
ers and moved onto the site with a double-height living room and
their children Betty, now 25, and kitchen. Two wings contain three into a rented home, and the 18- pin legs purchased online. They admit their initial $450,000
twins Alfy and Ruby, 19. family bedrooms, three bathrooms, month build began. The “sleeping wing” contains construction budget was unrealis-
They hired the architect Jonathan a music room and the workshops. The house is partly constructed the couple’s master bedroom, tic—the home ended up costing
Tuckey to draw up plans for a fam- At the center of the site, over- using concrete blocks clad in a where a childhood painting by $900,000. As the cost of the project
ily house with two workshops. Mr. looked by all the main rooms, is an corrugated cement fiberboard. The Betty is pinned above the bed. Up- ballooned, they ran into financing
Fox, 50, is a prop painter for films, open courtyard. walls overlooking the courtyard stairs are the twin’s bedrooms, delays, which held up the project for
including the coming “The Hunts- Initially their local council was are steel framed and studded with plus a family bathroom, fitted with four stressful, frustrating months.
man: Winter’s War,” starring Chris unconvinced—Mr. Fox recalls one huge windows. an original art deco pink bathtub. The sleepless nights they en-
Hemsworth and Charlize Theron. planning officer complaining that Polished-concrete floors down- The “working wing” has space dured have been mitigated by their
Mrs. Fox enjoys art and upholstery. their designs “looked like a shed.” stairs continue the industrial for two large, light workshops. happiness with the completed
As fans of modern architecture But eventually, after they made theme, and a stainless-steel work The family finally moved into house, which they believe is now
who wanted to pay homage to their some subtle changes to the roof- top and charcoal-black cupboards their long-awaited home in October valued between $2.65 million and
site’s industrial past, the Foxes line, building permits were outfit the kitchen. A welder built 2014, along with their two whippets, $2.95 million. “It has been,” said
asked Mr. Tuckey to create a coun- granted. In 2013 the family moved the narrow dining table using hair- Queenie, now 4, and Jet, 5. Mrs. Fox, “a bit of a bumpy ride.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
M6 | Friday, January 8, 2016 NY THE WALL STREET JOURNAL.

MANSION

PENTHOUSES RISE OVER THE PACIFIC


PIONEER
Marsha Sewell
moved down-
town in 1991
and has since
rehabbed and
sold two build-
ROBERT BENSON FOR THE WALL STREET JOURNAL (5); LUIS GARCIA FOR THE WALL STREET JOURNAL (THE ANTLEY’S)

ings in the area


for a profit. She
recently moved
to this unit, left
and below,
which she ren-
ovated. She is
pictured below
with husband
Bob Madd-
alena.

WALK THIS WAY Huey and Suzanne Antley moved to a down-


town condo primarily so Ms. Antley, a deputy attorney general for
the state of California, could give up her 40-minute commute.

