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DJIA 20412.16 À 142.79 0.7%
What’s
News
Business & Finance
T he Trump administration
is exploring a new tac-
tic to discourage China
from undervaluing its cur-
rency to increase exports. A1
 Disney said it was sever-
ing ties with YouTube’s big-
gest star, PewDiePie, over vid-
eos that included anti-Semitic
jokes and Nazi imagery. A1
 Apple closed at a record
$133.29, as investors bet
that the 10th-anniversary
iPhone will build on renewed
momentum at the firm. B1
 Broad gains in U.S. shares
sent major stock indexes
to records. The Dow rose
142.79 points to 20412.16
in notching a fresh high. B1
 Ross plans to keep millions
invested in offshore entities
whose values could be affected
by policies he implements
as commerce secretary. B1
 The Mexican peso’s re-
cent tumult is upending
the way many global in-
vestors hedge bets on
emerging markets. B1, B10
 Marathon said it would
delay the U.S. launch of a
muscular-dystrophy drug
as criticism mounts of its
$89,000-a-year price. B3
 OPEC said January oil
output dropped, confirming
its members have so far
largely complied with cuts. B9
 IBM’s chief sent a memo
to employees defending her
decision to advise Trump. B3
World-Wide
 Flynn resigned as Trump’s
national security adviser
amid increasing fire over his
conflicting statements about
contacts with Russian officials
before the inauguration. A1
 China largely stayed on
the sidelines following
North Korea’s ballistic-mis-
sile test, waiting to see how
Washington would react. A6
 The launch highlighted
technological developments
that put Pyongyang on track
to enhance its program. A6
 Mnuchin was confirmed
as Treasury secretary in a
53-47 vote, with only one
Democrat joining all the
Senate’s Republicans. A4
 A federal judge in Vir-
ginia said Trump’s execu-
tive order on immigration
was likely unconstitutional
and issued an injunction. A3
 Trump said he seeks
only modest changes in
U.S.-Canada trade relations
after talks with Trudeau. A6
 The U.S. put Venezuela’s
vice president on a sanc-
tions list for allegedly aid-
ing drug traffickers. A7
 Republicans are drawing
flak over curbs on generous
health plans in proposals
for replacing the ACA. A2
 Hamas has elected a
former militant com-
mander as its political
leader in the Gaza Strip. A7
CONTENTS
Banking and Fin... B5
Business News.. B3,6
Capital Journal...... A4
Crossword.............. A13
Heard on Street.. B11
Life & Arts....... A11-13
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
The government measures survival rates for six critical medical conditions.
Only one hospital in the nation outperforms on all of them: NewYork-Presbyterian.
NASDAQ 5763.96 À 0.5%
Markets................ B9,11
Opinion.............. A15-17
Sports....................... A14
Technology............... B4
U.S. News............. A2-5
Weather................... A13
World News....... A6-8
> which is banned here despite its Riyadh every year around this
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* * * * * * TUESDAY, FEBRUARY 14, 2017 ~ VOL. CCLXIX NO. 36 WSJ.com HHHH $3.00
STOXX 600 370.13 À 0.75% 10-YR. TREAS. g 7/32 , yield 2.434% OIL $52.93 g $0.93 GOLD $1,224.40 g $10.00 EURO $1.0597 YEN 113.73
Flynn Resigns Over Russia Contacts
National security
adviser’s tenure lasted
By Carol E. Lee,
Michael C. Bender
and Devlin Barrett
tary Sean Spicer said Mr. Trump
was evaluating whether to re-
tain Mr. Flynn. The review came
curity Council who advised Mr.
Trump during the campaign,
would serve as interim national
he had apologized to Mr. Trump
and Vice President Mike Pence.
“Unfortunately, because of
less than a month as amid evidence that Mr. Flynn security adviser. the fast pace of events, I inad-
discussed U.S. sanctions against Mr. Trump is considering Mr. vertently briefed the Vice Presi-
furor over calls grew The move caps an unusually Moscow in phone calls with Kellogg as a possible permanent dent Elect and others with in-
short tenure in the White Russia’s ambassador to the U.S., replacement, as well as former complete information regarding
WASHINGTON—National Se- House—less than a month—for contrary to his earlier denials Central Intelligence Agency Di- my phone calls with the Russian
curity Adviser Mike Flynn re-
signed Monday as he was under
one of President Donald Trump’s
most loyal supporters and a
both to the public and to admin-
istration officials, including Vice
rector David Petraeus and re-
tired Vice Adm. Robert Har-
Ambassador,” Mr. Flynn said in
Please see FLYNN page A4
increasing fire over conflicting flashpoint in an administration President Mike Pence. ward.
statements he made about his that has been in nearly constant The White House said in a Mr. Flynn said in a resigna-  Gerald F. Seib: In Trump’s fourth
contacts with Russian officials damage control. statement late Monday that re- tion letter released by the White week, chance for a reboot..... A4
before the inauguration, the Mr. Flynn resigned just hours tired Lt. Gen. Keith Kellogg, the House that during the transition  Ross to keep assets that
White House said. after White House press secre- chief of staff at the National Se- before Mr. Trump’s inauguration policies could sway................. B1
U.S. Eyes
Apple Reaches a New Record as Investors Put Faith in iPhones
New Plan
The percentage change for Apple's 600% Largest technology
Jan. 27, 2014
share price since releasing the iPhone Apple misses
companies by market
in June 2007, compared to Microsoft capitalization:
To Press
analysts
expectations
and Google parent Alphabet 500
for iPhone
sales.
China
Apple
400
$699.3B
BY BOB DAVIS
March 19, 2012 Jan. 31, 2017
Apple announces plans for Apple announces
WASHINGTON—The White
first dividend since 1995 record iPhone sales 300
House is exploring a new tactic
to discourage China from un-
dervaluing its currency to
June 29, 2007 April 3, 2010 boost exports, part of an evolv-
Apple releases Apple launches iPad in U.S. 200 ing Trump administration
original iPhone Alphabet strategy to challenge the prac-
$580.0B tices of the U.S.’s largest trad-
ing partner while stepping
100 back from direct confrontation.
Under the plan, the com-
merce secretary would desig-
nate the practice of currency
0 manipulation as an unfair sub-
sidy when employed by any
Microsoft country, instead of singling out
$500.1B China, said people briefed on
or involved in formulating the
–100
policy. U.S. companies would
2007 2010 ’15 then be in a position to bring
Note: Share price data are monthly Source: FactSet (share price); Thomson Reuters (market cap) THE WALL STREET JOURNAL. antisubsidy actions themselves
to the U.S. Commerce Depart-
Shares hit fresh highs Monday after a post-election runup that cemented Apple’s position as the most valuable company. B1 ment against China or other
countries.
The currency plans are part
of a China strategy being as-
sembled by the White House’s
THE FALL OF K STREET’S RENEGADE new National Trade Council,
which seeks to balance the
goals of challenging China
while still keeping relations
with the country on an even
Federal prosecutors suspect a high-flying corporate lobbyist embezzled millions of dollars keel. To do that, measures
taken against China would also
BY BRODY MULLINS office, Mr. Morris oversaw a budget that apply to other nations.
HIDDEN INFLUENCE over a decade ballooned to about $50 The administration would
Few outside Washington had ever million a year and supported hundreds of avoid, at least for now, making
heard of Evan Morris. Yet in the capital A Wall Street Journal series revealing lobbyists and consultants. confrontational claims about
of wheeling and dealing, he was one of the secret ways companies work His apparent success afforded luxuries whether China is manipulating
its most gifted operators. the levers of power in Washington including $2,000 bottles of wine, a $3 its currency for trade bene-
He made powerful friends and at age million waterfront vacation home, a fit, the people said.
27 became a top lobbyist for Roche Hold- $300,000 mahogany speedboat and four Please see CHINA page A6
ing AG of Switzerland, one of the world’s egy that helped generate hundreds of Porsches. He belonged to eight private
largest pharmaceutical companies. millions of dollars for his company. By golf courses and hired top chefs to cook  China defers to U.S. on
Mr. Morris seized on an idea to reach 2010, he was one of the youngest vice for dinner parties at his home. He mar- Pyongyang................................... A6
past elected officials and take the com- presidents in Roche’s 120-year history. ried and had two children.  Missile launch reveals
pany’s message directly to voters, a strat- As head of the company’s Washington Please see MORRIS page A10 advances....................................... A6
Disney Cuts Ties With YouTube Star
Love, Carefully: Saudis Flirt On
Despite a Ban on Valentine’s Day Millions of people have Nazi imagery, according to a
i i i watched a Jan. 11 video by By Rolfe Winkler, review of his channel by The
YouTube’s biggest star that in- Jack Nicas Wall Street Journal.
Roses, balloons, teddy bears trade hands cluded two men laughing as and Ben Fritz On Monday after the Jour-
they held a banner that read, nal contacted Disney about the
on the down low; ‘men have to learn’ “Death to all Jews.” lar deals from YouTube and videos, the entertainment gi-
The man behind the video Walt Disney Co., which owns a ant said it was severing ties
is Felix Kjellberg, a 27-year-old firm that runs Mr. Kjellberg’s with Mr. Kjellberg, who as
BY MARGHERITA STANCATI to obscure the connection with Swede known as “PewDiePie,” business. PewDiePie rose to prominence
you-know-what day. The shop’s who has amassed 53 million Since August, PewDiePie via clips of himself playing
RIYADH—Whatever you call engravers write personalized subscribers. His success has has posted nine videos that in- videogames or performing
February 14 in Saudi Arabia, messages like “Love You For- brought him multimillion-dol- clude anti-Semitic jokes or Please see VIDEO page A2
just don’t call it Valentine’s Day. ever” on the wooden hearts but
A celebration named after a avoid the V-word.
martyred Chris-
tian saint doesn’t
“We respect
the rules here,”
Threat of
translate well in a
conservative
says the shop’s
chief woodcarver.
Dam Flood
kingdom that fol- Only a fraction Subsides
JOSH EDELSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
lows an austere of the population
interpretation of knows much AWASH: Officials
Sunni Islam. Reli- about the holiday. said they were
gious police Enough, though, making progress
prowl for sale to cause a spike in lowering water levels
items associated A paper teddy bear the sale of love- of California’s Oroville
with the holiday, themed items in Dam, a day after
200,000 residents
secular makeover in the West time, from heart-shaped can- were evacuated
over the centuries. dles to helium balloons that amid fears of a
At the back of a gift shop in say: “LOVE always and forever.” devastating flood. it
central Riyadh, a worker Some merchants display was still unclear
painted palm-sized wooden love-themed items before Val- when they may be
hearts in brown instead of red Please see LOVE page A8 able to return. A2
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Tuesday, February 14, 2017
GOP Health-Law Plans Draw Criticism
BY ANNA WILDE MATHEWS
The Affordable Care Act’s
tax on high-cost em-
ployer health plans faced
sharp opposition from employ-
ers and unions. Now, Republi-
cans are drawing equal fire for
proposals that those groups
say would have some of the
same effects as the tax.
The law’s so-called Cadillac
tax is levied on the value
of employer health plans above
a certain threshold, in part to
discourage what backers argue
are overly generous plans and
high usage of costly care. It is
one of the few aspects of the
law that Congress has tweaked,
delaying its impact until 2020.
Several Republican plans for
replacing the law include their
own curb on generous health
plans: a cap on how much of
employer-provided health ben-
efits could be shielded from
taxes. Such a cap could force
certain workers to start paying
income tax on a portion of the
cost of their coverage.
“In the end, they both
would have similar effects,” in-
cluding pushing companies to-
ward skinnier health plans,
said Steve Wojcik, an official
with the National Business
Group on Health, which repre-
sents employers. “It’s six of
Catching a Winter Wave in Massachusetts
BRIAN SNYDER/REUTERS
SURF’S UP: A surfer took to the water in Gloucester, Mass., on Monday as a snowstorm churned the ocean. Winter-storm warnings
were in effect from upstate New York to Maine, where blizzard conditions took hold and more than 2 feet of snow fell in some areas.
VIDEO
Continued from Page One
skits and making crude jokes.
Under the terms of their ar-
rangement, Mr. Kjellberg had
editorial independence.
“Although Felix has created
a following by being provoca-
tive and irreverent, he clearly
went too far in this case and
the resulting videos are inap-
propriate,” said a spokes-
woman for Maker Studios, the
Disney division that was busi-
ness partners with PewDiePie.
PewDiePie’s account also
took down at least three vid-
eos with a total of about 23
million views—the Jan. 11
video, and ones from Jan. 17
and Jan. 22—after the Jour-
nal’s inquiries. In the Jan. 22
video, Mr. Kjellberg showed a
man dressed as Jesus Christ
saying, “Hitler did absolutely
nothing wrong.”
Mr. Kjellberg said in a video a
few days later that the Jan. 11
clip was a joke that went too far.
Alphabet Inc.’s Google, which
owns YouTube, pulled ads that
run on its videos from the Jan.
11 video within days of its post-
ing, before it was taken down
this past weekend. YouTube
hasn’t pulled any of the nine
videos in question, though
PewDiePie’s account took down
three of them. Google hasn’t re-
moved ads from any of Mr.
Kjellberg’s other videos.
Mr. Kjellberg didn’t respond
to requests for comment for
this article. On Sunday, he
wrote on Tumblr that he
wanted to “clear some things
up,” specifically that he
doesn’t support “any kind of
hateful attitudes.” Mr. Kjell-
berg wrote that he creates
one, a half-dozen of the other.”
Currently, when an employee
receives health insurance, the
value of that benefit isn’t sub-
ject to either income or payroll
taxes. On average, employer
coverage for a single worker
last year ran $6,435, while for a
family, the tab was $18,142, ac-
cording to a survey by the Kai-
ser Family Foundation. Employ-
ers bore about 82% of the cost
for single plans and about 70%
for family coverage.
A blueprint for a health-care
overhaul released in June by
Republican House committee
chairmen included a limit on
how much of that value would
be tax-free. If an em-
ployer health plan cost more
than that limit, the difference
could be subject to income tax,
just like wages. The law’s re-
placement plans released by
Tom Price, a former congress-
man and now the new secretary
of health and human services,
and Senate Finance Committee
Chairman Orrin Hatch (R.,
Utah) also included caps.
House Speaker Paul Ryan
(R., Wis.) said recently that he
has long supported a cap on the
health-benefits tax exclusion,
but that it was an “open ques-
tion” where Congress would
end up on the issue.
The tax exclusion for em-
content for entertainment, not
as political commentary, and
understands “these jokes were
ultimately offensive.”
The videos illustrate the risk
for companies such as YouTube
and Disney that, eager to reach
young audiences, make deals
with talent who may push
boundaries on what is accept-
able within the company’s stan-
dards or basic social norms. By
distributing the content to a
wide audience, companies are
vulnerable to criticism when a
user’s words are deemed offen-
sive. In Mr. Kjellberg’s case, a
major neo-Nazi website has em-
braced his statements.
Social media companies
also are wrestling with how to
address darker forms of
speech, whether it is jihadist
propaganda or rhetoric from
an emerging white-nationalist
movement. The dilemma is es-
pecially troublesome when it
involves prominent figures like
Mr. Kjellberg. Twitter Inc., for
instance, has stepped up ef-
forts to suspend accounts vio-
lating its hate speech and ha-
rassment rules. It recently
banned Breitbart editor Milo
Yiannopoulos for violating its
abusive content policy, for ex-
ample. YouTube said it prohib-
its videos that violate its rules,
which include a ban on con-
tent that “promotes or con-
dones violence against individ-
uals or groups based on race
or ethnic origin (or) religion.”
In reviewing videos, the
company said it considers in-
tent as well as the context.
YouTube declined to comment
specifically on PewDiePie’s
videos. Mr. Kjellberg’s videos
in recent weeks have drawn
the praise of neo-Nazi web-
sites like Daily Stormer, which
the Southern Poverty Law
U.S. NEWS
Costs of Care
Average annual employer and
employee contributions to pay
for family health plans
$20,000
From employers
From workers
15,000
10,000
5,000
0
2000 ’05 ’10
Source: Kaiser/HRET Survey of
Employer-Sponsored Health Benefits, 2016
THE WALL STREET JOURNAL.
ployer health benefits repre-
sents a huge pool of potential
federal revenue, estimated at
$266 billion in 2016, according
to the Congressional Budget
Office. Capping the exclusion
would bring in a fraction of
that total. The Cadillac tax, the
CBO said, would raise federal
revenue by $2 billion in 2020,
growing to $20 billion in 2025.
Economists have long said
the tax exclusion for health
benefits has negative effects,
Center on Thursday dubbed
the “top hate site in America.”
On Jan. 23, the site changed
its motto to “The world’s #1
PewDiePie fansite,” according
to the Internet Archive, cele-
brating Mr. Kjellberg for
“making the masses comfort-
able with our ideas.”
Mr. Kjellberg is a top earner
on YouTube, making roughly
$14.5 million last year, accord-
ing to estimates from social
media data firm NeoReach.
That amount includes splitting
ad revenue with YouTube, as
well as sponsorships and ap-
pearance fees.
Mr. Kjellberg is a top
earner on YouTube,
making roughly $14.5
million last year.
His videos collectively have
been watched 14.7 billion
times, more than anyone else
on YouTube. His star power
helped him secure a multimil-
lion-dollar bonus from You-
Tube around late 2015 to keep
his videos on its site exclu-
sively, according to people fa-
miliar with the deal.
A show starring him now
anchors YouTube’s subscrip-
tion service, YouTube Red.
Mr. Kjellberg was since
2012 a part of an online video
network run by Maker Studios,
which Disney bought in 2014
for $675 million. Last year, af-
ter he threatened to leave,
Maker formed its first ever
joint venture making it and
Mr. Kjellberg co-owners of a
company that produces videos,
mobile apps and merchandise,
’15
House Speaker Paul Ryan, left, and Tom Price, health secretary
encouraging employers to offer
too-generous health coverage.
That, they argue, leads to ex-
cessive health spending because
employees are shielded from
the full cost of medical care.
Without health benefits’ special
tax status, some economists
say, workers would see greater
increases in their wages.
The existing health-benefits
tax exclusion “has been an im-
portant factor in promoting
the kinds of inefficiencies in
according to a person with
knowledge of the agreement.
Now that Disney has ended
the joint venture, Mr. Kjell-
berg’s options are to produce
videos independently or find a
new partner.
Mr. Kjellberg, who in late
December was working out of
an old Disney office outside
London, has said the media
takes his jokes out of context.
“What I just think—and I
believe strongly in—is that it is
2017 now,” he said in the Jan.
22 video that was taken down.
“We’re going to have to start
separating what is a joke, and
what is actually problematic.
“Is a joke actually pure rac-
ism?” he said. “Is something
that would be considered a joke
purely homophobic, or anti-Se-
mitic and all these things? Con-
text f—ing matters.”
Mr. Kjellberg says the mate-
rial is portrayed in jest. He
showed a clip from a Hitler
speech in a Sept. 24 video criti-
cizing a YouTube policy, posted
swastikas drawn by his fans on
Oct. 15 and watched a Hitler
video in a brown military uni-
form to conclude a Dec. 8 video.
In the Jan. 11 video, in
which the two men are unfurl-
ing the “Death to All Jews”
sign, Mr. Kjellberg paid people
to do bizarre things via the
website Fiverr, which helps
freelancers secure part-time
work. After he shows himself
hiring the men to make the
sign, he watches them unfurl-
ing the sign while they laugh
and dance. Mr. Kjellberg ap-
pears to express shock and
apologizes, saying “I didn’t
think they would actually do
it.” The men, in rural India,
apologized in a video saying
“we don’t really know what
the message means.”
* ***** THE WALL STREET JOURNAL.
dillac tax. Voters like generous
insurance and don’t welcome
new taxes, said Paul Ginsburg,
senior fellow at the Brookings
Institution.
The current proposals to
limit the tax exclusion are
drawing sharp pushback from
employers, which say the
change could limit their flexi-
bility and add to their costs,
and labor groups, which fear
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
their members could end up
paying additional taxes. A De-
cember letter to members of
Congress that criticized both
the Cadillac tax and the health-
benefits exclusion cap was
signed by groups including the
U.S. Chamber of Commerce and
the National Retail Federation.
The cap is also drawing op-
position from the Alliance to
Fight the 40, a coalition that
lobbies against the Cadillac
the health-care system that we tax, which would impose a
have seen,” said Joseph Antos, 40% levy on the value of
an expert at the conservative- health plans above certain cut-
leaning American Enterprise off levels.
Institute who supports a cap Last month, the group,
on the employer health-bene- which includes employers,
fits tax exclusion. unions and health companies,
However, the idea of taxing paid to blast an ad at elec-
employer health benefits has tronic devices in the vicinity of
long been a tough one to ad- congressional Republicans’
vance politically. A Kaiser Philadelphia retreat, with the
Family Foundation poll in Sep- message: “Taxes on employer-
tember 2015 found that 60% of sponsored health care are a
respondents opposed the Ca- bad idea.”
U.S. WATCH
IMMIGRATION guments that a court should rule
in his favor now.
Authorities Say More The Justice Department in a
Than 680 Apprehended civil lawsuit is alleging Mr. Arm-
strong defrauded the govern-
U.S. authorities said immigra- ment by accepting sponsorship
tion agents apprehended more money from the U.S. Postal Ser-
than 680 people in enforcement vice while taking performance-
operations that spanned several enhancing drugs. It is seeking
regions of the country last week. nearly $100 million in damages.
The Department of Homeland Mr. Armstrong has argued
Security said a five-day enforce- that the government’s legal
ment surge in the metropolitan claims are deficient on several
areas of Atlanta; Charlotte, N.C.; grounds, among them that the
Chicago; New York; and San Anto- Postal Service benefited tremen-
nio, among others, as well as in dously from its sponsorship of
six Southern California counties, the cycling team.
resulted in the arrests of people U.S. District Judge Christopher
unlawfully in the U.S. who pose a Cooper in Washington said most
threat to public safety, border se- of the government’s claims raised
curity or the integrity of the na- issues of fact that must be con-
tion’s immigration system. sidered by a jury. He said it was
Among those arrested, ap- for jurors to decide if the govern-
proximately 75% were criminals ment suffered damages from the
convicted of offenses “including, fallout from Mr. Armstrong’s con-
but not limited to, homicide, ag- fessed doping.
gravated sexual abuse, sexual —Brent Kendall
assault of a minor, lewd and las-
civious acts with a child, inde- PENNSYLVANIA
cent liberties with a minor, drug
trafficking, battery, assault, DUI Sandusky’s Son Faces
and weapons charges,” said De- Sex-Abuse Charges
partment of Homeland Security
Secretary John Kelly. Pennsylvania state police ar-
—Miriam Jordan rested the 41-year-old son of for-
mer Pennsylvania State Univer-
CALIFORNIA sity assistant football coach Jerry
Sandusky on Monday and
Threat Remains charged him with child sex abuse
At Oroville Dam related to two minors.
A day after nearly 200,000
residents around the Lake Oro-
ville dam in northern California
Jeffrey Sandusky was ar-
raigned in Bellefonte, Pa., the
same city where his father was
convicted in 2012 of abusing 10
fled as officials feared a devas- boys. The elder Mr. Sandusky, 73,
tating flood, officials said they is serving a 30- to 60-year sen-
were making progress lowering tence in state prison. He has main-
water levels in the lake and mak- tained his innocence.
ing repairs to a spillway crucial An attorney for Jeffrey San-
for safely diverting overflow. dusky didn’t respond to a request
But evacuation orders re- for comment. According to an af-
mained in place, and it was un- fidavit by a state police officer, in
clear when residents might be March 2016 Jeffrey Sandusky al-
able to return home, officials legedly requested sexually explicit
said. “This is still a dynamic situ- photographs via text from the
ation,” said Butte County Sheriff child of a woman with whom he
Kory Honea. had been living.
Bill Croyle, acting director of —Kris Maher
the California Department of
Water Resources, said an as-
sessment by engineers Monday
morning showed no further signs
CORRECTIONS 
of major erosion of the spillway AMPLIFICATIONS
or other parts of the dam.
—Jim Carlton
The last name of Lorenzo
LANCE ARMSTRONG and Frank Fertitta was mis-
spelled as Ferrtita in one ref-
Judge: Lawsuit erence in a Sports article on
Should Go to Trial Monday about Dana White, the
president of Ultimate Fighting
A federal judge ruled Monday Championship.
that the federal government’s
false-claims lawsuit against Readers can alert The Wall Street
Journal to any errors in news articles
Lance Armstrong should proceed by emailing wsjcontact@wsj.com or
to trial, rejecting the cyclist’s ar- by calling 888-410-2667.
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JOHN LOCHER/ASSOCIATED PRESS
Demonstrators gathered in Las Vegas last week as jury selection began for defendants accused of taking up arms against federal agents.
Standoff Backers in Court
Bundy followers are
set for trials after
confrontations with
federal officers
BY JIM CARLTON
AND SARA RANDAZZO
Trials are under way or set
to start for 10 followers of cat-
tleman Cliven Bundy and his
sons involving armed standoffs
with authorities, one at a na-
tional wildlife refuge in Oregon
and the second over alleged il-
legal cattle grazing in Nevada.
The trials, in Las Vegas and
Portland, stem from protests
led by Bundy family members.
The Nevada ranchers have be-
come among the most militant
leaders of a movement to curb
federal control of the vast pub-
lic lands in the West. They say
authorities hurt cattlemen by
actions such as restricting
their cows from areas where
they long have grazed.
In Oregon, federal prosecu-
tors are looking for redemp-
tion in a trial set to
start Tuesday after an October
trial of seven defendants, in-
cluding Bundy brothers Am-
mon and Ryan, resulted in
complete acquittals on fel-
ony conspiracy charges.
The men were among 26
people charged in the armed
takeover of the Malheur Na-
tional Wildlife Refuge in ru-
ral eastern Oregon early last
year in protests over federal
land policies.
MADDIE MCGARVEY/THE WASHINGTON POST/GETTY IMAGES
The settlement covers lawsuits alleging DuPont’s Parkersburg, W.Va., plant tainted drinking water.
DuPont Settles PFOA Lawsuits
BY KRIS MAHER
AND CAMERON MCWHIRTER
A $671 million settlement
announced Monday between
DuPont Co. and lawyers repre-
senting thousands of people in
Ohio and West Virginia could
bring a swift end to years of
litigation there, while fueling
cases in other states where
people have alleged health
problems after a chemical
used to make Teflon got into
their drinking water.
The proposed settlement,
which needs to be approved by
individual plaintiffs, comes
amid growing concern over
the potential effects of perflu-
orooctanoic acid, or PFOA, on
drinking-water quality and
health. It also comes as a
range of other hazards to the
nation’s aging drinking-water
infrastructure, from lead pipes
to farm runoff to the presence
of other industrial chemicals,
gain widespread attention.
* * * *
U.S. NEWS
Nevada rancher Cliven Bundy speaking with supporters in 2015.
The 41-day siege ended
soon after Ammon Bundy and
seven others were arrested in
a highway showdown with
state and federal officers, dur-
ing which one occupier, Robert
LaVoy Finicum, was shot and
killed by an officer.
This time, prosecutors with
the U.S. attorney’s office in Or-
egon have added misdemeanor
trespass charges for the four
remaining defendants in addi-
tion to the primary felony
charge of conspiracy to impede
federal officers through intimi-
dation, threats or force.
The judge overseeing the
case, not the jury, will rule on
the misdemeanor charges, giv-
ing the prosecution two tries
for a conviction of some kind.
During the roughly five-week
trial the government is ex-
pected to call Ammon Bundy,
law enforcement agents and
In New York, Vermont and
elsewhere, state investigations
have found high levels of
PFOA in water systems near
current and former manufac-
turing sites where companies
used the chemical for decades
to make everything from Tef-
lon frying pans to Gore-Tex
waterproof jackets to pizza
boxes.
The DuPont settlement
could provide a boost to other
PFOA lawsuits that have
sprung up against other com-
panies in New York and other
states, experts said Monday.
“The fact that DuPont was
willing to put up real money
for settlement of these claims
has to be a shot in the arm for
plaintiffs’ lawyers pursuing
similar claims elsewhere,” said
Howard Erichson, a law pro-
fessor at Fordham University
School of Law.
Monday’s settlement covers
roughly 3,500 personal injury
lawsuits against DuPont that
Tuesday, February 14, 2017 | A3
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eight other defendants, who 800 843 32-9 | TIFFANY.COM
also include two other Bundy
sons, Melvin and David.
If convicted of charges in-
cluding conspiracy to commit
an offense against the U.S. and
assault on a federal officer, the
defendants potentially face up
to decades in prison.
According to federal prose-
JOHN LOCHER/ASSOCIATED PRESS
cutors, the standoff ensued af-
ter the elder Mr. Bundy re-
fused for more than 20 years
to pay required grazing fees on
federal lands near his ranch,
and had 400 of his cows seized
for trespass. Mr. Bundy, they
said, used the internet to call
for help and, when armed fol-
lowers arrived, he forcibly
refuge employees as witnesses. took his cows back.
A spokesman for the U.S. at- Law enforcement officers
torney’s office declined to from the Bureau of Land Man-
comment on the trial. Fourteen agement and other agencies
people have already pleaded backed away, they said, after
guilty in the Oregon case to encountering threats includ-
crimes of varying degrees, in- ing Bundy followers taking up
cluding three last week. what they called “sniper” posi-
Charges were dropped last tions on bridges.
year against a 26th defendant. But lawyers for the defen-
In Las Vegas, opening state- dants say that while many did
ments began Thursday in a wear guns, they did so lawfully
trial for six defendants, the without threatening anyone.
first of a batch charged in a One defendant, Eric Parker, of
2014 standoff with federal offi- Hailey, Idaho, dropped in a
cers in southern Nevada by the prone position with his rifle
Bundys and hundreds of sup- only after officers pointed
porters. The confrontation was weapons at him, said his Las
spurred by the government’s Vegas-based attorney, Jess
seizure of the ranchers’ cattle Marchese.
for alleged illegal grazing. “He just got down because
Cliven Bundy and sons Am- he was scared,” Mr. Marchese
mon and Ryan—who have re- said. “The restriction of free
mained in federal custody speech, police brutality and
since last fall—are set to stand government overreach are at
trial later this year along with stake here.”
U.S. Judge
In Virginia
Blocks Part
Of Travel Ban
BY ARUNA VISWANATHA
A federal judge in Virginia
said late Monday that Presi-
dent Donald Trump’s executive
order on immigration was
likely unconstitutional and is-
sued a preliminary injunction
blocking part of the adminis-
tration’s efforts to restrict en-
try to the U.S.
With her ruling, U.S. District
Judge Leonie Brinkema added
another judicial roadblock to
the president, similar to court
grew out of an original lawsuit orders issued elsewhere, in-
in 1999. Residents alleged that cluding a nationwide ruling is-
DuPont was negligent in al- sued by the Ninth U.S. Circuit
lowing PFOA from its plant in Court of Appeals based in San
Parkersburg, W.Va., to taint Francisco.
drinking water when the com- Judge Brinkema said the
pany knew for years about the government has provided “no
contamination and potential evidence” to justify the order,
health risks from PFOA expo- which temporarily barred visi-
sure. tors and immigrants from seven
DuPont said it would pay majority-Muslim countries. The
half of the $670.7 million set- administration argues it was
tlement, while Chemours Co., needed to prevent terrorists
which DuPont spun off in 2015, from entering the country.
would pay the other half. Both The government has argued
companies denied any wrong- the executive order is a valid
doing. Other terms of the set- exercise of the president’s au-
tlement weren’t released. thority to control immigration.
Mike Papantonio, a lawyer Judge Brinkema said that while
representing clients in Ohio Mr. Trump may have broad
and West Virginia who sued power over immigration, he
DuPont, said he thought most still must operate within “the
people would accept the set- constraints of the Constitution,
tlement rather than poten- including the Bill of Rights.”
tially waiting years for their Judge Brinkema’s ruling cov-
cases to reach trial. People ers only Virginia and only the
with cancer claims could re- section of the order suspending
ceive roughly $1.5 million entry from the seven specified
each, he said. countries.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A4 | Tuesday, February 14, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

U.S. NEWS

In Trump’s Fourth Week, Chance for a Reboot Mr. Reagan’s presidency, and ously” enforce it. He has said
his legacy. the Affordable Care Act—
It’s possible that a turning Obamacare—would be re-
point already was reached pealed and replaced quickly
Saturday night, when cam- and simultaneously, and then
paign bluster met cold reality. said replacing it might take
That moment arrived when more than a year.
CAPITAL JOURNAL North Korea tested a medium- Throughout, the corrosive
GERALD F. SEIB range ballistic missile pre- idea that those who disagree
cisely as Mr. Trump was host- with Mr. Trump should be
ing the leader of a nation not merely called out but at-

T
his is the fourth week of directly threatened by Korea’s tacked, personally, has per-
the Trump presidency. nuclear antics, Japanese sisted.
And a good time for a Prime Minister Shinzo Abe.

A
reboot. Mr. Trump’s reaction was ll this has given Demo-
The first three weeks were strikingly different from two crats ample excuse to

ANDREW HARRER/BLOOMBERG NEWS

filled with enough drama and weeks earlier, when a state- simply oppose the new
controversy to last three ment by Mexico’s president president on all fronts, after
months—per- that he didn’t intend to pay initially seeming to find ar-
haps three for a border wall brought an eas—trade and infrastructure
years—in a instant, campaign-like Twit- most notably—where they
normal presi- ter rebuke and the cancella- might work with him.
dency. The tion of a carefully planned This is a dangerous strat-
idea that meeting. This time, the reac- egy for Democrats. All-out op-
nothing ever tion was a careful and sub- position on all fronts may
happens in Washington has dued joint statement of People both pro- and anti-President Trump say he should slow down and stop making enemies. please angry activists now,
been shattered, but at an un- “100%” solidarity with an im- but it isn’t a sustainable ap-
usually high price. portant ally, Japan, which another one inevitably was many of whom share his list its priorities? What happened proach for four years. More
Conversations with those Mr. Trump had said during just around the corner. of enemies and wanted, more to the goals that most of Mr. important, it does nothing to
who wish the new administra- the campaign would have to For most of the first three than anything, a simple sense Trump’s fellow Republicans win back those working-class
tion well and those who wish do more to fend for itself. weeks, the presidential pat- that Mr. Trump would end put at the top of their priority voters Mr. Trump took away
it ill offer the president strik- And then—nothing more. tern was similar. Mr. Trump stasis and gridlock in Wash- list: tax reform and a tax cut? from them in the 2016 elec-
ingly similar advice at this No offhand Twitter com- moved almost frenetically ington. But that approach On other fronts, the exact tion. Democrats will face their
point: Slow down. Stop acting ment, no warnings, no pro- from oil pipelines to health hasn’t done much to expand contours of Trump policy own moment for a reboot.
as if everything that came be- vocative aside. care to trade deals to border his base of support, within have been hard to discern As that suggests, the power
fore is flawed, by definition. walls to financial deregula- Washington or around the among a series of reversals. of the impulses that make up

D
Stop looking for chances to uring the long presi-
make enemies and make a few dential campaign, by
more friends. contrast, Mr. Trump
And perhaps find some found that unpredictable be-
more people with deeper gov- havior, even the cultivation
erning experience. When Ron- of chaos, was his friend. That
ald Reagan hit a crisis point in approach kept his opponents
his presidency, he brought in guessing and prevented
one of Washington’s most ex- them, or the media, from
perienced hands, former Sen. boring in on any one contro-
Howard Baker. He stabilized versy for too long, because
tion to Iranian sanctions to country. That’s been illus- The president questioned Trumpism, and that drove Mr.
an exploding immigration ex- trated in polls finding his level America’s longstanding one- Trump to the White House,
ecutive order, along the way of approval historically low China policy and then reaf- remains strong. If Washington
picking fights with Mexico, for a new president, and re- firmed it in a phone call with had been working beautifully,
car companies, the pharma- sembling his level of support Chinese President Xi Jinping. there would have been no ra-
ceutical industry, Senate in the campaign. He suggested in the campaign tionale for a Trump candidacy.
Democratic leader Chuck More than that, the ap- he would ditch the Obama ad- Yet translating a winning
Schumer, the news media proach has left his Republican ministration’s nuclear deal campaign message into effec-
and Nordstrom Inc. allies in Congress struggling with Iran but pledged in a tive governance is hard, as Mr.
All that undoubtedly to figure out the focus of the phone call with Saudi Arabia’s Trump has learned over the
pleased his core supporters, new administration. What are King Salman only to “rigor- last three weeks.

Mnuchin Confirmed as Treasury Secretary Donald Trump’s

First 100 Days
BY NICK TIMIRAOS vides insight into how they’ll employment taxes in a timely The administration’s latest
govern and what their priori- manner. actions and agenda at a glance
WASHINGTON—The Senate ties will be. The president has One question now centers on
confirmed financier Steven shown his hand by selecting the how Mr. Mnuchin will be able
Mnuchin as the next Treasury most anti-working-class cabinet to work with both parties to
secretary in a 53-47 vote Mon- that we have ever seen,” said advance an overhaul of the tax MONDAY
day evening, placing him in a Senate Minority Leader Chuck code, an infrastructure-spend- u Northern neighbor: Presi-
leading position to advance Schumer (D., N.Y.) on Monday. ing package and a rewrite of fi- dent Donald Trump met with
President Donald Trump’s plans The delay between presiden- nancial regulations passed by Prime Minister Justin
to revamp financial regulation tial administrations in filling Congress in 2010. Trudeau of Canada, pledging
and the U.S. tax code. the Treasury post was the lon- Democrats have already to work together to build
Sen. Joe Manchin of West gest in the nation’s history, said pressed Mr. Mnuchin to explain economic growth in both
YURI GRIPAS/REUTERS

Virginia was the only Democrat Senate Finance Committee how he will uphold a pledge de- countries and bolster efforts
to join with all of the Senate’s Chairman Orrin Hatch (R., livered after his nomination to empower women in the
Republicans to approve the Utah). “None of the allegations was announced last fall to re- workforce. Mr. Trump said he
nomination of Mr. Mnuchin, my colleagues have raised can vamp the tax code in a way that intends on “tweaking” the
who was sworn in on Monday stand even a modest amount of provides “no absolute tax cut” U.S.-Canada trade relation-
night. scrutiny,” he said. for the upper class, a position ship.
Mr. Mnuchin, who served as Steve Mnuchin was sworn in as Treasury secretary in the Oval The lack of bipartisan sup- that would appear very difficult
Mr. Trump’s campaign-finance Office on Monday by Vice President Mike Pence. port for a Treasury secretary is to reconcile with the tax plan u North Korea: Mr. Trump
chairman last year, spent 17 unusual. Previously, the closest Mr. Trump unveiled last year. said North Korea is “a big, big
years at Goldman Sachs Group and rehabilitating the failed Mnuchin, 54 years old, citing vote for the job came in 2009 Meanwhile Monday, the Sen- problem” and he would “deal
Inc. before leaving in 2002 to IndyMac Bank, rebranded One- the bank’s involvement moving for President Barack Obama’s ate confirmed Dr. David Shulkin with that very strongly.” Over
work in the hedge-fund indus- West Bank, became a focus of thousands of defaulted mort- first Treasury secretary, Timo- to lead the Department of Vet- the weekend, North Korea
try. He co-founded Dune Capi- his confirmation battle. He and gages through foreclosure. thy Geithner, who won confir- erans Affairs. Dr. Shulkin, who conducted a ballistic missile
tal Management LP and ex- GOP backers said the financial- They also questioned whether mation on a 60-34 vote with 10 has been in charge of the VA’s test.
panded into the entertainment crisis era acquisition from the the bank had done enough new votes from Republicans. His health-care system, will be the
business, financing Hollywood U.S. government showed his lending to underserved markets nomination became controver- first nonveteran to head the u Deportations: Defending
movies. business savvy. after the financial crisis. sial after disclosures that Mr. agency. He was confirmed in a the recent deportation raids,
Mr. Mnuchin’s role buying Democrats opposed Mr. “A president’s cabinet pro- Geithner failed to pay some 100-0 vote. the president said the gov-
ernment is targeting people
with a “tremendous track re-

FLYNN cord of abuse and problems”

and removing them. “I’m just
doing what I said I would do,”
he said.
Continued from Page One
the letter. “I have sincerely apol- u Tax returns: Rep. Kevin
ogized to the President and the Brady (R., Texas), chairman of
Vice President, and they have the House Ways and Means
accepted my apology.” Committee, brushed aside
The resignation is a blow to Democrats’ calls for a com-
Mr. Trump just weeks into his mittee inquiry into Mr.
time in office. Mr. Flynn has Trump’s taxes and conflicts of
clashed with several members of interest, saying it would set a
Mr. Trump’s cabinet, including precedent for intrusive looks
Homeland Security Secretary by Congress into individual
John Kelly and Secretary of taxpayers.
State Rex Tillerson.
The disagreements, particu- WHAT’S AHEAD
larly over some of Mr. Flynn’s u The president plans to have
hires, grew so heated at one lunch Tuesday with New Jer-
point that two of Mr. Trump’s sey Gov. Chris Christie, who
top advisers—Jared Kushner unsuccessfully sought the
and Steve Bannon—flew from 2016 GOP presidential nomi-
New York to Washington before nation and later endorsed Mr.
CARLOS BARRIA/REUTERS

the inauguration to meet with Trump. Political observers will

the incoming president’s nomi- be looking for any sign of a
nees, said two people familiar possible job for Mr. Christie in
with the meeting. the administration.
Mr. Flynn’s conflicting state-
ments about his contacts with u Mr. Trump is slated to
Russian officials created a rift Mike Flynn, who resigned as national security adviser Monday night, is seen arriving at a White House news conference earlier in the day. meet with Prime Minister
with Mr. Pence, who was an- Benjamin Netanyahu of Israel
gered that he had publicly just one phone call, officials said. the Justice Department that Mr. Obama administration holdover up the pace of his meetings with on Wednesday.
vouched for Mr. Flynn based on Mr. Flynn’s contacts with the Flynn had made misled officials, who was later fired by Mr. foreign leaders, hosting Cana-
a private conservation, adminis- Russian ambassador are part of including Mr. Pence, about his Trump for her refusal to defend dian Prime Minister Justin QUOTES
tration officials said. a broader U.S. counterintelli- contacts with Russian officials. in court his executive order tem- Trudeau on Monday and plan- “HOLY MOLY!!! It was fasci-
Mr. Flynn insisted until late gence investigation into Russian According to a person famil- porarily blocking visitors from ning to meet with Israeli Prime nating to watch the flurry of
last week that in a conversation government contacts with peo- iar with the matter, the Justice some countries, this person said. Minister Benjamin Netanyahu activity at dinner when the
on Dec. 29 with the Russian am- ple close to Mr. Trump. Law- Department warned the Trump The warning was first re- on Wednesday. news came that North Korea
bassador, Sergey Kislyak, he makers in Congress also have administration last month that ported by The Washington Post. Mr. Kellogg has been serving had launched a missile in the
didn’t discuss sanctions imposed begun investigations into U.S. U.S. intercepts contradicted Mr. The turmoil comes as the on the National Security Council direction of Japan.”
that day by the Obama adminis- intelligence agencies’ conclusion Flynn’s denials that he had dis- new administration is trying to as chief of staff and executive —Richard DeAgazio,
tration, which were levied in re- that the Kremlin engaged in cussed sanctions with a Russian formulate its foreign policy and secretary, a crucial position re- a member of Mar-a-Lago,
taliation for alleged Russian in- hacking Democratic Party or- ambassador. The message was is just beginning to confront sponsible for ensuring the on Facebook
terference in the 2016 ganizations and individuals in meant both to advise the admin- multiple global challenges. timely and coordinated flow of
presidential election. an attempt to influence Novem- istration of the apparent contra- The White House is in the memos, directives and briefing “There’s no excuse for letting
Mr. Flynn later conceded that ber’s election in favor of Mr. diction and to let them know midst of a review of its North papers. That process has been an international crisis play
he did, administration officials Trump. that the discrepancy could, in Korea policy as Pyongyang beset by dysfunction, with key out in front of a bunch of
said, after transcripts of his Senior Trump counselor Kel- theory, be used as blackmail by launched a ballistic missile test organizational responsibilities country club members like
phone calls showed as much. He lyanne Conway earlier Monday Russia against Mr. Flynn some- over the weekend while Mr. and lines of authority left unde- dinner theater.”
also admitted that he spoke with had said Mr. Trump had “full day, according to this person. Trump was hosting the prime fined, said a U.S. official who —Rep. Nancy Pelosi,
the ambassador more than once confidence” in Mr. Flynn, but The warning from the Justice minister of Japan at his Florida has worked with Gen. Kellogg. the House Democratic leader,
on Dec. 29, despite weeks of the that changed amid new reports Department came from acting golf club. —Shane Harris contributed on Twitter
Trump team’s insisting it was the White House was warned by Attorney General Sally Yates, an Mr. Trump also is stepping to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. Tuesday, February 14, 2017 | A5

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A6 | Tuesday, February 14, 2017
China Defers to U.S. on Pyongyang Missile
Launch
Beijing stayed quiet on
missile test, then urged
Washington and Seoul
to rein in North Korea
BEIJING—As the Trump ad-
ministration confronted its first
challenge by North Korea, a
weekend ballistic-missile test,
China largely stayed on the
sidelines, watching how the
new leadership in Washington
would react.
By Chun Han Wong
in Beijing and Farnaz
Fassihi at United
Nations
China’s government waited a
day before expressing its oppo-
sition to the test and urging
Washington and Seoul to do
KCNA/REUTERS
more to curb Pyongyang’s nu-
clear ambitions.
“The roots of the North Ko-
rean nuclear-weapons issue
stem from differences between
North Korea and the U.S., and
between North and South Ko-
rea,” Chinese Foreign Ministry
spokesman Geng Shuang said
Monday. “We hope that all rele-
vant parties will shoulder their
due responsibilities and do
what they can.”
Mr. Geng noted the test vio-
lated United Nations Security
Council resolutions, and China
has regularly criticized North
Korea for conducting weapons
tests. But some academics said
Beijing appeared more reserved
in its remarks, particularly
when compared with admonish-
ments it issued against Pyong-
yang’s nuclear tests last year.
“Since Donald Trump came
to power, China’s approach has
been to wait and see—letting
Trump Plans ‘Tweaking’ of Canada Trade Ties
WASHINGTON—President
Donald Trump said he seeks
only modest changes in the
U.S. trade relationship with
Canada, pledging that the two
nations would continue to
work together on cross-border
commerce and security issues.
By Damian
Paletta, Louise
Radnofsky
and Paul Vieira
Following meetings on
Monday with Canadian Prime
Minister Justin Trudeau, Mr.
Trump said the U.S. would be
“tweaking” its trade relation-
ship with Canada as it consid-
ers how the North American
Free Trade Agreement could
be adjusted. The remarks con-
trast with Mr. Trump’s harsh
criticism of the current state
of U.S. trade with Mexico.
“We have a very outstand-
ing trade relationship with
Canada,” Mr. Trump said at a
news conference with Mr.
Trudeau. “We will be tweak-
ing it, doing certain things
with both of our countries.”
His comments could set the
stage for a two-tiered renego-
tiation of Nafta, with the
Trump administration’s focus
squarely on Mexico. Mr.
Trump said Monday trade
with Canada “is much less se-
vere situation than what’s tak-
North Korean leader Kim Jong Un in a photo released by North Korea’s Korean Central News Agency on Monday.
him do what he wants before
deciding how to respond,” said
Huang Jing, an expert on U.S.-
China relations and Asian secu-
rity issues at the National Uni-
versity of Singapore. “North
Korea has done China a favor,
providing an opportunity to
test Donald Trump’s policy in-
tentions.”
Mr. Trump commented on
the test later Monday during a
press conference with Canadian
Prime Minister Justin Trudeau.
He said that North Korea is “a
big, big problem” that he would
deal with “very strongly.”
Before a meeting Monday of
the United Nations Security
Council, U.S. Ambassador Nikki
Haley called for unspecified ac-
Mr. Trump greeting Canadian Prime Minister Justin Trudeau at the White House on Monday.
ing place” in Mexico.
“For many, many years, the
transaction is not fair to the
U.S. We will work with Mex-
ico, and make it fair for both
parties,” Mr. Trump added.
Mr. Trump emphasized the
close ties the U.S. has with
Canada.
“We have before us the op-
portunity to build even more
bridges, and bridges of coop-
eration, and bridges of com-
merce,” Mr. Trump said.
WORLD NEWS
tion against North Korea.
“We call on all members of
the Security Council to use ev-
ery available resource to make
it clear to the North Korean re-
gime—and its enablers—that
these launches are unaccept-
able,” she said. “It is time to
hold North Korea accountable—
not with our words, but with
our actions.”
Several U.S. presidents have
tried to stop North Korea from
developing ballistic missiles and
nuclear weapons, under a long-
standing commitment to denu-
clearize the Korean Peninsula.
President Barack Obama re-
peatedly urged Beijing to apply
more financial and diplomatic
pressure on Pyongyang. China
Three-quarters of Canadian
exports, equivalent to 20% of
the country’s gross domestic
product, are U.S. bound. Per-
haps more important to Mr.
Trump and his trade team,
U.S.-Canada trade is roughly
balanced. The latest data indi-
cated a U.S. deficit in the
trade of goods of $11 billion, a
fraction of the shortfall with
China, Germany or Mexico.
“Millions of jobs on both
sides of the border depend on
CHINA
Continued from Page One
The move could be a sign
the Trump administration is
softening its stance on China.
During his presidential cam-
paign, Donald Trump threat-
ened to label China a currency
manipulator on the first day of
his administration, which he
didn’t do. He also threatened
to slap 45% tariffs on Chinese
goods, an idea he hasn’t raised
recently.
During a phone call with
Chinese President Xi Jinping
last week, President Trump
backtracked on a threat involv-
ing the “One China” policy,
which recognizes Beijing sov-
ereignty over Taiwan. Mr.
Trump said the U.S. would
honor the “One China” policy,
according to the White House,
after he earlier threatened he
might not do so unless China
made big concessions on trade.
But the currency move, if put
into effect, is bound to be con-
troversial because it may vio-
late World Trade Organization
rules. Other countries are also
* **** THE WALL STREET JOURNAL.
has historically resisted taking pressure on Pyongyang.
steps that could destabilize its But in some cases Mr.
impoverished neighbor. Trump has appeared to pull
After Pyongyang carried out back from some of his more un-
nuclear and ballistic-missile conventional campaign pledges
tests last year, Beijing backed and adopt positions aligned
tougher U.N. sanctions that im- with decades of U.S. diplomacy.
pose deep cuts into Pyong- The upshot, some academics
yang’s annual coal exports. say, is Beijing’s reluctance to
Mr. Trump hasn’t outlined commit to any specific course
his plans for dealing with North of action over North Korea.
Korea. On the campaign trail “China may need to adjust
last year, he hinted he was will- its approach in accordance
ing to negotiate a rapproche- with U.S. attitudes, so China is
ment directly with North Ko- watching what the Americans
rean leader Kim Jong Un, do,” said Shi Yuanhua, a pro-
breaking from a past emphasis fessor at Fudan University’s In-
on multilateral talks with the stitute of International Studies
dictator. In January, as presi- in Shanghai.
dent-elect, Mr. Trump said Bei- —Kersten Zhang
jing wasn’t putting enough contributed to this article.
panicking about Nafta before
this meeting or too euphoric
after it,” said Mark Warner, a
Toronto-based trade lawyer.
“One person’s tweak is an-
other person’s rewrite.”
Mr. Trudeau also spoke of
“groundbreaking economic
partnerships” and defense re-
lationships between his nation
and the U.S. He said the two
countries had reached an
agreement on border security
SHAWN THEW/EUROPEAN PRESSPHOTO AGENCY
to combat opioid trafficking.
Mr. Trudeau said relation-
ships between neighbors
could be “complex, and we
won’t always agree on every-
thing.”
“But because of our deep,
abiding respect for one an-
other, we’re able to success-
fully navigate those complexi-
ties and still remain the
closest of allies and friends,”
he said.
Mr. Trump characterized
the smooth and easy flow of his tougher line on deporta-
goods, services and people,” tions, travel restrictions and
Mr. Trudeau said. “By working refugee policy as “a stance of
together, by ensuring the con- common sense.”
tinued economic integration Mr. Trudeau offered polite
of our two economies, we are disagreement. “We continue
going to create opportunities to pursue our policies of
for middle-class Canadians openness to immigration and
and Americans.” refugees without compromis-
Some trade experts in Can- ing security,” he said, adding
ada advised Mr. Trudeau to he wasn’t going to tell Mr.
proceed with caution, despite Trump how to do his job.
the reassuring words. —Michael C. Bender
“We should not have been contributed to this article.
sure to take similar measures
against U.S. exports and could
argue that Federal Reserve poli-
cies that weaken the dollar
cies that keep their currencies
undervalued. Designation as a
currency manipulator is
mostly symbolic. Still, it has
qualify as subsidies. The Obama long been seen in Beijing as a
administration, concerned possible prelude to punitive
about such consequences, de- measures, a threat that Mr.
cided against naming currency Trump made explicit in a late
practices as a subsidy. 2015 opinion piece in The Wall
The individuals who have Street Journal.
been briefed on the White A string of corporate execu-
House thinking stress that the tives have told the Trump
currency plan and other
changes need to be reviewed
by cabinet officials including
Steven Mnuchin who was con-
The currency move, if
firmed as Treasury secretary put into effect, may
late Monday and Commerce
Department nominee Wilbur
violate World Trade
Ross Jr. who is awaiting con- Organization rules.
firmation.
A White House spokes-
woman declined to comment.
A representative for the Chi- White House that China no
nese Embassy in Washington longer is pursuing an under-
didn’t respond to requests for valued currency and has run
comment. through $1 trillion in foreign
China’s currency practices reserves trying to stem the
have long been a source of yuan’s persistent decline.
controversy between the na- In an interview with the
tions with the world’s two big- Journal in January, Mr. Trump
gest economies. rejected that claim, saying Chi-
Twice a year, the Treasury nese leaders talk about sup-
issues a report examining porting their currency “be-
whether countries pursue poli- cause they don’t want us to
Reveals
Advances
BY JONATHAN CHENG
SEOUL—North Korea’s
weekend rocket launch wasn’t
the one many had feared: a
long-range ballistic missile ca-
pable of eventually delivering
a nuclear warhead to the U.S.
homeland.
But it did highlight new
technological developments
that experts say put Pyong-
yang on track to greatly en-
hance the stealth and reliabil-
ity of future long-range missile
launches that are of particular
concern to the U.S. and its al-
lies South Korea and Japan.
North Korea’s state media
on Monday claimed Sunday’s
launch tested a new type of
medium- to long-range ballis-
tic missile that boasts a solid
fuel-powered engine—a modi-
fication of a similar engine it
used in a launch from a sub-
marine last year. If true, it
would be the country’s first
longer-range missile using the
enhanced system.
The new missile will help
ensure “speed in striking,”
said North Korean leader Kim
Jong Un, state media reported.
He said the new system,
dubbed Polaris-2, would allow
the army to “perform its stra-
tegic duties most accurately
and rapidly in any space: un-
der waters or on the land.”
Experts said Sunday’s
launch marked an advance for
the North Koreans because
solid fuel allows a nimbler
launch process, with quicker
fueling times, fewer support
vehicles and greater reliability.
Using the technique would
prevent radar technology from
picking up advance signs that
North Korea is planning to
launch a missile from, say, the
back of a truck, experts said.
“North Korea is emphasiz-
ing stealth and surprise,” said
Go Myung-hyun, an analyst at
the Asan Institute for Policy
Studies in Seoul.
The test launch presented
the Trump administration
with its first major challenge
from a foreign leader. It
sparked calls in the U.S. and
South Korea for quicker de-
ployment of a planned U.S.
missile defense system in
South Korea.
—Chun Han Wong in Beijing
contributed to this article.
KCNA/AGENCE FRANCE-PRESSE/GETTY IMAGES
North Korean state media
released this launch image.
get angry.”
Currency manipulation is
“not on top of agenda of the
American business community
in China,” said James McGregor,
China chairman for APCO
Worldwide, a communications
and lobbying firm. Last week he
visited the White House and
other government offices as part
of a delegation of U.S. business
officials from China.
Categorizing currency ma-
nipulation as a subsidy would
give U.S. companies a new
measure to use in case China
reverts to a more mercantilist
approach.
The Trump administration
is also looking to tighten over-
sight of foreign acquisitions of
U.S. firms that have access to
important technology.
The Committee on Foreign
Investment in the U.S., or
CFIUS, an interagency commit-
tee that reviews foreign acqui-
sitions, would get broader
scope to reject deals that
threaten national interests,
said individuals involved in
discussions with the White
House.
—Ian Talley
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. * * * * Tuesday, February 14, 2017 | A7

WORLD NEWS

U.S. Sanctions Hamas Militant to Run Gaza

Venezuelan Hamas has elected a former
militant commander as its po-
litical leader in the Gaza Strip,

Vice President
BY KEJAL VYAS
AND ANATOLY KURMANAEV
CARACAS, Venezuela—The
U.S. government on Monday
said it has put Venezuela’s vice
president on a sanctions list for
allegedly aiding drug traffick-
In the past, Mr. El Aissami
and other officials have dis-
missed U.S. sanctions and accu-
sations as attempts to destabi-
lize the country’s government.
President Nicolás Maduro had
accused former President Ba-
rack Obama of sponsoring coup
an official for the Islamist
movement said, indicating the
growing influence of the
group’s armed wing in the Pal-
estinian enclave.
By Rory Jones in Tel
Aviv and Abu Bakr
Bashir in Gaza City
Hamas members in Gaza on
Monday chose 55-year-old Yahya

ADEL HANA/ASSOCIATED PRESS

ers, dealing a setback to the
country’s hopes of rebooting
bilateral ties during Donald
Trump’s presidency.
Executive Vice President
Tareck El Aissami and Venezu-
elan financier Samark Lopez
were placed on the Office of
Foreign Assets Control black-
list, the Treasury Department
said in a statement Monday.
The list freezes their assets in
the U.S. and blocks U.S. com-
panies and individuals from
doing business with them.
Mr. El Aissami “facilitated
shipments of narcotics from
Venezuela,” while serving as
interior minister and then
governor of the central Aragua
state, the statement said.
A spokeswoman for Mr. El
Aissami and Venezuela’s Min-
istry of Communications
didn’t immediately respond to
requests for comment.
attempts against him, but he
has asked President Trump to
“build a new relationship based
on respect.”
The vice president joins a
growing list of top former
Venezuelan officials sanc-
tioned by the U.S. for alleged
links with drug trafficking.
U.S. officials said Mr. El
Aissami’s inclusion on the list
was the culmination of a long
investigation into drug traf-
ficking out of the troubled
South American nation.
The U.S. statement de-
scribed Mr. Lopez as a “key
frontman” for Mr. El Aissami
who allegedly laundered the
vice president’s drug proceeds
through a web of oil, engineer-
ing, telecommunications and
asset holding companies.
—Anatoly Kurmanaev and
Samuel Rubenfeld
contributed to this article.
Sinwar, who was arrested by Is-
rael in 1988 for alleged terrorist
activity, to lead its political bu-
reau, the official said, as the Is-
lamist movement runs elections
to revamp its leadership.
Mr. Sinwar was previously a
senior member of Hamas’s po-
litical leadership in Gaza and
was one of the founders of a
forerunner to the group’s cur-
rent military arm, the Izz al-Din
al-Qassam brigades.
Israeli security officials con-
sider him one of the most
hawkish members of Hamas.
After his arrest, Israel con-
victed him of killing Israeli sol-
diers and sentenced him to four
life sentences.
He was released as part of a
prisoner exchange in 2011. The
U.S. State Department added
him in 2015 to a list of desig-
nated terrorists.
Mr. Sinwar will succeed Is-
mail Haniyeh, a former prime
Yahya Sinwar is seen in 2011 after his release from an Israeli prison in a prisoner exchange.
minister of the Palestinian Au-
thority. He has been a senior
leader of Hamas in Gaza since
it took control of the enclave
after a short conflict with the
Fatah faction in 2007.
Since then, Israel has fought
three wars with Hamas in Gaza.
In the latest round of fighting
in 2014, an estimated 2,000 Pal-
estinian civilians and militants
and 70 Israeli soldiers and civil-
ians were killed, according to
the United Nations.
Palestinians widely expect
Mr. Haniyeh to contest the
leadership of Hamas in its en-
tirety, comprising four chap-
ters: in Gaza, the West Bank, Is-
raeli prisons and areas outside
Palestinian territories.
Hamas’s current leader,
Khaled Meshaal, is based in the
Qatari capital Doha and is ex-
pected to step down immi-
nently. Hamas members elect
officials every four years based
on consensus in a secretive pro-
cess.
The U.S. and Israel consider
Hamas a terrorist group.
The appointment of Mr. Sin-
war indicates that Hamas mem-
bers are frustrated with the
economic direction of the Pal-
estinian enclave under the cur-
rent leadership, said Ibrahim
Abrash, a political-science lec-
turer at Al-Azhar University in
Gaza.
“The political wing lost the
elections because they failed in
running Gaza on the economic
and social levels,” he said.
Amid tight Israeli restric-
tions on goods moving in and
out of Gaza, the enclave’s econ-
omy is in a dire situation. Some
11,000 homes were destroyed in
the 2014 war, according to the
Palestinian Authority.

