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What’s
Snowbound Interstate Grinds to a Halt
Toyota Passes
News GM in Sales
T
Business & Finance

oyota has for the first

time overtaken GM as
In a U.S. First
the U.S.’s top-selling car BY MIKE COLIAS nearly 13% slide in results for
company by annual sales, AND CHRISTINA ROGERS a total of 2.2 million vehicles
a change prompted largely sold in 2021, as the semicon-
by a global chip shortage Toyota Motor Corp. has for ductor shortage took a bigger
that dealt an uneven blow the first time overtaken Gen- toll on the company’s manu-
to the car business. A1 eral Motors Co. as the U.S.’s facturing operations and left
 Sony said that it would top-selling car company by an- dealers with fewer vehicles to
create a car unit and ex- nual sales, a change prompted sell. GM had been the No. 1
plore entering the elec- largely by a global computer- auto seller in the U.S. since
tric-vehicle market. B1 chip shortage that dealt an un- 1931, according to trade publi-
even blow to the car business. cation Automotive News.
 Workers quit their jobs
The Japanese auto maker, Toyota has largely bene-
at a record rate in November
which for decades has worked fited from its decision to
while job openings stayed
to expand its presence in the stockpile computer chips,
close to highest-ever levels,
U.S., outsold GM by about which are used in a wide array
signs the U.S. labor market re-
114,000 vehicles in 2021. Toy- of vehicle electronics. It bet
mained tight late last year. A1
ota’s total U.S. sales of 2.3 mil- earlier than most other auto
 Entities tied to WeWork lion rose about 10% compared Please turn to page A4
co-founder Adam Neumann with 2020, the company said
have acquired majority Tuesday.  Heard on the Street: EVs may
stakes valued at more than By contrast, GM reported a revive supply issues ........... B12
$1 billion in apartment build-
ings in several U.S. cities. A1
 Charges involving pa-
tients fell flat at the trial
of Theranos founder Holmes
Workers Quit Jobs
after the government gave
them a small stage. B1
 The Dow gained 0.6% to
At a Record Level
close at a record, but the
Nasdaq and S&P 500 lost 1.3% BY BRYAN MENA analysis of private-sector job
and 0.06%, respectively, amid openings showed demand for
a decline in tech shares. B11 Workers quit their jobs at a workers increasing at the end
record rate in November while of December. There were 12
 OPEC and a coalition of
job openings stayed close to million job openings in the
Russia-led oil producers
highest-ever levels, signs the U.S. at the end of that month,
agreed to continue pumping
U.S. labor market remained according to estimates from
more crude, a decision that
tight late last year. job-search site Indeed.
pushed oil prices higher. B1
STEVE HELBER/ASSOCIATED PRESS

The Labor Department said The Labor Department fig-

 Walmart and Kroger are Tuesday there were 10.6 mil- ures lag behind private-sector
raising prices for BinaxNow lion job openings at the end of data by about a month and
rapid Covid-19 tests after the November, a decrease from 11 don’t reflect any impact from
expiration of a deal with the million the prior month. The the surge of the Omicron vari-
White House to sell the home- total number of quits reached ant of Covid-19, which started
use kits at cost for $14. B1 4.5 million after slightly fall- building in December and is
ing in October from the previ- creating disruptions in parts
 California investigators
ous month. The quits rate was of the economy.
have concluded that PG&E
DEEP RUT: Hundreds of vehicles were stranded on snow-covered sections of Interstate 95 3%, up from 2.8% the prior “Workers continued to
power lines sparked last sum-
on Tuesday south of Washington, D.C. Virginia officials said the bottleneck was cleared month and returning to a re- switch jobs in light of the
mer’s Dixie Fire, which burned
Tuesday evening after some of the motorists had been stuck since Monday morning. A3 cord rate last seen in Septem- many opportunities the cur-
nearly a million acres. A2
ber. rent labor market provides,”
Separately, more recent Please turn to page A2
World-Wide

 More than one million WeWork INSIDE How Biogen Fumbled

new Covid-19 infections
were reported in the U.S.,
Co-Founder
a sign of the rapid spread
of the Omicron variant
that public-health experts
Snaps Up Its Alzheimer’s Drug
MATT KING/GETTY IMAGES

said is only partially cap-

tured by official data. A3
 Senate Democrats put
the party’s marquee eco-
Apartments Once-promising Aduhelm is pricey and without proven efficacy
nomic package on ice, shift-
ing their attention to passing BY KONRAD PUTZIER BY JOSEPH WALKER AND SUSAN PULLIAM The Food and Drug Administration ap-
AND ELIOT BROWN proved the drug in June under a program
elections legislation as they
For more than a decade, Biogen Inc. that fast-tracks promising treatments, de-
consider how to overhaul the
roughly $2 trillion education,
Adam Neumann, who built SPORTS worked on a new drug for Alzheimer’s dis- spite disagreements within the agency over
healthcare and climate bill. A4
office co-working giant We- Djokovic gets vaccine ease that seemed to have blockbuster poten- its efficacy.
Work before resigning as chief tial. The result is a pricey therapy now on the
 Manchin cast doubt on a
executive when his fortunes
exemption to play in Early results were so impressive that Bio- market, Aduhelm, that regulators say isn’t
Democratic push to change
soured, has a new business this month’s Australian gen raced toward regulatory approval—a fully proven to work against Alzheimer’s dis-
Senate procedures to
weaken the minority party’s venture under way: apartment Open. A12 risky gambit that drove up the stock as in- ease. Many patients aren’t taking it because
power, dealing a blow to landlord. vestors anticipated sales of the first ap- doctors are reluctant to prescribe Aduhelm
party leaders’ effort to Entities tied to Mr. Neu- proved drug in nearly two decades to slow and Medicare hasn’t decided if it will pay for
change the filibuster and ad- mann have been acquiring ma- WORLD NEWS the advancement of a disease affecting six the drug.
vance their elections bills. A4 jority stakes in more than Amateur sleuths turn million Americans. Biogen launched Aduhelm in June at a
4,000 apartments valued at Then Biogen changed its mind. The com- price of $56,000 a year, only to backtrack in
 Trump canceled a news more than $1 billion in Miami,
to satellite images to pany made an unusual decision to abruptly December and cut the price in half to quell
conference planned for Jan. Atlanta, Nashville, Tenn., Fort track Russia’s Ukraine stop its trials and declare that the drug backlash over the price. The company’s stock
6 as the House committee in- Lauderdale, Fla., and other military moves. A6 didn’t work—then reversed course and said is trading at about half its 2021 high after
vestigating the attack on the U.S. cities, according to court, the drug did work after all. Please turn to page A8
U.S. Capitol asked Fox News property and corporate re-
host Sean Hannity to volun- cords and people familiar with
tarily answer questions. A4 the transactions. Many of
these investments occurred
BlackBerry Die-Hards
 A former Colombian sol-
dier who Haitian authorities within the past year.
Mr. Neumann has told
Struggle With Final Blow
said was involved in the assas-
friends and associates of his i i i
sination of Haiti’s Moïse was
arrested by U.S. officials and ambitions to build a company
appeared in a federal court. A7 that would shake up the Fans part with classic devices or turn
rental-housing industry, ac-
 Prosecutors in Albany cording to people familiar them into art; ‘I’m actually pretty sad’
County, N.Y., said that they with the matter.
wouldn’t move forward Exactly how he plans to ac- BY JOSEPH PISANI BlackBerry announced the
with a misdemeanor sex complish this goal couldn’t be date more than a year ago.
crime charge against former learned, and his investments Andrew Balfour long Only BlackBerry phones run-
Gov. Andrew Cuomo. A5 so far have largely been in tra- dreaded Jan. 4, 2022, the day ning on Android software, like
 Canada will be forced to ditional apartment buildings. he had to say goodbye to his the nearly four-year-old Key2,
end tariffs on U.S. dairy prod- Mr. Neumann has said he beloved BlackBerry Classic will continue working.
ucts under a milestone deci- wants to create a widely rec- forever. Even though Mr.
sion that could allow Ameri- ognizable apartment brand Older BlackBerry Balfour’s BlackBerry
can dairy farmers to increase stocked with amenities, ac- models, like Mr. couldn’t summon an
sales to Canada by more than cording to a person who was Balfour’s, stopped Uber or stream a
$200 million annually. A2 part of these conversations. working on Tues- Netflix show, it
Mr. Neumann’s Nashville prop- day, turning the could last days with-
erty, the 268-unit Stacks on once ubiquitous out needing a
CONTENTS Personal Journal.. A9-10 Main, features a saltwater phones into nothing charge. And typing
Arts in Review.... A11 Property Report... B6
Business News...... B3 Sports........................ A12 pool, a dog park and valet more than glorified emails on its key-
Crossword.............. A12 Technology............... B4 trash pickup, according to the paperweights. board was a breeze.
Heard on Street. B12 U.S. News............. A2-5 building’s website. Now, the hardi- He bought a Black-
Markets..................... B11 Weather................... A12
Opinion.............. A13-15 World News........ A6-7
Mr. Neumann is hoping to est of BlackBerry Berry Key2 last
appeal to the same sort of die-hards, who week but waited un-
young professionals he lured clung to the final Last call til the last minute to
> to hundreds of co-working of- moment of service, upgrade.
fice spaces when he was chief are finally having to let go. “I’m actually pretty sad,”
executive at WeWork, those Sort of. Some are refusing to said the 42-year-old from Ot-
Please turn to page A7 give up their nonfunctioning tawa. “I don’t fully understand
s 2022 Dow Jones & Company, Inc.
gadgets and turning them into why they need to get rid of it.”
All Rights Reserved  Offices get new life as alarm clocks or art. He keeps five or six old Black-
apartments.................................. B6 Fans knew this was coming: Please turn to page A4
A2 | Wednesday, January 5, 2022 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Fed Maps Out Reducing Debt Portfolio
BY NICK TIMIRAOS for U.S. government debt. The discussion at their Jan. 25-26 polled by the New York Fed in Holding long-term Treasury
Bond Binge
coronavirus pandemic had set meeting. But he hinted that an October survey expected securities, in theory, provides
The Federal Reserve’s asset
Federal Reserve officials are off a dash for dollars that the central bank wasn’t pre- the Fed to start shrinking its more stimulus than holding
holdings have more than
beginning to map out how and threatened to trigger a global paring to follow the path taken holdings no sooner than 2024. short-term securities.
doubled since 2020.
when they could shrink their financial crisis. Shortly after- between 2014 and 2019. Shrinking the portfolio faster In May 2019, Fed officials
$8.76 trillion portfolio of Trea- ward, the Fed committed to Back then, the Fed kept the $10 trillion or sooner could come as a sur- were divided over how to
sury and mortgage securities, buying at least $120 billion a bondholdings steady for three prise to some investors. structure their portfolio. One
Dec. 29
which more than doubled amid month in Treasury and mort- years and then gradually began Fed governor Christopher group favored maintaining a
$8.76 trillion
efforts to stabilize the economy gage securities to provide ad- shrinking the portfolio, some- 8 Waller, who last month de- portfolio of Treasury bills,
over the past two years. ditional stimulus to the econ- times called a “balance sheet.” scribed inflation as “alarmingly notes and bonds in proportions
At their policy meeting last omy. The central bank began When the Fed began this pro- high,” said shrinking the asset that reflected the outstanding
month, officials agreed to wind reducing the pace of those cess in late 2017, the economy 6 portfolio faster would offer one Treasury market. This ap-
down their bond-purchase purchases this past November. was weaker than it is now: In- way to tighten policy without proach would have a neutral
Other assets
stimulus program more quickly The bond-buying programs flation was below the Fed’s 2% requiring even more aggressive effect on financial conditions.
amid growing concerns about stimulate the economy by target, and the unemployment 4 interest-rate increases. “I don’t Another camp preferred
high inflation, setting it on holding down long-term inter- rate was higher. see any reason to delay balance weighting their holdings to-
track to end in March. Officials est rates, encouraging consum- “The economy is so much Treasury securities sheet adjustment,” he said on ward Treasury bills and other
2
began discussing at that meet- ers and businesses to borrow stronger now, so much closer Dec. 17. “If we start doing some shorter-maturity holdings,
ing what should happen to the and spend. to full employment,” Mr. Pow- balance-sheet runoff by sum- which would allow the Fed to
bondholdings after that point, Once the Fed stops buying ell said on Dec. 15. “This is just 0
Mortgage securities mer, that’ll take some pressure dial up stimulus in a downturn
and some are pushing to start assets, it could keep the hold- a different situation, and those off. You don’t have to raise by quickly shifting back to lon-
2011 ’13 ’15 ’17 ’19 ’21
shrinking them sooner and ings steady by reinvesting the differences should inform the rates quite as much.” ger-dated holdings.
faster than they did after an proceeds of maturing securi- decisions we make about the Source: Federal Reserve In addition to choosing The Fed’s balance sheet to-
earlier asset-purchase program. ties into new ones, which balance sheet at this time.” when to start shrinking the day consists of many more
Markets would see that as a should have an economically Mr. Powell pointedly for some time and then per- portfolio, officials have to de- shorter-term Treasury securi-
form of tightening monetary neutral effect. Alternatively, stopped short of saying the Fed haps allow it to shrink.” cide how to do so. In October ties than it did in the previous
policy because it would signal the Fed could allow its hold- would follow the course it took Fed officials set the stage at 2017, the Fed began allowing a decade. If officials didn’t limit
the central bank’s desire to de- ings to shrink by allowing last decade, a shift from com- last month’s meeting for a se- small amount of holdings—$10 the potential runoff, the hold-
liberately slow the economy. bonds to mature, or run off. ments he made in July 2021. ries of interest-rate increases billion—to run off every quar- ings would shrink relatively
The Fed launched the cur- Fed Chairman Jerome Pow- Last summer, he told lawmak- that could begin in March, ter, with the amounts increas- quickly—by about $3 trillion
rent program in March and ell said last month that he and ers that the 2017-19 episode completing a major policy pivot ing by $10 billion every quar- over two years.
April 2020 when it bought his colleagues hadn’t made any provided a “reasonable starting amid worries about the poten- ter through 2018.
nearly $1.5 trillion in Trea- decisions on the matter and place—to think that we might tial for high inflation to persist. A related question centers  Heard on the Street: Brace for
surys to stabilize the market were likely to continue their hold the balance sheet constant Most market participants on the composition of assets. central-bank divergence..... B12

California Blames PG&E for Dixie Fire

there were about two workers
Workers for every three openings.
Employers’ hiring needs
and the level of quits started
BY KATHERINE BLUNT
AND JIM CARLTON
Feather River Canyon. Cal Fire
officials said they forwarded
weren’t immediately available
for comment. PG&E officials
nited more than 20 California
wildfires within the past sev-
Quit at hitting records last spring
and have persisted. Labor-
their investigative report to said late Tuesday they were eral years that have collec-
California investigators
have concluded that PG&E
the district attorney’s office in
Butte County, where the fire
still preparing a statement.
PG&E has acknowledged
tively killed more than 100
people and burned thousands
Record Pace force participation—which re-
fers to the working-age popu-
lation that is either employed
Corp. power lines ignited a started. that its power lines likely of homes. Most of the fires or seeking employment—has
wildfire in the Sierra Nevada The fire, which ignited on sparked the fire. In November, were sparked when trees or Continued from Page One remained below pre-pandemic
foothills last summer that ex- July 13, grew to consume it disclosed in securities filings branches touched the com- said Nick Bunker, an econo- levels, at 61.8% in November
ploded to become the second- nearly a million acres across that it may face at least $1.15 pany’s wires. The company mist at Indeed. and well below January
largest in state history. five counties and blackened billion in related liability costs. sought bankruptcy protection “The low-wage sectors di- 2020’s level of 63.4%.
Officials with the California large swaths of scenic forest, The Dixie Fire ignited in the in 2019 and emerged in 2020 rectly impacted by the pan- Angela Jia Kim, owner of
Department of Forestry and including much of Lassen Vol- vicinity of the Camp Fire, after settling fire-related demic continued to be the Savor Beauty & Spa in New
Fire Protection, or Cal Fire, canic National Park. It de- which killed 84 people and de- claims for $25.5 billion. source of much of the ele- York City, employs 20 people
said in a statement late Tues- stroyed more than 1,300 struc- stroyed the town of Paradise Shortly after the Dixie fire vated quitting,” Mr. Bunker selling skin-care products on-
day that the fire started after tures, including the small in November 2018. It was the started, PG&E Chief Executive said, adding that he is watch- line and services at two loca-
a tree came into contact with town of Greenville, and left deadliest fire in California his- Patti Poppe announced a plan ing to see the extent to which tions. Ms. Kim said she has
the company’s electrical distri- one person dead. tory. to bury 10,000 miles of distri- the conditions continue in the faced turnover in workers
bution lines in the forested Butte County officials PG&E’s equipment has ig- bution lines. new year. since she rehired staff as the
Several industries are economy improved at the be-
bearing the brunt of persis- ginning of last year.

U.S. Wins Ruling on Canada Dairy Tariffs tently elevated quits, includ-
ing retail, leisure and hospi-
tality, professional and
business services, and health-
“I had maybe two or three
just say that they’re moving
to Colorado or Arizona,” she

BY JOSH ZUMBRUN care and social assistance.

WASHINGTON—Canada will
“Everyone’s feeling the
quit rate,” said Diane Swonk,
Workers have been
be forced to end tariffs on U.S. chief economist of Grant quitting for higher
dairy products under a mile-
stone decision on Tuesday that
Thornton. “But there’s no
question that it’s harder for
wages, flexibility or
could allow American dairy smaller firms with lower- other opportunities.
farmers to increase sales to wage workers who are having
Canada by more than $200 mil- to compete with larger
lion annually. firms.”
The ruling came in the first- Ms. Swonk said larger said. “They just left with no
ever use of a new dispute reso- companies have more of an notice.
lution panel established by the ability to absorb the shock of “I think it was the stress. It
U.S.-Mexico-Canada Agreement. quickly raising wages to at- was stressful because of the
The U.S. contended that Canada tract workers without having new normal. It wasn’t the
used a complex set of tariff- to pass costs to consumers, way we were doing business
rate quotas to reserve a share unlike smaller businesses. before because now there are
of the dairy market exclusively Workers have been quit- way more sanitation proto-
for Canadian dairy processors ting their jobs for higher cols,” she said.
in violation of the 2020 pact. wages, more flexibility, or for Ms. Kim said she also has
ALEX FILIPE/REUTERS

“Today’s decision is an im- better opportunities else- struggled filling vacancies for
portant victory for U.S. dairy where, economists said. In both the front desk and for
farmers,” said Jim Mulhern, the the healthcare industry, work- estheticians. “It’s just been
president of the National Milk ers are also quitting because really tough to find the right
Producers Federation. “The of continued pressures from people for the right open-
United States and Canada nego- The ruling by a trade-dispute panel could allow U.S. dairy farmers to increase Canada sales. the pandemic, Ms. Swonk ings,” she said.
tiated specific market-access said. The quits rate for the Workers have remained on
terms covering a wide variety gives credibility to a recent Canadian dairy had been come into full compliance with healthcare industry reached a the sidelines as the pandemic
of dairy products, but instead trade agreement at a time when omitted from 1994’s North its obligations on dairy.” seasonally adjusted 3% in No- continued. Some workers
of playing by those mutually the current administration has American Free Trade Agree- Canada’s dairy producers vember, a record high since have retired, while others
agreed upon rules, Canada ig- expressed doubts about the ment, the precursor to the have long fought against open- record-keeping began in faced child-care issues or
nored its commitments.” benefits of trade agreements USMCA. ing their market. The country 2000. were fearful of Covid-19 in
Canada didn’t commit to a and has not initiated any new “This historic win will help has around 11,000 commercial “Between burnout, fatigue, the workplace.
specific course of action, but negotiations,” said Jessica Was- eliminate unjustified trade re- farms that hold substantial and those who are sick, the The Omicron variant could
acknowledged the Feb. 3 dead- serman, a longtime Washington strictions on American dairy sway because they are located quitting just intensifies the dent the labor market if
line to resolve the matter. In a trade attorney and partner at products, and will ensure that in a politically important region: stress on our healthcare sys- school closures and child-care
joint statement, Canada’s min- WassermanRowe LLC. the U.S. dairy industry and its rural central Canada, especially tem as a whole, and that’s disruptions in particular limit
isters of trade and agriculture The Trump administration workers get the full benefit of French-speaking Quebec. probably due to the Delta people’s ability to work, Ms.
said they “continue to stand up filed an initial complaint about the USMCA to market and sell To protect those interests, wave. We’ve got a collision of Swonk said.
for its dairy industry, farmers Canada’s dairy quotas in De- U.S. products to Canadian con- Canada uses a quota system it Omicron, the Delta wave and Some K-12 schools have al-
and workers and the communi- cember 2020, leading to discus- sumers,” said U.S. Trade Rep- calls supply management. Sup- other illnesses,” Ms. Swonk ready changed plans for stu-
ties they support.” sions between the two nations resentative Katherine Tai, the porters say the system helps to said. dents’ returning from the hol-
If Canada doesn’t come into but no resolution. Biden administration’s top stabilize prices and domestic ca- U.S. job openings and iday break, either temporarily
compliance by the deadline, the Last May, the U.S. escalated trade negotiator. pacity of a nutritional necessity. workers’ willingness to leave starting school remotely or
U.S. could begin the process of that complaint and triggered Rep. Kevin Brady (R., Even with the restrictions in positions have remained ele- canceling classes.
initiating tariffs or other coun- the dispute resolution process Texas), the Republican leader place, Canada is typically the vated with an imbalance be- “The biggest thing to
termeasures. of the USMCA for the first of the House Ways and Means No. 2 market for U.S. dairy ex- tween openings and available watch is participation—if
Although Canada said as- time. The three-member dis- Committee, which has jurisdic- ports, after Mexico, so further workers. Omicron affects it,” Ms.
pects of the ruling were in its pute resolution panel was tion over trade deals, ap- opening of its market could be a In November, 6.9 million Swonk said. “That’s what I’m
favor, the panel’s report con- chaired by Elbio Rosselli, a dip- plauded the USTR. “I com- win for U.S. producers. Accord- people were unemployed but really worried about as we
tained only one ultimate find- lomat from Uruguay, under mend USTR for using USMCA’s ing to the International Trade said they want work, meaning get into January.”
ing—that Canada’s practices USMCA rules to ensure that new enforcement mechanism Commission, the USMCA—if
were inconsistent with its obli- panelists are independent and to achieve this important re- implemented as negotiated— Four and a half million employees quit their jobs in November as
gations in the trade deal. have expertise in international sult,” he said. “Canada must would boost U.S. dairy exports the quits rate matched its record level last seen in September.
“This is a big deal because it law and trade treaties. now do the right thing and to Canada by $227 million.
Monthly U.S. quits rate* U.S. job openings, monthly
Nov. 2021
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*The number of quits during the entire month as a percent of total nonfarm employment
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 THE WALL STREET JOURNAL. * * Wednesday, January 5, 2022 | A3

U.S. NEWS

Cases Soar
As Omicron
Takes Hold
BY ANTHONY DEBARROS Daily reported Covid-19
AND RHIANNON HOYLE cases in the U.S.
Jan. 3
1,000,000
More than one million new 1,082,549
Covid-19 infections were re- (includes backlog
ported in the U.S., a sign of of unreported cases
over the holidays)
the rapid spread of the Omi- 800,000
cron variant that public-health
experts said is only partially
captured by official data. 600,000
The U.S. reported a record 7-DAY MOVING
1.08 million Covid-19 infections AVERAGE
on Monday as most states 480,273
400,000
worked to clear backlogs after
pausing during the New Year’s

RICK BOWMER/ASSOCIATED PRESS

holiday. The reports pushed
the seven-day average of daily 200,000
reported infections to 480,273,
according to a Wall Street
Journal analysis of Johns Hop- 0
kins University data. That level
Dec. Jan.
is nearly double the peak 2021 ’22
reached at the height of last
Note: For all 50 states and D.C., U.S. territories
winter’s case surge. and cruises. As of Jan. 3, 2022.
U.S. case data has always Source: Johns Hopkins University People lined up for Covid-19 tests at the Salt Lake County Health Department in Utah on Tuesday. Omicron makes up 95% of new U.S. cases.
underreported the true num-
ber of infections, according to The agency stopped short of CDC estimated. The CDC esti-
public-health experts. A num- saying people must get a test CDC Backs Booster ommendation Tuesday for mod- on Monday. mated that Omicron was re-
ber of factors are making before going back to work or erately and severely immuno- The FDA also cleared boost- sponsible for 77% of infections
tracking the Omicron surge resuming social activities. For At-Risk Children compromised children 5 to 11 ers for 12- to 15-year-olds, but in the week through Dec. 25
particularly tricky, they said. The agency said if an in- years old. It also said that peo- the CDC is waiting to issue a and 38% of infections in the
Over the holidays, many states fected person has access to ple who received the vaccine recommendation until its advi- week through Dec. 18. The
slowed reporting on key testing and wants to get tested, The Centers for Disease from Pfizer and partner BioN- sory panel meets Wednesday to CDC has revised the estimates
Covid-19 metrics and then the best method would be to Control and Prevention recom- Tech should receive a booster discuss expanding the shots to in recent weeks as the variant
started to catch up afterward. use an antigen test, also known mended that many children with dose five months after their adolescents. has spread.
Omicron has also triggered a as a rapid test, toward the end weakened immune systems get second shot, shortening the Fully vaccinated children The Biden administration
surge in testing demand and of their five-day isolation pe- a Covid-19 booster from Pfizer timeline by a month. ages 5 to 11 who aren’t immu- doubled its purchases of
slowed the processing of re- riod. The person should con- Inc. and BioNTech SE four The decisions follow the nocompromised don’t currently Pfizer Inc.’s antiviral pill and
sults in some places. And at- tinue to isolate until day 10 if weeks after their second shot. Food and Drug Administration’s need boosters, the FDA said. pledged to make 10 million
home test results often aren’t the test is positive, but can end The agency issued the rec- authorization of both measures —Felicia Schwartz treatment courses available by
reflected in state data. isolation after five days if they the end of June, the company
“Case data right now is be- get a negative result, as long as and a senior administration
ing diluted by all of these the individual wears a well-fit- Hospitalizations for con- parisons between pandemic of daily reported Covid-19 official said. The pill, called
complicating factors,” said ting mask around others. firmed or suspected Covid-19 surges. deaths was 1,236 on Monday, Paxlovid, is available in some
Beth Blauer, the data lead for Antigen tests, which hunt cases reached a seven-day av- The number of cases re- according to Johns Hopkins parts of the U.S. in limited
the Johns Hopkins Coronavi- for pieces of virus protein, erage of 105,138 on Tuesday, ported for the U.S. Monday data. That average has re- quantities as Pfizer has
rus Resource Center, which work best when people are according to data posted by didn’t include data from six mained relatively unchanged in started ramping up produc-
tracks pandemic numbers carrying a lot of virus and are the U.S. Department of Health states, which either don’t is- recent weeks. Reports of deaths tion. Ten million more courses
around the globe. most likely to be infectious. In and Human Services. That is sue daily reports or hadn’t re- tend to lag three to five weeks of treatment will be available
The Centers for Disease contrast, molecular PCR tests up 51% in the past two weeks sumed after their holiday behind cases, so many deaths in the U.S. by the end of Sep-
Control and Prevention on search for pieces of the virus’s but below the pandemic peak blackout. Georgia, on its state that result from the Omicron tember, Pfizer said.
Tuesday updated its guidance genetic material, which may of 137,510 on Jan. 10, 2021. dashboard, said it didn’t re- surge will likely not appear in —Brianna Abbott
for people infected with the linger weeks after an infec- While Covid-19 tests remain in port on Monday because of “a reports until later in January. contributed to this article.
coronavirus, including new de- tion. People can still test posi- short supply in much of the large amount of data over- Omicron caused some 95%
tails for people who want to tive, even if they are likely no U.S., testing was less robust whelming the system.” of U.S. Covid-19 infections in  Price of test kits will rise at
test before leaving isolation. longer contagious. last year, complicating com- The U.S. seven-day average the week through Jan. 1, the Walmart and Kroger.............. B1

Prince
Wants
Abuse Case
Dismissed
PETER CIHELKA/THE FREE LANCE-STAR/ASSOCIATED PRESS

BY JAMES FANELLI
AND MAX COLCHESTER

A lawyer for Prince Andrew

argued in federal court in New
York on Tuesday that a lawsuit
accusing the British royal of
sexually abusing a teen two de-
cades ago should be thrown out.
Prince Andrew was sued
last year by Virginia Giuffre,
who said that disgraced finan-
cier Jeffrey Epstein and his
A tow truck pulled a vehicle off I-95 South and onto Route 234 in Dumfries, Va., on Tuesday. Police said no one was hurt in the saga. confidante, Ghislaine Maxwell,
forced her to have sex with the

Jam Left Virginia Drivers Stuck for Over a Day

royal in the early 2000s. At
the time, she was under 18
years old, the lawsuit says.
At a hearing on Tuesday,
BY OMAR ABDEL-BAQUI Capitol that to preserve gas he 9:30 a.m. Tuesday, they said. spokeswoman Lauren Opett U.S. District Judge Lewis Kap-
AND ALEXA CORSE turned his car on and off. “After Victoria went to said. “During hazardous lan said he would decide in
Washington D.C.
“What I would do is, I would sleep, I cried,” Ms. Fuentes weather situations, the Guard the near future on the motion
A traffic jam that left many turn on the engine and the 66 said. “You feel a sense of hope- receives their missions to dismiss the lawsuit.
495
drivers stranded in their cars heater full blast for 10 minutes, lessness, and it’s more nerve- through us at VDEM and is not Whatever Judge Kaplan de-
without supplies ended Tues- that would heat up the car, and racking as a parent.” able to respond to direct sup- cides, Prince Andrew is likely
day evening, capping a period then I would turn it off and see Tuesday afternoon, the port requests from the public.” to remain an awkward pres-
of more than 24 hours where how long I could not turn it on. mother and daughter were able A spokeswoman for Mr. ence in the House of Windsor.
food and water was rationed, And I could usually go for Dumfries MARYLAND to exit I-95 onto side streets Northam didn’t immediately Officials worry the allegations
blankets were coveted and gas about an hour or so,” he said. that were backed up with vehi- respond to a request for com- aired in New York could per-
levels sank on Interstate-95 Mr. Kaine, who was travel- cles leaving the interstate. Ms. ment about whether the Guard manently taint the wider fam-
95
south of Washington, D.C. ing by himself, said people got Fuentes said she planned to would be activated. ily as it slowly transitions
The bottleneck, which af- out of their cars to chat with rest and then navigate back Republican Todd Gilbert, power from the 95-year-old
fected what appeared to be one another and one family— Fredericksburg roads to North Carolina before speaker-designee of the Vir- Queen Elizabeth II toward her
hundreds of drivers—including on their way from Florida— re-entering I-95 to complete ginia House of Delegates, said eldest son, Prince Charles.
a U.S. senator—was a result of handed out oranges. Stretch of the East Coast journey. The in- the Virginia National Guard A week ago, a jury in New
a winter storm that dumped 14 There were no deaths or in- I-95 closed terstate extends from Maine to should be activated. “The best York convicted Ms. Maxwell of
inches of snow and a jack- juries related to the incident, Florida and runs through sev- time to do this was last night. sex-trafficking charges for re-
knifed semi-truck that sparked police said. eral major East Coast cities. The second best time is now,” cruiting and grooming under-
a chain reaction of vehicles los- “We were prepared for the VIRGINIA Ms. Fuentes and Ms. Flecha he said Tuesday morning. age teens to perform sex acts
ing control, officials said. storm,” where a few inches of said officials seemed ill-pre- Scott Haun, 37, said he left on Epstein. During her three-
“Less than 20 vehicles left snow were predicted, Virginia pared for the storm. “This is his home in Fredericksburg on week trial, Prince Andrew’s
to be removed from the inter- Gov. Ralph Northam, a Demo- Ashland the first time in my life I’ve Monday around 6 p.m. to pick name was mentioned as one of
state before plow trains will crat, said in a call with report- encountered such dysfunc- up friends from Dulles Inter- several prominent figures to
come through to remove snow ers Tuesday afternoon. “In- 295
10 miles tion,” said Ms. Fuentes, a mid- national Airport. He didn’t fly on Epstein’s private jet.
and ice from the travel lanes,” stead Mother Nature sent dle-school teacher. make it to the airport and At Tuesday’s hearing, An-
the Virginia Department of more than a foot.” Richmond Traffic cameras were out of ended up stuck on Route 1. Mr. drew Brettler, a lawyer for
64
Transportation said on Twitter Earlier Tuesday, Mr. service due to power outages, Haun said he made it home Prince Andrew, denied Ms.
at 5:15 p.m. Tuesday. Northam said an emergency which left the Virginia Depart- early Tuesday afternoon, after Giuffre’s allegations and said
Many, including Sen. Tim message was transmitted to Source: Virginia Department of Transportation ment of Transportation Fred- roughly 20 hours on the road. she was prohibited from suing
Kaine (D., Va.), spent Monday stranded drivers to connect ericksburg office at some Mr. Haun, an engineer, said the prince because of a 2009
night and much of Tuesday in them with support as respond- The mother and daughter points unable to confirm spe- he had eaten some candy and settlement agreement she
their cars amid freezing tem- ers cleared downed trees, as- conserved gasoline by turning cific affected locations, the had a few bottles of water. He signed with Epstein.
peratures. “After 27+ hours on sisted disabled vehicles and their car’s engine on and off in agency said Monday. said he had about a quarter Judge Kaplan questioned
the road from Richmond to rerouted drivers. 30-minute intervals and had The Virginia National Guard tank of gas left and that he was Mr. Brettler’s reasoning, say-
DC, @timkaine is safely back Amanda Fuentes, 34 years blankets to stay warm. They wasn’t activated pre-emptively glad he drove a pickup truck. ing the language was vague as
in the Capitol. Still in good old, and her daughter, Victoria used the bathroom in a Grey- or to help with recovery ef- “I’m just hanging out,” he to who was considered a po-
spirits!” Mr. Kaine’s spokes- Flecha, 14, were stuck on I-95 hound bus that was stranded forts, officials said. said while stranded. “There’s tential defendant.
woman, Katie Stuntz, tweeted for 23 hours en route from near them. Law enforcement “It can take anywhere from nothing I can do except sit David Boies, a lawyer for
Tuesday afternoon. their old hometown of New began distributing water, 12 to 24 hours to bring them here.” Ms. Giuffre, said the 2009
Once back in Washington, York City to the home they re- snacks and first-aid in the area on duty,” Virginia Department —Eliza Collins agreement didn’t protect
Mr. Kaine told reporters at the cently moved to in Florida. they were stuck in at around of Emergency Management contributed to this article. Prince Andrew from litigation.
 A4 | Wednesday, January 5, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Spending Package
On Hold for Now
BY ANDREW DUEHREN “I’ve never turned down
talks with anybody, I really ha-
WAS H I N GT O N — S e n a te ven’t,” he said, while adding
Democrats put the party’s mar- he wasn’t participating in any
quee economic package on ice, talks on the bill. “There is no
shifting their attention to pass- negotiations going on at this
ing elections legislation as they time,” he said.
consider how to overhaul the A White House official said
roughly $2 trillion education, the Biden administration was
healthcare and climate bill. in touch with several lawmak-
Sen. Joe Manchin (D., ers about a path forward on the
W.Va.), whose support Demo- bill, the Build Back Better Act.
crats need to advance the bill Senate Majority Leader
in the 50-50 Senate, last Chuck Schumer (D., N.Y.) said
month said he was opposed to Tuesday that he touched on
the package, scuttling Demo- Build Back Better in discus-
crats’ hopes of quickly passing sions with Mr. Manchin over
SHAWN THEW/EPA/SHUTTERSTOCK

the centerpiece of President the break and that the Senate

Biden’s legislative agenda. Mr. would hold a vote on the bill.
Manchin is pushing for the “We will keep working until
party to restructure the bill, we get something done,” he
which would provide funding said.
for initiatives including With the future of the eco-
healthcare subsidies, child nomic package in doubt, Sen-
care subsidies and housing. ate Democrats are instead fo-
But lawmakers haven’t yet cusing on an effort to pass
Sen. Joe Manchin said that any move to change or eliminate the filibuster should have support from Republicans as well as Democrats. started the process of doing elections legislation. Because
so. While Mr. Manchin indi- Republicans are unanimously

Push on Filibuster Is Stymied

cated Tuesday that he could opposed to the elections bill,
be open to reopening discus- blocking it several times last
sions on the bill, he raised year, Democrats are discussing
many of his same concerns possible changes to the 60-
about it, including its possible vote threshold for advancing
Manchin largely a rules change that would cre- the bedrock of all other rights. pass voting legislation. “There impact on inflation. most legislation in the Senate.
ate a nuclear option; it’s very, Mr. Manchin said that making is no such thing as a narrow
deflates Democrats’ very difficult,” he said about an exception for one bill would exception,” he said.
hopes of altering
Senate procedures
lowering the filibuster thresh-
old. “So it’s a heavy lift.”
His comments came as many
open the floodgates to excep-
tions for other legislation, ul-
timately rendering the filibus-
Most recently, Democrats
had been discussing ap-
proaches that fell short of
Trump Cancels Event
BY SIOBHAN HUGHES
Senate Democrats have stepped
up their calls for altering the
filibuster to make it easier to
ter meaningless.
“Any time there’s a carve-
out, you eat the whole turkey,”
eliminating the filibuster alto-
gether, and Mr. Schumer said
Tuesday that lawmakers were
He Had Set for Jan. 6
WASHINGTON—Sen. Joe pass legislation. On Monday, he said. “There’s nothing left.” looking at a variety of changes BY SIOBHAN HUGHES would instead hold a rally on
Manchin (D., W.Va.) cast doubt Senate Majority Leader Chuck Changing or eliminating the but didn’t give details. Jan. 15 in Arizona. He criticized
on a Democratic push to Schumer (D., N.Y.) said that filibuster would require only Among Democrats’ ideas are WASHINGTON—Former what he called the committee’s
change Senate procedures to Democrats would put elections 50 votes in the evenly divided applying a twist to the 60-vote President Donald Trump can- bias and dishonesty.
weaken the minority party’s legislation on the floor and then Senate, with Vice President Ka- threshold, by requiring 41 sen- celed a planned news confer- The House lawmakers said
power, dealing a blow to party would attempt to enact rules mala Harris breaking a tie. But ators to show up in person to ence on Jan. 6 as the House that Mr. Hannity had relevant
leaders’ effort to change the changes if Republicans again fil- the Democrats’ strategy had al- block legislation, rather than select committee investigating communications while the riot
filibuster and advance their ibustered the legislation. ready been on shaky ground requiring 60 senators to show the attack on the U.S. Capitol was under way and in the days
elections bills. An aide to Mr. Schumer said due to misgivings expressed up in support. Such a change asked Fox News host Sean following it. The panel’s leaders
In comments to reporters that the Democrat was refer- last year by Mr. Manchin and would have the effect of forc- Hannity to voluntarily answer pointed to Mr. Hannity’s text
Tuesday, Mr. Manchin said he encing both the “For the People Sen. Kyrsten Sinema (D., Ariz.). ing senators to be on hand at questions about his communi- messages, such as one on Jan.
was engaged in talks about Act,” which would have the ef- Mr. Manchin’s reluctance to all times, because it would be cations with the White House. 5, 2021, in which the committee
possible changes to the filibus- fect of mandating mail-in voting change the Senate’s procedures paired with the right to call a Committee Chairman Bennie said he wrote, “Im very worried
ter rule, which currently re- and absentee voting nationwide, reaffirms that it remains a vote at any time, Democrats Thompson (D., Miss.) and Vice about the next 48 hours.”
quires the votes of 60 senators among other changes, and a bill long shot to make any changes and activists briefed on the Chairwoman Liz Cheney (R., Asked for comment, a Fox
to advance most bills. But, he named after the late Rep. John or enact new voting measures. conversations said. Wyo.) said in a letter to Mr. spokesman forwarded a state-
said, any changes should have Lewis that would restore the “It’s an uphill fight,” Mr. Late Tuesday, after a meet- Hannity on Tuesday that their ment from Mr. Hannity’s law-
the buy-in of Republicans as power of the federal govern- Schumer said Tuesday about ing of Democrats including Mr. panel had information that the yer, Jay Sekulow, who said that
well, and he was leery of Dem- ment to approve state election- the prospects for changes to Schumer, Mr. Manchin said the television host had advance if such a letter were sent, “it
ocrats going it alone. law changes in states with a the filibuster. talks were productive while re- knowledge about the planning would raise serious constitu-
“Any way you can do a history of racial discrimination. Senate Minority Leader iterating his support for the for Jan. 6, 2021, by Mr. Trump, tional issues including First
rules change to where every- Mr. Manchin also rejected Mitch McConnell (R., Ky.) ac- filibuster, saying it “needs to and was providing advice. Amendment concerns regarding
one’s involved and basically the idea of making an excep- cused Mr. Schumer of being stay in place.” But he also Mr. Trump issued a state- freedom of the press.”
that’s a rule that usually will tion to the filibuster for voting “hellbent to try to break the named modest changes he ment shortly after the panel’s Fox News parent Fox Corp.
stay—that’s what you should legislation. Some Democrats Senate.” Mr. McConnell criti- could back, including remov- request, saying he was canceling and Wall Street Journal parent
be pursuing,” Mr. Manchin had floated that idea on the cized the idea of a carve-out ing the filibuster on allowing a a planned Jan. 6 news confer- News Corp share common own-
told reporters. “Being open to grounds that voting rights are to filibuster rules in order to bill to proceed to debate. ence at his home in Florida and ership.

FROM PAGE ONE

Toyota to comment on the company’s

sales ranking. He said GM has
given priority to its bestselling
shoppers surfaced, looking to
spend their savings from the
pandemic lockdown on new
higher savings rates that would
help support shoppers.
Lofty prices are expected to

Tops GM in products—large pickup trucks

and sport-utility vehicles—and
expects sales growth this year
wheels. But by summer, the
chip shortage that had been
hobbling factory schedules
persist, as the seller’s market
created by the inventory
crunch continues, analysts

U.S. Sales as the chip shortage abates.

Other foreign auto makers
and electric-car maker Tesla
world-wide resulted in nearly
bare dealership lots, curbing
sales in the second half.
said. The average price paid
for a new vehicle hit a record
$45,700 in December, 20%
Inc. also surged ahead in U.S. Forecasters expect another higher than a year earlier, J.D.
Continued from Page One sales in 2021, siphoning mar- muted year of vehicle sales, Power estimates. Record used-
AGUSTIN MARCARIAN/REUTERS

makers on a recovering U.S. ket share from Detroit, accord- even though the chip shortage vehicle pricing is contributing
car market and cut parts and ing to company reports and is expected gradually to ease in to strong new-car prices, J.D.
production orders less sharply analyst forecasts. the coming months. Auto exec- Power said, because buyers
than rivals, making it better Hyundai Motor Co. of South utives have said it could take trading in old vehicles have
prepared for an eventual surge Korea, for the second year in a the entire year to substantially more money to work with.
in consumer demand. row, notched sizable share replenish dealership invento- The uneven disruption to
While Toyota executives said gains, selling 738,081 vehicles ries, which likely would curtail production schedules jumbled
they were successful in navigat- in 2021 and boosting sales by sales despite what dealers said the pecking order among auto
ing some of last year’s supply- about 19% over the prior year, The Japanese car maker benefited from stockpiling computer is strong underlying demand. makers in 2021. While supply-
chain constraints, they don’t the company said Tuesday. chips ahead of global supply disruptions. A plant in Argentina. Edmunds.com expects U.S. chain problems have affected
view the lead over GM as a per- Mazda Motor Corp. and Honda sales to reach 15.2 million ve- all auto makers, GM and Ford
manent shift in the industry’s Motor Co. also posted stron- in the U.S. last year, according after the latest sales results hicles in 2022, up slightly were among the hardest-hit,
closely watched sales rankings. ger-than-average sales last to a forecast from research and news that Ford Motor Co. from the expected final num- each having scrapped over
“To be clear, this is not our year, company results show. firm J.D. Power. That total plans to double production of bers last year. Analysts at RBC 600,000 planned vehicles in
goal, nor do we see it as sus- Research firm Cox Automo- would be up slightly from its new all-electric truck, after Capital are more bullish, peg- North America, according to
tainable,” said Jack Hollis, tive estimates Tesla’s U.S. 2020, when the onset of the a rise in reservations. ging the total at about 15.8 AutoForecast Solutions LLC.
Toyota’s senior vice president sales jumped 61% over the Covid-19 pandemic hurt car Ford’s stock closed nearly million vehicles, with an ex- Stellantis NV, which owns
of operations in North Amer- prior year, achieving the big- sales for part of that year. But 12% higher. GM’s stock rose pected surge later in the year. Jeep, Ram and other brands,
ica. He added that the com- gest percentage gain among it is a sharp drop from the 7.5%, while Toyota’s American Toyota executives said they was also affected by the chip
pany doesn’t expect to use its auto makers. Tesla doesn’t mark of 17 million vehicles that depositary receipts hit a new expected U.S. auto sales to crisis. It reported total U.S.
dethroning of GM last year in break out U.S. sales. the industry had eclipsed for high of $199.19, up nearly 7%. grow to about 16.5 million ve- sales were down 2% in 2021.
its advertising. Overall, auto makers sold five straight years before that. U.S. vehicle sales set a blis- hicles this year, lifted by his- —Ben Foldy
A GM spokesman declined just shy of 15 million vehicles Auto stocks rallied Tuesday tering pace last spring as car torically low interest rates and contributed to this article.

BlackBerry BlackBerry in someone’s hands.

“It was kind of exciting to see,”
said Mr. Millman, 58. “I wanted
didn’t respond to a request for
comment, and neither did ma-
jor carriers AT&T, T-Mobile or
placement on eBay. “Reality is
starting to set in & I’m getting
sad,” she tweeted at the time.
have to pry it out of my cold,
dead hands.”
Mr. Balsillie decided three
Carol Miller of London has
found another use for a touch-
screen BlackBerry she had to

Die-Hards to reach out and touch it.”