Continued from page M1 area in north San Diego A big impetus for the from the tall buildings of the tourist attractions. London Group Realty Advi-
30,800 residents—a 76% in- County full of gated develop- move was so that Ms. Antley, Civic Core to the lively cafes “When I moved here in sors, says that more re-
crease since 2000—and more ments and large, luxury es- a deputy attorney general and bars in the Gaslamp and 1983, the only reason to go cently, residential developers
than 9,000 apartment and tate homes. for the state of California, Little Italy. Some sections downtown was the Old Spa- began looking seriously at
condo units are in the pipe- A few months ago, Huey could give up her 40-minute are still gritty, with clusters ghetti Factory,” says Chris- downtown, partly because
line for development. and Suzanne Antley sold commute and walk to work. of homeless people and busi- tine Baker, an agent with suburban areas ran out of
Brad Termini, the co-CEO their home in the northeast “We maybe use the car once nesses like check-cashing Willis Allen, a Christie’s affil- developable property for
of Zephyr, a San Diego-based edge of San Diego and a week for an hour,” says Mr. stations and pawnshops. iate, referring to the chain master-planned communi-
developer of high-end hous- bought a 1,000-square-foot Antley, a vice president of a The city’s large Navy pres- restaurant. She moved to the ties, as well as changing life-
ing, said buyers want to be condominium in the Marina data analytics company, who ence boomed along the wa- Marina district after raising style preferences. In 2004,
able to walk to neighborhood district downtown, a neigh- works from home. “We’re terfront during World War her children in the suburbs. opening of Petco Park, the
amenities. “We’re seeing a borhood known for its high- kicking around the idea of II, but residential develop- In the mid-1980s, the baseball stadium, brought
real flight out of suburbs like end condos, parks and tour- buying a Vespa.” ment flourished in the sub- opening of the Horton Plaza with it another wave of con-
Rancho Santa Fe because of isty Seaport Village. The Downtown San Diego, an urbs. For decades after, shopping mall and, later, the dos and apartments. Then
the lack of walkability and couple paid about $600,000 area of about 2.6 square downtown had a seedy repu- city’s convention center, the recession hit, halting
the high cost of maintaining for their condo, which is miles along the San Diego tation, its large homeless marked the first major push nearly all development.
those estates,” he said, refer- near a park where they can Bay, consists of several dis- population mixed in with of- to revitalize downtown. Gary Over the past few years,
ring to a wealthy suburban walk their dog. tinct neighborhoods, ranging fice buildings and a few London, president of the strong job growth in the sci-

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. NY Friday, January 8, 2016 | M7

MANSION

SIGNS OF LIFE Downtown


San Diego’s skyline, above mid-
dle, is being transformed by re-
vitalized neighborhoods, includ-
ing Little Italy, top and right;
bikers take a ride in Balboa
Park, above.
ROBERT BENSON FOR THE WALL STREET JOURNAL (4)

ence and technology sectors, Homeowners are rehabbing spent the past few months Hill, upscale homes mingle
and a trend toward urban Craftsmans and Spanish Co- gut-renovating it and re- with rundown properties in
living, are bringing buyers lonial-style homes that are cently put it on the market need of attention.
and developers back. “All of within walking distance of for $1.295 million. Developer Real-estate agents say the
the sudden the market is cafes with kombucha on tap. Mr. Termini’s latest project biggest issue for buyers is
waking up,” says Nat Bosa, a Sally Schoeffel, a real-es- is a 60-unit building along that there aren’t enough
Vancouver-based developer tate agent with Sotheby’s In- Balboa Park with large ter- homes on the market, driving
who is one of the largest ternational Realty, first races and bathrooms with gi- up prices. According to
property owners downtown. moved to Golden Hill in 1998 ant marble-slab walls. Like Trulia, the real-estate web-
©2015 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated.