Pollutants Are Found in Deep-Sea Animals

BY ELLIE KINCAID
Industrial pollutants have
infiltrated even the deepest
corners of the ocean that hu-
FERNANDO LLANO/ASSOCIATED PRESS
ronment.
“The big surprise for us
was just how badly contami-
nated these animals were,”
said Alan Jamieson, a marine
They found levels of poly-
chlorinated biphenyls, or
PCBs, a chemical historically
used in electrical equipment,
to be as much as 50 times
where they stuck to particles
of organic matter and eventu-
ally sank down to depths
where the scavenging crusta-
ceans ate them.

mans rarely visit, scientists
found when they deployed re-
search probes to trap animals
dwelling in deep-sea trenches.
The research confirms sci-
entists’ suspicions that cer-
tain chemicals that haven’t
been produced for decades
but don’t naturally decay
would eventually disperse
Venezuelan Vice President Tareck El Aissami, right, in Caracas. widely throughout the envi-
ecologist at Newcastle Univer-
sity in the U.K. and lead au-
thor of the research with col-
leagues from the University of
Aberdeen.
The scientists sent deep-
sea probes to capture tiny
crustaceans living in the Pa-
cific Ocean’s Mariana and Ker-
madec trenches at depths
greater than 4.35 miles.
higher than measurements
from crabs living near a
highly polluted river in China,
the researchers reported in
Nature Ecology & Evolution.
It isn’t clear how the chem-
icals reached the trenches, but
the researchers suggest they
were borne from landfill leaks
and other accidents via the at-
mosphere into the ocean,
The research highlights
that conservation efforts
should consider more than
surface-level human interac-
tion with the ocean, Dr. Ja-
mieson said.
“Everything put in the sea
has to sink, so it’s much eas-
ier to pollute the deepest
place in the world than the
highest mountain,” he said.

SAYING THANKS,
AGAIN.
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in profit sharing payments.
Great service is about more than planes—it’s about people. So today, for the 7th straight year, we
recognize our employees around the world. It’s not just a demonstration of our gratitude, but a
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A8 | Tuesday, February 14, 2017 * ***** THE WALL STREET JOURNAL.

WORLD NEWS

Vaccination Skeptics Gain Traction in Italy

Opposition spreads into quire vaccinations for school
enrollment, sparking heated
politics; government protests in some quarters.
considers making COMILVA, Italy’s leading anti-
vaccination group, alleges the
vaccines mandatory injections are linked to autism
and other diseases. In the
BY PIETRO LOMBARDI group’s hometown, Rimini,
coverage against measles,
ROME—Italy is the latest mumps, and rubella (MMR)
front in Europe’s growing anti- among 2-year-olds has
vaccine trend, fueled in part dropped to below 80%.
by groups that oppose manda- The opposition has spilled
tory injections and raise over to the political arena. It-
doubts over their safety. aly’s antiestablishment 5 Star
The share of Italian 1-year- Movement, which now holds
olds immunized against mea- the mayor’s seat in Rome and is
sles has dropped by at least 5 considered a contender to win
percentage points since 2012, possible national elections later
according to the World Health this year, has said that while
Organization, slipping below vaccines are safe, any attempt
the comparable rate for India. to make them mandatory would
The country’s 2015 immuni- be unconstitutional. Antiestab-
zation rates were the lowest in lishment parties surging in
Western Europe, WHO figures other parts of Europe haven’t
show, roughly on par with made an issue of vaccinations.
those in Serbia and Romania. Italy’s vaccination rate has
As part of its effort to re- dropped amid confusion and,
verse the trend, Italy’s Health critics say, misinformation as-
Ministry is considering com- sociating the shots with al-
pelling local authorities to re- leged health risks. A large
that diseases such as measles
Drop-off have been eliminated has also
Italy's vaccination rate has seen an especially steep fall in recent left some parents less likely to
years in the face of antivaccine sentiment. vaccinate their children, ex-
perts and campaigners say.
Percentage of 1-year-olds with measles immunization coverage Authorities elsewhere in
100% 2015 Europe face antivaccination
Germany sentiment but immunization
97% rates haven’t dropped as pre-
90
cipitously as in Italy. The
U.K. country’s health authorities
95% say the national MMR vaccina-
80
tion rate for 2-year-olds
U.S. stands at 85%, well below the
92% 95% threshold immunologists
70
say has to be reached to con-
France
91% fer “herd immunity” on a pop-
ulation as a whole. MMR cov-
60 India erage in the U.S. for 1-year-
87% olds is 92%, according to the
WHO, whose figures show vac-
Italy cination rates in Italy for po-
50
85% lio, tetanus, whooping cough
1995 2000 ’10 and hepatitis B have also
Source: World Health Organization THE WALL STREET JOURNAL. fallen in recent years.
“We still have children dy-
body of scientific evidence has But some parents don’t vac- ing of measles and whooping
concluded that vaccines are cinate at all, while others delay cough,” said Alberto Villani,
safe and save lives, while ex- the shots because they believe head of the Italian Society of
tensive studies show no link the recommended schedule is Pediatrics, despite the WHO’s
between vaccines and autism. dangerous. The impression effort to highlight Italy’s fall-
ing rates of measles vaccina-
tions. Outbreaks of almost-
vanquished diseases such as
diphtheria can be especially
risky, since drugs to treat them
often aren’t immediately avail-
able and have to be imported.
The flare-up in Italy reflects
a broader skepticism toward
vaccines in Europe that some
surveys suggest surpasses that
of the U.S. Among 67 coun-
tries surveyed last year by the
London School of Hygiene and
Tropical Medicine, six of the
10 countries where skepticism
about vaccine safety ran
strongest were in Europe.
Much of the antivaccine
sentiment originates from a
1998 study by British physi-
cian Andrew Wakefield that
suggested a link between the
MMR vaccine and autism. His
study was later debunked and
the British medical authorities
stripped Dr. Wakefield of his
medical license, but its impact
is still being felt, according to
researcher Heidi Larson, who
led the London project.

Riots Near Paris Grip Presidential Campaigns EU Raises

BY INTI LANDAURO
AND STACY MEICHTRY
Growth
PARIS—A week of social un-
rest at the edges of France’s
Forecasts
capital has begun to resonate BY EMRE PEKER
on the campaign trail as Ma-
rine Le Pen of the far-right BRUSSELS—The European
National Front seized on the Union raised economic forecasts
violence to rail against the for 2017, predicting growth even
country’s ruling class. as it faces mounting political
Stone-throwing rioters, risks and uncertainties.
smashed storefronts and burn- In its first economic forecasts
ing vehicles have become a since U.S. President Donald
nightly ritual across Paris’s Trump took office, the European
banlieues, the belt of down- Commission, the EU’s executive
trodden suburbs that sur- arm, on Monday said the bloc
rounds the manicured capital. had shown its economic resil-
Police detained 21 people, ience to shocks last year, when
many of them minors, late the U.K. voted to leave the union.
Sunday as rioting continued The commission said the
YOAN VALAT/EUROPEAN PRESSPHOTO AGENCY

for the seventh straight night. 19-country eurozone economy

“All this is the result of com- is expected to grow 1.6% this
placency in French society, year—slightly higher than its
which is the fault of politicians 1.5% November forecast.
who have governed us for years,” EU officials expect 2016 euro-
Ms. Le Pen said on Sunday. zone growth to be 1.7%—in line
France’s suburbs, where large with their previous estimate—
numbers of minorities live in and raised their outlook for
housing projects, have long been 2018 to 1.8% from 1.7%. Growth
a powder keg for social unrest. throughout the 28-country bloc
High unemployment and wide- is seen at 1.8% this year, up from
spread drug dealing often lead 1.6% forecast previously.
to clashes with police, who lo- A car burned as supporters of a man who alleged police brutality clashed with French riot police in Bobigny, a suburb of Paris, on Saturday. The three years from 2016
cals accuse of brutality. through 2018 mark the first
The latest violence erupted in rated into dangerous rioting, in- carry him to a presidential vic- ernment of President François police brutality. time since 2008 that all mem-
response to the Feb. 2 arrest of cluding the torching of cars. tory in 2007. Hollande for allowing the vio- Mr. Hollande, who isn’t run- ber states are forecast to in-
a 22-year-old man, identified as Past violence has ended up Polls predict Ms. Le Pen will lence to erupt. “The govern- ning for re-election, has made a crease gross domestic product,
Theo, who claimed police used a handing a megaphone to hard- win the first round of the presi- ment must not let the violence bedside visit to Theo, pledging a the commission said.
baton to sodomize him. Prose- line politicians. In 2005, rioting dential election in April but lose express itself. The first victims thorough investigation. Still, global uncertainties
cutors opened an investigation inside Paris’s banlieues spread out to a more mainstream can- are always the residents of the Benoît Hamon, the Socialist driven by Mr. Trump’s still-
into the four officers involved in across the country, prompting didate in the May runoff. banlieues,” he said. Party’s presidential candidate, opaque stance on key policy
his arrest, and Theo was hospi- then-Interior Minister Nicolas Over the weekend, François The government and its de- accused Ms. Le Pen of trying to areas and Britain’s plan to trig-
talized for injuries that included Sarkozy to demand a cleansing Fillon, the conservative presi- fenders have tried to strike a foment more violence with her ger talks in March to exit from
damage to his rectum. of “scum” with a high-powered dential candidate who served balance, calling for an end to comments. He also called on po- the EU mean “downside risks
Peaceful protests demanding hose. The comments helped fuel as Mr. Sarkozy’s prime minis- the rioting while also demand- lice to “be exemplary whenever have increased” to the bloc’s
“Justice for Theo” have deterio- support for Mr. Sarkozy and ter, blamed the Socialist gov- ing accountability for alleged they’re on duty.” forecasts, the commission said.

LOVE hearts. There have been no vis-
its yet from authorities so far
this year. A stack of heart-
shaped LOVE cards are on dis-
Continued from Page One play next to the cash register,
entine’s Day, but most don’t and Larry is cautiously optimis-
want to risk losing their shops tic they will remain there
over a misstep in the heat of through Tuesday.
passion. “On the 14th, there Social rules are slowly relax-
should be nothing red,” says ing. The monarchy last year
Mamoun Bashir, a shop man- curbed the powers of its reli-
ager. He says he may even close gious police, whose agents are
on Tuesday rather than take a responsible for enforcing the
chance. “People come and dis- country’s ultraconservative
turb us,” he says. “They say, rules in public places. As more
‘Oooh, give me a red rose, give educated women join the work-
me a red rose!’” force, it has slowly become
SUSAN BAAGHIL /REUTERS
WORLD WATCH
PAKISTAN
Suicide Bombing
Leaves 13 Dead
A suicide bomber plowed a
motorcycle into a group of police
escorting a protest rally in the
eastern Pakistani city of Lahore
on Monday, killing at least 13
people in an attack claimed by a
breakaway Taliban faction.
The blast ripped through the
crowd of hundreds of pharma-
GREECE
Official Defends EU’s
Outlook on Athens
A European Union official said
the International Monetary Fund
has too pessimistic an outlook
on the Greek economy, underlin-
ing differences between two of
the bodies responsible for the
country’s rescue package.
Still, Valdis Dombrovskis, Eu-
ropean Commission vice presi-

For some florists, the temp- more common for men and cists, who were protesting new dent for the euro, said if all
tation is too much. In one women to interact, at least pro- amendments to a law governing sides came to the table, the dis-
flower shop, prices for a single fessionally. drug sales. Six police officers, in- pute between European officials
rose jump from 10 to 15 Saudi John Gray, author of the cluding a former provincial coun- and the IMF could be resolved.
riyals, about $4, on the big day. 1990s relationship best seller, terterrorism chief, were among The fund “is coming with
“We keep them on the 14th, “Men Are from Mars, Women those killed, police said. pessimistic growth and fiscal
but we hide them,” says one Are from Venus,” plans to speak Jamaat-ul-Ahrar claimed re- forecasts as regards Greece and
florist, breaking into a laugh. A Saudi man buys roses at a florist on Valentine’s Day in Jeddah. in the city of Jeddah next sponsibility for the attack, say- moreover is not correcting those
Like others, he declined to give month. His appearance in the ing it was revenge for Pakistani forecasts based on facts,” said
his name. Home delivery is most marriages are arranged by to find a partner in an arranged kingdom is timely. operations against Islamic mili- Mr. Dombrovskis, a former Lat-
safer, the florist says, but if no families. marriage than with Cupid’s ar- “Who wants romance? It’s tants. The group, which claimed vian prime minister.
religious police are lurking, he With few opportunities to row. “In the end, the traditional primarily women,” Mr. Gray a number of attacks last year, is The Greek rescue program
may consider selling to walk-in practice, romantic overtures are way of marriage is the golden said in an interview. “As women one of several splinter factions “itself is on track. The Greek
customers. often unpolished. On a recent way” in about 70% to 80% of become more independent and from the Pakistani Taliban. economy is recovering,” he said.
Mohammed, 27 years old, afternoon, five men in a white cases, one person said during a educated, their emotional needs —Associated Press —Todd Buell
forgot about Valentine’s Day sedan spotted three young Tinder chat. become greater…and men have
last year and learned his lesson. women walking on Riyadh’s Some would-be couples still to learn how to deal with that.” ROMANIA CHINA
He got a call from the woman main drag and shouted for seek romance but discreetly. That is the sort of guidance
he was seeing. “She said, ‘You them to give their WhatsApp Larry, who runs an interior de- sought by women like Nadiah Parliament Approves Prices Rise at Fastest
forgot it’s Valentine’s Day!’ I numbers or Snapchat codes. sign and stationery shop in a Farsi, a young, Western-edu- Antigraft Referendum Clip in Over Two Years
said: ‘No, of course not,’” he “This is the most stupid way Riyadh mall, says some young cated mother in Riyadh. She
says. In a panic, he says, he to try dating,” said Yara, a 22- men and women buy gifts and says her ex-husband used to Romania’s Parliament agreed Prices in China climbed at
managed within a few hours to year-old dentistry student, leave them in his shop for their shower her with gifts. “He to hold a referendum on public their fastest pace last month in
have 100 mostly red and white pointing in the car’s direction. beloved to retrieve. would give me a bag or a per- support for fighting official cor- more than two years, boosted
balloons delivered to her door, Bright pink hair peeked from A woman bought a decorate- fume, or promise me a trip to ruption. All 310 lawmakers pres- by rising energy prices and Lu-
along with a necklace. her hoodie head covering. your-own teddy bear from him London,” Ms. Farsi said over a ent voted on Monday in favor of nar New Year demand for food.
“It’s illegal to say, ‘This is for Flirting on social media plat- last year. She covered it with Frappuccino in the women- and the proposal by President Klaus The country’s consumer price
Valentine’s.’ But everybody forms such as Twitter or Path, a scrawled messages of love, families-only section of a local Iohannis, a strong supporter of index increased 2.5% in January
knows,” he says. “Everyone who private messaging and photo- stamped on a kiss and had it Starbucks. the country’s antigraft drive. from a year earlier, compared
wants to celebrate Valentine’s sharing network, is more popu- wrapped. “She walked out of A ceiling-high partition sepa- Antigovernment protests with a 2.1% gain in December,
Day can.” lar and less risky. A small num- the store and he came in,” Larry rated the coffee shop’s men- have hit Bucharest, the capital, the National Bureau of Statistics
Saudi Arabia’s strict religious ber of more daring Saudis, says. This year, he ordered two only section from view. and large cities around the coun- said Tuesday. The uptick ex-
codes leave little room for pre- mostly men, venture onto dat- dozen of the teddy bears. “What I needed was a hug or try in the weeks since the cen- ceeded a median 2.4% gain fore-
marital romance. Gender mixing ing apps like Tinder. Last year, the religious police a kiss,” she says. “Or for him to ter-left government issued a de- cast by 11 economists surveyed
is technically forbidden—a pun- Yet even Tinder users ac- forced Larry to remove cards just say, ‘Nadiah, you are beau- cree diluting anticorruption laws. by The Wall Street Journal.
ishable offense, in fact—and knowledge they are more likely and pillows decorated with tiful, I love you.’” —Associated Press —Mark Magnier
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THE WALL STREET JOURNAL. Tuesday, February 14, 2017 | A9

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A10 | Tuesday, February 14, 2017
MORRIS
Continued from Page One
On July 8, 2015, Mr. Morris
stayed up drinking with Vir-
ginia Gov. Terry McAuliffe and
a few others after a campaign
fundraiser at Mr. Morris’s
house. They smoked cigars and
shared a bottle of Petrus, one
of the world’s most expensive
wines, produced on a 28-acre
estate in Bordeaux.
The next day, it all fell apart.
The company’s general counsel
had arranged to meet with Mr.
Morris about some unusual ex-
penses. Mr. Morris arrived,
then fled the meeting.
He ended up at his favorite
golf club, where he retreated to
a secluded spot on the course,
carrying a bottle of wine. Mr.
Morris sat in a wooden lounge
chair and started texting his
wife.
Government investigators
now suspect Mr. Morris embez-
zled millions of dollars from his
company over a decade in a
kickback scheme involving
Washington consultants he did
business with, according to
people familiar with the probe
by the Justice Department and
Federal Bureau of Investigation.
It is shaping up to be one of
the biggest U.S. investigations
into Washington’s influence
business since the bribery and
corruption case surrounding
lobbyist Jack Abramoff rocked
the nation’s capital in the
mid-2000s.
Investigators are trying to
determine if any of the lobby-
ists, media advisers and consul-
tants hired by Mr. Morris had
helped hide alleged kickback
payments, which could yield
criminal charges. Federal pros-
ecutors have presented evi-
dence to a grand jury.
Millions of dollars went
missing from Washington ac-
counts overseen by Mr. Morris,
said people familiar with an in-
ternal company investigation.
The inquiry found “a senior
vice president of the company
had violated our policies and
procedures,” a spokesman said.
Prosecutors are investigat-
ing whether Mr. Morris took
company money to pay for real
estate, golf memberships, fancy
wine and cigars.
Among Washington lobby-
ists, Mr. Morris was an early pi-
oneer in the practice of exploit-
ing gaps in disclosure laws for
Lobbyist Evan
Morris oversaw a
budget that ballooned
to $50 million a year.
companies to spend millions of
dollars, much of it untraceable,
to fund stealthy influence cam-
paigns.
What might appear to law-
makers as a public outcry could
instead be the product of a lob-
bying operation conducted be-
yond the bounds of conven-
tional tactics—what Mr. Morris
and his team had called “black
ops.” The lobbyist rode that
wave, boosted his employer and
made himself rich, until he
crashed.
The account of Mr. Morris’s
rise and fall is based on inter-
views with consultants, lobby-
ists and government officials,
as well as friends and col-
leagues who witnessed it.
Road to riches
Roche in 2004 had revenues
of $27 billion for drugs to treat
HIV, anxiety, breast cancer, and
the avian flu, among others.
In 2005, the company hired
Mr. Morris, born in Queens,
N.Y., as a lobbyist when he was
Playing Politics to
Bolster Business
By law, companies must
make public how much they
spend lobbying members of Con-
gress and high-level officials in
the executive branch. By that
measure, Genentech spent about
$5 million in 2015.
In reality, companies, includ-
ing Genentech, spend far more
on campaigns to favor their busi-
ness.
Genentech’s Evan Morris was
an early adopter of the strategy
and among the most aggressive.
He paid for TV and internet ads,
opinion polls and focus groups.
He sponsored nonprofits that en-
gaged in letter-writing campaigns
and organized patient groups
that demanded Medicare reim-
bursement for his firm’s drugs.
Evan Morris, above, made powerful friends and became a top Washington lobbyist before it all ended. He is seen, below, at a 2014
White House concert featuring Patti LaBelle and others. He once owned the Mulligan, bottom, a $300,000 mahogany speedboat.
six years out of college. Not
long after, he was running the
Washington office.
Those who knew Mr. Morris
say he was gifted at his job and
impressed senior colleagues as
someone eager to make a name
for himself. He soon got the
chance.
A few dozen people abroad
had died after contracting the
avian flu, and Americans began
to worry about a U.S. outbreak.
Mike Leavitt, secretary of
Health and Human Services in
the Bush administration, said at
the time the federal govern-
ment wasn’t prepared for the
threat.
Roche produced the leading
treatment, Tamiflu. Sensing op-
portunity, Mr. Morris adopted
an emerging lobbying tactic:
build support among a law-
maker’s constituents.
Mr. Morris hired consultants
who promoted news stories
that stoked fears about an
avian-flu outbreak. The goal
was to sell more Tamiflu.
In October 2005, 32 Demo-
cratic senators wrote a letter to
President George W. Bush ex-
pressing their “grave concern
that the nation is dangerously
unprepared for the serious
threat.”
Within weeks, Mr. Bush cre-
ated an emergency stockpile of
avian flu treatments that even-
tually included more than $1
billion worth of Tamiflu pills.
His administration offered sub-
sidies that led to millions of
dollars of additional Tamiflu
sales to state governments.
Overnight, Mr. Morris was a
company star.
In 2009, Roche acquired Ge-
nentech Inc., a San Francisco-
area drug firm, and took the
name Genentech for its U.S.
pharmaceutical business.
Mr. Morris retained his posi-
tion as head of the Washington
office. Soon, his skills were
again tested.
In 2010, the Food and Drug
Administration began steps to
ban the use of Avastin to treat
breast cancer. The FDA had
given conditional approval to
Avastin—one of Genentech’s
top-selling products—but re-
versed course after the agency
said its effectiveness against
breast cancer couldn't be
proved, and it posed a risk for
severe side effects. Its use to
treat other types of cancer
wasn’t challenged.
At a cost of nearly $90,000
per patient, Avastin provided
the company with $6 billion in
sales in 2009, including $1 bil-
lion from breast-cancer cases.
Mr. Morris set out to stop or
stall the FDA.
Altogether, Genentech spent
as much as $50 million a year to
shape government policy under
Mr. Morris.
He also controlled political
fundraising accounts, which al-
lowed him to direct money to
members of Congress.
From 2005 to 2015, Mr. Mor-
ris steered nearly $3 million in
political donations, according to
campaign-contribution records.
Roche and Genentech donated
more than $1 million to the
Democratic and Republican gov-
ernors associations.
Mr. Morris helped the Bio-
technology Innovation Organiza-
tion, a Washington trade group,
hire Mrs. Clinton to address its
2014 annual convention. She
was paid $335,000, records
show. He arranged donations to
the Clinton foundation of be-
tween $110,000 and $275,000
from the Roche Family Founda-
IN DEPTH
His team launched the Pa-
tient Care Action Network, a
nonprofit group, which re-
cruited doctors and patients
to urge their congressional
representatives to fight the
decision. Mr. Morris’s team
promoted articles on conser-
vative websites such as Red-
State, Breitbart News and
BigGovernment.com that
quoted women in treatment
who said the drug was their
best chance at recovery.
Among the readers was
Republican Sen. David Vitter,
who said efforts to remove
Avastin were akin to a death-
panel decision. “I shudder at
the thought of a government
panel assigning a value to a
day of a person’s life,” he said
in a July 2010 news release.
The FDA reached a final
decision more than a year
later. In late 2011, the agency
rescinded its approval of
Avastin to treat breast can-
cer.
Mr. Morris took credit for
orchestrating a delay that, he
tion and Genentech, public re-
cords show.
Genentech donated
$750,000 to help fund festivities
for former President Barack
Obama’s second-term inaugura-
tion in January 2013. Mr. Morris
and his wife, Tracy, attended a
White House party hosted by
the Obamas a few days before
the swearing-in ceremony. On In-
auguration Day, the couple sat in
prime seats in front of the
White House for the parade.
The next year, Mr. Morris
was invited to a White House
concert with performers Aretha
Franklin, Patti LaBelle, Ariana
Grande and Melissa Etheridge.
About 200 people attended, in-
cluding the president, first lady
Michelle Obama and several cab-
inet secretaries, visitor logs
show. Mr. Morris and his wife
sat in the front row.
—Brody Mullins
* * THE WALL STREET JOURNAL.
to a vendor to reimburse an
employee for business-related
expenses.”
In another instance, Genen-
tech paid National Media $2
million for public affairs coun-
seling and strategic consulting,
the records show. On April 6,
2012, days after National Me-
dia received the final install-
ment of $750,000, the firm
sent $303,048.95 to the Hacker
Boat Company, which made
and sold the Mulligan, Mr.
Morris’s boat.
Evan Tracey, a vice presi-
dent at National Media, said
Mr. Morris had submitted an
invoice for that amount saying
it was for the cost of renting
space, buying food and other
expenses related to an event at
the Hacker Boat Company for
TOM WILLIAMS/ROLL CALL/GETTY IMAGES
the “Democratic attorney gen-
eral group.”
The Democratic Attorneys
General Association and the
boat company said no such
event took place. A spokesman
for Hacker said Mr. Morris’s
boat cost $303,048.95.
National Media ended its re-
lationship with Genentech in
2012, Mr. Tracey said. Mr.
Morris worked with Mr. Cour-
tovich, independently of Na-
tional Media, until 2015, ac-
He named the custom-made cording to people familiar with
craft the Mulligan. He told the matter.
some people that he won the Mr. Tracey said National
boat at a charity auction after Media’s business with Genen-
buying $50,000 worth of raffle tech was performed with “ap-
tickets. He told others he propriate contracts, purchase
bought it from someone who orders, and with a clearly de-
had ordered the boat but went fined approval and verification
bankrupt before it was deliv- process.”
ered. Mr. Lewis, the lawyer for
His lobbying victories af- Sphere, said: “At no time did
forded him relative autonomy the Sphere team (or anyone
over his office-budget spend- else to our knowledge) have
MANUEL BALCE CENETA/ASSOCIATED PRESS
ing—as much as $3 million any reason to believe that any
without prior approval from of these payments were any-
Genentech. thing other than what they
were on their face: bona fide
reimbursements.”
Behind the curtain
In 2005, Mr. Morris started
working with advertising firm The fall
National Media Inc. and James In early 2015. Mr. Morris
Courtovich, a Washington me- told colleagues he might be
dia consultant who worked for done with lobbying. He said he
National Media and started had an exit plan: Raise enough
two other firms, including money for Democrats and Mrs.
Sphere Consulting LLC. Clinton’s 2016 presidential
Financial transactions campaign to land a job as a
viewed by The Wall Street U.S. ambassador, perhaps to
Journal showed the three Switzerland, where Roche had
firms did millions of dollars in its world headquarters.
consulting business with Ge- In May 2015, Genentech said
nentech from 2005 to 2015. it received an anonymous let-
The records also showed that ter that warned of unusual fi-
National Media and Mr. Cour- nancial arrangements by Mr.
tovich’s two firms sent mil- Morris. On July 8, 2015, Fred-
lions of dollars to Mr. Morris’s erick Kentz, the chief compli-
personal bank account. ance officer and head of legal
Mr. Morris “created affairs at Genentech, told Mr.
schemes to misappropriate Morris he was flying to Wash-
company funds for personal ington from San Francisco to
gain and deliberately con- meet with him the next day.
cealed his actions,” Genentech That night, Mr. Morris and
said in a written statement. his wife hosted a fundraiser at
Genentech didn’t say how their home for a Democrat
much it paid the firms over the running for the Virginia state
decade, or how much the firms senate. Mr. Morris had con-
boasted to others, generated paid Mr. Morris. fided to a few people there
roughly $1 billion in revenue. People familiar with the that he was nervous about the
matter said Genentech’s con- meeting with the lawyer.
tracts with the firms reached Mr. Morris arrived for the
The spoils $3 million in some years. meeting the next morning and
Success paid off for Mr. In one example, Mr. Morris was ushered into a conference
Morris. In 2006, he traded in hired Mr. Courtovich’s Sphere room at the office of one of
his purple Mazda Miata for a Consulting in 2012 for Genentech’s law firms. He was
Porsche 911 convertible. The $880,000 to do work with told an investigation had found
next year, he and his wife think tanks, according to docu- unusual payments, and he fled
moved into a $1.7 million ments viewed by the Journal. the meeting.
house in the Washington sub- Genentech paid Sphere two Mr. Morris’s wife called and
urb of Belle Haven, Va. He told payments of $440,000 each on sent text messages that after-
people he spent $1 million on Nov. 1 and Dec. 1. noon. He answered by text say-
home renovations, transform- On Dec. 10, Mr. Courtovich’s ing he was in meetings. He
ing it into a five-bedroom, firm sent a payment of ended up at the Robert Trent
seven-bath showpiece with a $448,986.22 to Mr. Morris’s Jones Golf Club in Virginia.
3,000-bottle wine cellar. personal bank account. As afternoon turned to eve-
Mr. Morris loved golf, food Eric Lewis, a lawyer for Mr. ning, his wife began to worry.
and wine. He belonged to eight Courtovich and Sphere Con- She checked his credit cards
exclusive country clubs in sulting, said the payment was online and learned her hus-
Washington, New Jersey and to reimburse Mr. Morris for band had made a purchase
California. He kept a set of personal funds that he said he that day—at Loudoun Guns
clubs at each. The courses—in- used for an event with the Inc. in Leesburg, Va.
cluding the Baltusrol Golf Club American Enterprise Institute, She left him a voice mail
in Springfield Township, N.J., a Washington think tank. Mr. saying that everything would
and The Olympic Club in San Lewis provided the Journal be OK. She texted photos of
Francisco—were expensive. His with an AEI invoice for their two children and then
favorite was the Robert Trent $448,986.22 that Mr. Morris called police.
Jones Golf Club in suburban gave Sphere. When Mr. Morris finished
Virginia, which cost more than An AEI spokeswoman said his round of golf, he showered
$100,000 to join. the invoice was falsified. and put on a blue blazer with
Mr. Morris told friends vari- “Sphere is shocked and dis- the club’s insignia. He ordered
ous stories to explain how he mayed that Sphere’s client a steak dinner at the clubhouse
paid for his golf memberships. provided fake documents that and bought a round of drinks
In one version, he covered the defrauded not only his com- for everyone at the restaurant.
fees by holding fundraising pany but Sphere as well,” Mr. He asked for a bottle of his
events at the golf courses for Lewis said. The standard prac- favorite wine. Around sunset,
the Bill, Hillary and Chelsea tice at National Media and Mr. Morris walked to a spot a
Clinton Foundation. He told Sphere, he said, was that an few hundred yards from the
others he received the mem- accounting team would review clubhouse where members
berships as a company bonus. and approve receipts from Mr. sometimes smoked cigars
A spokesman for the Clinton Morris before issuing a reim- around a fire pit. He sat in an
foundation said the group bursement check. Sphere Adirondack chair and drank.
never had such an arrange- transactions were reviewed in He texted his wife the contact
ment with Mr. Morris. A a random audit by the Internal information for his accountant,
spokesman for his company Revenue Service, he said. financial planner and a life-in-
said the firm didn’t give Mr. “It was always Sphere’s un- surance provider.
Morris golf memberships. derstanding that these docu- Mr. Morris, 38 years old,
In June 2011, Mr. Morris ments were not only provided placed an instruction on his
paid $3.1 million in cash for a for reimbursement by Evan lap: “Do not resuscitate.” He
waterfront Georgian Estate on Morris, but also provided duly took out his new revolver and
Maryland’s Eastern Shore. The to the accounting team at Ge- fired one shot into the fire pit.
7,800 square-foot house had nentech,” Mr. Lewis said. Then he put the muzzle of the
six bedrooms and eight baths. Genentech said in a state- gun to his mouth.
He called it the “House that ment: “We do not have any in- Around 10 p.m., a server
Tamiflu bought,” friends said. formation to suggest that from the club found the body.
Mr. Morris in 2012 bought these reimbursements were le- —Devlin Barrett and Jim
the mahogany speedboat that gitimate, and in any event Oberman contributed to this
he kept docked at the house. would not authorize payments 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.
GREATER NEW YORK
Democrats
Split Over
Immigrant
Legislation
BY MIKE VILENSKY
ALBANY—A legislative push
to add protections for illegal
immigrants has divided New
York Democrats, revealing
fractures in the state party as
it navigates how to respond to
Republican President Donald
Trump’s agenda.
The Assembly passed a bill
last week that would give New
York “sanctuary state” status,
shielding illegal immigrants in
many of their dealings with
state and local governments
from federal law-enforcement
agencies that might deport
them.
The measure passed 77-61,
in a chamber of 106 Democrats
and 43 Republicans, with some
legislators not present. Its
chance of passing the more
politically mixed Senate is far
from clear.
The legislation is being
pushed by Democrats. But even
within the Democratic Party,
differences on the issue have
emerged as some lawmakers
question whether the measure
is the right way to counter Mr.
Trump’s moves overhauling im-
migration policies.
Assemblywoman Amy Pau-
lin, a Democrat from Scars-
dale, said the bill has “laud-
able goals.” Still, she voted
against it, saying she was con-
cerned that its broad language
would shield even convicted
rapists and human traffickers.
Sanctuary supporters
are framing the bill
as a referendum
on Trump policies.
Even in New York, where
more Democrats are registered
to vote than Republicans,
there are geographic divides.
Mr. Trump carried Demo-
cratic Assemblyman Anthony
Brindisi’s Oneida County area
in November, and Mr. Brindisi
voted against the bill.
Mr. Brindisi’s Utica district
is a designated refugee reset-
tlement area. The assembly-
man opposes Mr. Trump’s
moratorium on refugees but
said the bill wouldn’t help re-
solve that. “Overall, upstate,
there is some concern over
immigration, which is why
Trump won so many upstate
communities,” he said.
Democrats are expected to
make an aggressive push this
week to bring the bill to a vote
in the Senate, which is con-
trolled by a bipartisan coali-
tion and led by a Republican,
Sen. John Flanagan of Long Is-
land. They are framing it as a
referendum from Mr. Trump’s
home state on what they de-
scribe as his draconian poli-
cies. Mr. Trump has said bet-
ter enforcement of
immigration law is needed to
protect jobs for Americans and
to keep foreign criminals and
terrorists out of the country.
Sen. Jose Serrano, a Man-
hattan Democrat, said the bill,
which he is sponsoring, en-
sures that violent criminals
aren’t protected and is de-
signed to help immigrants re-
port crimes against them and
have access to services such as
hospitals and schools.
“This is a humanitarian is-
sue,” Mr. Serrano said, “rooted
in nonpartisan ideals.”
IWC PortugIese r .
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Ref. 5033: The daring expeditions of the Portuguese
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it features trailblazing technology that includes a
* * * *
De Blasio Pledges More Housing
In nod to base, mayor
travels to Harlem for
state of city address;
groups hold protests
BY MARA GAY
New York City Mayor Bill de
Blasio delivered his fourth
state of the city address at the
Apollo Theater in Harlem on
Monday evening, in a speech
that focused on the city’s steep
housing costs and rapidly
spreading gentrification even
as it celebrated successes like
a low crime rate and a strong
economy.
“Who we are is threatened
by an affordability crisis,” Mr.
de Blasio said. “It’s hard to
think about anything if you
can’t pay the rent.”
The speech in some ways
marked the unofficial start of
his re-election campaign this
year. The mayor’s choice of
venue, at the historic Harlem
theater, harks back to the black
New Yorkers and other liberals
who helped carry him to victory
more than three years ago and
who make up the heart of his
Broadway Musical Lets Everyone Join In
BIG CHORUS: Fans of ‘Natasha, Pierre and the Great Comet of 1812’ on Monday participated in the show’s original cast recording at the New York Society for Ethical Culture.
Third Rail for LIRR Has Towns Charged Up
BY JOSEPH DE AVILA
The Metropolitan Transpor-
tation Authority has a $2 bil-
lion plan to solve a complaint
of Long Island’s commuters:
bottlenecks on the Long Island
Rail Road.
The proposal calls for a
third track along one of the
railroad’s busiest corridors—a
10-mile stretch between the
New York communities of Flo-
ral Park and Hicksville. About
40% of the railroad’s traffic, or
107,000 passengers, travel
over the segment each week-
day, according to the MTA.
But mayors of several com-
munities, including Garden
City and Mineola, are oppos-
ing the expansion, arguing
that service can be improved
without adding a track. And
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NY
City Plans to Create
Thousands of Jobs
New York City will invest
$136 million to convert a
stretch of formerly industrial
Brooklyn waterfront into a stu-
dio for film and television,
Mayor Bill de Blasio said in his
state of the city address Mon-
SAM HODGSON/POOL
day.
The project, in the Sunset
Park neighborhood, will create
1,500 jobs in fashion, film and
manufacturing, city officials
Mayor Bill de Blasio, a Democrat, said.
is seeking re-election this year.
base. It also comes as the 200,000 units of affordable
mayor seeks to draw a stark housing over a decade to help
contrast between his liberal vi- the city cope with an increasing
sion of the country’s largest, population, hefty rents and a re-
most diverse city and the poli- cord increase in homelessness.
cies of President Donald Trump. In recent days, the mayor has
“There’s a lot of people in announced measures intended
this city that fear deeply what to help keep New Yorkers in
is happening,” Mr. de Blasio their homes. In one such initia-
said. “New York City will have tive, the mayor said the city
your back.” would provide universal access
Housing is a key agenda item to legal services for tenants fac-
for Mr. de Blasio, who has ing eviction. The proposal
vowed to build or preserve would add $15 million to next
some residents who live near
the area have come out Section for proposed
against the project, saying it third track
isn’t worth the headaches the
construction would cause. Long Island
After hearing from the pub- Railroad network LONG
ISLAND
lic, the MTA will submit a final
plan. The MTA board also
New York
would have to approve fund- City Hicksville
ing. If signed off on, the proj- Floral
ect could get under way as Park
soon as the end of the year.
Floral Park Mayor Thomas
Tweedy called the estimated 10 miles
three- to four-year construc- 10 km
tion time frame “tremen-
dously optimistic.” He said he THE WALL STREET JOURNAL.
worries that residents and
business owners would have nesses, construction companies
to put up with disruption for and real-estate interests have
much longer. Local opposition formed groups to support the
torpedoed a similar plan a de- expansion, pointing out that it
cade ago. would attract more residents,
On the other side, busi- develop the economy and
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Tuesday, February 14, 2017 | A10A
Construction is expected to
begin next year and should be
completed by 2020.
In another initiative laid out
in his speech, Mr. de Blasio
said the city will spend $2.6
billion over the next decade to
retrofit every public building to
be more energy efficient. City
officials estimated the work
will create 30,000 construction
jobs.
Both projects are part of a
plan by Mr. de Blasio to add
100,000 jobs over the next de-
cade and 40,000 in the next
four years.
—Mara Gay
year’s budget as part of a years-
long, $93 million total invest-
ment long-sought by housing
advocates.
Mr. de Blasio’s housing plan
has been criticized by some as
not providing enough housing
for the poorest New Yorkers.
One group, Real Affordability
for All, has said the city should
build more housing for ex-
tremely low-income residents.
Administration officials have
said doing so is difficult be-
shorten commute times.
Dave Kapell, executive di-
rector of the Right Track For
Long Island Coalition, a
group of businesses, labor
unions and individuals that
support the expansion, said
he sympathizes with the resi-
dents who live near the exist-
ing tracks. “But life has to go
on,” he said.
Mr. Kapell said the two ex-
isting tracks were built more
than a century ago and aren’t
adequate for current needs. “It
just defies the imagination that
Long Island can succeed with
19th-century infrastructure.”
The MTA said the expan-
sion would reduce slowdowns.
Today, a single disabled train
can cause delays systemwide
because six tracks on three
branches coming from eastern
cause it often requires a sub-
sidy.
Dozens of protesters stood
outside the entrance to the
Apollo Theater Monday eve-
ning. One group, New Yorkers
Against Bratton, has criticized
the mayor for supporting the
broken-windows approach ad-
vocated by former Police Com-
missioner Bill Bratton, who ag-
gressively targeted low-level
crimes. The other group of pro-
testers came from CLOSErikers,
a campaign to shut the jail at
Rikers Island.
“The mayor has had almost a
term to get this done,” said
Glenn E. Martin, founder and
president of Just Leadership
USA, a national nonprofit based
in New York City that pushes to
reduce prison populations and
is leading the campaign to close
Rikers.
Christina Greer, an associate
professor of political science at
Fordham University, said the
mayor’s decision to deliver the
address at the Apollo Theater
was “a nod to coming home.”
“He’s going back to his roots
in some ways, going back to his
base that put him in office,” she
said. “It’s a smart choice.”
STEVE REMICH FOR THE WALL STREET JOURNAL
Long Island feed into the two-
track segment before heading
into New York City’s Penn Sta-
tion and other stops. With a
third track, the railroad would
have more flexibility to re-
route trains.
William Corbett, with a
group called Citizens Against
Rail Expansion, said residents
with property abutting the ex-
isting tracks never counted on
the railroad moving closer.
“During the construction
phase, it will be devastating to
the people who live along the
track,” said Mr. Corbett.
To address the concerns,
MTA officials said the agency
would require contractors who
bid on the project to prove
they could minimize the dis-
ruption to the community dur-
ing construction.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10B | Tuesday, February 14, 2017 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

Underground
Petal Pushers
Set to Shine
BY CHARLES PASSY degrees Fahrenheit can be
tough on them. Moreover, she
For most New Yorkers, the has little room to do her prep
subway is a means to get from work and get all those Valen-
point A to point B—and an of- tine’s Day bouquets ready for
ten gritty, unpleasant one at the big day.
that. But for Susan Holt, it is a Ms. Holt’s all-walks-of-life
place where love and beauty customer base is one that is
thrive, especially come Valen- especially price-sensitive, so
tine’s Day. she make sure she has blooms
Ms. Holt is the owner of the for as little as $5. The most
Posies Bouquet Bar, a flower expensive floral arrangements
seller situated in Turnstyle, a cost $60.
roughly 25,000-square-foot Other subway-based florists
shopping complex in the point to similar concerns, but
59th Street-Columbus Circle sta- they say the business model Posies Bouquet Bar, above and below right, opened in September in the 59th Street-Columbus Circle subway station. At Dahlia, below left,
tion. It is her mission to put a can’t be beat. Rents for sub- flowers are on display at the 47th-50th Streets Rockefeller Center station. In all there are eight florists in New York City subway stations.
smile on straphangers’ faces by way locations generally are
offering all manner of brightly much lower than for tradi-
colored posies and plants. tional, on-the-street shops, es-
Ms. Holt is hardly alone. pecially because they have a
There are eight florists oper- small footprint.
ating in New York City subway Oren Shapiro, owner of

KHOLOOD EID FOR THE WALL STREET JOURNAL (3)

stations, according to the Met- Mrs. Bloom’s, a flower seller
ropolitan Transportation Au- and importer who opened a
thority. Together, they repre- shop in the Fulton Center
sent a unique slice of transit center in lower Man-
underground commerce. hattan in December, says he
Ms. Holt opened her 110- likely would be paying twice
square-foot kiosk in Septem- the rent if he was located in a
ber, and like most florists, she traditional storefront location,
is anticipating a busy Valen- albeit in a larger store. Mr.
tine’s Day. She estimates that Shapiro declined to say how
she will ring up about four much rent he pays at Fulton.
times the normal volume on At the same time, there can
Tuesday. But unlike above- be a sizable customer base be-
ground sellers, Ms. Holt faces cause that is the busy nature
some unique challenges. of the subway. “Your tradi- Grecian Gardens Florist, a tion also has an advantage Many straphangers say they and counts herself a regular
For starters, in her non-en- tional retail flower shop shop that has called the when it comes to certain as- appreciate the convenience of customer of Posies Bouquet
closed space, she has to pay doesn’t have a fraction of the 47th-50th Streets-Rockefel- pects of the weather—that is, being able to buy flowers as Bar, says a flower shop indeed
special heed to the tempera- traffic we do,” Mr. Shapiro ler Center station home for it never rains or snows under- they rush to and from home or “brightens up” the commuting
ture—a little chill is good for noted. four decades. Owner Chris ground. “You cannot find a the office. Krista Soriano, an experience. “Most subway sta-
flowers, but anything below 32 The same holds true for the Doulou says a subway opera- better place to work,” he said. editor who works in Midtown tions should have this.”

The Harry Belafonte-115th Street Library GREATER NEW YORK WATCH

NEW YORK CITY NEW YORK STATE

Woman, 75, and Son Woman Who Aided

Mauled by Pet Mastiff Escape Denied Parole
A family pet attacked its 75-
year-old owner and her special-
needs son early Monday, killing
the woman, according to the
New York Police Department.
The mixed-breed mastiff
mauled Louise Hermida and
Daniel Ferraro, 39, around 1 a.m.
FILMMAGIC; STEVE REMICH FOR THE WALL STREET JOURNAL (RIGHT)
A woman who helped two
convicted killers escape from the
New York maximum-security
prison where she worked was
denied parole Monday.
Joyce Mitchell is serving a
28-month to seven-year sen-
tence at Bedford Hills Correc-

in their Queens home, authori-
ties said. Ms. Hermida was
taken to a hospital with bite
wounds on her torso. The New
NAME CHANGE: Harlem’s York City Medical Examiner is
115th Street Library has conducting an autopsy to deter-
a new moniker honoring the mine the official cause of death,
entertainer and civil-rights a spokeswoman said.
leader Harry Belafonte, who Mr. Ferraro was bitten in his
was born in the neighborhood lower left leg and taken to the
almost 90 years ago and grew hospital in stable condition, an
up there. official said.
‘Harry Belafonte has a Police handed the dog over to
storied career as both an artist Animal Care Centers of New
and an advocate for New York York City, which is holding it at
City,’ Mayor Bill de Blasio its Manhattan location, a center
said in a statement. spokeswoman said.
—Zolan Kanno-Youngs
NEW YORK STATE
MTA Supporters Rally
tional Facility for her role in the
2015 prison break. She pleaded
guilty to promoting prison con-
traband and criminal facilitation.
Ms. Mitchell
worked as a ci-
vilian supervi-
sor in the tailor
shop at the
Clinton Correc-
tional Facility in
Joyce Mitchell Dannemora,
where David
Sweat and Richard Matt were
serving sentences for murder.
She confessed to smuggling
tools to the inmates, who
evaded capture for nearly three
weeks before a federal agent fa-
tally shot Mr. Matt and a state
trooper shot and captured Mr.
Sweat.

Don’t For More State Funds

New York City lawmakers and
transit advocates on Monday
called on Gov. Andrew Cuomo to
increase funding for the Metro-
In its decision, the three-
member parole board said the
severity of Ms. Mitchell’s crimes
outweighed her good behavior in
prison.
—Kate King

just Metro New York’s Global Business Connection

politan Transportation Authority
amid rising subway ridership and
a forthcoming fare increase.
The group said Mr. Cuomo, a
Democrat, shortchanged the
subways and buses in his execu-
NEW JERSEY
and Corinne Ramey

KKK Fliers Found

In Two Townships

walk down tive budget proposal, allotting

some $65 million less than pre-
vious years from a budget pool
reserved for the MTA.
Last year, Mr. Cuomo set
aside $309 million. This year, the
Residents in Burlington
County found Ku Klux Klan fliers
over the weekend, police said.
The fliers, dropped near drive-
ways in the townships of Cin-

the aisle governor set aside $244 million.