The BlackBerry, once cut-
ting-edge technology that al-
Verizon Wireless.
First launched as a text
pager in 1996 by Canadian com-
Carrie Bradshaw is still clinging
to a BlackBerry. The fictional
character, played by Sarah Jes-
years ago to switch his Black-
Berry for an Android phone
with a licensed BlackBerry
stop using about a year ago: an
alarm clock. There’s no chance
of it ringing in the middle of

Struggle lowed executives, world lead-

ers and reality-TV stars to
send emails from the palm of
pany Research In Motion Ltd., a
BlackBerry phone came a cou-
ple of years later. It started to
sica Parker, is seen texting on
one in the “Sex and the City”
reboot that made its debut last
keyboard because he said it
offered superior phone secu-
rity. It also offered a hub of
the night with a call, she said.
Although, Ms. Miller wishes she
could still use it as a phone.
their hand for the first time, is look outdated in 2007, when BlackBerry software and ser- “Such a shame all this,”
Continued from Page One near death. Apple Inc. released the touch- vices such as texting, email, said Ms. Miller, 54. “For me,
Berrys from the past 20 years BlackBerry Ltd. said in Sep- screen iPhone. Android smart- calendars and tasks. “The sad they were the best phones.”
stashed in a desk drawer. tember 2020 that it would phones soon came after.
‘Such a shame all day for me will be when they In a blog post Tuesday,
Claude Millman adored his eventually pull the plug, mak- BlackBerry handset sales this,’ said one fan. kill the hub and I’m not kid- BlackBerry CEO John Chen
BlackBerry phones so much, ing the phones unable to make peaked at 52.3 million in 2011 ding myself, that might hap- said that it was the end of an
two of them now hang in a calls, send texts or dial 911. It before swiftly declining. But
‘For me, they were pen,” he said Monday. Black- era, as the company has
frame in his New Jersey lake is part of BlackBerry’s shift fans who liked the feel of the the best phones.’ Berry didn’t respond to a shifted into new areas. “Letting
house. He had to break up with from making phones to selling physical button keyboards request for comment. go of the past is always bitter-
BlackBerry in 2019, when his security software to corpora- kept the BlackBerry alive. Duane Bratt fears that day sweet, even when a brighter
phone died and he couldn’t tions and governments. The Former President Barack will come soon. The political- future awaits,” he said.
find a replacement. The curva- company said it could have cut Obama, who used a BlackBerry month on HBO Max and takes science professor from Cal- “We have been holding off
ture of the keyboard was ad- service sooner, but the 16- while campaigning, kept using place in the present day. gary, Canada, uses a Key2, but on decommissioning the Black-
dicting, he said, and allowed month notice was “an expres- it until at least 2016, his last Former BlackBerry CEO Jim worries there won’t be any fu- Berry service out of loyalty to
the New York civil litigator to sion of thanks” to loyal users. year in office. Reality-TV star Balsillie was so attached to the ture phones to replace it with. our customers for a long time,”
write affidavits or long emails It’s unclear how many peo- Kim Kardashian gave it up in phone that after he resigned “I’ve tried to resist the Ap- he said.
with ease. At a hotel lobby in ple were still using an older 2016 when her BlackBerry Bold from the company in 2012 he ple cult, but it’s getting —Jacquie McNish
Paris recently, he spotted a BlackBerry. The company died and she couldn’t find a re- told a Toronto audience “you’ll harder,” said Mr. Bratt, 54. contributed to this article.
 THE WALL STREET JOURNAL. * * * * Wednesday, January 5, 2022 | A5

U.S. NEWS

Cuomo Won’t Face

Harassment Charge
BY JIMMY VIELKIND Mr. Soares, a Democrat, Mr. Cuomo resigned from
said his office found Ms. Com- office in August amid an im-
ALBANY, N.Y.—Albany misso cooperative and credi- peachment inquiry and after
County prosecutors said Tues- ble, but it was dropping the an investigation by state At-
day that they wouldn’t move charge because “after review torney General Letitia James
forward with a misdemeanor of all the available evidence concluded he sexually ha-
sex crime charge against for- we have concluded that we rassed multiple women, in-
mer Gov. Andrew Cuomo, re- cannot meet our burden at cluding Ms. Commisso. Mr.
moving the most immediate trial.” Cuomo has denied touching

SETH WENIG/ASSOCIATED PRESS

legal threat to the embattled “I, like most New Yorkers, anyone inappropriately, and
Democrat. remain deeply troubled by al- said Ms. James, a fellow Dem-
Mr. Cuomo was charged in legations like the ones at issue ocrat, was politically moti-
October with forcibly touching here,” Mr. Soares said. “Al- vated.
his assistant Brittany Com- though avenues for criminal Prosecutors informed Ms.
misso during a 2020 encoun- prosecution in these cases are Commisso of their decision
ter at the Executive Mansion sometimes limited, I encour- not to move forward with the
in Albany. Ms. Commisso age victims of workplace ha- case during a meeting on
spoke to investigators working rassment and abuse to con- Monday, according to a person Former New York Gov. Andrew Cuomo seen after announcing his resignation on Aug. 10.
for Albany County Sheriff tinue to come forward and familiar with the matter. Ms.
Craig Apple, whose office filed bring these issues to light so Commisso didn’t return mes- will do in due course,” he said. Mr. Apple’s investigator in- pushed back Mr. Cuomo’s ar-
the charge against Mr. Cuomo that these important discus- sages seeking comment. Mr. Apple didn’t return cluded portions of Ms. Com- raignment date, saying in a
without coordinating with the sions can continue.” The Albany Times Union calls seeking comment. misso’s sworn testimony along Nov. 4 letter that Mr. Apple’s
district attorney, P. David The criminal charge repre- earlier reported the meeting Ms. Commisso told Ms. with their complaint, as well complaint was “potentially de-
Soares, officials said. sented the most pressing legal Monday. James’s investigators that Mr. as other records corroborating fective” because it didn’t in-
A lawyer for Mr. Cuomo concern for Mr. Cuomo, who is Brian Premo, an attorney Cuomo groped her breast over her presence at the mansion clude proof that Ms. Com-
didn’t return requests to com- also being investigated for the representing Ms. Commisso, her bra after she was sum- on Dec. 7, 2020. The complaint misso’s statement to Ms.
ment. He has denied the potential misuse of state re- said she had no control over moned to help him use his didn’t attach another part of James was made under oath.
charge, and his lawyer said sources in the production of the prosecutors’ decision. cellphone in the Executive Ms. Commisso’s testimony in And “even more troubling,”
Mr. Apple’s timing was politi- his pandemic memoir, as well “The only thing she has any Mansion. which she said Mr. Cuomo Mr. Soares said, the sheriff’s
cally motivated. The former as the state’s Covid-19 policies power over is her resolution The former governor has slammed the door of his office filing “excluded other portions
governor was set to be ar- in nursing homes. He has de- to continue to speak the truth said he often hugged and after groping her rather than of her testimony where she
raigned Friday in Albany City nied wrongdoing on both and seek justice in an appro- kissed people he met at before. described the very same acts
Court. fronts. priate civil action, which she events. Mr. Soares’s office had described in the complaint.”

U.S. WATCH
TEXAS at crossings that will allow po-
lice to ticket drivers who go
State Sues U.S. Over around guardrails.
National Guard Rule —Associated Press

Texas Gov. Greg Abbott sued COLORADO

the Biden administration Tuesday,
seeking to halt a requirement Wildfire Contained,
that National Guard members be But Risks Remain
vaccinated against Covid-19.
Earlier in the day, Mr. Abbott Colorado firefighters have
sent a letter to the Texas Mili- boxed in the big fire that de-
tary Department, ordering it not stroyed nearly 1,000 homes in

Your
to force Texas Guardsmen to re- their effort to prevent it from
ceive vaccines. “Unless President spreading, but officials warned
Biden federalizes the Texas Na- Tuesday that gusty winds ex-
tional Guard…he is not your com- pected ahead of a snowstorm
mander-in-chief,” the letter said. could cause flare-ups in the burn
U.S. Defense Secretary Lloyd zone between Denver and Boulder.
J. Austin III ordered in August About 200 firefighters were

vision
that all service members be vac- working to douse smoldering
cinated for Covid-19. spots in damaged buildings and
The lawsuit argues that un- bone dry vegetation that serves
less the state forces are explic- as tinder to fan wildfire flames as
itly called into service of the the gusty winds descended from
country, they remain under Mr. the Rocky Mountains.
Abbott’s control. The fire that started last

has a
The White House referred a Thursday was finally fully con-
request for comment to the De- tained on Tuesday, said David
fense Department. A spokesper- Boyd, spokesman for an incident
son for the Defense Department management team in charge of
didn’t provide comment on Mr. the fire’s suppression in Boulder
Abbott’s suit. County. The blaze burned 9.4
—Elizabeth Findell square miles in suburban areas

new home
and grassland northwest of Den-
FLORIDA ver.
Two people were still missing
Train Kills Pedestrian, on Tuesday. Crews sifted the loca-
Fifth Since Reopening tions where they lived by hand,
using small tools in their search
A Brightline higher-speed train for any remains.
fatally struck a pedestrian who —Associated Press
walked into its path Tuesday, the
fifth death involving the Florida CHICAGO
railroad since it recently resumed
operations after being shut down Rep. Rush Won’t
It’s a new era in Puerto Rico.
because of the pandemic. Seek Re-Election
Boynton Beach police said
the pedestrian was struck about Democratic Rep. Bobby Rush We have emerged as a business & investment hotspot,
7:50 a.m. of Illinois formally announced and the world is seeing us in a new light.
The recent deaths have all oc- Tuesday that wouldn’t seek a 16th
curred in the past month. None term in the U.S. House. You see opportunities where others cannot. Visionaries
of the 52 earlier deaths involving The decision from the former like you will spark new transformations. You bring change
Brightline have been blamed on Black Panther, who first won elec- to the world. Now is the time to do it from Puerto Rico,
its equipment or crews. tion in 1992, is creating a flurry of where nearly 18,000 STEM graduates hit the workforce
Investigations showed most interest among potential candi- each year. Plus, we have a highly skilled bilingual
victims were either suicidal, in- dates for the heavily Democratic workforce, an entrepreneur-friendly ecosystem, smart tax
toxicated, mentally ill or had district, which is based on the incentives, and the highest concentration of bioscience &
gone around barriers at an inter- South Side of Chicago. Under medical device industry professionals in the United States.
section to beat the trains, which newly approved congressional
travel up to 79 mph through maps, the district will stretch into For these and many other reasons, 12 of the world’s top
densely populated areas be- suburban and rural areas located 20 pharmaceutical companies already have operations
tween Miami and West Palm south and southwest of the city. on-island. With billions in federal investment and new
Beach. Mr. Rush is the 24th House advancements in infrastructure — all within U.S. legal and
Brightline officials didn't re- Democrat to announce they won’t financial frameworks — the time to invest in Puerto Rico
turn a call and email Tuesday run for re-election this year. Eleven is now.
seeking comment. The company House Republicans have said they
has installed infrared detectors won’t seek re-election this fall. For those leading the way forward, our doors are open.
that will warn engineers if any- Mr. Rush is the only person to
one is lurking near the tracks so win an election over former Presi-
they can slow down or stop. dent Barack Obama, whom he de- Game-Changers, welcome home.
Brightline has added more fenc- feated in a 2000 congressional
ing and landscaping to make primary when Mr. Obama was an
Visit investpr.org
track access more difficult and is Illinois state senator.
also installing red-light cameras —Associated Press
HAVEN DALEY/ASSOCIATED PRESS

Karen England Horan and son Robert on Tuesday looked over what
remained of her home after it was hit by a wildfire in Louisville, Colo.
A6 | Wednesday, January 5, 2022 * ***** THE WALL STREET JOURNAL.

WORLD NEWS
More Eyes Follow Russia’s Ukraine Steps
Amateur sleuths and
private analysts track U.S. Ambassador
military moves through Aims to De-Escalate
open-source intelligence
MOSCOW—The U.S. heads
BY WARREN P. STROBEL into talks with Russia next
AND MICHAEL R. GORDON week determined to defend
its allies and partners in de-
WA S H I N G T O N — R u s s i a terring Moscow from any fur-
faces a very 21st-century chal- ther incursion into Ukraine,
lenge as it piles up forces near but is also ready to engage in
Ukraine’s border: Much of its dialogue and diplomacy,
military operation is being America’s top diplomat in
carried out in plain sight. Russia said Tuesday.
Taking on a role once re- The massing of tens of
served for spies, amateur thousands of Russian troops
sleuths and analysts with pri- on the border with Ukraine
vate and nongovernmental or- has rattled Western officials,
ganizations are tracking Russia’s while demands from Russian
buildup, mining commercial sat- President Vladimir Putin to
ellite images, social-media posts redefine the security architec-
and flight-tracking data to com- ture of Europe, including issu-
pile a strikingly precise picture ing sweeping new proposals
of Moscow’s deployments—and to limit the reach of the
of the U.S. military’s efforts to North Atlantic Treaty Organi-
monitor them. zation, have been met with
Satellite photos taken by determination from the U.S.
commercial satellite and imag- and its allies to strengthen
ing company Maxar Technolo- the alliance.
gies Inc., for example, have “My hope is that we will
MAXAR

turned up an array of new units see a de-escalation in the se-

in western Russia and Crimea. curity situation in and around
In December, images revealed In December, Maxar posted images of an abandoned ammunition-storage facility near Klintsy, Russia, just north of the Ukraine border. Ukraine and that the discus-
more than 350 vehicles parked sions will lead to outcomes
at an abandoned ammunition- know whether Russia will at- posts on web forums, satellite tral Intelligence Agency analyst enemy ground movements, the that reassure all parties
storage facility near the Rus- tack, and if so, how and where. imagery and commercially who was the senior Ukraine Dec. 27 flight was the first about the peace and security
sian town of Klintsy just north “The Russian military is con- available data culled from specialist at the National Secu- time the plane had operated in in Europe and the inviolability
of the Ukraine border. ducting a buildup that is inher- smartphones that can divulge rity Council early that year. Ukrainian airspace, said Navy of sovereign borders, for ex-
“It is almost like they are ently visible, but it is doing it personal information, includ- Combining commercial satel- Lt. Cmdr. Russ Wolfkiel, a U.S. ample,” John Sullivan, U.S.
freeze-dried units,” a Maxar an- deliberately and slowly in a way ing precise location details. lite images and Twitter posts al- European Command spokes- ambassador to Russia, told
alyst said. “Just add troops and that is intended to retain opera- Russia is gathering a force lows private experts to be man. A second flight took The Wall Street Journal.
the units are ready to move!” tional surprise,” said Michael the U.S. government says num- “roughly on the same page” as place on Dec. 30. His comments come as
The use of open-source in- Kofman, an authority on Rus- bers about 100,000 troops and the U.S. intelligence community, U.S. officials have said they Washington seeks to avert a
telligence, or OSINT, isn’t new. sia’s armed forces at CNA Corp. might grow to as many as said Mr. Edmonds, also at CNA are keeping a close eye on Rus- conflict amid reports from
What has changed, former offi- “They move forces back and Corp. “It’s impressive how close sia’s forces, and that President the U.S. government that
cials and analysts say, is wider forth so you can’t know for cer- someone can be on the outside.” Biden will respond to an inva- around 100,000 Russian
and cheaper access to more tain where these troops will U.S. officials in late Decem- sion with stiff economic sanc- troops are already on
data, allowing private citizens end up until very late in the
Private citizens can ber said Russia has deployed tions, additional defense aid to Ukraine’s doorstep and the
to track the Russia-Ukraine game when there’s precious lit- provide details that 53 battalion tactical groups, Ukraine and by reinforcing posi- number might grow to as
confrontation and provide the tle time to react.” each with about 800 troops, tions on the territory of NATO’s many as 175,000. U.S., Euro-
public with details that once Officials with Russia’s De-
once would have near its border with Ukraine. Eastern European nations. pean Union and NATO offi-
would have been classified. fense Ministry and presidential been classified. Konrad Muzyka, president Russian officials have denied cials believe the buildup of
That has allowed the Biden ad- administration didn’t respond of Rochan Consulting, a plans to invade Ukraine and forces portends a reprisal of
ministration to speak in to a request to comment. Gdansk, Poland-based firm that said the government has the the 2014 military campaign
greater detail publicly about “Open-source satellite imag- conducts open-source intelli- right to deploy forces on Rus- when Moscow annexed the
the buildup, they said. ery has helped shine a spotlight 175,000. The private analysts gence assessments focused on sian territory. Crimean Peninsula.
In response, Russia’s mili- on Russia’s troop movements,” have compiled videos of Rus- Russia, Ukraine and Belarus, Mr. Muzyka said his and “President Biden has
tary has taken steps to try to a spokesperson for the White sian military road convoys and said he has identified and lo- some other analysts’ access to a given us our marching orders
disguise its ultimate intentions House National Security Council trains, and used satellite im- cated about 48 Russian battal- Russian website used to track to engage in dialogue, engage
by removing license plates said. “We have also sought to ages to watch as individual ion tactical groups. movement of train cars has ap- in diplomacy, but at the same
from military vehicles, paint- leverage the unique analytic ex- units gather in encampments. Armchair sleuths using parently been blocked by Rus- time, to focus on the defense
ing over insignia and operat- pertise of the intelligence com- The ability to monitor the flight-tracking data last week sia and, in the past two weeks, of our allies and partners in
ing in smaller units, the ana- munity” to share information current buildup is much greater followed the flight paths of the site has begun reporting deterring further military in-
lysts and former officials said. and insights with allies, part- than it was in 2014, when Rus- U.S. RC-135 and E-8 reconnais- bogus data about train move- cursion into Ukraine,” Mr. Sul-
For all the details about the ners and the broader public. sia annexed Crimea and invaded sance planes over Ukraine. ments. “It’s becoming worse livan said.
buildup, analysts in the U.S. OSINT encompasses mate- parts of eastern Ukraine, said For the E-8 aircraft, which and worse,” he said of efforts to —Ann M. Simmons
government and outside it don’t rial including social media, Jeffrey Edmonds, a former Cen- use powerful radar to monitor gather open-source intelligence.

WORLD WATCH
NORTH KOREA called military instability on the showed riot police firing tear gas between advocates for indige-
Korean Peninsula. grenades at a throng of demon- nous children and the Canadian
Regime Fires Missile Japanese Prime Minister Fu- strators in the capital, Nur-Sultan. government. It represents one of
In First Test of Year mio Kishida called the latest It was the third day of pro- the largest financial awards a
launch “very regrettable,” pointing tests, which began in cities in the developed nation has said it
North Korea fired a suspected to Pyongyang’s repeated testing west and then spread through the would pay members of its indig-
ballistic missile into waters off of missiles since last year. sprawling Central Asian country, enous community.
its east coast on Wednesday, South Korea is closely moni- where liquefied gas is widely used The Canadian Human Rights
PAVEL MIKHEYEV/REUTERS

South Korean and Japanese au- toring the situation and main- for cooking and heating. Tribunal ruled in 2016 the federal
thorities said, the first such test taining its defense posture, —Associated Press government discriminated against
in the new year. Seoul’s military said. indigenous children and their
The missile was launched Last year, North Korea said it CANADA families because it spent less on
around 8:10 a.m. local time, be- successfully tested a new type of child-welfare services for indige-
fore splashing into the waters submarine-launched ballistic mis- Government Settles nous communities relative to
between Korea and Japan, South sile and a train-launched weapon, Indigenous Suit nonindigenous children. The un-
Korea’s military said. It flew which it described as a hyper- A police car burns in Almaty, one of many cities where protests derfunding prompted officials to
about 310 miles and landed out- sonic warhead. Pyongyang carried took place after the price of liquefied gas doubled in Kazakhstan. Canada said it reached a ten- remove indigenous children from
side of Japan’s exclusive eco- out a series of missile launches tative agreement with indige- their homes and place them into
nomic zone, officials in Tokyo last year, even though ballistic KAZAKHSTAN Kazakhstan’s largest city and nous advocates and communi- state care, the plaintiffs argued.
said. The flight path suggests missile launches are banned un- held protests on Tuesday in ties to pay roughly $15 billion in The tribunal said the govern-
North Korea launched a short- der United Nations sanctions. Protesters, Police about a dozen other cities. compensation to indigenous chil- ment’s policies likely led to un-
range ballistic missile. The latest test comes as Clash in Largest City Local news reports said police dren placed in a child-welfare necessary out-of-home care for
The launch comes days after North Korea has ignored calls dispersed a demonstration of system that a quasi-judicial body as many as 54,000 children
North Korean leader Kim Jong from the U.S. and South Korea Demonstrators denouncing about 1,000 people in Almaty ruled violated human rights. since 2006 and caused “trauma
Un vowed to pursue high-tech to engage in talks. the doubling of prices for lique- and that some demonstrators The development Tuesday and harm to the highest degree.”
weapons to counter what he —Dasl Yoon fied gas clashed with police in were detained. Reports also caps a nearly 16-year legal battle —Paul Vieira
THE WALL STREET JOURNAL. * * * * Wednesday, January 5, 2022 | A7

WORLD NEWS

China Lockdown Strands Millions Colombian Arrested

BY LIYAN QI

A week and a half into one

In Assassination
of the biggest pandemic lock-
downs in China, residents of
Xi’an voiced desperation on-
Of Haiti President
line about challenges in get- BY KEJAL VYAS cios, who didn’t enter a plea,
ting food and medical care. AND JUAN FORERO could face a life term if con-
China’s Covid-19 count re- victed, according to prosecu-
mains low in comparison with BOGOTA, Colombia—A for- tors. He and his court-ap-
other countries, hovering at mer Colombian soldier who pointed lawyer couldn't be
roughly 100 a day. In the past Haitian authorities said was reached for comment. In an in-
few days, about 90% of cases involved in the July assassina- terview with Colombia’s Sem-
have been in Xi’an, the city of tion of Haitian President Jove- ana magazine in August, he
terracotta-warrior fame in nel Moïse has become the first said he didn’t know who killed
AGENCE FRANCE-PRESSE/GETTY IMAGES

China’s northwest, which has suspect in the case to be ar- the president.
confirmed 1,758 total infections rested by U.S. officials and In an affidavit supporting a
since Dec. 9, a high number for brought before an American complaint unsealed Tuesday,
China. Most of the cases have court. the U.S. said Mr. Palacios was
been mild, officials said. No Mario Antonio Palacios was interviewed by American law-
deaths related to Covid-19 have flown by U.S. officials to Mi- enforcement officials in Octo-
been reported anywhere in ami and appeared Tuesday in ber in Jamaica, where he had
China in the past 11 months. a federal courtroom, the Jus- fled from Haiti. In that inter-
Nonetheless, Covid-19 control tice Department said. He faces view, according to the affida-
seems to trump all other priori- charges of conspiracy to com- vit, Mr. Palacios said a group
ties in Xi’an, which is following A sanitation worker swept a road in Xi’an last month amid a Covid shutdown in the city of 13 million. mit murder or kidnapping out- of some 20 former Colombian
a playbook similar to the one side the U.S. and providing soldiers had trained for sev-
deployed two years ago in Wu- ing lockdowns and mandatory When Xi’an first locked down, that the city was housing material support resulting in eral weeks to serve an arrest
han, the first Covid-19 epicenter. quarantines, against the benefit officials said the recent wave of nearly 40,000 people in 387 death. American authorities warrant on Mr. Moïse and “ex-
Like in Wuhan in early 2020, of keeping the case count low, infections had been caused by quarantine centers. have jurisdiction because Hai- tract” him from Haiti by plane
no one is allowed to enter or in what Beijing calls a zero-tol- the Delta variant. That is still Almost all the new cases tian investigators assert the around June 18 in what would
leave Xi’an. Most of the 13 mil- erance Covid-19 strategy. the case, a national health offi- have been detected among quar- plot was partly planned and fi- have essentially been a kid-
lion residents can leave their One month away from the cial told state media Tuesday. antined residents. The city can nanced in Florida, with a Mi- napping.
homes only for Covid testing. 2022 Winter Olympics, the Residents have circulated a ease restrictions only after com- ami-area security company That plan was aborted after
Few vehicles are allowed in the stakes are high for Beijing. document purporting to show munity spread, meaning infec- providing weapons and train- the alleged conspirators
streets except for those trans- The quick spread of the that local officials are prepar- tions detected outside quaran- ing to the alleged assassins. couldn’t find a plane, the affi-
porting essential workers and Omicron variant could severely ing to move anyone deemed to tine centers, is down to zero, a His arrest provides the Fed- davit said.
supplies, and many supermar- complicate virus-control sce- have been near an infected Xi’an health official told the Xin- eral Bureau of Investigation, Mr. Palacios told the U.S.
kets and hospitals are closed. narios at the Games, which co- person—a vague definition hua News Agency on Tuesday. which is carrying out an inves- officials that by July 6, the day
The online complaints of tens incide with the Lunar New that can mean someone in the China tallies both symptom- tigation in Florida and has before the assassination, he
of thousands of stranded resi- Year, when millions are ex- same apartment complex— atic and asymptomatic cases been aiding Haitian police had been informed by a num-
dents show how local officials pected to travel. into quarantine centers out- but includes only the former since the July 7 killing in Port- ber of the Colombians that the
must weigh the costs of ex- Omicron has yet to make side the city. in its official count of con- au-Prince, with an essential plan was now to kill Mr.
treme restrictions, such as roll- significant inroads in China. Xi’an officials said Monday firmed cases. suspect and witness in a crime Moïse, the affidavit said.
that has shaken the country. —José de Córdoba
The 43-year-old Mr. Pala- contributed to this article.

Critics of Treatment of Uyghurs Hit Olympics

BY STU WOO apparel was made without forced Beijing denies the allega- mitting human-rights abuses
labor from China’s cotton-farm- tions. Anta didn’t respond to a that amount to a genocide
A human-rights group called ing Xinjiang region. request to comment on Tues- against ethnic Uyghurs and
on the International Olympic The group said its concerns day. It previously declined to other minorities in the region.
Committee to explain what center on Anta Sports Prod- comment on concerns over It has cited the issue in banning
steps it has taken to ensure ucts Ltd., a Chinese sportswear forced labor in Xinjiang. imports of goods from Xinjiang
that official apparel for next maker that is the official sup- The IOC said a recent third- and announcing a diplomatic
month’s Beijing Winter Games plier of IOC uniforms and other party audit of its Anta-provided boycott of the Winter Olympics.
were made without forced la- apparel for the Beijing Games. uniforms “demonstrated no is- Chinese officials call the al-

DANIEL PONTET/REUTERS
bor, saying previous, private at- Anta last year said it would sue in relation to forced labor.” legations lies, saying it set up
tempts to engage the organiza- keep using cotton from Xinji- It said it works with suppliers vocational camps to improve
tion weren’t taken seriously. ang, where human-rights to raise awareness of its crite- livelihoods and combat reli-
The Coalition to End Forced groups and governments, in- ria for sustainable sourcing, gious extremism.
Labor in the Uyghur Region said cluding the U.S., allege that Chi- while carrying out “targeted The Uyghur-focused human-
Tuesday that the Switzerland- nese authorities are employing due diligence.” rights group accused the IOC of
based IOC hasn’t offered credible forced labor among the region’s The U.S. government says rebuffing its attempts to dis- Mario Antonio Palacios appears in court in Miami, where he faces
evidence that Olympic-branded mostly Muslim minorities. Chinese authorities are com- cuss forced-labor concerns. charges of conspiracy to commit murder or kidnapping.

FROM PAGE ONE

Neumann
Snaps Up
Apartments
MICHAEL KOVAC/GETTY IMAGES FOR WEWORK

Continued from Page One

people familiar with the mat-
ter said. His flexible office
space was renowned for offer-
ings such as free craft beer
and fruit water.
D.J. Mauch, a partner in Mr.
Neumann’s family office, said:
“Since the spring of 2020, we
have been excited about multi-
family apartment living in vi- Adam Neumann helped fuel the U.S. co-working craze through
brant cities where a new gen- WeWork. But he is following the crowd in the apartment business.
eration of young people
increasingly are choosing to million of stock, largely at warmer weather, less-costly
live, the kind of cities that are higher share prices than today, housing and lower taxes.
redefining the future of liv- according to documents and In 2020, Mr. Neumann ac-
ing. We’re excited to play a people familiar with the sales. quired a major stake in Alfred
role in that future.” To encourage Mr. Neumann Club Inc., a company that pro-
Mr. Neumann has also in- to give up his control of the vides concierge services such
vested in a number of start- company, WeWork majority as picking up and dropping off
ups, according to a person fa-
miliar with the matter.
owner SoftBank Group Corp.
paid him nearly $200 million
groceries and laundry in resi-
dential buildings.
VIEW OF VENICE
Mr. Neumann co-founded
WeWork in 2010 and raised
for consulting and other fees
and bought $578 million of
His real-estate holdings,
which include two apartment
FÉLIX-FRANÇOIS GEORGES ZIEM
more than $10 billion for a shares from him, according to buildings in Atlanta, are
business once valued at $47 WeWork securities filings. mostly recently built proper-
Favored subject. Radiant light. Brilliant cityscape.
billion, persuading investors Mr. Neumann helped fuel ties with more than 200 units In this original oil on canvas, Ziem
to value it as a tech company the U.S. co-working craze and lots of common amenities. portrays Venice’s historic Grand
despite its real-estate roots. through his company’s rapid In Fort Lauderdale, an en-
He also launched WeLive, expansion. At one point, We- tity tied to Mr. Neumann owns Canal as the sun rises upon a new
planned as a network of build- Society Las Olas, according to day. View of Venice celebrates the
ings where people can rent court records. The 639-unit grandeur of the city’s architecture
rooms in shared, furnished apartment building includes a
apartments. The company
His holdings are co-working space, a putting
and its everyday commerce,
opened apartment buildings in mostly recently built green and a barbershop, ac- while also presenting a stunning
New York and Virginia, but cording to the developer’s study of light and color by incorporating contrasting light and
WeWork closed WeLive after
properties with website. shadow. Ziem’s paintings reflect the impact of the Barbizon artists
Mr. Neumann’s departure. more than 200 units. In downtown Miami, Mr. and their ideals of realism. Several of Ziem’s paintings appear in the
The 42-year-old entrepre- Neumann recently signed a
neur left the company in late contract to buy a majority permanent collections of prestigious museums, including the Louvre
2019 after plans for an initial stake in the 444-unit Caoba (Paris), the Musée d’Orsay (Paris) and the Metropolitan Museum of
public offering of stock fell Work occupied more Manhat- apartment tower, valuing the Art (New York). Late 19th/early 20th century. Signed (lower right).
through amid concerns over tan office space than any property at about $200 mil- Canvas: 161/8”h x 321/8”w; Frame: 255/8”h x 411/4”w. #31-3933
his management style and other company. But he is fol- lion, according to a person fa-
heavy losses. lowing the crowd in the hot miliar with the matter.
WeWork, now publicly apartment business. An entity tied to Mr. Neu-
traded, has a market capitaliza- The sector has experienced mann also owns the nearby
tion of about $7 billion. That rising investor interest since 387-unit Yard 8 apartment
valuation is more in line with the start of the Covid-19 pan- building, court records show.
real-estate companies than fast- demic, particularly in the Mr. Neumann has also in-
growing technology companies. booming Sunbelt. vested in suburban apart-
Mr. Neumann became rich Rents are surging in many ments, where demand has
working at WeWork and is us- cities alongside rising house- grown as remote workers 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
ing his own funds toward buy- hold incomes and housing leave crowded city centers in
ing stakes in the apartment shortages that analysts said search of more space. He holds Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
buildings, according to a per- are unlikely to disappear stakes in a building in Decatur, Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
son familiar with the matter. soon. Cities such as Nashville Ga., according to public re-
When Mr. Neumann served as and Miami are also attracting cords, and another in Norwalk,
CEO, he and his co-founder people moving from the Conn., a person familiar with
sold a total of more than $500 Northeast in search of the matter said.
A8 | Wednesday, January 5, 2022 THE WALL STREET JOURNAL.

FROM PAGE ONE

heard back. In spring 2021, a
How Biogen council of senior FDA officials
was asked for its advice on ap-
proval, he said. Dr. Wang said
Fumbled he and others made presenta-
tions. Nearly every FDA coun-

Aduhelm cil member voted against ap-

proval on April 7, 2021, just as
the outside advisers had.
On April 26, seven FDA
Continued from Page One leaders—some were on the
the FDA approval. earlier council—met to con-
In drug development, man- sider Aduhelm for accelerated
agement mistakes can be as approval, a fast-track program

FROM TOP: JESSICA RINALDI/REUTERS; EVE EDELHEIT FOR THE WALL STREET JOURNAL
much of a factor as the compli- that lets the FDA clear drugs
cated scientific questions. With for serious diseases before
Aduhelm, both played a role. their medical benefits are fully
“All these inconsistencies proven. Five of the FDA offi-
created one wave of criticism cials supported approving the
after another—plus Biogen drug on the condition that
came up with this ridiculous Biogen do another trial, FDA
price that added even more fuel documents show. The head of
to the fire,” said Yaning Wang, Mr. Massie’s biostatistics of-
who as an FDA official worked fice voted against approval of
on Aduhelm’s approval and is a any kind, while a seventh offi-
supporter of the approval. He is cial abstained.
now chief executive of a Chi-
nese biotech company.
An FDA spokeswoman said Fast-track approval
the agency conducted a thor- On June 7, 2021, the FDA
ough review of Aduhelm’s data approved Aduhelm. Biogen’s
and concluded it warranted stock closed at $395.85 that
approval for patient use day, up 38% from the previous
“while holding the company closing price, and reached a
accountable for conducting an 52-week closing high of
additional study” to confirm $414.71 on June 10.
that the drug works. If the A patient with a bag containing an Aduhelm infusion, above; Michele Hall, below, began Aduhelm treatment last month. Harvard Professor of Medi-
study fails, the FDA can pull cine Aaron Kesselheim, who
Aduhelm from the market. where competition was inten- He also challenged the com- was on the outside-adviser
A Biogen spokeswoman said sifying. Encouraging results pany’s contention that the committee and resigned from
the company realized with from a small early-stage trial failed trial was a statistical it to protest the approval, in
hindsight that it made mis- on March 20, 2015, sent Bio- fluke, said the person involved his resignation letter called it
takes in stopping the trials gen’s shares up 10% that day in the process, and he argued “probably the worst drug ap-
early but that it did what it to a price that still stands as that the data couldn’t be inter- proval decision in recent U.S.
thought was right for patients its closing record. preted after the trials had history.” Dr. Kesselheim in an
at the time. Biogen CEO Michel The early results left Biogen been stopped for futility. email said he objected to the
Vounatsos in July told ana- officials so confident in the In one meeting, Dr. Dunn approval because Aduhelm
lysts: “Aduhelm was approved drug’s success that they cut him off, saying he was “has no clear evidence of effi-
appropriately on very solid skipped doing midstage trials, straying from the “core issue” cacy plus the very real risk of
grounds and represented the called Phase 2 trials, and pro- of understanding the data, potentially serious harms” and
right thing to do for patients.” ceeded directly in August and said the person. Dr. Dunn and because the FDA’s “process
Some doctors say that they September 2015 to launching Mr. Massie didn’t respond to was problematic due to the
have encountered hesitancy two Phase 3 trials—large clini- requests for comment, and the last-minute switch to acceler-
among some patients to take cal trials testing a drug’s FDA declined to make them ated approval.”
the drug but that others are safety and effectiveness that available for interviews. The FDA said in a written
willing to try it. Aduhelm is “a are typically needed to win Mr. Massie’s disagreement statement that “given the un-
risk that I would take,” said FDA approval. with Biogen’s analysis remained met needs for patients with
Michele Hall, a 54-year-old for- Then, a hitch: When Biogen outstanding in the months that Alzheimer’s disease—a seri-
mer lawyer who was diag- analyzed trial data reflecting followed, and he stopped at- ous, progressive, and ulti-
nosed with Alzheimer’s in patients’ cognitive conditions tending working group meet- mately fatal disease—the
2020 and started Aduhelm in early 2019, it indicated the ings with Biogen halfway Agency chose to use the accel-
treatment in late December. drug wasn’t likely to be through the process. Meeting erated approval pathway to al-
She is willing to try the drug, proven effective. minutes the FDA later pub- low earlier access to patients.”
hoping it will help slow her de- By evaluating data mid- lished suggest the questions Biogen and the FDA say
cline, even if only slightly, she stream in approval-seeking tri- Mr. Massie had raised about Aduhelm’s most serious poten-
said. “I’ll do whatever it takes als, companies can try to pre- the Biogen analysis had been tial side effect—swelling or
to give myself more time.” dict whether a drug will addressed by February 2020 small bleeds in the brain—typ-
Other drugs help alleviate succeed if the trial continues. according to FDA documents. ically doesn’t cause symptoms
only some of the symptoms of Stopping trials early for “futil- in patients and can be safely
Alzheimer’s. Researchers hope ity,” in industry parlance, can in hindsight, was based on with industry to help foster managed by regularly monitor-
to show Aduhelm can slow the save millions of dollars and putting patients at the fore- drug development…especially ‘Unscientific’ ing patients with MRI scans.
progressive brain deteriora- prevent patients from invest- front—as it always should be. in areas where there is a signif- Mr. Massie’s objections be- As of October, Biogen said,
tion that comes with Alzhei- ing hope on an ineffective Cost was not considered in de- icant need for treatments for came public when an FDA out- only about 120 U.S. medical fa-
mer’s, though it will be years drug. termining futility.” devastating diseases.” A Biogen side advisory committee con- cilities had administered
before it can be definitively In a March 2019 meeting, Only in the weeks after the executive said the working vened a hearing on Nov. 6, Aduhelm to patients out of the
tested in a new clinical trial. Biogen executives on a small trials stopped did Biogen sci- group with the FDA was cre- 2020, to advise on whether to more than 900 sites that the
“Is Aduhelm great? No,” “senior decision team,” as the entists complete a preliminary ated because the Aduhelm data approve Aduhelm. In a re- company says were prepared
said Marwan Sabbagh, a neu- company called it, concluded analysis of the overrunning needed to be systematically an- corded presentation at the to administer the drug when it
rologist at the Barrow Neuro- that the trials were doomed. data and recognize their mis- alyzed, requiring frequent hearing, Mr. Massie called Bio- was approved in June, leading
logical Institute in Phoenix Biogen pulled the plug and take, the Biogen spokeswoman meetings to understand the gen’s data analysis “unscien- to $300,000 in revenue in the
and a consultant for Biogen asked researchers around the said. The data seemed to show conflicting data results. tific, statistically inappropriate third quarter, far short of the
and other drugmakers. “It’s world to shut down trials. It that one of the trials would Biogen executives saw Dr. and misleading,” and recom- $12 million analysts projected.
better than the status quo.” told more than 3,000 Alzhei- have produced positive re- Dunn as an ally who had been mended against approval. Some hospitals have said
Medicare, which covers the mer’s patients who had volun- sults, despite the likelihood of supportive of Biogen’s early His FDA colleague Dr. Dunn, they won’t administer
majority of Alzheimer’s pa- teered that they would no lon- a negative outcome in the sec- development of Aduhelm and in contrast, pointed to what he Aduhelm to patients because
tients expected to take ger receive treatment. Biogen ond trial. Initially, Biogen had other potential Alzheimer’s said were “robust” and “excep- of uncertainty over the drug’s
Aduhelm, is scheduled to make stock fell by nearly 30% the analyzed combined data from drugs, said a person familiar tionally persuasive” trial data effectiveness and concerns
a preliminary decision in Jan- day of the announcement. both trials. with the company. supporting Aduhelm’s ap- about its potential side effects.
uary as to whether it will rou- Biogen executives made er- In mid-April, Biogen proval. The outside advisers Raymond James Financial
tinely pay for the drug and rors in shutting down the tri- launched an effort to resurrect sided with Mr. Massie in the Inc. analyst Steven Seedhouse
others like it, and to issue a fi- als. The trial plan called for an- the drug with the FDA. hearing, unanimously rejecting called Aduhelm “potentially the
nal coverage decision in April. alyzing data after half of Companies rarely pursue
‘Probably the worst the drug’s approval. worst drug launch of all time”
Medicaid, the joint state-fed- patients completed the study approval based on trials halted drug approval Dr. Wang, then director of in terms of sales in an Oct. 20
eral health insurance program treatment in late December for futility. Typically, a com- the FDA’s Division of Pharma- research note to clients.
for the poor, is required to 2018. By the time Biogen com- pany abandons the drug or,
decision in recent cometrics, said he dug into the The Biogen spokeswoman
cover Aduhelm, but states are pleted the analysis in March occasionally, tests it in differ- U.S. history.’ data and questions raised by said: “We continue to see a high
allowed to create special eligi- 2019, three more months of ad- ent patients or diseases. the advisory committee that level of patient interest and we
bility criteria for which pa- ditional data were available— Biogen officials braced for weren’t answered. These in- are making steady progress in
tients are allowed to receive it. but the decision team didn’t FDA questions about why it cluded why the FDA hadn’t the launch of Aduhelm.”
The Department of Veterans scrutinize the additional data didn’t look at overrunning Biogen and FDA officials— considered Biogen’s failed trial Biogen’s $56,000 launch
Affairs and some private in- before the company halted the data before ending the trials including Dr. Dunn, agency cli- as a verdict on the drug’s ef- price, announced June 7, was
surers, including Cigna Corp., trials, Biogen has said. and why it was now focusing nicians and Tristan Massie, an fectiveness. Dr. Wang, who left as much as 19 times as great
have said they won’t routinely A Biogen consultant in the on just the one positive trial, FDA statistician who spear- the FDA in September, said he as what would be considered a
cover Aduhelm. A VA spokes- summer of 2018 recommended the person involved in the headed the FDA statistical re- found Mr. Massie’s analysis fair price, according to an
woman said that the agency to senior Biogen statisticians process said. view—began meeting regularly contained data-entry errors analysis published in August
won’t make Aduhelm available that they consider all available Company executives met after the June meeting, accord- and methodological misjudg- by the Institute for Clinical
for general use, but that it trial data, according to a per- with FDA officials, including ing to FDA meeting minutes. ments, resulting in what he and Economic Review, a non-
would consider requests to use son involved in the process. Director of the Office of Neu- In a summer 2019 meeting, said were flawed conclusions profit research and advisory
the drug on a case-by-case ba- The consultant cautioned them roscience Billy Dunn, on June the working group discussed in Mr. Massie’s recorded pre- group that does cost-effective-
sis. A Cigna spokeswoman said that a plan to leave out consid- 14, 2019, FDA minutes show. whether Biogen could draw sentation at the hearing. ness analyses that insurers
that based on the recommen- eration of additional trial data FDA officials at the meeting firm conclusions about He said Mr. Massie’s analy- and drug companies use.
dation of its independent ad- after the cutoff date—and to created a working group of Aduhelm’s effectiveness be- sis didn’t emphasize average Biogen said the analysis un-
visers “and well-documented leave out certain data from pa- Biogen and FDA employees to cause of the difficulty in inter- changes in patients across Bio- derestimated the severity of
concerns regarding its safety tients in the trial before the sort through the clinical-trial preting incomplete trial data gen’s trials showing that a Alzheimer’s and the value of
and efficacy, Aduhelm is con- cutoff—would open up Biogen data to determine whether it from a prematurely halted slowing in subjects’ cognitive treatments to patients.
sidered unproven under Cigna to criticism and scrutiny, the could be used to support a trial, according to the person decline correlated with lower Criticism of Aduhelm’s
health plans.” person said. The statisticians possible submission by Biogen involved in the process. levels in their brains of amy- price and doubts over its ef-
didn’t heed the consultant’s ad- for approval. The joint group Mr. Massie, the FDA statis- loid. Dr. Wang said he told Mr. fectiveness drove down Biogen
vice, and it isn’t clear whether was unusual: The FDA typically tician, contested Biogen scien- Massie that he had found what shares in the months after ap-
High hopes the decision team or manage- maintains an arm’s-length re- tists’ analysis, arguing that he believed were errors in Mr. proval. Through Jan. 4, the
Aduhelm is a monoclonal an- ment considered the recom- lationship with drugmakers. there were inconsistencies in Massie’s analysis and offered stock had fallen 42% from its
tibody, a drug made from living mendation, the person said. The FDA spokeswoman said the data that made the posi- to jointly prepare a new statis- 2021 closing high on June 10.
cells that binds to a sticky pro- Biogen declined to com- the agency “often works closely tive trial’s results unreliable. tical analysis but that he never Aduhelm’s launch price
tein called amyloid, which some ment on past discussions with made doctors and hospitals
scientists think is a cause of its consultants but said it fol- even more reluctant to pre-
Alzheimer’s. The drug attracts lowed its pre-established sta- scribe Aduhelm, said Ronald C.
other cells to come in and clear tistical-analysis plan. Petersen, a Biogen consultant
the amyloid from the brain. It The decision not to consider and director of the Mayo
is modeled on antibodies dis- the three months of additional Clinic Alzheimer’s Disease Re-
covered by researchers at Swiss data was a misstep, said some search Center. Dr. Petersen
biotech firm Neurimmune AG in clinical-trial experts and statis- said the December price cut
blood samples taken from older ticians. “Additional data after a could make Aduhelm more af-
people who hadn’t developed study stops is called ‘overrun- fordable for some patients, but
Alzheimer’s or who had very ning.’ We plan for it,” said Scott that wouldn’t alone create a
slow cognitive decline. It is in- Emerson, a professor emeritus groundswell of demand. The
DAVID A. WHITE/ASSOCIATED PRESS

fused intravenously. of biostatistics at the Univer- coming decision by Medicare

Biogen licensed the rights sity of Washington who served on whether it will cover the
to Aduhelm in 2007 and had on an FDA advisory committee drug will likely be the most
high hopes despite failures of that recommended against ap- important factor for whether
many rivals in tackling Alzhei- proving Aduhelm in November more doctors and patients em-
mer’s. For Biogen executives 2020. “In this case, the over- brace it, he said.
and investors, Aduhelm was running data was large.” “If there’s no real docu-
key to growth: The company’s The Biogen spokeswoman mented clinical benefit yet,”
sales had been concentrated in said: “Our decision to stop the said Dr. Petersen, “is it really
multiple sclerosis drugs, trials, though clearly incorrect ‘Aduhelm was approved appropriately on very solid grounds,’ Biogen’s CEO said; Aduhelm research, 2019. worth that?”
 PERSONAL JOURNAL.
© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, January 5, 2022 | A9

Sabbaticals Are
A Power Move
In Burnout Era
BY KATHERINE BINDLEY

L
ate in 2020 Joanna Miller

CLOCKWISE FROM TOP RIGHT: JOANNA MILLER; MARGARET TAMISIEA; JURAJ PAL
was overworked, grap-
pling with pandemic-in-
duced feelings of isola-
tion, and had just
finished moving after lis-
tening to construction near her
home office for eight months
straight.
She took two weeks off from
her job in human resources at the
cloud software company Asana
Inc. It didn’t help.
“When it was time to go back
to work, I realized that I was still
so exhausted,” said Ms. Miller, who
lives in Oakland, Calif.
Instead of joining the millions
of people who have left their jobs
recently, Ms. Miller, 35 years old,
took a paid six-week sabbatical.
Workers are putting in more
hours than ever nearly two years with his company from its Clockwise from left: Juraj Pal with
into the pandemic. They are in early days. Over time, Alexandra Pal and dog Simba on
many cases burned out and believe work had become his en- sabbatical in San Francisco; Joanna
a prolonged break is the best re- tire identity. Miller on her break in the
spite. Surprisingly, some companies “If you invited me for Maldives; Steve Dakin cycling in
agree. Employees who take sabbati- dinner and asked me who Crater Lake National Park, Oregon,
cals say they return to work ener- I am, I would talk about on his second sabbatical, in 2015.
gized and more productive. Manag- the company and if you
ers who are worried about asked me if I had hobbies,
retaining top talent and how the I’d say, ‘I don’t have hob- perk to work toward is another
Covid era is wearing on employees’ bies’ and I’d even feel way to attract and hang on to top
well-being find sabbaticals engen- good about it,” said Mr. talent, Ms. Merritt said.
der loyalty and greater creativity. Pal, 28. Anna Binder, head of people for
Sabbaticals still aren’t main- As the startup went Asana, says the key to making sure
through a reorganization one person’s sabbatical doesn’t be-
and a subsequent acquisi- come a burden for others is dis-
tion by Cisco Systems Inc., tributing the work among team
Sabbaticals can benefit Mr. Pal started to feel he members and identifying what
morale and spread was no longer a good projects can be put on hold.
match for the culture. He Steve Dakin, a director of engi-
knowledge and skills ended up in a conversa- neering with Adobe Inc., has taken
around the company. tion with the startup’s three sabbaticals across nearly
CEO at the time, Peter Ko- two decades of working for the
mornik, who suggested a software maker, where taking
real break. them is ingrained in the culture.
stream: 5% of companies offered “My first response was “If you don’t take it, people
them in 2019, according to the Soci- I didn’t want to hear look at you strangely,” said Mr.
ety for Human Resource Manage- about it,” said Mr. Pal. “Any ex- to think not about myself just reasons or if they leave, they leave Dakin, 54.
ment. The organization doesn’t tended time off was somehow a through the lens of work,” he said for the right reasons.” For his first two sabbaticals, in
have data on what’s happened to sign of failure, a sign of weakness of his sabbatical. One study of 50 people who 2011 and 2015, Mr. Dakin took mul-
the perk during the pandemic or even.” Mr. Komornik, now the general took extended time off from work tiweek road trips through national
whether people remain at their jobs He worked through that resis- manager of Slido under Cisco, found that most of the interview parks. He said he believes the fi-
long term after taking a sabbatical. tance with his executive coach as said he thinks of sabbaticals as subjects suffered from “functional nancial costs of paying people to
But several high-profile banks have well as his wife and best friend, medicine that should be dis- workaholism,” according to the not work for a stretch are out-
recently started to offer them and both of whom worked at the com- pensed judiciously. One hard Sabbatical Project, which con- weighed by the benefits to morale
smaller companies are trying them pany. He agreed to take several worker might benefit from a ducted the research. Many re- and spread of knowledge and skills
out as well. Late last year, Goldman months off last spring. It took break after three years of incredi- ported a negative event, such as around the company.
Sachs Group Inc. started offering weeks for him to turn off his brain ble work, he said, while someone the end of a long relationship or “When you’re gone, all the work
six-week unpaid sabbaticals to peo- from work. A month in, he and his else may not need one after six death of a family member, that you’re doing needs to get
ple who have been with the bank wife rented a place in Lake Tahoe, years. When it came to Mr. Pal, prompted them to take a break. picked up by somebody,” he said.
for at least 15 years, following an where he spent time hiking with Mr. Komornik felt he was long Catherine Merritt, CEO of Spool “Your manager gets to see, wow,
early 2021 move by Citigroup Inc. his dog and participating in career overdue a break and didn’t want Marketing in Chicago, said she this person is really important.”
to give employees with at least five development groups. him to feel guilty about consider- started offering her employees During his most recent six-week
years’ service up to 12 weeks off. Mr. Pal’s boss proposed he ing other opportunities. sabbaticals this past fall after see- break last fall, Mr. Dakin redid his
Citigroup said 200 employees have come back to a different role, “We were actually both very ing pandemic-induced burnout home office in San Jose, Calif.,
been approved to take sabbaticals which he did. Six months later he open when he went to the sabbati- take a toll on her workforce. Em- and traveled to Oregon, Yosemite
under the program. decided to leave Cisco to join a cal that he might be leaving,” Mr. ployees who have been with the National Park and Hawaii. All of
Juraj Pal, former head of prod- company whose program he had Komornik said. “It’s very impor- company for three years can take his sabbaticals, he said, have
uct at the polling-software startup participated in while on his break. tant for people to do this because three paid weeks off in addition to helped him gain a broader per-
Slido, was living in New York City “It’s important mostly for men- only if they do, then they can be their vacation time. spective that’s harder to have
last winter and had spent six years tal health, at least it was for me, certain if they stay for the right Offering longer breaks as a when he is in the thick of work.