He recently broke ground on in search of a historic home. Pacific Gate, the building’s site, the median sale price
Pacific Gate, the 41-story She and her husband have prices are pushing new terri- per square foot in Bankers
building with the boat-share since spent 18 years and tory for the condo market, Hill has risen by 30% be-
program. over $350,000 renovating a ranging from $1.5 million for tween 2013 and 2015. In sub-
San Diego mirrors a na- 1927-era Mediterranean-style 1,800-square-foot two-bed- urban Rancho Santa Fe, the
tional urban revitalization house. In the past few years rooms to nearly $6 million median price per square foot
that has played out in cities she says she has noticed for penthouses just under rose 10% in the same period.
like Louisville, Portland and more young families moving 5,000 square feet. There is no sign of a slow-
Los Angeles, with millennial in. “Now I have clients who Residents say downtown down. Ms. Michell, of the
and Gen X buyers, as well as bicycle to work or catch the and its surrounding neigh- Downtown Partnership, says
empty-nester baby boomers, bus,” says Ms. Schoeffel. borhoods still face chal- that over the next 30 years,
turning away from car com- Melissa McKinstry and lenges. Though public trans- the city’s population is fore-
mutes and higher-mainte- Doug Kipperman, who live in portation options have cast to grow by an additional
nance suburban homes to South Park in a Craftsman- improved, with an expanded 1 million residents.
more walkable, denser city style home they renovated, bus system and a trolley that Marsha Sewell, an interior
neighborhoods. Developers say the neighborhood feels goes all the way to the Ti- designer and general contrac-
and real-estate agents say like it evolved organically juana border crossing, some tor, moved downtown in 1991
the latest wave of urban- and maintains a friendly say it isn’t extensive enough to convert a 100-year-old
bound residents tend to be vibe. Ms. McKinstry teaches to allow for a carless life- mixed-use building into a sin-
wealthier and older. yoga at a studio within walk- style. Kris Michell, president gle-family home. Then she
Near downtown, along ing distance, and a bluegrass of the Downtown San Diego purchased another historic California Closets creates custom storage
Balboa Park—a 1,200-acre band that lives across the Partnership, says early this building for $600,000, re- solutions for every room in your home.
green space that is home to street performs a concert in year they are launching a habbed it and sold it for $2
Visit our showroom or call today to arrange your
15 museums and the San Di- their yard every year. “Peo- new urban-transport system. million. A few months ago
ego Zoo—once sleepy neigh- ple really care about what’s The on-demand electric vehi- she moved into a 3,200- complimentary in-home design consultation.
borhoods like Golden Hill, going on here and maintain- cles can be hailed via smart- square-foot condo she paid
South Park and North Park ing it,” says Mr. Kipperman. phone app, like an Uber. $1.075 million for and has 212.517.7877
U PPE R EAST SI DE
are undergoing a renais- Developers are picking up The city also has been just completed renovating. TR I B ECA & B ROOKLYN646.486.3905
sance. Open-walled restau- on the opportunities. Abra- working to address a persis- “The prices are only going NASSAU & QU E E NS 516.334.0077
rants and craft breweries ham Edid purchased a 2,700- tent problem of homeless- to go up, and at the high-end
WESTCH ESTE R & H U DSON VALLEY 914.592.1001
have cropped up along with square-foot, 1906 Colonial- ness. And in areas like North of the market people really
yoga studios and boutiques. style home in South Park, Park, South Park and Golden want space,” she says. californiaclosets.com

A limited collection of
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HOLLY HUNT
INTERIORS

Anna Sherrill | C. 786.853.8484


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ARCHITECTURE LUIS REVUELTA


6901 Collins Avenue
LANDSCAPE DESIGN ENZO ENEA Miami Beach, FL 33141 All sketches, renderings, and designs depicted are proposed, conceptual only, and are subject to change by developer
in its sole discretion and without prior notice. Such sketches, renderings and designs should not be relied upon as
Tel 305 985 6400 representations, express or implied, of the final details of the units. The photographs have been taken off-site and are
merely intended as illustrations of the concepts depicted therein. Nothing herein shall constitute an offer to sell, or a
solicitation of offers to buy, in states in which such offers or solicitations cannot be made. Oral representations cannot
lateliermiamibeach.com be relied upon as correctly stating representations of the developer. For correct representations, make reference to the
documents required by Florida Statues 718 Part V to be furnished by a developer to a buyer or leasee.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
M8 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | DREW BARRYMORE

Child Star of ‘E.T.’ Finds Her Way Home


The actress looks back at her early struggle in Hollywood for stability, safety and a sense of family

nearby Sherman Oaks, which up-


My childhood lasted four years. Then I went rooted me. I didn’t want to leave
to work. Though my father, grandparents, our West Hollywood apartment
and the people next door.
great-grandparents and great-uncles and great- Over the next few years my
aunts all had been prominent actors in their mother and I had a challenging re-
lationship. When I was 14, it be-
day, my parents weren’t in the business when I