But Mr. Cuomo’s office said
MTA funding in total went up
from previous years. The advo-
cates said that total doesn’t in-
clude all the money that the
MTA was promised.
—Mike Vilensky
naminson and Maple Shade, had
two heart shapes with the mes-
sages inside “love your own
race” and “stop homosexuality
and race mixing.” Each flier also
carried a telephone number and
a website address.
—Associated Press

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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.
No Drugs for Your Back Pain
New guidelines from the American College of Physicians say patients should first try natural and alternative therapies
SKIP THE MEDS. Lower back
pain—one of the most common
reasons for a doctor’s visit—is
best treated with alternative, natu-
ral and psychological therapies,
say new guidelines from the
American College of Physicians.
Opioids—one of the most com-
monly prescribed medications for
pain relief and a source of in-
creasing addiction and death—
should only be considered for
chronic back pain when other al-
ternatives—natural and pre-
scription—don’t work, say
the guidelines published
Monday in the Annals of
Internal Medicine.
Even acetaminophen,
which includes the
brand name Tylenol, is
no longer recommended
for acute lower back
pain relief due to a 2014
study in the journal The
Lancet that showed it was
no more effective than pla-
cebo. “For consumers who
need to treat their minor aches
and pains due to backache, Tylenol
is a short term treatment option
when used as directed,” said a
spokesperson for Johnson & John-
son Consumer, which manufactur-
ers Tylenol.
The new guidelines could influ-
ence how doctors treat patients
with complaints of back pain. They
are an update from 2007’s and
include a review of more than
150 studies. Recommenda-
tions were broken down
into acute and subacute
lower back pain, which
is pain lasting less than
12 weeks, and chronic
pain, which is pain last-
ing more than 12
weeks. They don't apply
to radicular low back
pain, sometimes referred
to as sciatica, which is
caused by compression of the
nerves in the spine and can re-
sult in leg pain.
For acute and subacute pain,
the guidelines recommend non-
drug therapies first, such as apply-
ing heat, massage, acupuncture or
spinal manipulation, which is often
done by a chiropractor. If a patient
request drugs, the first-line of
treatment should be nonsteroidal
anti-inflammatory drugs
(NSAIDS)—over-the-counter, such
as Advil, or prescription, such as
celecoxib (brand name Celebrex),
or muscle relaxants, such as cy-
clobenzaprine (brand name Flex-
eril).
For chronic back pain, the
guidelines recommend patients
also first try nondrug therapies,
such as acupuncture, exercise, re-
habilitation therapy and mindful-
ness-based stress reduction. They
also recommend, with less robust
JANITOR BY NIGHT, NOVELIST BY DAY
EITAN ABRAMOVICH/AFP/GETTY IMAGES
Enrique Ferrari, at work cleaning a Buenos Aires subway stop, also writes prize-winning novels. Inset, his third book.
Tuesday, February 14, 2017 | A11
LIFE&ARTS
YOUR HEALTH | Sumathi Reddy
Some doctors
say opioids are Acupuncture
overprescribed is a nondrug
and fuel the treatment
opioid addiction new guidelines
epidemic. suggest for
back pain.
Massage can
provide pain Patients should
relief for try exercise to
acute and relieve back
subacute pain. Some
pain. yoga and tai
chi may help.
data backing them up, yoga, tai veloping it, or the back pain can should be duloxetine—sold under
chi, motor control exercises, which worsen depression, said Roger the brand name Cymbalta and
focus on central core stabilization, Chou, a professor in the depart- commonly used to treat depression
and other psychological ap- ment of medical informatics and and anxiety—or tramadol, an opi-
proaches, such as cognitive behav- clinical epidemiology at Oregon oid-like narcotic which is less po-
ioral therapy. Health & Science University and tent than standard opioids such as
The reviews focused on improv- first author on the two reviews oxycodone or fentanyl—but can
ing pain and function. Psychologi- done to inform the guidelines. still cause physical dependence.
cal conditions such as depression If such treatments fail to pro- The guidelines warn that opi-
and anxiety are often present in vide relief, the ACP says NSAIDS oids should only be considered an
people with lower back pain and should be the first medicine that is option if the doctor and patient
may even predispose them to de- used. The second line of treatment have a discussion about the known
BOOKS
BY TAOS TURNER
Buenos Aires
AFTER THE SUBWAY closes at 11
p.m., Enrique Ferrari starts mop-
ping the platforms, all the while
conjuring up characters and plot
lines for his next thriller.
Mr. Ferrari, a 44-year-old janitor
who works nights in
the Argentine capital’s
metro, has spiky black
hair and a Karl Marx
tattoo. He didn’t go to
college or study writ-
ing but his novels
have won literary
prizes in Europe and
Cuba. His sixth book,
to be published in the
spring, is “If You Are
Reading This,” about a
man who travels back
to 1940 to preemp-
tively kill Leon
Trotsky’s assassin.
“While I’m mopping, my head is
often thinking about how to make my
novels work,” Mr. Ferrari said. “I’m
constantly editing in my head.”
He grew up in this city’s Jewish
enclave, an area filled with mom-
and-pop businesses and small res-
taurants. He has worked as an elec-
trician and at a bakery, and is active
in his subway-workers union. He al-
risks of the drugs and if used at
the lowest possible dose for the
shortest period.
Because lower back pain is the
most common reason non-cancer
patients are prescribed opioids,
experts believe it is a common
gateway to opioid addiction as
well as transitioning to heroin,
said Steven Atlas, director of prac-
tice-based research at Massachu-
setts General Hospital, who au-
thored an editorial accompanying
the guidelines.
About 80 % of adults experience
low back pain at some point in
their lifetimes and it is the
most common cause of job-re-
lated disability and a leading
contributor to missed work
days, according to the Na-
tional Institute of Neurologi-
cal Disorders and Stroke.
Causes of low back pain
are varied and include
changes in the spine, nerves,
muscle or discs in the back and
they way they move.
Pain can begin abruptly as a re-
sult of an accident or by lifting
something heavy. More often it de-
velops over time due to age-re-
lated changes of the spine and disc
degeneration, according to the
NINDS website, part of the Na-
tional Institutes of Health. NINDS
says most back pain occurs be-
tween ages 30 and 50.
Individuals who gain weight and
don’t exercise are at risk, as are
those who exercise intensely
after long breaks of not exer-
cising. Poor posture or be-
ing inactive can also con-
tribute to injuries.
“About one-quarter of
U.S. adults have had back
pain in the past few
months,” said Nitin
Damle, president of the
ACP. “We are advocating
for really trying the non-
pharmacologic approach ini-
tially, especially for acute and
subacute back pain.” Opioids,
even for chronic pain, are “pre-
scribed more often than we
would like to see.”
Experts say most back pain
will resolve on its own in a few
days or weeks without any treat-
ment. Though the review did not
look at invasive treatments, such
as surgery, the ACP noted that
surgery is rarely needed for back
pain patients.
Dr. Atlas said many of the non-
medication based treatments cited
in the study have only moderate-
to-low-quality evidence to prove
their effectiveness.
“The magnitude of the benefit—
for both non-pharmacological
treatment and medicines—isn’t
particularly strong,” said Dr. Atlas.
“It’s not like we have big home
runs.”
ILLUSTRATIONS BY ALAN WITSCHONKE
ways loved to read. His father, who
worked at a bakery, wasn’t bookish,
Mr. Ferrari said, but sat him down at
age eight and explained that reading
is “what differentiates us from apes.”
Critics have praised his cinematic
narratives and nuanced characters as
well as his focus on the violence and
moral issues plaguing society. Mr.
Ferrari won Honorable Mention for
the Casa de las
Américas Prize in Cuba
and the Silverio Ca-
ñada prize in Spain for
best first noir novel.
He “tells very imagina-
tive stories,” said Paco
Ignacio Taibo II, a
Spanish-Mexican intel-
lectual and the best-
selling author of more
than 50 books. “He
forms part of a very
powerful generation of
Argentine novelists.”
Mr. Ferrari has had
a number of publish-
ers and isn’t sure how many books
he has sold. His novels are available
in Argentina and his most popular
ones have been published elsewhere
in Latin America. He is talking with
a publisher in London about an Eng-
lish translation of his third book,
“They Look Like Flies From Afar.”
The original is sold in Latin America
Please see SUBWAY page A12
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 | Tuesday, February 14, 2017
WE’RE
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It’s Time for the Best
(Single) Valentine’s Day
Without a spouse or partner? Strategies for a memorable, indulgent holiday
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CHRISTINA GREENBERG is excited
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Day 3. Cruise the Rio Frio. Soak in hot springs. ant red hearts can be constant remind-
ers that you’re alone and that this day
Day 4. Hike the Hanging Bridges. isn't for you.
Day 5. Free time to fully enjoy your beach resort. It doesn’t have to be that way.
If the holiday is upsetting you, then
Day 6. Birdwatching cruise on Tárcoles River. ignoring it won’t work. Psychologists
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Day 8. Return with great memories. the day.
“I think there’s a stigma that single
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In Value
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” Valentine’s Day, but I choose to flip the
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Continued from page A11
and Spain, and, in translation, in
France and Italy.
MOTION Mr. Ferrari wrote his first book,
Improve “Operation Bukowski,” about an alco-
spinal
health with holic Argentine writer who traces un-
rocking derground chronicler Charles Bu-
base kowski’s footsteps in Los Angeles,
while he himself was an illegal immi-
grant in the U.S. Mr. Ferrari moved to
Florida in 1999 to escape an economic
crisis at home. In 2003, as he was fin-
ishing the manuscript, he made an ille-
gal U-turn near Miami, was arrested
and deported.
Back in Argentina, he kept writing.
In 2012, “They Look Like Flies From
$ 399 Designed by
Afar,” was a finalist for the Grand Prix
de Littérature Policière, or best inter-
FREE Shipping** Peter Opsvik
national crime novel, in France. In the
book, Mr. Ferrari thrusts readers into
the cocaine-laced life of Luis Machi, a
varierofnorway.com/kneel dyspeptic millionaire who exploits em-
720-616-5005 ployees, mistreats acquaintances and
*As compared to sitting in a standard chair. cheats on his wife. After finding a
**Free shipping to any USA address. Limited time offer. bloody corpse in the trunk of his BMW,
Machi races through Argentina’s capi-
LIFE & ARTS
lic relations firm in Chicago, plans to
go roller-skating with friends and
then make a “romantic” dinner—char-
cuterie, pesto salmon, roasted toma-
toes, gelato and lots of candles—for
her best friend.
Chioma Ifeanyi-Okoro, 28, a CPA and
entrepreneur in Toronto, is co-hosting a
brunch that she and friends in her book
club raised money for, to treat 50 peo-
ple at a local family homeless shelter.
And Brian Kearney, who is gay, and
a close female friend are going out to
dinner, an art class where they can
drink wine, seeing a movie and then
having a platonic sleepover. “It may
not be sexual attraction, but that
doesn’t mean we can’t partake in the
‘I choose to flip the script
and use the day to take time Help someone else
Volunteer for favorite charity. Offer to
to appreciate myself.’ babysit for a couple with children so
Valentine’s Day traditions,” says Mr.
Kearney, 26, a public relations repre-
sentative from Flanders, N.J.
How can you embrace the day with-
out a romantic partner?
Be with someone you love
“You’ll want to end the day with a
sense of connectedness and the re-
membrance of how much intimacy al-
ready exists in your life,” says Ken
Page, a licensed clinical social worker
in New York City.
Spread the love
Send cards, text and call the people
you care about. Remember others
who are single or alone. One Valen-
tine’s Day, a few weeks after I sepa-
rated from my husband, my brother-
in-law, J.J., left me long, rambling
voice mail reminding me that he and
my family loved me and I would be
Write to Elizabeth Bernstein at Elizabeth.Bernstein@wsj.com or follow her on
Facebook, Twitter or Instagram at EBernsteinWSJ.
tal to dispose of it.
“Machi is evil,” embodying the worst
traits of the traditional Latin American
“boss-man,” Mr. Ferrari said. He added
that the character represents his own
personal flaws and those of a society
where powerful patriarchs are domi-
nant. “Machi brings those two things
together,” he said.
Mr. Ferrari’s readers in-
clude his co-workers.
“He’s even better at
writing than at
working here,”
quipped Sergio
Gomez, who also
cleans subway plat-
forms. “I’m not
much of a reader
but I liked his books
from page one.
They’re easy to read.”
Mr. Ferrari belongs to a
generation of Argentine au-
thors who can’t afford to write full-
time. Thus far, his biggest advance has
been about $535 for “They Look Like
Flies From Afar.”
“More than money, what often
moves people is the prestige of being a
successful writer,” said Diego D’Onof-
THE WALL STREET JOURNAL.
ILLUSTRATION BY HANNA BARCZYK
OK. It is one of the best messages I’ve
ever received.
Write yourself a love letter
“Many of us mentally beat ourselves
up with cruel self-talk that we would
never direct to a friend or even a per-
son we don’t like,” says Trish Carlson,
a psychiatrist who specializes in rela-
tionships at the Retreat at Sheppard
Pratt Health System in Baltimore.
Writing a letter reminding yourself of
your strengths can be immensely heal-
ing, she says.
Embrace awe
A symphony. Art. Nature. A religious
service. Research shows that when we
experience an emotional response to
something vast, it takes us out of our
own head and we feel better.
they can go out to dinner. You’ll feel
appreciated—and children, with their
laughter and affection, make awesome
Valentine’s surrogates. (Dogs do too.)
Several years ago, Janice Holly Booth
took herself on a solo trip to Rome for
the holiday, staying in a small hotel on
a hillside above the city. On Valentine’s
evening, she slipped into a black se-
quined gown and went down to the ho-
tel’s restaurant. The maître d’ asked if
he could sit her with another guest who
was also eating solo. “The next thing I
knew, I was being introduced to the
Prince of Afghanistan, who wasn't only
utterly charming, with impeccable man-
ners, but a fascinating conversationalist
as well,” she says.
Over a five-course meal, Ms. Booth,
56, a former nonprofit CEO who is now
an author in Gastonia, N.C., and her
dinner companion discussed the im-
portance of solitude, solo travel and
the history of his country. Ms. Booth
says the evening remains her favorite
Valentine’s Day celebration.
EITAN ABRAMOVICH/AFP/GETTY IMAGES
rio, who helps run La Bestia Equilátera,
an independent publisher.
Respect for writers abounds in Bue-
nos Aires, where Jorge Luis Borges,
master of complex essays and poems,
made his home. The city has more
bookstores per capita—25 per 100,000
people—than any other, according to a
2014 report by the World Cities
Culture Forum, which
brings urban leaders to-
gether to discuss cul-
ture and development.
Iñigo Amonarriz,
who runs Revólver,
the publishing house
that released Mr.
Ferrari’s most recent
book in Argentina,
works as a bakery ca-
shier.
“None of my writers,
even those who’ve won the
Dashiell Hammett prize, lives
off his writing,” said Mr. Amonarriz.
The graveyard shift has its advan-
tages, Mr. Ferrari said, but he’s peren-
nially sleep deprived and hopes to
switch to days soon.
“Maybe that would make me a more
productive writer,” he said.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Tuesday, February 14, 2017 | A13

LIFE & ARTS

ART REVIEW

A Modern Movement in Flux

Chronicling the rapidly changing period between the Russian Revolution’s outset and Joseph Stalin’s brutal crackdown of 1932
into its heady aura such vanguard
BY MARY TOMPKINS LEWIS
Russian painters who had previ-
ously worked abroad as Marc Cha-
THE HISTORY of early 20th-cen- gall and Wassily Kandinsky. The
tury art in Russia has often been whimsical, folkish style of Chagall’s
mapped in international exhibi- “Promenade” (1917-18) appealed to
tions that pair the painting and the popular audience art was now
sculpture of the Russian avant- called upon to address, while his
garde with that of their European decorations for his native city of
peers, an auspicious cultural land- Vitebsk—colored geometric shapes
scape in which the story of modern that are echoed here in floating
Russian art largely goes dark with panels overhead—brought art di-
the rise of Vladimir Lenin and the rectly to the streets. But as power-
October Revolution of 1917. “Revo- fully suggested in Kandinsky’s fore-
lution: Russian Art 1917-1932,” a boding canvas “Troubled” (1917),
groundbreaking exhibition of over an abstract evocation of premoni-
200 works now at the Royal Acad- tions he would verbalize in writ-
emy, London, explores the deeply ing, such fleeting hopes for cre-
political contexts that shaped Rus- ative freedom were soon
sian art of every aesthetic stripe in extinguished as a darker Soviet re-

STATE MUSEUM AND EXHIBITION CENTER ROSIZO

the rapidly changing period be- ality set in.
tween the rise of the Bolsheviks at Thanks to Nikolai Punin, an in-
the Russian Revolution’s outset fluential critic, a special gallery in
and Joseph Stalin’s brutal crack- the 1932 exhibition was devoted to
down of 1932. After 15 years of im- Kazimir Malevich, and its re-cre-
passioned debates about the role ation here is thrilling. The ac-
and form Soviet art should now knowledged master of Russian Su-
take, Russian Socialist Realism prematism—a reductive and
would reign supreme. pristine abstract style with mysti-
The centennial show, inspired by cal and philosophical implications
a 1932 Soviet exhibition that that predated the revolution—Ma-
tracked the first decade and a half levich suffered at the hands of the
of Russia’s post-revolutionary art, new regime. Following his arrest
was curated by John Milner and Clockwise from above: Isaak Brodsky’s ‘Vladimir Lenin and a Demonstration’ (1919); Boris Kustodiev’s ‘The Bolshevik’ and brief imprisonment in 1927, he
Natalia Murray, of the Courtauld (1920); Kazimir Malevich’s ‘Peasants’ (c. 1930) returned to figuration in paintings
Institute of Art, and of faceless peas-
the Royal Academy’s ants in bleak
Ann Dumas. Incor- landscapes of
porating painting, collective farms.
sculpture, architec- A subsequent
ture, filmmaking, octagonal room
ceramics and popu- houses a mod-
FROM LEFT: STATE RUSSIAN MUSEUM, ST. PETERSBURG; STATE TRETYAKOV GALLERY

lar ephemera, it of- ern, kinetic re-

fers a highly infor- production of
mative, brilliantly one of Vladimir
comprehensive, and Tatlin’s beautiful
cautionary case gliders, or “Le-
study of how art tatlins.” De-
and politics can in- scribed by the
teract in an age of Constructivist
increasingly author- artist as a
itarian rule. “worker’s flying
The exhibition is bicycle,” it is
arranged in broad man and the success of the Octo- fragile and aspirational, like the
thematic segments, ber Revolution. revolutionary dreams that inspired
and opens in a ver- The irrepressible strength of it, and offers a brief moment of re-
milion red gallery the proletariat, a theme threaded spite as the show draws to a cli-
with a salute to throughout the show, is unforget- mactic close.
Vladimir Lenin tably captured in Boris Kusto- In the last galleries, images and
(1870-1924). To bol- diev’s archetypal painting “The artifacts of the horrors and depri-
ster the foundation Bolshevik” (1920). The fixed stare vations of Stalin’s repressive rule
myths and legiti- and thunderous stride of its un- share space with mythic imagery
macy of the nascent swerving giant, who brandishes a intended to legitimize it. A final,
Soviet state, the red banner as he marches through black-box theater of sorts in which
Communist leader called for a new and Romanov imagery of the impe- and also the beauty of photogra- crowded city streets, suggests the mug shots of his victims,
culture that would be collective in rial past. phy to make the case. A kindred both the unstoppable forces of the among them many of Russia’s ar-
its production, political in its mes- In the show’s second room, pho- message and an aesthetic bor- masses and fears of what they tistic community, are projected in
sage and easily accessible to the tographs, paintings and posters rowed from photography and could unleash. Likewise, Alexander silence, offers unflinching testi-
public. As seen in Isaak Brodsky’s portray Soviet workers as the he- poster art make Nikolai Denis- Deineka’s history painting of “The mony to the totalitarian state’s
portrait of “Vladimir Lenin and a roic figures they would become in ovsky’s painting “Cast Iron Out- Defense of Petrograd” (1928), drive to quash creative expression.
Demonstration” (1919), street festi- the new materialist society. Arkady put” (1930) similarly reassuring. which memorializes Leon
vals and workers’ protests deliv- Shaiket’s “Komsomol at the Three short, experimental films, in- Trotsky’s controversial campaign
ered a message of purpose and Wheel,” a stunning 1929 photo- cluding Dziga Vertov’s silent 1929 to save the former imperial capital Ms. Lewis teaches art history at
hope to Russia’s often illiterate graph of an anonymous laborer at documentary “The Man With a (modern St. Petersburg), depicts Trinity College, Hartford, Conn.
masses. Bright, slogan-adorned the helm of a gleaming new indus- Movie Camera,” suggest the Soviet an inexhaustible stream of armed
banners, graphic political placards, trial machine, argues for the col- embrace of yet another technologi- workers ready to die for the
and cult-like paintings of Soviet lective potential of physical labor cal innovation that could celebrate cause. Revolution: Russian Art 1917-1932
leaders replaced the Russian icons harnessed to modern technology, the unscripted life of the common The revolution’s early days drew Royal Academy of Arts, through April 17

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.
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DON’T BE CRUEL | By Melina Merchant procession
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Solve this puzzle online and discuss it at WSJ.com/Puzzles.
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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
A14 | Tuesday, February 14, 2017 THE WALL STREET JOURNAL.

SPORTS
HEARD ON
THE FIELD
Flag Football Might Be
Just as Risky as Tackle
Maybe flag football isn’t a safer
alternative for youngsters after all.
Flag football, which has surged in
popularity along with parental con-
cerns about the effects of tackling
on children and young teens, actually
produces higher injury rates for
those players, according to a study
by University of Iowa researchers.
The silver lining: Youth tackle
football might not be as dangerous
as you think.
The study, which examined 3,794
players in grades 2-7 in two tackle
football leagues and one flag foot-
ball league, is one of the largest to
compare injury rates in the different
types of football.
It was published online last
week in the Orthopaedic Journal of
Sports Medicine.
“I think the take-home here is
that youth tackle football is rela-
tively safe, and that flag football
may not be a safer alternative,”
says Andrew Peterson, the study’s
lead author, a clinical associate pro-
fessor of pediatrics and orthopedics
at the University of Iowa. Stephen Vogt of the Oakland Athletics
Across all leagues, 128 injuries celebrates a home run last April.
were reported out of 46,416 expo-
sures—that is, a practice or a game.
The overall injury rate was 2.76 in- BASEBALL
juries per 1,000 exposures, which
Dr. Peterson notes is similar to the
injury rate in high school football.
Tackle football players in the
study reported 2.6 injuries per
1,000 exposures, compared with
5.77 injuries per 1,000 exposures in
A’s Move All-In on Oakland
flag football. While tackle football
players reported concussions at a has made it clear on multiple occa- the project itself and dedicating signs autographs with the phrase,
BY JARED DIAMOND
slightly higher rate, the difference sions that he doesn’t want the A’s those revenues to public infrastruc- “Committed to Oakland.”
with flag players wasn’t statistically to leave Oakland. ture improvements,” Schaaf said. “To market that legacy and to
significant. Oakland sports fans can be for- So with no obvious landing spot Fans in Oakland have heard rhet- show loyalty when this city is en-
Dr. Peterson theorizes that tackle given for having abandonment is- elsewhere in the U.S. or Canada, oric about the A’s finding a way to joying an incredible resurgence
football players suffer concussions sues. the A’s, perhaps by process of elim- stay before. that everyone is noticing makes
individually, whereas in flag football, The NBA’s Golden State Warriors ination, have reached a conclusion: “I don’t think there’s any other good business sense and good mar-
concussions often result from two will move in 2019 to a shiny new It’s Oakland or bust. Suddenly, the city in America that has as much of keting sense,” Schaaf said.
people running into each other. arena in San Francisco’s Mission franchise is positioning itself as a a symbiotic, yet tortured relation- The A’s don’t have much of a
Looking at the injury logs, he no- Bay neighborhood after more than torchbearer for a city with good ship with its sports teams,” said choice. Baseball’s new collective
ticed, “concussions seemed to come four decades in the East Bay. The reason to doubt its sincerity. Jim Zelinski, a cofounder of the fan bargaining agreement calls for
in pairs in the flag league.” NFL’s Oakland Raiders have filed “The way we look at it is: The group Save Oakland Sports. “I don’t them to be phased out of revenue
Typically, players in tackle foot- paperwork to relocate to Las Ve- best option is Oakland,” Kaval said. think any other fan base in the his- sharing over the next four years. In
ball wear protective padding and gas—a move that, if approved, “We are rooted in Oakland and we tory of sports has delivered so 2016, they received about $35 mil-
helmets, while flag football players would mark the second time the are from Oakland. I think it’s some- much support under the same set lion from revenue sharing.
wear no protective equipment. franchise has fled the city. thing in the past that some people of circumstances.” That puts even more urgency on
One caveat: There were fewer But baseball’s Oakland A’s? Their viewed as a weakness but we view the A’s effort to start building
flag football players in the study, slogan for 2017 is “Rooted in Oak- as a strength.” their facility. Despite the revenue-
which resulted in fewer exposures: land.” They recently shot a series The A’s are scouting three or sharing check the received, the A’s
2,252 compared with 44,164 expo- of commercials around the city, four Oakland sites for their future
A stunning turnaround had a payroll of just $87 million
sures among tackle football players. highlighting destinations like the home. for an organization that last season, one of the lowest in
The study was internally funded Oakland Zoo, Lake Merritt and the Building at the site of the cur- the majors. Kaval said a new sta-
and received no funding from any Fox Theater, a downtown concert rent Oakland-Alameda County Coli-
hasn’t always been kind dium “is our long-term solution to
football interests, Dr. Peterson says. hall. seum, the dilapidated 50-year-old to fans in Oakland. our revenue situation,” allowing
“That’s one of the reasons we And, most important, team pres- stadium they share with the Raid- the A’s to “spend in the top tier of
did this study, because the previous ident Dave Kaval says that by the ers, is the easiest option because of clubs.”
studies were either small or had end of 2017, the A’s will announce the amount of available space, Until then, the A’s will make im-
significant funding conflicts of inter- the site for a privately financed parking and transportation options. But John Hansen, the co-creator provements to the Coliseum, add-
est,” he says. baseball stadium that will keep the But Schaaf said she hopes the of the fan group Oakland Fan ing a food truck pavilion outside
L-R: RON JENKINS/ASSOCIATED PRESS; LACHLAN CUNNINGHAM/GETTY IMAGES

—Rachel Bachman team in Oakland for good.
“The A’s are doubling down on
their Oakland identity,” said Oak-
land mayor Libby Schaaf.
This is a stunning turnaround
for an organization that hasn’t al-
ways been particularly kind to fans
in Oakland.
In fact, the A’s spent years look-
ing for a way out of the city, only
to face impediments on all of their
potential escape routes. They ini-
tially pursued a move to Fremont,
about 25 miles south. Then they set
their sights on San Jose, only to
have it fall apart after considerable
legal wrangling, thanks to the San
Francisco Giants’ territorial rights
to Santa Clara County. Meanwhile,
MLB commissioner Rob Manfred
A’s pick a downtown location, pref-
erably an area known as Howard
Terminal, which would allow for a
waterfront stadium and further de-
velopment opportunities, like a
“ballpark village” concept that
Kaval desires.
Though the city doesn’t intend
to allocate public money for sta-
dium construction, Schaaf said it
will offer development entitle-
ments, such as helping to secure
publicly owned land, environmental
clearance and infrastructure for
transit.
“I’ve been very clear about what
I believe is an appropriate and re-
sponsible role for the public dollar,
and that is really only looking at
new revenues that are generated by
Pledge, said that until now, “There and opening a new sports bar in-
wasn’t a concerted effort to find a side modeled after Shibe Park, the
solution in Oakland.” former home of the Philadelphia
That starts with Kaval, the 41- Athletics.
year-old executive who earned the But Kaval acknowledged none of
reputation as a stadium whisperer that will matter until the team
by engineering the construction of moves into a new stadium and
Avaya Stadium, the privately starts winning. After reaching the
funded soccer stadium that opened postseason in three straight years,
in 2015 for the San Jose Earth- the A’s finished with fewer than 70
quakes. Kaval was brought to Oak- wins in 2015 and 2016, and their
land to do the same. chances in 2017 don’t look much
Since Kaval took over, the better.
changes have been palpable. He Still, after so many false starts,
holds weekly office hours to meet the A’s appear to have a future in
individually with fans to solicit Oakland. To jilted fans, little else
their thoughts on the team. He matters.
moved the annual FanFest from the “They could be the last team
Coliseum to Jack London Square, a standing,” Hansen said. “Oakland is
popular waterfront destination. He theirs for the taking.”

THE COUNT who went 9-0 to finish the year.

Still, only 17 of 426 MLB teams

WHY EVERY NHL

have reached the postseason after
firing a manager mid-season,
whereas just 4 of 119 NFL and AFL

TEAM SHOULD FIRE

teams have done so—but these
leagues’ respective playoff formats
obviously complicate matters.

ITS COACH
In the NHL, more than half the
teams reach the postseason, and
that figure is down from the Origi-
MIKE STOBE/NHLI/GETTY IMAGES

nal Six era, when two thirds of the

under interim coach Bruce Cassidy.
BY ALEX RASKIN
Six NHL teams have won Stanley
Cups after making a mid-season
Of the countless tweaks an NHL coaching change, and over the last
coach can make for an under- 10 years alone, three struggling
achieving team, one stands out for franchises lifted the cup after do-
its disproportional success rate: ing so—most recently last season’s
getting yourself fired.
Recently axed coaches Jack
Pittsburgh Penguins, who scored a
4-2 Finals win over San Jose after
Capuano and Ken Hitchcock have replacing Mike Johnston with mi-
artfully helped their franchises by nor league coach Mike Sullivan.
using this tactic in 2016-17. Their In fact, no sport gets as much
respective former teams, the New mileage out of the mid-season
York Islanders and St. Louis Blues, coaching change than the NHL,
have gone a combined 13-3-2 since which has seen 96 of 236 such
they were fired. The Isles have teams (40.6%) reach the postsea-
moved a within a point of the last son, according to Stats LLC.
wildcard spot in the East under in- “That wakeup call, more than
terim coach Doug Weight, and the anything else, is something that
Blues have outscored opponents, jumpstarts the players into saying
20-8, over six games with Mike ‘Hey, holy cow, we just got a guy
Yeo at the helm. fired,’” explained current Wisconsin
More recently, the Boston Bru- Badgers coach Tony Granato, who
ins have tried to reboot their for- guided the Colorado Avalanche to a
tunes by firing the winningest division title in 2002-03 after being
coach in franchise history, Claude promoted from assistant coach
Julien. The team has started 3-0 when Bob Hartley was fired in De-
New York Islanders coach Doug Weight replaced Jack Capuano on Jan. 17.
cember of that season.
For comparison, only 28% of
NBA teams have reached the play-
offs after changing their coach
midseason. Four teams have won a
title with a switch, though, includ-
ing the 2005-06 Miami Heat and
1981-82 Los Angeles Lakers, both
of whom won championships un-
der replacement coach Pat Riley.
Two Major League Baseball
teams have won World Series ti-
tles after making a mid-season
coaching change, including the
1978 New York Yankees, who had
three managers: Billy Martin, Dick
Howser, and Bob Lemon. And
while the strategy is less frequent
in football, where shorter seasons
and complicated playbooks dis-
league made the playoffs. What’s
more, overtime losses (and, previ-
ously, ties) count for a point in the
standings, keeping many mediocre
teams in playoff contention, even
when their coach is on the hot
seat. So naturally, NHL general
managers have been willing to
gamble on a change, particularly
Switching Gears when the market remains flooded
with experienced coaches.
How teams in the four major leagues have “There is a little bit more incen-
done after changing their coach in the middle tive, especially when the general
of the season in terms of win percentage manager has to answer to his
change and whether they made the playoffs. bosses and he might not make the
WIN PCT. % MADE playoffs,” said Granato. “‘Geez, if I
LEAGUE/# CHANGE PLAYOFFS fire this guy, and I get a two- or
NHL (236 teams) +.041 40.7% four-point surge, that might get us
NBA (196 ) +.029 28.1% in the playoffs and [give us] four
NFL & AFL (119) +.074 3.4% more home games.’”
MLB (426) +.015 4.0% So which NHL team will be the
Source: Stats LLC *points pct/Through 2015-16
next to gamble on a coaching
change? Currently Dallas coach
Lindy Ruff (7/4 odds), Tampa Bay’s
suade general managers from fir- Jon Cooper (7/2), and Winnipeg’s
ing coaches until after the season Paul Maurice (7/2) are the favor-
is over, the Houston Oilers won an ites to be replaced before the end
AFL title in 1961 after replacing of the year, according to online
Lou Rymkus with Wally Lemm, bookmaker Bovada.
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.
Mideast Rules For Jared Kushner
Jared Kush-
ner will get
his first real
taste of Mid-
east
macy
diplo-
week, when
this
GLOBAL
VIEW his father-in-
law receives
By Bret
Israeli Prime
Stephens
Minister Ben-
jamin Netan-
yahu at the White House.
Since the 36-year-old former
newspaper publisher has been
widely touted as the adminis-
tration’s point man on Israeli-
Arab issues, this week’s col-
umn humbly offers four rules
Mr. Kushner ought to observe
in the months and years
ahead.
(1) The Clifford Rule. After
stepping down as Lyndon
Johnson’s defense secretary in
1969, the late Clark Clifford
settled into the life of a Wash-
ington superlawyer—the sort
of man who, for a price, could
open all the right doors for
his clients and fix some of
their worst problems.
Approached by a man with
one such problem, Clifford
considered the matter, then
advised: “Do nothing.”
Two days later, the man got
a bill from Clifford for
$10,000. Infuriated that such
seemingly simple advice would
cost so whopping a sum, he
marched into Clifford’s office
to remonstrate.
Clifford replied: “Do noth-
ing.” He then sent the man a
bill for an additional $10,000.
The moral of this (perhaps
apocryphal) story is that “do
nothing” is often the best
Donald Trump’s Abolitionist Cabinet
Among Demo-
crats, the only
question
about Donald
Trump’s cabi-
net picks ap-
pears to be
MAIN
whether these
STREET
people are
By William
merely un-
McGurn
qualified for
their jobs—or
uniquely unqualified.
“In my mind she is the
least qualified nominee in a
historically unqualified cabi-
net.” So spoke Senate Minor-
ity Leader Chuck Schumer
about Betsy DeVos, who was
nonetheless confirmed last
Tuesday as education secre-
tary. Somewhat more mod-
estly Sen. Patty Murray (D.,
Wash.) contented herself with
“uniquely unqualified” to de-
scribe Andrew Puzder, the la-
bor secretary nominee whose
confirmation hearings the
Senate is scheduled to take up
later this week.
Not surprisingly, House Mi-
nority Leader Nancy Pelosi
went much further on Ben
Carson, declaring the neuro-
surgeon-turned-secretary of
housing and urban develop-
ment “disconcerting and dis-
turbingly unqualified.” In the
same vein New York’s Demo-
cratic attorney general, Eric
Schneiderman, attacked Scott
Pruitt, Mr. Trump’s nominee to
lead the Environmental Protec-
tion Agency, as “a dangerous
and unqualified choice.” Rick
Perry got off relatively lightly
when Sen. Martin Heinrich (D.,
N.M.) limited himself to “ut-
terly unqualified” to describe
The Reality-Television President
By Adam O’Neal
V
enezuelan President Ni-
colás Maduro remains
beleaguered, his popu-
larity demolished by rampant
inflation, food shortages and
lawlessness. The country can’t
seem to shake the legacy of
the late President Hugo
Chávez, who transformed over
his 14 years of rule from a
reckless populist into a brutal
authoritarian.
Many Americans first heard
from the eccentric caudillo in
2006, when he insulted Presi-
dent George W. Bush at the
United Nations General Assem-
bly. “Yesterday the devil came
here,” Chávez said, making the
sign of the cross. “Right here.
And it smells of sulfur still to-
day.” His countrymen could
hardly have been surprised.
This dramatic and ridiculous
behavior was a constant pres-
ence on Venezuela’s airwaves.
Chávez was in some sense the
first reality-TV world leader.
advice—and that failing to
heed it can cost you dearly.
Had John Kerry adopted
the Clifford Rule, he might
have been spared his fruitless
yearlong foray into Israeli-Pal-
estinian peace talks, which led
to the 2014 Gaza War. Had
Condoleezza Rice adopted it,
she might not have advocated
Palestinian elections that led
to victory for Hamas in 2006.
Had Bill Clinton taken it, he
might have been spared the
diplomatic humiliation of be-
ing spurned by Yasser Arafat
at Camp David in 2000.
(2) The Kissinger Rule. If
“do nothing” is generally good
advice, what’s Mr. Kushner
supposed to do?
Henry Kissinger once ob-
served that “when enough bu-
reaucratic prestige has been
invested in a policy, it is eas-
ier to see it fail than to aban-
don it.” So it is with the for-
mulas that govern official U.S.
thinking toward the Arab-Is-
raeli conflict: “land for peace”
and the “two-state solution.”
The State Department has
been rolling those boulders up
the hill for 50 years, and still
it thinks one last push will do
the trick.
The Kissinger Rule disposes
with the futility. It says that if
you can’t solve a small prob-
lem, fix the larger one that
encompasses it. So it was
with Taiwan and the “One
China” policy, or with Egypt
and its post-1973 realignment
with the U.S.
For Mr. Kushner, that
means the goal of diplomacy
isn’t to “solve” the Palestinian
problem. It’s to anesthetize it
Mr. Trump’s pick for energy
secretary.
So what is it about these
Trump nominees that makes
them so distinctive and un-
qualified? National Public Ra-
dio comes closer to the truth
than Mr. Schumer: It’s be-
cause many of these cabinet
secretaries are thought to
“oppose the work of the very
agencies they’ve been tapped
to lead.”
For some of us, that’s the
most encouraging thing about
them. True, only Mr. Perry has
publicly called for the aboli-
tion of the cabinet agency he’s
now been asked to lead, and
that was years ago. It’s also
true that in his confirmation
hearing last month Mr. Perry
pulled a Henry IV (the French
Protestant king who converted
to Catholicism to solidify his
hold on the throne). If Henry
thought Paris well worth a
Mass, the former Texas gover-
nor has obviously concluded
that a cabinet post is worth a
public recantation of his pre-
vious call to eliminate it.
Here’s hoping some of the
old Mr. Perry remains in his
unconverted heart. No one de-
nies that the Energy Depart-
ment has important responsi-
bilities—primarily over our
nuclear weapons. Even so, the
question almost never asked is
this: Does America need an en-
tire cabinet agency for the job,
and are we getting the proper
bang for our taxpayer buck?
It’s a timely question, in a
day when most federal cabi-
net agencies spend and regu-
late in ways fundamentally at
odds with free people acting
Not long after taking power
in 1999, Chávez premiered
“Aló Presidente” (“Hello Presi-
dent”). The program—part
talk show, part propaganda
broadcast—aired Sundays at
11 a.m. and could run for eight
hours. He used it to promote
his agenda, humiliate Western
journalists and whip up anti-
capitalist sentiment. No one
knew what Chávez might do
next.
During a 2008 crisis with
Colombia, the president, a for-
mer lieutenant colonel, didn’t
hesitate to command his armed
forces on air. “Mr. Defense
Minister, move 10 battalions to
the border with Colombia for
me immediately,” Chávez said
during the broadcast. “Tank
battalions. Deploy the air
force.” Tempers cooled, but for
a moment the first reality-TV
war appeared imminent.
During the 351st episode of
“Aló Presidente”—as de-
scribed in “Comandante,” Rory
Carroll’s biography of Chávez—
OPINION
through a studied combina-
tion of economic help and dip-
lomatic neglect. The real prize
lies in further cultivating Je-
rusalem’s ties to Cairo, Ri-
yadh, Amman and Abu Dhabi,
as part of an Alliance of Mod-
erates and Modernizers that
can defeat Sunni and Shiite
radicals from Raqqa to Teh-
ran. The goal should be to
Forget peace talks.
Work on building an
alliance of moderates
and modernizers.
make Palestinian leaders real-
ize over time that they are the
region’s atavism, not its fu-
ture.
(3) The Bush Rule. In 2004,
George W. Bush and then-
Prime Minister Ariel Sharon
exchanged letters in which the
president acknowledged that
the world had changed since
1967.
“In light of new realities on
the ground, including already
existing major Israeli popula-
tions centers,” Mr. Bush
wrote, “it is unrealistic to ex-
pect that the outcome of final
status negotiations will be a
full and complete return to
the armistice lines of 1949.”
The point of the Bush Rule
is to dispose with the flim-
flam that the Mideast’s con-
trived borders are sacred. And
the best place Mr. Kushner
could put the Bush Rule to use
is to offer U.S. recognition of
Israeli sovereignty over the
through their elected repre-
sentatives. Then again, many
of these agencies were de-
signed this way, especially the
more recent additions.
It helps to remember that
the Environmental Protection
Agency began life as Richard
Nixon’s attempt to buy favor
with the left. In a similar way,
the Education Department
was Jimmy Carter’s sop to the
National Education Associa-
Hurrah for cabinet
secretaries skeptical
about the agencies
they will lead.
tion (even the New York
Times editorialized against its
establishment as “unwise”).
Labor began as part of the
U.S. Department of Commerce
and Labor in 1903 but 10
years later morphed into a
separate department. Which
illustrates another lamentable
fact of cabinet agencies: Far
from dying off, they often
subdivide into more agencies
that each become bigger than
the parent.
Competence is not a re-
quirement. One small example
from the Education Depart-
ment: a just-released federal
analysis of a signature Obama
initiative to improve failing
public schools reports almost
zero gain from the $7 billion
spent. Yet we’re to believe
that Mrs. DeVos is the unqual-
ified one here?
Ditto the EPA. For Demo-
the leader took a stroll. Eyeing
a building full of jewelry stores,
Chávez shouted, “Expropriate
it! Expropriate it!” He picked
another spot and made the
same demand. “Yes, expropri-
ate. We have to make this into
a great historic center.”
Chávez arrested political
opponents on trumped-up
charges, chased off investors,
and allowed billions in oil rev-
enue to be siphoned away by
corrupt politicians. But the TV
was always great.
American politicians have
moved toward communicating
directly with the public, too.
Barack Obama, with his mas-
sive online following and dis-
dain for critical coverage, often
gave interviews to sympathetic
celebrities. Now, with a former
reality-TV star in the White
House, will an American “Aló
Presidente” come next?
Don’t count on it. Donald
Trump has discovered that
sending a tweet can be as effec-
tive as a marathon of television
Golan Heights, captured in
1967 from Syria.
The benefits: Nobody there,
including 20,000 Druze, wants
to be ruled by Damascus. U.S.
recognition would put the
Assad regime and its Iranian
and Russian backers on notice
that there’s a price for bar-
baric behavior. And it gives
the administration an oppor-
tunity to demonstrate its pro-
Israel bona fides while exert-
ing a restraining influence on
settlement building in the
West Bank.
(4) The Shultz Rule. Ronald
Reagan’s secretary of state
held to a clear principle when
it came to negotiating with
tough adversaries: Establish a
reasonable position, announce
your bottom line, stick to it.
No haggling. It proved effec-
tive in dealing with Soviet
arms negotiators.
The overworked metaphor
for Mideast diplomacy is the
bazaar. The secret to not los-
ing one’s shirt is not to enter
the bazaar in the first place.
The U.S. cannot solve the Is-
raeli-Palestinian conflict; only
Palestinians can. The U.S. does
have an interest in strengthen-
ing ties between its allies, both
for their own sake and to
counter their common ene-
mies. If the Palestinians want
to be a part of the solution, so
much the better. If they want
to continue to be a part of the
problem, they can live with the
consequences.
The principles are straight-
forward. The courage to stick
to them will be the test of Mr.
Kushner’s diplomatic mettle.
Write bstephens@wsj.com.
crats today’s EPA is less a gov-
ernment bureau than a secular
church enforcing the dogmas
of climate change. Over the
Obama years, this took the
form of trying to kill off the
coal industry, as well as to as-
sert federal control at the ex-
pense of the states. Enter Mr.
Pruitt, who as attorney gen-
eral for Oklahoma tussled in
court with the EPA. The fierce
opposition to Mr. Pruitt
speaks to the progressive fear
that he might help restore not
only science to its rightful
place but federalism.
In George Washington’s
day, the president got by with
four cabinet members: secre-
tary of state, secretary of the
Treasury, secretary of war
and attorney general. Their
posts reflect the core func-
tions of the federal govern-
ment. Today there are 15 sep-
arate departments in the
cabinet, along with agencies
like the EPA, which chug
along merrily in Republican as
well as Democratic adminis-
trations because, once estab-
lished, they almost never have
to justify their existence.
Even with the best of re-
forms the United States will
never again see a cabinet as
pared down as Washington’s.
But for believers in limited
government, the most re-
freshing aspect of the Trump
cabinet is that he’s included
men and women whose pri-
mary qualification is a will-
ingness to question whether
we really need the federal be-
hemoths they have been asked
to lead.
Write to McGurn@wsj.com.
interviews. Why host a lengthy,
tiring show to get a point
across, when a few taps on a
cellphone can have the same ef-
fect?
Mr. Trump can, however,
learn an important lesson
from the Venezuelan strong-
man. A year after Chávez’s ex-
propriation stunt, Mr. Carroll
writes, “everything was
boarded up, dusty, dilapidated,
the architectural and historic
projects yet to begin, possibly
forgotten.” The perpetually
distracted leader had moved
on.
If Mr. Trump wants a suc-
cessful presidency—enhanced
border security, an effective
ObamaCare replacement, a
better environment for job cre-
ators—he’ll have to scrutinize
the implementation of his
ideas much more carefully
than he crafts his tweets.
Mr. O’Neal is an assistant
editorial features editor at the
Journal.
Tuesday, February 14, 2017 | A15
BOOKSHELF | By Micah Mattix
Sermons
On the Subway
My Utmost: A Devotional Memoir
By Macy Halford
(Knopf, 351 pages, $26.95)
O
ne definition of an evangelical is this: someone who
views the Bible as the central authority in life and the
church and has read C.S. Lewis more than once. Evan-
gelical reading may not have always been wide, but it has al-
ways been regular and didactic. If you grew up in an evangeli-
cal home, there’s a good chance that all of the following books
were on your shelves: Lewis’s “The Chronicles of Narnia,” Elis-
abeth Elliot’s “Shadow of the Almighty,” J.I. Packer’s “Knowing
God” and, not least, Oswald Chambers’s “My Utmost for His
Highest.” For all the variety of evangelical belief and practice
(and charges of anti-intellectualism), books are at its heart.
In “My Utmost: A Devotional Memoir,” Macy Halford traces
the hold that Chambers’s daily devotional has had on her
life—from her teenage years as a Southern Baptist in Dallas
to her early adulthood in New York, where she worked at the
New Yorker magazine. What makes Ms. Halford’s experience
unique is her continued daily reading of Chambers’s devo-
tional even as she moves
away from most (though not
all) of her upbringing and
evangelicalism. The book is
partly a defense of Chambers
and his most recognized work
and partly a memoir of growing
up in evangelical America.
First published in 1935, nearly
20 years after Chambers’s death,
“My Utmost for His Highest”
pairs verses from the Bible with
selections of Chambers’s lectures
and sermons made posthumously
by his wife, Biddy. Each entry be-
gins with a topic or question followed by a
single verse and a short reflection from Chambers. “Stagna-
tion in spiritual life comes when we say we will bear the
whole thing ourselves. We cannot,” Chambers writes in one
entry. “Stop listening to the tyranny of your individuality and
get emancipated out into personality,” he writes in another.
The book’s popularity is partly the result of Chambers’s
lyrical, uplifting language, which seems to apply to almost
any situation. Statements like “To ‘walk and not faint’ is the
highest reach possible for strength” and “Where we are
placed is a matter of indifference; God engineers the goings”
can mean widely different things to different people in dis-
similar situations. Some passages, Ms. Halford writes, even
seem “to morph over time,” taking on whole new meanings.
When Ms. Halford’s grandmother gave her a copy of “My
Utmost for His Highest” after her baptism at age 13, she de-
cided that the book was “old-fashioned,” but within a few
years she had picked it up again. The passages that struck
her then dealt with freedom and a “higher life,” which, for
her, meant moving to New York and making it in the literary
world—a “calling” she took to be from God. Admonitions
like “Think of the healing and far-flung rivers nursing them-
selves in our souls!” comforted her in moments of doubt. “I
wondered, as perhaps every teenager wonders,” she writes,
“how such a future would be accomplished. Chambers’s
words contained an answer: through the soul where rivers
which mysteriously fed themselves were already bearing me
along to my destination.”
The author worries about what her literary
colleagues would think if they knew she shared
devotional reading with George W. Bush.
It is because of this connection between her hopes and
“My Utmost for His Highest” that Ms. Halford continues to
read Chambers even as she assimilates to New York literary
life. She can’t shake her attachment to Chambers and
doesn’t want to. But she does keep it secret—especially after
George W. Bush’s love of Chambers is thrashed in the liberal
press before the 2004 election. The cartoonish Chambers
described in these articles is not the Chambers she knows,
but she worries about what colleagues might think of her if
they knew she shared devotional reading with the Republi-
can president and determines that the correction to such
mischaracterization “wouldn’t come from me.”
Ms. Halford does a fair job of retelling the essential de-
tails of Chambers’s life, focusing on aspects that most ap-
peal to her. He was a voracious reader (he loved Balzac, ap-
parently) and had considered becoming a painter but
refused a scholarship, his brother tells us, to study at one of
“the great art centres” abroad because he had “seen men
come back from their travels both moral and physical
wrecks.” Instead, he spent his life teaching at small Bible
schools in America, Japan and England and lecturing for the
Pentecostal League of Prayer. He died following complica-
tions from an appendectomy in Egypt in 1917.
Chambers’s overwhelming concern was to serve God—to
submit to God’s will, whatever it may be, and pursue holi-
ness. Ms. Halford notes Chambers’s belief that a Christian
could live a perfect life on earth partly because in this as in
many other areas, she wants to draw a hard line between
the British Chambers and contemporary American evangeli-
cals. She’s right that most evangelicals don’t subscribe to
this view of sanctification, as it’s called, but goes on to state
that “the doctrine of sanctification” was “officially rejected”
by evangelicals—a historically and theologically ignorant re-
mark. It also seems to be undercut by Ms. Halford’s com-
plaint that her own childhood church nevertheless rein-
forced distinctions between people of greater and lesser
holiness. Equally muddled is Ms. Halford’s argument that
Chambers was a “liberal” to the extent that he had a low
view of doctrine and “believed in teaching people, helping
people, guiding people, but not in controlling them”—all
conservatives being little authoritarians, of course.
Ms. Halford admits that Chambers would probably not
approve of her cosmopolitan life, and as the book pro-
gresses, the contrast between Chambers’s preoccupation
with holiness and Ms. Halford’s focus on her relationships
with men and making it in New York becomes stark. The
book thus skirts what seems to be its central question: What
does Chambers’s outward-looking, self-sacrificial life have to
say to people today—right, left, Christian, agnostic—in an
increasingly self-absorbed culture? The main thing the au-
thor takes from Chambers, in addition to the charge to fol-
low your dreams, is the importance of accepting all people
for who they are. That this version of Oswald Chambers is
even more Americanized than the evangelical one she la-
ments oddly escapes her.
Mr. Mattix is an associate professor of English at Regent
University in Virginia Beach, Va.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A16 | Tuesday, February 14, 2017 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Andy Puzder’s Grilling Can We Trust Congress With a Carbon Tax?

P
resident Trump’s early troubles are Judging by Labor Department data, CKE George Shultz and James Baker expensive energy will slow economic
starting to affect his ability to govern— restaurants have an outstanding compliance III provide “A Conservative Answer growth. It’s better to rely on com-
to Climate Change” (op-ed, Feb. 8). petitive market forces to develop
to wit, Democrats think they have a shot record. Fewer than 2% of the company’s 2,900
Their plan offers so many economi- energy sources that are less costly
at defeating his nominee for U.S. restaurants (corporate cally efficient and effective alterna- than fossil fuels.
Labor Secretary, Andy Puzder. Will the White House and franchises) were investi- tives to today’s administrative-state We need more disinterested cli-
The White House had better let bogus charges beat gated for wage-and-hour vio- patchwork of regulations that the mate research, not more taxes.
get all hands on deck lest it lations by the Obama Labor conservative answer to climate ED KAHL
lose a nominee who knows the its Labor nominee? Department. Less than change raises the question: What Woodside, Calif.
damage that the Obama labor $80,000 in back wages was could possibly go wrong? In the real
agenda did to workers. paid for violations, and no vi- world of revenue-starved Washing- A CO2 tax, unlike a cap-and-trade
Mr. Puzder has served as CEO of CKE Restau- olation was identified at a corporate-owned ton, with political power bouncing program, doesn’t guarantee any
rants for the last 16 years, and labor groups are restaurant. between left and right based on a level of CO2 reduction, only a flow
broadcasting complaints from workers at the Liberals are also making a fake issue of Mr. few million swing voters and close of cash to the government. For a
to zero trust in government, a car- time the Obama administration at-
company’s Carl’s Jr. and Hardee’s chains. Work- Puzder’s employment of an undocumented
bon tax and dividend to be followed tempted to “convolute” the success-
ers at CKE franchises represented by the union housekeeper. He says he didn’t know her immi- by deregulation is ripe for abuse. ful SO2 cap-and-trade concept and
“Fight for $15” operation recently filed four gration status, and upon learning she was un- How much bureaucratic slippage will turn it into a giant government
charges of sexual harassment with the Equal documented he “immediately ended her em- occur between collection and distri- ATM by mandating a government
Employment Opportunity Commission, 22 ployment and offered her assistance in getting bution? Is a guarantee of post-tax auction for all proposed CO2 allow-
wage-and-hour complaints with state labor de- legal status.” deregulation more rock solid than ances issued, and thus was born the
partments, and seven unfair labor practice Then there are the claims that CKE’s racy were the guarantees of long-term phrase “cap and tax.” There are bet-
charges with the National Labor Relations marketing make Mr. Puzder a misogynist. Liber- budget-deficit reduction after short- ter ways to address the carbon issue
Board. The complaints represent fewer than als have even dredged up domestic abuse term federal spending increases? than though more government taxa-
0.1% of CKE restaurants’ workforce, and none charges that his ex-wife made during a messy From a purely economic stand- tion.
point, the Shultz-Baker proposal has G.R. HART
were employed by corporate stores. divorce three decades ago, which she has since
a great deal to like. Politically, the Vestavia Hills, Ala.
The Restaurant Opportunities Center United retracted. In a letter to Senators, she expressed plan might help bridge the enor-
(ROC) last month also released an online survey regrets about pressing charges, which she said mous gap between conservatives An “increasing tax” on American
that claimed to find rampant sexual harassment were urged by a personal attorney with a “ven- and reasonable environmental activ- businesses is a terrible idea. Austra-
by customers and “wage theft” (i.e., workers detta” against Mr. Puzder. ists on the left. Unfortunately, lia tried a carbon tax and then re-
not receiving required breaks or being paid The real union problem with Mr. Puzder is Americans cannot trust their repre- pealed it after rising energy costs
overtime). over policy. Labor groups want a $15 minimum sentatives to stick with any plan for hurt consumers, devastated the coal
The ROC survey was far from scientific, wage. But as Mr. Puzder has argued, a national new taxes, tax rebates and deregula- industry, killed jobs and contributed
and even the group’s self-appointed spokes- $15 minimum would encourage automation and tion for any period longer than a to a sluggish economy.
person Keith Ellison—who’s running to lead price low-skilled workers out of jobs. Unem- two-year election cycle. Democrats President Trump has already made
the Democratic National Committee—noted ployment last year increased among black teens could retake the White House and strides in his work to turn around
Congress and double the carbon tax, the U.S. economy with actions that
“we’re not presenting ourselves as statisti- as well as workers without high-school diplo-
convert the dividend-payment plan are actually conservative and pro-
cians.” Almost anyone could have completed mas after the minimum wage rose in several big into an income-redistribution plan growth. He needs to reject any
the survey, and multiple times. One irony is cities and states. and restore any climate-change reg- voices from the past that push for
that the NYC Health Department cited a ROC- Unions also want to organize fast-food work- ulations weakened or abandoned af- new taxes on the American people.
owned restaurant in New York several times ers on a systemwide scale rather than hop from ter carbon-tax implementation. DAVID MCINTOSH
for unsanitary conditions. Its workers also store to store. It’s far easier to bully a corporate DAVID ANDERSON Washington
sued for back pay. parent into agreeing to a union election rather Laurel, Md. Mr. McIntosh is president of the
More credible is a confidential phone survey than organize workers at each location. Fast Club for Growth.
of 250 CKE workers by the Employment Policies food has among the lowest unionization rates The carbon tax proposed by
Institute. According to the survey, more than of any industry due to high worker turnover Messrs. Shultz and Baker is still a Why do we vote for Republicans if
90% of restaurant employees said they learned and low entry-level wages. net cost to the economy even if the this is what we get?
tax is refunded to taxpayers. Replac- MARK BEDOR
valuable job skills and felt safe and respected at The groups behind these protests such as
ing less expensive energy with more South Pasadena, Calif.
work. The vast majority said managers accom- Fight for $15 are funded and directed by unions.
modate their schedules outside of work, though But because the groups aren’t registered as
about a quarter complained they couldn’t work unions, they don’t have to comply with the La-
as many hours as they’d like. bor Department’s financial reporting require-
Disgruntled workers exist at any company, ments or the National Labor Relations Act. So
Let’s Have Some Judicial Restraint—Or Else
and plaintiff attorneys earn a living finding they can picket businesses and bully workers President Trump’s personal battle Among all the things that should
them. But CKE restaurants wouldn’t have many with impunity. with federal Judge James Robart over cause Chief Justice John Roberts to
customers or workers if the ROC survey re- Mr. Puzder sees through the charade. As La- the his temporary restraining order lay awake at night, there is this: that
flected reality. Fast-food joints compete with bor Secretary, he could audit these joint-unions on the president’s suspension of U.S. the fury and the anger that propelled
entry for noncitizens from certain Mr. Trump to the presidency will be
other restaurant and grocery stores. Profit mar- and force them to play by the same rules as
countries is indeed poorly conceived turned against Congress with a de-
gins are tight. Regulations—labor, health and businesses. That’s one reason Republicans (“Trump Restraining Order,” Review mand and a resulting mandate to
safety—are stringent. should confirm him as soon as possible. & Outlook, Feb. 6). But public hyste- place greater legislative restrictions
ria conceals the larger picture that upon the jurisdiction and reach of the
has been developing for decades: leg- federal courts. That battle is coming.
Eavesdropping on Michael Flynn islative authority ceded by a weak MORGAN FOSTER

A
Congress to an aggressive and expan- Indianapolis
White House spokesman said Monday munications of Americans who may be caught sionary judicial branch—in this case,
that President Trump is “evaluating in such eavesdropping. That is, they are sup- on matters of national security. Readers should be aware that pres-
the situation” regarding national secu- posed to protect the identity and speech of in- Too many federal judges are prone idential criticism of judges isn’t ex-
rity adviser Michael Flynn nocent Americans. Yet the to inventing constitutional violations actly new. Teddy Roosevelt, in 1904,
Did U.S. spooks have a Washington Post, which where none had been noticed before, enraged at Justice Oliver Wendell
over his pre-inaugural con-
and they are all too willing to indulge Holmes’s dissent in an antitrust case
tacts with Russian officials. court order to listen to broke the story, says it spoke plaintiffs bringing bad-faith lawsuits said: “I could carve out of a banana a
(See the editorial nearby.) to multiple U.S. officials against the government for political judge with more backbone than that.”
While the President is at it, his conversations? Why? claiming to know what Mr. purposes with the intent to harass PAUL BROWNING
how about asking if the Flynn said on that call. and exhaust. Oradell, N.J.
spooks listening to Mr. Flynn The questions someone in
obeyed the law? the White House should ask the National Secu-
Mr. Flynn is a retired general who ran the rity Agency is why it didn’t use minimization Eliot Extends Her Relevance A Hard-Won but Very
Defense Intelligence Agency, so surely he knew procedures to protect Mr. Flynn? Or did it also To Our Enlightened Times Educational Lesson in Life
that his Dec. 29 call to Russian ambassador have a court order to listen to Mr. Flynn, and
Sergey Kislyak would be subject to electronic how did it justify that judicial request? My sincere appreciation to Allysia There’s a strong connection be-
Finley for bringing George Eliot tween the college situation de-
surveillance. U.S. intelligence services rou- If Mr. Flynn was under U.S. intelligence sur-
back into the political fray (“George scribed in John J. Miller’s “Who’s
tinely get orders from the Foreign Intelligence veillance, then Mr. Trump should know why, Eliot Knew a Thing or Two About Afraid of Student Journalists?” (op-
Surveillance Court to monitor foreign officials. and at this point so should the American pub- 21st Century Politics,” op-ed, Feb. ed, Feb. 9) and America’s leftist
But under U.S. law, when they get those orders lic. Maybe there’s an innocent explanation, but 7). Her selection of “Middlemarch” judges and professors. Those of us
they are supposed to use “minimization” pro- the Trump White House needs to know what’s is apposite, but I prefer this poi- who didn’t show enough enthusiasm
cedures that don’t let them listen to the com- going on with Mr. Flynn and U.S. spies. gnant effort from “Romola” (set in for the politics in our classrooms
Florence in the 1490s): “The major- didn’t get the grades needed for
ity of the men inside the palace, grad school.
White House Disruption having power already in their hands,
. . . thought change should be mod-
Just one example from my own
college career: I withdrew with an