Make a Game Plan costs outside of work, she said. (Af- ees of a company. salary, that is the point where Mr.
ter all, she added, when everybody Reach out to contacts to ask if Buckmaster recommends indicating
is paying more for groceries, gas they know anyone at a company, your expectations and that you an-
and rent, you don’t stand out.) In- said Lindsey Pollak, a workplace ticipated that the company’s range

For Landing a Raise stead, appeal this way: “Pay me

more because I deserve more—
here’s why.” You are less likely to
consultant whose clients have in-
cluded Goldman Sachs, Aetna and
Estée Lauder Cos. In addition to
for the role would be higher.
“It’s the responsibility of the
company to pay you fairly, not for
hear your employer counter that typical questions, such as, “Here’s you to guess what you think is fair
BY KATHRYN DILL phasize your skills and achievements they, too, are contending with rising what I’m thinking of asking for— pay for you,” he said.

W
as an individual, not the outside inflation-related costs for materials does that sound realistic?” she sug-
ith employers gearing up to forces affecting everyone. and other business inputs. gests seeking company-specific in- Be prepared to secure—and take—
boost spending on pay in “Talk about who you are, who sight into how raises and salary another offer.
2022, there has rarely been they are and what you’re going to Do due diligence. negotiations are handled and Workers who stuck with their em-
a better time to go after a raise. be able to do together,” said Alex- Tools like Glassdoor and Payscale whether the organization is setting ployer last year and were successful
Companies are setting aside an andra Carter, director of the Medi- display typical salaries for certain aside more money for pay increases often have room to say, “I’ve helped
average 3.9% of total payroll for ation Clinic at Columbia Law roles, but career coaches and com- this year. to shepherd the company through
wage increases in 2022, the largest School and author of a recent pensation consultants suggest this pivotal time, and I want to see
increase since 2008, according to a book on negotiation. those figures should be used only Don’t be the first to say that reflected in my paycheck,” Ms.
new report from the Conference Frame your ask around your in combination with research a number. Carter said. The strategy also works
Board, a private research group. value as an employee, not your among current or former employ- If you’re interviewing for a new job, when seeking more flexibility or
Organizations are planning on putting a number on your perks, such as time off or additional
raising salary bands, resulting in salary expectations can staff support, she added.
higher minimum, median and maxi- backfire, said David Buck- Some employers will expect
mum salaries for certain job titles— master, a seasoned com- workers to secure a job offer from
PHOTO ILLUSTRATION BY CHAYA HOWELL/WALL STREET JOURNAL, ISTOCKPHOTO (5)

which suggests that savvy negotia- pensation executive and another company before they will
tors at every professional level author. You risk boxing negotiate a raise. That approach
could see a bump this year. yourself into a lower sal- carries risk for both parties, Ms.
Inflation is a big reason more ary range before knowing Carter said: Your current employer
money is earmarked for raises this what the company is will- may not counter as you would hope,
year, but the rising cost of groceries ing to pay. so be prepared to accept the other
and rent—among other things— When asked about sal- offer. Similarly, companies need to
doesn’t necessarily mean across- ary ranges, Mr. Buckmas- understand that if an otherwise-sat-
the-board pay increases are on the ter recommends volleying isfied employee has to draw an out-
way. But bosses may be more open back to the company by side offer to get a raise, they may
to negotiation. saying something like, “I ultimately choose to leave for a new
Here’s how to be one of the people don’t know enough about job at a company ready to pay them
who gets a raise this year—from your your company’s approach what they want, she added.
current employer, or your next one. to pay to give you a confi- “People want to see their value
dent number. I trust the reflected in their paycheck, but also
Negotiate based on your skills, company to evaluate me in the enthusiasm with which their
not inflation. relative to others and requests are met,” Ms. Carter said.
It is rational to cite rising costs as place me appropriately in “They want to see that manage-
justification for a higher salary, but your pay range.” ment truly values them, wants to
compensation experts advise that If a job offer comes in keep them, is asking them, ‘How
the most persuasive arguments em- at a lower-than-expected can we help you succeed?’”
 A10 | Wednesday, January 5, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
BY RICHARD MORGAN

In Coen Brothers Movies,

Marge Gunderson
(Frances McDormand)
“THE TRAGEDY of Macbeth” may Movie: “Fargo”
surprise fans of Coen brothers Shakespeare Analog: Mistress
movies full of modern grifters, Margaret Page, “The Merry Wives
gangsters and stoners. But those
who know them and their work
say Shakespeare has long been in
their creative DNA.
The Bard Often Abides of Windsor”
Both the film and play feature
troublesome interlopers wreaking
havoc in a bucolic town—in
Joel Coen’s first solo effort “Fargo,” two inept kidnappers, in
without his brother, Ethan, stars “Windsor,” Falstaff looking to se-
Denzel Washington and Frances duce rich women to settle debts.
McDormand as Shakespeare’s vio- Denzel Washington Marge and Mistress Page are
lently ambitious power couple in in Joel Coen’s new forces
11th-century Scotland. It is in the- film ‘The Tragedy against that
aters now and begins streaming on of Macbeth‘ chaos who
Apple TV+ on Jan. 14. also happen
“It feels like the perfect mar- to be de-
riage and melding of minds,” says voted wives.
Corey Hawkins, who plays Mr. (Here it’s
Coen’s Macduff. “Like going to a worth
museum with your favorite artist knowing
and watching them in conversation that Joel Coen and Ms. McDor-
with Picasso.” mand have been married since
Viewers can see snippets of 1984.)
that conversation in the first Coen It’s almost as if Shakespeare
film, 1984’s “Blood Simple.” The and the Coens challenged them-
thriller features a character strug- selves to create characters who
gling to clean a bloody mess in a are so plainly good they’re almost
way that echoes Lady Macbeth’s undramatic, says Peter Holland,
famous “out damned spot” solilo- professor of Shakespeare studies
quy. Sometimes homage is explicit, at the University of Notre Dame.
like a play in “Barton Fink” called “It’s about enjoying something
“Bare Ruined Choirs,” a phrase that is not extreme,” he says.
from Shakespeare’s Sonnet 73.
Kathryn Hunter, who plays three Tom Reagan (Gabriel Byrne)
witches in the new “Macbeth,” sees Movie: “Miller’s Crossing”
the Coens’ Shakespearean connec- Shakespeare Analog: Desdemona,
tion in dialogue. “Shakespeare, like “Othello”
the Coen brothers, wrote for ac- Both stories are loaded with
tors.” She compares the Bard’s reg- staff, a debauched knight in both Llewelyn Moss (Josh Brolin) Everett (George Clooney) double-crossings and misunder-
ulars, including Richard Burbage “Henry IV” plays, that she ordered Movie: “No Country for Old Men” Movie: “O Brother, Where Art standings. The Coens’ story is about
and Robert Armin, with the broth- Shakespeare to put him in some- Shakespeare Analog: Macbeth, Thou?” a gang war in 1929, Shakespeare’s
ers’ roster of favorites: Ms. McDor- thing lighter. (That’s how “The “Macbeth” Shakespeare Analog: Prospero, about a race-inflected power strug-
mand, George Clooney, John Good- Merry Wives of Windsor” hap- Oskar Eu- “The Tempest” gle among wartime Venetians in the
man, Tim Blake Nelson and Steve pened.) “Falstaff celebrates his in- stis, artistic Both “The Tempest,” set on a 16th century.
Buscemi, among others. ner dudeness,” says Adam Ber- director of magical island, and “O Brother,” Tom, a gangster working both
“If you can accomplish what’s tocci, author of “Two Gentlemen New York’s set in Depression-era Mississippi, sides of the dispute, and Desde-
possible with Shakespeare, then of Lebowski,” a retelling of the Public The- can be read as the artists’ spins on mona,
you’re going to be great with Da- movie in iambic pentameter and ater, which Homer’s “The Odyssey.” Ulysses, Othello’s
vid Mamet, Suzan-Lori Parks, Lynn Elizabethan prose. oversees Prospero and Everett are exiled. wife and the
Nottage, Jackie Sibblies Drury or “Here’s a huge, indulgent man Shakespeare “Prospero and Everett both subject of
Branden Jacobs-Jenkins, but espe- who’s surrounded by his little en- in the Park, says he sees a lived lives of deceit and are rely- his jealousy,
cially the Coen brothers,” Mr. Nel- tourage,” Bonnie Monte, artistic straight line from the main char- ing on that skill to get home,” are ciphers
CLOCKWISE FROM TOP: APPLE TV+; EVERETT COLLECTION (5)

son says. director of acters in Shakespeare’s tragedy says Sara MacDonald, co-author of for the
Here are five Coen characters the Shake- and the Coens’ dark thriller. The “The Coen Brothers and the Com- other char-
who might have fit into Shake- speare The- Best Picture Oscar winner from edy of Democracy.” “They both acters’ pro-
speare’s world: atre of New 2007 is about a series of violent come to terms with the nature of jections, says Eric LeMay, an Eng-
Jersey, says episodes sparked by Llewelyn’s what it means to deceive others, lish professor at Ohio University.
Jeff “The Dude” Lebowski of the Dude. choice to take money he finds at the possibility of their deaths, and She dies. He barely survives.
(Jeff Bridges) ”You can’t the scene of a drug deal gone a final atonement for the lives “She makes her own case but,
Movie: “The Big Lebowski” get more wrong. they’ve because she’s a woman, can’t be
Shakespeare Analog: Falstaff Falstaffian.” “Every step along the way, you lived—with heard,” says Mr. LeMay, who has
(three plays) As a one-time Falstaff and six-time watch them make the decisions that an attempt taught a class on parallels be-
The Dude, an aging hippie de- Coen collaborator—including as are going to destroy their souls, and afterwards tween Shakespeare and the Co-
voted to bowling with his pals, is the Dude’s best friend, Walter—Mr. they keep going downward,” Mr. to live on ens. “[Tom] lets other people
the Coens’ most iconic character, Goodman abides: “There’s a lot Eustis says. “If you break all moral the straight make a case for him and, because
inspiring fan conventions. Queen there. He doesn’t have the young codes, it has an effect on your soul, and he’s a man, uses it to his own
Elizabeth I was such a fan of Fal- Hal, but I can very easily see that.” your sense of self.” narrow.” advantage.”

turn off low-power mode,

How Tech Can Help which can sometimes slow
down notifications.

Nab at-Home Tests  Create accounts with the

retailers selling the home
tests, and be sure to save
Shopping bots send alerts on inventory your address and payment
info. If you already have an
account, log in on your
BY DALVIN BROWN tion begins distributing browser. This ensures a
them free—with the help of faster checkout. (Also, you

Y
ou don’t have to run all shopping bots: can use your browser’s
over town hunting for autofill feature to quickly
self-test kits. Just be  Choose how you want to input name and shipping
ready to buy when the bot be notified. NowInStock and information.)
says they are in stock. ZooLert can send you email,
During the holidays, get- text messages and browser  Be patient. The listings
ting a PlayStation 5 under alerts. You might not see and notifications are only
the tree required patience, them if your devices are si- as good as the tech power-
luck and an online bot-pow- lenced. The HotStock app ing them, which is gener-
ered product tracker. Now, will send push notifications ally computer code that
the same shop-
ping tools can
help people find
at-home
Covid-19 tests,
which have
grown scarce as
the Omicron
variant rages
across the
country.
Stock-moni-
toring plat-
forms periodi-
cally check
inventory at
various retail-
DAVID DERMER/ASSOCIATED PRESS

ers and send

users alerts if
hot-ticket items
become listed
as available to
purchase. Some
of these ser-
vices, including
NowIn-
Stock.net, At-home Covid-19 tests have grown scarce as the Omicron variant spreads.
ZooLert.com
and Hot-
Stock.io, are tracking Ab- monitors retailers’ inven-
bott’s BinaxNow self-test tory lists or scans retail
and similar products at re-
Services include websites for changes in in-
tailers such as Walgreens, NowInStock.net, ventory status. Occasion-
CVS, Walmart and Amazon. ally, you might click
Some services say these
ZooLert.com through and find that the
tests are among the most and HotStock.io. product isn’t really avail-
sought-after items. able, or it is listed with a
Whether you are using painful gouge of a price.
the services’ websites or On Monday, we had a
apps, getting the ping about to your phone. You can also NowInStock page open to
a product in stock is only just leave a tracker’s web- the Covid-19 test page for
half the battle. You will page open in your browser several hours before a Wal-
have to move fast enough and watch for changes. greens listing for the Binax-
to place an order before ev- Now test went green. We
eryone else finds out they  Turn up the volume and jumped on it, managing to
are available. make sure your notifica- place orders at the list price
Here are some tips for tions are turned on. Turn of $23.99. Shortly after, the
improving your chances of off Do Not Disturb if you Walgreens product page said
securing a test—at least be- are hoping for alerts on the tests were out of stock.
fore the Biden administra- your smartphone. Also, So did the tracker.
 THE WALL STREET JOURNAL. Wednesday, January 5, 2022 | A11

ARTS IN REVIEW
Sophia Bush as Sam Griffith, left,
Jason Isaacs as Rob Griffith, below
left, and Skye Marshall as Lex
Trulie, below right, in CBS’s new
drama ‘Good Sam’

one of the residents; by the time

he wakes up, she’s moved on.
But his chief concern is getting
back in the operating room—and
right away, which can’t happen, not
without his being “proctored” for
several months. “It’s state law,”
says Vivian Katz (Wendy Crewson),
the hospital’s chief medical offi-
cer—and Rob’s ex and Sam’s
mother. It’s a close-knit place. (It’s
also Detroit: Not much is made of
it, but when one pre-operative pa-
tient is reported to have smuggled
“a coney dog and fries” into his
room, it’s a tipoff.) But guess which
doctor is going to guide Rob back
to professional proficiency? Yes,
that would be the title character of
“Good Sam,” which is not a sitcom,
but has a situation. From it, con-
flict will arise.
As W.C. Fields might have said,
“If you can’t dazzle them with
brilliance, baffle them with buck-
ets of cardiology, pulmonology
and doctorly jargon.” Which is
OK: It’s what we expect from
medical shows—enough facts,
CBS (3)

faux or otherwise, to certify the

characters’ medical credentials.
It’s the characters and the actors
who matter.
TELEVISION REVIEW | JOHN ANDERSON In that regard, the series,
which will air Wednesdays on CBS

A Hospital’s Feuding Family Practice (streaming on Paramount+), has a

significant asset in Ms. Bush, who
will be taking “Good Sam” up
against her old program, “Chicago
P.D.,” in the 10 p.m. time slot; she
Things turn less than cordial between a father-daughter duo of dueling surgeons is charming but also makes Sam

A
convincingly competitive when
Rob starts maneuvering to get his
nyone scheduled for old job back from his own daugh-
open-heart surgery at ter. If one wanted to read a mes-
Lakeshore Sentinel sage about elder care into the
Hospital—the setting story line of “Good Sam,” it’s
of the new medical there to be read, as is a not-so-
drama “Good Sam”— sub subtext about generational
might want to run for his life. The differences: When Rob talks about
place certainly has good doctors— returning to his former position,
cutting-edge, one might say. But he talks about the “natural order”
the competition between its two being restored. Yes, he might
most prominent physicians is so mean a father shouldn’t be work-
distractingly messy you could ing for his daughter. Given his
spread it with a tongue depressor. general demeanor, he might not
The two also happen to be fa- want to work for a woman at all.
ther and daughter, a surprise Mr. Isaacs can be a delicious
sprung early enough in episode 1 villain, as he proved multiple
not to be a spoiler, but late times as Lucius Malfoy in the
enough for the principal charac- “Harry Potter” films, and much
ters to be established: Sam Grif- more recently as Peter Groff in
fith (Sophia Bush), supervisor of of surgery. Everyone’s happy—ex- the Netflix series “Sex Education.”
the surgical residents, is talented, cept, when he comes to, Dad. What’s disappointing in “Good
even-tempered, caring and so “Good Sam,” created by Katie Sam” is his use of an American
shockingly traditional she’s ready Wech (“Rizzoli & Isles”), went accent. It doesn’t seem necessary.
to take a job elsewhere when her into development in late 2019; And one realizes, listening to his
doctor boyfriend, Caleb (Michael chalk up its tardy arrival to the strained inflections, how much his
Stahl-David), doesn’t propose. Her pandemic. But it also might have native British-ness has helped him
father? Rob Griffith (Jason Isaacs) taken a while to get a handle on to bring a kind of grandeur to ma-
is arrogant, domineering, a surgi- how, and for how long, the show’s levolence. In “Good Sam” his vo-
cal “genius” who engenders both story line could play out. Two epi- cal performance makes Rob Grif-
fear and loathing in his under- sodes were available for review, fith sound small and petty.
lings. After being shot by a nut during which time Rob Griffith is Although, in the end, that’s what
with a gun during a hospital shot, goes into his coma, comes he is.
emergency (Sam’s “Dad?!” is our out of it not knowing how long
tipoff that they’re related), he he’s been unconscious or what’s
spends six months in a coma, dur- happening. At the time of the at- Good Sam
ing which time Sam is made head tack, he was having an affair with Begins Wednesday, 10 p.m., CBS

OPERA REVIEW bright, hearty and focused on get- tually Gilda, suddenly hears the (Eve Gigliotti), is here made part of

‘Rigoletto’: Deco
ting what he wants. Even “Ella mi Duke singing, we’ve lost track of the conspiracy to destroy Gilda—
fu rapita,” in which he suggests him and his horrified reaction be- she takes money from the Duke;
that Gilda could make him change cause we are focused instead on watches, unfazed, as her charge is
his ways, offered no variety. the turning set. abducted; then leaves with a suit-

Drama at the Met

Mr. Sher’s production, created in Mr. Sher’s directing also has case. The more nuanced theatrical
cooperation with Staatsoper Berlin, mixed results. The opening party characterizations of Rigoletto and
ostensibly updates the story’s Re- scene is lively and precisely choreo- Gilda also take this production out
naissance Italy setting to Weimar graphed to demonstrate the under- of the realm of the obvious. But
Germany in the 1920s, but there is lying violence and nastiness of the there are more confusing choices
BY HEIDI WALESON tone has both volume and lyric poi- little in Michael Yeargan’s set Duke’s regime. Little moments as well, most notably the scene in
gnancy, and he assorted those or Catherine Zuber’s cos- are telling: Rigoletto kicks which Gilda substitutes herself for
New York

A
traits to create new sides of the tumes that conveys a Monterone’s cane out the Duke as murder victim. During
mid the Omicron-related cas- character with every appearance. In strong sense of period, from under him and part of it, with the aid of some
cade of theater, dance and the first scene, his voice scraped or why that period is makes him fall; in Act drenched red lighting designed by
concert cancellations, the harshly as he did his job, taunting thematically significant. 2, the courtiers do the Donald Holder, she appears to be in
Metropolitan Opera’s New Year’s Count Ceprano with his wife’s infi- The set, a giant cube, ro- same to Rigoletto. two places at once.
Eve show—Bartlett Sher’s new pro- delity. Alone in the next scene, he tates on a turntable. In the Giovanna, Andrea Mastroni was a busi-
duction of Verdi’s “Rigoletto”—went shed that mask along with his first scene, courtiers wear- Gilda’s com- nesslike Sparafucile, lacking some
on as planned. Peter Gelb, the jester props—red gloves, black ing “old Hollywood” slinky panion of the assassin’s menace despite
Met’s general manager, gave a dresses, uniforms or his handsome, velvety bass; Vard-
brief curtain speech thanking the black tie spill through uhi Abrahamyan, a properly blowzy,
company and the audience, and
noting that thanks to the Met’s
A new staging from tall, narrow doors on
all sides until the set
assertive Maddalena, helped make
the Act 3 quartet a vocal high
stringent health measures (“You Bartlett Sher moves the comes to a stop, re- point of the evening. Craig Col-
have no idea,” he said wryly) none
of its performances have been can-
action to Weimar vealing a huge re-
ception room with
clough was a potent, disheveled
Monterone. Conductor Daniele Rus-
celed. It was not business as usual, Germany in the 1920s. gold pillars and tioni proved a sympathetic accom-
of course. The gala dinner was blood-red walls. panist to the singers, but he did
called off, there were some empty Subsequent rota- not keep the score’s dramatic ten-
seats, and Mr. Gelb urged the audi- tions take us to sion at a consistently. high level.
ence members to keep their masks ruff—and ruminated about his own Rigoletto’s multi- In a way, the whole show suf-
on. Still, there was plenty of festive evil deeds with a soliloquy that en- story house and fered from that lack of pure
attire and selfie-snapping, and compassed both guilt and fear. In the assassin animal energy—it was almost
Quinn Kelsey, who sang the title Act 2, when he implored the court- Sparafucile’s den too subtle. “Rigoletto” is a
role, took his bows in a 2022 tiara iers to tell him where they had of iniquity—both barn-burner—you have to
as confetti dropped on the audi- taken his abducted daughter, you generically im- gallop along with the sex-
ence. Just when we started taking could hear that real begging did poverished, ism, violence and senti-
live performance for granted again, not come easily to him, and in the though the latter mentality in order for it to
we were reminded how easily it subsequent duet with Gilda, their has a bar setup in work. In this production,
could go away. mutual devastation was palpable. the center. The despite some gripping theat-
That would be a shame, given Ms. Feola also rose above Gilda’s set also turns in rical and vocal moments, the
the incandescent performances de- vacuous innocence to create a midscene on occa- all-consuming sense of trag-
livered by Mr. Kelsey and Rosa Fe- character with some agency. Her sion. This supplies edy was missing.
ola as his daughter, Gilda. The op- luminous soprano made “Caro some drama, but Quinn
era’s principal characters can seem nome” more than just a star turn. more often distrac- Kelsey in
particularly unsympathetic—the It was thoughtful and deeply felt, tion, upstaging the sing- the title Ms. Waleson writes on op-
court jester, the libidinous duke he and you sensed the character’s ers at critical moments. role of era for the Journal and is
enables, and the ditsy, easily duped through-line, connecting her love For example, when Rigo- Verdi’s the author of “Mad Scenes
daughter whom he basically im- for her father and this new feeling letto, dragging the zip- ‘Rigoletto’ and Exit Arias: The Death of
KEN HOWARD

prisons. But Mr. Kelsey found un- for a mysterious young man. Piotr pered body bag contain- the New York City Opera
usual nuance in Rigoletto, both as Beczala’s Duke, on the other hand, ing what he thinks is the and the Future of Opera in
singer and actor. His booming bari- was one-dimensional—vocally murdered Duke but is ac- America” (Metropolitan).
A12 | Wednesday, January 5, 2022 THE WALL STREET JOURNAL.

SPORTS
BY JOSHUA ROBINSON AND BEN COHEN

A
s the rest of the tennis
elite boarded flights to
Australia in recent
weeks, world No. 1 No-
vak Djokovic sat at
home waiting to know where he
might be allowed to play next.
Meanwhile, halfway across the
world, NBA star Kyrie Irving
watched the Brooklyn Nets and
wondered if, when or where he
would be allowed to play his first
game of the season.
Now two of the sports world’s
most prominent vaccine skeptics
have found exceptions to stringent
rules and find themselves returning
to competition at almost exactly the

JASON HEIDRICH/ICON SMI/ZUMA PRESS; ADAM HUNGER/ASSOCIATED PRESS

same time, even as the Omicron
variant is leading to the latest wave
of Covid-19 cases.
Djokovic said on Tuesday that he
had received an exemption to play
in this month’s Australian Open de-
spite rules the country and the
tournament have put in place re-
quiring players to be vaccinated
against Covid-19 to participate.
Djokovic, who has said publicly
that he didn’t want to be vacci-
nated, indicated that he had re-
ceived an unspecified medical ex- Tennis star Novak Djokovic said he
emption to enter the country. He received an exemption to play in
made the announcement in a social the Australian Open. Kyrie Irving,
media post that showed him with below, is set to return to the court
his luggage on an airport tarmac, for the Brooklyn Nets.
ready to fly to Australia, prompting
plenty of frustration from locals
who have spent much of the past
two years under lockdown.
“I’ve spent fantastic quality time
with my loved ones over the break
and today I’m heading Down Under
Djokovic, Irving Find Exceptions
To Stringent Vaccination Rules
with an exemption permission,” he
wrote. “Let’s go 2022!”
In a bit of transcontinental sym-
metry, Djokovic’s unexpected trip to
Australia coincides with Irving’s
possible debut in Indianapolis on
Wednesday, where the Nets are
The 20-time major winner and the Brooklyn Nets star are both expected to return this month
hoping their standoff with
the NBA’s most valuable un- exactly once. It’s unclear if that Tiley said.
vaccinated player officially means he will be rested or rusty. While Djokovic is far from the
ends. It’s also unclear whether Irving’s biggest ratings draw in the sport—
Djokovic and Irving are availability next to Kevin Durant players such as Roger Federer and
not the only unvaccinated and James Harden will change the Rafael Nadal remain more popular
professional athletes who way the Nets strategize for the with television audiences—he would
happen to be huge stars. playoffs. have been a glaring absence from
Green Bay Packers quarter- But the temporary solution to the tournament. Djokovic is the
back Aaron Rodgers said he the Irving saga was somehow more most successful male player in Aus-
was “immunized” and then probable than Djokovic making it to tralian Open history and is looking
admitted that he was unvac- Melbourne to chase a 10th Austra- for his 21st major title overall.
cinated in an extraordinary lian Open title. While he was able to Yet in recent months, Djokovic
series of events after he comply with negative testing re- had seemed prepared to skip the
tested positive for Covid and quirements to make it through last tournament. He said as recently as
missed a game. He also led season—and win three Grand Slam early December that he was taking
his team to the NFL’s best re- tournaments along the way—Aus- a wait-and-see approach until an of-
cord and distinguished him- tralia’s tougher policies in 2022 ficial announcement on health pro-
self as the front-runner to were always going to be a chal- tocols. When those turned out to be
win the league’s MVP award. lenge. The tournament had insisted as stringent as everyone expected,
The difference between Ir- that no player, staff member, or fan Djokovic remained quiet, leaving or-
ving and the overwhelming would be admitted without being ganizers in Melbourne in limbo un-
majority of athletes who de- vaccinated. til as late as possible.
clined to get the shot, includ- Australian Open organizers said “Everyone who will attend—
ing Rodgers and Djokovic, is that spected their decision after he 24 hours for Irving to be sidelined on Tuesday that Djokovic’s applica- spectators, players, officials, staff,
his defiance meant he couldn’t do made his. Then the team backed by the league’s health and safety tion for an exemption had been re- everyone—is expected to be fully
his job. Irving was banished by his down. Covid ripped through Brook- protocols. As soon as he was viewed by a body called the Austra- vaccinated. They’re the rules,” the
own team and risked losing more lyn’s locker room as the Omicron cleared, Irving hit another snag: lian Technical Advisory Group on deputy premier of the Australian
than $15 million for refusing to variant slammed New York in De- The Nets were playing at home. Immunization, which didn’t give state of Victoria, James Merlino,
comply with New York City’s indoor cember, and the Nets softened their Wednesday’s game against the any details on his case. Djokovic told reporters last month. “Medical
vaccine mandate. Since he couldn’t position about paying a star not to Pacers is his first chance to see the contracted and recovered from exemptions are just that. It’s not a
play for the Nets at home, the Nets work. Their plan to survive a Covid floor since coming back to work. Covid in the summer of 2020. loophole for privileged tennis play-
decided he wouldn’t play any- surge was to welcome back a He’s currently eligible for 22 of “Fair and independent protocols ers.”
where. proudly unvaccinated employee and their remaining 47 games, but a were established for assessing med- On Tuesday, however, the state
Irving, who remained mostly si- effectively make Irving the NBA’s prolonged Nets home stand toward ical exemption applications that will of Victoria defended the exemption
lent with the exception of cryptic only part-time player. the end of the regular season enable us to ensure Australian Open for Djokovic, saying that it had been
posts on social media during his ab- His return plans were immedi- means he might go nearly a month 2022 is safe and enjoyable for ev- assessed through “an independent
sence, said recently that he re- ately complicated. It took less than before the playoffs having played eryone,” tournament director Craig and rigorous process.”

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.
-0s Edmonton -0s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 Down 27 Holiday dessert
0s
10s 0s 1 Field whistler lineup
Vancouver 10s Calgary 14 15 16
20s 10s 2 Lennon’s love 30 Wasting no
-0s Winnipeg 17 18 19
Seattle 20s words
Portland 20s 3 Seagoing letters
Helena Montreal 30s 20 21 32 “Dear Mama”
30s Bismarck Ottawa 4 “Darn it!” rapper
Billings 30s Augusta 40s
Eugene 22 23 24 25 26 27 28
Mpls./St. Paul Toronto Albany Boston 50s
5 It’s not indexed 34 Like proverbial
Boise 0s
40s Sioux Falls Hartford 29 30 31 32 by search milk
Pierre Milwaukee Detroit Buffalo 60s
New York engines
50s Reno Des Moines 40s 70s 33 34 35 35 Oslo Accords grp.
Cheyenne Omaha Chicago Cleveland Philadelphia 6 Camp David
Sacramento Salt Lake City 10s Pittsburgh 80s 37 Guthrie at
Denver 20s
Springfield
Washington D.C.
36 37 38 39 40 Accords
San Francisco Indianapolis 90s Woodstock
Colorado Topeka St. Louis
Charleston Richmond
signatory
Las Springs 30s Kansas Louisville 100+ 41 42 43
Vegas
Wichita City Raleigh 7 Take in 39 App stand-in
Los Angeles Santa Fe Nashville Charlotte 44 45 46
60s 40s Memphis 8 O’Hare, on 40 Parent’s warning
Phoenix Albuquerque Oklahoma City 50s Columbia
San Diego 70s 50s Little Rock Atlanta 47 48 49 50 51 luggage tags 42 Spa sounds
Tucson Dallas Birmingham Warm Rain
El Paso Ft. Worth 52 53 54 55 9 Feathery frippery 43 Wasn’t kidding
Jackson 60s
Mobile Jacksonville Cold T-storms
0s 60s Austin 56 57 58 59 60 61 10 “Luther” star Idris 44 Con
Houston
70s Orlando
-0s San Antonio
Neww Orleans
Tampa
Stationary Snow 11 Coat for subzero 45 Support the
80s 70s 62 63 64
weather?
Anchorage Honolulu Miami
restaurant
10s 80s Showers Flurries 65 66 67 industry
20s 70s 12 Avshalom Cave
30s setting 46 Hip-hop devotee
Ice
Forecasts and graphics provided by AccuWeather, Inc. ©2022 ACING IT | By Blake Slonecker 13 Game with seven 49 Hint of color
shapes
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 28 Odorous 48 Big, sexy 50 “Did I do that?”
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 “Row, Row, accessory brass? 18 React to being speaker of 1990s
Omaha 14 0 c 9 1 pc Frankfurt 40 34 sf 41 31 pc walloped
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice Row Your Boat,” TV
Orlando 76 59 s 74 59 pc Geneva 41 30 c 40 26 s 29 Move forward 51 Crumb carrier
Today Tomorrow Philadelphia 46 35 c 41 30 c Havana 80 61 pc 82 61 pc e.g. 21 Alabama or
City Hi Lo W Hi Lo W 31 Doorway 52 Where 53 Spa treatment
Phoenix 66 45 s 70 46 s Hong Kong 72 64 pc 72 62 s Kansas, e.g.
Anchorage 2 -9 s -2 -5 pc Pittsburgh 44 20 c 28 17 sn Istanbul 60 55 s 62 53 pc 6 Mess maker toppers subway doors 55 Foot part
Atlanta 55 39 c 55 27 sh Portland, Maine 43 31 r 36 25 pc Jakarta 90 76 t 89 76 t 10 Polish prose 33 Forgo the script open 22 Book balancers,
Austin 72 39 s 56 29 s Portland, Ore. 43 40 r 52 46 r Jerusalem 54 44 pc 58 43 s briefly 57 “Well, that’s a
Baltimore 45 34 c 41 27 c Sacramento 58 46 c 57 49 c Johannesburg 84 61 c 74 60 c 14 Follow 34 Hit the gas 54 Caddie’s surprise!”
Boise 38 32 sh 43 39 r St. Louis 33 15 pc 18 8 sn London 42 28 s 45 37 r collection 23 Language
Boston 48 37 r 40 30 pc Salt Lake City 43 36 r 44 36 c Madrid 49 29 c 48 28 s 15 Start for space 36 Diamonds, e.g. written from 58 Metal source
Burlington 38 29 c 35 20 c San Francisco 57 51 c 56 51 pc Manila 88 74 c 88 74 c 56 Voice quality
16 Shake, say 37 Superlative right to left 59 Put an end to
Charlotte 55 36 c 54 33 c Santa Fe 43 25 pc 44 25 s Melbourne 73 64 r 77 67 r
grade earned by 57 Obnoxiously
Chicago 22 7 c 16 2 c Seattle 38 35 sn 47 43 r Mexico City 75 46 pc 75 46 pc 17 Cultivate 24 Detail-oriented 60 Dennings of
Cleveland 40 18 c 25 20 sn Sioux Falls 4 -8 c 1 -5 pc Milan 48 33 r 44 27 s six answers in loud toy truck?
“anti-art”? chocolatier? “WandaVision”
Dallas 59 34 pc 42 24 pc Wash., D.C. 46 35 c 42 29 c Moscow 30 28 sn 32 22 sn this puzzle 62 Combs of
Denver 38 0 sn 26 18 c Mumbai 87 73 pc 84 72 pc 19 Baskin of 26 Unalaska native 61 Sponsored spots
38 Settled country music
Detroit
Honolulu
34 17 sf 25 12 sn
79 67 pc 80 68 sh
International Paris
Rio de Janeiro
43 33 s
86 76 sh
41 35 pc
81 74 sh
Baskin-Robbins
41 Vehicle for 63 Strongly Previous Puzzle’s Solution
Houston 75 52 pc 67 37 pc Today Tomorrow Riyadh 62 47 s 62 43 s 20 Pickle cut
Indianapolis 34 13 pc 19 6 sn City Hi Lo W Hi Lo W Rome 61 46 r 54 41 sh Helios recommend H A S T A A T M S L A P
21 Elephant in a A T T I C R O E S T A L E
Kansas City 24 6 sn 10 3 sn Amsterdam 44 34 sh 43 35 c San Juan 84 73 pc 83 73 pc 43 Pool cry 64 24-book poem S T A N D D OWN H A S O N
Las Vegas 59 44 s 61 43 s Athens 62 50 s 64 52 c Seoul 36 18 c 39 15 s series of over T H Y C OM E D A N S O N
Little Rock 51 29 pc 35 19 sf Baghdad 61 39 s 63 40 s Shanghai 51 43 r 50 39 pc 40 books 44 “What’s up, my 65 And others, in Y E T I WA L K O F L I F E
B U R Y A N T E
Los Angeles 69 52 s 71 50 s Bangkok 91 74 s 93 73 pc Singapore 86 76 t 86 76 t
22 Putt target peeps” brief T E N S E S E T H Y
I P S
Miami 79 67 c 80 65 pc Beijing 39 12 s 39 13 s Sydney 77 72 sh 79 72 sh A L E R U N R I O T N A P
Milwaukee 23 12 sn 18 4 c Berlin 39 28 sn 36 28 s Taipei City 78 62 pc 67 62 c 25 Booze-serving 46 Prove inviting 66 Foot part O L D S N O S E S U D S Y
Minneapolis 13 -4 sn -1 -16 pc Brussels 41 35 sh 41 35 pc Tokyo 46 34 s 42 37 sh C R I B AMO S
Nashville 51 26 c 32 16 sn Buenos Aires 76 67 s 79 71 s Toronto 38 20 c 29 16 c
part of California 47 Detroit-based 67 Some phone D A S H O F S A L T P O R T
wine country? labor org. reading I F I MA Y P UM A R O Y
New Orleans 68 57 pc 72 40 pc Dubai 72 61 pc 73 59 s Vancouver 33 29 sn 38 33 i T I D E S S P R I N T C U P
New York City 46 36 r 40 30 pc Dublin 40 31 pc 49 34 r Warsaw 41 34 sh 35 23 c T R E A T E L K N E A T O
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 44 14 pc 27 12 pc Edinburgh 39 27 s 42 33 r Zurich 41 30 r 38 27 sn Y E A R WE S O A T E S

THE WALL STREET JOURNAL. Wednesday, January 5, 2022 | A13

OPINION
Europe Climate Chaos Goes Global BOOKSHELF | By Daniel Rasmussen

Hard to be-
lieve,
politics
but
change, analysts at the com-
modity research firm CPM
Group cogently argue in a re-
closed last week. Now it can be
admitted: Her motive was to
forestall a momentary rush of
After the state chose for de-
cades to throw money at re-
newables rather than freeze-
Models
sometimes
exhibits
pull toward
a

the rational,
cent report that 2022 will be
the year when energy and cli-
mate realism finally break
through:
German voters to the Green
Party after Japan’s Fukushima
accident, which came weeks
after her party suffered a di-
proof its energy infrastructure,
the out-of-state power sup-
plies that were supposed to be
its insurance policy never ma-
And Mavens
BUSINESS
WORLD especially
when voters
The gestures governments
have been enacting are “not
sastrous drubbing in local
elections. For this passing po-
terialized. Ditto California,
which invested in renewables
In Pursuit of the Perfect Portfolio
By Holman W.
find it diffi- meaningful in the race to com- litical benefit to Ms. Merkel rather than fireproof its grid By Andrew W. Lo and Stephen R. Foerster
Jenkins, Jr.
cult to pay bat climate change.” and her coalition, Europe will and now is beyond out-of-state (Princeton, 400 pages, $29.95)

F
their bills, The electric vehicles that pay the price for decades. rescue. Its citizens suffer re-
heat their homes and keep politicians particularly love to current intentional blackouts inancial markets are unpredictable, prone to fads, bub-
their jobs. subsidize “will not signifi- to reduce fire risk. One of bles and crashes. This frustrates academics who would
That’s happening in Europe cantly reduce carbon dioxide To see politics turn these winters, the Northeast prefer that the stock market obey Newtonian laws.
now thanks to home-heating output, only shift its location.” will experience its own calami- Andrew Lo and Stephen Foerster have written an intellec-
and electricity prices up 300% “There are real con- really crazy, add tous outages due to its refusal tual history of modern finance theory, built around interviews
at the wholesale level since straints”—surprise—“to mov- energy shortages to authorize the gas pipelines with influential academics and thoughtful practitioners. Their
last winter. In a quote echoed ing toward clean energy indus- and power plants needed to book documents the quest for the perfect portfolio, and shows
across the continent, one of tries,” starting with the and high prices. support a crowd-pleasing rush how far from a science investing remains.
British Prime Minister Boris unwillingness of voters and to renewables. The most important—and well-known—theory to emerge
Johnson’s parliamentary al- consumers to pay for it. Sophisticated state failure from academic finance is Nobel Prize winner Eugene Fama’s
lies warned on the weekend Most interestingly, the CPM It’s time to invoke a favor- is an unadmitted father of the efficient-markets hypothesis, which holds that the actual
of “catastrophic” damage to analysts see a “bifurcation” ite phrase, “sophisticated Western world’s drift to popu- price of a security is the best estimate of its intrinsic value.
the government: “Elections between China and the rest of state failure,” for the inability list politics. Recall how the Mr. Fama argues that the last half-century of scholarship has
are won and lost in people’s the world. Not because China of advanced societies to rec- convoluted financial-system been focused on challenging his thesis. “Look guys, you have
wallets.” has opted out of lip service to oncile means and ends, when meltdown and bailouts of 2008 to grow up. You can’t just be complaining about market
Europe’s mess has been the climate cause, but because every attempt to appease gave rise to the tea party and efficiency all your life,” he says of other economists. “You
framed as a story of many in- China now produces emissions powerful and diverse interest birtherism, how the resulting have to come up with something that we can test and reject.”
fluences—the proverbial per- for the world. Europe has con- groups and voting blocs seems rise of Trumpism spawned the Mr. Fama doesn’t think any studies have passed that bar.
fect storm. But it’s really a veniently adopted 1990 (when to result only in a succession countervailing Russia-collusion The greatest proof of the rigor of Mr. Fama’s theory lies in
story of one thing, coal, plus East Germany’s Sovietized of boondoggles and economic panic. A new culture war is the success of low-fee passive
hypocrisy. heavy industry was about to be crises. blossoming over Covid policy. index funds, the brainchild of
By undiversifying its base- shut down) as its emissions An unspoken pillar of The worst always rise to the the great John Bogle, the late
load power supply away from baseline. Even so, Europe’s Merkelism is its touching faith top in such situations: progres- founder of Vanguard. Bogle
dirty coal while also dumping claimed 20% reduction in in the power of markets to sives who believe that with argued that, as a group, active
nuclear, Europe has invited all emissions since then is not compensate somehow for the enough coercion utopia is in investment managers must fall
the consequences you read merely a drop in the bucket irrationalities of public policy. reach; discombobulated mid- short of the market return by
about: ill-advised reliance on when the world increased its This week, European energy dle-class voters whose soured the amount of costs they incur.
Russian natural gas, frantic total emissions 50% overall. prices have been mercifully faith in government curdles The best strategy for investors,
bidding wars with China for It’s a bit of fraud since Euro- moderating thanks to LNG car- into technicolor conspiracy therefore, is to assume efficient-
liquefied-gas shipments, fear pean investors simply relo- goes, a product of America’s theories. markets theory holds and
of rolling blackouts whenever cated their emissions-heavy fracking boom, being diverted A lot more of this may be embrace low-cost, passive all-
a French nuclear plant needs processes to places outside the on the high seas from Asian on the way if the developed stock-market investing.
maintenance or the wind dies European Union. ports to European ones. world keeps playing Russian The data have borne out
down or the sun goes behind a A perfect metaphor is An- And yet the U.S. is not im- roulette with its energy supply, Bogle’s insights. Charles Ellis,
cloud. gela Merkel’s decision in 2011 mune to these pathologies. a vital underpinning of a mod- founder of investment consulting
Though firm believers in to shut Germany’s nuclear Texas discovered as much in ern society and foundation of firm Greenwich Associates and a
the risks of man-made climate plants, including three that last winter’s epic blackouts. every voter’s well-being. great advocate of passive index funds, notes that “over 10
years, 83 percent of active funds in the U.S. fail to match
their chosen benchmarks; 40 percent stumble so badly that