AMY SUSSMAN/INVISION/ASSOCIATED PRESS (PORTRAIT); UNIVERSAL/EVERETT COLLECTION; MIRRORPIX/EVERETT COLLECTION


came clear we had to part ways,
was born. In fact, they weren’t even together. I and fortunately my mother was in
full support of me. I moved into
started life with little more than my last name. my own apartment in L.A.’s Park
La Brea area. The owner didn’t
I grew up with my mother, Jaid, care how old I was.
on North Poinsettia Place in West My work in the movies forced
Hollywood, which was pretty me to grow up fast, so living alone
rough in the late 1970s. We lived at that age wasn’t a challenge. I
in a modest apartment in a one- felt much older than 14. I learned
story white stucco duplex. to take care of myself, hold down a
What I remember most are the job and even do the laundry.
bougainvillea vines that climbed I read every classic novel I could
25 feet up the wall outside and get my hands on—plus the thesau-
bloomed beautiful burgundy flow- rus and dictionary. Eventually, I be-
ers. Those colorful vines were gan to act again and later to pro-
heartwarming, like a big smile. duce and direct, once again
In the late ’70s, my mother was surrounding myself with a creative
an aspiring actress who worked family.
two jobs at nearby comedy and Today, I live in West Hollywood
music clubs. Many of my mother’s with my husband, Will, and our
friends were artists who were two daughters, Olive and Frankie.
pretty wild and eccentric. Those Our three-bedroom house has lots
were happy years for me. of burgundy bougainvillea and
My father, John, had been a film light, and it feels like France.
and TV actor, but by the time I We live near the apartment my
was born he was living a far mother and I shared in the ’70s, so
wilder, free-spirited life. I know he I often drive by. I have this nag-
had his demons, but I loved him. ging desire to knock on the door
As a child, I thought he was fasci- with hopes the people will let me
nating, interesting and funny. I in for a look around.
also never wanted to be heavy LIKE FAMILY Drew Barrymore, above, in a recent portrait to promote her new But if they did, I really don’t
about anything that was going on book, and in 1982, relaxing, top left, and in a studio photo for ‘E.T.,’ left. know what I’d be looking for or
around me. No matter what, I al- what I’d learn about myself. I sup-
ways carried the umbrella of joy, a young girl would come over and didn’t feel emotionally safe. I devel- tency, safety and stability. I knew pose there’s part of me that’s still
probably as a survival strategy. baby-sit me. If my mother didn’t oped a deep appreciation for friends where I’d be going each day, I seeking the rest of my childhood.
The apartment I lived in with return in time, the girl would drop and the need to stick together. knew what was expected of me, —As told to Marc Myers
my mother had a patch of back- me off at friends’ houses. I was My mother began taking me on and I saw the same people on the
yard with a swing set and an avo- never left alone, but I was lonely. auditions for TV ads when I was 3. set. The actors and directors be- Drew Barrymore, 40, has starred in
cado tree with willowy branches. Kids don’t really like things Then came films starting at age 5. came like a second family. more than 50 films, including “E.T.
The yard was a place of solace, changing all the time. For me, ev- I remember working so hard to After the success of “E.T.” in the Extra-Terrestrial” and “The
and I loved that the tree was al- erything was oceanic and passing impress the adults evaluating me. 1982, my career took off. My Wedding Singer.” She is author of
ways there with food ready to eat. through, and nothing was grounded. Doing well and impressing adults mother quit her jobs to manage my “Wildflower” (Dutton), a collection
When my mother went to work, I wasn’t negative or dark. I just led to jobs that provided consis- career and bought us a house in of autobiographical essays.