P
erate; the majority outside the pal- A average from a humanities class
resident Trump came to Washington that is constantly on offense. This fits the Ban-
ace, conscious of little power and at San Francisco State College in
promising to disrupt a failing govern- non method, but the lack of even basic vetting many grievances, were less afraid of the ’60s after writing an essay that
ment, but to succeed he will have to stop for the executive order led to public confusion change.” didn’t toe the professor’s party line.
the disruption inside his own and defeat in court. PHIL ENNEN She spent the full class period tear-
White House. He could start Trump should give Mr. Trump is said to have Bryan, Ohio ing my paper, and me personally,
by giving his chief of staff the his chief of staff the since asked Mr. Priebus to im- into little bits, calling me names,
authority to act like a real pose order on the White the least of which were ‘’naive” and
chief of staff. power to act like one. House policy process, and the Veterans With Service Dogs “stupid.” She refused to approve
That runs counter to Mr. pace of mayhem has slowed my transfer to a section with an-
Have a Right to Use Them other professor, and my grade re-
Trump’s preferred theory of down. Neil Gorsuch’s Supreme
management, which by all accounts is to en- Court nomination was the best moment of his Many veterans use service dogs port showed a “withdrew failing”
to assist with post-traumatic stress grade.
courage multiple competing views and a walk- Presidency, and the meetings this weekend and
(“The Middle Seat: Is That Dog Re- I was naive and stupid. I had
in-anytime Oval Office policy. The White House Monday with the Prime Ministers of Japan and ally A Service Pet?,” Life & Arts, thought I was in college to learn,
has at least six different power centers, by our Canada seem to have gone well. Feb. 2). Service dogs that support not to be indoctrinated.
conservative count, and they compete for influ- But now come reports that national security military veterans with PTS are often HANNA GESHELIN
ence, which often means being the last person adviser Michael Flynn talked about sanctions trained to detect early signals of Pocatello, Idaho
to speak to the President on an issue. with Russia’s ambassador to the U.S. before the certain behaviors—such as combat-
Vice President Mike Pence ran the transition inauguration. Mr. Flynn denied it, and Mr. Pence related flashbacks, panic attacks
and has a say in personnel, among other things. made that case in public on his behalf. But me- and night terrors—and then swiftly Pepper ...
Strategist Stephen Bannon and his policy mate dia reports claim that intelligence sources who interrupt them. The lack of clarity
on the difference between service
And Salt
Stephen Miller share Mr. Trump’s fondness for monitored the conversation say they did dis-
shocking the Beltway bourgeoisie and wrote the cuss sanctions. (See editorial nearby.) animals and emotional-support ani- THE WALL STREET JOURNAL
mals frequently results in illegal
botched executive order on immigration. If Mr. Flynn lied to his colleagues, then Mr.
discrimination against veterans with
Son-in-law Jared Kushner appears to play on Trump will have to decide if that’s the kind of PTS, who are too often refused ser-
any issue he wants. Kellyanne Conway is a pres- White House he wants to run. Mr. Pence will vice due to confusion or doubts
idential favorite who takes the media spears on have been made to look foolish, and Mr. about the legitimacy of their service
the cable shows. Gary Cohn runs the National Flynn’s word won’t be good for much on Capi- dogs.
Economic Council and is already muscling out tal Hill, the Pentagon or the rest of the White ROBIN GANZERT
competing voices on taxes and finance and House staff. President and CEO
blocked supply-siders Steve Moore and Larry The larger point for Mr. Trump is that these American Humane Association
Kudlow from senior White House jobs. needless dramas sap White House and public Washington
Then there’s Reince Priebus, the nominal attention from the agenda he must implement
chief of staff who is supposed to impose order to succeed as President. Mr. Trump will have Letters intended for publication should
on the joint but hasn’t been given the power to to give Mr. Priebus the authority to impose be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
do so. And now he’s taking the blame, unfairly some discipline on the White House cacophony, or emailed to wsj.ltrs@wsj.com. Please
in our view, for White House mistakes. including Messrs. Bannon and Flynn, or he include your city and state. All letters
The reality is that Presidents get the White needs to find someone else who can. Credibility are subject to editing, and unpublished
House they want, which reflects their governing squandered in the early weeks of a Presidency letters can be neither acknowledged nor “This is so romantic. Jerry has
returned.
style. Mr. Trump favors shock-and-awe politics is hard to get back. the waiter singing our prenup.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Currency Manipulation Is a Real Problem
By Judy Shelton
P
assionate defenders of the
“global rules-based trad-
ing system” should be
wary of thinking their
views are more informed
than President Trump’s. He has
been branded a protectionist and
thus many conclude he is incapable
of exercising world leadership.
Meanwhile, those who embrace the
virtues of global free trade disre-
gard the fact that the “rules” are
not working for many American
workers and companies.
Certainly the rules regarding in-
ternational exchange-rate arrange-
ments are not working. Monetary
integrity was the key to making
Bretton Woods institutions work
What’s the point of free-
trade deals if governments
can wipe out the benefits
with monetary maneuvers?
when they were created after
World War II to prevent future
breakdowns in world order due to
trade. The international monetary
system, devised in 1944, was based
on fixed exchange rates linked to a
gold-convertible dollar.
No such system exists today.
And no real leader can aspire to
champion both the logic and the
morality of free trade without con-
fronting the practice that under-
mines both: currency manipula-
tion.
When governments manipulate
exchange rates to affect currency
markets, they undermine the honest
efforts of countries that wish to
compete fairly in the global market-
place. Supply and demand are dis-
torted by artificial prices conveyed
through contrived exchange rates.
Businesses fail as legitimately
To Break the Moscow-Tehran Alliance, Target Iran’s Regime
By Michael Ledeen
W
ant a deal with Vladimir Pu-
tin in the Middle East? Then
start with the real questions:
Are the Russians prepared to abandon
Iran and Bashar Assad’s Syria? If so,
what would it take to pull it off?
Start by reminding yourself that
Russia entered the Syrian battlefield
upon Iranian request. The Iranians
were losing the fight on behalf of
Mr. Assad’s regime, and a significant
number of Iranian fighters were
killed in Syria (the Islamic Republic
usually recruits Arab and Afghan
proxies to fight for it).
Ergo, an American deal with Russia
that pulls the plug on Mr. Putin’s alli-
ance with Mr. Assad and Ayatollah Ali
Khamenei threatens the Iranians.
Without Russian bombers and special
forces, Iran would face defeat, as
would Mr. Assad. Without Syria, Hez-
bollah—an integral part of the Tehran
regime—would at least be seriously
threatened, and could function no lon-
ger, along with the military pipeline
from Tehran to the Mediterranean.
Free Trade and the Bean That Helped Make America Great
By Blake Hurst
T
Tarkio, Mo.
he soybean is an American
success story, a remarkable
crop with a proud history. But
the vibrant international market for
soybeans may become a victim of
President Trump’s approach to trade.
This would be a shame, given how
strongly American farmers have sup-
ported Mr. Trump.
Rich in protein, the soybean has
improved millions of people’s diets
all around the globe. There were 1.8
million acres of the crop in the U.S.
in 1924, and soybean farming has
grown massively over the years, with
nearly 84 million acres planted
across the country in 2016. Our farm
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earned profits become currency
losses.
It is no wonder that appeals to
free trade prompt cynicism among
those who realize the game is
rigged against them. Opposing the
Trans-Pacific Partnership in June
2015, Rep. Debbie Dingell (D.,
Mich.) explained: “We can compete
with anybody in the world. We
build the best product. But we
can’t compete with the Bank of
Japan or the Japanese govern-
ment.”
In other words, central banks
provide useful cover for currency
manipulation. Japan’s answer to
the charge that it manipulates its
currency for trade purposes is that
movements in the exchange rate
are driven by monetary policy
aimed at domestic inflation and
employment objectives. But there’s
no denying that one of the primary
“arrows” of Japan’s economic strat-
egy under Prime Minister Shinzo
Abe, starting in late 2012, was to
use radical quantitative easing to
boost the “competitiveness” of
Japan’s exports. Over the next
three years, the yen fell against the
U.S. dollar by some 40%.
Last April, U.S. Treasury Secre-
tary Jacob Lew cautioned Japan
against using currency depreciation
to gain a trade advantage and he
placed the country on a “monitor-
ing list” of potential currency ma-
nipulators. But in response, Japa-
nese Finance Minister Taro Aso
threatened to raise the bar, saying
he was “prepared to undertake in-
tervention” in the foreign-exchange
market.
China has long been intervening
directly in the foreign-exchange
market to manipulate the value of
its currency. The People’s Bank of
China announces a daily midpoint
for the acceptable exchange rate
between the yuan and the dollar,
and then does not allow its cur-
rency to move more than 2% from
the target price. When the value of
Does President Trump want to
help the Iranians? It is unlikely. Mr.
Trump’s top national-security ap-
pointees—Defense Secretary Jim
Mattis, National Security Adviser
Michael Flynn, CIA Director Mike
Pompeo and Homeland Security Sec-
retary John Kelly—are all very tough
on Iran, and Secretary of State Rex
Tillerson concurs. The odds are that
the president wants a deal with the
Russians that will focus on Islamic
State.
If Mr. Assad falls, and Iran is se-
verely weakened, that is good for the
U.S. but not very good for Russia.
The Russian-Iranian embrace is very
tight. Virtually the entire Iranian nu-
clear program—whatever isn’t North
Korean—is Russian, from the reactors
to the air-defense systems that pro-
tect them. The Iranians have commit-
ted to purchasing billions of dollars
worth of weaponry, including ad-
vanced Russian torpedoes to attack
the U.S. Navy in the Persian Gulf.
Moreover, there is a powerful
Russian and Iranian interest in in-
creasing oil prices, and defeat of
had no soybeans in the early 1960s,
but today the crop makes up half our
acreage.
In my rural county in northwest
Missouri, home to plenty of soybean
farmers, Mr. Trump received about
75% of the vote. We were drawn to
policies like his “two for one” execu-
tive order, which requires the re-
moval of two regulations every time
a new one is written. The vocal and
at times vulgar protests against him
have only solidified his support here.
But unease is growing in the more
fertile parts of the hinterlands. As
his trade policy comes into focus, it’s
starting to scare the heck out of
farmers.
Mr. Trump is now embarking on a
huge economic experiment, one at
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OPINION
the yuan starts to edge higher than
the desired exchange rate, China’s
government buys dollars to push it
back down. When the yuan starts
to drift lower than the desired rate,
it sells off dollar reserves to buy
back its own currency.
China’s government has reserves
that amount to nearly $3 trillion.
According to Mr. Lew, the U.S.
should mute its criticism because
China has spent nearly $1 trillion
to cushion the yuan’s fall over the
Iran in Syria and Iraq might drive
petroleum prices down. Again,
good for the U.S., but bad for Mr.
Putin.
Putin may not like the
Islamic Republic, but
it serves his interests
in important ways.
On the other hand, an Islamist re-
public next door to Russia with a
strong military and nuclear capabili-
ties can’t make Mr. Putin very
happy. He knows that Iran produces
a significant number of radical Is-
lamic terrorists, both Sunni and Shi-
ite. He also knows that the Iranians
smuggled Qurans into the Soviet
Union and supported separatist
Muslim movements in the ’stans and
Chechnya. Mr. Putin would be hap-
pier with a nonjihadi Iran that
didn’t aspire to become a nuclear
power.
odds with what had been a biparti-
san commitment to increased inter-
national trade. He has withdrawn
from the Trans-Pacific Partnership,
a trade agreement that, according to
the Farm Bureau, would have in-
creased net farm income by $4.4 bil-
lion. The president has also prom-
ised to renegotiate the North
American Free Trade Agreement. Yet
since Nafta was signed, U.S. agricul-
tural exports to Mexico have in-
creased to $18 billion in 2015 from
$4.2 billion in 1994, according to the
Office of the U.S. Trade Representa-
tive.
A soybean farmer like me looks at
Mr. Trump’s statements with partic-
ular unease. Data from the National
Oilseed Processors Association show
that China and Mexico, both targets
of Mr. Trump’s trade policy, were the
Notable & Quotable: Unstable
From a Feb. 13 blog post titled “Is
Trump Mentally Unstable?” by Uni-
versity of Chicago law professor Eric
Posner:
Andrew Sullivan thinks so. Some
members of Congress also think so or
pretend they do. I do not.
How can we tell? Start with
Trump’s background. While we do not
really know whether he is a good busi-
nessman or a bad one, we do know
that he has run a business for many
decades without destroying it and
very likely has made a great deal of
money. Mentally unstable people do
not run businesses. Trump won the
presidential election after disregard-
ing the advice of many experienced,
Tuesday, February 14, 2017 | A17
DAVID GOTHARD
last 2½ years or so. In a veiled re-
proach to Mr. Trump’s intention to
label China a currency manipulator,
Mr. Lew said it was “analytically
dangerous” to equate China’s cur-
rent intervention policies with its
earlier efforts to devalue its cur-
rency for purposes of gaining a
trade advantage. China, he noted,
would only be open to criticism
that is “intellectually sound.”
Whether China is propping up
exchange rates or holding them
But Mr. Putin isn’t likely to join
the U.S. in changing the nature of
the Tehran regime, because a non-Is-
lamist Iran with warm U.S. relations
wouldn’t be in Moscow’s interest ei-
ther. At the moment, Mr. Putin is ar-
guably the most influential external
force in the Middle East, and it is
doubtful he wants to compete with
Mr. Trump for that role. Thus, he’ll
try to cope with his Iran problems
on his own.
Given these conflicting geopoliti-
cal interests, is there a way for the
Russians and the Americans to col-
laborate in the Middle East? What if
the U.S. offered Mr. Putin a regional
condominium? This would allow the
two countries to collaborate in Iran
and Syria, strengthening the Ameri-
can position and solidifying Russia’s
by debilitating the Islamist threat
and gaining some degree of control
over the vast oil and gas supplies.
The problem is that the U.S. isn’t in
a position to make that offer be-
cause it lacks the credibility to pro-
pose redrawing the Middle Eastern
geopolitical map.
top buyers of American soybeans in
2015.
Over the past generation, a billion
people in the developing world have
been raised out of poverty. The
Farmers like me see
promise in the new
president but peril
in his protectionism.
growth in soybean consumption is a
direct result of the increased demand
for protein that comes from rising
incomes. This new demand has, in
turn, increased prosperity in the
American Midwest. Put simply, lots
of farmers who voted for Mr. Trump
intelligent, rational people. Mentally
unstable people do not win presiden-
tial elections. . . .
Sullivan thinks Trump is mentally
unstable because Trump constantly
tells easily verifiable lies. While
Trump’s mendaciousness is truly a nat-
ural wonder, a Mount Everest or Grand
Canyon of human psychology, it is not
hard to understand. Many, many peo-
ple exaggerate their accomplishments,
blame their failures on others, and mis-
represent reality in order to make
themselves look better. This behavior
is ubiquitous—sometimes intentional,
more often subconscious. In ordinary
life, we tolerate it, mutely or not, hop-
ing that we are not as bad as the per-
son whose lies we are listening to.
down, manipulation is manipulation
and should not be overlooked. To
be intellectually consistent, one
must acknowledge that the distor-
tions induced by government inter-
vention in the foreign-exchange
market affect both trade and capi-
tal flows. A country that props up
the value of its currency against
the dollar may have strategic goals
for investing in U.S. assets.
The notion that free trade
should be based on stable exchange
rates so that goods and capital flow
in accordance with free-market
principles has been abandoned by
technocrat elitists who simultane-
ously extol the benefits of globali-
zation. But it makes no sense to
devote hundreds of pages to care-
fully constructed trade terms that
ratchet down tariffs a few percent-
age points when currency move-
ments can wipe them out in a mat-
ter of days.
Mr. Trump is taking the right
first step to address this issue by
questioning why there aren’t ade-
quate rules in place to keep coun-
tries from manipulating their ex-
change rates.
The next step is to establish a
universal set of rules based on
monetary sovereignty and disci-
pline that would allow nations to
voluntarily participate in a trade
agreement that did not permit
them to undermine true competi-
tion by manipulating exchange
rates.
Mr. Trump’s penchant for identi-
fying core problems and taking
bold actions to resolve them is en-
couraging. He would do well to
take the next step for the sake of
free trade and to establish a system
that ensures stable exchange rates.
Ms. Shelton, an economist, is the
author of “Money Meltdown: Re-
storing Order to the Global Cur-
rency System” (Free Press, 1994).
She served as an economic adviser
to the Trump transition team.
What, then, is the best American
strategy? Iran continues its cam-
paign against the U.S., and it won’t
end so long as the regime endures.
Therefore American policy must rely
on dismantling the Khamenei regime
as peacefully as possible, perhaps
from the inside out.
Antiregime demonstrations erupt
in Iran all the time, and most ex-
perts believe the vast majority of
Iranians detest Mr. Khamenei and
his henchmen. With U.S. support,
these millions of Iranians could top-
ple the Islamic Republic and estab-
lish a secular government resem-
bling those in the West.
With the Islamic Republic gone,
the Trump administration would be
in a much stronger position to
strike a deal with Mr. Putin. The
road to Moscow runs through Teh-
ran.
Mr. Ledeen is the coauthor, with
Michael Flynn, of “Field of Flight”
(St. Martin’s Press, 2016) and a
scholar at the Foundation for the De-
fense of Democracies.
now depend on the soybean to put
food on their tables.
Mr. Trump isn’t entirely wrong on
trade. China, which annually buys
some $20 billion worth of U.S. farm
products, has so far refused to grant
the U.S. access to its growing beef
market. Meantime, government sub-
sidies for Chinese rice, wheat and
corn farmers costs U.S. farmers hun-
dreds of millions of dollars, accord-
ing to former U.S. Trade Representa-
tive Michael Froman.
These mercantilist policies drive
inefficient production in China,
harming U.S. sales. They are also fla-
grant violations of World Trade Or-
ganization agreements. As uneasy as
farmers may be about Mr. Trump,
we’re also convinced that the U.S. ag-
riculture sector is being played by
foreign competitors, and we hope the
Trump administration can curtail
this behavior.
But so far, there has been a lot of
confrontation, and not a lot of dis-
cussion. Perhaps Mr. Trump is en-
gaged in the kind of negotiation that
he describes in “The Art of the Deal.”
Maybe we’ll all benefit from the
agreements that follow the work of a
master negotiator. But tillers of the
soil are beginning to worry that even
if Mr. Trump manages to end some
unfair trade practices, we’ll still be in
for a world of hurt.
I hope Mr. Trump’s populism will
bring prosperity to all parts of Amer-
ica—not just Washington and Wall
Street. But if trade has benefited ex-
ecutives, lobbyists and globe-trot-
ters, it’s also been pretty good for my
neighbors and me.
Mr. Hurst, a soybean farmer, is
president of the Missouri Farm Bureau.
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A18 | Tuesday, February 14, 2017 THE WALL STREET JOURNAL.

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BUSINESS & FINANCE
© 2017 Dow Jones & Company. All Rights Reserved.
S&P 2328.25 À 0.52% S&P FIN À 1.11%
Apple Hits High on iPhone Hopes
BY TRIPP MICKLE
AND AARON KURILOFF
Apple Inc.’s shares reached
their highest closing level ever
Monday, as investors bet that
the 10th-anniversary iPhone
expected later this year will
build on renewed momentum
at the world’s most valuable
company after its worst stum-
ble in years.
The stock rose nearly 1% to
close at $133.29, topping the
prior record of $133 set in Feb-
ruary 2015. The all-time intra-
day trading high for Apple
shares is $134.54, also reached
Mexico’s Trade Fears Run Broad and Deep
Geopolitics buffet the
peso, changing the
rules for emerging-
market investing
BY IRA IOSEBASHVILI
The Mexican peso’s recent
tumult is upending the way
many global investors hedge
bets on emerging markets and
raising the risks associated
with investing in the develop-
ing world.
The peso is one of the most
liquid emerging-market cur-
rencies and one of the few in
the group without restrictions
on trading. That has made the
currency especially useful for
investors looking to hedge
bullish emerging-market posi-
tions by making a bearish bet
on the peso.
One popular trade has been
buying Brazilian stocks and
offsetting that risk by selling
the peso, because Brazil’s cur-
rency controls make it difficult
to short, or bet against, the
Brazilian real. This hedge is ef-
fective because the peso has
tended to move alongside
other major emerging-market
currencies. These markets usu-
ally respond to the same eco-
nomic factors, such as U.S. in-
terest rates, commodity prices
and global fund flows.
But in recent months the
peso’s movements have be-
come more erratic. President
Donald Trump’s pledge to re-
negotiate the North American
Free Trade Agreement and
slap tariffs on Mexican goods,
moves that would damage
Mexico’s export-dependent
economy, have become the
main driver for the currency.
That has caused it to fluctuate
in ways that don’t always align
with what’s going on in other
emerging markets.
As the peso’s performance
diverges, investors are starting
to doubt it can continue to
serve as a proxy for emerging
markets. It is another re-
minder of how the status Mex-
ico has enjoyed for two de-
cades under a free-trade
agreement with the U.S. is be-
ing threatened, as the new U.S.
administration takes a more
confrontational stance.
With Mexico’s trade status
with the U.S. in jeopardy, the
peso’s performance has di-
verged from the currencies of
other developing countries.
“We no longer have an ac-
curate measure of emerging-
Please see PESO page B10
INSIDE
STIFF CRITICISM
DELAYS
$89,000 DRUG
PHARMA, B3
TECHNOLOGY: AN INDOOR PRODUCE FARM FOR ALL SEASONS B4
* * * *
S&P IT À 0.65%
in 2015.
That puts Apple’s market
value at about $700 billion,
which is more than $120 bil-
lion ahead of the No. 2 com-
pany, Google parent Alphabet
Inc.—which not long ago was
challenging Apple for the top
spot—and beyond the values
of Exxon Mobil Corp. and J.P.
Morgan Chase & Co. combined.
Apple’s market value remains
below the nearly $775 billion it
hit in February 2015 because
of a major share-buyback pro-
gram initiated in fiscal 2013.
Major investors, including
Warren Buffett’s Berkshire
Cotton-futures prices surged
throughout much of last year.
80 cents a pound
75
70
65
60
55 Daily
2015 ’16
Sources: FactSet (prices); Commodity Futures Trading Commission (open interest, net long positions)
Trump’s tough talk chills Mexican apparel makers and the U.S. cotton growers who supply them
BY JULIE WERNAU
There’s nothing more Amer-
ican—and Mexican—than a
pair of jeans.
U.S. cotton bales are gath-
ered from Texas to the Caroli-
nas and shipped as fluff, yarn
or fabric across the border to
Mexico, where the ingredients
are cut, sewn and pieced to-
gether. Around 40% of men’s
and boys’ jeans in the U.S. are
imported from Mexico, accord-
ing to the U.S.’s International
Trade Administration, and
some of the world’s largest
denim companies, including
Levi Strauss and VF Corp.,
WHAT THE VIX
IS REALLY
SAYING
STREETWISE, B9
THE WALL STREET JOURNAL.
DJ TRANS À 0.87% WSJ $ IDX À 0.23%
Hathaway Inc., poured into Ap-
ple stock when the share price
dipped last year, a period that
included three straight quar-
ters of profit and revenue de-
clines. Since then, a combina-
tion of a new iPhone, improved
sales in China and surging
sales of apps and streaming
music subscriptions has
buoyed the stock, investors
and analysts said.
No major strategic change
triggered the stock’s resur-
gence, although Chief Execu-
tive Tim Cook helped bolster
investor confidence last month
with the announcement of an
The number of positions
in the market has risen…
300,000 contracts
Open interest
275,000
250,000
225,000
200,000
175,000
150,000 Weekly
’17 2015
maker of brands Lee and Wran-
gler, have a presence in Mexico.
“Mexico is my domestic
market,” said Alan Underwood,
a cotton trader in Lubbock,
Texas. His bales of cotton are
driven to the border about five
hours away and end up in
Mexico City’s textile mills,
where they are assembled into
apparel. Mr. Underwood said
Mexico is closer and cheaper
to ship cotton to than much of
the U.S.
Cotton is a sector of the
U.S. economy that stands to
lose under a U.S. government
move to snatch back manufac-
turing jobs from Mexico.
Ross to Keep Assets Policies Could Sway
BY JEAN EAGLESHAM
AND LISA SCHWARTZ
Wilbur Ross Jr. plans to
keep millions of dollars in-
vested in offshore entities
whose values could be affected
by policies that he implements
as commerce secretary.
Mr. Ross, the 79-year-old
private-equity billionaire
whom President Donald Trump
has nominated to run the Com-
merce Department, has said he
would sell at least 80 business
assets and investment funds
over the next several months if
he is confirmed.
But he plans to hold on to
investments in an oil-tanker
company and 10 other entities
that invest in shipping and
LIBOR 3M 1.039
ambitious goal to double the
company’s $24.35 billion ser-
vices business by 2021.
Mr. Cook also expressed op-
timism that tax legislation un-
der the Trump administration
later this year could enable
Apple to bring home cash held
overseas. Investors envision
that offshore cash pile—which
at $230.2 billion is the largest
of any U.S. company—being
used for stock buybacks, divi-
dends, or acquisitions.
Apple has risen 20% since
the U.S. elections, beating the
8.8% gain for the S&P 500.
Still, the biggest driver of
…along with bets that
prices will continue to rise.
125,000 contracts
100,000
75,000
50,000
25,000
0
–25,000
’16 ’17
With President Donald
Trump’s plans to build a wall
at the border, renegotiate the
North American Free Trade
Agreement and levy a tax on
Mexican imports, cotton trad-
ers and farmers are increas-
ingly worried their relation-
ship with Mexico will be
upended. They fear Mr.
Trump’s policies will hurt
prices for one of the country’s
historic crops, close factories
in Mexico and fail to bring
back jobs to the U.S.
“During the last two de-
cades, Mexico has always been
among the top three importers
of U.S. cotton,” said Wallace
real-estate financing, accord-
ing to federal financial-disclo-
sure and ethics filings. It isn’t
clear why Mr. Ross is retaining
these 11 assets.
A spokesman said Mr. Ross
has committed that, if con-
firmed as commerce secretary,
“he will faithfully execute the
law and the commitments in
his ethics agreement, and will
follow the advice of the de-
partment’s ethics officials.”
In a letter to the Commerce
Department last month, Mr.
Ross said six of the entities in
which he is retaining stakes
are no longer acquiring new
assets. In three other compa-
nies, he will be a passive inves-
tor, “without prior knowledge
of or influence over invest-
Tuesday, February 14, 2017 | B1
NIKKEI (Midday) 19427.82 g 0.16%
investors’ renewed enthusiasm
is the iPhone, which is both
Apple’s blessing and its curse.
One of the most successful
consumer products in history,
the device is on track to top
$980 billion in sales in the de-
cade since it hit the market.
The iPhone is now so huge
that it propels Apple, account-
ing for two-thirds of sales and
three-fourths of operating
profit—and prompting gyra-
tions in the company’s stock
Please see APPLE page B2
 Heard on the Street: Rally is
part of an iPhone cycle .... B11
Cannon Michael is among U.S.
cotton growers trying to parse
the president’s trade rhetoric.
Net long positions
Weekly
2015 ’16
THE WALL STREET JOURNAL.
Darneille, chairman of Amcot,
a trade association represent-
ing the interests of producer-
owned and -managed cotton
cooperatives. “This longstand-
ing relationship benefits both
countries, as it provides signif-
icant employment on both
sides of the border,” he said.
The U.S. cotton industry di-
Please see COTTON page B10
Peso in Crisis
 Border-tax plan draws few
bettors................................... B10
 Investors cut their
Mexican exposure........... B10
ment decisions made by the
funds’ managers,” he wrote.
The values of Mr. Ross’s in-
vestments could rise or fall de-
pending on policies set by the
Wilbur Ross
wrote that he
wouldn’t recuse
himself from
department
work on oil
spills.
Commerce Department, which
oversees oil-spill regulations
and trade negotiations, among
other things.
Mr. Ross is retaining stakes
valued at between $8.7 million
See more at WSJMarkets.com
Upswing
Gains in Apple, banks and industrial
companies boosted the Dow Jones
Industrial Average.
3%
2
1
Caterpillar
Goldman Sachs Group
0 Apple
9:30 10 11 noon 1 2 3
Source: WSJ Market Data Group
THE WALL STREET JOURNAL.
New Peak
For Dow
As Rally
Resumes
BY GUNJAN BANERJI
AND RIVA GOLD
The Dow Jones Industrial
Average surged more than 140
points to a fresh high Monday,
as heavyweights such as Cat-
erpillar, Goldman Sachs
Group and Apple rallied.
Broad gains in U.S. stocks
sent the blue-chip index, the
S&P 500, the Nasdaq Compos-
ite and the Russell 2000 index
of small-capitalization compa-
nies to records together for a
second straight session.
Investors have been piling
back into U.S. shares and shed-
MARK MAHANEY FOR THE WALL STREET JOURNAL
ding U.S. government bonds—
reviving some popular post-
election bets—on the prospect
of tax cuts, loosened regula-
tions and improving corporate
profits.
Shares of financial and in-
dustrial companies, which
have been among the biggest
winners since November, led
Monday’s gains.
Apple closed at a record and
has benefited from the up-
swing in U.S. stocks as well as
investor optimism around the
iPhone. Apple shares rose $1.17,
or 0.9%, to $133.29, surpassing
their previous closing high of
$133 set in February 2015.
Fellow Dow components
Caterpillar, Goldman Sachs,
J.P. Morgan Chase and Boe-
ing together contributed
roughly 60 points to the index.
The Dow industrials rose
142.79 points, or 0.7%, to
20412.16. The S&P 500 added
12.15, or 0.5%, to 2328.25, and
the Nasdaq Composite gained
’17 29.83, or 0.5%, to 5763.96.
Financial shares led gains in
the S&P 500, jumping 1.1%, and
industrials were close behind
with a 1% rise.
Government bonds pulled
back. The yield on the bench-
mark 10-year U.S. Treasury
note rose to 2.434%, from
2.409% Friday. Yields rise as
bond prices fall.
Investors also were looking
ahead to comments from Fed-
eral Reserve Chairwoman
Janet Yellen, who is scheduled
to appear before the U.S. Sen-
ate on Tuesday and the House
on Wednesday to give testi-
mony about monetary policy.
Early Tuesday, Japan’s Nik-
kei 225 Stock Average was
down 0.2%, Hong Kong’s Hang
Seng Index was flat but Austra-
lia’s S&P ASX 200 was up 0.3%.
and $41.5 million, according to
a financial-disclosure form he
filed with the Office of Govern-
ment Ethics. The interests are
mostly in private companies
registered in the Cayman Is-
lands, according to corporate
filings. The entities are linked
to investments his private-eq-
uity firm, W.L. Ross & Co.,
made in shipping and real-es-
tate financing, including the
U.S. and Irish property mar-
kets.
They include a co-invest-
ment with the Chinese govern-
ment’s sovereign-wealth fund
in Diamond S Shipping Group
Inc., one of the world’s largest
owners and operators of me-
dium-range oil tankers, accord-
Please see ROSS page B2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Tuesday, February 14, 2017
INDEX TO BUSINESSES
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
Allergan.......................B3
America Movil...........B10
American College of
Physicians...............A11
Anheuser-Busch..........B3
Apple...............B1,B9,B11
B
Boeing ......................... B1
Bold Capital Partners.B4
C
California Steel
Industries..................B2
Caterpillar ................... B1
Chemours....................A3
Co-operative Group.....B5
D 21st Century Fox........B4
Daimler......................B11
DCM Ventures.............B4
Dune Capital
Management ............ A4
DuPont........................A3
F Marathon
Finistere Ventures......B4
Fleurette Group .......... B3
Fossil Group................B9
Freight Farms ............. B4
G Mutanda Mining.........B3
General Motors.........B11
Glencore ...................... B3
Goldman Sachs
Group...................A4,B1
INDEX TO PEOPLE
A Glownia, Rob.............B11
Anderson, Richard....B10
B
Baijal, Hemant..........B10
Barnard, Matt.............B4
C workers at a plant in Fontana,
Carrillo, Luis..............B10
Chen, Betty.................B9
D S
Darneille, Wallace.......B1
Donald, James .......... B10
E-G
Erichson, Howard ....... A3
Gertler, Dan ................ B3
Teva Posts Loss on a Write-Down
Teva Pharmaceutical In-
dustries Ltd. swung to a loss
in its latest quarter on an ac-
quisition write-down as its in-
terim chief executive contends
with a deal-driven debt load.
Last week former Chairman
Yitzhak Peterburg became in-
terim CEO, succeeding Erez
Vigodman.
Last year, Teva closed its
$40.5 billion deal for Aller-
gan’s generics operations.
For the quarter, Teva re-
APPLE
Continued from the prior page
price tied to investors’ chang-
ing views of each new model’s
prospects for success.
“Apple is really an iPhone
business,” said Sean Stannard-
Stockton, chief investment of-
ficer at Ensemble Capi-
tal Management, a Burlingame,
Calif., wealth-management
firm with $500 million in as-
sets; it counts Apple among its
largest holdings. He added,
“The next [iPhone] cycle
should be strong.”
The speculative frenzy that
always precedes a new iPhone
has been supercharged in an-
ticipation of the 10th-anniver-
sary release expected later this
year. Analysts in research re-
ports have predicted the phone
will be one of Apple’s most
revolutionary, with some sug-
gesting it will come in three
sizes instead of the usual two,
with a case made almost en-
tirely of glass and possibly
wireless-charging capability.
At least one of the anniver-
sary phones is expected to
have an OLED screen, technol-
ogy that would make the de-
vice thinner and lighter. The
display, on top of the device
being an anniversary edition,
has led to speculation that Ap-
ROSS
Continued from the prior page
ing to its website.
Mr. Ross’s private-equity
firm in 2011 led a group of in-
vestors, including state-owned
China Investment Corp., which
injected a total of about $1 bil-
lion into the company.
The Chinese fund is “a pas-
sive, minority investor” in the
company, Mr. Ross’s spokes-
man said.
Diamond S Shipping Group,
which is registered offshore
but based in Greenwich, Conn.,
is private and doesn’t publicly
list all its shareholders. The
company, which has 33 tank-
ers, didn’t respond to requests
for comment.
Negotiating with and re-
sponding to China will be one
of Mr. Ross’s responsibilities as
commerce secretary. His role
will include a seat on the Com-
mittee on Foreign Investment
* ***** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Grupo Mexico S.A.B. de
C.V. .......................... B10
H
Hain Celestial Group B11
Heineken ..................... B3
Plenty United..............B4
Restaurant Brands
R
International.............B3
S
‘Buy America’ Tests Steel
BY TED MANN
I Samsung Electronics..B3 AND BRODY MULLINS
Imax.............................B4 Silver Point Capital....B5
International Business T WASHINGTON—In his plan
Machines...................B3
Tesla............................B3 to rebuild America’s infra-
J Teva Pharmaceutical structure, President Donald
J.P. Morgan Chase......B1 ............................... B2,B3 Trump promises the job will
K The Co-operative be done with materials made
Katanga Mining..........B3 Bank..........................B5 in the U.S.
Kimberly-Clark de Time Warner...............B4 “Buy American and hire
Mexico.....................B10 Trinity Products..........B2
American,” Mr. Trump said on
STUART PALLEY FOR THE WALL STREET JOURNAL
Kirin Holdings.............B3 Twitter........................A2
the campaign trail and in his
Kohl's...........................B9
U inaugural address. But in a
L
global economy where supply
Levi Strauss................B1 UBS..............................B5
chains and markets are inter-
M V national, establishing a far-
Macy's.........................B9 VF................................B1 reaching “Buy America” can be
W more difficult than it sounds.
Pharmaceuticals.......B3 Walt Disney................A1 In the thicket of the federal
Metro-Goldwyn-Mayer
Warner Bros................B4 bureaucracy, different parts of
.....................................B4
Westfield.....................B4 the U.S. government don’t al-
Michael Kors...............B9
W.L. Ross....................B1
ways agree on what “made in
Y America” means. That has
O-P
YouTube.......................A1 frustrated steel companies Product from California Steel’s plant in Fontana, Calif., has had trouble qualifying as being U.S.-made.
OneWest Bank............A4
Perry Capital...............B5 Z who own several large mills in
Pfizer...........................B3 Zeltiq Aesthetics........B3 the U.S. but whose products made steel. as California Steel, buy rough converter mills like NLMK’s in
cannot be used in highway and For steel to qualify as slabs from other countries Sharon.
water projects.
When a Los Angeles utility
prepared to upgrade water
American-made, it can be
sourced from raw materials
overseas but must be “sub-
then use modern “slab con-
verters” in the U.S. to trans-
form them into steel coils for
One of NLMK’s customers,
Missouri-based Trinity Prod-
ucts Inc., said construction
P pipes in 2015, federal require- stantially transformed” at U.S. customers. But that process firms would rather pay more for
Graham, John............B11 Papantonio, Mike........A3 ments prevented it from using mills, according to the Buy doesn’t meet the 1982 defini- their steel than risk the chance
Griggs, Robert.............B2 Parkes, Walter............B4 steel sourced from a nearby American Act of 1933. The in- tion of American-made. that the government later could
Grosky, Aaron.............B4 Pfeffer, Marc.............B11 mill owned by California Steel terpretation of a federal high- Mr. Trump’s focus on the rule that it doesn’t meet the
H Pruett, Will...............B10 Industries Inc. The firm, de- way bill in 1982 narrowed the Buy America policy—and its American-made definition.
Hasenstab, Michael..B10 R spite employing hundreds of likely application to his pro- “We’ll go to customers and
posed $1 trillion infrastructure say we’ll save you $40 or $50
Holt, Dennis................B5 Robinson, Alan..........B10
Calif., 50 miles east of the city, program—raises the possibil- a ton, and literally they will
L Rometty, Ginni............B3
doesn’t meet Buy America re-
Some steel producers ity that the more restrictive say to us, ‘I don’t want to risk
Lee Jae-yong...............B3 Ross, Wilbur ............... B1
quirements. are being shut out standard will be extended to it,’ ” said Robert Griggs, Trin-
M-N Instead, the steelmaker other categories of govern- ity’s founder.
Mathews, Jack..........B10 Schmidt, Eric...............B4 said, the Los Angeles Depart-
from taxpayer-funded ment spending. A spokes- “Raw material for certain
Spellman, Mark...........B1
Michael, Cannon....... B10 ment of Water and Power had projects. woman for the Trump admin- steel companies can come from
Miller, Robert..............B2
Spielberg, Steven ....... B4
to go with a different bidder, istration declined to comment. Russia or Brazil, and because
Musk, Elon..................B3 U using a steel supplier from California Steel recently they make and melt it in the
Nystedt, Jens............B10 Underwood, Alan........B1 hundreds of miles away—a fac- amped up its lobbying to press United States, it complies with
tor that raised the costs 30% requirements for some catego- Congress to change the defini- Buy America,” said Robert
for supplying the pipes, ac- ries of federally funded proj- tion so its steel is eligible for Miller, head of the U.S. division
cording to California Steel.
California Steel has Brazil-
ects, saying steel must be
melted down into liquid to
use in U.S. infrastructure proj-
ects. “We would be happy with
of Russia’s NLMK. “Our raw ma-
terial, which also comes from
ported a loss of $973 million, ian and Japanese owners, but meet the definition. ‘substantially altered,’ ” said a Russia and Brazil, is precluded
or $1.10 a share, compared its foreign ownership wasn’t a Thirty years ago it wasn’t a California Steel spokesman. from Buy America because it’s
with a profit of $500 million, factor—other foreign-owned big problem for companies. Most NLMK Group, with steel op- not made and melted.”
or 55 cents a share, a year ear- steel companies meet the gov- U.S. steel mills were so-called in- erations in Pennsylvania, also “If every steel manufacturer
lier. Excluding certain items, ernment’s Buy America rules. tegrated mills that combine and has increased its government- buys raw materials from other
per-share earnings were $1.38, Nor was the fact that it re- melt the raw ingredients to pro- lobbying efforts. Business at countries, why are we being
up from $1.28 a share in the ceives raw steel from over- duce their own massive slabs of its Sharon, Pa., mill has fallen shut out?” Mr. Miller asked.
prior-year quarter. Revenue seas—other steel companies steel. But the industry and steel- off significantly as a result of When Mr. Trump announced
grew by 33% to $6.49 billion. that qualify under the policy making processes have evolved, Buy America rules. Customers his intention to apply Buy
Analysts polled by Thomson import unfinished materials and changes in manufacturing ef- want to hold inventory for fu- America requirements more
Reuters had expected earnings such as steel slabs. fectively are shutting out some ture jobs but can’t predict aggressively, Trinity’s Mr.
of $1.35 a share on $6.28 bil- The issue for California steel producers from competition which will be funded by the Griggs said he got calls from
lion in revenue. Steel: By one U.S. definition, it for government-funded work. federal government so they are customers asking, “ ‘What in
—Austen Hufford doesn’t produce American- Now, some U.S. mills, such avoiding steel made in slab- the hell is going on?’ ”
than smartphones. For exam-
ple, its highly profitable ser-
vices business, which includes
sales of apps and streaming
Great new pricing Schwab,
but you left us out of
music, increased revenue 18%
to $7.2 billion during the De-
your comparison.
cember quarter, making it big-
MARK KAUZLARICH/BLOOMBERG NEWS
ger than many large compa-
nies. But what Apple hasn’t
done is replicate its iPhone Interactive
Brokers
success with other products—
and that raises questions
about its future. The company
hasn’t introduced a game-
changing product since the
iPad in 2010. The Apple Watch, Rated Low Cost
introduced in 2015, hasn’t been
Some analysts are expecting dramatic changes in the next iPhone. a breakout success, and its
wireless Airpod earbuds are in by Barron’s
ple could charge record prices parable technology. Samsung their infancy.
for the phone, said Steven Mi-
lunovich, an analyst with UBS.
Apple is extraordinarily se-
cretive about its plans, making
Electronics Co. and Google
have added pressure with new,
higher-priced devices.
The iPhone 7, launched in
Still, Apple shares actually
are relatively inexpensive,
even after the recent run-up.
They are trading at roughly 16
15 years in a row *
it difficult for analysts and in- September, hasn’t generated times the past 12 months of
vestors to know what to ex- the kind of sales jumps Apple earnings, compared with
pect—and adding risk for any- recorded with previous new prices averaging about 23 How much is your broker charging you?
one betting that the new models, but it has helped re- times earnings for other tech
phone will be a hit. Even the kindle enthusiasm. It was the stocks in the S&P 500—and Equity Trades
prospective name is debated: best-selling smartphone in below Apple’s 10-year average
some analysts say Apple will China, according to Kantar of 21 times earnings, according Schwab $6.95
call it the iPhone 8; others Worldpanel, helping stabilize to FactSet. “It’s gone from a
suggest it will be the iPhone X. Apple’s revenue there after growth stock that was largely
Apple declined to comment. three quarters of declines. overvalued to a value stock,” Fidelity $7.95
Apple has struggled with in- That gave investors “increased said Jack Brown of Aviance
tensifying smartphone compe- comfort that China is not fall- Capital Partners LLC, a Naples,
tition in recent years. In China, ing off a cliff,” said Jim Tier- Fla., investment firm that TD Ameritrade $9.99
the world’s largest smartphone ney, chief investment officer of counts Apple among its largest
market, rivals have cut into concentrated U.S. growth at holdings in both its growth-
Apple’s market share with AllianceBernstein Holding LP. strategy and value-strategy E*TRADE $9.99
cheaper phones offering com- Apple has more going for it portfolios.
Scottrade $7.00
in the U.S., an agency that vets
global deals on national-secu-
rity grounds and has scotched
a number of Chinese takeovers.
tanker company and his new
job.
“Your decisions could im-
pact the regulatory environ-
Cantwell wrote. She added that
Diamond S Shipping had iden-
tified this act in securities fil-
ings as a law that applies to its
Vanguard $7-$20
depends on the
Mr. Ross also would oversee ment for both your own and operations. number of trades
agencies with wide powers your [competitors’] shipping In a response to Ms.
over trade, ranging from set- companies. You would also Cantwell, also reviewed by the
ting limits on textile imports have authority to determine Journal, Mr. Ross wrote that Interactive Brokers $2.261
to imposing duties on unfairly he wouldn’t recuse himself
traded goods. Mr. Trump dur- from his department’s work on
ing his presidential campaign oil spills. Competitor firm information is for standard online trades pricing obtained
threatened to impose tariffs of
Wilbur Ross’s In the event of a major spill, from their respective websites as of 2/3/17.
Competitor pricing and offers subject to change without notice.
between 35% and 45% on Chi- investments could rise it would be “my duty as secre-
nese exports to the U.S. The tary to provide the public and
outcome of any trade negotia-
or fall depending on president the benefit of my ex- If you think our commissions are low,
tions could have a big impact Commerce policies. perience.” He wrote that he take a look at all our rates.
on the transoceanic shipping would do so only with the
sector, according to econo-
mists.
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ethics officials and would “at
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Kirin
Sells
Brazilian
Unit to
Heineken
One of Japan’s largest beer
makers, Kirin Holdings Co.,
has thrown in the towel on its
By Rory Gallivan,
Megumi Fujikawa and
Maarten Van Tartwijk
troubled Brazilian unit, selling
it to Dutch brewer Heineken
NV for €664 million ($707 mil-
lion).
The deal, disclosed Monday,
comes after Kirin took a nearly
$1 billion impairment charge
on the unit in 2015. Brazil,
once fast-growing, suffered its
biggest economic contraction
in 25 years in 2015 and contin-
ued shrinking last year. That
has hit consumer spending and
caused a slump in beer sales.
In a written statement, Ki-
rin said it considered the risks
in the Brazilian economy and
the beer market in making its
move to sell the business.
“There are certain limitations
to transforming Brasil Kirin
into a sustainable and highly
profitable business on its
own,” Kirin said.
$707M
Value of the sale of Kirin’s Brazil
business to Heineken
Heineken, which already has
a beer business in Brazil, said
the acquisition would make it
the second-largest beer com-
pany in Brazil after the local
business of Anheuser-Busch
InBev NV. Heineken said the
deal gives the Kirin unit an en-
terprise value of €1.025 billion.
Brasil Kirin had a 9% share of
the Brazilian beer market in
2015, Heineken said.
Kirin bought the Brazil unit
in 2011 from a local family-
owned brewer, but the acquisi-
tion soon dragged down the
entire business of the Tokyo-
based beer and soft-drink
company. In 2015, Kirin re-
ported the first net loss in its
modern history because of its
Brazil losses.
“While we see growing de-
mand over the long term” in
South America, “it is difficult
to compete with a rival which
has nearly 70% of the market
share,” a Kirin spokesman
said, referring to AB InBev.
Heineken’s chief executive,
Jean-Francois van Boxmeer,
said he had “confidence in our
ability to generate attractive
returns over the long term.”
In 2016, sales at Brasil Kirin
declined to ¥118 billion ($1.04
billion) from ¥134 billion the
previous year. Kirin Brasil’s
beers include Schin, Baden
Baden and Eisenbahn.
The beer industry has been
undergoing global consolida-
tion, and Japan’s brewers have
joined in the wave. Kirin rival
Asahi Group Holdings Ltd. in
December agreed to buy brew-
ing assets in five Eastern Eu-
ropean nations from AB InBev
for €7.3 billion. However, Ki-
rin’s Brazil experience shows
that global expansion can
backfire when Japanese com-
panies enter distant and unfa-
miliar markets.
ALLERGAN
Zeltiq to Be Acquired Mining Giant to Buy
For $2.26 Billion Two Copper Stakes
Allergan PLC said it would
buy Zeltiq Aesthetics Inc., the
maker of a fat-reducing treat-
ment, for $2.26 billion.
Allergan is paying $56.50 a
share, a 14% premium to the
company’s Friday closing price of
$49.40. Zeltiq’s CoolSculpting
system is approved by the U.S.
Food and Drug Administration to
freeze fat cells, causing them to
self-destruct over several
months.
Last year, Allergan and
Pfizer Inc. terminated a
planned $150 billion merger af-
ter the Obama administration
took aim at the deal. Allergan
completed the sale of its ge-
nerics business to Teva Phar-
maceutical Industries Ltd.
—Austen Hufford
* * Tuesday, February 14, 2017 | B3
BUSINESS NEWS
Marathon Delays Drug Launch
Criticism mounts over
$89,000-a-year price
for medication to treat
muscular dystrophy
BY JOSEPH WALKER
AND SUSAN PULLIAM
Marathon Pharmaceuticals
LLC said it would delay the
U.S. launch of its expensive
muscular-dystrophy drug amid
mounting criticism of its
$89,000-a-year price, includ-
ing from two members of Con-
gress who launched an investi-
gation Monday and a powerful
Republican member of the
House of Representatives.
In a statement posted on the
website of a nonprofit group in-
SUSAN WALSH/ASSOCIATED PRESS
volved with muscular dystrophy,
Marathon CEO Jeffrey Aronin
said the company was “pausing
our launch,” which had been
scheduled for March. The com-
pany will meet with “caregivers
and explain our commercializa-
tion plans, review their concerns,
discuss all options, and move for-
ward with commercialization Sen. Bernie Sanders and Rep. Elijah Cummings, shown in 2015, are seeking detailed information on Marathon Pharmaceuticals’ pricing plan.
based on an agreed plan of ac-
tion,” he said in the statement. said that currently only 7% to and profit projections and its said it appreciated “the opportu- day, said Brian Rell, a spokes-
The delay was also announced 9% of Duchenne patients are communications with health nity to engage in dialogue on the man for the congressman.
at a Monday meeting in Wash- taking deflazacort, and that the insurers about covering the value of a FDA approval of a Marathon, based in North-
ington of parents of children company’s goal is to “make it drug, according to the letter, medicine with” Sen. Sanders brook, Ill., didn’t invent defla-
with Duchenne muscular dystro- available to a much broader set dated Feb. 13. and Rep. Cummings. zacort. It licensed the rights to
phy, a rare disease affecting of patients.” The company said The FDA approval gives Mar- Rep. Robert Aderholt (R., data from clinical trials in the
some 12,000 boys in the U.S. last week it expected to receive athon the exclusive right to sell Ala.) also criticized Marathon 1990s that were conducted by
Marathon received approval far less than its $89,000 list deflazacort in the U.S. for a pe- for its pricing of deflazacort. another company. That data
last week from the U.S. Food and price after paying rebates to riod of seven years before com- The company “will have a high was the primary basis for the
Drug Administration to sell the Medicaid programs, and provid- petitors can enter the market. hurdle to claim that they are FDA’s approval.
drug, deflazacort, to patients ing copay coupons and free The seven-year exclusivity pe- not doing harm in their pric- Congressional investiga-
with Duchenne. The drug hadn’t medicine to patients with high- riod was granted under the Or- ing,” Mr. Aderholt, chairman of tions into drug pricing have
been available in the U.S. previ- deductible insurance or with no phan Drug Act, which provides the House Appropriations sub- become more common in re-
ously, but many patients had insurance at all. incentives to companies for de- committee that funds the FDA, cent years. Marathon received
been importing it from the U.K. In a letter to privately held veloping drugs for diseases af- said in a statement Monday. a similar letter from Messrs.
for about $1,200 to $1,600 annu- Marathon on Monday, Sen. Ber- fecting fewer than 200,000 pa- “It makes me question Sanders and Cummings in
ally. Some families had raised ob- nie Sanders (I., Vt.) and Rep. tients in the U.S. whether the current construct 2014 related to an investiga-
jections to the new price. Elijah Cummings (D., Md.) re- “We urge you to significantly of how FDA approves orphan tion of sharp price increases
Catherine Collins, who quested detailed information on lower your price for this drug drugs does more harm than on older drugs. Marathon later
spoke at Monday’s meeting the company’s “outrageous plan before it goes on the market good if companies have found sold the drugs in question, Isu-
and whose son, Dylan, 11, has to begin charging $89,000 per next month,” Messrs. Sanders a way to game the system,” prel and Nitropress, to Valeant
Duchenne, accused Marathon year” for the drug, despite it and Cummings wrote in the let- Mr. Aderholt said. Pharmaceuticals International
of “predatory pricing. Enough, having been available for de- ter. “Marathon’s apparent abuse Mr. Aderholt conveyed his Inc., and that company’s own
gross,” she said. Ms. Collins, of cades in Europe at a fraction of of government-granted exclusiv- displeasure with Marathon’s price increases on the drugs be-
New York, says she pays be- that price. ity periods and incentives to sell pricing action to the Pharma- came the subject of a letter re-
tween $800 and $1,000 a year The lawmakers requested what should be a widely avail- ceutical Research and Manufac- questing information by Messrs.
now for deflazacort that she information from Marathon, able drug for $89,000 a year is turers of America, a trade group Sanders and Cummings in 2015.
imports from overseas. including how much it spent to unconscionable.” of which Marathon is a member, —Jonathan D. Rockoff
In a statement, Marathon develop the drug, its revenue In its statement, Marathon over the weekend and on Mon- contributed to this article.
Tesla Begins Journey Into Mideast
IBM Chief
BY NIKHIL LOHADE
Defends Role
DUBAI—Dubai’s gas-guz-
zling supercars will soon face
Advising
greener competition.
Tesla Inc.’s co-founder and
White House
chief executive, Elon Musk, BY TED GREENWALD
launched the company’s elec-
tric vehicles in the United International Business
Arab Emirates on Monday. Machines Corp. Chief Execu-
This was the California com- tive Ginni Rometty sent a
pany’s first foray in the Middle memo to employees defending
East, which is potentially a big her decision to advise Presi-
market for its luxury cars and dent Donald Trump, the latest
STRINGER/AGENCE FRANCE-PRESSE/GETTY IMAGES
sport-utility vehicles. example of a major business
The electric-car maker will leader grappling with con-
accept online orders for its cerns over how to engage
Model S sedan and Model X with the new administration.
SUV, Tesla said in a written The memo, which was sent
statement. Deliveries are ex- on Thursday but hadn’t been
pected to start this summer. It made public before Monday,
said the launch of its online came after Ms. Rometty met
platform in the U.A.E. would with Mr. Trump earlier this
be supported by a pop-up month as part of a committee
store in the Dubai Mall, with a of business leaders convened
service center in Dubai ex- to advise the White House.
pected to open in July. The She and the president
company will then open a Tesla’s Elon Musk, right, at a Dubai conference this month. Tesla will start selling cars in the U.A.E. discussed various issues, she
store and service center in wrote, including Mr. Trump’s
Abu Dhabi in 2018. will make 500,000 cars a year Persian Gulf are big buyers of have cut fuel subsidies, which executive order that sus-
Tesla is among the world’s by the end of 2018 and one powerful, fancy vehicles every will make gasoline-powered pended travel to the U.S. from
fastest-growing car manufac- million vehicles in 2020. year. That addiction has been cars more expensive to oper- seven predominantly Muslim
turers, with sales rising 27% Dubai and the broader Mid- helped in large part by heavily ate. countries, a policy the White
year-to-year in the fourth dle East potentially offer a big subsidized fuel in most of the And many governments, House said was needed to en-
quarter of 2016. market for Tesla’s relatively region. such as Dubai, are also en- sure national security.
Mr. Musk, who is the chair- pricey cars. However, as oil prices have couraging the use of more en- A federal appeals court last
man and largest shareholder The emirate and its rich oil- fallen sharply since the middle vironment-friendly cars, such week ruled to keep the order
of Tesla, has said the company producing neighbors in the of 2014, many governments as those made by Tesla. on hold.
BUSINESS WATCH
GLENCORE RESTAURANT BRANDS SAMSUNG
Franchise Growth Heir Emerges
Lends a Boost From Questioning
Swiss mining giant Glencore Restaurant Brands Interna- Lee Jae-yong, the third-gener-
PLC agreed to pay $534 million tional Inc., parent of Burger King ation heir of the Samsung con-
in cash to acquire stakes in two and Tim Hortons, said its fourth- glomerate, emerged from the of-
African copper projects held by quarter sales rose, driven by fices of a South Korean special
its longtime and controversial growth in its franchise business. prosecutor early Tuesday after
RICHARD B. LEVINE/NC/ZUMA PRESS
business partner, the Israeli bil- Comparable sales at Tim Hor- being questioned the previous
lionaire Dan Gertler. tons rose 0.2%, less than Con- day over his alleged role in a po-
Glencore said it would pur- sensus Metrix estimates of 1.1% litical corruption scandal.
chase the 31% holding held in growth, while same-store Burger Mr. Lee, vice chairman of
Mutanda Mining by Mr. Gertler’s King sales grew 2.8%, ahead of Samsung Electronics Co., was
Fleurette Group, valuing the the consensus of 2.5%. System- summoned as authorities try to
stake at $922 million. The wide sales—which include reve- uncover the reason behind pay-
amount of cash being paid was nue from franchised stores— ments made by Samsung to enti-
reduced by settlement of loans grew 2.4% at Tim Hortons and ties linked to a confidante of the
owed by Fleurette to Glencore. 8.5% at Burger King. Burger King same-store sales grew 2.8%, beating the consensus. country’s impeached president.
Glencore will also purchase In all the Oakville, Ontario- Monday, prosecutors said
Mr. Gertler’s minority holding in based company reported a charges. After paying out pre- nue rose 4.9% to $1.11 billion. they haven’t yet decided
Katanga Mining Ltd., a deal that profit of $185.9 million, up from ferred dividends, the company Analysts polled by Thomson whether to seek a warrant for
values the stake at $38 million. $119.2 million a year earlier, be- earned 50 cents a share, up Reuters had forecast earnings his arrest.
Details of the deal were ear- fore the payout of preferred from 25 cents. On an adjusted of 41 cents on $1.11 billion in Samsung has denied its in-
lier reported by Bloomberg. dividends.The prior-year quarter basis, earnings rose to 44 cents revenue. volvement throughout the scandal.
—Scott Patterson was hurt by restructuring per share from 32 cents. Reve- —Imani Moise —Eun-Young Jeong
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 | Tuesday, February 14, 2017
Indoor Farming Takes Root at Startup
BY JACOB BUNGE
AND ELIOT BROWN
SOUTH SAN FRANCISCO,
Calif.—In a renovated ware-
house by San Francisco Bay,
plastic towers sprouting
heads of lettuce, arugula, and
herbs rise 20 feet to the ceil-
ing, illuminated by multicol-
ored LED lights that give the
room a futuristic feel.
A group of tech entrepre-
neurs and investors including
billionaires Jeff Bezos and
Eric Schmidt are betting this
facility, 100 miles north of
California’s “salad bowl” pro-
duce-farming epicenter, can
redefine how vegetables and
fruits are grown for local
consumption.
If all goes to plan, the
51,000-square-foot ware-
house run by startup Plenty
United Inc. will yield as
much as 3 million pounds of
leafy greens each year. In
the coming months, the
company plans to begin
marketing produce bred for
local tables rather than
shipping durability.
“We’re growing for people,
not trucks,” said Plenty co-
founder and Chief Executive
Matt Barnard, the 44-year-
old son of a Wisconsin cherry
and apple farmer whose
background is in tech and in-
vesting.
Plenty is among a wave of
startups seeking to shift part
of the $49 billion U.S. retail
produce market from sun-
Hollywood Plans
To Bring VR
To Mall Near You
BY BEN FRITZ
As Silicon Valley giants bat-
tle each other to dominate vir-
tual reality in the home, some
in Hollywood hope to use the
technology to get people out
and about.
A new venture backed by
three studios and director Ste-
ven Spielberg has raised $11
million as it aims to launch its
first VR storefront at a Los
Angeles mall this fall with
plans for a wider rollout next
year.
Dreamscape Immersive will
feature original VR experi-
ences and ones tied to major
film franchises, said co-Chair-
man Walter Parkes, a former
DreamWorks motion picture
chief and longtime producer.
The company’s technology,
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TECHNOLOGY
California’s Plenty United aims to match field-grown lettuce on cost
‘We’re growing for people, not trucks,’ said Plenty United co-founder and CEO Matt Barnard.
kissed crop fields to giant restaurants and grocery
warehouses, old factories stores, whether during the
and repurposed shipping sizzling summers of New
containers. These indoor fa- Mexico or the frigid winters
cilities are tricked out with of Minnesota.
sensors that measure tem- Shifting centuries of crop-
perature and moisture, auto- farming science indoors isn’t
mated systems that pump in easy. The costs of outfitting
water and nutrients, and high-tech farms, as well as
strips of LED lights to pro- pricey urban real estate,
vide energy—with no need make it difficult to match the
for sunlight or soil. prices of field-grown prod-
Companies like Plenty, Aer- ucts.
oFarms LLC and Freight Indoor farms can have less
Farms Inc. have raised tens of environmental impact than
millions of dollars, spurred by conventional agriculture,
declines in the cost of LED backers say, though the dif-
lighting and heating and cool- ference is hard to fully as-
ing systems. The startups as- sess. Plenty’s systems reuse
pire to produce for nearby water, largely avoid pesti-
developed by Swiss firm Ar-
tanim, allows multiple people
to interact in a single virtual
reality environment.
It uses 16 cameras and
sensors on as many as six us-
DREAMSCAPE
ers’ hands and feet, making it
more advanced than the
home systems currently of-
fered by companies such as Images show a player using Dreamscape’s virtual-reality system. The startup is backed by three studios and Steven Spielberg.
Sony Corp. and Facebook
Inc.’s Oculus. screen exhibition company
“Studios and shopping cen- IMAX Corp., venture-capital
ters have the same challenge, firm Bold Capital Partners and
to create experiences that mall chain Westfield Corp.
draw people in,” Mr. Parkes The company is already
said. “That overlap is where starting to raise additional
we saw an opportunity.” money it will put toward a sec-
Dreamscape’s investors in- ond round to fund its expansion
clude a trio of large media beyond Los Angeles, said Chief
companies—Time Warner Operating Officer Aaron Grosky.
Inc.’s Warner Bros, 21st Cen- Dreamscape’s launch comes
tury Fox and Metro-Goldwyn- as IMAX has just opened its
Mayer Inc.—digital and large- first out-of-home VR experi-
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PLENTY
cides, and can reduce the
fuel needed to power trac-
tors and deliver products;
but the climate-control sys-
tems and LED lights add to
power usage. The company
wouldn’t disclose costs or al-
low photos of its systems.
Some farming startups
have retooled their ap-
proaches. New York-based
BrightFarms Inc. in 2015
shelved plans for a Washing-
ton, D.C., greenhouse and a
separate rooftop farm in New
York due to costs and the
time required to secure per-
mits. FarmedHere LLC, based
in a former box factory in
suburban Chicago, that same
ence in Los Angeles, with
plans for expansion. It is more
similar to the experiences peo-
ple can get at home, but could
still be competitive with Dream-
scape. “We think it’s wise to di-
versify our bets because there
are going to be a lot of winners
in this space,” said IMAX CEO
Richard Gelfond.
Studios have created rela-
tively little VR content in-
house thus far, choosing in-
WSJ Editor Defends Coverage
BY AMOL SHARMA
Wall Street Journal Editor
in Chief Gerard Baker on Mon-
day aggressively defended the
newspaper against criticism
that its reporting on President
Donald Trump has been soft,
saying the coverage has aimed
to hold the new administra-
tion accountable without be-
coming “oppositional.”
Addressing an internal fo-
rum of over 100 newsroom em-
ployees—with others listening
by phone around the world—
Mr. Baker also spoke about the
state of the business. He said a
“very adverse” advertising en-
vironment forced 200 job cuts
through layoffs and buyouts,
but pointed to substantial
gains in digital subscriptions in
recent months.
Monday’s event came after
media reports, citing unnamed
news employees, described in-
ternal rancor at the Journal
over its approach to covering
the Trump administration un-
der Mr. Baker’s leadership.
Mr. Baker said he has found
it “irritating” to read critiques
of the Journal’s coverage of
Mr. Trump. He rattled off a
string of Journal exclusives
and in-depth articles as evi-
dence of the paper’s aggressive
coverage, including reporting
on the president’s business
conflicts and foreign dealings
and the recent controversy
* *** THE WALL STREET JOURNAL.
WSJ.com/Tech
year shut down for six ronmental issues around heat-
months to overhaul its ing and cooling, which can be
model. extremely expensive,” said
Even tech giant Alphabet Todd Dagres, general partner
Inc., the parent of Google, with venture-capital firm
tried its hand at growing Spark Capital. Spark invested
grain indoors, but shut down in Freight Farms, which outfits
the project in 2015 after it shipping containers with
failed to be energy-efficient greenhouse gear to raise pro-
enough. duce in smaller-scale farms
Plenty believes it can lower that Mr. Dagres said are more
costs by farming in big ware- efficient.
houses on cheap land outside On a recent day at Plenty’s
city centers, and improve effi- warehouse, lettuce and herbs
ciency by using a technique grew from spongelike plastic
called machine learning that that substitutes for soil and
enables computers to review gets mineral-infused water.
huge data sets and make deci- Mr. Barnard said Plenty
sions. can today produce more
To get its initial ware- than 150 times as much let-
house up and running, Plenty tuce per square foot a year
raised $26 million from high- as an outdoor farm, and
profile names including with 1% of the water. He de-
funds that invest on behalf of clined to specify expected
Mr. Bezos, Amazon.com Inc.’s prices for its products, but
chief executive, and Mr. he said this year Plenty
Schmidt, Alphabet’s execu- should be able to raise and
tive chairman. Investment market heirloom lettuces
firms including DCM Ven- and herbs at the same cost
tures and Finistere Ven- as field-grown versions. A
tures LLC also pitched in. head of green-leaf lettuce
Plenty, founded in 2014 as retails at an average price
See Jane Farm, will need to of 98 cents a head, or $1.79
raise much more capital to for organic lettuce, accord-
fulfill plans to run 60 farms ing to the latest data from
outside major U.S. cities and the U.S. Department of Ag-
more than 300 globally. riculture.
Some agricultural inves- “If these guys are able to
tors say large-scale indoor crack the code,” said Scott
farms will struggle to bal- Brady, a partner at Mr.
ance capital-intensive opera- Schmidt’s investment fund,
tions with the low prices Innovation Endeavors, “my
consumers expect to pay for sense is there are really very
lettuce and other greens. few limits.”
“The warehouse concept is —Rolfe Winkler
one where you still have envi- contributed to this article.
stead to invest in outside ences are expected to last
companies. Walt Disney Co. is about 10 minutes each and
backing the VR startup Jaunt cost a little over $1 million to
Inc. and Warner previously in- produce. Tickets will cost $15
vested in the augmented real- to $20.
ity company Magic Leap Inc. Mr. Parkes said the com-
Dreamscape’s chief executive pany may work with Holly-
is Bruce Vaughn, who worked at wood directors to create origi-
Disney for 23 years, most re- nal experiences. Others could
cently as chief creative officer of be tied to a movie release or
the Imagineering group that de- come in between big screen
signs theme-park attractions. installments to keep a fran-
The Dreamscape VR experi- chise alive.
BUSINESS NEWS
He encouraged Journal report-
ers to aggressively call out the
administration’s falsehoods. He
said the Journal isn’t banned
PAUL MORSE FOR THE WALL STREET JOURNAL
from using the word “lie” in
connection with Mr. Trump or
his administration but said the
bar is high, because the word
connotes an intention to de-
ceive that is hard to prove.
For reporters who don’t like
the Journal’s approach to cov-
erage, he said, “maybe there
are better places for you to be.”
Some of the recent reports
of discontent at the paper
Gerard Baker came after Mr. Baker sent an
email advising against the use
surrounding Michael Flynn, his of the term “Muslim-majority
national security adviser. countries” to describe the
“Don’t let anyone tell you seven nations from which im-
our reporting on Donald migration was suspended un-
Trump has been soft,” he said. der an executive order by Mr.
“It’s been extremely tough.” Trump.
Referring to the notion that Mr. Baker said he didn’t
the Journal has been timid, he choose his words carefully
said, “you might even call it when he sent the late-night
fake news.” email and that his goal, subse-
Mr. Baker acknowledged the quently clarified in a memo to
challenges Mr. Trump’s rise staff, was to ensure the admin-
presents for journalists, noting istration’s viewpoint is in-
the administration’s hostile at- cluded in stories.
titude toward the press and Using the term “Muslim-
that it “peddles falsehoods on majority” in the absence of
a daily basis.” more context “would have cre-
Still, he said treating Mr.
Trump as the enemy or be-
ated an impression in readers’
minds that [the countries]
coming a “political protago- were chosen because they are
nist,” as he accused some Muslim-majority countries,”
other news organizations of he said. That may be true but
doing, isn’t the correct course the administration’s argument
and would harm the Journal. must be presented, he said.
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THE WALL STREET JOURNAL. Tuesday, February 14, 2017 | B5