What if It Can Happen Here? they are terminated before the 10-year period is completed.”
Insofar as equity investing is concerned, Mr. Ellis’s findings
seem to vindicate Mr. Fama’s big idea and Bogle’s big innovation.
Through my Weimar analogies, so let’s in some respects has intensi- congressional process for de- Most of the thinkers interviewed in this book argue in
adult life, I look at some current evidence fied. In many states, GOP legis- ciding between competing favor of low-cost passive equity index funds as the foundation
read books that troubles me. latures have moved to reduce slates of electors from the of the perfect portfolio. Yet that’s where agreement ends,
such as Philip In the year since a mob the authority of secretaries of same state, and grounds for the eat-your-vegetables portion of the book stops, and the
Roth’s “The tried to disrupt the certifica- state and other officials congressional objections to fun and controversy begin.
Plot Against tion of Joe Biden as the duly charged with overseeing and electors. The new bill also The book glowingly profiles Bill Sharpe, one of the origi-
POLITICS America” and elected president of the certifying the vote count. A should answer some ques- nators of the capital asset pricing model (CAPM), which
Sinclai r United States, public opinion few lawmakers are asserting tions: Is a “majority” of the argues that there is a linear relationship between a stock’s
& IDEAS
Lewis’s “It hasn’t budged. About 7 in 10 the legislatures’ alleged consti- Electoral College all 538 elec- expected return and its riskiness, as measured by how much
By William
Can’t Happen Republicans continue to deny tutional authority to set aside tors or only those present it varies relative to the market. Messrs. Lo and Foerster say
A. Galston
Here” with that Mr. Biden was legiti- the popular vote and select and voting? Can a state hold the idea has stood the test of time. Yet Mr. Fama chimes in
bemused in- mately elected. Some 47% of their own slates of electors. an election after Election Day to claim that “the central prediction of the CAPM just has
terest. The counterfactuals Republicans describe the at- if it claims that the results never worked. The relation between average return and beta
were intriguing—what if an tack on Congress as an act of were tainted? In cases of dis- has always been too flat.”
American version of Hitler patriotism, and 56% say the I scoffed at Sinclair agreement, who is the state’s Despite this repudiation by the most brilliant thinker in the
had come to power?—but of attackers were “defending “executive” with the power field, the CAPM still earns a chapter in this book and a promi-
no practical significance. I freedom.” Lewis, but I’ve had to certify its slate of elec- nent place in most business-school curricula. Professors, it
read Lewis’s title unironically: Forty percent of Republicans second thoughts since tors? The list goes on. seems, never want to let a bad model go to waste. Academia’s
It really couldn’t happen here. believe that violence against The country’s antiquated resistance to abandoning models is nowhere better evidenced
Over the past year, I’ve the government is sometimes the Jan. 6 attack. electoral laws and ramshackle than in the famous collapse of Long-Term Capital Manage-
started to wonder. I’m torn justified, a view shared by 23% voting procedures increase the ment, a hedge fund run by several of the most brilliant finance
between fear of complacency of Democrats and 41% of inde- chances of violence in the next academics. Reflecting on its blowup, the distinguished pro-
and fear of alarmism. Was the pendents. Overall, support for Equally threatening is Con- close presidential election. And fessor and co-founder of LTCM Robert Merton said that
Jan. 6 attack on the Capitol the use of violence has risen to gress’s failure to reform the the next election likely will be “errors were made and unforeseeable things happened . . .
the result of a singular conflu- 34% from 10% in 1995 and 16% Electoral Count Act of 1887. close. In the nine presidential But the crisis was not precipitated by an error in the models.”
ence of events or a harbinger in 2010. That law was adopted in re- elections since 1988, the win- In other words, it’s the market’s fault, not the model’s.
of worse to come? Am I suf- Some 68% of the American sponse to the presidential ner has prevailed by less than Financial bubbles are a particularly thorny problem for
fering from a failure of imagi- people have come to believe election of 1876, in which con- 8 percentage points—a record finance theorists. It’s hard to explain how the price of Doge-
nation or an excess of it? that the events of Jan. 6 repre- tested slates of electors from matched only by contests be- coin or AMC or Pets.com is efficient in any sense of the
For the first time, I’ve be- sent an increasing danger of three states created a dead- tween the end of the Civil War word—even if it’s also difficult to short them when they seem
gun to understand the plight of political violence, compared lock in the Electoral College, and the start of the 20th cen- overvalued! Mr. Fama argues against the existence of bubbles,
German Jews in the late 1920s with 32% who regard it as an resolved only by a para-con- tury. We are closely divided as claiming that if we can only identify them in hindsight they
and early 1930s. Some con- isolated incident, and 62% ex- stitutional political deal. Con- well as deeply divided, the must have been rational at the time.
cluded that this time was dif- pect violence by the losing side temporary legal analysts say worst scenario for effective
ferent and acted accordingly, in a future presidential elec- the law is vague or ambiguous governance in the Madisonian
often by leaving the country. tion. A survey released on Jan. at various points and vulnera- constitutional system. Surveying the most brilliant minds in the field,
But most could not take the 4 found 83% of Americans are ble to serious constitutional Although we know how to this financial primer considers the power and
worst case seriously, or even worried about the future of challenge. reduce the chances of a con-
conceive of it. We’ve seen bad America’s democracy, and 71% Writing last month in Na- tested election in 2024, it is limitations of a scientific approach to investing.
times before, they thought, say it’s weaker than it was four tional Review, Benjamin far from clear that the politi-
and we’ve always managed to years ago. Overall, two-thirds Ginsberg, a veteran Republi- cal parties can agree on the
get through them. Surely our of Americans regard U.S. de- can election lawyer, urged necessary steps. If not, the Robert Shiller, who won the Nobel Prize the same year as
friends and neighbors won’t mocracy as “threatened,” com- his party’s leaders to support people’s fears could become a Mr. Fama, and is famous for calling both the internet and the
believe unscrupulous dema- pared with only one-third who an update of the ECA before reality, and political violence housing bubbles, argues that this is academic fundamentalism,
gogues. We’re all good Ger- describe it as “secure.” it’s too late. A rewrite, he could deal constitutional de- a refusal to let common sense get in the way of a beautiful
mans, aren’t we? On the legal front, the said, should clarify the role mocracy in America a fatal model. “Crazy dictators in history—are they rational? They
I recognize the pitfalls of threat to the electoral system of the vice president, the blow. look crazy to me. But, you know it’s an act,” says Mr. Shiller.
“There are bubbles.” Mr. Shiller argues that his cyclically
adjusted price-to-earnings ratio (CAPE) is a good method for

I Got Covid on a Cruise. I’d Take Another identifying financial bubbles. Notably, Mr. Shiller’s CAPE
currently indicates that the U.S. market is near all-time highs
on valuations, and suggests shifting money to cheaper inter-
By Dave Seminara from Tampa, a 15-minute drive virus. Bars and nightclubs have recovered at home, but I suf- national markets.
from our home, so I bought been closed for nearly two fered from fever and general Mr. Shiller’s most famous idea is that markets are more

‘A
St. Petersburg, Fla. tickets for myself, my wife, and years, and a nationwide 9 p.m. weakness for two weeks even volatile than efficient-markets theory allows. This excess-
void cruise travel, re- our sons, 14 and 12. Some curfew remains in effect. after a monoclonal-antibody volatility problem poses a challenge for investors, who have
gardless of vaccination friends thought I was mad— Masks are mandatory, even infusion. to navigate wild and seemingly nonsensical fluctuations. The
status,” the Centers for one, who served in Iraq, sa- outdoors or in a car with fam- So why would I cruise options pioneer Myron Scholes argues that investors should
Disease Control and Preven- luted my “bravery.” But what’s ily members. Police issue $250 again? For one thing, I know be razor-focused on this volatility problem. He warns of
tion warned last week. I took a not to like about getting out of tickets for mask violations and plenty of people who have con- downside “tail risks” and argues that investors should try to
Thanksgiving cruise with my the country without having to social gatherings. Schools na- tracted Covid while barely reduce the peak-to-trough drawdowns in their portfolio value
family—all fully vaccinated— set foot in an airport? tionwide, public and private, leaving home. For another, a and seek to capture the “tail gains” that result when markets
and I got Covid, as did my wife are still virtual: “They say cruise is a delight. You’re part swing back. Mr. Scholes advocates for a much more active
and one of our sons. But I’d they’re hoping to start hybrid of a floating slice of Middle investing style than anyone else in the book. He recommends
gladly cruise again. It’s a delightful way instruction in August 2022.” America. At sea, I was re- reacting to the market information contained in options prices,
Even before the pandemic, to travel, and you can Alejandro, our driver in Co- minded of our national flaws: and using asset allocation to avoid big drawdowns and capi-
the smart set disdained zumel, Mexico, thanked God obesity, gluttony and igno- talize in times of crisis. Above all else, he advises, focus on
cruises, claiming they harm still get sick at home. the cruise ships were return- rance of other countries. But I terminal wealth and compounding.
the environment and local ing. “We used to get 10 per day also saw our appealing attri- Andrew Lo, the lead author of this book, is known for his
communities. Cruising may be and now we have just three,” butes: generosity, kindness and adaptive-markets hypothesis, which says that people respond
the most politically incorrect Contrary to stereotype, we he said. “Without the cruise openness. to the unique experiences of their lives, that different experi-
form of holiday on the planet, had ample opportunities to ships, Cozumel cannot exist.” We also had a chance to see ences and different preferences lead individuals to adapt.
but cruise aficionados don’t learn from locals. In Costa Our elder son and I got sick that Covid insanity and tyr- There is, then, no perfect portfolio, because it would depend
care. The number of passen- Maya, Mexico, our guide, Ro- near the end of the cruise, anny aren’t confined to our on the preferences and experiences of individuals. Not even the
gers world-wide rose from 17.8 berto, explained how Maha- and within a few days of dis- shores. We were reminded that world’s most famous academics, who have all looked at the same
million in 2009 to nearly 30 hual, a village adjacent to the embarking my wife also anyone can catch the virus. We data and read the same papers, come to the same conclusions.
million in 2019. Carnival, the port, effectively cut itself off tested positive. The least were encouraged, practically Perhaps that is the greatest challenge to the brilliant academic
biggest line, reports that its from the world with police mask-compliant member of commanded, to have fun. For theories presented in this book: that markets are human, and
ships in North America sailed checkpoints at the entrance the family was the only one to the first time in a long time, it human action rarely accords with simple linear models or
at 68% capacity in the third and exits to town during the avoid infection. When friends felt good to follow the rules. mathematical equations. “The Perfect Portfolio” highlights these
quarter of 2021 and that cu- pandemic: “They were afraid heard we had Covid, many as- great debates, providing fascinating insights into the people
mulative bookings for the sec- of Covid because there is no sumed our symptoms were Mr. Seminara is a former behind the ideas and raising important questions about the
ond half of 2022 have already hospital nearby.” mild because we’d been vacci- diplomat and author of “Foot- power and limitations of a scientific approach to investing.
surpassed 2019 levels. In Belize, our guide, Israel, nated. That was true of my steps of Federer: A Fan’s Pil-
Carnival had reasonable told us that the country was wife and to a lesser extent our grimage Across 7 Swiss Can- Mr. Rasmussen is the founding partner of the hedge fund
prices for cruises departing still paralyzed by fear of the son, but not as much for me. I tons in 10 Acts.” Verdad Advisers.
A14 | Wednesday, January 5, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Overturning the Next Election What Happened to Putting the Patient First?

T
he anniversary of the Jan. 6 Capitol riot court, in our view it is unconstitutional. As I walk down the corridors of a Meanwhile, when I tried to get an
is Washington’s theme of the week, and We first endorsed repealing the Electoral major New Jersey medical center, I appointment for myself at the health-
cannot help but notice rows of medi- care system my insurance demands I
waves of righteous anger will roll across Count Act last Jan. 27, and we’re happy to see
cal professionals transfixed to com- use, there was a three-month wait. I
the Mall. We agree the riot was some others on the right have puter screens (“The Doctor’s Office don’t know for whom to feel more
disgraceful, but then why not If the concern is stealing recently followed. Even Polit- Becomes an Assembly Line” by Devo- sorry—my patients or myself.
rewrite the law that encour- the Presidency, fix the icoDemocratshas finally noticed. rah Goldman, op-ed, Dec. 30). The MARC ROSENBLATT, M.D.
aged Donald Trump’s support- run both houses data consumes their attention. While New York
ers to think Congress could Electoral Count Act. of Congress and they are in the patients wait, the professionals ro-
overturn the 2020 election? best position to put the Elec- botically configure information into Many older doctors practice medi-
We’re referring to the Elec- toral Count Act on the agenda. medical “notes.” cine because they enjoy it. But they
toral Count Act, the ambiguous 19th-century stat- But they have preferred to press for partisan ad- This is a laborious process. I often don’t enjoy having to see a certain
ute that purports to allow for a majority of Con- vantage through their various bills to overturn thank God that I paid attention in Ms. number of patients an hour, they don’t
gress to disqualify a state’s electors after the state election laws. Those bills would require McGillicutty’s high-school typing adapt easily to the new system, and
class, not knowing how important it when pushed they simply retire. We’re
Electoral College has voted. Congress’s certifica- breaking the Senate’s filibuster rule to pass,
would be at this stage in my career. losing all that knowledge and experi-
tion of presidential election results should be a which seems unlikely. They’d also erode confi- I can understand the rationale. The ence, right when we boomers are ag-
technicality, but Mr. Trump misled supporters dence in the electoral process. consolidation of data would avoid the ing and need knowledgeable doctors.
into believing Vice President Mike Pence and Con- But there would be Republican support for duplication of services, which could Also consider what you have to go
gress could overturn Joe Biden’s victory, leading ending Congress’s increasingly destabilizing bring astronomical savings. But let us through to speak to your doctor with
to the Jan. 6 march on the Capitol. role in presidential elections. Seven conserva- not forget the patient. The number of these new medical groups. First, you
The effort wasn’t close to succeeding, with tive GOP Representatives wrote in a Jan. 3 state- hours in the day is unchanged and are told to call 911 if it’s an emer-
only eight Senators objecting to the results in ment last year: “The text of the United States the additional computer tasks extract gency. Then, you get a whole speech
any states, though 139 Republicans did in the Constitution . . . is clear” that “Congress has one time from the doctor-patient encoun- about Covid. Next, you are told, “We
House. No Senators voted to object to enough job here: to count electoral votes that have in ter. Many physicians are resigned to are experiencing unusually high call
entering data using computer tablets volumes,” and get put on hold. After
states to deprive President Biden of the 270 elec- fact been cast by any state, as designated by
during the patient encounter, and endless repeated babble and noise
toral votes he needed to win. Presiding over the those authorized to do so under state law.” avoiding eye contact. It’s very easy that passes for music to some, you fi-
Senate, Mr. Pence properly understood his lim- New statutory language could clarify that for the patient to feel distant and ig- nally get the phone tree, and eventu-
ited constitutional role and resisted Mr. Trump’s once legal challenges are over and the Electoral nored, leading to further erosion of ally you might even get an operator.
pressure to intervene. He was one of the heroes College votes, Congress can’t change the out- the doctor-patient relationship. All this to ask a question or check an
of that day. come. Disputes in the states would be settled This is the medical equivalent of appointment. It’s almost not worth it.
Still, Jan. 6 was the most significant abuse of in the states with the judiciary as the best fo- texting while driving. It may not be ALAN BLUM
the law to date and part of a growing trend. A rum to adjudicate. This is what happened in long before we realize the extent of Mount Vernon, N.Y.
smaller number of congressional Democrats Florida in 2000 in Bush v. Gore. The Supreme its effect on patient care.
used the Electoral Count Act to object to both Court would probably have intervened in 2020 RONALD FRANK, M.D. Ms. Goldman writes that “doctors
of George W. Bush’s victories as well as Donald as well, if there had been competing slates of West Orange, N.J. must operate with a clear sense that
they are serving the patients in front
Trump’s in 2016. state electors.
I am one of those independent pri- of them, not the government, data-col-
The Electoral Count Act was an attempt to Rewriting or repealing the Electoral Count vate practitioners mentioned in Ms. lection systems, insurance companies
avoid the mess that followed the contested 1876 Act leaves neither party with a partisan advan- Goldman’s article who will be shut- or hospital directors.”
Hayes-Tilden election, but its ambiguous lan- tage. Now is also a good time to pass such legis- ting down my practice. For 30 years, If only that were true. In any other
guage has made it open to abuse. In these polar- lation, since no one knows who will control each I accepted all insurances, saw pa- service-oriented business, the patient
ized times, both parties could use the law in the chamber of Congress in 2025. tients the same day if need be, would be the customer, able to com-
future as an excuse to attempt to overturn an Democrats keep saying Jan. 6 must never treated some for free and personally pare quality and price in a search for
election in the House and Senate. happen again, but their main goal seems to be kept aware of every aspect of their value. But it has been the unfortunate
Congress shouldn’t have even the appearance to use the memory of that day against Republi- care. But Medicare threatens me with reality for many years that the cus-
of this power. The Framers didn’t want the execu- cans in 2022. If they’re honest about “never 9% cuts for not compiling data for tomers of the physician’s services are
tive branch beholden to Congress, which is why again,” they’ll grab the Electoral Count Act issue. the system, the insurers hire private the third-party payers: the govern-
companies to demand refunds on ment, insurance companies and hos-
they designed an Electoral College to elect the Or Republicans could turn the electoral tables
payments they made to me years ago, pital systems. Unless this changes
President. They gave state legislatures the power on Democrats by grabbing it first. If Congress and I recently received a check for and the patient can again behave as a
to certify electoral votes, as they do according to does nothing, Americans are likely to conclude $280 for performing a difficult cata- customer, both the patient’s and the
the popular vote count in each state. Though the that Jan. 6 has become one more political prop ract surgery. This amount barely cov- physician’s level of satisfaction will
Electoral Count Act has never been tested in for partisan gain. ers my staff’s time to obtain the pre- continue to decline.
certification that insurers demand to DANIEL COHEN, M.D.
do the procedure. YARDLEY, PA.
The Theranos Fraud
S
tartup businesses fail all the time, and They should have done more due diligence,
very few are frauds. The difference with yet Ms. Holmes failed to disclose problems with Heroes, Villains and International Relations
Theranos is that founder Elizabeth Theranos’s technology. Theranos engineers In “What Putin, Xi and Khamenei sion of the world into democracies
Holmes refused to accept that jerry-rigged commercial de- Want” (op-ed, Dec. 28), Aaron Mac- and autocracies.
her company’s blood-testing A cautionary tale vices to run blood samples. Lean makes the important point that This Manichaean frame is unneces-
technology wasn’t working as about ambition and Ms. Holmes concealed this the world is a dangerous place, popu- sary. We don’t need to invoke the ab-
she advertised, and on Mon- from her investors, board and lated with states that have divergent straction of autocracy to explain Rus-
day a federal jury convicted admitting failure. clients. and sometimes violently clashing in- sia’s desire to neutralize Ukraine or
her on four counts of defraud- She claimed at trial the terests. But he goes on to frame this Iran’s pursuit of nuclear weapons or
ing investors. modified lab devices were a persistent reality not as the factory Beijing’s drive to dominate the West-
Ms. Holmes started Theranos with the vi- “trade secret.” This was also her explanation for setting of the international system, ern Pacific. It does not add any ana-
sion of making lab tests cheaper, faster and hiring law firm Boies Schiller Flexner to intimi- but as an artifact of the recent divi- lytical value. The abstraction’s only
function is to frame international
more accessible to patients by developing a date former Journal reporter John Carreyrou’s
politics as a morality play, one in
small device that needed only a finger-prick sources, including former Theranos employees Intelligent Investors Must which we are the heroes and they are
of blood. Such a test would be revolutionary, who had documented problems with the tests. the villains. This might make for
but Ms. Holmes’s ambition exceeded the tech- But it was clear she was trying to cover up Consider Opportunity Cost good drama, but it doesn’t help miti-
nology. She raised hundreds of millions of dol- Theranos’s problems, not protect intellectual In “The Intelligent Investor: The gate the risk of major war or manage
lars from venture firms and wealthy investors, property. Sorcery That’s Conjuring a 7% Yield” the dynamics of conflict and competi-
but along the way she misrepresented Thera- Ms. Holmes said at trial that “there are many (Exchange, Dec. 18), Jason Zweig does tion that are baked into all interna-
nos’s prospects. things I wish I did differently” including solicit- a rigorous job pointing out pros and tional systems.
She affixed logos of pharmaceutical compa- ing News Corp. executive chairman Rupert Mur- cons, but he is too polite. The Strategy PROF. ANDREW A. LATHAM
nies that had not validated Theranos’s technol- doch to squash Mr. Carreyrou’s story. News Shares Nasdaq 7HANDL Index ex- Macalester College
ogy to materials presented to investors. She Corp. owns the Journal, and Mr. Murdoch re- change-traded fund (HNDL) works St. Paul, Minn.
only if the market goes up. It poses
also gave the false impression that the devices fused. But Ms. Holmes otherwise remained un-
higher risk in any market rout because
were used by the military in the field. Investors apologetic. Perhaps she deluded herself into be- it uses leverage and is 70% bonds. Socialists Rely on Forgetting
were none the wiser since she tightly controlled lieving the phantom technology she promoted If interest rates rise and stock
Theranos’s employees and information. would soon materialize. In “When Populism Turns to Tyr-
prices plunge, HNDL might become
Theranos’s biggest coup was signing deals Each of the four counts for which she was anny” (Americas, Dec. 27), Mary An-
an ETF whirlpool, with selling and re-
astasia O’Grady laments that much of
with Walgreens and Safeway to include its de- convicted carry a potential 20-year prison sen- turn of capital pushing down its
Latin America has reversed its turn to
vices in hundreds of stores. Many investors saw tence, which is excessive. The investors she de- price, which begets more selling.
democracy by electing socialists who
these contracts as an endorsement of Thera- frauded weren’t naifs. But she never did admit Investing is about opportunity
then become dictators. This was the
nos’s technology and growth potential. One the truth that the company’s blood-test tech- cost. Better options offer the same or
case with Hugo Chávez, Evo Morales,
mystery is why these companies bought Ms. nology wasn’t what she promised, and for that lower downside risk. Two examples
Daniel Ortega and the Kirchners. Now,
are the Vanguard Balanced Fund
Holmes’s hype. she may now go to jail. Chile has elected Gabriel Boric.
(14.8% annual return in the past three
I spent over a year in Chile, right
years), and the BlackRock Global Allo-
after the 1970 election of socialist
New York’s Trump Inquisition cation Fund (12.5%). Both funds fell
the same 20% that HNDL fell in early
Salvador Allende. I saw how Allende’s
agenda, including nationalization of

O
2020, yet their annual returns were
ne feature that distinguishes the U.S. duced over 8 million pages of documents in re- businesses, farms and ranches,
78% and 111% higher than HNDL’s.
caused the economy to spiral down-
legal system from, say, Russia’s, is that sponse to [Ms. James’s] subpoenas” since 2019. And their expense ratios are cheaper.
ward. Allende was ousted in a bloody
prosecutors are charged with pursuing The lawsuit notes that Ms. James’s 2018 cam- JASON PRATTES
coup in 1973, but young Chileans sup-
justice—not politically disfa- paign to be New York’s top le- Newport Beach, Calif.
porting Mr. Boric weren’t even alive
vored individuals or families. AG Letitia James better gal officer was dominated by in the ’70s. They have no conception
New York Attorney General have good justification political attacks on Mr. Trump. of the harm socialist policies can
Letitia James’s legal pursuit She said she’d investigate No Mask Mandate at Netflix cause. Young Bernie Sanders support-
of Donald Trump, his organi- for her investigation. “anyone in [Trump’s] orbit,” The analysis in Peggy Noonan’s ers suffered the same affliction.
zation and his children, now and declared the President “il- “‘West Side Story’ and the Decline of ROB HIGGINS
entering its fourth calendar legitimate.” Even Daniel Gold- the Bijou” (Declarations, Dec. 18) and Richmond, Texas
year, smacks of the latter. She’s now trying to man, a Democratic ex-prosecutor who would go the letters (Dec. 27 and Jan. 3) about
movie theaters is astute, but it omits
compel testimony from two of the former Pres- on to serve on the House 2019 impeachment in-
one additional nail in the coffin: mask
ident’s children, and there had better be rock- vestigation targeting Mr. Trump, said Ms. mandates. Spending several hours
Pepper ...
solid evidence of significant wrongdoing at the James’s campaign could “give the appearance wearing a mask isn’t everyone’s idea And Salt
end of this road to justify the corrosive appear- of an individualized political vendetta,” the law- of leisure, particularly when you can
ance of politicized justice. suit says. stay home and stream the movie. THE WALL STREET JOURNAL

Ms. James’s investigation, according to a In June the Manhattan District Attorney in- Some of us vote with our feet.
2020 court filing, focuses on whether Mr. dicted the Trump Organization and its former JULIA WEINBERG RAFSKY
Trump or others “improperly inflated the value chief financial officer for allegedly concealing Philadelphia
of [his] assets on annual financial statements executive compensation. They’ve pleaded not
in order to secure loans and obtain economic guilty, and the charges might have been han-
and tax benefits.” dled by a fine if not for Mr. Trump’s low politi- CORRECTION
The Attorney General’s recent subpoena of cal standing in New York.
Donald Trump Jr. and Ivanka Trump, which Ms. James’s parallel investigation has yet to The June 2021 peak in the U.S. and
they are trying to quash, seeks information “in produce civil fraud charges. Attorneys General Latin American Covid case fatality rate
connection with an investigation into the valu- of both parties are increasingly entangled in predated the Delta variant wave. This
ation of properties owned or controlled by national partisan politics, but it would take sig- was misstated in the Jan. 3 op-ed “Omi-
cron Variant May End Up Saving Lives.”
Donald J. Trump or the Trump Organization, nificant findings of fraud by her office to justify
or any matter which the Attorney General the damage to the legal system inflicted by an
Letters intended for publication should
deems pertinent thereto.” apparently political probe against an opposi- be emailed to wsj.ltrs@wsj.com. Please
A federal lawsuit filed by Mr. Trump seeking tion party leader. Unless Ms. James has the include your city, state and telephone
to halt the investigation notes that his son Eric goods and can prove them unambiguously, her number. All letters are subject to
already was deposed by Ms. James’s office in investigation looks like more evidence of the editing, and unpublished letters cannot “I’m unavailable.
be acknowledged.
2020, and that the former President has “pro- decline of America’s rule of law. Tell them I’m in conclave.”
THE WALL STREET JOURNAL. Wednesday, January 5, 2022 | A15

OPINION

The Fight for Ukraine and Taiwan Joe Biden’s

By Seth Cropsey seems willing to accept casualties.
Inflationary

A
While Russia may be able to strike
crisis may be imminent in
Ukraine as Vladimir Putin
deep into Ukrainian territory and
pressure Kyiv from the north as it
Trade Policy
gathers troops on the Rus- penetrates south, a Ukrainian politi-
sian border for a possible cal collapse is unlikely. And expect By William N. Walker
invasion. American policy an insurgency against Russian occu- And Stanton D. Anderson

A
makers have also begun focusing on pation. Ukraine’s willingness and
a potential conflict in Taiwan, one ability to fight hard, no less than ccording to Sen. Elizabeth
that is coming to a boil more slowly. NATO’s potential intervention, helps Warren, the cause of rising
But American statesmen ought to deter Russian action. prices isn’t “simply some in-
understand: These events can’t be By contrast, Taiwan is small and evitable economic force of nature—
viewed in isolation; they are con- densely populated. Its military isn’t it’s greed.” The Biden administra-
nected and part of a larger political equipped to sustain air and sea con- tion, following Ms. Warren’s lead,
competition for Eurasia. trol around the island, a prerequisite has unleashed the Justice Depart-
Whether Mr. Putin is seriously for defending against amphibious in- ment’s Antitrust Division to find
considering action against Ukraine is vasion. And it is highly likely that the the culprits.
an open question. But Mr. Putin has Communist Party has positioned in- Strong stuff, but they’re actually
achieved three objectives simply by telligence assets on Taiwan ready to on to something: Greed is causing
posing a credible threat. First, he has sow discord throughout Taiwanese at least some of the high prices

DAVID KLEIN
gained President Biden’s attention, society and disrupt civilian communi- American consumers pay every
and the two had teleconferences on cations. The question for the People’s time they go shopping. Yet the vil-
Dec. 7 and 30. Russia views itself as Liberation Army is less whether it can lains aren’t the companies the Bi-
a great power and wants to deal with take Taiwan, but whether it can suc- den administration lawyers are tar-
other great powers directly, not via imagination. Capturing each is es- and Taiwan’s affiliations with the U.S. ceed before a potential American and geting. The real culprit is closer to
the North Atlantic Treaty Organiza- sential to all other strategic objec- and its allies. Mr. Putin understands allied coalition can respond. home—the White House’s own
tion, an execrable reminder of Rus- tives. For Russia, taking Ukraine that a spiraling conflict with NATO With China and Russia in strategic “worker-centric” trade policies,
sian weakness and Soviet collapse. would secure its hold on the Black would overwhelm the Russian mili- cooperation, this is a very dangerous which are gouging American con-
Sea and open other pressure points tary. Unable to hide casualty counts situation. The margin of force be- sumers and helping to stoke infla-
against vulnerable NATO members as he did in Syria, Libya and Ukraine tween potential enemies in the West- tionary price increases.
These aren’t mere regional Romania and Bulgaria. For the Chi- in 2014, he would face domestic op- ern Pacific is far thinner than in Prices for appliances and similar
nese Communist Party, seizing Tai- position. Mr. Putin has an incentive to Eastern Europe, given China’s in- household goods are high because
hot spots, as Russia and wan would allow the country to isolate Ukraine militarily and sepa- creasingly capable military. Russia the Biden administration has con-
China work together to break out of the First Island Chain rate the issue from NATO, striking wouldn’t have to deploy major tinued the Trump administration’s
and conduct offensive operations only when the time is right. ground or naval units to the Asia-Pa- tariff-led trade wars. High tariffs on
upend world order. against Japan, the Philippines and Similarly, a Sino-American con- cific, nor time its offensives with imported steel and aluminum are
even U.S. territories in the Central flict involving a broader Pacific co- China’s. The Russian Pacific Fleet has being passed on to American con-
Pacific. alition would prove dangerous for enough submarines to bog down sumers in the form of higher prices.
Second, Mr. Biden hasn’t commit- Historically, post-Soviet Russia’s the Communist Party’s survival: A Japanese and U.S. units needed to
ted to a military deployment in sup- ruling oligarchy has cultivated in- blockade against Chinese Middle defend Taiwan in shielding the Japa-
port of Ukraine, instead emphasizing tense grievances against indepen- Eastern resource imports could de- nese home islands. That would make The White House claims
an economic response, such as sanc- dent Ukraine. It is a living reminder stroy the regime in weeks to months. China’s mission much more likely to
tions, to a Russian offensive. This is a that Slavic peoples need not live Yet a fait accompli against Taiwan succeed. its policies are ‘worker-
signal that Mr. Biden is reluctant to under one flag. Taiwan is proof that is more viable than a similar strike Roughly concurrent offensive op- centric,’ but only a handful
intervene militarily. Third, and most Chinese-speaking peoples are fully against Ukraine. Russia’s likely stra- erations in two hemispheres would
important, Mr. Putin has mobilized capable of governing themselves. tegic objective would be the capture overstress American and allied re- of workers benefit.
the Russian military to allow almost The modern Communist Party of a land corridor between Donbas sources. Taiwan must become capa-
immediate combat operations against stems from a brutal revolutionary and Crimea. Yet in 2014, the Ukrai- ble of defending itself. But more
Belarus, allowing him to swallow regime that savaged the Chinese nian armed forces, reeling from Rus- broadly, the U.S. must begin thinking Mr. Biden can claim his policies
Minsk. Internationally, Mr. Putin still people, murdering millions through sia’s annexation of Crimea and rely- about its strategic challenges glob- are “worker-centric” only because,
hopes to achieve the Soviet dream of its messianic ambitions and sheer ing upon paramilitaries for additional ally, not in regional segments. This is in his eyes, some workers are more
dismantling the American-led Euro- incompetence. Only by consuming combat power, repulsed a Russian of- a contest for Eurasia—and thus for equal than others. Those of us who
pean security system. This is similar Taiwan can China confirm its supe- fensive against Mariupol and drove the world. aren’t unionized steelworkers and
to his objective in the Middle East: riority. Given the political capital Russian and separatist forces back to metal producers—whose wages are
replacing the U.S. as the prime exter- the Communist Party has invested their current salient. Mr. Cropsey is a senior fellow at propped up by price-gouging high
nal force in the region. in subduing Taiwan, it may no lon- Seven years of warfare have given the Hudson Institute and director of tariffs—are consumers paying more
Although separated by geography, ger have a way to de-escalate even the Ukrainian military valuable com- Hudson’s Center for American Sea- for our appliances. Evidently we
Ukraine and Taiwan occupy similar if it wanted to. bat experience. Ukrainian society, power. He served as a naval officer don’t count. In Biden-land it’s OK to
positions in the Russian and Chinese The clearest obstacle to Russian even in the east, is increasingly hos- and as a deputy undersecretary of shower favors on Mr. Biden’s work-
strategic experience and historical and Chinese escalation is Ukraine’s tile to Russia. The Ukrainian public the Navy. ers while forcing consumers and
other workers to foot the bill. In-
stead of greed, the White House,

Eric Adams Should Remember David Dinkins’s Legacy Ms. Warren and others have the
nerve to call this “fair trade.”
Now they are dressing it up as
A year after David Tawana Brawley, a black 15-year-old, The problem isn’t the race of under Dinkins’s immediate succes- part of the planet-saving mission to
Dinkins, New York’s falsely accused four white men of these elected officials—blacks have sors, Rudolph Giuliani and Michael reduce climate change. In Novem-
first black mayor, kidnapping and raping her. lost ground under white mayors, Bloomberg, life in black New York ber the Biden administration agreed
died at 93, the city Dinkins ran as someone who too—but their policies. Typically, improved dramatically. Violent to convert some tariffs on European
elected its second could help bridge the city’s growing black leaders of big cities have been crime, including murder, plummeted, steel and aluminum into quotas, but
black mayor, Eric racial divisions. He and his support- liberals, who are far better at accom- which means that tens of thousands real price relief waits for a new
Adams. While more ers viewed his election as a civil- modating poverty than at facilitating of young men are alive today who agreement on imports of steel
UPWARD
MOBILITY than three decades rights victory, a blow for the black upward mobility. Moreover, there would be dead if homicide rates had made using environmentally
separate their time underclass. “We passed another are limits to what the government remained at the level under Dinkins. friendly production techniques.
By Jason L.
in office, the city milestone on Freedom’s Road,” he can do to address inequality, because Educational choice expanded, allow- Small amounts of so-called green
Riley
faces challenges in declared in his victory speech. Yet by what drives group disparities today ing hundred of thousands of low-in- steel imports will get a break from
2022 reminiscent of the end of his term, polls showed is mostly rooted in cultural differ- come families to flee chronically fail- the tariffs, while consumers will
the Dinkins era. ences—attitudes, habits and behav- ing schools. continue to pay artificially high
Crime is surging, for starters. The iors—that don’t easily lend them- Those outcomes matter much prices.
New York Post reports that the mur- For the sake of New York selves to political solutions. more to New Yorkers of all shades No one in the Biden administra-
der rate has risen by 46% since 2016. Unfortunately, none of this his- than the color of the mayor. So far, tion will ever say, “We love price-
Rape and felony assault have also in- City, the tales of its first tory has stopped liberal elites from Mr. Adams hasn’t focused to the gouging most Americans by sup-
creased. In the past two years, inci- two black mayors need to continuing to promote black elected extent that Dinkins did on present- porting a greedy tariff policy that
dents of gun violence have more officials as political saviors for mi- ing himself as a symbol of racial favors a few politically friendly
than doubled. Similarly, Dinkins’s have different endings. norities. Following Mr. Adams’s vic- progress. Better to leave that to workers.” But that’s what they’re
first year in office, 1990, set a city tory, a New York Times commenta- others. The history lesson for Mr. doing. They also won’t mention
record for the number of homicides, tor wrote: “Working-class Black New Adams is that competence matters that their approach is premised on
a problem his administration was most voters felt that race relations York, which makes up the heart of more than skin tone. If he remem- violations of international trading
never able to get under control. had worsened. Along with high lev- the Democratic base but has been bers that, he might become the rules that the U.S. once led the way
“Crime is tearing at the vitals of this els of violent crime, which had their shut out of City Hall, will finally first black mayor of New York who in promoting—to prevent precisely
city and has completely altered ordi- primary impact on low-income com- have its moment.” The reality is that deserves to be re-elected. the kind of political meddling that’s
nary life,” said the head of a civilian munities, came sharp rises in wel- now become the norm. Nor will
watchdog group at that time. “Worst fare dependency and hundreds of they acknowledge that they’re con-
of all, it’s destroying the morale of
our citizens.”
The quality of life continued to
thousands of job losses. Racial in-
equality had widened by the time
Dinkins left office at the start of
Protests Don’t Belong tinuing failed Trump trade policies
that conflict with both American
domestic law and international
deteriorate in other ways on Din-
kins’s watch. He “took an extreme
position on homelessness,” urban
1993.
In hindsight, none of this is too
surprising. New York was one of the
At Their Targets’ Homes trade rules and against which Mr.
Biden campaigned in 2020.
American consumers and work-
historian Fred Siegel wrote. “He dis- last big cities in the U.S. to elect a By Michael Taube for his show, and his wife and chil- ers aren’t the only ones being stiff-
missed the evidence that drugs, alco- black mayor, but it had been clear dren were alone that evening. Both armed. The Biden White House has

T
hol and mental illness incapacitated for decades that greater black politi- Toronto ends of his street were blocked off, thumbed its nose at other govern-
most of the homeless as merely the cal clout was no surefire way of ad- he right to protest is essential the driveway was vandalized with an ments by refusing to join regional
‘prevalent myth’ pushed by people dressing social inequality and racial to democracy, but there are A-for-anarchy symbol, and Mr. Carl- trade agreements aimed at curbing
lacking compassion.” Dinkins was a strife. Following passage of the 1965 limits—or there ought to be. son told the Post the intruders “actu- China. It has also punished Ameri-
big-city progressive before it was Voting Rights Act, civil-rights lead- Antivaxxers have held several pro- ally cracked the front door.” can consumers by continuing Presi-
cool. ers turned in earnest to electing tests at the private homes of some Peaceful protest in front of a gov- dent Trump’s tariffs on Chinese im-
The previous decade had been more black officials. By the end of Canadian political leaders, especially ernment or commercial property like ports. The Trump administration’s
marked by several high-profile racial the 1980s, cities from Chicago and in Ontario. a courthouse, a factory or an abor- Phase 1 trade agreement with
incidents that were exploited by lo- Los Angeles to Cleveland and Wash- Protesters targeted the province’s tion clinic is one thing. A protest in China, which set unrealistically
cal politicians and demagogues. A ington had elected black mayors. Conservative education minister, Ste- front of a private residence is beyond high targets for Chinese imports of
white man, Bernhard Goetz, shot Nevertheless, the black poor lost phen Lecce, in August and Health the pale and shouldn’t be accepted or U.S. goods, expired on Jan. 1. The
three black youths who were about ground. Detroit’s first black mayor, Minister Christine Elliott in the late tolerated. Even if you think a public Biden team is almost certain to re-
to mug him on a subway car. Yusef Coleman Young, took office in 1974 fall. A few days before Christmas, a figure is fair game, their families and place it with quotas favoring
Hawkins, a black teenager, was at- and served for 20 years. By 1987, demonstration outside Ontario Pre- neighbors shouldn’t have to put up “worker-centric” constituencies and
tacked by a mob of white youths in a more than a third of the city’s resi- mier Doug Ford’s residence blocked with unruly mobs. tied somehow to climate-change
predominantly Italian Brooklyn dents were on welfare, which was him and his family from entering for Unfortunately, neither Canada nor policy.
neighborhood and shot dead. four times as many as in 1967. several days. A woman attending the most U.S. states have a clear legal American trade policy was tradi-
last protest was arrested for breach- distinction when it comes to protest- tionally bipartisan, and aimed at re-
ing the barricade. ing outside a person’s home or dwell- ducing prices and increasing
The tactic of bringing protests to ing. Both countries need laws pro- choices for consumers. Sadly, both
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY politicians’ homes seems to be an tecting the right to live and raise a parties have abandoned this ap-
Rupert Murdoch Robert Thomson American export. Antiwar protesters family in a peaceful environment. proach. Instead, American consum-
Executive Chairman, News Corp Chief Executive Officer, News Corp targeted Defense Secretary Donald A significant fine—say $100,000 ers are being held hostage by tariff-
Matt Murray Almar Latour Rumsfeld’s homes in Taos, N.M., and for repeat offenders—and the possi- led trade policies initiated by Mr.
Editor in Chief Chief Executive Officer and Publisher
Washington in 2003 and 2004, re- bility of prison time should be suffi- Trump and institutionalized under
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: spectively; Secretary of State John cient to deter such behavior and en- Mr. Biden.
Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer;
Jason Anders, Chief News Editor
Kerry’s Boston house in 2013; and courage protesters to make their Americans concerned by high
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Thorold Barker, Europe; Elena Cherney, Coverage; Barron’s Editor in Chief; Jason P. Conti, General
former Vice President Dick Cheney’s views known in ways that don’t prices can expect the government
Andrew Dowell, Asia; Anthony Galloway, Video & Counsel, Chief Compliance Officer; Dianne DeSevo, home in McLean, Va., in 2015. Pro- threaten the personal safety and well- to point the finger of blame every-
Audio; Brent Jones, Culture, Training & Outreach; Chief People Officer; Frank Filippo, EVP, Business testers have also targeted the homes being of their adversaries or bystand- where except at its own “worker
Alex Martin, Print & Writing; Michael W. Miller,
Features & Weekend; Emma Moody, Standards;
Information & Services; Robert Hayes, Chief of senators, including Republican Su- ers. Even the U.S. Supreme Court has centric” and, yes, greedy trade
Business Officer, New Ventures; san Collins and Democrat Chuck held that the government may im- policies.
Shazna Nessa, Visuals; Matthew Rose,
Aaron Kissel, EVP & General Manager, WSJ;
Enterprise; Michael Siconolfi, Investigations
Josh Stinchcomb, EVP & Chief Revenue Officer,
Schumer, now the majority leader. pose reasonable restrictions on the
Paul A. Gigot WSJ | Barron’s Group; Jennifer Thurman, Chief Media figures aren’t immune. Agi- time, place and manner of speech. Mr. Walker served as deputy U.S.
Editor of the Editorial Page Communications Officer tators from a group styling itself special trade representative. Mr.
Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
Smash Racism D.C. targeted the home Mr. Taube, a columnist with Troy Anderson served in the White House
EDITORIAL AND CORPORATE
HEADQUARTERS:
of Fox News host Tucker Carlson in Media and Loonie Politics, was a and State Department during the
1211 Avenue of the Americas, New York, N.Y., 10036 November 2018. The Washington Post speechwriter for former Canadian Ford administration. Both are re-
Telephone 1-800-DOWJONES reported he was at work preparing Prime Minister Stephen Harper. tired lawyers.
A16 | Wednesday, January 5, 2022 THE WALL STREET JOURNAL.
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Theranos Patients Got Small Play Prices of

Minimal testimony,
clerical miscue and
the argument that Ms. Holmes
attracted hundreds of millions
The government was forced
to drop one patient count after
tist Mehrl Ellsworth, testified
for just nine minutes. On Tues-
ney’s office for the Northern
District of California didn’t re-
Covid-19
of dollars from investors after making a clerical error in a
missing database hurt
lower-profile cases
launching patient-testing ser-
vices that she falsely promised
were ready for prime time, and
document. Prosecutors didn’t
tie Ms. Holmes directly to Ther-
anos’s marketing efforts to at-
day, he said he had expected
Ms. Holmes would be found
guilty of the patient fraud
counts but felt no personal ani-
spond to requests for comment
Tuesday.
Ms. Holmes was charged
with 11 counts of conspiracy
Test Kits
BY CHRISTOPHER WEAVER
AND HEATHER SOMERVILLE
she disregarded the chaos its
inaccurate results could inflict
on patient lives. In the end,
tract patients, a central compo-
nent of the fraud charges. And
the U.S. failed to gain access to
mosity toward her.
“I’m disappointed but not
surprised at all,” Sheri Ackert,
and fraud—seven related to the
investors and four related to
patients. She was convicted
To Rise
Theranos voided tens of thou- a database of Theranos patient one of at least eight patients Monday of four investor
Prosecutors proved that sands of test results under records that could have helped the government identified as a charges and acquitted of all pa- BY SHARON TERLEP
Theranos Inc. founder Eliza- pressure from regulators. its case. potential witness before the tient-related counts. A jury
beth Holmes defrauded big- The patients themselves In their questioning, prose- trial but never called, said deadlocked on the remaining Prices are going up for
name investors about the capa- barely featured in the nearly cutors did little to tie the pa- Tuesday. “It appears it all three charges. some of the cheapest and
bilities of her blood-testing four-month trial. Just three pa- tients’ allegedly erroneous test boiled down to money,” said Proving that Ms. Holmes de- most popular at-home
startup. But their charges in- tients testified out of 29 wit- results to Ms. Holmes’s claims Ms. Ackert, who received an er- frauded patients is “more chal- Covid-19 test kits in the U.S.
volving lower-profile patients nesses brought by the U.S., about the company. Patients roneous hormone test one of lenging because you can’t show Walmart Inc. and Kroger
fell flat after the government spending a combined 65 min- weren’t asked about specific her doctors worried could be a she directly communicated with Co. are raising their prices for
gave them a smaller stage at utes on the stand, far less than Theranos advertisements or sign of cancer. them and intended to defraud BinaxNow at-home rapid tests,
the trial. 1% of the total time spent on public claims by Ms. Holmes. Lawyers for Ms. Holmes and them,” said Barbara McQuade, after the expiration of a deal
At the heart of the case was witness testimony. One alleged victim, retired den- a spokesman for the U.S. attor- Please turn to page B2 with the White House to sell
the test kits at cost for $14.
The two U.S. retail giants
and Amazon.com Inc. agreed
Bloomberg with the Biden administration
last summer to discount the
tests, which are made by Ab-
Media bott Laboratories and gener-
ally cost $24 or more for a box

Chief with two tests.