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THE WALL STREET JOURNAL. Friday, January 8, 2016 | M9

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DISTINCTIVE PROPERTIES 1,146 acres. Hardwoods. Fields.
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M10 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

MANSION
RELATIVE VALUES

HOMES WITH SWEAT EQUITY


At New Year’s resolution time, three properties for sale with sophisticated home gyms

$9.2 million $32 million $30 million


Telluride, Colo. Calistoga, Calif. Beverly Hills, Calif.
7,923 square feet, five bedrooms, five baths, two powder rooms 20,000 square feet, five bedrooms, five baths, seven half-baths 11,500 square feet, seven bedrooms, 10 baths

This glass, steel and stone home comprises three interconnected This 621-acre ranch estate includes an exercise studio cantilevered The contemporary Mediterranean home is the former home of ac-
structures joined by bridges. The “mountain modern” style home over oak trees, to create the illusion of floating. “You feel like tor Mark Walhberg. A two-story, roughly 3,000-square-foot hangar
will sell fully furnished, including the universal workout machine you’re stepping out into open space,” said Sara Kozel, who owns on the property includes a boxing ring that Mr. Walhberg used to
and basketball hoop in the light-filled fitness room. the home with her husband, Edward Kozel, a tech executive. train for his film “The Fighter,” according to his representative’s of-
Agent: Dan Henschel, Christie’s International Real Estate Agent: Chuck Lamp of Sotheby’s International Realty and Nicki fice. Agent: Valerie Fitzgerald, Coldwell Banker Residential Brokerage
Naylor of Intero Real Estate —Stefanos Chen
L-R: WHIT RICHARDSON (2); DAVID DUNCAN LIVINGSTON; ERIC RORER (INSET); NICK SPRINGETT (2)

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M12 | Friday, January 8, 2016 THE WALL STREET JOURNAL.

MANSION

LUXURY IN THE BACK ALLEYS OF BEIJING


Continued from page M1 original footprint, making renova-
tween 50,000 and 60,000 yuan a tions complicated, says Vector Ar-
month, or about $7,500 to $9,000. chitects founder Gong Dong. Mr.
Mr. Petersen, a 41-year-old vi- Dong, who grew up in Beijing and
sual artist, says the family spends remembers visiting his grand-
much of its time in the courtyard mother’s home in a hutong more
under pomegranate trees that are than 40 years ago, is renovating an
more than 150 years old. “It’s like old workers’ dormitory into a
living in a forest,” he says. “It’s courtyard property that will include
full of trees and quiet and yet in two separate, private homes, a cafe
the center of Beijing.” and meeting spaces. “We’re trying
In Beijing, traditional courtyard to revitalize an area and make sure
homes that line narrow alleyways, it doesn’t get demolished,” Mr.
called hutongs, are increasingly Dong says.
popular among expat families and Two years ago, designer Caroline
well-heeled locals. The homes, Odinet was tasked with turning a
built by China’s elite ruling class heavy, dark, nearly 7,000-square-
and wealthy merchants, are typi- foot courtyard home into a light
cally more than 100 years old and and modern home for a corporate
often have multiple buildings. Up- executive and her family. Ms. Odi-
dating the plumbing, heating sys- net took down heavy curtains,
tems and adding modern kitchens opened up the house to the garden
and bathrooms can be costly, to create a sense of indoor and out-
starting at $20,000 and easily top- door living, and added lots of color,
ping $500,000. As a result, many such as some bright yellow walls
upscale hutong courtyard homes and fire-engine-red dining chairs.
can rent from about $3,000 to “So many people are afraid to use
$10,000 a month, depending on color in Beijing,” Ms. Odinet says.
size and amenities. “They say, ‘Oh that’s the yellow
Courtyard homeowners who rent only used by the emperor and
out their properties have little that’s the red used at the Forbidden
trouble finding eager tenants in the City.’ That’s changing now.”
expat community: Foreigners, while It’s difficult to pin down the ex-
allowed to buy a home in China, of- act number of hutong alleyways
ten eschew the tangle of bureau- left in the Chinese capital, says Mi-
cracy to buy or renovate such a chael Meyer, author of “The Last
property. And for newcomers, a Days of Old Beijing: Life in the Van-
traditional Chinese home that’s ishing Backstreets of a City Trans-
part of a neighborhood of one- formed.” They were first built dur-
story homes can present a more ing the Yuan, Ming and Qing
authentic and inviting experience dynasties (1271-1911), the latter be-
than a luxury high rise. ing the last dynasty before China
After living in a modern Beijing became a republic. In 1949, when
high rise for two years, Quoc Tran, Mao Zedong came to power, there
an investment banker from Ohio, were about 7,000 hutongs, Mr.
decided he wanted “to have a dif- Meyer says. According to the Bei-
ferent living experience.” He INSIDE OUT Irene Sim and Nikolaj Petersen with their two children, Tara and Benjamin, and dog Vigo, top. The interiors jing Cultural Heritage Protection
moved in 2013 into a two-bedroom, of their courtyard home, top right, have been fully restored. An enclosed hallway faces the courtyard, above. Center, there were 1,350 as of
two-bath renovated courtyard 2008.
home for about $3,100 a month in There are challenges to hutong
Beijing’s Dongsishitiao neighbor- living. Aside from cold winters,
hood, where famous generals lived some hutong dwellers are told not
during the Qing Dynasty. to flush toilet paper down the
In his courtyard, he set up a commode; the city’s older, smaller
small garden and often invited pipes cannot and get backed up.
friends over for barbecues. Mr. And recent smog emergencies have
Tran, 35, says over time he became reduced courtyard activities.
CHERRY LI FOR THE WALL STREET JOURNAL (7)