BANKING & FINANCE

U.K.’s Co-operative Bank Is Up for Sale

Capital-thin ‘ethical’
lender promotes Bailouts Leave Under current EU guide-
lines, bank shares and bonds
environmentally Investors Guessing must absorb losses—known as
a “bail in”—before a govern-
friendly projects ment mounts a bailout. Yet
LONDON—Co-operative authorities can still protect
BY MARGOT PATRICK Bank PLC could pose a fresh systemically important banks
test to the framework for or investors, and some re-
LONDON—For sale: Co-op- bank bailouts in Europe. structurings have taken longer
erative Bank PLC, an ethical Co-op Bank on Monday than anticipated.
lender with longstanding capi- put itself up for sale. If a A state-backed rescue at

SIMON DAWSON/BLOOMBERG NEWS

tal problems. buyer doesn’t emerge, the Italy’s Banca Monte dei Paschi
Co-op Bank put itself up for lender could be taken over by di Siena SpA is challenging
sale Monday, three weeks after the Bank of England. Either the expectations of investors
warning that its capital levels way, investors in its shares in troubled banks. There, indi-
were lagging behind. and bonds face potential vidual investors may get a
The Bank of England said it losses. The question is: How sweeter offer than interna-
welcomed the move and would much? Taxpayer bailouts dur- tional funds in the proposed
“assess the bank’s progress in ing the financial crisis government plan. Or maybe
building greater financial resil- prompted European policy not. Mom-and-pop bondhold-
ience over the coming The Bank of England welcomed Co-op Bank’s move, which some analysts view as a last-ditch effort. makers to come up with ers were wiped out when a
months.” stricter rules to make share- set of smaller Italian banks
Analysts said it looked like Lynch and UBS Group AG are ogy upgrade and a failed ac- the 1840s, and about half of holders and bondholders bear failed 14 months ago. Though,
a last-ditch effort before the advising the bank. quisition wiped out a chunk of Co-op Bank’s four million cus- losses ahead of taxpayers. But the Italian government later
lender is seized by the Bank of Co-op Bank’s junior bonds its capital in 2013. tomers are Co-operative Group the new protocols haven’t led said some of those investors
England. The central bank can rose after the announcement, It needed a second capital members. to standardized treatment of can be compensated.
take over a firm if it is failing as some investors anticipated injection in 2014. —Max Colchester bondholders at banks. —Margot Patrick
or likely to fail and there isn’t they could be worth more in a Co-op Bank has cut costs by contributed to this article.
any other viable solution. Its sale or bail-in than their trad- 20% and improved its systems
resolution powers include ing price of around half of face but has struggled to rebuild
moving parts of a lender’s value. capital. Exchange-Traded Portfolios | WSJ.com/ETFresearch
business to a purchaser or A £400 million ($499 mil- It continues to meet a base- Closing Chg YTD
bridge bank or letting the bank lion) senior bond due in Sep- line capital requirement for Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
rebuild capital by “bailing in” tember also rose slightly in U.K. banks. Monday, February 13, 2017 Closing Chg YTD SPDR S&P Div
TechSelectSector
SDY
XLK
87.40
51.55
0.40
0.45
2.2
6.6
shareholders and bondholders. value, to about 88% of face Mr. Holt said the bank’s Closing Chg YTD ETF Symbol Price (%) (%)
UtilitiesSelSector XLU 49.53 0.49 2.0
ETF Symbol Price (%) (%) 52.75 0.44 5.8 117.37 0.63 9.1
The bank is known for its value, after a sharp fall last shareholders were “waking up iSharesMSCIEAFESC
iSharesMSCIEAFEETF
SCZ
EFA 60.38 0.40 4.6
VanEckBiotech
VanEckGoldMiner
BBH
GDX 24.95 –1.34 19.3
AlerianMLPETF AMLP 13.03 –0.08 3.4
ethical stance, refusing to lend month when Co-op Bank said to this announcement” and CnsmrDiscSelSector XLY 85.83 0.12 5.4 iShMSCIEmgMarkets EEM 38.34 0.31 9.5 VanEckOilSvcs OIH 33.22 0.45 –0.4
iShMSCIEurozoneETF EZU 35.41 0.51 2.3 VanEckPharm PPH 53.70 0.60 2.3
to certain types of companies it expected its capital prob- would be consulted on the pro- CnsStapleSelSector XLP 53.62 ... 3.7
iShMSCIJapanETF EWJ 51.58 0.39 5.6 VanEckRetail RTH 78.06 0.09 3.0
DBGoldDoubleLgETN DGP 22.68 –1.39 12.7
and promoting its environmen- lems to persist. posed sale and other options, DBGoldDoubleShrt DZZ 6.00 1.35 –12.5
iShNasdaqBiotech IBB 286.30 0.68 7.9 VanEckSemiconduc SMH 76.33 1.31 6.5
iShNatlAMTFrMuniBd MUB 108.37 –0.07 0.2 VangdInfoTech VGT 131.25 0.55 8.0
tally friendly credentials. Co-op Bank has been oper- such as a possible capital in- DeutscheXMSCIEAFE
EnSelectSectorSPDR
DBEF
XLE
28.88
73.42
0.52 2.9
0.19 –2.5
iShRussell1000Gwth IWF 111.05 0.43 5.9 VangdSC Val VBR 124.42 0.38 2.8
129.80 0.53 4.3 88.46 0.45 3.9
The country’s largest banks ating with special permission jection from new and existing FinSelSectorSPDR XLF 24.05 1.14 3.4
iShRussell1000ETF
iShRussell1000Val
IWB
IWD 114.98 0.56 2.6
VangdDivApp
VanguardFTSEDevMk
VIG
VEA 38.40 0.37 5.1
90.27 0.45 4.2
have previously been barred from the central bank to disre- shareholders. No potential GuggenheimSP500EqW
HealthCareSelSect
RSP
XLV 72.30 0.61 4.9
iShRussell2000Gwth IWO 160.23 0.09 4.1 VanguardFTSEEmgMk VWO 39.06 0.39 9.2
iShRussell2000ETF IWM 138.30 0.26 2.6 VanguardFTSEEurope VGK 49.65 0.36 3.6
from swallowing rivals for gard some capital targets and buyers had been lined up, he IndSelSectorSPDR XLI 65.38 1.00 5.1 iShRussell2000Val IWN 120.47 0.40 1.3 VanguardAWxUS VEU 46.75 0.47 5.8
iShIntermCredBd CIU 108.63 –0.05 0.4
competition reasons. External said in January it didn’t expect said. iSh1-3YCreditBond CSJ 105.07 –0.02 0.1
iShRussell3000ETF IWV 138.52 0.53 4.2 VangdGrowth VUG 118.59 0.44 6.4
iShRussellMid-Cap IWR 187.10 0.29 4.6 VanguardHiDiv VYM 77.01 0.54 1.6
interest in U.K. banks is weak, to reach a key target until af- As recently as last week, iSharesTIPSBondETF TIP 114.02 –0.16 0.8 iShRussellMCValue IWS 83.51 0.52 3.8 VanguardIntrm BIV 83.32 –0.12 0.3
iSh3-7YTreasuryBd IEI 122.83 –0.09 0.3 128.38 5.4 86.00 –0.09 0.4
with shares in many lenders ter 2020. Chairman Dennis some shareholders had pri- iShCoreHiDividend HDV 82.69 0.17 0.5
iShS&P500Growth
iShS&P500ValueETF
IVW
IVE 104.08
0.48
0.56 2.7
VangIntrCorpBd
VanguardLC
VCIT
VV 106.79 0.55 4.3
trading at depressed levels. Holt on Monday said low inter- vately said that they expected iShCoreMSCIEAFEETF IEFA 56.17 0.38 4.7 iShUSPfdStk PFF 38.50 0.10 3.5 VanguardMC VO 138.69 0.35 5.4
iShCoreMSCIEmgMk IEMG 46.52 0.41 9.6 84.51 –0.02 0.1 VanguardMCVal VOE 101.73 0.48 4.7
If Co-op Bank doesn’t find a est rates and unforeseen ex- the bank to be given time to iShCoreS&P500ETF IVV 234.20 0.55 4.1
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
SHY
IEF 105.07 –0.15 0.2 VangdREIT VNQ 83.84 0.04 1.6
buyer, it said it might try to tap penses have delayed the bank’s sort out its problems and to iShCoreS&PMdCp IJH 171.99 0.29 4.0 iShRussellMCGrowth IWP 102.85 0.05 5.6 VanguardS&P500 VOO 213.70 0.53 4.1
iShCoreS&PSmCpETF IJR 69.87 0.23 1.6 PwrShrs QQQ QQQ 128.10 0.57 8.1 VangdST Bond BSV 79.64 –0.04 0.2
new and existing shareholders return to health since a 2013 seek an eventual sale in a year iShS&PTotlUSStkMkt ITOT 53.49 0.47 4.3 PS SP500LoVoltlPrt SPLV 42.54 0.42 2.3 VanguardSTCpBd VCSH 79.62 –0.01 0.3
108.30 –0.15 0.2
for more capital and could bailout by some of its bond- or two. iShCoreUSAggBd AGG
90.86 0.46 2.6
PwrShSrLoanPtf BKLN 23.29
36.94
... –0.3
1.3
VanguardSC VB 133.89
80.97
0.26
–0.11
3.8
0.2
iShSelectDividend DVY SPDRBloomBarcHYBd JNK 0.11 VanguardTotBd BND
launch an offer to buy back its holders. Co-operative Group Ltd., iShEdgeMSCIMinUSA USMV 46.66 0.32 3.2 SchwIntlEqty SCHF 29.06 0.38 5.0 VanguardTotIntlBd BNDX 53.81 ... –0.9
iSharesGold IAU 11.81 –0.67 6.6 56.48 0.50 4.2 48.59 0.39 5.9
bonds at a discount to face Co-op Bank was saved by the bank’s 20% shareholder, iShiBoxx$InvGrCpBd LQD 117.48 –0.04 0.3
SchwUS BrdMkt
SchwUS LrgCap
SCHB
SCHX 55.58 0.52 4.4
VanguardTtlIntlStk
VanguardTotStk
VXUS
VTI 120.14 0.50 4.2
value. It didn’t give a deadline funds including Silver Point said it supports the plan to iShiBoxx$HYCpBd HYG 87.66 0.15 1.3 SPDR DJIA Tr DIA 204.20 0.72 3.4 VangdTotlWrld VT 64.14 0.50 5.1
iSharesJPMUSDEmgBd EMB 113.13 0.11 2.6 116.80 –0.68 6.6 95.30 0.68 2.5
for buyers to step forward. Capital and Perry Capital af- find the bank a new home. The iShMBSETF MBB 106.45 –0.11 0.1
SPDR GldTr
SPDR S&PMdCpTr
GLD
MDY 313.71 0.29 4.0
VangdValue
WisdTrEuropeHdg
VTV
HEDJ 58.82 0.93 2.5
Bank of America Merrill ter bad loans, a costly technol- group’s mutual roots stretch to iShMSCIACWIETF ACWI 62.02 0.47 4.8 SPDR S&P 500 SPY 232.77 0.54 4.1 WisdTrJapanHdg DXJ 51.53 0.86 4.0

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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
B6 | Tuesday, February 14, 2017 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
20412.16 s 142.79, or 0.70% Trailing P/E ratio * 20.72 16.78 2328.25 s 12.15, or 0.52% Trailing P/E ratio * 24.48 20.58 5763.96 s 29.83, or 0.52% Trailing P/E ratio * 25.15 19.81
High, low, open and close for each P/E estimate * 17.38 14.59 High, low, open and close for each P/E estimate * 17.75 15.25 High, low, open and close for each P/E estimate * 19.65 16.38
trading day of the past three months. Dividend yield 2.31 2.79 trading day of the past three months. Dividend yield 2.04 2.39 trading day of the past three months. Dividend yield 1.15 1.30
All-time high 20412.16, 02/13/17 All-time high: 2328.25, 02/13/17 All-time high: 5763.96, 02/13/17

Current divisor 0.14602128057775

20600 2340 5760

20100 2300 5650

19600 2260 5540

65-day moving average

19100 2220 5430
Session high
DOWN UP 18600 2180 5320
65-day moving average
t

Session open Close

Close Open
t

18100 2140 65-day moving average 5210

Session low
Bars measure the point change from session's open
17600 2100 5100
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
* P/E data based on as-reported earnings from Birinyi Associates Inc.

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE 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* 798,681,063 15,047,755
Industrial Average 20441.48 20322.95 20412.16 142.79 0.70 20412.16 15973.84 27.8 3.3 8.4 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 536,413,854 7,834,072
Transportation Avg 9499.18 9409.75 9475.78 81.99 0.87 9475.78 7048.69 34.4 4.8 9.2 Most-active issues in late trading Decl. volume* 251,275,215 6,382,554
Utility Average 671.88 666.80 671.60 1.92 0.29 723.51 610.87 9.9 1.8 9.2 Volume After Hours Issues traded 3,113 335
Company Symbol (000) Last Net chg % chg High Low Advances 1,788 159
Total Stock Market 24259.93 24166.23 24223.38 115.85 0.48 24223.38 19029.42 27.3 4.1 7.9
Bank of America BAC 12,421.6 23.43 0.03 0.128 23.46 23.37 Declines 1,209 157
Barron's 400 623.87 620.64 621.29 1.00 0.16 621.29 455.95 36.3 3.3 7.3
VanEck Vectors Gold Miner GDX 8,581.2 24.95 … unch. 24.99 24.88 Unchanged 116 19
Nasdaq Stock Market SPDR S&P 500 SPY 6,588.0 232.89 0.12 0.05 232.91 231.50 New highs 266 12
Nasdaq Composite 5770.99 5751.92 5763.96 29.83 0.52 5763.96 4337.51 32.9 7.1 10.8 iShares 20+Y Treasury Bd TLT 3,960.0 120.39 0.01 0.01 120.39 120.27 New lows 5 …
5262.42 5241.00 30.13 5256.82 4019.19 8.1 Closing tick 342 47
Nasdaq 100 5256.82 0.58 30.8 12.8 Activision Blizzard ATVI 3,775.7 45.69 -0.01 -0.02 45.87 45.63
Closing Arms† 0.67 0.62
Finl Select Sector SPDR XLF 3,332.7 24.03 -0.02 -0.08 24.11 24.00
Standard & Poor's Block trades* 6,428 212
0.52
iShares MSCI Emg Markets EEM 3,086.9 38.40 0.06 0.16 38.41 38.31
500 Index 2331.58 2321.42 2328.25 12.15 2328.25 1864.78 24.9 4.0 8.4 Nasdaq NYSE Arca
General Electric GE 2,684.8 30.04 … unch. 30.05 29.86
MidCap 400 1730.95 1724.59 1725.67 4.83 0.28 1725.67 1261.89 36.8 3.9 8.8 Total volume*1,812,037,867 225,040,877
SmallCap 600 855.38 849.76 851.46 1.82 0.21 857.50 598.52 42.3 1.6 9.6 Percentage gainers… Adv. volume*1,139,340,791 132,248,647
Decl. volume* 649,624,814 83,088,872
Other Indexes GigPeak GIG 705.6 3.04 0.33 12.18 3.10 2.70
Issues traded 2,999 1,357
Russell 2000 1398.60 1389.94 1392.38 3.53 0.25 1392.38 971.99 43.3 2.6 6.7 Diana Containerships DCIX 18.2 2.88 0.17 6.27 2.90 2.74
Advances 1,643 934
NYSE Composite 11450.64 11378.11 11433.93 56.21 0.49 11433.93 9229.68 23.9 3.4 3.8 Cornerstone OnDemand CSOD 77.9 42.05 2.03 5.07 43.23 40.02 Declines 1,177 398
Value Line 524.60 521.84 523.15 1.31 0.25 523.15 392.00 33.5 3.4 2.8 Ballard Power Systems BLDP 15.3 2.09 0.10 5.03 2.13 1.99 Unchanged 179 25
NYSE Arca Biotech 3376.75 3346.42 3363.20 26.17 0.78 3477.87 2750.71 22.3 9.4 8.2
Quantenna Communications QTNA 7.5 21.64 0.97 4.69 21.74 20.65 New highs 297 406
New lows 22 53
NYSE Arca Pharma 494.50 492.97 494.20 2.29 0.47 554.66 463.78 2.4 2.6 0.4 ...And losers
Closing tick 434 19
KBW Bank 94.88 93.71 94.21 1.08 1.16 94.21 59.54 58.2 2.6 11.2 Hibbett Sports HIBB 16.3 28.25 -5.00 -15.04 33.31 27.51 Closing Arms† 0.80 1.54
PHLX§ Gold/Silver 95.14 94.19 94.51 -0.90 -0.95 112.86 57.24 55.8 19.8 -1.7 Amkor Technology AMKR 1,751.3 9.40 -1.04 -9.96 10.44 8.80 Block trades* 7,006 1,395
PHLX§ Oil Service 181.54 179.23 180.53 0.31 0.17 192.66 133.63 35.1 -1.8 -12.7 ATA ADR ATAI 7.3 3.50 -0.19 -5.15 3.50 3.50 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 971.61 963.70 965.70 2.65 0.28 972.14 571.90 68.9 6.5 20.2 Golar LNG GLNG 40.0 26.55 -1.37 -4.91 27.92 26.01 †(TRIN) A comparison of the number of advancing and declining
11.40 11.07 0.22 25.76 10.58 -56.4 -21.2 issues with the volume of shares rising and falling. An
CBOE Volatility 11.07 2.03 -7.8 RingCentral Cl A RNG 19.2 22.75 -1.05 -4.41 25.60 21.00 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2639.78 17.25 0.66 4.3 My Size MYSZ 10.97 7.12 184.94 16.70 3.84 ... Tellurian TELL 11.61 -2.42 -17.25 16.70 0.80 1061.0
The Global Dow Euro 2343.71 19.26 0.83 3.7 Sino-Global Shipping Amer SINO 4.70 1.98 72.79 14.20 0.40 781.8 Signal Genetics SGNL 12.30 -2.20 -15.17 17.74 1.80 76.3
DJ Global Index 341.28 1.59 0.47 4.7 Reliv International RELV 5.80 1.38 31.22 12.53 3.57 -1.6 Knoll KNL 23.23 -3.83 -14.15 28.40 17.84 27.6
World DJ Global ex U.S. 225.06 0.98 0.44 5.2 Pulse Biosciences PLSE 11.84 2.49 26.63 11.85 4.03 ... ViewRay VRAY 4.93 -0.77 -13.51 8.00 2.64 0.6
Americas DJ Americas 564.48 2.70 0.48 4.5 China Lending CLDC 7.81 1.52 24.13 10.25 4.13 -22.5 Naked Brand Group NAKD 2.50 -0.34 -11.97 4.75 0.82 ...
Brazil Sao Paulo Bovespa 66967.64 843.11 1.28 11.2 Catalyst Biosciences CBIO 9.50 1.78 22.98 50.70 6.75 -71.6 Gevo Inc GEVO 2.33 -0.31 -11.74 27.20 2.18 -66.7
Canada S&P/TSX Comp 15756.58 27.46 0.17 3.1 Electromed ELMD 4.95 0.89 21.92 6.26 3.27 61.8 KBS Fashion Group KBSF 9.80 -1.07 -9.84 18.00 2.16 8.9
Mexico IPC All-Share 47661.69 –135.35 –0.28 4.4 XOMA XOMA 4.82 0.79 19.60 23.00 3.96 -68.8 Five Star Quality Care FVE 2.35 -0.25 -9.62 3.04 1.65 5.4
Chile Santiago IPSA 3373.29 35.75 1.07 4.7 DryShips DRYS 4.74 0.75 18.80 2227.20 1.97 -99.6 JetPay Corp. JTPY 2.50 -0.25 -9.09 3.25 1.89 -11.7
0.75 Power Solutions Intl PSIX 3.63 0.56 18.24 20.97 2.76 -63.5 Cara Therapeutics CARA 13.51 -1.34 -9.02 17.20 4.26 81.1
Europe Stoxx Europe 600 370.13 2.74 2.4
Euro zone Euro Stoxx 354.78 3.51 1.00 1.3 Aehr Test Systems AEHR 3.89 0.55 16.47 3.95 0.95 243.0 Hain Celestial Group HAIN 35.10 -3.43 -8.90 56.99 32.87 -1.0
Belgium Bel-20 3617.60 26.65 0.74 0.3 Rentech RTK 2.75 0.38 16.03 4.15 1.42 67.7 Nexvet Biopharma NVET 3.05 -0.30 -8.90 5.70 2.61 -2.2
France CAC 40 4888.19 59.87 1.24 0.5 Chemours CC 32.14 4.01 14.26 32.78 3.52 728.4 Ceco Environmental CECE 11.41 -1.11 -8.87 14.88 5.60 79.4
Germany DAX 11774.43 107.46 0.92 2.6 ZELTIQ Aesthetics ZLTQ 55.93 6.53 13.22 56.18 18.41 190.4 Sportsman's Warehouse SPWH 5.57 -0.54 -8.84 14.18 5.55 -52.8
1440.57 0.50 –2.1 Insperity NSP 83.10 9.70 13.22 83.15 44.83 82.4 VelocityShares 3x Lg Nat UGAZ 20.67 -1.92 -8.50 54.89 16.75 -38.3
Israel Tel Aviv 7.20
Italy FTSE MIB 19064.64 202.53 1.07 –0.9
Netherlands AEX 494.05 4.49 0.92 2.3 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 9484.10 106.00 1.13 1.4
0.57 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 555.84 3.17 4.0 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 8462.88 6.66 0.08 3.0
Bank of America BAC 92,825 -22.8 23.40 1.39 23.55 11.65 First Tr NASDAQ Glbl Auto CARZ 297 4799 36.28 1.48 36.68 28.79
U.K. FTSE 100 7278.92 20.17 0.28 1.9
Finl Select Sector SPDR XLF 73,348 -9.2 24.05 1.14 24.16 16.61 ZELTIQ Aesthetics ZLTQ 23,023 2837 55.93 13.22 56.18 18.41
Asia-Pacific DJ Asia-Pacific TSM 1518.39 4.70 0.31 6.7 Cliffs Natural Resources CLF 66,921 284.5 11.92 6.91 12.37 1.72 KBS Fashion Group KBSF 1,896 2684 9.80 -9.84 18.00 2.16
Australia S&P/ASX 200 5760.70 40.10 0.70 1.7 Vale ADR VALE 64,383 101.4 11.34 8.41 11.49 2.67 Vanguard Russell 1000 VONE 747 2578 106.99 0.40 107.18 85.59
China Shanghai Composite 3216.84 20.14 0.63 3.6 Advanced Micro Devices AMD 55,452 -2.4 13.49 -0.66 14.27 1.82 Sussex Bancorp SBBX 177 2338 22.40 3.46 23.50 12.10
Hong Kong Hang Seng 23710.98 136.00 0.58 7.8 SPDR S&P 500 SPY 48,495 -41.3 232.77 0.54 233.07 187.63 Popeyes Louisiana Kitchen PLKI 2,353 1488 70.82 7.24 75.74 49.11
India S&P BSE Sensex 28351.62 17.37 0.06 6.5 Zosano Pharma ZSAN 46,528 20926.6 1.70 41.67 2.83 0.45 Pulse Biosciences PLSE 423 1448 11.84 26.63 11.85 4.03
Japan Nikkei Stock Avg 19459.15 80.22 0.41 1.8 iPath S&P 500 VIX ST Fut VXX 44,544 21.2 17.64 -3.13 112.24 17.56 iSh Russell Top 200 Grwth IWY 803 1402 59.69 0.52 59.79 49.14
Singapore Straits Times 3111.63 11.24 0.36 8.0 VanEck Vectors Gold Miner GDX 41,112 -48.3 24.95 -1.34 31.79 17.20 iSh Morningstar LC Growth JKE 356 1347 128.52 0.40 128.64 107.10
South Korea Kospi 2078.65 3.57 0.17 2.6 DXN DLY GLDMNR 3x BL NUGT 37,015 -31.5 12.49 -3.70 35.80 5.51 ALPS/Dorsey Momentum SWIN 63 1054 26.11 0.27 26.71 24.87
Taiwan Weighted 9710.32 44.73 0.46 4.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS Currencies CURRENCIES

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency
Mon YTDchg
in US$ per US$ (%) Country/currency
Mon YTDchg
in US$ per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .02851 35.080 –2.0
A consumer rate against its Money market accounts Vietnam dong .00004399 22730 –0.2
5.00% Argentina peso .0646 15.4828 –2.4
benchmark over the past year 18% Brazil real .3215 3.1100 –4.5 Europe
Bankrate.com avg†: 0.31%
4.00 Canada dollar .7650 1.3073 –2.7 Czech Rep. koruna .03922 25.498 –0.7
ableBanking,adivisionofNortheastBank 1.00% 12
.001556 642.60 .1425 7.0172 –0.7
Chile peso –4.1 Denmark krone
0.60% Lewiston, ME 877-505-1933 .0003477 2876.03 –4.2 1.0597 .9437 –0.7
3.00 6 s Colombia peso Euro area euro
Ally Bank 1.00% Euro
s Yen Ecuador US dollar 1 1 unch Hungary forint .003437 290.95 –1.1
t

Federal-funds 0.45 Monday 2.00 .0493 20.2811 –2.2 .008853 112.95 –0.01
t

Midvale, UT 877-315-2559 0 Mexico peso Iceland krona

target rate
Peru new sol .3067 3.260 –2.8 Norway krone .1192 8.3911 –2.9
0.30 Barclays 1.00% 1.00 –6 s Uruguay peso .03495 28.6100 –2.5 Poland zloty .2459 4.0674 –2.9
One year ago
t

t Wilmington, DE 888-720-8756 WSJ Dollar index Venezuela b. fuerte .100150 9.9851 –0.1 Russia ruble .01725 57.984 –5.4
Money market 0.15 0.00 –12
California First National Bank 1.00% Asia-Pacific Sweden krona .1119 8.9393 –1.8
account yields 1 3 6 1 2 3 5 710 30 2016 2017 Switzerland franc .9941 1.0059 –1.3
Irvine, CA 800-735-2465 Australian dollar .7641 1.3087 –5.7
0.00 month(s) years Turkey lira .2724 3.6717 4.2
Capital One 360 1.00% China yuan .1453 6.8818 –0.9
MAM J J A S ON D J F maturity Ukraine hryvnia .0367 27.2713 0.7
Hong Kong dollar .1289 7.7594 0.1
2016 2017 Glen Allen, VA 877-464-0333 UK pound 1.2526 .7983 –1.4
India rupee .01493 66.973 –1.5
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000750 13330 –1.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008793 113.73 –2.8 Bahrain dinar 2.6532 .3769 –0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .003098 322.79 –3.3 Egypt pound .0588 17.0005 –6.2
Federal-funds rate target 0.50-.75 0.50-.75 0.25 l 0.75 0.50 Corporate Borrowing Rates and Yields Macau pataca .1250 7.9998 1.1 Israel shekel .2666 3.7503 –2.5
Malaysia ringgit .2246 4.4523 –0.8 Kuwait dinar 3.2736 .3055 –0.05
Prime rate* 3.75 3.75 3.50 l 3.75 0.50 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .7177 1.3933 –3.5 Oman sul rial 2.5974 .3850 0.01
Libor, 3-month 1.04 1.04 0.62 l 1.04 0.80 Pakistan rupee .00954 104.770 0.4 Qatar rial .2746 3.642 0.04
Money market, annual yield 0.31 0.31 0.22 l 0.32 -0.10 Treasury, Ryan ALM 1428.608 2.051 2.012 2.186 1.141 –2.367 2.806 Philippines peso .0200 49.992 0.8 Saudi Arabia riyal .2666 3.7505 –0.01
Five-year CD, annual yield 1.24 1.22 1.17 l 1.32 -0.08 10-yr Treasury, Ryan ALM 1692.532 2.434 2.413 2.600 1.366 –0.521 3.018 Singapore dollar .7022 1.4240 –1.6 South Africa rand .0750 13.3365 –2.6
30-year mortgage, fixed† 4.06 4.12 3.43 l 4.29 -0.29 South Korea won .0008698 1149.71 –4.8
DJ Corporate 362.283 3.230 3.201 3.410 2.460 5.652 3.861 Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0066410 150.58 1.4
15-year mortgage, fixed† 3.26 3.31 2.70 l 3.50 -0.09 Aggregate, Barclays Capital 1883.780 2.610 2.590 2.770 1.820 1.227 2.641 Taiwan dollar .03232 30.938 –4.7 WSJ Dollar Index 91.15 0.21 0.23 –1.92
Jumbo mortgages, $424,100-plus† 4.33 4.40 4.02 l 4.88 -0.14 High Yield 100, Merrill Lynch 2738.288 5.324 5.418 8.500 5.248 20.517 3.460 Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM)† 3.32 3.44 2.97 l 4.03 -0.25
Fixed-Rate MBS, Barclays 1941.570 2.870 2.870 3.070 1.930 0.314 2.608
New-car loan, 48-month 3.17 3.16 2.87 l 3.38 0.26
HELOC, $30,000 4.69 4.70 4.29 l 4.84 -0.41
Muni Master, Merrill 502.888 2.149 2.160 2.516 1.297 –0.938 3.017 COMMODITIES
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 760.783 5.727 5.783 6.979 5.134 14.476 6.539 Commodities Monday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Net chg % Chg High Low % Chg % chg

DJ Commodity 586.19 -3.62 -0.61 589.81 441.11 31.76 3.34

ONLINE 192.06 -1.02 195.82 19.77 -0.23

WSJ
TR/CC CRB Index -1.98 158.87
Crude oil, $ per barrel 52.93 -0.93 -1.73 54.06 29.04 79.79 -1.47
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and ETFs. Natural gas, $/MMBtu 2.944 -0.090 -2.97 3.93 1.64 49.75 -20.95
.COM
Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at WSJMarkets.com Gold, $ per troy oz. 1224.40 -10.00 -0.81 1364.90 1127.80 -1.19 6.47
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. Tuesday, February 14, 2017 | B7

COMMODITIES WSJ.com/commodities

Futures Contracts Open

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

Metal & Petroleum Futures July 3.270 3.284 3.204 3.240 –.073 92,458 Milk (CME)-200,000 lbs., cents per lb. Currency Futures
Oct 3.289 3.306 3.232 3.264 –.068 98,004 Feb 16.84 16.88 16.84 16.87 .01 4,187
Contract Open March 16.92 16.94 16.80 16.84 –.07 4,433 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Open High hi lo Low Settle Chg interest Cocoa (ICE-US)-10 metric tons; $ per ton. March .8806 .8823 .8766 .8807 –.0018 192,945
Agriculture Futures June .8843 .8862 .8806 .8847 –.0018 9,701
Copper-High (CMX)-25,000 lbs.; $ per lb. March 1,918 1,935 t 1,881 1,889 –50 14,157
Feb 2.6770 2.7700 s 2.6640 2.7765 0.0145 590 Corn (CBT)-5,000 bu.; cents per bu. May 1,947 1,960 t 1,921 1,925 –37 124,078 Canadian Dollar (CME)-CAD 100,000; $ per CAD
2.7765 2.8230 s 2.7695 2.7830 0.0150 110,515 March 373.50 376.75 s 371.75 375.50 1.00 429,035 March .7643 .7662 .7623 .7654 .0012 121,575
March Coffee (ICE-US)-37,500 lbs.; cents per lb. June .7646 .7668 .7631 .7662 .0012 2,874
Gold (CMX)-100 troy oz.; $ per troy oz. May 381.00 384.00 s 379.50 382.75 .75 432,473 March 145.75 146.00 143.50 144.25 –1.50 26,964
Feb 1230.50 1231.10 1219.00 1224.40 –10.00 1,361 Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £
May 148.00 148.35 145.85 146.55 –1.60 85,302 March 1.2496 1.2546 1.2486 1.2533 .0044 206,293
April 1234.20 1234.40 1220.30 1225.80 –10.10 273,993 March 257.25 260.75 252.50 254.75 .25 3,969 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June 1.2524 1.2573 1.2516 1.2562 .0044 1,727
June 1237.10 1237.10 1223.70 1228.90 –10.10 65,155 May 258.75 260.50 s 249.75 250.50 –4.25 3,355 March 20.50 20.61 19.91 20.00 –.42 187,870
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
Aug 1237.70 1239.60 1227.20 1232.10 –10.10 18,113 May 20.49 20.60 19.89 19.99 –.44 259,596 March .9976 .9994 .9944 .9957 –.0022 47,697
Dec 1243.50 1245.60 1233.30 1238.20 –10.10 29,495 March 1059.25 1061.75 1050.50 1054.25 –4.75 220,120 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1.0045 1.0052 1.0004 1.0016 –.0022 212
Feb'18 1240.00 1240.00 1240.00 1241.40 –10.10 4,397 May 1070.00 1072.75 1061.50 1065.75 –4.25 252,588 May 30.40 30.40 30.40 30.23 –.17 947 Australian Dollar (CME)-AUD 100,000; $ per AUD
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Meal (CBT)-100 tons; $ per ton. July 30.20 30.29 30.15 30.29 .19 1,750 March .7660 .7673 .7625 .7640 –.0029 122,146
Feb 732.85 732.85 732.85 775.00 –8.15 1 March 342.50 345.50 340.50 343.20 1.10 98,147 Cotton (ICE-US)-50,000 lbs.; cents per lb. June .7644 .7655 .7609 .7623 –.0030 1,309
March 784.60 787.80 772.65 774.95 –8.15 22,035 May 346.80 350.00 344.80 347.80 1.30 145,762 March 75.90 76.95 75.89 76.61 .79 71,177 Sept .7595 .7636 .7595 .7611 –.0029 689
April 778.90 778.90 775.55 775.60 –8.20 10 Soybean Oil (CBT)-60,000 lbs.; cents per lb. May 77.29 78.45 s 77.19 78.21 1.12 124,330 Dec .7600 .7600 .7585 .7601 –.0028 30
June 786.00 789.00 774.45 776.35 –8.20 8,282 March 34.64 34.68 34.13 34.17 –.44 103,394 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March'18 .7600 .7600 s .7600 .7592 –.0027 1
Sept 782.50 782.55 781.70 777.35 –8.20 18 May 34.90 34.95 34.41 34.44 –.45 131,143 March 169.05 171.75 166.85 167.10 –2.85 6,604 Mexican Peso (CME)-MXN 500,000; $ per MXN
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 165.35 168.00 164.10 164.80 –1.75 3,885 Feb .04872 .04872 s .04872 .04913 … 10
Feb 978.80 979.10 978.80 998.20 –10.60 42 March 954.00 954.00 945.00 948.50 –8.00 8,435 March .04896 .04914 .04884 .04900 .00004 142,139
April 1012.00 1014.20 995.50 1000.30 –11.40 59,299 May 977.50 977.50 970.00 973.00 –7.00 3,163 Interest Rate Futures Euro (CME)-€125,000; $ per €
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. March 1.0642 1.0670 1.0603 1.0610 –.0033 391,794
March 447.75 456.00 s 444.25 452.25 3.25 151,655 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June 1.0691 1.0719 1.0654 1.0660 –.0032 10,815
Feb 17.900 17.900 17.900 17.804 –0.108 239
March 17.940 18.015 17.755 17.821 –0.112 103,060 May 462.00 470.00 s 458.50 467.00 4.00 160,702 March 151-270 151-280 151-000 151-120 –17.0 628,054
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. June 150-150 150-180 149-250 150-040 –17.0 5,261 Index Futures
March 53.80 53.95 52.77 52.93 –0.93 278,708 March 459.50 468.25 s 457.25 466.75 6.25 55,914 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
April 54.32 54.42 53.26 53.43 –0.90 348,271 May 472.25 480.75 s 470.00 479.50 6.25 77,558 March 124-235 124-240 124-140 124-190 –6.0 3,217,767 March 20233 20396 s 20226 20383 160 128,614
May 54.75 54.86 53.69 53.86 –0.92 217,063 Wheat (MPLS)-5,000 bu.; cents per bu. June 124-060 124-060 123-285 124-015 –6.0 91,139 June 20176 20330 s 20174 20322 162 1,004
June 55.17 55.27 54.07 54.25 –0.93 257,377 March 570.75 575.00 565.00 570.75 –1.75 23,808 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index
Dec 56.05 56.08 54.97 55.17 –0.85 227,657 May 569.00 573.50 s 565.00 570.50 .25 32,425 March 117-310 117-310 117-255 117-282 –3.5 3,097,360 March 2316.00 2328.50 s 2313.80 2326.30 13.60 69,866
Dec'18 55.83 55.90 54.91 55.11 –0.75 111,672 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 117-175 117-192 117-140 117-170 –3.7 188,963 June 2320.00 2323.60 s 2320.50 2321.20 13.60 1,159
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 122.100 122.875 t 120.500 121.825 –.250 17,944 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
March 1.6661 1.6724 1.6189 1.6273 –.0386 104,401 April 122.450 123.100 120.950 121.975 –.475 12,282 March 108-137 108-137 108-127 108-132 –.5 1,386,087 March 2314.25 2329.00 s 2313.25 2326.25 13.50 2,903,005
April 1.6825 1.6825 1.6301 1.6383 –.0368 78,356 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 108-035 108-040 108-032 108-037 –.7 9,314 June 2308.75 2323.75 s 2308.25 2321.25 13.75 41,827
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb 116.550 116.700 115.675 115.925 –.475 13,799 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini S&P Midcap 400 (CME)-$100 x index
1.5895 1.6031 1.5399 1.5446 –.0450 87,032 April 112.975 113.350 t 112.075 112.525 –.625 139,780 March 1720.90 1730.20 s 1719.40 1723.50 5.00 94,787
March Feb 99.345 99.345 99.343 99.343 100,227
Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 1724.90 1724.60 1721.40 1721.00 6.30 18
April 1.7934 1.7951 1.7555 1.7601 –.0333 92,606 April 99.300 99.300 99.295 99.300 –.005 397,283
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Feb 74.675 75.100 s 74.625 74.750 .200 14,208 Mini Nasdaq 100 (CME)-$20 x index
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 5229.3 5261.5 s 5226.8 5259.3 32.5 230,402
March 2.978 2.994 t 2.921 2.944 –.090 152,902 April 71.075 71.775 69.000 69.700 –1.375 104,770
March 94.188 94.188 93.875 94.016 –.203 32,143 June 5228.8 5260.3 s 5227.0 5258.5 33.0 1,027
April 3.061 3.080 t 3.002 3.032 –.085 178,064 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 1 Month Libor (CME)-$3,000,000; pts of 100% Mini Russell 2000 (ICE-US)-$100 x index
May 3.133 3.154 t 3.074 3.108 –.081 159,372 March 367.90 369.00 363.10 365.40 –5.10 2,502
March 99.1950 99.1950 s 99.1950 99.1925 –.0025 10 March 1389.40 1399.90 s 1388.50 1392.30 4.00 620,661
June 3.209 3.220 t 3.140 3.175 –.079 73,992 May 370.90 371.10 365.90 368.90 –4.20 1,843 June 1396.10 1396.10 s 1387.70 1390.30 4.70 554
April 99.1450 99.1475 s 99.1425 99.1425 –.0050 157
Eurodollar (CME)-$1,000,000; pts of 100% Mini Russell 1000 (ICE-US)-$100 x index
March 1289.50 1293.40 s 1288.80 1293.00 8.00 7,870
Feb 98.9600 98.9625 98.9600 98.9610 .0010 81,833
Cash Prices | WSJ.com/commodities Monday, February 13, 2017 March 98.9250 98.9275 98.9225 98.9225 –.0025 1,464,177
U.S. Dollar Index (ICE-US)-$1,000 x index
March 100.79 101.11 100.57 100.95 .16 70,033
June 98.7650 98.7650 98.7550 98.7550 –.0100 1,423,002 June 100.78 101.03 100.51 100.89 .16 2,863
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Dec 98.4850 98.4850 98.4700 98.4800 –.0100 1,317,957 Source: SIX Financial Information
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Monday Monday Monday Bonds | WSJ.com/bonds
Coins,wholesale $1,000 face-a 13880 Soybeans,No.1 yllw IL-bp,u 10.2250
Energy
Propane,tet,Mont Belvieu-g 0.7685
Other metals Wheat,Spring14%-pro Mnpls-u
Wheat,No.2 soft red,St.Louis-bp,u
6.7300
4.5200
Tracking Bond Benchmarks
LBMA Platinum Price PM *993.0
Butane,normal,Mont Belvieu-g 1.2238 Platinum,Engelhard industrial 1001.0 Wheat - Hard - KC (USDA) $ per bu-u 4.1675 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
NaturalGas,HenryHub-i 2.910 Platinum,Engelhard fabricated 1101.0 Wheat,No.1soft white,Portld,OR-u 4.8863 highs and lows for different types of bonds
NaturalGas,TranscoZone3-i 2.820 Palladium,Engelhard industrial 782.0 Total Total
NaturalGas,TranscoZone6NY-i 2.900
Food
Palladium,Engelhard fabricated 882.0 return YTD total Yield (%) return YTD total Yield (%)
NaturalGas,PanhandleEast-i 2.670 Aluminum, LME, $ per metric ton *1849.0 Beef,carcass equiv. index close return (%) Index Latest Low High close return (%) Index Latest Low High
NaturalGas,Opal-i 2.700 choice 1-3,600-900 lbs.-u 176.06
Copper,Comex spot 2.7765 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
NaturalGas,MarcellusNE PA-i 2.510 select 1-3,600-900 lbs.-u 173.16
Iron Ore, 62% Fe CFR China-s 91.8
NaturalGas,HaynesvilleN.LA-i 2.810 Broilers,dressed 'A'-u n.a. 0.4 1941.57 0.1 Mortgage-Backed 2.870 1.930 3.070
Shredded Scrap, US Midwest-s,w 282 1883.78 U.S. Aggregate 2.610 1.820 2.770
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 50.050 Broilers, National comp wghtd-u,w 0.8468
Steel, HRC USA, FOB Midwest Mill-s 625 U.S. Corporate Indexes Bloomberg Barclays 1921.33 0.2 Ginnie Mae (GNMA) 2.810 1.850 2.990
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.800 Butter,AA Chicago 2.1025
Metals Fibers and Textiles Cheddar cheese,bbl,Chicago 165.00 2642.53 0.6 U.S. Corporate 3.350 2.750 3.710 1135.24 0.1 Fannie mae (FNMA) 2.890 1.950 3.090
Cheddar cheese,blk,Chicago 160.00
Burlap,10-oz,40-inch NY yd-n,w 0.5825 2534.48 0.6 Intermediate 2.820 2.190 3.110 1747.98 0.1 Freddie Mac (FHLMC) 2.900 1.980 3.110
Gold, per troy oz Milk,Nonfat dry,Chicago lb. 90.00
Cotton,1 1/16 std lw-mdMphs-u 0.7536 n.a.
Engelhard industrial 1228.73 Cocoa,Ivory Coast-w
3525.90 0.5 Long term 4.530 3.960 5.130 502.89 0.8 Muni Master 2.149 1.297 2.516
Cotlook 'A' Index-t *85.15 1.4614
Engelhard fabricated 1320.88 Coffee,Brazilian,Comp
Handy & Harman base 1222.25
Hides,hvy native steers piece fob-u 75.000 Coffee,Colombian, NY 1.6406 543.28 0.4 Double-A-rated 2.720 1.980 2.870 349.94 0.7 7-12 year 2.241 1.300 2.618
Handy & Harman fabricated 1356.69 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 0.6100
675.42 0.7 Triple-B-rated 3.680 3.180 4.450 387.88 0.5 12-22 year 2.720 1.610 3.047
LBMA Gold Price AM *1225.75 Grains and Feeds Flour,hard winter KC 14.45
LBMA Gold Price PM *1228.30 Hams,17-20 lbs,Mid-US fob-u n.a. High Yield Bonds Merrill Lynch 373.34 0.6 22-plus year 3.315 2.027 3.622
Krugerrand,wholesale-e 1273.69 Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 71.39
Bran,wheat middlings, KC-u 85 396.43 2.0 High Yield Constrained 5.776 5.771 9.962 Global Government J.P. Morgan†
Maple Leaf-e 1285.94 Pork bellies,12-14 lb MidUS-u n.a.
American Eagle-e 1285.94 Corn,No. 2 yellow,Cent IL-bp,u 3.5700 Pork loins,13-19 lb MidUS-u 0.9151 397.57 3.4 Triple-C-rated 10.034 10.034 21.617 533.55 -0.6 Global Government 1.480 0.750 1.520
Mexican peso-e 1484.62 Corn gluten feed,Midwest-u,w 93.6 Steers,Tex.-Okla. Choice-u 120.00
Corn gluten meal,Midwest-u,w 517.6 2738.29 2.0 High Yield 100 5.324 5.248 8.500 752.01 -0.2 Canada 1.920 0.770 1.980
Austria crown-e 1203.45 Steers,feeder,Okla. City-u,w 148.35
Austria phil-e 1285.94 Cottonseed meal-u,w 225 359.65 2.1 Global High Yield Constrained 5.419 5.419 9.387 361.85 -1.9 EMU§ 1.251 0.512 1.322
Hominy feed,Cent IL-u,w 85 Fats and Oils
Silver, troy oz.
Meat-bonemeal,50% pro Mnpls-u,w 288 290.33 1.2 Europe High Yield Constrained 3.035 3.035 6.500 687.68 -2.7 France 1.120 0.270 1.190
Engelhard industrial 17.9000 Corn oil,crude wet/dry mill-u,w 37.7500
Engelhard fabricated 21.4800 Oats,No.2 milling,Mnpls-u 2.9475 Grease,choice white,Chicago-u 0.2750 U.S Agency Bloomberg Barclays 510.77 -0.7 Germany 0.360 -0.100 0.490
Handy & Harman base 17.8500 Rice, 5% Broken White, Thailand-l,w 344.00 Lard,Chicago-u n.a.
Rice, Long Grain Milled, No. 2 AR-u,w 20.63 0.3252
1610.69 0.4 U.S Agency 1.760 1.150 1.910 285.76 -0.8 Japan 0.430 -0.120 0.510
Handy & Harman fabricated 22.3130 Soybean oil,crude;Centl IL-u
LBMA spot price £14.3439 Sorghum,(Milo) No.2 Gulf-u 7.2400 Tallow,bleach;Chicago-u 0.3125 1450.53 0.3 10-20 years 1.560 0.960 1.710 558.51 -1.4 Netherlands 0.590 0.020 0.680
(U.S.$ equivalent) 17.9700 SoybeanMeal,Cent IL,rail,ton48%-u 340.20 Tallow,edible,Chicago-u 0.3450
3156.30 1.2 20-plus years 3.240 2.390 3.460 903.74 -1.1 U.K. 1.640 0.960 2.060