BinaxNow, approved by the
U.S. Food and Drug Adminis-

To Start tration, is among the most

commonly used over-the-coun-
ter, rapid antigen tests, which

News Firm have been in high demand as

the highly contagious Omicron
variant spreads across the U.S.
The deal with the White
BY BENJAMIN MULLIN House expired in December,
Please turn to page B4
Bloomberg Media Chief Ex-
ecutive Justin Smith stepped
OLIVER BUNIC/BLOOMBERG NEWS

down effective immediately to

found a new media company,
and tapped New York Times
Sony
media columnist Ben Smith to
lead its future newsroom.
“The news industry is fac-
To Make
ing a crisis in consumer trust
and confidence due to the dis-
torting influence of social me- OPEC bets Omicron won’t shock oil prices the way earlier coronavirus shutdowns did. A Gazprom-operated facility in Serbia in 2020.
And Sell
dia and rising levels of polar-
Own EVs
OPEC Is Upbeat on Variant’s Impact
ization and parochialism,”
Justin Smith said in an email
Tuesday. “My plan is to launch BY PETER LANDERS
a premium news business that
serves unbiased journalism to BY SUMMER SAID After sharply cutting output during the early stages of the pandemic, OPEC is gradually bringing Sony Group Corp. said it
a global audience and provides AND BENOIT FAUCON back barrels to markets. would create a car unit and ex-
a high-quality platform for the plore entering the electric-ve-
best journalists in the world.” OPEC and a coalition of Rus- OPEC production Crude-oil futures prices* hicle market, in another sign
Mr. Smith has recruited Ben sia-led group of oil producers 35 million barrels a day $100 a barrel of how the electronics and car
Smith, who before his stint at agreed to continue pumping businesses are overlapping.
Brent crude U.S. crude
the New York Times was edi- more crude, pushing oil prices 30 At the CES technology con-
tor in chief of BuzzFeed News, higher as the group bet that 80 ference in Las Vegas, Sony
to be the company’s editor in the Omicron variant of 25 showed off a prototype seven-
chief, according to a person fa- Covid-19 won’t have the sort of seat sport-utility vehicle with
60
miliar with the matter. “I’m so devastating effect on demand 20 all-wheel drive. Sony shares
excited about this,” Ben Smith as previous waves of the virus. rose 4% in morning trading in
said on Twitter Tuesday. The The Organization of the Pe- 15
40 Tokyo Wednesday on the
New York Times previously re- troleum Exporting Countries news.
ported Ben Smith was leaving and a group of non-OPEC pro- 10 Sony first displayed an EV
the company to join Justin ducing countries led by Russia 20 sedan at CES two years ago
Smith’s news startup. In an in- said Tuesday they would raise 5 but said at the time it didn’t
Please turn to page B2 their collective production by necessarily plan to sell a Sony
an additional 400,000 barrels a 0 0 car. The initial prototype
day in February. The group 2020 ’21 2020 ’21 ’22 served to show off Sony’s im-

Eldercare agreed last year to boost out-

put in such increments each
month until production reaches
*Continuous contract

evening trading in London,

Sources: Organization of the Petroleum Exporting Countries (production); FactSet (prices)

on course for a nearly six-week oil demand last year.

age sensors, which can be an
important part of autonomous
driving systems.

Muni Debt pre-pandemic levels, but re-

views that policy every month.
Oil prices climbed after ini-
Brent crude, the international
benchmark, was up 1.2% at
$79.96 a barrel while U.S. crude
closing high.
“The storm is over,” said
one OPEC delegate, referring
Last month, the broader
OPEC+ group kept up with its
planned increase despite a de-
The new Las Vegas an-
nouncement suggested Sony
does plan to sell vehicles un-
Please turn to page B11 Please turn to page B2
Stays Hot tially shrugging off the news. In was 1.2% higher at $76.98 and to the pandemic’s impact on

Amid Woe INSIDE Foreign Banks Sample Cryptocurrencies

BY HEATHER GILLERS BY PATRICIA KOWSMANN is considering offering crypto- $3.0 trillion
currency wallets. If the group
Investors are snapping up Mainstream banks outside proceeds, the move would be a
municipal debt sold by senior- the U.S. are sampling crypto- step toward acceptance for 2.5 Total value of all
living facilities despite record currencies, offering customers crypto in a country that is ul- cryptocurrencies
default rates, pandemic-re- ways to invest and store bit- traconservative with money.
lated revenue losses and costly coin and other digital assets. One in 10 customers of Ger- 2.0
labor shortages. Banco Bilbao Vizcaya Ar- man savings banks have owned
Covid-19’s rapid spread BUSINESS NEWS gentaria SA, Spain’s second- cryptocurrency assets, accord-
through eldercare facilities, China Evergrande says largest lender by assets, with ing to Alexander Hartberg, a
along with the pandemic’s operations in Latin America spokesman for the group of 1.5
lockdowns, deterred many
it has been ordered to and Turkey, allows customers savings banks. “Considering
older Americans from moving demolish 39 buildings to hold, buy and sell bitcoin their expectations, [the group]
into senior communities. in a vast project. B3 and ether through a digital ac- has to look into crypto assets, 1.0
Nearly 8% of the $41 billion in count. Australia’s largest bank, too,” he said.
outstanding senior-living Commonwealth Bank of Aus- The moves come during a
bonds are in default as of De- PROPERTY REPORT tralia, has also launched a pi- cryptotrading boom that has 0.5
cember, according to Municipal Once-struggling office lot program to offer similar surprised regulators and banks
Market Analytics, the most services. that for years sat on the side-
since tracking began in 2009.
complexes find new In Germany, a group of sav- lines, expecting that interest in 0
The sector now accounts for al- use as upscale ings banks, which together cryptocurrencies would go
2020 ’21 ’22
most one-quarter of defaulted apartments. B6 serve 50 million of the coun- away. Traditional banks have
Please turn to page B6 try’s 80 million people, said it Please turn to page B11 Source: CoinMarketCap.com
 B2 | Wednesday, January 5, 2022 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople

Patients
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A G Morgan Stanley........B11
Abbott Laboratories...B1
Ally Financial............B11
Amazon.com ............... B1
General Motors
.................. A1,B3,B6,B12
Goldman Sachs.........B11
N
Netflix.........................A1 Got Less
Attention
P
American Airlines.......B3 H Pfizer...........................A3
Apollo Global
Management...........B11 Hillwood Investment R
Properties.................B6
Apple.........................B11 Rivian Automotive ..... B3
Home Depot................B6
B Honda Motor...............A4
Royal Caribbean........B11 Continued from page B1
Banco Bilbao Vizcaya Hyundai Motor............A4 S a law professor at the Univer-
Argentaria.................B1 Sea...............................B4 sity of Michigan and former
J

CASSIDY ARAIZA FOR THE WALL STREET JOURNAL

Biogen.........................A1 SoftBank.....................A7 federal prosecutor.
BioNTech.....................A3 JetBlue Airways ......... B3 Yet the patients’ testimony
Sony.............................B1
Blackstone.................B11 JPMorgan Chase.......B11 “showed the significant harm
Southwest Airlines .... B3
Blue Owl Capital.......B11 K T and risk” Ms. Holmes “was will-
Bridgepoint ............... B11 KKR............................B11 ing to undertake in order to de-
Tencent........................B4
C Kroger..........................B1 fraud investors,” Ms. McQuade
Tesla........A4,B3,B11,B12
China Evergrande L Theranos......................B1
said.
............................. B3,B12 Toyota Motor.......A1,B12
“The investor fraud counts
Lowe Enterprises........B6
CVS Health..................B4 would carry the largest compo-
M U
nent of any sentence,” she
D United Airlines....B3,B11
Marriott International added. “Including the patients
Delta Air Lines ........... B3 ...................................B11 W in the case was probably im-
F Mastercard................B11 Walgreens...................B4 portant strategically but not
Ford Motor Maxar Technologies ... A6 Walmart.................B1,B6 that important in terms of the Brent Bingham traveled to San Jose, Calif., to testify but never entered the courtroom.
................ A4,B3,B11,B12 Mazda Motor..............A4 Walt Disney................B4 consequences.”
One patient Ms. Holmes was nolly LLP, also chipped away at any patient whose insurance cess data that might have been
charged with defrauding, Phoe- the government’s indictment, covered their tests. exculpatory.
INDEX TO PEOPLE nix resident Brent Bingham,
traveled to San Jose, Calif., to
winning in early 2020 an order
from U.S. District Judge Ed-
Earlier this year, Judge Da-
vila handed another partial vic-
Judge Davila ruled that pa-
tients could testify about their
testify but never entered the ward Davila that significantly tory to Ms. Holmes’s lawyers on results but barred the prosecu-
B Holmes, Elizabeth ...... B1 Pollal, Lindsey ............ A9 courtroom. Government lawyers pared the patient-related the patient front. tion from citing evidence “re-
Balsillie, Jim...............A4 K R made a clerical error mixing up charges. The defense team argued lating to the impact or poten-
Barra, Mary.................B3 Kaser, Patrick............B11 Rivers, Mark ............... B6 one blood-test acronym in a le- Judge Davila found gaps in ahead of trial that testimony tial impact on customers of
Becker, Helane............B3 gal document that spelled out the government’s logic, noting about the impact of inaccurate inaccurate test results.”
L S
Bradley, David.............B2 which tests were part of the that its indictment alleged test results could be excessively That was a major win for
Leitner, Chuck.............B6 Smith, Justin..............B1 government’s case, leading the fraud against doctors who inflammatory and that anec- Ms. Holmes’s team, said Neama
Brumby, Seth..............B6
M Staggs, Tom................B4 judge to block his testimony at didn’t appear to have lost any dotal examples were irrelevant Rahmani, a Los Angeles lawyer.
Buckmaster, David ..... A9
Swonk, Diane..............A2 the last minute. “I thought I’d money and against insured pa- to the case. Ms. Holmes’s law- “If you’re a juror you want to
Bunker, Nick................A2 Mayer, Kevin...............B4
C Muthukrishnan, Sathish V be a real good witness,” said Mr. tients who received inaccurate yers argued that the U.S.’s fail- see and feel and hear a vic-
...................................B11 Vounatsos, Michel......A8 Bingham. “I can deliver some results—but not the insurers ure to preserve the database tim—and when you don’t have
Chen, John..................A4
N W facts. Not hearsay.” who actually paid the bills. He Theranos itself had destroyed that, that’s a challenge,” Ms.
H On Tuesday, Mr. Bingham threw out charges related to meant Ms. Holmes couldn’t ac- Rahmani said.
Neumann, Adam.........A1 Wasserman, Jessica...A2
Hammer, David...........B6 said he believed the verdict
Havens, Scott.............B2 P Y “missed the fundamental point
Hollis, Jack..................A4 Pertusa, Alicia .......... B11 Yoshida, Kenichiro......B2 of the whole thing”—that Ther-
anos erroneously claimed its
innovative technology would

Bloomberg It couldn’t be learned how

many journalists Justin Smith
is looking to recruit for his
help patients.
Why the jury of eight men
and four women chose to clear

Executive new venture or how much

money he plans to raise. Jus-
tin Smith declined to be inter-
Ms. Holmes of the patient-fraud
charges is unknown. The jurors
declined to comment as they

Starts Firm viewed for this article.

Michael Bloomberg, the
founder of financial-data colos-
left the courthouse Monday
evening and didn’t respond to
messages.
sus Bloomberg LP, said that From the beginning, cracks
Continued from page B1 Scott Havens, Bloomberg Me- surfaced in the prosecution’s
terview, Ben Smith said that dia’s chief growth officer and case for fraud charges stem-
he has been in talks to join global head of strategic part- ming from the patients’ errone-
Justin Smith’s startup for nerships, would become the di- ous test results.
more than a month. He said he vision’s new CEO. Justin Smith A couple of weeks before Ms.
thinks there is a large appetite will remain at Bloomberg as an Holmes and her former roman-
for reporting that is at odds adviser in the coming months tic and business partner,
with prevailing opinions to assist with the transition. Ramesh “Sunny” Balwani, were
shared on social media. “Across his tenure, Justin indicted in June 2018, the gov-
“I think that there’s a big and his team delivered excep- ernment subpoenaed a copy of
audience that wants journal- tional results powered by Theranos’s proprietary lab-re-
ism that respects their intelli- product innovations, with 2021 sult database, called the “Labo-
gence,” Ben Smith said. Asked representing the high-water ratory Information System.”
about the differences between mark in terms of Bloomberg Mr. Balwani has denied the
the startup and his current Media’s historical perfor- charges and faces a separate
employer, he said: “The New mance,” Mr. Bloomberg said. trial. His lawyer declined to
York Times has a 150-year Since Justin Smith joined in comment.
head-start on us.” 2013, Bloomberg Media has The database was supposed
Ben Smith said he would be grown to include initiatives in- to be the key to prosecutors’
a shareholder of the new com- cluding its New Economy Fo- ability to unearth detailed
pany. He said the startup rum events business and its problems with the company’s
would seek to tap into the ris- Quick Take video-streaming testing platform—and the pa-
ing power of individual jour-
nalists to build audiences on a
network. Bloomberg Media also
began selling digital subscrip-
tients its errors affected. But in
August 2018, just days after the
Find More Investment
variety of platforms. tions to Bloomberg News and government received a copy on
“There’s been a change in
the relationship between jour-
nalists and institutions in the
invested in coverage areas such
as climate change and politics.
Mr. Havens is the architect of
an external hard drive, Thera-
nos officials destroyed the en-
tire database and a couple of
Opportunities Worldwide
same way there’s been a
change in the relationship be-
tween talent and institutions
Bloomberg Media’s paywall
strategy, which has generated
more than 350,000 subscribers
weeks later, dissolved the com-
pany.
The government later
with GlobalAnalyst
in the entertainment indus- who pay about $400 annually, learned that a passcode needed
try,” Ben Smith said. He said according to a person familiar to make use of their hard
he didn’t know when his last with the matter. drives was missing. A forensic
day at the New York Times Not including its media di- expert determined the govern-
would be. vision, Bloomberg LP gener-
ated more than $11 billion of
ment couldn’t recover the data
without it.
Find new opportunities to diversify your
revenue in 2020, according to A separate grand jury inves-
Burton-Taylor International tigation examining whether the portfolio and discover undervalued
Consulting, a research firm database’s deletion amounted
that tracks financial-data com- to criminal obstruction of jus- companies that may have greater
panies. Much of Bloomberg’s tice by Theranos officials—who
revenue comes from its data- had swapped emails about the growth potential.
terminal business. missing password in the weeks
Justin Smith, 52, discussed before its destruction—hasn’t
MARK KAUZLARICH/BLOOMBERG NEWS

the idea of a new media ven- resulted in charges, according

ture months ago with David to court filings and people fa-
Bradley, the chairman emeri-
tus of the Atlantic and Mr.
miliar with the matter. The sta-
tus of that investigation
GlobalAnalyst lets you compare the
Smith’s former boss, Mr. Brad- couldn’t be determined. Thera-
ley said in an interview. Justin nos ceased to exist when the
relative value of global stocks by region,
Smith is considering many investigation was launched, and
ways to generate revenue at former Theranos officials ha- country, industry or individually.
the new company, including ven’t commented on it.
selling digital subscriptions Ms. Holmes’s defense team,
Justin Smith will found a new and advertising, as well as led by partners at the Washing-
media company. events, Mr. Bradley said. ton law firm Williams & Con-

Sony ber 2020, Sony Chief Executive

Kenichiro Yoshida expressed
strong interest in getting into
Sony said 40 sensors were
installed in its prototype. It
said it eventually aimed to of-

Enters the vehicle market.

He said he had felt for years
that the maker of PlayStation
fer what is known as level four
autonomous driving, in which
the car can drive itself without

EV Arena videogame consoles and other

electronics should “make
something that moves.”
human involvement under cer-
tain conditions.
Another Apple partner, con-
Learn more and try GlobalAnalyst
Electric vehicles have fewer tract manufacturer Foxconn
Continued from page B1 moving parts than those run- Technology Group, is also
der its own brand rather than
merely supplying its technol-
ning on gasoline and rely more
on software controls, making
making a foray into EVs. Fox-
conn, known for assembling
ibkr.com/tryga
ogy to other car makers. The it easier for companies that Apple’s iPhones and other
company said it would estab- specialize in electronics to get branded tech devices, intro-
lish a company called Sony into the business. duced three electric-vehicle
Mobility Inc. in the spring. Apple Inc. has explored en- prototypes last October. Member - NYSE, FINRA, SIPC - The projections or other information generated by Interactive Brokers’
The EV market is getting tering the EV market for Foxconn Chairman Young GlobalAnalyst tool regarding the likelihood of various investment outcomes are hypothetical in nature,
do not reflect actual investment results and are not guarantees of future results. Please note that results
more crowded with Tesla Inc. years, although it has never Liu has said the company aims may vary with use of the tool over time. IMPORTANT: Corporate data is provided by third-parties, and
leading the pack of EV-only released details about its to supply three million electric Interactive Brokers makes no warranties as to the accuracy of that data. You should do your own due
companies competing against plans. vehicles annually by 2027, diligence prior to relying on any such data displayed in GlobalAnalyst.
traditional car makers, almost Sony is a major Apple sup- which he estimated would be Neither Nasdaq, Inc. nor its affiliates makes any recommendation to buy or sell any security or any
all of which have announced plier because of its image- about 10% of the global market representation about any company’s financial condition. Investors should undertake their own due
ambitious plans to expand sensing business, which makes then. diligence before investing. © 2022. Nasdaq, Inc. All Rights Reserved. nasdaq.com 11-IB21-1507CH150
their EV offerings. parts used in iPhones and —Yang Jie contributed to
In an interview in Septem- other smartphones. this article.
 THE WALL STREET JOURNAL. Wednesday, January 5, 2022 | B3

BUSINESS NEWS

Over 1,400 More

Flights Canceled
BY JOSEPH DE AVILA short-notice disruptions, he
said.
More than 1,400 flights were Some airlines are offering
canceled Tuesday as airlines incentives to pilots to help out
continue to face disruptions while the rest of the staff is
from recent inclement weather stretched thin. United Airlines
and Covid-19-driven staff Holdings Inc. is offering pilots
shortages. triple pay for flying select
Carriers had also delayed flights, partly because of staff
more than 3,600 flights by shortages created by the Omi-
Tuesday evening, according to cron variant, according to a re-
aviation data tracker FlightA- cent memo sent by a United ex-
ware. Tuesday’s travel prob- ecutive to the airline’s pilots
lems followed a three-day that was viewed by The Wall
stretch in which more than Street Journal.

IMAGINECHINA/ASSOCIATED PRESS
8,600 U.S. flights were can- Delta Air Lines Inc. had can-
celed, or about one out of every celed 69 flights by Tuesday
10 flights, according to FlightA- evening, 2% of the carrier’s
ware. schedule for the day, and had
Airlines have now canceled delayed 341, according to
more than 20,000 flights since FlightAware. A spokeswoman
Christmas Eve. for Delta said the airline
Southwest Airlines Co. had planned to cancel 200 flights
the most disruptions of the on both Tuesday and Wednes-
U.S.-based airlines, canceling day, after Monday’s winter The Chinese developer is accused of illegally obtaining permits to erect a cluster of buildings on man-made Ocean Flower Island.
395 flights by Tuesday evening, storm hobbled operations at

Evergrande Ordered to Tear Down

about 12% of the carrier’s two of the airline’s hubs.
schedule for the day, and delay- A spokeswoman for Ameri-
ing 890, according to FlightA- can Airlines Group Inc., said
ware. The airline was working the company was still in recov-

39 Buildings in Luxury Project

to return to normal operations ery mode after a snowstorm
after a winter storm upended disrupted travel to and from
flight plans on Monday, a Washington, D.C. The airline
spokeswoman said. had canceled 29 flights by
Tuesday evening, 1% of the car-
rier’s schedule for the day, and BY ANNIEK BAO semble giant blooming peo- Evergrande’s annual ment.
had delayed 248, according to AND ELAINE YU nies. contracted sales Evergrande, which had

12%
Percentage of Southwest
FlightAware.
While the 2021 holiday
travel season was beset by car-
rier delays and cancellations
The crisis engulfing China
Evergrande Group deepened,
as the embattled property de-
In a statement Tuesday, Ev-
ergrande confirmed the order
to demolish 39 buildings. The
notice, issued by local authori-
700 billion yuan

600
amassed roughly $300 billion
in liabilities as of June 30, has
been struggling to meet its
obligations since the summer,
Airlines cancellations Tuesday because of winter storms and veloper said it had been or- ties in the island province of and to finish building homes
coronavirus-related staff short- dered to tear down dozens of Hainan along China’s southern 500 that it has presold to many
ages, some analysts expect an buildings on an extravagant coast, had previously circu- home buyers.
airline-industry rebound this man-made island in southern lated on social media and been 400 It has missed several inter-
JetBlue Airways Corp. had year. Domestic travel is likely to China. covered by Chinese media. est payments on U.S. dollar
canceled 105 flights by Tuesday be robust and business travel At the same time, Ever- Authorities in Danzhou, a bonds, including some that
evening, 10% of the carrier’s should tick up compared with grande released data showing city in Hainan, ordered a sub- 300 were due in December, and
schedule for the day, and had last year as companies return its much-publicized financial sidiary of Evergrande to de- has been declared in default
delayed 268, according to to the office, Cowen & Co. ana- stress had largely halted sales molish the cluster of build- 200 by major credit-rating compa-
FlightAware. The airline previ- lyst Helane Becker said in a re- of new homes, depriving it of ings, according to a notice nies.
ously said it would trim the search note on Tuesday. an important source of cash. dated Dec. 30. The notice said 100 Evergrande said Tuesday
number of flights it offers “We expect the coronavirus Contracted sales dwindled to the developer had illegally ob- its contracted sales totaled the
through January as the to continue to mutate but for about 720 million yuan, the tained permits and ordered it equivalent of $69.7 billion in
0
Covid-19 Omicron variant each succeeding variant to be equivalent of just $113 million, to knock down the buildings 2021, a near-39% drop from a
causes staffing shortages at the less impactful to the airlines between mid-October and within 10 days or face a forced 2009 ’11 ’13 ’15 ’17 ’19 ’21 year earlier, and far below its
airline. than the previous iteration,” year-end, the company’s fig- demolition. Evergrande has 60 Note: 100 billion yuan = $15.7 billion full-year target. Contracted
The majority of Tuesday’s Ms. Becker wrote. “That ures showed. days to file a potential appeal. Source: the company sales, which reflect new con-
canceled flights are part of doesn’t mean we don’t expect it The buildings were part of “The company will actively tracts signed with home buy-
those trips the company previ- to be annoying, because we do, an ambitious project known as communicate with the author- Danzhou’s government said ers, are a widely watched in-
ously said it was cutting back but we believe the airlines will “Ocean Flower Island,” an ar- ity in accordance with the in a report last month that dustry measure.
on as it sought to give custom- respond to the different vari- tificial archipelago that the guidance of the decision letter Ocean Flower Island had Evergrande’s shares, which
ers time to find other flights, a ants by adjusting capacity.” developer has compared to and resolve the issue prop- harmed the marine environ- had been halted Monday
JetBlue spokesman said. New Despite the travel issues Dubai’s Palm Jumeirah. The erly,” Evergrande said in a ment, partly by causing mass ahead of the company’s state-
cancellations based on inclem- over the holidays, the share Ocean Flower development en- stock-exchange filing. It damage to coral reefs. The city ment, rose 1.3% on Tuesday
ent weather and staffing chal- prices of Southwest, JetBlue, compasses houses, hotels and stressed that the decision ap- previously ordered construc- after trading resumed, to 1.61
lenges are still possible, but the Delta and American have risen other features, including a plied only to a single plot on tion and presales of the 39 Hong Kong dollars per share,
previously announced cancella- during the first two trading roughly 1.1 million-square-foot one of the islets that makes up buildings to stop in May 2020, or the equivalent of 13 cents.
tions have reduced the need for days of 2022. convention center built to re- the Ocean Flower archipelago. according to a Dec. 27 state- The stock fell 89% last year.

Armani Withdraws From Shows

BY TREFOR MOSS Prada and Zegna, are still due fallen victim to the Omicron
to present new collections at surge or are being pared back
Giorgio Armani SpA said it the show in Milan, which runs as participants opt for online
would pull out of two major Jan. 14-18. The Paris show, participation instead of a physi-
fashion shows in the coming which opens on Jan. 24, also cal presence.
weeks as Covid-19 cases surge has a packed schedule, with Last month, the World Eco-
in Europe. brands including Chanel and nomic Forum said its annual
The Italian luxury fashion Christian Dior set to take part. meeting in Davos, Switzerland,
house said Tuesday it was can- While many large-scale would be pushed back from
celing its planned runway events are still going ahead January until the summer of
shows at Milan Men’s Fashion globally, some have already 2022.
Week and Paris Haute Couture
Week this month, casting a
shadow over two of the indus-
try’s marquee events.
The company made the deci-
sion because of “the worsening
Body balm.
epidemiological situation,” it
REBECCA COOK/REUTERS

said in a statement posted on Mind medicine.

LinkedIn. “The shows are cru-
cial and irreplaceable occasions
but the health and safety of
Soul salve.
both employees and the public
must once again take priority.”
Ford has said the F-150 Lightning will have a starting price of $39,974 before potential tax credits. Like the U.S., Europe is expe-
riencing a wave of new corona-

Ford Doubles Production Goal virus infections driven by the

Omicron variant, which has
brought renewed chaos to
global travel, disrupted supply

For the F-150 Electric Pickup chains and derailed some com-
panies’ plans to start returning
staff to the office.
The surge in cases has also
BY MATT GROSSMAN S&P 500. tions and Tesla Inc.’s rapid clouded the prospects for large
The company has said the rise. in-person events. Italy and
Ford Motor Co. doubled its F-150 Lightning will have a Rivian Automotive Inc., a France, which are due to host
goal for manufacturing the starting price of $39,974 be- startup based in Irvine, Calif., the coming fashion shows, have
new electric version of the fore potential tax credits. Pro- that has seen its valuation both registered record numbers
F-150 pickup truck, the auto duction of the electric pickup soar since its IPO in Novem- of daily cases in recent days,
maker said Tuesday, sending is expected to begin this ber, until recently has had the topping 100,000 and 200,000,
its stock price to levels not spring. market to itself with its fully respectively, far more than in
seen in more than two de- The F-150 truck is Ford’s electric pickup truck, the R1T, previous waves of the pan-
cades. top-selling vehicle and one of which went on sale in the fall. demic.
Ford said it now aims to its most profitable. Ford plans General Motors last month be- Other luxury brands, includ-
produce 150,000 a year, citing to report its 2021 sales results gan deliveries of its GMC ing Italy’s Dolce & Gabbana, We invite you to try our finest massage chair.
high demand for the model. on Wednesday. Hummer pickup.
Immersive massage choreography by shiatsu
About 200,000 reservations Other auto makers reported On Wednesday, GM is
have been placed for the op- their sales figures Tuesday, scheduled to reveal an electric sensei Akira Okabayashi. Designed by the
portunity to order one of the and Toyota Motor Corp. over- version of its Chevrolet Sil- legendary Ken Okuyama. Made in Japan.
trucks, the company has said. took General Motors Co. as the verado, its top-selling vehicle
The first group of reserva- U.S.’s top-selling car company in North America, during a Sound OHCOMassage.com
tion holders will be able to by annual sales. virtual keynote address by
place orders for the electric The electric F-150 is among Chief Executive Mary Barra at Thinking 888-351-4902
F-150 beginning Thursday, several electric-pickup models CES, a big consumer-electron- Audio storytelling on news Model shown: The M-Series | $9,499 to $15,000
Ford said. expected to come out this ics convention. you care about, at home
or on the go.
Shares of Ford rose nearly year. The pickup-truck cate- The model is expected to
12% Tuesday to $24.31, its gory looms as an important compete with the F-150 Light- WSJ.COM/LISTEN Available
highest close since 2001. area of contention as auto ning when it goes on sale, from:
The stock, which has nearly makers race to develop elec- scheduled for 2023. © 2021 Dow Jones & Company, Inc.
All rights reserved. 1DJ8214
tripled over the past 52 weeks, tric vehicles, prodded by tight- —Mike Colias
was the best performer in the ening environmental regula- contributed to this article.
 B4 | Wednesday, January 5, 2022 * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Tencent Unloads
$3 Billion Stake in
Internet Company
BY MATT GROSSMAN they did at the start of 2020
even after Tuesday’s decline.
Tencent Holdings Ltd. has Sea’s market capitalization has
cut its stake in a highly valued recently topped $120 billion.
Southeast Asian internet com- Tencent sold its Sea shares
pany, shedding an ownership at $208 apiece, at the bottom
position that was worth about of an offered range, according
$3 billion. to a term sheet seen by The
Tencent, one of the biggest Wall Street Journal. The sale
Chinese internet businesses, raised a little over $3 billion in
said it is selling about 14.5 total.

SAMIR HUSSEIN/GETTY IMAGES

million shares of Sea Ltd., a “The share sale unlocks a
company that runs a popular portion of the value of Ten-
e-commerce platform called cent’s investment in Sea,
Shopee, makes digital games which has seen significant
and offers online financial ser- growth and expansion in its
vices. U.S.-traded shares of Sea global business operations,”
had closed on Monday at Tencent said. The company
$223.31 apiece. added that the deal’s provi-
Following the deal, Tencent sions restrict further sales of Spencer Elden was 4 months old when the photograph of him was taken that would appear on Nirvana’s 1991 ‘Nevermind’ album.
will still have a roughly 19% Sea stock over the next six

Lawsuit Against Nirvana Over

equity stake in Singapore- months.
based Sea, down from 21% pre- Last month, Tencent un-
viously, and it said it would wound an even larger corpo-
maintain business relation- rate investment when it dis-
ships with the company. Ten- tributed 457 million shares of
cent said it plans to use pro-
ceeds from the Sea transaction
to fund other investments and
social initiatives.
Tencent, which owns the
JD.com Inc. to its own share-
holders in the form of a divi-
dend. Those shares in JD.com,
an e-commerce company, were
worth about $16.4 billion at
‘Nevermind’ Cover Dismissed
WeChat social-media app, also the time. Analysts said that BY JOSEPH PISANI old in 1991 when the photo Robert Y. Lewis, Mr. El- cember, Nirvana asked the
has videogame studios and has the move might have been a was taken in a pool, accord- den’s lawyer, said on Tuesday judge to dismiss the case and
collaborated with Sea on vid- response to risks posed by an A California judge dis- ing to court documents. that it would be filed soon. said the statute of limitations
eogame distribution in South- aggressive regulatory stance missed a lawsuit against rock Mr. Elden said he didn’t “We are confident that for child pornography had
east Asia for years. by China’s government. group Nirvana from a man consent to the photo, which Spencer will be allowed to passed.
Investors sold off Sea stock Chinese technology compa- who alleged the band en- has been printed on albums, move forward with his case,” It also said the child-por-
on news of Tencent’s divest- nies have faced government gaged in child pornography T-shirts and posters. said Mr. Lewis. nography allegations were
ment, sending its U.S.-traded pressure related to anticom- when a photo of him taken 30 The judge, from the U.S. The lawsuit was filed in “not serious.”
shares down 11% to $197.84 on petitive behavior and privacy years ago as a naked baby in District Court for the Central August against several defen- If they were, it said in
Tuesday. Sea’s valuation has issues, part of a campaign Bei- a pool was used for the District of California, said in dants, including the band’s court documents, millions of
gained significant ground in jing has said is intended to get band’s “Nevermind” album. a document filed on Monday members at the time—David Americans who owned the al-
recent years, with shares trad- the companies to serve public The man, Spencer Elden, that the case was dismissed Grohl and Krist Novoselic— bum or a poster with the
ing nearly five times as high as interests better. now 30 years old, filed the because Mr. Elden didn’t op- and the estate of frontman photo “are guilty of felony
lawsuit last year, asking the pose a motion to dismiss the Kurt Cobain, who died in possession of child pornogra-
band’s members and the case by a December dead- 1994. phy.”
other defendants to each pay line. A lawyer for the defen- The photo showed Mr. El-
him $150,000 for taking the He can still file an opposi- dants declined to comment den underwater, naked and
photo. tion by Jan. 13, the judge on Tuesday. with a dollar on a hook in
Mr. Elden was 4 months said. In a document filed in De- front of him.

Media Firm Co-Founded by Will Smith

And Jada Pinkett-Smith to Sell Stake
FLORENCE LO/REUTERS

BY BENJAMIN MULLIN The Westbrook deal is the

AND MIRIAM GOTTFRIED latest in a series of acquisi-
tions in recent months for
A firm led by two former Messrs. Mayer and Staggs’s
Walt Disney Co. executives venture.
Tencent has collaborated with Sea on videogame distribution. has agreed to buy a stake in In November, the firm said
Will Smith and Jada Pinkett- it was buying Moonbug En-
Smith’s media company, peo- tertainment Ltd., the com-
ple familiar with the matter pany behind hit children’s
said, the latest in a series of shows “CoComelon” and
For more information: high-profile acquisitions for “Blippi,” for about $3 billion.
In Memoriam wsj.com/inmemoriam the Blackstone Inc.-backed en- In August, it said it was
EMMA MCINTYRE/GETTY IMAGES

tertainment venture. spending $900 million to ac-

The Blackstone-backed quire Hello Sunshine, the me-

 
  firm, which has yet to an- dia company founded by Reese
nounce a name for itself and is Witherspoon.

  
run by former Disney execu- Mr. Mayer said in an inter-

 
 

 

     tives Kevin Mayer and Tom view with The Wall Street
   
   
Staggs, is paying about $60 Journal in August that he and
IN
  !"  
  #!$% &' '&   million to acquire more than Mr. Staggs were creating a
    ( "  ( 10% of Westbrook Inc., the The couple agreed to sell 10% of Westbrook for about $60 million. new entertainment company
)! "      
MEMORIAM

!  "   !* 
people said. for Hollywood’s streaming era.
+ (  " ,((  Founded in 2019, West- stars Venus and Serena Wil- show on Facebook Watch fea- Some media companies are re-
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,((  %  )+ $
  .*  )! " $  cles the life of Richard Wil- Prince of Bel-Air” reunion on her mother, Adrienne Banfield- said, creating an opportunity
%( !   )($  &/ liams, the father of tennis HBO Max, “Red Table Talk,” a Norris. for a new independent player.
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RYAN DAVID BROWN FOR THE WALL STREET JOURNAL

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8    !$ 0 %"  that it is raising the kits’ price
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$ $   $   " national or regional shortages. She said Amazon naxNow is sold out on many Covid-19 tests—both at- January and that they would
     7  ** editions. Our In Memoriam made a large investment to de- major retailers’ websites or home kits and those done on be available to the public free
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  "** %   + =  $39.99, lower than most simi- said the BinaxNow tests are ficult to find in many places as details of the plans to mail out
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   $ * $   WSJ.com/InMemoriam
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       "  < with other big retailers, have “Despite rising U.S. mate- has pledged to distribute 500 for twice the price. At-home
!%" $ % $    ? been selling the tests for rial and labor costs, we have million free at-home tests. PCR tests are more readily
© 2022 Dow Jones & Company, Inc.
$0 !     >"
> 7! All Rights Reserved. $23.99 a box. Other retailers not passed along any of these Some cities and states have available but generally cost
already are charging even costs to our customers and the established similar programs. close to $100 for a single test.
THE WALL STREET JOURNAL. Wednesday, January 5, 2022 | B5

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B6 | Wednesday, January 5, 2022 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Offices Get New Life as Apartments CBRE Unit
To Acquire
Virginia complex
raises prospect that
commercial surplus is
Global
ripe for conversion Warehouse
BY WILL PARKER

ALEXANDRIA, Va.—The two-

Portfolio
tower Park Center in this BY PETER GRANT
Washington, D.C., suburb was
another graying office complex Real-estate owner CBRE In-
a few years ago. One building vestment Management said it
was about a third empty, while has agreed to buy a global
the largest tenant was prepar- portfolio of logistics properties
ing to leave the other. valued at $4.9 billion, repre-
Today, the property has a senting one of the largest sales
new life as upscale apartment ever of industrial property.
buildings. The 435 residential The properties were built or
units are surrounded by ca- are being developed by Ross
banas for small gatherings, Perot Jr.’s Hillwood Invest-
grilling stations, a bocce lawn ment Properties, a real-estate
and contemporary sculpture. business founded by the son of
“This is a steampunk cherry businessman and presidential
tree,” said Liz Godesky, senior candidate Ross Perot Sr. The
vice president of the project’s portfolio includes more than 28
developer, Lowe Enterprises million square feet of ware-
Inc., pointing to a piece of art houses, distribution centers and
her group commissioned for other logistics facilities in the
the properties. Space around the property was filled in with outdoor amenities like cabanas for small gatherings and a sunning terrace. U.S., U.K., Germany and Poland.
The Park and Ford apart- Industrial property was one
ments, as the complex is now floors in the towers measured of the best-performing prop-
called, is one of 151 office about 80-feet deep, shallower erty types in 2021 and has
buildings, hotels or other com- than some other office build- been for the past few years.
mercial properties that were ings of the same vintage and CBRE’s acquisition would be
converted to apartments in better suited to residential the latest bet by a large inves-
the U.S. last year, according to conversion. tor on the transformation of
data from Yardi Matrix, a real- Rent payments from the re- the supply chain by e-com-
estate data firm. maining office tenants meant merce and the pandemic.
With multifamily housing in the owners had cash to spend
short supply and rents hitting on relocating them. Next door,
record highs, the development another large office building
raises the prospect that the had been turned into apart-
The acquisition
country’s surplus of outdated ments, providing proof of con- would be a bet on
office buildings could be ripe cept. The builders then began
for apartment conversion. making the drab office build-
the transformation
Until recently, developers ings a place someone would of the supply chain.
mostly looked to convert early want to live. They added opera-
to mid-20th century office tow- ble windows and blue and or-
JOHN NOLAN/LOWE (2)

ers in downtown districts, ange accents to the facade and

properties that tend to have constructed a sleek glass and Supply lines used to be de-
relatively compact dimensions steel lobby. They anchored new signed with as few stops as
that make them ideal for apart- balconies into existing flooring, possible between manufactur-
ments. But many empty office an effort to make them look ers and consumers to reduce
buildings are more like the Park like they had been there all costs. But the growth of e-
and Ford. They are newer, more along, instead of the simpler, Units in converted offices tend to be larger than at conventional apartment buildings. commerce replaced cost sav-
voluminous and often located cheaper method of hanging ings with the need to fulfill or-
somewhere off the interstate. them from suspension rods. candidates for reuse, said Val- can lead to only providing mar- rooms may face an interior liv- ders quickly. This meant
Nationwide, there are nearly “All those things add texture erie Campbell, a land-use attor- ket rate,” said David Downey, ing area. adding warehouses and distri-
1,000 relatively new office to the building and definitely ney at the Kramer Levin firm in president of the International The developers stocked the bution centers closer to popu-
buildings that developers might make it read residential,” said New York who has worked on Downtown Association. His or- bottom floor full of amenities. lation centers so clothes,
view as candidates for residen- Mark Rivers, executive vice conversions for more than ganization is lobbying for fed- They added a gym and yoga books, electronics and other
tial conversion: properties built president at Lowe. three decades. “At a certain eral subsidies for conversions room, a multisport simulator, a goods could be delivered
since 1980, measuring more Still, developers of conver- point, if the cost of altering a that include affordable housing. private dining room and co- within days or sooner.
than 100,000 square feet and at sion projects face challenges building starts approaching At the Park and Ford—which working office space. The Park The pandemic accelerated
least 50% vacant, according to not found in new construction. new construction, it really may has 10 affordable units, or and Ford began leasing in the these changes as many con-
data from CoStar Group. At the Park and Ford, damaged not make any sense,” she said. about 2% of the total—the fall, and the developers expect sumers avoided stores fearing
Lowe and its partner USAA concrete, mold and asbestos And despite the lack of af- apartments had to fit into a to fill it by the summer. The possible infection.
Real Estate acquired the two delayed construction and added fordable housing, most office building shaped much differ- smallest one-bedroom unit at “It’s made the price of real
1980s office towers in 2017, in millions of dollars in costs. conversions are built as market- ently than any purpose-built the property rents for more estate close to the consumer
an area where the office market Zoning regulations, uncon- rate apartments for professional residential property. In some than $1,700 a month, and large to be more worth it,” said
was already weakening. ventional layouts and unpre- class millennials to make the units, the distance between the two-bedroom units go for as Chuck Leitner, chief executive
Several factors worked in dictable construction budgets economics work for developers. apartment door and its exterior much as $3,200. The develop- of CBRE Investment.
the developers’ favor. The can make many buildings bad “The expense of rehabilitation window means the dens or bed- ers are offering one month free. CBRE Investment, a unit of
commercial-real-estate ser-
vices firm CBRE Group Inc.,

Manhattan Luxury Sales Skyrocketed in 2021

found the Hillwood portfolio
attractive because most of it
was built in markets with
large labor forces, advanced
BY KATE KING torically have helped drive the that sell for $4 million or on average, or 5% bigger than wouldn’t borrow money, but transportation systems and
Manhattan luxury market, for- more. “All the deals that we the average size over the pre- the cost of money is so cheap proximity to large numbers of
Deep-pocketed New Yorkers eign travel to the U.S. was re- lost in 2020, most of them got vious seven years, according that it doesn’t make sense to consumers, Mr. Leitner said.
moved on up in the second year stricted most of the year. done in 2021. And there still is to her report. pull their money out of the Big tenants like Ama-
of the pandemic, lifting luxury Instead, buyers from the enough fuel in the tank to Broker Louise Phillips market. I just closed an inter- zon.com Inc., Walmart Inc. and
home sales in Manhattan to re- New York metro area, confi- keep going.” Forbes of Brown Harris Ste- est-only loan for 2.5%.” Home Depot Inc. like such fea-
cord-breaking levels in 2021. dent in the city’s recovery, The most significant trend vens said some of her clients Omicron and future corona- tures. “It’s a portfolio that was
More than 1,900 contracts flush with cash from a surging within luxury sales was a de- have been willing to take sig- virus variants pose the biggest built and designed to be very
for properties costing a total stock market and able to bor- mand for more space as peo- nificant losses when selling threat to New York’s housing responsive” to online retailers,
of about $16 billion were row at ultra low interest rates, ple looked for enough room to properties they bought within market moving forward, Ms. Mr. Leitner said.
signed last year, the highest dominated the market, said work from home and prepared the past five years to upgrade Olshan said. “We still live un- Hillwood’s European proper-
number and volume by a sig- Olshan Realty president Donna for the possibility of intermit- for the long term. der the blade of a Covid ties were particularly attrac-
nificant margin since Olshan Olshan. tent remote schooling, Ms. “The buying power is tre- knife,” she said. “But so far tive to the firm because “the
Realty Inc. started tracking “We’ve never seen anything Olshan said. Luxury condos mendous,” Ms. Forbes said. Wall Street seems to be doing penetration rate of e-commerce
luxury sales in 2006. like it,” said Ms. Olshan, who since March 2020 totaled “These are people who maybe just fine, and that has really is just getting started there rel-
While overseas buyers his- tracks Manhattan properties more than 2,900 square feet in most circumstances helped fuel our revival.” ative to the U.S.,” he said.
About two-thirds of the
Hillwood portfolio is built and

Eldercare Percentage of outstanding senior-

living muni debt currently in default*
7%
Median net operating margin of continuing-care
retirement communities, including entrance fees†
25%
sch, director of municipal eval-
uations at ICE Data Services.
Senior-living facilities in-
leased. About one-third is still
being leased or is under devel-
opment, Mr. Leitner said.