part of the community. “People Residents say they also have to


knew who I was, they saw me going learn about cultural differences,
in and out and if I had trouble I which include knowing where to
asked neighbors for help,” says Mr. put trash on the main streets, how
Tran, who recently relocated to to recycle cardboard for cash, and
Japan for work. “You don’t see that where to park cars. Mr. Petersen
kind of community life very often says there are unspoken rules
anymore.” about parking spots along his
Mr. Tran encountered one hutong and that some people will
downside to living in a traditional slash the tires of a car that’s
hutong home: Even in a courtyard parked in the wrong place.
home with modern upgrades, Mr. For Ms. Odinet, the interior de-
Tran felt the chill in the winter- OLD WORLD CHARM Architectural details of hutong homes include distinctive roof tiles and circular doors, above left. signer, the choice to live in a
time. “I knew the hutongs weren’t A view of hutong homes as seen from the banks of the Jade River, above right. courtyard home in Beijing came
as insulated as a modern apart- down to wanting to be as close to
ment, but I never thought I’d have cases, a builder opens up walls to Beijing, worked on a courtyard put in modern touches, such as a nature as possible.
multiple heaters going in my bed- add thick insulation, though that property on the outskirts of Beijing stone fireplace, stainless-steel appli- “Living in a hutong is less com-
room and still see my breath in technique decreases the size of the for a German consulting executive. ances and floor-to-ceiling windows. fortable at times,” says Ms. Odinet,
the wintertime,” he says. room. Instead many architects and The 7,100-square-foot home had “People will say you can’t retrofit a 58, who rents a 4,800-square-foot
One of the most challenging designers opt to add heaters, in- once been two old farmhouses and courtyard,” Ms. Mathieson says. home with a friend not far from
parts of a courtyard-home renova- stall double-pane windows or beef needed significant renovations. The “That’s not true, it just takes a lot the old city’s center. “While I’m
tion is adding proper materials to up insulation in the roof. existing structure was gutted and of work.” here in China I should live in a
deal with the city’s frigid winters Last year, Amy Mathieson, de- redesigned with glass corridors to Beijing laws restrict a hutong place that’s unique and that’s not
and humid summers. In some signer at AnyScale Architecture in connect the rooms, and designers home from being larger than its like anywhere else.”

T H E T RYA L L C LU B , M O N T EG O BAY, JA M A I C A // SE L L ING WIT HOU T RE SE RVE // AU CTION FEB R UA RY 16TH


  
 
        
      
      
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