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence;
2360.12 0.8 Yankee 2.890 2.320 3.090 760.78 2.9 Emerging Markets ** 5.727 5.134 6.979
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
*Data as of 2/10
Source: WSJ Market Data Group ** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan

Borrowing Benchmarks | WSJ.com/bonds Global Government Bonds: Mapping Yields

Money Rates February 13, 2017 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
guide to general levels but don’t always represent actual transactions. Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
Week —52-WEEK— Week —52-WEEK— 1.125 U.S. 2 1.198 s l 1.194 1.197 0.710
Inflation Latest ago High Low Latest ago High Low 2.250 10 2.430 s l 2.409 2.397 1.748
Dec. index Chg From (%)
level Nov. '16 Dec. '15 Overnight repurchase 5.250 Australia 2 1.809 t l 1.829 1.864 1.807 61.1 63.6 109.7
Secondary market
U.S. 0.60 0.59 1.30 0.15 4.750 10 2.712 s l 2.704 2.700 2.430 28.1 29.5 68.2
U.S. consumer price index Fannie Mae
All items 241.432 0.03 2.1 U.S. government rates 0.000 France 2 -0.504 s l -0.537 -0.593 -0.392 -170.2 -173.0 -110.1
30-year mortgage yields
Core 249.134 –0.04 2.2 0.250 10 1.026 t l 1.040 0.810 0.670 -140.4 -136.9 -107.8
Discount 30 days 3.655 3.651 3.828 2.806
International rates 1.25 1.25 1.25 1.00
60 days 3.685 3.681 3.862 2.832 0.000 Germany 2 -0.790 s l -0.795 -0.716 -0.498 -198.8 -198.8 -120.7
Other short-term rates 0.250 10 0.335 s l 0.319 0.342 0.262 -209.5 -209.0 -148.6
Week 52-Week Federal funds
Latest ago High Low 0.300 Italy 2 -0.009 s l -0.030 -0.093 0.088 -120.6 -122.4 -62.2
Effective rate 0.6800 0.6800 0.7000 0.2700 Week 52-Week
Prime rates High 0.8125 0.8125 0.8125 0.5600 Latest ago high low 1.250 10 2.227 t l 2.270 1.903 1.638 -20.3 -13.9 -11.0
U.S. 3.75 3.75 3.75 3.50 Low 0.6000 0.5000 0.6600 0.2000 0.100 Japan 2 -0.210 s l -0.213 -0.219 -0.168 -140.7 -140.6 -87.8
Canada 2.70 2.70 2.70 2.70 Call money
Bid 0.6600 0.6600 0.6800 0.2000 0.100 10 0.091 s l 0.083 0.052 0.076 -234.0 -232.6 -167.2
Japan 1.475 1.475 1.475 1.475 2.50 2.50 2.50 2.25
Offer 0.7500 0.7500 0.7500 0.2600
0.250 Spain 2 -0.277 t l -0.274 -0.294 0.089 -147.5 -146.8 -62.1
Policy Rates Commercial paper
Treasury bill auction 1.300 10 1.662 t l 1.691 1.433 1.736 -76.8 -71.8 -1.2
Euro zone 0.00 0.00 0.05 0.00 30 to 270 days n.q. ... ... ...
Switzerland 0.50 0.50 0.50 0.50 4 weeks 0.530 0.490 0.530 0.160
1.250 U.K. 2 0.114 s l 0.101 0.176 0.392 -108.4 -109.3 -31.8
Britain 0.25 0.25 0.50 0.25 13 weeks 0.540 0.530 0.555 0.220 Commercial paper (AA financial)
Australia 1.50 1.50 2.00 1.50 26 weeks 0.645 0.620 0.660 0.340 4.250 10 1.392 s l 1.355 1.460 1.418 -103.8 -105.4 -33.0
90 days 0.91 0.93 1.03 0.45
Source: Tullett Prebon
Euro commercial paper
Corporate Debt
Key Interest Rates 30 day
Two month
n.q.
n.q.
n.q. -0.13 -0.14
n.q. n.q. n.q. Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
Data are annualized on a 360-day basis. Treasury yields are per annum, Three month n.q. n.q. n.q. n.q. that same company’s share price. Here’s a look at both for two companies in the news.
on actively traded noninflation and inflation-indexed issues that are Four month n.q. n.q. n.q. n.q. Investment-grade spreads that tightened the most…
adjusted to constant maturities. Data are from weekly Federal Reserve Five month n.q. n.q. n.q. n.q. Spread*, in basis points Stock Performance
release H.15. Six month n.q. n.q. n.q. n.q. Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Week Ended 52-Week Week Ended 52-Week
Feb 10 Feb 3 High Low Feb 10 Feb 3 High Low
Libor JPMorgan Chase JPM 7.900 April 30, ’49 150 –35 154 88.15 1.32
One month 0.77000 0.77528 0.78000 0.42830 Bed Bath & Beyond BBBY 4.915 Aug. 1, ’34 211 –32 n.a. 40.16 –0.22
Federal funds (effective) Treasury yields (secondary market) Three month 1.03900 1.03844 1.04344 0.61820 Southern Co. SO 1.850 July 1, ’19 66 –17 83 49.22 0.35
0.66 0.65 0.66 0.34 1-month 0.50 0.49 0.50 0.12 Six month 1.33794 1.34406 1.36183 0.86360 Bank of America BAC 8.000 Jan. 30, ’49 78 –15 95 23.40 1.39
3-month 0.53 0.51 0.53 0.20
Commercial paper One year 1.71039 1.70733 1.73289 1.12825 Express Scripts Holding 4.750 Nov. 15, ’21 115 –15 120 69.30 1.30
6-month 0.62 0.63 0.64 0.35 ESRX
Nonfinancial TIPS Euro Libor Goldman Sachs GS 5.300 July 27, ’49 208 –13 226 246.27 1.46
1-month 0.62 0.62 0.66 0.32
5-year -0.01 -0.01 0.25 -0.45 One month -0.394 -0.383 -0.249 -0.394
2-month 0.71 0.71 0.74 0.38
7-year 0.27 0.29 0.47 -0.27 -0.349 -0.344 -0.201 -0.350
…And spreads that widened the most
3-month 0.79 0.79 0.81 0.45 Three month
10-year 0.40 0.42 0.63 -0.04
Financial Six month -0.248 -0.240 -0.118 -0.248 Becton, Dickinson And Co BDX 2.675 Dec. 15, ’19 90 28 90 178.55 0.29
20-year 0.75 0.77 0.97 0.36
1-month 0.67 0.74 0.74 0.36 Long-term avg 0.77 0.81 0.97 0.38 One year -0.110 -0.109 -0.005 -0.110 Discovery Communications DISCA 3.300 May 15, ’22 143 16 n.a. 29.03 1.93
2-month 0.76 0.83 0.84 0.41 CDP Financial CADEPO 4.400 Nov. 25, ’19 72 11 73 ... ...
3-month 0.87 0.92 0.96 0.53 Interest rate swaps Euro interbank offered rate (Euribor) BMW US Capital BMW 2.250 Sept. 15, ’23 102 9 n.a. ... ...
1-year n.a. n.a. 1.00 0.67 -0.373 -0.373 -0.241 -0.374
Discount window primary credit 2-year n.a. n.a. 1.09 0.74
One month
Comcast CMCSA 3.375 Aug. 15, ’25 95 9 92 75.71 0.75
1.25 1.25 1.25 1.00 3-year n.a. n.a. 1.17 0.81 Three month -0.329 -0.328 -0.183 -0.329
JPMorgan Chase JPM 4.950 March 25, ’20 81 8 74 88.15 1.32
4-year n.a. n.a. 1.26 0.89 Six month -0.240 -0.244 -0.116 -0.244
Conventional mortgages 5-year n.a. n.a. 1.37 0.96 One year -0.102 -0.101 -0.001 -0.103 Branch Banking And Trust BBT 2.100 Jan. 15, ’20 63 7 62 … …
n.a. n.a. 3.73 3.41 7-year n.a. n.a. 1.56 1.10 Goldman Sachs GS 5.750 Jan. 24, ’22 112 6 107 246.27 1.46
10-year n.a. n.a. 1.78 1.29 Value 52-Week
Treasury yields at constant n.a. Latest Traded High Low High-yield issues with the biggest price increases…
maturities 30-year n.a. 2.25 1.69
0.51 DTCC GCF Repo Index Bond Price as % of face value Stock Performance
1-month 0.50 0.51 0.13 Corporate bonds, Moody's seasoned Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
3-month 0.54 0.51 0.54 0.20 Aaa n.a. n.a. 4.01 3.21 Treasury 0.581 52.410 1.266 0.244
6-month 0.63 0.64 0.65 0.36 Baa n.a. n.a. 5.37 4.19 MBS 0.604 86.950 1.328 0.257 Intelsat Jackson Holdings S.A. INTEL 7.500 April 1, ’21 81.250 3.00 78.000 ... ...
1-year 0.80 0.83 0.89 0.45 Tronox Finance TROX 7.500 March 15, ’22 102.000 2.25 99.250 … …
2-year 1.17 1.21 1.24 0.58
State and local bonds Open Implied
n.a. n.a. 3.42 2.80 Settle Change Interest Rate Genworth Financial GNW 6.500 June 15, ’34 84.000 2.00 82.000 3.64 6.12
3-year 1.44 1.48 1.55 0.69
Sprint Capital S 8.750 March 15, ’32 116.063 1.81 115.500 … …
5-year 1.86 1.92 2.04 0.95 Eurodollars DTCC GCF Repo Index Futures
7-year 2.18 2.27 2.36 1.20 Freeport–McMoran FCX 5.450 March 15, ’43 87.813 1.56 86.531 15.96 1.01
1 month n.a. n.a. 0.50 0.48 Treasury Feb 99.405 0.010 9135 0.595
10-year 2.39 2.48 2.55 1.38 3 month n.a. n.a. 0.93 0.65 CNG Holdings CNGHLD 9.375 May 15, ’20 87.000 1.50 85.375 ... ...
Treasury Mar 99.340 unch. 4660 0.660
20-year 2.73 2.80 2.87 1.71 6 month n.a. n.a. 1.30 0.90 Frontier Communications FTR 10.500 Sept. 15, ’22 106.000 1.50 105.750 3.28 –1.06
Treasury Apr 99.290 0.005 2578 0.710
Quebecor Media QBRCN 5.750 Jan. 15, ’23 106.500 1.25 105.750 ... ...
Notes on data:
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
Notes on data: …And with the biggest price decreases
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by U.S. prime rate is effective December 15, 2016.
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
Discount rate is effective December 15, 2016. Genon Energy GENONE 7.875 June 15, ’17 81.000 –1.13 81.000 ... ...
U.S. prime rate is the base rate on corporate
primary credit rate is charged for discounts made and advances extended under the Federal loans posted by at least 70% of the 10 largest
California Resources CRC 8.000 Dec. 15, ’22 88.000 –1.06 89.000 18.81 –2.44
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. banks; Other prime rates aren’t directly Enova International ENVA 9.750 June 1, ’21 102.750 –1.00 103.250 14.75 ...
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid comparable; lending practices vary widely by Pacific Drilling S.A. PACD 5.375 June 1, ’20 48.000 –1.00 n.a. 3.28 –0.61
yields for all TIPS with remaining terms to maturity of 10 years or more; Swap rates are International location; DTCC GCF Repo Index is Depository
Swaps and Derivatives Association (ISDA(R)) mid-market par rates for a fixed-rate payer, who in Trust & Clearing Corp.'s weighted average for NRG Energy NRG 6.250 May 1, ’24 99.125 –0.97 101.500 16.75 0.54
return receives three-month Libor, and are based on rates collected at 11:00 a.m. ET by Garban overnight trades in applicable CUSIPs. Value Chesapeake Energy CHK 5.375 June 15, ’21 94.250 –0.75 96.000 6.33 –0.78
traded is in billions of U.S. dollars. Futures on the
Intercapital PLC; Source is Reuters; Moody's triple-AAA rates are averages of industrial bonds only; DTCC GCF Repo Index are traded on NYSE Liffe Noble Holding International NE 6.050 March 1, ’41 77.500 –0.75 n.a. … …
Muni rates are Thursday quotes based on the Bond Buyer Index for general obligation, 20 years to US. Navios South American Logistics NM 7.250 May 1, ’22 91.750 –0.75 n.a. … …
maturity, mixed quality debt; Mortgage rates are contract rates on commitments for fixed-rate first Sources: Federal Reserve; Bureau of Labor
mortgages Statistics; DTCC; SIX Financial Information; *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; for additional information on these rate data and their derivation, General Electric Capital Corp.; Tullett Prebon Note: Data are for the most active issue of bonds with maturities of two years or more
please see, www.federalreserve.gov/releases/h15/data.htm Information, Ltd. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B8 | Tuesday, February 14, 2017 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high. s MorganStanley MS 45.26
EdisonInt EIX 75.56 0.35 Infosys INFY 14.65 0.15 0.56 RockwellCollins COL 91.95 0.78 UBS Group UBS 15.84 -0.06 ADP ADP 98.58 0.76 MarvellTech MRVL 15.68 0.20
NYSE Arca, NYSE MKT and Nasdaq Stock t-New 52-week low. s Ingersoll-Rand IR s Mosaic s B/EAerospace BEAV 61.97
EdwardsLife EW 89.96 -0.38 81.98 0.79 MOS 33.75 0.89 RogersComm B RCI 42.95 -0.17 UDR UDR 35.31 -0.39 0.17 Mattel MAT 25.91 0.18
Market listed securities. Prices are composite dd-Indicates loss in the most recent s EmersonElectric EMR 64.15 s Rollins
0.89 Ingredion INGR 120.13 -0.66 MotorolaSolutions MSI 78.48 0.11 ROL 36.74 0.06 UGI UGI 47.82 -0.04 BOK Fin BOKF 83.44 1.41 MaximIntProducts MXIM 45.03 -0.04
quotations that include primary market trades four quarters. s RoperTech ROP 205.74
EnbridgeEnPtrs EEP 18.28 0.04 ICE ICE 59.03 1.38 NCR NCR 45.51 -0.03 1.18 US Foods USFD 27.50 0.03 Baidu BIDU 184.31 0.32 MelcoCrownEnt MPEL 17.47 0.59
as well as trades reported by Nasdaq OMX FD-First day of trading. s RoyalBkCanada RY 74.28 s MercadoLibre MELI 195.12 -0.16
Enbridge ENB 43.18 0.46 InterContinentl IHG 47.89 0.47 NTTDoCoMo DCM 23.94 -0.17 0.30 UltraparPart UGP 21.54 -0.05 BankofOzarks OZRK 55.53 -0.03
BXSM (formerly Boston), Chicago Stock h-Does not meet continued listing s IBM
Encana ECA 12.66 -0.14 IBM 179.36 0.68 NVR NVR 1904.38 0.97 RoyalBkScotland RBS 5.91 0.15 UnderArmour A UAA 21.32 -0.28 BedBath BBBY 40.16 -0.09 MicrochipTech MCHP 70.66 -0.24
Exchange, CBOE, National Stock Exchange, ISE standards Endurance ENH 92.75 0.02 IntlFlavors IFF 120.03 2.12 NationalGrid NGG 59.89 0.01 s RoyalCaribbean RCL 96.50 0.66 UnderArmour C UA 18.65 -0.39 Biogen BIIB 278.91 4.15 MicronTech MU 23.90 -0.15
and BATS. lf-Late filing s EnelAmericas ENIA 9.78 0.13 IntlGameTech IGT 27.33 0.37 NatlOilwell NOV 39.60 0.18 RoyalDutchA RDS/A 54.44 0.25 Unilever UN 41.33 0.09 BioMarinPharm BMRN 90.89 0.76 Microsemi MSCC 53.23 -0.22
The list comprises the 1,000 largest q-Temporary exemption from Nasdaq EnelGenChile EOCC 19.92 0.28 52.68 0.25 NatlRetailProp NNN 44.42 -0.12 RoyalDutchB RDS/B 57.92 0.37
IntlPaper IP Unilever UL 41.83 0.06 BlackBerry BBRY 7.39 0.01 Microsoft MSFT 64.72 0.72
companies based on market capitalization. requirements. EGN 56.10 -0.48 Interpublic IPG 24.74 0.51 NewOrientalEduc EDU 51.29 0.49 s SAP SAP 92.53 0.80 UnionPacific UNP 108.32
Energen 0.45 Broadcom AVGO 206.71 1.19 Middleby MIDD 137.08 -0.05
Underlined quotations are those stocks with t-NYSE bankruptcy EnergyTrfrEquity ETE 18.58 -0.26 InvitationHomes INVH 21.00 -0.02 NY CmntyBcp NYCB 15.10 0.16 S&P Global SPGI 126.53 0.24 UnitedContinental UAL 73.84 1.24 CA CA 31.85 0.08 Mondelez MDLZ 45.03 0.04
large changes in volume compared with the v-Trading halted on primary market. EnergyTrfrPtrs ETP 38.41 0.33 IronMountain IRM 37.62 0.23 NewellBrands NWL 47.06 0.07 SINOPECShanghai SHI 62.32 0.26 UPS 108.50 1.16
UPS B CBOE Holdings CBOE 79.10 1.43 MonsterBeverage MNST 43.42 -0.59
issue’s average trading volume. vj-In bankruptcy or receivership or NewfieldExpln NFX 42.00 0.23
Enerplus ERF 9.38 -0.03 IsraelChemicals ICL 4.73 0.07 SK Telecom SKM 22.18 -0.02 UnitedRentals URI 127.78 0.66 s CDK Global CDK 65.56 0.37 Mylan MYL 39.78 0.47
Boldfaced quotations highlight those issues being reorganized under the ItauUnibanco ITUB 12.78 -0.11 NewmontMining NEM 37.38 -0.27 SLGreenRealty SLG 110.31 0.52 s US Bancorp USB 54.13
EnLinkMidPtrs ENLK 19.07 0.19 0.52 s CDW CDW 59.26 0.55 NXP Semi NXPI 102.26 0.27
whose price changed by 5% or more if their Bankruptcy Code, or securities Entergy ETR 71.96 0.33 s JPMorganChase JPM 88.15 1.15 NextEraEnergy NEE 126.00 0.53 Salesforce.com CRM 80.91 0.27 s US Steel NDAQ 70.70 0.93
X 39.71 2.11 CH Robinson CHRW 76.98 0.42 Nasdaq
previous closing price was $2 or higher. assumed by such companies. EnterpriseProd EPD 28.76 0.07 JacobsEngineering JEC 57.45 0.05 NielsenHoldings NLSN 44.98 0.67 Sanofi SNY 42.54 -0.03 s NetApp NTAP 39.58 0.13
UnitedTech UTX 112.02 0.97 CME Group CME 121.38 2.40
EnvisionHlthcr EVHC 67.65 -0.79 JamesHardie JHX 14.73 -0.07 Nike NKE 56.09 -0.13 Sasol SSL 29.01 0.03 UnitedHealth UNH 161.99 1.24 CSX CSX 47.91 0.14 Netease NTES 260.78 3.36
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Equifax EFX 130.12 -0.44 J&J JNJ 115.88 0.64 NipponTelegraph NTT 42.95 -0.67 Scana SCG 70.03 0.76 UniversalHealthB UHS 117.88 1.43 s CadenceDesign CDNS 29.82 0.29 s Netflix NFLX 143.20 -1.62
changes in the closing prices from 4 p.m. the previous day. EquityLife ELS 75.86 0.23 JohnsonControls JCI 41.75 -0.10 NiSource NI 22.52 0.11 Schlumberger SLB 81.82 0.16 s UnumGroup UNM 48.21 0.82 Celgene CELG 116.42 0.81 NewsCorp A NWSA 13.08 -0.21
EquityResdntl EQR 62.14 0.21 JoyGlobal JOY 28.14 ... NobleEnergy NBL 38.46 -0.41 SchwabC SCHW 40.72 0.78 VEREIT VER 8.79 0.04 Cerner CERN 52.52 1.02 NewsCorp B NWS 13.35 -0.25
EssexProp ESS 226.71 -1.67 JuniperNetworks JNPR 27.93 0.29 Nokia NOK 4.96 0.08 ScottsMiracleGro SMG 91.87 -0.62 VF VFC 50.39 0.07 CharterComms CHTR 323.02 -1.54 s Nordson NDSN 117.13 0.66
Monday, February 13, 2017 Net Net EsteeLauder EL 82.59 ... s KAR Auction KAR 46.34 0.38 s NomuraHoldings NMR 6.76 0.06 SealedAir SEE 46.99 -0.84 Visa V 86.44 0.54 s CheckPointSftw CHKP 100.94 -0.25 NorthernTrust NTRS 86.28 0.91
Net Stock Sym Close Chg Stock Sym Close Chg s EverestRe RE 233.08 2.37 s KB Fin KB 41.60 0.18 Nordstrom JWN 44.36 -0.64 SemicondctrMfg SMI 7.40 0.10 NorwegianCruise NCLH 47.87 0.07
VailResorts MTN 177.37 -0.54 CincinnatiFin CINF 71.75 0.69
Stock Sym Close Chg AveryDennison AVY 79.45 0.18 CenovusEnergy CVE 13.45 -0.11 EversourceEner ES 56.49 0.07 KKR KKR 18.00 -0.17 s NorfolkSouthern NSC 122.21 1.09 SempraEnergy SRE 105.16 0.81 s Vale VALE 11.34 0.88 Cintas CTAS 116.99 0.27 NVIDIA NVDA 108.38 -5.24
Avnet AVT 46.74 0.08 Centene CNC 69.93 0.53 Exelon EXC 35.10 0.41 KT KT 15.40 -0.02 NorthropGrumman NOC 239.08 2.83 SensataTech ST 42.11 0.33 ValeantPharm VRX 14.97 -0.07 s CiscoSystems CSCO 31.97 0.46 OReillyAuto ORLY 268.48 -3.32
NYSE AxaltaCoating AXTA 29.65 0.42 s CenterPointEner CNP 26.67 0.18 ExtraSpaceSt EXR 74.85 -0.15 KSCitySouthern KSU 86.67 0.87 Novartis NVS 75.43 0.22 s ServiceCorp SCI 29.55 0.09 ValeroEnergy VLO 67.04 0.27 CitrixSystems CTXS 78.78 0.23 s OldDomFreight ODFL 92.59 0.29
BB&T BBT 46.98 0.35 CentraisElBras EBR 7.18 0.07 ExxonMobil XOM 83.00 0.48 Kellogg K 75.62 -0.38 NovoNordisk NVO 34.59 0.09 ServiceNow NOW 91.74 -0.72 Valspar VAL 110.71 0.22 s Cognex CGNX 70.01 0.07 s ON Semi ON 14.94 0.80
ABB ABB 22.94 0.06 BCE BCE 44.47 -0.05 CenturyLink CTL 24.62 0.13 FMC FMC 58.75 0.91 KeyCorp KEY 18.46 0.20 Nucor NUE 63.59 2.60 ShawComm B SJR 21.40 0.07 Vantiv VNTV 63.76 0.51 CognizantTech CTSH 57.64 0.24 OpenText OTEX 33.67 0.12
AECOM ACM 37.91 -0.49 BHPBilliton BHP 40.43 0.34 ChesapeakeEner CHK 6.33 -0.05 FactSet FDS 178.62 0.68 KeysightTechs KEYS 37.42 -0.21 NuSTAREnergy NS 54.35 -0.30 SherwinWilliams SHW 309.62 3.15 VarianMed VAR 80.17 -0.23 Comcast A CMCSA 75.71 0.56 PTC PTC 54.30 0.12
AES AES 11.68 0.07 BHPBilliton BBL 34.99 0.52 Chevron CVX 113.91 0.86 FederalRealty FRT 142.95 -0.01 KilroyRealty KRC 74.44 0.18 s OGE Energy OGE 34.54 0.27 ShinhanFin SHG 41.06 0.03 Vedanta VEDL 15.39 0.36 CommerceBcshrs CBSH 57.15 0.58 s Paccar PCAR 69.87 1.14
Aflac AFL 70.98 1.43 BP BP 34.66 0.13 ChinaEastrnAir CEA 27.06 0.09 FedEx FDX 192.57 1.71 KimberlyClark KMB 123.43 -0.12 ONEOK OKE 55.02 -0.29 s Shopify SHOP 56.05 0.83 VeevaSystems VEEV 44.02 -0.02 s CommScope COMM 38.75 0.31 PacWestBancorp PACW 55.64 0.25
AT&T T 40.65 -0.73 BRF BRFS 13.75 -0.13 s ChinaLifeIns LFC 15.76 0.51 FiatChrysler FCAU 10.94 0.19 KimcoRealty KIM 24.91 -0.13 ONEOK Partners OKS 53.31 -0.36 SilverWheaton SLW 22.19 -0.10 Ventas VTR 62.80 1.03 s Copart CPRT 58.70 0.53 PaneraBread PNRA 232.46 -0.75
AXIS Capital AXS 67.83 0.23 BT Group BT 19.29 -0.03 ChinaMobile CHL 57.39 0.38 FidelityNatlFin FNF 37.33 0.26 KinderMorgan KMI 22.55 0.07 OccidentalPetrol OXY 67.39 -1.08 SimonProperty SPG 181.67 -0.43 Verizon VZ 48.55 -0.43 CoStarGroup CSGP 205.64 1.48 Paychex PAYX 59.04 0.58
AbbottLabs ABT 43.22 0.48 BakerHughes BHI 61.06 -0.09 ChinaPetrol SNP 80.13 0.07 FNFV Group FNFV 12.55 0.40 KinrossGold KGC 3.98 -0.11 Och-Ziff OZM 3.59 -0.02 SixFlags SIX 60.29 -0.21 VermilionEnergy VET 40.39 -0.27 s Costco COST 171.96 -0.04 PayPal PYPL 41.17 0.59
AbbVie ABBV 60.51 0.09 Ball BLL 73.85 -0.48 ChinaSoAirlines ZNH 30.44 0.43 FidelityNtlInfo FIS 80.91 0.45 Kohl's KSS 41.34 -0.70 OldRepublic ORI 20.77 ... SmithAO AOS 49.95 0.12 Vipshop VIPS 12.29 -0.19 Ctrip.com CTRP 44.95 0.46 People'sUtdFin PBCT 18.86 0.12
Accenture ACN 118.59 0.99 BancoBilbaoViz BBVA 6.45 0.05 ChinaTelecom CHA 49.10 0.12 s FirstData FDC 16.14 0.32 KoninklijkePhil PHG 29.27 0.28 OmegaHealthcare OHI 31.81 0.51 Smith&Nephew SNN 30.27 0.08 VMware VMW 90.37 0.45 DISH Network DISH 61.95 0.80 s Priceline PCLN 1646.18 -0.33
AcuityBrands AYI 214.55 2.39 BancodeChile BCH 71.78 -0.92 ChinaUnicom CHU 12.26 -0.02 s FirstRepBank FRC 96.38 1.54 KoreaElcPwr KEP 17.90 -0.10 Omnicom OMC 85.93 0.60 Smucker SJM 138.79 0.77 VornadoRealty VNO 106.45 ... DentsplySirona XRAY 58.84 0.45 Qiagen QGEN 29.12 ...
Adient ADNT 61.14 -0.11 BcoSantChile BSAC 22.04 -0.01 Chipotle CMG 414.14 0.78 FirstEnergy FE 30.53 0.08 Kroger KR 33.21 -0.15 Oracle ORCL 41.09 0.30 SnapOn SNA 171.86 1.97 VoyaFinancial VOYA 41.00 0.93 DexCom DXCM 80.22 0.22 s Qorvo QRVO 66.53 0.26
AdvanceAuto AAP 162.39 -1.66 BancoSantander SAN 5.39 0.05 s Chubb CB 133.81 1.05 FleetCorTech FLT 168.25 -0.66 s Kyocera KYO 55.28 0.48 Orange ORAN 15.45 0.05 SOQUIMICH SQM 34.05 1.10 VulcanMaterials VMC 122.46 -0.14 DiamondbackEner FANG 104.30 -0.49 Qualcomm QCOM 54.93 0.93
AdvSemiEngg ASX 6.07 0.01 BanColombia CIB 37.95 -0.12 ChunghwaTelecom CHT 32.39 -0.06 Flowserve FLS 51.50 0.54 s LATAMAirlines LFL 10.06 0.08 Orix IX 77.27 0.46 Sony SNE 31.68 -0.09 s WABCO WBC 115.87 -1.13 DiscoveryComm B DISCB 29.15 0.05 RandgoldRscs GOLD 92.81 -0.63
Aegon AEG 5.58 0.04 BankofAmerica BAC 23.40 0.32 Church&Dwight CHD 48.42 0.18 Fluor FLR 56.93 0.89 L Brands LB 57.82 -1.10 OwensCorning OC 57.51 0.32 Southern SO 49.22 0.17 EWEC Energy WEC 57.88 0.34 RegenPharm REGN 375.66 15.79
s AerCap DiscoveryComm A DISCA 29.03 0.55
AER 46.41 0.11 s BankofMontreal BMO 77.03 0.51 Cigna CI 145.85 0.30 FomentoEconMex FMX 79.22 -1.18 LGDisplay LPL 12.21 -0.56 PG&E PCG 63.69 0.34 SoCopper SCCO 38.64 0.68 W.P.Carey WPC 63.83 0.11 RossStores ROST 68.05 -0.74
DiscoveryComm C DISCK 28.10 0.45
Aetna AET 122.05 0.36 BankNY Mellon BK 46.12 0.56 CimarexEnergy XEC 132.73 1.13 FootLocker FL 70.43 -0.79 LINE LN 31.90 0.09 PLDT PHI 29.77 0.02 s SouthwestAirlines LUV 55.73 1.02 WPX Energy WPX 13.89 0.19 DollarTree DLTR 77.70 -0.32 Ryanair RYAAY 83.22 1.06
AffiliatedMgrs AMG 167.32 -0.30 s BkNovaScotia BNS 61.57 0.21 Citigroup C 58.95 1.32 FordMotor F 12.56 0.05 s L3 Tech LLL 165.47 2.36 s PNC Fin PNC 124.42 1.32 SpectraEnergy SE 42.10 0.42 Wabtec WAB 87.66 0.36 s Dunkin' s SBA Comm SBAC 109.62 2.66
s AgilentTechs A DNKN 54.77 -1.15
50.52 0.16 Barclays BCS 11.57 0.16 CitizensFin CFG 36.92 0.50 ForestCIty A FCE/A 22.79 -0.25 LabCpAm LH 134.93 -0.08 s POSCO PKX 60.75 1.04 SpectraEnerPtrs SEP 45.35 0.03 Wal-Mart WMT 67.77 -0.25 SEI Investments SEIC 49.54 -0.08
E*TRADE ETFC 36.16 0.60
AgnicoEagle AEM 49.75 -1.08 Bard CR BCR 240.59 0.30 Clorox CLX 127.13 0.10 s ForestCity B FCE/B 29.50 -0.28 LambWeston LW 39.43 0.16 PPG Ind PPG 100.81 0.27 SpectrumBrands SPB 133.18 -0.74 WasteConnections WCN 80.61 0.58 Sina SINA 74.84 0.13
EastWestBancorp EWBC 52.92 0.27
Agrium AGU 105.91 0.21 BarrickGold ABX 19.42 -0.07 Coach COH 38.13 0.06 Fortis FTS 32.66 0.18 LasVegasSands LVS 53.16 0.42 PPL PPL 35.73 0.23 SpiritAeroSys SPR 57.57 0.73 WasteMgt WM 70.84 0.30 s SLM SLM 12.44 0.01
s eBay EBAY 33.79 0.16
AirProducts APD 140.50 0.37 BaxterIntl BAX 49.23 0.23 Coca-Cola KO 40.62 0.04 s Fortive FTV 57.53 0.38 Lazard LAZ 43.40 0.19 PVH PVH 88.93 -1.19 Sprint S 8.84 -0.12 Waters WAT 149.73 0.53 s ElectronicArts EA 86.32 SS&C Tech SSNC 32.56 -0.25
0.15
AlaskaAir ALK 98.02 0.67 BectonDickinson BDX 178.55 0.52 Coca-Cola Euro CCE 35.20 0.17 FortBrandsHome FBHS 57.08 0.01 Lear LEA 143.79 2.44 PackagingCpAm PKG 94.87 0.78 StanleyBlackDck SWK 126.41 2.68 Watsco WSO 156.42 0.46 s SVB Fin SIVB 180.56 3.09
Albemarle ALB 94.75 1.05
Equinix EQIX 386.69 0.24
s Berkley WRB 68.62 0.34 Coca-Cola Femsa KOF 63.53 -0.52 Franco-Nevada FNV 68.22 -0.33 Leggett&Platt LEG 48.68 -0.24 PaloAltoNtwks PANW 156.23 0.94 StarwoodProp STWD 22.85 0.07 WeatherfordIntl WFT 6.08 0.02 Sabre SABR 22.27 -0.50
s Alcoa AA 38.48 0.18
Ericsson ERIC 5.72 0.01
BerkHathwy A BRK/A 2483402340.05 Colgate-Palmolive CL 67.71 -0.01 FranklinRscs BEN 41.51 0.63 Leidos LDOS 50.99 0.15 ParkHotels PK 27.66 0.32 StateStreet STT 79.29 1.18 WellCareHealth WCG 143.76 1.21 s ScrippsNetworks SNI 77.47 -0.36
Exelixis EXEL 21.30 -0.78
AlexandriaRealEst ARE 114.26 -0.11 BerkHathwy B BRK/B 165.85 1.84 ColonyNorthStar CLNS 14.50 ... Freeport-McMoRan FCX 15.96 0.16 Lennar A LEN 46.70 -0.11 s ParkerHannifin PH 152.46 2.21 Statoil STO 17.89 -0.01 WellsFargo WFC 57.08 0.22 s Seagate STX 47.80 1.34
Alibaba BABA 103.10 0.74
Expedia EXPE 119.50 -3.15
BerryPlastics BERY 49.19 0.16 Comerica CMA 69.84 0.85 FreseniusMed FMS 40.78 -0.30 Lennar B LEN/B 37.71 -0.24 ParsleyEnergy PE 32.08 -0.23 Steris STE 67.91 0.75 Welltower HCN 66.29 0.42 SeattleGenetics SGEN 61.59 1.43
Alleghany Y 620.88 1.76 ExpeditorsIntl EXPD 55.09 0.36
BestBuy BBY 43.97 -0.71 s SABESP SBS 10.79 0.28 GGP GGP 25.30 -0.18 LennoxIntl LII 161.11 -2.13 Pearson PSO 8.12 -0.03 STMicroelec STM 13.76 0.12 WestPharmSvcs WST 86.42 0.51 Shire SHPG 170.55 -1.08
Allegion ALLE 71.45 -0.47 s Gallagher AJG 55.55 ExpressScripts ESRX 69.30 0.89
Bio-RadLab A BIO 189.17 -1.14 s CiaSiderurgica SID 4.02 0.12 0.38 LeucadiaNatl LUK 24.28 0.27 PembinaPipeline PBA 31.37 -0.06 Stryker SYK 124.33 1.02 WestarEnergy WR 53.35 -0.23 SignatureBank SBNY 157.53 0.72
Allergan AGN 246.76 0.40 F5Networks FFIV 140.47 0.78
s Bio-RadLab B BIO/B189.15 1.73 CSC CSC 70.39 -0.43 Gap GPS 23.63 -0.73 Level3Comm LVLT 58.01 0.27 Pentair PNR 59.48 0.76 SumitomoMits SMFG 8.08 0.15 s WestAllianceBcp WAL 50.96 0.86 SiriusXM SIRI 4.76 0.03
AllianceData ADS 227.81 1.30 LibertyProperty LPT 39.01 Facebook FB 134.05 -0.14
BlackRock BLK 385.83 2.94 ConagraBrands CAG 39.76 -0.08 Gartner IT 101.42 0.40 0.13 PepsiCo PEP 106.52 0.42 SunCommunities SUI 80.65 0.38 s WesternGasEquity WGP 47.23 0.57 Skyworks SWKS 92.63 0.42
AllianceBernstein AB 23.75 0.35 LLY 77.77 0.50
Fastenal FAST 50.13 -0.21
BlackstoneGroup BX 30.45 0.10 ConchoRscs CXO 142.25 -0.86 Gazit-Globe GZT 10.04 -0.02 EliLilly PerkinElmer PKI 54.39 0.42 SunLifeFinancial SLF 39.92 0.46 s WesternGasPtrs WES 65.58 0.84 Splunk SPLK 62.08 -0.57
AlliantEnergy LNT 37.99 0.13 s GeneralDynamics GD 186.60 2.20 s LincolnNational LNC 71.08 0.71
FifthThirdBncp FITB 26.74 0.23
BoardwalkPipe BWP 18.49 -0.12 ConocoPhillips COP 49.70 -0.44 Perrigo PRGO 80.16 0.76 SuncorEnergy SU 31.90 0.19 WesternUnion WU 19.53 -0.21 Staples SPLS 9.20 0.05
s AllisonTransm ALSN 37.86 0.18 GeneralElec GE 30.04 0.32 LionsGate A LGF/A 28.48 -0.04
Fiserv FISV 110.10 1.03
Boeing BA 168.03 1.80 ConEd ED 74.35 0.29 PetroChina PTR 79.32 -0.27 SunocoLogistics SXL 25.86 0.23 WestlakeChem WLK 64.43 0.85 Starbucks SBUX 56.11 -0.11
s Allstate s LiveNationEnt LYV 29.01 s Flex FLEX 16.12 0.12
ALL 79.61 0.73 s BorgWarner BWA 41.67 0.04 ConstBrands A STZ 155.49 0.04 GeneralMills GIS 62.89 0.13 0.13 PetroleoBrasil PBR 10.57 0.15 s SunTrustBanks STI 58.14 0.38 WestpacBanking WBK 25.29 0.09 SteelDynamics STLD 37.71 1.14
s AllyFinancial ALLY 22.95 0.16 GeneralMotors GM 35.52 0.35 LloydsBanking LYG 3.37 0.03 PetroleoBrasilA PBR/A 10.01 0.12 SynchronyFin SYF 36.65 0.43
Fortinet FTNT 37.80 0.12
BostonProperties BXP 134.76 0.76 ContinentalRscs CLR 46.43 -0.09 WestRock WRK 52.70 0.22 Gaming&Leisure GLPI 31.54 -0.05 Stericycle SRCL 78.19 1.42
Altria MO 72.04 -0.38 BostonScientific BSX 25.30 0.10 Cooper COO 191.24 0.24 GenuineParts GPC 99.89 0.11 LockheedMartin LMT 262.35 1.80 Pfizer PFE 32.61 0.26 Syngenta SYT 86.30 0.05 s Weyerhaeuser WY 33.79 0.63 s Symantec SYMC 29.06 0.04
s AlumofChina ACH 13.44 0.22 Gerdau GGB 4.22 0.10 Loews L 46.81 0.33 PhilipMorris PM 102.73 0.10 Sysco SYY 52.81 0.19
Garmin GRMN 50.34 0.56
Braskem BAK 21.73 -0.01 Corning GLW 26.73 0.03 Whirlpool WHR 175.42 0.94 Gentex GNTX 20.57 0.08
s Synopsys SNPS 65.98 0.69
Ambev ABEV 5.47 0.01 Bristol-Myers BMY 52.03 0.38 Coty COTY 18.37 0.09 Gildan GIL 25.00 -0.05 Lowe's LOW 73.90 -0.07 Phillips66 PSX 79.90 0.04 TAL Education TAL 87.19 0.09 WhiteWaveFoods WWAV 54.86 0.03 TD Ameritrade AMTD 42.73 0.39
Ameren AEE 53.05 0.12 GlaxoSmithKline GSK 39.99 -0.29 LUX 53.30 0.19 PinnacleFoods PF 54.43 -0.30 GileadSciences GILD 67.65 1.29
BrixmorProp BRX 24.48 0.08 s Credicorp BAP 169.52 -2.59 Luxottica TE Connectivity TEL 75.44 0.33 Williams WMB 29.04 0.60 TESARO TSRO 182.35 0.33
AmericaMovil AMX 12.93 -0.13 GlobalPayments GPN 78.22 -0.25 LyondellBasell LYB 92.22 0.36 PinnacleWest PNW 78.72 0.05 Telus TU 32.96 0.02
s Goodyear GT 35.71 1.99
BroadridgeFinl BR 67.88 0.56 CreditSuisse CS 14.81 0.23 WilliamsPartners WPZ 41.00 0.26 T-MobileUS TMUS 60.90 -1.49
AmericaMovil A AMOV 12.83 -0.25 Goldcorp GG 16.76 -0.24 s M&T Bank MTB 166.80 1.49 s PioneerNatRscs PXD 197.04 2.58 Ternium TX 24.48 0.75 Grifols GRFS 17.26 -0.03
BrookfieldMgt BAM 36.82 0.30 CrescentPoint CPG 11.50 -0.04 Wipro WIT 9.45 0.11 TRowePrice TROW 69.82 0.42
AmCampus ACC 49.08 -0.17 GoldmanSachs GS 246.27 3.55 MGM Resorts MGM 29.16 0.63 PlainsAllAmPipe PAA 30.96 -0.31 s TIM Part TSU 15.31 -0.13
s HDSupply HDS 43.51 -0.73
BrookfieldInfr BIP 36.48 0.42 CrestwoodEquity CEQP 26.95 -0.25 WooriBank WF 36.02 0.31 s TakeTwoSoftware TTWO 58.42 0.54
AEP AEP 63.79 -0.16 Grainger GWW 254.34 -0.72 MPLX MPLX 38.31 -0.29 PolarisIndustries PII 87.26 -0.78 TJX TJX 76.90 -0.15 s Hasbro HAS 98.13 0.50
Brown&Brown BRO 43.14 0.16 CrownCastle CCI 90.22 2.66 Workday WDAY 85.41 -0.11 s Tesla TSLA 280.60 11.37
s AmericanExpress AXP 78.91 0.43 Brown-Forman A BF/A 47.95 -0.15 CrownHoldings CCK 53.32 GreatPlainsEner GXP 28.00 -0.01 MSCI MSCI 92.79 1.57 PostHoldings POST 85.00 -0.50 s TaiwanSemi TSM 31.69 0.98 HenrySchein HSIC 165.11 0.04
0.24 s Wyndham WYN 81.75 -0.02 TexasInstruments TXN 75.52 0.36
AmericanFin AFG 91.92 0.37 Brown-Forman B BF/B 46.87 -0.09 Cullen/Frost CFR 91.30 1.08 GpoAvalAcciones AVAL 8.38 -0.08 s MSC Industrial MSM 104.34 -0.11 Potash POT 19.11 0.05 TargaResources TRGP 59.56 0.22 Hologic HOLX 40.02 0.09
XcelEnergy XEL 42.03 0.09
JBHunt JBHT 100.36 -0.01 TractorSupply TSCO 73.16 -1.09
s AmerHomes4Rent AMH 22.87 -0.03 Brunswick BC 60.23 0.05 s Cummins CMI 152.85 2.29 GpFinSantandMex BSMX 7.31 -0.04 Macerich MAC 67.70 -0.67 Praxair PX 117.44 1.21 Target TGT 64.81 -0.32 Xerox XRX 7.26 -0.04 Trimble TRMB 31.41 0.07
AIG AIG 66.14 0.53 BuckeyePtrs BPL 71.83 -0.28 DDR DDR 15.40 -0.05 GrupoTelevisa TV 23.23 -0.13 MacquarieInfr MIC 79.73 -0.35 s PrincipalFin PFG 62.09 1.23 TataMotors TTM 37.42 -0.67 HuntingtonBcshs HBAN 13.81 0.19
Xylem XYL 48.28 0.40
IAC/InterActive IAC 76.48 0.59
TripAdvisor TRIP 51.39 -0.61
AmerTowerREIT AMT 107.55 2.06 Bunge BG 68.46 -0.09 DTE Energy DTE 98.07 0.71 HCAHoldings HCA 83.75 0.12 Macy's M 32.58 0.59 Procter&Gamble PG 88.31 0.34 TeckRscsB TECK 25.46 0.56 YPF YPF 21.59 0.06 21stCenturyFoxA FOXA 29.72 -0.19
AmerWaterWorks AWK 73.22 -0.24 BurlingtonStores BURL 86.02 -0.59 Danaher DHR 84.19 0.21 HCP HCP 30.85 0.52 MagellanMid MMP 80.08 0.73 Progressive PGR 37.60 -0.06 TelecomItalia TI 8.61 -0.03 IdexxLab IDXX 141.70 -0.13
YanzhouCoal YZC 7.65 0.13 21stCenturyFoxB FOX 29.48 -0.17
Amerigas APU 48.01 0.03 CBD Pao CBD 18.44 -0.17 DRI 76.08 -0.20 HDFC Bank HDB 71.29 ... MagnaIntl MGA 44.68 0.27 Prologis PLD 49.97 -0.14 TelecomItalia A TI/A 7.00 -0.07 IHSMarkit INFO 39.93 0.26
Darden s YumBrands YUM 68.11 0.11 UltaBeauty ULTA 268.12 -1.72
s Ameriprise AMP 126.15 1.84 CBRE Group CBG 34.49 0.49 DaVita DVA 64.81 0.06 HP HPQ 16.04 0.32 Manpower MAN 96.35 -0.12 s PrudentialFin PRU 109.80 1.05 Teleflex TFX 175.80 2.90 s IPG Photonics IPGP 116.08 -0.30
YumChina YUMC 27.26 0.70 UltimateSoftware ULTI 194.03 -1.58
s AmerisourceBrgn ABC 90.48 -0.69 CBS A CBS/A 66.42 0.62 s Deere DE 110.75 0.51 s HSBCHoldings HSBC 43.28 0.31 ManulifeFin MFC 18.80 0.15 Prudential PUK 40.70 0.24 TelefonicaBras VIV 15.18 -0.11 IcahnEnterprises IEP 56.84 -0.24
ZTO Express ZTO 13.04 0.63 UnitedTherap UTHR 164.48 0.40
s Ametek AME 53.67 0.15 CBS B CBS 65.30 0.90 DelphiAutomotive DLPH 76.00 1.68 Halliburton HAL 56.32 0.19 MarathonOil MRO 16.06 -0.08 PublicServiceEnt PEG 43.76 0.37 Telefonica TEF 9.62 0.04 Illumina ILMN 163.84 0.80
ZayoGroup ZAYO 31.09 -0.26 VCA WOOF 90.79 0.10
Amphenol APH 68.97 0.20 CF Industries CF 36.71 0.87 DeltaAir DAL 50.06 0.80 Hanesbrands HBI 20.45 -0.40 MarathonPetrol MPC 50.28 0.14 PublicStorage PSA 220.06 0.27 TelekmIndonesia TLK 29.32 -0.08 Incyte INCY 121.15 -0.55
ZimmerBiomet ZBH 117.75 0.42 VeriSign VRSN 82.90 -0.24
AnadarkoPetrol APC 68.14 -1.20 CGI Group GIB 48.98 0.38 DeutscheBank DB 19.21 0.27 HarleyDavidson HOG 57.16 0.18 MarineHarvest MHG 18.13 0.05 PulteGroup PHM 21.52 -0.10 Tenaris TS 34.36 0.26 Intel INTC 35.80 0.46
Zoetis ZTS 55.14 -0.59 VeriskAnalytics VRSK 84.96 0.44
AngloGoldAsh AU 13.18 -0.21 CIT Group CIT 42.50 0.41 DevonEnergy DVN 45.26 -0.15 HarmanIntlInds HAR 111.00 ... Markel MKL 949.32 5.81 QuantaServices PWR 37.15 0.19 Teradyne TER 28.90 ... Intuit INTU 118.40 0.87
VertxPharm VRTX 87.72 -0.43
s Marsh&McLennan MMC 71.48 IntuitiveSurgical ISRG 710.70 5.18
AB InBev BUD 106.82
AnnalyCap NLY 10.58
0.94
0.06
CMS Energy CMS 43.13 0.20
s CNA Fin
Diageo DEO 114.12 0.29 Harris HRS 107.01
HartfordFinl HIG 48.05
1.27
0.19 MartinMarietta MLM 231.39
0.40
1.07
QuestDiag DGX 93.96
80.00
0.40
0.44
Tesoro TSO 87.35
s TesoroLogistics TLLP 59.08
0.02
0.64
NASDAQ IonisPharma IONS 46.09 0.67
Viacom A VIA 46.60 ...
CNA 43.47 0.95 Dick's DKS 52.42 -0.28 QuintilesIMS Q Viacom B VIAB 43.45 -0.20
AnteroMidstream AM 35.10 -0.39 CNOOC CEO 124.57 -1.00 DigitalRealty DLR 107.24 0.04 Helmerich&Payne HP 69.18 -0.05 Masco MAS 33.50 -0.25 RELX RENX 17.36 0.01 TevaPharm TEVA 34.00 1.81 AGNC Invt AGNC 19.40 0.23 JD.com JD 29.52 0.14
s JackHenry JKHY 91.48 VimpelCom VIP 4.29 0.05
AnteroResources AR 24.92 0.06 CPFLEnergia CPL 16.33 -0.01 DiscoverFinSvcs DFS 69.58 0.76 Herbalife HLF 59.96 -0.03 Mastercard MA 108.28 1.01 RELX RELX 18.71 0.08 Textron TXT 49.19 0.29 Ansys ANSS 97.17 0.31 0.88
Vodafone VOD 24.99 -0.01
s Anthem ANTM 163.52 1.20 CRH CRH 34.78 0.24 Disney DIS 109.65 0.39 Hershey HSY 108.21 0.59 McCormick MKC 97.28 0.03 RPM RPM 52.52 0.09 ThermoFisherSci TMO 156.35 1.46 ARRIS Intl ARRS 29.53 0.43 JazzPharma JAZZ 132.05 1.13
WPP WPPGY 118.92 1.83
Aon AON 115.87 0.28 CVS Health CVS 78.70 0.17 DollarGeneral DG 76.02 -0.77 Hess HES 51.88 -0.63 McCormickVtg MKC/V 97.04 -0.32 RSP Permian RSPP 41.64 -0.08 ThomsonReuters TRI 44.83 0.57 s ASML ASML 126.50 1.65 JetBlue JBLU 19.84 0.04
WalgreensBoots WBA 83.43 0.50
Apache APA 57.18 -0.20 CabotOil COG 23.95 -0.12 DominionRscs D 73.73 0.36 HewlettPackard HPE 24.12 0.13 McDonalds MCD 125.54 -0.28 RalphLauren RL 79.34 -0.27 ThorIndustries THO 108.86 -0.23 ActivisionBliz ATVI 45.70 -1.53 KLA Tencor KLAC 87.22 1.12
s KraftHeinz KHC 90.58 Weibo WB 54.39 1.29
ApartmtInv AIV 45.52 -0.20 CamdenProperty CPT 81.67 -0.45 Domino's DPZ 183.80 -2.57 HiltonWorldwide HLT 58.85 0.16 McKesson MCK 140.49 0.92 RangeResources RRC 32.53 -0.61 3M MMM 181.02 2.02 s AdobeSystems ADBE 117.65 0.80 0.38
WesternDigital WDC 78.47 1.11
AquaAmerica WTR 30.12 -0.05 Cameco CCJ 11.73 0.60 Donaldson DCI 42.39 0.26 HollyFrontier HFC 29.66 -0.49 MeadJohnson MJN 88.20 0.48 s RaymondJames RJF 77.58 0.68 Tiffany TIF 81.63 0.26 AkamaiTech AKAM 63.60 -0.35 LKQ LKQ 31.35 0.15
WholeFoods WFM 30.03 -0.31
Aramark ARMK 35.29 -0.12 CampbellSoup CPB 63.43 0.16 DouglasEmmett DEI 39.06 0.12 s HomeDepot HD 139.87 0.02 Mednax MD 68.10 0.10 Raytheon RTN 151.85 1.82 TimeWarner TWX 96.07 -0.51 AlexionPharm ALXN 127.77 1.26 LamResearch LRCX 116.26 0.27
WillisTwrsWatson WLTW 125.14 1.07
s ArcelorMittal MT 9.22 0.46 s CIBC CM 88.30 0.38 Dover DOV 79.60 0.32 s HondaMotor HMC 32.13 0.56 Medtronic MDT 76.92 0.77 RealtyIncome O 61.62 0.34 s Torchmark TMK 75.86 0.94 AlignTech ALGN 97.61 0.64 LamarAdvertising LAMR 77.01 0.59
WynnResorts WYNN 98.97 0.07
ArcherDaniels ADM 43.71 -0.12 CanNtlRlwy CNI 71.48 0.94 s DowChemical DOW 61.56 0.37 s Honeywell HON 123.62 1.77 Merck MRK 64.77 0.62 RedHat RHT 79.77 0.52 s Toro TTC 59.89 0.14 Alkermes ALKS 54.80 -0.31 LibertyBroadbandA LBRDA 84.30 -0.53
Xilinx XLNX 59.51 1.50
s Arconic ARNC 29.65 0.03 CanNaturalRes CNQ 29.95 -0.21 DrPepperSnap DPS 93.49 -0.07 HormelFoods HRL 37.25 0.12 MetLife MET 53.50 0.59 RegencyCtrs REG 71.24 -0.06 s TorontoDomBk TD 52.35 0.18 Alphabet A GOOGL 838.96 4.11 LibertyBroadbandC LBRDK 85.82 -0.27 s Yahoo YHOO 45.46 0.43
AristaNetworks ANET 99.90 1.12 CanPacRlwy CP 149.88 2.00 DrReddy'sLab RDY 43.95 -0.74 DR Horton DHI 30.42 -0.40 MettlerToledo MTD 463.85 -1.55 s RegionsFin RF 15.15 0.16 Total TOT 50.92 0.02 Alphabet C GOOG 819.24 5.57 LibertyGlobal A LBTYA 35.46 0.10
Yandex YNDX 22.97 -0.15
ArrowElec ARW 71.59 -0.55 Canon CAJ 29.07 0.16 DuPont DD 77.82 0.99 HostHotels HST 18.56 0.20 MichaelKors KORS 37.60 -0.78 ReinsuranceGrp RGA 128.48 0.89 TotalSystem TSS 54.03 0.44 Amazon.com AMZN 836.53 9.07 LibertyGlobal C LBTYK 34.40 0.15
Zillow A ZG 34.78 0.69
AshlandGlobal ASH 120.64 1.96 CapitalOne COF 89.03 0.63 DukeEnergy DUK 78.69 0.59 HuanengPower HNP 27.69 1.39 MidAmApt MAA 98.41 -0.10 RelianceSteel RS 84.97 1.53 ToyotaMotor TM 114.13 1.24 Amdocs DOX 59.51 -0.39 LibertyLiLAC A LILA 22.62 -0.58
Zillow C Z 35.19 0.77
Assurant AIZ 94.32 1.39 CardinalHealth CAH 78.07 0.67 DukeRealty DRE 25.31 0.05 Hubbell HUBB 122.73 -0.12 MitsubishiUFJ MTU 6.79 0.05 s RenaissanceRe RNR 143.83 0.62 TransCanada TRP 47.75 0.39 Amerco UHAL 378.00 4.31 LibertyLiLAC C LILAK 21.95 -0.51 s ZionsBancorp ZION 44.08 0.51
s AssuredGuaranty AGO 40.80 0.01 Carlisle CSL 105.60 0.44 ENI E 30.85 0.18 Humana HUM 206.70 1.27 MizuhoFin MFG 3.75 0.02 s RepublicServices RSG 58.49 0.53 TransDigm TDG 252.21 -0.91 AmericanAirlines AAL 47.41 0.96 LibertyQVC A QVCA 19.03 -0.29
AstraZeneca AZN 29.64 0.11 CarMax KMX 67.50 -0.04 EOG Rscs EOG 100.35 -1.09 s HuntingtonIngalls HII 201.19 0.84 MobileTeleSys MBT 10.56 0.11 s ResMed RMD 70.86 0.63 TransUnion TRU 34.14 -0.12 Amgen AMGN 167.66 0.92 LibertyVenturesA LVNTA 43.82 -0.69 NYSE MKT
s Athene ATH 51.78 -0.09 Carnival CCL 56.46 0.21 EQT EQT 62.53 -1.82 HyattHotels H 56.30 0.15 Mobileye MBLY 45.48 2.16 s RestaurantBrands QSR 53.80 2.38 Travelers TRV 119.71 -0.02 s AnalogDevices ADI 77.92 1.39 LincolnElectric LECO 83.70 0.36
AtmosEnergy ATO 75.63 0.18 Carnival CUK 55.29 0.22 EQT Midstream EQM 80.20 -0.69 ICICI Bank IBN 8.45 -0.05 s MohawkIndustries MHK 223.80 1.08 ReynoldsAmer RAI 60.31 -0.26 TurkcellIletism TKC 7.67 -0.02 s Apple AAPL 133.29 1.17 LinearTech LLTC 63.87 0.38 BritishAmTob BTI 124.61 -0.64
Autoliv ALV 107.39 2.35 Caterpillar CAT 98.50 2.19 EastmanChem EMN 80.06 0.70 ING Groep ING 14.46 0.16 MolsonCoors A TAP/A 96.10 -0.01 s RioTinto RIO 46.65 1.24 TurquoiseHill TRQ 3.61 0.05 AppliedMaterials AMAT 35.46 0.14 LogMeIn LOGM 103.30 1.55 CheniereEnergy LNG 48.14 -0.79
AutoZone AZO 736.09 -4.56 Celanese A CE 88.42 0.16 s Eaton ETN 72.20 1.20 Invesco IVZ 32.11 0.27 MolsonCoors B TAP 96.21 0.26 RiteAid RAD 5.70 0.09 Twitter TWTR 15.81 0.23 ArchCapital ACGL 93.21 0.22 lululemon LULU 66.99 -0.63 CheniereEnerPtrs CQP 31.65 -0.05
Avalonbay AVB 178.55 -1.32 Cemex CX 9.09 0.05 Ecolab ECL 121.76 0.56 IDEX IEX 91.96 1.03 Monsanto MON 107.67 0.10 RobertHalf RHI 47.51 0.30 TylerTech TYL 155.82 -1.92 Atlassian TEAM 28.92 0.28 MarketAxess MKTX 189.80 2.98 CheniereEnHldgs CQH 23.32 -0.49
Avangrid AGR 40.48 0.07 Cencosud CNCO 9.18 0.04 Ecopetrol EC 9.56 -0.06 IllinoisToolWks ITW 129.37 1.37 Moody's MCO 109.03 1.03 Rockwell ROK 152.01 0.56 TysonFoods TSN 65.30 0.24 Autodesk ADSK 84.28 1.05 s Marriott MAR 87.38 0.93 ImperialOil IMO 32.43 -0.19