Muni Debt 6
2021: 7% 2020: 18.4% 2020: 13.8% clude nursing homes as well as
assisted-living and continuing-
care retirement communities,
CBRE Investment, which has
over $133 billion in assets in-
cluding $35 billion of global in-
20
Stays Hot 5
whose offerings range from in-
dependent living to medical
care and assistance with daily
dustrial property, won the bid-
ding for the Hillwood portfolio
partly because of parent CBRE
15 activities. These facilities are Group’s strong balance sheet.
4
Continued from page B1 permitted by federal law to sell “That allowed us to move
debt in the muni market, not tax-exempt debt the same way quickly,” Mr. Leitner said.
including bonds caught up in 3 that state and local govern- CBRE Investment’s current
10 Investment-grade Below
Puerto Rico’s bankruptcy. borrowers investment-grade ments do because they are per- industrial portfolio includes
Yet investors remain bull- 2 ceived to have a public benefit. over 139 million square feet in
ish. After a fall in debt issu- 5 Any individual facility’s de- the U.S., Europe and Asia. Like
ance in 2020, senior-living fa- 1 fault or drop in bond prices other real-estate sectors, lo-
cilities sold $7.4 billion in new would have limited impact on gistics property has up and
bonds in 2021 through Dec. 13, 0 0
high-yield mutual funds, which down cycles but the down cy-
21% more than they did in mix senior-living bonds with cles have tended to be “short
2019, according to an analysis 2013 ’15 ’17 ’19 ’21 2016 ’17 ’18 ’19 ’20 2016 ’17 ’18 ’19 ’20 those of other low-rated bor- and shallow,” Mr. Leitner said.
by ICE Data Services. *Data reflects Jan. 1 of each year †Reflects 151 facilities tracked by Fitch rowers such as charter schools. “We don’t think it’s a cycli-
“The operations have not yet Sources: Municipal Market Analytics (defaults); Fitch Ratings (operating margin) some trends have benefited se- cal bet that’s running out of
fully recovered, even though, in nior facilities, including a hot gas,” he said. “We think it’s a
some places, bond prices have,” ers hardest hit financially, with Borrowers rated BAA were tax-free yield equates to housing market for those look- secular bet that historical per-
said David Hammer, head of Covid-19 driving away prospec- paying 2.12% on 30-year bonds roughly 7.6%, according to ing to sell their homes. formance supports.”
municipal-bond portfolio man- tive residents and adding costs as of Dec. 31, according to data data from Nuveen. Still, indicators point to trou- Hillwood’s sale of the indus-
agement at Pacific Investment for protective equipment. But from Refinitiv, down 14% from Several senior-living bor- ble ahead for the sector. Much trial portfolio will close in
Management Co. He said he has with rock-bottom yields, de- a year earlier. rowers that considered issuing of the revenue to pay back stages starting this year and
reduced his exposure to senior- mand for new bonds outstrip- Meanwhile, 10-year senior- debt in 2020, and then opted bondholders comes from en- possibly stretching into 2023,
living facilities. ping supply and the potential living bonds sold over the past against it, moved forward with trance fees residents pay when Mr. Leitner said. Ross Perot Sr.
The robust appetite for se- for tax increases, the pickings six months yielded 6.6% for selling bonds in 2021 after they move into senior commu- founded Electronic Data Sys-
nior-living bonds is a window are slim for investors in search taxable debt financing the pur- finding the market more recep- nities. But move-ins remain well tems in 1962 and sold that com-
into investors’ willingness to of tax-exempt income. chase of retirement facilities tive, said Seth Brumby of Re- below pre-Covid-19 levels. Non- pany to General Motors Co. in
put aside worries about Yields on risky municipal in Texas and Oklahoma and org, a credit-research firm. The profit continuing-care commu- 1984. A candidate for president
Covid-19-related financial bonds fell in 2021, with inves- 4.4% for tax-exempt debt to risky debt is a welcome addi- nities had an 87% occupancy in 1992 and 1996, he invested in
weakness as the pandemic tors plowing a record $22 bil- buy and refinance a retirement tion for many high-yield funds. rate in the third quarter of numerous other businesses in-
grinds on into its third year. lion into high-yield municipal- facility in Kentucky, bond doc- “Senior-living deals were 2021, down from 93% in the cluding real estate. Ross Perot
Retirement communities are bond funds through Dec. 15, uments show. For an investor well-received with strong in- first quarter of 2020, according Jr. is chairman of Hillwood In-
among the municipal borrow- according to Refinitiv Lipper. in the top tax bracket, a 4.4% vestor interest,” said Jon Bara- to the NIC MAP Data Service. vestment Properties.
THE WALL STREET JOURNAL. Wednesday, January 5, 2022 | B7

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG-Daily percentage change from the previous trading session. MarathonOil MRO 17.79 4.4 ToyotaMotor TM 201.43 6.9 CarParts.com PRTS 10.97 -6.2 ExelaTech XELA 0.83 -5.4 Jiayin JFIN 2.05 -3.5 P3HealthPartners PIII 6.22 -3.7 StrataSkinSci SSKN 1.10 -4.1
MartinMarietta MLM 446.46 0.6 TradeUPAcqn UPTD 10.15 2.4 Cazoo CZOO 5.77 -3.6 Fastly FSLY 33.30 -5.0 JourneyMed DERM 5.08 -1.4 PassageBio PASG 6.10 -4.9 Sunworks SUNW 2.89 -4.3
Tuesday, January 4, 2022 Masco MAS 71.06 1.1 TrineIIAcqnA TRAQ 9.94 0.2 CellebriteDI CLBT 7.50 -5.8 FathomDigital FATH 5.96 -10.9 Kaltura KLTR 3.30 -8.7 PathfinderA PFDR 9.68 ... Surrozen SRZN 5.25 -7.8
McDonalds MCD 271.15 ... TriStateCapital TSC 32.34 3.6 ChromaDex CDXC 3.65 -3.8 FieldTripHealth FTRP 2.30 -5.4 KingsoftCloud KC 13.48 -6.6 Peloton PTON 32.39 -3.9 TCR2 Therap TCRR 4.41 -3.8
52-Wk % 52-Wk % 52-Wk %
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg MetropolitanBk MCB 110.44 0.5 TysonFoods TSN 89.98 2.0 Cian CIAN 11.50 -5.7 FifthThirdPfdB FITBP 25.90 -0.6 Latch LTCH 6.92 -7.1 PerceptionCapIIWt PCCTW 0.41 -0.3 TPGPaceBenFin TPGY.U 9.93 -0.7
Middleby MIDD 200.85 1.1 UBS Group UBS 18.70 2.8 CipherMining CIFR 4.33 -3.9 FiverrIntl FVRR 99.25 -7.3 LegatoMergerIIUn LGTOU 9.95 -0.7 PetraAcqn PAIC 9.55 5.1 Taoping TAOP 1.70 -7.0
CVR Partners UAN 89.78 4.4 ForwardAir FWRD 125.71 3.3 TenaxTherap TENX 0.94 -9.0
67.15 0.7
Highs CVS Health CVS 105.44 0.1 GabelliPfdA GLUpA 48.94 1.2
Mondelez
MountainI A
MDLZ
MCAA 10.04 0.1
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94.15
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2.06 -7.6
9.15 0.1
Fluidigm
FreshVineWine VINE
FLDM 3.44 -7.0
4.80 -5.4
Lemonade
LiveOne
LMND
LVO
38.02 -7.7
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Pinduoduo
Pinterest
PDD
PINS
49.04 -11.2
32.42 -9.0 36Kr KRKR 1.02 -4.6
CentralPacFin CPF 29.50 1.5 GardinerHlthcr GDNRU 10.12 0.4 ThredUp TDUP 12.31 -9.2
ABB ABB 39.10 1.4 NationalFuelGas NFG 65.95 1.6 UltaBeauty ULTA 422.43 1.3 Cohen COHN 14.54 -0.9 FullTruck YMM 7.63 -6.0 LufaxHolding LU 4.73 -13.6 PlanetLabs PL 5.51 -6.0
Chevron CVX 121.98 1.8 GeneralDynamics GD 212.46 2.2 Tilray TLRY 6.96 -3.8
AECOM ACM 78.62 0.9 NetApp NTAP 95.23 2.0 UnionPacific UNP 254.40 1.7 CompassDigital CDAQU 9.81 -0.7 GDS Holdings GDS 40.26 -9.6 Lulu'sFashion LVLU 9.29 0.5 Poshmark POSH 15.78 -6.7
ChicagoAtlRealEst REFI 17.53 1.0 GeneralMotors GM 65.98 7.5 Toast TOST 29.15 -6.6
Aflac AFL 60.36 3.3 NiSource NI 27.88 0.4 UtdCmtyBks UCBI 37.85 2.8 CompoSecure CMPO 7.44 -8.2 Genetron GTH 5.61 -6.9 MercatoPtrsWt MPRAW 0.50 -4.4 PrecisionBio DTIL 7.20 -6.4
CitizensFin CFG 51.76 4.5 Genpact G 54.03 1.1 TribeCapGrwI Wt ATVCW 0.78 -1.7
ARC Document ARC 3.88 5.8 Nova NVMI 149.15 -1.6 UnivInsurance UVE 17.55 1.4 ComSovereign COMS 0.72 -5.7 GinkgoBioworks DNA 7.75 -8.2 MeridianLink MLNK 19.27 -4.8 ProjectEnReimagUn PEGRU 9.65 0.8
CityOfficeREIT CIO 20.76 3.1 GenuineParts GPC 141.53 1.7 Twitter TWTR 40.36 -4.2
ASGN ASGN 131.58 5.8 OFGBancorp OFG 28.38 2.0 UnivestFin UVSP 31.08 1.5 CuriosityStrmWt CURIW 1.18 -1.5 GlblTechAcqnI GTACU 9.97 -0.3 MetalsAcqn MTAL 9.62 -0.5 RCF Acqn Wt RCFA.WS 0.50 20.0
ClipperRealty CLPR 10.28 3.1 GladstoneLand LAND 35.08 3.6 2U TWOU 19.17 -6.6
AdicetBio ACET 18.49 -7.3 OasisPetrol OAS 137.98 2.6 VMGConsumerA VMGA 9.85 0.3 CyteirTherap CYT 9.53 -5.1 GlbXBlockchain&Bit BITS 19.35 0.3 MetroMile MILE 1.98 -8.2 ReadyCapPfdC RCpC 24.75 ...
Coca-Cola KO 60.54 1.7 GlobalMedREIT GMRE 18.51 2.7 Upwork UPWK 30.91 -6.7
AetheriumAcqn GMFIU 10.03 ... OcwenFinancial OCN 41.10 1.5 Valaris VAL 39.65 3.8 D-MarketElec HEPS 1.81 -1.6 GlobalinkInvtWt GLLIW 0.17 -1.3 Momentus MNTS 3.75 -9.4 Redbox RDBX 7.02 -4.3
CognizantTech CTSH 92.03 2.1 GlobalinkInvtRt GLLIR 0.31 0.6 VPC Impact III A VPCC 7.88 -3.7
AffinityBncshs AFBI 18.00 4.0 ON Semi ON 71.26 1.1 Valvoline VVV 37.97 0.4 DadaNexus DADA 11.04 -13.1 GloryStrNewMediaWt GSMGW 0.04 -24.2 Natura&Co NTCO 8.53 -7.1 Redfin RDFN 36.05 -4.1
ColumbiaFin CLBK 21.19 -0.1 GoGreenInvtsA GOGN 10.62 -1.1 VTEX VTEX 9.43 -7.0
Alico ALCO 38.63 1.8 OneLiberty OLP 36.60 2.5 VisionSensingAcqn VSACU 10.22 1.2 DirectSellingAcqnWt DSAQ.WS 0.45 -10.0 GoldenbridgeWt GBRGW 0.16 -4.1 NerdyA NRDY 4.12 -3.0 RenovoRx RNXT 4.63 -4.9
Comerica CMA 92.95 4.3 GreenVisorI A GVCI 9.95 1.0 VersusSystemsWt VSSYW 0.77 ...
AllianceResource ARLP 13.66 4.4 OnyxAcqnIWt ONYXW 0.59 -6.1 VistaOutdoor VSTO 52.11 6.9 EsgenAcqnWt ESACW 0.45 -0.1 GracellBiotech GRCL 5.07 -5.8 NiSunIntlEntDevt NISN 2.81 -10.3 RenttheRunway RENT 7.58 -5.5
CommercialMetals CMC 37.92 3.5 HF Foods HFFG 9.68 9.5 Vimeo VMEO 16.40 -7.0
Alpha&Omega AOSL 64.00 -2.2 PNC Fin PNC 218.84 3.7 VulcanMatls VMC 213.65 1.3 EastRscsAcqnWt ERESW 0.50 -14.8 GreenbrookTMS GBNH 3.71 -4.8 NoahHoldings NOAH 28.08 -0.8 Riskified RSKD 7.04 -8.4
ConEd ED 85.92 -0.2 HP HPQ 39.49 3.1 VirginOrbit VORB 6.76 -6.4
AlpineAcqn REVEU 11.16 8.3 PSBusinessParks PSB 189.23 0.6 WPP WPP 77.85 2.2 EditasMedicine EDIT 25.55 -4.5 Hookipa HOOK 2.22 -7.9 OLB Group OLB 2.47 -5.9 SK Telecom SKM 26.44 -0.3
ConstBrands A STZ 255.94 0.7 HarmonyBio HRMY 45.89 -3.3 VirnetX VHC 2.50 -3.7
AlpineIncmProp PINE 21.07 0.3 PartnersBancorp PTRS 10.25 3.4 WabashNational WNC 20.76 3.8 ElectrameccanicaWt SOLOW 0.64 -16.1 HashiCorp HCP 76.80 -6.2 OlinkHolding OLK 16.81 -11.1 ScionTechII Wt SCOBW 0.58 -7.6 3.01 0.9
WaveLifeSci WVE
AmEqtyLf AEL 41.49 1.1 ConsumerPtfo CPSS 12.49 2.2 Hasbro HAS 105.36 1.7 PearlHoldingsAcqn PRLHU 10.01 0.2 Wabtec WAB 98.11 5.9 ElysGameTech ELYS 2.91 -3.9 HealthAssurWt HAACW 0.80 -1.3 Olo OLO 20.03 -1.7 Sema4Wt SMFRW 0.85 -10.3 Waitr WTRH 0.70 -8.9
Ameriprise AMP 319.47 4.5 CousinsProperties CUZ 42.05 1.8 Hawkins HWKN 40.97 0.4 PEP 174.45 0.1
PepsiCo WaterstoneFinl WSBF 22.37 0.4 EnsysceBioWt ENSCW 0.22 -3.8 Hydrofarm HYFM 24.21 -12.8 OncolyticsBio ONCY 1.36 -2.1 Sema4 SMFR 4.24 -3.1 Wayfair W 179.71 -4.8
Andersons ANDE 39.81 0.5 CrineticsPharm CRNX 28.95 -0.4 HawthornBcsh HWBK 26.12 -0.7 PAIC 10.89 5.1
PetraAcqn Watsco B WSOB 311.90 1.4 EnthusiastGaming EGLX 2.76 -3.1 IG Acqn Wt IGACW 0.75 -1.5 OncoSecMedical ONCS 0.80 -7.9 SenstarTech SNT 2.77 -3.4 WeaveComms WEAV 12.64 -10.1
AnzuSpecial I ANZUU 10.36 3.9 CurtissWright CW 140.99 1.8 Hershey HSY 196.18 0.9 PowerREIT PW 76.13 -2.2 6.84 -7.1 0.51 -5.4 8.09 -5.3 16.85 -4.9
WeisMarkets WMK 67.92 0.1 EosEnergy EOSE InsuAcqnIII Wt IIIIW OraSureTechs OSUR SightSciences SGHT Yandex YNDX 58.65 -2.0
AptIncmREIT AIRC 55.52 1.0 CustomersBancorp CUBI 70.94 5.1 HewlettPackard HPE 16.97 4.3 PreferredBankLA PFBC 74.97 2.9 EosEnergyWt EOSEW 2.44 -5.0 icad ICAD 5.27 -21.4 OriginAgritech SEED 6.70 -2.5 Skillz SKLZ 6.92 -9.0
WellsFargo WFC 53.15 4.0 Zenvia ZENV 5.67 -3.0
APi Group APG 26.84 2.3 CyberOptics CYBE 49.95 -2.9 Hilton HLT 159.21 1.0 PrincipalFin PFG 75.92 3.3 Epizyme EPZM 2.42 -7.8 Immuneering IMRX 15.25 -8.7 OscarHealth OSCR 7.45 -5.5 Snap SNAP 42.46 -5.5
WhitingPetrol WLL 72.66 3.3 ZhangmenEducation ZME 2.28 -38.1
Apple AAPL 182.94 -1.3 DevonEnergy DVN 47.97 4.6 HinghamSvg HIFS 432.19 1.7 PublicServiceEnt PEG 67.17 -0.3 Equillium EQ 3.38 -14.1 Invitae NVTA 13.94 -7.9 OutlookTherapWt OTLKW 0.08 -3.8 Sonendo SONX 5.31 -6.7
WillScotMobile WSC 41.44 2.2 ZoomVideo ZM 172.10 -2.4
ArchCapital ACGL 45.54 1.3 Diageo DEO 223.14 0.5 HorizonBancorp HBNC 21.54 1.4 RCF Acqn A RCFA 10.31 0.4 EverCommerce EVCM 14.16 -4.4 ironSource IS 7.28 -5.5 OzonHoldings OZON 28.73 -2.0 SpireGlobalWt SPIR.WS 0.39 -5.1 Zymergen ZY 6.30 -9.0
WintrustFin WTFC 97.50 3.4
ArcherDaniels ADM 69.69 1.9 DiamondbkEner FANG 119.70 6.6 HostessBrands TWNK 20.66 1.4 RCI Hospitality RICK 89.29 9.8 WyndhamHtls WH 91.41 0.6
ArmadaHoffler AHH 15.80 1.9 DorchesterMnls DMLP 21.28 2.3 HowardBancorp HBMD 23.31 3.1 RamacoNts2026 METCL 27.58 0.4
24.89 1.3 208.87 2.9
ArogoCapital AOGOU 10.05 0.3 EaglePointPfdD ECCpD JBHunt JBHT RaymondJames RJF 108.69 4.5
Lows
ArrowElec ARW 137.89
AscendantDigA ACDI 9.93
0.6
0.4
EdgewellPersonal EPC
ElbitSystems ESLT
46.69
179.68
-0.2
2.1
Huntsman
HyattHotels
HUN
H
36.49
97.63
1.9
-0.1
RealtyIncome O
RegalRexnord RRX
72.48
176.22
1.5
2.9 AVROBIO AVRO 2.53 -36.6
Exchange-Traded Portfolios | WSJ.com/ETFresearch
AtlCapitalBcshs ACBI 31.22 2.8 Enviva EVA 74.84 1.3 IndusRealty INDT 82.94 0.5 RegencyCtrs REG 78.78 2.3 Absci ABSI 7.50 -7.4
Closing Chg YTD
AtlanticusNts26 ATLCL 25.49 ... EquityResdntl EQR 93.03 1.3 IllinoisToolWks ITW 248.74 1.7 RelianceGlobalWt RELIW 3.26 58.6 ADDvantage AEY 1.55 -7.1 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
AtlasAir AAWW 97.13 1.0 EssexProp ESS 359.49 0.8 ImperialOil IMO 37.73 1.4 RetailOppor ROIC 20.09 0.5 Agora API 14.29 -6.6
ExcelFinAcqnA XFIN 10.15 0.2 IndepBankMI IBCP 24.80 0.4 AllenaPharm ALNA 0.58 -10.5 Schwab US TIPs SCHP 62.31 –0.40 –0.9
AtmosEnergy ATO 107.43 1.2 RushEnt A RUSHA 59.23 4.3 Tuesday, January 4, 2022 Closing Chg YTD
FTI Consulting FCN 156.94 0.8 InsightEnt NSIT 110.74 2.1 AlloVir ALVR 12.36 -6.1 ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 367.87 0.60 1.3
Avalonbay AVB 257.52 1.0 SS&C Tech SSNC 83.55 0.3 Closing Chg YTD SPDR S&PMdCpTr MDY 521.70 0.48 0.8
AxcelisTechs ACLS 77.60 -2.3 Fabrinet FN 124.85 1.2 InterParfums IPAR 108.35 -1.1 SaulCenters BFS 55.44 1.9 Alteryx AYX 58.51 -3.8 ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 106.25 –0.08 0.4 SPDR S&P 500 SPY 477.55 –0.03 0.5
BP Midstream BPMP 16.54 4.2 FarmersBancp FMAO 33.04 -0.2 InvestorsBancorp ISBC 16.43 4.2 SchneiderNatl SNDR 27.40 2.8 AmericanWell AMWL 5.67 -7.9
ARKInnovationETF ARKK 92.69 –4.43 –2.0 iShMSCI EAFE EFA 79.64 0.57 1.2 SPDR S&P Div SDY 130.54 1.19 1.1
B.RileyPrin250A BRIV 10.22 4.7 FarmersNatlBanc FMNB 19.32 1.4 iRadimed IRMD 49.60 3.7 SchwabC SCHW 90.85 4.9 Annexon ANNX 10.88 -7.8 iShMSCI EAFE SC SCZ 73.65 0.30 0.8
CnsmrDiscSelSector XLY 209.03 –0.61 2.2 TechSelectSector XLK 173.66 –1.06 –0.1
BFC Cap Pfd BANFP 31.22 7.3 FatProjectsAcqn FATP 9.78 0.2 JacksonFinl JXN 45.35 6.6 SensataTechs ST 65.30 3.3 ApeironCapWt APN.WS 0.41 -8.7 iShMSCIEmgMarkets EEM 49.03 –0.35 0.4 VangdInfoTech VGT 456.16 –1.26 –0.4
DimenUSCoreEq2 DFAC 29.21 0.38 0.8
BankOZK OZK 49.10 3.1 FederalRealty FRT 140.51 1.9 JonesLang JLL 275.77 2.4 SimplyGoodFoods SMPL 43.17 0.6 Appian APPN 61.81 0.2 iShMSCIEAFEValue EFV 51.51 1.32 2.2 VangdSC Val VBR 182.58 1.28 2.1
EnSelectSectorSPDR XLE 59.20 3.46 6.7
BankNY Mellon BK 61.22 3.6 FederatedHermes FHI 39.43 2.1 KBR KBR 49.52 2.1 SmartFinancial SMBK 28.63 0.5 AppliedMolecular AMTI 12.61 -7.6 iShNatlMuniBd MUB 116.18 0.01 –0.1 VangdExtMkt VXF 182.33 –0.81 –0.3
FinSelSectorSPDR XLF 40.57 2.63 3.9
BerkHathwy A BRK.A 466194 2.5 FifthThirdBncp FITB 46.78 4.3 KennedyWilson KW 24.68 1.9 Sony SONY 129.31 1.8 AppliedTherap APLT 5.63 -6.4 iSh1-5YIGCorpBd IGSB 53.86 0.11 –0.0 VangdSC Grwth VBK 279.83 –1.06 –0.7
GSActiveBetaUSLC GSLC 95.29 –0.12 0.2
BerkHathwy B BRK.B 309.21 2.6 FinWiseBancorp FINW 15.54 11.2 KeurigDrPepper KDP 37.40 1.5 Southern SO 69.12 ... Bakkt BKKT 7.41 -9.8 iShPfd&Incm PFF 38.94 –0.51 –1.2 VangdDivApp VIG 172.21 0.60 0.3
HealthCareSelSect XLV 137.60 –1.32 –2.3
BerkshireHills BHLB 30.01 1.1 FirstBancorp FNLC 32.91 2.7 KeyCorp KEY 24.87 5.3 SpindletopHlth SHCAU 10.20 0.1 BeyondMeat BYND 60.42 -5.0 iShRussell1000Gwth IWF 304.59 –1.04 –0.3 VangdFTSEDevMk VEA 51.56 0.37 1.0
IndSelSectorSPDR XLI 107.05 2.01 1.2
BluegreenVac BVH 36.10 0.3 FirstCitizBcshA FCNCA 947.71 2.9 KimberlyClark KMB 144.91 0.5 SpreeAcqnCorp.1Un SHAP.U 10.30 0.7 BigCommerce BIGC 33.50 -7.6 iShRussell1000 IWB 265.44 –0.25 0.4 VangdFTSE EM VWO 49.61 –0.40 0.3
InvscQQQI QQQ 396.47 –1.30 –0.3
BostonProps BXP 124.85 3.3 FirstCmwlthFin FCF 16.71 2.2 KimcoRealty KIM 25.35 2.6 Steris STE 248.30 1.1 Bilibili BILI 39.92 -8.9 iShRussell1000Val IWD 170.00 0.88 1.2 VangdFTSE Europe VGK 68.98 0.13 1.1
InvscS&P500EW RSP 164.20 0.80 0.9
1stConstBncp FCCY 27.11 1.9 Knowles KN 23.71 0.9 BioAtla BCAB 18.13 -2.9 iShRussell2000 IWM 224.98 –0.15 1.1 VangdFTSEAWxUS VEU 61.81 0.21 0.9
BrighthouseFin BHF 57.19 6.5 SterlingBancorp STL 27.79 3.3 iShCoreDivGrowth DGRO 56.06 0.74 0.9
iShRussell2000Val IWN 169.21 0.68 1.9 VangdGrowth VUG 319.19 –1.21 –0.5
BrixmorProp BRX 25.92 2.3 FirstInternetBncp INBK 49.64 2.1 LamfGlbI Wt LGVCW 0.52 10.6 SuperMicroComp SMCI 47.53 3.3 Bionomics BNOX 10.72 -5.9 iShCoreMSCIEAFE IEFA 75.48 0.56 1.1
iShRussellMid-Cap IWR 82.89 0.25 –0.1 VangdHlthCr VHT 260.46 –1.61 –2.2
BylineBancorp BY 28.72 0.9 FirstNWBncp FNWB 20.43 0.9 LakelandBcp LBAI 20.00 1.3 SynovusFin SNV 51.22 3.8 BlackMountainWt BMAC.WS 0.40 -2.3 iShCoreMSCIEM IEMG 59.98 –0.38 0.2
iShRussellMCValue IWS 123.59 1.02 1.0 VangdHiDiv VYM 114.02 1.23 1.7
CBRE Group CBRE 111.00 1.5 1stSource SRCE 51.35 1.4 LamResearch LRCX 731.85 -1.9 TJX TJX 77.35 1.5 Block SQ 151.02 -4.7 iShCoreMSCITotInt IXUS 71.43 0.17 0.7 83.48 –1.00 –0.2
iShS&P500Growth IVW VangdIntrCorpBd VCIT 92.24 0.08 –0.6
CDW CDW 208.71 1.5 FlowersFoods FLO 27.84 0.4 LamarAdv LAMR 124.32 -0.4 TKBCriticalTech1 USCT 9.92 ... BluescapeOppsWt BOAC.WS 0.75 -5.0 iShCoreS&P500 IVV 479.68 –0.03 0.6 158.94 1.00 1.5
iShS&P500Value IVE VangdLC VV 221.24 –0.18 0.1
CH Robinson CHRW 110.93 2.3 FlushingFin FFIC 25.32 0.3 LevelOneBncp LEVL 40.90 1.4 TTM Tech TTMI 15.55 2.2 BonNaturalLife BON 3.47 -1.6 iShCoreS&P MC IJH 285.37 0.49 0.8 iShTIPSBondETF TIP 127.97 –0.38 –1.0 VangdMC VO 253.20 –0.07 –0.6
CRH CRH 54.54 1.9 FocusImpactAcqnWt FIACW 0.55 ... LibertyFormOne A FWONA 60.94 -1.7 TimkenSteel TMST 18.04 5.0 BraggGaming BRAG 4.86 -6.4 iShCoreS&P SC IJR 116.69 0.79 1.9 iSh1-3YTreasuryBd SHY 85.49 0.06 –0.1 VangdMC Val VOE 152.50 1.44 1.4
CSX CSX 38.01 1.5 ForbionEuro FRBNU 10.17 0.5 Liquidia LQDA 5.88 12.1 TItanIntl TWI 11.89 7.0 BrightScholarEduc BEDU 1.05 -11.8 iShS&PTotlUSStkMkt ITOT 107.45 –0.17 0.4 iSh7-10YTreasuryBd IEF 113.87 –0.05 –1.0 VangdMBS VMBS 52.66 0.10 –0.3
CTO Realty CTO 63.94 -1.6 FordMotor F 24.56 11.7 Loews L 59.75 2.2 TorontoDomBk TD 78.71 0.6 CS Disco LAW 29.95 -8.0 iShCoreTotalUSDBd IUSB 52.55 –0.06 –0.7 iSh20+YTreasuryBd TLT 143.70 –0.42 –3.0 VangdRealEst VNQ 114.96 –0.12 –0.9
iShCoreUSAggBd AGG 113.29 –0.01 –0.7 iShRussellMCGrowth IWP 112.40 –1.43 –2.4 VangdS&P500ETF VOO 439.07 –0.04 0.6
iShSelectDividend DVY 124.90 1.41 1.9 iShUSTreasuryBdETF GOVT 26.21 –0.04 –1.8 VangdST Bond BSV 80.73 0.06 –0.1
iShESGAwareUSA ESGU 108.25 –0.18 0.3 JPM UltShtIncm JPST 50.47 –0.02 –0.0 VangdSTCpBd VCSH 81.19 0.06 –0.1
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks iShEdgeMSCIMinUSA
iShEdgeMSCIUSAMom
USMV
MTUM
80.13
181.58
–0.34
–0.35
–1.0
–0.1
ProShUltPrQQQ
SPDR Gold
TQQQ
GLD
164.48
169.57
–3.89
0.74
–1.1
–0.8
VangdShtTmInfltn
VangdSC
VTIP
VB
51.35
227.97
–0.04
0.22
–0.1
0.9
iShEdgeMSCIUSAQual QUAL 145.00 –0.12 –0.4 SPDRS&P500Growth SPYG 72.43 –0.82 –0.1 VangdTaxExemptBd VTEB 54.88 ... –0.1
iShEdgeMSCIUSAVal VLUE 113.02 1.72 3.2 SchwabIntEquity SCHF 39.31 0.49 1.1 VangdTotalBd BND 84.17 –0.01 –0.7
Money Rates January 4, 2022 iShGoldTr
iShiBoxx$InvGrCpBd
IAU
LQD
34.52
131.22
0.76
0.08
–0.8
–1.0
SchwabUS BrdMkt
SchwabUS Div
SCHB
SCHD
113.54
81.79
–0.13
1.21
0.5
1.2
VangdTotIntlBd
VangdTotIntlStk
BNDX
VXUS
55.00
64.06
0.02
0.13
–0.3
0.8
iShiBoxx$HYCpBd HYG 86.75 –0.25 –0.3 SchwabUS LC SCHX 114.32 –0.19 0.4 VangdTotalStk VTI 242.51 –0.19 0.4
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a iShJPMUSDEmgBd EMB 107.92 –0.06 –1.0 SchwabUS LC Grw SCHG 162.65 –1.57 –0.7 VangdTotlWrld VT 108.09 0.04 0.6
guide to general levels but don’t always represent actual transactions. iShMBSETF MBB 107.06 0.06 –0.3 SchwabUS SC SCHA 103.39 –0.07 1.0 VangdValue VTV 149.41 1.14 1.6

Week —52-WEEK— Week —52-WEEK—

Inflation Latest ago High Low Latest ago High Low
Nov. index Chg From (%)
High 0.0900 0.1500 0.2000 0.0700 Three month 0.21600 0.21788 0.24125 0.11413 Dividend Changes
level Oct. '21 Nov. '20
Low 0.0500 0.0500 0.0900 0.0000 Six month 0.34286 0.34325 0.35438 0.14663 Dividend announcements from January 4.
U.S. consumer price index Bid 0.0700 0.0700 0.7000 0.0300 One year 0.60300 0.56713 0.60300 0.21950
Amount Payable / Amount Payable /
All items 277.948 0.49 6.8 Offer 0.1000 0.1000 0.1200 0.0500 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Core 282.754 0.40 4.9 Secured Overnight Financing Rate
Treasury bill auction Increased Foreign
International rates 0.05 0.05 0.11 0.01
4 weeks 0.055 0.040 0.125 0.000 Alamo Group ALG 0.5 .18 /.14 Q Feb01 /Jan18 Costamare CMRE 3.5 .115 Q Feb07 /Jan20
13 weeks 0.090 0.085 0.090 0.015 Value 52-Week American Financial Group AFG 1.6 .56 /.50 Q Jan25 /Jan14 Costamare 8.875% Pfd. E CMREpE 8.2 .55469 Q Jan18 /Jan14
Week 52-Week Latest Traded High Low
Latest ago High Low 26 weeks 0.220 0.210 0.220 0.030 Reduced Costamare Pfd. B CMREpB 7.4 .47656 Q Jan18 /Jan14
Compass Diversified CODI 3.4 .25 /.36 Q Jan20 /Jan13 Costamare Pfd. C CMREpC 8.1 .53125 Q Jan18 /Jan14
Prime rates DTCC GCF Repo Index
Secondary market Initial Costamare Pfd. D CMREpD 8.2 .54688 Q Jan18 /Jan14
U.S. 3.25 3.25 3.25 3.25 Treasury 0.066 46.100 0.125 -0.008
Fannie Mae Arbor Realty 6.25% Pfd. F ABRpF 7.4 .46875 Jan31 /Jan15 Pyxis Tankers Pfd. A PXSAP 13.8 .1615 M Jan20 /Jan13
Canada 2.45 2.45 2.45 2.45 MBS 0.071 14.300 0.130 0.002
Japan 1.475 1.475 1.475 1.475 30-year mortgage yields KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
30 days 2.760 2.614 2.760 1.892 Notes on data:
Policy Rates
60 days 2.823 2.658 2.823 1.918 U.S. prime rate is the base rate on corporate
Euro zone 0.00 0.00 0.00 0.00 loans posted by at least 70% of the 10 largest
Switzerland 0.00 0.00 0.00 0.00 U.S. banks, and is effective March 16, 2020.
Britain 0.25 0.25 0.25 0.10 Other short-term rates ADVERTISEMENT
Other prime rates aren’t directly
Australia 0.10 0.10 0.10 0.10 comparable; lending practices vary widely by
Overnight repurchase
U.S. 0.05 0.03 0.11 -0.04
Latest
Week
ago
52-Week
high low
location; Discount rate is effective March 16,
2020. Secured Overnight Financing Rate is
as of January 3, 2022. DTCC GCF Repo
Business Real Estate & Services
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds or call 1 (800) 366-3975
Call money Index is Depository Trust & Clearing Corp.'s
U.S. government rates 2.00 2.00 2.00 2.00 weighted average for overnight trades in
applicable CUSIPs. Value traded is in billions
Discount Commercial paper (AA financial) of U.S. dollars. Federal-funds rates are
0.25 0.25 0.25 0.25 90 days 0.14 n.a. 0.22 0.04 Tullett Prebon rates as of 5:30 p.m. ET. ,, ! ,.  ,
Federal funds Libor Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; FactSet;
 .!> !9 ,
!
Effective rate 0.0800 0.0800 0.1000 0.0500 One month 0.10371 0.10125 0.13263 0.07263 Tullett Prebon Information, Ltd.
 
 

  

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B8 | Wednesday, January 5, 2022 THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