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
GlbXMSCIArgentina ARGT 27.15 0.1 iShS&PSC600Growth IJT 154.29 0.4 UBSAGFIEnhGlbHiYd FIHD 132.50 0.8 PrShrShBscMtr SBM 20.66 -3.4 CU Bancorp CUNB 38.75 ... IPG Photonics IPGP 117.43 -0.3 RBC Bearings ROLL 97.51 ...
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE GlbXSciBetaUS SCIU 27.49 0.4 iSharesNATech-Mult IGN 46.40 1.2 UBSAGFIEnhLCGrw FBGX 155.08 0.8 ProShrShrtDow30 DOG 18.36 -0.6 CadenceDesign CDNS 29.88 1.0 IndependentBank IBTX 65.95 1.3 RMR Group RMR 51.11 5.6
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in GlobalXUraniumETF URA 18.64 4.4 iShNorthAmerTech IGM 134.11 0.6 VanEckAgribus MOO 54.74 0.3 ProShShXinhuaCh25 YXI 24.30 -0.7 CalamsGlblDynInc CHW 7.64 0.5 InsightEnt NSIT 46.00 -1.8 ROBOGlblRobotics ROBO 31.33 0.6
the latest session. % CHG-Daily percentage change from the previous trading session. GoldmanSachsUSLC GSLC 46.25 0.4 iShNATech-Software IGV 122.13 0.2 VanEckBDCIncome BIZD 19.26 0.4 ProShrShrtFinc SEF 13.44 -1.0 CardiovascularSys CSII 27.76 1.5 InterDigital IDCC 102.05 2.4 RPX RPXC 11.94 -0.8
GSHedgeIndVIP GVIP 45.34 0.5 iSharesDowJonesUS IYY 117.18 0.5 VanEckBrazilSC BRF 19.75 1.1 ProSharesShortHiYd SJB 24.19 -0.2 CarrolsRestr TAST 16.10 -0.3 Intevac IVAC 10.85 7.4 RaPharm RARX 24.12 -1.7
GuggenheimBRIC EEB 32.00 0.6 iShRussellMCGrowth IWP 103.22 ... VanEckFallAnglHYBd ANGL 29.47 0.2 ProShrS MSCI EAFE EFZ 30.44 -0.4 CavcoIndustries CVCO 113.45 2.0 Investar ISTR 20.10 1.8 Radware RDWR 15.98 2.2
Monday, February 13, 2017 GuggenheimBS2020HY BSJK 24.67 0.2 iShUSBrokerDealers IAI 53.06 1.4 VanEckGlbAltEn GEX 54.54 1.4 ProShrS MSCI EM EUM 22.72 -0.4 CntlValCmntyBk CVCY 22.00 3.0 iShCoreMSCITotInt IXUS 53.55 0.4 RealPage RP 33.25 2.6
52-Wk % 52-Wk % 52-Wk % GuggenheimBS2023HY BSJN 26.78 0.2 JanusVelocityVolLC SPXH 32.53 0.9 VanEckGlblSpinoff SPUN 22.27 0.9 ProShShtMC400 MYY 12.52 -0.5 Ceragon CRNT 4.22 8.6 iShFallAngelsUSDBd FALN 27.44 0.3 ReconNasd100 QYLD 23.27 -0.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GuggDefEqty DEF 40.42 0.3 JohnHancockMultFin JHMF 32.00 0.9 VanEckMornIntlMoat MOTI 30.37 0.4 ProShrShortQQQ PSQ 43.68 -0.6 ChartIndustries GTLS 40.87 -0.3 iShMSCIACWIETF ACWI 62.14 0.5 SBA Comm SBAC 109.68 2.5
GuggenheimSP500EqW RSP 90.41 0.4 JohnHancockMultiLC JHML 30.41 0.6 VanEckMornWideMoat MOAT 36.95 0.4 ProShrShrtRus RWM 47.30 -0.3 CharterFin CHFN 17.64 0.6 iShMSCIACWIexUSETF ACWX 42.56 0.4 SLM SLM 12.60 0.1
HerculesCapital HTGC 14.80 0.2 Timken TKR 46.45 0.9 Guggenheim S&P 500 RYF 38.37 1.1 JohnHancockMatls JHMA 31.25 2.2 VanEckNatRscs HAP 34.25 0.4 ProShShrtS&P500 SH 35.05 -0.5 CheckPointSftw CHKP 101.77 -0.2 iShMSCIBrazilSC EWZS 14.00 1.3 SVB Fin SIVB 182.34 1.7
NYSE highs - 266 HomeDepot
HondaMotor
HD
HMC
140.65
32.17
...
1.8
TItanIntl
Torchmark
TWI
TMK
13.64
76.11
0.7
1.3
GuggS&P500EWIndl RGI
GuggS&P500EWTech RYT
105.39
116.86
0.9
0.5
JohnHancockMultTch JHMT
JPMorganDivRetUS JPUS
33.23
61.90
0.6
0.2
VanEckRareEarth REMX
VanEckSemiconduc SMH
19.79
76.33
2.5
1.3
ProShShtS&PRegBkg KRS 16.00 -1.9 CiscoSystems CSCO
CtznCmntyBcp CZWI
32.00
12.85
1.5
0.8
iShMSCIEAFEESGOpt ESGD 58.39 0.5
iShMSCIEMESGOpt ESGE 59.50 0.4
SandySpringBncp SASR
ScientificGames SGMS
42.32
20.50
1.2
-0.2
ProShrShrtSmCp SBB 38.39 -0.4
AGCO AGCO 64.90 -0.7 Honeywell HON 123.81 1.5 Toro TTC 60.28 0.2 CLIRW 1.60 13.6 iShMornMCValue JKI 149.90 0.5
GuggenheimS&P500Gr RPG 87.90 0.2 JPMorganDivRetUSMC JPME 56.71 0.4 VanEckSteel SLX 45.17 3.8 ProSharesUltVIXST UVXY 20.39 -6.3 ClearSignWt ScrippsNetworks SNI 78.52 -0.5
AberdeenGrChinaFd GCH 9.40 0.3 HudbayMineralsWt HBM/WS 1.03 23.9 TorontoDomBk TD 52.47 0.3 GuggenheimS&P500 RPV 60.01 0.6 OppESGRevenue ESGL 27.67 0.4 CGNX 70.67 0.1 JKHY 91.78 1.0
VangdExtMkt VXF 100.55 0.3 ProShrsShrtDow30 SDOW 36.70 -2.1 Cognex JackHenry SeacoastBkgFL SBCF 25.13 5.1
AberdeenSingapore SGF 9.70 0.4 HudbayMinerals HBM 9.15 1.7 TortoiseEnerInf TYG 35.51 0.7 GuggenheimS&PM400 RFG 134.65 0.3 OppenheimFclsSect RWW 59.78 1.0 CommVehicle CVGI 6.45 1.6 JanusSMidGwthAlpha JSMD 32.46 0.5
VangdSC Val VBR 124.93 0.4 ProShUltraProShFnl FINZ 14.54 -3.7 Seagate STX 48.08 2.9
AdamsDivEquityFd ADX 13.49 0.7 HuntingtonIngalls HII 201.60 0.4 TransportadGas TGS 11.48 1.0 GuggenheimS&P Scp RZG 100.41 0.6 OppenheimerGlbGwth RGRO 50.20 1.0 COMM 38.92 0.8 JounceTherap JNCE 21.95 5.2
VangdSC Grwth VBK 140.57 0.1 ProShrShtMidCap400 SMDD 14.63 -0.9 CommScope SelectBancorp SLCT 11.12 0.1
AdvntClymrFd AVK 16.77 -0.2 Ingersoll-Rand IR 82.17 1.0 Tri-Continental TY 23.14 0.2 NFO 51.94 0.1 OppenheimerLgCpRev RWL 45.12 0.5 CommunityBkrs ESXB 8.20 ... KBSF 18.00 -9.8
GuggInsider VangdInfoTech VGT 131.47 0.6 ProShrShrtRusl2000 SRTY 47.03 -0.7 KBS Fashion ServisFirstBcshs SFBS 42.03 1.6
AerCap AER 47.14 0.2 Insperity NSP 83.15 13.2 Trinseo TSE 70.95 0.3 GuggIntlMltAst HGI 16.00 1.1 OppenheimerMdCpRev RWK 56.47 0.2 CommunityFin TCFC 31.00 2.7 KLXI 51.17 -0.1
VangdCnsmrDiscr VCR 135.61 0.1 ProShUltProShS&P SPXU 18.00 -1.6 KLX SierraWireless SWIR 26.50 2.7
AgilentTechs A 50.89 0.3 IBM IBM 179.90 0.4 TritonIntl TRTN 26.57 5.0 GuggenheimMSCIEM EWEM 30.20 0.8 PIMCO0-5YrHiYdCorp HYS 101.05 0.2 CTRL 15.81 13.0 KMDA 7.15 4.4
VangdDivApp VIG 88.55 0.5 ProShrUSBscMtls SMN 18.43 -1.9 Control4 Kamada SodaStream SODA 46.96 1.8
AirLease AL 39.21 1.4 IntrawestResorts SNOW 24.48 -0.9 Tronox TROX 14.60 3.4 GuggMC Core CZA 57.75 0.2 PwShCEF IncCmp PCEF 23.38 0.2 CPRT 58.84 0.9 KtckyFstFdBcp KFFB 9.90 ...
VanguardAWxUSSC VSS 100.95 0.3 ProShrUSCnsmrSvc SCC 32.11 -4.3 Copart SolarCapital SLRC 21.96 0.2
Aircastle AYR 23.80 1.5 JPMorganWt JPM/WS 47.11 2.2 USG USG 33.23 2.4 GuggMltiAstIncm CVY 20.85 ... PwrShsCleantch PZD 34.50 0.2 COST 172.49 ... KeyTechnology KTEC 13.95 5.3
VanguardFTSEDevMk VEA 38.46 0.4 PrShrsUSDow30 DXD 13.20 -1.6 Costco SolarSeniorCap SUNS 17.24 1.1
Alcoa AA 39.78 0.5 JPMorganChase JPM 88.74 1.3 US PhysTherapy USPH 74.20 1.5 GuggRayJamesSB1 RYJ 39.99 0.3 PwrShsDBBaseMtls DBB 16.71 -0.3 CRESY 20.29 4.7 KHC 90.60 0.4
VanguardFTSEEmgMk VWO 39.13 0.4 ProShXinhuaChina25 FXP 27.64 -1.5 Cresud KraftHeinz SonomaPharmWt SNOAW 0.66 1.6
AllianzGICnvIncmII NCZ 6.18 0.7 JabilCircuit JBL 25.62 0.3 US Bancorp USB 54.43 1.0 GuggS&P500Top50 XLG 163.56 0.7 PwrshsDynNetw PXQ 42.95 1.2 Cutera CUTR 19.85 0.3 KratosDefense KTOS 9.19 3.8
VanguardFTSEPac VPL 62.36 0.3 ProShrUSFnl SKF 28.27 -1.8 SonomaPharm SNOA 7.36 ...
AllianzGIEqtyConv NIE 19.48 -0.1 KAR Auction KAR 46.44 0.8 US Steel X 40.39 5.6 GuggenS&PMC400EW EWMC 59.76 0.3 PwrshsDynSftw PSJ 50.64 0.2 DavisFinl DFNL 26.40 0.9 LawsonProducts LAWS 27.60 -0.7
VanguardFinls VFH 61.55 1.0 ProShrUSInd SIJ 24.01 -4.2 SotherlyHotels SOHO 7.53 0.4
AllisonTransm ALSN 38.04 0.5 KB Fin KB 42.04 0.4 UnumGroup UNM 48.47 1.7 GuggenheimS&PSO CSD 45.71 0.5 PwrShrEmrgInfra PXR 35.72 1.8 DermaSciences DSCI 7.05 0.4 LeggMasonLowVol LVHD 29.40 0.4
VanguardAWxUS VEU 46.82 0.5 ProShrUltraBrazil BZQ 13.28 -0.8 SoNtlBcpVA SONA 16.95 -0.5
Allstate ALL 79.64 0.9 Kennametal KMT 38.94 2.1 ValePfdA VALE/P 10.71 6.6 GuggenUSLCOptVol OVLC 27.28 0.6 PwrShsFTSE RAFI PRF 102.71 0.5 Determine DTRM 2.63 0.8 LiveOakBcshs LOB 23.50 -2.4
VangdGrowth VUG 118.74 0.4 ProShrUS MSCI EAFE EFU 32.72 -0.7 SprottFocus FUND 7.58 0.7
AllyFinancial ALLY 23.05 0.7 KeyCorpPfdE KEYpI 28.09 0.4 Vale VALE 11.49 8.4 HartfordMultiGlbSC ROGS 27.28 0.5 PwrShsLgCpGro PWB 33.51 0.2 112.45 0.2 Dunkin' DNKN 56.30 -2.1 Lumentum LITE 50.20 4.4 46.80 2.0
VangdMdCpGr VOT ProShrUS MSCI Jpn EWV 36.97 -0.9 StonegateBank SGBK
AlpineGlblDyn AGD 9.64 0.8 Kirby KEX 73.40 1.4 VersumMaterials VSM 29.84 1.6 HartfordMultiUSEqu ROUS 26.86 0.5 PwrShsLgCpVal PWV 34.98 0.7 124.62 0.8 eBay EBAY 34.09 0.5 MSB Fin MSBF 15.45 1.3 16.75 1.5
VangdIndls VIS PrShrsMidCp MZZ MZZ 23.68 -0.9 SummitStateBk SSBI
AlpineTotDynDiv AOD 8.24 0.9 Koppers KOP 44.35 2.1 Viad VVI 48.10 1.5 HrznsS&P500CovCall HSPX 47.04 0.4 PwrShrETFEmgMk PXH 20.16 0.9 106.94 0.5 ElbitSystems ESLT 118.94 2.2 MagalSec MAGS 7.90 -0.4 23.50 3.5
VanguardLC VV ProShrUS MSCI EM EEV 13.59 -0.7 SussexBancorp SBBX
AltisourceResid RESI 13.31 1.1 Kyocera KYO 55.38 0.9 VoyaGlbAdvantage IGA 10.25 ... IQ CndaSmCap CNDA 18.40 0.4 PwrShrETFDvMkt PDN 28.66 0.5 VangdMegaCap MGC 79.60 0.6 ElectronicArts EA 87.49 0.2 MaidenHoldings MHLD 18.95 0.5 29.35 0.1
PrShrsUShrQQQ QID 20.40 -1.1 Symantec SYMC
AlumofChina ACH 13.53 1.7 LATAMAirlines LFL 10.12 0.8 WABCO WBC 118.50 -1.0 IQAgribusSmall CROP 33.17 0.5 PwrShrAPac ex-Jap PAF 52.27 0.5 VangdMegaGrwth MGK 92.98 0.5 ElkhornS&P500Cap CAPX 26.98 0.6 MarlinBusSvcs MRLN 24.55 2.5 SyneronMedical ELOS 9.90 3.8
26.59 1.4 ProShrUlShtRus TWM 22.12 -0.4
AmEqtyLf AEL L3 Tech LLL 165.86 1.4 WEX WEX 122.91 -4.8 IQMergerArbitrage MNA 29.99 ... PwrShsPrvtEqty PSP 11.83 0.5 VanguardMegaVal MGV 68.55 0.7 EncoreCapital ECPG 33.80 1.2 Marriott MAR 87.42 1.1 Synopsys SNPS 66.19 1.1
AmericanExpress AXP 79.18 0.5 ProShrsUShrt S&P SDS 13.89 -1.1
LazardGlblFd LGI 14.59 0.3 WestAllianceBcp WAL 51.56 1.7 IndSelSectorSPDR XLI 65.50 1.0 PSRussellMidcapEW EQWM 43.75 0.2 VanguardMC VO 138.96 0.3 ProShrUlShtSmC600 SDD 20.05 -5.6 EntegraFin ENFC 22.70 1.1 Materialise MTLS 9.50 -0.3 TICC Capital TICC 7.74 2.8
AmerHomes4Rent AMH 23.13 -0.1 LexingtonRealty LXP 11.25 -0.4 WstAstHIF II HIX 7.35 0.8 iPathBloomCopperTR JJC 32.39 0.4 PSRussMCPureGrwth PXMG 33.26 -0.3 VanguardMCVal VOE 101.95 0.5 Entegris ENTG 21.48 1.9 Medicines MDCO 51.17 -0.1 TOR Minerals TORM 7.15 4.1
AmRltyInv ARL 9.85 9.1 ProShrUSTech REW 27.31 -0.8
LibertyAllStar USA 5.51 0.9 WstAstVarRte GFY 16.60 0.7 iShAggrAllocation AOA 49.06 0.3 PwrShRuss1000EqWt EQAL 28.17 0.2 VanguardS&P500 VOO 214.00 0.5 ProShsVIXMTFut VIXM 36.03 -1.0 EnterpriseFinSvcs EFSC 43.80 1.2 MercadoLibre MELI 196.95 -0.1 TTM Tech TTMI 17.78 5.3
Ameriprise AMP 126.88 1.5 LibertyASGFd ASG 4.47 ... WesternGasEquity WGP 47.35 1.2 iShCoreDivGrowth DGRO 30.01 0.6 PSRussellTop200EW EQWL 45.41 0.7 Vanguard 500Grow VOOG 115.31 0.5 ExtremeNetworks EXTR 5.83 0.7 MercurySystems MRCY 36.40 2.1 TabulaRasaHlth TRHC 16.85 3.7
AmerisourceBrgn ABC 94.50 -0.8 ProShsVIXSTFut VIXY 14.65 -3.1
LincolnNational LNC 71.61 1.0 WesternGasPtrs WES 65.63 1.3 iShGrwthAllocation AOR 41.74 0.2 PSRussTop200PureG PXLG 35.94 0.7 Vanguard 500ValETF VOOV 100.41 0.6 Fauquier FBSS 17.50 2.4 MeritMedical MMSI 28.40 1.8 TakeTwoSoftware TTWO 58.76 0.9
Ametek AME 53.89 0.3
AnadarkoPeteUn AEUA 45.45 2.2
LiveNationEnt LYV
LouisianaPacific LPX
29.22
23.73
0.5
-0.5
Weyerhaeuser WY
WW Ent WWE
34.00
22.70
1.9
3.1
iShCoreMSCIEAFEETF IEFA
iShCoreMSCIEmgMk IEMG
56.28
46.56
0.4
0.4
PSRussTop200PureV PXLV
PSRuss2000PureGrw PXSG
35.71
26.90
0.6
...
VanguardS&PMC400 IVOO
Vanguard MC400Gr IVOG
116.38
117.56
0.3
0.3
NYSE MKT highs - 12 FdltyNasCompFd ONEQ
FinancialEngines FNGN
227.36
40.00
0.4
0.6
MySize MYSZ 16.70 184.9
NMI Holdings NMIH 11.50 1.8
TerraFormGlobal GLBL
Tesla TSLA
4.80
280.79
2.2
4.2
Anthem ANTM 164.22 0.7 M&T Bank MTB 168.29 0.9 Wyndham WYN 82.28 ... iShCoreMSCIPacific IPAC 52.04 0.4 PwrShsS&P500HiDivd SPHD 40.31 0.4 Vanguard SC600Gr VIOG 132.14 0.4 CRH Medical CRHM 6.80 -0.8 FirstBancorpNC FBNC 30.83 0.2 Nanometrics NANO 27.22 -1.8 TowerSemi TSEM 23.00 2.2
AnthemUn ANTX 50.00 ... MFA Financial MFA 8.10 -0.4 XL Group XL 40.27 0.7 iShCoreS&P500ETF IVV 234.51 0.6 PwrShS&P500BW PBP 21.91 -0.1 VanguardSC VB 134.51 0.3 CentralSecs CET 23.20 0.3 FirstBancshares FBMS 29.56 6.0 Net1UEPS UEPS 13.23 2.3 TriStateCapital TSC 23.75 1.7
AnworthMtgPfdB ANHpB 26.46 1.3 MGIC Investment MTG 11.30 0.5 YumBrands YUM 68.98 0.2 iShCoreS&PMdCp IJH 172.65 0.3 PwrShS&P500xRate XRLV 28.95 0.5 VanguardTotStk VTI 120.33 0.5 CloughGlbEqFd GLQ 12.06 0.1 FirstBank FRBA 13.65 1.1 NetApp NTAP 39.84 0.3 trivago TRVG 13.87 5.3
ArcelorMittal MT 9.29 5.3 MSC Industrial MSM 104.98 -0.1 iShS&PTotlUSStkMkt ITOT 53.57 0.5 PowerShS&P500Mom SPMO 27.88 1.2 VangdTotlWrld VT 64.22 0.5 CrSuisHighYld DHY 2.77 0.5 FirstComSC FCCO 23.55 4.9 Netflix NFLX 145.95 -1.1 TwoRiverBancorp TRCB 16.15 -0.1
Arconic
AresManagement ARES
ARNC 29.87
21.50
0.1
1.0
Marsh&McLennan MMC
MaxLinear MXL
71.73
27.50
0.6
-2.2
NYSE lows - 5 iShCoreS&PUSGrowth IUSG
iShCoreS&PUSValue IUSV
45.35
50.60
0.4
0.5
PowerShS&P500Qual SPHQ
PowerShS&P500Value SPVU
26.91
30.93
0.4
2.3
VangdValue VTV
VelocityShVIXVarLS LSVX
95.44
30.35
0.7
1.1
EllsworthGrw&Incm ECF
EnviroStar EVI
8.68
21.25
-0.1
8.7
FirstCommFinl FCFP
FirstFoundation FFWM
13.00
16.63
0.8
0.9
NetScout
NeuroDerm
NTCT 37.10 0.4
NDRM 25.45 -0.6
US Ecology ECOL
UnitedSecBcshrs UBFO
54.00
8.25
0.2
1.9
ArmstrongFlooring AFI 22.24 -1.5 Medifast MED 44.61 -0.9 AquaVenture WAAS 17.75 -3.6 iShCurHdgMSCIACWI HACW 25.78 0.8 S&P400LowVol XMLV 41.99 0.2 WBITacticalHiIncm WBIH 24.09 0.1 GastarExplnPfdB GSTpB 23.25 6.1 FirstMerchants FRME 40.95 2.0 NexstarMedia NXST 68.30 0.8 VanguardRuss1000 VONE 107.18 0.4
AssuredGuaranty AGO 41.23 ... Meredith MDP 63.25 1.4 CobaltIntlEner CIE 0.73 -5.8 iShCurHdgMSCIUS HAWX 23.97 0.5 PwrShTreaColl CLTL 105.41 ... WBITacticalLCG WBIE 23.12 0.4 IncomeOppRealty IOT 9.75 3.6 FT BrazilAlpha FBZ 16.48 0.6 NicoletBankshares NCBS 49.00 0.8 VangdRuss1000Grw VONG 114.06 0.4
Athene ATH 52.75 -0.2 Meritor MTOR 16.19 -0.4 DHI Group DHX 4.60 -2.1 iShCurrHdgMSCICda HEWC 25.68 1.0 PwrShsZacks PZI 19.33 0.4 WBITacticalLCS WBIL 24.13 0.7 PrtlxBioThera PLX 1.48 29.7 FT CapStrength FTCS 42.64 0.4 Nordson NDSN 118.00 0.6 VangdRuss1000Val VONV 100.65 0.5
BWX Tech BWXT 42.79 0.8 MohawkIndustries MHK 225.53 0.5 PIMCO Muni PMF 13.80 0.1 iShCurrHdgMSCIEAFE HEFA 26.90 0.5 ProSharesHdgRep HDG 43.79 ... WBITacticalLCV WBIF 25.46 0.8 RadiantLogistics RLGT 5.12 3.6 FT CloudComp SKYY 37.61 0.4 NovaMeasuring NVMI 15.97 3.2 VanguardRuss3000 VTHR 107.43 0.5
BancSanBrasil BSBR 11.49 2.2 MorganStanleyPfdK MSpK 25.62 0.3 Tidewater TDW 1.29 -9.0 iShCurHdgMSCIEAFE HSCZ 26.58 0.9 ProShrsS&P500xFin SPXN 47.21 2.9 WBITacticalLCY WBIG 21.73 0.8 TasekoMines TGB 1.63 6.7 FTDevelopedMkts FDT 50.83 0.7 Novanta NOVT 24.65 0.8 VanguardRuss2000 VTWO 111.51 0.2
BankofMontreal BMO 77.10 0.7 MorganStanley MS 45.60 1.3 iShCurrHdgMSCIEM HEEM 22.53 0.2 ProShrsS&P500xTech SPXT 46.63 1.5 WisdTrAPxJp AXJL 62.37 0.4 TrioTech TRT 4.48 -1.3 FTDorseyWrightIntl IFV 19.09 0.6 Nuvasive NUVA 74.40 1.3 VangdRuss2000Grw VTWG 117.03 0.1
BkNovaScotia BNS 61.81 0.3 Mosaic MOS 34.36 2.7 NYSE Arca highs - 406 iShIntlSelDividend IDV 31.00 0.4 ProSharesShtVIXST SVXY 129.82 3.2 WisdTrAustrDiv AUSE 56.28 0.9 FT NasdTechDiv TDIV 31.22 0.7 NuvNasd100Dyn QQQX 20.41 -0.4 VanguardTtlIntlStk VXUS 48.66 0.4
BankUnited
BasicEnergySvcs BAS
BKU 39.41
44.81
0.2
2.8
MuellerIndustries MLI
NatlStorage NSA
43.96
23.47
...
-0.1 ALPS EqSecWgh EQL 62.28 0.5
iShSelectDividend DVY
iShUSBasicMaterial IYM
91.01
89.18
0.5
1.0
ProShrUlBscMtls UYM
ProShrUlCnsmr UCC
56.39
63.23
2.1
1.4
WisdTrBrazilReal BZF
WisdTrCBOES&P500 PUTW
18.30
28.11
0.1
0.1
NYSE MKT lows - 0 FT EM Alphadex FEM
FT EM SC Alpha FEMS
23.05
34.74
0.8
0.4
NxstageMed
OceanBioChem OBCI
NXTM 28.72 0.4
4.92 -0.2
VSInvVIXMedTerm ZIV
VSInverseVIXSTerm XIV
54.38
67.02
1.1
3.2
Belmond BEL 14.25 1.1 NationstarMtg NSM 19.83 0.4 ARKIndlInnovation ARKQ 24.72 0.7 FT EuropeAlpha FEP 30.88 0.7 OldDomFreight ODFL 93.16 0.3
iShUSConsumerSvcs IYC 158.27 0.1 ProShrUltraDow30 DDM 89.40 1.4 WisdTrEM HiDiv DEM 40.36 0.4 ViaviSolutions VIAV 10.64 3.5
Berkley
Bio-RadLab B BIO/B
WRB 68.64
189.50
0.5
0.9
Neff
NYTimes A
NEFF
NYT
16.65
16.35
0.6
5.2
ARKInnovationETF ARKK
AdvShWilshireBuybk TTFS
23.13
66.23
0.3
0.4
iShUSFinlServices IYG
iShU.S.Industrials IYJ
111.20
126.08
1.1
0.7
ProShrUltraFnl UYG
ProShrUltraInd UXI
99.27
52.92
1.9
1.5
WisdTrEM SC DGS 43.37 0.7 Nasdaq highs - 297 FT LC CoreAlpha FEX
FT LC GrwthAlpha FTC
51.25
51.85
0.4
0.4
ON Semi
PCM
ON 15.86 5.7
PCMI 27.95 1.5
VicShUSEQIncmEnh CDC 42.25 0.4
WisdTrEuropeHdg HEDJ 58.99 0.9 VicShUS500EnhVol CFO 42.12 0.3
BlackstoneLSCrInco BGX 16.52 0.1 NexPointResidentl NXRT 23.86 -1.7 AlphaCloneAltAlpha ALFA 37.64 0.4 ALPS/DorseyMom SWIN 26.71 0.3 FTA 49.07 0.6 PCAR 69.89 1.7
iShUSAerospace&Def ITA 149.06 0.7 ProSharesUltraMSCI EFO 95.62 0.9 WisdTrGlbXMexico XMX 25.54 1.0 FT LC Value Paccar VicShUS500Vol CFA 42.16 0.4
BlackstoneMtg BXMT 31.53 0.1 NomuraHoldings NMR 6.80 0.9 BarcETN+FIEnhGlHY FIGY 137.06 0.9 105.29 0.9 61.99 0.5 ASBBancorp ASBB 32.05 0.8 FT LatAmer Alpha FLN 21.71 0.9 ParkCity PCYG 17.00 -1.2
iShUS Finls IYF ProShUltraMSCIEmg EET WisdTrGlbHiDiv DEW 44.63 0.3 VidentIntlEquityFd VIDI 23.51 0.6
BorgWarner BWA 42.18 0.1 Norbord OSB 29.00 -1.0 BarclaysETNShiller CAPE 101.12 0.4 iShU.S.Insurance IAK 61.19 0.9 ProShrUltraJapan EZJ 97.44 1.4 ASML ASML 126.64 1.3 FT MegaCap FMK 29.23 0.6 PathfinderBncp PBHC 15.19 0.3
WisdTrIntlEquity DWM 48.50 0.4 WVS Financial WVFC 15.49 6.0
BoulderGrowth BIF 9.24 0.5 NorfolkSouthern NSC 123.30 0.9 Barrons400ETF BFOR 36.32 ... iShUSRegionalBanks IAT 47.12 1.0 ProShrUMdCp400 MVV 102.35 0.6 AXT AXTI 6.80 8.1 FT MC CoreAlpha FNX 59.00 0.2 PeapackGladFinl PGC 33.30 1.6
WisdTrIntlHdg HDWM 26.00 1.3 Wendy's WEN 14.47 -0.1
Box BOX 18.26 1.1 NuvDow30Dyn DIAX 15.83 0.6 CambriaGlbValue GVAL 21.90 0.6 iShU.S.Technology IYW 130.62 0.7 ProShrUltraQQQ QLD 100.59 1.1 Achaogen AKAO 21.83 3.2 FTMidCapGrowth FNY 33.35 ... PennantPark PNNT 8.68 0.7
WisdTrIntlHdgQual IHDG 27.45 0.5 WhiteHorseFin WHF 13.06 1.3
Brink's BCO 53.70 1.8 OFGBancorpPfD OFGpD 24.28 0.4 CambriaShareholder SYLD 34.16 0.5 iShEdgeMSCIMultInt INTF 24.43 0.2 ProShrUltraRus UWM 118.21 0.5 AdobeSystems ADBE 117.94 0.7 FstTrMCGrAlpDX FAD 55.50 0.2 PeoplesBncpNC PEBK 26.90 5.4
WisdTrIntHdgSCDiv HDLS 25.47 0.7 WisdTrChinaxSOE CXSE 55.07 2.8
BrookfieldDTLAPf DTLAp 23.38 0.4 OGE Energy OGE 34.56 0.8 ClaymoreIdxLnk GCE 16.36 0.7 iShEdgeMSCIMultUSA LRGF 27.85 0.3 ProShrUltraS&P SSO 82.54 1.1 AehrTestSys AEHR 3.95 16.5 FT MuCValAlpha FAB 52.19 0.2 Perceptron PRCP 8.40 3.5
WisdTrIntlMC Div DIM 58.61 0.4 WisdTrJapanHdgSC DXJS 37.76 0.9
CDI CDI 9.65 3.3 OnAssignment ASGN 47.46 -1.9 ColumbiaEMCoreXCh XCEM 24.97 0.9 iShEdgeMSCIUSASC SMLF 36.37 0.2 ProShrUlTech ROM 114.46 1.2 AeriePharm AERI 47.55 1.5 FT NasdCleanEdge QCLN 16.52 1.5 PinnacleEnt PNK 16.99 0.4
WisdTrIntlSC DLS 64.04 0.4 WisdTrUSQltyDiv DGRW 34.68 0.6
CNA Fin CNA 43.51 2.2 Ooma OOMA 10.35 0.5 ColumbiaSustGlb ESGW 28.02 0.9 iShEdgeMSCIUSAMom MTUM 79.98 0.3 ProShrsDow30 UDOW 104.94 2.1 AltraIndlMotion AIMC 40.25 -0.4 FT NasdCybersec CIBR 21.51 0.4 Pixelworks PXLW 4.12 1.0
WisdTrJpnCapGds DXJC 25.50 1.7 Yahoo YHOO 45.57 1.0
CNO Financial CNO 20.92 1.0 OrchidIslandCap ORC 12.56 1.1 ColumbiaSustIntl ESGN 26.90 1.2 iShEdgeMSCIUSAQual QUAL 71.48 0.5 ProShUltraProFin FINU 69.99 3.3 AmerisBancorp ABCB 47.90 1.7 FT Nasd100xTech QQXT 43.63 0.3 Plexus PLXS 56.96 0.9
WisdTrJapanSC DFJ 66.11 0.6 ZELTIQAesthetics ZLTQ 56.18 13.2
CIBC CM 88.55 0.4 OrionEngCarbons OEC 21.60 -0.5 CnsmrDiscSelSector XLY 86.05 0.1 iShEdgeMSCIUSASize SIZE 74.79 0.5 ProShrsMidCap400 UMDD 88.59 1.1 AmplifyOnlineRet IBUY 29.14 0.2 FT NasdSmartphone FONE 44.18 0.6 Pool POOL 110.59 0.3
WisdTrLC Val EZY 69.84 0.5 ZionsBancorpWt ZIONW 13.22 2.1
CellcomIsrael CEL 10.57 ... OrmatTech ORA 55.69 1.3 CreditSuisseFILCGr FLGE 155.49 1.0 iShEdgeMSCIUSAVal VLUE 73.25 0.7 ProShrsRusl2000 URTY 128.83 0.7 AnalogDevices ADI 78.03 1.8 FT NasdaqBank FTXO 27.11 1.2 Popeyes PLKI 75.74 7.2
WisdTrStrDollar USSD 28.15 0.2 ZionsBancorp ZION 44.60 1.2
CenterPointEner CNP 26.69 0.7 PIMCOIncOpFd PKO 24.93 ... CSXLinksMultiAsst MLTI 28.53 0.6 iShEmgMktDividend DVYE 38.59 0.9 ProShUltPro S&P UPRO 92.18 1.5 AnaptysBio ANAB 23.43 2.9 FT NasdSemicon FTXL 24.59 0.5 PwrShsBybk PKW 52.12 0.5
WisdtrEarn500 EPS 80.47 0.6
DeutscheXNikkei400 JPN 25.39 0.7
Chemed
Chemours
CHE
CC
170.93
32.78
-0.5
14.3
PJT Partners PJT
PNC Fin Wt PNC/WS
36.53
57.85
1.4
2.4 DeutscheXACAPxJ DBAP 24.49 0.6
iShExponentialTech XT
iShMtgRealEstCap REM
28.71
44.18
0.4
0.5
PureFundsISECyber HACK
PureFISEMobilePymt IPAY
29.50
27.37
0.7
0.2
WisdTrLC Div DLN
WisdTrMC Div DON
81.86
97.96
0.5
0.2
ApogeeEnt
Apple
APOG
AAPL
59.69
133.82
1.2
0.9
FT Nasd100 EW QQEW
FT RisingDivAch RDVY
50.14
26.15
0.4
0.5
PSDWAMomentum DWLV 26.58 0.8
PSDWAMomentum PDP 44.60 0.2
Nasdaq lows - 22
ChimeraInvt CIM 18.40 0.4 PNC Fin PNC 125.35 1.1 DeutscheXMSCIAWxUS DBAW 25.02 0.5 iShiBoxx$HYCpBd HYG 87.72 0.1 RealityDIVS DIVY 26.38 0.4 AppliedOptoelec AAOI 35.57 3.9 FTRiverFrontDynAP RFAP 54.45 0.6 PowerShDWANASDAQ DWAQ 84.07 -0.3 AmerOutdoor AOBC 18.81 -4.2
WisdTrMCEarn EZM 35.49 0.3
ChinaLifeIns LFC 15.83 3.3 POSCO PKX 60.76 1.7 DeutscheXMSCIEAFE DBEF 28.94 0.5 iShIntRateHdgEM EMBH 25.85 0.7 RenaissanceIPOETF IPO 22.22 0.7 AquaMetals AQMS 17.99 7.5 FTRiverFrontDynDev RFDI 54.73 0.5 PSDWASCMomentum DWAS 41.74 0.3 Angie'sList ANGI 5.99 -4.0
WisdTrTotDiv DTD 83.34 0.5
Chubb CB 133.96 0.8 ParkElectrochem PKE 19.83 0.3 DeutscheXMSCIEMHdg DBEM 20.50 0.3 iShIntRtHdgHiYdBd HYGH 90.88 0.2 RivFrDynUSDiv RFDA 27.94 0.4 AresCapital ARCC 17.60 0.6 FT SC GrwthAlpha FYC 36.27 0.3 PwrShsDynBscMtrl PYZ 64.23 1.6 Chiasma CHMA 1.70 -8.1
WisdTrTotEarn EXT 82.72 0.5
Ciena CIEN 25.72 2.2 ParkerHannifin PH 153.13 1.5 DeutschexRuss1000 DEUS 28.38 0.5 iShJPX-Nikkei400 JPXN 56.03 0.6 RivFrDynUSFlex RFFC 28.60 0.5 AriadPharm ARIA 23.95 0.4 FT TaiwanAlpha FTW 33.87 1.4 PwrShsDynIndSec PRN 52.35 0.1 DipexiumPharm DPRX 1.05 -11.1
51.03 0.3
ClearBridgeEnMLPFd CEM
CliffsNatRscs CLF
17.81
12.37
0.1
6.9
PennREITPfdC PEIpC
PioneerNatRscs PXD
25.43
197.77
0.1
1.3
DeutscheXUSDHiYd HYLB
DiamondHillVal DHVW 27.07 0.5
iShLatinAmerica40 ILF
iShACWILowCarbon CRBN
31.67
105.98
0.6
0.5
SPDRBloomBarCvSecs CWB
SPDRGlobalDow DGT
47.99
73.23
0.1
0.5
NYSE Arca lows - 53 ArrowInvDWATact DWAT
AscendisPharma ASND
10.82
25.19
0.6
3.0
FT TotalUSMkt TUSA
FirstUS Bcshs FUSB
29.05
13.44
0.7
1.4
PwrShsDynTchSec PTF
PwrShrWtrRes PHO
43.47 0.1
25.88 0.2
Gevo
HainCelestial HAIN
GEVO 2.18 -11.7
32.87 -8.9
ChnStrsGlbInc INB 9.35 1.2 PiperJaffray PJC 80.07 0.5 DirexnCyberBull2X HAKK 47.88 1.5 iShMSCIAllPeruCap EPU 36.58 -0.2 SPDRMFSSysCore SYE 65.67 0.7 PathS&P500VIXMT VXZ 29.71 -1.2 AstecIndustries ASTE 72.83 -0.3 Flex FLEX 16.19 0.8 PowerSharesIntlBuy IPKW 30.65 0.2 LM Funding Wt LMFAW 0.04 30.0
CLSelPrTechGrFd STK 20.86 0.4 PlatformSpecialty PAH 12.94 0.3 DrxDevMktBull 3x DZK 51.57 1.4 iShMSCIAustralia EWA 22.01 0.5 SPDRMFSSysGrowth SYG 67.37 0.4 iPathS&P500VIXST VXX 17.56 -3.1 AudioCodes AUDC 7.23 3.0 GladstoneInvt GAIN 9.36 -0.9 PS KBW Banks KBWB 48.90 1.1 MabVaxTherap MBVX 2.51 -3.9
SABESP SBS 10.88 2.7 Primerica PRI 81.69 -0.4 DrxFinancBull 3x FAS 45.69 2.8 iShMSCIAustriaCap EWO 17.80 0.4 SPDRMSCIAUStrat QAUS 51.18 0.4 DrxDevMktBear 3x DPK 21.15 -1.3 AvistaHealthcare AHPAU 10.45 -0.2 GladstoneLand LAND 12.87 1.0 PowerShsKBWHiDiv KBWD 24.48 0.6 NatlCineMedia NCMI 12.99 -2.3
CiaSiderurgica SID 4.11 3.1 PrincipalFin PFG 62.32 2.0 DirexionJpnBull3x JPNL 50.29 1.0 iShMSCIBRICETF BKF 35.82 0.5 SPDRMSCICAStrat QCAN 56.02 0.4 DrxEmMktBear 3x EDZ 19.03 -0.9 BCB Bancorp BCBP 14.10 1.1 GlbXConsciousCos KRMA 16.64 0.2 PowerShsKBWP&CIns KBWP 57.04 0.5 PAVmedWt PAVMW 2.30 -7.7
Constellium CSTM 8.65 8.6 PrudentialFin PRU 110.58 1.0 DrxMidCapBull 3x MIDU 36.71 0.8 iShMSCIBrazilCap EWZ 38.69 0.6 SPDRMSCIUSAStrat QUS 67.22 0.5 DirexionChBear3X YANG 12.35 -2.0 B/EAerospace BEAV 62.08 0.3 GlbXFinTechThem FINX 15.93 1.0 PwrShsNdqInt PNQI 91.95 0.1 ProShUltraProShQQQ SQQQ 41.06 -1.7
Copa CPA 103.92 5.5 PutnmHiInco PCF 8.79 -0.6 DirexionS&P500Bull SPXL 121.36 1.6 iShMSCICanadaETF EWC 27.72 0.3 SPDRMSTech MTK 66.67 0.7 DrxFinancBear 3x FAZ 19.14 -2.6 BGC Partners BGCP 11.59 2.3 GlbXInternetofThng SNSR 17.20 0.9 PwrShrs QQQ QQQ 128.26 0.6 Qumu QUMU 2.05 -4.5
CorpOfficeProp OFC 33.24 0.6 RAIT Financial RAS 3.84 3.8 DirexionS&P500Bull LLSP 30.18 1.0 iShMSCIChileCapped ECH 41.21 0.4 SPDRRussell1000ETF ONEK 109.60 0.4 DirexionHiYdBear2X HYDD 20.30 -0.4 BankofCommerce BOCH 10.81 0.9 GlbXMillThematic MILN 16.50 0.1 PSRuss1000LowBeta USLB 28.05 0.2 RealGoodsSolar RGSE 1.96 1.9
Credicorp BAP 173.80 -1.5 RAIT Fin PfdB RASpB 23.35 2.1 DirexionSCBull2X SMLL 41.80 1.6 iSharesMSCIEAFEETF EFA 60.47 0.4 SPDRRussell3000ETF THRK 174.81 0.7 DrxMidCapBear 3x MIDZ 19.16 -0.9 BeasleyBroadcast BBGI 11.50 7.6 GlbXS&P500Catholic CATH 28.32 0.5 PwrShSP InfTech PSCT 74.00 0.4 RealIndustry RELY 5.00 -1.0
Cummins CMI 153.62 1.5 RAIT Fin PfdA RASpA 22.10 1.9 DrxSmlCapBull 3x TNA 109.98 0.8 iShMSCIEmgMarkets EEM 38.38 0.3 SPDRMomentumTilt MMTM 98.33 1.9 DirexRgBanksBear3X WDRW 8.48 -5.0 BldrsEmg50 ADRE 36.32 0.7 GolarLNG GLNG 28.64 -2.0 Priceline PCLN 1652.00 ... SportsmansWrhs SPWH 5.55 -8.8
Deere DE 112.18 0.5 RAIT Fin PfdC RASpC 24.55 1.2 DrxTechMktBull 3x TECL 60.46 1.4 iShMSCIGlbMet&MnPr PICK 30.75 2.6 SPDR S&P500MidGr MDYG 139.49 0.3 DirexionSP500Bear SPXS 9.52 -1.6 BluStrTABIGIIsrael ITEQ 26.89 1.4 Goodyear GT 35.74 5.9 PrincplMillennials GENY 26.05 0.4 Staffing360 STAF 0.56 -4.8
Deluxe DLX 75.58 0.3 REV REVG 29.29 3.1 DirexniBillionaire IBLN 27.44 0.3 iShMSCIJapanETF EWJ 51.70 0.4 SPDR S&P400MidVl MDYV 97.83 0.3 DirexionS&PBiotech LABD 12.01 -0.9 BostonPrvtFnl Wt BPFHW 10.99 6.4 GpoFinGalicia GGAL 35.80 -3.3 PrivateBancorp PVTB 57.24 1.1 VS2xVIXMedTerm TVIZ 5.44 -1.8
DeutscheHiIncmOpps DHG 14.79 0.5 RadianGroup RDN 19.85 0.5 DirexionNASD100EW QQQE 74.73 0.5 iShMSCIKLD400Soc DSI 85.86 0.6 SPDRS&P500Growth SPYG 111.19 0.5 DirexionS&P500Br1X SPDN 17.80 -0.6 BroadwindEnergy BWEN 5.57 -0.8 HDSupply HDS 44.73 -1.7 PrShrUltPrQQQ TQQQ 80.23 1.8 VS2xVIXShortTerm TVIX 4.42 -6.5
Dividend&IncomeFd DNI 12.47 0.8 RaymondJames RJF 78.08 0.9 ETRACSAlerianMLP AMUB 21.38 3.4 iShMSCIKokusaiETF TOK 56.97 0.6 SPDRS&P500Value SPYV 112.86 0.5 DrxSmlCapBear 3x TZA 17.80 -0.7 Brooks Auto BRKS 21.77 1.7 Hasbro HAS 98.76 0.5 ProspectCapital PSEC 9.24 1.0 VSVIXMedTerm VIIZ 10.33 -0.7
DowChemical DOW 61.85 0.6 RedwoodTrust RWT 16.62 -0.8 S&P2xDivAristoETN SDYL 70.64 1.3 iShMSCIPacificxJp EPP 43.30 0.3 SPDR S&P600SCpGr SLYG 214.19 0.4 DrxTechMktBear 3x TECS 14.38 -1.4 CDK Global CDK 65.62 0.6 HennessyCapWt HCACW 0.99 3.3 PulseBiosciences PLSE 11.85 26.6 VSVIXShortTerm VIIX 5.94 -3.1
DupontFabros DFT 50.01 0.3 RegionsFin RF 15.34 1.1 ETRACS2xLevxEn LMLP 14.01 -0.4 iShMSCIPolandCap EPOL 21.11 ... SPDR Aero & Dfns XAR 67.76 0.6 iPathBloomCocoaTR NIB 23.64 -1.6 CDW CDW 59.54 0.9 Heska HSKA 87.33 -0.5 Qorvo QRVO 67.20 0.4 VeraBradley VRA 9.99 -3.7
Eaton ETN 72.26 1.7 RenaissanceRe RNR 144.26 0.4 ETRACSMnthly2xLev SPLX 40.48 4.5 iShMSCITaiwanCap EWT 32.50 0.7 SPDRS&PBank KBE 44.91 1.1 iPathPBCocoa CHOC 29.06 -1.4 CSW Industrials CSWI 41.85 1.2 ILG ILG 19.46 1.1 QualitySystems QSII 15.72 -0.3 VisionChina VISN 3.55 -6.9
EatonVanceSrInc EVF 6.85 0.4 RepublicServices RSG 58.64 0.9 FidelityLowVol FDLO 26.64 0.3 iShMSCIUSAESGSelct KLD 96.25 0.6 SPDRS&PCapitalMkts KCE 47.60 0.8
EatVnceTxEqty ETY 11.03 0.8 ResMed RMD 71.01 0.9 FidelityMSCICnDisc FDIS 33.96 0.1 iShMSCIUSAEqWeight EUSA 49.64 0.4 SPDRS&PEmgLatAmer GML 50.58 1.2
EmersonElectric EMR 64.27 1.4 ResourceCapPfdC RSOpC 24.04 0.4 FidelityMSCIFinls FNCL 35.85 1.0 iShMSCIWorldETF URTH 76.52 0.5 SPDRS&P500Buyback SPYB 54.51 0.3
EnableMidstream ENBL 17.20 3.0 RestaurantBrands QSR 54.30 4.6 FidelityMSCIIndls FIDU 33.73 0.8 iShMorningstarLC JKD 138.62 0.7 SPDRS&P500Fossil SPYX 56.31 0.6
EnelAmericas ENIA
Energizer ENR
9.86
53.93
1.3
...
RioTinto
Rollins
RIO
ROL
47.11
37.29
2.7
0.2
FidelityMSCIIT FTEC
FidelityMomFactor FDMO
39.89
26.93
0.5
0.3
iShMornLCGrowth JKE
iShMornLCValue JKF
128.64
96.26
0.4
0.6
SPDRS&PHlthCareEqp XHE
SPDRS&PInsurance KIE
53.50
86.37
0.3
0.7
Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
EverestRe RE 233.46 1.0 RoperTech ROP 207.38 0.6 FidelityQualFactor FQAL 27.55 0.4 iShMorningstarMC JKG 165.92 0.5 SPDRS&P1000ETF SMD 92.38 0.7
Exar EXAR 11.14 1.6 RoyalBkCanada RY 74.65 0.4 FidelityValFactor FVAL 28.49 0.5 iShMornMCGrowth JKH 172.24 ... SPDRS&PRegionalBkg KRE 57.14 0.9 Dividend announcements from February 13. Cornerstone Strategic CLM 18.2 .2326 M Jun30 /Jun15
ExtendedStayAmer STAY 17.50 1.0 RoyalCaribbean RCL 97.03 0.7 FinSelSectorSPDR XLF 24.16 1.1 iShMorningstarSC JKJ 161.39 0.5 SPDRS&PSft&Svs XSW 58.27 0.2 Cornerstone TR Fd CRF 18.0 .2289 M Apr28 /Apr13
FB Financial FBK 31.98 2.3 RoyceGlbValueTr RGT 8.73 1.1 FstTrFnlAlpDx FXO 28.14 0.5 iShMornSCGrowth JKK 152.57 ... SPDRS&PTechHardwr XTH 68.30 0.5 Cornerstone TR Fd CRF 18.0 .2289 M May31 /May15
Fabrinet FN 47.50 4.4 RoyceMicroCap RMT 8.55 0.5 FirstTrGlbEngg FLM 51.92 1.6
Amount Payable /
iShMornSCValue JKL 148.45 0.5 SchwEmrgMktEq SCHE 23.60 0.5
Ferrari RACE 66.38 1.5 RoyceValue RVT 14.40 0.5 FstTrInPrAlpDx FXR 34.75 0.6 iShRussell1000Gwth IWF 111.24 0.4 SchwabFundEmgLrg FNDE 26.39 0.6 Company Symbol Yld % New/Old Frq Record Cornerstone TR Fd CRF 18.0 .2289 M Jun30 /Jun15
FirstData FDC 16.63 2.0 SAP SAP 92.93 0.9 FstTrMngstrDiv FDL 28.44 0.2 iShRussell1000ETF IWB 129.98 0.5 SchwabFundIntlSmCo FNDC 30.10 0.4 Tortoise Energy TYG 7.4 .655 Q Feb28 /Feb21
FirstRepBank FRC 97.29 1.6 SaratogaInvt SAR 23.40 1.3 FT TechAlphaDEX FXL 40.61 0.5 iShRussell1000Val IWD 115.23 0.6 SchwabFundUSBrd FNDB 33.56 0.4 Increased Tortoise Engy Ind Fd NDP 10.4 .4375 Q Feb28 /Feb21
FT SpecFin FGB 8.05 1.8 ScrippsEW SSP 20.86 0.8 FirstTrUSEquityOpp FPX 56.72 0.5 iShRussell2000Gwth IWO 161.37 0.1 SchwabFundUSLrgCo FNDX 33.59 0.4 Allstate ALL 1.9 .37 /.33 Q Apr03 /Feb28
FBC 29.36 13.1 FT ValDivFd FVD 28.69 0.4
Tortoise MLP Fund NTG 7.9 .4225 Q Feb28 /Feb21
Flagstar ServiceCorp SCI 29.72 0.3 iShRussell2000ETF IWM 139.21 0.3 SchwabFundUSSmCo FNDA 35.22 0.2
FlowersFoods FLO 21.00 0.6 Shopify SHOP 57.16 1.5 FT ValueLine100 FVL 22.45 0.4 iShRussell3000ETF IWV 138.71 0.5 SchwUS BrdMkt SCHB 56.56 0.5
Ames National ATLO 2.7 .22 /.21 Q May15 /May01 Tortoise P&Engy Infrstr TPZ 6.6 .125 M Mar31 /Mar24
ForestCity B FCE/B 29.87 -0.9 SouthwestAirlines LUV 56.31 1.9 FirstTrustWaterETF FIW 41.72 0.5 iShRussellMid-Cap IWR 187.45 0.3 SchwUS LrgCap SCHX 55.65 0.5 Baldwin & Lyons Cl A BWINA 4.6 .27 /.26 Q Mar10 /Feb24 Tortoise P&Engy Infrstr TPZ 6.6 .125 M Apr28 /Apr21
Fortive FTV 58.04 0.7 SouthwestGas SWX 82.94 0.6 FlexSharesIntl IQDY 25.20 0.7 iShRussellMCValue IWS 83.67 0.5 SchwUSLrgCpGrwth SCHG 59.46 0.5 Baldwin & Lyons Cl B BWINB 4.5 .27 /.26 Q Mar10 /Feb24 Tortoise P&Engy Infrstr TPZ 6.6 .125 M May31 /May24
FdnBuilding FBM 16.14 3.2 Stantec STN 28.05 -1.4 FlexSharesIntlQual IQDF 23.59 0.5 iShRussellTop200Gr IWY 59.79 0.5 SchwabUSLgCpValue SCHV 49.42 0.6
GEO Group GEO 44.85 2.3 SteelPartners SPLP 18.00 0.6 FlexMDevexUSFac TLTD 59.72 0.5 iShRussellTop200 IWL 53.12 0.7 SchwabUSMidCap SCHM 47.29 0.3
Buckeye Partners BPL 6.9 1.2375 /1.225 Q Feb21 /Feb21 Tortoise Pipeline & Engy TTP 7.5 .4075 Q Feb28 /Feb21
GabelliDividend GDV 20.71 0.4 SunTrustBanksWtB STI/WS/B 15.49 2.9 FlexSharesEmMktsFa TLTE 50.20 0.6 iShRussellTop200Vl IWX 48.23 0.5 SchwabUS SC SCHA 63.78 0.2 Evolution Petroleum EPM 3.5 .07 /.065 Q Mar31 /Mar15 VanEck Vctr Hi Incm Infra YMLI 7.4 .30 Q Feb17 /Feb15
GabelliEquity GAB 5.95 0.8 SunTrustBanksWtA STI/WS/A 25.11 4.0 FlexMrnUSMktFtrTlt TILT 100.06 0.4 iShS&P100 OEF 103.16 0.6 SPDR DJIA Tr DIA 204.47 0.7 Interpublic Grp IPG 2.9 .18 /.15 Q Mar15 /Mar01 VanEck Vectors Hi Inc MLP YMLP 7.9 .54 Q Feb17 /Feb15
GabelliGlbSmall&MC GGZ 11.20 0.2 SunTrustBanks STI 58.73 0.7 FlexQltyDivDynamic QDYN 39.60 0.5 iShS&PMC400Growth IJK 191.12 0.3 SPDR MSCI exUS CWI 33.28 0.3
FranklinUSLowVol FLLV 26.40 1.2
Reynolds American RAI 3.4 .51 /.46 Q Apr03 /Mar10
Gallagher AJG 55.74 0.7 TC PipeLines TCP 62.33 3.2 iShS&P500Growth IVW 128.54 0.5 SPDREmMktSmlCp EWX 44.16 0.3 Foreign
GasLogPartners GLOP 23.50 1.5 TIM Part TSU 15.67 -0.8 GaveKalLdrDevWorld KLDW 27.98 0.4 iShGlobalTechETF IXN 118.86 0.6 SPDR S&P IntInd IPN 31.40 0.7
GeneralDynamics GD 187.50 1.2 TRC Cos TRR 11.83 3.5 GlblXChnConsmr CHIQ 12.76 0.8 iShGloblFinancials IXG 60.58 0.9 SPDR S&P IntMtrls IRV 22.39 1.2
Funds and investment companies Manchester United Cl A MANU 2.3 .09 Q Jun08 /Apr28
GettyRealty GTY 26.50 0.2 TaiwanSemi TSM 31.80 3.2 GlblXChnaIndust CHII 13.85 2.1 iShS&P500ValueETF IVE 104.31 0.6 SPDR S&PMdCpTr MDY 314.90 0.3 CBREClarionGlblRlEstIncm IGR 7.9 .05 M Feb28 /Feb21 Willis Towers Watson WLTW 1.7 .53 Q Apr17 /Mar31
GSMLPEnergyRen GER 8.87 0.2 TallgrassEnPtrs TEP 52.54 -0.8 GlblX ChnMtrs CHIM 17.73 2.9 iSharesGlobal100 IOO 79.50 0.5 SPDR S&P 500 SPY 233.07 0.5 CLSeligmn Prem Tech Gr Fd STK 9.0 .4625 Q Feb28 /Feb21
GoldmanSachsMLPInc GMZ 11.58 -0.6 TeledyneTech TDY 132.35 0.3 GlbXCopperMiners COPX 26.47 1.9 iShGlobalConsDiscr RXI 94.17 0.4 SPDR SP EmMkt GMM 62.99 0.6
Graco GGG 91.95 0.7 TemplMktFd EMF 13.38 1.4 GlblXFTSEAndean40 AND 8.63 1.1 iShGlobalMaterials MXI 60.33 1.2 SPDR S&P MtlMng XME 35.21 1.5 Cornerstone Strategic CLM 18.2 .2326 M Apr28 /Apr13
Cornerstone Strategic CLM 18.2 .2326 M May31 /May15 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
HCI Group HCI 44.98 1.6 TemplIncoFd TEI 11.58 0.4 GlblXGuruIndexETF GURU 25.54 0.3 iShGloblIndustrial EXI 79.44 0.7 SPDR S&P exUS GWL 27.01 0.3
HSBCHoldings HSBC 43.34 0.7 TesoroLogistics TLLP 59.09 1.1 GlbXGuruIntlIndex GURI 14.81 3.6 iShS&PMC400Value IJJ 150.67 0.3 TechSelectSector XLK 51.61 0.4 S2:1: stock split and ratio; SO: spin-off.
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THE WALL STREET JOURNAL. Tuesday, February 14, 2017 | B9

MARKETS
STREETWISE | James Mackintosh

What VIX Is Really Telling Markets

The last realized volatility—how
time U.S. Vanishing Volatility much the market moved in
stock-market the past—and the volatility
volatility The VIX is much lower than usual, but its spread above realized priced in to the VIX. In ef-
started the S&P 500 volatility is normal... fect, this quantifies how
year this low much of a rise in volatility
was in 2007, shortly before 80 investors are allowing for. If
CBOE Volatility Index (VIX)
the subprime crisis hit. Be- 60 One-month realized volatility they’re prepared for only a
fore that, it was 1994, a year slim rise, they are more
when the Federal Reserve 40 likely to get a nasty surprise.
shocked markets and hedge At the moment, the gap
funds blew up. 20 between realized and implied
The historical parallels are volatility is normal. Investors
0
scary because when inves- are prepared for some rise in
tors anticipate that volatility 2006 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 volatility, but from an abnor-
will be low, it can be a sign mally low level.
of excessive complacency. ...and realized index volatility is suppressed by stock moves The puzzle then isn’t why
But there are good reasons partially offsetting each other. the VIX is so low, but why
not to worry too much about the market has been so calm
the low level of the VIX—the 100% for the past couple of
Chicago Board Options Ex- months. Why hasn’t there
80
change’s Volatility Index— Individual stocks been a 1% move up or down
and one good reason to keep 60 S&P 500 Index in the S&P 500 since Dec. 7?
a close eye on it nonetheless. Bears might go back to cen-
Here’s why the VIX scares 40 tral banks: When money is

HAMIT HUSEYIN/GETTY IMAGES

people: complacency. One of easy, people buy the dips.
20
the things measured by the Bulls can look to President
VIX is the balance between 0 Donald Trump, as bets on his
supply and demand for op- policies have been good for
2006 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17
tions. It’s a proxy (though not many stocks, but bad for
a perfect one) for the cost of others. The gains and losses
protecting an S&P 500 port- Market value of inverse $2.5 billion aren’t especially low at the
folio against loss over the volatility ETFs*, which stock level, but often can-
next 30 days. When it is very 2.0 celed out when combined An oil refinery in Iraq, where significant output cuts were made.
profit from lower
low, it suggests there are lots implied volatility into the index.
1.5
of people willing to sell insur-
ance policies against a mar-
ket fall and few people want-
ing to buy protection. *Market value of ETFs with tickers
1.0

0.5
“Single stock risk is at
moderate levels, but index
[volatility] has collapsed,” said
Tim Edwards, senior director
OPEC Data Show
“When it goes wrong it’s
going to go spectacularly
wrong because everyone’s on
SVXY, XIV, ZIV, XXV
Sources: Thomson Reuters (VIX,ETF);
S&P Dow Jones Indices (stocks)
THE WALL STREET JOURNAL.
0.0
2011 ’12 ’13 ’14 ’15 ’16 ’17
of index investment strategy
at S&P Dow Jones Indices.
“Correlations are lower.”
Compliance With
the same side of the trade,”
says Jonathan Tepper,
founder of macro researcher
Variant Perception. He sug-
trade in stocks.
Investors looking for reas-
surance should look below
When stuff is scheduled to
happen, such as elections or
important central-bank deci-
There’s a further technical
support for the bulls, from
the high skew in the options
market.
Production Cuts
gests volatility is being sup- the headline level of the VIX. sions, the premium is higher. The price of put options BY KEVIN BAXTER global oil-demand growth fig-
pressed because the stimulus The VIX doesn’t only gauge But the real complacency used to protect a portfolio is ure in its February report to
measures of major central supply and demand for op- measure is the size of the higher than of calls used to LONDON—OPEC’s January 1.6 million barrels a day. This
banks are flooding the mar- tions. It is a measure of im- premium for what Donald bet on rising prices, so oil production fell by 890,000 is about 280,000 barrels a day
ket with cash. Easy money plied volatility over the next Rumsfeld, former U.S. de- there’s less complacency barrels a day compared with higher than OPEC’s own re-
encourages investors to pick 30 days, so it can be thought fense secretary, called “un- than the VIX taken alone December, the cartel said, vised number of 1.32 million.
up pennies of insurance pre- of as the current volatility known unknowns.” suggests. None of this will be confirming that its members For 2017, OPEC forecast that
mium in the options market plus a premium to cover any It’s hard to strip this out any help if one of the un- have so far largely complied oil demand would increase by
and to buy the dips in the further rise in volatility from, perfectly, but one close mea- known unknowns material- with an agreement to cut out- 1.19 million barrels a day,
S&P 500, the equivalent well, stuff that happens. sure is the gap between the izes, of course. put. while the IEA upgraded its
Data from secondary forecast to 1.4 million.
sources showed that the cuts The OPEC data corresponds
agreed to on Nov. 30 by the closely with Friday’s monthly
Good Timing Organization of the Petro- report from the IEA, demon-
Fossil's short interest as a leum Exporting Countries strating that the compliance
percentage of shares outstanding have been implemented. Pro- rate of the participating mem-
duction from OPEC members bers is around 90%. The dif-
25%
in January was 32.139 million ference in production levels
20 barrels a day compared with from OPEC members partici-
33.029 million barrels a day in pating in the cuts was only
December. 17,000 barrels a day in the two
JASON ALDEN/BLOOMBERG NEWS

15
Brent crude, the global reports, with the IEA report-
10 benchmark, fell 2%, to settle ing 29.93 million barrels a day
at $55.59 a barrel on Monday. on Friday.
5 Analysts said investors remain The average price paid for
concerned about individual OPEC’s crude, known as the
0
nations that could threaten OPEC Reference Basket, was
2007 ’10 the attempt to limit supply. $52.40 a barrel in January,
Source: FactSet Libya and Nigeria, which representing a month-over-
Fossil Group is facing a softening market for wristwatches as wearables grow in popularity. THE WALL STREET JOURNAL. are exempt from the cuts, in-
creased production last month

2%
AHEAD OF THE TAPE | Steven Russolillo so output from participating
members actually fell by 1.032

Time Rapidly Running Out for Fossil

million barrels a day in Janu-
ary, from 30.945 million bar-
rels a day to 29.913 million Drop in Brent crude on Monday,
barrels a day. despite OPEC’s oil-output report
The clock quarter earnings of $1.12 a stores sell Fossil products. says smartwatches account The largest contributor to
is ticking for share, down 23% from a year In the longer term, Fossil for as much as 20% of Fos- the output reduction was
Fossil ago. Revenue is expected at faces a structural shift. Con- sil’s overall watch sales. As Saudi Arabia with data show-
Group Inc. $977 million, essentially un- sumers are gravitating to Fossil increases smartwatch ing that it trimmed 496,200 month rise of 1.4%. However,
A turbu- changed from the prior year. wearable devices such as sales, she warns the com- barrels a day of production in the real difference is in the
lent retail Same-store sales are esti- smartwatches and fitness pany’s gross margin, which January. Iraq, the United Arab year-over-year figure, with
environment mated to have dropped 1.2%, trackers, including Apple has fallen for the past three Emirates and Kuwait all made January’s reference price
and the burgeoning wear- which would be a fourth con- Inc.’s Apple Watch. Some years, could drop further. significant cuts. Data showed more than twice as high as
ables market have been a secutive quarterly decline. 97.4 million wearables Even if Fossil exceeds output from the three Gulf the $25 a barrel paid for
double whammy for the Hitting those targets shipped in 2016, up 20% beaten-down estimates and states fell by 165,700 barrels a OPEC’s crude in January
watch and accessories won’t be a given. Michael from a year ago, according the stock surges, don’t be day, 159,300 and 141,200, re- 2016.
maker. More than three- Kors cited weak fashion to research firm Interna- fooled: The same thing hap- spectively. “For most of January,
quarters of its market value watch sales at the end of the tional Data Corp. That figure pened a year ago when Out of the remaining par- global oil prices were range-
has evaporated over the past year, which weighed on over- is expected to increase to shares jumped 30% on bet- ticipating members, only Iran bound, buoyed by expected
few years, wiping out a de- all results. Fossil has licenses 124.4 million units this year. ter-than-expected results. failed to cut output. Produc- OPEC production adjustments,
cade’s worth of gains. to sell watches under a num- Fossil, for its part, said a Those gains vanished within tion in the Islamic Republic while pressured by U.S. output
And if recent warnings ber of labels, including Mi- year ago that it would fast- three months and the stock showed an uptick of 50,200 growth and crude oil stock
from fellow retailers Macy’s chael Kors, which accounts track more than 100 new has fallen further ever since. barrels a day for January. builds,” the report stated.
Inc., Kohl’s Corp. and Mi- for 25% of Fossil’s sales, ac- products across several Fetching 13 times pro- Russia, the largest participat- OPEC and the IEA corre-
chael Kors Holdings Ltd. are cording to Mizuho Securities brands to try to capture this jected earnings over the next ing producer outside OPEC, sponded closely in terms of
any indication, Fossil’s chal- analyst Betty Chen. Addition- market. It also acquired a 12 months, the stock has cut production by 60,000 bar- OPEC’s January production,
lenges will only be further ally, both Macy’s and Kohl’s wearables maker, Misfit, in been far cheaper. Its multiple rels a day, to 11.03 million bar- but there was an increasing
magnified in Tuesday’s earn- said watches and accessories late 2015. But wearables was single digits as recently rels a day, the report said. The disparity between the two
ings report. Analysts polled were a weakness in the holi- have lower margins than tra- as a year ago. This Fossil is Paris-based International En- agencies in terms of global
by FactSet estimate fourth- day season. Both department ditional watches. Ms. Chen still dead and buried. ergy Agency revised its 2016 oil-demand growth.

Mutual Funds | WSJ.com/fundresearch Fund

Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Intl Stk 40.52 +0.16 6.4 GrowCoK 146.73 +0.04 7.4 John Hancock Class 1 LrgCpStr 13.36 +0.06 4.1 R2030 23.49 +0.09 4.3 PrmcpAdml r 115.19 +0.65 5.8 TgtRe2045 19.72 +0.09 4.4
Explanatory Notes Data provided by
Stock 191.88 +0.94 4.1 InvGB 7.82 -0.01 0.7 LSBalncd 14.72 +0.04 3.4 Oppenheimer Y R2035 17.04 +0.07 4.6 REITAdml r 118.90 +0.12 1.7 TgtRe2050 31.72 +0.14 4.4
DoubleLine Funds InvGrBd 11.14 -0.01 0.8 LSGwth 15.33 +0.06 4.3 DevMktY 34.44 +0.22 7.7 R2040 24.34 +0.11 4.9 SmCapAdml 64.14 +0.15 3.8 TgtRetInc 13.01 +0.02 1.6
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of TotRetBdI NA ... NA LowP r 51.00 +0.12 3.1 John Hancock Instl IntGrowY 35.80 +0.09 3.2 SmCapStk 46.60 +0.07 3.7 STBondAdml 10.44 -0.01 0.3 TotIntBdIxInv 10.75 -0.01 -0.7
at least $500 million each. NAV is net asset value. Percentage performance figures TotRetBdN NA ... NA LowPriStkK r 50.96 +0.12 3.1 DispValMCI 22.44 +0.06 4.5 Parnassus Fds SmCapVal 45.83 +0.14 1.6 STIGradeAdml 10.66 ... 0.5 WellsI 25.74 +0.05 1.1
are total returns, assuming reinvestment of all distributions and after subtracting Federated Instl MagIn 96.41 +0.58 5.5 JPMorgan Funds ParnEqFd 40.43 +0.25 2.9 Value 34.88 +0.24 3.7 TotBdAdml 10.67 -0.01 0.5 Welltn 39.97 +0.18 2.3
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. StraValDivIS 5.99 ... 1.5 OTC 91.85 +0.4210.2 MdCpVal L NA ... NA PIMCO Fds Instl Prudential Cl Z & I TotIntBdIdxAdm 21.50 -0.01 -0.7 WndsrII 36.20 +0.21 3.0
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date VANGUARD INDEX FDS
return. 3-YR%RET is trailing three-year return annualized.
Fidelity Puritn 21.49 +0.08 4.4 JPMorgan R Class AllAsset NA ... NA TRBdZ 14.16 -0.01 0.9 TotIntlAdmIdx r 26.06 +0.13 5.8
500IdxInst 81.66 +0.45 4.2 SrsEmrgMktF 17.27 +0.07 9.7 CoreBond NA ... NA HiYld 8.91 +0.01 1.8 Schwab Funds TotStAdml 58.47 +0.29 4.3 500 215.28 +1.17 4.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e 500IdxInstPrem 81.66 +0.45 4.2 SrsInvGrdF 11.14 -0.01 0.7 JPMorgan Select Cls TotRt 10.11 -0.01 1.1 S&P Sel NA ... NA TxMIn r 12.33 +0.06 5.0 ExtndIstPl 187.48 +0.56 4.5
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 500IdxPrem 81.66 +0.45 4.2 TotalBond 10.57 -0.01 0.8 CoreBond NA ... NA PIMCO Funds A TIAA/CREF Funds ValAdml 37.17 +0.25 2.6 SmValAdml 53.46 +0.22 2.9
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ExtMktIdxPrem r 58.02 +0.18 4.5 Fidelity Selects USLgCpCorPls NA ... NA IncomeFd NA ... NA EqIdxInst 17.29 +0.09 4.2 WdsrllAdml 64.24 +0.38 3.0 TotBd2 10.63 -0.01 0.5
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not IntlIdxPrem r 36.90 +0.18 4.5 Biotech r 193.81+0.9511.4 Lazard Instl Tweedy Browne Fds WellsIAdml 62.36 +0.11 1.1 TotIntl 15.58 +0.08 5.8
PIMCO Funds D WelltnAdml 69.03
available due to incomplete price, performance or cost data. NE-Not released by Lipper; TMktIdxF r 67.29 +0.34 4.3 First Eagle Funds +0.31 2.3 TotSt 58.45 +0.30 4.3
EmgMktEq 17.23 +0.13 8.0 IncomeFd NA ... NA GblValue 25.76 +0.06 2.9
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. TMktIdxPrem 67.29 +0.34 4.3 GlbA 56.57+0.12 4.3 Loomis Sayles Fds VANGUARD ADMIRAL WndsrAdml 72.30 +0.50 4.4 VANGUARD INSTL FDS
USBdIdxPrem 11.51 -0.01 0.5 FPA Funds
PIMCO Funds Instl VANGUARD FDS BalInst 31.97 +0.09 2.7
LSBondI 13.89 +0.02 2.7 IncomeFd 500Adml 215.30 +1.18 4.2
USBdIdxInstPrem 11.51 -0.01 0.5 FPACres NA ... NA DivdGro 24.24 +0.13 3.5 DevMktsIndInst 12.35 +0.06 5.1
Monday, February 13, 2017 33.83+0.16 3.7 Lord Abbett A BalAdml 31.96 +0.08 2.7
Fidelity Advisor I PIMCO Funds P GNMA 10.53 -0.01 0.2 ExtndInst 75.97 +0.23 4.5
Net YTD Net YTD Net YTD NwInsghtI FrankTemp/Frank Adv ShtDurIncmA p 4.31 ... 0.5 IncomeP NA ... NA
CAITAdml 11.59 -0.01 0.8
28.45 +0.12 6.5 IncomeAdv 2.32 ... 2.2 Lord Abbett F CapOpAdml r 132.32 +0.72 6.5 HlthCare r 197.49 +1.39 6.9 GrwthInst 61.04 +0.25 6.5
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Price Funds
Fidelity Freedom FrankTemp/Franklin A ShtDurIncm 4.31 ... 0.7 BlChip
EMAdmr 32.40 +0.23 8.8 INSTTRF2020 20.70 +0.05 2.8 InPrSeIn 10.48 -0.01 1.0
American Funds Cl A TxExA p 12.77 -0.01 0.6 Value 20.03 +0.09 1.8 FF2020 15.51 +0.04 3.5 78.15 +0.51 7.6 EqIncAdml 70.07 +0.41 2.5 INSTTRF2025 20.75 +0.07 3.2 InstIdx 212.45 +1.16 4.2
CA TF A p 7.32 -0.01 0.6 Metropolitan West
AmcpA p 28.67 +0.10 5.3 WshA p 42.21 +0.26 3.1 Dimensional Fds FF2025 13.32 +0.04 3.7 CapApp 27.06 +0.08 3.3 ExtndAdml 75.97 +0.23 4.5 INSTTRF2030 20.76 +0.07 3.5 InstPlus 212.47 +1.17 4.2
Fed TF A p 12.02 ... 0.7 TotRetBd 10.56 -0.01 0.4 EqInc
AMutlA p 38.00 +0.19 3.2 AMG Managers Funds 5GlbFxdInc 10.91 -0.01 0.4 FF2030 16.47 +0.06 4.3 32.16 +0.22 2.2 GNMAAdml 10.53 -0.01 0.2 INSTTRF2035 20.78 +0.08 3.9 InstTStPlus 52.48 +0.26 4.2
IncomeA p 2.34 +0.01 2.2 TotRetBdI 10.55 -0.01 0.4 EqIndex
BalA p 25.55 +0.09 3.0 YacktmanFd I 22.17 +0.06 3.6 EmgMktVa 26.50 +0.1810.6 FreedomK2020 14.43 +0.03 3.4 62.62 +0.34 4.2 GrwthAdml 61.04 +0.25 6.5 INSTTRF2040 20.79 +0.09 4.3 MidCpInst 37.94 +0.13 5.4
RisDv A p 53.92 +0.27 2.5 TRBdPlan 9.93 -0.01 0.4 Growth
BondA p 12.77 -0.01 0.6 Baird Funds EmMktCorEq 19.09 +0.1010.0 FreedomK2025 15.13 +0.04 3.7 FrankTemp/Franklin C 57.52 +0.36 8.0 HlthCareAdml r 83.30 +0.59 6.9 LifeCon 18.81 +0.03 2.0 MidCpIstPl 187.11 +0.63 5.4
CapIBA p 59.02 +0.15 2.4 AggBdInst 10.74 -0.01 0.5 IntlCoreEq 12.31 +0.07 5.6 FreedomK2030 15.52 +0.05 4.3
MFS Funds Class A HelSci 64.01 +0.33 8.3 HYCorAdml r 5.89 +0.01 1.7 LifeGro 30.00 +0.12 3.9 SmCapInst 64.14 +0.15 3.8
CorBdInst 11.08 ... 0.6 IntSmCo Income C t 2.37 +0.01 2.5 ValueA p 37.28 +0.25 3.4 InstlCapG 31.66 +0.20 8.3
CapWGrA 45.88 +0.24 4.7 18.35 +0.09 6.3 FreedomK2035 16.15 +0.06 4.7 InfProAd 25.71 -0.05 0.9 LifeMod 24.87 +0.07 3.0 STIGradeInst 10.66 ... 0.5
EupacA p 47.66 +0.27 5.7 BlackRock Funds A IntSmVa 20.29 +0.14 6.7 FreedomK2040 16.17 +0.06 4.7
FrankTemp/Temp A MFS Funds Class I IntlValEq 13.34 +0.06 4.1 IntlGrAdml PrmcpCor 23.46 +0.13 5.8 TotBdInst 10.67 -0.01 0.5
73.50 +0.41 9.2
FdInvA p 57.06 +0.33 4.8 GlblAlloc p 18.73 +0.04 3.0 US CoreEq1 20.05 +0.09 4.0 Fidelity Invest GlBond A p 12.25 +0.06 2.3 ValueI 37.49 +0.25 3.4 IntlStk 16.17 +0.07 5.8 TotBdInst2 10.63 -0.01 0.5
ITBondAdml 11.28 -0.01 0.7 SelValu r 30.22 +0.13 5.0
GwthA p 44.83 +0.23 6.6 BlackRock Funds C US CoreEq2 19.30 +0.09 3.7 Balanc Growth A p 24.48 +0.13 3.9 Mutual Series MCapGro 79.87 +0.18 6.0 ITIGradeAdml 9.68 STAR TotBdInstPl 10.67 -0.01 0.5
22.90 +0.07 4.0 -0.01 0.7 24.54 +0.07 3.6
HI TrA p 10.40 +0.01 2.0 GlblAlloc t 17.04 +0.04 3.0 US Small 34.49 +0.09 1.9 BluCh 73.02 +0.31 8.4
FrankTemp/Temp Adv GlbDiscA 31.48 +0.16 3.0 MCapVal 29.78 +0.08 2.5 LTGradeAdml 10.09 -0.02 0.8 STIGrade 10.66 ... 0.5 TotIntBdIdxInst 32.26 -0.01 -0.7
ICAA p 37.79 +0.17 4.3 BlackRock Funds Inst US SmCpVal 37.90 +0.13 1.4 Contra 105.08 +0.48 7.4 GlBondAdv p 12.20 +0.05 2.3 GlbDiscz 32.07 +0.17 3.0 N Horiz 46.44 ... 7.2 MidCpAdml 171.75 +0.59 5.4 TgtRe2015 14.84 +0.03 2.3 TotIntlInstIdx r104.22 +0.54 5.8
IncoA p 22.26 +0.10 2.7 EqtyDivd 23.07 +0.14 2.3 US TgdVal 24.51 +0.09 2.1 ContraK 105.01 +0.48 7.4 Harbor Funds Oakmark Funds Cl I N Inc 9.39 -0.01 0.5 MuHYAdml 11.04 -0.01 0.7 TgtRe2020 29.05 +0.08 2.8 TotItlInstPlId r104.24 +0.54 5.8
N PerA p 37.51 +0.23 6.2 GlblAlloc 18.84 +0.04 3.1 USLgVa 36.29 +0.21 3.4 CpInc r 10.02 +0.02 3.7 CapApInst 60.93 +0.19 7.6 EqtyInc r 31.37 +0.11 3.1 OverS SF r 9.52 +0.04 5.0 MuIntAdml 13.95 -0.01 0.8 TgtRe2025 16.87 +0.06 3.2 TotStInst 58.48 +0.29 4.3
NEcoA p 38.56 +0.21 7.3 HiYldBd 7.74 +0.01 2.0 Dodge & Cox DivIntl 34.84 +0.16 4.6 IntlInst r 61.11 +0.32 4.6 Oakmark 74.91 +0.55 3.4 R2015 14.59 +0.03 2.9 MuLTAdml 11.39 -0.02 0.5 TgtRe2030 30.24 +0.11 3.6 ValueInst 37.17 +0.25 2.6
NwWrldA 55.08 +0.28 7.1 StratIncOpptyIns 9.89 ... 0.9 Balanced 106.47 +0.34 3.0 DivIntlK r 34.77 +0.16 4.6 Invesco Funds A OakmrkInt 23.85 +0.16 5.1 R2020 21.11 +0.06 3.4 MuLtdAdml 10.91 -0.01 0.8 TgtRe2035 18.43 +0.07 3.9 Western Asset
SmCpA p 49.06 +0.19 6.7 Del Invest Instl Income 13.67 ... 0.6 GroCo 146.87 +0.04 7.4 EqIncA 10.81 +0.06 2.4 Old Westbury Fds R2025 16.10 +0.05 3.9 MuShtAdml 15.76 -0.01 0.4 TgtRe2040 31.50 +0.14 4.3 CorePlusBdI NA ... NA
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B10 | Tuesday, February 14, 2017
Border-Tax Plan Draws Few Bettors Investors
BY CHELSEY DULANEY
A Republican tax plan has an-
alysts predicting seismic shifts
in global markets, from a dou-
ble-digit surge in U.S. oil prices
to the strongest dollar since the
1980s. But so far, few investors
are willing to bet on it.
Markets are struggling to
size up the impact of the bor-
der adjustment, which would
tax imports at a rate of 20%
while exempting exports. The
aim is to make the U.S. a more
attractive place for businesses
to invest, while also raising $1
trillion to offset Republicans’
proposed tax-cut plans.
Markets face big changes if
the proposal becomes law. The
dollar could rally 25% to levels
not seen since the 1980s, ac-
cording to economists includ-
ing Harvard University’s Mar-
tin Feldstein. U.S. oil prices
could surge to $65 a barrel
from a recent $54, Goldman
Sachs Group Inc. analysts proj-
ect, reflecting a sharp tighten-
ing in the supply-demand bal-
ance in the U.S. market. The
Federal Reserve’s preferred in-
flation gauge, the personal-
consumption-expenditures
price index, could jump to
2.4% or higher from a recent
1.6%, by Goldman’s estimate.
“The border tax is the big-
gest policy story in years,” said
Greg Anderson, global head of
foreign-exchange strategy at
BMO Capital Markets.
Yet investors have been hesi-
tant to bet on these moves, in
part reflecting uncertainty over
whether a border adjustment
will become law or what form it
might take. The proposal has
faced criticism from U.S. com-
panies and politicians in recent
COTTON
Continued from page B1
rectly provided 126,553 jobs in
2015, according to the National
Cotton Council. In a 2016 re-
port, the International Trade
Administration reported em-
ployment in the Mexican tex-
tile and apparel industry at
415,000 jobs, or about 6% of
the country’s gross domestic
product. Textile and apparel
jobs in the U.S., meanwhile,
have been on the decline for
more than three decades.
The lack of visibility as to
whether, when or how Mr.
Trump’s ideas will come to
fruition has some farmers
more sanguine about the fu-
ture and others at a loss for
how to proceed with their
business. Prices in the cotton-
futures market have risen
since the U.S. election.
“He’s just bargaining,” said
Richard Anderson, a North
Carolina cotton farmer, refer-
ring to Mr. Trump.
In California’s Central Val-
ley, where some of the world’s
finest cotton is grown, Cannon
Michael’s 4,000 cotton acres
have been picked clean, the fi-
ber moved to the nearby gin
where he is a part owner. Soon
it will be planting season
again. Mr. Michael said he isn’t
sure how to plan or how to
protect his business in light of
Mr. Trump’s rhetoric regarding
trade policy.
“There’s so much specula-
tion right now. It’s really hard
to tell what he is going to im-
plement. Will there be a 20%
tax? Who pays it? It just
throws up a lot of question
marks,” he said.
Under Nafta, which Mr.
Trump has called “a catastro-
PESO
Continued from page B1
market sentiment, now that
the peso has become so tied
up with Trump’s policies,” said
Alan Robinson, global portfolio
adviser at RBC Wealth Man-
agement. “To rely on the peso
as a proxy for all the other
emerging-market currencies,
that’s now a little bit danger-
ous.”
Traders see more volatility
ahead for the peso. It was the
world’s second-worst perform-
ing emerging-market currency
during the first three weeks of
January, tumbling 5.6% against
the dollar, according to data
from UBS Wealth Manage-
ment. Then the peso became
the top performer for the rest
of the month after traders de-
cided that they may have over-
reacted.
The Mexican central bank’s
attempts to stabilize the cur-
Cut Their
The border between the U.S. and Mexico at El Nido del Aguila, on outskirts of Tijuana
Lopsided
These nations run the largest
trade surpluses vs. the U.S.
China $347.0B
Japan 68.9
Germany
64.9
Mexico 63.2
Ireland 35.9
Vietnam 32.0
Italy 28.5
S. Korea 27.7
Malaysia 24.8
India 24.3
Source: U.S. Census Bureau
THE WALL STREET JOURNAL.
weeks. Rep. Kevin Brady (R.,
Texas), one of the architects of
the proposal, has said he is lis-
tening to objections and looking
at ways to smooth the transi-
tion for taxpayers.
Goldman Sachs analysts
said last month that pricing in
global oil markets reflected
MARK MAHANEY FOR THE WALL STREET
Workers at a California cotton gin. Part-owner Cannon Michael says he isn’t sure how to proceed given the president’s talk on trade.
phe” for the U.S., the American
cotton industry has enjoyed a
steady market for its exports
and Mexico has benefited from
a ready-made market for its
apparel, particularly denim.
Mexico is the biggest buyer
of U.S. crops like corn and the
third-biggest market overall
for U.S. agricultural exports,
spending some $18 billion in
2015, according to the U.S. De-
partment of Agriculture. With-
out Nafta, American farmers
could face tariffs of up to 25%
for some of their products.
rency haven’t helped much.
Indeed, the bank’s interest-
rate increases have made bet-
ting against the peso more
costly—because investors
must borrow the currency to
sell it short—reducing its ap-
peal as a hedge.
The Bank of Mexico last
Thursday lifted interest rates
by half a percentage point, the
fourth time in a row it has
raised borrowing costs.
The peso’s reduced effec-
tiveness as a hedge could ex-
acerbate the risk associated
with emerging markets. The
sector came under pressure
after the U.S. election, as a
strengthening dollar and ex-
pectations of rising U.S. rates
accelerated capital outflows.
Emerging markets remain
vulnerable to a downturn in
commodities prices or protec-
tionist trade policies in the
U.S.
Portfolio flows into emerg-
ing-market stocks and bonds
last year sank to $28 billion,
PESO: CURRENCY IN CRISIS
just a 9% chance of the border
adjustment becoming law.
President Donald Trump has
expressed concern about the
tax plan, calling it “too compli-
cated,” in an interview with The
Wall Street Journal in January.
The administration has since
said a border adjustment is one
option for paying for Mr.
Trump’s proposed wall on the
U.S.-Mexico border, but skepti-
cism remains on Wall Street.
“The tax doesn’t seem to be
on the first round of the admin-
istration’s priorities,” said Al-
vise Marino, a foreign-exchange
strategist at Credit Suisse.
On Thursday, Mr. Trump
said he would make an an-
nouncement that would be
“phenomenal in terms of tax”
within the next three weeks.
Still, uncertainty over tax
policy has weighed on the dol-
lar, which has fallen 2% this
year against a basket of major
peers, relinquishing roughly
half of its postelection rally.
The border tax is expected
Nearly 100% of Mexico’s
cotton and yarn imports are
from the U.S., according to the
USDA, and the U.S. relies on
labor from the Mexican textile
industry to produce U.S. ap-
parel at a fraction of the cost.
Growers said they are wor-
ried that more stringent immi-
gration policies will make it
harder to find workers.
Field crops like cotton rely
heavily on both legal and ille-
gal laborers from Mexico, ac-
cording to a USDA survey of
farm workers.
Peso Goes it Alone
With Donald Trump pledging a new trade policy with Mexico,
the peso is diverging from other emerging-market currencies.
10% Index and currency performance
0
–10
–20
–30
–40
2014 ’15
*As of February 10
Sources: Tullett Prebon (currencies); MSCI (index)
their lowest level since the fi-
nancial crisis in 2008, accord-
ing to the Institute of Interna-
tional Finance.
Even before the flare-up in
tensions between Mexico and
to boost the dollar because
U.S. companies, now exempt
from taxes on their exports,
would be able to sell more
products abroad. When for-
eigners buy U.S. exports, they
must buy dollars and sell their
local currencies, driving up the
U.S. currency’s value. At the
same time, the tax could re-
duce U.S. appetite for foreign
goods, which would curtail de-
mand for foreign currencies
and boost the dollar.
Advocates say the dollar
would likely rise enough to
offset the proposed tax, citing
how currencies responded to
similar tax systems abroad, so
consumer prices would remain
steady. For example: a 20% im-
port tax on car parts made in
Mexico would be met with a
similar depreciation in the
Mexican peso, so prices would
remain stable for both import-
ers and consumers.
But many analysts warn that
these projections are based on
economic theory. In the real
Mr. Trump’s policies are
aimed at bringing jobs back to
the U.S. Chief among them are
manufacturing jobs like those
in the apparel industry.
The most labor-intensive
part of making a pair of
jeans—the cutting and sew-
ing—is cheaper in Mexico, and
those jeans can be reimported
into the U.S. under Nafta with-
out penalty.
The result is that 98% of
garments sold in the U.S. are
imported, according to Cotton
Inc., the research and market-
MSCI Emerging
Markets Currency Index
t 3.8%*
Dollars per
Mexican peso
t 34%*
’16
THE WALL STREET JOURNAL.
the U.S., the peso’s trading ac-
tivity had been declining. The
peso’s average daily volume
fell to $97 billion in 2016, from
$135 billion in 2013, according
to the Bank for International
THE WALL STREET JOURNAL.
world, the dollar likely wouldn’t
rise quickly or high enough to
offset negative impacts.
Daragh Maher, head of U.S.
foreign-exchange strategy for
HSBC Holdings PLC, said the
value of the dollar and other
foreign currencies is driven
mostly by demand for assets
such as stocks and bonds.
MARIO VAZQUEZ/AFP/GETTY IMAGES
Trade makes up only 1.4% of
daily trading in the U.S. dollar,
according to HSBC.
Analysts say some compa-
nies could choose to move jobs
and production back to the
U.S., as the import tax would
temper the cost savings from
outsourcing.
“These firms moved their
operations to a place like Mex-
ico because it was cheaper to
build things there,” said Mr.
Marino of Credit Suisse. “The
tax is supposed to make these
firms indifferent between us-
ing their Mexico facilities and
making things in the U.S.”
A tax would be especially
painful for emerging-market
nations such as China. In addi-
tion to diminished demand for
its exports, the dollar’s
strength would add to down-
ward pressure on the Chinese
currency, the yuan.
Credit Suisse estimates that
a border adjustment would re-
duce merchandise exports
from Asia by 3% to 4%, denting
the region’s growth by around
0.5 percentage point.
“Less global trade, whether
through a border tax adjust-
ment or something else, is bad
for Asia,” said Eric Stein, co-
director of global income at
Eaton Vance.
—Richard Rubin
and Sara Germano
contributed to this article.
ing arm of the U.S. cotton in-
dustry.
“In the early ‘90s, one by
one, the apparel plants started
going by the wayside, particu-
larly when Nafta kicked in,”
said Jack Mathews, director of
sales and marketing at Artistic
Denim Mills Ltd., a company
based in Pakistan. He says
bringing apparel manufactur-
ing back to the U.S. is a fan-
tasy.
“Some other Asian country
would be a beneficiary,” he
said.
Settlements. Trades in the cur-
rency constituted 2% of the
volume in the $5.1 trillion-a-
day currency market in 2016
the bank said.
Some investors have been
shifting bets from the peso to
Asian currencies such as the
Korean won and Taiwanese
dollar, where interest rates
are comparatively low, said
Jens Nystedt, emerging-mar-
kets fixed-income portfolio
manager with Morgan Stanley
Investment Management.
Over the past three months,
these currencies have become
more responsive to fluctua-
tions in the dollar, suggesting
that investors are using them
’17 to hedge bets on the green-
back, according to Morgan
Stanley.
But other money managers
have said there are few good
alternatives. The only emerg-
ing-market currency that
boasts a deeper market is the
yuan, which is heavily man-
aged by China’s central bank.
Mexican
Exposure
BY SARAH KROUSE
AND JUSTIN BAER
Days before President Don-
ald Trump’s inauguration, for-
mer U.S. Secretary of State
Condoleezza Rice told inves-
tors gathered at a conference
in the Mexican resort town of
Cancún that they shouldn’t be
concerned about a potential
trade war between the U.S.
and its southern neighbor.
So far, many aren’t con-
vinced.
The Mexican peso has
dropped about 10% since the
election, roiled by diplomatic
tensions between Mr. Trump
and Mexican President Enrique
Peña Nieto. Mexican stocks
and bonds, on average, ac-
counted for 0.51% of all U.S.-
based mutual funds’ assets at
the end of 2016, according to
Morningstar Inc. That is the
lowest tally in three years.
“We don’t have clarity,” said
Hemant Baijal, co-head of Op-
penheimerFunds’s global debt
team. “What we have is a cer-
tain degree of rhetoric that’s
fairly heated.” Mr. Baijal’s
$5.24 billion International
Bond Fund cut its Mexico ex-
posure over the last year from
a high of more than 13% to just
over 6% as of last Friday.
The $180 million BlackRock
Latin America Fund pared ex-
posure to Mexican stocks in
recent quarters as managers
became less bullish. It now
holds a smaller slice of assets
from that country than its
benchmark. The BlackRock
fund has one of the highest
percentages of its portfolio in-
vested in Mexican stocks and
bonds among the U.S.-based
mutual funds tracked by Morn-
ingstar.
Another investor, the J.P.
Morgan Latin America Fund,
has sold some Mexican stocks in
recent months. The political and
trade uncertainty is likely to
Condoleezza
Rice tried to
calm investors
about the
possibility of a
U.S.-Mexico
trade war.
keep the peso volatile and damp
corporate investment, said Luis
Carrillo, a Mexico native who
manages the $53 million fund.
About 24% of the fund is in-
vested in Mexican assets.
Will Pruett, manager of the
$544 million Fidelity Latin
America Fund, also has re-
duced exposure to Mexico. The
fund’s Mexican positions rep-
resented 18.95% of the portfo-
lio at the end of 2016, down
from 26.76% at the end of
June. However, he sees poten-
tial investments in small-capi-
talization stocks, financials
and infrastructure-related
firms.
Some money managers say
fallout from the recent tension
has presented buying opportu-
nities. Lazard Asset Manage-
ment’s $41.4 billion emerging-
markets group has held onto
Mexican stocks, including
America Movil, Grupo Mexico
and Kimberly-Clark de Mex-
ico. James Donald, who heads
the group, said he thinks op-
portunities can be found in the
shares of industrial companies.
Mexico, he said, had ap-
peared to move beyond the big
booms and busts of its past,
looking more like a haven be-
cause of its trade relationship
with the U.S. In the past six
months, however, he said that
has started to change, present-
ing new opportunities for cer-
tain investors.
Michael Hasenstab, portfo-
lio manager of the $41 billion
U.S.-based Templeton Global
Bond Fund, said in an email
that the peso still has “tre-
mendous long-term value.”
About 23% of the fund’s assets
are invested in Mexican bonds
and currency.
Other investors are waiting
for signs that Ms. Rice was
right. Speaking at a conference
for Latin American companies
and money managers that in-
vest in those companies, the
former secretary of state
urged attendees to look past
Mr. Trump’s fiery campaign
rhetoric on Mexico and focus
on the substance of his poli-
cies.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Bond Buying Soars, Yields Tighten
Investors pack into
corporate bonds even
as spreads get thinner,
prices hit recent highs
BY CHRIS DIETERICH
The reach for yield is alive
and well.
Investors are snapping up
U.S. corporate bonds at a time
when the yield available to
cushion them from losses is the
thinnest in more than two years.
Some $2.1 billion rolled into
U.S. investment-grade corpo-
rate-bond mutual and ex-
change-traded funds in the
week ended Feb. 8, the third
most since 2010, according to
fund tracker EPFR Global. A
week earlier, $2.8 billion moved
into high-grade corporate
bonds, the biggest one-week in-
flux in at least seven years.
Heavy buying is evident in
riskier junk bonds, too. Some $1
billion moved into junk-bond
funds last week after a $1.5 bil-
lion influx in the previous week,
the largest two-week inflow
since the middle of December.
While defaults are low and a
strengthening U.S. economy
should limit any upswing in the
foreseeable future, these narrow
spreads are making many ana-
lysts and traders skeptical that
bond prices have much more
room to rise from current levels.
For now, investors in both
the bond and stock markets
are diving in at prices that are
near multiyear highs.
In the past, investors
flocked to bond funds after
market selloffs created value
and lifted yields. But the extra
yield demanded by investors
to own speculative-grade
bonds instead of risk-free gov-
ernment debt ended last week
at 3.9 percentage points, near
the lowest since September
2014, according to Federal Re-
serve economic data. For in-
vestment-grade bonds, the
“spread” is just 1.3 percentage
points, also near the lowest
since 2014.
Email: heard@wsj.com
Apple Rally
Marks Start
Of a Cycle
The early bird gets the
worm or, in this case, an
iPhone supercycle.
Apple’s stock has been on
a run of late. The share price
has jumped 15% since the
year began, outpacing most
other megacap stocks in the
S&P 500. Monday’s gains
sent the stock to a record
split-adjusted high.
The gains clearly are
based on hopes for a strong
iPhone cycle later this year.
Apple reportedly is planning
some significant updates for
the smartphone’s 10th anni-
versary. Goldman Sachs
raised its price target on Ap-
ple’s stock by 13% Monday to
$150. At least 26 other bro-
kers have raised their targets
on the stock by an average
of 10% since Apple’s Jan. 31
earnings report.
Such enthusiasm may be
understandable. But past
iPhone trade-ups have had
their limits, and Apple’s inves-
tors should keep that in mind.
Consider that Apple now
fetches around 14.6 times
forward earnings. That is
less than 4% below the
stock’s five-year-high multi-
ple of 15.2 times, hit in No-
vember 2014.
Reaching that peak would
bring the stock to about
$140 a share. That multiple
reflected a strong run-up
ahead of the launch of the
iPhone 6. A prior rally ahead
of the iPhone 5 in 2012
brought the stock to a peak
of 13.2 times. Both of those
peaks were followed by sig-
nificant selloffs.
Apple’s share price re-
mains among the cheapest
among large tech companies
when accounting for its huge
pile of net cash. But if his-
tory is any guide, Apple’s
stock can take only so much
shine before the fade sets in.
—Dan Gallagher
Warning Sign
Investors are racing into corporate-bond funds even as the payout they receive has slumped to the
lowest in over two years, compared with relatively safe government bonds. Some say this spread
tightening is the latest sign in markets of extreme valuations that could be vulnerable to reversals.
25 percentage points
20
15
10
5
0 shrink the value of outstand-
2007 ’08
Spread between investment-grade bond yields and Treasurys
8 percentage points
6 consecutive session after a
4 again after President Donald
2 weeks.
0 –2
2007 ’08 ’09 ’10
Sources: Federal Reserve economic data, Bank of America Merrill Lynch (spread); EPFR Global (flows)
A year ago, after crude-oil
prices plunged to 12-year lows
and wreaked havoc on the
credit of energy-sector bond
issuers, junk-bond investors
demanded 8.9 percentage
points more in yield over com-
parable Treasurys, more than
double the current spread.
In the summer of 2013, dur-
ing the “Taper Tantrum” bond
selloff set off by concerns that
the Fed would pull back on its
monthly bond buying, the high-
yield bond spreads topped 5 per-
centage points over Treasurys.
Investors said recent de-
mand reflects a brightening
outlook for the U.S. economy
and the reality that Treasury
HEARD ON THE STREET
Climbing Costs Pinch Car Makers
The voguish theme of “re-
flation” has driven a rally in
car stocks over the past
three months. But reflation
has a dark side, too: rising
raw-material prices. The
Trump jump in share prices
could be an exit opportunity
for investors before the
squeeze on profits becomes
more apparent.
The extra costs necessary
to research, design and equip
cars with new gizmos, in-
cluding electric powertrains,
self-driving features and con-
nections to the digital cloud
have understandably gar-
nered attention in recent
months. A step-up in invest-
ments in autonomous tech-
nology was the key reason
why General Motors missed
analysts’ forecasts for
fourth-quarter profit last
week.
But a more traditional
form of inflation also will
weigh on car makers’ mar-
gins this year: higher input
costs. An index of automo-
tive commodity prices such
Corporate-Debt Drought Looms Under U.S. Tax Proposal
If the Republican-led U.S.
Congress has its way, the
supply of new corporate
bonds might soon dwindle.
The corporate-tax over-
haul that House Republicans
drew up last June has be-
come a source of market en-
thusiasm and anxiety since
the election of President
Donald Trump. The focus has
largely been on the possibil-
ity of lower corporate taxes
and a tax on imports.
Bond investors should in-
stead look at another part of
the plan, which would let
multinational firms repatri-
ate foreign profits and deny
most deductions for interest.
Years of rock-bottom in-
terest rates made the corpo-
rate-bond market one of the
few places in which income-
MARKETS
Financial crisis
Spread between high-yield corporates and Treasury bonds
’09 ’10 ’11
Feb. 10
1.3 pct. pts
’11 ’12 ’13 ’14 ’15 ’16
bonds appear acutely vulnera-
ble to rising interest rates,
leaving some with little choice
but to target corporate debt.
“There’s no question that
high yield is expensive but, in
fixed income, there’s not a
whole lot of value anywhere,”
said Marc Pfeffer, senior port-
folio manager at CLS Invest-
ments. “The best you can hope
in high yield is to collect your
coupon, which is lower than it
was last year.”
Defaults in the junk market
fell last month to 5% over the
past 12 months, down from 5.1%
in December, according to S&P
Global Ratings. The credit-grad-
ing firm expects that rate to
FINANCIAL ANALYSIS & COMMENTARY
Accelerating Costs
Index of automotive commodity
prices
175
150
125
100
75
2006 2010
Note: Jan. 1, 2006 = 100; Monthly data
Source: UBS
THE WALL STREET JOURNAL.
as steel and rubber compiled
by UBS is currently 38%
above its level a year ago.
European car makers, for in-
stance, will face between
€200 million ($212.63 mil-
lion) and €700 million in ex-
tra costs each, depending on
their unit sales, notes Horst
Schneider of HSBC.
GM and Mercedes maker
Daimler have both played
Piling It On
U.S. investment-grade
corporate-bond issuance
$1.5 trillion
1.0
0.5
0 paying taxes on goods im-
1996 2000 2010
Source: Securuities Industry and Financial
Markets Association
THE WALL STREET JOURNAL.
oriented investors have been
able to make money. Their
demand for corporate debt
helped fuel a flood of issu-
ance: U.S. investment-grade
corporate-bond issuance was
$1.3 trillion last year versus
$900 billion a decade earlier,
according to the Securities
Euro crisis
’12 ’13 ’14
Fund flows into investment-grade bond funds, weekly
$3 billion
2
1 embraced the reflation trade
0
–1
’17 2013 ’14
hold steady through September.
Rob Glownia, a fixed-income
portfolio manager at River-
Front Investment Group,
agrees that corporate bonds
are richly priced but owns
them in part because economic
growth is poised to accelerate.
“Spreads are tight, but
there’s a strong backdrop of
corporate earnings and we’re
under the assumption that
we’re not going to see many
defaults,” said Mr. Glownia.
Even so, tight spreads don’t
leave much room for error, es-
pecially given the unknowns
about tax policy and infra-
structure spending from the
Trump administration. And
PHOTO: XINHUA/ZUMA PRESS
Chevrolet Bolt EV electric
concept vehicle
down the scale of this prob-
lem in recent calls with ana-
lysts. GM said raw-material
costs as they currently stand
could trim its profit, all else
being equal, by a figure in
the “low hundreds of mil-
lions of dollars” this year,
while Daimler’s comments
hinted at an impact of about
€200 million—just 1.4% of
2016 adjusted operating
Industry and Financial
Markets Association.
But companies’ willing-
ness to feed that demand
might be about to cool.
Under the House Republi-
can proposal, U.S. companies
would no longer be taxed on
their foreign income, instead
ported into the U.S. That
means companies could re-
patriate any future profits
earned overseas penalty-
free. As a result, companies
are more likely to bring
overseas cash home to pay
for U.S. acquisitions and in-
vestments than to fund them
with borrowed money.
The House plan would
also tax the trillions of dol-
lars in uninvested profits
companies have sitting over-
Tuesday, February 14, 2017 | B11
Feb. 10
Recession-fear selloff
3.9 pct pts.
’15 ’16
’15 ’16
THE WALL STREET JOURNAL.
France’s April presidential
election might inject more in-
stability in the European Union.
Strong inflows recently also
suggest that fund investors
may be quick to retreat and
withdraw money if bond funds
start to take losses. Junk-bond
spreads have had a strong re-
lationship with stock volatility,
as measured by the CBOE Vol-
atility Index, over the past 20
years. Higher VIX readings and
lower stock prices almost al-
ways hit the prices of corpo-
rate bonds. With both junk-
bond spreads and VIX readings
at multiyear lows, some inves-
tors are nervous about adding
more money to the market.
profit. Both companies gave
outlook statements implying
continuing earnings growth,
albeit at a modest rate.
The problem is that such
projections look more depen-
dent on continuing growth in
vehicle sales than in prior
years. Input costs also rose
rapidly in 2010 and 2011, fol-
lowing the financial crisis,
but this coincided with a re-
covery in consumer demand
in key markets such as the
U.S., China and the U.K.
If demand remains buoy-
ant in key car markets—and
stock prices imply a surge in
optimism about prospects in
the U.S.—then manufacturers
should eke out further profit
growth. If it doesn’t, how-
ever, profits would crater in
a perfect storm of falling
sales and ballooning product-
development and unit-input
costs. Heads, investors win a
bit; tails, and they stand to
lose a lot. On balance, this
seems a good time to be sell-
ing car stocks.
—Stephen Wilmot
seas at 8.75%. That would
encourage companies with
substantial overseas cash
hoards, such as Apple, to
bring their money home.
As a result, companies
would have one less reason
to issue bonds. On its fourth-
quarter earnings call this
month, Visa said it has over
$8 billion in offshore cash
and said it would wait to see
what the new repatriation
plans are before issuing any
more longer-term debt.
Another feature of the
House plan is that compa-
nies would no longer be able
to deduct net interest costs
as an expense. Interest de-
ductibility is controversial
because it gives preferential
treatment to debt financing
over equity financing.
Treasury Prices Fall
As Haven Bets Wane
Investors rush into stocks,
await words from Yellen
U.S. government-bond
prices pulled back as inves-
tors awaited Federal Reserve
Chairwoman Janet Yellen’s
semiannual congressional tes-
timony on interest-rate policy.
Ms. Yellen is scheduled to
testify Tuesday before the
Senate Banking Committee,
followed by another session
Wednesday before a House
panel. Investors will zero in
on clues about the timing and
pace of the central bank’s in-
terest-rate increases. Higher
Fed interest rates tend to
ing bonds. The yield on the
’17
10-year Treasury note settled
at 2.434%, compared with
2.409% Friday. Yields rise as
bond prices fall.
The 10-year yield ex-
tended its increase to a third
recent slide. Some investors
Trump last Thursday pledged
to unveil a tax plan in coming
Still, the 10-year yield re-
mains below the two-year
high of 2.6% that it reached
in mid-December. Political risk
’17 in Europe, especially uncer-
tainty surrounding the April
presidential race in France,
also provides some support
for haven assets and keeps a
lid on yields.
—Min Zeng
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
13-WEEK AND 26-WEEK BILLS
13-Week 26-Week
Applications $113,090,252,400 $90,961,040,800
Accepted bids $34,000,192,400 $28,000,110,800
" noncomp $479,900,400 $471,743,800
" foreign noncomp $200,000,000 $280,000,000
Auction price (rate) 99.863500 99.673917
(0.540%) (0.645%)
Coupon equivalent 0.548% 0.656%
Bids at clearing yield accepted 32.93% 1.71%
Cusip number 912796KZ1 912796KF5
Both issues are dated Feb. 16, 2017. The 13-week bills
mature on May 18, 2017; the 26-week bills mature on
Aug. 17, 2017.
WSJ.com/Heard
OVERHEARD
Stop me if you’ve heard
this one before.
Hain Celestial Group an-
nounced Friday that it will be
unable to file a required re-
port on time with the Securi-
ties and Exchange Commis-
sion. This is the third such
disclosure from the embattled
natural foods company since
it discovered revenue irregu-
larities last summer. An effort
to identify and assess any er-
rors in past financial state-
ments is ongoing, the com-
pany said in a statement.
At least the familiar tale
has a new twist this time:
The Securities and Exchange
Commission has issued a for-
mal order of investigation and
has subpoenaed the company
to provide relevant docu-
ments.
That disclosure has left a
sour taste in shareholders’
mouths. Shares plunged
9% on Monday and now sit
nearly 40% below the price
when Hain first revealed its
accounting woes.
John Graham, an econo-
mist at Duke’s Fuqua School
of Business who has studied
the tax advantage of debt fi-
nancing, says the change
would lead to “a notable re-
duction in the issuance of
debt.”
If some form of these
plans makes it into law, it
could set off a drought in
corporate bonds. The result
could be a rally in the mar-
ket, a shift by investors to
riskier assets and a chance
for companies that still want
to issue debt to do it at very
low rates.
The consequences, in-
tended or not, of a tax over-
haul could change the way
investors think about corpo-
rate bonds.
—Justin Lahart
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B12 | Tuesday, February 14, 2017 THE WALL STREET JOURNAL.

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