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
The following explanations apply to NYSE, NYSE s-New 52-week high. s CVS Health CVS 104.29 0.13 Coupang CPNG 26.41 -2.31 Equinor EQNR 26.98 0.26 GoldmanSachs GS 407.48 12.15 MitsubishiUFJ MUFG 5.71 0.16 Skyworks SWKS 161.25 1.47
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CableOne CABO 1734.03 -9.79 Credicorp BAP 128.52 4.33 Equitable EQH 34.45 1.17 GoodRx GDRX 30.98 -1.47 MizuhoFin MFG 2.62 0.03 Smartsheet SMAR 73.32 -3.11
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four
that include primary market trades as well as quarters. CadenceDesign CDNS 178.30 -4.86 CreditAcceptance CACC 631.63 -17.21 EquityLife ELS 85.38 0.37 Grab GRAB 7.29 0.07 Moderna MRNA 233.06 -1.99 SmithAO AOS 84.96 1.39
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. CaesarsEnt CZR 89.95 -3.52 CreditSuisse CS 10.04 0.12 s EquityResdntl EQR 92.25 1.19 Graco GGG 78.89 0.21 MohawkInds MHK 188.25 4.28 Smith&Nephew SNN 35.38 0.26
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CamdenProperty CPT 176.32 -0.13 CrowdStrike CRWD 189.19 -9.14 ErieIndemnity A ERIE 191.55 -0.39 Grainger GWW 520.47 10.27 MolinaHealthcare MOH 303.94 -12.63 Smucker SJM 138.57 1.77
Nasdaq ISE. standards CampbellSoup CPB 44.12 0.38 CrownCastle CCI 202.15 -5.59 EssentialUtil WTRG 52.87 -0.26 Grifols GRFS 11.28 -0.36 MolsonCoorsB TAP 48.90 1.55 t Snap SNAP 44.03 -2.56
The list comprises the 1,000 largest companies lf-Late filing CIBC CM 117.67 0.48 CrownHoldings CCK 108.12 -0.40 s EssexProp ESS 356.63 2.77 GuardantHealth GH 97.98 -2.51 MolsonCoorsA TAP.A 58.00 1.00 SnapOn SNA 220.89 7.57
based on market capitalization. q-Temporary exemption from Nasdaq CanNtlRlwy CNI 121.77 -0.26 CubeSmart CUBE 54.54 -0.28 EsteeLauder EL 371.86 1.57 Guidewire GWRE 112.92 -0.37 monday.com MNDY 289.26 -11.95 Snowflake SNOW 315.53 -16.48
Underlined quotations are those stocks with requirements.
CanNaturalRes CNQ 43.04 0.01 Cummins CMI 227.91 8.38 Etsy ETSY 200.99 -8.94 HCA Healthcare HCA 260.27 6.19 s Mondelez MDLZ 66.45 0.48 SOQUIMICH SQM 49.10 -1.63
large changes in volume compared with the t-NYSE bankruptcy
issue’s average trading volume. v-Trading halted on primary market. CanPacRlwy CP 73.78 2.03 CyrusOne CONE 89.62 -0.07 EverestRe RE 272.87 0.08 HDFC Bank HDB 67.31 0.79 MongoDB MDB 465.37 -22.19 SoFiTech SOFI 15.05 -0.63
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Canon CAJ 24.38 -0.14 Evergy EVRG 67.98 -0.18 s HP HPQ 39.20 1.18 MonolithicPower MPWR 491.25 -3.60 SolarEdgeTech SEDG 273.10 -9.35
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, CapitalOne COF 151.15 2.81 D E F EversourceEner ES 88.39 -0.74 HSBC HSBC 31.82 1.37 MonsterBev MNST 97.74 1.20 s Sony SONY 128.56 2.29
previous closing price was $2 or higher. or securities assumed by such companies. Capri CPRI 67.16 1.12 DISH Network DISH 33.76 0.47 ExactSciences EXAS 80.01 -1.51 Halliburton HAL 25.43 1.44 Moody's MCO 386.27 2.68 s Southern SO 68.17 ...
CardinalHealth CAH 52.60 0.59 DTE Energy DTE 119.38 0.20 Exelon EXC 57.01 -0.06 HartfordFinl HIG 70.83 1.32 MorganStanley MS 104.26 4.07 SoCopper SCCO 62.58 1.17
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Carlisle CSL 249.00 3.63 Danaher Expedia EXPE 185.37 0.40 s Hasbro HAS 103.92 1.75 Morningstar MORN 336.03 0.03 SouthwestAir LUV 44.66 0.66
DHR 307.26 -8.50
changes in the closing prices from 4 p.m. the previous day. Carlyle CG 55.57 1.36 Darden ExpeditorsIntl EXPD 130.06 -0.73 t HashiCorp HCP 78.83 -5.18 Mosaic MOS 40.50 0.31 Splunk SPLK 115.80 -1.16
DRI 151.60 2.82
CarMax KMX 123.86 -3.15 DarlingIngred DAR 71.04 1.20 ExtraSpaceSt EXR 221.59 2.36 HealthpeakProp PEAK 36.66 0.53 MotorolaSol MSI 264.80 -2.63 Spotify SPOT 239.26 -4.90
Tuesday, January 4, 2022 Net Net Carnival CCL 21.73 0.32 Datadog ExxonMobil XOM 65.93 2.39 Heico HEI 147.45 4.02 NICE NICE 293.00 -2.34 StanleyBlackDck SWK 192.18 6.25
DDOG 157.76 -6.07
Net Stock Sym Close Chg Stock Sym Close Chg Carnival CUK 20.08 0.50 DaVita F5 FFIV 239.90 -2.85 Heico A HEI.A 131.54 2.77 NIO NIO 31.58 -1.89 Starbucks SBUX 114.24 -2.44
DVA 115.39 -0.04
Stock Sym Close Chg CarrierGlobal CARR 53.82 1.30 DeckersOutdoor DECK 358.21 -9.73 FMC FMC 111.21 1.06 HenrySchein HSIC 79.28 1.85 NRG Energy NRG 42.62 -0.34 StateStreet STT 98.32 3.87
AmericanFin AFG 137.97 2.33 s BankNY Mellon BK 60.60 2.09
Carvana CVNA 220.94 -18.69 Deere FactSet FDS 472.46 -3.56 s Hershey HSY 194.86 1.65 NVR NVR 5819.68 62.67 SteelDynamics STLD 63.52 1.86
AmHomes4Rent AMH 43.35 0.16 BkNovaScotia BNS 71.52 0.09 DE 371.29 21.18
A B C AIG AIG 59.00 1.61 Barclays BCS 10.81 0.22
Catalent CTLT 119.64 -4.85 DellTechC DELL 58.49 1.51
FairIsaac FICO 445.83 2.70 HertzGlobal HTZ 24.55 -0.20 NXP Semi NXPI 232.87 1.65 Stellantis STLA 20.29 0.75
Caterpillar CAT 218.08 11.08 DeltaAir Farfetch FTCH 33.06 -1.19 Hess HES 81.16 4.37 Nasdaq NDAQ 197.39 -5.07 s Steris STE 245.16 2.59
s ABB ABB 39.00 0.53 AmerTowerREIT AMT 282.77 -3.61 BarrickGold GOLD 18.73 0.19 DAL 40.59 0.30
Celanese CE 172.18 4.69 DentsplySirona XRAY 57.18 0.29 Fastenal FAST 62.33 0.35 s HewlettPackard HPE 16.83 0.69 NationalGrid NGG 72.45 0.14 STMicroelec STM 49.64 -0.56
s AECOM ACM 77.87 0.67 AmerWaterWorks AWK 179.42 -4.72 Bath&BodyWks BBWI 70.45 0.83 s FederalRealty FRT 139.37 2.65
Cemex CX 6.67 -0.01 DeutscheBank DB 13.22 0.40 HighwoodsProp HIW 46.46 0.89 NatWest NWG 6.34 0.15 Stryker SYK 277.77 9.35
AES AES 24.45 0.07 s Ameriprise AMP 318.08 13.82 BauschHealth BHC 27.62 -0.17
CenovusEnergy CVE 12.81 0.18 s DevonEnergy DVN 47.66 2.09 FedEx FDX 264.91 6.36 s Hilton HLT 155.96 1.48 s NetApp NTAP 94.20 1.81 SumitomoMits SMFG 7.06 0.13
s Aflac AFL 60.18 1.91 AmerisourceBrgn ABC 131.36 -1.26 BaxterIntl BAX 88.00 1.13
Ferguson FERG 179.82 -1.46
Centene CNC 81.08 -1.57 DexCom DXCM 512.27 -8.52 Hologic HOLX 70.43 -2.67 NetEase NTES 97.60 -3.04 SunComms SUI 207.64 1.69
AGCO AGCO 122.67 5.43 Ametek AME 146.09 2.42 BectonDicknsn BDX 251.78 -1.43
CenterPointEner CNP 27.45 -0.17 s Diageo Ferrari RACE 269.19 9.70 HomeDepot HD 412.84 4.20 Netflix NFLX 591.15 -6.22 SunLifeFinancial SLF 55.68 -0.09
AMC Ent AMC 25.49 -1.03 Amgen AMGN 227.84 1.15 BeiGene BGNE 246.22 -23.34 DEO 222.11 1.19
CentraisElBras EBR 5.60 -0.13 s DiamondbkEner FANG 119.20 7.36 FidNatlFin FNF 52.32 0.90 HondaMotor HMC 29.49 0.67 NewellBrands NWL 22.85 0.74 SuncorEnergy SU 26.08 0.38
Ansys ANSS 391.10 -4.39 Amphenol APH 86.77 0.27 BentleySystems BSY 46.05 -2.50
CeridianHCM CDAY 100.57 -4.37 Dick's FidNatlInfo FIS 114.51 0.63 Honeywell HON 209.00 2.20 Newmont NEM 60.43 -0.55 Suzano SUZ 10.70 0.18
APA APA 29.46 1.40 AnalogDevices ADI 175.55 -1.60 Berkley WRB 82.47 1.21 DKS 111.66 -2.89
Cerner CERN 92.64 -0.20 DiDiGlobal s FifthThirdBncp FITB 46.57 1.90 HorizonTherap HZNP 105.97 -1.99 NewsCorp B NWS 22.78 -0.10 Synaptics SYNA 277.30 -11.27
ASETech ASX 7.88 0.01 AB InBev BUD 63.16 -0.19 s BerkHathwy B BRK.B 308.53 7.74 DIDI 5.00 -0.25
CharlesRiverLabs CRL 347.77 -14.34 DigitalRealty DLR 169.09 -6.00 FirstHorizon FHN 17.40 0.66 HormelFoods HRL 49.01 -0.12 NewsCorp A NWSA 22.59 -0.18 SynchronyFin SYF 48.16 1.16
ASML ASML 779.19 -18.30 AnnalyCap NLY 8.11 0.07 s BerkHathwy A BRK.A 465725 11425
CharterComms CHTR 640.77 -6.81 DiscoverFinSvcs DFS 122.30 3.66 FirstRepBank FRC 202.62 5.26 DR Horton DHI 105.72 0.46 NextEraEnergy NEE 90.68 -0.98 SyneosHealth SYNH 94.38 -4.98
AT&T T 25.64 0.21 Anthem ANTM 458.17 -6.69 BerryGlobal BERY 73.35 0.48
CheckPoint CHKP 115.73 -0.66 DiscoveryB DISCB 32.40 1.40 FirstSolar FSLR 87.28 -1.30 HostHotels HST 17.91 0.25 Nike NKE 166.39 1.72 Synopsys SNPS 352.99 -8.11
AbbottLabs ABT 135.77 -3.27 Aon AON 294.27 1.03 BestBuy BBY 105.14 3.02
CheniereEnergy LNG 104.74 2.25 DiscoveryA DISCA 26.75 1.42 FirstEnergy FE 41.08 -0.16 HowmetAerospace HWM 33.53 1.20 s NiSource NI 27.62 0.10 Sysco SYY 80.88 1.93
AbbVie ABBV 135.16 -0.26 ApolloGlbMgmt APO 73.56 2.03 t Bilibili BILI 40.42 -3.97
CheniereEnerPtrs CQP 43.49 1.32 DiscoveryC DISCK 25.94 1.35 Fiserv FISV 109.00 1.38 HuanengPower HNP 26.05 -2.36 Nokia NOK 6.25 -0.04
ABMD 361.59 -4.70 s Apple AAPL 179.70 -2.31
Abiomed
ApplMaterials AMAT 158.36 -1.57
Bill.com BILL 218.42 -15.12
s Chevron CVX 121.43 2.17 Disney DIS 155.73 -1.03
FiveBelow FIVE 203.89 -3.82 Huazhu HTHT 37.09 -0.32 NomuraHoldings NMR 4.50 0.07 T U V
Accenture ACN 404.30 -2.91 Bio-Techne TECH 468.02 -19.77
ChinaEastrnAir CEA 19.50 0.81 dLocal Five9 FIVN 136.96 -1.99 Hubbell HUBB 209.50 4.21 Nordson NDSN 250.14 -0.89
ActivisionBliz ATVI 67.20 -0.22 Applovin APP 88.61 -5.77 Bio-RadLab A BIO 702.09 -33.33 DLO 32.24 -3.20 TC Energy TRP 47.02 ...
ChinaLifeIns LFC 8.43 -0.01 DocuSign FleetCorTech FLT 237.25 6.14 HubSpot HUBS 564.91 -42.68 NorfolkSouthern NSC 294.72 2.37
Adobe ADBE 554.00 -10.37 Aptiv APTV 172.21 6.18 Bio-RadLab B BIO.B 700.40 -34.60 DOCU 154.44 -2.57 TD Synnex SNX 117.32 2.94
ChinaPetrol SNP 48.07 0.44 DolbyLab Flex FLEX 18.67 0.09 Humana HUM 458.99 -6.46 NorthernTrust NTRS 125.28 4.58
AdvanceAuto AAP 237.05 0.27 Aramark ARMK 37.64 0.49 Biogen BIIB 241.73 -2.41 DLB 96.28 0.42 TE Connectivity TEL 164.13 3.13
ChinaSoAirlines ZNH 30.44 0.45 DollarGeneral DG 233.70 -1.78 Floor&Decor FND 127.22 -3.05 s JBHunt JBHT 207.66 5.82 NorthropGrum NOC 396.99 11.46
AdvDrainageSys WMS 136.41 1.95 ArcelorMittal MT 32.97 0.85 BiohavenPharm BHVN 128.93 -10.23 Telus TU 23.44 -0.15
Chipotle CMG 1647.32 -43.35 DollarTree FomentoEconMex FMX 78.74 1.29 HuntingtonBcshs HBAN 16.40 0.60 NortonLifeLock NLOK 26.55 0.22
AdvMicroDevices AMD 144.42 -5.82 s ArchCapital ACGL 45.13 0.58 BioMarinPharm BMRN 87.22 -2.14 DLTR 140.51 -0.66 TelusIntl TIXT 32.82 -1.06
Chubb CB 195.61 4.17 DominionEner D s FordMotor F 24.31 2.54 s HyattHotels H 95.34 -0.09 NorwegCruise NCLH 22.47 0.29
Aegon AEG 5.13 0.13 s ArcherDaniels ADM 69.15 1.26 BioNTech BNTX 224.09 -7.76 78.10 -0.25 Ternium TX 45.71 1.14
ChunghwaTel CHT 42.04 0.07 Domino's Fortinet FTNT 322.14 -10.98 IAC/InterActive IAC 135.95 -0.25 Novartis NVS 87.47 -0.40
AerCap AER 68.00 0.30 AresMgmt ARES 78.99 -0.20 BlackKnight BKI 81.33 -0.18 DPZ 535.28 -17.94 TFI Intl TFII 110.36 -0.39
Church&Dwight CHD 101.82 0.11 DoorDash Fortis FTS 47.58 -0.14 ICICI Bank IBN 20.53 0.18 Novavax NVAX 138.45 -4.45
AffirmHldgs AFRM 85.41 -9.80 arGEN-X ARGX 344.00 -7.06 BlackRock BLK 917.22 5.49 DASH 135.91 -9.43 s TJX TJX 76.72 1.17
ChurchillDowns CHDN 232.98 -3.66 Dover Fortive FTV 73.87 0.30 ICL Group ICL 9.94 0.15 NovoNordisk NVO 106.14 -2.65
AgilentTechs A 151.19 -5.29 AristaNetworks ANET 138.66 -3.58 Blackstone BX 124.94 -1.69 DOV 181.47 3.14 T-MobileUS TMUS 114.06 -0.37
Ciena CIEN 75.88 -1.50 Dow FortBrandsHome FBHS 107.31 2.64 IdexxLab IDXX 605.42 -25.59 NuHoldings NU 9.74 -0.24
agilon health AGL 25.67 -2.08 s ArrowElec ARW 136.05 0.75 t Block SQ 156.33 -7.70 DOW 58.41 1.54 TRowePrice TROW 195.12 0.54
Cigna CI 233.30 -0.90 Doximity FoxA FOXA 37.97 0.33 IHS Markit INFO 129.58 -0.33 NuanceComms NUAN 55.24 -0.08
AgnicoEagle AEM 52.77 1.02 Asana ASAN 68.85 -2.81 BlueOwlCapital OWL 14.53 -0.25 DOCS 51.34 -0.22 TaiwanSemi TSM 133.40 4.60
CincinnatiFin CINF 115.74 2.63 DrReddy'sLab RDY 64.72 -0.53 FoxB FOX 35.13 0.14 ING Groep ING 14.33 0.25 Nucor NUE 117.07 4.03
AirProducts APD 299.42 3.61 AspenTech AZPN 153.10 0.77 Boeing BA 213.63 5.77 TakeTwoSoftware TTWO 181.90 3.29
Cintas CTAS 425.11 1.02 DraftKings Franco-Nevada FNV 136.42 0.32 Invesco IVZ 24.31 1.02 Nutrien NTR 71.77 -4.35
Airbnb ABNB 170.80 -1.88 Assurant AIZ 157.74 1.47 BookingHldgs BKNG 2464.93 3.51 DKNG 26.63 -1.14 TakedaPharm TAK 13.76 -0.03
CiscoSystems CSCO 61.25 -1.54 Dropbox FranklinRscs BEN 34.22 0.81 IPG Photonics IPGP 174.56 0.75 Nuvei NVEI 63.82 -1.51
AkamaiTech AKAM 116.95 -0.56 AstraZeneca AZN 57.27 -1.04 BoozAllen BAH 90.28 2.08 DBX 24.58 -0.38 TandemDiabetes TNDM 145.41 -4.68
Citigroup C 63.59 0.49 DukeEnergy DUK 103.41 -0.08 FreeportMcM FCX 42.15 0.67 IQVIA IQV 268.17 -5.41 NVIDIA NVDA 292.90 -8.31
Albemarle ALB 242.58 5.91 Atlassian TEAM 334.99 -15.43 BorgWarner BWA 47.93 2.75 Tapestry TPR 41.65 0.84
s CitizensFin CFG 51.37 2.23 DukeRealty DRE 63.73 -0.83 FreseniusMed FMS 32.48 -0.14 ITT ITT 104.24 2.53
Albertsons ACI 29.65 0.31 s AtmosEnergy ATO 106.26 1.25 s BostonProps BXP 123.93 3.99 TargaResources TRGP 54.37 1.13
Alcoa AA 57.53 -2.83 AuroraInnov AUR 10.79 -0.85 BostonSci BSX 43.64 0.52 CitrixSystems CTXS 99.37 1.11 Dun&Bradstreet DNB 20.41 ...
t FullTruck YMM 7.80 -0.50 IcahnEnterprises IEP 52.64 0.50 O P Q Target TGT 234.17 2.22
ADSK 278.19 -5.53 Clarivate CLVT 24.07 -0.44 DuPont Icon ICLR 287.97 -8.06
Alcon ALC 86.22 -0.91 Autodesk BristolMyers BMY 62.13 0.25
Cleveland-Cliffs CLF 22.62 0.89 Dynatrace
DD 82.54 1.88 G H I IDEX IEX 235.52 4.83
ONEOK OKE 61.40 1.41 TataMotors TTM 32.23 -1.25
AlexandriaRlEst ARE 220.82 0.99 Autoliv ALV 106.80 2.48 BritishAmTob BTI 38.08 0.11 DT 56.29 -3.01 OReillyAuto ORLY 698.86 2.92 TeckRscsB TECK 29.20 0.09
Alibaba BABA 119.56 -0.82 ADP ADP 245.15 1.14 Broadcom AVGO 670.92 7.60 Clorox CLX 175.59 0.66 ENI E 28.51 0.34t GDS Holdings GDS 41.02 -4.36 s IllinoisToolWks ITW 247.58 4.10 TeladocHealth TDOC 91.47 -3.61
OccidentalPetrol OXY 33.38 2.32
AlignTech ALGN 623.50 -24.55 AutoZone AZO 2080.25 35.14 BroadridgeFinl BR 180.57 -0.38 Cloudflare NET 114.96 -11.20 EOG Rscs EOG 95.35 4.19 GFLEnvironmental GFL 37.08 -0.68 Illumina ILMN 372.36 -8.51 TeledyneTech TDY 448.08 5.91
Okta OKTA 215.01 -7.65
Alleghany Y 667.17 7.70 Avalara AVLR 121.50 -5.21 BrookfieldMgt BAM 60.52 0.57 s Coca-Cola KO 60.29 0.99 EPAM Systems EPAM 618.71 -23.49 GXO Logistics GXO 89.84 0.44 s ImperialOil IMO 37.09 0.50 Teleflex TFX 334.55 -0.18
Incyte INCY 71.81 -2.16 Olaplex OLPX 27.74 -1.67
Allegion ALLE 132.40 3.04 s Avalonbay AVB 255.12 2.50 BrookfieldInfr BIP 60.91 -0.18 Coca-ColaEuro CCEP 56.33 ... EastWestBncp EWBC 82.20 2.39 Gallagher AJG 167.43 0.72 Ericsson ERIC 10.97 -0.05
Informatica INFA 34.31 -1.64 OldDomFreight ODFL 354.98 8.61
AlliantEnergy LNT 60.72 -0.13 Avangrid AGR 49.59 -0.05 BrookfieldRenew BEPC 36.03 -0.63 Cognex CGNX 75.53 -1.40 EastGroup EGP 222.38 -2.40 GameStop GME 148.91 -3.93 TelefonicaBras VIV 8.37 0.02
Olin OLN 56.21 0.36
Allstate ALL 121.13 2.86 Avantor AVTR 39.17 -1.39 Brown&Brown BRO 69.12 0.33 s CognizantTech CTSH 91.42 1.85 EastmanChem EMN 122.16 2.53 Gaming&Leisure GLPI 48.98 0.48 Infosys INFY 25.11 -0.15 Telefonica TEF 4.29 -0.03
IngersollRand IR 60.74 1.11
Omnicom OMC 75.52 1.63
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Insulet PODD 273.55 -2.15 OnHolding ONON 36.44 -2.24
AlnylamPharm ALNY 165.23 -8.68 AvisBudget CAR 202.53 0.31 Brown-Forman B BF.B 71.43 -0.16 ColgatePalm CL 84.87 0.28 eBay EBAY 65.14 -1.66 Gartner IT 323.41 1.45 TempurSealy TPX 48.21 0.84
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Altria MO 49.03 1.06 BHP Group BHP 61.32 0.98 Bunge BG 94.53 0.82 EIX 66.67 -0.84 GeneralElec GE 99.37 3.13 TencentMusic TME 6.45 -0.40
CNXC 179.42 0.04 EdwardsLife EW 127.89 -0.45 ICE ICE 134.07 0.12 Oracle ORCL 88.84 0.94
AlumofChina ACH 13.70 -0.39 BHP Group BBL 60.61 0.87 BurlingtonStrs BURL 284.85 -4.15 Concentrix GeneralMills GIS 67.89 0.63 Teradyne TER 166.38 0.27
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IBM IBM 138.02 1.98 Orix IX 104.00 1.50
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Cooper COO 417.00 -4.60 Endeavor EDR 33.53 -1.28 GitLab GTLB 77.99 -2.58 ThermoFisherSci TMO 618.00 -26.92
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Paychex PAYX 134.25 -0.26
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MGM Resorts MGM 45.39 -0.09
MKS Instrum MKSI 179.90 2.41
RoyalBkCanada RY 107.57 0.50
RoyalCaribbean RCL 82.38 1.55
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WestPharmSvcs WST 429.00 -16.92
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WesternDigital WDC 67.62 1.69
RoyaltyPharma RPRX 39.14 -0.16
One-month CD One-year CD MagellanMid MMP 47.57 0.87 WesternMidstrm WES 22.91 0.34
MagnaIntl MGA 85.78 4.19 RyanSpecialty RYAN 38.87 -0.68 WestlakeChem WLK 102.05 4.57
Lone Star Bank 0.20 CFG Community Bank 0.67 ManhattanAssoc MANH 147.94 -4.69 Ryanair RYAAY 109.05 2.61 WestpacBanking WBK 15.82 0.19
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(877) 707-1995 (833) 755-4354 t SK Telecom SKM 26.66 -0.08
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Marqeta MQ 17.22 -0.78 SVB Fin SIVB 706.15 17.98 WillisTowers WLTW 238.67 3.10
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Mastercard MA 375.39 4.44 s SchwabC SCHW 89.96 4.20 XP XP 28.13 -0.86
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(877) 998-2265 (833) 755-4354 Sea SE 197.84 -25.47 Xilinx XLNX 214.89 -6.38
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Colorado Federal Savings Bank 0.30 Comenity Direct 1.10
Medtronic MDT 106.39 0.29 SentinelOne S 46.56 -1.06 ZTO Express ZTO 27.76 0.09
(877) 484-2372 (833) 755-4354 ServiceCorp SCI 68.90 -0.56 ZebraTech ZBRA 587.60 3.70
MercadoLibre MELI 1241.38 -91.56
Lone Star Bank 0.25 Luana Savings Bank 1.06 Merck MRK 77.01 0.14 ServiceNow NOW 603.94 -26.20 Zendesk ZEN 102.25 -1.28
(713) 358-9400 (800) 666-2012 MetaPlatforms FB 336.53 -2.01 ShawComm B SJR 30.05 -0.43 Zillow C Z 62.25 -1.19
MetLife MET 64.94 1.71 SherwinWilliams SHW 335.72 -3.40 Zillow A ZG 60.80 -1.13
Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of MettlerToledo MTD 1640.73 -34.13 ShinhanFin SHG 31.63 0.18 ZimmerBiomet ZBH 130.44 1.31
compounding and rate stated for the lowest required opening deposit to earn interest. CD MicrochipTech MCHP 87.47 -0.53 Shopify SHOP 1221.86-141.28 ZionsBancorp ZION 66.07 1.83
figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of MicronTech MU 96.34 0.59 SignatureBank SBNY 335.08 7.74 Zoetis ZTS 225.12 -8.91
which may be checks. Rates are subject to change. Microsoft MSFT 329.01 -5.74 SimonProperty SPG 162.98 2.68 t ZoomVideo ZM 179.85 -4.41
© 2022 Dow Jones & Company, Inc.
Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 MidAmApt MAA 227.39 1.26 SiriusXM SIRI 6.17 -0.19 ZoomInfoTech ZI 58.81 -2.65
All Rights Reserved.
Internet: www.bankrate.com s Middleby MIDD 198.51 2.24 SiteOneLandscape SITE 237.89 1.04 Zscaler ZS 281.58 -20.25
THE WALL STREET JOURNAL. Wednesday, January 5, 2022 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
36799.65 s 214.59, or 0.59% Trailing P/E ratio 22.90 29.90 4793.54 t 3.02, or 0.06% Trailing P/E ratio * 29.33 40.40 15622.72 t 210.08, or 1.33% Trailing P/E ratio *† 39.63 39.45
High, low, open and close for each P/E estimate * 18.76 24.91 High, low, open and close for each P/E estimate * 22.82 26.75 High, low, open and close for each P/E estimate *† 30.25 32.79
trading day of the past three months. Dividend yield 1.88 1.96 trading day of the past three months. Dividend yield * 1.26 1.60 trading day of the past three months. Dividend yield *† 0.63 0.75
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

36800 4850 16200

36200 4750 15850

65-day 35600 4650 15500

moving average

35000 4550 15150

Session high
DOWN UP
65-day moving average 14800
t

Session open Close 34400 65-day moving average 4450

Close Open
t

33800 4350 14450

Session low
Bars measure the point change from session's open
33200 4250 14100
Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 948,953,023 13,722,913
Industrial Average 36934.84 36636.00 36799.65 214.59 0.59 36799.65 29982.62 21.1 1.3 16.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 619,437,859 7,766,188
Transportation Avg 16621.70 16352.19 16579.59 276.80 1.70 17039.38 12087.99 34.1 0.6 21.6 Most-active issues in late trading Decl. volume* 323,273,950 5,357,622
Utility Average 982.63 969.48 969.73 -2.51 -0.26 980.78 795.61 15.1 -1.1 10.9 Volume After Hours Issues traded 3,479 278
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 49145.48 48617.32 48846.02 -83.16 -0.17 48929.18 38970.56 25.3 0.4 23.4 Advances 1,739 125
Apple AAPL 9,637.6 179.51 -0.19 -0.11 180.09 150.28
Barron's 400 1114.55 1105.76 1111.54 5.78 0.52 1127.20 851.91 30.5 0.5 21.2 Declines 1,639 140
SPDR S&P 500 SPY 9,347.7 477.37 -0.18 -0.04 477.65 477.25
Unchanged 101 13
Nasdaq Stock Market ATA Creativity Global ADR AACG 5,813.7 2.45 -0.10 -3.92 2.96 2.34 New highs 132 4
Nasdaq Composite 15852.14 15512.41 15622.72 -210.08 -1.33 16057.44 12609.16 21.9 -0.1 32.3 Full Truck Alliance ADR YMM 5,403.9 7.87 0.07 0.90 7.87 7.73 New lows 49 2
Nasdaq-100 16513.87 16151.90 16279.73 -222.04 -1.35 16573.34 12299.08 27.2 -0.2 36.3 Ford Motor F 5,372.1 24.15 -0.16 -0.66 24.44 24.14 Closing Arms† 0.60 0.63
Bank of America BAC 5,280.1 47.86 -0.13 -0.27 48.17 47.52 Block trades* 4,317 149
S&P
Comcast Cl A CMCSA 4,500.7 50.19 … unch. 50.19 50.01
500 Index 4818.62 4774.27 4793.54 -3.02 -0.06 4796.56 3714.24 28.6 0.6 23.7 Nasdaq NYSE Arca
iShares iBoxx $ HY Cp Bd HYG 4,333.9 86.75 … unch. 86.83 86.75
MidCap 400 2877.35 2854.41 2865.54 14.49 0.51 2910.70 2302.85 24.4 0.8 19.4 Total volume*5,124,089,927 251,519,646
SmallCap 600 1431.58 1418.55 1426.13 9.27 0.65 1466.02 1131.03 26.1 1.7 18.3 Percentage gainers… Adv. volume*2,248,198,332 126,809,762
Wejo Group WEJO 2,638.6 8.05 1.75 27.78 9.68 6.35 Decl. volume*2,836,115,674 122,658,430
Other Indexes
Senseonics Holdings SENS 4,190.0 3.39 0.71 26.49 3.50 2.68 Issues traded 4,825 1,677
Russell 2000 2288.30 2255.71 2268.87 -3.68 -0.16 2442.74 1979.11 14.6 1.0 18.0
Advances 1,902 902
NYSE Composite 17377.43 17226.10 17336.76 110.66 0.64 17336.76 14397.20 19.3 1.0 14.6 Beyond Meat BYND 361.0 66.46 4.84 7.85 67.65 61.00
Declines 2,730 750
Value Line 681.76 676.69 680.36 3.67 0.54 696.40 571.37 19.1 1.3 12.1 Nuverra Envtl Solutions NES 90.1 2.68 0.11 4.28 2.74 2.55
Unchanged 193 25
NYSE Arca Biotech 5558.51 5371.82 5421.15 -137.36 -2.47 6319.77 5217.76 -6.1 -1.8 7.2
Gritstone bio GRTS 176.5 7.29 0.27 3.85 7.35 7.02
New highs 148 181
NYSE Arca Pharma 819.66 805.13 808.36 -11.30 -1.38 828.58 667.24 17.0 -2.3 12.7 ...And losers New lows 146 88
KBW Bank 141.14 137.31 140.29 4.60 3.39 142.61 97.78 43.0 6.1 16.3 Annexon ANNX 104.1 8.46 -2.55 -23.16 11.10 7.70 Closing Arms† 0.88 1.10
PHLX§ Gold/Silver 132.22 129.70 130.16 0.45 0.35 166.01 117.06 -15.5 -1.7 21.9 Life Time Group Holdings LTH 301.0 17.28 -1.20 -6.49 18.48 17.28 Block trades* 29,912 1,089
PHLX§ Oil Service 59.27 56.79 58.77 2.50 4.44 69.77 46.63 21.8 11.5 -12.3 SMART Global Holdings SGH 87.3 69.02 -3.70 -5.09 76.00 68.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4068.15 3918.41 4009.00 -18.22 -0.45 4039.51 2762.75 41.3 1.6 51.9 ATA Creativity Global ADR AACG 5,813.7 2.45 -0.10 -3.92 2.96 2.34 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.81 16.34 16.91 0.31 1.87 37.21 15.01 -33.3 -1.8 -7.5 Snap-On SNA 99.6 214.83 -6.06 -2.74 220.89 214.83 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 758.43 1.49 0.20 0.5 NexTier Oilfield Solns NEX 4.90 1.03 26.61 5.84 3.06 22.5 Gritstone bio GRTS 7.02 -5.17 -42.41 35.20 4.72 26.5
MSCI ACWI ex-USA 346.51 2.87 0.84 0.6 Reliance Global Group RELI 9.32 1.74 22.96 42.85 1.83 50.0 Zhangmen Education ADR ZME 2.80 -1.72 -38.05 164.16 2.28 ...
MSCI World 3248.12 6.69 0.21 0.5 REE Automotive REE 6.73 1.15 20.61 16.66 3.40 ... AVROBIO AVRO 2.56 -1.48 -36.63 20.07 2.53 -82.1
MSCI Emerging Markets 1234.95 1.45 0.12 0.2 Winc WBEV 6.97 1.16 19.97 14.20 4.10 ... Heliogen HLGN 10.30 -3.27 -24.10 16.35 8.74 ...
Americas MSCI AC Americas 1833.31 –2.85 –0.16 0.3 Agrify AGFY 11.14 1.48 15.32 35.94 6.81 ... Valneva ADR VALN 39.47 -11.52 -22.59 67.84 24.16 ...
Canada S&P/TSX Comp 21236.52 13.68 0.06 0.1 American Realty Investors ARL 13.75 1.76 14.68 20.38 7.71 33.9 ICAD ICAD 5.88 -1.60 -21.39 21.44 5.27 -54.7
Latin Amer. MSCI EM Latin America 2100.01 5.71 0.27 –1.4 Hagerty HGTY 16.49 2.04 14.12 19.97 9.61 ... Jowell Global JWEL 6.93 -1.86 -21.16 25.78 4.22 ...
Brazil BOVESPA 103513.64 –407.95 –0.39 –1.2 New York City REIT NYC 12.29 1.49 13.80 14.80 5.79 48.1 Genprex GNPX 2.79 -0.71 -20.29 7.72 1.17 -30.9
Chile S&P IPSA 2797.22 –4.35 –0.16 –0.3 KLX Energy Services Hldgs KLXE 3.98 0.48 13.71 18.97 2.94 -45.2 uCloudlink ADR UCL 3.10 -0.70 -18.42 14.20 1.93 -71.5
Mexico S&P/BMV IPC 53016.78 75.77 0.14 –0.5 Mediaco Holding MDIA 5.99 0.69 13.02 17.40 2.50 116.2 Nuverra Envtl Solutions NES 2.57 -0.46 -15.18 4.56 1.30 20.1
EMEA STOXX Europe 600 494.02 4.03 0.82 1.3 Vallon Pharmaceuticals VLON 8.00 0.92 12.99 10.36 3.61 ... Everspin Technologies MRAM 10.86 -1.90 -14.89 14.36 4.70 123.5
Eurozone Euro STOXX 485.58 3.34 0.69 1.4 Regencell Bioscience RGC 34.40 3.78 12.34 59.00 6.00 ... Intra-Cellular Therapies ITCI 44.68 -7.34 -14.11 55.20 28.40 40.6
Belgium Bel-20 4362.21 26.93 0.62 1.2 Immix Biopharma IMMX 6.49 0.71 12.28 8.68 2.85 ... Equillium EQ 3.60 -0.59 -14.08 11.33 3.38 -31.9
Denmark OMX Copenhagen 20 1822.04 –28.17 –1.52 –2.3 Liquidia LQDA 5.76 0.62 12.06 5.88 2.25 97.3 Trio-Tech Intl TRT 10.70 -1.74 -13.99 13.73 3.86 162.9
7317.41 1.39 2.3 Riley Exploration Permian REPX 23.79 2.52 11.85 79.20 13.80 37.7 Armstrong Flooring AFI 2.39 -0.38 -13.72 6.96 1.68 -36.1
France CAC 40 100.19
Germany DAX 16152.61 131.88 0.82 1.7
Israel Tel Aviv 2002.43 8.02 0.40 1.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27954.84 224.52 0.81 2.2 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 804.28 0.97 0.12 0.8
Russia RTS Index 1622.58 –0.17 –0.01 1.7 Ford Motor F 308,920 239.6 24.31 11.67 24.56 8.46 Angel Pond Holdings Cl A POND 2,067 14027 9.70 0.31 9.90 9.57
South Africa FTSE/JSE All-Share 75052.06 1329.46 1.80 1.8 Hoth Therapeutics HOTH 266,892 97116.1 1.30 84.50 3.50 0.64 Metals Acquisition MTAL 2,102 7874 9.64 -0.52 10.00 9.62
0.39 ProSh UltraPro Shrt QQQ SQQQ 188,136 38.6 5.97 4.01 16.78 5.63 ClearShares Piton Interm PIFI 356 5291 98.29 0.00 100.89 98.17
Spain IBEX 35 8795.80 34.60 0.9
0.07 NLS Pharmaceutics NLSP 169,371 20096.1 1.50 26.05 7.35 1.10 Simplify Health Care ETF PINK 774 4987 27.27 -1.66 29.91 24.61
Sweden OMX Stockholm 1045.27 0.69 0.8
Plus Therapeutics PSTV 133,082 48138.8 1.28 17.35 5.42 0.99 L&F Acquisition Cl A LNFA 1,494 4801 10.06 0.20 10.70 9.58
Switzerland Swiss Market 12900.97 –38.20 –0.30 0.2
Turkey BIST 100 1963.59 36.93 1.92 5.7 Apple AAPL 92,784 3.9 179.70 -1.27 182.94 116.21 BCLS Acquisition Cl A BLSA 452 3985 9.85 0.61 14.00 9.68
U.K. FTSE 100 7505.15 120.61 1.63 1.6 Advanced Micro Devices AMD 79,988 46.9 144.42 -3.87 164.46 72.50 Invsc Invt Grade Value IIGV 342 3621 26.75 -0.15 28.15 26.72
U.K. FTSE 250 23896.65 415.84 1.77 1.8 Sundial Growers SNDL 76,055 -32.7 0.64 3.57 3.96 0.50 Warburg Pincus I-A Cl A WPCA 744 3290 9.77 -0.31 11.00 9.68
Bank of America BAC 74,429 65.0 47.99 3.92 48.69 29.57 Gores Tech Partners Cl A GTPA 502 3207 9.86 -0.05 10.50 9.70
Asia-Pacific MSCI AC Asia Pacific 194.40 1.43 0.74 0.7
Finl Select Sector SPDR XLF 73,805 33.5 40.57 2.63 40.86 28.82 Principal Invt Grd Corp IG 253 3017 26.07 -0.18 28.00 25.63
Australia S&P/ASX 200 7589.80 145.16 1.95
1.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3632.33 –7.45 –0.20 –0.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 23289.84 15.09 0.06 –0.5
59855.93 1.14 2.8
Track the Markets
India S&P BSE Sensex 672.71
Japan NIKKEI 225 29301.79 510.08 1.77 1.8
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 3181.13 46.88 1.50 1.8 currencies and commodities at
South Korea KOSPI 2989.24 0.47 0.02 0.4 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 18526.35 255.84 1.40 1.7 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1670.28 12.66 0.76 0.8 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004395 22755 –0.4
CREDIT MARKETS Argentina peso .0097103.0860 0.4 Europe
Brazil real .1761 5.6774 1.9 Czech Rep. koruna .04578 21.846 –0.1
Canada dollar .7871 1.2706 0.5 Denmark krone .1517 6.5902 0.8
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001180 847.43 –0.5 Euro area euro 1.1289 .8859 0.7
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000245 4080.30 0.37 Hungary forint .003112 321.36 –1.0
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007646 130.78 0.8
A consumer rate against its Five-year ARM, Rate Mexico peso .0487 20.5201 0.1 Norway krone .1128 8.8627 0.6
benchmark over the past year 2.50% Uruguay peso .02241 44.6300 –0.2 Poland zloty .2473 4.0443 0.4
Bankrate.com avg†: 2.85% 18% Asia-Pacific Russia ruble .01329 75.240 0.6
5-year Credit Union of New Jersey 2.38% 2.00 Sweden krona .1099 9.0968 0.5
Australian dollar .7240 1.3812 0.3
adjustable-rate 4.00% Ewing, NJ 609-538-4061 Tradeweb ICE 9 WSJ Dollar Index Switzerland franc 1.0916 .9161 0.4
China yuan .1574 6.3548 –0.02
t

s
mortgage (ARM) Tuesday Close 1.50 Turkey lira .0746 13.4106 0.7
Haven Savings Bank 2.50% Hong Kong dollar .1283 7.7939 –0.03
t 3.00 Ukraine hryvnia .0363 27.5500 0.7
0 India rupee .01342 74.535 0.03
Hoboken, NJ 201-659-3600 1.00 Euro UK pound 1.3529 .7392 –0.01
s Indonesia rupiah .0000699 14303 0.4
2.00 Royal Savings Bank 2.50% One year ago 0.50 –9 s Japan yen .008611 116.13 0.9 Middle East/Africa
5-year Treasury Chicago, IL 773-768-4800 Yen Kazakhstan tenge .002300 434.81 –0.1 Bahrain dinar 2.6529 .3770 unch
t
t note yield 1.00 0.00 Macau pataca .1245 8.0320 –0.05 Egypt pound .0636 15.7244 0.1
Citadel Federal Credit Union 2.63% –18
Malaysia ringgit .2389 4.1860 0.5 Israel shekel .3250 3.0772 –1.0
Exton, PA 800-666-0191 1 3 6 1 2 3 5 7 10 20 30 2021 2022
0.00 New Zealand dollar .6808 1.4689 0.5 Kuwait dinar 3.3036 .3027 0.04
Apple Federal Credit Union 2.75% month(s) years
J F M AM J J A S O N D J Pakistan rupee .00566 176.650 0.3 Oman sul rial 2.5974 .3850 unch
Fairfax, VA 800-666-7996 maturity Philippines peso .0195 51.182 0.4 Qatar rial .2747 3.640 –0.05
2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7376 1.3558 0.5 Saudi Arabia riyal .2663 3.7555 0.02
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008351 1197.51 0.7 South Africa rand .0624 16.0176 0.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0049310 202.80 –0.1
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.25 Taiwan dollar .03632 27.536 –0.7
Yield (%) 52-Week Total Return (%) Thailand baht .03007 33.260 0.1 WSJ Dollar Index 90.03 0.03 0.03 0.53
Prime rate* 3.25 3.25 3.25 l 3.25 -2.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.22 0.22 0.11 l 0.24 -2.59 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2375.230 1.340 1.240 1.340 0.600 –3.277 3.647
Money market, annual yield 0.07 0.07 0.07 l 0.20 -0.49
Five-year CD, annual yield 0.42 0.42 0.41 l 0.57 -1.60 U.S. Treasury Long, Bloomberg 4352.890 2.070 1.910 2.400 1.570 –7.545 7.352 Commodities
30-year mortgage, fixed† 3.32 3.27 2.83 l 3.37 -1.05 Aggregate, Bloomberg 2235.080 1.860 1.760 1.860 1.150 –2.324 4.419 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.60 2.55 2.28 l 2.60 -1.20 Fixed-Rate MBS, Bloomberg 2197.430 2.070 1.970 2.070 1.180 –1.466 2.798
Jumbo mortgages, $647,200-plus† 3.34 3.28 2.85 l 3.41 -1.18 DJ Commodity 959.83 10.84 1.14 972.68 750.18 27.60 1.44
High Yield 100, ICE BofA 3464.164 3.885 3.669 4.587 3.162 4.096 6.793 Refinitiv/CC CRB Index 235.51 2.50 1.07 241.18 171.70 37.16 1.35
Five-year adj mortgage (ARM)† 2.85 2.85 2.83 l 3.43 -1.28
Muni Master, ICE BofA 601.707 0.928 0.897 1.082 0.687 0.880 4.274 Crude oil, $ per barrel 76.99 0.91 1.20 84.65 49.93 54.20 2.37
New-car loan, 48-month 3.41 3.41 3.41 l 4.12 -1.19
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 914.133 5.012 4.947 5.098 4.335 –1.854 5.482 Natural gas, $/MMBtu 3.717 -0.098 -2.57 6.312 2.446 37.56 -0.35
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1814.00 14.60 0.81 1952.70 1677.70 -7.10 -0.74
B10 | Wednesday, January 5, 2022 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Platinum (NYM)-50 troy oz.; $ per troy oz. March 2.2557 2.3003 s 2.2525 2.2820 .0227 53,135

Contract Open
Jan 950.90 975.00 950.90 970.40 16.70 1,478 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Interest Rate Futures
April 955.40 983.60 946.10 971.20 17.20 55,648 Feb 3.817 3.944 s 3.709 3.717 –.098 117,120
Open High hi lo Low Settle Chg interest
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 3.674 3.777 s 3.573 3.582 –.096 255,347
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Copper-High (CMX)-25,000 lbs.; $ per lb. March 191-300 192-160 189-060 190-010 –2-07.0 1,243,593
Jan 22.955 t 22.925
23.060 23.038 0.248 514 April 3.639 3.726 s 3.542 3.549 –.086 81,855
Jan 4.3850 4.4690 s 4.3740 4.4660 0.0515 2,859 March 22.920 t 22.655
23.140 23.056 0.246 115,545 May 3.656 3.743 s 3.567 3.575 –.078 114,108
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
March 4.4245 4.4785 4.3780 4.4750 0.0535 111,303 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 157-260 158-020 156-130 156-260 –1-03.0 1,204,453
June 3.700 3.791 s 3.623 3.629 –.077 52,600
Gold (CMX)-100 troy oz.; $ per troy oz. Feb 76.02 77.64 s 75.70 76.99 0.91 273,713 June 158-170 –1-08.0 234
Oct 3.787 3.874 s 3.713 3.721 –.074 74,382
Jan 1800.50 1815.30 1800.00 1814.00 14.60 99 March 75.80 77.40 s 75.47 76.74 0.89 257,529 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
1801.10 1817.20 t 1798.10 1814.60 14.50 373,704 April 75.33 77.01 s 75.11 76.38 0.90 101,537 March 129-160 129-190 129-040 129-090 –5.0 3,846,227
Feb
June 74.42 76.01 s 74.20 75.47 0.93 172,229
Agriculture Futures June 129-025 –7.5 218
March 1807.90 1817.00 s 1801.80 1815.80 14.70 17
April 1804.50 1819.50 1800.60 1817.00 14.60 74,050 Dec 71.10 72.43 s 70.84 72.11 1.00 205,527 Corn (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec'23 66.27 67.32 s 66.07 66.97 0.86 102,015 March 591.75 611.25 s 591.50 609.50 20.25 726,028 March 120-162 120-175 120-102 120-137 –.2 3,714,007
June 1808.50 1821.20 t 1803.00 1819.20 14.60 26,369
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 593.00 611.00 s 593.00 609.50 18.50 256,155 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Aug 1813.40 1822.50 1807.20 1821.40 14.40 11,489 Feb 2.3607 2.4159 s 2.3522 2.4095 .0521 106,482
Palladium (NYM) - 50 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. March 109-002 109-016 108-306 109-006 1.4 1,936,021
March 2.3399 2.3935 s 2.3343 2.3872 .0471 51,803 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Jan 1855.70 33.70 2 March 683.75 694.25 s 677.75 692.00 11.25 3,133
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Jan 99.9200 99.9200 t 99.9175 99.9175 137,631
1825.00 1896.00 1825.00 1859.70 33.70 9,360 May 654.75 657.00 s 646.75 656.25 10.75 456
March Feb 2.2560 2.2969 s 2.2495 2.2763 .0198 116,405
Soybeans (CBT)-5,000 bu.; cents per bu. July 99.5150 99.5300 99.5150 99.5300 .0200 174,858
Jan 1346.00 1380.50 s 1346.00 1378.75 34.75 1,820 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
March 1356.00 1392.25 s 1355.50 1389.75 34.25 311,812 March 99-260 –10.5 104,369
Cash Prices | wsj.com/market-data/commodities Tuesday, January 4, 2022 Soybean Meal (CBT)-100 tons; $ per ton.
Jan 424.00 428.60 s 421.10 427.60 3.70 1,922
Eurodollar (CME)-$1,000,000; pts of 100%
Jan 99.8050 99.8075 t 99.7975 99.8000 –.0050 355,909
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— March 412.00 415.90 s 407.30 414.70 3.40 190,750 March 99.6450 99.6500 t 99.6350 99.6400 –.0050 1,077,125
Dec 98.9150 98.9600 s 98.9050 98.9450 .0350 1,201,205
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Dec'23 98.3150 98.3500 t 98.2900 98.3250 .0200 1,176,578
months. Jan 56.80 58.30 s 56.31 58.14 1.93 902
Tuesday Tuesday Tuesday March 56.49 58.54 s 56.41 58.33 1.91 158,853
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Currency Futures
Energy Iron Ore, 62% Fe CFR China-s 122.9 Wheat,No.2 soft red,St.Louis-u 8.0000 Jan 14.64 t
14.46 14.25 14.46 .03 101 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Shredded Scrap, US Midwest-s,m n.a. Wheat - Hard - KC (USDA) $ per bu-u 8.3200 March 14.60 t
14.85 14.43 14.70 .06 6,978 Jan .8665 t
.8674.8595 .8612 –.0060 1,831
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 92.500 Steel, HRC USA, FOB Midwest Mill-s 1500 Wheat,No.1soft white,Portld,OR-u 10.7250 Wheat (CBT)-5,000 bu.; cents per bu. March .8673 t
.8678.8598 .8616 –.0060 215,400
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 30.000 Battery/EV metals March 758.00 771.50 756.25 770.00 12.00 172,499 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Food July 755.00 766.75 752.50 766.25 11.25 69,570 Jan .7839 .7894 .7834 .7871 .0026 927
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 39250 March .7843 .7893 .7832 .7869 .0026 131,085
Wheat (KC)-5,000 bu.; cents per bu.
BMI Lithium Hydroxide, EXW China, =56.5% -v,k 32650 Beef,carcass equiv. index British Pound (CME)-£62,500; $ per £
March 793.50 805.25 792.00 804.00 12.50 118,561
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 15151 Jan 1.3468 1.3556 s 1.3461 1.3535 .0050 1,579
choice 1-3,600-900 lbs.-u 229.04 July 789.75 803.25 789.75 801.50 12.50 42,341 March 1.3475 1.3553 s 1.3456 1.3531 .0050 193,539
Engelhard industrial n.a. BMI Nickel Sulphate, EXW China, >22%-v,m 5417 select 1-3,600-900 lbs.-u 219.43 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
Handy & Harman base 1811.40 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 650 Broilers, National comp wtd. avg.-u,w 1.3295 Jan 165.550 165.550 t 161.600 162.675 –3.575 5,080 March 1.0901 1.0964 1.0895 1.0931 .0023 43,123
Handy & Harman fabricated 2010.65 2.6500 March 168.500 168.500 t 164.900 166.350 –3.175 19,560 June 1.0932 1.0992 1.0929 1.0962 .0024 122
Fibers and Textiles Butter,AA Chicago
Cattle-Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
LBMA Gold Price AM *n.a. Cheddar cheese,bbl,Chicago 180.00
Feb 138.650 138.725 t 136.775 137.825 –1.100 117,764 Jan .7198 .7249 .7186 .7243 .0051 619
LBMA Gold Price PM *n.a. Burlap,10-oz,40-inch NY yd-n,w 0.8100 Cheddar cheese,blk,Chicago 201.50 April 143.775 143.900 t 142.050 142.675 –1.525 100,039 March .7188 .7251 .7187 .7244 .0052 181,010
Krugerrand,wholesale-e 1887.29 Cotton,1 1/16 std lw-mdMphs-u 1.1589 Milk,Nonfat dry,Chicago lb. 164.50 Mexican Peso (CME)-MXN 500,000; $ per MXN
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Maple Leaf-e 1905.44 Cotlook 'A' Index-t *n.a. Coffee,Brazilian,Comp 2.1904 Feb 80.775 82.300 s t 79.975 80.150 –.975 73,872 Jan .04892 .04884 s .04840 .04861 –.00003 24
American Eagle-e 1905.44 Hides,hvy native steers piece fob-u n.a. March .04818 .04842 s .04788 .04811 –.00002 114,263
Coffee,Colombian, NY 2.7981 April 86.150 87.975 s t 85.600 87.000 .350 59,480
n.a.
Euro (CME)-€125,000; $ per €
Mexican peso-e 2195.98 Wool,64s,staple,Terr del-u,w Eggs,large white,Chicago-u 1.4750 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Jan 1.1302 1.1325 t 1.1276 1.1291 –.0010 5,658
Austria crown-e 1781.77 Jan 1107.20 1141.00 t 1107.10 1133.00 21.00 418 t 1.1287
Grains and Feeds Flour,hard winter KC 25.40
March 1111.50 1144.30 s t 1108.00 1144.00 29.70 1,594
March 1.1311 1.1338 1.1303 –.0010 669,683
Austria phil-e 1905.44 Hams,17-20 lbs,Mid-US fob-u 0.50
Barley,top-quality Mnpls-u n.a. Milk (CME)-200,000 lbs., cents per lb. Index Futures
Silver, troy oz. Hogs,Iowa-So. Minnesota-u 74.33 Dec 18.43 18.43 s t 18.42 18.42 … 4,279
Bran,wheat middlings, KC-u 170 Mini DJ Industrial Average (CBT)-$5 x index
Engelhard industrial n.a. Pork bellies,12-14 lb MidUS-u 1.4890 Feb'22 21.04 21.79 s 21.01 21.04 .32 4,663
Corn,No. 2 yellow,Cent IL-bp,u 5.9500 March 36432 36804 s 36409 36675 220 97,502
Handy & Harman base 23.0050 Pork loins,13-19 lb MidUS-u 0.8475 Cocoa (ICE-US)-10 metric tons; $ per ton.
Corn gluten feed,Midwest-u,w 186.1 June 36392 36708 s 36324 36581 220 160
Handy & Harman fabricated 28.7560 Steers,Tex.-Okla. Choice-u n.a. March 2,502 2,523 t 2,450 2,462 –37 88,208
Corn gluten meal,Midwest-u,w 601.4 Mini S&P 500 (CME)-$50 x index
May 2,538 2,558 t 2,490 2,502 –35 47,186
4808.25 s
LBMA spot price *n.a. Steers,feeder,Okla. City-u,w 173.63 March 4785.25 4764.50 4784.25 –1.75 2,234,550
Cottonseed meal-u,w 318 Coffee (ICE-US)-37,500 lbs.; cents per lb. June 4775.50 4800.00 s 4755.50 4776.25 –1.75 50,770
(U.S.$ equivalent) *n.a. 224.75 235.75 s 223.75 231.75 8.45 116,187
Hominy feed,Cent IL-u,w 165 Fats and Oils March Mini S&P Midcap 400 (CME)-$100 x index
Coins,wholesale $1,000 face-a 19085 May 224.50 235.65 s 223.75 231.80 8.50 51,751 2844.40 2873.10 s 2840.40 2858.20 12.80 37,999
Meat-bonemeal,50% pro Mnpls-u,w 175 March
Other metals Oats,No.2 milling,Mnpls-u 7.2650 Degummed corn oil, crude wtd. avg.-u,w 52.2500 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June … 2868.20 12.80 n.a.
*n.a. March 18.75 18.85 t 18.62 18.75 .01 333,430 Mini Nasdaq 100 (CME)-$20 x index
LBMA Platinum Price PM Rice, Long Grain Milled, No. 2 AR-u,w 27.75 Grease,choice white,Chicago-h 0.5000
May 18.56 18.59 t 18.35 18.47 –.03 152,836 March 16497.75 16564.00 s t 16139.50 16275.75 –209.75 209,654
Platinum,Engelhard industrial n.a. Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. June 16503.75 16558.75 s t 16138.75 16271.75 –210.50 789
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Palladium,Engelhard industrial n.a. SoybeanMeal,Cent IL,rail,ton48%-u,w 425.70 Soybean oil,crude;Centl IL-u,w 0.6183 March 36.25 –.60 2,507 Mini Russell 2000 (CME)-$50 x index
Aluminum, LME, $ per metric ton *n.a. Tallow,bleach;Chicago-h 0.5900 March 2268.90 2288.60 s 2250.80 2266.50 –2.90 455,868
Soybeans,No.1 yllw IL-bp,u 13.6200 May 36.55 –.50 2,187
Cotton (ICE-US)-50,000 lbs.; cents per lb. Mini Russell 1000 (CME)-$50 x index
Copper,Comex spot 4.4660 Wheat,Spring14%-pro Mnpls-u 11.3050 Tallow,edible,Chicago-u n.a. March 2666.80 2667.10 s 2639.30 2652.10 –3.50 16,110
March 117.20 117.68 s 113.37 116.39 3.16 120,782
U.S. Dollar Index (ICE-US)-$1,000 x index
May 111.10 114.53 s 110.95 113.65 2.74 52,426 March 96.20 96.48 s 96.04 96.27 .06 57,100
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June 96.21 96.38 s 96.01 96.23 .06 869
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence;
W=weekly; Z=not quoted. *Data as of 1/3 Jan 146.00 146.50 s t 146.00 146.35 –.25 420
Source: Dow Jones Market Data March 142.70 144.25 s 140.60 144.00 1.35 9,043 Source: FactSet

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

Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices –22
HSBC Holdings HSBC 3.900 1.81 May 25, ’26 44 n.a.
2235.08 -0.9 U.S. Aggregate 1.860 1.150 1.860 2197.43 -0.4 Mortgage-Backed 2.070 1.180 2.070
General Motors Financial … 1.200 1.35 Oct. 15, ’24 59 –14 n.a.
U.S. Corporate Indexes Bloomberg Fixed Income Indices 2137.18 -0.4 Ginnie Mae (GNMA) 2.110 0.760 2.110
Burlington Resources … 7.200 2.57 Aug. 15, ’31 90 –9 n.a.
3381.74 -1.2 U.S. Corporate 2.440 1.810 2.450 1299.07 -0.4 Fannie mae (FNMA) 2.060 1.230 2.060
Tampa Electric TE 6.550 3.07 May 15, ’36 140 –9 n.a.
3067.96 -0.4 Intermediate 1.920 1.120 1.930 1993.38 -0.5 Freddie Mac (FHLMC) 2.060 1.210 2.060
601.71 -0.1 Muni Master 0.928 0.687 1.082 Verizon Communications VZ 2.625 1.76 Aug. 15, ’26 38 –8 40
5011.90 -2.3 Long term 3.260 2.880 3.580
680.46 -1.4 Double-A-rated 2.150 1.460 2.150 424.83 -0.1 7-12 year 0.962 0.687 1.133 Trustees of Boston College BOSCOL 3.129 2.84 July 1, ’52 76 –7 n.a.
908.93 -1.2 Triple-B-rated 2.670 2.070 2.670 491.47 -0.1 12-22 year 1.208 1.000 1.524 Goldman Sachs GS 6.750 3.36 Oct. 1, ’37 173 –6 n.a.
High Yield Bonds ICE BofA 485.02 -0.1 22-plus year 1.720 1.443 2.125 Koninklijke Philips PHIANA 6.875 3.30 March 11, ’38 121 –6 n.a.
520.83 -0.2 High Yield Constrained 4.424 3.796 4.834 Global Government J.P. Morgan†
504.32 0.1 Triple-C-rated 7.932 6.304 8.314 595.88 -0.6 Global Government 1.060 0.570 1.060 …And spreads that widened the most
831.41 -0.9 Canada 1.610 0.860 1.820 Cooperatieve Rabobank RABOBK 5.250 3.36 Aug. 4, ’45 128 7 n.a.
3464.16 -0.3 High Yield 100 3.885 3.162 4.587
459.70 -0.1 Global High Yield Constrained 4.655 3.968 5.138 404.84 -0.3 EMU§ 0.522 0.050 0.579 Anthem ANTM 4.650 3.19 Jan. 15, ’43 114 6 n.a.
349.53 0.2 Europe High Yield Constrained 2.846 2.304 3.161 758.68 -0.2 France 0.400 -0.110 0.450 BMW US Capital BMW 0.750 1.16 Aug. 12, ’24 40 5 n.a.
U.S Agency Bloomberg Fixed Income Indices 534.76 -0.4 Germany -0.100 -0.470 -0.010 Bank of America BAC 3.500 1.71 April 19, ’26 34 4 n.a.
1834.59 -0.4 U.S Agency 1.220 0.490 1.230 294.38 -0.1 Japan 0.350 0.260 0.420
Bank of New Zealand BZLNZ 1.000 1.80 March 3, ’26 43 4 37
1602.73 -0.2 10-20 years 1.120 0.370 1.140 593.59 -0.4 Netherlands 0.060 -0.400 0.130
Comcast CMCSA 3.750 1.29 Sept. 16, ’24 50 4 n.a.
4123.93 -2.0 20-plus years 2.310 1.660 2.460 1025.91 -1.1 U.K. 1.120 0.570 1.340
Jefferies JEF 4.850 2.11 Jan. 15, ’27 75 4 n.a.
2873.83 -0.7 Yankee 2.090 1.410 2.100 914.13 -0.6 Emerging Markets ** 5.012 4.335 5.098
AT&T T 5.350 3.57 Sept. 1, ’40 152 4 n.a.
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
High-yield issues with the biggest price increases…
Bond Price as % of face value
Global Government Bonds: Mapping Yields Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Transocean RIG 6.800 13.28 March 15, ’38 57.250 0.92 54.125
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session 0.82
Ford Motor Credit … 3.664 1.95 Sept. 8, ’24 104.440 n.a.
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago Rite Aid RAD 7.700 9.46 Feb. 15, ’27 93.000 0.63 92.480
0.750 U.S. 2 0.764 t l 0.784 0.589 0.115 0.25
American Airlines AAL 11.750 4.40 July 15, ’25 123.750 124.137
1.375 10 1.666 s l 1.628 1.342 0.915
2.750 Australia 2 0.658 s l 0.603 0.369 0.076 -17.1 -4.9 Sprint Communications … 6.000 1.15 Nov. 15, ’22 104.125 0.13 104.125
-10.4
1.000 10 1.740 s l 1.681 1.623 0.994 7.4 5.0 7.7 WeWork WEWORK 7.875 9.64 May 1, ’25 95.057 0.06 n.a.
0.000 France 2 -0.667 t l -0.663 -0.790 -0.677 -142.9 -143.6 -80.2 4.100 5.20 Oct. 1, ’46 84.800 0.05
Teva Pharmaceutical Finance Netherlands … 85.625
0.000 10 0.230 t l 0.239 -0.020 -0.365 -143.6 -139.2 -128.2
0.000 Germany 2 -0.615 t l -0.605 -0.739 -0.717 -137.7 -137.8 -84.2 …And with the biggest price decreases
0.000 10 -0.119 s l -0.120 -0.389 -0.605 -178.4 -175.1 -152.2 4.125 3.42 Aug. 15, ’31 105.500 –1.14
Venture Global Calcasieu Pass VENTGL n.a.
0.000 Italy 2 -0.071 s l -0.073 -0.222 -0.413 -83.3 -84.7 -53.8 –0.75
FirstEnergy FE 7.375 3.26 Nov. 15, ’31 134.500 135.999
0.950 10 1.219 s l 1.195 0.927 0.551 -44.6 -43.6 -36.7
Dish DBS … 5.125 6.80 June 1, ’29 90.375 –0.63 90.500
0.005 Japan 2 -0.085 s l -0.097 -0.113 -0.124 -84.7 -87.1 -24.9
0.100 10 0.089 s l 0.072 0.057 0.023 -155.9 -89.5 Nokia Oyj NOKIA 6.625 3.71 May 15, ’39 137.094 –0.63 138.750
-157.7
0.000 Spain 2 -0.582 t l -0.580 -0.593 -0.595 -134.4 -135.4 -72.0 Teva Pharmaceutical Finance Netherlands … 3.150 4.51 Oct. 1, ’26 94.240 –0.51 96.114
0.500 10 0.576 t l 0.578 0.368 0.030 -109.0 -105.3 -88.8 –0.48
OneMain Finance OMF 7.125 3.57 March 15, ’26 113.719 114.800
0.125 U.K. 2 0.764 s l 0.677 0.474 -0.157 0.2 -9.7 -28.2
*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.
4.750 10 1.087 s l 0.971 0.751 0.176 -57.9 -66.1 -74.1
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Source: MarketAxess

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI 10.35 -0.01 -0.5 ContraK 18.72 -0.15 -0.5 IntlEq 30.31 +0.08 0.8 AllAsset NA ... NA ExtndAdml 138.36 -0.98 -0.2 VANGUARD FDS MdCpGrAdml106.81 -1.50 -2.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti CpInc r 11.19 -0.01 -0.1 Invesco Funds Y TotRt 10.18 -0.01 -0.9 GNMAAdml 10.51 ... -0.3 DivdGro 39.41 +0.29 0.3 MdCpVlAdml 79.00 +1.09 1.5
EdgewoodGrInst 59.32 -0.96 -1.9 GroCo 36.25 -0.65 -0.6 DevMktY 47.00 -0.17 ... PIMCO Funds A GrwthAdml 164.15 -2.13 -0.6 INSTTRF2020 27.29 ... -0.1 SmValAdml 78.37 +0.98 2.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Fidelity GrowCoK 36.38 -0.65 -0.6 John Hancock Instl IncomeFd 11.91 -0.01 -0.2 HlthCareAdml r 94.19 -1.31 -1.7 INSTTRF2025 29.36 ... ... TotBd2 10.96 ... -0.8
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, DispValMCI 28.28 +0.46
500IdxInstPrem166.28 -0.09 0.6 InvGrBd 11.54 ... -0.7 2.2 PIMCO Funds I2 HYCorAdml r 5.94 -0.01 -0.1 INSTTRF2030 30.69 ... 0.1 TotIntlInstIdx r137.58 +0.47 0.6
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotItlInstPlId r137.61 +0.47
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Contrafund K6 23.20 -0.19 -0.6 LowP r 54.60 +0.51 1.5 JPMorgan I Class Income 11.91 -0.01 -0.2 InfProAd 28.22 -0.11 -0.8 INSTTRF2035 31.84 ... 0.2 0.6
ExtMktIdxInstPre 87.01 -0.60 -0.2 Magin 15.12 -0.17 -1.6 EqInc 24.20 +0.26 1.5 PIMCO Funds Instl IntlGrAdml 138.30 -1.97 -0.7 INSTTRF2040 33.07 ... 0.2 TotSt 118.02 -0.20 0.4
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. FidSerToMarket 16.03 -0.02 0.4 NASDAQ r 196.57 -2.61 -0.1 JPMorgan R Class IncomeFd 11.91 -0.01 -0.2 ITBondAdml 11.80 -0.01 -0.7 INSTTRF2045 34.19 +0.01 0.4 VANGUARD INSTL FDS
GrowthCompanyK6 22.74 -0.41 -0.6 OTC 19.49 -0.27 -0.6 CoreBond 11.75 -0.01 -0.7 Price Funds ITIGradeAdml 9.87 ... -0.8 INSTTRF2050 34.38 +0.01 0.4 BalInst 49.00 -0.06 ...
IntlIdxInstPrem 49.74 +0.36 0.9 Puritn 27.22 -0.02 0.1 Lord Abbett A BlChip 175.62 -3.17 -1.2 LTGradeAdml 10.68 -0.03 -2.2 INSTTRF2055 34.48 +0.01 0.4 DevMktsIndInst 16.58 +0.09 0.7
Tuesday, January 4, 2022 MidCpInxInstPrem 31.94 +0.05 -0.2 SrsEmrgMkt 20.97 -0.13 -0.2 ShtDurIncmA p 4.15 ... -0.2 DivGro 73.91 +0.12 -0.2 MidCpAdml 313.67 -0.09 -0.6 IntlVal 42.26 +0.42 1.6 DevMktsInxInst 25.91 +0.14 0.7
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 22.87 -0.01 0.6 SrsGlobal 15.15 +0.06 0.6 Lord Abbett F EqInc 36.78 +0.45 2.2 MuHYAdml 11.99 -0.01 -0.1 LifeCon 23.02 -0.01 -0.2 ExtndInst 138.35 -0.98 -0.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesBondFd 10.34 -0.01 -0.7 SrsGroCoRetail 20.29 -0.36 -0.6 ShtDurIncm 4.15 ... ... Growth 104.86 -1.70 -1.4 MuIntAdml 14.69 -0.01 -0.1 LifeGro 44.54 +0.01 0.2 GrwthInst 164.16 -2.13 -0.6
SeriesOverseas 14.40 +0.02 ... SrsIntlGrw 19.14 +0.03 0.1
Lord Abbett I
HelSci 101.13 -2.38 -2.8 MuLTAdml 12.11 -0.02 -0.1 LifeMod 33.55 -0.01 ... InPrSeIn 11.50 -0.04 -0.8
American Century Inv IntlVal Inst 42.88 +0.45 1.2 DivIncom I 31.84 +0.22 0.7 ShtDurInc p 4.15 ... ... InstIdx
Ultra 87.67 -1.19 0.1 Baird Funds Dimensional Fds SmCpIdxInstPrem 27.86 -0.04 1.1 SrsIntlVal 11.41 +0.18 2.1 LgCapGow I 72.77 -0.92 -1.0 MuLtdAdml 11.17 ... ...
PrmcpCor 34.01 +0.14 1.1
408.14 -0.23 0.6
TMktIdxInstPrem134.37 -0.22 0.4 TotalBond 10.98 -0.01 -0.7
Metropolitan West
MidCap 115.32 -1.22 -1.7 MuShtAdml 15.88 ... ...
STAR 31.94 -0.05 ...
InstPlus 408.16 -0.23 0.6
American Funds Cl A AggBdInst 11.27 -0.01-0.9 5GlbFxdInc 10.66 -0.01 -0.4 TotRetBdI 10.83 -0.01 -0.7 PrmcpAdml r171.39 +0.15 1.1 InstTStPlus 88.56 -0.15 0.4
AmcpA p 44.82 -0.44 -1.4 CorBdInst 11.58 -0.8 EmgMktVa
... 31.24 +0.07 0.7 USBdIdxInstPrem 11.89 ... -0.7 Fidelity SAI NHoriz 74.12 -1.78 -3.5 TgtRe2015 14.58 ... -0.2
TRBdPlan 10.15 -0.01 -0.8 RealEstatAdml162.96 -0.12 -0.8 MidCpInst 69.29 -0.02 -0.6
AMutlA p 53.42 +0.30 0.5 BlackRock Funds EmMktCorEq 25.16 -0.02 0.5 Fidelity Advisor I TotalBd 10.37 -0.01 -0.6 R2020 22.19 -0.01 -0.1 TgtRe2020 31.00 ... -0.1
MFS Funds SmCapAdml 109.30 +0.28 0.9 MidCpIstPl 341.73 -0.10 -0.6
BalA p 33.51 +0.05 0.1 HiYldBd Inst 7.82 -0.01 -0.2 IntlCoreEq 16.26 +0.13 1.0 GrOppI 156.31 -3.64 -1.3 Fidelity Selects
IIE 33.75 +0.30 0.9
R2025 19.50 -0.01 -0.1 TgtRe2025 20.34 ... ...
SmGthAdml 98.30 -1.12 -0.7 SmCapInst 109.30 +0.28 0.9
BondA p 13.28 -0.02 -0.8 BlackRock Funds A IntSmCo 21.91 +0.12 0.6 NwInsghtI 41.48 -0.34 -0.6 Softwr r 29.65 -0.39 -1.1 MFS Funds Class I R2030 29.48 -0.01 ... TgtRe2030 38.45 ... 0.1
STBondAdml 10.59 +0.01 -0.2 SmCapIstPl 315.47 +0.80 0.9
CapIBA p 70.59 +0.42 0.6 GlblAlloc p 20.82 -0.01 0.1 IntSmVa 21.65 +0.24 1.2 Fidelity Freedom Tech r 28.91 -0.47 -0.7 GrowthI 191.69 -2.45 -1.4 R2040 32.78 -0.03 0.1
STIGradeAdml 10.75 ... -0.2 TgtRe2035 23.88 ... 0.2 STIGradeInst 10.75 ... -0.2
CapWGrA 63.89 +0.19 0.3 BlackRock Funds III TAUSCoreEq2 NA ... NA FF2020 16.64 +0.01 -0.1 First Eagle Funds ValueI 54.90 +0.40 0.4 Schwab Funds
STIPSIxAdm 25.75 ... ... TgtRe2040 42.14 +0.01 0.3 STIPSIxins 25.77 ... ...
EupacA p 64.48 -0.33 -0.5 iShS&P500IdxK563.74 -0.32 0.6 US CoreEq1 36.75 +0.12 0.8 FF2025 15.39 +0.01 0.1 GlbA 65.31 +0.56 1.2 Northern Funds 1000 Inv r 103.92 -0.18 NA TotBdAdml 11.10 ... -0.8 TgtRe2045 28.48 +0.01 0.4 TotBdInst 11.10 ... -0.8
FdInvA p 75.86 -0.12 -0.1 BlackRock Funds Inst US CoreEq2 33.29 +0.13 0.8 FF2030 19.36 +0.02 0.1 Franklin A1 StkIdx 52.52 -0.03 0.6 S&P Sel 73.37 -0.04 0.6 TotIntBdIdxAdm 21.98 -0.03 -0.4 TgtRe2050 47.08 +0.02 0.4 TotBdInst2 10.96 ... -0.8
GwthA p 74.15 -0.85 -0.2 StratIncOpptyIns 10.15 ... ... US Small 47.70 +0.29 1.4 FF2035 16.99 +0.01 0.3 IncomeA1 p 2.53 ... 0.4 Nuveen Cl I TSM Sel r 82.64 -0.14 NA TotIntlAdmIdx r 34.40 +0.11 0.6 TgtRet2055 52.41 +0.01 0.4 TotBdInstPl 11.10 ... -0.8
ICAA p 52.00 +0.14 0.4 Bridge Builder Trust US SmCpVal 44.74 +0.73 2.9 FF2040 12.24 +0.02 0.5 FrankTemp/Franklin A HYMunBd 18.47 -0.01 ... VANGUARD ADMIRAL TotStAdml 118.05 -0.20 0.4 TgtRetInc 14.43 ... -0.2 TotIntBdIdxInst 32.98 -0.04 -0.4
IncoA p 25.98 +0.16 0.5 CoreBond 10.34 -0.01 -0.8 US TgdVal 31.05 +0.52 2.8 Freedom2025 K 15.36 ... ... DynaTech A p149.31 -4.64 -3.7 Old Westbury Fds 500Adml 442.38 -0.25 0.6 TxMCapAdml248.81 -0.42 0.4 TotIntBdIxInv
10.99 -0.02 -0.4 TotStInst 118.07 -0.20 0.4
N PerA p 66.71 -0.44 0.5 CorePlusBond 10.25 -0.01 -0.7 USLgVa 46.99 +0.66 2.0 Freedom2030 K 19.34 +0.01 0.1 Growth A p 148.61 -1.28 -1.2 LrgCpStr 18.76 -0.08 -0.4 BalAdml 48.99 -0.06 -0.1 TxMIn r 16.56 +0.10 0.7 USGro 64.04 -1.47 -1.5 ValueInst 58.27 +0.66 1.6
NEcoA p 60.90 -0.95 -1.5 Intl Eq 13.47 +0.05 0.7 Dodge & Cox Freedom2035 K 16.98 +0.02 0.4 RisDv A p 96.46 +0.25 -0.5 Parnassus Fds CAITAdml 12.19 -0.01 -0.1 USGroAdml 165.88 -3.82 -1.5 WellsI 28.93 +0.10 -0.1 WCM Focus Funds
NwWrldA 85.63 -0.59 -0.5 LargeCapGrowth 23.31 -0.26 -0.9 Balanced 111.26 +0.97 1.7 Freedom2040 K 12.24 +0.02 0.5 Guggenheim Funds Tru ParnEqFd 63.46 +0.04 0.1 CapOpAdml r194.20 -0.87 0.3 ValAdml 58.28 +0.67 1.6 Welltn 48.50 +0.05 -0.1 WCMFocIntlGrwIns 27.23 -0.28 -1.6
SmCpA p 79.31 -0.77 -0.9 LargeCapValue 17.60 +0.20 1.7 Income 14.00 ... -0.4 Fidelity Invest TotRtnBdFdClInst 28.31 -0.04 -0.8 PGIM Funds Cl Z DivAppIdxAdm 46.72 +0.27 0.3 WdsrllAdml 82.94 +0.58 1.3 WndsrII 46.75 +0.32 1.3 Western Asset
TxExA p 13.55 -0.02 -0.1 Calamos Funds Intl Stk 48.02 +0.42 1.5 Balanc 30.46 -0.01 0.3 Harbor Funds HighYield 5.49 ... -0.1 EMAdmr 41.13 -0.13 0.3 WellsIAdml 70.09 +0.27 -0.1 VANGUARD INDEX FDS CoreBondI NA ... NA
WshA p 60.78 +0.29 0.5 MktNeutI 14.55 +0.01 0.2 Stock 252.36 +3.62 2.9 BluCh 183.12 -2.84 -0.3 CapApInst 99.86 -2.13 -0.9 TotalReturnBond NA ... NA EqIncAdml 93.65 +1.06 1.6 WelltnAdml 83.75 +0.10 -0.1 ExtndIstPl 341.43 -2.40 -0.2 CorePlusBdI NA ... NA
Artisan Funds Columbia Class I DoubleLine Funds Contra 18.66 -0.15 -0.5 Harding Loevner PIMCO Fds Instl ExplrAdml 118.91 -0.54 -0.1 WndsrAdml 83.43 +1.08 2.3 IdxIntl 20.57 +0.07 0.6 CorePlusBdIS NA ... NA
THE WALL STREET JOURNAL. * * * * Wednesday, January 5, 2022 | B11

MARKETS

Tech Stocks Drag Down S&P 500 TPG

Launches
Dow industrials again
jump to record level,
paced by economically
Roadshow
sensitive companies For IPO
BY KAREN LANGLEY BY MIRIAM GOTTFRIED
AND ANNA HIRTENSTEIN AND CORRIE DRIEBUSCH

The Dow Jones Industrial Private-equity firm TPG

Average climbed to its second launched its roadshow pitch to
record of 2022, while declines investors, seeking a valuation as
in technology stocks weighed high as $9.5 billion in its initial
on the broad market. public offering, moving into the
Stocks in eco- final stretch of a process that
TUESDAY’S nomically sensi- has been months in the making.
MARKETS tive sectors like The firm and some of its
energy, finan- shareholders are aiming to sell
cials and industrials advanced shares at between $28 and $31
as investors parsed manufac- apiece, it said in a regulatory
CARLO ALLEGRI/REUTERS

turing and labor data and fo- filing on Tuesday. It plans to

cused on rising long-term bond trade on the Nasdaq under the
yields. ticker symbol TPG.
The retreat by tech stocks, TPG—based in Fort Worth,
meanwhile, helped pull the S&P Texas, and San Francisco—
500 and Nasdaq Composite plans to price its offering on
lower. An Apple Store in Manhattan. Shares of the company fell 1.3% on Tuesday a day after briefly touching $3 trillion in market cap. Jan. 12 and list shares the fol-
The S&P 500 slipped 3.02 lowing day, although the tim-
points, or 0.1%, to 4793.54. The ager at Brandywine Global In- Index performance, Tuesday Marriott International shares ing could change, people fa-
Dow Jones Industrial Average vestment Management. added $4.10, or 2.5%, to miliar with the matter said.
1.0%
rose 214.59 points, or 0.6%, to Those developments are bet- $168.01. The Wall Street Journal first
36799.65. The Nasdaq Compos- ter for stocks tied to economic Dow industrials Shares of Ford Motor reported in June that TPG was
ite fell 210.08 points, or 1.3%, to recovery and worse for growth jumped $2.54, or 12%, to in the early stages of weighing
0.5
15622.72. stocks that trade at high valua- $24.31, its highest close since a public listing that could value
The different corners of the tions on expectations of very August 2001, after the auto it at about $10 billion.
stock market diverged as inves- low rates, he said. maker doubled its goal for TPG aims to sell 28.3 mil-
0
tors scrutinized data showing Within the S&P 500, the en- manufacturing its new electric lion shares in the offering, of
expanding U.S. factory activity ergy sector advanced 3.5%, the S&P 500 version of the F-150 pickup which 13.6 million will be used
and a tight labor market. financial sector rose 2.6% and –0.5
truck. to purchase shares from exist-
A manufacturing sector sur- the industrial sector gained 2%. Oil prices rose after OPEC ing shareholders, while China
vey showed signs that supply- The technology segment de- and a Russia-led group of oil Life Trustees Ltd. plans to sell
chain problems could be im- clined 1.1%. –1.0 producers agreed to keep 5.6 million shares, according
proving. Separate data showed Traders tend to pile into Nasdaq Composite pumping more crude in a bet to the filing.
the number of times workers tech stocks when economic that the global surge in TPG’s offering is set to be
quit their jobs rose to a high in concerns mount, betting those –1.5 Covid-19 cases won’t depress the first big IPO of 2022, and
November, while job openings shares can deliver growth. demand like earlier waves of its performance will help inves-
remained near record levels. When the outlook brightens, the virus. Global benchmark tors, bankers and other compa-
In bond markets, the yield they often rotate into compa- –2.0 Brent crude climbed 1.3% to nies seeking to go public gauge
on the benchmark 10-year U.S. nies that can harness them- $80 a barrel. the health of the IPO market.
9:30 10 11 noon 1 2 3 4
Treasury note rose to 1.666% selves to a strong economy. Overseas, the pan-continen- Last year, traditional IPOs
from 1.628% on Monday. Yields Money managers are looking Source: FactSet tal Stoxx Europe 600 added raised more than $150 billion in
rise as bond prices fall. ahead to the next earnings sea- 0.8% to a record. the U.S., according to Dealogic.
The rise in yields “probably son, which kicks off in earnest cording to FactSet. Tesla shares dropped $50.19, or Early Wednesday, Japan’s But despite the record haul,
is a sign that the bond market next week with reports from fi- Among individual stocks, 4.2%, to $1149.59 after jumping Nikkei 225 was up less than IPO performance sputtered in
has more confidence in growth nancial companies. Apple shares fell $2.31, or 1.3%, 14% on Monday. 0.1%, Hong Kong’s Hang Seng the final weeks of the year. By
and is more likely for the Fed Analysts estimate that prof- to $179.70 after the company Royal Caribbean shares Index was down 1% and the late December, roughly two-
to continue down a path of its from companies in the S&P on Monday briefly touched $3 rose $1.55, or 1.9%, to $82.38. Shanghai Composite was down thirds of newly listed compa-
higher rates next year,” said 500 rose 22% in the fourth trillion in market value before United Airlines shares gained 0.6%. S&P 500 futures were nies were trading below their
Patrick Kaser, portfolio man- quarter from a year earlier, ac- closing below that threshold. 76 cents, or 1.7%, to $46.25. down 0.2%. IPO prices.
Shares of publicly traded
private-equity firms have been

OPEC Financial Firms to Modernize Networks on a tear of late, thanks in

part to a rising market. Low
interest rates also have made

Upbeat on BY SUMAN BHATTACHARYYA cient, the legacy process in-

troduces security
Payment technology com-
pany Mastercard Inc. this
centralized cloud data center
to the payment device, such as
borrowing cheap and led
yield-hungry investors to fun-
nel hundreds of billions of dol-

Outlook Financial-services compa-

nies are looking to strengthen
their technology plumbing in
vulnerabilities, said Sathish
Muthukrishnan, chief informa-
tion, data and digital officer at
year is focusing on enabling
faster digital payments
through edge computing, a
allowing a smartphone to un-
lock a subway turnstile.
The technology can speed
lars into the firms’ coffers.

2022 to improve current prod- the consumer bank and auto distributed computing model up processing—including au-
Continued from page B1
cision by the U.S. and other oil
consumers to release extra
barrels from their stockpiles, a
uct offerings and launch new
ones.
This involves modernizing
networks and tapping emerg-
lender.
“We want to get rid of all
the physical stuff and have
software-defined networks
where data are processed and
analyzed on or near the device
where they are generated in-
stead of first being sent to a
thorization decisions—while
minimizing latency, and en-
hancing security, he said.
The technology also makes
$9.5B
Valuation that TPG is seeking
move aimed at cooling rising ing technologies like edge that have the ability to under- corporate cloud or data center. it easier for Mastercard to in its IPO
oil and gasoline prices. computing and decentralized stand the traffic that is com- “It’s putting intelligence work with partners, who can
White House press secre- infrastructure, also known as ing in, is aware of all the dif- right next to our customers, connect directly to the Mas-
tary Jen Psaki said she wel- Web3, technology leaders said. ferent applications that have all the way to the edge of the tercard network, Mr.
comed the decision by OPEC+ Ally Financial Inc. said it is to process the traffic and will customers, within or next to McLaughlin said. The group’s strong perfor-
to boost output. “We do ap- moving to route network traf- intelligently route it wherever the devices that they’re run- Web3, a loosely defined vi- mance has led others to list
preciate the close coordination fic via software, allowing it to it needs to go,” with security ning,” said Ed McLaughlin, sion for a decentralized inter- shares, including European
over the recent weeks with configure cloud and data cen- protocols embedded, said Mr. Mastercard’s president of op- net that uses technologies like private-equity firm Bridge-
our partners Saudi Arabia, ter components remotely. Muthukrishnan. erations and technology. blockchain to give users new point Group PLC and Blue
UAE and other OPEC+ produc- Traditionally, network ac- Ally Financial aims to have The plan is to continue ways to transact, is inspiring Owl Capital Inc., which was
ers to help address price pres- tivity was designed to flow all of its applications running moving payment authorization some companies anchored in formed last year through a
sures,” she said. through physical infrastruc- on the cloud by 2025, the decisions that previously the traditional financial world merger with a special-purpose
Since then, the Omicron ture. Apart from being ineffi- company said. would have been handled by a to offer new types of products. acquisition company.
variant has triggered rapid- With $109 billion in assets
fire travel bans and restric- under management and offices
tions around the world,
threatening once again eco-
nomic growth and oil demand.
Foreign around the world, TPG has
been one of the last of the
original buyout giants to re-
Omicron-related absences
have hobbled airlines, rail
lines and hospitals around the
Banks Test main a private partnership.
With the IPO, it will join peers
such as Blackstone Inc.,
world. Companies have had
again to rethink their back-to-
the-office plans.
Crypto Apollo Global Management
Inc. and KKR & Co., which
have been public for years.
But OPEC and other key en- Unlike those firms, which
ergy actors are betting Omi- Continued from page B1 retained their partnership
cron won’t deliver the kind of resisted offering retail custom- structures for many years af-
shock to oil prices unleashed ers anything other than assets ter their IPOs before convert-
by the first coronavirus shut- linked to government-issued ing to C-corporations on the
downs, when U.S. crude futures currencies because of concerns heels of the 2017 tax cuts, TPG
briefly turned negative, and about money laundering; the will debut as a corporation
ANGEL GARCIA/BLOOMBERG NEWS

subsequent waves. One reason, products’ high volatility, which called TPG Inc.
OPEC delegates said, is a deter- could hurt investors; and pos- The decisions by its rivals
mination inside the group that sible requirements that are still to convert have contributed to
strengthening demand for oil, being developed by regulators. the recent surge in their valu-
including from the petrochemi- Trading of cryptocurrencies ations over the past couple of
cals industry, is offsetting an has surged, along with their years.
expected continuing decline in value. In 2021, the combined TPG is smaller than many
jet-fuel consumption. market value of all cryptocur- of its competitors, which have
Evidence has also emerged rencies more than doubled to built sprawling businesses in-
that Omicron causes less se- over $2 trillion. The moves come during a cryptotrading boom that has surprised regulators and banks. vesting in areas including
vere disease than earlier vari- Almost all cryptocurrency credit, real estate and insur-
ants in populations with sig- trading takes place at ex- known as the blockchain, is in development. Private-bank customers of ance. But the IPO should give
nificant immunity. changes such as Binance and meant to replace the tradi- BBVA said its crypto offer- BBVA Switzerland and holders it fuel to expand its already
In its monthly report last Coinbase Global Inc. More re- tional functions of a bank, in- ing wouldn’t be affected by of a digital account with de- sizable segments dedicated to
month, OPEC raised its de- cently, nonbank payments com- cluding providing a trustwor- these rules because the lender posits of more than €10,000— large-scale private equity, in-
mand estimate for its own oil panies such as PayPal Holdings thy record of transactions, isn’t holding any cryptocur- the equivalent of about vesting in rapidly growing
output by 200,000 barrels a Inc., or online broker Robin- balances and payments. rency for itself. $11,000—can invest in bitcoin companies, socially responsi-
day for 2022. Overall, the or- hood Markets Inc., have begun Last year, the Basel Commit- “Financial institutions can and ether. Wallets to deposit ble investing, real estate and
ganization expects global oil to offer customers access to tee for Banking Supervision, play a role in facilitating the the coins are automatically as- tailored investment opportuni-
demand to rise by 4.2 million owning cryptocurrencies. which sets global standards for access to digital assets to dif- sociated with the account, ties in areas such as SPACs
barrels a day this year. “The Custody banks and financial banking regulation, laid out a ferent client segments and BBVA said. and public companies.
impact of the new Omicron firms such as Bank of New proposal that would require bundling digital assets with BBVA didn’t disclose how TPG also is building a busi-
variant is expected to be mild York Mellon Corp. and Fidelity lenders to set aside a dollar in traditional investments as many customers are using the ness dedicated to buying sec-
and short-lived,” the cartel Investments announced plans capital for every dollar of bit- well,” said Alicia Pertusa, service, but said the greatest ondhand stakes in private-eq-
said in its report. to provide crypto services for coin and other cryptocurren- BBVA’s head of client-solutions demand comes from investors uity funds, an area known as
A surge in natural-gas institutional clients such as as- cies they own, considering strategy. seeking to diversify invest- secondaries. It said Tuesday it
prices in Europe and Asia en- set managers and hedge funds. them among the riskiest assets The bank is offering its ments. The service is offered to hired a co-managing partner
couraged utilities to burn fuel Traditional banks, including a bank could own. crypto services through a sub- most of its customers globally for that business to lead its
oil and coal to generate elec- in the U.S., have been more An association representing sidiary in crypto-friendly Swit- outside the U.S., and is popu- European operations.
tricity, giving oil demand an- wary. In many ways, cryptocur- large banks said the rules zerland. BBVA said the country lar among customers from The offering is being led by
other boost. rencies were invented to obvi- would prevent them from hold- has clear regulation and a high Latin America. JPMorgan Chase & Co., Gold-
—Ken Thomas ate the need for banks. Their ing cryptocurrencies. The com- level of adoption of digital as- —Caitlin Ostroff contributed man Sachs Group Inc. and
contributed to this article. distributed ledger technology, mittee said the proposal is still sets. to this article. Morgan Stanley.
B12 | Wednesday, January 5, 2022 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Brace for Central-Bank Divergence EVs Could

Revive
Short-term bond markets point to very different monetary policies across countries
Short-term bond markets are reflecting a strong ...but longer-term ‘real’ yields everywhere are The labor market is hot both in the U.S. and the U.K.,
Detroit’s
divergence between central-bank policies...
3%
lower than before the pandemic
2%
even though both economies are faring differently
10%
Supply Issue
Yields on two-year Yields on inflation-linked Median wage growth‡
government bond* 1 government bonds† 8
Materials, not demand,
2
Japan U.K. are likely a bigger hurdle
Canada 0 6
U.S.
U.K. U.S. Last year was an unusual one
1 –1 4
Japan for car makers: Supply mattered
Germany more than demand, reversing a
–2 Germany 2 U.S. pattern set by decades of overpro-
duction. The experience is worth
0
U.K. remembering as electric-vehicle
–3 0 sales take off.
General Motors was outsold in
its home market last year for the
–1 Weekly –4 Daily –2 Monthly
first time since at least the 1960s.
2019 ’20 ’21 ’22 2019 ’20 ’21 ’22 2017 ’18 ’19 ’20 ’21 The company said Tuesday that it
*Data through Monday †Maturities between 5 and 10 years. Data through Monday ‡Based on three-month averages. Data through June for U.K. and November for U.S. delivered 2.2 million vehicles in
Sources: Tullett Prebon (two-year bond yields); Bloomberg indexes via FactSet (yields on inflation-linked bonds); Federal Reserve Bank of Atlanta (U.S. median wage), Office for National Statistics (U.K. median wage) 2021. Japanese giant Toyota sold
2.3 million.
Markets are sending a hard ers, though, are far less blasé in of a 10%-15% correction are in- weaker growth, will eventually re- The change is less historic than
message to decode: While the fate their 2022 equity-market outlooks. creasing,” and advised biasing synchronize with the rest. it seems. Since the 1970s, Ameri-
of the world’s big economies is ul- One of their main concerns is portfolios overseas. Equity valua- Indeed, a more likely scenario is cans have gotten used to reports
timately intertwined, their mone- that long-maturity and inflation- tions—particularly those of tech- that inflation and labor-market of U.S. car brands losing market
tary policies will become quite dif- protected bonds, which are sup- nology giants that the S&P 500 is churn remain high in 2022, con- share to cheaper and more reliable
ferent in 2022. posedly more relevant indicators now dangerously dependent on— tinuing to erode officials’ commit- Japanese ones, but this isn’t the
Since September, yields on two- of economies’ true health, remain are adversely affected by higher ment to full employment and ham- full story now. U.S. manufacturers
year Treasury bills and gilts—a stuck at lower levels than pre- yields. pering new fiscal spending such as have more or less held their own
proxy for where investors see in- Covid. But it isn’t an entirely convinc- the Biden administration’s infra- over the past decade as consumers
terest rates being set—have risen The first oft-cited view is that ing story. Wage growth and resig- structure bill, but that this eventu- have sought the light trucks and
to 0.8% and 0.7% from 0.2% and the monetary divergence will soon nations have jumped in the U.K., ally passes without a permanent sport-utility vehicles they are
0.1%, respectively, whereas yields be reflected there as well, because which hasn’t received nearly as growth-friendly shift in the bal- best at.
in the eurozone and Japan remain these economies are in different much fiscal support. After a shock ance of power between workers Toyota’s success last year is a
pegged at record lows. This re- places: In the U.S., fiscal stimulus like Covid-19, a hot job market and firms. It should stop English- testament more to the superior
flects the big rift opening up be- has been more generous, wages isn’t a textbook bellwether of an speaking central banks from rais- quality of its supply chain than
tween the major central banks of are going up at an annual rate of economy’s closeness to its poten- ing rates as much as they now be- that of its cars. The company
the English-speaking world and 4% and people are feeling empow- tial. It probably reflects more com- lieve. didn’t end up as short of micro-
the rest: The Federal Reserve, the ered to quit their jobs. European plex but temporary interactions af- Even if these predictions are chips and other key components as
Bank of England and the Bank of and Japanese labor markets, on fecting the speed at which workers proven true, however, they need either GM, which had a terrible
Canada want to respond to a surge the other hand, remain more sub- and employers are matched. The not imply the bad outcome for U.S. third quarter, or Ford Motor,
in inflation, whereas the European dued. This warrants policy being U.S. and the U.K. are the two coun- stocks some investors assume. which suffered in the second quar-
Central Bank and the Bank of set tighter in the U.S., many ana- tries with the most flexible labor- With inflation-adjusted yields low, ter. With demand exceeding supply
Japan still attribute it to tempo- lysts argue. They say long-term market regulation for temporary expanding profit margins and the across the market, Toyota sold
rary supply-chain bottlenecks. yields were artificially held down workers, data by the Organization dollar being strongly steered by more vehicles simply because it
One of these two views must be by the Fed and are now set to for Economic Cooperation and De- short-term yield differentials, the had more vehicles to sell.
wrong but, so far, the market ap- snap back as bond purchases are velopment suggests. Fed’s divorce from the ECB and There is an irony in Toyota’s re-
pears untroubled. U.S., European tapered. The second common interpreta- the BOJ could—counterintui- silience: It wrote the book on
and Asian stocks have all notched This week, Morgan Stanley tion for lower long-term yields is tively—create some extra love for “just-in-time” supply-chain man-
gains this week, following a bum- Wealth Management warned cli- that the Fed, the BOE and the BOC America’s currency and its assets. agement, which was adopted by
per December. Some asset manag- ents that, for U.S. equities, “odds are overreacting and, faced with —Jon Sindreu U.S. manufacturers from the late
1980s but has become a problem
during the pandemic. The less-imi-
tated flip side of Toyota’s just-in-

Factories Took Small Step Toward Normal

time supplies is very close rela-
tionships with suppliers. U.S.
manufacturers are now trying to
catch up with “strategic partner-
ships” instead of traditional hier-
American manufacturers ran a archical supply agreements, nota-
wee bit less hot last month. How bly for microchips.
that happened is what matters. The market is likely to normal-
On Tuesday, the Institute for ize at some point, restoring the
Supply Management said its index traditional pattern of excess pro-
of manufacturing activity slipped duction and supply—and probably
to 58.7 in December from 61.1 in GM’s market leadership. The com-
November. Anything over 50 pany said Tuesday that it intended
counts as an expansion in activity, to expand sales and share this
so it isn’t as if factories weren’t year on the back of “anticipated
still very busy last month. Econo- improved semiconductor supplies.”
mists had expected to see activity But the timetable for normaliza-
recede more slowly, though. tion was continually pushed back
SERGIO FLORES FOR THE WALL STREET JOURNAL

Last month was when the Omi- last year, and could be again by
cron wave of Covid-19 began to the Omicron-related surge in
hit, but the manufacturing report Covid-19 cases. Also, normalization
didn’t offer any indication that it will be a mixed blessing for the in-
was the factor slowing factories dustry. Tight supply has boosted
down. What it suggested instead vehicle prices and margins for
was that supply-chain problems dealers and manufacturers alike.
are easing and that demand is be- Efforts to hang on to the benefits
ginning to be more easily met. of the current market could lead
A big part of why the manufac- to further surprises.
turing index slipped was that one There is one all-important sec-
of its component indexes, measur- tor where supply-chain shortages
ing supplier delivery times, slipped December’s slip in the manufacturing index suggests supply-chain problems are easing. will get worse rather than better:
to 64.9 in December from 72.2 in electric vehicles. Globally, optimis-
November. Speedier delivery times was getting a little less frantic. factories look as though they will year could still mark a period of tic forecasts for EV adoption are
are usually an indication that And an index measuring manufac- still be very busy in the months transition with factories edging at odds with the slow ramp-up of
things are slowing down, but with turing employment rose, which ahead. An index of customers’ in- their way back to something that metal supplies required for their
all the bottlenecks manufacturers could mean that hiring strains are ventories registered 31.7 in Decem- seems a little more normal. Sup- batteries. The dynamic is likely to
have been facing, this probably easing. Finally, an index of prices ber—better than November’s 25.1, plies might come a little more reward those companies with the
comes as more of a relief than that manufacturers have been pay- but still suggesting that shelves quickly, orders might get filled a most robust supply agreements,
anything else. ing slipped, indicating that materi- are too bare. And an index of or- little faster, and prices might rise which explains why the largest
Indexes measuring new orders als shortages are beginning to der backlogs rose to 62.8 from a little less quickly. After 2021, auto makers have been investing
and production slipped slightly, ease. 61.9. those would be welcome changes. in cell production and deals with
though, suggesting that business Even with constraints easing, Therefore, the first part of this —Justin Lahart mining companies. The losers here
are the small EV startups, which
will have to fight hard for the ma-
terials they need for their bullish
business plans.
Evergrande Gets a New Reason to Worry Tesla defied production con-
straints in a blowout fourth quar-
ter. The EV pioneer has invested
heavily in its supply chain, but it
Embattled Chinese property de- leading to nasty surprises like this 90.7 billion yuan, implying a more China’s new home prices in 70 major may also be getting special treat-
veloper Evergrande isn’t starting one. The risk is yet another head- than 99% year-over-year drop. cities, change from a year earlier ment. China has laid out a red car-
the year in a festive mood. ache for Evergrande, which is al- More broadly, China’s housing pet, and it is the kind of fast-grow-
12%
The company said Tuesday that ready struggling with tight liquid- market remains in the doldrums. ing company suppliers don’t like
it had received an order from a lo- ity and evaporating sales. In December, contracted sales for to turn down. Rivals may find its
cal government to tear down 39 Major credit-rating firms have 24 major property developers fell 10 recent success in ramping up EV
buildings on the Chinese tropical already declared Evergrande in de- 31% from a year earlier, according production hard to imitate, partic-
island of Hainan. Evergrande fault after it missed coupon pay- to Morgan Stanley. There are signs ularly when everyone is ramping
8
hasn’t disclosed why the Danzhou ments last month. The local gov- that the market is stabilizing as at once.
government ordered the demoli- ernment of Guangdong province, Beijing has started to ease policy, Car makers used to worry about
tion. Local media reported that the where Evergrande is based, especially for developers with 6 lackluster EV demand due to range
construction was approved ille- stepped in last month to help man- lower leverage: On a month-on- anxiety and poor charging infra-
gally. Evergrande said the order age its debt crisis. month basis, contracted sales grew structure. As interest in the tech-
4
won’t affect the rest of the devel- The developer said Tuesday that 15% last month. But companies nology snowballs, raw-material
opment, on which it has spent 81 contracted sales for 2021 were 443 that had overextended themselves, supplies could end up being the
billion yuan, the equivalent of billion yuan. That means its con- such as Evergrande, still seem to 2 real problem—as well as the
$12.74 billion, for more than tracted sales from Oct. 20 to the be out of luck. higher vehicle prices they inevita-
60,000 apartments. end of the year amounted to only Last year was a horrible one for Monthly
bly lead to. The supply-related
0
As Evergrande’s troubles have 720 million yuan, using previously Chinese developers that partied challenges that upended the U.S.
moved into the spotlight, local au- disclosed figures. In comparison, hard during the boom days. The 2017 ’18 ’19 ’20 ’21 auto market in 2021 could have a
thorities have probably stepped up its contracted sales for November year 2022 may not be much better. Note: Data through November surprisingly long afterlife.
their scrutiny of the developer, and December in 2020 were around —Jacky Wong Source: Wind —Stephen Wilmot